Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2017 | Aug. 11, 2017 | |
Document and Entity Information: | ||
Entity Registrant Name | INVESTVIEW, INC. | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Trading Symbol | gisv | |
Amendment Flag | false | |
Entity Central Index Key | 862,651 | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 1,802,136,281 | |
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 | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Incorporation, Date of Incorporation | Aug. 10, 2005 | |
Entity Incorporation, State Country Name | Nevada |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2017 | Mar. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 20,198 | $ 1,616 |
Receivables | 542,755 | 444,610 |
Short term advances | 10,000 | 10,000 |
Total current assets | 572,953 | 456,226 |
Fixed assets, net | 9,670 | 10,235 |
Other assets: | ||
Long term license agreement | 2,246,523 | |
Deposits | 6,000 | 6,000 |
Total other assets | 2,252,523 | 6,000 |
Total assets | 2,835,146 | 472,461 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,338,787 | 1,370,972 |
Deferred revenue | 685,068 | 433,298 |
Related party payables | 887,119 | 805,895 |
Debt, current portion | 697,409 | 2,093,745 |
Total current liabilities | 3,608,383 | 4,703,910 |
Total liabilities | 3,608,383 | 4,703,910 |
Commitments and contingencies | ||
STOCKHOLDERS' DEFICIT | ||
Preferred stock, par value: $0.001; 10,000,000 shares authorized, none issued and outstanding as of June 30, 2017 and March 31, 2017 | ||
Common stock, par value $0.001; 2,000,000,000 shares authorized; 1,802,136,281 and 125,889,455 issued and 1,802,134,981 and 125,888,155 outstanding as of June 30, 2017 and March 31, 2017, respectively | 1,802,136 | 125,890 |
Additional paid in capital | 7,436,437 | 805,637 |
Treasury stock, 1,300 shares | (8,589) | (8,589) |
Members' deficit | ||
Accumulated deficit | (10,003,223) | (5,154,387) |
Total stockholders' deficit | (773,237) | (4,231,449) |
Total liabilities and stockholders' deficit | $ 2,835,146 | $ 472,461 |
CONSOLIDATED BALANCE SHEETS PAR
CONSOLIDATED BALANCE SHEETS PARENTHETICAL - $ / shares | Jun. 30, 2017 | Mar. 31, 2017 |
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 | 2,000,000,000 | 60,000,000 |
Common stock shares issued | 1,802,136,281 | 125,889,455 |
Common stock shares outstanding | 1,802,134,981 | 125,888,155 |
Treasury shares | 1,300 | 1,300 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CONSOLIDATED STATEMENT OF OPERATIONS | ||
Revenue, net | $ 2,977,802 | $ 2,718,609 |
Operating costs and expenses: | ||
Cost of sales and service | 194,286 | 319,374 |
Commissions | 2,480,392 | 2,898,880 |
Selling and marketing | 149,378 | 134,988 |
Salary and related | 437,146 | 515,955 |
Professional fees | 399,829 | 198,394 |
Selling, general and administrative | 338,005 | 215,455 |
Total operating costs and expenses | 3,999,036 | 4,283,047 |
Net loss from operations | (1,021,234) | (1,564,438) |
Other income (expense): | ||
Loss on debt extinguishment | (2,686,387) | |
Loss on spin-off of operations | (1,118,609) | |
Interest expense - related parties | (3,000) | (33,240) |
Interest expense | (10,767) | |
Other income (expense) | (2,378) | 14 |
Total other income (expense) | (3,821,141) | (33,226) |
Loss before income taxes | (4,842,375) | (1,597,664) |
Income tax expense | (6,461) | |
Net loss | $ (4,848,836) | $ (1,597,664) |
Loss per common share, basic and diluted | $ 0 | $ (0.01) |
Weighted average number of common shares outstanding, basic and diluted | 1,586,188,514 | 125,888,155 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (4,848,836) | $ (1,597,664) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation | 565 | 566 |
Stock issued for license agreement | 9,477 | |
Debt issuance costs - related party | 74,155 | |
Loss on spin-off of operations | 1,118,609 | |
Loss on debt settlement | 2,686,387 | |
Changes in operating assets and liabilities: | ||
Change in receivables | 51,855 | (139,497) |
Change in accounts payable and accrued liabilities | (208,786) | 1,348,114 |
Change in deferred revenue | 245,963 | 475,886 |
Change in accrued interest | 9,632 | |
Change in accrued interest - related parties | 3,000 | |
Net cash (used in) provided by operating activities | (932,133) | 161,560 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash received in reverse acquisition | 3,550 | |
Net cash provided by investing activities | 3,550 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from related parties | 316,224 | 60,000 |
Repayments for related party payables | (148,000) | (318,549) |
Proceeds from debt | 875,000 | 500,000 |
Repayments for debt | (126,059) | (45,740) |
Proceeds from the sale of stock | 30,000 | 25,000 |
Dividends paid | (51,287) | |
