UNITED STATES SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM S-1
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REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF
1933
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INVESTVIEW, INC.
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(Exact
name of registrant as specified in its charter)
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Nevada
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7389
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87-0369205
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(State
or other jurisdiction of incorporation or
organization)
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(Primary
Standard Industrial Classification Code Number)
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(I.R.S.
Employer Identification No.)
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12 South 400 West, Salt Lake City, UT 84101
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Telephone 888-778-5372
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(Address,
including zip code and telephone number, including area code, of
registrant’s principal executive offices)
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Ryan Smith, Chief Executive Officer
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Investview, Inc.
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12 South 400 West, Salt Lake City, UT 84101
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Telephone: 888-778-5372
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(Name,
address, including zip code and telephone number, including area
code, of agent for service)
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Copy to:
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Kevin C. Timken
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Michael Best & Friedrich LLP
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170 South Main Street, Suite 1000, Salt Lake City, UT
84101
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Telephone: 385-695-6450
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From time to time after the effectiveness of this registration
statement.
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(Approximate
date of commencement of proposed sale to the public)
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Large
accelerated filer ☐
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Accelerated
filer ☐
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Non-accelerated
filer ☐
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Smaller
reporting company ☒
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Emerging
growth company ☐
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|
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Amount to
be
|
Proposed
Maximum
|
Proposed
Maximum
|
Amount
of
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Title
of Each Class of Securities to be Registered
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Registered(1)(2)
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Offering Price per
Share(2)
|
Aggregate Offering
Price
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Registration
Fee
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Common stock,
$0.001 par value
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103,000,000
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$0.0122
|
$1,256,600
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$152.30
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●
|
on the
OTC Markets or otherwise;
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|
|
●
|
at
market prices, which may vary during the offering period, or at
negotiated prices; and
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|
|
●
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in
ordinary brokerage transactions, in block transactions, in
privately negotiated transactions, or otherwise.
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Page
|
|
|
Prospectus
Summary
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3
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Forward-Looking
Statements
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5
|
Risk
Factors
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6
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Price
Range of Common Stock and Dividend Policy
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14
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Use of
Proceeds
|
15
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Capitalization
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16
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Dilution
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17
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Management’s
Discussion and Analysis of Financial Condition and Results of
Operation
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15
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Business
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22
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Management
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27
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Executive
Compensation
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29
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Principal
Stockholders
|
31
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Transactions
with Related Persons, Promoters, and Control Persons
|
32
|
The
Equity Purchase Transactions
|
33
|
Selling
Stockholders
|
34
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Plan of
Distribution
|
35
|
Description
of Capital Stock
|
36
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Where
You Can Find Additional Information
|
37
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Legal
Matters
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37
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Experts
|
37
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Index
to Financial Statements
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F-1
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PROSPECTUS SUMMARY
This prospectus summary contains an overview of the information
from this prospectus, but may not contain all of the information
that is important to you. This prospectus includes specific terms
of the offering of our common stock, information about our
business, and financial data. We encourage you to read this
prospectus, including the “Risk Factors” section
beginning on page 6, in its entirety before making an investing
decision. You should read this prospectus together with additional
information described below under the heading “Where You Can
Find Additional Information.” As used in this prospectus, the
terms “we,” “us,” and “our”
refer to Investview, Inc., a corporation organized under the laws
of the state of Nevada, including our subsidiaries, and our
predecessors, unless the context indicates a different
meaning.
Our 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, 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.
Our Address
Our
principal executive offices are located at 12 South 400 West, Salt
Lake City, UT 84101, and our telephone number is
888-778-5372.
The Offering
This
prospectus relates to the resale of up to 100,000,000 shares of our
common stock by TRITON FUNDS LP (Investor) and 3,000,000 shares of
our common stock by TRITON FUNDS LLC, together the selling
stockholders.
On
December 29, 2018, we entered into the CSPA and RRA with Investor.
The RRA requires us to file a registration statement registering
the resale of Investor’s shares within 15 days of the CSPA.
Under the CSPA, Investor agreed to purchase up to $1.0 million of
our common stock following the date that the registration statement
becomes effective. Up to 100,000,000 shares of our common stock are
being offered for resale under this prospectus. The shares will be
purchased at 85% of the lowest closing price of the common stock in
the five consecutive trading days immediately preceding
the delivery of a purchase notice from
Investor to us. The purchase of shares by Investor is
subject to certain limitations, including that Investor cannot
purchase any shares that would result in it owning more than 4.9%
of our common stock.
In
connection with the CSPA, we paid a document preparation fee of
$10,000 and donated 3,000,000 shares
of our common stock to TRITON FUNDS LLC, an affiliate of
Investor. This registration
statement also registers the resale of those 3,000,000
shares.
If all
103 million shares offered were sold, they would represent 4.4% of
the total number of shares of our common stock outstanding and 7.5%
of the total number of outstanding shares held by nonaffiliates as
of the date of this prospectus.
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Issuances of our
common stock in this offering will not affect the rights or
privileges of our existing stockholders, except that the economic
and voting interests of each of our existing stockholders will be
diluted as a result of any such issuances. Although the number of
shares of common stock that our existing stockholders own will not
decrease, the shares owned by our existing stockholders will
represent a smaller percentage of our total outstanding shares
after any issuances to Investor.
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Securities Offered
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Common
stock offered by the selling stockholders:
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Up to
100,000,000 shares by Investor and 3,000,000 shares by TRITON FUNDS
LLC
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Common
stock outstanding before the offering:
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2,216,661,318
shares, which includes the 3,000,000 shares held by TRITON FUNDS
LLC
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Common
stock to be outstanding after giving effect to the issuance of the
offered shares registered hereunder:
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2,316,661,318
shares
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Shares
issuable upon exercise of outstanding options and
warrants:
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The
total number of shares of our common stock outstanding before the
offering, and to be outstanding after giving effect to the issuance
of 100,000,000 shares registered hereunder, excludes about 35,000
shares of common stock reserved for the exercise of outstanding
options and 6,052,497 shares issuable on the exercise of
outstanding options and warrants.
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Use of
proceeds:
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We will
not receive any proceeds from the sale of the shares of common
stock by the selling stockholders in this offering. However, we may
receive up to $1.0 million from sales of shares to Investor under
the CSPA. Proceeds that we receive from sales under the CSPA will
be used to further develop our products, reduce current
liabilities, and fund general corporate purposes. See “Use of
Proceeds.”
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Risk
factors:
|
This
investment involves a high degree of risk. See “Risk Factors” for a
discussion of factors you should consider carefully before making
an investment decision.
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OTC
Markets (OTCQB) symbol:
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INVU
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|
Low
|
High
|
2019:
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|
|
Fourth Quarter
(through January 18)
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$0.008
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$0.02
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Third
Quarter
|
0.006
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0.02
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Second
Quarter
|
0.030
|
0.01
|
First
Quarter
|
0.011
|
0.03
|
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2018:
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|
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Fourth
Quarter
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0.024
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0.07
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Third
Quarter
|
0.051
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0.10
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Second
Quarter
|
0.064
|
0.08
|
First
Quarter
|
0.005
|
0.07
|
|
|
|
2017:
|
|
|
Fourth
Quarter
|
0.002
|
0.01
|
Third
Quarter
|
0.002
|
0.01
|
Second
Quarter
|
0.003
|
0.01
|
First
Quarter
|
0.007
|
0.10
|
|
|
|
Number of
Securities
|
|
Number
of
|
|
Remaining
Available
|
|
Securities To
Be
|
Weighted-Average
|
for Future Issuance
under
|
|
Issued upon
Exercise of
|
Exercise Price
of
|
Equity Compensation
Plans
|
|
Outstanding
Options,
|
Outstanding
Options,
|
(excluding
securities
|
|
Warrants and
Rights
|
Warrants and
Rights
|
reflected in column
(a))
|
Plan
Category
|
(a)
|
(b)
|
(c)
|
|
|
|
|
Equity compensation
plans
|
|
|
|
approved by
security holders
|
--
|
--
|
--
|
Equity compensation
plans
|
|
|
|
approved by
security holders
|
35,000
|
$10
|
--
|
Trading price on
the date immediately preceding the date of this
prospectus
|
|
$0.0138
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Net tangible book
value deficit per share as of September 30, 2018
|
(0.0010)
|
|
Benefit to existing
stockholders attributable to sale of stock in this
offering
|
(0.0014)
|
|
Pro forma net
tangible book deficit per share after the offering, as
adjusted
|
(0.0004)
|
|
Dilution per share
to purchasers in this offering
|
|
$0.0142
|
●
Care - Caring
is fundamental to the way we do business. We don’t just say
it; we show it. Our customers are often burdened by the weight of
financial stress. They are looking for a way out, a way to succeed,
a way to be free. We care because we’ve been there. We know
it’s possible to improve our lives at every level. We care
because we are in the business of educating and training people to
find, grow, and keep a stable financial footing. We care because we
are genuinely interested in offering customers a path to
success.
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|
|
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●
Innovation - We
are never content to sit back. We work hard to make sure we are at
the leading-edge in the financial market space, providing the most
current information, technology, and resources available. We
constantly strive for new and better ways to improve our business,
as well as instruct those we serve. By leveraging the abilities and
talents of our exceptional team, we pride ourselves in being able
to provide valuable education and solutions ahead of the curve.
It’s what sets us apart from the rest.
|
|
|
|
●
Transparency and
Truth - Confusion often leads to
frustration and the inevitable breakdown of trust. We recognize the
importance of being transparent, accurate, and completely honest in
everything we do so that there is no confusion. Our customers count
on us to provide financial services and instruction that allow them
to make daily economic transactions that save and preserve wealth
to meet future aspirations and insure against the unforeseen. Our
number one goal is to establish an open, transparent relationship
so that our customers feel confident they can trust us to act in
their interest, and more importantly, with integrity.
|
●
FIND -
Find money you didn't know you had by learning to better allocate
the money you already make.
|
●
GROW -
Grow your wealth utilizing the financial markets with powerful
technology and the experience of market experts.
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●
KEEP -
Keep more of what you've earned by leveraging digital tools that
make tax-time headaches like receipt and mileage tracking a
snap.
|
1.
Cash
Flow Quick Start: 11 videos that include actionable assignments,
education, and suggestions intended to help you make immediate
changes that will improve your financial situation.
|
2.
The
Debt Freedom System: Digital version of Ross Jardine’s book,
“The 60 Day Money Miracle.” The 12 chapters provide a
map to a debt-free wealthy life.
|
3.
Financial Tips and
Strategies: 7 videos that include actionable assignments,
education, and suggestions covering important categories such as
housing, credit cards, insurance, student loans, etc.
|
4.
Money
Media: Additional articles and tips to help you on your path to a
debt-free wealthy life.
|
1.
Transparency -
Simplifying personal finances by seeing all accounts in one
place
|
2.
Automation -
Linking bank accounts to see daily transactions, automatically
categorized for easy identification
|
3.
Organization -
Knowing where your money is going - seeing how it breaks down by
category
|
4.
Management -
Keeping spending in check by creating budgets or using the
auto-budgeting feature
|
5.
Insights - Viewing
your spending trends at a glance so you can save for the things you
want
|
6.
Debt
Reduction - Seeing all your debts in one place and using the debt
reduction tools to pay them off faster
|
7.
Reporting -
Tracking your net worth
|
8.
Results
- Setting financial goals and tracking your progress as you work to
achieve them
|
●
a
generous bonus program for independent affiliates;
|
●
a
management team with extensive experience in financial education
and market strategy research/technology;
|
●
a young
and motivated distributor base;
|
●
a large
demographic that services all genders, races, religions, and
nationalities; and
|
●
a
delivery platform enabling us to launch new products quickly and
efficiently worldwide.
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Name
|
|
Age
|
|
Position
|
Ryan
Smith
|
|
52
|
|
Chief
Executive Officer and Director
|
Annette
Raynor
|
|
54
|
|
Chief
Operating Officer and Director
|
Chad
Miller
|
|
53
|
|
Director
|
William
C. Kosoff
|
|
76
|
|
Acting
Chief Financial Officer
|
Name and
Principal Position
|
Fiscal
Year
|
Salary
|
Stock
Awards
|
Option
Awards
|
Non-Equity
Incentive Plan Compensation
|
Change in Pension
Value and Non Qualified Deferred Compensation
Earnings
|
All Other
Compensation
|
Total
|
|
|
($)
|
($)
|
($)
|
($)
|
($)
|
($)
|
($)
|
Ryan
Smith
|
2018
|
217,500 [1]
|
-
|
-
|
-
|
-
|
111,935 [1]
|
329,435
|
CEO
and Director
|
2017
|
80,000 [1]
|
-
|
-
|
-
|
115,000
|
-
|
195,000
|
Annette
Raynor
|
2018
|
207,500 [2]
|
-
|
-
|
-
|
-
|
103,935 [2]
|
311,435
|
COO and
Director
|
2017
|
80,000 [2]
|
-
|
-
|
-
|
115,000
|
-
|
195,000
|
Chad
Miller
|
2018
|
217,500 [3]
|
-
|
-
|
-
|
-
|
106,935 [3]
|
324,435
|
Director
|
2017
|
40,000 [3]
|
-
|
-
|
-
|
155,000
|
-
|
195,000
|
Mario
Romano
|
2018
|
207,500 [4]
|
-
|
-
|
-
|
-
|
103,935 [4]
|
311,435
|
Director of
Finance
|
2017
|
80,000 [4]
|
-
|
-
|
-
|
115,000
|
-
|
195,000
|
William C.
Kosoff
|
2018
|
52,000 [5]
|
-
|
-
|
-
|
-
|
-
|
52,000
|
Acting CFO
|
2017
|
95,704 [5]
|
-
|
-
|
-
|
27,500
|
-
|
127,250
|
Dr. Joseph J.
Louro
|
2017
|
150,000 [6]
|
-
|
-
|
-
|
|
-
|
150,000
|
Former CEO and
Chairman
|
|
|
|
|
|
|
|
|
[1]
A
portion of Mr. Smith’s compensation was paid to Kays Creek
Capital, an entity in which he is an owner.
|
|
[2]
A
portion of Ms. Raynor’s compensation was paid to Wealth
Engineering LLC, an entity in which she is a 50% owner.
|
|
[3]
A
portion of Mr. Miller’s compensation was paid to Kays Creek
Capital and MILCO, entities in which he is an owner.
|
|
[4]
A
portion of Mr. Romano’s compensation was paid to Wealth
Engineering LLC, an entity in which he is a 50% owner.
|
|
[5]
Mr.
Kosoff was not compensated with any cash for salary during the year
ending March 31, 2017. He accrued $95,704, which was settled for
1,914,080 shares of our restricted common stock.
|
|
[6]
Dr.
Louro did not receive any cash compensation during the year ended
March 31, 2017, and settled his accrued $150,000 for 3,000,000
shares of our restricted common stock. On April 6, 2017, Dr. Louro
voluntarily resigned as chairman and CEO and received no
compensation during the year ended March 31, 2018.
|
|
|
|
Weighted
|
|
|
|
Weighted
|
Average
|
|
|
|
Average
|
Remaining
|
Aggregate
|
|
Number of
|
Exercise
|
Contractual
|
Intrinsic
|
|
Shares
|
Price
|
Life
(years)
|
Value
|
Options outstanding
at March 31, 2016
|
37,500
|
$10.20
|
3.33
|
$-
|
Granted
|
-
|
$-
|
|
|
Exercised
|
-
|
$-
|
|
|
Canceled /
expired
|
(2,500)
|
$12.00
|
|
|
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
|
$-
|
Options exercisable
at March 31, 2018
|
35,000
|
$10.00
|
1.51
|
$-
|
Name
of Beneficial Owner(1)
|
Common
StockBeneficiallyOwned
|
Percentage ofCommon
Stock Before Offering (2)
|
Percentage ofCommon
Stock After Offering(2)
|
|
|
|
|
Principal
Stockholders:
|
|
|
|
CR Capital Holdings
LLC(3)
|
621,874,710
|
28.1%
|
26.8%
|
Wealth Engineering
LLC(4)
|
110,356,942
|
5.0
|
4.8
|
|
|
|
|
Directors
and Officers:
|
|
|
|
Chad Miller,
Chairman(3)
|
621,874,710
|
28.1
|
26.8
|
Ryan Smith, CEO and
Director(3)
|
621,874,710
|
28.1
|
26.8
|
Annette Raynor, COO
and Director(4)(5)
|
215,356,942
|
9.7
|
9.3
|
Mario Romano,
Treasurer(4)(6)
|
215,356,942
|
9.7
|
9.3
|
William C. Kosoff,
Acting CFO
|
3,970,680
|
*
|
*
|
|
|
|
|
All
Officers and Directors
as a
group (5 persons)(3)(4)(5)(6)
|
946,202,332
|
42.7%
|
40.8%
|
*
|
Less
than 1%.
|
(1)
|
Except
as otherwise indicated, the address of each beneficial owner is c/o
InvestView Inc., 12 South 400 West, Salt Lake City, UT
84101.
|
(2)
|
Applicable
percentage ownership is based on 2,213,661,318 shares of common
stock outstanding as of January 18, 2018, together with securities
exercisable or convertible into shares of common stock within 60
days of that date, for each stockholder.
|
(3)
|
Our
directors Ryan Smith and Chad Miller each own 50% of CR Capital
Holdings LLC and, as a result, have voting and dispositive control
of these shares. Therefore, they are deemed to be the beneficial
owners of our shares of common stock.
|
(4)
|
The
members of Wealth Engineering LLC, 745 Hope Road, Eatontown, NJ
07724, own these shares of our common stock. Our officers Mario
Romano and Annette Raynor are two of its members. In addition, Mr.
