Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2016 | Nov. 18, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | INVESTVIEW, INC. | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Trading Symbol | gisv | |
Amendment Flag | false | |
Entity Central Index Key | 862,651 | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 47,289,111 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Incorporation, Date of Incorporation | Aug. 10, 2005 | |
Entity Incorporation, State Country Name | Nevada |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 6,596 | $ 7,697 |
Deferred costs | 1,434 | 1,793 |
Total current assets | 8,030 | 9,490 |
Total assets | 8,030 | 9,490 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,526,333 | 1,142,465 |
Deferred revenue | 272 | 13,128 |
Due to related party | 575,164 | 629,533 |
Settlement payable | 344,392 | 344,392 |
Notes payable, current portion | 140,042 | 150,399 |
Notes payable, current portion-related party | 95,000 | 95,000 |
Convertible notes payable, short term portion-related party | 258,799 | |
Convertible notes payable, current portion, net of debt discount | 1,520,265 | 143,769 |
Current liabilities of discontinued operations | 120,266 | 120,266 |
Derivative liability, short term portion | 110,971 | 194,087 |
Total current liabilities | 4,691,504 | 2,833,039 |
Long term debt: | ||
Convertible notes payable, long term portion, net of debt discount | 1,399,190 | |
Convertible notes payable, long term portion-related party | 295,101 | |
Derivative liability, long term portion | 64,721 | |
Total long term debt | 1,759,012 | |
Total liabilities | 4,691,504 | 4,592,051 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock, par value: $0.001; 10,000,000 shares authorized, None issued and outstanding as of September 30, 2016 and March 31, 2016 | ||
Common stock, par value $0.001; 60,000,000 shares authorized; 47,290,411 and 14,966,911 issued and 47,289,111 and 14,965,611 outstanding as of September 30, 2016 and March 31, 2016, respectively | 47,290 | 14,967 |
Additional paid in capital | 97,159,284 | 96,282,849 |
Common stock subscriptions (receivable) | (250,000) | (250,000) |
Treasury stock, 1,300 shares | (8,589) | (8,589) |
Accumulated deficit | (101,631,459) | (100,621,788) |
Total stockholders' deficit | (4,683,474) | (4,582,561) |
Total liabilities and stockholders' deficit | $ 8,030 | $ 9,490 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - $ / shares | Sep. 30, 2016 | Mar. 31, 2016 |
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL | ||
Preferred stock par value | $ 0.001 | $ 0.001 |
Preferred stock shares authorized | 10,000,000 | 10,000,000 |
Preferred stock shares issued | ||
Preferred stock shares outstanding | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 60,000,000 | 15,000,000 |
Common stock shares issued | 47,290,411 | 14,966,911 |
Common stock shares outstanding | 47,289,111 | 14,965,611 |
Treasury shares | 1,300 | 1,300 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
Revenue, net: | $ 39,749 | $ 105,309 | $ 87,563 | $ 230,757 |
Operating costs and expenses: | ||||
Cost of sales and service | 295 | 20,300 | 1,500 | 38,727 |
Selling, general and administrative | 359,513 | 692,993 | 623,701 | 1,410,817 |
Total operating costs and expenses | 359,808 | 713,293 | 625,201 | 1,449,544 |
Net loss from operations | (320,059) | (607,984) | (537,638) | (1,218,787) |
Other income (expense): | ||||
Gain (loss) on change in fair value of warrant and derivative liabilities | 108,440 | (265,332) | 64,722 | (265,332) |
Interest, net | (249,069) | (299,118) | (536,755) | (335,116) |
Total other income (expense) | (140,629) | (564,450) | (472,033) | (600,448) |
Loss from continuing operations before income taxes | (460,688) | (1,172,434) | (1,009,671) | (1,819,235) |
Income taxes expense | ||||
Net loss | (460,688) | (1,172,434) | (1,009,671) | (1,819,235) |
Non-controlling interest | 1,977 | 18,044 | ||
NET LOSS ATTRIBUTABLE TO INVESTVIEW, INC. | $ (460,688) | $ (1,170,457) | $ (1,009,671) | $ (1,801,191) |
Loss per common share, basic and diluted | $ (0.02) | $ (0.08) | $ (0.04) | $ (0.12) |
Weighted average number of common shares outstanding-basic and diluted | 30,257,954 | 14,600,951 | 25,260,564 | 14,574,887 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF DEFICIENCY IN STOCKHOLDERS' EQUITY - 6 months ended Sep. 30, 2016 - USD ($) | Common Stock | Additional Paid in Capital | Common Stock Subscription Receivable | Treasury Stock | Accumulated Deficit | Total |
Balance at Mar. 31, 2016 | $ 14,967 | $ 96,282,849 | $ (250,000) | $ (8,589) | $ (100,621,788) | $ (4,582,561) |
Balance - Shares at Mar. 31, 2016 | 14,966,911 | |||||
Common stock issued for services | $ 450 | 14,400 | 14,850 | |||
Common stock issued for services - shares | 450,000 | |||||
Common stock issued in payment of compensation | $ 5,812 | 467,148 | 472,960 | |||
Common stock issued in payment of compensation - shares | 5,812,500 | |||||
Common stock issued for director fees | $ 400 | 13,400 | 13,800 | |||
Common stock issued for director fees - shares | 400,000 | |||||
Common stock issued in settlement of debt | $ 25,661 | 144,189 | 169,850 | |||
Common stock issued in settlement of debt - shares | 25,661,000 | |||||
Reclass derivative liability to equity upon convertible note payoff | 237,298 | 237,298 | ||||
Net loss | (1,009,671) | (1,009,671) | ||||
Balance at Sep. 30, 2016 | $ 47,290 | $ 97,159,284 | $ (250,000) | $ (8,589) | $ (101,631,459) | $ (4,683,474) |
Balance - Shares at Sep. 30, 2016 | 47,290,411 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (1,009,671) | $ (1,819,235) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Amortization of debt discount relating to convertible notes payable | 270,376 | 15,029 |
Stock based compensation | 28,650 | 58,235 |
Note payable issued in settlement of payables | 45,000 | |
Non-cash interest | 159,121 | 261,810 |
Change in fair value of warrant and derivative liabilities | (64,722) | 265,332 |
Amortization of deferred compensation | 68,061 | |
Changes in operating assets and liabilities: | ||
Change in accounts receivable | 37,296 | |
Change in deferred costs | 359 | 644 |
Change in prepaid and other assets | 95,614 | |
Change in accounts payable and accrued liabilities | 183,232 | 113,653 |
Change in due to related parties | 418,591 | 52,270 |
Change in deferred revenue | (12,856) | (16,524) |
Net cash provided by (used in) operating activities | 18,080 | (867,815) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from of notes payable | 47,500 | 140,000 |
Repayments of note payable, related party | (25,000) | |
Repayments of notes payable | (66,681) | |
Net cash (used in) provided by financing activities | (19,181) | 115,000 |
Net decrease in cash and cash equivalents | (1,101) | (752,815) |
Cash and cash equivalents-beginning of period | 7,697 | 805,737 |
Cash and cash equivalents-end of period | 6,596 | 52,922 |
Cash paid during the period for: | ||
Interest | ||
Income taxes | ||
Non-cash financing activities: | ||
Common stock issued in settlement of notes payable and accrued interest | 169,850 | |
Common stock issued in settlement of accrued officer salaries | 472,960 | |
Derivative liability reclassified to additional paid in capital upon note payoff | $ 237,298 |
1. Summary of Significant Accou
1. Summary of Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
1. Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies applied in the preparation of the accompanying unaudited condensed consolidated financial statements follows: Business and Basis of Presentation Investview, Inc. (the "Company") was incorporated on August 10, 2005 under the laws of the State of Nevada as Voxpath Holding, Inc. On September 16, 2006, the Company changed its name to TheRetirementSolution.Com, Inc., on October 1, 2008 to Global Investor Services, Inc. and on March 27, 2012 to Investview, Inc. The Company currently markets directly and through its marketing partners as well as online, certain investor products and services that provide financial and educational information to its prospective customers and to its subscribers. In August 2014, the Company formed Vickrey Brown Investments, LLC, a limited liability company under the laws of California with 51% membership interests specializing in investment strategies which combine quantitative strategies, forensic accounting and volatility controls. At formation, the minority members paid an aggregate of $1,000 as equity contribution. The Company contributed $120,000 as equity contribution and is contingently obligated to issue 500,000 shares of common stock upon achieving certain milestones (as defined). Prior to all distributions, the Company is to receive 25% of all revenue generated until at which time the $120,000 equity contribution of the Company has been paid. On December 27, 2015, the Company entered into a Second Amended and Restated Operating Agreement whereby the Company surrendered its equity ownership in Vickrey Brown Investments LLC and transferred ownership of SAFE Management LLC (“Safe”) in exchange for 25% of all revenue generated by Vickrey Brown Investments, LLC until an aggregate of $120,000 has been paid and 30.6% of remaining and future revenue. As such, the Company reclassified operating activities of Vickrey Brown Investments, LLC and Safe to discontinued operations. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Investment Tools & Training, LLC ("ITT") and Razor Data Corp ("Razor"). All significant inter-company transactions and balances have been eliminated in consolidation. Interim Financial Statements 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, 2016 are not necessarily indicative of the operating results that may be expected for the year ended March 31, 2017. These unaudited condensed consolidated financial statements should be read in conjunction with the March 31, 2016 consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K. Revenue Recognition For revenue from product sales and services, the Company recognizes revenue in accordance with Accounting Standards Codification subtopic 605-10, Revenue Recognition (“ASC 605-10”) 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. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company defers any revenue for which the product or services has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. Revenue arises from subscriptions to the websites/software, workshops, online workshops and training and coaching/counseling services where the customers are charged a monthly subscription fee for access to the online training and courses and website/data. Revenues are recognized in the month the product and services are delivered. The Company sells its products separately and in various bundles that include website/data subscriptions, educational workshops, online workshops and training, one-on-one coaching and counseling sessions, along with other products and services. The deferral policy for each of the different types of revenues is summarized as follows: Product Recognition Policy Live Workshops and Workshop Certificates Deferred and recognized as the workshop is provided or certificate expires Online training and courses Deferred and recognized a.) as the services are delivered, or b.) when usage thresholds are met, or c.) on a straight-line basis over the initial product period Coaching/Counseling services Deferred and recognized as services are delivered, or on a straight-line basis over the life of the customer’s contract Website/data fees (monthly) Not deferred, recognized in the month delivered Website/data fees (pre-paid subscriptions) Deferred and recognized on a straight-line basis over the subscription period Cost of Sales and Service The cost of sales and service consists of the cost of the data feeds that supply twenty minute delayed stock market data to the Company’s stock analysis software based tool, external partner commissions and other costs associated with the repair or maintenance of the website. 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. Fair Value of Financial Instruments Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2016 and March 31, 2016. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, notes payable, convertible notes payable, derivative liabilities and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand. Reliance on Key Personnel and Consultants The Company is heavily dependent on the continued active participation of these current executive officers, employees and key consultants. The loss of any of the senior management or key consultants could significantly and negatively impact the business until adequate replacements can be identified and put in place. Derivative Liability The Company accounts for derivatives in accordance with ASC 815, which establishes accounting and reporting standards for derivative instruments and hedging activities, including certain derivative instruments embedded in other financial instruments or contracts and requires recognition of all derivatives on the balance sheet at fair value, regardless of hedging relationship designation. Accounting for changes in fair value of the derivative instruments depends on whether the derivatives qualify as hedge relationships and the types of relationships designated are based on the exposures hedged. At September 30, 2016 and March 31, 2016, the Company did not have any derivative instruments that were designated as hedges. See Note 8 for discussion of the Company’s derivative liabilities. Net Loss per Share The Company follows Accounting Standards Codification subtopic 260-10, Earnings Per Share (“ASC 260-10”) specifying 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. In determining the discontinued operations fully diluted earnings per share, the Company did not allocate any common stock equivalents, therefore the basic and fully diluted per share amounts are the same. Potentially dilutive securities excluded from the computation of basic and diluted net loss per share are as follows: September 30, 2016 September 30, 2015 Convertible notes payable 26,677,398 3,830,347 Options to purchase common stock 40,000 40,000 Warrants to purchase common stock 6,534,810 6,184,810 Totals 33,252,208 10,055,157 Stock-Based Compensation The Company accounts for its stock based awards in accordance with Accounting Standards Codification subtopic 718-10, Compensation (“ASC 718-10”), which requires a fair value measurement and recognition of compensation expense for all share-based payment awards made to its employees and directors, including employee stock options and restricted stock awards. The Company estimates the fair value of stock options granted using the Black-Scholes valuation model. This model requires the Company to make estimates and assumptions including, among other things, estimates regarding the length of time an employee will retain vested stock options before exercising them, the estimated volatility of our common stock price and the number of options that will be forfeited prior to vesting. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Changes in these estimates and assumptions can materially affect the determination of the fair value of stock-based compensation and consequently, the related amount recognized in the Company’s unaudited condensed consolidated statements of operations. For the six months ended September 30, 2016 and 2015, the Company did not grant stock options to employees. Segment Information Accounting Standards Codification subtopic Segment Reporting 280-10 (“ASC 280-10”) establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information for those segments to be presented in interim financial reports issued to stockholders. ASC 280-10 also establishes standards for related disclosures about products and services and geographic areas. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions how to allocate resources and assess performance. The information disclosed herein materially represents all of the financial information related to the Company’s only material principal operating segment after the discontinued operations of Instilend (See Note 11). Recent Accounting Pronouncements There are various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations or cash flows. |
2. Going Concern and Management
2. Going Concern and Management's Liquidity Plans | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
2. Going Concern and Management's Liquidity Plans | 2. GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS The Company’s unaudited condensed consolidated financial statements are prepared using generally accepted accounting principles applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred significant recurring losses which have resulted in an accumulated deficit of $101,631,459 and net loss of $1,009,671 for the six months ended September 30, 2016 which raises substantial doubt about the Company’s ability to continue as a going concern. During the six months ended September 30, 2016, the Company raised $47,500 in cash proceeds from the issuance of notes. The Company believes that its current cash on hand will not be sufficient to fund its projected operating requirements currently. The Company's primary source of operating funds since inception has been cash proceeds from the private placements of common stock and proceeds from private placements of convertible and other debt. The Company intends to raise additional capital through private placements of debt and equity securities, but there can be no assurance that these funds will be available on terms acceptable to the Company, or will be sufficient to enable the Company to fully complete its development activities or sustain operations. If the Company is unable to raise sufficient additional funds, it will have to develop and implement a plan to further extend payables, reduce overhead, or scale back its current business plan until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful. Accordingly, the accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which contemplate continuation of the Company 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 condensed consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty. |
