| ORGANIZATION AND BASIS OF PRESENTATION | NOTE
1 – ORGANIZATION AND BASIS OF PRESENTATION Organization The
accompanying consolidated financial statements include Alpha Network Alliance Ventures Inc (‘ANAV’ or the ‘Company’)
and its wholly owned subsidiary. The Company was originally organized in the State of Delaware on March 24, 2011, as Daedalus Ventures,
Inc. In
December 2011 the Company completed a merger with Alpha Network Alliance Ventures Inc. Immediately upon the completion of the merger,
the Company changed its name to Alpha Network Alliance Ventures Inc. Business The
Company is focused on building and operating a social networking software application and other internet driven applications. The Company
builds Social Network Marketing tools that enable buyers, sellers, users to connect, share, discover and communicate with each other.
The software application also allows its users to post reviews and share shopping and fashion tips and opinions or to integrate their
3 rd The
Company’s market is mostly Overseas Contract Workers (OCW), and majority is from the Philippines. The Company decided that it’s
appropriate to sell our KababayanKo.com Premium Packages membership with products included to be more attractive and lucrative to every
affiliate who buys and upgrades to Premium Packages Membership, and as a result of the promotion they can also purchase the products
inside Kababayanko.com Market Place if they want it more. During
2014, The Company also moved its primary operations to the Philippines. The purpose of this move was to locate its primary market better
centrally. Additionally, the Company plans to recognize lower costs and better distribution. Recognizing
the efficiency and cost effectivity of its operations in the Philippines, the company appointed an independent distributor that will
primarily handle the distribution of its product in the Philippines. As a result of this, during 2015, the company has moved its primary
operations back in the California, United States. The
Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize
the Company’s market penetration before another company develops a similar product. In
accordance with Accounting Standards Codification (“ASC”) 915, Development Stage Entities, the Company is considered to be
in the development stage, with limited operations since incorporating in the United States. The
Company ceased selling products in September 2021, as a direct result of the Coronavirus pandemic. The Company is looking into other
fields of operations and services. Summary
of Significant Accounting Policies Basis
of Presentation The
financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States
of America. Use
of Estimates In
preparing financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities
in the balance sheet and revenue and expenses in the statement of expenses. Actual results could differ from those estimates. Reclassifications Certain
prior year amounts have been reclassified for comparative purposes to conform to the current-year financial statement presentation. These
reclassifications had no effect on previously reported results of operations. In addition, certain prior year amounts from the restated
amounts have been reclassified for consistency with the current period presentation. Cash
and Cash Equivalents For
the purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with an original maturity
of three months or less to be cash equivalents. Concentrations
of Risk Cash
and cash equivalents deposited with financial institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”).
The Company did not hold cash in excess of FDIC insurance coverage at a financial institution as of March 31, 2024, and December 31, 2023. Accounts
Receivable Accounts
receivables are recorded at the invoiced amount and are stated net of an allowance for doubtful accounts. The allowance for doubtful
accounts is the Company’s best estimate of the amount of probable credit losses in the existing accounts receivable. The allowance
is based on historical collection data and current franchisee information. Account balances are charged off against the allowance after
all means of collection have been exhausted and the potential for recovery is considered remote. At March 31, 2024, no 59,958 Prepaid
Expenses The
Company considers all items incurred for future services to be prepaid expenses. The prepaid expenses were $- 0 300 Derivative
Financial Instruments The
Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates
all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives.
For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair
value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income. For option-based
derivative financial instruments, The Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception
and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as
liabilities or as equity, is reassessed at the end of each reporting period. Derivative instrument liabilities are classified in the
balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within
12 months of the balance sheet date. Fair
Value Measurements In
September 2006, the FASB issued ASC 820 (previously SFAS 157) which defines fair value, establishes a framework for measuring fair value,
and expands disclosures about fair value measurements. The provisions of ASC 820 were effective January 1, 2008. As
defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants
would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique.
These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based
on the observations of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value.
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement)
and the lowest priority to unobservable inputs (level 3 measurement). The
three levels of the fair value hierarchy defined by ASC 820 are as follows: Level
1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets
are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on
an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and
listed equities. Level
2 – Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly
observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.
These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities,
time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic
measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be
derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments
in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options and collars. Level
3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used
with internally developed methodologies that result in management’s best estimate of fair value. The
Company did not identify any assets or liabilities that are required to be adjusted on the balance sheet to fair value as of March 31,
2024, and December 31, 2023. Revenue
Recognition Revenue
is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration
that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature,
amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded
reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step
model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the
promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of
the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance
obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The
Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled
to in exchange for the goods and service transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at
contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of
these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated
to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s
performance obligations are transferred to customers at a point in time, typically upon delivery. Income
taxes The
Company’s policy is to provide for deferred income taxes based on the difference between the financial statement and tax bases
of assets and liabilities using enacted tax rates that will be in effect when the differences are expected to reverse. On January 1,
2023, the U.S. federal corporate income tax rate increased from 21% to 28%. We did not provide any current or deferred U.S. federal income
tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. When it is more
likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit. We provided
a full valuation allowance on the net deferred tax asset, consisting of net operating loss carryforwards, because management has determined
that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carryforward period. The
Company is not aware of any uncertain tax position that, if challenged, would have a material effect on the financial statements for
the three months ended March 31, 2024, or during the prior three years applicable under FASB ASC 740. We did not recognize any adjustment
to the liability for uncertain tax position and therefore did not record any adjustment to the beginning balance of accumulated deficit
on the consolidated balance sheet. The Company is in the process of filing all unfiled tax returns. All tax returns for the Company remain
open for examination. Basic
and diluted net income per share Basic
net loss per common share is computed using the weighted average number of common shares outstanding. Diluted earnings per share (EPS)
include additional dilution from common stock equivalents, such as stock issuable pursuant to convertible notes. Common stock equivalents
are not included in the computation of diluted earnings per share when the Company reports a loss because to do so would be anti-dilutive
for the periods presented. On March 31, 2024, the Company’s common stock equivalents were - 0 Related
Parties The
registrant follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure
of related party transactions. Pursuant
to Section 850-10-20 the Related parties include (a) affiliates of the registrant; (b) entities for which investments in their equity
securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15,
to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing
trusts that are managed by or under the trusteeship of management; (d) principal owners of the registrant; (e) management of the registrant;
(f) other parties with which the registrant may deal if one party controls or can significantly influence the management or operating
policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests;
and (g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an
ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting
parties might be prevented from fully pursuing its own separate interests. The
financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense
allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the
preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: (a)
the nature of the relationship(s) involved; (b) description of the transactions, including transactions to which no amounts or nominal
amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary
to an understanding of the effects of the transactions on the financial statements; (c) the dollar amounts of transactions for each of
the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that
used in the preceding period; and (d) amounts due from or to related parties as of the date of each balance sheet presented and, if not
otherwise apparent, the terms and manner of settlement. Recently
Issued Accounting Standards During
the three months ended March 31, 2024, there were several new accounting pronouncements issued by the FASB. Each of these pronouncements,
as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements
has had or will have a material impact on the Company’s financial statements. In
December 2023, the FASB issued ASU No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” which requires
two primary enhancements of 1) disaggregated information on a reporting entity’s effective tax rate reconciliation, and 2) information
on cash income taxes paid. Additionally, specific disclosures related to unrecognized tax benefits and indefinite reinvestment assertions
were removed. For public business entities, the new requirements will be effective for annual periods beginning after December 15, 2024.
The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted.
The Company is currently evaluating the effect of adopting this ASU. |
