Company: AVNI
Filing Date: 2025-07-15
Form Type: 10-Q/A
Source: 0001713282-25-000561
Chunk: 7

Company: ARVANA INC
Filing Date: 2025-07-15
Form: 10-Q/A
Chunk 7
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 the offshore support vessels were estimated by applying a replacement cost approach. These assets will be tested for impairment upon the occurrence of a triggering event. The Company estimates the remaining useful lives for the vessels acquired are seven years, based on an original estimated useful life of 10 years. The charter fishing license acquired is a perpetual federal fishing license, which grants the Company access to fish in federally regulated waters off the coast of Florida. This asset is not amortized and is tested for impairment at least annually.

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Note 4 – Property and Equipment

Property and equipment consist of the following:

| Schedule                       
 of property and equipment      | September 30, 
 2024          |   |         |   | December 31, 
 2023         |   |         |   |
|:-------------------------------|:--------------|:--|--------:|:--|:-------------|:--|--------:|:--|
| Marine Equipment               |               | $ | 181,675 |   |              | $ | 181,675 |   |
| Furniture and Fixtures         |               |   |   5,672 |   |              |   |   5,672 |   |
| Total Property and Equipment   |               |   | 187,347 |   |              |   | 187,347 |   |
| Less: Accumulated Depreciation |               |   | (44,103 | ) |              |   | (23,969 | ) |
| Property and Equipment, Net    |               | $ | 143,244 |   |              | $ | 163,378 |   |

Depreciation expense was $ 20,134and $ 17,552for the nine months ended September 30, 2024 and 2023, and was $ 6,711and $ 5,851for the three months ended September 30, 2024 and 2023. Depreciation expense for the three and nine months ended September 30, 2024 and 2023 is included in operating expenses on the Consolidated Statements of Operations.

Marine equipment is subject to an operating lease agreement ending on December 31, 2025. See Note 6 for more information.

Note 5 – Intangible Assets

The Company acquired a perpetual federal fishing license as part of the acquisition of Down2Fish’s assets (see Note 3 for more information), which grants the Company access to fish in federally regulated waters off the coast of