Net cash provided by financing activities | 947,165 | 169,424 |
Net decrease in cash and cash equivalents | 18,582 | 330,984 |
Cash and cash equivalents-beginning of period | 1,616 | 70,298 |
Cash and cash equivalents-end of period | 20,198 | 401,282 |
Cash paid during the period for: | ||
Interest | 3,000 | $ 55,415 |
Income taxes | 6,461 | |
Non cash financing activities: | ||
Common stock issued for reverse acquisition | 662,048 | |
Common stock issued in settlement of debt | 2,253,640 | |
Common stock issued for long term license agreement | $ 2,246,523 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 1 - Organization and Nature of Business | NOTE 1 ORGANIZATION AND NATURE OF BUSINESS Organization Investview, Inc. (the "Company" or INVU) 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. On March 31, 2017, the Company entered into a Contribution Agreement with the members of Wealth Generators, LCC, 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 the common stock of the Company. The closing of the Wealth Generators Contribution occurred after close of business on March 31, 2017, therefore, effective April 1, 2017, Wealth Generators became a wholly owned subsidiary of the Company and the former members of Wealth Generators control the majority of the Companys outstanding common stock (see Note 5). On June 6, 2017, the Company entered into an Acquisition Agreement with Market Trend Strategies, LLC ("Market"), a company whose members are also former members of management of the Company. In accordance with the Acquisition Agreement, the Company spun-off its operations that existed prior to the acquisition of Wealth Generators and sold the intangible assets used in the operations of the Company pre-acquisition in exchange for Market assuming $419,139 worth of liabilities that had been on the books pre-acquisition. Nature of Business Through its wholly owned subsidiary, Wealth Generators, the Company provides research, education, and investment tools designed to assist the self-directed investor in successfully navigating the financial markets. The services include research, trade alerts, and live trading rooms that include instruction in equities, options, FOREX, ETFs and binary options. In addition to trading tools and research, the Company also includes 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 enabling an individual complete access to the information necessary to cultivate and manage their financial situation. The Company offers four packages 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 the ability to create an additional income stream to further support their personal financial goals and objectives. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 2 - Summary of Significant Accounting Policies | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations (Regulation S-X) of the Securities and Exchange Commission (the SEC) and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the three months ended June 30, 2017 are not necessarily indicative of the operating results that may be expected for the year ended March 31, 2018. These unaudited condensed consolidated financial statements should be read in conjunction with the March 31, 2017 consolidated financial statements and notes thereto included in the Companys Annual Report on Form 10-K filed with the SEC on July 13, 2017 as well as the Companys Form 8-K/A filed on June 30, 2017. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Wealth Generators, Investment Tools & Training, LLC ("ITT"), Razor Data Corp ("Razor"), and SAFE Management, LLC (SAFE). All significant inter-company transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of these unaudited condensed consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition 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. The majority of the Companys revenue is generated by subscription sales and payment is received at the time of purchase. The Company recognizes 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, the Company offers a 10-day trial period to their subscription customers, where 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 refunds, sales incentives, credits and known and estimated credit card chargebacks. 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 the Companys principal or, in the absence of a principal, most advantageous market for the specific asset or liability. GAAP provides for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows: Level 1 Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including: - Quoted prices for similar assets or liabilities in active markets - Quoted prices for identical or similar assets or liabilities in markets that are not active - Inputs other than quoted prices that are observable for the asset or liability - 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 the Companys own assumptions about the assumptions 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). The Company's financial instruments consist of cash, accounts receivable, and accounts payable. The Company has determined that the book value of its outstanding financial instruments as of June 30, 2017 (unaudited) and March 31, 2017 approximates the fair value due to their short-term nature. 