Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 14, 2017 | |
Document and Entity Information: | ||
Entity Registrant Name | ARVANA INC | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
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 | 1,034,030 | |
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 | 2,017 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash | $ 8,622 | $ 6,045 |
Total assets | 8,622 | 6,045 |
Current liabilities | ||
Accounts payable and accrued liabilities | 1,048,505 | 955,632 |
Convertible loan (net of discount of $2,082 and $14,583 respectively (Note 7) | 47,918 | 35,417 |
Loans payable to stockholders (Note 3) | 596,834 | 564,399 |
Loans payable to related party (Note 3) | 131,116 | 129,556 |
Loans payable (Note 3) | 75,813 | 47,448 |
Amounts due to related parties (Note 3) | 548,402 | 525,954 |
Total current liabilities | 2,448,588 | 2,258,406 |
Stockholders' deficiency | ||
Common stock, $0.001 par value 5,000,000 authorized, 1,034,030 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively (Note 4) | 1,034 | 1,034 |
Additional paid-in capital | 21,225,717 | 21,225,717 |
Deficit | (23,663,381) | (23,475,776) |
Total Stockholders Deficit Before Treasury Stock | (2,436,630) | (2,249,025) |
Less: Treasury stock - 2,085 common shares at September 30, 2017 and December 31, 2016, respectively | (3,336) | (3,336) |
Total stockholders' deficiency | (2,439,966) | (2,252,361) |
Total liabilities and stockholders' deficit | $ 8,622 | $ 6,045 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Convertible loan, net of discount | $ 2,082 | $ 14,583 |
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 5,000,000 | 5,000,000 |
Common stock shares issued | 1,034,030 | 1,034,030 |
Common stock outstanding | 1,034,030 | 1,034,030 |
Treasury stock | 2,085 | 2,085 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating expenses | ||||
General and administrative | $ 3,758 | $ 3,976 | $ 9,138 | $ 12,510 |
Professional fees | 3,200 | 3,380 | 12,581 | 12,257 |
Total operating expenses | 6,958 | 7,356 | 21,719 | 24,767 |
Loss from operations | (6,958) | (7,356) | (21,719) | (24,767) |
Interest expense | (17,056) | (12,132) | (50,526) | (36,409) |
Foreign exchange gain (loss) | (47,177) | 278 | (115,360) | (54,426) |
Net loss and comprehensive loss | $ (71,191) | $ (19,210) | $ (187,605) | $ (115,602) |
Per common share information - basic and diluted: | ||||
Weighted average shares outstanding | 885,130 | 885,130 | 885,130 | 885,130 |
Net loss per common share - basic and diluted | $ (0.08) | $ (0.02) | $ (0.21) | $ (0.13) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities | ||
Net loss | $ (187,605) | $ (115,602) |
Item not involving cash: | ||
Unrealized foreign exchange | 113,637 | 53,816 |
Accretion | 12,501 | |
Changes in non-cash working capital: | ||
Accounts payable and accrued liabilities | 30,344 | 20,837 |
Amounts due to related parties | 5,900 | 1,352 |
Net cash used in operations | (25,223) | (39,597) |
Cash flows from investing activities | ||
Net cash used in investing activities | ||
Cash flows from financing activities | ||
Loans corresponding to MOU (Note 7) | 27,800 | 50,000 |
Net cash provided by financing activities | 27,800 | 50,000 |
Increase in cash | 2,577 | 10,403 |
Cash, beginning of period | 6,045 | 53 |
Cash, end of period | 8,622 | 10,456 |
Supplementary information | ||
Cash paid for interest | ||
Cash paid for income taxes |
Note 1_ Nature of Business and
Note 1: Nature of Business and Ability To Continue As A Going Concern | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
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. On July 24, 2006, the shareholders approved a change of the Company’s name from Turinco, Inc. to Arvana Inc. These condensed consolidated financial statements for the nine month period ended September 30, 2017, include the accounts of the Company and its subsidiary Arvana Networks Inc. (including its wholly-owned subsidiaries, Arvana Participaçōes S.A. and Arvana Comunicações do Brasil S. A. 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. Our reporting currency and functional 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, 2017, the Company recognized a net loss of $187,605 as a result of general administrative expenses, interest expenses and foreign exchange losses. At September 30, 2017, the Company had a working capital deficiency of $2,439,966. 