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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2013.

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

_to

Commission file number: 0-30695

ARVANA, INC.

(Exact name of registrant as specified in its charter)

Nevada

87-0618509

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

700 Lavaca Street, Suite 1400, Austin, Texas 78701

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (512) 462-3327

Securities registered under Section 12(b) of the Act: none.

Securities registered under Section 12(g) of the Act: common stock (title of class), $0.0001 par value.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes o No þ

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes o No þ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities

Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such

reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every

Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter)

during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes þ No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not

contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements

incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller

reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule

12b-2 of the Exchange Act. Smaller reporting company þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes þ No o

The aggregate market value of the registrant’s common stock, $0.001 par value (the only class of voting stock), held by non-

affiliates (870,505 shares) was $95,756 based on the average of the bid and ask price ($0.11) for the common stock on March 31,

2014.

At March 31, 2014, the number of shares outstanding of the registrant’s common stock, $0.001 par value (the only class of voting

stock), was 885,130.

TABLE OF CONTENTS

PART I

Item1.

Business

Item 1A.

Risk Factors

Item 1B.

Unresolved Staff Comments

Item 2.

Properties

Item 3.

Legal Proceedings

Item 4.

Mine Safety Disclosures

PART II

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of

Equity Securities

Item 6.

Selected Financial Data

Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Item 8.

Financial Statements and Supplementary Data

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9A.

Controls and Procedures

Item 9B.

Other Information

PART III

Item 10.

Directors, Executive Officers, and Corporate Governance

Item 11.

Executive Compensation

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder

Matters

Item 13.

Certain Relationships and Related Transactions, and Director Independence

Item 14.

Principal Accountant Fees and Services

PART IV

Item 15.

Exhibits, Financial Statement Schedules

Signatures

PART I

ITEM 1

BUSINESS

As used herein the terms “Company,” “we,” “our,” and “us” refer to Arvana, Inc., its subsidiaries, and

its predecessor, unless context indicates otherwise.

FORWARD-LOOKING STATEMENTS

The information in this Annual Report on Form 10-K contains forward-looking statements. These

forward-looking statements involve risks and uncertainties, including statements regarding our capital

needs, business plans and expectations. Such forward-looking statements involve risks and uncertainties

regarding our planned business, availability of funds, government regulations, common share prices,

operating costs, capital costs, our ability to deploy our planned business and generate revenues and other

factors. Any statements contained herein that are not statements of historical facts may be deemed to be

forward-looking statements. In some cases, you can identify forward-looking statements by terminology

such as "may", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict",

"potential" or "continue", the negative of such terms or other comparable terminology. These statements

are based on certain assumptions and analyses made by our management in light of its experience and its

perception of historical trends, current conditions and expected future developments as well as other

factors they believe are appropriate in the circumstances. Actual events or results may differ materially. In

evaluating these statements, you should consider various factors, including the risks outlined below, and,

from time to time, in other reports we file with the Securities and Exchange Commission ( the

“Commission”). These factors may cause our actual results to differ materially from any forward-looking

statement. We disclaim any obligation to publicly update these statements, or disclose any difference

between its actual results and those reflected in these statements. Given these uncertainties, readers are

cautioned not to place undue reliance on such forward-looking statements.

Overview

The Company was incorporated in the State of Nevada on June 16, 1977 as “Turinco, Inc.” to engage in

any legal undertaking. On July 24, 2006, the shareholders approved a change of the Company’s name

from “Turinco, Inc.” to Arvana, Inc to reflect the acquisition of Arvana Networks, Inc and the decision to

operate a telecommunications business. We discontinued efforts related to our telecommunications

business as of December 31, 2009 and as of January 1, 2010 re-entered the development stage. We have

since been in the process of seeking out other business opportunities.

Our office is located at 700 Lavaca Street, Suite 1400, Austin, Texas 78701, and our telephone number is

(512) 462-3327. Our registered agent is Gateway Enterprises, Inc. 3230 East Flamingo Road, Las Vegas,

Nevada 89121.

The Company currently trades on the OTC Markets Group, Inc. over the counter market platform under

the symbol “AVNI.”

Company

Our present intent is to identify and evaluate business opportunities that might prove to be a good match

for the Company. We will not be able to develop any identified business opportunities without additional

financing. Our board of directors and management are actively pursuing financing in order to maintain

operations while we evaluate potential businesses.

Selection of a Business

We will not restrict our consideration to any particular business or industry segment, and might consider,

among others, finance, brokerage, insurance, transportation, communications, research and development,

biotechnology, service, natural resources, manufacturing or high-technology. Management recognizes

that the Company’s inadequate financial resources limit the scope and number of suitable business

venture candidates that might otherwise be available.

The decision to participate in a specific business opportunity will be made upon management’s analysis

of the quality of the other firm’s management and personnel, the anticipated acceptability of new products

or marketing concepts, the merit of technological changes and numerous other factors which are difficult,

if not impossible, to analyze through the application of any objective criteria. In many instances, it is

anticipated that the historical operations of a specific venture may not necessarily be indicative of the

potential for the future because of the necessity to substantially shift a marketing approach, expand

operations, change product emphasis, change or substantially augment management, or make other

changes. We will to some extent be dependent upon the management of a business opportunity to identify

such problems and to implement, or be primarily responsible for the implementation of, required changes.

We will not acquire or merge with any company for which audited financial statements could not be

obtained. Nonetheless, it may be anticipated that any opportunity in which we determine to participate

would present certain risks to our shareholders. Risks might include the track record of management’s

effectiveness, failures to establish a consistent market for products or services, development stage, or to

realize profits. Many more of these risks may not be adequately identified prior to the selection of a

specific opportunity, and our shareholders must, therefore, depend on the ability of management to

identify and evaluate such risks as such become evident.

Acquisition of Business

We intend to become a party to a merger, consolidation, reorganization, joint venture, franchise or

licensing agreement with another corporation or entity. The Company may also purchase stock or assets

of an existing business. On the consummation of a transaction, it is possible that our present management

and shareholders would not be in control of the Company. In addition, our sole officer and directors may,

as part of the terms of any transaction, resign and be replaced by new officers and directors without a vote

of the Company’s shareholders.

The Company anticipates that any securities issued in any reorganization would be issued in reliance on

exemptions from registration under applicable federal and state securities laws. In some circumstances,

however, as a negotiated element of any transaction, the Company might agree to register securities either

at the time the transaction is consummated, under certain conditions, or at a specified time thereafter. The

issuance of substantial additional securities and their potential sale into any trading market would likely

have a depressive effect on our stock price.

While the actual terms of a transaction to which the Company may be a party cannot be predicted, it may

be expected that the parties to the business transaction would find it desirable to avoid the creation of a

taxable event and thereby structure the acquisition in a so called “tax-free” reorganization under Section

368(a)(1) of the Internal Revenue Code of 1986, as amended (the “Code”). In order to obtain tax-free

treatment under the Code, it may be necessary for the owners of the acquired business to own 80% or

more of the voting stock of the surviving entity. In such event, the shareholders of the Company would

retain less than 20% of the issued and outstanding shares of the surviving entity, which could result in

significant dilution in the equity of such shareholders.

In the event a merger or acquisition were to occur, our shareholders would in all likelihood hold a lesser

percentage ownership interest in the Company following any merger or acquisition. The percentage

ownership might be subject to significant reduction in the event we acquire a target company with

substantial assets. Any merger or acquisition effected by the Company can be expected to have a

significant substantial dilutive effect on the percentage of shares held by the Company’s then

shareholders.

Operation of Business after Acquisition

The Company's operation following a merger with or acquisition of a business would be dependent on the

nature of the business and the interest acquired. We are unable to determine at this time whether the

Company would be in control of the business or whether present management would be in control of the

Company following the acquisition. We could expect that any future business would present various

challenges that cannot be predicted at the present time.

Competition

Whatever the business opportunity is that we do ultimately acquire or develop, we are almost certain to be

involved in intense competition with other business entities, many of which will have a competitive edge

over us by virtue of their stronger financial resources and prior business experience.

Employees

The Company is a development stage company and currently has one part time employee. Ruairidh

Campbell, our chief executive officer, chief financial officer and one of our directors manages the

Company. The Company looks to Mr. Campbell for his entrepreneurial skills and talents. Management

uses consultants, attorneys and accountants as necessary and does not plan to engage any full-time

employees in the near future.

