Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Nov. 13, 2013 | |
Document and Entity Information: | ' | ' |
Entity Registrant Name | 'ARVANA INC | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001113313 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 885,130 |
Entity Public Float | ' | $0 |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
ARVANA_INC_AND_SUBSIDIARIES_CO
ARVANA INC AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS PERIOD SEPTEMBER 30, 2013 AND DECEMBER 31ST 2012 (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Cash | $341 | $1,254 |
Total assets | 341 | 1,254 |
LIABILITIES AND STOCKHOLDERS' DEFICIENCY | ' | ' |
Accounts payable and accrued liabilities | 1,039,767 | 1,017,344 |
Loans payable stockholders (Note 3) | 661,072 | 631,631 |
Loans payable related party (Note 3) | 35,789 | 36,741 |
Loans payable (Note 3) | 144,706 | 145,051 |
Amounts due to related parties (Note 3and 6) | 501,750 | 475,314 |
Total current liabilities | 2,383,084 | 2,306,081 |
Stockholders' deficiency | ' | ' |
Common stock, $0.001 par value 5,000,000 authorized, 885,130 shares issued and outstanding at September 30, 2013 and at December 31, 2012 (Note 4) | 885 | 885 |
Additional paid-in capital | 21,166,619 | 21,166,619 |
Deficit | -22,705,422 | -22,705,422 |
Deficit accumulated during the development stage | -841,489 | -763,573 |
Total Stockholders Deficit Before Treasury Stock | -2,379,407 | -2,301,491 |
Less: Treasury stock - 2,085 at September 30, 2013 and at December 31, 2012 | -3,336 | -3,336 |
Total stockholders' deficiency | -2,382,743 | -2,304,827 |
Total liabilities and stockholders' deficit | $341 | $1,254 |
Arvana_Inc_Consolidated_Balanc
Arvana Inc Consolidated Balance Sheets September 30, 2013 and December 31, 2012 [Parenthetical] (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Condensed Consolidated Balance Sheets Parenthetical | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares issued | 885,130 | 885,130 |
Common stock, shares outstanding | 885,130 | 885,130 |
Treasury stock, shares | -3,336 | -3,336 |
ARVANA_INC_CONSOLIDATED_STATEM
ARVANA INC CONSOLIDATED STATEMENTS OF OPERATIONS THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013 AND 2012 AND PERIOD FROM INCEPTION (USD $) | 3 Months Ended | 9 Months Ended | 45 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Operating expenses | ' | ' | ' | ' | ' |
General and administrative | $8,666 | $70,349 | $53,570 | $210,940 | $715,261 |
Depreciation | ' | ' | ' | ' | 103 |
Total operating expenses | 8,666 | 70,349 | 53,570 | 210,940 | 715,364 |
Loss from operations | -8,666 | -70,349 | -53,570 | -210,940 | -715,364 |
Interest expense | -12,623 | -11,861 | -36,790 | -35,279 | -173,478 |
Foreign exchange gain | -38,946 | -32,235 | 12,444 | -14,690 | 47,353 |
Net loss and comprehensive loss for the year | ($60,235) | ($114,445) | ($77,916) | ($260,909) | ($841,489) |
Per common share information - basic and diluted: | ' | ' | ' | ' | ' |
Weighted average shares outstanding (in shares) | 885,130 | 885,130 | 885,130 | 885,130 | ' |
Net loss per common share - basic and diluted (in dollars per share) | ($0.07) | ($0.13) | ($0.09) | ($0.29) | ' |
ARVANA_INC_CONSOLIDATED_STATEM1
ARVANA INC CONSOLIDATED STATEMENTS OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2013 AND 2012 AND PERIOD FROM INCEPTION (USD $) | 9 Months Ended | 45 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Statement Of Cash Flows | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ($77,916) | ($260,909) | ($841,489) |
Items not involving cash: | ' | ' | ' |
Depreciation and amortization | ' | ' | 103 |
Unrealized foreign exchange | -12,548 | 10,938 | -45,015 |
Changes in non-cash working capital: | ' | ' | ' |
Accounts payable and accrued liabilities | 29,975 | 38,705 | 439,997 |
Amounts due to related parties | 35,494 | 178,225 | 299,161 |
Net cash used in operations | -24,995 | -33,041 | -147,243 |
Cash flows from financing activities | ' | ' | ' |
Proceeds of loans payable stockholders | 24,082 | 20,171 | 65,695 |
Proceeds of loans payable related parties | ' | 15,256 | 36,522 |
Proceeds of loans payable | ' | ' | 44,833 |
Net cash provided by financing activities | 24,082 | 35,427 | 147,050 |
Increase (decrease) in cash | -913 | 2,386 | -193 |
Cash beginning of year | 1,254 | 1,734 | 534 |
Cash end of Year | $341 | $4,120 | $341 |
1_Nature_of_Business_and_Abili
1. Nature of Business and Ability To Continue As A Going Concern | 9 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
1. Nature of Business and Ability To Continue As A Going Concern | ' |
NOTE 1: Nature of Business and Ability to Continue as a Going Concern | |
Arvana Inc. (“our”, “we”, ”us” and the “Company”) was incorporated under the laws of the State of Nevada as Turinco, Inc. on September 16, 1977, with authorized common stock of 2,500 shares with a par value of $0.25. On October 16, 1998, the authorized capital stock was increased to 100,000,000 common shares with a par value of $0.001 and a forward common stock split of eight shares for each outstanding share. In 2005, we completed another forward common stock split of nine shares for each outstanding share. On July 24, 2006, the shareholders approved a change of the Company’s name from Turinco, Inc. to Arvana Inc. On September 30, 2010, the authorized capital stock was decreased to 5,000,000 common shares with a par value of $0.001 and a reverse split effected of one share for every twenty shares outstanding. | |
