Tue, Nov 26, 6:09 PM (47 days ago)
For the quarter ending September 30, 2024, Arvana Inc. (AVNI) reported a significant decline in revenue, totaling $6,134, down 42% from $10,580 in Q3 2023. Year-to-date revenue also decreased by 15.5% to $19,964. Operating expenses decreased by 20.3% to $101,770, primarily due to reduced general and administrative costs. Despite these reductions, the company faced a net loss of $101,714 for the quarter, improving from a loss of $120,727 in Q3 2023, and a year-to-date loss of $376,974 compared to $1,163,396 in the previous year. As of September 30, 2024, total assets decreased to $178,600, and current liabilities surged to $1,232,760, leading to a working capital deficit of $1,223,403. The company's cash position weakened to $9,257 from $22,071 at the start of the year. Management anticipates continued challenges in generating sufficient revenue to support operations and plans to seek additional funding to address these uncertainties and implement growth strategies.