Nevada
|
|
87-0369205
|
(State
or other jurisdiction of incorporation)
|
|
(I.R.S.
Employer Identification No.)
|
Yes
|
☒
|
No
|
☐
|
Yes
|
☒
|
No
|
☐
|
Large
accelerated filer ☐
|
Accelerated
filer ☐
|
Non-accelerated
filer ☐
|
Smaller
reporting company ☒
|
Emerging
growth company ☐
|
|
Yes
|
☐
|
No
|
☒
|
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
|
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
|
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
|
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
|
|
June 30,
2018
|
March 31,
2018
|
Colombian
Peso to USD
|
0.00034
|
0.00036
|
|
Three Months Ended
June 30,
|
|
|
2018
|
2017
|
Colombian
Peso to USD
|
0.00035
|
n/a
|
|
Level
1
|
Level
2
|
Level
3
|
Total
|
Cryptocurrencies
|
$141,328
|
$-
|
$-
|
$141,328
|
Total
Assets
|
$141,328
|
$-
|
$-
|
$141,328
|
|
|
|
|
|
Total
Liabilities
|
$-
|
$-
|
$-
|
$-
|
|
Level
1
|
Level
2
|
Level
3
|
Total
|
Cryptocurrencies
|
$480,370
|
$-
|
$-
|
$480,370
|
Total
Assets
|
$480,370
|
$-
|
$-
|
$480,370
|
|
|
|
|
|
Total
Liabilities
|
$-
|
$-
|
$-
|
$-
|
|
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
|
|
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
|
|
|
|
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
|
$-
|
|
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
|
|
|
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
|
|
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
|
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.
|
|
INVESTVIEW,
INC.
|
|
|
|
|
Dated:
August 14, 2018
|
By:
|
/s/
Ryan Smith
|
|
|
Ryan
Smith
|
|
|
Chief
Executive Officer
|
|
|
(Principal
Executive Officer)
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Dated:
August 14, 2018
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By:
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/s/
William C. Kosoff
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William
C. Kosoff
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Acting
Chief Financial Officer
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(Principal
Financial Officer and Accounting Officer)
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Dated:
August 14, 2018
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/s/
Ryan Smith
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Ryan
Smith
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Chief
Executive Officer (Principal Executive Officer)
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|
Dated:
August 14, 2018
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|
|
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/s/
William Kosoff
|
|
William
Kosoff
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Acting
Chief Financial Officer (Principal Financial and Accounting
Officer)
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/s/
Ryan Smith
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Ryan
Smith
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Chief
Executive Officer (Principal Executive Officer)
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/s/
William Kosoff
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William
Kosoff
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|
Acting
Chief Financial Officer (Principal Financial and Accounting
Officer)
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Document and Entity Information - shares |
3 Months Ended | |
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Jun. 30, 2018 |
Aug. 10, 2018 |
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Document and Entity Information: | ||
Entity Registrant Name | Investview, Inc. | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Trading Symbol | INVU | |
Amendment Flag | false | |
Entity Central Index Key | 0000862651 | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 2,219,661,318 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Jun. 30, 2018 |
Jun. 30, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 |
Common stock, shares issued | 2,169,661,318 | 2,169,661,318 |
Common stock, shares outstanding | 2,169,661,318 | 2,169,661,318 |
1. Organization and Nature of Business |
3 Months Ended |
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Jun. 30, 2018 | |
Disclosure Text Block [Abstract] | |
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.
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2. Summary of Significant Accounting Policies |
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Disclosure Text Block [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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.
The following rates were used to translate the accounts of Kuvera LATAM S.A.S. into USD for the following operating periods.
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.
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:
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:
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:
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:
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:
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3. Recent Accounting Pronouncements |
3 Months Ended |
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Jun. 30, 2018 | |
Disclosure Text Block [Abstract] | |
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. |
4. Going Concern and Liquidity |
3 Months Ended |
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Jun. 30, 2018 | |
Disclosure Text Block [Abstract] | |
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.
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5. Related Party Transactions |
3 Months Ended |
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Jun. 30, 2018 | |
Disclosure Text Block [Abstract] | |
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. |
6. Debt |
3 Months Ended |
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Jun. 30, 2018 | |
Disclosure Text Block [Abstract] | |
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.
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7. Stockholders' Equity |
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Stockholders' Equity | 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:
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:
Transactions involving our warrant issuance are summarized as follows:
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8. Commitments and Contingencies |
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Jun. 30, 2018 | |||||||
Disclosure Text Block [Abstract] | |||||||
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.
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9. Subsequent Events |
3 Months Ended |
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Jun. 30, 2018 | |
Disclosure Text Block [Abstract] | |
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.
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2. Summary of Significant Accounting Policies (Policies) |
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Policy Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. |
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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. |
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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. |
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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.
The following rates were used to translate the accounts of Kuvera LATAM S.A.S. into USD for the following operating periods.
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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.
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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.
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. |
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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.
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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:
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:
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:
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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:
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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:
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2. Summary of Significant Accounting Policies (Tables) |
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Summary Of Significant Accounting Policies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Exchange Rates | The following rates were used to translate the accounts of Kuvera LATAM S.A.S. into USD at the following balance sheet dates.
The following rates were used to translate the accounts of Kuvera LATAM S.A.S. into USD for the following operating periods.