These condensed consolidated financial statements for the nine month period ended September 30, 2013 include the accounts of the Company and its subsidiary Arvana Networks Inc. (including its wholly-owned subsidiaries, Arvana Participaç es S.A. (“Arvana Par”) and Arvana Comunicações do Brasil S. A. (“Arvana Com”)). The Company has ceased all operations in its subsidiary companies, and has written-off or disposed of all assets in the subsidiary companies, consequently they are now all considered to be inactive subsidiaries. As a result of this inactivity, the Company entered into a new development stage as of January 1, 2010. | |
Our functional currency and reporting currency is the United States dollar (“US Dollar”) and the accompanying condensed consolidated financial statements have been expressed in US Dollars. | |
These condensed consolidated financial statements have been prepared on a going concern basis, which assumes the realization of assets and settlement of liabilities in the normal course of business. For the nine month period ended September 30, 2013, we incurred a loss from operations of $77,916. At September 30, 2013, we had a working capital deficiency of $2,382,743. These conditions raise substantial doubt about our ability to continue as a going concern. | |
Accordingly, the Company will require continued financial support from its shareholders and creditors until it is able to generate sufficient cash flow from operations on a sustained basis. There is substantial doubt that the Company will be successful at achieving these results. Failure to obtain the ongoing support of its shareholders and creditors may make the going concern basis of accounting inappropriate, in which case the Company’s assets and liabilities would need to be recognized at their liquidation values. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might arise from this uncertainty. . |
2_Summary_of_Significant_Accou
2. Summary of Significant Accounting Policies | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Notes | ' | |||||
2. Summary of Significant Accounting Policies | ' | |||||
NOTE 2: Summary of Significant Accounting Policies | ||||||
Basis of presentation | ||||||
We are in the process of evaluating business opportunities and have entered a new development stage as of January 1, 2010 and present our financial statements in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “Codification” or “ASC”) Topic 915. Our fiscal year end is December 31. The accompanying consolidated interim financial statements of Arvana Inc. for the nine month periods ended September 30, 2013 and 2012, and for the cumulative amounts from the beginning of the development stage on January 1, 2010, through September 30, 2013, 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-X. Although they are unaudited, in the opinion of management, they include all adjustments, consisting only of normal recurring items, necessary for a fair presentation. Results are not necessarily indicative of results which may be achieved in the future. The consolidated interim financial statements and notes appearing in this report should be read in conjunction with our consolidated audited 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, 2012, as filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2013. | ||||||
Use of Estimates | ||||||
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reporting periods. Actual results could differ from those estimates. | ||||||
Sept 30, 2013 | 30-Sep-13 | December 31, | December 31, | |||
2012 | 2012 | |||||
Cash | 341 | 1,254 | ||||
Cash | 341 | 1,254 | ||||
Accounts payable and accrued liabilities Carrying | 1,039,767 | 1,017,344 | ||||
Accounts payable and accrued liabilities Fair Value | 1,039,767 | 1,017,344 | ||||
Loans payable to stockholders Carrying Amount | 661,072 | 631,631 | ||||
Loans payable to stockholders Fair Value | 661,072 | 631,631 | ||||
Loans payable to related party Carrying Amount | 35,789 | 36,741 | ||||
Loans payable to related party Fair Value | 35,789 | 36,741 | ||||
Loans payable Carrying Amount | 144,706 | 145,051 | ||||
Loans payable Fair Value | 144,706 | 145,051 | ||||
Amounts due to related parties Carrying Amount | 501,750 | 475,314 | ||||
Amounts due to related parties Fair Value | 501,750 | 475,314 | ||||
The following table presents information about the assets that are measured at fair value on a recurring basis as of September 30, 2013, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and included situations where there is little, if any, market activity for the asset: | ||||||
SCHEDULE OF CASH AND CASH EQUIVALENTS | ||||||
Assets: | Sept 30, 2013 | |||||
Cash | 341 | |||||
Cash Quoted Prices in Active Markets Level 1 | 341 | |||||
