Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Mar. 31, 2014 | |
Document and Entity Information: | ' | ' |
Entity Registrant Name | 'ARVANA INC | ' |
Document Type | '10-K | ' |
Document Period End Date | 31-Dec-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 | ' | $870,505 |
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 | 'FY | ' |
ARVANA_INC_AND_SUBSIDIARIES_CO
ARVANA INC AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS PERIOD DECEMBER 31ST 2013 AND DECEMBER 31ST 2012 (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Cash | $321 | $1,244 |
Total assets | 321 | 1,244 |
LIABILITIES AND STOCKHOLDERS' DEFICIENCY | ' | ' |
Accounts payable and accrued liabilities | 1,056,941 | 1,017,334 |
Loans payable stockholders (Note 3) | 666,511 | 631,631 |
Loans payable related party (Note 3) | 34,950 | 36,741 |
Loans payable (Note 3) | 144,402 | 145,051 |
Amounts due to related parties (Note 3and 6) | 493,534 | 475,314 |
Total current liabilities | 2,396,338 | 2,306,081 |
Stockholders' deficiency | ' | ' |
Common stock, $0.001 par value 5,000,000 authorized, 885,130 shares issued and outstanding at December 31, 2011, respectively (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 | -854,763 | -763,573 |
Total Stockholders Deficit Before Treasury Stock | -2,392,681 | -2,301,491 |
Less: Treasury stock - 2,085 at December 31, 2012 and 2011, respectively | -3,336 | -3,336 |
Total stockholders' deficiency | -2,396,017 | -2,304,827 |
Total liabilities and stockholders' deficit | $321 | $1,244 |
Arvana_Inc_Consolidated_Balanc
Arvana Inc Consolidated Balance Sheets December 31, 2013 and 2012 [Parenthetical] (USD $) | Dec. 31, 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 TWELVE MONTHS ENDED DECEMBER 31, 2013 AND 2012 AND PERIOD FROM INCEPTION (USD $) | 12 Months Ended | 48 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Operating expenses | ' | ' | ' |
General and administrative | $69,069 | $257,539 | $730,760 |
Depreciation | ' | ' | 103 |
Total operating expenses | 69,069 | 257,539 | 730,863 |
Loss from operations | -69,069 | -257,539 | -730,863 |
Interest expense | -49,465 | -47,986 | -186,153 |
Foreign exchange gain | 27,344 | -20,171 | 62,253 |
Net loss and comprehensive loss for the year | ($91,190) | ($325,696) | ($854,763) |
Per common share information - basic and diluted: | ' | ' | ' |
Weighted average shares outstanding (in shares) | 885,130 | 885,130 | ' |
Net loss per common share - basic and diluted (in dollars per share) | ($0.10) | ($0.37) | ' |
ARVANA_INC_CONSOLIDATED_STATEM1
ARVANA INC CONSOLIDATED STATEMENTS OF CASH FLOWS TWELVE MONTHS ENDED DECEMBER 31, 2013 AND 2012 AND PERIOD FROM INCEPTION (USD $) | 12 Months Ended | 48 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Statement Of Cash Flows | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ($91,190) | ($325,696) | ($854,763) |
Items not involving cash: | ' | ' | ' |
Depreciation and amortization | ' | ' | 103 |
Unrealized foreign exchange | -26,043 | 18,345 | -58,510 |
Changes in non-cash working capital: | ' | ' | ' |
Accounts payable and accrued liabilities | 54,834 | 303,700 | 464,856 |
Amounts due to related parties | 35,259 | -35,069 | 298,926 |
Net cash used in operations | -27,140 | -38,720 | -149,388 |
Cash flows from financing activities | ' | ' | ' |
Proceeds of loans payable stockholders | 26,207 | 20,551 | 67,820 |
Proceeds of loans payable related parties | ' | 17,689 | 36,522 |
Proceeds of loans payable | ' | ' | 44,833 |
Net cash provided by financing activities | 26,207 | 38,240 | 149,175 |
Increase (decrease) in cash | -933 | -480 | -213 |
Cash beginning of year | 1,254 | 1,734 | 534 |
Cash end of Year | $321 | $1,254 | $321 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity Arvana, Inc. January 1, 2010 to December 31, 2013 (USD $) | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit During Development Stage | Treasury Stock | Total |
Stockholders' Equity, before treasury stock at Dec. 31, 2009 | $21,203 | $21,426,301 | ($22,705,422) | ' | ($283,336) | ($1,541,254) |
Shares, Outstanding at Dec. 31, 2009 | 1,060,130 | ' | ' | ' | -177,085 | 833,045 |
Stock Repurchased and Retired During Period, Value | -20,143 | 20,143 | ' | ' | ' | ' |
Net Income (Loss), per basic and diluted share | ' | ' | ' | ($126,428) | ' | ($126,428) |
Stockholders' Equity, before treasury stock at Dec. 31, 2010 | 1,060 | 21,446,444 | -22,705,422 | -126,428 | -283,336 | -1,667,682 |
Shares, Outstanding at Dec. 31, 2010 | 1,060,130 | ' | ' | ' | -177,085 | 883,045 |
Stock Repurchased and Retired During Period, Value | -175 | -279,825 | ' | ' | 280,000 | ' |
Stock Repurchased and Retired During Period, Shares | -175,000 | ' | ' | ' | 175,000 | ' |
