0001654954-18-009080.txt : 20180814 0001654954-18-009080.hdr.sgml : 20180814 20180814144602 ACCESSION NUMBER: 0001654954-18-009080 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 44 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180814 DATE AS OF CHANGE: 20180814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Investview, Inc. CENTRAL INDEX KEY: 0000862651 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 870369205 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-27019 FILM NUMBER: 181016491 BUSINESS ADDRESS: STREET 1: 12 SOUTH 400 WEST STREET 2: 3RD FLOOR CITY: SALT LAKE CITY STATE: UT ZIP: 84101 BUSINESS PHONE: (888)778-5372 MAIL ADDRESS: STREET 1: 12 SOUTH 400 WEST STREET 2: 3RD FLOOR CITY: SALT LAKE CITY STATE: UT ZIP: 84101 FORMER COMPANY: FORMER CONFORMED NAME: Global Investor Services, Inc. DATE OF NAME CHANGE: 20081001 FORMER COMPANY: FORMER CONFORMED NAME: TheRetirementSolution.com, Inc. DATE OF NAME CHANGE: 20060918 FORMER COMPANY: FORMER CONFORMED NAME: Voxpath Holdings, Inc. DATE OF NAME CHANGE: 20060619 10-Q 1 invu_10-q.htm QUARTERLY REPORT Blueprint
 

U.S. Securities and Exchange Commission
Washington, DC 20549
 
FORM 10-Q
 
☒  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED
 
June 30, 2018
 
☐ 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 000-27019
 
Investview, Inc.
(Exact name of registrant as specified in its charter)
 
Nevada
 
87-0369205
(State or other jurisdiction of incorporation)
 
(I.R.S. Employer Identification No.)
 
12 South 400 West
Salt Lake City, Utah 84101
(Address of principal executive offices)
 
Issuer’s telephone number: 888-778-5372
 
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
No
 
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
No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer ☐
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company ☒
Emerging growth company ☐
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes
No
 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of August 10, 2018, there were 2,219,661,318 shares of common stock, $0.001 par value, outstanding.

 
 
 
INVESTVIEW, INC.
 
Form 10-Q for the Three Months Ended June 30, 2018
 
Table of Contents
 
PART I – FINANCIAL INFORMATION
3
 
 
ITEM 1 – FINANCIAL STATEMENTS
3
 
 
Condensed Consolidated Balance Sheets as of June 30, 2018 (Unaudited) and March 31, 2018
3
 
 
Condensed Consolidated Statements of Operations for the Three Months Ended June 30, 2018 and 2017 (Unaudited)
4
 
 
Condensed Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2018 and 2017 (Unaudited)
5
 
 
Notes to the Condensed Consolidated Financial Statements
6
 
 
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
14
 
 
ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
17
 
 
ITEM 4 – CONTROLS AND PROCEDURES
17
 
 
PART II – OTHER INFORMATION
18
 
 
ITEM 1 – LEGAL PROCEEDINGS
18
 
 
ITEM 1.A – RISK FACTORS
18
 
 
ITEM 2 – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
18
 
 
ITEM 3 – DEFAULTS UPON SENIOR SECURITIES
18
 
 
ITEM 4 – MINE SAFELY DISCLOSURES
18
 
 
ITEM 5 – OTHER INFORMATION
18
 
 
ITEM 6 – EXHIBITS
19
 
 
SIGNATURE PAGE
20
 
 
 
2
 
  
PART I – FINANCIAL INFORMATION
 
ITEM 1 – FINANCIAL STATEMENTS
 
INVESTVIEW, INC.
 
 
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
 
 
 
 
June 30,
 
 
March 31,
 
 
 
 2018
 
 
 2018
 
 
 
 (Unaudited)
 
 
 
 
ASSETS
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 $553,871 
 $1,490,686 
Prepaid assets
  1,685 
  3,555 
Receivables
  338,340 
  472,557 
Short term advances
  10,000 
  10,000 
Short term advances - related party
  26,410 
  36,510 
Other current assets
  141,328 
  480,370 
  Total current assets
  1,071,634 
  2,493,678 
 
    
    
Fixed assets, net
  17,358 
  18,860 
 
    
    
Other assets:
    
    
Long term license agreement, net
  2,096,123 
  2,133,620 
Deposits
  4,500 
  4,500 
  Total other assets
  2,100,623 
  2,138,120 
 
    
    
Total assets
 $3,189,615 
 $4,650,658 
 
    
    
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
    
    
Current liabilities:
    
    
Accounts payable and accrued liabilities
 $4,859,379 
 $5,352,073 
Deferred revenue
  1,133,886 
  863,740 
Related party payables
  201,880 
  1,880 
Debt
  128,245 
  195,245 
  Total current liabilities
  6,323,390 
  6,412,938 
 
    
    
Total liabilities
  6,323,390 
  6,412,938 
 
    
    
Commitments and contingencies
  - 
  - 
 
    
    
STOCKHOLDERS' EQUITY (DEFICIT)
    
    
Preferred stock, par value: $0.001; 10,000,000 shares authorized, none issued and outstanding as of June 30, 2018 and March 31, 2018
  - 
  - 
Common stock, par value $0.001; 10,000,000,000 shares authorized; 2,169,661,318 issued and outstanding as of June 30, 2018 and March 31, 2018
  2,169,661 
  2,169,661 
Additional paid in capital
  16,137,945 
  16,137,945 
Accumulated other comprehensive income (loss)
  1,135 
  (2,483)
Accumulated deficit
  (21,442,516)
  (20,067,403)
  Total stockholders' equity (deficit)
  (3,133,775)
  (1,762,280)
 
    
    
Total liabilities and stockholders' equity (deficit)
 $3,189,615 
 $4,650,658 
 
    
    
 
The accompanying notes are an integral part of these condensed consolidated financial statements
 
 
 
3
 
 
 
INVESTVIEW, INC.
 
