Arvana (AVNI) 10-K 14 Apr 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Apr. 14, 2016	Jun. 30, 2015
Document and Entity Information:
Entity Registrant Name	ARVANA INC
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Trading Symbol	avni
Amendment Flag	false
Entity Central Index Key	1,113,313
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	2,015
Document Fiscal Period Focus	FY

ARVANA INC AND SUBSIDIARIES CON

ARVANA INC AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS PERIOD DECEMBER 31ST 2015 AND DECEMBER 31ST 2014 - USD ($)	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Cash	$ 53	$ 1,876
Total assets	53	1,876
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Accounts payable and accrued liabilities	1,018,963	1,041,503
Loans payable stockholders (Note 3)	619,671	647,702
Loans payable related party (Note 3)	28,941	32,791
Loans payable (Note 3)	147,225	148,620
Amounts due to related parties (Note 3)	434,330	472,987
Total current liabilities	2,249,130	2,343,603
Stockholders' deficiency
Common stock, $0.001 par value 5,000,000 authorized, 885,130 shares issued and outstanding at December 31, 2015 and 2014, respectively (Note 4)	885	885
Additional paid-in capital	21,166,619	21,166,619
Deficit	(23,413,245)	(23,505,895)
Total Stockholders Deficit Before Treasury Stock	(2,245,741)	(2,338,391)
Less: Treasury stock - 2,085 at December 31, 2015 and 2014, respectively	(3,336)	(3,336)
Total stockholders' deficiency	(2,249,077)	(2,341,727)
Total liabilities and stockholders' deficit	$ 53	$ 1,876

Arvana Inc Consolidated Balance

Arvana Inc Consolidated Balance Sheets December 31, 2015 and 2014 [Parenthetical] - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Condensed Consolidated Balance Sheets Parenthetical
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
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 STATEME

ARVANA INC CONSOLIDATED STATEMENTS OF OPERATIONS TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014 - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating expenses
General and administrative	$ 11,890	$ 23,934
Fees and Commissions	24,552	16,720
Total operating expenses	36,442	40,654
Loss from operations	(36,442)	(40,654)
Interest expense	(48,089)	(50,390)
Foreign exchange gain	177,181	145,334
Net Income (Loss) Attributable to Parent	$ 92,650	$ 54,920
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	$ 0.06

ARVANA INC CONSOLIDATED STATEM5

ARVANA INC CONSOLIDATED STATEMENTS OF CASH FLOWS TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014 - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 92,650	$ 54,290
Items not involving cash:
Unrealized foreign exchange	(178,103)	(140,831)
Changes in non-cash working capital:
Accounts payable and accrued liabilities	71,893	56,528
Amounts due to related parties	1,737	1,968
Net cash used in operations	(11,823)	(28,045)
Cash flows from financing activities
Proceeds of loans payable stockholders	10,000	29,600
Net cash provided by financing activities	10,000	29,600
Increase (decrease) in cash	(1,823)	1,555
Cash beginning of year	1,876	321
Cash end of Year	$ 53	$ 1,876

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity Arvana, Inc. January 1, 2010 to December 31, 2015 - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	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	(23,468,995)	$ (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	(23,560,185)	$ (854,763)	$ (3,336)	$ (2,396,017)
Shares, Outstanding at Dec. 31, 2013	885,130				(2,085)	883,045
Net Income (Loss), per basic and diluted share				$ 54,290		$ 54,290
Stockholders' Equity, before treasury stock at Dec. 31, 2014	$ 885	21,166,619	(23,505,895)	$ (854,763)	$ (3,336)	$ (2,341,727)
Shares, Outstanding at Dec. 31, 2014	885,130				(2,085)	883,045
Net Income (Loss), per basic and diluted share				$ 92,650		$ 92,650
Stockholders' Equity, before treasury stock at Dec. 31, 2015	$ 885	$ 21,166,619	$ (23,505,895)	$ (854,763)	$ (3,336)	$ (2,249,077)
Shares, Outstanding at Dec. 31, 2015	885,130				(2,085)	883,045