Romano is the CEO and Ms. Raynor serves as the COO of Wealth
Engineering LLC. Combined Mr. Romano and Ms. Raynor have voting and
shared dispositive control of these shares.
|
(5)
|
In
addition to the 110,356,942 shares owned by Wealth Engineering LLC,
Ms. Raynor owns 105,000,000 shares personally.
|
(6)
|
In
addition to the 110,356,942 shares owned by Wealth Engineering LLC,
Mr. Romano owns 105,000,000 shares personally.
|
|
Year Ended March
31,
|
|
|
2018
|
2017
|
Short term advances
[1]
|
$1,880
|
$100,000
|
Revenue-based
funding agreement entered into on 11/8/15 [2]
|
-
|
180,000
|
Short-term
promissory note entered into on 9/13/16 [3]
|
-
|
150,000
|
Promissory note
entered into on 11/15/16 [4]
|
-
|
895
|
Promissory note
entered into on 3/15/17 [5]
|
-
|
375,000
|
|
$1,880
|
$805,895
|
[1]
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 set interest rates, and are unsecured.
During the year ended March 31, 2018, we received $498,380 in cash
proceeds from advances, incurred $64,605 in interest,
and repaid related parties a total of
$661,105.
|
[2]
On
November 16, 2015, then a majority member of Wealth Generators
(pre-reverse acquisition) and currently a majority shareholder
advanced funds of $150,000 under a Revenue-based Funding Agreement,
which required that beginning December 30, 2015, we would pay an
amount equal to 2% of our top-line revenue generated from the prior
month to reduce the loan until the lender had received $450,000.
During the year ended March 31, 2018, we agreed to issue 10,000,000
shares of common stock to extinguish $90,000 in debt and to pay
$15,000 per month for six months, for a total of $90,000, under a
Conversion Agreement. We repaid $90,000 in cash during the year
ended March 31, 2018.
|
[3]
A
member of the senior management team has continuously advanced
funds of $150,000 at various times, beginning on September 14,
2016, under short-term promissory notes and their applicable
amendments. All of the notes carry the same terms, have a fixed
interest payment of $7,500, and are generally due in less than four
weeks. Under this arrangement, during the year ended March 31,
2018, we incurred $27,000 of interest and repaid a total of
$177,000.
|
[4]
We
entered into a promissory note for $94,788 with a company owned by
immediate family members of two members of our executive management
team. Funds were advanced to us on November 16 and December 16,
2016, in the amounts of $78,750 and $16,038, respectively. The
promissory note had a 12-month term, an annual interest rate of 8%,
and no prepayment penalty. During the year ended March 31, 2017, we
incurred $895 in interest expense on the note and repaid the entire
principal balance of $94,788. During the year ended March 31, 2018,
we repaid the remaining interest balance of $895.
|
[5]
A
company that was a majority member of Wealth Generators
(pre-reverse acquisition) and is currently a majority shareholder
entered into a promissory note in the amount of $300,000, advancing
funds on March 17, 2017. The note had a fixed interest amount of
$75,000 and matured on September 16, 2017, but was extended
initially through November 16, 2017, and then extended a second
time through December 31, 2017. An additional $12,500 in interest
was incurred for the second extension and total repayments of
$387,500 were made on this arrangement during the year ended March
31, 2018.
|
|
|
September
30,
2018
|
|
|
March
31,
2018
|
|
||
Short-term
advances [1]
|
|
$
|
594,380
|
|
|
$
|
1,880
|
|
Short-term
Promissory Note entered into on 8/17/18, in default [2]
|
|
|
105,000
|
|
|
|
-
|
|
|
|
$
|
699,380
|
|
|
$
|
1,880
|
|
[1]
|
We periodically receive advances for operating funds from our
current majority shareholders 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 six months ending September 30, 2018, we received $794,000 in
cash proceeds from advances and repaid related parties
$201,500.
|
[2]
|
A member of the senior management team advanced funds of $100,000
on August 17, 2018, under a short-term promissory note due to be
repaid on August 31, 2018. The note has a fixed interest payment of
$5,000 which was recorded as interest expense in the statement of
operations.
|
●
|
Our
representations and warranties contained in the CSPA must be true
and correct in all material respects.
|
|
|
●
|
The
registration statement of which this prospectus forms a part, and
any amendment or supplement thereto, must be effective for the
resale of the shares to be purchased by Investor. We will have
filed with the SEC all reports, notices, and other documents
required under the Exchange Act and applicable SEC
regulations.
|
|
|
●
|
No
“Material Adverse Effect” (as that term is defined in
the CSPA) will have occurred and be continuing.
|
|
|
●
|
We will
have performed, satisfied, and complied in all material respects
with all covenants, agreements, and conditions required by the CSPA
to be performed, satisfied, or complied with by us at or prior to
each condition satisfaction date.
|
|
|
●
|
No
statute, rule, regulation, executive order, decree, ruling, or
injunction will have been enacted, entered, promulgated, or
endorsed by any court or governmental authority of competent
jurisdiction that prohibits or directly and adversely affects any
of the transactions contemplated by the CSPA, and no proceeding
will have been commenced that may have a Material Adverse
Effect.
|
|
|
●
|
The
common stock is quoted trading on a “principal market”
(as that term is defined in the CSPA) and all of the shares
issuable pursuant to a purchase notice will be listed or quoted for
trading on such principal market. The issuance of common stock for
the applicable purchase notice will not violate the shareholder
approval requirements of the principal market. We will not have
received any notice threatening the continued quotation of the
common stock on the principal market.
|
|
|
●
|
There
is a sufficient number of authorized but unissued and otherwise
unreserved common stock for the issuance of all of the shares
issuable under the purchase notice.
|
Selling
stockholders
|
Shares
Beneficially
Owned
Before
this
Offering
|
Percentage
of
Outstanding
Shares
Beneficially
Owned
Before
this
Offering(1)
|
Shares to be Sold
in this
Offering(2)
|
Number
Of
Shares
Beneficially
Owned After
this
Offering
|
Percentage
of
Outstanding
Shares
Beneficially
Owned After
this
Offering
|
|
|
|
|
|
|
TRITON FUNDS
LP(3)
|
-
|
-%
|
100,000,000
|
--
|
--
|
TRITON FUNDS
LLC(3)
|
3,000,000
|
<1
|
3,000,000
|
--
|
--
|
|
Page
|
|
|
|
|
|
|
Report of Independent Registered Public Accounting
Firm
|
F-2
|
|
|
Consolidated Balance Sheets as of March 31, 2018 and
2017
|
F-3
|
|
|
Consolidated Statements of Operations for the years ended March 31,
2017 and 2016
|
F-4
|
|
|
Consolidated Statements of Stockholders’ Equity (Deficit) for
the years ended March 31, 2018 and 2017
|
F-5
|
|
|
Consolidated Statements of Cash Flows for years ended March 31,
2018 and 2017
|
F-6
|
|
|
Notes to the Consolidated Financial Statements
|
F-7
|
|
|
Condensed Balance Sheet as of September 30, 2018 (unaudited) and
March 31, 2018
|
F-24
|
|
|
Condensed Statements of Operations for the six months ended of
September 30, 2018 and 2017 (unaudited)
|
F-25
|
|
|
Condensed Statements of Cash Flows for the six months ended of
September 30, 2018 and 2018 (unaudited)
|
F-26
|
|
|
Notes to Condensed Financial Statements (unaudited)
|
F-27
|
|
March
31,
|
March
31,
|
|
2018
|
2017
|
ASSETS
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$1,490,686
|
$1,616
|
Prepaid
assets
|
3,555
|
-
|
Receivables
|
472,557
|
444,610
|
Short term
advances
|
10,000
|
10,000
|
Short term advances
- related party
|
36,510
|
-
|
Other current
assets
|
480,370
|
-
|
Total
current assets
|
2,493,678
|
456,226
|
|
|
|
Fixed assets,
net
|
18,860
|
10,235
|
|
|
|
Other
assets:
|
|
|
Long term license
agreement, net
|
2,133,620
|
-
|
Deposits
|
4,500
|
6,000
|
Total
other assets
|
2,138,120
|
6,000
|
|
|
|
Total
assets
|
$4,650,658
|
$472,461
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT)
|
|
|
Current
liabilities:
|
|
|
Accounts payable
and accrued liabilities
|
$5,352,073
|
$1,370,972
|
Deferred
revenue
|
863,740
|
433,298
|
Related party
payables
|
1,880
|
805,895
|
Debt, current
portion
|
195,245
|
2,093,745
|
Total
current liabilities
|
6,412,938
|
4,703,910
|
|
|
|
Total
liabilities
|
6,412,938
|
4,703,910
|
|
|
|
Commitments and
contingencies
|
-
|
-
|
|
|
|
STOCKHOLDERS'
EQUITY (DEFICIT)
|
|
|
Preferred stock,
par value: $0.001; 10,000,000 shares authorized, none issued and
outstanding as of March 31, 2018 and 2017
|
-
|
-
|
Common stock, par
value $0.001; 10,000,000,000 shares authorized; 2,169,661,318 and
125,889,455 issued and 2,169,661,318 and 125,888,155 outstanding as
of March 31, 2018 and 2017, respectively
|
2,169,661
|
125,890
|
Additional paid in
capital
|
16,137,945
|
805,637
|
Treasury stock, 0
and 1,300 shares outstanding as of March 31, 2018 and 2017,
respectively
|
-
|
(8,589)
|
Accumulated other
comprehensive income
|
(2,483)
|
-
|
Accumulated
deficit
|
(20,067,403)
|
(5,154,387)
|
Total
stockholders' equity (deficit)
|
(1,762,280)
|
(4,231,449)
|
|
|
|
Total liabilities
and stockholders' equity (deficit)
|
$4,650,658
|
$472,461
|
|
Year Ended
March 31,
|
|
|
2018
|
2017
|
|
|
|
Revenue:
|
|
|
Subscription
revenue, net of refunds, incentives, credits, and
chargebacks
|
$13,899,579
|
$12,872,947
|
Cryptocurrency
mining service revenue, net of amounts paid to
supplier
|
4,017,853
|
-
|
Total
revenue, net
|
17,917,432
|
12,872,947
|
|
|
|
Operating costs and
expenses:
|
|
|
Cost of sales and
service
|
6,713,097
|
862,849
|
Commissions
|
14,271,926
|
9,412,655
|
Selling and
marketing
|
454,225
|
500,032
|
Salary and
related
|
2,270,479
|
1,918,199
|
Professional
fees
|
2,572,831
|
917,308
|
General and
administrative
|
2,311,028
|
1,199,564
|
Total
operating costs and expenses
|
28,593,586
|
14,810,607
|
|
|
|
Net loss from
operations
|
(10,676,154)
|
(1,937,660)
|
|
|
|
Other income
(expense):
|
|
|
Loss on debt
extinguishment
|
(2,767,422)
|
-
|
Loss on spin-off of
operations
|
(1,118,609)
|
-
|
Realized loss on
cryptocurrency
|
(10,939)
|
-
|
Unrealized loss on
cryptocurrency
|
(135,729)
|
-
|
Interest expense -
related parties
|
(104,105)
|
(274,057)
|
Interest
expense
|
(74,976)
|
(205,327)
|
Other income
(expense)
|
(493)
|
(6,120)
|
Total
other income (expense)
|
(4,212,273)
|
(485,504)
|
|
|
|
Loss before income
taxes
|
(14,888,427)
|
(2,423,164)
|
|
|
|
Income tax
expense
|
(24,589)
|
(4,039)
|
|
|
|
Net
Loss
|
$(14,913,016)
|
$(2,427,203)
|
|
|
|
Loss per common
share, basic and diluted
|
$(0.01)
|
$(0.07)
|
|
|
|
Weighted average
number of common shares outstanding, basic and diluted
|
1,911,786,477
|
32,921,458
|
|
|
|
|
Common
|
|
|
Accumulated
|
|
|
|
|
Additional
|
Stock
|
|
|
Other
|
|
|
Common
stock
|
Paid
in
|
Subscription
|
Treasury
|
Accumulated
|
Comprehensive
|
|
|
|
Shares
|
Amount
|
Capital
|
Receivable
|
Stock
|
Deficit
|
Income
|
Total
|
Balance, March 31,
2016
|
14,966,911
|
$14,967
|
$(686,028)
|
$(250,000)
|
$(8,589)
|
$(2,727,184)
|
$-
|
$(3,656,834)
|
Common stock issued
for cash
|
10,670,840
|
10,671
|
146,829
|
-
|
-
|
-
|
-
|
157,500
|
Common stock issued
for services
|
6,072,200
|
6,072
|
25,703
|
-
|
-
|
-
|
-
|
31,775
|
Common stock issued
in payment of compensation
|
21,069,580
|
21,070
|
962,666
|
-
|
-
|
-
|
-
|
983,736
|
Common stock issued
for director fees
|
400,000
|
400
|
25,400
|
-
|
-
|
-
|
-
|
25,800
|
Common stock issued
in settlement of debt
|
72,709,924
|
72,710
|
303,289
|
-
|
-
|
-
|
-
|
375,999
|
Reclass derivative
liability to equity upon convertible note payoff
|
-
|
-
|
277,778
|
-
|
-
|
-
|
-
|
277,778
|
Contributed
capital
|
-
|
-
|
(250,000)
|
250,000
|
-
|
-
|
-
|
-
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
(2,427,203)
|
-
|
(2,427,203)
|
Balance, March 31,
2017
|
125,889,455
|
125,890
|
805,637
|
-
|
(8,589)
|
(5,154,387)
|
-
|
(4,231,449)
|
Common stock issued
for cash
|
267,127,500
|
267,128
|
2,854,648
|
-
|
-
|
-
|
-
|
3,121,776
|
Common stock issued
for license agreement
|
80,000,000
|
80,000
|
2,176,000
|
-
|
-
|
-
|
-
|
2,256,000
|
Common stock issued
for services
|
94,375,333
|
94,375
|
6,632,860
|
-
|
-
|
-
|
-
|
6,727,235
|
Common stock issued
in settlement of debt
|
239,575,884
|
239,576
|
5,377,558
|
-
|
-
|
-
|
-
|
5,617,134
|
Wealth Generators
reverse acquisition
|
1,358,670,942
|
1,358,670
|
(804,759)
|
-
|
-
|
-
|
-
|
553,911
|
Offering
costs
|
4,273,504
|
4,273
|
(269,273)
|
-
|
-
|
-
|
-
|
(265,000)
|
Cancellation of
stock
|
(250,000)
|
(250)
|
250
|
-
|
-
|
-
|
-
|
-
|
Cancellation of
treasury stock
|
(1,300)
|
(1)
|
(8,588)
|
-
|
8,589
|
-
|
-
|
-
|
Price protection
guarantee
|
-
|
-
|
(626,388)
|
-
|
-
|
-
|
-
|
(626,388)
|
Foreign currency
translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,483)
|
(2,483)
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
(14,913,016)
|
-
|
(14,913,016)
|
Balance, March 31,
2018
|
2,169,661,318
|
$2,169,661
|
$16,137,945
|
$-
|
$-
|
$(20,067,403)
|
$(2,483)
|
$(1,762,280)
|
|
Year Ended
March 31,
|
|
|
2018
|
2017
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
Net
loss
|
$(14,913,016)
|
$(2,427,203)
|
Adjustments to
reconcile net loss to net cash (used in) provided by operating
activities:
|
|
|
Depreciation
|
2,639
|
2,270
|
Stock issued for
services and license agreement
|
6,846,059
|
-
|
Debt issuance costs
- related party
|
-
|
274,057
|
Debt issuance
costs
|
-
|
205,327
|
Loss on spin-off of
operations
|
1,118,609
|
-
|
Loss on debt
settlement
|
2,767,422
|
-
|
Realized loss on
cryptocurrency
|
10,939
|
-
|
Unrealized loss on
cryptocurrency
|
135,729
|
-
|
Changes in
operating assets and liabilities:
|
|
|
Receivables
|
122,053
|
(327,630)
|
Prepaid
assets
|
-
|
-
|
Deposits
|
1,500
|
(1,500)
|
Short term advances
from related parties
|
(36,510)
|
-
|
Other current
assets
|
(627,038)
|
-
|
Accounts payable
and accrued liabilities
|
2,924,522
|
656,458
|
Deferred
revenue
|
422,369
|
(24,056)
|
Accrued
interest
|
74,953
|
-
|
Accrued interest -
related parties
|
104,105
|
-
|
Net
cash used in operating activities
|
(1,045,665)
|
(1,642,277)
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
Proceeds from short
term advances
|
-
|
100,000
|
Repayments for
short term advances
|
-
|
(110,000)
|
Repayments for
related party advances
|
-
|
194,977
|
Cash received in
reverse acquisition
|
3,550
|
-
|
Payments for fixed
assets
|
(11,264)
|
-
|
Net
cash provided by (used in) investing activities
|
(7,714)
|
184,977
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
Proceeds from
related parties
|
498,380
|
1,370,788
|
Repayments for
related party payables
|
(1,316,500)
|
(1,360,044)
|
Proceeds from
debt
|
1,675,000
|
1,824,965
|
Repayments for
debt
|
(1,424,578)
|
(267,577)
|
Proceeds from the
sale of stock
|
3,121,776
|
-
|
Proceeds from the
sale of members interests
|
-
|
25,000
|
Payments for
offering cost
|
(15,000)
|
-
|
Distributions to
members
|
-
|
(204,514)
|
Net
cash provided by financing activities
|
2,539,078
|
1,388,618
|
|
|
|
Effect of exchange
rate translation on cash
|
3,371
|
-
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
1,489,070
|
(68,682)
|
Cash and cash
equivalents-beginning of period
|
1,616
|
70,298
|
Cash and cash
equivalents-end of period
|
$1,490,686
|
$1,616
|
|
|
|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
Cash paid during
the period for:
|
|
|
Interest
|
$117,500
|
$198,162
|
Income
taxes
|
$24,589
|
$4,039
|
Non cash investing
and financing activities:
|
|
|
Common stock issued
for reverse acquisition
|
$662,048
|
$-
|
Common stock issued
in settlement of related party payables
|
$90,000
|
$-
|
Common stock issued
in settlement of debt
|
$2,232,606
|
$-
|
Common stock issued
for prepaid services and long term license agreement
|
$2,137,175
|
$-
|
Cancellation of
Shares
|
$250
|
$-
|
Cancellation of
Treasury Shares
|
$8,589
|
$-
|
Liability for
offering cost
|
$250,000
|
$-
|
Shares issued for
offering cost
|
$4,274
|
$-
|
Price protection
guarantee
|
$626,388
|
$-
|
|
March
31,
2018
|
March
31,
2017
|
Colombian
Peso to USD
|
0.00036
|
n/a
|
|
Year
ended March 31,
|
|
|
2018
|
2017
|
Colombian
Peso to USD
|
0.00034
|
n/a
|
Furniture, fixtures, and equipment
|
|
10 years
|
Computer equipment
|
|
3 years
|
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).