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 | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Note 2: Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of presentation The Company is in the process of transacting a business opportunity and has minimal operating levels. The Company’s fiscal year end is December 31. The accompanying condensed interim consolidated financial statements of Arvana Inc. for the nine months ended September 30, 2017 and 2016, 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. Results are not necessarily indicative of results which may be achieved in the future. 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 condensed 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, 2016, as filed with the Securities and Exchange Commission (“SEC”) on April 7, 2017. Use of 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. 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 September 30, 2017 and December 31, 2016 follows: September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Cash $ 8,622 $ 8,622 $ 6,045 $ 6,045 Accounts payable and accrued liabilities 1,048,505 1,048,505 955,632 955,632 Convertible loan 47,918 47,918 35,417 35,417 Loans payable to stockholders 596,834 596,834 564,399 564,399 Loans payable to related party 131,116 131,116 129,556 129,556 Loans payable 75,813 75,813 47,448 47,448 Amounts due to related parties 548,402 548,402 525,954 525,954 The following table presents information about the assets that are measured at fair value on a recurring basis as of September 30, 2017, 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: September 30, 2017 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash $ 8,622 $ 8,622 $ — $ — The fair value of cash is determined through market, observable and corroborated sources. Recent accounting pronouncements In January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). In March 2016, the FASB issued ASU 2016-9, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In November 2016, the FASB issued ASU 2016-18, requiring that restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total cash amounts shown on the statement of cash flows. Consequently, transfers between cash and restricted cash will not be presented as a separate line item in the operating, investing or financing sections of the cash flow statement. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company considers that ASU 2016-18 will have a limited impact on the presentation of the statement of cash flows. In March 2017, the FASB issued ASU 2017-07, requiring certain changes to the presentation of the expenses related to postretirement benefits accounted for under Topic 715. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently assessing the impact adoption of this standard will have on its consolidated results of operations, financial condition, cash flows, and financial statement disclosures. |
Note 3_ Amounts Due To Related
Note 3: Amounts Due To Related Parties and Loans Payable To Stockholders | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
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 September 30, 2017, the Company received a number of loans from stockholders, related parties and unrelated third parties. As of September 30, 2017, the Company had received loans of $596,834 (Euro 225,000; CAD$ 72,300; $273,107) (December 31, 2016 - $564,399: Euro 225,000; CAD$ 72,300; $273,107) from stockholders, loans of $131,116 (CAD$ 27,600; $109,000) (December 31, 2016 – $129,556: CAD$ 27,600; $109,000) from a related party and loans of $75,813 (CAD$ 10,000; $67,800) (December 31, 2016 – $47,448: CAD$10,000; $40,000) 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 $410,107 and $349,186 is included in accounts payable and accrued expenses at September 30, 2017, and December 31, 2016, respectively. Interest expense recognized on these loans was $17,056 and $50,526 for the three and nine months ended September 30, 2017, respectively, compared to $12,132 and $36,409 for the three and nine months ended September 30, 2016, respectively. The Company also received a convertible loan of $50,000 from CaiE Food Partnership Ltd. as per Note 7. This loan bears interest of 10% and is convertible into common shares of the Company at a price of $0.20 per share. This