3. Accounts Payable and Accrued
3. Accounts Payable and Accrued Liabilities | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
3. Accounts Payable and Accrued Liabilities | 3. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consisted of the following at September 30, 2016 and March 31, 2016: September 30, 2016 March 31, 2016 Accounts payable $ 429,438 $ 418,823 Accrued interest payable, short term 381,828 93,000 Accrued payroll and related taxes 715,067 630,642 $ 1,526,333 $ 1,142,465 As of September 30, 2016 and March 31, 2016, accrued payroll taxes included the effects of an estimated payroll tax liability for stock based compensation issued to an officer. |
4. Settlement Payable
4. Settlement Payable | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
4. Settlement Payable | 4. SETTLEMENT PAYABLE On August 12, 2013, Evenflow Funding, LLC ("Evenflow") commenced a civil action (the “NJ Action”) against the Company in the Superior Court of New Jersey, Law Division, Monmouth County (the "Court") bearing Docket No. Mon-L-3105-13 in collection of a promissory note issued January 20, 2009 and related accrued interest. On October 13, 2014, the Company and Evenflow agreed to a settlement and a Stipulation of Settlement (the "Settlement") was filed with the Court, in connection with the NJ Action. Pursuant to the Settlement, the Company agreed to pay to Evenflow a total of $425,000 (the "Settlement Amount") in quarterly payments (the "Quarterly Payments") equal to 10% of the net revenue (revenue less allowances, returns and payments to revenue sharing agreements) of the Company as reported in the Company's periodic reports filed on Form 10-Q or Form 10-K (collectively, the "Periodic Reports") commencing with the Company's December 31, 2014 Periodic Report. The Quarterly Payments are due and payable by the Company on the tenth day following the filing of each Periodic Report. In addition to the Quarterly Payments, the Company agreed to make an initial payment in the amount of $25,000 upon the filing of the Settlement with the Court, as well as a payment in the amount of $25,000 due on the 12 month anniversary of the initial payment. The aggregate total of all payments including the upfront $25,000, the one year anniversary $25,000, and the quarterly payments is to be $425,000. As of September 30, 2016, the Company reclassified the promissory note and accrued interest to settlement payable. No material gain or loss was recorded in connection with the settlement. The unpaid balance as of September 30, 2016 and March 31, 2016 was $344,392. The Company is currently renegotiating the payment terms and is currently in default. |
5. Notes Payable
5. Notes Payable | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
5. Notes Payable | 5. NOTES PAYABLE On September 30, 2010, the Company issued an aggregate of $120,000 in unsecured promissory notes due five years from issuance at 8% per annum payable at maturity in exchange for the cancellation of 15,000 previously issued warrants. The fair value of the exchanged warrants, approximately equaled the fair value of the issued notes at the date of the exchange. In September 2015, the Company extended one note for $33,333 till December 31, 2015 and four, in aggregate of $86,667 till December 31, 2016. On October 29, 2015, the Company entered into revenue based factoring agreement and received $44,010 in exchange for $54,573 of future receipts relating to monies collected from customers or other third party payors. Under the terms of the agreement, the Company is required to make daily payments equal to 19% of the CompanyÂ’s daily cash or monetary sales receipts over the term of the agreement (approximately 11 months). The Company has recorded a debt discount which is being amortized to interest expense over the term of the agreement. Summary of outstanding notes payable as of September 30, 2016 and March 31, 2016 are as follows: September 30, 2016 March 31, 2016 Note payable, due December 31, 2015 (in default) $ 33,333 $ 33,333 Notes payable, due December 31, 2016 86,667 86,667 Note payable, due September 2016 20,042 30,399 Total 140,042 150,399 Less: Short term portion (140,042 ) (150,399 ) Long term portion $ - $ - |
6. Note Payable, Related Party
6. Note Payable, Related Party | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
6. Note Payable, Related Party | 6. NOTE PAYABLE, RELATED PARTY On August 1, 2014, the Company issued a Secured Promissory Note (Note) payable to a board member and significant shareholder for $120,000 bearing interest at 5% per annum payable at such time as any payment of principal of the Note is made. The Note is payable the earlier of (i) July 31, 2015 or (ii) receipt of proceeds from operations from Vickrey Brown Investments, LLC, a majority owned subsidiary of the Company. The payment terms are currently being renegotiated and the note currently in default. The note is secured by: (i) 240,000 shares of common stock of the Company, $.001 par value per share, to be placed in escrow, and (ii) the CompanyÂ’s right, title and interest in Vickrey Brown Investments, LLC. During the year ended March 31, 2016, the Company made payments in aggregate of $25,000 towards the principal of the note. As of September 30, 2016 and March 31, 2016, the remaining balance of the note was $95,000. |
7. Convertible Notes
7. Convertible Notes | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
7. Convertible Notes | 7. CONVERTIBLE NOTES Summary of outstanding convertible notes payable as of September 30, 2016 and March 31, 2016 are as follows: September 30, 2016 March 31, 2016 Convertible Promissory notes due June 30, 2017 $ 1,476,660 $ 1,476,660 Convertible Promissory note, due August 17, 2015, in default 100,000 100,000 Convertible note payable, due September 25, 2017, net of unamortized debt discount of $10,601 and $23,106, respectively 6,473 10,494 Convertible note payable, due November 13, 2016, net of unamortized debt discount of $21,708 - 13,292 Convertible notes payable, due August 31, 2016, net of unamortized debt discount of $-0- and $129,523, respectively (in default) 175,000 30,477 Convertible note payable, due December 31, 2016, net of unamortized debt discount of $24,069 20,931 - Long term accrued interest - 207,137 Total 1,779,064 1,838,060 Less: Short term portion (1,520,265 ) (143,769 ) Less: Short term, related party (258,799 ) (- ) Less: Long term, related party ( - ) (295,101 ) Long term convertible notes $ ( - ) $ 1,399,190 Convertible Promissory Note dated July 12, 2016 On July 12, 2016, the Company issued a 8% secured convertible promissory note due December 31, 2016 for previous services rendered. At maturity, the holder may convert the principal and interest into shares of the Company’s common stock at 40% discount of the average of 3 day closing price prior to conversion. Azoth Funding LLC On May 31, 2016, the Company entered into a Securities Purchase Agreement with Azoth Fund LLC, for the sale of a 8% convertible note in the principal amount of $73,500 (the “Note”). The total net proceeds the Company received from this Offering was $32,500, net of fees of $3,500 and payoff of a previously outstanding convertible note. The Note bears interest at the rate of 8% per annum. All interest and principal must be repaid on May 31, 2017 and is convertible into common stock, at Azoth Funding LLC’ s option, at a 50% discount to the lowest trading price of the common stock during the 20 trading day period prior to conversion. As of September 30, 2016, the outstanding balance was $-0-. Convertible Promissory Notes dated April 5, 2016 On April 5, 2016, the Company issued a $15,000 convertible promissory notes bearing interest at 12% per annum due upon maturity along with principal on August 31, 2016. The convertible promissory note is convertible, at the holders’ option, at $0.10 per share at any time, the due date or the time of a $5 million equity event, as defined. In connection with the issuance of the convertible promissory notes, the Company issued detachable warrants granting the holder the right to acquire 30,000 shares of the Company’s common stock at $0.50 per share and expire 2 years from the date of issuance. Due to the nature of the previously issued notes described above, the Company determined that the conversion feature requires classification as an embedded derivative. The accounting treatment requires that the Company record at fair value at inception as a liability. The determined fair value (see below) exceeded the net proceeds received, therefore no value were assigned to the issued detachable warrants as described in ASC 470-20. Summary: The Company has identified the embedded derivatives related to the above described Notes. These embedded derivatives included certain conversion features and reset provisions. The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date of the Notes and to fair value as of each subsequent reporting date. In connection with