AVNI 10-K

Arvana Inc (AVNI)

10-K 2023-04-17 For: 2022-12-31

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Added on April 06, 2026

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Nevada	87-0618509
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☒
Emerging growth company ☐

PART I
Item 1. Business	3
Item 1A. Risk Factors	9
Item 1B. Unresolved Staff Comments	9
Item 2. Properties	10
Item 3. Legal Proceedings	10
Item 4. Mine Safety Disclosures	10
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities	11
Item 6. Selected Financial Data	13
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations	14
Item 7A. Quantitative and Qualitative Disclosures about Market Risk	17
Item 8. Financial Statements and Supplementary Data	17
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	18
Item 9A. Controls and Procedures	18
Item 9B. Other Information	19
Item 9C Disclosure Regarding Foreign Jurisdications that Prevent Inspections	19
PART III
Item 10. Directors, Executive Officers, and Corporate Governance	20
Item 11. Executive Compensation	24
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	26
Item 13. Certain Relationships and Related Transactions, and Director Independence	27
Item 14. Principal Accountant Fees and Services	28
PART IV
Item 15. Exhibits, Financial Statement Schedules	29
Item 16. Form 10-K Summary	29
Signatures	30

Name	Date		Amounts Settled		Cash		Price		Shares		Exemptions
Brian Buckley ⁽¹⁾		08/11/2022	$	—	$	25,000	$	0.20		125,000	§4(a)(2)/ Reg S
Peter Van Seggelen		08/11/2022		—		25,000		0.20		125,000	§4(a)(2)/ Reg S
Leonard B. Smith		08/18/2022		—		10,000		0.20		50,000	§4(a)(2)/ Reg S
Cathy Bures		08/25/2022		—		5,000		0.20		25,000	§4(a)(2)/ Reg D
Andrew Barry		08/29/2022		—		12,500		0.20		62,500	§4(a)(2)/ Reg S
Melanie Ellenburgh		08/29/2022		—		12,500		0.20		62,500	§4(a)(2)/ Reg S
Jim Silyve		08/29/2022		—		10,000		0.20		50,000	§4(a)(2)/ Reg S
Bruce Carson		09/01/2022		—		25,000		0.20		125,000	§4(a)(2)/ Reg S
James Stephen Gardiner & Licia Gardiner		09/01/2022		—		15,000		0.20		75,000	§4(a)(2)/ Reg S
Robert Breakell		09/01/2022		—		10,000		0.20		50,000	§4(a)(2)/ Reg S
Orion Winkelmeyer		09/01/2022		—		60,000		0.20		300,000	§4(a)(2)/ Reg S
Louis Basque		09/02/2022		—		5,000		0.20		25,000	§4(a)(2)/ Reg S
Brian Buckley ⁽¹⁾		09/07/2022		—		35,000		0.20		175,000	§4(a)(2)/ Reg S
Lawrence Jean		09/08/2022		—		10,000		0.20		50,000	§4(a)(2)/ Reg S
Natasha Blaisdell		09/09/2022		—		15,000		0.20		75,000	§4(a)(2)/ Reg S
Jeffrey King		09/09/2022		—		5,000		0.20		25,000	§4(a)(2)/ Reg S
Daniel Dunlop		09/09/2022		—		30,000		0.20		150,000	§4(a)(2)/ Reg S
Enkore Custom Homes, Inc.		09/20/2022		—		10,000		0.20		50,000	§4(a)(2)/ Reg S
Orsa & Company ⁽²⁾		09/30/2022		40,000		—		0.20		200,000	§4(a)(2)/ Reg D
Sub-total				40,000		320,000 ⁽³⁾
TOTAL					$	360,000			$	1,800,000

Name	Date		Amount Settled & Extinguished		Stock Price		Shares		Exemptions
Zahir Dhanani (1)		04/01/2021	$	220,071.06	$	0.30		436,492	§ 4(a)(2)/ Reg S
Third Millennium Capital Corporation		04/01/2021		12,659.58		0.30		26,507	§ 4(a)(2)/ Reg S
CaiE Foods Partnership Ltd.		04/01/2021		213,522.09		0.30		582,033	§ 4(a)(2)/ Reg D
International Portfolio Management Inc. (2)		06/30/2021		10,375.00		0.04		259,375	§ 4(a)(2)/ Reg S
Altaf Nazerali (2)		06/30/2021		5,750.00		0.04		143,750	§ 4(a)(2)/ Reg S
Altaf Nazerali (2)		06/30/2021		10,000.00		0.04		250,000	§ 4(a)(2)/ Reg S
Valor Invest Ltd. (2)		06/30/2021		924,975.96		0.04		23,124,399	§ 4(a)(2)/ Reg S
John Baring (3)		06/30/2021		60,000.00		0.04		1,500,000	§ 4(a)(2)/ Reg D
681315 B.C. Ltd. (4)		06/30/2021		103,611,68		0.04		2,590,292	§ 4(a)(2)/ Reg S
Raymond Wicki		06/30/2021		44,879.03		0.04		625,000	§ 4(a)(2)/ Reg S
TOTAL			$	1,605,844.40			$	29,537,848