loan matures on November 17, 2017. The Company also received additional loans of $27,800 from CaiE Food Partnership Ltd. with terms and conditions of this loan to be finalized at a later date. At September 30, 2017, and December 31, 2016, the Company had amounts due to related parties of $548,402 and $525,954, respectively. This amount includes $136,100 at September 30, 2017, and December 31, 2016, 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 | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Note 4: Common Stock | 4. Common stock During the nine months ended September 30, 2017 and year ended December 31, 2016, the Company had issued nil shares and 148,900 shares respectively. Shares issued during the year ended December 31, 2016 were valued at $0.23 a share in exchange for the extinguishment of debt in the amount of $74,450, resulting in a gain on settlement of debt of $40,203, an amount comprised of principal and accrued interest on a loan from 2008. |
Note 5_ Segmented Information
Note 5: Segmented Information | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Note 5: Segmented Information | 5. Segmented Information The Company has no reportable segments. |
Note 6_ Related Party Transacti
Note 6: Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Note 6: Related Party Transactions | 6. Related Party Transactions Other than amounts payable to related parties as disclosed below and in Note 3, the Company also incurred consulting fees of $6,181 (2016 - $7,438) paid to a company controlled by our chief executive officer during the nine months ended September 30, 2017. 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 September 30, 2017, our former chief executive officer was owed $67,077 (CAD$83,710) for services rendered as an officer, compared to $62,347 (CAD$83,710) as at December 31, 2016. The amounts owing for past services have been included in the total payable of $266,919 as of September 30, 2017 and $249,585 as of December 31, 2016. 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, 2017 and December 31, 2016 our former chief financial officer was owed $58,870 for services rendered. Our former chief executive officer and former director is owed $266,919 for unsecured non-interest bearing amounts due on demand loaned to the Company as of September 30, 2017, compared to $249,585 as of December 31, 2016. Our former chief executive officer and former director is owed $131,116 for unsecured amounts bearing 6% interest due on demand loaned to the Company as of September 30, 2017, compared to $129,556 as of December 31, 2016. Our former chief executive officer and former director entered into a debt assignment agreement during the year ended December 31, 2016 to assume $100,000 in unpaid loans and $83,357 in unpaid amounts payable from a third party. Our other former officers are owed a total of $86,513 for their prior services rendered as officers as at September 30, 2017, compared to $81,399 as of December 31, 2016. A director of the Company is owed $60,000 as of September 30, 2017 and December 31, 2016, for services rendered as a director during 2007. Two former directors of the Company are owed $76,100 as of September 30, 2017 and December 31, 2016 for services rendered as directors during 2007. |
Note 7_ Convertible Loan
Note 7: Convertible Loan | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Note: 7. Convertible Loan | 7. Convertible Loan On May 18, 2016, the Company entered into a Convertible Promissory Note (“Convertible Note”) agreement pursuant to which the Company received $50,000 (2015 - $Nil) from CaiE Food Partnership Ltd. (“CaiE”). The $50,000 Convertible Note is convertible into common stock, in whole or in part, at any time and from time to time before maturity at the option of the holder at a fixed price of $0.20 per share. Due to the conversion price being lower than the closing share price on the grant date, a beneficial conversion feature resulted from this issuance. The Convertible Note accrues interest at a rate equal to 10% per year. During the nine months ended September 30, 2017 and year ended December 31, 2016, $12,501 and $10,417 of the discount was amortized, respectively. As at September 30, 2017 and December 31, 2016, the balance of the Convertible Note was $47,918 and $35,417 respectively. On March 24, 2017, the Company obtained an additional loan from CaiE in the amount of $17,800. The terms and conditions of this loan have not been finalized. On August 10, 2017, the Company obtained an additional loan from CaiE in the amount of $10,000. The terms and conditions of this loan have not been finalized. |