|
|
Level
1
|
Level
2
|
Level
3
|
Total
|
Cryptocurrencies
|
$480,370
|
$-
|
$-
|
$480,370
|
Total
Assets
|
$480,370
|
$-
|
$-
|
$480,370
|
|
|
|
|
|
Total
Liabilities
|
$-
|
$-
|
$-
|
$-
|
|
Level
1
|
Level 2
|
Level
3
|
Total
|
Total
Assets
|
$-
|
$-
|
$-
|
$-
|
|
|
|
|
|
Total
Liabilities
|
$-
|
$-
|
$-
|
$-
|
|
March
31,
2018
|
March
31,
2017
|
||||
|
Subscription
Revenue
|
Cryptocurrency
Mining
Revenue
|
Total
|
Subscription
Revenue
|
Cryptocurrency
Mining
Revenue
|
Total
|
Gross
billings
|
$14,758,614
|
$8,885,798
|
$23,644,412
|
$14,578,164
|
$-
|
$14,578,164
|
Refunds,
incentives, credits, and chargebacks
|
(859,035)
|
-
|
(859,035)
|
(1,705,217)
|
-
|
(1,705,217)
|
Amounts paid to
supplier
|
-
|
(4,867,945)
|
(4,867,945)
|
-
|
-
|
-
|
Net
revenue
|
$13,899,579
|
$4,017,853
|
$17,917,432
|
$12,872,947
|
$-
|
$12,872,947
|
|
March
31,
2018
|
March
31,
2017
|
Convertible notes
payable
|
-
|
17,045,455
|
Options to purchase
common stock
|
35,000
|
35,000
|
Warrants to
purchase common stock
|
6,169,497
|
6,534,810
|
Total
|
6,204,497
|
23,615,265
|
Cash
|
$3,550
|
Receivables
|
150,000
|
Total assets
acquired
|
153,550
|
|
|
Accounts payable
and accrued liabilities
|
456,599
|
Due to former
management
|
127,199
|
Debt
|
26,314
|
Total liabilities
assumed [1]
|
610,112
|
|
|
Net liabilities
assumed
|
456,562
|
|
|
Consideration
[2]
|
662,047
|
|
|
Goodwill
|
$1,118,609
|
[1]
In
conjunction with the reverse acquisition, we entered into an
assignment and assumption agreement wherein we issued 24,914,348
shares of our common stock to Alpha Pro Asset Management Group, LLC
(“Alpha Pro”), an entity affiliated with the prior
members of management, in exchange for Alpha Pro’s assumption
of $482,588 in liabilities. Accordingly, the shares issued for debt
were accounted for the moment before the reverse acquisition, and
the $482,588 in liabilities have been excluded from the total
liabilities assumed shown here.
|
[2]
The
fair value of the consideration effectively transferred was
measured based on the fair value of 150,465,339 shares that were
outstanding immediately before the transaction. Using the closing
market price of $0.0044 per share on March 31, 2017, consideration
was valued at $662,047
|
|
Wealth Generators,
LLC
|
Investview,
Inc.
|
Adjustments
|
Consolidated
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$1,616
|
$3,550
|
$-
|
$5,166
|
Receivables
|
444,610
|
150,000
|
(162,430)[1]
|
432,180
|
Short term
advances
|
10,000
|
-
|
-
|
10,000
|
Total current
assets
|
456,226
|
153,550
|
(162,430)
|
447,346
|
|
|
|
|
|
Fixed assets,
net
|
10,235
|
-
|
-
|
10,235
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
Deposits
|
6,000
|
-
|
-
|
6,000
|
Goodwill
|
-
|
-[3]
|
-
|
|
|
|
|
(1,118,609)[4]
|
|
Total other
assets
|
6,000
|
-
|
-
|
6,000
|
|
|
|
|
|
Total
assets
|
$472,461
|
$153,550
|
$(162,430)
|
$463,581
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' DEFICIT
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable
and accrued liabilities
|
$1,370,972
|
$417,025
|
$(162,430)[1]
|
$1,385,010
|
|
|
|
(86,500)[2]
|
|
|
|
|
(154,057)[4]
|
|
Deferred
revenue
|
433,298
|
5,807
|
(5,807)[4]
|
433,298
|
Related party
payable
|
805,895
|
132,199
|
(5,000)[2]
|
805,895
|
|
|
|
(127,199)[4]
|
|
Settlement
payable
|
-
|
344,392
|
(344,392)[2]
|
-
|
Debt
|
2,093,745
|
73,011
|
(46,696)[2]
|
2,102,476
|
|
|
|
(17,583)[4]
|
|
Current liabilities
of discontinued operations
|
-
|
120,266
|
(120,266)[4]
|
-
|
Derivative
liability, short term portion
|
-
|
37,157
|
(37,157)[2]
|
-
|
Total current
liabilities
|
4,703,909
|
1,129,857
|
(1,107,088)
|
4,726,679
|
|
|
|
|
|
Long term
liabilities
|
-
|
-
|
-
|
-
|
|
|
|
|
|
Total
liabilities
|
4,703,909
|
1,129,857
|
(1,107,088)
|
4,726,679
|
|
|
|
|
|
Stockholders’
deficit:
|
|
|
|
|
Preferred
stock
|
-
|
-
|
-
|
-
|
Common
stock
|
-
|
125,889[2]
|
1,509,136
|
|
|
|
[3]
|
|
|
Additional paid in
capital
|
-
|
97,774,514[2]
|
(1,250,112)
|
|
|
|
|
(99,108,184)[3]
|
|
Treasury
stock
|
-
|
(8,589)
|
-
|
(8,589)
|
Members’
deficit
|
(4,231,449)
|
-[5]
|
|
|
Accumulated
deficit
|
-
|
(98,868,122)[2]
|
-
|
|
|
|
[3]
|
(4,513,534)
|
|
|
|
|
(693,697)[4]
|
|
|
|
|
(4,231,449)[5]
|
|
Total
stockholders’ deficit
|
(4,231,449)
|
(976,307)
|
944,657
|
4,263,099
|
|
|
|
|
|
Total liabilities
and stockholders’ deficit
|
$472,461
|
$153,550
|
$(162,430)
|
$463,580
|
|
Wealth Generators,
LLC
|
Investview,
Inc.
|
Adjustments
|
Consolidated
|
Revenue,
net
|
$12,872,947
|
$131,465
|
$(131,465)[4]
|
$12,872,947
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
Cost of
sales
|
862,849
|
3,257
|
(3,257)[4]
|
862,849
|
Commissions
|
9,412,655
|
-
|
-
|
9,412,655
|
Selling and
marketing
|
500,032
|
-
|
-
|
500,032
|
Salary and
related
|
1,918,199
|
-
|
-
|
1,918,199
|
Professional
fees
|
917,308
|
-
|
-
|
917,308
|
General and
administrative
|
1,199,564
|
980,579
|
(779,611)[4]
|
1,400,532
|
Total operating
costs and expenses
|
14,810,607
|
983,836
|
(782,869)
|
15,011,575
|
|
|
|
|
|
Net loss from
operations
|
(1,937,660)
|
(852,371
|
651,404
|
(2,138,627)
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
Interest expense,
related parties
|
(274,057)
|
-
|
-
|
(274,057)
|
Interest
expense
|
(205,327)
|
(648,573
|
-
|
(839,525)
|
Other income
(expense)
|
(6,120)
|
-
|
-
|
(6,120)
|
Gain (loss) on
change in fair value of derivative liabilities
|
-
|
84,284
|
-
|
84,284
|
Gain (loss) on debt
extinguishment
|
-
|
3,170,326[2]
|
3,581,938
|
|
Total other income
(expense)
|
(485,504)
|
2,606,038
|
411,612
|
2,532,145
|
|
|
|
|
|
Loss from
operations before taxes
|
(2,423,164)
|
1,753,666
|
1,063,015
|
393,518
|
|
|
|
|
|
Tax
expense
|
(4,039)
|
-
|
-
|
(4,039)
|
|
|
|
|
|
Net
loss
|
$(2,427,203)
|
$1,753,666
|
$1,063,015
|
$389,479
|
[1]
During the year ended March 31, 2017 Wealth
Generators, LLC ("WG") was utilizing the INVU merchant account to
process a number of the WG sales transactions. In exchange for the
use of the account, WG was making payments on an INVU note payable
on INVU's behalf. As of March 31, 2017 INVU was holding $162,430 in
their merchant account that belonged to WG, therefore had a
liability recorded on their books while WG had a corresponding
receivable. This entry eliminates those intercompany balances as if
the entities had been consolidated as of March 31,
2017.
|
[2]
In
conjunction with the Acquisition, INVU
entered into an assignment and assumption agreement wherein they
issued 24,914,348 shares of their common stock to Alpha Pro Asset
Management Group, LLC ("Alpha Pro"), an entity affiliated with the
prior members of management, in exchange for Alpha Pro's assumption
of $482,588 worth of liabilities. This entry records the issuance
of shares, the extinguishment of debt, and the gain on the
transaction. One of the notes assumed by Alpha Pro had a derivative
liability recorded on the INVU’s books for $31,157, therefore
that liability was also extinguished with the execution of the
agreement.
|
[3]
INVU
issued 1,358,670,942 shares of their
common stock to the members of Wealth Generators, LLC in exchange
for 100% of the outstanding securities of WG. This entry records
the issuance of shares to ensure the capital accounts reflects that
of the legal acquirer (INVU), records goodwill for the excess of
the purchase price over the assets acquired and liabilities assumed
and eliminates INVU's historical stockholders' deficit. The fair
value of the consideration effectively transferred was measured
based on the fair value of INVU’s shares that were
outstanding immediately before the transaction of 150,465,339.
Using the closing market price of INVU’s shares on March 31,
2017 of $0.0044 consideration was valued at $662,047.
|
[4]
On June 6, 2017 INVU entered into an
Acquisition Agreement with Market Trend Strategies, LLC ("Market"),
a company whose members are also former members of management of
INVU. In accordance with the Acquisition Agreement, INVU spun-off
the operations of INVU that existed prior to the merger with Wealth
Generators, LLC and sold the intangible assets used in the
operations of INVU pre-merger in exchange for Market assuming
$419,139 worth of liabilities that had been on the books
pre-merger. Because there was goodwill that was recorded in
conjunction with the merger, and it therefore related to the INVU
operations that were acquired, this spin-off entry effectively
reduced the goodwill to zero, reduced the liabilities that had been
assumed, removed the expenses related to the spun-off operations of
INVU pre-merger, and resulted in a gain on spin-off of
operations.
|
[5]
This
entry reclasses the members deficit of
Wealth Generators, LLC to accumulated deficit of the consolidated
entity.
|
|
Year Ended March
31,
|
|
|
2018
|
2017
|
Short term advances
[1]
|
$1,880
|
$100,000
|
Revenue-based
funding agreement entered into on 11/8/15 [2]
|
-
|
180,000
|
Short-term
promissory note entered into on 9/13/16 [3]
|
-
|
150,000
|
Promissory note
entered into on 11/15/16 [4]
|
-
|
895
|
Promissory note
entered into on 3/15/17 [5]
|
-
|
375,000
|
|
$1,880
|
$805,895
|
[1]
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 set interest rates associated with them,
and are unsecured. During the year ended March 31, 2018, we
received $498,380 in cash proceeds from advances, incurred
$64,605 in interest, and repaid
related parties a total of $661,105.
|
[2]
On
November 16, 2015, then a majority member of Wealth Generators
(pre-reverse acquisition) and currently a majority shareholder
advanced funds of $150,000 under a Revenue-based Funding Agreement,
which required that beginning December 30, 2015, we would pay an
amount equal to 2% of our top-line revenue generated from the prior
month to reduce the loan until the lender had received $450,000.
