Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Mar. 27, 2020 | |
Document and Entity Information: | ||
Entity Registrant Name | ARVANA INC | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2019 | |
Amendment Flag | false | |
Entity Central Index Key | 0001113313 | |
Current Fiscal Year End Date | --12-31 | |
Entity Public Float | $ 122,329 | |
Entity Common Stock, Shares Outstanding | 1,034,030 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Well Known Seasoned Issuer | No | |
Entity Voluntary Filer | No | |
Entity File Number | 0-30695 | |
Entity Incorporation, State or Country Code | NV | |
Entity Interactive Data Current | Yes | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | FY |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash | $ 2,346 | $ 815 |
Total assets | 2,346 | 815 |
Current liabilities | ||
Accounts payable and accrued liabilities | 974,013 | 1,012,714 |
Convertible loans (net of discount of $45,059 and $nil, respectively (Note 9) | 107,800 | 62,741 |
Loans payable to stockholders (Note 3) | 581,379 | 583,593 |
Loans payable to related party (Note 3) | 130,249 | 129,231 |
Loans payable (Note 3) | 84,509 | 47,330 |
Amounts due to related parties (Note 8) | 338,109 | 491,171 |
Total current liabilities | 2,216,059 | 2,326,780 |
Stockholders' deficiency | ||
Common stock, $0.001 par value 5,000,000 authorized, 1,034,030 shares issued and outstanding at December 31, 2019 and 2018, respectively | 1,034 | 1,034 |
Additional paid-in capital | 21,283,517 | 21,283,517 |
Deficit | (23,494,928) | (23,607,180) |
Total Stockholders Deficit Before Treasury Stock | (2,210,377) | (2,322,629) |
Less: Treasury stock - 2,085 common shares at December 31, 2018 and 2017, respectively | (3,336) | (3,336) |
Total stockholders' deficiency | (2,213,713) | (2,325,965) |
Total liabilities and stockholders' deficit | $ 2,346 | $ 815 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Convertible loan, net of discount | $ 45,059 | |
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 |
Statements of Operations and Co
Statements of Operations and Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating expenses | ||
General and administrative | $ 20,931 | $ 12,055 |
Professional fees | 31,494 | 29,819 |
Total operating expenses | 52,425 | 41,874 |
Loss from operations | (52,425) | (41,874) |
Interest expense | (102,543) | (63,948) |
Foreign exchange gain (loss) | (20,096) | 85,095 |
Gain on sale of subsidiaries | 0 | 114,237 |
Other income | 287,316 | 0 |
Net income (loss) and comprehensive income (loss) | $ 112,252 | $ 93,510 |
Per common share information - basic and diluted: | ||
Weighted average shares outstanding - basic | 1,034,030 | 1,034,030 |
Net income per common share - basic | $ 0.11 | $ 0.09 |
Weighted average shares outstanding - diluted | 1,580,838 | 1,348,164 |
Net income per common share - diluted | $ 0.07 | $ 0.07 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | ||
Net income (loss) | $ 112,252 | $ 93,510 |
Item not involving cash: | ||
Interest expense | 57,484 | 51,207 |
Foreign exchange (gain) loss | 20,096 | (85,095) |
Gain on sale of subsidiaries | 0 | (114,237) |
Other income | (287,316) | 0 |
Amortization of discount on convertible loan | 45,059 | 12,741 |
Changes in non-cash working capital: | ||
Accounts payable and accrued liabilities | 14,974 | (2,368) |
Amounts due to related parties | 3,172 | 10,371 |
Net cash used in operations | (35,279) | (33,871) |
Investing activities | ||
Cash disposed on sale of subsidiaries | 0 | (44) |
Net cash used in investing activities | 0 | (44) |
Financing activities | ||
Proceeds of loans payable | 36,810 | 0 |
Proceeds of convertible loan | 0 | 30,000 |
Net cash provided by financing activities | 36,810 | 30,000 |
Increase (decrease) in cash | 1,531 | (3,915) |
Cash, beginning of year | 815 | 4,730 |
Cash, end of period | 2,346 | 815 |
Supplementary information | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes paid | 0 | 0 |
Accounts payable and accrued liabilities written off | 287,316 | 0 |
Accounts payable and accrued liabilities settled as consideration for the sale of subsidiaries | 0 | 23,206 |
Discount on convertible notes from beneficial conversion feature | $ 0 | $ 57,800 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Deficiency) - USD ($) | Common Stock | Additional Paid-In Capital | Deficit | Treasury Stock | Total |
Beginning Balance, Shares at Dec. 31, 2015 | 885,130 | ||||
Beginning Balance, Value at Dec. 31, 2015 | $ 885 | $ 21,166,619 | $ (23,413,245) | $ (3,336) | $ (2,249,077) |
Debt settlement, shares | $ 148,900 | $ (2,085) | |||
Debt settlement, value | 149 | 34,098 | 34,247 | ||
Discount on convertible notes from beneficial conversion feature | $ 25,000 | $ 25,000 | |||
Net Loss | (62,531) | (62,531) | |||