Patents, Trademarks, Licenses, Franchises, Concessions, Royalty Agreements and Labor Contracts

The Company currently operates under and holds no patents, trademarks, licenses, franchises,

concessions, or royalty agreements. We are not subject to any labor contracts.

Governmental and Environmental Regulation

General

The Company cannot at this time anticipate the government regulations, if any, to which the Company

may be subject following a merger or acquisition. However, we can be certain that the conduct of any

business subjects us to environmental, public health and safety, land use, trade, or other governmental

regulations and state or local taxation. In selecting a business in which to acquire an interest, management

would endeavor to ascertain the effects of such government regulation on a prospective business

opportunity. In certain circumstances, however, such as the acquisition of an interest in a new or start-up

business activity, it may not be possible to predict with any degree of accuracy the impact of government

regulation.

The Company believes that it is currently in compliance in all material respects with all laws, rules,

regulations and requirements that affect its business. Further, we believe that compliance with such

applicable laws, rules, regulations and requirements does not impose a material impediment on our ability

to conduct business.

Research and Development

During the years ended December 31, 2013 and 2012, the Company spent no amounts on research and

development activities.

Reports to Security Holders

The Company’s annual report contains audited consolidated financial statements. We are not required to

deliver an annual report to security holders and will not automatically deliver a copy of the annual report

to our security holders unless a request is made for such delivery. We file all of our required reports and

other information with the Commission. The public may read and copy any materials that are filed by the

Company with the Commission at the Commission’s Public Reference Room at 100 F Street, N.E.,

Washington, D.C. 20549. The public may obtain information on the operation of the Public Reference

Room by calling the Commission at 1-800-SEC-0330. The statements and forms filed by us with the

Commission have also been filed electronically and are available for viewing or copy on the Commission

maintained Internet site that contains reports, proxy and information statements, and other information

regarding issuers that file electronically with the Commission. The Internet address for this site can be

found at http://www.sec.gov.

ITEM 1A.

RISK FACTORS

Not required for smaller reporting companies.

ITEM 1B.

UNRESOLVED STAFF COMMENTS

Not required for smaller reporting companies.

ITEM 2.

PROPERTIES

The Company maintains its office at 700 Lavaca Street, Suite 1400, Austin, Texas 78701. We pay

monthly rent of $75 on a month to month basis for the use of this office. We do not believe that we will

need to maintain a larger office at any time in the foreseeable future in order to maintain operations.

ITEM 3.

LEGAL PROCEEDINGS

We currently are not a party to any material legal proceedings and to our knowledge no such proceedings

are threatened or contemplated.

ITEM 4.

MINE SAFETY DISCLOSURES

Not applicable.

PART II

ITEM 5.

MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS,

AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

Our common shares are quoted on the OTCQB under the symbol “AVNI”, a service maintained by the

OTC Market Group, Inc. Trading in the common stock in the over-the-counter market has been limited

and sporadic and the quotations set forth below are not necessarily indicative of actual market conditions.

The following table indicates the high and low bid prices of our common shares during the periods

indicated:

QUARTER

HIGH BID

LOW BID

ENDED

December 31, 2013

0.10

September 30, 2013

0.14

June 30, 2013

0.13

March 31, 2013

0.16

December 31, 2012

0.16

September 30, 2012

0.30

0.15

June 30, 2012

0.25

0.15

March 31, 2012

0.37

0.15

The market quotations provided reflect inter-dealer prices, without retail mark-up, markdown or

commission and may not represent actual transactions.

Capital Stock

The following is a summary of the material terms of the Company’s capital stock. This summary is

subject to and qualified by our articles of incorporation and bylaws.

Common Stock

As of December 31, 2013, there were 55 shareholders of record holding a total of 885,130 shares of fully

paid and non-assessable common stock of the 5,000,000 shares of common stock, par value $0.001,

authorized. The board of directors believes that the number of beneficial owners is substantially greater

than the number of record holders because a portion of our outstanding common stock is held in broker

“street names” for the benefit of individual investors. The holders of the common stock are entitled to one

vote for each share held of record on all matters submitted to a vote of stockholders. Holders of the

common stock have no preemptive rights and no right to convert their common stock into any other

securities. There are no redemption or sinking fund provisions applicable to the common stock.

Warrants

As of December 31, 2013, the Company had no outstanding warrants to purchase shares of our common

stock.

Stock Options

As of December 31, 2013, the Company had no outstanding stock options to purchase shares of our

common stock.

Convertible Securities

As of December 31, 2013, the Company had no outstanding stock options to purchase shares of our

common stock.

Securities Authorized for Issuance Under Equity Compensation Plans

The Company has not authorized any securities for issuance under any equity compensation plan.

Purchases of Equity Securities made by the Issuer and Affiliated Purchasers

The Company had not repurchased any shares of its common stock during the year ended December 31,

2013.

Dividends

The Company has not declared any cash dividends since inception and does not anticipate paying any

dividends in the near future. The payment of dividends is within the discretion of the board of directors

and will depend on our earnings, capital requirements, financial condition, and other relevant factors.

There are no restrictions that currently limit the Company's ability to pay dividends on its common stock

other than those generally imposed by applicable state law.

Recent Sales of Unregistered Securities

During the quarter ended December 31, 2013, there were no sales of the Company’s securities.

Trading Information

The Company’s common stock is currently approved for quotation under the symbol “AVNI”. The

information for our transfer agent is as follows:

Interwest Transfer Company

1981 E. Murray-Holladay Road

Holladay, Utah 84117–5164

(801) 272-9294

Section 15(g) of the Securities Exchange Act of 1934

Our shares are covered by Section 15(g) of the Securities Exchange Act of 1934, as amended that imposes

additional sales practice requirements on broker/dealers who sell such securities to persons other than

established customers and accredited investors (generally institutions with assets in excess of $5,000,000

or individuals with net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000

jointly with their spouses). For transactions covered by the Rule, the broker/dealer must make a special

suitability determination for the purchase and have received the purchaser’s written agreement to the

transaction prior to the sale. Consequently, the Rule may affect the ability of broker/dealers to sell our

securities and also may affect your ability to sell shares in the secondary market.

Section 15(g) also imposes additional sales practice requirements on broker/dealers who sell penny

securities. These rules require a one page summary of certain essential items. The items include the risk

of investing in penny stocks in both public offerings and secondary marketing; terms important to in

understanding of the function of the penny stock market, such as “bid” and “offer” quotes, a dealers

“spread” and broker/dealer compensation; the broker/dealer compensation, the broker/dealers duties to its

customers, including the disclosures required by any other penny stock disclosure rules; the customers

rights and remedies in causes of fraud in penny stock transactions; and, the NASD’s toll free telephone

number and the central number of the North American Administrators Association, for information on the

disciplinary history of broker/dealers and their associated persons.

The application of the penny stock rules may affect your ability to resell your shares.

ITEM 6.

SELECTED FINANCIAL DATA

Not required for smaller reporting companies.

ITEM 7.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

This Management’s Discussion and Analysis of Financial Condition and Results of Operations and other

parts of this annual report contain forward-looking statements that involve risks and uncertainties.

Forward-looking statements can also be identified by words such as “anticipates,” “expects,” “believes,”

“plans,” “predicts,” and similar terms. Forward-looking statements are not guarantees of future

performance and our actual results may differ significantly from the results discussed in the forward-

looking statements. Factors that might cause such differences include but are not limited to those

discussed in the subsection entitled Forward-Looking Statements and Factors That May Affect Future

Results and Financial Condition below. The following discussion should be read in conjunction with our

financial statements and notes thereto included in this report. Our fiscal year end is December 31.

Discussion and Analysis

The Company’s plan of operation over the next twelve months is to identify and acquire a suitable

business opportunity. We will require a minimum of $50,000 in funding over the next 12 months to

maintain current operations and seek out a suitable business opportunity. Should we identify a new

opportunity within this time frame, for acquisition or development, the Company will most likely need

additional funding to complete any given transaction. The amount of funding required will depend on the

opportunity and is not determinable at this time.

We anticipate that the required prospective funding will be in the form of equity financing from the sale

of our common stock since we have no assets with which to secure debt financing other than that

procured in small unsecured advances from shareholders. However, the Company does not have any

financing arranged and cannot provide any assurance that it will be able to realize sufficient funding from

the sale of our common stock to maintain operations. Management is currently considering all avenues

available to obtain the financing required to maintain operations while seeking out a suitable business

opportunity.