During the year ended March 31, 2018, we agreed to issue 10,000,000
shares of common stock to extinguish $90,000 in debt and to pay
$15,000 per month for six months, for a total of $90,000, under a
Conversion Agreement. We repaid $90,000 in cash during the year
ended March 31, 2018.
|
[3]
A
member of the senior management team has continuously advanced
funds of $150,000 at various times, beginning on September 14,
2016, under short-term Promissory Notes and their applicable
amendments. All of the notes carry the same terms, have a fixed
interest payment of $7,500, and are generally due in less than four
weeks. Under this arrangement, during the year ended March 31,
2018, we incurred $27,000 of interest and repaid a total of
$177,000.
|
[4]
We
entered into a Promissory Note for $94,788 with a company owned by
immediate family members of two members of our executive management
team. Funds were advanced to us on November 16 and December 16,
2016, in the amounts of $78,750 and $16,038, respectively. The
Promissory Note had a 12-month term, an annual interest rate of 8%,
and no prepayment penalty. During the year ended March 31, 2017, we
incurred $895 in interest expense on the note and repaid the entire
principal balance of $94,788. During the year ended March 31, 208
we repaid the remaining interest balance of $895.
|
[5]
A
company that was a majority member of Wealth Generators
(pre-reverse acquisition) and is currently a majority shareholder
entered into a Promissory Note in the amount of $300,000, advancing
funds on March 17, 2017. The note had a fixed interest amount of
$75,000 and matured on September 16, 2017, but was extended
initially through November 16, 2017, and then extended a second
time through December 31, 2017. An additional $12,500 in interest
was incurred for the second extension and total repayments of
$387,500 were made on this arrangement during the year ended March
31, 2018.
|
|
Year Ended March
31,
|
|
|
2018
|
2017
|
Revenue based
funding arrangement entered into on 8/31/15 [1]
|
$-
|
$263,641
|
Revenue share
agreement entered into on 6/28/16 [2]
|
195,245
|
525,000
|
Purchase and sale
agreement for future receivables entered into on 9/30/16
[3]
|
-
|
220,652
|
Short-term advance
received on 1/11/17 [4]
|
|
1,000,000
|
Short-term advance
received on 3/16/17 [5]
|
-
|
50,000
|
Promissory note
entered into on 3/31/17 [6]
|
-
|
34,452
|
|
$195,245
|
$2,093,745
|
[1]
We entered into a Revenue-based Funding
Agreement and received proceeds of $50,000 on December 18, 2015,
$25,000 on April 17, 2015, and $25,000 September 1, 2015. The
agreement required that beginning September 30, 2015, we would pay
an amount equal to 2% of our top-line revenue generated from the
prior month to reduce the loan until the lender had received an
amount that was three times the amount advanced. During the year
ended March 31, 2018, we agreed to issue 10,000,000 shares of
common stock to extinguish $263,641 in debt.
|
[2]
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 year ended March 31, 2018, we repaid
$329,755.
|
[3]
We entered into a Purchase and Sale
Agreement for future receivables with an entity that provides quick
access to working capital. On October 6, 2016, we received proceeds
from this arrangement of $250,000. In accordance with the terms of
the agreement, we are required to repay $345,600 over a 16-month
period by making ACH payments in the amount of $1,052 per business
day. Accordingly, we recorded $95,000 as interest expense at
inception of the agreement, which was the difference between the
funds received and the amount that was to be repaid. During the
year ended March 31, 2018, we repaid $221,092 on the debt and
recorded $440 for eleven monthly maintenance fees of $40 per
month.
|
[4]
We received funds of $1,000,000 on January
11, 2017, and funds of $800,000 on April 10, 2017, as a result of
short-term advances in which the lender was anticipating converting
such funds into shares of common stock upon our acquisition by a
publicly traded company. On June 6, 2017, we formalized a
Conversion Agreement wherein the total of these funds, or
$1,800,000, was exchanged for 180,000,000 shares of our common
stock.
|
[5]
We received funds of $50,000 on March 16,
2017, as a result of a short-term advance. Such advance has no
interest rate or due date, thus was shown as due on demand. During
the year ended March 31, 2018, we entered into a Conversion
Agreement and issued 5,000,000 shares of common stock in exchange
for the $50,000 in debt.
|
[6]
We
received a short-term advance of $24,965 on March 3, 2017 and
entered into a Promissory Note with the lender on March 31, 2017,
to formalize the lending arrangements for this advance. Per the
Promissory Note, $50,000 was to be advanced on or before April 3,
2017, therefore, we received $25,000 in proceeds during the year
ended March 31, 2018. The Promissory Note provided for a fixed
interest amount of $19,000 and matured on December 31, 2017. During
the year ended March 31, 2018, we recorded $9,513 as interest
expense. On September 10, 2017, we agreed to issue 5,000,000 shares
of common stock in exchange for the full $68,965 in debt.
|
|
|
|
Weighted
|
|
|
|
Weighted
|
Average
|
|
|
|
Average
|
Remaining
|
Aggregate
|
|
Number of
|
Exercise
|
Contractual
|
Intrinsic
|
|
Shares
|
Price
|
Life
(years)
|
Value
|
Options outstanding
at March 31, 2016
|
37,500
|
$10.20
|
3.33
|
$-
|
Granted
|
-
|
$-
|
|
|
Exercised
|
-
|
$-
|
|
|
Canceled /
expired
|
(2,500)
|
$12.00
|
|
|
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
|
$-
|
Options exercisable
at March 31, 2018
|
35,000
|
$10.00
|
1.51
|
$-
|
|
|
|
Weighted
|
|
|
|
Weighted
|
Average
|
|
|
|
Average
|
Remaining
|
Aggregate
|
|
Number of
|
Exercise
|
Contractual
|
Intrinsic
|
|
Shares
|
Price
|
Life
(years)
|
Value
|
Options outstanding
at March 31, 2016
|
2,500
|
$84.00
|
0.08
|
$-
|
Granted
|
-
|
$-
|
|
|
Exercised
|
-
|
$-
|
|
|
Canceled /
expired
|
(2,500)
|
$84.00
|
|
|
Options outstanding
at March 31, 2017
|
-
|
$-
|
-
|
$-
|
Granted
|
-
|
$-
|
|
|
Exercised
|
-
|
$-
|
|
|
Canceled /
expired
|
-
|
$-
|
|
|
Options outstanding
at March 31, 2018
|
-
|
$-
|
-
|
$-
|
Options exercisable
at March 31, 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
|
$0.50
|
30,000
|
0.01
|
$0.50
|
350,000
|
$0.50
|
$1.50
|
6,127,497
|
1.24
|
$1.50
|
6,127,497
|
$1.50
|
$2.50
|
12,000
|
0.30
|
$2.50
|
12,000
|
$2.50
|
Total
|
6,169,497
|
1.23
|
$1.50
|
6,169,497
|
$1.50
|
|
|
Weighted
|
|
|
Average
|
|
Number of
|
Exercise
|
|
Shares
|
Price
|
Warrants
outstanding at March 31, 2016
|
6,504,810
|
$1.48
|
Granted /
restated
|
30,000
|
$0.50
|
Canceled
|
-
|
$-
|
Expired
|
-
|
$-
|
Warrants
outstanding at March 31, 2017
|
6,534,810
|
$1.48
|
Granted
|
-
|
$-
|
Canceled
|
-
|
$-
|
Expired
|
(365,313)
|
$(1.18)
|
Warrants
outstanding at March 31, 2018
|
6,169,497
|
$1.50
|
●
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, District Judge Dale A. Kimball
and Magistrate Judge Evelyn J. Furse) 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. The
Magistrate Judge ordered both parties to provide specific
disclosures to the other side and both parties have complied. The
Parties were ordered to meet and confer in a good faith effort to
settle the matter on or before June 12, 2018. The parties were
unable to settle the matter and as of June 19, 2018, we are filing
a countersuit to proceed.
|
|
Year Ended March
31,
|
|
|
2018
|
2017
|
Deferred tax
assets:
|
|
|
NOL
carryover
|
$1,146,200
|
$18,372,400
|
Amortization
|
335,600
|
-
|
Contingent
Liability
|
45,000
|
-
|
Related party
accrued payroll
|
-
|
2,200
|
Deferred tax
liabilities
|
|
|
Depreciation
|
(2,900)
|
-
|
|
|
|
Valuation
allowance
|
(1,523,900)
|
(18,374,600)
|
Total long-term
deferred income tax assets
|
$-
|
$-
|
|
Year Ended March
31,
|
|
|
2018
|
2017
|
Book income
(loss)
|
$(4,473,900)
|
$754,100
|
Stock for
services
|
2,048,200
|
239,800
|
Gain on settlement
– derivative and equity derived
|
955,900
|
(1,006,900)
|
Amortization
|
313,200
|
-
|
Contingent
liability
|
45,000
|
-
|
Unrealized loss on
cryptocurrency
|
40,700
|
-
|
Meals and
entertainment
|
6,200
|
-
|
Non-cash interest
expense
|
5,700
|
387,400
|
Depreciation
|
(2,800)
|
-
|
Related party
accruals
|
(1,500)
|
(220,600)
|
Stock for
payables
|
-
|
278,000
|
Gain on derivative
liability
|
-
|
(36,200)
|
Fines and
penalties
|
-
|
3,900
|
NOL
utilization
|
-
|
(399,500)
|
Valuation
allowance
|
1,063,300
|
-
|
Total long-term
deferred income tax assets
|
$-
|
$-
|
INVESTVIEW,
INC.
|
||
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
||
|
||
|
September
30,
|
March
31,
|
|
2018
|
2018
|
|
(Unaudited)
|
|
|
|
|
ASSETS
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$829,809
|
$1,490,686
|
Prepaid
assets
|
14,971
|
3,555
|
Receivables
|
719,575
|
472,557
|
Short term
advances
|
10,000
|
10,000
|
Short term advances
- related party
|
500
|
36,510
|
Other current
assets
|
10,573
|
480,370
|
Total current
assets
|
1,585,428
|
2,493,678
|
|
|
|
Fixed assets,
net
|
15,840
|
18,860
|
|
|
|
Other
assets:
|
|
|
Intangible assets,
net
|
3,037,387
|
-
|
Long term license
agreement, net
|
2,058,214
|
2,133,620
|
Deposits
|
4,500
|
4,500
|
Total other
assets
|
5,100,101
|
2,138,120
|
|
|
|
Total
assets
|
$6,701,369
|
$4,650,658
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT)
|
|
|
Current
liabilities:
|
|
|
Accounts payable
and accrued liabilities
|
$5,062,579
|
$5,352,073
|
Customer
advance
|
265,000
|
-
|
Deferred
revenue
|
1,244,891
|
863,740
|
Related party
payables
|
699,380
|
1,880
|
Debt
|
727,392
|
195,245
|
Total current
liabilities
|
7,999,242
|
6,412,938
|
|
|
|
Total
liabilities
|
7,999,242
|
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 September 30, 2018 and March 31,
2018
|
-
|
-
|
Common stock, par
value $0.001; 10,000,000,000 shares authorized; 2,213,661,318 and
2,169,661,318 shares issued and outstanding as of September 30,
2018 and March 31, 2018, respectively
|
2,213,661
|
2,169,661
|
Additional paid in
capital
|
17,112,945
|
16,137,945
|
Accumulated other
comprehensive income (loss)
|
1,258
|
(2,483)
|
Accumulated
deficit
|
(20,611,269)
|
(20,085,947)
|
Total
Investview stockholders' equity (deficit)
|
(1,283,405)
|
(1,780,824)
|
Noncontrolling
interest
|
(14,468)
|
18,544
|
Total
stockholders' equity (deficit)
|
(1,297,873)
|
(1,762,280)
|
|
|
|
Total liabilities
and stockholders' equity (deficit)
|
$6,701,369
|
$4,650,658
|
|
|
|
The
accompanying notes are an integral part of these condensed
consolidated financial statements
|
INVESTVIEW,
INC.
|
||||
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE
INCOME
|
||||
(Unaudited)
|
||||
|
|
|
|
|
|
Three Months
Ended September 30,
|
Six Months
Ended September 30,
|
||
|
2018
|
2017
|
2018
|
2017
|
|
|
|
|
|
Revenue:
|
|
|
|
|
Subscription
revenue, net of refunds, incentives, credits, and
chargebacks
|
$7,719,857
|
$3,615,305
|
$13,831,246
|
$6,593,107
|
Cryptocurrency
mining service revenue, net of amounts paid to
supplier
|
377,891
|
-
|
1,778,323
|
-
|
Total
revenue, net
|
8,097,748
|
3,615,305
|
15,609,569
|
6,593,107
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
Cost of sales and
service
|
201,445
|
123,010
|
430,997
|
317,296
|
Commissions
|
6,047,907
|
2,958,173
|
12,229,266
|
5,438,565
|
Selling and
marketing
|
309,442
|
119,218
|
525,406
|
268,596
|
Salary and
related
|
1,123,682
|
419,347
|
2,016,202
|
856,493
|
Professional
fees
|
512,515
|
425,197
|
1,070,596
|
825,026
|
General and
administrative
|
1,040,522
|
494,383
|
1,980,306
|
832,388
|
Total
operating costs and expenses
|
9,235,513
|
4,539,328
|
18,252,773
|
8,538,364
|
|
|
|
|
|
Net loss from
operations
|
(1,137,765)
|
(924,023)
|
(2,643,204)
|
(1,945,257)
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
Gain (loss) on debt
extinguishment
|
-
|
(81,035)
|
19,387
|
(2,767,422)
|
Loss on spin-off of
operations
|
-
|
-
|
-
|
(1,118,609)
|
Gain on bargain
purchase
|
2,005,282
|
-
|
2,005,282
|
-
|
Realized gain
(loss) on cryptocurrency
|
(6,278)
|
-
|
17,454
|
-
|
Unrealized gain
(loss) on cryptocurrency
|
(4,244)
|
-
|
95,926
|
-
|
Interest expense -
related parties
|
(5,000)
|
-
|
(5,000)
|
(3,000)
|
Interest
expense
|
(4,147)
|
(81,136)
|
(4,147)
|
(91,903)
|
Other income
(expense)
|
77
|
676
|
(1,843)
|
(1,702)
|
Total
other income (expense)
|
1,985,690
|
(161,495)
|
2,127,059
|
(3,982,636)
|
|
|
|
|
|
Income (loss)
before income taxes
|
847,925
|
(1,085,518)
|
(516,145)
|
(5,927,893)
|
|
|
|
|
|
Income tax
expense
|
(31,146)
|
(6,879)
|
(42,189)
|
(13,340)
|
|
-
|
-
|
|
|
Net Income
(Loss)
|
816,779
|
(1,092,397)
|
(558,334)
|
(5,941,233)
|
|
|
|
|
|
Less: net loss
attributable to the noncontrolling interest
|
(16,788)
|
-
|
(33,012)
|
-
|
|
|
|
|
|
Net income (loss)
attributable to Investview stockholders
|
$833,567
|
$(1,092,397)
|
$(525,322)
|
$(5,941,233)
|
|
|
|
|
|
Income (loss) per
common share, basic and diluted
|
$0.00
|
$(0.00)
|
$(0.00)
|
$(0.00)
|
|
|
|
|
|
Weighted average
number of common shares outstanding, basic and diluted
|
2,169,661,318
|
1,822,478,129
|
2,189,508,313
|
1,581,200,506
|
|
|
|
|
|
Other comprehensive
income, net of tax:
|
|
|
|
|
Foreign
currency translation adjustments
|
$123
|
$-
|
$3,741
|
$-
|
Total other
comprehensive income
|
123
|
-
|
3,741
|
-
|
Comprehensive
income (loss)
|
816,902
|
(1,092,397)
|
(554,593)
|
(5,941,233)
|
Less:
comprehensive income attributable to the noncontrolling
interest
|
(123)
|
-
|
(3,741)
|
-
|
Comprehensive
income (loss) attributable to INVU shareholders
|
$816,779
|
$(1,092,397)
|
$(558,334)
|
$(5,941,233)
|
|
|
|
|
|
The
accompanying notes are an integral part of these condensed
consolidated financial statements
|
INVESTVIEW
INC.
