Company: AVNI
Filing Date: 2025-07-15
Form Type: 10-Q/A
Source: 0001713282-25-000559
Chunk: 14

Company: ARVANA INC
Filing Date: 2025-07-15
Form: 10-Q/A
Chunk 14
---
 2023, the Company owed $ 0and $ 15,000to a company controlled by a related party for website creation, website development, and web hosting services. These amounts are included in related-party payables.

During the three months ended March 31, 2024 and the year ended December 31, 2023, the Company recorded stock-based compensation of $ 63,327and $ 249,952for the grant of stock options to its Chief Executive Officer, board members, and other parties. See Note 10 for more information.

During the three months ended March 31, 2024 and the year ended December 31, 2023, the Company has repaid non-interest-bearing notes payable to related parties totaling $ 132,000and $ 0which were due at various dates between May 30, 2024 and January 15, 2025.

The Company has an interest-bearing note payable to a related party for $ 300,000with an original due date of February 22, 2025 which has been extended, by mutual agreement, to January 31, 2026.

| 14 |

Note 8 – Related-Party Transactions and Notes Payable to Stockholders– ( continued)

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 March 31, 2024, a total of 107,845,554shares were issued and outstanding