Accordingly, we will require continued financial support from our shareholders and creditors until we are

able to generate sufficient cash flow from operations to maintain operations on a sustained basis. There is

substantial doubt that we will be successful at achieving these results.

Results of Operations

During the year ended December 31, 2013, the Company (i) sought out prospective business

opportunities; and (ii) satisfied continuous public disclosure requirements.

Our operations for the years ended December 31, 2013 and 2012 are summarized below.

2013

2012

Operating Expenses:

General and Administration

69,069

257,539

Depreciation

Loss from operations

69,069

257,539

Interest expense

49,465

47,986

Foreign exchange (gain) loss

(27,344)

20,171

Net Loss for the Year

91,190

325,696

Comprehensive Losses for the Periods Presented

For the period from January 1, 2010, to December 31, 2013, the Company recorded a net loss of

$854,763. We realized a net loss for the year ended December 31, 2013 of $91,190 compared with a net

loss of $325,696 for the year ended December 31, 2012. Our net losses decreased due to an unrealized

foreign exchange gain in the year ended December 31, 2013 of $27,344 as compared to an unrealized

foreign exchange loss of $20,171 in the year ended December 31, 2012, due to the relative decrease in the

value of the Canadian currency used to pay liabilities accrued in foreign currencies.

We did not generate revenue during this period and expect to continue to incur losses over the next twelve

months which we believe will be comparable to the those incurred in the current annual period or until

such time as a new net income business opportunity is concluded.

Capital Expenditures

The Company expended no amounts on capital expenditures for the period from January 1, 2010, to

December 31, 2013.

Income Tax Expense (Benefit)

The Company has a prospective income tax benefit resulting from a net operating loss carry-forward and

start up costs that will offset any future operating profit.

Impact of Inflation

The Company believes that inflation has had a negligible effect on operations over the past three years

Liquidity and Capital Resources

The Company is in the development stage and has since inception experienced significant changes in

liquidity, capital resources, and stockholders’ deficit. The Company had current and total assets of $321

as of December 31, 2013, consisting solely of cash and a working capital deficit of $2,396,017 as

compared to current and total assets of $1,254, consisting solely of cash and a working capital deficit of

$2,304,827 as of December 31, 2012. Net stockholders' deficit in the Company was $2,396,017 at

December 31, 2013 as compared to a net stockholder’s deficit in the Company of $2,304,827 at

December 31, 2012.

Cash Used in Operating Activities

Cash flow used in operating activities was $149,388 for the period from January 1, 2010, to December 31,

2013. Cash flow used in operating activities for the twelve month period ended December 31, 2013 was

$27,140 as compared to $38,720 for the twelve month period ended December 31, 2012. The change in

cash flows used in operating activities over the current period can be attributed to the decrease in net loss

in the current twelve month period due primarily to decreases in administrative expenses. Our cumulative

cash flow used in operating activities was used on accounting, administration, consulting, legal expenses

and filing fees. We expect to continue to use cash flow in operating activities over the next twelve months

or until such time as the Company can generate sufficient revenue to transition away from net losses.

Cash Used in Investing Activities

Cash flow used in investing activities was $0 for the period from January 1, 2010, to December 31, 2013.

We do expect to use cash flow in investing activities in connection with the development or acquisition of

a suitable business opportunity. Until such time as such unidentified opportunity is concluded, we do not

expect to use cash flows in investing activities.

Cash Flows from Financing Activities

Cash flow provided from financing activities was $149,175 for the period from January 1, 2010, to

December 31, 2013. Cash flow provided by financing activities for the twelve months ended December

31, 2013, decreased to $26,207 as compared to $38,240 for the twelve months ended December 31, 2012.

The decrease in cash flow provided from financing activities over the comparative twelve month periods

can be attributed to the decrease in unsecured loan amounts procured from shareholders. We expect to

continue to use cash flow provided by financing activities to procure sufficient funds to maintain

operations in order to seek out suitable business opportunities.

The Company’s current assets are insufficient to conduct its plan of operation over the next twelve (12)

months. We will have to seek at least $50,000 in debt or equity financing over the next twelve months to

maintain operations. The Company has no current commitments or arrangements with respect to, or

immediate sources of this funding. Further, no assurances can be given that funding is available. The

Company’s shareholders are the most likely source of new funding in the form of loans or equity

placements though none have made any commitment for future investment and the Company has no

agreement formal or otherwise. The Company’s inability to obtain sufficient funding to maintain

operations will have a material adverse affect on its ability to fulfill its current plan of operation to search

for suitable business opportunities.

The Company does not intend to pay cash dividends in the foreseeable future.

The Company had no lines of credit or other bank financing arrangements as of December 31, 2013.

The Company had no commitments for future capital expenditures that were material at December 31,

2013.

The Company has no defined benefit plan or contractual commitment with any of its officers or directors.

The Company has no current plans for the purchase or sale of any plant or equipment.

The Company has no current plans to make any changes in the number of employees.

Off-Balance Sheet Arrangements

As of December 31, 2013, we have no significant off-balance sheet arrangements that have or are

reasonably likely to have a current or future effect on our financial condition, changes in financial condition,

revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that are

material to stockholders.

Future Financings

We anticipate continuing to rely on debt or equity sales of our shares of common stock in order to

continue to fund our business operations. There is no assurance that we will achieve any additional sales

of our equity securities or arrange for debt or other financing to fund our plan of operations.

Critical Accounting Policies

In Note 2 to the audited consolidated financial statements for the years ended December 31, 2013 and

2012, included in our Form 10-K, the Company discusses those accounting policies that are considered to

be significant in determining the results of operations and its financial position. The Company believes

that the accounting principles utilized by it conform to accounting principles generally accepted in the

United States.

The preparation of consolidated financial statements requires Company management to make significant

estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. By

their nature, these judgments are subject to an inherent degree of uncertainty. On an on-going basis, the

Company evaluates estimates. The Company bases its estimates on historical experience and other facts

and circumstances that are believed to be reasonable, and the results form the basis for making judgments

about the carrying value of assets and liabilities. The actual results may differ from these estimates under

different assumptions or conditions.

Going Concern

The Company’s auditors have expressed an opinion as to the Company’s ability to continue as a going

concern as a result of an accumulated deficit of $23,560,185 since inception and negative cash flows

from operating activities as of December 31, 2013. The Company’s ability to continue as a going

concern is subject to the ability of the Company to realize a profit and /or obtain funding from outside

sources. Management’s plan to address the Company’s ability to continue as a going concern includes:

(i) obtaining funding from the private placement of debt or equity; and (ii) realizing revenues from its

prospective development or acquisition of a suitable business opportunity. Management believes that it

will be able to obtain funding to allow the Company to remain a going concern through the methods

discussed above, though there can be no assurances that such methods will prove successful.

Forward-Looking Statements and Factors That May Affect Future Results and Financial Condition

The statements contained in the section titled Management’s Discussion and Analysis of Financial

Condition and Results of Operations and elsewhere in this current report, with the exception of historical

facts, are forward-looking statements. Forward-looking statements reflect our current expectations and

beliefs regarding our future results of operations, performance, and achievements. These statements are

subject to risks and uncertainties and are based upon assumptions and beliefs that may or may not

materialize. These statements include, but are not limited to, statements concerning:

§ our anticipated financial performance and business plan;

§ the sufficiency of existing capital resources;

§ our ability to raise capital to fund cash requirements for future operations;

§ uncertainties related to the Company’s future business prospects;

§ the volatility of the stock market and;

§ general economic conditions.

We wish to caution readers that our operating results are subject to various risks and uncertainties that

could cause our actual results to differ materially from those discussed or anticipated. We also wish to

advise readers not to place any undue reliance on the forward-looking statements contained in this report,

which reflect our beliefs and expectations only as of the date of this report. We assume no obligation to

update or revise these forward-looking statements to reflect new events or circumstances or any changes

in our beliefs or expectations, other than as required by law.

Stock-Based Compensation

We have adopted Accounting Standards Codification Topic (“ASC”) 718, Share-Based Payment, which

addresses the accounting for stock-based payment transactions in which an enterprise receives employee

services in exchange for (a) equity instruments of the enterprise or (b) liabilities that are based on the fair

value of the enterprise’s equity instruments or that may be settled by the issuance of such equity

instruments.