Net Income (Loss), per basic and diluted share | ' | ' | ' | ($311,449) | ' | ($311,449) |
Stockholders' Equity, before treasury stock at Dec. 31, 2011 | 885 | 21,166,619 | -22,705,422 | -437,877 | -3,336 | -1,979,131 |
Shares, Outstanding at Dec. 31, 2011 | 885,130 | ' | ' | ' | -2,085 | 883,045 |
Net Income (Loss), per basic and diluted share | ' | ' | ' | ($325,696) | ' | ($325,696) |
Stockholders' Equity, before treasury stock at Dec. 31, 2012 | 885 | 21,166,619 | -22,705,422 | -763,573 | -3,336 | -2,304,827 |
Shares, Outstanding at Dec. 31, 2012 | 885,130 | ' | ' | ' | -2,085 | 883,045 |
Net Income (Loss), per basic and diluted share | ' | ' | ' | ($91,190) | ' | ($91,190) |
Stockholders' Equity, before treasury stock at Dec. 31, 2013 | $885 | $21,166,619 | ($22,705,422) | ($854,763) | ($3,336) | ($2,396,017) |
Shares, Outstanding at Dec. 31, 2013 | 885,130 | ' | ' | ' | -2,085 | 883,045 |
Note_1_Nature_of_Business_and_
Note 1: Nature of Business and Ability To Continue As A Going Concern | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note 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 effected a reverse split of one share for every twenty shares outstanding. | |
These consolidated financial statements for the year ended December 31, 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 reporting currency and functional currency is the United States dollar (“US Dollar”) and the accompanying consolidated financial statements have been expressed in US Dollars. | |
These 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 year ended December 31, 2013, the Company incurred a loss from operations of $91,190. At December 31, 2013, the Company had a working capital deficiency of $2,396,017. These conditions raise substantial doubt about the Company’s 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 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. |
Note_2_Summary_of_Significant_
Note 2: Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Notes | ' | ||||||||||||
Note 2: Summary of Significant Accounting Policies | ' | ||||||||||||
Note 2: Summary of Significant Accounting Policies | |||||||||||||
a) Basis of presentation | |||||||||||||
The Company is in the process of evaluating business opportunities and is a development stage company. The Company’s fiscal year end is December 31. The accompanying consolidated financial statements of Arvana, Inc. for the years ended December 31, 2013 and 2012, and for the cumulative amounts from the beginning of the development stage on January 1, 2010, through December 31, 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-K and Regulation S-K. Results are not necessarily indicative of results which may be achieved in the future | |||||||||||||
. | |||||||||||||
b) Basis of consolidation Included in the financial statements are the accounts of the Company, its wholly-owned inactive subsidiaries Arvana Networks, Arvana Par, and Arvana Com. All inter-company transactions and balances have been eliminated. | |||||||||||||
c) | |||||||||||||
Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates include the recognition of deferred tax assets based on the change in unrecognized deductible temporary tax differences. | |||||||||||||
d) | |||||||||||||
Foreign currency translation and transactions When translating the Brazilian subsidiary operations to the Company’s reporting currency non monetary assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate in effect on the transaction date. Revenue and expenses are translated at the average rates of exchange prevailing during the periods | |||||||||||||
. | |||||||||||||
Transactions conducted in foreign currencies are recorded using the exchange rate in effect on the transaction date. At the period end, monetary assets and liabilities are translated to the functional currency of each entity using the exchange rate in effect at the period end date. Transaction gains and losses are recorded in foreign exchange gain or loss in the statement of operations and comprehensive loss. | |||||||||||||
e) | |||||||||||||
Comprehensive income The Company considers comprehensive income (loss) as a change in equity (net assets) of a business entity during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. | |||||||||||||
f) Cash equivalents The Company considers all highly liquid investments, with terms to maturity of three months or less when acquired, to be cash equivalents. | |||||||||||||
g) | |||||||||||||
Financial instruments | |||||||||||||
The Company uses the following methods and assumptions to estimate the fair value of each class of financial instruments for which it is practicable to estimate such values: | |||||||||||||