Note 8_ Subsequent Events
Note 8: Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Note 8: Subsequent Events | 8. Subsequent Events The Company evaluated its September 30, 2017, 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 Significan14
Note 2: Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Policy Text Block [Abstract] | |
Basis of presentation | Basis of presentation The Company is in the process of transacting a business opportunity and has minimal operating levels. The Company’s fiscal year end is December 31. The accompanying condensed interim consolidated financial statements of Arvana Inc. for the nine months ended September 30, 2017 and 2016, 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. Results are not necessarily indicative of results which may be achieved in the future. 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 condensed 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, 2016, as filed with the Securities and Exchange Commission (“SEC”) on April 7, 2017. |
Use of Estimates, Policy | Use of 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. |
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 September 30, 2017 and December 31, 2016 follows: September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Cash $ 8,622 $ 8,622 $ 6,045 $ 6,045 Accounts payable and accrued liabilities 1,048,505 1,048,505 955,632 955,632 Convertible loan 47,918 47,918 35,417 35,417 Loans payable to stockholders 596,834 596,834 564,399 564,399 Loans payable to related party 131,116 131,116 129,556 129,556 Loans payable 75,813 75,813 47,448 47,448 Amounts due to related parties 548,402 548,402 525,954 525,954 The following table presents information about the assets that are measured at fair value on a recurring basis as of September 30, 2017, 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: September 30, 2017 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash $ 8,622 $ 8,622 $ — $ — The fair value of cash is determined through market, observable and corroborated sources. |
Recent accounting pronouncements | Recent accounting pronouncements In January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). In March 2016, the FASB issued ASU 2016-9, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In November 2016, the FASB issued ASU 2016-18, requiring that restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total cash amounts shown on the statement of cash flows. Consequently, transfers between cash and restricted cash will not be presented as a separate line item in the operating, investing or financing sections of the cash flow statement. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company considers that ASU 2016-18 will have a limited impact on the presentation of the statement of cash flows. In March 2017, the FASB issued ASU 2017-07, requiring certain changes to the presentation of the expenses related to postretirement benefits accounted for under Topic 715. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently assessing the impact adoption of this standard will have on its consolidated results of operations, financial condition, cash flows, and financial statement disclosures. |
Note 2_ Summary of Significan15
Note 2: Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Estimated fair values | September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Cash $ 8,622 $ 8,622 $ 6,045 $ 6,045 Accounts payable and accrued liabilities 1,048,505 1,048,505 955,632 955,632 Convertible loan 47,918 47,918 35,417 35,417 Loans payable to stockholders 596,834 596,834 564,399 564,399 Loans payable to related party 131,116 131,116 129,556 129,556 Loans payable 75,813 75,813 47,448 47,448 Amounts due to related parties 548,402 548,402 525,954 525,954 |
Fair Value, Assets Measured on Recurring Basis | September 30, 2017 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash $ 8,622 $ 8,622 $ — $ — |
Note 1_ Nature of Business an16
Note 1: Nature of Business and Ability To Continue As A Going (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Disclosure Text Block [Abstract] | |||||