Ending Balance, Shares at Dec. 31, 2016 | 1,034,030 | (2,085) | |||
Ending Balance, Value at Dec. 31, 2016 | $ 1,034 | 21,225,717 | (23,475,776) | $ (3,336) | (2,252,361) |
Net Loss | (224,914) | (224,914) | |||
Ending Balance, Shares at Dec. 31, 2017 | 1,034,030 | (2,085) | |||
Ending Balance, Value at Dec. 31, 2017 | $ 1,034 | 21,225,717 | (23,700,690) | $ (3,336) | (2,477,275) |
Discount on convertible notes from beneficial conversion feature | 57,800 | 57,800 | |||
Net Loss | 93,510 | 93,510 | |||
Ending Balance, Shares at Dec. 31, 2018 | 1,034,030 | (2,085) | |||
Ending Balance, Value at Dec. 31, 2018 | $ 1,034 | 21,283,517 | (23,607,180) | $ (3,336) | (2,325,965) |
Net Loss | 112,252 | 112,252 | |||
Ending Balance, Shares at Dec. 31, 2019 | 1,034,030 | (2,085) | |||
Ending Balance, Value at Dec. 31, 2019 | $ 1,034 | $ 21,283,517 | $ (23,494,928) | $ (3,336) | $ (2,213,713) |
Note 1_ Nature of Business and
Note 1: Nature of Business and Ability To Continue As A Going Concern | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Text Block [Abstract] | |
Note 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 in combination with a reverse split of one share for every twenty shares outstanding. 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. CaiE is in the business of manufacturing and distributing fresh Dim Sum food products from a facility based in Sparks, Nevada. In the event that the Company does not complete the acquisition of CaiE, its intention will be to identify and evaluate alternative business opportunities that might be a good match for the Company. The reporting currency and functional currency of the Company is the United States dollar (“US Dollar”) and the accompanying financial statements have been expressed in US Dollars. These 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, 2019, the Company recognized net income of $112,252, as a result of a other income (Note 11). At December 31, 2019, the Company had a working capital deficiency of $2,213,713. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The World Health Organization declared coronavirus COVID-19 a global pandemic in March 2020. COVID-19 is a contagious disease that continues to spread adversely affecting workforces, economies, and financial markets globally, which affects will likely result in an economic downturn. The Company cannot predict the duration or magnitude of the adverse results connected to COVID-19, nor can it preduct the effect, if any, COVID-19 will have on the Company’s business or its ability to raise funds 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 objectives. 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, 2019 | |
Disclosure Text Block [Abstract] | |
Note 2: Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies a) Basis of presentation The Company is in the process of evaluating CaiE as a business opportunity and has minimal operating expenses. Our fiscal year end is December 31. The accompanying financial statements of Arvana Inc. for the years ended December 31, 2019 and 2018 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) 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. c) Foreign currency translation and transactions 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. d) Comprehensive income (loss) 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. e) Cash equivalents The Company considers all highly-liquid investments, with terms to maturity of three months or less when acquired, to be cash equivalents. The Company did not have any cash equivalents as at December 31, 2019. f) 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, convertible loans, 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 December 31, 2019 and December 31, 2018 follows: December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Cash $ 2,346 $ 2,346 $ 815 $ 815 Accounts payable and accrued liabilities 974,013 974,013 1,012,714 1,012,714 Convertible loans 107,800 107,800 62,741 62,741 Loans payable to stockholders 581,379 581,379 583,593 583,593 Loans payable to related party 130,249 130,249 129,231 129,231 Loans payable 84,509 84,509 47,330 47,330 Amounts due to related parties $ 338,109 $ 338,109 $ 491,171 $ 491,171 The following table presents information about the assets that are measured at fair value on a recurring basis as of December 31, 2019, 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, 2018 Quoted Prices Significant Significant Assets: Cash $ 2,346 $ 2,346 $ — $ — The fair value of cash is determined through market, observable and corroborated sources. g) Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist 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. h) 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. i) 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 