Cash - the carrying amount approximates fair value because the amounts consist of cash held at a bank. | |||||||||||||
Accounts payable and accrued liabilities and loans payable - the carrying amount approximates fair value due to the short-term nature of the obligations. | |||||||||||||
The estimated fair values of the Company's financial instruments as of December 31, 2013 and December 31, 2012 follows: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||
Amount | Value | Amount | Value | ||||||||||
Cash | $321 | $321 | $1,254 | $1,254 | |||||||||
Accounts payable and accrued liabilities | 1,056,941 | 1,056,941 | 1,017,344 | 1,017,344 | |||||||||
Loans payable to stockholders | 666,511 | 666,511 | 631,631 | 631,631 | |||||||||
Loans payable to related party | 34,950 | 34,950 | 36,741 | 36,741 | |||||||||
Loans payable | 144,402 | 144,402 | 145,051 | 145,051 | |||||||||
Amounts due to related parties | 493,534 | 493,534 | 475,314 | 475,314 | |||||||||
The following table presents information about the assets that are measured at fair value on a recurring basis as of December 31, 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: | |||||||||||||
December 31, | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||
2013 | |||||||||||||
Assets: | |||||||||||||
Cash | $ | 321 | $ | 321 | $ | — | $ | — | |||||
The fair value of cash is determined through market, observable and corroborated sources. | |||||||||||||
h) | |||||||||||||
Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consists of cash. The Company maintains cash in bank accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. | |||||||||||||
i) Income taxes A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry-forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. | |||||||||||||
Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. | |||||||||||||
j) Stock-based compensation The Company accounts for all stock-based payments to employees and non-employees under ASC 718 “Stock Compensation,” using the fair value based method. Under the fair value method, stock-based payments are measured at the fair value of the consideration received, or the fair value of the equity instruments issued, or liabilities incurred, whichever is more reliably measurable. The cost of stock-based payments to non-employees that are fully vested and non-forfeitable at the grant date is measured and recognized at that date. | |||||||||||||
k) Loss per share Basic loss per share is computed using the weighted average number of common shares outstanding during the year. Diluted loss per share is computed using the weighted average number of common shares and potentially dilutive common stock equivalents, including stock options and warrants. For the periods presented, this calculation proved to be anti-dilutive. | |||||||||||||
l) Reclassifications Certain of the comparative figures for the prior years have been reclassified to conform with the presentation adopted in the current year. | |||||||||||||
m) 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. |
Note_3_Amounts_Due_To_Related_
Note 3: Amounts Due To Related Parties and Loans Payable To Stockholders | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note 3: Amounts Due To Related Parties and Loans Payable To Stockholders | ' |
Note 3: Amounts Due to Related Parties and Loans Payable to Stockholders | |
From February, 2007, until December 31, 2013, the Company received a number of loans from stockholders, related parties and unrelated third parties. | |
As of December 31, 2013, the Company had received loans of $666,511 (Euro 225,000; CAD 72,300; $288,507) | |
(December 31, 2012 - $631,631: Euro 225,000; CAD 72,300; $262,300) from stockholders, | |
loans of $34,950 (CAD 27,600; $9,000) | |
(December 31, 2012 – $36,741: CAD 27,600; $9,000) from a related party | |
and loans of $144,402 (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 $268,271 and $215,518 is included in accounts payable and accrued expenses at December 31, 2013, and December 31, 2012, respectively. Interest expense recognized on these loans was $49,465 for the year ended December 31, 2013, compared to $47,986 for the year ended December 31, 2012. | |
At December 31, 2013, and December 31, 2012, the Company had amounts due to related parties of $684,169 and $679,108, respectively. This amount includes $136,100 at December 31, 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. |
Note_4_Common_Stock
Note 4: Common Stock | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note 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 December 31, 2013 and December 31, 2012, there were no stock options outstanding. No options were granted, exercised or expired during the year ended December 31, 2013 or the year ended December 31, 2012. | |