1. Nature of Business and Abili

1. Nature of Business and Ability To Continue As A Going Concern	12 Months Ended
	Dec. 31, 2015
Notes
1. Nature of Business and Ability To Continue As A Going Concern	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, 2015, 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 same are all considered to be inactive subsidiaries. The reporting currency and functional currency of the Company and its subsidiaries 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, 2015, the Company recognized net income from operations of $92,650. At December 31, 2015, the Company had a working capital deficiency of $2,249,077. 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 stockholders 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, 2015
Notes
Note 2: Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies a) Basis of presentation b) Basis of consolidation c) Estimates d) Foreign currency translation and transactions e) Comprehensive income f) Cash equivalents g) Financial instruments 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, 2015 and December 31, 2014 follows: December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Cash $53 $53 $1,876 $1,876 Accounts payable and accrued liabilities 1,018,963 1,018,963 1,041,503 1,041,503 Loans payable to stockholders Loans payable to related party 619,671 28,941 619,671 28,941 647,702 32,791 647,702 32,791 Loans payable Amounts due to related parties 147,225 434,330 147,225 434,330 148,620 472,987 148,620 472,987 The following table presents information about the assets that are measured at fair value on a recurring basis as of December 31, 2015, 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, 2015 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash $ 53 $ 53 $ — $ — The fair value of cash is determined through market, observable and corroborated sources. h) Concentration of credit risk i) Income taxes 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 k) Earnings (loss )per share l) Recent accounting pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-02, Leases (Topic 842). In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Updates (ASU) 2015-03 which requires that debt issuance costs be reported in the balance sheet as a direct deduction from the face amount of the related liability, consistent with the presentation of debt discounts. Prior to the amendments, debt issuance costs were presented as a deferred charge (i.e., an asset) on the balance sheet. The ASU provides examples illustrating the balance sheet presentation of notes net of their related discounts and debt issuance costs. Further, the amendments require the amortization of debt issuance costs to be reported as interest expense. Similarly, debt issuance costs and any discount or premium is considered in the aggregate when determining the effective interest rate on the debt. The amendments are effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Updates (ASU) 2014-15 requiring an entity’s management to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). The amendments to (ASU) 2014-15 are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is in the process of evaluating the prospective impact that (ASU) 2014-15 will have on its balance sheet.

Note 3_ Amounts Due To Related

Note 3: Amounts Due To Related Parties and Loans Payable To Stockholders	12 Months Ended
	Dec. 31, 2015
Notes
Note 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 December 31, 2015, the Company received a number of loans from stockholders, related parties and unrelated third parties. As of December 31, 2015, the Company had received loans of $619,671 (Euro 225,000; CAD$ 72,300; $323,107) (December 31, 2014 - $647,702: Euro 225,000; CAD$ 72,300; $313,107) from stockholders, loans of $28,941 (CAD$ 27,600; $9,000) (December 31, 2014 – $32,791: CAD$ 27,600; $9,000) from a related party and loans of $147,225 (CAD$ 10,000; $ 140,000) (December 31, 2014 – $ 148,620: CAD$ 10,000; $140,000) 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 $330,536 and $317,295 is included in accounts payable and accrued expenses at December 31, 2015, and December 31, 2014, respectively. Interest expense recognized on these loans was $48,089 for the year ended December 31, 2015, compared to $50,390 for the year ended December 31, 2014. At December 31, 2015, and December 31, 2014, the Company had amounts due to related parties of $434,330 and $472,987, respectively. This amount includes $136,100 at December 31, 2015, and December 31, 2014, 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, 2015
Notes
Note 4: Common Stock	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, 2015 and December 31, 2014, there were no stock options outstanding. No options were granted, exercised or expired during the year ended December 31, 2015 or the year ended December 31, 2014.