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Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis |
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Schedule of Revenue Generated |
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
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7. Stockholders' Equity (Tables) |
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Table Text Block Supplement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Options Outstanding |
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Warrants Outstanding |
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Warrant Rollforward |
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1. Organization and Nature of Business (Details Narrative) |
3 Months Ended |
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Jun. 30, 2018 | |
Text Block [Abstract] | |
Entity Incorporation, Date of Incorporation | Jan. 30, 1946 |
Entity Incorporation, State Country Name | Nevada |
2. Summary of Significant Accounting Policies (Details) - $ / $ |
3 Months Ended | ||
---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Mar. 31, 2018 |
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Text Block [Abstract] | |||
Exchange Rate at Balance Sheet Dates | 0.00034 | 0.00036 | |
Exchange Rate for Operating Periods | 0.00035 |
2. Summary of Significant Accounting Policies (Details 1) - USD ($) |
Jun. 30, 2018 |
Mar. 31, 2018 |
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Cryptocurrencies | $ 141,328 | $ 480,370 |
Total Assets | 141,328 | 480,370 |
Total Liabilities | 0 | 0 |
Level 1 | ||
Cryptocurrencies | 141,328 | 480,370 |
Total Assets | 141,328 | 480,370 |
Total Liabilities | 0 | 0 |
Level 2 | ||
Cryptocurrencies | 0 | 0 |
Total Assets | 0 | 0 |
Total Liabilities | 0 | 0 |
Level 3 | ||
Cryptocurrencies | 0 | 0 |
Total Assets | 0 | 0 |
Total Liabilities | $ 0 | $ 0 |
2. Summary of Significant Accounting Policies (Details 2) - USD ($) |
3 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
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Gross Billings | $ 10,680,256 | $ 3,190,087 |
Refunds, Incentives, Credits, and Chargebacks | (399,397) | (212,285) |
Amounts Paid to Supplier | (2,769,038) | 0 |
Net Revenue | 7,511,821 | 2,977,802 |
Subscription Revenue | ||
Gross Billings | 6,510,786 | 3,190,087 |
Refunds, Incentives, Credits, and Chargebacks | (399,397) | (212,285) |
Amounts Paid to Supplier | 0 | 0 |
Net Revenue | 6,111,389 | 2,977,802 |
Cryptocurrency Mining Revenue | ||
Gross Billings | 4,169,470 | 0 |
Refunds, Incentives, Credits, and Chargebacks | 0 | 0 |
Amounts Paid to Supplier | (2,769,038) | 0 |
Net Revenue | $ 1,400,432 | $ 0 |
2. Summary of Significant Accounting Policies (Details 3) - shares |
3 Months Ended | |
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Jun. 30, 2018 |
Jun. 30, 2017 |
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Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,174,497 | 6,569,810 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 35,000 | 35,000 |
Warrants to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,139,497 | 6,534,810 |
2. Summary of Significant Accounting Policies (Details Narrative) - USD ($) |
3 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
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Text Block [Abstract] | ||
Cryptocurrencies | $ 141,328 | $ 480,370 |
Total Realized Loss on Cryptocurrency | 23,732 | 0 |
Unrealized Gain (Loss) on Cryptocurrency | (289) | 0 |
Amortization | $ 37,497 | $ 9,477 |
4. Going Concern and Liquidity (Details Narrative) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Mar. 31, 2018 |
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Text Block [Abstract] | |||
Cash | $ 553,871 | ||
Accumulated Deficit | 21,442,516 | $ 20,067,403 | |
Net Loss | (1,375,113) | $ (4,848,836) | |
Net Cash Used in Operating Activities | (1,067,584) | (932,133) | |
Working Capital Deficit | 5,251,756 | ||
Proceeds From Related Parties | 200,000 | 316,224 | |
Proceeds From Debt | 0 | 875,000 | |
Proceeds From the Sale of Stock | $ 0 | $ 30,000 |
7. Stockholders' Equity (Details 1) |
3 Months Ended |
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Jun. 30, 2018
$ / shares
shares
| |
Number Outstanding | shares | 6,139,497 |
Weighted Average Remaining Contractual Life | 11 months 26 days |
Weighted Average Exercise Price, Exercisable | $ 1.50 |
Number Exercisable | shares | 6,139,497 |
Weighted Average Exercise Price | $ 1.50 |
Warrant 1 | |
Exercise Price | $ 1.50 |
Number Outstanding | shares | 6,127,497 |
Weighted Average Remaining Contractual Life | 11 months 26 days |
Weighted Average Exercise Price, Exercisable | $ 1.50 |
Number Exercisable | shares | 6,127,497 |
Weighted Average Exercise Price | $ 1.50 |
Warrant 2 | |
Exercise Price | $ 2.50 |
Number Outstanding | shares | 12,000 |
Weighted Average Remaining Contractual Life | 18 days |
Weighted Average Exercise Price, Exercisable | $ 2.50 |
Number Exercisable | shares | 12,000 |
Weighted Average Exercise Price | $ 2.50 |
7. Stockholders' Equity (Details 2) - $ / shares |
3 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2018 |
Mar. 31, 2018 |
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Text Block [Abstract] | ||
Number of warrants outstanding, beginning | 6,169,497 | 6,534,810 |
Number of warrants granted/restated | 0 | 0 |
Number of warrants canceled | 0 | 0 |
Number of warrants expired | (30,000) | (365,313) |
Number of warrants outstanding, ending | 6,139,497 | 6,169,497 |
Weighted average exercise price outstanding, beginning | $ 1.50 | $ 1.48 |
Weighted average exercise price granted | 0 | 0.00 |
Weighted average exercise price canceled | 0 | 0.00 |
Weighted average exercise price expired | 0.50 | (1.18) |
Weighted average exercise price outstanding, ending | $ 1.50 | $ 1.50 |
7. Stockholders' Equity (Details Narrative) - $ / shares |
Jun. 30, 2018 |
Jun. 30, 2017 |
---|---|---|
Text Block [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 |
Common stock, shares issued | 2,169,661,318 | 2,169,661,318 |
Common stock, shares outstanding | 2,169,661,318 | 2,169,661,318 |
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