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 Three Months Ended
June 30,
 
 
 
 2018
 
 
 2017
 
Revenue:
 
 
 
 
 
 
Subscription revenue, net of refunds, incentives, credits, and chargebacks
 $6,111,389 
 $2,977,802 
Cryptocurrency mining service revenue, net of amounts paid to supplier
  1,400,432 
  - 
  Total revenue, net
  7,511,821 
  2,977,802 
 
    
    
Operating costs and expenses:
    
    
Cost of sales and service
  229,552 
  194,286 
Commissions
  6,181,359 
  2,480,392 
Selling and marketing
  215,964 
  149,378 
Salary and related
  892,520 
  437,146 
Professional fees
  558,081 
  399,829 
General and administrative
  939,784 
  338,005 
  Total operating costs and expenses
  9,017,260 
  3,999,036 
 
    
    
Net loss from operations
  (1,505,439)
  (1,021,234)
 
    
    
Other income (expense):
    
    
Gain (loss) on debt extinguishment
  19,387 
  (2,686,387)
Loss on spin-off of operations
  - 
  (1,118,609)
Realized gain on cryptocurrency
  23,732 
  - 
Unrealized loss on cryptocurrency
  (289)
  - 
Interest expense - related parties
  - 
  (3,000)
Interest expense
  - 
  (10,767)
Other income (expense)
  98,539 
  (2,378)
  Total other income (expense)
  141,369 
  (3,821,141)
 
    
    
Loss before income taxes
  (1,364,070)
  (4,842,375)
 
    
    
Income tax expense
  (11,043)
  (6,461)
 
    
    
Net Loss
 $(1,375,113)
 $(4,848,836)
 
    
    
Loss per common share, basic and diluted
 $(0.00)
 $(0.00)
 
    
    
Weighted average number of common shares outstanding, basic and diluted
  2,169,661,318 
  1,586,188,514 
 
    
    
 
The accompanying notes are an integral part of these condensed consolidated financial statements
 
 
 
4
 
 
 
INVESTVIEW INC.
 
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
(Unaudited)
 
 
 
 
 
 
 Three Months Ended
June 30,
 
 
 
 2018
 
 
 2017
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
Net loss
 $(1,375,113)
 $(4,848,836)
 
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
 
    
Depreciation
  1,502 
  565 
Stock issued for services and license agreement
  - 
  9,477 
Amortization of long-term license agreement
  37,497 
  - 
Loss on spin-off of operations
  - 
  1,118,609 
(Gain) loss on debt extinguishment
  (19,387)
  2,686,387 
Realized gain on cryptocurrency
  (23,732)
  - 
Unrealized loss on cryptocurrency
  289 
  - 
Changes in operating assets and liabilities:
    
    
Receivables
  134,217 
  51,855 
Prepaid assets
  1,870 
  - 
Short term advances from related parties
  10,100 
  - 
Other current assets
  362,485 
  - 
Accounts payable and accrued liabilities
  (469,531)
  (208,786)
Deferred revenue
  272,219 
  245,963 
Accrued interest
  - 
  9,633 
Accrued interest - related parties
  - 
  3,000 
  Net cash used in operating activities
  (1,067,584)
  (932,133)
 
    
    
CASH FLOWS FROM INVESTING ACTIVITIES:
    
    
Cash received in reverse acquisition
  - 
  3,550 
  Net cash provided by investing activities
  - 
  3,550 
 
    
    
CASH FLOWS FROM FINANCING ACTIVITIES:
    
    
Proceeds from related parties
  200,000 
  316,224 
Repayments for related party payables
  - 
  (148,000)
Proceeds from debt
  - 
  875,000 
Repayments for debt
  (67,000)
  (126,059)
Proceeds from the sale of stock
  - 
  30,000 
  Net cash provided by financing activities
  133,000 
  947,165 
 
    
    
Effect of exchange rate translation on cash
  (2,231)
  - 
 
    
    
Net increase (decrease) in cash and cash equivalents
  (936,815)
  18,582 
Cash and cash equivalents-beginning of period
  1,490,686 
  1,616 
Cash and cash equivalents-end of period
 $553,871 
 $20,198 
 
    
    
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
    
    
Cash paid during the period for:
    
    
Interest
 $- 
 $3,000 
Income taxes
 $11,043 
 $6,461 
Non cash investing and financing activities:
    
    
Common stock issued for reverse acquisition
 $- 
 $662,048 
Common stock issued in settlement of debt
 $- 
 $2,253,640 
Common stock issued for prepaid services and long term license agreement
 $- 
 $2,246,523 
 
    
    
 
The accompanying notes are an integral part of these condensed consolidated financial statements
 

 
5
INVESTVIEW, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Unaudited)
 
NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS
 
Organization
 
Investview, Inc. was incorporated on January 30, 1946, under the laws of the state of Utah as the Uintah Mountain Copper Mining Company. In January 2005 the Company changed domicile to Nevada, and changed its name to Voxpath Holding, Inc. In September of 2006 the Company merged The Retirement Solution Inc. through a Share Purchase Agreement into Voxpath Holdings, Inc. and then changed its name to TheRetirementSolution.Com, Inc. In October 2008 the Company changed its name to Global Investor Services, Inc., before changing its name to Investview, Inc., on March 27, 2012.
 
On March 31, 2017, we entered into a Contribution Agreement with the members of Wealth Generators, LLC, a limited liability company (“Wealth Generators”), pursuant to which the Wealth Generators members agreed to contribute 100% of the outstanding securities of Wealth Generators in exchange for an aggregate of 1,358,670,942 shares of our common stock. The closing of the Contribution Agreement was effective April 1, 2017, and Wealth Generators became our wholly owned subsidiary and the former members of Wealth Generators became our stockholders and control the majority of our outstanding common stock.
 
On June 6, 2017, we entered into an Acquisition Agreement with Market Trend Strategies, LLC, a company whose members are also former members of our management. Under the Acquisition Agreement, we spun-off our operations that existed prior to the merger with Wealth Generators and sold the intangible assets used in those pre-merger operations in exchange for Market Trend Strategies’ assumption of $419,139 in pre-merger liabilities.
 
On February 28, 2018, we filed a name change for Wealth Generators, LLC to Kuvera, LLC (“Kuvera”) and on May 7, 2018 we established WealthGen Global, LLC as a Utah limited liability company and a wholly owned subsidiary of Investview, Inc.
 
On July 20, 2018, Investview, Inc. entered into a Purchase Agreement with United Games Marketing LLC, a Utah limited liability company, to purchase its wholly owned subsidiaries United Games, LLC and United League, LLC for 50,000,000 Shares of Investview’s common stock (see Note 9).
 