We account for equity instruments issued in exchange for the receipt of goods or services from other than

employees in accordance with ASC 505. Costs are measured at the estimated fair market value of the

consideration received or the estimated fair value of the equity instruments issued, whichever is more

reliably measurable. The value of equity instruments issued for consideration other than employee

services is determined on the earliest of a performance commitment or completion of performance by the

provider of goods or services.

Recent Accounting Pronouncements

Please see Note 2 to our financial statements for a discussion of recent accounting pronouncements.

ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET

RISK

Not required for smaller reporting companies

ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Our audited consolidated financial statements for the year ended December 31, 2013, as set forth below,

are included with this Annual Report on Form 10-K. Our audited consolidated financial statements are

prepared on the basis of accounting principles generally accepted in the United States and are expressed

in U.S. dollars.

PAGE

Auditors’ Report

F-1

Consolidated Balance Sheets, December 31, 2013 and 2012

F-2

Consolidated Statements of Operations and comprehensive loss for the years ended December 31, 2013 and

F-3

2012 and cumulative amounts from the beginning of the development stage on January 1, 2010 to December

31, 2013

Consolidated Statements of Cash Flows for the years ended December 31, 2013 and 2012 and cumulative

F-4

amounts from the beginning of the development stage on January 1, 2010 to December 31, 2013

Consolidated Statements of Changes in Stockholders’ Equity for the period from the beginning of the

F-5

development stage on January 1, 2010 to December 31, 2013

Notes to Consolidated Financial Statements

F-6

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

Arvana Inc. and subsidiaries

We have audited the accompanying consolidated financial statements of Arvana, Inc. (the “Company”), which comprise the consolidated balance sheets of Arvana, Inc. as ofDecember 31, 2013 and 2012, and the related consolidated statements of operations and comprehensive loss, changes in stockholders’ deficiency, and cash flows for the years ended December 31, 2013 and 2012 and the period from the beginning of the development stage on January 1, 2010 to December 31, 2013

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Arvana, Inc. as ofDecember 31, 2013 and 2012, and the results of its operations and its cash flows for the years ended December 31, 2013 and 2012 and the period from the beginning of the development stage on January 1, 2010 to December 31, 2013 in conformity with accounting principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been prepared assuming that Arvana, Inc. will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, Arvana, Inc. has suffered recurring losses from operations and has a net capital deficiency. These matters, along with the other matters set forth in Note 1, indicate the existence of material uncertainties that raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ DAVIDSON & COMPANY”

“DAVIDSON & COMPANY LLP”

Vancouver, Canada

Chartered Accountants

March 31, 2014

Arvana Inc. and Subsidiaries

(A Development Stage Company)

Consolidated Balance Sheets

(Expressed in US Dollars)

December 31,

2013

2012

ASSETS

Current assets:

Cash

321

1,254

Total assets

321

1,254

LIABILITIES AND STOCKHOLDERS' DEFICIENCY

Current liabilities

Accounts payable and accrued liabilities

$ 1,056,941

1,017,344

Loans payable stockholders (Note 3)

666,511

631,631

Loans payable related party (Note 3)

34,950

36,741

Loans payable (Note 3)

144,402

145,051

Amounts due to related parties (Note 3)

493,534

475,314

Total current liabilities

2,396,338

2,306,081

Stockholders' deficiency

Common stock, $0.001 par value 5,000,000 authorized,

885,130 shares issued and outstanding at

December 31, 2013 and 2012, respectively (Note 4)

885

Additional paid-in capital

21,166,619

Deficit

(22,705,422)

Deficit accumulated during the development stage

(854,763)

(763,573)

(2,392,681)

(2,301,491)

Less: Treasury stock – 2,085 common shares at

December 31, 2013 and 2012, respectively

(3,336)

Total stockholders’ deficiency

(2,396,017)

(2,304,827)

321

1,254

The accompanying notes are an integral part of these consolidated financial statements.

F-2

Arvana Inc. and Subsidiaries

(A Development Stage Company)

Consolidated Statements of Operations and Comprehensive Loss

(Expressed in US Dollars)

Cumulative amounts

from the beginning

of the development

For the year ended

stage on

December 31,

January 1, 2010 to

2013

2012

December 31, 2013

Operating expenses

General and administrative

69,069

257,539 $

730,760

Depreciation

103

Total operating expenses

69,069

257,539

730,863

Loss from operations

(69,069)

(257,539)

(730,863)

Interest expense

(49,465)

(47,986)

(186,153)

Foreign exchange gain (loss)

27,344

(20,171)

62,253

Net loss and comprehensive loss

(91,190)

(325,696) $

(854,763)

Per common share information – basic and

diluted:

Weighted average shares outstanding

885,130

Net loss per common share – basic and

diluted

(0.10)

(0.37)

The accompanying notes are an integral part of these consolidated financial statements.

F-3

Arvana Inc. and Subsidiaries

(A Development Stage Company)

Consolidated Statements of Cash Flows

(Expressed in US Dollars)

Cumulative amounts

from the beginning

For the year ended

of the development

stage on

December 31,

January 1, 2010 to

2013

2012

December 31, 2013

Cash flows from operating activities

Net loss

(91,190) $ (325,696) $

(854,763)

Items not involving cash:

Depreciation and amortization

103

Unrealized foreign exchange

(26,043)

18,345

(58,510)

Changes in non-cash working capital:

Accounts payable and accrued

liabilities

54,834

303,700

464,856

Amounts due to related parties

35,259

(35,069)

298,926

Net cash used in operations

(27,140)

(38,720)

(149,388)

Cash flows from investing activities

Net cash used in investing activities

Cash flows from financing activities

Proceeds of loans payable stockholders

26,207

20,551

67,820

Proceeds of loans payable related

parties

17,689

36,522

Proceeds of loans payable

44,833

Net cash provided by financing

activities

26,207

38,240

149,175

Decrease in cash

(933)

(480)

(213)

Cash , beginning of period

1,254

1,734

534

Cash, end of period

321

1,254 $

321

Supplementary information

Cash paid for interest

- $

Cash paid for income taxes paid

- $

There were no non-cash investing and financing transactions for the years ended December 31, 2013 and

2012 or from the beginning of the development stage on January 1, 2010 to December 31, 2013.

The accompanying notes are an integral part of these consolidated financial statements.

F-4

Arvana Inc. and Subsidiaries

(A Development Stage Company)

Consolidated Statements of Stockholders' Deficiency

(Expressed in US Dollars)

Deficit Accumulated

Total

Common Shares

Additional Paid-

During Development

Treasury

Stockholders’

Amount

in Capital

Deficit

Stage

Amount

(Deficiency)

From Inception to

December 31,

2009

1,060,130 $

21,203 $

21,426,301

(22,705,422) $

(177,085) $

(283,336) $

(1,541,254)

Net loss for the

year ended

December 31,

2010

(126,428)

Adjustment of par

value

(20,143)

20,143

Balance

December 31,

2010

1,060,130

1,060

21,466,444

(22,705,422)

(126,428)

(177,085)

(283,336)

(1,667,682)

Cancellation of

treasury stock

(175,000)

(175)

(279,825)

175,000

280,000

Net loss for the

year ended

December 31,

2011

(311,449)

Balance

December 31,

2011

885,130

885

21,166,619

(22,705,422)

(437,877)

(2,085)

(3,336)

(1,979,131)

Net loss for the

year ended

December 31,

2012

(325,696)

Balance

December 31,

2012

885,130

885

21,166,619

(22,705,422)

(763,573)

(2,085)

(3,336)

(2,304,827)

Net loss for the

year ended

December 31,

2013

(91,190)

Balance

December 31,

2013

885,130 $

885 $

21,166,619

(22,705,422) $

(854,763)

(2,085) $

(3,336) $

(2,396,017)

The accompanying notes are an integral part of these consolidated financial statements.

F-5

Arvana Inc. and Subsidiaries

(A Development Stage Company)

Notes to Consolidated Financial Statements

For the Years Ended December 31, 2013 and 2012

(Expressed in U.S. Dollars)

1. Nature of Business and Ability to Continue as a Going Concern

Arvana, Inc. (“our”, “we”, ”us” and the “Company”) was incorporated under the laws of the State of

Nevada as Turinco, Inc. on September 16, 1977, with authorized common stock of 2,500 shares with a par

value of $0.25. On October 16, 1998, the authorized capital stock was increased to 100,000,000 common

shares with a par value of $0.001 and a forward common stock split of eight shares for each outstanding

share. In 2005, we completed another forward common stock split of nine shares for each outstanding

share. On July 24, 2006, the shareholders approved a change of the Company’s name from Turinco, Inc.

to Arvana Inc. On September 30, 2010, the authorized capital stock was decreased to 5,000,000 common

shares with a par value of $0.001 and effected a reverse split of one share for every twenty shares

outstanding.