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. j) Beneficial conversion feature From time-to-time, the Company may issue convertible notes that may have conversion prices that create an embedded beneficial conversion feature. A beneficial conversion feature exists on the date a convertible note is issued when the fair value of the underlying common stock to which the note is convertible into is in excess of the remaining unallocated proceeds of the note after first considering the allocation of a portion of the note proceeds to the fair value of any attached equity instruments, if any related equity instruments were granted with the debt. The intrinsic value of the beneficial conversion feature is recorded as a debt discount with a corresponding amount to additional paid in capital. The debt discount is amortized to interest expense over the life of the note using the effective interest method. k) Earnings (loss) per share Basic earnings (loss) per share are computed using the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share are computed using the weighted average number of common shares and potentially dilutive common stock equivalents, including stock options and warrants. There were no outstanding stock options or warrants as at December 31, 2019 and 2018. l) Recent accounting pronouncements New and amended standards adopted by the Company There were no new and amended standards adopted by the Company during the year which had a material impact on the Company’s audited financial statements except the following: In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-02, Leases (Topic 842). In July 2018 and December 2018, FASB issued Accounting Standards Update 2018-11, and 2018-20, respectively. These standards require 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 standards require 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 Company considers that these standards has had no impact on its 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 Company considers that the adoption of this standard has had no impact on its 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 Company is considers that the adoption of this standard has had no impact on its results of operations, financial condition, cash flows, and financial statement disclosures. 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 audited financial statements: 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. In November 2018, the FASB issued ASU 2018-19 to clarify certain aspects of the new current expected credit losses impairment model in ASU 2016-13. ASU 2018-19 points out that operating lease receivables are within the scope of ASC 842 rather than ASC 326. The Company is currently assessing the impact that the adoption of this standard will have on its results of operations, financial condition, cash flows, and financial statement disclosures. In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Updates ASU 2018-13, which changes the fair value measurement disclosure requirements of ASC 820. The amendments in this ASU are the result of a broader disclosure project called FASB Concepts Statement, Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements. The amendments are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently assessing the impact that the adoption of this standard will have on its results of operations, financial condition, cash flows, and financial statement disclosures. |
Note 3_ Loans Payable
Note 3: Loans Payable | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Text Block [Abstract] | |
Note 3: Loans Payable | 3. Loans Payable As of December 31, 2019, the Company had received loans of $581,379 (€225,000; CAD$ 72,300; $273,107) (December 31, 2018 - $583,593: €225,000; CAD$ 72,300; $273,107) from stockholders, loans of $130,249 (CAD$ 27,600; $109,000) (December 31, 2018 – $129,231: CAD$ 27,600; $109,000) from a related party and loans of $84,509 (CAD$ 10,000; $76,810) (December 31, 2018 – $47,330: CAD$ 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 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 $521,156 and $470,192 is included in accounts payable and accrued liabilities at December 31, 2019 and December 31, 2018, respectively. Interest expense recognized on these loans was $57,484 for the year ended December 31, 2019, compared to $51,207 for the year ended December 31, 2018, respectively. |
Note 4_ Stock Options
Note 4: Stock Options | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Note 4: Stock Options | 4. Stock Options At December 31, 2019 and December 31, 2018, there were no stock options outstanding. No options were granted, exercised or expired during the year ended December 31, 2019 or the year ended December 31, 2018. |
Note 5_ Common Stock