Nature of Business
 
Through our wholly owned subsidiary, Kuvera, we provide research, education, and investment tools designed to assist the self-directed investor in successfully navigating the financial markets. These services include research, trade alerts, and live trading rooms that include instruction in equities, options, FOREX, ETFs, binary options, crowdfunding and cryptocurrency mining services and sector education. In addition to trading tools and research, we also offer full education and software applications to assist the individual in debt reduction, increased savings, budgeting, and proper tax management. Each product subscription includes a core set of trading tools/research along with the personal finance management suite to provide an individual with complete access to the information necessary to cultivate and manage his or her financial situation. Different packages are available through a monthly subscription that can be cancelled at any time at the discretion of the customer. A unique component of the product marketing plan is the distribution method whereby all subscriptions are sold via current participating customers who choose to distribute and sell the services by participating in the bonus plan. The bonus plan participation is purely optional but enables individuals to create an additional income stream to further support their personal financial goals and objectives.
 
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Basis of Presentation
 
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations (Regulation S-X) of the Securities and Exchange Commission (the “SEC”) and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the three months ended June 30, 2018, are not necessarily indicative of the operating results that may be expected for the year ending March 31, 2019. These unaudited condensed consolidated financial statements should be read in conjunction with the March 31, 2018 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2018.
 
 
6
INVESTVIEW, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Unaudited)
 
Principles of Consolidation
 
The consolidated financial statements include the accounts of Investview, Inc., and our wholly owned subsidiaries, Kuvera, LLC, Investment Tools & Training, LLC, Razor Data Corp., S.A.F.E. Management, LLC, and WealthGen Global, LLC. We have determined that one affiliated entity, Kuvera LATAM S.A.S., which we conduct business with, is a variable interest entity and we are the primary beneficiary of the entities activities. As a result, we have consolidated the accounts of this variable interest entity into the accompanying consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation.
 
Use of Estimates
 
The preparation of these unaudited condensed consolidated financial statements in conformity with generally accepted accounting principles 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.
 
Foreign Exchange
 
We have consolidated the accounts of Kuvera LATAM S.A.S. into our consolidated financial statements. The operations of Kuvera LATAM S.A.S. are conducted in Colombia and its functional currency is the Colombian Peso.
 
The financial statements of Kuvera LATAM S.A.S. are prepared using the Colombian Peso and have been translated into U.S. dollars (“USD”). Assets and liabilities are translated into USD at the applicable exchange rates at period-end. Stockholders’ equity is translated using historical exchange rates. Revenue and expenses are translated at the average exchange rates for the period. Any translation adjustments are included as foreign currency translation adjustments in accumulated other comprehensive income in our stockholders’ equity (deficit).
 
The following rates were used to translate the accounts of Kuvera LATAM S.A.S. into USD at the following balance sheet dates.
 
 
 
June 30,
2018
 
 
March 31,
2018
 
Colombian Peso to USD
  0.00034 
  0.00036 
 
The following rates were used to translate the accounts of Kuvera LATAM S.A.S. into USD for the following operating periods.
 
 
 
Three Months Ended
June 30,
 
 
 
2018
 
 
2017
 
Colombian Peso to USD
  0.00035 
  n/a 
 
Cryptocurrencies
 
We hold cryptocurrency-denominated assets (“cryptocurrencies”) and include them in our consolidated balance sheet as other current assets. We record cryptocurrencies at fair market value and recognize the change in the fair value of our cryptocurrencies as an unrealized gain or loss in the consolidated statement of operations. As of June 30, 2018 and March 31, 2018 the fair value of our cryptocurrencies was $141,328 and $480,370, respectively. During the three months ended June 30, 2018 we recorded $23,732 and $(289) as a total realized and unrealized gain (loss) on cryptocurrency. We recorded no gain or loss on cryptocurrencies during the three months ended June 30, 2017.
 
Long-Lived Assets – License Agreement
 
We account for our long-term license agreement in accordance with ASC Subtopic 350-30, General Intangibles Other Than Goodwill, and ASC Subtopic 360-10-05, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC Subtopic 350-30 requires assets to be measured based on the fair value of the consideration given or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. Further, ASC Subtopic 350-30 requires an intangible asset to be amortized over its useful life.
 
 
7
INVESTVIEW, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Unaudited)
 
In June of 2017 we issued 80,000,000 shares of common stock with a value of $2,256,000 for a 15-year license agreement. Annual amortization over the 15-year life is expected to be $150,400 per year. Amortization recognized for the three months ended June 30, 2018 and 2017 was $37,497 and $9,477, respectively, and the long-term license agreement was recorded at a net value of $2,096,123 and $2,133,620 as of June 30, 2018 and March 31, 2018, respectively.
 
Impairment of Long-Lived Assets
 
We have adopted ASC Subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or when the historical cost carrying value of an asset may no longer be appropriate. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve break-even operating results over an extended period.
 
The Company evaluates the recoverability of long-lived assets based upon future net cash flows expected to result from the asset, including eventual disposition. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted and an impairment loss is recorded equal to the difference between the asset’s carrying value and fair value or disposable value. During the three months ended June 30, 2018 and 2017 no impairment was recognized.
 
Fair Value of Financial Instruments
 
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on our principal or, in the absence of a principal, most advantageous market for the specific asset or liability.
 
U.S. generally accepted accounting principles provide for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows:
 
Level 1: 
Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access.
 
Level 2: 
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including:
 
quoted prices for similar assets or liabilities in active markets;
quoted prices for identical or similar assets or liabilities in markets that are not active;
inputs other than quoted prices that are observable for the asset or liability; and
inputs that are derived principally from or corroborated by observable market data by correlation or other means.
 
Level 3: 
Inputs that are unobservable and reflect management’s own assumptions about the inputs market participants would use in pricing the asset or liability based on the best information available in the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows).
 
Our financial instruments consist of cash, accounts receivable, accounts payable, and debt. We have determined that the book value of our outstanding financial instruments as of June 30, 2018 and March 31, 2018, approximates the fair value due to their short-term nature.
 
Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of June 30, 2018:
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
Cryptocurrencies
 $141,328 
 $- 
 $- 
 $141,328 
Total Assets
 $141,328 
 $- 
 $- 
 $141,328 
 
    
    
    
    
Total Liabilities
 $- 
 $- 
 $- 
 $- 
 
 
8
INVESTVIEW, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Unaudited)
 
Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of March 31, 2018:
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
Cryptocurrencies
 $480,370 
 $- 
 $- 
 $480,370 
Total Assets
 $480,370 
 $- 
 $- 
 $480,370 
 
    
    
    
    
Total Liabilities
 $- 
 $- 
 $- 
 $- 
 
Revenue Recognition
 
Effective April 1, 2018 we adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 606-10, Revenue from Contracts with Customers (“ASC 606-10”). The adoption of ASC 606-10 had no impact on prior year or previously disclosed amounts. In accordance with ASC 606-10, revenue is measured based on a consideration specified in a contract with a customer and recognized when we satisfy the performance obligation specified in each contract.
 
The majority of our revenue is generated by subscription sales and payment is received at the time of purchase. Our performance obligation is to provide services over a fixed subscription period therefore we recognize revenue ratably over the subscription period and deferred revenue is recorded for the portion of the subscription period subsequent to each reporting date. Additionally, we offer a 10-day trial period to subscription customers, during which a full refund can be requested if a customer does not like the product. Revenues are deferred during the trial period as collection is not probable until that time has passed. Revenues are presented net of refunds, sales incentives, credits, and known and estimated credit card chargebacks.
 
We generate revenue from the sale of cryptocurrency mining services to our customers through an arrangement with a third-party supplier. Our performance obligation is to arrange for the third-party to provide mining services to our customers and payment is received at the time of purchase therefore revenue is recognized upon receipt of payment. We recognize revenue in the amount of the fee to which we are entitled to as an agent, or the amount of consideration that we retain after paying the third-party the consideration received in exchange for the services the third-party is to provide.
 
Revenue generated for the three months ended June 30, 2018 and 2017, is as follows:
 
 
 
June 30,
2018
 
 
June 30,
2017
 
 
 
Subscription
Revenue
 
 
Cryptocurrency Mining Revenue
 
 
Total
 
 
Subscription Revenue
 
 
Cryptocurrency Mining Revenue
 
 
Total
 
Gross billings
 $6,510,786 
 $4,169,470 
 $10,680,256 
 $3,190,087 
 $- 
 $3,190,087 
Refunds, incentives, credits, and chargebacks
  (399,397)
  - 
  (399,397)
  (212,285)
  - 
  (212,285)
Amounts paid to supplier
  - 
  (2,769,038)
  (2,769,038)
  - 
  - 
  - 
Net revenue
 $6,111,389 
 $1,400,432 
 $7,511,821 
 $2,977,802 
 $- 
 $2,977,802 
 
Net Income (Loss) per Share
 
We follow ASC subtopic 260-10, Earnings per Share (“ASC 260-10”), which specifies the computation, presentation, and disclosure requirements of earnings per share information. Basic loss per share has been calculated based upon the weighted average number of common shares outstanding. Convertible debt, stock options, and warrants have been excluded as common stock equivalents in the diluted loss per share because their effect is anti-dilutive on the computation.
 
Potentially dilutive securities excluded from the computation of basic and diluted net loss per share are as follows:
 
 
 
June 30,
2018
 
 
June 30,
2017
 
Options to purchase common stock
  35,000 
  35,000 
Warrants to purchase common stock
  6,139,497 
  6,534,810 
Totals
  6,174,497 
  6,569,810 
 
 
9
INVESTVIEW, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Unaudited)
 
NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS
 
There are no recently issued accounting pronouncements that the Company has not yet adopted that they believe are applicable or would have a material impact on the financial statements of the Company.
  
NOTE 4 – GOING CONCERN AND LIQUIDITY
 
Our financial statements are prepared using generally accepted accounting principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. We have incurred significant recurring losses, which have resulted in an accumulated deficit of $21,442,516 as of June 30, 2018, along with a net loss of $1,375,113 and net cash used in operations of $1,067,584 for the three months ended June 30, 2018. Additionally, as of June 30, 2018, we had cash of $553,871 and a working capital deficit of $5,251,756. These factors raise substantial doubt about our ability to continue as a going concern.
 
Historically we have relied on increasing revenues and new debt financing to pay for operational expenses and debt as it came due. During the three months ended June 30, 2018, we raised $200,000 in cash proceeds from related parties. Going forward we plan to reduce obligations with cash flow provided by operations and pursue additional debt and equity financing; however, we cannot assure that funds will be available on terms acceptable to us, or if available, will be sufficient to enable us to fully complete our development activities or sustain operations. Nevertheless, the shortage of working capital adversely affects our ability to develop or participate in activities that promote our business, because a substantial portion of cash flow goes to reduce debt rather than to advance operating activities. To address this, we have implemented a series of adjustments to our affiliate/distributor bonus plan. These adjustments are designed to bring the maximum payout percentage in line with company objectives. During prior periods, the bonus plan had exceeded maximum payouts and consistently paid out near the maximum percentage. We believe the adjustments initiated will reduce the payout over time with payout percentages closer to 60%.
 
Accordingly, the accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate our continuation as a going concern and the realization of assets and satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in the financial statements do not necessarily purport to represent realizable or settlement values. The financial statements do not include any adjustment that might result from the outcome of this uncertainty.
 
NOTE 5 – RELATED-PARTY TRANSACTIONS
 
Our related-party payables consisted of short-term advances of $201,880 and $1,880 as of June 30, 2018 and March 31, 2018, respectively. We periodically receive advances for operating funds from our current majority shareholders (former members of Wealth Generators prior to the reverse acquisition) and other related parties, including entities that are owned, controlled, or influenced by our owners or management. These advances are due on demand, generally have no interest or fees associated with them, and are unsecured. During the three months ended June 30, 2018, we received $200,000 in cash proceeds from related party advances.
 
NOTE 6 – DEBT
 
Our debt was $128,245 and $195,245 as of June 30, 2018 and March 31, 2018, respectively. During April 2016, we entered into a Royalty Agreement, which was replaced with a Revenue Share Agreement dated June 28, 2016, which was amended in October of 2016. Cash receipts were received of $100,000, $150,000, and $250,000 on April 19, May 11, and June 29, 2016, respectively. In accordance with the terms of the final amended agreement, we are required to make payments of $25,000 per month or a 3% royalty for the previous month’s sales, whichever is greater, beginning February 15, 2017, until the lender has been repaid $600,000. During the three months ended June 30, 2018, we repaid $67,000.
 