On September 30, 2010, the Company completed a common stock reverse split of one share for each twenty shares outstanding. These consolidated financial statements have been prepared showing after reverse stock split shares with a par value of $0.001. | |
On September 6, 2011, the Company cancelled 175,000 shares of its treasury stock of which cancellation removed $175 from common stock and $279,825 from additional paid-in capital. |
Note_5_Segmented_Information
Note 5: Segmented Information | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note 5: Segmented Information | ' |
Note 5: Segmented Information | |
The Company has no reportable segments |
Note_6_Deferred_Income_Taxes
Note 6: Deferred Income Taxes | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Notes | ' | |||||||
Note 6: Deferred Income Taxes | ' | |||||||
Note 6: Deferred Income Taxes | ||||||||
Income tax benefits attributable to losses from operations in the United States of America was $Nil for the years ended December 31, 2013 and 2012, and differed from the amounts computed by applying the United States of America federal income tax rate of 34 percent to pretax losses from operations as a result of the following: | ||||||||
2013 | 2012 | |||||||
Loss for the year before income taxes | $ | (91,190 | ) | $ | (325,696 | ) | ||
Computed expected tax benefit | $ | (31,005 | ) | $ | (110,829 | ) | ||
Non-deductible expenses | (9,297 | ) | 6,858 | |||||
Change in valuation allowance | 40,302 | 103,971 | ||||||
Income tax expense | $ | - | $ | - | ||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2013 and 2012 are presented below: | ||||||||
2013 | 2012 | |||||||
Deferred tax assets: | ||||||||
Net operating loss carry forwards - US | $ | 757,240 | $ | 716,938 | ||||
Valuation allowance | (757,240 | ) | (716,938 | ) | ||||
Net deferred tax asset | $ | - | $ | - | ||||
The valuation allowance for deferred tax assets as of December 31, 2013, and 2012, was $757,240 and $716,938, respectively. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. | ||||||||
Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in assessing the realizability of deferred tax assets. In order to fully realize the deferred tax asset attributable to net operating loss carryforwards, the Company will need to generate future taxable income of approximately $2,200,000 prior to the expiration of the net operating loss carry-forwards. |
Note_7_Related_Party_Transacti
Note 7: Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note 7: Related Party Transactions | ' |
Note 7: Related Party Transactions | |
Other than amounts payable to related parties as disclosed below and in Note 3, the Company also incurred directors’ fees of $800 and legal fees of $4,401 paid to a company controlled by our chief executive officer during the year ended December 31, 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 December 31, 2013 our former chief executive officer was owed $78,704 (CAD 83,710) for services rendered as an officer, compared to $60,306 (CAD 60,000) as at December 31, 2012. | |
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 December 31, 2013 our former chief financial officer was owed $58,870 for services rendered as an officer, compared to $48,000 as of December 31, 2012. | |
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 $190,634 (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 $199,481 for unsecured non-interest bearing amounts due on demand loaned to the Company as of December 31, 2013, compared to $186,257 as of December 31, 2012. | |
Our former chief executive officer and former director is owed $34,950 for unsecured amounts bearing 6% interest due on demand loaned to the Company as of December 31, 2013, compared to $36,741 as of December 31, 2012. | |
Our other former officers are owed a total of $99,083 for their prior services rendered as officers as at December 31, 2013, compared to $104,957 as of December 31, 2012. | |
A director of the Company is owed $60,000 as of December 31, 2013 and December 31, 2012 for services rendered as a director during 2007. Two former directors of the Company are owed $76,100 as of December 31, 2013 and December 31, 2012 for services rendered as directors during 2007. |
Note_8_Subsequent_Events
Note 8: Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note 8: Subsequent Events | ' |
Note 8: Subsequent Events | |
The Company evaluated its December 31, 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. |
Note_2_Summary_of_Significant_1