|
||
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||
(Unaudited)
|
||
|
||
|
Six Months
Ended September 30,
|
|
|
2018
|
2017
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
Net
loss
|
$(558,334)
|
$(5,941,233)
|
Adjustments
to reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
Depreciation
|
3,020
|
1,107
|
Amortization of
long-term license agreement
|
75,406
|
-
|
Amortization of
intangible assets
|
112,613
|
-
|
Stock issued for
services, compensation, and license agreement
|
3,333
|
47,591
|
Loss on spin-off of
operations
|
-
|
1,118,609
|
Gain on bargain
purchase
|
(2,005,282)
|
-
|
(Gain) loss on debt
extinguishment
|
(19,387)
|
2,767,422
|
Realized gain on
cryptocurrency
|
(17,454)
|
-
|
Unrealized gain on
cryptocurrency
|
(95,926)
|
-
|
Changes in
operating assets and liabilities:
|
|
|
Receivables
|
114,327
|
325,936
|
Prepaid
assets
|
(4,749)
|
-
|
Short term advances
from related parties
|
36,010
|
-
|
Other current
assets
|
583,177
|
1,500
|
Accounts payable
and accrued liabilities
|
(675,065)
|
(112,847)
|
Customer
advance
|
265,000
|
-
|
Deferred
revenue
|
383,417
|
122,399
|
Accrued
interest
|
4,147
|
76,602
|
Accrued interest -
related parties
|
5,000
|
3,000
|
Net
cash provided by operating activities
|
(1,790,747)
|
(1,589,914)
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
Cash received in
acquisition
|
3,740
|
3,550
|
Net
cash provided by investing activities
|
3,740
|
3,550
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
Proceeds from
related parties
|
894,000
|
368,253
|
Repayments for
related party payables
|
(201,500)
|
(392,500)
|
Proceeds from
debt
|
670,000
|
1,675,000
|
Repayments for
debt
|
(142,000)
|
(556,085)
|
Payments for share
repurchase
|
(91,000)
|
-
|
Proceeds from the
sale of stock
|
-
|
492,000
|
Net
cash provided by financing activities
|
1,129,500
|
1,586,668
|
|
|
|
Effect of exchange
rate translation on cash
|
(3,370)
|
-
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
(660,877)
|
304
|
Cash and cash
equivalents-beginning of period
|
1,490,686
|
1,616
|
Cash and cash
equivalents-end of period
|
$829,809
|
$1,920
|
|
|
|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
Cash paid during
the period for:
|
|
|
Interest
|
$-
|
$78,000
|
Income
taxes
|
$42,189
|
$13,340
|
Non cash investing
and financing activities:
|
|
|
Common stock issued
for acquisition
|
$1,100,000
|
$662,048
|
Common stock issued
in settlement of debt
|
$-
|
$2,322,606
|
Common stock issued
for prepaid services and long term license agreement
|
$6,667
|
$2,215,909
|
|
|
|
The
accompanying notes are an integral part of these condensed
consolidated financial statements
|
|
September
30,
2018
|
March
31,
2018
|
Colombian
Peso to USD
|
0.00034
|
0.00036
|
|
Six
Months Ended September 30,
|
|
|
2018
|
2017
|
Colombian
Peso to USD
|
0.00034
|
n/a
|
|
Estimated
|
|
|
Useful
|
|
|
Life
|
|
|
(years)
|
Value
|
FireFan mobile
application
|
4
|
$804,000
|
Back office
software
|
10
|
1,074,000
|
Tradename/trademark
- FireFan
|
5
|
472,000
|
Tradename/trademark
- United Games
|
0.45
|
4,000
|
Customer
contracts/relationships
|
5
|
796,000
|
|
|
3,150,000
|
Accumulated
amortization as of September 30, 2018
|
|
(112,613)
|
Net book value,
September 30, 2108
|
|
$3,037,387
|
Remainder of
2019
|
$282,478
|
Fiscal year ending
March 31, 2020
|
562,000
|
Fiscal year ending
March 31, 2021
|
562,000
|
Fiscal year ending
March 31, 2022
|
562,000
|
Fiscal year ending
March 31, 2023
|
422,126
|
Fiscal year ending
March 31, 2020 and beyond
|
646,783
|
|
$3,037,387
|
|
Level
1
|
Level
2
|
Level
3
|
Total
|
Cryptocurrencies
|
$10,573
|
$-
|
$-
|
$10,573
|
Total
Assets
|
$10,573
|
$-
|
$-
|
$10,573
|
|
|
|
|
|
Total
Liabilities
|
$-
|
$-
|
$-
|
$-
|
|
Level
1
|
Level
2
|
Level
3
|
Total
|
Cryptocurrencies
|
$480,370
|
$-
|
$-
|
$480,370
|
Total
Assets
|
$480,370
|
$-
|
$-
|
$480,370
|
|
|
|
|
|
Total
Liabilities
|
$-
|
$-
|
$-
|
$-
|
|
September
30,
2018
|
|
September
30,
2017
|
|
|||||||||||||||
|
Subscription
Revenue
|
|
Cryptocurrency
Mining Revenue
|
|
Total
|
|
Subscription
Revenue
|
|
Cryptocurrency
Mining Revenue
|
|
|
Total
|
|
||||||
Gross
billings
|
$
|
14,677,640
|
|
$
|
5,649,601
|
|
$
|
20,327,241
|
|
$
|
7,017,677
|
|
$
|
-
|
|
|
$
|
7,0170,677
|
|
Refunds,
incentives, credits, and chargebacks
|
|
(846,394
|
)
|
|
-
|
|
|
(846,394
|
)
|
|
(424,570
|
)
|
|
-
|
|
|
|
(424,570
|
)
|
Amounts
paid to supplier
|
|
-
|
|
|
(3,871,278
|
)
|
|
(3,871,278
|
)
|
|
-
|
|
|
-
|
|
|
|
-
|
|
Net
revenue
|
$
|
13,831,246
|
|
$
|
1,778,323
|
|
$
|
15,609,569
|
|
$
|
6,593,107
|
|
$
|
-
|
|
|
$
|
6,593,107
|
|
|
September
30,
2018
|
|
September
30,
2017
|
|
|||||||||||||||
|
Subscription
Revenue
|
|
Cryptocurrency
Mining Revenue
|
|
Total
|
|
Subscription
Revenue
|
|
Cryptocurrency
Mining Revenue
|
|
|
Total
|
|
||||||
Gross
billings
|
$
|
8,166,854
|
|
$
|
1,480,131
|
|
$
|
9,646,985
|
|
$
|
3,827,590
|
|
$
|
-
|
|
|
$
|
3,827,590
|
|
Refunds,
incentives, credits, and chargebacks
|
|
(446,997
|
)
|
|
-
|
|
|
(446,997
|
)
|
|
(212,285
|
)
|
|
-
|
|
|
|
(212,285
|
)
|
Amounts
paid to supplier
|
|
-
|
|
|
(1,102,240
|
)
|
|
(1,102,240
|
)
|
|
-
|
|
|
-
|
|
|
|
-
|
|
Net
revenue
|
$
|
7,719,857
|
|
$
|
377,891
|
|
$
|
8,097,748
|
|
$
|
3,615,305
|
|
$
|
-
|
|
|
$
|
3,615,305
|
|
|
|
September
30,
2018
|
|
|
September
30,
2017
|
|
||
Options
to purchase common stock
|
|
|
35,000
|
|
|
|
35,000
|
|
Warrants
to purchase common stock
|
|
|
6,052,497
|
|
|
|
6,534,810
|
|
Totals
|
|
|
6,087,497
|
|
|
|
6,569,810
|
|
|
|
September
30,
2018
|
|
|
March
31,
2018
|
|
||
Short-term
advances [1]
|
|
$
|
594,380
|
|
|
$
|
1,880
|
|
Short-term
Promissory Note entered into on 8/17/18, in default [2]
|
|
|
105,000
|
|
|
|
-
|
|
|
|
$
|
694,380
|
|
|
$
|
1,880
|
|
|
|
September
30,
2018
|
|
|
March
31,
2018
|
|
||
Revenue
share agreement entered into on 6/28/16 [1]
|
|
$
|
53,245
|
|
|
$
|
195,245
|
|
Promissory
note entered into on 9/19/18 [2]
|
|
|
104,000
|
|
|
|
-
|
|
Secured
merchant agreement for future receivables entered into on 9/28/18
[3]
|
|
|
570,147
|
|
|
|
-
|
|
|
|
$
|
727,392
|
|
|
$
|
195,245
|
|
|
|
|
|
|
|
|
|
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 September 30, 2018
|
|
|
35,000
|
|
|
$
|
10.00
|
|
|
|
1.01
|
|
|
$
|
-
|
|
Options
exercisable at September 30, 2018
|
|
|
35,000
|
|
|
$
|
10.00
|
|
|
|
1.01
|
|
|
$
|
-
|
|
|
|
|
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
|
|
|
|
6,052,497
|
|
|
|
0.75
|
|
|
$
|
1.50
|
|
|
|
6,052,497
|
|
|
$
|
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
|
|
|
(117,000
|
)
|
|
$
|
1.35
|
|
Warrants
outstanding at September 30, 2018
|
|
|
6,052,497
|
|
|
$
|
1.50
|
|
Cash
|
|
$
|
3,740
|
|
Receivables
|
|
|
361,345
|
|
Intangible
assets (see Note 2)
|
|
|
3,150,000
|
|
Total
assets acquired
|
|
|
3,515,085
|
|
|
|
|
|
|
Accounts
payable and accrued liabilities
|
|
|
409,803
|
|
Total
liabilities assumed
|
|
|
409,803
|
|
|
|
|
|
|
Net
assets acquired
|
|
|
3,105,282
|
|
|
|
|
|
|
Consideration
|
|
|
1,100,000
|
|
|
|
|
|
|
Gain on
bargain purchase
|
|
$
|
2,005,282
|
|
|
Three months
ended September 30,
|
|
Six months ended
September 30,
|
|
|||||||||||
|
2018
|
|
|
2017
|
|
2018
|
|
|
2017
|
|
|||||
Revenues
|
|
$
|
7,922,613
|
|
|
$
|
5,082,325
|
|
$
|
14,769,395
|
|
|
$
|
10,086,101
|
|
Net
income (loss)
|
|
$
|
858,711
|
|
|
$
|
(1,457,172
|
)
|
$
|
(868,974
|
)
|
|
$
|
(6,451,091
|
)
|
Loss
per common share
|
|
$
|
0.00
|
|
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
|
$
|
(0.00
|
)
|
Nature
of Expense
|
Amount(1)
|
SEC registration
fee
|
$152
|
Transfer
agent’s, and registrars’ fees and
expenses
|
2,000
|
Accounting fees and
expenses
|
10,000
|
Legal fees and
expenses
|
15,000
|
Miscellaneous
|
2,848
|
Total
|
$30,000
|
Exhibit Number*
|
|
Title of Document
|
|
Location
|
|
|
|
|
|
Item 2
|
|
Plan
of Acquisition, Reorganization, Arrangement, Liquidation or
Succession
|
|
|
|
Contribution
Agreement between Investview, Inc., Wealth Generators, LLC,
and the members of Wealth Generators, LLC dated March 31,
2017
|
|
Incorporated
by reference to the Current Report on Form 8-K filed April 6,
2017
|
|
|
|
|
|
|
Item 3
|
|
Articles
of Incorporation and Bylaws
|
|
|
|
Articles of
Incorporation
|
|
Incorporated
by reference to the Form 10SB12G filed August 12, 1999
|
|
|
|
|
|
|
|
Articles of
Amendments to the Articles of Incorporation
|
|
Incorporated
by reference to the Form 10SB12G filed August 12, 1999
|
|
|
|
|
|
|
|
Bylaws
|
|
Incorporated
by reference to the Form 10SB12G filed August 12, 1999
|
|
|
|
|
|
|
3.04
|
|
Amendment to
Articles of Incorporation or by-laws
|
|
Incorporated
by reference to the Current Report on Form 8-K filed February 15,
2007
|
|
|
|
|
|
|
Certificate of
Change filed pursuant to NRS 78.209
|
|
Incorporated
by reference to the Current Report on Form 8-K filed April 6,
2012
|
|
|
|
|
|
|
|
Articles of Merger
filed pursuant to NRS 92.A.200
|
|
Incorporated
by reference to the Current Report on Form 8-K filed April 6,
2012
|
|
|
|
|
|
|
|
Certificate of
Amendment to Articles of Incorporation
|
|
Incorporated
by reference to the Definitive Information Statement filed December
20, 2017
|
|
|
|
|
|
|
Item 4
|
|
Instruments
Defining the Rights of Security Holders, including
indentures
|
|
|
|
Common
Stock Specimen
|
|
Incorporated
by reference to the Registration Statement on Form S-1 filed
January 12, 2018.
|
|
|
|
|
|
|
Item 5
|
|
Opinion
re Legality
|
|
|
|
Opinion
of Michael Best & Friedrich LLP
|
|
This
filing.
|
|
|
|
|
|
|
Item 10
|
|
Material
Contracts
|
|
|
|
|
|
|
|
|
Form of
Common Stock Purchase Warrant dated July 7, 2011
|
|
Incorporated
by reference to the Current Report on Form 8-K filed July 13,
2011
|
|
|
|
|
|
|
|
Form of
Common Stock Purchase Warrant – August 2012
|
|
Incorporated
by reference to the Current Report on Form 8-K filed August 20,
2012
|
|
|
|
|
|
|
|
2012
Incentive Stock Plan**
|
|
Incorporated
by reference to the Registration Statement on Form S-8 filed July
25, 2012
|
|
|
|
|
|
|
|
Form of
Common Stock Purchase Warrant issued to Allied Global Ventures
LLC
|
|
Incorporated by
reference to the Current Report on Form 8-K filed October 8,
2013
|
|
|
|
|
|
|
|
Form of
Common Stock Purchase Warrant
|
|
Incorporated by
reference to the Current Report on Form 8-K filed June 11,
2014
|
|
|
|
|
|
|
|
Form of
Common Stock Purchase Warrant – September 30,
2014
|
|
Incorporated by
reference to the Current Report on Form 8-K filed October 7,
2014
|
|
|
|
|
|
|
|
Form of
Conversion Agreement dated June 6, 2017
|
|
Incorporated
by reference to the Current Report on Form 8-K filed June 12,
2017
|
|
|
|
|
|
|
|
Agreement entered
into with CTB Rise International Inc. dated June 7,
2017
|
|
Incorporated
by reference to the Current Report on Form 8-K filed June 12,
2017
|
|
|
|
|
|
|
|
Founder
Employment Agreement between Investview, Inc. and Ryan Smith,
entered October 10, 2017**
|
|
Incorporated
by reference to the Current Report on Form 8-K filed October 13,
2017
|
|
|
|
|
|
|
|
Founder
Employment Agreement between Investview, Inc. and Annette Raynor,
entered October 10, 2017**
|
|
Incorporated
by reference to the Current Report on Form 8-K filed October 13,
2017
|
|
|
|
|
|
|
|
Founder
Employment Agreement between Investview, Inc. and Chad Miller,
entered October 10, 2017**
|
|
Incorporated
by reference to the Current Report on Form 8-K filed October 13,
2017
|
|
|
|
|
|
|
|
Founder
Employment Agreement between Investview, Inc. and Mario Romano,
entered October 10, 2017**
|
|
Incorporated
by reference to the Current Report on Form 8-K filed October 13,
2017
|
|
|
|
|
|
|
|
Founder
Revenue Agreement among Investview, Inc. and Chad Miller, Annette
Raynor, Mario Romano, and Ryan Smith**
|
|
Incorporated
by reference to the Current Report on Form 8-K filed October 13,
2017
|
|
|
|
|
|
|
10.29
|
|
Contribution and
Exchange Agreement between Investview, Inc. and HODO-mania, Inc.,
entered October 20, 2017
|
|
Incorporated
by reference to the Current Report on Form 8-K filed October 27,
2017
|
|
|
|
|
|
10.30
|
|
Product
Contribution Agreement between Investview, Inc. and Priam
Technologies, Inc., entered November 13, 2017
|
|
Incorporated
by reference to the Current Report on Form 8-K filed November 15,
2017
|
|
|
|
|
|
10.31
|
|
Exclusive License
Agreement between Investview, Inc. and Binnacle Research Marketing,
Inc., entered November 13, 2017
|
|
Incorporated
by reference to the Current Report on Form 8-K filed November 15,
2017
|
|
|
|
|
|
10.32
|
|
Product
Contribution Agreement between Investview, Inc. and WestMyn
Technology Services, Inc., entered November 13, 2017
|
|
Incorporated
by reference to the Current Report on Form 8-K filed November 15,
2017
|
|
|
|
|
|
10.33
|
|
Securities
Purchase Agreement between InvestView, Inc., and D-Beta One EQ,
Ltd., entered December 6, 2017
|
|
Incorporated
by reference to the Current Report on Form 8-K filed December 13,
2017
|
|
|
|
|
|
10.34
|
|
Registration
Rights Agreement between InvestView, Inc., and D-Beta One EQ, Ltd.,
entered December 6, 2017
|
|
Incorporated
by reference to the Current Report on Form 8-K filed December 13,
2017
|
|
|
|
|
|
10.35
|
|
Standby
Equity Distribution Agreement between InvestView, Inc., and YAII
PN, Ltd., entered December 6, 2017
|
|
Incorporated
by reference to the Current Report on Form 8-K filed December 13,
2017
|
|
|
|
|
|
10.36
|
|
Purchase Agreement between United Marketing, LLC
and Investview, Inc., entered July 20,
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
|
|
Incorporated by
reference from the Quarterly Report on Form 10-Q for the quarter
ended June 30, 2018, filed August 14, 2018
|
|
|
|
|
|
10.38
|
|
Capital Crypto
Mining Agreement between Investview, Inc. and WestMyn Technology
Services, Inc., entered May 1, 2018
|
|
Incorporated by
reference from the Quarterly Report on Form 10-Q for the quarter
ended June 30, 2018, filed August 14, 2018
|
|
|
|
|
|
10.39
|
|
Master Services
Agreement between Investview, Inc., its assigns, and BYOBitcoin
LLC
|
|
Incorporated by
reference from current report on Form 8-K filed September 25,
2018
|
|
|
|
|
|
10.41
|
|
Stock Buyback
Letter Agreement between Investview, Inc. and Yorkville Advisors
Global, LP and its subsidiaries dated September 13,
2018
|
|
Incorporated by
reference from current report on Form 8-K filed September 26,
2018
|
|
|
|
|
|
10.42
|
|
Common
Stock Purchase Agreement
between Investview, Inc. and TRITON FUNDS, LP., entered December
29, 2018
|
|
Incorporated
by reference to the Current Report on Form 8-K filed January 7,
2019
|
|
|
|
|
|
10.43
|
|
Registration Rights
Agreement between Investview, Inc. and TRITON FUNDS, LP., entered
December 29, 2018
|
|
Incorporated
by reference to the Current Report on Form 8-K filed January 7,
2019
|
|
|
|
|
|
10.44
|
|
Share
Donation Agreement between Investview, Inc. and TRITON FUNDS, LP,
Ltd., entered December 29, 2018
|
|
Incorporated
by reference to the Current Report on Form 8-K filed January 7,
2019
|
|
|
|
|
|
|
|
|
|
|
Item 21
|
|
Subsidiaries
of the Registrant
|
|
|
|
Schedule of
Subsidiaries
|
|
This
filing.
|
|
|
|
|
|
|
Item 23
|
|
Consents
of Experts and Counsel
|
|
|
|
Consent
of Haynie & Company
|
|
This
filing.