Name	Date		Amount Settled & Extinguished		Price		Shares		Exemptions
Olga Volger		03/04/2020	$	14,883	$	0.10		148,830	§ 4(a)(2)/ Reg D
Raymond Wicki		03/04/2020		42,629		0.10		426,290	§ 4(a)(2)/ Reg S
Conrad Swanson		03/04/2020		39,592		0.10		395,920	§ 4(a)(2)/ Reg S
TOTAL			$	97,104			$	971,040

	Twelve Months Ended December 31
	2022			2021			Change
Revenue	$	—		$	—		$	—
Operating expenses		165,831			102,704			57,847
Loss from Operations		(165,831	)		(102,704	)		(57,847	)

Interest income		22			—			22
Interest expense		(587	)		(19,207	)		18,620
Foreign exchange gain		—			6,708			6,708
Loss on debt settlement		—			(12,460,079	)		12,460,079
Other income		15,000			458,833			(443,833	)
Total Other Income (Expense)		14,435			(12,013,744	)		12,028,079
Net loss	$	(151,396	)	$	(12,116,448	)	$	11,853,364


	December 31,			December 31,
	2022			2021
ASSETS
Current assets:
Cash and cash equivalents	$	142,365		$	3,340
Total assets	$	142,365		$	3,340

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable and accrued liabilities	$	29,770		$	54,931
Loans payable stockholders (Note 5)		—			15,500
Amounts due to related parties (Note 6)		8,100			34,494
Total current liabilities		37,870			104,925
Total liabilities	$	37,870		$	104,925

Common stock, $.001 par value, 500,000,000 shares authorized, 35,948,518 and 34,148,518 issued and outstanding at December 31, 2022, and December 31, 2021, respectively		35,949			34,149
Additional paid-in capital		36,312,250			35,956,574
Accumulated deficit		(36,240,368	)		(36,088,972	)
Total stockholders' equity (deficit) before treasury stock		107,831			(98,249	)
Less treasury stock – 2,085 common shares at December 31, 2022 and December 31, 2021, respectively		(3,336	)		(3,336	)
Total stockholder equity (deficit)		104,495			(101,585	)
Total liabilities and stockholders' equity (deficit)	$	142,365		$	3,340


	Years ended
	December 31,
	2022			2021
Operating Expenses:
General and administrative	$	70,432		$	15,608
Stock-based compensation		29,713			—
Professional fees		65,686			87,096
Total operating expenses		165,831			102,704
Loss from operations		(165,831	)		(102,704	)

Other income (expense):
Interest income		22			—
Interest expense		(587	)		(19,207	)
Foreign exchange gain		—			6,708
Loss on debt settlement (Note 4)		—			(12,460,079	)
Other income (Note 7)		15,000			458,833
Total other income (expense)		14,435			(12,013,744	)
Net loss and comprehensive loss	$	(151,396	)	$	(12,116,448	)

Per common share information – basic and diluted
Weighted average shares outstanding – basic		34,603,463			17,188,600
Net loss per common share – basic	$	(0.00	)	$	(0.68	)

Weighted average shares outstanding – diluted		34,603,463			17,188,600
Net loss per common share – diluted	$	(0.00	)	$	(0.68	)


																	Total
																	Stockholders’
	Common Shares				Paid-in			Accumulated			Treasury						Equity
	Shares		Amount		Capital			Deficit			Shares			Amount			(Deficiency)
Balance December 31, 2020		4,610,670	$	4,611		21,920,189		$	(23,972,524	)		(2,085	)	$	(3,336	)	$	(2,051,060	)
Debt settlement		29,537,848		29,538		14,036,385			—			—			—			14,065,923
Net loss		—		—		—			(12,116,448	)		—			—			(12,116,448	)
Balance December 31, 2021		34,148,518	$	34,149		35,956,574		$	(36,088,972	)		(2,085	)	$	(3,336	)	$	(101,585	)
Issuance of common stock		1,600,000		1,600		318,400			—			—			—			320,000
Share issuance costs						(32,237	)											(32,237	)
Conversion of related party debt to equity		200,000		200		39,800			—			—			—			40,000
Share based compensation		—		—		29,713			—			—			—			29,713
Net loss		—		—		—			(151,396	)		—			—			(151,396	)
Balance December 31, 2022		35,948,518	$	35,949		36,312,250		$	(36,240,368	)		(2,085	)	$	(3,336	)	$	104,495


