Arvana Inc. Files 10-Q for Q2 2024

TL;DR

Arvana Inc. 10-Q filed. Q2 2024 financials out. Check it.

AI Summary

Arvana Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The company, formerly known as Turinco Inc., is incorporated in Nevada and operates in the Real Estate & Construction sector. Its principal executive offices are located at 299 S. Main Street, Salt Lake City, UT.

Why It Matters

This filing provides investors with a quarterly update on Arvana Inc.'s financial health and operational status, crucial for making informed investment decisions.

Risk Assessment

Risk Level: low — This filing is a standard quarterly report and does not contain immediate red flags or significant new risks.

Key Players & Entities

• ARVANA INC (company) — Filer
• TURINCO INC (company) — Former company name
• 20240630 (date) — Period of report
• 20240821 (date) — Filing date
• 870618509 (company) — IRS Number
• NV (company) — State of incorporation
• SALT LAKE CITY (company) — Business address city
• UT (company) — Business address state
• 84111 (company) — Business address zip
• (801) 232-7395 (company) — Business phone

FAQ

Key Financial Figures

• $0.001 — of the issuer's common stock, par value $0.001 (the only class of voting stock) on Aug

Filing Documents

• avni063024form10q.htm (10-Q) — 504KB
• ex31.htm (EX-31) — 10KB
• ex32.htm (EX-32) — 4KB
• 0001713282-24-000945.txt ( ) — 3137KB
• avni-20240630.xsd (EX-101.SCH) — 28KB
• avni-20240630_cal.xml (EX-101.CAL) — 35KB
• avni-20240630_def.xml (EX-101.DEF) — 70KB
• avni-20240630_lab.xml (EX-101.LAB) — 249KB
• avni-20240630_pre.xml (EX-101.PRE) — 199KB
• avni063024form10q_htm.xml (XML) — 374KB

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3. Quantitative and Qualitative Disclosure About Market Risk 22 Item 4. Controls and Procedures 22 PART II OTHER INFORMATION Item 1. Legal Proceedings 23 Item 1A. Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Cyber security 23 Item 6. Other Information 24 Item 7. Exhibits 24

Signatures

Signatures 25 Index to Exhibits 26 2 PART I ITEM 1. FINANCIAL STATEMENTS As used herein, the terms "Arvana," "we," "our," and "us" refer to Arvana Inc., its subsidiary, and its predecessor, unless context indicates otherwise. Any distinct references to Down2Fish, refer to Down 2 Fish Charters, LLC., a wholly owned subsidiary of Arvana. In the opinion of management, the accompanying unaudited condensed financial statements included in this Form 10-Q reflect all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of operations for the periods presented. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. 3 ARVANA INC. CONSOLIDATED BALANCE SHEETS June 30, December 31, 2024 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 16,226 $ 22,071 Other current assets 5,100 5,100 Total current assets 21,326 27,171 Non-current assets: Property and equipment, net 149,956 163,378 Intangible assets 26,000 26,000 Total non-current assets 175,956 189,378 Total assets $ 197,282 $ 216,549 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable and accrued liabilities $ 71,747 $ 100,849 Related-party payables (Note 8) 600 46,200 Current portion of notes payable (Note 10) 781,285 79,438 Current portion of related-party notes payable 350,000 112,000 Total current liabilities 1,203,632 338,487 Long-term liabilities: Notes payable, net of current portion 125,752 840,188 Total long-term liabilities 125,752 840,188 Total liabilities 1,329,384 1,178,675 Stockholders' equity (deficit): Common stock, $ 0.001 par value, 500,000,000 shares authorized, 107,845,554 issued and 107,839,299 outstanding at June 30, 2024, and December 31, 2023 107,847 107,847 Additional paid-in capital 36,595,588 36,490,304 Accumulated

financial statements and related notes thereto, together with Management's Discussion and Analysis of

financial statements and related notes thereto, together with Management's Discussion and Analysis of Financial Condition and Results of Operations, contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the Securities and Exchange Commission ("Commission") on April 5, 2024. Results are not necessarily indicative of those which may be achieved in future periods. Use of Estimates The preparation of unaudited consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial could differ from those estimates. These estimates include the recognition of deferred tax assets based on the change in unrecognized deductible temporary tax differences. Stock split On February 21, 2023, stockholders approved a forward-split of the Company's common shares on a 3-1 basis. The forward-split was filed with the Nevada Secretary of State effective March 31, 2023, and the Financial Industry Regulatory Authority (FINRA) rolled the stock forward on April 19, 2023. All changes in the capital structure have been given retroactive effect in these financial statements. 8 ARVANA INC. CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (unaudited) Note 1 – Organization and Summary of Significant Accounting Policies – (continued) Financial Instruments The Company uses the following methods and assumptions to estimate the fair value of each class of financial instruments for which it is practicable to estimate such values: Cash—the carrying amount approximates fair value. Accounts payable and accrued liabilities, loans payable to stockholders, and amounts due to related parties—the carrying amoun

financial statements do not include any adjustments relating to the recoverability and classification of

financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and liabilities that might arise from this uncertainty. 10 ARVANA INC. CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (unaudited) Note 3 – Asset Acquisition On February 3, 2023 (Closing Date), the company acquired the assets and assumed the liabilities of Down 2 Fish Charters, LLC (D2F), a limited liability company organized under the laws of Florida, which operates a charter fishing business. On the Closing Date, the Company paid $ 50,000 in cash and issued a note for $ 700,000 for total consideration of $ 750,000 . The Company's consolidated statements of operations from the Closing Date through December 31, 2023 indicate a net loss of $ 1,316,573 . Assets acquired and liabilities assumed were recorded at their estimated fair values as of the Closing Date under the acquisition method of accounting. The estimated fair values of certain assets and liabilities including long-lived assets require judgment and assumptions. Adjustments may be made to these estimates during the measurement period and those adjustments could be material. Assets acquired and liabilities assumed are based on their fair values as of the Closing Date, with the excess of cost over fair value of $ 771,009 . For the period ended December 31, 2023 the Company recorded an impairment loss of $ 771,009 on the excess amount. Assets acquired are as follows: Schedule of assets acquired and liabilities assumed Assets Cash $ 4,089 Trade and other receivables 5,100 Marine operating equipment 178,706 Commercial fishing license 26,000 Total assets 213,895 Liabilities Accounts payable 4,910 Deposits 644 Payable to affiliates 62,634 Notes payable 166,716 Total liabilities 234,904 Purchase price 750,000 Loss on asset acquisition $ 771,009 The Company did not incur any acquisition related costs during the

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