Note 5: Common Stock | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Text Block [Abstract] | |
Note 5: Common Stock | 5. Common Stock During the years ended December 31, 2019 and December 31, 2018, the Company issued nil shares and nil shares, respectively. |
Note 6_ Segmented Information
Note 6: Segmented Information | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Text Block [Abstract] | |
Note 6: Segmented Information | 6. Segmented Information The Company has no reportable segments. |
Note 7_ Income Taxes
Note 7: Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Note 7: Income Taxes | 7. Income Taxes Income tax benefits attributable to losses from operations in the United States of America was $Nil for the years ended December 31, 2019 and 2018, and differed from the amounts computed by applying the United States of America combined federal and Utah tax rate of 24.91% to pretax losses from operations as a result of the following: 2019 2018 Income (loss) for the year before income taxes $ 112,252 $ 93,510 Computed expected tax expense (benefit) $ 27,963 $ 23,294 Non-deductible expenses 5,006 (21,198 ) Change in tax rates (4,088 ) — True up of prior-year provision to statutory tax returns (236,196 ) — Change in valuation allowance 207,315 — Income tax expense $ — $ 2,096 |
Note 8_ Related Party Transacti
Note 8: Related Party Transactions and Amounts Due to Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Text Block [Abstract] | |
Note 8: Related Party Transactions | 8. Related Party Transactions and Amounts Due to Related Parties At December 31, 2019 and December 31, 2018, the Company had amounts due to related parties of $338,109 and $491,171, respectively. This amount includes $60,000 at December 31, 2019, and $136,100 at December 31, 2018, respectively, payable to current and former directors for services rendered during 2007. During the year ended December 31, 2019, the Company determined that $76,100 of the $136,100 that was payable at December 31, 2018, was no longer considered collectible from the two former directors and written off. The $60,000 payable to a current director at December 31, 2019 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. The Company incurred consulting fees of $8,894 (2018 - $11,819) paid to a company controlled by our chief executive officer during the year ended December 31, 2019. 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, 2019, our former chief executive officer was owed $278,109 and $262,705 as of December 31, 2018 which are unsecured non-interest bearing amounts due on demand. 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 at December 31, 2019 and December 31, 2018, the Company had amounts due to this former chief financial officer of $nil and $58,870, respectively. During the year ended December 31, 2019, the Company determined that the $58,870 was no longer considered collectible from our former chief financial officer and written off. 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 $156,104 (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 $130,249 for unsecured amounts bearing 6% interest due on demand loaned to the Company as of December 31, 2019, compared to $129,231 as of December 31, 2018. Total interest expense of $78,962 (2018 - $70,711) is included in accounts payable and accrued liabilities as at December 31, 2019. At December 31, 2019 and December 31, 2018, the Company had amounts due to another former officer and a company controlled by that former officer of $nil and $31,153, respectively. During the year ended December 31, 2019, the Company determined that the $31,153 was no longer considered collectible from our former officer and written off. |
Note 9_ Convertible Loan
Note 9: Convertible Loan | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Text Block [Abstract] | |
Note: 9. Convertible Loan | 9. Convertible Loans On May 18, 2016, the Company issued a convertible promissory note (“Convertible Note”) pursuant to which the Company received $50,000 from CaiE due on November 17, 2017. 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 issuance date, a beneficial conversion feature was recognized as a discount against the convertible note. The Convertible Note accrues interest at a rate equal to 10% per year. During the year ended December 31, 2019 and 2018, $nil and $nil of the discount was amortized as interest expense, respectively. Interest expense recognized on this loan was $5,000 for the year ended December 31, 2019, compared to $5,000 for the year ended December 31, 2018. As at December 31, 2019 and December 31, 2018, the balance of the Convertible Note was $50,000. On November 17, 2017, the Company entered into an amending agreement to extend the maturity date to March 31, 2018; all other terms remained unchanged. On