	2022			2021
Cash flows from operating activities:
Net loss	$	(151,396	)	$	(12,116,448	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Interest expense		587			19,207
Foreign Exchange Loss		—			(21,852	)
Loss on debt settlement		—			12,460,079
Other income		(15,000	)		(458,833	)
Share based compensation		29,713			—
Increase (decrease) in:
Accounts payable		(2,061	)		43,787
Related party payables		5,506			40,481
Net cash used in operating activities		(132,651	)		(33,579	)

Cash flows from investing activities:
Net cash used in investing activities		—			—

Cash flows from financing activities:
Share capital		320,000			—
Proceeds of loans payable		—			31,925
Payments on loans payable		(15,500	)		—
Interest paid		(587	)		—
Share issuance costs		(32,237	)		—
Net cash provided by financing activities		271,676			31,925

Net increase (decrease) in cash		139,025			(1,654	)
Cash and cash equivalents, beginning of year		3,340			4,994
Cash and cash equivalents, end of year	$	142,365		$	3,340

Supplemental disclosures of cash flow information:
Debt forgiveness included in amounts due to related parties, accounts payable and accrued liabilities	$	15,000		$	458,833
Non-cash investing and financing activities -
Conversion of related party debt to equity	$	40,000			—

Estimated fair values
	December 31, 2022				December 31, 2021
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
Cash	$	142,365	$	142,365	$	3,340	$	3,340
Accounts Payable and Accrued Liabilities		29,770		29,770		54,391		54,931
Loans payable stockholders		—		—		15,500		15,500
Amounts payable to related parties	$	8,100	$	8,100	$	34,494	$	34,494


Stock Options		Exercise Price		Vesting Period		Services		Classification
	50,000	$	0.26		5 years		Board		Non-statutory
	50,000	$	0.26		5 years		Board		Incentive
	500,000	$	0.26		2 years		Employment		Incentive
	50,000	$	0.26		5 years		Board		Non-statutory

Schedule of stock options
	Options (Shares)		Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at December 31, 2020	—	$	—	$	—
Granted	—		—		—
Exercised	—		—		—
Forfeited	—		—		—
Outstanding at December 31, 2021	—	$	—	$	—
Granted	2,650,000		0.28		—
Exercised	—		—		—
Forfeited	—		—		—
Outstanding at December 31, 2022	2,650,000	$	0.28	$	—
Exercisable at December 31, 2022	—	$	—	$	—


Exercise Price		Stock Options Outstanding		Exercisable Stock Options		Remaining Contractual Life	Aggregate Intrinsic Value
$	0.26		650,000		—	1.3 years	$	—
$	0.28		2,000,000		—	6.0 years	$	—
	$ 0.26 – 0.28		2,650,000		—	4.81 years	$	—

Schedule of income tax expense benefit
	2022			2021
Loss for the year before income taxes	$	(151,396	)	$	12,116,448

Computed expected tax benefit		(37,714	)		(3,018,268	)
Non-deductible expenses		3,737			3,102,197
True-up of prior-year provision to statutory tax returns		(4,938	)		23,150
Change in valuation allowance		38,915			(107,079	)
Income tax expense		—			—

Schedule of deferred tax assets
Start-up costs	$	235,321		$	196,402
Valuation allowance		(235,321	)		(196,402	)
Deferred tax assets (liabilities)	$	—		$	—

Name	Age		Position
Sir John Baring		76	Chairman of the Board of Directors
Ruairidh Campbell		59	Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer, and Director
Shawn Teigen		50	Director

Plan category	Number of securities issued upon exercise of outstanding options, warrants and rights (a)		Weighted-average exercise price of outstanding options, warrants and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)
Equity compensation plans approved by security holders	—		—		—
Equity compensation plans not approved by stockholders		2,650,000	$	0.27		850,000
Total		2,650,000	$	0.27		850,000

Name	Fees Earned or Paid in Cash ($)		Stock Awards ($)		Option Awards ($)		Non- Equity Incentive Plan Compensation ($)		Non-qualified Deferred Compensation Earnings ($)		All Other Compensation ($)		Total ($)
Sir John Baring		800		—		—		—		—		—		800
Shawn Teigen		800		—		—		—		—		—		800
Ruairidh Campbell		—		—		—		—		—		—		—