Note 2: Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Basis of Presentation | ' |
a) Basis of presentation | |
The Company is in the process of evaluating business opportunities and is a development stage company. The Company’s fiscal year end is December 31. The accompanying consolidated financial statements of Arvana, Inc. for the years ended December 31, 2013 and 2012, and for the cumulative amounts from the beginning of the development stage on January 1, 2010, through December 31, 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-K and Regulation S-K. Results are not necessarily indicative of results which may be achieved in the future |
Note_2_Summary_of_Significant_2
Note 2: Summary of Significant Accounting Policies: Use of Estimates, Policy (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Use of Estimates, Policy | ' |
Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates include the recognition of deferred tax assets based on the change in unrecognized deductible temporary tax differences. |
Note_2_Summary_of_Significant_3
Note 2: Summary of Significant Accounting Policies: Foreign Currency Transactions and Translations Policy (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Foreign Currency Transactions and Translations Policy | ' |
Foreign currency translation and transactions When translating the Brazilian subsidiary operations to the Company’s reporting currency non monetary assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate in effect on the transaction date. Revenue and expenses are translated at the average rates of exchange prevailing during the periods | |
. | |
Transactions conducted in foreign currencies are recorded using the exchange rate in effect on the transaction date. At the period end, monetary assets and liabilities are translated to the functional currency of each entity using the exchange rate in effect at the period end date. Transaction gains and losses are recorded in foreign exchange gain or loss in the statement of operations and comprehensive loss. |
Note_2_Summary_of_Significant_4
Note 2: Summary of Significant Accounting Policies: Comprehensive Income (Loss) Note (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Comprehensive Income (Loss) Note | ' |
Comprehensive income The Company considers comprehensive income (loss) as a change in equity (net assets) of a business entity during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. |
Note_2_Summary_of_Significant_5
Note 2: Summary of Significant Accounting Policies: G) Financial Instruments (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Policies | ' | ||||||||||||
G) Financial Instruments | ' | ||||||||||||
Financial instruments | |||||||||||||
The Company uses the following methods and assumptions to estimate the fair value of each class of financial instruments for which it is practicable to estimate such values: | |||||||||||||
Cash - the carrying amount approximates fair value because the amounts consist of cash held at a bank. | |||||||||||||
Accounts payable and accrued liabilities and loans payable - the carrying amount approximates fair value due to the short-term nature of the obligations. | |||||||||||||
The estimated fair values of the Company's financial instruments as of December 31, 2013 and December 31, 2012 follows: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||
Amount | Value | Amount | Value | ||||||||||
Cash | $321 | $321 | $1,254 | $1,254 | |||||||||
Accounts payable and accrued liabilities | 1,056,941 | 1,056,941 | 1,017,344 | 1,017,344 | |||||||||
Loans payable to stockholders | 666,511 | 666,511 | 631,631 | 631,631 | |||||||||
Loans payable to related party | 34,950 | 34,950 | 36,741 | 36,741 | |||||||||
Loans payable | 144,402 | 144,402 | 145,051 | 145,051 | |||||||||
Amounts due to related parties | 493,534 | 493,534 | 475,314 | 475,314 | |||||||||
The following table presents information about the assets that are measured at fair value on a recurring basis as of December 31, 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: | |||||||||||||
December 31, | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||
2013 | |||||||||||||
Assets: | |||||||||||||
Cash | $ | 321 | $ | 321 | $ | — | $ | — | |||||
The fair value of cash is determined through market, observable and corroborated sources. |
Note_2_Summary_of_Significant_6
Note 2: Summary of Significant Accounting Policies: Concentration Risk, Credit Risk, Policy (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Policies | ' |
Concentration Risk, Credit Risk, Policy | ' |
Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consists of cash. The Company maintains cash in bank accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. |