March 31, 2018, the Company entered into an additional amending agreement to further extend the maturity date of the Convertible Note to March 31, 2019. All other terms remained unchanged. On March 31, 2019, the Company entered into an additional amending agreement to further extend the maturity date of the Convertible Note to March 31, 2020. All other terms remained unchanged. On October 12, 2018, the Company issued an additional convertible note with CaiE pursuant to which the Company received $27,800 during the year ended December 31, 2018 and $30,000 during the year ended December 31, 2019. The $57,800 convertible note was due on October 11, 2019 and 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. Effective October 11, 2019, the Company entered into an amending agreement to extend the maturity date to March 31, 2020. All other terms remained unchanged. Due to the conversion price being lower than the closing share price on the issuance date, a beneficial conversion feature was recognized as a discount against the convertible note. The convertible note accrues interest at a rate equal to 10% per year. During the year ended December 31, 2019 and 2018, $45,059 and $12,741 of the discount was amortized as interest expense, respectively. Interest expense recognized on this loan was $5,780 for the year ended December 31, 2019, compared to $1,420 for the year ended December 31, 2018. As at December 31, 2019 and December 31, 2018, the balance of the convertible note was $57,800 and $nil, respectively. |
Note 10_ Sale of subsidiaries
Note 10: Sale of subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Note 10: Sale of subsidiaries | 10. Sale of Subsidiaries On September 24, 2018, the Company entered into a sale and purchase agreement with Nazleal S.A. (“Nazleal”) to dispose of the Company’s subsidiaries, Arvana Networks Inc., Arvana Participaçōes S.A. and Arvana Comunicações do Brasil S. A. (collectively, the “Subsidiaries”). Under the terms of the agreement, Nazleal purchased the Subsidiaries for €20,000 ($23,206) by executing a settlement and release agreement for the same amount pertaining to amounts previously payable by the Company to Nazleal. Effective September 30, 2018, Nazleal assumed all debts, obligations, and guarantees of the Subsidiaries, which totaled $1,822,152. Of this amount, $1,731,077 was written off (concurrently upon completion of the transaction), as these amounts represented amounts due to the Company from the Subsidiaries (previously eliminated on consolidation). The remaining $91,075 comprised $40,000 in accounts payable (due to arm’s length parties) and $51,075 in amounts due to related parties which were derecognized upon completion of the sale. The net effect of the above transactions resulted in a total gain to the Company of $114,237. As at December 31, 2019 and 2018, the Subsidiaries had total assets of $44 which consisted solely of cash. |
Note 11_ Other Income
Note 11: Other Income | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Note 11: Other Income | 11. Other Income During the year ended December 31, 2019, the Company recognized other income in the amount of $287,316 corresponding to the write down of $167,691 included in amounts due to related parties and $119,625 included in accounts payable and accrued liabilities, that based on statutory law are deemed to no longer be collectibe by these individuals and vendors. |
Note 12_ Subsequent Events
Note 12: Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Text Block [Abstract] | |
Note 12: Subsequent Events | 12. Subsequent Events The Company evaluated its December 31, 2019, financial statements for subsequent events through the date the financial statements were issued. The Company is aware of the following subsequent events which would require recognition or disclosure in the financial statements: (a) On March 3, 2020, the Company entered into a Debt Settlement Agreement with Olga Volger, an assignee of a debt due to AG Consultants, Inc., to settle in full $14,883 in principal and interest due on loans made to the Company for 148,830 shares of its common stock valued at $0.10 a share. (b) On March 4, 2020, the Company entered into a Debt Settlement Agreement with Conrad Swanson to settle in full $39,592 in principal and interest due on loans made to the Company for 395,920 shares of its common stock valued at $0.10 a share. (c) On March 4,2020, the Company entered into a Debt Settlement Agreement with Raymond Wicki to settle $42,629 in principal and interest due on loans made to th Company for 426,290 shares of its common stock valued at $0.10 a share. (d) On March 17, 2020, the Company received an additional loan from CaiE in the amount of $25,000 with terms and conditions of this loan to be finalized at a latter date. |