These consolidated financial statements for the year ended December 31, 2013 include the accounts of the

Company and its subsidiary Arvana Networks Inc. (including its wholly-owned subsidiaries, Arvana

Participaçōes S.A. (“Arvana Par”) and Arvana Comunicações do Brasil S. A. (“Arvana Com”)). The

Company has ceased all operations in its subsidiary companies, and has written-off or disposed of all

assets in the subsidiary companies, consequently they are now all considered to be inactive subsidiaries.

As a result of this inactivity, the Company entered into a new development stage as of January 1, 2010.

Our reporting currency and functional currency is the United States dollar (“US Dollar”) and the

accompanying consolidated financial statements have been expressed in US Dollars.

These consolidated financial statements have been prepared on a going concern basis, which assumes the

realization of assets and settlement of liabilities in the normal course of business. For the year ended

December 31, 2013, the Company incurred a loss from operations of $91,190. At December 31, 2013, the

Company had a working capital deficiency of $2,396,017. 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.

F-6

Arvana Inc. and Subsidiaries

(A Development Stage Company)

Notes to Consolidated Financial Statements

For the Years Ended December 31, 2013 and 2012

(Expressed in U.S. Dollars)

2. Summary of Significant Accounting Policies

a) Basis of presentation

The Company is in the process of evaluating business opportunities and is a development stage company.

The Company’s fiscal year end is December 31. The accompanying consolidated financial statements of

Arvana, Inc. for the years ended December 31, 2013 and 2012, and for the cumulative amounts from the

beginning of the development stage on January 1, 2010, through December 31, 2013, 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) Basis of consolidation

Included in the financial statements are the accounts of the Company, its wholly-owned inactive

subsidiaries Arvana Networks, Arvana Par, and Arvana Com. All inter-company transactions and

balances have been eliminated.

c) 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.

d) Foreign currency translation and transactions

When translating the Brazilian subsidiary operations to the Company’s reporting currency non monetary

assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange

rate in effect on the transaction date. Revenue and expenses are translated at the average rates of exchange

prevailing during the periods.

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.

e) Comprehensive income

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.

f) Cash equivalents

The Company considers all highly liquid investments, with terms to maturity of three months or less

when acquired, to be cash equivalents.

F-7

Arvana Inc. and Subsidiaries

(A Development Stage Company)

Notes to Consolidated Financial Statements

For the Years Ended December 31, 2013 and 2012

(Expressed in U.S. Dollars)

2. Summary of Significant Accounting Policies (continued)

g) 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 December 31, 2013 and December

31, 2012 follows:

December 31,

2013

2012

Carrying

Fair

Carrying

Fair

Amount

Value

Amount

Value

Cash

$321

$1,254

Accounts payable and accrued liabilities

1,056,941

1,017,344

Loans payable to stockholders

666,511

631,631

Loans payable to related party

34,950

36,741

Loans payable

144,402

145,051

Amounts due to related parties

493,534

475,314

The following table presents information about the assets that are measured at fair value on a recurring

basis as of December 31, 2013, 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:

Quoted

Significant

Prices

Other

Significant

December

in Active

Observable

Unobservable

31,

Markets

Inputs

2013

(Level 1)

(Level 2)

(Level 3)

Assets:

Cash

321

—

The fair value of cash is determined through market, observable and corroborated sources.

F-8

Arvana Inc. and Subsidiaries

(A Development Stage Company)

Notes to Consolidated Financial Statements

For the Years Ended December 31, 2013 and 2012

(Expressed in U.S. Dollars)

2. Summary of Significant Accounting Policies (continued)

h) Concentration of credit risk

Financial instruments that potentially subject the Company to concentrations of credit risk consists 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.

i) 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.

j) 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 based 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.

k) Loss per share

Basic loss per share is computed using the weighted average number of common shares outstanding

during the year. Diluted loss per share is computed using the weighted average number of common shares

and potentially dilutive common stock equivalents, including stock options and warrants. For the periods

presented, this calculation proved to be anti-dilutive.

l) Reclassifications

Certain of the comparative figures for the prior years have been reclassified to conform with the

presentation adopted in the current year.

F-9

Arvana Inc. and Subsidiaries

(A Development Stage Company)

Notes to Consolidated Financial Statements

For the Years Ended December 31, 2013 and 2012

(Expressed in U.S. Dollars)

2. Summary of Significant Accounting Policies (continued)

m) Recent accounting pronouncements

We have reviewed all recently issued, but not yet effective, accounting pronouncements and do not

believe the future adoption of any such pronouncements may be expected to cause a material impact on

our financial condition or the results of our operations.

3. Amounts Due to Related Parties and Loans Payable to Stockholders

From February, 2007, until December 31, 2013, the Company received a number of loans from

stockholders, related parties and unrelated third parties. As of December 31, 2013, the Company had

received loans of $666,511 (Euro 225,000; CAD 72,300; $288,507) (December 31, 2012 - $631,631:

Euro 225,000; CAD 72,300; $262,300) from stockholders, loans of $34,950 (CAD 27,600; $9,000)

(December 31, 2012 – $36,741: CAD 27,600; $9,000) from a related party and loans of $144,402 (CAD

10,000; $ 135,000) (December 31, 2012 – $ 145,051: CAD 10,000; $135,000) 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 $268,271 and $215,518 is included in

accounts payable and accrued expenses at December 31, 2013, and December 31, 2012, respectively.

Interest expense recognized on these loans was $49,465 for the year ended December 31, 2013, compared

to $47,986 for the year ended December 31, 2012.

At December 31, 2013, and December 31, 2012, the Company had amounts due to related parties of

$684,169 and $679,108, respectively. This amount includes $136,100 at December 31, 2013, and

December 31, 2012, 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.

F-10

Arvana Inc. and Subsidiaries

(A Development Stage Company)

Notes to Consolidated Financial Statements

For the Years Ended December 31, 2013 and 2012

(Expressed in U.S. Dollars)

4. Common stock

We have a stock option plan in place under which we are authorized to grant options to executive officers

and directors, employees and consultants enabling them to acquire up to 10% of our issued and

outstanding common stock. Under the plan, the exercise price of each option equals the market price of

our stock as calculated on the date of grant. The options can be granted for a maximum term of 10 years.

Vesting terms are determined at the time of grant.

At December 31, 2013 and December 31, 2012, there were no stock options outstanding. No options

were granted, exercised or expired during the year ended December 31, 2013 or the year ended December

31, 2012.

On September 30, 2010, the Company completed a common stock reverse split of one share for each

twenty shares outstanding. These consolidated financial statements have been prepared showing after

reverse stock split shares with a par value of $0.001.

On September 6, 2011, the Company cancelled 175,000 shares of its treasury stock of which cancellation

removed $175 from common stock and $279,825 from additional paid-in capital.

5. Segmented Information

The Company has no reportable segments.

6. Deferred Income Taxes

Income tax benefits attributable to losses from operations in the United States of America was $Nil for

the years ended December 31, 2013 and 2012, and differed from the amounts computed by applying the

United States of America federal income tax rate of 34 percent to pretax losses from operations as a result

of the following:

2013

2012

Loss for the year before income taxes

(91,190 ) $

(325,696)

Computed expected tax benefit

(31,005 ) $

(110,829)

Non-deductible expenses

(9,297 )

6,858

Change in valuation allowance

40,302

103,971

Income tax expense

- $

F-11

Arvana Inc. and Subsidiaries

(A Development Stage Company)

Notes to Consolidated Financial Statements

For the Years Ended December 31, 2013 and 2012

(Expressed in U.S. Dollars)

6. Deferred Income Taxes (continued)

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and

deferred tax liabilities at December 31, 2013 and 2012 are presented below:

2013

2012

Deferred tax assets:

Net operating loss carry forwards - US

757,240 $

716,938

Valuation allowance

(757,240)

(716,938)

Net deferred tax asset

- $

The valuation allowance for deferred tax assets as of December 31, 2013, and 2012, was $757,240 and

$716,938, respectively. In assessing the realizability of deferred tax assets, management considers

whether it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income

during the periods in which those temporary differences become deductible.

Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income,

and tax planning strategies in assessing the realizability of deferred tax assets. In order to fully realize the

deferred tax asset attributable to net operating loss carryforwards, the Company will need to generate

future taxable income of approximately $2,200,000 prior to the expiration of the net operating loss carry-

forwards.

7. Related Party Transactions

Other than amounts payable to related parties as disclosed below and in Note 3, the Company also

incurred directors’ fees of $800 and legal fees of $4,401 paid to a company controlled by our chief

executive officer during the year ended December 31, 2013.

Our former chief executive officer and former director had 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, 2013

our former chief executive officer was owed $78,704 (CAD 83,710) for services rendered as an officer,

compared to $60,306 (CAD 60,000) as at December 31, 2012.

Our former chief financial officer and former director had entered into a consulting agreement on a month

to month basis that provides for a monthly fee of $2,000. These amounts have been accrued and are

currently unpaid. This consulting arrangement ended on June 14, 2013. As of December 31, 2013 our

former chief financial officer was owed $58,870 for services rendered as an officer, compared to $48,000

as of December 31, 2012.

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 $190,634

(CAD 202,759) of unpaid amounts payable.

F-12

Arvana Inc. and Subsidiaries

(A Development Stage Company)

Notes to Consolidated Financial Statements

For the Years Ended December 31, 2013 and 2012

(Expressed in U.S. Dollars)

7. Related Party Transactions (continued)

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 $199,481 for unsecured non-interest

bearing amounts due on demand loaned to the Company as of December 31, 2013, compared to $186,257

as of December 31, 2012.

Our former chief executive officer and former director is owed $34,950 for unsecured amounts bearing

6% interest due on demand loaned to the Company as of December 31, 2013, compared to $36,741 as of

December 31, 2012.

Our other former officers are owed a total of $99,083 for their prior services rendered as officers as at

December 31, 2013, compared to $104,957 as of December 31, 2012.

A director of the Company is owed $60,000 as of December 31, 2013 and December 31, 2012 for

services rendered as a director during 2007. Two former directors of the Company are owed $76,100 as of

December 31, 2013 and December 31, 2012 for services rendered as directors during 2007.

8. Subsequent Events

The Company evaluated its December 31, 2013 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.

F-13

ITEM 9.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON

ACCOUNTING AND FINANCIAL DISCLOSURE

Not applicable.

ITEM 9A.

CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

In connection with the preparation of this annual report, an evaluation was carried out by the Company’s

management, with the participation of the chief executive officer and the chief financial officer, of the

effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and

15d-15(e) under the Securities Exchange Act of 1934 (“Exchange Act”)) as of December 31, 2013.

Disclosure controls and procedures are designed to ensure that information required to be disclosed in

reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported

within the time periods specified in the Commission’s rules and forms, and that such information is

accumulated and communicated to management, including the chief executive officer and the chief

financial officer, to allow timely decisions regarding required disclosures.

Based on that evaluation, the Company’s management concluded, as of the end of the period covered by

this report, that the Company’s disclosure controls and procedures were not effective in recording,

processing, summarizing, and reporting information required to be disclosed, within the time periods

specified in the Commission’s rules and forms, and such information was not accumulated and

communicated to management, including the chief executive officer and the chief financial officer, to

allow timely decisions regarding required disclosures.

Management's Annual Report on Internal Control over Financial Reporting

The Company’s management is responsible for establishing and maintaining adequate internal control

over financial reporting. The Company’s internal control over financial reporting is a process, under the

supervision of the chief executive officer and the chief financial officer, designed to provide reasonable

assurance regarding the reliability of financial reporting and the preparation of the Company’s financial

statements for external purposes in accordance with United States generally accepted accounting

principles (GAAP). Internal control over financial reporting includes those policies and procedures that:

§ Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the

transactions and dispositions of the Company’s assets.

§ Provide reasonable assurance that transactions are recorded as necessary to permit preparation of

the financial statements in accordance with generally accepted accounting principles, and that

receipts and expenditures are being made only in accordance with authorizations of management

and the board of directors.

§ Provide reasonable assurance regarding prevention or timely detection of unauthorized

acquisition, use, or disposition of the Company’s assets that could have a material effect on the

financial statements.

Due to its inherent limitations, internal control over financial reporting may not prevent or detect

misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk

that controls may become inadequate because of changes in conditions or that the degree of compliance

with the policies or procedures may deteriorate.

The Company’s management conducted an assessment of the effectiveness of our internal control over

financial reporting as of December 31, 2013, based on criteria established in Internal Control – Integrated

Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission, to

determine whether there existed material weaknesses in internal control over financial reporting. A

material weakness is a control deficiency, or a combination of deficiencies in internal control over

financial reporting that creates a reasonable possibility that a material misstatement in annual or interim

financial statements will not be prevented or detected on a timely basis. The assessment identified a

material weakness in internal control over financial reporting. Since the assessment of the effectiveness of

our internal control over financial reporting did identify a material weakness, management considers its

internal control over financial reporting to be ineffective.

The matter involving internal control over financial reporting that our management considers to be a

material weakness is:

§ Failure to segregate the duties of chief executive officer and chief financial officer, which failure

could result in inadequate implementation and review of financial reporting control procedures.

The aforementioned material weaknesses were identified by our chief executive officer and chief

financial officer in connection with his review of our financial statements as of December 31, 2013.

Management believes that the material weakness set forth above did not have an effect on our financial

results. However, management believes that the failure to segregate the duties of chief executive officer

and chief financial officer could result in ineffective oversight of the monitoring of required internal

controls over financial reporting, which weakness could result in a material misstatement in our financial

statements in future periods.

Management’s Remediation Initiatives

In an effort to remediate the identified material weaknesses and enhance our internal controls over

financial reporting, the Company plans to take the following measures, as soon as is practicable, subject

to the availability of capital and personnel resources:

§ bifurcate the position of chief executive officer and chief financial officer into two separate

positions.

This annual report does not include an attestation report of our independent registered public accounting

firm regarding internal control over financial reporting. We were not required to have, nor have we,

engaged our independent registered public accounting firm to perform an audit of internal control over

financial reporting pursuant to the rules of the Commission that permit us to provide only management’s

report in this annual report.

Changes in internal control over financial reporting

During the year ended December 31, 2013, there has been no change in internal control over financial

reporting that has materially affected, or is reasonably likely to materially affect our internal control over

financial reporting.

9B.

OTHER INFORMATION

Not applicable.

PART III

ITEM 10.

DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

Officers and Directors

The following table sets forth the name, age and position of each director and executive officer of the

Company:

Name

Age

Position

Sir John Baring

Chairman of the Board of Directors

Chief Executive Officer, Chief Financial Officer, Principal

Ruairidh Campbell

Accounting Officer and Director

Shawn Teigen

Director

Set forth below is a brief description of the background and business experience of each of our executive

officers and directors for the past five years:

Sir John Baring served as chief executive officer of the Company between May 26, 2005 and October

17, 2005. Sir John was appointed as a director on May 26, 2005 and as chairman of the board of directors

on October 17, 2005 on his resignation as chief executive officer.

Business Experience:

Sir John brings more than 30 years of banking and investing experience to the board of directors. Since

June 2002, Sir John has acted as a managing and founding member of Mercator Management LLC, a

leading fund management company.

Officer and Director Responsibilities and Qualifications:

Sir John is responsible for the overall management of the Company and is a member of our audit

committee.

Other Public Company Directorships in the Last Five Years:

Sir John has not been a director of any other public companies over the past five years.

The Company has concluded that Sir John should continue to serve as a director due to the breath of his

business experience.

Ruairidh Campbell was appointed chief executive officer and director on May 24, 2013 and as chief

financial officer on June 25, 2013. He estimates that he spends approximately 10 percent of his time,

approximately 5 hours per week, on the Company’s business. He also has significant responsibilities with

other companies, as detailed in the following paragraph. He will serve until an annual meeting of the

Company’s shareholders and his successor is elected and qualified.