Cash Significant other observable Inputs Level 2 | — | |||||
Cash Significant Unobservable Inputs Level 3 | — | |||||
The fair value of cash is determined through market, observable and corroborated sources. | ||||||
Recent accounting pronouncements | ||||||
We have reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of our operations. | ||||||
3_Amounts_Due_To_Related_Parti
3. Amounts Due To Related Parties and Loans Payable To Stockholders | 9 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
3. Amounts Due To Related Parties and Loans Payable To Stockholders | ' |
3. Amounts Due to Related Parties and Loans Payable to Stockholders | |
From February 2007 until September 30, 2013 the Company received a number of loans from stockholders, related parties and unrelated third parties. | |
As of September 30, 2013 the Company had received loans of $661,072 (Euro 225,000; CAD 72,300; $266,382) | |
December 31, 2012 –$631,631 (: Euro 225,000; CAD 72,300; $262,300) from stockholders, | |
loans of $35,789 (CAD 27,600; $9,000) | |
(December 31, 2012 –$144,706: CAD 10,000; $135,000) from a related party and loans of $145,051 (CAD 10,000; $ 135,000) | |
(December 31, 2012 –$ 145,051: CAD 10,000; $135,000) from unrelated third parties | |
All of the loans bear interest at 6% per annum. The loans were made in 3 different currencies, Euros, Canadian Dollars and US Dollars. All amounts reflected on these consolidated financial statements are expressed in US Dollars. Repayment of the loans is due on closing of any future financing arrangement by the Company. The balance of accrued interest of $254,715 and $215,518 is included in accounts payable and accrued expenses at September 30, 2013 and December 31, 2012, respectively. Interest expense recognized on these loans was $36,790 for the nine months ended September 30, 2013, compared to $35,279 for the nine months ended September 30, 2012. | |
At September 30, 2013 and December 31, 2012 the Company had amounts due to related parties of $501,750 and $475,314, respectively. | |
This amount includes $136,100 at June 30, 2013 and December 31, 2012, payable to two former directors and a current director for services rendered during 2007. This amount is to be paid part in cash and part in stock at a future date with the number of common shares determined by the fair value of the shares on the settlement date. The amounts owing bear no interest, are unsecured, and have no fixed terms of repayment. |
4_Common_Stock
4. Common Stock | 9 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
4. Common Stock | ' |
NOTE 4: Common Stock | |
We have a stock option plan in place under which we are authorized to grant options to executive officers and directors, employees and consultants enabling them to acquire up to 10% of our issued and outstanding common stock. Under the plan, the exercise price of each option equals the market price of our stock as calculated on the date of grant. The options can be granted for a maximum term of 10 years. Vesting terms are determined at the time of grant. | |
At September 30, 2013 and December 31, 2012, there were no stock options outstanding. No options were granted, exercised or expired during the nine months ended September 30, 2013 and the year ended December 31, 2012. | |
At September 30, 2013 and December 31, 2012, there were no warrants outstanding. No warrants were granted, exercised or expired during the nine months ended September 30, 2013 and the year ended December 31, 2012. |
5_Segmented_Information
5. Segmented Information | 9 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
5. Segmented Information | ' |
NOTE 5: Segmented Information | |
The Company has no reportable segments. |
6_Related_Party_Transactions
6. Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
6. Related Party Transactions | ' |
NOTE 6: Related Party Transactions | |
Other than amounts payable to related parties as disclosed below and in Note 3, the Company also incurred directors’ fees of $400 during the nine months ended September 30, 2013. | |
Our former chief executive officer and former director had entered into a consulting arrangement on a month to month basis that provided for a monthly fee of CAD 5,000. These amounts have been accrued and are currently unpaid. This consulting arrangement ended on May 24, 2013. As of September 30, 2013 our former chief executive officer was owed $81,249 (CAD 83,710) for services rendered as an officer. | |
Our former chief financial officer and former director had entered into a consulting agreement on a month to month basis that provides for a monthly fee of $2,000. These amounts have been accrued and are currently unpaid. This consulting arrangement ended on June 14, 2013. As of September 30, 2013 our former chief financial officer was owed $58,870 for services rendered as an officer. | |
Our former chief executive officer and former director entered into a debt assignment agreement effective January 1, 2012 with a corporation with a former director in common and thereby assigned $196,798 (CAD 202,759) of unpaid amounts payable. | |