the Azoth financing, the Company paid off a previously issued convertible debt. At the date(s) of payoff or exchange, the Company determined fair value of the embedded derivatives of $72,174, using the Binominal Option Pricing Model with the following assumptions: contractual terms of 0.45 years, an average risk free interest rate of 0.49%, a dividend yield of 0%, and volatility of 426.69%, was reclassified to additional paid in capital. At final payoff of the Azoth financing, the Company determined fair value of the embedded derivatives of $165,124, using the Binominal Option Pricing Model with the following assumptions: contractual terms of 0.68 years, an average risk free interest rate of 0.40%, a dividend yield of 0%, and volatility of 386.02%, was reclassified to additional paid in capital At the inception of the 2016 Notes, the Company determined the aggregate fair value of $286,330 of embedded derivatives. The fair value of the embedded derivatives was determined using the Binomial Option Pricing Model based on the following assumptions: (1) dividend yield of 0%; (2) expected volatility of 412.78% to 451.23%, (3) weighted average risk-free interest rate of 0.36 % to 0.68%, (4) expected life of 0.41 to 1.00 year, and (5) estimated fair value of the Company’s common stock of $0.02 to $0.10 per share. The determined fair value of the debt derivatives of $286,330 was charged as a debt discount up to the net proceeds of the notes with the remainder of $159,121 charged to current period operations as non-cash interest expense At September 30, 2016, the Company marked to market the fair value of the debt derivatives and determined a fair value of $110,971. The Company recorded a gain from change in fair value of debt derivatives of $108,440 and $64,722 for the three and six months ended September 30, 2016. The fair value of the embedded derivatives was determined using Binomial Option Pricing Model based on the following assumptions: (1) dividend yield of 0%, (2) expected volatility of 361.23%, (3) weighted average risk-free interest rate of 0.29% to 0.59%, (4) expected life of 0.25 to 1.00 years, and (5) estimated fair value of the Company’s common stock of $0.0057 per share. The charge of the amortization and write-off of debt discounts and costs for the three and six months ended September 30, 2016 was $152,468 and $270,376 which was accounted for as interest expense. |
8. Derivative Liabilities
8. Derivative Liabilities | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
8. Derivative Liabilities | 8. DERIVATIVE LIABILITIES As described in Note 7 and 13, the Company issued convertible notes that contain conversion features and reset provision. The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date and to fair value as of each subsequent reporting date. |
9. Capital Stock
9. Capital Stock | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
9. Capital Stock | 9. CAPITAL STOCK Common Stock In April 2016, the Company issued 250,000 shares of its common stock with a fair value of $20,000 in settlement of $5,250 of convertible notes payable. In April 2016, the Company issued an aggregate of 5,812,500 shares of its common stock as payment of previously accrued officer salaries of $472,960, which represents the value of the services received and which did not differ materially from the value of the stock issued. In April and May 2016, the Company issued an aggregate of 400,000 shares of its common stock as director fees valued at $13,800, which represents the value of the services received and which did not differ materially from the value of the stock issued. In May 2016, the Company issued an aggregate of 450,000 shares of its common stock for consulting services valued at $14,850, which represents the value of the services received and which did not differ materially from the value of the stock issued. In June 2016, the Company issued an aggregate of 1,700,000 shares of its common stock with a fair value of $38,600 in settlement of $7,500 of convertible notes payable. In July 2016, the Company issued 1,150,000 shares of its common stock with a fair value of $9,775 in settlement of $2,466 of convertible notes payable. In August 2016, the Company issued an aggregate of 6,675,000 shares of its common stock with a fair value of $39,050 in settlement of $7,775 of convertible notes payable. In September 2016, the Company issued an aggregate of 15,886,000 shares of its common stock with a fair value of $62,425 in settlement of $14,711 of convertible notes payable. |
10. Stock Options and Warrants
10. Stock Options and Warrants | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
10. Stock Options and Warrants | 10. STOCK OPTIONS AND WARRANTS The following table summarizes the changes in employee stock options outstanding and the related prices for the shares of the CompanyÂ’s common stock issued to employees of the Company under two employee stock option plans. The following table summarizes the changes in options outstanding and the related prices for the shares of the CompanyÂ’s common stock issued to employees and consultants of the Company at September 30, 2016: Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Exercise Exercise Range of Number of Remaining Price of Number of Price of Exercise Shares Contractual Outstanding Shares Exercisable Prices Outstanding Life (Years) Options Exercisable Options $ 10.00 35,000 3.01 $ 10.00 35,000 $ 10.00 12.00 2,500 0.36 12.00 2,500 12.00 84.00 2,500 0.33 84.00 2,500 84.00 40,000 2.68 $ 14.75 40,000 $ 14.75 Transactions involving stock options are summarized as follows: Weighted Average Number of Exercise Shares Price Options outstanding at March 31, 2015 40,000 $ 14.75 Granted - - Exercised - - Canceled - - Options outstanding at March 31, 2016 40,000 14.75 Granted - - Exercised - - Canceled - - Options outstanding at September 30, 2016 40,000 $ 14.75 Stock-based compensation expense in connection with options granted to employees and consultants for the six months ended September 30, 2016 and 2015 was $-0-. Warrants The following table summarizes the changes in warrants outstanding and the related prices for the shares of the CompanyÂ’s common stock at September 30, 2016: Warrants Outstanding Warrants Exercisable Weighted Average Weighted Weighted Remaining Average Average Exercise Number Contractual Exercise Number Exercise Price Outstanding Life (Years) Price Exercisable Price $ 0.50 350,000 1.41 $ 0.50 350,000 $ 0.50 1.50 6,127,497 2.74 1.50 6,127,497 1.50 2.50 12,000 1.80 2.50 12,000 2.50 6.00 45,313 1.33 6.00 45,313 6.00 Total 6,534,810 2.65 $ 1.48 6,534,810 $ 1.48 Transactions involving the CompanyÂ’s warrant issuance are summarized as follows: Average Number of Price Shares Per Share Warrants outstanding at March 31, 2015 6,298,771 $ 1.53 Granted /restated 332,500 0.50 Canceled (126,461 ) (1.50 ) Expired - Warrants outstanding at March 31, 2016 6,504,810 1.48 Granted 30,000 0.50 Canceled - - Expired - - Warrants outstanding at September 30, 2016 6,534,810 $ 1.48 As described in Note 7 above, the Company issued detachable warrants granting the holder the right to acquire an aggregate of 30,000 shares of the CompanyÂ’s common stock at $0.50 per share and expire 2 years from the date of issuance in connection with the issuance of convertible promissory notes. |
11. Discontinued Operations
11. Discontinued Operations | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
11. Discontinued Operations | 11. DISCONTINUED OPERATIONS Sale of Instilend Technologies, Inc. On May 2, 2013, the Company, its wholly-owned subsidiary, Instilend Technologies Inc. ("Instilend") and Fortified Management Group, LLC ("Fortified") entered into an Asset Purchase Agreement (the "APA"), pursuant to which Instilend sold all of its assets, including its proprietary Matador, Locate Stock and LendEQS platforms, to Fortified in consideration of $3,000,000 (the "Purchase Price") consisting of 250,000 shares of common stock of the Company which were returned to the Company for cancellation in March of 2013, $2,500 per month commencing on the 90th day after the Closing Date which will be increased to $5,000 per month as of the 270th day following the Closing Date, a Secured Promissory Note in the principal amount of $1,250,000 (the "APA Note"), the assumption by Fortified from the Company of 5% Convertible Promissory Notes (the "Seller Notes") originally issued by the Company to Todd Tabacco, Derek Tabacco and Richard L'Insalata in the aggregate amount of $500,000 and additional monthly royalties of 5% after the payment of the $1,250,000 Secured Promissory Note up to $4,000,000 as set forth in Schedule 3 of the APA. In addition, $150,000 of the Purchase Price (the "Escrow Funds") were used towards the payment by the Company of certain tax liabilities owed by Instilend. The Escrow Funds will be held in escrow until the Company has entered into settlement agreements with the relevant tax authorities, at which time the Company may authorize the Escrow Funds to be released for payment to the relevant tax authorities. In the event of a failure by the Company to make any payments in accordance with the terms of any such settlement agreements, the Company will issue shares of its common stock to Fortified equal to three times the unpaid amount of the remaining unpaid tax liabilities. As a result of the sale of the operating assets relating to the stock loan business, management of the Company, as of the Closing Date, elected to impair the remaining assets in the business including the goodwill, customer list and covenants to not compete. The impaired assets were initially recorded as a result of the acquisition of Instilend. The assets and liabilities of the discontinued operations as of September 30, 2016 and March 31, 2016 were as follows: September 30, 2016 March 31, 2016 Cash $ - $ - Accounts receivable - - Total current assets of discontinued operations $ - $ - Liabilities: Accounts payable $ 120,266 $ 120,266 Total current liabilities of discontinued operations $ 120,266 $ 120,266 The Results of Operations classified as discontinued operations for the three and six months ended September 30, 2016 and 2015: September 30, 2016 September 30, 2015 Sales $ - $ - Operating costs: Selling, general and administrative - - Total operating costs - - - - Net Income (loss) $ - $ - Accounts payable are primarily comprised of vendors payable. |