 
10
INVESTVIEW, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Unaudited)
 
NOTE 7 – STOCKHOLDERS’ EQUITY (DEFICIT)
 
Preferred Stock
 
We are authorized to issue up to 10,000,000 shares of preferred stock with a par value of $0.001 and our Board of Directors has the authority to issue one or more classes of preferred stock with rights senior to those of common stock and to determine the rights, privileges and inference of that preferred stock, which has not yet been done. As of June 30 and March 31, 2018 we had no preferred stock issued or outstanding.
 
Common Stock
 
During the three months ended June 30, 2018, we had no issuances of our shares of common stock. As of June 30 and March 31, 2018, the Company had 2,169,661,318 shares of common stock issued and outstanding.
 
Employee Stock Options
 
The nonqualified plan adopted in 2007 authorized 65,000 shares, of which 47,500 had been granted as of March 31, 2018. The qualified plan adopted in October of 2008 authorizes 125,000 shares and was approved by a majority of our shareholders on September 16, 2009. As of March 31, 2018, 42,500 shares had been granted under the 2008 plan. Effective April 1, 2018 we cancelled both the 2007 and 2008 plans, as well as any shares that were allocated under the plans and were not yet issued.
 
The following table summarizes the changes in employee stock options outstanding and the related prices for the shares of our common stock issued to employees under two employee stock option plans:
 
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
 
Weighted
 
 
Average
 
 
 
 
 
 
 
 
 
Average
 
 
Remaining
 
 
Aggregate
 
 
 
Number of
 
 
Exercise
 
 
Contractual
 
 
Intrinsic
 
 
 
Shares
 
 
Price
 
 
Life (years)
 
 
Value
 
Options outstanding at March 31, 2017
  35,000 
 $10.00 
  2.51 
 $- 
Granted
  - 
 $- 
    
    
Exercised
  - 
 $- 
    
    
Canceled / expired
  - 
 $- 
    
    
Options outstanding at March 31, 2018
  35,000 
 $10.00 
  1.51 
 $- 
Granted
  - 
 $- 
    
    
Exercised
  - 
 $- 
    
    
Canceled / expired
  - 
 $- 
    
    
Options outstanding at June 30, 2018
  35,000 
 $10.00 
  1.26 
 $- 
Options exercisable at June 30, 2018
  35,000 
 $10.00 
  1.26 
 $- 
 
 
11
INVESTVIEW, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Unaudited)
 
Stock-based compensation expense in connection with options granted to employees for the three months ended June 30, 2018 and 2017, was $0.
 
Warrants
 
The following table summarizes the warrants outstanding and the related prices for the shares of our common stock as of June 30, 2018:
 
 
 
 
 
Warrants Outstanding
 
 
Warrants Exercisable
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
Weighted
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
Remaining
 
 
Average
 
 
 
 
 
Average
 
 
Exercise
 
 
Number
 
 
Contractual
 
 
Exercise
 
 
Number
 
 
Exercise
 
 
Price
 
 
Outstanding
 
 
Life (Years)
 
 
Price
 
 
Exercisable
 
 
Price
 
 $1.50 
  6,127,497 
  0.99 
 $1.50 
  6,127,497 
 $1.50 
 $2.50 
  12,000 
  0.05 
 $2.50 
  12,000 
 $2.50 
 
Total
 
  6,139,497 
  0.99 
 $1.50 
  6,139,497 
 $1.50 
 
Transactions involving our warrant issuance are summarized as follows:
 
 
 
 
 
 
Weighted
 
 
 
Number of
 
 
Average
 
 
 
Shares
 
 
Exercise Price
 
Warrants outstanding at March 31, 2017
  6,534,810 
 $1.48 
Granted / restated
  - 
 $- 
Canceled
  - 
 $- 
Expired
  (365,313)
 $(1.18)
Warrants outstanding at March 31, 2018
  6,169,497 
 $1.50 
Granted
  - 
 $- 
Canceled
  - 
 $- 
Expired
  (30,000)
 $0.50 
Warrants outstanding at June 30, 2018
  6,139,497 
 $1.50 
 
 
12
INVESTVIEW, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Unaudited)
 
NOTE 8 – COMMITMENTS AND CONTINGENCIES
 
Litigation
 
In the ordinary course of business, we may be or have been involved in legal proceedings from time to time. Below is a description of all legal proceedings we were involved in as of June 30, 2018.
 
On November 1, 2017, we filed a lawsuit in the Fourth Judicial District Court for Utah County, State of Utah, Wealth Generators, LLC, v. Evan Cabral, Daniel Lopez, John Legarreta, Johnathan Lopez, Julian Kuschner, Nick Gomez, Luke Shulla, Nestor Velazquez, Christopher Terry, Isis De La Torre, Alex Morton, Ivan Briongos, Brandon Boyd, and International Markets Live Ltd. d/b/a iMarketslive, Civil No. 170401615, alleging corporate espionage and misappropriation of corporate information. The lawsuit alleges that International Markets Live Ltd., dba iMarketslive, conspired with a number of individuals affiliated with Wealth Generators to steal our confidential information, intellectual property, and trade secrets. We are seeking injunctive relief to protect our business and damages of not less than $300,000.
 
In February 2018, we received a subpoena from the United States Commodity Futures Trading Commission (“CFTC”). We complied with the terms of the subpoena and have negotiated a resolution of this matter with the CFTC staff. Under the proposed resolution, we will not admit or deny any of the allegations, will pay a fine of $150,000, and will agree not to act as an unregistered Commodities Trading Advisor in the future. We cannot provide any assurance that the resolution we have negotiated with the CFTC staff will be approved by the CFTC. We await the acceptance of the resolution from the CFTC.
 
Jim Westphal filed a wage claim against Wealth Generators, LLC, in the United States District Court for the District of Utah, Central Division (Case No. 2:18-cv-00080) in the amount of $6,500 plus liquidated damages. Plaintiff is claiming unpaid overtime wages. Wealth Generators contends that Mr. Westphal was an independent contractor, hired on a limited basis to perform software services, and is accordingly not entitled to overtime payments under the Fair Labor Standards Act. Moreover, Plaintiff never provided the promised software pursuant to the parties’ agreement. We filed a counterclaim on July 12, 2018, seeking damages of approximately $20,000 and demanding a jury trial.
 