Our former chief executive officer and former director entered into a debt assignment agreement effective January 1, 2012 with an unrelated third party and thereby assigned $53,357 of unpaid amounts payable and $100,000 of unpaid loans. | |
Our former chief executive officer and former director is owed $204,946 for unsecured non-interest bearing amounts due on demand loaned to the Company as of September 30, 2013. | |
Our former chief executive officer and former director is owed $35,789 for unsecured amounts bearing 6% interest due on demand loaned to the Company as of September 30, 2013. | |
Our other former officers are owed a total of $101,834 for their prior services rendered as officers. | |
A director of the Company is owed $60,000 as of September 30, 2013 for services rendered as a director during 2007. Two former directors of the Company are owed $76,100 as of September 30, 2013 for services rendered as directors during 2007. . |
7_Subsequent_Events
7. Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
7. Subsequent Events | ' |
NOTE 7: Subsequent Events | |
The Company evaluated its September 30, 2013 financial statements for subsequent events through the date the financial statements were issued. The Company is not aware of any subsequent events which would require recognition or disclosure in the financial statements. |
2_Summary_of_Significant_Accou1
2. Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Basis of Presentation | ' |
Basis of presentation | |
We are in the process of evaluating business opportunities and have entered a new development stage as of January 1, 2010 and present our financial statements in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “Codification” or “ASC”) Topic 915. Our fiscal year end is December 31. The accompanying consolidated interim financial statements of Arvana Inc. for the nine month periods ended September 30, 2013 and 2012, and for the cumulative amounts from the beginning of the development stage on January 1, 2010, through September 30, 2013, 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-X. Although they are unaudited, in the opinion of management, they include all adjustments, consisting only of normal recurring items, necessary for a fair presentation. Results are not necessarily indicative of results which may be achieved in the future. The consolidated interim financial statements and notes appearing in this report should be read in conjunction with our consolidated audited 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, 2012, as filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2013. |
2_Summary_of_Significant_Accou2
2. Summary of Significant Accounting Policies: Use of Estimates (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
2_Summary_of_Significant_Accou3
2. Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Recent Accounting Pronouncements | ' |
Recent accounting pronouncements | |
We have reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of our operations. |
2_Summary_of_Significant_Accou4
2. Summary of Significant Accounting Policies: Schedule of Cash and Cash Equivalents (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Tables/Schedules | ' | ||||
Schedule of Cash and Cash Equivalents | ' | ||||
Assets: | Sept 30, 2013 | ||||
Cash | 341 | ||||
Cash Quoted Prices in Active Markets Level 1 | 341 | ||||
Cash Significant other observable Inputs Level 2 | — | ||||
Cash Significant Unobservable Inputs Level 3 | — | ||||
2_Summary_of_Significant_Accou5
2. Summary of Significant Accounting Policies (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Details | ' | ' |
Cash Equivalents, at Carrying Value | $341 | $1,254 |
Cash and Cash Equivalents, Fair Value Disclosure | 341 | 1,254 |
Accounts payable and accrued liabilities Carrying | 1,039,767 | 1,017,344 |
Accounts Payable and Accrued Liabilities, Fair Value Disclosure | 1,039,767 | 1,017,344 |
Loans payable to stockholders Carrying Amount | 661,072 | 631,631 |
Loans payable to stockholders Fair Value | 661,072 | 631,631 |
Loans payable to related party Carrying Amount | 35,789 | 36,741 |
Loans payable to related party Fair Value | 35,789 | 36,741 |
Loans payable Carrying Amount | 144,706 | 145,051 |
Loans Payable, Fair Value Disclosure | 144,706 | 145,051 |
Amounts due to related parties Carrying Amount | 501,750 | 475,314 |
Amounts due to related parties Fair Value | $501,750 | $475,314 |
2_Summary_of_Significant_Accou6
2. Summary of Significant Accounting Policies: Schedule of Cash and Cash Equivalents (Details) (USD $) | Sep. 30, 2013 |
Details | ' |
Cash and Cash Equivalents, at Carrying Value | $341 |
Cash and cash equivalents Quoted Prices in Active Markets Level 1 | $341 |
3_Amounts_Due_To_Related_Parti1
3. Amounts Due To Related Parties and Loans Payable To Stockholders (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Details | ' | ' |
Loans payable stockholders (Note 3) | $661,072 | $631,631 |
Other Loans Payable | ' | 144,706 |
Loans payable (Note 3) | 144,706 | 145,051 |
Amounts due to related parties (Note 3and 6) | $501,750 | $475,314 |