12. Noncontrolling Interest Dis
12. Noncontrolling Interest Disclosure | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
12. Noncontrolling Interest Disclosure | 12. NON CONTROLLING INTEREST In August 2014, the Company formed Vickrey Brown Investments, LLC, a limited liability company under the laws of California with 51% membership interests specializing in investment strategies which combine quantitative strategies, forensic accounting and volatility controls. On December 27, 2015, the Company entered into a Second Amended and Restated Operating Agreement whereby the Company surrendered its equity ownership in Vickrey Brown Investments LLC and transferred ownership of SAFE Management LLC (“Safe”) in exchange for 25% of all revenue generated by Vickrey Brown Investments, LLC until an aggregate of $120,000 has been paid and 30.6% of remaining and future revenue. In connection with the disposal, the Company incurred a net loss on disposal of subsidiary of $26,058. A reconciliation of the non-controlling loss attributable to the Company: Net loss attributable to non-controlling interest for the three month period ended September 30, 2015: Vickrey Brown Investments Net allocable loss $ 4,034 Average Non-controlling interest percentage 49 % Net loss attributable to the non-controlling interest $ 1,977 Net loss attributable to non-controlling interest for the six month period ended September 30, 2015: Vickrey Brown Investments Net allocable loss $ 36,824 Average Non-controlling interest percentage 49 % Net loss attributable to the non-controlling interest $ 18,044 |
13. Fair Value Measurements
13. Fair Value Measurements | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
13. Fair Value Measurements | 13. FAIR VALUE MEASUREMENTS ASC 825-10 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. ASC 825-10 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 825-10 establishes three levels of inputs that may be used to measure fair value: · Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; · Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or · Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and are unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed and is determined based on the lowest level input that is significant to the fair value measurement. Upon adoption of ASC 825-10, there was no cumulative effect adjustment to beginning retained earnings and no impact on the consolidated financial statements. The carrying value of the Company’s cash and cash equivalents, accounts receivable, accounts payable, short-term borrowings (including convertible notes payable), and other current assets and liabilities approximate fair value because of their short-term maturity. 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, 2016 and March 31, 2016: September 30, 2016: Level 1 Level 2 Level 3 Total Long-term investments $ – $ – $ – $ – Total $ – $ – $ – $ – Derivative liabilities $ – $ – $ 110,971 $ 110,971 Total $ – $ – $ 110,971 $ 110,971 March 31, 2016: Level 1 Level 2 Level 3 Total Long-term investments $ – $ – $ – $ – Total $ – $ – $ – $ – Derivative liabilities $ – $ – $ 258,808 $ 258,808 Total $ – $ – $ 258,808 $ 258,808 The table below sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities (warrant and derivative liabilities) for the three months ended September 30, 2016. Derivative Liabilities Balance, March 31, 2016 258,808 Transfers in upon initial fair value of derivative liabilities 286,330 Transfers out upon payoff or conversion of convertible debt (369,445 ) Mark-to market at September 30, 2016 (64,722 ) Balance, September 30, 2016 $ 110,971 Level 3 Liabilities were comprised of our bifurcated convertible debt features on our convertible notes (see Note 7). |
14. Subsequent Events
14. Subsequent Events | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
14. Subsequent Events | 14. SUBSEQUENT EVENTS In November 2016, the Company paid off its previously issued note payable due September 25, 2017 with JMJ Financial. |
1. Summary of Significant Acc21
1. Summary of Significant Accounting Policies: Business and Basis of Presentation (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Policies | |
Business and Basis of Presentation | Business and Basis of Presentation Investview, Inc. (the "Company") was incorporated on August 10, 2005 under the laws of the State of Nevada as Voxpath Holding, Inc. On September 16, 2006, the Company changed its name to TheRetirementSolution.Com, Inc., on October 1, 2008 to Global Investor Services, Inc. and on March 27, 2012 to Investview, Inc. The Company currently markets directly and through its marketing partners as well as online, certain investor products and services that provide financial and educational information to its prospective customers and to its subscribers. In August 2014, the Company formed Vickrey Brown Investments, LLC, a limited liability company under the laws of California with 51% membership interests specializing in investment strategies which combine quantitative strategies, forensic accounting and volatility controls. At formation, the minority members paid an aggregate of $1,000 as equity contribution. The Company contributed $120,000 as equity contribution and is contingently obligated to issue 500,000 shares of common stock upon achieving certain milestones (as defined). Prior to all distributions, the Company is to receive 25% of all revenue generated until at which time the $120,000 equity contribution of the Company has been paid. On December 27, 2015, the Company entered into a Second Amended and Restated Operating Agreement whereby the Company surrendered its equity ownership in Vickrey Brown Investments LLC and transferred ownership of SAFE Management LLC (“Safe”) in exchange for 25% of all revenue generated by Vickrey Brown Investments, LLC until an aggregate of $120,000 has been paid and 30.6% of remaining and future revenue. As such, the Company reclassified operating activities of Vickrey Brown Investments, LLC and Safe to discontinued operations. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Investment Tools & Training, LLC ("ITT") and Razor Data Corp ("Razor"). All significant inter-company transactions and balances have been eliminated in consolidation. |
1. Summary of Significant Acc22
1. Summary of Significant Accounting Policies: Interim Financial Statements (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Policies | |
Interim Financial Statements | Interim Financial Statements 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, 2016 are not necessarily indicative of the operating results that may be expected for the year ended March 31, 2017. These unaudited condensed consolidated financial statements should be read in conjunction with the March 31, 2016 consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K. |
1. Summary of Significant Acc23
1. Summary of Significant Accounting Policies: Revenue Recognition (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Policies | |
