| 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 financial statements of Arvana Inc. for the nine months ended September 30, 2018 and 2017
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 interim financial statements and notes appearing in this report should be read
in conjunction with our 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, 2017, as filed with the Securities and Exchange Commission (“SEC”) on April 16, 2018. 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 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 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, convertible loan, loans payable and amounts due to related parties - 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, 2018 and December 31, 2017 follows:
September 30, 2018
December 31, 2017
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Cash $ 257 $ 257 $ 4,730 $ 4,730
Accounts payable and accrued liabilities 1,027,954 1,027,954 1,075,409 1,075,409
Convertible loan 50,000 50,000 50,000 50,000
Loans payable to stockholders 590,027 590,027 600,651 600,651
Loans payable to related party 130,321 130,321 131,000 131,000
Loans payable 85,525 85,525 75,813 75,813
Amounts due to related parties $ 499,338 $ 499,338 $ 549,132 $ 549,132 The following table presents
information about the assets that are measured at fair value on a recurring basis as of September 30, 2018 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 include situations where there is little, if any, market
activity for the asset:
September 30, 2018 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3)
Assets:
Cash $ 257 $ 257 $ — $ — The fair value of cash
is determined through market, observable and corroborated sources. Recent accounting
pronouncements The accounting policies
adopted are consistent with those of the previous financial year and corresponding interim reporting period. New and amended standards
adopted by the Company There were no new and
amended standards adopted by the Company for the first time in this reporting period which had a material impact on the Company’s
unaudited condensed consolidated interim financial statement except the following: In November 2016, the
Financial Accounting Standards Board (FASB) issued Accounting Standards Updates 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 is not presented
as a separate line item in the operating, investing or financing sections of the cash flow statement. The amendments were 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 has had only a limited impact on the presentation of the statement of cash flows. New standards and
interpretations not yet adopted by the Company Several new standards
and amendments to standards and interpretations are effective for annual periods beginning after the closing date of this report
and have not been applied in preparing these unaudited condensed consolidated interim financial statements: In February 2016, the
Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-02, Leases (Topic 842). The standard requires
the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. Leases will be
classified as either finance or operating, with classification affecting the pattern of expense recognition. The standard requires
lessors to classify leases as either sales-type, finance or operating. A sales-type lease occurs if the lessor transfers all the
risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer
of control, the lease is treated as a financing lease. If the lessor does not convey risks and rewards or control, which results
in an operating lease. The standard will become effective for the Company beginning January 1, 2019. The Company is currently assessing
the impact that the adoption of this standard will have on its consolidated results of operations, financial condition, cash flows,
and financial statement disclosures. In June 2016, the Financial
Accounting Standards Board (FASB) issued Accounting Standards Updates ASU 2016-13, Financial Instruments—Credit Losses (Topic
326): Measurement of Credit Losses on Financial Instruments, requiring certain changes to the recognition and measurement as well
as disclosure of incurred and expected credit losses. The standard will become effective for the Company beginning January 1,
2020. The Company is currently assessing the impact that the adoption of this standard will have on its consolidated results of
operations, financial condition, cash flows, and financial statement disclosures. In July 2017, the Financial
Accounting Standards Board (FASB) issued Accounting Standards Updates ASU 2017-11, requiring certain changes to the presentation
and disclosures of changes to liability or equity classification of financial instruments. The amendments are effective for public
business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company
is currently assessing the impact that the adoption of this standard will have on its consolidated results of operations, financial
condition, cash flows, and financial statement disclosures. In June 2018, the Financial
Accounting Standards Board (FASB) issued Accounting Standards Updates ASU 2018-07, requiring certain changes to nonemployee share-based
payment accounting. The amendments are effective for public business entities for fiscal years beginning after December 15, 2018,
and interim periods within those fiscal years. The Company is currently assessing the impact that the adoption of this standard
will have on its consolidated results of operations, financial condition, cash flows, and financial statement disclosures. |
