Company: AVNI
Filing Date: 2025-07-15
Form Type: 10-Q/A
Source: 0001713282-25-000560
Chunk: 13

Company: ARVANA INC
Filing Date: 2025-07-15
Form: 10-Q/A
Chunk 13
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 the Company has corrected this error by recording an adjustment to retained earnings as of January 1, 2024.

| 17 |

Note 10 – Stock Options– ( continued)

Total stock-based compensation was $ 126,654for the six months ended June 30, 2024, and $ 249,952for the year ended December 31, 2023. The Company will recognize the remaining $ 184,845as follows:

| Schedule                              
 of remaining share-based compensation 
 Year                                  |     | Amount |         |   |
|:--------------------------------------|:----|:-------|--------:|:--|
| Q3                                    
 2024                                  |     | $      | (13,800 | ) |
| Q4                                    
 2024                                  |     |        |  45,801 |   |
| 2025                                  |     |        | 148,329 |   |
| 2026                                  |     |        |   2,527 |   |
| 2027                                  |     |        |   1,988 |   |
| Total                                 |     | $      | 184,845 |   |

Note 11 – Subsequent Events

The Company evaluated its June 30, 2024 financial statements for subsequent events through August 20, 2024, the date the financial statements were originally issued.

On July 17, 2024 the Board of Directors removed Ruairidh Campbell and Shawn Teigen from their positions as Directors and terminated the employment of Ruairidh Campbell as CEO, CFO, and CAO. All unvested stock options were forfeited upon termination for cause in accordance with the terms of the 2022 Stock Incentive Plan. According to the terms of the Plan any vested stock options must be exercised within 30 days of termination for cause. As of August 19, 2024, the first business day after the passage of the 30-dayperiod, neither Ruairidh Campbell nor Shawn Teigen had exercised their options. Therefore, both parties forfeited all previously vested stock options.

On July 17, 2024 the Board of Directors elected James Kim to serve as a Director and appointed James Kim to serve as the CEO and interim CFO.

On August 15, 2024 the Board of Directors approved the decision to exercise the claw-back provision included in the consulting services agreement previously executed with the majority shareholder for the 12,500,000shares of restricted common stock issued.