Wed, Aug 21, 1:23 PM (146 days ago)
For the quarter ended June 30, 2024, Arvana Inc. reported a modest increase in charter revenue to $13,830, a 5.9% rise from the same period in 2023. However, the company incurred significant operating expenses totaling $152,239, up 23.4% year-over-year, leading to a loss from operations of $138,409. The net loss for the quarter was $145,823, compared to $114,269 in Q2 2023, reflecting ongoing challenges in managing costs despite stable revenue. Total assets decreased to $197,282 from $216,549 at year-end 2023, largely due to rising current liabilities, which surged to $1,203,632. This shift was primarily driven by the reclassification of long-term debt related to the Down2Fish acquisition. The working capital deficit widened to $1,182,306, raising concerns about liquidity and the company's ability to sustain operations without external funding. Cash flow from operations was negative at $231,256, indicating reliance on financing activities, which provided $225,411 during the period. The company continues to explore additional funding sources to support its business model and expansion efforts, particularly in enhancing its fishing charter services.