Revenue Recognition | Revenue Recognition For revenue from product sales and services, the Company recognizes revenue in accordance with Accounting Standards Codification subtopic 605-10, Revenue Recognition (“ASC 605-10”) 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. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company defers any revenue for which the product or services has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. Revenue arises from subscriptions to the websites/software, workshops, online workshops and training and coaching/counseling services where the customers are charged a monthly subscription fee for access to the online training and courses and website/data. Revenues are recognized in the month the product and services are delivered. The Company sells its products separately and in various bundles that include website/data subscriptions, educational workshops, online workshops and training, one-on-one coaching and counseling sessions, along with other products and services. The deferral policy for each of the different types of revenues is summarized as follows: Product Recognition Policy Live Workshops and Workshop Certificates Deferred and recognized as the workshop is provided or certificate expires Online training and courses Deferred and recognized a.) as the services are delivered, or b.) when usage thresholds are met, or c.) on a straight-line basis over the initial product period Coaching/Counseling services Deferred and recognized as services are delivered, or on a straight-line basis over the life of the customer’s contract Website/data fees (monthly) Not deferred, recognized in the month delivered Website/data fees (pre-paid subscriptions) Deferred and recognized on a straight-line basis over the subscription period |
1. Summary of Significant Acc24
1. Summary of Significant Accounting Policies: Cost of Sales and Service (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Policies | |
Cost of Sales and Service | Cost of Sales and Service The cost of sales and service consists of the cost of the data feeds that supply twenty minute delayed stock market data to the CompanyÂ’s stock analysis software based tool, external partner commissions and other costs associated with the repair or maintenance of the website. |
1. Summary of Significant Acc25
1. Summary of Significant Accounting Policies: Use of Estimates (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Policies | |
Use of Estimates | 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. |
1. Summary of Significant Acc26
1. Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2016 and March 31, 2016. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, notes payable, convertible notes payable, derivative liabilities and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand. |
1. Summary of Significant Acc27
1. Summary of Significant Accounting Policies: Reliance On Key Personnel and Consultants (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Policies | |
Reliance On Key Personnel and Consultants | Reliance on Key Personnel and Consultants The Company is heavily dependent on the continued active participation of these current executive officers, employees and key consultants. The loss of any of the senior management or key consultants could significantly and negatively impact the business until adequate replacements can be identified and put in place. |
1. Summary of Significant Acc28
1. Summary of Significant Accounting Policies: Derivative Liability (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Policies | |
Derivative Liability | Derivative Liability The Company accounts for derivatives in accordance with ASC 815, which establishes accounting and reporting standards for derivative instruments and hedging activities, including certain derivative instruments embedded in other financial instruments or contracts and requires recognition of all derivatives on the balance sheet at fair value, regardless of hedging relationship designation. Accounting for changes in fair value of the derivative instruments depends on whether the derivatives qualify as hedge relationships and the types of relationships designated are based on the exposures hedged. At September 30, 2016 and March 31, 2016, the Company did not have any derivative instruments that were designated as hedges. See Note 8 for discussion of the CompanyÂ’s derivative liabilities. |
1. Summary of Significant Acc29
1. Summary of Significant Accounting Policies: Net Loss Per Share (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Policies | |
Net Loss Per Share | Net Loss per Share The Company follows Accounting Standards Codification subtopic 260-10, Earnings Per Share (“ASC 260-10”) specifying 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. In determining the discontinued operations fully diluted earnings per share, the Company did not allocate any common stock equivalents, therefore the basic and fully diluted per share amounts are the same. Potentially dilutive securities excluded from the computation of basic and diluted net loss per share are as follows: September 30, 2016 September 30, 2015 Convertible notes payable 26,677,398 3,830,347 Options to purchase common stock 40,000 40,000 Warrants to purchase common stock 6,534,810 6,184,810 Totals 33,252,208 10,055,157 |
1. Summary of Significant Acc30
1. Summary of Significant Accounting Policies: Stock-based Compensation (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Policies | |
Stock-based Compensation | Stock-Based Compensation The Company accounts for its stock based awards in accordance with Accounting Standards Codification subtopic 718-10, Compensation (“ASC 718-10”), which requires a fair value measurement and recognition of compensation expense for all share-based payment awards made to its employees and directors, including employee stock options and restricted stock awards. The Company estimates the fair value of stock options granted using the Black-Scholes valuation model. This model requires the Company to make estimates and assumptions including, among other things, estimates regarding the length of time an employee will retain vested stock options before exercising them, the estimated volatility of our common stock price and the number of options that will be forfeited prior to vesting. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Changes in these estimates and assumptions can materially affect the determination of the fair value of stock-based compensation and consequently, the related amount recognized in the Company’s unaudited condensed consolidated statements of operations. For the six months ended September 30, 2016 and 2015, the Company did not grant stock options to employees. |
1. Summary of Significant Acc31
1. Summary of Significant Accounting Policies: Segment Information (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Policies | |
Segment Information | Segment Information Accounting Standards Codification subtopic Segment Reporting 280-10 (“ASC 280-10”) establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information for those segments to be presented in interim financial reports issued to stockholders. ASC 280-10 also establishes standards for related disclosures about products and services and geographic areas. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions how to allocate resources and assess performance. The information disclosed herein materially represents all of the financial information related to the Company’s only material principal operating segment after the discontinued operations of Instilend (See Note 11). |
1. Summary of Significant Acc32
1. Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements There are various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations or cash flows. |
1. Summary of Significant Acc33
1. Summary of Significant Accounting Policies: Net Loss Per Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | September 30, 2016 September 30, 2015 Convertible notes payable 26,677,398 3,830,347 Options to purchase common stock 40,000 40,000 Warrants to purchase common stock 6,534,810 6,184,810 Totals 33,252,208 10,055,157 |
3. Accounts Payable and Accru34
3. Accounts Payable and Accrued Liabilities: Schedule Of Accounts Payable And Accrued Liabilities (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule Of Accounts Payable And Accrued Liabilities | September 30, 2016 March 31, 2016 Accounts payable $ 429,438 $ 418,823 Accrued interest payable, short term 381,828 93,000 Accrued payroll and related taxes 715,067 630,642 $ 1,526,333 $ 1,142,465 |
5. Notes Payable_ Schedule of D
5. Notes Payable: Schedule of Debt (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Debt | September 30, 2016 March 31, 2016 Note payable, due December 31, 2015 (in default) $ 33,333 $ 33,333 Notes payable, due December 31, 2016 86,667 86,667 Note payable, due September 2016 20,042 30,399 Total 140,042 150,399 Less: Short term portion (140,042 ) (150,399 ) Long term portion $ - $ - |
7. Convertible Notes_ Convertib
7. Convertible Notes: Convertible Debt (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Convertible Debt | September 30, 2016 March 31, 2016 Convertible Promissory notes due June 30, 2017 $ 1,476,660 $ 1,476,660 Convertible Promissory note, due August 17, 2015, in default 100,000 100,000 Convertible note payable, due September 25, 2017, net of unamortized debt discount of $10,601 and $23,106, respectively 6,473 10,494 Convertible note payable, due November 13, 2016, net of unamortized debt discount of $21,708 - 13,292 Convertible notes payable, due August 31, 2016, net of unamortized debt discount of $-0- and $129,523, respectively (in default) 175,000 30,477 Convertible note payable, due December 31, 2016, net of unamortized debt discount of $24,069 20,931 - Long term accrued interest - 207,137 Total 1,779,064 1,838,060 Less: Short term portion (1,520,265 ) (143,769 ) Less: Short term, related party (258,799 ) (- ) Less: Long term, related party ( - ) (295,101 ) Long term convertible notes $ ( - ) $ 1,399,190 |