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23.02
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Consent
of Michael Best & Friedrich LLP
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Included
in exhibit 5.01.
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Item 24
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Power
of Attorney
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24.01
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Power
of Attorney
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See
signature page to this filing.
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Item 101
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Interactive
Data Files***
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101.INS
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XBRL
Instance Document
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To be
filed by amendment.
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101.SCH
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XBRL
Taxonomy Extension Schema
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To be
filed by amendment.
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101.CAL
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XBRL
Taxonomy Extension Calculation Linkbase
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To be
filed by amendment.
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101.DEF
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XBRL
Taxonomy Extension Definition Linkbase
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To be
filed by amendment.
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101.LAB
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XBRL
Taxonomy Extension Label Linkbase
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To be
filed by amendment.
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101.PRE
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XBRL
Taxonomy Extension Presentation Linkbase
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To be
filed by amendment.
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(1)
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To
file, during any period in which offers or sales are being made, a
post-effective amendment to this registration
statement:
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(i)
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to
include any prospectus required by section 10(a)(3) of the
Securities Act of 1933;
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(ii)
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to
reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form
of prospectus filed with the Commission pursuant to Rule 424(b) if,
in the aggregate, the changes in volume and price represent no more
than a 20% change in the maximum aggregate offering price set forth
in the “Calculation of Registration Fee” table in the
effective registration statement; and
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(iii)
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to
include any material information with respect to the plan of
distribution not previously disclosed in the registration statement
or any material change to such information in the registration
statement.
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(2)
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That,
for the purpose of determining any liability under the Securities
Act of 1933, each such post-effective amendment will be deemed to
be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time will be
deemed to be the initial bona fide offering thereof.
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(3)
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To
remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the
termination of the offering.
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(4)
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That,
for the purpose of determining liability of the registrant under
the Securities Act of 1933 to any purchaser, each prospectus filed
pursuant to Rule 424(b) as part of a registration statement
relating to an offering, other than registration statements relying
on Rule 430B or other than prospectuses filed in reliance on Rule
430A, will be deemed to be part of and included in the registration
statement as of the date it is first used after effectiveness.
Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a
time of contract of sale prior to such first use, supersede or
modify any statement that was made in the registration statement or
prospectus that was part of the registration statement or made in
any such document immediately prior to such date of first
use.
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(5)
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That,
for the purpose of determining liability of the registrant under
the Securities Act of 1933 to any purchaser in the initial
distribution of the securities:
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The
undersigned registrant undertakes that in a primary offering of
securities of the undersigned registrant pursuant to this
registration statement, regardless of the underwriting method used
to sell the securities to the purchaser, if the securities are
offered or sold to such purchaser by means of any of the following
communications, the undersigned registrant will be a seller to the
purchaser and will be considered to offer or sell such securities
to such purchaser:
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(i)
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Any
preliminary prospectus or prospectus of the undersigned registrant
relating to the offering required to be filed pursuant to Rule
424;
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(ii)
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Any
free writing prospectus relating to the offering prepared by or on
behalf of the undersigned registrant or used or referred to by the
undersigned registrant;
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(iii)
|
The
portion of any other free writing prospectus relating to the
offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the
undersigned registrant; and
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(iv)
|
Any
other communication that is an offer in the offering made by the
undersigned registrant to the purchaser.
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INVESTVIEW, INC.
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By:
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/s/
Ryan Smith
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Ryan
Smith
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Chief
Executive Officer
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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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Name and Signature
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Title
|
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Date
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/s/
Ryan Smith
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Ryan
Smith
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Chief
Executive Officer and Director
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01/22/19
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/s/
Annette Raynor
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Annette
Raynor
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Chief
Operating Officer and Director
|
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01/22/19
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/s/
Chad Miller
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Chad
Miller
|
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Director
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01/22/19
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/s/
William C. Kosoff
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William
C. Kosoff
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Acting
Chief Financial Officer and Principal Accounting
Officer
|
|
01/22/19
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Name
|
State of Organization
|
|
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Kuvera
LLC
|
Utah
|
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|
WealthGen
Global LLC
|
Utah
|
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|
United
Games LLC
|
Utah
|
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United
League LLC
|
Utah
|
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Kuvera
France
|
France
|
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Investment
Tools and Training, LLC
|
Utah
|
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Razor
Data, L.L.C.
|
Utah
|
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Document and Entity Information |
6 Months Ended |
---|---|
Sep. 30, 2018 | |
Document and Entity Information: | |
Entity Registrant Name | Investview, Inc. |
Document Type | S-1 |
Document Period End Date | Sep. 30, 2018 |
Trading Symbol | INVU |
Amendment Flag | false |
Entity Central Index Key | 0000862651 |
Current Fiscal Year End Date | --03-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Current Reporting Status | Yes |
CONSOLIDATED BALANCE SHEETS - USD ($) |
Sep. 30, 2018 |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|---|
Current assets: | |||
Cash and cash equivalents | $ 829,809 | $ 1,490,686 | $ 1,616 |
Prepaid assets | 14,971 | 3,555 | 0 |
Receivables | 719,575 | 472,557 | 444,610 |
Short term advances | 10,000 | 10,000 | 10,000 |
Short term advances - related party | 500 | 36,510 | 0 |
Other current assets | 10,573 | 480,370 | 0 |
Total current assets | 1,585,428 | 2,493,678 | 456,226 |
Fixed assets, net | 15,840 | 18,860 | 10,235 |
Other assets: | |||
Intangible assets, net | 3,037,387 | 0 | |
Long term license agreement, net | 2,058,214 | 2,133,620 | 0 |
Deposits | 4,500 | 4,500 | 6,000 |
Total other assets | 5,100,101 | 2,138,120 | 6,000 |
Total assets | 6,701,369 | 4,650,658 | 472,461 |
Current liabilities: | |||
Accounts payable and accrued liabilities | 5,062,579 | 5,352,073 | 1,370,972 |
Customer advance | 265,000 | 0 | |
Deferred revenue | 1,244,891 | 863,740 | 433,298 |
Related party payables | 699,380 | 1,880 | 805,895 |
Debt | 727,392 | 195,245 | 2,093,745 |
Total current liabilities | 7,999,242 | 6,412,938 | 4,703,910 |
Total liabilities | 7,999,242 | 6,412,938 | 4,703,910 |
Commitments and contingencies | |||
STOCKHOLDERS' EQUITY (DEFICIT) | |||
Preferred stock | 0 | 0 | 0 |
Common stock | 2,213,661 | 2,169,661 | 125,890 |
Additional paid in capital | 17,112,945 | 16,137,945 | 805,637 |
Treasury stock | 0 | (8,589) | |
Accumulated other comprehensive income | 1,258 | (2,483) | 0 |
Accumulated deficit | (20,611,269) | (20,085,947) | (5,154,387) |
Total stockholders' equity (deficit) | (1,283,405) | (1,780,824) | |
Noncontrolling interest | (14,468) | 18,544 | |
Total stockholders' equity (deficit) | (1,297,873) | (1,762,280) | (4,231,449) |
Total liabilities and stockholders' equity (deficit) | $ 6,701,369 | $ 4,650,658 | $ 472,461 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Sep. 30, 2018 |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|---|
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 | 10,000,000,000 |
Common stock, shares issued | 2,213,661,318 | 2,169,661,318 | 125,889,455 |
Common stock, shares outstanding | 2,213,661,318 | 2,169,661,318 | 125,888,155 |
Treasury shares | 0 | 1,300 |
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Revenue: | ||||||
Subscription revenue, net of refunds, incentives, credits, and chargebacks | $ 7,719,857 | $ 3,615,305 | $ 13,831,246 | $ 6,593,107 | $ 13,899,579 | $ 12,872,947 |
Cryptocurrency mining service revenue, net of amounts paid to supplier | 377,891 | 0 | 1,778,323 | 0 | 4,017,853 | 0 |
Total revenue, net | 8,097,748 | 3,615,305 | 15,609,569 | 6,593,107 | 17,917,432 | 12,872,947 |
Operating costs and expenses: | ||||||
Cost of sales and service | 201,445 | 123,010 | 430,997 | 317,296 | 6,713,097 | 862,849 |
Commissions | 6,047,907 | 2,958,173 | 12,229,266 | 5,438,565 | 14,271,926 | 9,412,655 |
Selling and marketing | 309,442 | 119,218 | 525,406 | 268,596 | 454,225 | 500,032 |
Salary and related | 1,123,682 | 419,347 | 2,016,202 | 856,493 | 2,270,479 | 1,918,199 |
Professional fees | 512,515 | 425,197 | 1,070,596 | 825,026 | 2,572,831 | 917,308 |
General and administrative | 1,040,522 | 494,383 | 1,980,306 | 832,388 | 2,311,028 | 1,199,564 |
Total operating costs and expenses | 9,235,513 | 4,539,328 | 18,252,773 | 8,538,364 | 28,593,586 | 14,810,607 |
Net loss from operations | (1,137,765) | (924,023) | (2,643,204) | (1,945,257) | (10,676,154) | (1,937,660) |
Other income (expense): | ||||||
Gain (loss) on debt extinguishment | 0 | 81,035 | (19,387) | 2,767,422 | (2,767,422) | 0 |
Loss on spin-off of operations | 0 | 0 | 0 | (1,118,609) | (1,118,609) | 0 |
Gain on bargain purchase | 2,005,282 | 0 | 2,005,282 | 0 | ||
Realized gain (loss) on cryptocurrency | (6,278) | 0 | 17,454 | 0 | (10,939) | 0 |
Unrealized gain (loss) on cryptocurrency | (4,244) | 0 | 95,926 | 0 | (135,729) | 0 |
Interest expense - related parties | (5,000) | 0 | (5,000) | (3,000) | (104,105) | (274,057) |
Interest expense | (4,147) | (81,136) | (4,147) | (91,903) | (74,976) | (205,327) |
Other income (expense) | 77 | 676 | (1,843) | (1,702) | (493) | (6,120) |
Total other income (expense) | 1,985,690 | (161,495) | 2,127,059 | (3,982,636) | (4,212,273) | (485,504) |
Income (loss) before income taxes | 847,925 | (1,085,518) | (516,145) | (5,927,893) | (14,888,427) | (2,423,164) |
Income tax expense | (31,146) | (6,879) | (42,189) | (13,340) | (24,589) | (4,039) |
Net Income (Loss) | 816,779 | (1,092,397) | (558,334) | (5,941,233) | $ (14,913,016) | $ (2,427,203) |
Less: net loss attributable to the noncontrolling interest | (16,788) | 0 | (33,012) | 0 | ||
Net income (loss) attributable to Investview stockholders | $ 833,567 | $ (1,092,397) | $ (525,322) | $ (5,941,233) | ||
Income (loss) per common share, basic and diluted | $ 0 | $ 0.00 | $ 0.00 | $ 0.00 | $ (0.01) | $ (0.07) |
Weighted average number of common shares outstanding, basic and diluted | 2,169,661,318 | 1,822,478,129 | 2,189,508,313 | 1,581,200,506 | 1,911,786,477 | 32,921,458 |
Other comprehensive income, net of tax: | ||||||
Foreign currency translation adjustments | $ 123 | $ 0 | $ 3,741 | $ 0 | ||
Total other comprehensive income | 123 | 0 | 3,741 | 0 | ||
Comprehensive income (loss) | 816,902 | (1,092,397) | (554,593) | (5,941,233) | ||
Less: comprehensive income attributable to the noncontrolling interest | (123) | 0 | (3,741) | 0 | ||
Comprehensive income (loss) attributable to Investview shareholders | $ 816,779 | $ (1,092,397) | $ (558,334) | $ (5,941,233) | $ (14,913,016) | $ (2,427,203) |
Organization and Nature of Business |
6 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Mar. 31, 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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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. and in October 2008 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 (see Note 5).
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”).
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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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 and six months ended September 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, WealthGen Global, LLC, United Games, LLC, and United League, 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 entity’s activities. As a result, we have consolidated the accounts of this variable interest entity into the accompanying consolidated financial statements. Further, because the Company does not have any ownership interest in this variable interest entity, the Company has allocated the contributed capital in the variable interest entity as a component of noncontrolling interest. All intercompany transactions and balances have been eliminated in consolidation.
Financial Statement Reclassification
Certain account balances from prior periods have been reclassified in these consolidated financial statements to conform to current period classifications.
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 September 30, 2018 and March 31, 2018 the fair value of our cryptocurrencies was $10,573 and $480,370, respectively. During the six months ended September 30, 2018 we recorded $17,454 and $95,926 as a total realized and unrealized gain (loss) on cryptocurrency. We recorded no gain or loss on cryptocurrencies during the six months ended September 30, 2017. During the three months ended September 30, 2018 we recorded $(6,278) and $(4,244) as a total realized and unrealized gain (loss) on cryptocurrency. We recorded no gain or loss on cryptocurrencies during the three months ended September 30, 2017.
Long-Lived Assets – Intangible Assets & License Agreement
We account for our intangible assets and 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 and for the useful life to be evaluated every reporting period to determine whether events or circumstances warrant a revision to the remaining period of amortization. If the estimate of useful life is changed the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. Costs of internally developing, maintaining, or restoring intangible assets are recognized as an expense when incurred.
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 six months ended September 30, 2018 and 2017 was $75,406 and $47,591, respectively, and the long-term license agreement was recorded at a net value of $2,058,214 and $2,133,620 as of September 30, 2018 and March 31, 2018, respectively.
In June of 2018 we purchased United Games, LLC and United League, LLC and recorded the transaction as a business combination (see Note 9). Intangible assets acquired in the business combination were recorded at fair value on the date of acquisition and are being amortized on a straight-line method over their estimated useful lives.
Amortization expense is expected to be as follows:
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 six months ended September 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 September 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 September 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 six months ended September 30, 2018 and 2017, is as follows:
Revenue generated for the three months ended September 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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Basis of Accounting
The Company’s policy is to prepare its financial statements on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.
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., and SAFE Management, 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 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.
Concentration of Credit Risk
Financial instruments that potentially expose the Company to concentration of credit risk include cash, accounts receivable, and advances. The Company places its cash and temporary cash investments with credit quality institutions. At times, such investments may be in excess of the FDIC insurance limit of $250,000. As of March 31, 2018 and 2017 cash balances that exceeded FDIC limits were $1,095,329 and $0, respectively, and the Company has not experienced significant losses relating to these concentrations in the past.
Cash and Cash Equivalents
For purposes of reporting cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. As of March 31, 2018 and 2017 the Company had no cash equivalents.
Receivables
Receivable are carried at net realizable value, representing the outstanding balance less an allowance for doubtful accounts based on a review of all outstanding amounts. Management determines the allowance for doubtful accounts by regularly evaluating individual receivables and receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded when received. The Company had no allowance for doubtful accounts as of March 31, 2018 and 2017.
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 March 31, 2018 and March 31, 2017 the fair value of our cryptocurrencies was $480,370 and $0, respectively. During the year ended March 31, 2018 we recorded $(10,939) and $(135,729) as realized and unrealized gain (loss) on cryptocurrency, respectively. We recorded no realized or unrealized gain (loss) on cryptocurrencies during the year ended March 31, 2017.
Fixed Assets
Fixed assets are stated at cost and depreciated using the straight-line method over their estimated useful lives as follows:
When retired or otherwise disposed, the carrying value and accumulated depreciation of the fixed asset is removed from its respective accounts and the net difference less any amount realized from disposition, is reflected in earnings. Expenditures for maintenance and repairs which do not extend the useful lives of the related assets are expensed as incurred.
Fixed assets are presented net of accumulated depreciation of $7,173 and $4,534, as of March 31, 2018 and 2017, respectively. Total depreciation expense for the years ended March 31, 2018 and 2017 was $2,639 and $2,270, respectively.
Long Term License Agreement
We account for our long-term license agreement in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), Subtopic 350-30, General Intangibles Other Than Goodwill (“ASC 350-30”). ASC 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 350-30 requires an intangible asset to be amortized over its useful life, which we have determined to be 15 years. Annual amortization is expected to be $150,400 related to our long-term license agreement.
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.