NOTE 9 – SUBSEQUENT EVENTS
 
On July 20, 2018, we entered into a Purchase Agreement with United Games Marketing LLC, a Utah limited liability company, to purchase its wholly owned subsidiaries United Games, LLC and United League, LLC for 50,000,000 shares of our common stock. United Games, LLC and United League, LLC provide distributor marketing back-office and commission tools and online sports gaming experience for users of their applications distributed through their networks of affiliates therefore we expect significant synergies to exist as a result of combining operations. Disclosures required for a business combination have not been presented as of June 30, 2018 because as of the date of this filing the accounting for the business combination is not yet complete.
 
In accordance with ASC Topic 855, Subsequent Events, we have evaluated subsequent events through the date of this filing and have determined that there are no additional subsequent events that require disclosure.
 
 
13
 
 
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
Forward-Looking Statements
 
The following discussion should be read in conjunction with our consolidated financial statements and notes to our financial statements included elsewhere in this report. This discussion contains forward-looking statements that involve risks and uncertainties. When the words “believe,” “expect,” “plan,” “project,” “estimate,” and similar expressions are used, they identify forward-looking statements. These forward-looking statements are based on management’s current beliefs and assumptions and information currently available to management, and involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by these forward-looking statements. Information concerning factors that could cause our actual results to differ materially from these forward-looking statements can be found in our periodic reports filed with the Securities and Exchange Commission (“SEC”). The forward-looking statements included in this report are made only as of the date of this report. We disclaim any obligation to update any forward-looking statements whether as a result of new information, future events, or otherwise.
 
Business Overview
 
We provide education and technology designed to assist individuals in navigating the financial markets. Our services include research, newsletter alerts, and live education rooms that provide instruction on the subjects of equities, options, FOREX, ETFs, binary options, crowdfunding and cryptocurrency mining services and sector education. In addition to tools and research, we offer education and technology applications to assist individuals in debt reduction, increased savings, budgeting, and proper tax expense management.
 
Each product subscription includes a core set of tools/research, along with the personal finance management suite, to provide an individual with complete access to the information necessary to cultivate and manage his or her financial situation. Four packages are available through a monthly subscription that can be cancelled at any time at the discretion of the customer. A unique component of the product marketing plan is the distribution method whereby all subscriptions are sold via current participating customers who choose to distribute and sell the services. The bonus plan participation is purely optional, but enables individuals to create an additional income stream to further support their personal financial goals and objectives.
 
Our target market is comprised of individuals who seek to learn how to improve their financial condition and desire to learn how to reduce debt, budget their income, increase savings, and allocate their financial resource to create additional income both active and passive. We believe our marketing strategy is unique. Customer acquisition is realized through word-of-mouth marketing by those customers who actively distribute the product through home meetings, in person presentations, one-on-one interaction, and large seminars organized and delivered by the distributors in conjunction with the company. We plan to continue to develop the in-place network and anticipate significant growth initiatives in foreign markets.
 
We believe our past preparation will support growth without a significant increase in expenses other than customer support and the bonus plan, which rises commensurate with revenues. Our investment in our platform, personnel, and executive management has provided us the ability to handle over four times our current volume.
 
Results of Operations
 
Three Months Ended June 30, 2018 Compared to Three Months Ended June 30, 2017
 
Revenues
 
We recorded net revenue of $7,511,821 for the three months ended June 30, 2018, which was an increase of $4,534,019 or 152%, from the prior period revenue of $2,977,802. The increase is due to the introduction of cryptocurrency education, research, and mining packages as new products, along with a substantial increase in our customer base. Our gross billings increased by 235% ($10,680,256 in the three months ended June 30, 2018, versus $3,190,087 in the three months ended June 30, 2017); however, this was offset by refunds, incentives, credits, chargebacks, and amounts paid to suppliers.
 
 
14
 
 
Operating Costs and Expenses
 
We recorded operating costs and expenses of $9,017,260 for the three months ended June 30, 2018, which was an increase of $5,018,224, or 125%, from the prior period’s operating costs and expenses of $3,999,036. This change is principally a result of an increase of $3,700,967, or 149%, in commissions due to increasing revenues, the growth of the distribution network, and bonus programs in place that did not exist in the prior year. There was also an increase of $601,779, or 178%, in general and administrative expenses, which was mostly due to increases in platform development costs and hosting costs, along with increases in bank and merchant account fees related to increases in revenue.
 
Other Income and Expenses
 
We recorded other income of $141,369 for the three months ended June 30, 2018, which was a difference of $3,962,510, or 104%, from the prior period other expenses of $3,821,141. The change is due to the loss on debt extinguishment of $2,686,387 and the loss on spin-off of operations of $1,118,609 during the three months ended June 30, 2017, as compared to no such expense in the current period.
 
Liquidity and Capital Resources
 
During the three months ended June 30, 2018, we incurred a loss of $1,375,113. This loss was funded by our cash on hand and advances of $200,000 from related parties. As a result, our cash and cash equivalents decreased by $936,815 to $553,871 as compared to $1,490,686 at the beginning of the fiscal year.
 
Our current liabilities exceeded our current assets (working capital deficit) by $5,251,756 as of June 30, 2018, as compared to $3,919,260 at March 31, 2018. The increase in the working capital deficit is due to the reduction of cash during the period coupled with an increase in deferred revenues due to increasing revenues during the period.
  
Going Concern
 
These interim unaudited financial statements have been prepared on the going concern basis, which assumes that adequate sources of financing will be obtained as required and that our assets will be realized and liabilities settled in the ordinary course of business. Accordingly, the interim unaudited financial statements do not include any adjustments related to the recoverability of assets and classification of assets and liabilities that might be necessary should we not be unable to continue as a going concern.
 
Our audited consolidated financial statements for the year ended March 31, 2018, state that our historical losses, accumulated deficit, cash balance, and working capital deficit raise substantial doubts about our ability to continue as a going concern. Historically we have relied on increasing revenues and new debt financing to pay for operational expenses and debt as it came due. Going forward, we plan to reduce obligations with cash flow provided by operations and pursue additional debt and equity financing; however, we cannot assure that funds will be available on terms acceptable to us or will be sufficient to enable us to fully complete our development activities or sustain operations. Nevertheless, the shortage of working capital adversely affects our ability to develop or participate in activities that promote our business, because a substantial portion of cash flow goes to reduce debt rather than to advance operating activities. To address this, we have implemented a series of adjustments to our affiliate/distributor bonus plan. These adjustments are designed to bring the maximum payout percentage in line with company objectives. During prior periods, the bonus plan had exceeded maximum payouts and consistently paid out near the maximum percentage. We believe the adjustments initiated will reduce the payout over time with payout percentages closer to 60%.
 