Note 2_ Summary of Significan_2
Note 2: Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Policy Text Block [Abstract] | |
Basis of presentation | a) Basis of presentation The Company is in the process of evaluating CaiE as a business opportunity and has minimal operating expenses. Our fiscal year end is December 31. The accompanying financial statements of Arvana Inc. for the years ended December 31, 2019 and 2018 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. |
Estimates | b) 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. |
Foreign currency translation and transactions | c) Foreign currency translation and transactions 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. |
Comprehensive income (loss) | d) Comprehensive income (loss) 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. |
Cash equivalents | e) Cash equivalents The Company considers all highly-liquid investments, with terms to maturity of three months or less when acquired, to be cash equivalents. The Company did not have any cash equivalents as at December 31, 2019. |
Financial instruments | f) 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, convertible loans, 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 December 31, 2019 and December 31, 2018 follows: December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Cash $ 2,346 $ 2,346 $ 815 $ 815 Accounts payable and accrued liabilities 974,013 974,013 1,012,714 1,012,714 Convertible loans 107,800 107,800 62,741 62,741 Loans payable to stockholders 581,379 581,379 583,593 583,593 Loans payable to related party 130,249 130,249 129,231 129,231 Loans payable 84,509 84,509 47,330 47,330 Amounts due to related parties $ 338,109 $ 338,109 $ 491,171 $ 491,171 The following table presents information about the assets that are measured at fair value on a recurring basis as of December 31, 2019, 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, 2018 Quoted Prices Significant Significant Assets: Cash $ 2,346 $ 2,346 $ — $ — The fair value of cash is determined through market, observable and corroborated sources. |
Concentration of credit risk | g) Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist 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. |
Income taxes | h) 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. |
Stock-based compensation | i) 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 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. |
Beneficial conversion feature | j) Beneficial conversion feature From time-to-time, the Company may issue convertible notes that may have conversion prices that create an embedded beneficial conversion feature. A beneficial conversion feature exists on the date a convertible note is issued when the fair value of the underlying common stock to which the note is convertible into is in excess of the remaining unallocated proceeds of the note after first considering the allocation of a portion of the note proceeds to the fair value of any attached equity instruments, if any related equity instruments were granted with the debt. The intrinsic value of the beneficial conversion feature is recorded as a debt discount with a corresponding amount to additional paid in capital. The debt discount is amortized to interest expense over the life of the note using the effective interest method. |
Earnings (loss) per share | k) Earnings (loss) per share Basic earnings (loss) per share are computed using the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share are computed using the weighted average number of common shares and potentially dilutive common stock equivalents, including stock options and warrants. There were no outstanding stock options or warrants as at December 31, 2019 and 2018. |
Recent accounting pronouncements | l) Recent accounting pronouncements New and amended standards adopted by the Company There were no new and amended standards adopted by the Company during the year which had a material impact on the Company’s audited financial statements except the following: In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-02, Leases (Topic 842). In July 2018 and December 2018, FASB issued Accounting Standards Update 2018-11, and 2018-20, respectively. These standards require 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 standards require 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 Company considers that these standards has had no impact on its 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 Company considers that the adoption of this standard has had no impact on its 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 Company is considers that the adoption of this standard has had no impact on its results of operations, financial condition, cash flows, and financial statement disclosures. 