Net loss | $ (71,191) | $ (19,210) | $ (187,605) | $ (115,602) | |
Working capital deficiency | $ (2,439,966) | $ (2,439,966) | $ (2,252,361) |
Note 2_ Summary of Significan17
Note 2: Summary of Significant Accounting Policies - Estimated Fair Value (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Cash | $ 8,622 | $ 6,045 |
Accounts payable and accrued liabilities | 1,048,505 | 955,632 |
Convertible loan | 47,918 | 35,417 |
Amount due to related parties | 548,402 | 525,954 |
Carrying Amount | ||
Cash | 8,622 | 6,045 |
Accounts payable and accrued liabilities | 1,048,505 | 955,632 |
Convertible loan | 47,918 | 35,417 |
Loans payable to stockholders | 596,834 | 564,399 |
Loans payable to related party | 131,116 | 129,556 |
Loans payable | 75,813 | 47,448 |
Amount due to related parties | 548,402 | 525,954 |
Fair Value | ||
Cash | 8,622 | 6,045 |
Accounts payable and accrued liabilities | 1,048,505 | 955,632 |
Convertible loan | 47,918 | 35,417 |
Loans payable to stockholders | 596,834 | 564,399 |
Loans payable to related party | 131,116 | 129,556 |
Loans payable | 75,813 | 47,448 |
Amount due to related parties | $ 548,402 | $ 525,954 |
Note 2_ Summary of Significan18
Note 2: Summary of Significant Accounting Policies - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Cash | $ 8,622 | $ 6,045 |
Quoted Prices in Active Markets, Level 1 [Member] | ||
Cash | 8,622 | |
Significant Other Observable Inputs, Level 2 [Member] | ||
Cash | ||
Significant Unobservable Inputs, Level 3 [Member] | ||
Cash |
Note 3_ Amounts Due To Relate19
Note 3: Amounts Due To Related Parties and Loans Payable To Stockholders (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 18 Months Ended | ||||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Nov. 17, 2017 | Aug. 10, 2017 | Mar. 24, 2017 | Dec. 31, 2016 | May 17, 2016 | |
Loans received from stockholders | $ 596,834 | $ 596,834 | $ 564,399 | ||||||
Loans received from related parties | 131,116 | 131,116 | 129,556 | ||||||
Loans received from unrelated third parties | 75,813 | $ 75,813 | 47,448 | ||||||
Interst rate | 6.00% | ||||||||
Accrued interest | 410,107 | $ 410,107 | 349,186 | ||||||
Inerest expenses | 17,056 | $ 12,132 | 50,526 | $ 36,409 | |||||
Due to related parties | 548,402 | 548,402 | 525,954 | ||||||
Convertible Note | $ 47,918 | $ 47,918 | $ 35,417 | ||||||
CaiE Food Partnership Ltd | |||||||||
Convertible Note | $ 10,000 | $ 17,800 | $ 50,000 | ||||||
Common stock, per share price | $ 0.20 | ||||||||
Convertible Note, Interest | 10.00% | ||||||||
Maturity date | Nov. 17, 2017 |
Note 4_ Common Stock (Details N
Note 4: Common Stock (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Disclosure Text Block [Abstract] | ||
Shares issued during the period | 148,900 | |
Shares issued in exchange of extinguishment of debt | $ 74,450 | |
Valuation of share | $ 0.23 | |
Gain on settlement of debt | $ 40,203 |
Note 6_ Related Party Transac21
Note 6: Related Party Transactions (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Consulting fees | $ 6,181 | $ 7,438 | |
Due to related party | 548,402 | $ 525,954 | |
Former Chief Executive Officer [Member] | |||
Due to related party | 67,077 | 62,347 | |
Amount owed for services renderd | 266,919 | 249,585 | |
Former Chief Financial Officer [Member] | |||
Due to related party | 58,870 | 58,870 | |
Former Chief Executive Officer and Former Director [Member] | |||
Due to related party | 266,919 | 249,585 | |
Former Chief Executive Officer and Former Director [Member] | |||
Due to related party | 131,116 | 129,556 | |
Former Chief Executive Officer and Former Director [Member] | |||
Unpaid Loans | 100,000 | ||
Loans payable to third party | 83,357 | ||
Amount owed for services renderd | 86,513 | 81,399 | |
Former other officer [Member] | |||
Amount owed for services renderd | 60,000 | 60,000 | |
Two former director [Member] | |||
Amount owed for services renderd | $ 76,100 | $ 76,100 |
Note 7_ Convertible Loan (Detai
Note 7: Convertible Loan (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2016 | Aug. 10, 2017 | Mar. 24, 2017 | May 17, 2016 | |
Amortization of debt discount | $ 12,501 | $ 10,417 | |||
Convertible Note | $ 47,918 | $ 35,417 | |||
CaiE Food Partnership Ltd | |||||
Convertible Note | $ 10,000 | $ 17,800 | $ 50,000 | ||
Common stock, per share price | $ 0.20 | ||||
Convertible Note, Interest | 10.00% |