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. Potentially dilutive securities excluded from the computation of basic and diluted net loss per share are as follows: June 30, 2017 June 30, 2016 Convertible notes payable - 30,955,885 Options to purchase common stock 35,000 40,000 Warrants to purchase common stock 6,534,810 6,534,810 Totals 6,569,810 37,530,695 |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 3 - Recent Accounting Pronouncements | NOTE 3 RECENT ACCOUNTING PRONOUNCEMENTS 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 Companys financial statements. |
Note 4 - Going Concern and Liqu
Note 4 - Going Concern and Liquidity | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 4 - Going Concern and Liquidity | NOTE 4 GOING CONCERN AND LIQUIDITY The Companys 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 $10,003,223, net loss of $4,848,836 and net cash used in operations of $932,133 for the three months ended June 30, 2017. Additionally, as of June 30, 2017, the Company had cash of $20,198 and a working capital deficit of $3,035,430. These factors raise substantial doubt about the Companys ability to continue as a going concern. Historically the Company has relied on increasing revenues and new debt financing to pay for operational expenses and debt as it came due. During the three months ended June 30, 2017, the Company raised $316,224 in cash proceeds from related parties, raised $875,000 in cash proceeds from new lending arrangements and raised $30,000 from the sale of common stock. Additionally, during the three months ended June 30, 2017 the Company has exchanged $2,253,640 worth of debt into shares of common stock. Going forward the Company plans to reduce obligations with cash flow provided by operations and pursue additional debt and equity financing, however, 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. 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. Accordingly, the accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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 financial statements do not include any adjustment that might result from the outcome of this uncertainty. |
Note 5 - Reverse Acquisition
Note 5 - Reverse Acquisition | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 5 - Reverse Acquisition | NOTE 5 REVERSE ACQUISITION Effective April 1, 2017, the Company entered into a Contribution Agreement with Wealth Generators, LLC (Wealth Generators), pursuant to which the Wealth Generators members agreed to contribute 100% of the outstanding securities of the Company in exchange for an aggregate of 1,358,670,942 shares of the Companys common stock. Following the contribution, the Wealth Generators members control the majority of the Companys outstanding common stock and Wealth Generators became a wholly owned subsidiary of the Company. The transaction was accounted for as a reverse acquisition using the acquisition method of accounting in accordance with the FASB (ASC 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. 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, 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. Accordingly, the shares issued for debt were accounted for the moment before the reverse acquisition and the $482,588 worth of 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 INVUs shares that were outstanding immediately before the transaction of 150,465,339. Using the closing market price of INVUs shares on March 31, 2017 of $0.0044 consideration was valued at $662,047. The table below represents the pro forma revenue and net loss for the three months ended June 30, 2017 and 2016 assuming the reverse acquisition had occurred on April 1, 2016 pursuant to ASC 805-10-50. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had the reverse acquisition occurred on this date nor does it purport to predict the result so of operations for future periods. Three Months Ended June 30, 2017 2016 Revenues [1] $ 2,977,802 $ 2,718,609 Net Loss [1] $ (4,848,836 ) $ (1,969,199 ) Loss per common share [1] $ (0.00 ) $ (0.10 ) [1] 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. Accordingly, these pro forma numbers are presented after the revenue and expenses related to the spun-off operations of INVU pre-merger were removed. As a result of the Acquisition Agreement with Market the Company wrote off goodwill of $1,118,609 and recorded a gain on the settlement of debt of $419,139 representing the liabilities assumed by Market. |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 6 - Related Party Transactions | NOTE 6 RELATED PARTY TRANSACTIONS The Companys related party payables consisted of the following: June 30, 2017 March 31, 2017 Short term advances [1] $ 316,224 $ 100,000 Revenue-based Funding Agreement entered into on 11/8/15 [2] 45,000 180,000 Short term Promissory Note entered into on 9/13/16, in default [3] 150,000 150,000 Promissory Note entered into on 11/15/16 [4] 895 895 Promissory Note entered into on 3/15/17 [5] 375,000 375,000 $ 887,119 $ 805,895 [1] The Company is periodically advanced operating funds from its owners (current majority shareholders and former members of Wealth Generators, LLC prior to the reverse acquisition) and other related parties. Other related parties include entities that are owned, controlled, or influenced by the Companys owners or management. The advances are due on demand, generally have no interest or fees associated with them, and are unsecured. During the three months ending June 30, 2017 the Company received $316,224 in cash proceeds from advances and repaid related parties $100,000. [2] A majority member of Wealth Generators, LLC (pre-reverse acquisition) and currently a majority shareholder advanced funds of $150,000 on November 16, 2015 under a Revenue-based Funding Agreement which required that beginning December 30, 2015 the Company would pay an amount equal to 2% of its top line revenue generated from the prior month to pay down the loan until such time that the lender had received $450,000. During the three months ending June 30, 2017 the Company agreed to issue 10,000,000 shares of common stock to extinguish $90,000 worth of debt and to pay $15,000 per month for six months, for a total of $90,000 to be paid back, in accordance with a conversion agreement. Additionally, the Company paid back $45,000 in cash during the three months ending June 30, 2017. [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. Each of the Notes carry the same terms, have a fixed interest payment of $7,500, and is generally due in less than four weeks. Under this arrangement, during the three months ended June 30, 2017, the Company incurred $3,000 of loan fees and paid back $3,000. [4] The Company entered into a Promissory Note for $94,788 with a company owned by immediate family members of two members of the executive management team. Funds were advanced to the Company on November 16, 2016 and December 16, 2016 in the amount of $78,750 and $16,038, respectively. The Promissory Note had a term of twelve months, an annual interest rate of 8%, and no pre-payment penalty. During the year ending March 31, 2017 the Company incurred $895 worth of interest expense on the note and paid back the entire principal balance of $94,788. [5] A company that was a majority member of Wealth Generators, LLC (pre-reverse acquisition) and currently a majority shareholder entered into a Promissory Note in the amount of $300,000, advancing funds on March 17, 2017. The Note matures on September 16, 2017 and has a fixed interest amount of $75,000. Collateral on this note is the reserve balance of $150,000 on one of the Companys merchant accounts. No payments were made on this arrangement during the three months ending June 30, 2017. |
Note 7 - Debt
Note 7 - Debt | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 7 - Debt | NOTE 7 DEBT The Companys debt consisted of the following: June 30, 2017 March 31, 2017 Revenue based funding arrangement entered into on 8/31/15 [1] $ - $ 263,641 Revenue share agreement entered into on 6/28/16 [2] 475,000 525,000 Purchase and sale agreement for future receivables entered into on 9/30/16 [3] 153,444 220,652 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] 68,965 34,452 $ 697,409 $ 2,093,745 [1] The Company 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 the Company would pay an amount equal to 2% of its top line revenue generated from the prior month to pay down the loan until such time that the lender had received an amount that was three times the amount advanced. During the three months ending June 30, 2017 the Company agreed to issue 10,000,000 shares of common stock to extinguish $263,641 worth of debt. [2] During April 2016, the Company 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, 2016, May 11, 2016, and June 29, 2016, respectively. In accordance with the terms of the final amended agreement the Company is to make payments of $25,000 per month or a 3% royalty for the previous months sales, whichever is greater, beginning February 15, 2017, until the lender has been paid back $600,000. During the three months ending