10. Stock Options and Warrants_
10. Stock Options and Warrants: Schedule of Changes in Options Outstanding (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Changes in Options Outstanding | Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Exercise Exercise Range of Number of Remaining Price of Number of Price of Exercise Shares Contractual Outstanding Shares Exercisable Prices Outstanding Life (Years) Options Exercisable Options $ 10.00 35,000 3.01 $ 10.00 35,000 $ 10.00 12.00 2,500 0.36 12.00 2,500 12.00 84.00 2,500 0.33 84.00 2,500 84.00 40,000 2.68 $ 14.75 40,000 $ 14.75 |
10. Stock Options and Warrant38
10. Stock Options and Warrants: Schedule Of Stock Options Roll Forward Table TextBlock (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule Of Stock Options Roll Forward Table TextBlock | Weighted Average Number of Exercise Shares Price Options outstanding at March 31, 2015 40,000 $ 14.75 Granted - - Exercised - - Canceled - - Options outstanding at March 31, 2016 40,000 14.75 Granted - - Exercised - - Canceled - - Options outstanding at September 30, 2016 40,000 $ 14.75 |
10. Stock Options and Warrant39
10. Stock Options and Warrants: Warrants Outstanding (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Warrants Outstanding | Warrants Outstanding Warrants Exercisable Weighted Average Weighted Weighted Remaining Average Average Exercise Number Contractual Exercise Number Exercise Price Outstanding Life (Years) Price Exercisable Price $ 0.50 350,000 1.41 $ 0.50 350,000 $ 0.50 1.50 6,127,497 2.74 1.50 6,127,497 1.50 2.50 12,000 1.80 2.50 12,000 2.50 6.00 45,313 1.33 6.00 45,313 6.00 Total 6,534,810 2.65 $ 1.48 6,534,810 $ 1.48 |
10. Stock Options and Warrant40
10. Stock Options and Warrants: Warrant Rollforward (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Warrant Rollforward | Average Number of Price Shares Per Share Warrants outstanding at March 31, 2015 6,298,771 $ 1.53 Granted /restated 332,500 0.50 Canceled (126,461 ) (1.50 ) Expired - Warrants outstanding at March 31, 2016 6,504,810 1.48 Granted 30,000 0.50 Canceled - - Expired - - Warrants outstanding at September 30, 2016 6,534,810 $ 1.48 |
11. Discontinued Operations_ Sc
11. Discontinued Operations: Schedule of discontinued operations (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Instilend Technologies | |
Schedule of discontinued operations | September 30, 2016 March 31, 2016 Cash $ - $ - Accounts receivable - - Total current assets of discontinued operations $ - $ - Liabilities: Accounts payable $ 120,266 $ 120,266 Total current liabilities of discontinued operations $ 120,266 $ 120,266 The Results of Operations classified as discontinued operations for the three and six months ended September 30, 2016 and 2015: September 30, 2016 September 30, 2015 Sales $ - $ - Operating costs: Selling, general and administrative - - Total operating costs - - - - Net Income (loss) $ - $ - |
12. Noncontrolling Interest D42
12. Noncontrolling Interest Disclosure: Net Loss Attributable To Non-controlling Interest (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Net Loss Attributable To Non-controlling Interest | Vickrey Brown Investments Net allocable loss $ 4,034 Average Non-controlling interest percentage 49 % Net loss attributable to the non-controlling interest $ 1,977 Net loss attributable to non-controlling interest for the six month period ended September 30, 2015: Vickrey Brown Investments Net allocable loss $ 36,824 Average Non-controlling interest percentage 49 % Net loss attributable to the non-controlling interest $ 18,044 |
13. Fair Value Measurements_ Sc
13. Fair Value Measurements: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | September 30, 2016: Level 1 Level 2 Level 3 Total Long-term investments $ – $ – $ – $ – Total $ – $ – $ – $ – Derivative liabilities $ – $ – $ 110,971 $ 110,971 Total $ – $ – $ 110,971 $ 110,971 March 31, 2016: Level 1 Level 2 Level 3 Total Long-term investments $ – $ – $ – $ – Total $ – $ – $ – $ – Derivative liabilities $ – $ – $ 258,808 $ 258,808 Total $ – $ – $ 258,808 $ 258,808 |
13. Fair Value Measurements_ 44
13. Fair Value Measurements: Schedule of Changes in Fair Value of Financial Liabilities (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Changes in Fair Value of Financial Liabilities | Derivative Liabilities Balance, March 31, 2016 258,808 Transfers in upon initial fair value of derivative liabilities 286,330 Transfers out upon payoff or conversion of convertible debt (369,445 ) Mark-to market at September 30, 2016 (64,722 ) Balance, September 30, 2016 $ 110,971 |
1. Summary of Significant Acc45
1. Summary of Significant Accounting Policies: Business and Basis of Presentation (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Mar. 31, 2015 | |
Details | ||
Entity Incorporation, Date of Incorporation | Aug. 10, 2005 | |
Entity Incorporation, State Country Name | Nevada | |
Proceeds from Noncontrolling Interests | $ 1,000 | |
Equity Contribution by Company | $ 120,000 | |
Shares Of Common Stock Obligated To Issue Upon Achieving Certain Milestones | 500,000 |
1. Summary of Significant Acc46
1. Summary of Significant Accounting Policies: Net Loss Per Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 33,252,208 | 10,055,157 |
Convertible Debt Securities | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 26,677,398 | 3,830,347 |
Employee Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 40,000 | 40,000 |
Warrant | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,534,810 | 6,184,810 |
2. Going Concern and Manageme47
2. Going Concern and Management's Liquidity Plans (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | |
Details | |||||
Accumulated deficit | $ 101,631,459 | $ 101,631,459 | $ 100,621,788 | ||
Net loss | 460,688 | $ 1,172,434 | 1,009,671 | $ 1,819,235 | |
Proceeds from of notes payable | $ 47,500 | $ 47,500 | $ 140,000 |
3. Accounts Payable and Accru48
3. Accounts Payable and Accrued Liabilities: Schedule Of Accounts Payable And Accrued Liabilities (Details) - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Details | ||
Accounts Payable | $ 429,438 | $ 418,823 |
Accrued interest payable, short term | 381,828 | 93,000 |
Accrued payroll and related taxes | 715,067 | 630,642 |
Accounts payable and accrued liabilities | $ 1,526,333 | $ 1,142,465 |
4. Settlement Payable (Details)
4. Settlement Payable (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2015 | Sep. 30, 2016 | Mar. 31, 2016 | |
Details | |||
Loss Contingency, Settlement Agreement, Terms | the Company agreed to pay to Evenflow a total of $425,000 (the 'Settlement Amount') in quarterly payments (the 'Quarterly Payments') equal to 10% of the net revenue (revenue less allowances, returns and payments to revenue sharing agreements) of the Company as reported in the Company's periodic reports filed on Form 10-Q or Form 10-K (collectively, the 'Periodic Reports') commencing with the Company's December 31, 2014 Periodic Report. The Quarterly Payments are due and payable by the Company on the tenth day following the filing of each Periodic Report. In addition to the Quarterly Payments, the Company agreed to make an initial payment in the amount of $25,000 upon the filing of the Settlement with the Court, as well as a payment in the amount of $25,000 due on the 12 month anniversary of the initial payment. The aggregate total of all payments including the upfront $25,000, the one year anniversary $25,000, and the quarterly payments is to be $425,000. | ||
Litigation Settlement, Amount | $ 425,000 | ||
Settlement payable | $ 344,392 | $ 344,392 |
5. Notes Payable (Details)
5. Notes Payable (Details) | 6 Months Ended |
Sep. 30, 2016USD ($) | |
Details | |
Interest Rate | 8.00% |
Cancellation of Previously Issued Warrants | $ 15,000 |
5. Notes Payable_ Schedule of51
5. Notes Payable: Schedule of Debt (Details) - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Notes Payable | $ 140,042 | $ 150,399 |
Notes payable, current portion | (140,042) | (150,399) |
Notes Payable 1 | ||
Notes Payable | 33,333 | 33,333 |
Notes Payable 2 | ||
Notes Payable | 86,667 | 86,667 |
Notes Payable 3 | ||
Notes Payable | $ 20,042 | $ 30,399 |
6. Note Payable, Related Party
6. Note Payable, Related Party (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Details | ||||
Proceeds from note payable, related party | $ 120,000 | |||
Note Payable, Related Party Secured by Common Stock Shares | 240,000 | |||
Repayments of note payable, related party | $ 25,000 | $ 25,000 | ||
Notes payable, current portion-related party | $ 95,000 | $ 95,000 |
7. Convertible Notes_ Convert53
7. Convertible Notes: Convertible Debt (Details) - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Convertible Notes Payable | $ 1,779,064 | $ 1,838,060 |
Convertible notes payable, current portion, net of debt discount | (1,520,265) | (143,769) |