Business Experience:

Mr. Campbell brings to his new position management skills with a legal and business background

encompassing over 18 years of consultancy experience. He is a member of the California State Bar

Association, earning a Bachelor of Arts in History from the University of Texas at Austin and a Juris

Doctorate from the University of Utah College of Law. He started his legal career as an attorney for

Baker & McKenzie in Cairo, Egypt transitioning to consultancy work in 2001 on the formation of

Orsa & Company. Orsa is dedicated to assisting small public companies navigate the business

environment. Services range from regulatory compliance to managerial duties that include working

with government regulators, business organizations, auditors, accountants, attorneys and quasi-public

governing bodies responsible for everything from public health to public quotation.

Officer and Director Responsibilities and Qualifications:

Mr. Campbell is responsible for the overall management of the Company and is involved in many of

its day-to-day operations, finance and administration. Mr. Campbell is also a member of our audit

committee.

Other Public Company Directorships in the Last Five Years:

Over the past five years Mr. Campbell has been the chief executive officer, chief financial officer,

principal accounting officer and a director for Allied Resources, Inc., a public company involved in oil

and gas exploration and production from June 1998 to present and for Park Vida Group, Inc., a public

company involved in real estate development in the Dominican Republic from December 1999 to

present.

The Company has concluded that Mr. Campbell should continue to serve as a director due his knowledge

of business, regulatory filings and management experience.

Shawn Teigen was appointed as a director on June 25, 2013. He also has significant responsibilities with

other companies, as detailed in the following paragraph. He will serve until an annual meeting of the

Company’s shareholders and his successor is elected and qualified.

Business Experience:

Shawn Teigen has been providing consulting services to early-stage businesses for the past 10 years. He

is a senior, public policy research analyst with the Utah Foundation. He is also the president of an oil and

gas company with operations in Wyoming. Mr. Teigen spent two years in Kazakhstan as a U.S. Peace

Corps volunteer.

Officer and Director Responsibilities and Qualifications:

Mr. Teigen is responsible for the overall management of the Company. Mr. Teigen is also a member of

our audit committee.

Mr. Teigen holds a Master of Public Policy and a BS in Management from the University of Utah. He

also serves on the board of directors of certain public-sector and non-profit organizations.

Other Public Company Directorships in the Last Five Years:

Over the last five years Mr. Teigen has served as a director of Infrastructure Developments Corp., a

public company involved in product distribution from April 2010 to September 2013.

The Company has concluded that Mr. Teigen should continue to serve as a director due to his valuable

and complimentary experience in the management of public companies.

Audit Committee and Audit Committee Financial Expert

Our board of directors has established an audit committee that is comprised of Sir John Baring, Ruairidh

Campbell and Shawn Teigen.

Our board of directors has determined that Ruairidh Campbell qualifies as an “audit committee financial

expert”, as defined by the rules of the Commission, though it has further determined that he should not be

considered “independent” as that term is defined by NASDAQ Marketplace Rule 5605(a)(2). The

NASDAQ independence definition includes a series of objective tests, such as that the director is

not an employee of the company and has not engaged in various types of business dealings with

the company.

The audit committee recommends independent accountants to audit its financial statements, discusses the

scope and results of the audit with the independent accountants, considers the adequacy of the internal

accounting controls, considers the audit procedures of the Company and reviews the non-audit services to

be performed by the independent accountants.

Code of Ethics

We have adopted a Code of Ethics that applies to all the Company’s directors, officers and employees. A

copy of our Code of Ethics was incorporated by reference in our previously filed on Form 10-KSB for

fiscal 2006 as an exhibit.

Significant Employees

We do not have any other significant employees, other than our directors and executive officers named

above.

Term of Office

The Company’s directors are appointed for a one (1) year term to hold office until the next annual

shareholders meeting or until removed from office in accordance with the Company’s bylaws. The

Company’s executive officers are appointed by the board of directors and hold office until removed by

the board.

Involvement in Certain Legal Proceedings

During the past ten years there are no events that occurred related to an involvement in legal proceedings

that are material to an evaluation of the ability or integrity of the Company directors, or persons

nominated to become directors or executive officers.

Compliance with Section 16(a) of the Securities Exchange Act

Section 16(a) of the Exchange Act requires our executive officers and directors, and persons who

beneficially own more than ten percent of our equity securities, to file reports of ownership and changes

in ownership with the Securities and Exchange Commission. Officers, directors and greater than ten

percent shareholders are required by SEC regulation to furnish us with copies of all Section 16(a) forms

they file. Based on our review of the copies of such forms received by us, we believe that during the fiscal

year ended December 31, 2013 all such filing requirements applicable to our officers and directors were

complied with, except that Messrs. Dhanani, Tinter and Naso should have filed Forms 3 when they

became officers and directors of the Company and subsequently Forms 5 on their respective resignations.

ITEM 11.

EXECUTIVE COMPENSATION

Compensation Discussion and Analysis

The objective of the Company’s compensation program is to provide an incentive to our chief executive

officer and chief financial officer for services rendered. The compensation program for our sole executive

officer is comprised of a consulting fee paid to a related party based on separate services rendered in

connection with maintaining our disclosure obligations with the Commission. We utilize this form of

compensation because we feel that it is adequate to retain and motivate our executive officer at this stage

of our development. Nonetheless, when we develop or acquire an existing business opportunity our

intention in respect to executive compensation would be to compensate Company executives in

accordance with compensatory packages typical of other development stage companies. We do not expect

to rely on any specific formula to determine compensation. Future compensation arrangements for

Company executives will most likely include salaries, stock awards and stock options.

Executive compensation paid to our current chief executive officer and chief financial officer for the

periods ended December 31, 2013, and December 31, 2012, were $4,401 and $0 respectively

Executive compensation accrued to our former chief executive officer for the periods ended December

31, 2013, and December 31, 2012 were $23,350 and $60,110 respectively. Executive compensation

accrued to our former chief financial officer for the periods ended December 31, 2013 and December 31,

2012 were $10,870 and $24,000 respectively.

Table

The following table provides summary information for 2013 and 2012 concerning cash and non-cash

compensation paid or accrued by the Company to or on behalf of (i) the chief executive officer and the

chief financial officer and (ii) any other employee to receive compensation in excess of $100,000.

Summary Compensation Table

Name and

Year Salary Bonus

Stock

Option

Non-Equity

Change in Pension

All Other

Total

Principal

Awards Awards

Incentive Plan

Value and

Compensation

Position

($)

Compensation

Nonqualified

($)

Deferred

($)

Compensation($)

Ruairidh

2013

4,401

Campbell

CEO, CFO,

2012

PAO, and

Director (1)

Zahir

2013 23,350

23,350

Dhanani,

former CEO

2012 60,110

60,110

and

Director(2)

Arnold Tinter, 2013 10,870

10,870

former CFO,

PAO and

2012 24,000

24,000

Director (3)

(1) Mr. Campbell was appointed CEO and director on May 24, 2013 and chief financial officer and principal accounting

officer on June 25, 2013.

(2) Mr. Dhanni resigned as CEO and a director on May 24, 2013.

(3) Mr. Tinter resigned as CFO, PAO and a director on June 14, 2013.

Outstanding Equity Awards as of December 31, 2013

There were no outstanding equity awards as of December 31, 2013 for any of our named executive

officers.

No share purchase options were granted to or exercised by our named executive officers during our fiscal

year ended December 31, 2013.

Long-Term Incentive Plans

We do not have any long-term incentive plans, pension plans, or similar compensatory plans for our

directors or executive officers.

Change of Control Agreements

We are not party to any change of control agreements with any of our directors or executive officers.

Compensation of Directors

The following table summarizes the compensation of our company’s directors for the year ended

December 31, 2013:

Fees

Non-qualified

Earned or

Non- Equity

Deferred

Paid in

Stock

Option

Incentive Plan Compensation

All Other

Cash

Awards Awards

Compensation

Earnings

Compensation

Total

Name

($)

Sir John Baring

400

Shawn Teigen

400

Ruairidh Campbell

Employment Agreements

There are no employment agreements with the named executive officer.

ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND

MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The following table sets forth certain information concerning the number of shares of our common stock

owned beneficially (1) as at December 31, 2013 by: (i) each of our directors, (ii) each of our executive

officers, (iii) our executive officers and directors as a group, and (iv) each beneficial shareholder known

to us to own more than 5% of our outstanding common stock. Unless otherwise indicated, the

shareholders listed possess sole voting and investment power with respect to the shares shown.