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, and accounts payable. We have determined that the book value of our outstanding financial instruments as of March 31, 2018 and March 31, 2017, 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 March 31, 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, 2017:
Revenue Recognition
We recognize revenue in accordance with FASB ASC Subtopic 605-10, Revenue Recognition, which requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured.
The majority of our revenue is generated by subscription sales and payment is received at the time of purchase. We recognize revenue for subscription sales 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 collectability cannot be reasonably assured until that time has passed. Revenues are presented net of sales incentives, credits, known and estimated refunds, and known and estimated credit card chargebacks.
We generate revenue from the sale of cryptocurrency mining services to our customers through our arrangement with a third-party supplier. We report net revenue retained at the time of purchase which represents our fees earned as an agent.
Revenue generated for the years ended March 31, 2018 and 2017, is as follows:
Advertising, Selling, and Marketing Costs
The Company expenses advertising, selling, and marketing costs as incurred. Advertising, selling and marketing costs include costs of promoting our product worldwide, including promotional events. Advertising, selling and marketing expenses for the years ended March 31, 2018 and 2017 totaled $454,225 and $500,032, respectively.
Income Taxes
The Company has adopted ASC Subtopic 740-10, Income Taxes, which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Temporary differences between taxable income reported for financial reporting purposes and income tax purposes consist primarily of derivative liability and stock compensation accounting versus basis differences.
Net Income (Loss) per Share
We follow ASC Subtopic 260-10, Earnings per Share, 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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Recent Accounting Pronouncements |
6 Months Ended | 12 Months Ended |
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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.
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In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 creates a new topic in the ASC Topic 606 and establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, provides new and more detailed guidance on specific topics, and expands and improves disclosures about revenue. In addition, ASU 2014-09 adds a new Subtopic to the Codification, ASC 340-40, Other Assets and Deferred Costs: Contracts with Customers, to provide guidance on costs related to obtaining a contract with a customer and costs incurred in fulfilling a contract with a customer that are not in the scope of another ASC Topic. The guidance in ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016, including interim periods therein. Early application is not permitted. Management is in the process of assessing the impact of ASU 2014-09 on the Company’s financial statements.
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Going Concern and Liquidity |
6 Months Ended | 12 Months Ended |
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Sep. 30, 2018 |
Mar. 31, 2018 |
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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 $20,611,269 as of September 30, 2018, along with a net loss of $558,334 and net cash used in operations of $1,790,747 for the six months ended September 30, 2018. Additionally, as of September 30, 2018, we had cash of $829,809 and a working capital deficit of $6,413,814. 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 six months ended September 30, 2018, we raised $670,000 in cash proceeds from new debt arrangements and raised $894,000 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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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 $20,067,403 as of March 31, 2018, along with a net loss of $14,913,016 and net cash used in operations of $1,045,665 for the year ended March 31, 2018. Additionally, as of March 31, 2018, we had a working capital deficit of $3,919,260. 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 year ended March 31, 2018, we raised $498,380 in cash proceeds from related parties, $1,675,000 in cash proceeds from new lending arrangements, and $3,121,776 from the sale of common stock. Additionally, during the year ended March 31, 2018, we exchanged $2,322,606 worth of debt into shares of common stock. 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 the year ended March 31, 2018 the bonus plan exceeded maximum payout on three occasions and consistently paid out near the maximum percentage. We believe the adjustments initiated will reduce the payout slowly over a three-month period 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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Reverse Acquisition |
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Reverse Acquisition | Effective April 1, 2017, we entered into a Contribution Agreement with 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. Following the closing, Wealth Generators became our wholly owned subsidiary and the Wealth Generators members became our stockholders and control the majority of our outstanding common stock.
The transaction was accounted for as a reverse acquisition using the acquisition method of accounting in accordance with FASB ASC Topic 805. Wealth Generators is the acquirer solely for financial accounting purposes. The following table summarizes the purchase accounting for the fair value of the assets acquired and liabilities assumed at the date of the reverse acquisition.
The table below represents the pro forma financial statements for the year ended March 31, 2017, assuming the reverse acquisition had occurred on April 1, 2016, pursuant to ASC Subtopic 805-10-50. The historical financial information has been derived from the audited financial statements of Wealth Generators as filed on June 30, 2017 in the Company’s Form 8K-A and the audited financial statements of INVU. The financial information has been adjusted to give pro forma effect to events that are directly attributable to the reverse merger, are factually supportable and, in the case of the pro forma statements of operations, have a recurring impact. The pro forma adjustments are based upon available information and assumptions that the Company believes are reasonable.
This pro forma information does not purport to represent what the actual results of our operations would have been had the reverse acquisition occurred on April 1, 2016.
Pro Forma Consolidated Balance Sheet as of March 31, 2017
Pro Forma Consolidated Income Statement for the year ended March 31, 2017
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Related Party Transactions | Our related-party payables consisted of the following:
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Our related party payables consisted of the following:
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Debt | Our debt consisted of the following:
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Our debt consisted of the following:
In addition to the above debt transactions that were outstanding as of March 31, 2018 and 2017, during the year ended March 31, 2018, we also received proceeds of $50,000 from short-term advances and $800,000 from short-term notes. During the year ended March 31, 2018, we recorded interest expense of $65,000 for fixed interest amounts due on the notes, entered into a Conversion Agreement to issue 5,000,000 shares of stock to extinguish the short-term advance of $50,000, and made total cash payments of $565,000 to extinguish the interest and principal amounts due on the notes. Also during the year ended March 31, 2018, we settled $250,000 of note principal and $50,000 of interest in exchange for a distributor position and subscription, therefore, the debt was written off to revenue.
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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 September 30 and March 31, 2018 we had no preferred stock issued or outstanding.
Common Stock
During the six months ended September 30, 2018, we had issued 50,000,000 shares of common stock for the acquisition of United Games, LLC and United League, LLC (see Note 9). We also issued 1,000,000 shares of common stock, valued at $10,000 based on the market date on the day of issuance, to an employee for compensation, which is subject to forfeiture if the employee is not in good standing 6 months after the date of issuance. Of the $10,000 value we recognized $3,333 as an expense during the six months ending September 30, 2018 and $6,667 was recorded as a prepaid asset. Also during the 6 months ended September 30, 2018 we repurchased 7,000,000 shares of common stock for $91,000. As of September 30 and March 31, 2018, the Company had 2,213,661,318 and 2,169,661,318 shares of common stock issued and outstanding, respectively.
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 and six months ended September 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 September 30, 2018:
Transactions involving our warrant issuance are summarized as follows:
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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 March 31, 2018 and 2017 we had no preferred stock issued or outstanding.
Common Stock Transactions
During the year ended March 31, 2018, we issued 267,127,500 shares of common stock for net proceeds of $2,495,338. We issued 125,000 shares of common stock with a value of $7,500 for a one-year consulting agreement, 80,000,000 shares of common stock with a value of $2,256,000 for a 15-year license agreement, and 94,250,333 shares of common stock with a value of $6,719,734 for consulting and service agreements; of the value of the shares issued for services and the license agreement $6,846,060 was recorded as expense, $3,555 was recorded as a prepaid asset, and $2,133,620 was recorded as a long-term license agreement during the year ended March 31, 2018. We also issued 239,575,884 shares of our common stock in settlement of debt, wherein accrued liabilities, principal, accrued interest, and derivative liabilities were extinguished in the amounts of $435,892, $2,348,606, $20,696, and $38,557, respectively, and we recognized a loss on the settlement of debt in the amount of $3,186,394 in the statement of operations for the year ended March 31, 2018. In conjunction with the shares issued for the settlement of debt, a gain of $413,012 related to the period prior to the reverse acquisition with Wealth Generators was excluded from the statement of operations. As a result of the reverse acquisition, we issued 1,358,670,942 shares of common stock (see Note 5). During the year ended March 31, 2018, we entered into an equity distribution agreement that provides for cash advances up to $5,000,000 in exchange for shares of our common stock, to be fulfilled at our request. Pursuant to that agreement, we issued 4,273,504 shares of common stock as a commitment fee, recorded a liability of $250,000 for future commitment fees to be paid, and paid cash of $15,000 for due diligence costs. As a result, common stock increased $4,274 and additional paid in capital decreased by $269,274 to offset any proceeds from future equity transactions resulting from the agreement. During the year ended March 31, 2018 we cancelled 250,000 shares of common stock and 1,300 shares of treasury stock, resulting in a decrease in common stock of $251, a decrease in additional paid in capital of $8,338, and a decrease in treasury stock of $8,589.
In conjunction with the sale of common stock during the year ended March 31, 2018 we provided a guarantee to certain individuals such that we would issue additional shares of our common stock if the average closing price of our common stock fell below $0.02 per share on the 20 days preceding the 18-month anniversary of the date the shares were originally sold. As a result of this guarantee we have recorded $626,388 in accounts payable and accrued liabilities on our balance sheet as of March 31, 2018.
During the year ended March 31, 2017 we issued 10,670,840 shares of common stock in exchange for $157,500 of cash proceeds. We issued 6,072,200 shares of common stock with a value of $31,775 for legal and consulting services, of which $18,390 was for current year services and $173,647 was for services incurred in previous periods, therefore we recorded a gain on settlement of debt for $160,262. We issued 21,069,580 and 400,000 shares of stock valued at $983,735 and $25,800 for compensation and director fees, respectively, of which $536,575 was for current year services and $472,960 was for amounts previously accrued. We also issued 72,709,924 shares of common stock in settlement of debt, wherein principal, accrued interest, and derivative liabilities were extinguished in the amounts of $1,994,362, $414,160, and $128,490, respectively, and we recognized a gain on the settlement of debt in the amount of $2,163,813. We also wrote off $250,000 worth of Common Stock Subscription Receivable to Additional Paid in Capital during the year ended March 31, 2017 due to the amounts being uncollectible.
As of March 31, 2018 and 2017, we had 2,169,661,318 and 125,889,455 shares of common stock issued and 2,169,661,318 and 125,888,155 shares of common stock outstanding, respectively.
Employee Stock Options
The nonqualified plan adopted in 2007 authorizes 65,000 shares, of which 47,500 have 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 have been granted under the 2008 plan.
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 year ended March 31, 2018 and 2017 was $0.
Non-Employee Stock Options
The following table summarizes the changes in options outstanding and the related prices for the shares of the Company’s common stock issued to consultants and non-employees of the Company:
Warrants
The following table summarizes the warrants outstanding and the related prices for the shares of the Company’s common stock as of March 31, 2018:
Transactions involving the Company’s warrant issuance are summarized as follows:
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Commitments and Contingencies |
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Commitments and Contingencies | 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 September 30, 2018.
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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 March 31, 2018.
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Acquisition |
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Acquisition | 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.
The transaction was accounted for as a business combination using the acquisition method of accounting in accordance with the FASB (ASC Topic 805). The following table summarizes the purchase accounting for the fair value of the assets acquired and liabilities assumed at the date of the acquisition and the gain on bargain purchase which resulted from the fair value of the intangible assets acquired exceeding the fair value of our common stock given as consideration.
United Games, LLC and United League, LLC recorded combined revenue of $397,661 and a combined net loss of $187,556 since the July 20, 2018 acquisition date, which were included in our consolidated statement of operations for the six months ended September 30, 2018.
The table below represents the pro forma revenue and net income (loss) for the six months ended September 30, 2018 and 2017, assuming the acquisition had occurred on April 1, 2017, pursuant to ASC Subtopic 805-10-50. This pro forma information does not purport to represent what the actual results of our operations would have been had the acquisition occurred on this date nor does it purport to predict the results of operations for future periods:
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Income Taxes |
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Income Taxes | Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company used an effective tax rate of 30% when calculating the deferred tax assets and liabilities and income tax provision below.
Net deferred tax assets consist of the following components as of March 31, 2018 and 2017:
The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the years ended March 31, 2018 and 2017 due to the following:
At March 31, 2018, the Company had net operating loss carryforwards of approximately $3,821,000 that may be offset against future taxable income for the year 2019 through 2038. However, due to the change in ownership provisions of the Tax Reform Act of 1986, the NOL accumulated prior to the April 1, 2017 acquisition can only offset future income of up to $13,837 per year until expired. Should additional changes in ownership occur, net operating loss carryforwards in future years may be further limited.
No tax benefit from continuing or discontinued operations have been reported in the March 31, 2018 consolidated financial statements since the potential tax benefit is offset by a valuation allowance of the same amount.
The Company complies with the provisions of FASB ASC 740 in accounting for its uncertain tax positions. ASC 740 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely that not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company has determined that the Company has no significant uncertain tax positions requiring recognition under ASC 740.
The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company had no accruals for interest and tax penalties at March 31, 2018 and 2017.
The Company does not expect the amount of unrecognized tax benefits to materially change within the next twelve months.
The Company is required to file income tax returns in the U.S. Federal jurisdiction, in New York State, New Jersey, and in Utah. The Company is no longer subject to income tax examinations by tax authorities for tax years ending before March 31, 2014.
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Subsequent Events |
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Disclosure Text Block [Abstract] | |
Subsequent Events | On June 15, 2018 we completed state registration for SAFE Management LLC as a Registered Investment Advisor and await final approval from the State of New Jersey Bureau of Securities.
On May 7, 2018 we established WealthGen Global LLC as a Utah limited liability company and a wholly owned subsidiary of Investview, Inc. WealthGen Global LLC will operate as a computer hardware and services re-seller.
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Summary of Significant Accounting Policies (Policies) |
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Policy Text Block [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Accounting | 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 and six months ended September 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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The Company’s policy is to prepare its financial statements on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.
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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, WealthGen Global, LLC, United Games, LLC, and United League, 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 entity’s activities. As a result, we have consolidated the accounts of this variable interest entity into the accompanying consolidated financial statements. Further, because the Company does not have any ownership interest in this variable interest entity, the Company has allocated the contributed capital in the variable interest entity as a component of noncontrolling interest. All intercompany transactions and balances have been eliminated in 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., and SAFE Management, 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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Financial Statement Reclassification | Certain account balances from prior periods have been reclassified in these consolidated financial statements to conform to current period classifications. |
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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. |
The preparation of these 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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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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Concentrations of Credit Risk | Financial instruments that potentially expose the Company to concentration of credit risk include cash, accounts receivable, and advances. The Company places its cash and temporary cash investments with credit quality institutions. At times, such investments may be in excess of the FDIC insurance limit of $250,000. As of March 31, 2018 and 2017 cash balances that exceeded FDIC limits were $1,095,329 and $0, respectively, and the Company has not experienced significant losses relating to these concentrations in the past. |
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Cash and Cash Equivalents | For purposes of reporting cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. As of March 31, 2018 and 2017 the Company had no cash equivalents.
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Receivables | Receivable are carried at net realizable value, representing the outstanding balance less an allowance for doubtful accounts based on a review of all outstanding amounts. Management determines the allowance for doubtful accounts by regularly evaluating individual receivables and receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded when received. The Company had no allowance for doubtful accounts as of March 31, 2018 and 2017. |
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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 September 30, 2018 and March 31, 2018 the fair value of our cryptocurrencies was $10,573 and $480,370, respectively. During the six months ended September 30, 2018 we recorded $17,454 and $95,926 as a total realized and unrealized gain (loss) on cryptocurrency. We recorded no gain or loss on cryptocurrencies during the six months ended September 30, 2017. During the three months ended September 30, 2018 we recorded $(6,278) and $(4,244) as a total realized and unrealized gain (loss) on cryptocurrency. We recorded no gain or loss on cryptocurrencies during the three months ended September 30, 2017. |
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 March 31, 2018 and March 31, 2017 the fair value of our cryptocurrencies was $480,370 and $0, respectively. During the year ended March 31, 2018 we recorded $(10,939) and $(135,729) as realized and unrealized gain (loss) on cryptocurrency, respectively. We recorded no realized or unrealized gain (loss) on cryptocurrencies during the year ended March 31, 2017. |
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Fixed Assets | Fixed assets are stated at cost and depreciated using the straight-line method over their estimated useful lives as follows:
When retired or otherwise disposed, the carrying value and accumulated depreciation of the fixed asset is removed from its respective accounts and the net difference less any amount realized from disposition, is reflected in earnings. Expenditures for maintenance and repairs which do not extend the useful lives of the related assets are expensed as incurred.
Fixed assets are presented net of accumulated depreciation of $7,173 and $4,534, as of March 31, 2018 and 2017, respectively. Total depreciation expense for the years ended March 31, 2018 and 2017 was $2,639 and $2,270, respectively. |
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Long Term License Agreement | We account for our intangible assets and 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 and for the useful life to be evaluated every reporting period to determine whether events or circumstances warrant a revision to the remaining period of amortization. If the estimate of useful life is changed the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. Costs of internally developing, maintaining, or restoring intangible assets are recognized as an expense when incurred.