Convertible notes payable, short term portion-related party | (258,799) | |
Convertible notes payable, long term portion-related party | (295,101) | |
Represents the monetary amount of ConvertibleNotesPayableLongTermPortion, as of the indicated date. | 1,399,190 | |
Convertible Promissory Note 1 | ||
Convertible Notes Payable | 1,476,660 | 1,476,660 |
Convertible Promissory Note 2 | ||
Convertible Notes Payable | 100,000 | 100,000 |
Convertible Note Payable 1 | ||
Convertible Notes Payable | 6,473 | 10,494 |
Convertible Note Payable 2 | ||
Convertible Notes Payable | 13,292 | |
Convertible Note Payable 3 | ||
Convertible Notes Payable | 175,000 | 30,477 |
Convertible Note Payable 4 | ||
Convertible Notes Payable | $ 20,931 | |
Long term accrued interest | ||
Convertible Notes Payable | $ 207,137 |
7. Convertible Notes (Details)
7. Convertible Notes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Details | ||||
Non-cash interest | $ 159,121 | $ 159,121 | $ 261,810 | |
Gain (loss) on change in fair value of warrant and derivative liabilities | 108,440 | $ (265,332) | 64,722 | (265,332) |
Amortization of debt discount relating to convertible notes payable | $ 152,468 | $ 270,376 | $ 15,029 |
9. Capital Stock (Details)
9. Capital Stock (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Common stock issued in settlement of debt | $ 169,850 | |
Common stock issued in payment of compensation | $ 472,960 | 472,960 |
Common stock issued for director fees | 13,800 | 13,800 |
Common stock issued for services | 14,850 | $ 14,850 |
Stock Issuance 1 | ||
Common stock issued in settlement of debt | 20,000 | |
Stock Issuance 2 | ||
Common stock issued in settlement of debt | 38,600 | |
StockIssuance3Member | ||
Common stock issued in settlement of debt | 9,775 | |
StockIssuance4Member | ||
Common stock issued in settlement of debt | 39,050 | |
StockIssuance5Member | ||
Common stock issued in settlement of debt | $ 62,425 | |
Common Stock | ||
Common stock issued in settlement of debt - shares | 25,661,000 | |
Common stock issued in settlement of debt | $ 25,661 | |
Common stock issued in payment of compensation - shares | 5,812,500 | 5,812,500 |
Common stock issued in payment of compensation | $ 5,812 | |
Common stock issued for director fees - shares | 400,000 | 400,000 |
Common stock issued for director fees | $ 400 | |
Common stock issued for services - shares | 450,000 | 450,000 |
Common stock issued for services | $ 450 | |
Common Stock | Stock Issuance 1 | ||
Common stock issued in settlement of debt - shares | 250,000 | |
Common Stock | Stock Issuance 2 | ||
Common stock issued in settlement of debt - shares | 1,700,000 | |
Common Stock | StockIssuance3Member | ||
Common stock issued in settlement of debt - shares | 1,150,000 | |
Common Stock | StockIssuance4Member | ||
Common stock issued in settlement of debt - shares | 6,675,000 | |
Common Stock | StockIssuance5Member | ||
Common stock issued in settlement of debt - shares | 15,886,000 |
10. Stock Options and Warrant56
10. Stock Options and Warrants: Schedule of Changes in Options Outstanding (Details) - $ / shares | 6 Months Ended | ||
Sep. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | |
Options Outstanding | 40,000 | 40,000 | 40,000 |
Weighted Average Contractual Life | 2 years 8 months 5 days | ||
Weighted Average Exercise Price of Outstanding Options | $ 14.75 | $ 14.75 | $ 14.75 |
Shares Exercisable | 40,000 | ||
Weighted Average Exercise Price of Exercisable Options | $ 14.75 | ||
N1000Member | |||
Exercise Price | $ 10 | ||
Options Outstanding | 35,000 | ||
Weighted Average Contractual Life | 3 years 4 days | ||
Weighted Average Exercise Price of Outstanding Options | $ 10 | ||
Shares Exercisable | 35,000 | ||
Weighted Average Exercise Price of Exercisable Options | $ 10 | ||
N1200Member | |||
Options Outstanding | 2,500 | ||
Weighted Average Contractual Life | 4 months 10 days | ||
Weighted Average Exercise Price of Outstanding Options | $ 12 | ||
Shares Exercisable | 2,500 | ||
Weighted Average Exercise Price of Exercisable Options | $ 12 | ||
Exercise Price | $ 12 | ||
N8400Member | |||
Options Outstanding | 2,500 | ||
Weighted Average Contractual Life | 3 months 29 days | ||
Weighted Average Exercise Price of Outstanding Options | $ 84 | ||
Shares Exercisable | 2,500 | ||
Weighted Average Exercise Price of Exercisable Options | $ 84 | ||
Exercise Price | $ 84 |
10. Stock Options and Warrant57
10. Stock Options and Warrants: Schedule Of Stock Options Roll Forward Table TextBlock (Details) - $ / shares | Sep. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Details | |||
Options Outstanding | 40,000 | 40,000 | 40,000 |
Weighted Average Exercise Price of Outstanding Options | $ 14.75 | $ 14.75 | $ 14.75 |
10. Stock Options and Warrant58
10. Stock Options and Warrants: Warrants Outstanding (Details) | Sep. 30, 2016$ / sharesshares | Mar. 31, 2016shares | Mar. 31, 2015shares |
Outstanding Warrants | shares | 6,534,810 | 6,504,810 | 6,298,771 |
Weighted Average Remaining Contractual Life of Warrants | 2.65 | ||
Weighted Average Exercise Price of Warrants | $ 1.48 | ||
Exercisable Warrants | shares | 6,534,810 | ||
Weighted Average Exercise Price of Exercisable Warrants | $ 1.48 | ||
Warrant1Member | |||
Exercise Price of Warrants | $ 0.50 | ||
Outstanding Warrants | shares | 350,000 | ||
Weighted Average Remaining Contractual Life of Warrants | 1.41 | ||
Weighted Average Exercise Price of Warrants | $ 0.50 | ||
Exercisable Warrants | shares | 350,000 | ||
Weighted Average Exercise Price of Exercisable Warrants | $ 0.50 | ||
Warrant2Member | |||
Exercise Price of Warrants | $ 1.50 | ||
Outstanding Warrants | shares | 6,127,497 | ||
Weighted Average Remaining Contractual Life of Warrants | 2.74 | ||
Weighted Average Exercise Price of Warrants | $ 1.50 | ||
Exercisable Warrants | shares | 6,127,497 | ||
Weighted Average Exercise Price of Exercisable Warrants | $ 1.50 | ||
Warrant3Member | |||
Exercise Price of Warrants | $ 2.50 | ||
Outstanding Warrants | shares | 12,000 | ||
Weighted Average Remaining Contractual Life of Warrants | 1.80 | ||
Weighted Average Exercise Price of Warrants | $ 2.50 | ||
Exercisable Warrants | shares | 12,000 | ||
Weighted Average Exercise Price of Exercisable Warrants | $ 2.50 | ||
Warrant4Member | |||
Exercise Price of Warrants | $ 6 | ||
Outstanding Warrants | shares | 45,313 | ||
Weighted Average Remaining Contractual Life of Warrants | 1.33 | ||
Weighted Average Exercise Price of Warrants | $ 6 | ||
Exercisable Warrants | shares | 45,313 | ||
Weighted Average Exercise Price of Exercisable Warrants | $ 6 |
10. Stock Options and Warrant59
10. Stock Options and Warrants: Warrant Rollforward (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | |
Details | |||
Outstanding Warrants | 6,534,810 | 6,504,810 | 6,298,771 |
Warrants Outstanding Exercise Price | $ 1.48 | $ 1.53 | |
Warrants Granted / restated | 332,500 | ||
Warrants Granted / restated Exercise Price | $ 0.50 | ||
Warrants Cancelled | (126,461) | ||
Warrants Cancelled Exercise Price | $ (1.50) | ||
Warrants Granted | 30,000 | ||
Warrants Granted Exercise Price | $ 0.50 |
11. Discontinued Operations_ 60
11. Discontinued Operations: Schedule of discontinued operations (Details) - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Total current assets | $ 8,030 | $ 9,490 |
Accounts Payable | (429,438) | (418,823) |
Total current liabilities | 4,691,504 | 2,833,039 |
Discontinued Operations | ||
Accounts Payable | 120,266 | 120,266 |
Total current liabilities | $ 120,266 | $ 120,266 |
12. Noncontrolling Interest D61
12. Noncontrolling Interest Disclosure (Details) | 12 Months Ended |
Mar. 31, 2016USD ($) | |
Details | |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 26,058 |
12. Noncontrolling Interest D62
12. Noncontrolling Interest Disclosure: Net Loss Attributable To Non-controlling Interest (Details) - Vickrey Brown Investments | 3 Months Ended | 6 Months Ended |
Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | |
Net Allocable Loss | $ 4,034 | $ 36,824 |
Average Non-controlling interest percentage | 49.00% | 49.00% |
Income (Loss) Attributable to Noncontrolling Interest | $ 1,977 | $ 18,044 |
13. Fair Value Measurements_ 63
13. Fair Value Measurements: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Derivative Liability, Fair Value, Gross Liability | $ 110,971 | $ 258,808 |
Fair Value, Inputs, Level 3 | ||
Derivative Liability, Fair Value, Gross Liability | $ 110,971 | $ 258,808 |
13. Fair Value Measurements_ 64
13. Fair Value Measurements: Schedule of Changes in Fair Value of Financial Liabilities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | |
Details | |||||
Derivative Liability, Fair Value, Gross Liability | $ 110,971 | $ 110,971 | $ 258,808 | ||
Transfer in upon initial fair value of derivative liabilities | 286,330 | 286,330 | |||
Transfers out upon payoff or conversion of convertible debt | (369,445) | (369,445) | |||
Change in fair value of warrant and derivative liabilities | $ (108,440) | $ 265,332 | $ (64,722) | $ 265,332 |