| Organization and Summary of Significant Accounting Policies | Note
1 – Organization and Summary of Significant Accounting Policies Organization Arvana
Inc. (the “Company”) was incorporated in the State of Nevada on June 16, 1977, as “Turinco, Inc.”, and on July
24, 2006, changed its name to Arvana Inc. to reflect the acquisition of a telecommunications business. We discontinued efforts related
to our telecommunications business as of December 31, 2009. The Company acquired Down 2 Fish Charters, LLC on February 3, 2023 (D2F).
D2F was organized under the laws of the State of Florida on April 1, 2019. D2F
operates a Florida based fishing charter business that offers a range of curated maritime adventures that include inshore, offshore,
and custom charters for fishing enthusiasts, nature lovers and tourists. The business is operated from a private dock in Palmetto, Florida
that services the Tampa Bay area in addition to St Petersburg, Sarasota, Venice, Port Charlotte, and Clearwater. D2F generates its revenue
from the sale and provision of fishing charter services. Basis
of Presentation The
Company’s fiscal year end is December 31. The accompanying consolidated financial statements of the Company for the nine-month
periods ended September 30, 2024, and 2023, have been prepared in accordance with accounting principles generally accepted in the United
States (“US GAAP”) for financial information with the instructions to Form 10-Q and Regulation S-K. The consolidated interim
financial statements and notes appearing in this report should be read in conjunction with our audited consolidated 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 statements and the reported amounts of revenues and expenses during the reporting period. Actual results could
differ from those estimates. These estimates include the recognition of deferred tax assets based on the change in unrecognized deductible
temporary tax differences. 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 amount approximates
fair value due to the short-term nature of the obligations. 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. Concentration
of Credit Risk Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash. The Company maintains cash in bank
accounts that, at times, may exceed federally insured limits. At June 30, 2024 and December 31, 2023 respectively, the Company did not
have any cash in excess of the insured FDIC limits. The Company has not experienced any losses in such accounts and believes it is not
exposed to any significant risks on its cash in bank account. Income
Taxes A
deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss
carry-forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred
tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all
of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws
and rates on the date of enactment. Stock-Based
Compensation The
Company accounts for all share-based payments to employees and non-employees under ASC 718 “Stock Compensation,” which requires
that the value of the award is established at the date of grant and is expensed over the vesting period of the grant. The method of determining
the fair value of share-based payments depends on the type of award. Share-based awards that vest over a certain service period with
no market conditions are valued at the closing market price on the grant date. Options grants are valued using the Black-Scholes-Merton
model using inputs that are determined on the date of the grant. Once the per-share fair value on the date of grant is established, the
aggregate expense of the grant is recognized as earned over the vesting period of the grant. The cost of share-based payments to non
employees, if fully vested and non-forfeitable at the grant date, is measured and recognized at that date. Earnings
(Loss) Per Share Basic
earnings (loss) per share are computed using the weighted average number of common shares outstanding during the year. Diluted earnings
(loss) per share are computed using the weighted average number of common shares and potentially dilutive common stock equivalents, including
stock options and warrants. The Company had 7,950,000 7,950,000 Recently
Issued Accounting Pronouncements Adopted by the Company In
June 2016, the FASB issued ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments. ASU 2016-13 is intended to provide financial statement users with more decision-useful information about expected credit
losses on financial instruments and other commitments and requires consideration of a broader range of reasonable and supportable information
to inform credit loss estimates. ASU 2016-13 is effective for the Company beginning January 1, 2023. The Company adopted ASU 2016-13,
effective January 1, 2023, which adoption has not had a material effect on its financial statements. Reclassifications To
conform with the current year presentation of depreciation expense the Company has reclassified depreciation of $ 5,851 17,552 |