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 audited financial statements: 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. In November 2018, the FASB issued ASU 2018-19 to clarify certain aspects of the new current expected credit losses impairment model in ASU 2016-13. ASU 2018-19 points out that operating lease receivables are within the scope of ASC 842 rather than ASC 326. The Company is currently assessing the impact that the adoption of this standard will have on its results of operations, financial condition, cash flows, and financial statement disclosures. In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Updates ASU 2018-13, which changes the fair value measurement disclosure requirements of ASC 820. The amendments in this ASU are the result of a broader disclosure project called FASB Concepts Statement, Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements. The amendments are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently assessing the impact that the adoption of this standard will have on its results of operations, financial condition, cash flows, and financial statement disclosures. |
Note 2_ Summary of Significan_3
Note 2: Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Text Block [Abstract] | |
Estimated fair values | The estimated fair values of the Company's financial instruments as of December 31, 2019 and December 31, 2018 follows: December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Cash $ 2,346 $ 2,346 $ 815 $ 815 Accounts payable and accrued liabilities 974,013 974,013 1,012,714 1,012,714 Convertible loans 107,800 107,800 62,741 62,741 Loans payable to stockholders 581,379 581,379 583,593 583,593 Loans payable to related party 130,249 130,249 129,231 129,231 Loans payable 84,509 84,509 47,330 47,330 Amounts due to related parties $ 338,109 $ 338,109 $ 491,171 $ 491,171 |
Fair Value, Assets Measured on Recurring Basis | 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, 2018 Quoted Prices Significant Significant Assets: Cash $ 2,346 $ 2,346 $ — $ — |
Note 7_ Income Taxes (Tables)
Note 7: Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income tax benefits | Income tax benefits attributable to losses from operations in the United States of America was $Nil for the years ended December 31, 2019 and 2018, and differed from the amounts computed by applying the United States of America combined federal and Utah tax rate of 24.91% to pretax losses from operations as a result of the following: 2019 2018 Income (loss) for the year before income taxes $ 112,252 $ 93,510 Computed expected tax expense (benefit) $ 27,963 $ 23,294 Non-deductible expenses 5,006 (21,198 ) Change in tax rates (4,088 ) — True up of prior-year provision to statutory tax returns (236,196 ) — Change in valuation allowance 207,315 — Income tax expense $ — $ 2,096 |
Note 1_ Nature of Business an_2
Note 1: Nature of Business and Ability To Continue As A Going (Details Narrative) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2010 | Oct. 16, 1998 | Sep. 16, 1977 | |
Disclosure Text Block [Abstract] | ||||||||
Net loss | $ 112,252 | $ 93,510 | ||||||
Working capital deficiency | $ (2,213,713) | $ (2,325,965) | $ (2,477,275) | $ (2,252,361) | $ (2,249,077) | |||
Common stock authorized | 5,000,000 | 5,000,000 | 5,000,000 | 100,000,000 | 2,500 | |||
Common stock authorized, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.25 |
Note 2_ Summary of Significan_4
Note 2: Summary of Significant Accounting Policies - Estimated Fair Value (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Cash | $ 2,346 | $ 815 |
Accounts payable and accrued liabilities | 974,013 | 1,012,714 |
Convertible loan | 107,800 | 62,741 |
Carrying Amount | ||
Cash | 2,346 | 815 |
Accounts payable and accrued liabilities | 974,013 | 1,012,714 |
Convertible loan | 107,800 | 62,741 |
Loans payable to stockholders | 581,379 | 583,593 |
Loans payable to related party | 130,249 | 129,231 |
Loans payable | 84,509 | 47,330 |
Amount due to related parties | 338,109 | 491,171 |
Fair Value | ||
Cash | 2,346 | 815 |
Accounts payable and accrued liabilities | 974,013 | 1,012,714 |
Convertible loan | 107,800 | 62,741 |
Loans payable to stockholders | 581,379 | 583,593 |
Loans payable to related party | 130,249 | 129,231 |
Loans payable | 84,509 | 47,330 |
Amount due to related parties | $ 338,109 | $ 491,171 |
Note 2_ Summary of Significan_5
Note 2: Summary of Significant Accounting Policies - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Cash | $ 2,346 | $ 815 |
Quoted Prices in Active Markets, Level 1 [Member] | ||
Cash | 2,346 | |
Significant Other Observable Inputs, Level 2 [Member] | ||
Cash | ||
Significant Unobservable Inputs, Level 3 [Member] | ||
Cash |
Note 3_ Loan Payable (Details N