Title of Class	Name and Address of Beneficial Owner	Number of Shares of Common Stock		Percentage of Shares of Common Stock
Directors and Officers
Common Stock	Ruairidh Campbell, CEO, CFO and Director 299 Main Street, 13th Floor, Salt Lake City, Utah 84111		200,000		<1%
Common Stock	Shawn Teigen, Director 299 S. Main Street, 13th Floor, Salt Lake City, Utah 84111		—		—
Common Stock	Sir John Baring, Director 299 S. Main Street, 13th Floor, Salt Lake City, Utah 84111		14,625		<1%
Common Stock	All Directors and Executive Officers as a Group (3 persons)		214,625		<1%
Common Stock	Bondock LLC. (1) (2) 1057 Whitney Ranch Drive, Suite 350 Henderson, Nevada 89014		21,181,355		58.9	%
Common Stock	Christy Lovig 4420 Bedford Road, Kelowna British Columbia, Canada V1W3C5		2,000,000		5.6	%
Common Stock	Kerri Ann Hulet 1330 Calle Calma, Henderson, Nevada 89012		2,000,000		5.6	%
Common Stock	Landon Lovig 8618-77 Street NW, Edmonton Alberta, Canada T6C2L8		2,000,000		5.6	%
Common Stock	Lane Lovig 768 Patterson Avenue, Kelowna British Columbia Canada V1Y5C8		2,000,000		5.6	%
Common Stock	Reagan Lovig 108-555 Wade Avenue East, Penticton British Columbia, Canada V2A1T3		2,000,000		5.6	%
Total			31,610,605		87.3	%

	Years ended December 31,
	2022		2021
Audit Fees:	$	12,500	$	12,500
Audit Related Fees:		7,500		7,500
Tax Fees:		—		—
All Other Fees:		—		—
Total:	$	20,000	$	20,000

By:	/s/ Ruairidh Campbell
	Ruairidh Campbell, Chief Executive Officer, Chief Financial Officer, and Principal Accounting Officer

Date:	April 17, 2023

By:	/s/ John Baring
	Sir John Baring
	Director

Date:	April 17, 2023

By:	/s/ Ruairidh Campbell
	Ruairidh Campbell
	Director

Date:	April 17, 2023

By:	/s/ Shawn Teigen
	Shawn Teigen
	Director

Date:	April 17, 2023

S-K Number	Description
2.1	Business Purchase Agreement filed with the Commission as an exhibit to Form 8-K on November 16, 2022.
3.1	Articles of Incorporation filed with the Commission as an exhibit to Form 10-SB on May 24, 2000.
3.1.1	Amended and Restated Articles of Incorporation filed with the Commission as an exhibit to Form 8-K on October 12, 2010.
3.1.2	Amended and Restated Articles of Incorporation filed with the Commission as an exhibit to Schedule 14C on February 2, 2021.
3.2	Amended and Restated Bylaws filed with the Commission as exhibit to Form 10-SB on May 24, 2000.
10.1	Debt Settlement Agreement and Release with Zahir Dhanani filed with the Commission as an exhibit to Form 8-K on July 29, 2021.
10.2	Debt Settlement Agreement and Release with CaiE Foods Partnership Ltd. filed with the Commission as an exhibit on Form 8-K dated July 29, 2021.
10.3	Debt Settlement Agreement and Release with Valor Invest Ltd. filed with the Commission as an exhibit to Form 8-K on July 29, 2021.
10.5	Debt Forgiveness Agreement with Zahir Dhanani filed with the Commission as an exhibit to Form 8-K on July 29, 2021.
10.6	Debt Forgiveness Agreement with Topkapi International Investment Corp. filed with the Commission as an exhibit to Form 8-K on July 29, 2021.
10.7	Arvana 2022 Stock Incentive Plan dated September 30, 2022, filed with the Commission as an exhibit to Form 10-Q on November 22, 2022.
10.8	Employment Agreement dated September 1, 2022, filed with the Commission as an exhibit on Form 10-Q on November 22, 2022.
10.9	Business Purchase Agreement dated November 16, 2022, filed with the Commission as an exhibit on Form 8-K on November 16, 2022.
21	Subsidiaries filed with the Commission on Form 8-K on February 3, 2023.
99.1	Audited financial statements of Down 2 Fish Charters LLC as of and for the fiscal years ended December 31, 2021, and 2020 filed with the Commission on February 3, 2023.
99.2	Unaudited financial statements of Down 2 Fish Charters LLC as of and for the three and nine-month periods ended September 30, 2022, and 2021 filed with the Commission on February 3, 2023.
99.3	Unaudited Pro Forma Combined Financial Statements as of and for the fiscal year ended December 31, 2021, and September 30, 2022, filed with the Commission on February 3, 2023.
101.INS⁽¹⁾	XBRL Instance Document
101.PRE⁽¹⁾	XBRL Taxonomy Extension Presentation Linkbase
101.LAB⁽¹⁾	XBRL Taxonomy Extension Label Linkbase
101.DEF⁽¹⁾	XBRL Taxonomy Extension Label Linkbase
101.CAL⁽¹⁾	XBRL Taxonomy Extension Label Linkbase
101.SCH⁽¹⁾	XB RL Taxonomy Extension Label Linkbase
⁽¹⁾	Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed “furnished” and not “filed” or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933 or deemed “furnished” and not “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, and otherwise is not subject to liability under these sections.