Critical Accounting Policies
 
Basis of Presentation
 
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations (Regulation S-X) of the SEC and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the three months ended June 30, 2018, are not necessarily indicative of the operating results that may be expected for the year ending March 31, 2019. These unaudited condensed consolidated financial statements should be read in conjunction with the March 31, 2018 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2018 filed on June 29, 2018.
 
 
15
 
 
Principles of Consolidation
 
The consolidated financial statements include the accounts of Investview, Inc., and our wholly owned subsidiaries, Kuvera, LLC, Investment Tools & Training, LLC, Razor Data Corp., S.A.F.E. Management, LLC, and WealthGen Global, LLC. We have determined that one affiliated entity, Kuvera LATAM S.A.S., which we conduct business with, is a variable interest entity and we are the primary beneficiary of the entities activities. As a result, we have consolidated the accounts of this variable interest entity into the accompanying consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation.
 
Use of Estimates
 
The preparation of these unaudited condensed consolidated financial statements in conformity with generally accepted accounting principles 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.
 
Revenue Recognition
 
Effective April 1, 2018 we adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 606-10, Revenue from Contracts with Customers (“ASC 606-10”). The adoption of ASC 606-10 had no impact on prior year or previouslydisclosed amounts. In accordance with ASC 606-10, revenue is measured based on a consideration specified in a contract with a customer and recognized when we satisfy the performance obligation specified in each contract.
 
The majority of our revenue is generated by subscription sales and payment is received at the time of purchase. Our performance obligation is to provide services over a fixed subscription period therefore we recognize revenue ratably over the subscription period and deferred revenue is recorded for the portion of the subscription period subsequent to each reporting date. Additionally, we offer a 10-day trial period to subscription customers, during which a full refund can be requested if a customer does not like the product. Revenues are deferred during the trial period as collection is not probable until that time has passed. Revenues are presented net of refunds, sales incentives, credits, and known and estimated credit card chargebacks.
 
We generate revenue from the sale of cryptocurrency mining services to our customers through an arrangement with a third-party supplier. Our performance obligation is to arrange for the third-party to provide mining services to our customers and payment is received at the time of purchase therefore revenue is recognized upon receipt of payment. We recognize revenue in the amount of the fee to which we are entitled to as an agent, or the amount of consideration that we retain after paying the third-party the consideration received in exchange for the services the third-party is to provide.
 
Revenue generated for the three months ended June 30, 2018 and 2017, is as follows:
 
 
 
June 30,
2018
 
 
June 30,
2017
 
 
 
Subscription
Revenue
 
 
Cryptocurrency Mining Revenue
 
 
Total
 
 
Subscription Revenue
 
 
Cryptocurrency Mining Revenue
 
 
Total
 
Gross billings
 $6,510,786 
 $4,169,470 
 $10,680,256 
 $3,190,087 
 $- 
 $3,190,087 
Refunds, incentives, credits, and chargebacks
  (399,397)
  - 
  (399,397)
  (212,285)
  - 
  (212,285)
Amounts paid to supplier
  - 
  (2,769,038)
  (2,769,038)
  - 
  - 
  - 
Net revenue
 $6,111,389 
 $1,400,432 
 $7,511,821 
 $2,977,802 
 $- 
 $2,977,802 
 
 
16
 
 
Recently Issued Accounting Pronouncements
 
There are no recently issued accounting pronouncements that the Company has not yet adopted that they believe are applicable or would have a material impact on the financial statements of the Company.
 
Off-Balance Sheet Arrangements
 
We do not have any off-balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition, revenues, and results of operations, liquidity, or capital expenditures.
 
ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this item.
 
ITEM 4 – CONTROLS AND PROCEDURES
 
Evaluation of Disclosure Controls and Procedures
 
Our management, with the participation of our Chief Executive Officer and Acting Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15 under the Securities Exchange Act of 1934 (the “Exchange Act”) as of the end of the period covered by this Quarterly Report on Form 10-Q. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.
 
Our disclosure controls and procedures are designed to provide reasonable, not absolute, assurance that the objectives of our disclosure control system are met. Because of inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, if any, within a company have been detected. Our Chief Executive Officer and Acting Chief Financial Officer have concluded, based on their evaluation as of the end of the period covered by this report, that our disclosure controls and procedures were not effective.
 
Changes in Internal Controls
 
There were no changes in our internal controls over financial reporting during the fiscal quarter ended June 30, 2018, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
 
 
 
17
 
 
PART II – OTHER INFORMATION
 
 
ITEM 1 – LEGAL PROCEEDINGS
 
In the ordinary course of business, we may be or have been involved in legal proceedings from time to time. The following discussion identifies material developments that have occurred in legal proceedings that were reported in our annual report for the year ended March 31, 2018.
 
Jim Westphal filed a wage claim against Wealth Generators, LLC, in the United States District Court for the District of Utah, Central Division (Case No. 2:18-cv-00080) in the amount of $6,500 plus liquidated damages. Plaintiff is claiming unpaid overtime wages. Wealth Generators contends that Mr. Westphal was an independent contractor, hired on a limited basis to perform software services, and is accordingly not entitled to overtime payments under the Fair Labor Standards Act. Moreover, Plaintiff never provided the promised software pursuant to the parties’ agreement. We filed a countersuit on July 12, 2018, seeking approximately $20,000 in damages and demanding a jury trial.
 
ITEM 1.A – RISK FACTORS
 
None.
 
ITEM 2 – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
 
None.
 
ITEM 3 – DEFAULTS UPON SENIOR SECURITIES
 
None.
 
ITEM 4 – MINE SAFELY DISCLOSURES
 
Not applicable.
 
ITEM 5 – OTHER INFORMATION
 
On May 1, 2018, we entered into a new Product Contribution Agreement with WestMyn Technology Services, Inc., that superseded the original Product Contribution Agreement entered into November 13, 2017  The new agreement was entered into in order to better define the services, hardware, software, firmware and maintenance provided by the supplier. On that same date, we also entered into a Capital Crypto Mining Agreement with WestMyn Technology Services that expanded the definitions of the items for purchase that are inclusive of hardware, software, firmware and maintenance and began using a new Mining Purchase Agreement with our members. We also changed the structure of the agreement to reflect a purchase of items versus a lease of items.
 