June 30, 2017 the Company paid back $50,000. [3] The Company entered into a Purchase and Sale Agreement for Future Receivables with an entity that provides quick access to working capital. On October 6, 2016, the Company received proceeds from this arrangement of $250,000. In accordance with the terms of the arrangement the Company would be required to pay back $345,600 over a 16-month period by making daily ACH payments in the amount of $1,052 per business day. Accordingly, the Company 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 paid back. During the three months ending June 30, 2017 the Company made payments of $67,328 on the debt and recorded $120 for 3 monthly maintenance fees of $40 per month. [4] The Company received funds of $1,000,000 on January 11, 2017 and funds of $800,000 on April 10, 2017 as a result of a short-term advance where the lender was anticipating converting such funds into shares of common stock upon the Companys acquisition by a publicly traded Company. On June 6, 2017, the Company finalized a Conversion Agreement wherein the total of these funds, or $1,800,000, was exchanged for 180,000,000 shares of common stock. [5] The Company 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 three months ending June 30, 2017 the Company entered into a conversion agreement and issued 5,000,000 shares of common stock in exchange for the $50,000 worth of debt. [6] The Company received a short-term advance of $24,965 on March 3, 2017 and entered into a Promissory Note with the lender on March 31, 207 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 the Company received $25,000 in proceeds during the three months ended June 30, 2017. The Promissory Note states that the Company is to pay a fixed interest amount of $19,000 and that both principal and interest would be due on September 30, 2017. During the three months ended June 30, 2017 the Company recorded $9,513 as interest expense and no payments were made to reduce this liability. In addition to the above debt transactions that were outstanding as of June 30, 2017 and March 31, 2017, during the three months ended June 30, 2017 the Company also received proceeds of $50,000 from short term advances and entered into a conversion agreement to issue 5,000,000 shares of stock to extinguish that $50,000 debt. |
Note 8 - Capital Stock
Note 8 - Capital Stock | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 8 - Capital Stock | NOTE 8 CAPITAL STOCK During the three months ended June 30, 2017 the Company issued 3,000,000 shares of common stock in exchange for $30,000 of cash proceeds. The Company issued 80,000,000 shares of common stock with a value of $2,256,000 for a 15 year license agreement, therefore $9,477 was recorded as expense in the three months ended June 30, 2017 and $2,246,523 was recorded as a prepaid asset. The Company also issued 234,575,884 shares of its common stock in settlement of debt, wherein accrued liabilities, principal, accrued interest, and derivative liabilities were extinguished in the amounts of $435,892, $2,298,641, $1,696, and $38,557, respectively, and the Company recognized a loss on the settlement of debt in the amount of $3,105,359 in the statement of operations for the three months ended July 31, 2017. 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, thus is excluded from the statement of operations. In conjunction with the reverse acquisition the Company issued 1,358,670,942 shares of common stock (see Note 5). As of June 30 and March 31, 2017, the Company had 1,799,166,281 and 125,889,455 shares of common stock issued and 1,799,164,981 shares and 125,888,155 shares of common stock outstanding. |
Note 9 - Stock Options and Warr
Note 9 - Stock Options and Warrants | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 9 - Stock Options and Warrants | NOTE 9 STOCK OPTIONS AND WARRANTS Employee Stock Options The following table summarizes the changes in employee stock options outstanding and the related prices for the shares of the Companys common stock issued to employees of the Company under two employee stock option plans. The nonqualified plan adopted in 2007 is for 65,000 shares of which 47,500 have been granted as of June 30, 2017. The qualified plan adopted in October of 2008 authorizing 125,000 shares was approved by a majority of the Shareholders on September 16, 2009. To date 42,500 shares have been granted under the 2008 plan as of June 30, 2017. The following table summarizes the changes in options outstanding and the related prices for the shares of the Companys common stock issued to employees of the Company: 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 June 30, 2017 35,000 $ 10.00 2.26 $ - Options exercisable at June 30, 2017 35,000 $ 10.00 2.26 $ - Stock-based compensation expense