Note 3: Loan Payable (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Text Block [Abstract] | ||
Loans received from stockholders | $ 581,379 | $ 583,593 |
Loans received from related parties | 130,249 | 129,231 |
Loans received from unrelated third parties | $ 84,509 | $ 47,330 |
Interst rate | 6.00% | 6.00% |
Accrued interest | $ 521,156 | $ 470,192 |
Interest expenses | $ 57,484 | $ 51,207 |
Note 5_ Common Stock (Details N
Note 5: Common Stock (Details Narrative) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Text Block [Abstract] | ||
Shares issued during the period | 0 | 0 |
Note 7_ Income Taxes - Income t
Note 7: Income Taxes - Income tax benefits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Loss for the year before income taxes | $ 112,252 | $ 93,510 |
Computed expected tax expense (benefit) | 27,963 | 23,294 |
Non-deductible expenses | 5,006 | (21,198) |
Change in tax rates | (4,088) | 0 |
True up of prior-year provision to statutory tax returns | (236,196) | 0 |
Change in valuation allowance | 207,315 | 0 |
Income tax expense | $ 0 | $ 2,096 |
Note 7_ Income Taxes (Details N
Note 7: Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax benefits attributable to losses | $ 0 | $ 0 |
Federal income tax rate | 24.91% |
Note 8_ Related Party Transac_2
Note 8: Related Party Transactions and Amounts Due to Related Parties (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Amounts due to related parties | $ 338,109 | $ 491,171 |
Consulting fees | 8,894 | 11,819 |
Interest expense | 102,543 | 63,948 |
Director | ||
Due to related party | 60,000 | |
Two former directors and a current director | ||
Due to related party | 60,000 | 136,100 |
Written of note payable | 76,100 | 136,100 |
Former other officer [Member] | ||
Written of note payable | 0 | |
Amount owed for services renderd | 0 | |
Written off loan | 31,153 | |
Unrelated Third Party | ||
Unpaid Loans | 53,357 | |
Loans payable to third party | 100,000 | |
Former Chief Executive Officer and Former Director [Member] | ||
Loans payable to third party | 130,249 | 129,231 |
Interest expense | 78,962 | 70,711 |
Former Chief Executive Officer [Member] | ||
Due to related party | 278,109 | $ 262,705 |
Former Chief Financial Officer [Member] | ||
Written of note payable | 58,870 | |
Amount owed for services renderd | $ 31,153 |
Note 9_ Convertible Loan (Detai
Note 9: Convertible Loan (Details Narrative) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Oct. 12, 2018 | May 18, 2016 | |
Amortization of debt discount | $ 45,059 | $ 12,741 | ||
Convertible Note | 107,800 | 62,741 | ||
Inerest expenses | 102,543 | 63,948 | ||
CaiE Food Partnership Ltd | ||||
Amortization of debt discount | 0 | 0 | ||
Convertible Note | $ 27,800 | $ 50,000 | ||
Common stock, per share price | $ 0.20 | $ 0.20 | ||
Convertible Note, Interest | 10.00% | |||
Inerest expenses | 5,000 | 5,000 | ||
CaiE Food Partnership Ltd (2) | ||||
Amortization of debt discount | 45,059 | 12,741 | ||
Convertible Note | 57,800 | 0 | ||
Cash received on issue of convertible note | 30,000 | 27,800 | ||
Inerest expenses | $ 5,780 | $ 1,420 |
Note 10_ Sale of subsidiaries (
Note 10: Sale of subsidiaries (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 24, 2018 | |
Notes to Financial Statements | |||
Purchase price of subsidiaries | $ 23,206 | ||
Debts assumed by Nazleal | $ 1,822,152 | ||
Amount written off | 1,731,077 | ||
Accounts payable, written off | 40,000 | ||
Due to related parties, written off | 51,075 | ||
Amount eliminated on completion of the sale | 91,075 | ||
Gain on sale of subsidiaries | 0 | $ 114,237 | |
Cash disposed on sale of subsidiaries | $ 0 | $ (44) |
Note 11_ Other Income (Details
Note 11: Other Income (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | ||
Other income | $ 287,316 | $ 0 |
Write down other income | 167,691 | |
Accounts payable and accrued liabilities | $ 119,625 |
Note 12_ Subsequent Events (Det
Note 12: Subsequent Events (Details Narrative) - USD ($) | Mar. 04, 2020 | Mar. 03, 2020 | Dec. 31, 2016 | Mar. 17, 2020 |
Stock issued for settlement of debt, shares | 34,247 | |||
Subsequent Event [Member] | Debt Settlement Agreement | Olga Volger | ||||
Stock issued for settlement of debt, value | $ 14,883 | |||
Stock issued for settlement of debt, shares | 148,830 | |||
Share Price | $ 0.10 | |||
Subsequent Event [Member] | Debt Settlement Agreement | Conrad Swanson | ||||
Stock issued for settlement of debt, value | $ 39,592 | |||
Stock issued for settlement of debt, shares | 395,920 | |||
Share Price | $ 0.10 | |||
Subsequent Event [Member] | Debt Settlement Agreement | Raymond Wicki | ||||
Stock issued for settlement of debt, value | $ 42,629 | |||
Stock issued for settlement of debt, shares | 426,290 | |||
Share Price | $ 0.10 | |||
CaiE Food Partnership Ltd | ||||
Loan received | $ 25,000 |