Note 6_ Deferred Income Taxes

Note 6: Deferred Income Taxes	12 Months Ended
	Dec. 31, 2015
Notes
Note 6: Deferred Income Taxes	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, 2015 and 2014, 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: 2015 2014 Income for the year before income taxes $ 92,650 $ 54,290 Computed expected tax benefit $ 31,501 $ 18,459 Non-deductible expenses (60,242 ) (49,414 ) Change in valuation allowance 28,741 30,955 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, 2015 and 2014 are presented below: 2015 2014 Deferred tax assets: Net operating loss carry forwards - US $ 816,935 $ 788,194 Valuation allowance (816,935 ) (788,194 ) Net deferred tax asset $ - $ - The valuation allowance for deferred tax assets as of December 31, 2015, and 2014, was $816,935 and $788,194, 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 $2,400,000 (2014 - $2,300,000) 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, 2015
Notes
Note 7: Related Party Transactions	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 $1,600 (2014 - $1,600) and consulting fees of $7,894 (2014 - $7,138) paid to a company controlled by our chief executive officer during the year ended December 31, 2015. Our former chief executive officer and former director 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, 2015, our former chief executive officer was owed $60,480 (CAD 83,710) for services rendered as an officer, compared to $72,158 (CAD 83,710) as at December 31, 2014. The amounts owing for past services have been included in the total payable of $186,011 detailed below. 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, 2015 and 2014 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 $146,493 (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 $159,979 for unsecured non-interest bearing amounts due on demand loaned to the Company as of December 31, 2015, compared to $186,011 as of December 31, 2014. Our former chief executive officer and former director is owed $28,941 for unsecured amounts bearing 6% interest due on demand loaned to the Company as of December 31, 2015, compared to $32,791 as of December 31, 2014. Our other former officers are owed a total of $79,381 for their prior services rendered as officers as at December 31, 2015, compared to $92,006 as of December 31, 2014. A director of the Company is owed $60,000 as of December 31, 2015 and December 31, 2014, for services rendered as a director during 2007. Two former directors of the Company are owed $76,100 as of December 31, 2015 and December 31, 2014 for services rendered as directors during 2007. .

Note 8_ Subsequent Events

Note 8: Subsequent Events	12 Months Ended
	Dec. 31, 2015
Notes
Note 8: Subsequent Events	8. Subsequent Events The Company evaluated its December 31, 2015, 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 except as provided below: On March 17, 2016, the Company entered into a non-binding Memorandum of Understanding (“MOU”) with CaiE Food Partnership Ltd. (“CaiE”) for the purpose of acquiring CaiE as a wholly owned subsidiary. The MOU further provides that CaiE lend the Company $50,000 on a convertible basis prior to the consummation of the transaction. CaiE had loaned the Company $20,000 as of the filing date of this report.

Note 2_ Summary of Significan14

Note 2: Summary of Significant Accounting Policies: Use of Estimates, Policy (Policies)	12 Months Ended
	Dec. 31, 2015
Policies
Use of Estimates, Policy	c) Estimates

Note 2_ Summary of Significan15

Note 2: Summary of Significant Accounting Policies: Comprehensive Income (Loss) Note (Policies)	12 Months Ended
	Dec. 31, 2015
Policies
Comprehensive Income (Loss) Note	e) Comprehensive income

Note 2_ Summary of Significan16

Note 2: Summary of Significant Accounting Policies: G) Financial Instruments (Policies)	12 Months Ended
	Dec. 31, 2015
Policies
G) Financial Instruments	g) Financial instruments 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, 2015 and December 31, 2014 follows: December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Cash $53 $53 $1,876 $1,876 Accounts payable and accrued liabilities 1,018,963 1,018,963 1,041,503 1,041,503 Loans payable to stockholders Loans payable to related party 619,671 28,941 619,671 28,941 647,702 32,791 647,702 32,791 Loans payable Amounts due to related parties 147,225 434,330 147,225 434,330 148,620 472,987 148,620 472,987 The following table presents information about the assets that are measured at fair value on a recurring basis as of December 31, 2015, 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, 2015 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash $ 53 $ 53 $ — $ — The fair value of cash is determined through market, observable and corroborated sources.

Note 2_ Summary of Significan17

Note 2: Summary of Significant Accounting Policies: Concentration Risk, Credit Risk, Policy (Policies)	12 Months Ended
	Dec. 31, 2015
Policies
Concentration Risk, Credit Risk, Policy	h) Concentration of credit risk