in connection with options granted to employees for the three months ended June 30, 2017 and 2016 was $0. Non-Employee Stock Options The following table summarizes the changes in options outstanding and the related prices for the shares of the Companys common stock issued to consultants and non-employees of the Company: 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 ) $ - Options outstanding at March 31, 2017 - $ - - $ - Granted - $ - Exercised - $ - Canceled / expired - $ - Options outstanding at June 30, 2017 - $ - - $ - Options exercisable at June 30, 2017 - $ - - $ - Warrants The following table summarizes the warrants outstanding and the related prices for the shares of the Companys common stock as of June 30, 2017: 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 0.66 $ 0.50 350,000 $ 0.50 $ 1.50 6,127,497 1.99 $ 1.50 6,127,497 $ 1.50 $ 2.50 12,000 1.05 $ 2.50 12,000 $ 2.50 $ 6.00 45,313 0.58 $ 6.00 45,313 $ 6.00 Total 6,534,810 1.87 $ 1.48 6,534,810 $ 1.48 Transactions involving the Companys warrant issuance are summarized as follows: Average Number of Price Shares Per Share 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 - $ - Warrants outstanding at June 30, 2017 6,534,810 $ 1.48 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 10 - Commitments and Contingencies | NOTE 10 COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, the Company may be or has been involved in legal proceedings from time to time. As of the date these financial statements were available to be issued there have been no material legal proceedings relating to the Company. The Company had received notice from the New York State Workers Compensation Board that a judgement was filed against them in the amount of $13,000, along with total penalties of $29,034, however, effective July 5, 2017 the Company confirmed a payment in the amount $4,350 would settle the amounts in full. Additionally, the Companys wholly owned subsidiary, ITT, has received notice from the New York State Workers Compensation Board that a judgement was filed against them in the amount of $22,000, however, effective July 5, 2017 the Company confirmed a payment in the amount $4,620 would settle the amounts in full. As of the date of this filing all settlement amounts have been paid to extinguish the liabilities and resolve the judgements against the Company. Other agreements In conjunction with a lending arrangement for $100,000, entered into on May 11, 2015, the Company agreed to issue minimum monthly payments of $4,000 after the loan was paid in full and for the entire duration of the Company. The Company is expensing the $4,000 additional monthly payments as they have been disbursed, subsequent to the payback of the initial funds borrowed, and currently has these monthly payments committed to into perpetuity. During the three months ended June 30, 2017 the Company made three payments under this arrangement for $12,000. |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 3 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 11 - Subsequent Events | NOTE 11 SUBSEQUENT EVENTS Subsequent to June 30, 2017 the Company entered into and closed three Subscription Agreements with three separate accredited investors pursuant to which $150,000 was received in consideration for 15,000,000 shares of common stock. Additionally, on July 20, 2017 the Company received $100,000 from an individual under a one-month promissory note that had a fixed interest amount of $5,000. Under the terms of the promissory note the Company is to pay the lender four weekly payments of $26,250 each. |
Note 2 - Summary of Significa17
Note 2 - Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
Policies | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations (Regulation S-X) of the Securities and Exchange Commission (the SEC) and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the three months ended June 30, 2017 are not necessarily indicative of the operating results that may be expected for the year ended March 31, 2018. These unaudited condensed consolidated financial statements should be read in conjunction with the March 31, 2017 consolidated financial statements and notes thereto included in the Companys Annual Report on Form 10-K filed with the SEC on July 13, 2017 as well as the Companys Form 8-K/A filed on June 30, 2017. |
Note 2 - Summary of Significa18
Note 2 - Summary of Significant Accounting Policies: Principles of Consolidation (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
Policies | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Wealth Generators, Investment Tools & Training, LLC ("ITT"), Razor Data Corp ("Razor"), and SAFE Management, LLC (SAFE). All significant inter-company transactions and balances have been eliminated in consolidation. |
