Company: AVNI
Filing Date: 2025-07-15
Form Type: 10-Q/A
Source: 0001713282-25-000561
Chunk: 11

Company: ARVANA INC
Filing Date: 2025-07-15
Form: 10-Q/A
Chunk 11
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 purchase of Down2Fish.

Subsequent to the issuance of the previous financial statements, the Company executed a series of amendments to promissory notes with various parties to modify the terms of the notes including extensions of their respective maturity dates (see Note 7 for more information). The terms of the amended agreement for one promissory note related to the purchase of Down2Fish, with a principal amount of $ 700,000, resulted in the issuance of 500,000restricted shares of common stock to the seller of Down2Fish to hold as additional collateral for the fulfillment of the note. As a result of the share issuance, the seller became a related party to the Company, and certain other parties became related parties due to ownership attribution. The restated financial statements have been updated to reflect the reclassification of the relevant promissory notes from long-term notes payable to related-party notes payable, and corresponding adjustments were also made to the current portion of long-term notes payable and current portion of related-party notes payable to reflect the amended terms of the notes.

Note 9 – Common Stock

The Company is authorized to issue 500,000,000shares of common stock. As of September 30, 2024, a total of 107,845,554shares were issued and outstanding. As of December 31, 2023, 107,845,554shares were issued, of which 107,839,299shares were outstanding and 6,255shares were classified as treasury stock.

During the year ended December 31, 2022, the Company issued 4,800,000shares of its restricted common stock at a price of $ 0.067per share for total gross proceeds of $ 320,000. The Company incurred $ 32,237in share issuance costs related to this transaction.

During the year ended December 31, 2022, the Company issued 600,000shares of common stock at a price of $ 0.067with a fair value of $ 40,000to settle accounts payable of $ 40,000owed to a company controlled by the Company’s Chief Executive Officer at the time. No gain or loss was recognized on the settlement, and noshare-issuance costs were incurred.

On April 19, 2023, the Company effected a 3-for-1 forward stock split for shareholders of record as of March 31, 2023. All share and per-share data have been retroactively adjusted to reflect the impact of