 
18
 
 
ITEM 6 – EXHIBITS
 
The following exhibits are filed as a part of this report:
 
Exhibit
Number*
 
Title of Document
 
Location
 
 
 
 
 
Item 3
 
Articles of Incorporation and Bylaws
 
 
 
Certificate of Amendment to Articles of Incorporation
 
Incorporated by reference to the Definitive Information Statement filed December 20, 2017
 
 
 
 
 
Item 10
 
Material Contracts
 
 
 
Purchase Agreement between United Marketing, LLC and Investview, Inc., entered July 20th, 2018
 
Incorporated by reference from current report on Form 8-K filed July 25, 2018
 
 
 
 
 
10.37
 
Product Contribution Agreement between Investview, Inc. and WestMyn Technology Services, Inc., entered May 1, 2018
 
This filing.
 
 
 
 
 
10.38
 
Capital Crypto Mining Agreement between InvestView, Inc., and WestMyn Technology Services, Inc., entered May 1, 2018
 
This filing.
 
 
 
 
 
10.39
 
Form of Mining Lease between Kuvera LLC (fka Wealth Generators LLC) and its members
 
This filing.
 
 
 
 
 
Item 31
 
Rule 13a-14(a)/15d-14(a) Certifications
 
 
 
Certification of Principal Executive Officer Pursuant to Rule 13a-14
 
This filing.
 
 
 
 
 
 
Certification of Principal Financial Officer Pursuant to Rule 13a-14
 
This filing.
 
 
 
 
 
Item 32
 
Section 1350 Certifications
 
 
 
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
This filing.
 
 
 
 
 
 
Certification of Acting Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
This filing.
 
 
 
 
 
Item 101***
 
Interactive Data File
 
 
101.INS
 
XBRL Instance Document
 
This filing.
 
 
 
 
 
101.SCH
 
XBRL Taxonomy Extension Schema
 
This filing.
 
 
 
 
 
101.CAL
 
XBRL Taxonomy Extension Calculation Linkbase
 
This filing.
 
 
 
 
 
101.DEF
 
XBRL Taxonomy Extension Definition Linkbase
 
This filing.
 
 
 
 
 
101.LAB
 
XBRL Taxonomy Extension Label Linkbase
 
This filing.
 
 
 
 
 
101.PRE
 
XBRL Taxonomy Extension Presentation Linkbase
 
This filing.
 
* All exhibits are numbered with the number preceding the decimal indicating the applicable SEC reference number in Item 601 and the number following the decimal indicating the sequence of the particular document. Omitted numbers in the sequence refer to documents previously filed as an exhibit.
 
** Identifies each management contract or compensatory plan or arrangement required to be filed as an exhibit as required by Item 15(a)(3) of Form 10-K.
 
*** Users of this data are advised that, pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or Annual Report for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Exchange Act of 1934 and otherwise are not subject to liability.
 
 
19
 
 
SIGNATURE PAGE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
INVESTVIEW, INC.
 
 
 
Dated: August 14, 2018
By:
/s/ Ryan Smith
 
 
Ryan Smith
 
 
Chief Executive Officer
 
 
(Principal Executive Officer)
 
 
 
Dated: August 14, 2018
By:
/s/ William C. Kosoff
 
 
William C. Kosoff
 
 
Acting Chief Financial Officer
 
 
(Principal Financial Officer and Accounting Officer)
 
 
 
 
 
 
 
 
 
 
 
 
20
EX-31.01 2 invu_ex311.htm CERTIFICATION PURSUANT TO RULE 13A-14(A)/15D-14(A) CERTIFICATIONS SECTION 302 OF THE SARBANES-OXLY ACT OF 2002 Blueprint
 
Exhibit 31.01
 
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
 
I, Ryan Smith, certify that:
 
1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, of Investview, Inc.;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this   report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
 a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
 b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
 c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, and evaluated the effectiveness of our internal control over financial reporting, and printed in this report our conclusions about the effectiveness of our internal control over financial reporting, as of the end of the period covered by this report based on such evaluation;
 
 d)  disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
 
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
 
a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weaknesses in internal controls; and
 
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
 
Dated: August 14, 2018
 
 
 
/s/ Ryan Smith
 
Ryan Smith
 
Chief Executive Officer (Principal Executive Officer)
 

 
EX-31.02 3 invu_ex312.htm CERTIFICATION PURSUANT TO RULE 13A-14(A)/15D-14(A) CERTIFICATIONS SECTION 302 OF THE SARBANES-OXLY ACT OF 2002 Blueprint
 
Exhibit 31.02
 
CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER
PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
 
I, William Kosoff, certify that:
 
1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 of Investview, Inc.;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this   report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
 a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
 b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
 c)  evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, and evaluated the effectiveness of our internal control over financial reporting, and printed in this report our conclusions about the effectiveness of our internal control over financial reporting, as of the end of the period covered by this report based on such evaluation;
 
 d)  disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
 
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
 
a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weaknesses in internal controls; and
 
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
 
Dated: August 14, 2018
 
 
 
/s/ William Kosoff
 
William Kosoff
 
Acting Chief Financial Officer (Principal Financial and Accounting Officer)
 
 
EX-32.01 4 invu_ex321.htm CERTIFICATE PURSUANT TO SECTION 18 U.S.C. PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 Blueprint
 
Exhibit 32.01
 
CERTIFICATION PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the Quarterly Report on Form 10-Q of Investview, Inc. (the “Company”) for the Quarter ended June 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ryan Smith, the Chief Executive Officer, of the Company, do hereby certify pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief that:
 
(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
 
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
Dated: August 14, 2018
 
/s/ Ryan Smith
 
Ryan Smith
 
Chief Executive Officer (Principal Executive Officer)
 
 
 
EX-32.02 5 invu_ex322.htm CERTIFICATE PURSUANT TO SECTION 18 U.S.C. PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 Blueprint
 
Exhibit 32.02
 
CERTIFICATION PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the Quarterly Report on Form 10-Q of Investview, Inc. (the “Company”) for the Quarter ended June 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, William Kosoff, the Acting Chief Financial Officer, of the Company, do hereby certify pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief that:
 
(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
 
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
Dated: August 14, 2018
 
/s/ William Kosoff
 
William Kosoff
 
Acting Chief Financial Officer (Principal Financial and Accounting Officer)
 
 
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