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 six months ended September 30, 2018 and 2017 was $75,406 and $47,591, respectively, and the long-term license agreement was recorded at a net value of $2,058,214 and $2,133,620 as of September 30, 2018 and March 31, 2018, respectively.
In June of 2018 we purchased United Games, LLC and United League, LLC and recorded the transaction as a business combination (see Note 9). Intangible assets acquired in the business combination were recorded at fair value on the date of acquisition and are being amortized on a straight-line method over their estimated useful lives.
Amortization expense is expected to be as follows:
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We account for our long-term license agreement in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), Subtopic 350-30, General Intangibles Other Than Goodwill (“ASC 350-30”). ASC 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 350-30 requires an intangible asset to be amortized over its useful life, which we have determined to be 15 years. Annual amortization is expected to be $150,400 related to our long-term license agreement. |
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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 six months ended September 30, 2018 and 2017 no impairment was recognized. |
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. |
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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 September 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 September 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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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, and accounts payable. We have determined that the book value of our outstanding financial instruments as of March 31, 2018 and March 31, 2017, 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 March 31, 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, 2017:
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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 six months ended September 30, 2018 and 2017, is as follows:
Revenue generated for the three months ended September 30, 2018 and 2017, is as follows:
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We recognize revenue in accordance with FASB ASC Subtopic 605-10, Revenue Recognition, which requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured.
The majority of our revenue is generated by subscription sales and payment is received at the time of purchase. We recognize revenue for subscription sales 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 collectability cannot be reasonably assured until that time has passed. Revenues are presented net of sales incentives, credits, known and estimated refunds, and known and estimated credit card chargebacks.
We generate revenue from the sale of cryptocurrency mining services to our customers through our arrangement with a third-party supplier. We report net revenue retained at the time of purchase which represents our fees earned as an agent.
Revenue generated for the years ended March 31, 2018 and 2017, is as follows:
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Advertising, Selling, and Marketing Costs | The Company expenses advertising, selling, and marketing costs as incurred. Advertising, selling and marketing costs include costs of promoting our product worldwide, including promotional events. Advertising, selling and marketing expenses for the years ended March 31, 2018 and 2017 totaled $454,225 and $500,032, respectively. |
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Income Taxes | The Company has adopted ASC Subtopic 740-10, Income Taxes, which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Temporary differences between taxable income reported for financial reporting purposes and income tax purposes consist primarily of derivative liability and stock compensation accounting versus basis differences. |
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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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We follow ASC Subtopic 260-10, Earnings per Share, 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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Summary of Significant Accounting Policies (Tables) |
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Summary Of Significant Accounting Policies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Exchange Rates |
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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 Long-Lived Assets |
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Schedule of Amortization Expense |
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Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis |
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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:
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, 2017:
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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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Reverse Acquisition (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Table Text Block Supplement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
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Business Acquisition, Pro Forma Information | Pro Forma Consolidated Balance Sheet as of March 31, 2017
Pro Forma Consolidated Income Statement for the year ended March 31, 2017
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Related Party Transactions (Tables) |
6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 |
Mar. 31, 2018 |
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Table Text Block Supplement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Payables |
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Debt (Tables) |
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Sep. 30, 2018 |
Mar. 31, 2018 |
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Table Text Block Supplement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt |
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Stockholders' Equity (Tables) |
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Table Text Block Supplement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Options Outstanding |
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Changes in Non Employee Stock Options |
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Warrants Outstanding |
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Warrant Rollforward |
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Acquisition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition Tables Abstract | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Acquisition |
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Table Text Block Supplement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) |
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Schedule of Effective Income Tax Rate Reconciliation |
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Organization and Nature of Business (Details Narrative) |
6 Months Ended | 12 Months Ended |
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Sep. 30, 2018 |
Mar. 31, 2018 |
|
Text Block [Abstract] | ||
Entity Incorporation, Date of Incorporation | Jan. 30, 1946 | Jan. 30, 1946 |
Entity Incorporation, State Country Name | Nevada | Nevada |
Summary of Significant Accounting Policies (Details) - $ / $ |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
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Text Block [Abstract] | ||||
Exchange Rate at Balance Sheet Dates | 0.00034 | .00036 | ||
Exchange Rate for Operating Periods | .00034 | .00036 | .00034 |
Summary of Significant Accounting Policies (Details 1) - USD ($) |
6 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Mar. 31, 2018 |
|
Long-lived intangible assets | $ 3,150,000 | |
Accumulated amortization | (112,613) | |
Net book value | $ 3,037,387 | |
FireFan mobile application | ||
Estimated Useful Life | 4 years | |
Long-lived intangible assets | $ 804,000 | |
Back office software | ||
Estimated Useful Life | 10 years | |
Long-lived intangible assets | $ 1,074,000 | |
Tradename/trademark - FireFan | ||
Estimated Useful Life | 5 years | |
Long-lived intangible assets | $ 472,000 | |
Tradename/trademark - United Games | ||
Estimated Useful Life | 5 months 12 days | |
Long-lived intangible assets | $ 4,000 | |
Customer contracts/relationships | ||
Estimated Useful Life | 5 years | |
Long-lived intangible assets | $ 796,000 | |
Furniture, fixtures, and equipment | ||
Estimated Useful Life | 10 years | |
Computer equipment | ||
Estimated Useful Life | 5 years |
Summary of Significant Accounting Policies (Details 2) |
Sep. 30, 2018
USD ($)
|
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Summary Of Significant Accounting Policies Details 2Abstract | |
Remainder of 2019 | $ 282,478 |
Fiscal year ending March 31, 2020 | 562,000 |
Fiscal year ending March 31, 2021 | 562,000 |
Fiscal year ending March 31, 2022 | 562,000 |
Fiscal year ending March 31, 2023 | 422,126 |
Fiscal year ending March 31, 2020 and beyond | 646,783 |
Total | $ 3,037,387 |
Summary of Significant Accounting Policies (Details 3) - USD ($) |
Sep. 30, 2018 |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|---|
Cryptocurrencies | $ 10,573 | $ 480,370 | |
Total Assets | 10,573 | 480,370 | $ 0 |
Total Liabilities | 0 | 0 | 0 |
Level 1 | |||
Cryptocurrencies | 10,573 | 480,370 | |
Total Assets | 10,573 | 480,370 | 0 |
Total Liabilities | 0 | 0 | 0 |
Level 2 | |||
Cryptocurrencies | 0 | 0 | |
Total Assets | 0 | 0 | 0 |
Total Liabilities | 0 | 0 | 0 |
Level 3 | |||
Cryptocurrencies | 0 | 0 | |
Total Assets | 0 | 0 | 0 |
Total Liabilities | $ 0 | $ 0 | $ 0 |
Summary of Significant Accounting Policies (Details 4) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
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Gross Billings | $ 9,646,985 | $ 3,827,590 | $ 20,327,241 | $ 70,170,677 | $ 23,644,412 | $ 14,578,164 |
Refunds, Incentives, Credits, and Chargebacks | (446,997) | (212,285) | (846,394) | (424,570) | (859,035) | (1,705,217) |
Amounts Paid to Supplier | (1,102,240) | 0 | (3,871,278) | 0 | (4,867,945) | 0 |
Net Revenue | 8,097,748 | 3,615,305 | 15,609,569 | 6,593,107 | 17,917,432 | 12,872,947 |
Subscription Revenue | ||||||
Gross Billings | 8,166,854 | 3,827,590 | 14,677,640 | 7,017,677 | 14,758,614 | 14,578,164 |
Refunds, Incentives, Credits, and Chargebacks | (446,997) | (212,285) | (846,394) | (424,570) | (859,035) | (1,705,217) |
Amounts Paid to Supplier | 0 | 0 | 0 | 0 | 0 | 0 |
Net Revenue | 7,719,857 | 3,615,305 | 13,831,246 | 6,593,107 | 13,899,579 | 12,872,947 |
Cryptocurrency Mining Revenue | ||||||
Gross Billings | 1,480,131 | 0 | 5,649,601 | 0 | 8,885,798 | 0 |
Refunds, Incentives, Credits, and Chargebacks | 0 | 0 | 0 | 0 | 0 | 0 |
Amounts Paid to Supplier | (1,102,240) | 0 | (3,871,278) | 0 | (4,867,945) | 0 |
Net Revenue | $ 377,891 | $ 0 | $ 1,778,323 | $ 0 | $ 4,017,853 | $ 0 |
Summary of Significant Accounting Policies (Details 5) - shares |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,087,497 | 6,569,810 | 6,204,497 | 23,615,265 |
Options to purchase common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 35,000 | 35,000 | 35,000 | 35,000 |
Warrants to purchase common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,052,497 | 6,534,810 | 6,169,497 | 6,534,810 |
Convertible notes payable | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 17,045,455 |
Summary of Significant Accounting Policies (Details Narrative) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Text Block [Abstract] | ||||||
Uninsured Cash | $ 1,095,329 | $ 0 | ||||
Cryptocurrencies | 480,370 | 0 | ||||
Realized Loss on Cryptocurrency | $ (6,278) | $ 0 | $ 17,454 | $ 0 | (10,939) | 0 |
Unrealized Loss on Cryptocurrency | $ (4,244) | $ 0 | 95,926 | 0 | (135,729) | 0 |
Amortization | 112,613 | 0 | ||||
Fixed Asset Depreciation | 7,173 | 4,534 | ||||
Depreciation | $ 3,020 | $ 1,107 | 2,639 | 2,270 | ||
Advertising, Selling and Marketing Expenses | $ 454,225 | $ 500,032 |
Going Concern and Liquidity (Details Narrative) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Text Block [Abstract] | ||||||
Cash | $ 829,809 | $ 829,809 | ||||
Accumulated Deficit | 20,611,269 | 20,611,269 | $ 20,085,947 | $ 5,154,387 | ||
Net Loss | 816,779 | $ (1,092,397) | (558,334) | $ (5,941,233) | (14,913,016) | (2,427,203) |
Net Cash Used in Operating Activities | (1,790,747) | (1,589,914) | (1,045,665) | (1,642,277) | ||
Working Capital Deficit | $ (6,413,814) | (6,413,814) | (3,919,260) | |||
Proceeds From Related Parties | 894,000 | 368,253 | 498,380 | 1,370,788 | ||
Proceeds From Debt | 670,000 | 1,675,000 | 1,675,000 | 1,824,965 | ||
Proceeds From the Sale of Stock | $ 0 | $ 492,000 | $ 3,121,776 | $ 0 |
Reverse Acquisition (Details) - USD ($) |
6 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Mar. 31, 2018 |
|
Text Block [Abstract] | ||
Cash | $ 3,740 | $ 3,550 |
Receivables | 361,345 | 150,000 |
Total Assets Acquired | 3,515,085 | 153,550 |
Accounts Payable and Accrued Liabilities | 409,803 | 456,599 |
Due to Former Management | 127,199 | |
Debt | 26,314 | |
Total Liabilities Assumed | 610,112 | |
Net Liabilities Assumed | 3,105,282 | 456,562 |
Consideration | $ 1,100,000 | 662,047 |
Goodwill | $ 1,118,609 |
Related Party Payables (Details) - USD ($) |
Sep. 30, 2018 |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|---|
Related party payables | $ 699,380 | $ 1,880 | $ 805,895 |
Short term advances | |||
Related party payables | 594,380 | 1,880 | 100,000 |
Short-term Promissory Note entered into on 8/17/18, in default | |||
Related party payables | $ 105,000 | 0 | |
Revenue-based funding agreement entered into on 11/8/15 | |||
Related party payables | 0 | 180,000 | |
Short-term promissory note entered into on 9/13/16 | |||
Related party payables | 0 | 150,000 | |
Promissory note entered into on 11/15/16 | |||
Related party payables | 0 | 895 | |
Promissory note entered into on 3/15/17 | |||
Related party payables | $ 0 | $ 375,000 |
Debt (Details) - USD ($) |
Sep. 30, 2018 |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|---|
Debt | $ 727,392 | $ 195,245 | $ 2,093,745 |
Revenue share agreement entered into on 6/28/16 | |||
Debt | 53,245 | 195,245 | 525,000 |
Promissory note entered into on 9/19/18 | |||
Debt | 104,000 | 0 | |
Secured merchant agreement for future receivables entered into on 9/28/18 | |||
Debt | $ 570,147 | 0 | |
Revenue based funding arrangement entered into on 8/31/15 | |||
Debt | 0 | 263,641 | |
Purchase and sale agreement for future receivables entered into on 9/30/16 | |||
Debt | 0 | 220,652 | |
Short-term advance received on 1/11/17 | |||
Debt | 0 | 1,000,000 | |
Short-term advance received on 3/16/17 | |||
Debt | 0 | 50,000 | |
Promissory note entered into on 3/31/17 | |||
Debt | $ 0 | $ 34,452 |
Stockholders' Equity (Deficit) (Details 3) - $ / shares |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2018 |
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Text Block [Abstract] | |||
Number of warrants outstanding, beginning | 6,169,497 | 6,534,810 | 6,504,810 |
Number of warrants granted/restated | 0 | 0 | 30,000 |
Number of warrants canceled | 0 | 0 | 0 |
Number of warrants expired | (117,000) | (365,313) | 0 |
Number of warrants outstanding, ending | 6,052,497 | 6,169,497 | 6,534,810 |
Weighted average exercise price outstanding, beginning | $ 1.50 | $ 1.48 | $ 1.48 |
Weighted average exercise price granted | 0.00 | 0.00 | .50 |
Weighted average exercise price canceled | 0.00 | 0.00 | .00 |
Weighted average exercise price expired | 1.35 | (1.18) | .00 |
Weighted average exercise price outstanding, ending | $ 1.50 | $ 1.50 | $ 1.48 |
Stockholders' Equity (Deficit) (Details Narrative) - $ / shares |
Sep. 30, 2018 |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|---|
Text Block [Abstract] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 | 10,000,000,000 |
Common stock, shares issued | 2,213,661,318 | 2,169,661,318 | 125,889,455 |
Common stock, shares outstanding | 2,213,661,318 | 2,169,661,318 | 125,888,155 |
Treasury shares | 0 | 1,300 |
Acquisition (Details) - USD ($) |
6 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Mar. 31, 2018 |
|
Acquisition Details Abstract | ||
Cash | $ 3,740 | $ 3,550 |
Receivables | 361,345 | 150,000 |
Intangible assets (see Note 2) | 3,150,000 | |
Total assets acquired | 3,515,085 | 153,550 |
Accounts payable and accrued liabilities | 409,803 | 456,599 |
Total liabilities assumed | 409,803 | |
Net assets acquired | 3,105,282 | 456,562 |
Consideration | 1,100,000 | $ 662,047 |
Gain on bargain purchase | $ 2,005,282 |
Acquisition (Details 1) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Acquisition Details 1Abstract | ||||
Revenues | $ 7,922,613 | $ 5,082,325 | $ 14,769,395 | $ 10,086,101 |
Net income (loss) | $ 858,711 | $ (1,457,172) | $ (868,974) | $ (6,451,091) |
Loss per common share | $ 0 | $ 0.00 | $ 0.00 | $ 0.00 |
Income Taxes (Details) - USD ($) |
Mar. 31, 2018 |
Mar. 31, 2017 |
---|---|---|
Deferred Tax Assets | ||
NOL carryover | $ 1,146,200 | $ 18,372,400 |
Amortization | 335,600 | 0 |
Contingent liability | 45,000 | 0 |
Related party accrued payroll | 0 | 2,200 |
Deferred Tax Liabilities | ||
Depreciation | (2,900) | 0 |
Valuation Allowance | (1,523,900) | (18,374,600) |
Total long-term deferred income tax assets | $ 0 | $ 0 |
Income Taxes (Details 1) - USD ($) |
12 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Text Block [Abstract] | ||
Book income (loss) | $ (4,473,900) | $ 754,100 |
Stock for services | 2,048,200 | 239,800 |
Gain on settlement –derivative and equity derived | 955,900 | (1,006,900) |
Amortization | 313,200 | 0 |
Contingent liability | 45,000 | 0 |
Unrealized loss on cryptocurrency | 40,700 | 0 |
Meals and entertainment | 6,200 | 0 |
Non-cash interest expense | 5,700 | 387,400 |
Depreciation | (2,800) | 0 |
Related party accruals | (1,500) | (220,600) |
Stock for payables | 0 | 278,000 |
Gain on derivative liability | 0 | (36,200) |
Fines and penalties | 0 | 3,900 |
NOL utilization | 0 | (399,500) |
Valuation allowance | 1,063,300 | 0 |
Total long-term deferred income tax assets | $ 0 | $ 0 |
Income Taxes (Details Narrative) |
Mar. 31, 2018
USD ($)
|
---|---|
Text Block [Abstract] | |
Net Operating Loss Carryforwards | $ 3,821,000 |
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