Name and Address

Number of Common

Percentage of

Title of Class

of Beneficial Owner

Shares

Common Shares⁽¹⁾

Directors and Officers

Common Stock

Ruairidh Campbell, CEO, CFO,

PAO and director

700 Lavaca Street, Suite 1400,

Austin, Texas 78701

Common Stock

Shawn Teigen, director

700 Lavaca Street, Suite 1400,

Austin, Texas 78701

Common Stock

Sir John Baring, director

700 Lavaca Street, Suite 1400,

14,625

1.6%

Austin, Texas 78701

Common Stock

All Directors and Executive

14,625

1.6%

Officers as a Group (3 persons)

5% Shareholders

Common Stock

Ours Blanc Corp

47,500

5.4%

Avenida Manuel Maria Icaza

Panama 1169

Common Stock

Nazleal SA

46,875

5.3%

Talstrasse 20

CH-8001 Zurich

Switzerland

Common Stock

SV Commercial SA BVI

46,875

5.3%

Talstrasse 20

CH 8001 Zurich, Switzerland

(1)

Under Commission Rule 13d-3, a beneficial owner of a security includes any person who, directly or indirectly,

through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which

includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to

dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one

person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are

deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon

exercise of an option) within 60 days of the date as of which the information is provided. In computing the percentage

ownership of any person, the amount of shares outstanding is deemed to include the amount of shares beneficially

owned by such person (and only such person) by reason of these acquisition rights. As a result, the percentage of

outstanding shares of any person as shown in this table does not necessarily reflect the person’s actual ownership or

voting power with respect to the number of shares of common stock actually outstanding on December 31, 2013. The

percentage calculations are based on the aggregate of 885,130 shares issued and outstanding as at December 31, 2013.

Change of Control

We are not aware of any arrangement that might result in a change in control in the future.

Equity Compensation Plan Information as at December 31, 2013

Number of securities

remaining available

to be issued upon

for future issuance

Plan Category

exercise of outstanding

Exercise price

under equity

options.

compensation plans

Equity compensation

plan approved by

-0-

N/A

150,000

security holders

Equity compensation plans not

approved by security holders

N/A

ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND

DIRECTOR INDEPENDENCE

Certain Relationships and Related Transactions

None of our directors or executive officers, nor any proposed nominee for election as a director, nor any

person who beneficially owns, directly or indirectly, shares carrying more than 5% of the voting rights

attached to all of our outstanding shares, nor any members of the immediate family (including spouse,

parents, children, siblings, and in−laws) of any of the foregoing persons has any material interest, direct

or indirect, in any transaction since the beginning of our last fiscal year or in any presently proposed

transaction which, in either case, has or will materially affect us, except as follows:

§ the Company paid a company related to its CEO, CFO and PAO for services rendered in

connection with the preparation of regulatory filings with the Commission.

§ the Company accrued certain amounts for the services of its former CEO and former CFO and

PAO.

Director Independence

Our common stock trades in the OTCQB. As such, we are not currently subject to corporate governance

standards of listed companies, which require, among other things, that the majority of the board of

directors be independent.

Since we are not currently subject to corporate governance standards relating to the independence of our

directors, we choose to define an “independent” director in accordance with NASDAQ Marketplace Rule

5605(a)(2)). The NASDAQ independence definition includes a series of objective tests, such as that the

director is not an employee of the company and has not engaged in various types of business dealings

with the company. We have two independent directors under the above definition.

ITEM 14.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

The following table sets forth information regarding the amount billed to us by our independent auditor,

Davidson & Company, LLP, for our fiscal years ended December 31, 2013 and 2012:

Years ended December 31

2013

2012

Audit Fees:

$10,000

$15,000

Audit Related Fees:

$ 3,485

$ 8,305

Tax Fees:

All Other Fees:

Total:

$13,485

$23,305

Audit Fees

Audit Fees are the aggregate fees billed by our independent auditor for the audit of our consolidated

annual financial statements, reviews of interim financial statements and attestation services that are

provided in connection with statutory and regulatory filings or engagements.

Audit-Related Fees

Audit-Related Fees are fees charged by our independent auditor for assurance and related services that are

reasonably related to the performance of the audit or review of our financial statements and are not

reported under "Audit Fees." This category comprises fees billed for independent accountant review of

our interim financial statements and management discussion and analysis, as well as advisory services

associated with our financial reporting.

Policy on Pre-Approval by Audit Committee of Services Performed by Independent Auditors

Our Audit Committee pre-approves all audit services to be provided to us by our independent auditors.

Our Audit Committee’s policy regarding the pre-approval of non-audit services to be provided to us by

our independent auditors is that all such services shall be pre-approved by the Audit Committee. Non-

audit services that are prohibited to be provided by our independent auditors may not be pre-approved. In

addition, prior to the granting of any pre-approval, our Audit Committee must be satisfied that the

performance of the services in question will not compromise the independence of the auditors.

PART IV

ITEM 15.

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) Financial Statements

The following documents are filed under “Item 8. Financial Statements and Supplementary Data,” pages

F-1 through F-13, and are included as part of this Form 10-K:

Consolidated financial Statements of the Company for the years ended December 31, 2013 and 2012:

Report of Independent Registered Public Accounting Firm

Consolidated Balance Sheets

Consolidated Statements of Operations and Comprehensive Loss

Consolidated Statement of Stockholders’ Equity

Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements

(b) Exhibits

The exhibits required to be attached by Item 601 of Regulation S-K are listed in the Index to Exhibits on

page 27 of this Form 10-K, and are incorporated herein by this reference.

(c) Financial Statement Schedules

We are not filing any financial statement schedules as part of this Form 10-K because such schedules are

either not applicable or the required information is included in the financial statements or notes thereto.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant

has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Arvana, Inc.

By: /s/ Ruairidh Campbell

Ruairidh Campbell, Chief Executive Officer,

Chief Financial Officer, Principal Accounting

Officer and Director

Date: March 31, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by

the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Ruairidh Campbell

Ruairidh Campbell, Chief Executive Officer,

Chief Financial Officer, Principal Accounting

Officer and Director

Date: March 31, 2014

By: /s/ Sir John Baring

Sir John Baring

Director

Date: March 31, 2014

By: /s/ Shawn Teigen

Shawn Teigen

Director

Date: March 31, 2014

EXHIBIT INDEX

Regulation

S-K

Exhibit

Number

2.1

Agreement and Plan of Reorganization between the Company, Arvana Networks, Inc. and

the Shareholders of Arvana Networks, Inc. dated August 18, 2005⁽¹⁾

3.1

Articles of Incorporation⁽²⁾

3.2

Bylaws, as amended⁽²⁾

3.3

Amendment to Articles of Incorporation⁽³⁾

10.1

2006 Stock Option Plan, dated June 5, 2006⁽⁴⁾

14.1

Code of Ethics⁽⁵⁾

Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-

14(a) of the Exchange Act⁽⁶⁾

Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-

14(d) of the Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant to Section 906

of the Sarbanes-Oxley Act of 2002⁽⁶⁾

101.INS

XBRL Instance Document⁽⁷⁾

101.PRE

XBRL Taxonomy Extension Presentation Linkbase⁽⁷⁾

101.LAB

XBRL Taxonomy Extension Label Linkbase⁽⁷⁾

101.DEF

XBRL Taxonomy Extension Label Linkbase⁽⁷⁾

101.CAL

XBRL Taxonomy Extension Label Linkbase⁽⁷⁾

101.SCH

XB RL Taxonomy Extension Label Linkbase⁽⁷⁾

(1) Previously filed with the SEC as an exhibit to the Company’s Current Report on Form 8-K filed

with the SEC on August 19, 2005.

(2) Previously filed with the SEC as an exhibit to the Company’s registration statement on Form 10- SB

filed with the SEC on May 24, 2000.

(3) Previously filed with the SEC as an exhibit to the Company’s registration statement on Form 8-K

filed with the SEC on October 12, 2010.

(4) Previously filed with the SEC as an exhibit to the Company’s Quarterly Report on Form 8-K filed

with the SEC on June 7, 2006.

(5) Previously filed with the SEC as an exhibit to the Company’s Annual Report on Form 10-KSB filed

with the SEC on April 16, 2007.

(6) Filed as an exhibit to this Annual Report on Form 10-K.

(7) Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed “furnished” and not

“filed” or part of a registration statement or prospectus for purposes of Section 11 or 12 of the

Securities Act of 1933, or deemed “furnished” and not “filed” for purposes of Section 18 of the

Securities and Exchange Act of 1934, and otherwise is not subject to liability under these sections.