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Arvana Inc (AVNI0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in charter revenue to $6,134 from $10,580 in the same quarter the previous year. Revenue for the nine-month period decreased to $19,964 from $23,634 in the previous year.
Operating expenses for the quarter were $101,770, down from $127,713 in the previous year. For the nine-month period, operating expenses decreased to $379,048 from $405,267.
Arvana reported a net loss of $101,714 for the quarter, compared to a net loss of $120,727 in the previous year. For the nine-month period, the net loss was $376,974, down from $1,163,396.
The company had a working capital deficit of $1,223,403 as of September 30, 2024, compared to a working capital deficit of $184,750 in the previous year.
Cash provided by operating activities was $3,439 for the nine-month period, compared to cash used of $148,773 in the previous year.
Arvana's total liabilities increased to $1,366,988 from $1,080,720 in the previous year, attributed to the transition of long-term debt to current liabilities.
The company continues to operate its fishing charter business while seeking business opportunities in real estate development.
Arvana's management is evaluating options to expand its fishing charter services, including the potential addition of dolphin tours, which would require additional capital.
The report indicates that Arvana does not anticipate paying cash dividends in the foreseeable future and has no current plans for the purchase or sale of any plant or equipment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Arvana Inc quarterly 10-Q report dated November 26, 2024. To report an error, please email earnings@qz.com.