Note 2 - Summary of Significa19
Note 2 - Summary of Significant Accounting Policies: Use of Estimates (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
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. |
Note 2 - Summary of Significa20
Note 2 - Summary of Significant Accounting Policies: Revenue Recognition (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
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. The majority of the Companys revenue is generated by subscription sales and payment is received at the time of purchase. The Company recognizes 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, the Company offers a 10-day trial period to their subscription customers, where 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 refunds, sales incentives, credits and known and estimated credit card chargebacks. |
Note 2 - Summary of Significa21
Note 2 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
Policies | |
Fair Value of Financial Instruments | 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 the Companys principal or, in the absence of a principal, most advantageous market for the specific asset or liability. GAAP provides for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows: Level 1 Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including: - Quoted prices for similar assets or liabilities in active markets - Quoted prices for identical or similar assets or liabilities in markets that are not active - Inputs other than quoted prices that are observable for the asset or liability - 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 the Companys own assumptions about the assumptions 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). The Company's financial instruments consist of cash, accounts receivable, and accounts payable. The Company has determined that the book value of its outstanding financial instruments as of June 30, 2017 (unaudited) and March 31, 2017 approximates the fair value due to their short-term nature. |
Note 2 - Summary of Significa22
Note 2 - Summary of Significant Accounting Policies: Net Loss Per Share (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
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. Potentially dilutive securities excluded from the computation of basic and diluted net loss per share are as follows: June 30, 2017 June 30, 2016 Convertible notes payable - 30,955,885 Options to purchase common stock 35,000 40,000 Warrants to purchase common stock 6,534,810 6,534,810 Totals 6,569,810 37,530,695 |
Note 3 - Recent Accounting Pr23
Note 3 - Recent Accounting Pronouncements: New Accounting Pronouncements, Policy (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
Policies | |
New Accounting Pronouncements, Policy | 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 Companys financial statements. |
Note 2 - Summary of Significa24
Note 2 - Summary of Significant Accounting Policies: Net Loss Per Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | June 30, 2017 June 30, 2016 Convertible notes payable - 30,955,885 Options to purchase common stock 35,000 40,000 Warrants to purchase common stock 6,534,810 6,534,810 Totals 6,569,810 37,530,695 |
Note 5 - Reverse Acquisition_ S
Note 5 - Reverse Acquisition: Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | 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 |
Note 5 - Reverse Acquisition_ B
Note 5 - Reverse Acquisition: Business Acquisition, Pro Forma Information (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Business Acquisition, Pro Forma Information | Three Months Ended June 30, 2017 2016 Revenues [1] $ 2,977,802 $ 2,718,609 Net Loss [1] $ (4,848,836 ) $ (1,969,199 ) Loss per common share [1] $ (0.00 ) $ (0.10 ) |
Note 6 - Related Party Transa27
Note 6 - Related Party Transactions: Schedule of Related Party Transactions (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Related Party Transactions | June 30, 2017 March 31, 2017 Short term advances [1] $ 316,224 $ 100,000 Revenue-based Funding Agreement entered into on 11/8/15 [2] 45,000 180,000 Short term Promissory Note entered into on 9/13/16, in default [3] 150,000 150,000 Promissory Note entered into on 11/15/16 [4] 895 895 Promissory Note entered into on 3/15/17 [5] 375,000 375,000 $ 887,119 $ 805,895 |
Note 7 - Debt_ Schedule of Debt
Note 7 - Debt: Schedule of Debt (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Debt | June 30, 2017 March 31, 2017 Revenue based funding arrangement entered into on 8/31/15 [1] $ - $ 263,641 Revenue share agreement entered into on 6/28/16 [2] 475,000 525,000 Purchase and sale agreement for future receivables entered into on 9/30/16 [3] 153,444 220,652 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] 68,965 34,452 $ 697,409 $ 2,093,745 |
Note 9 - Stock Options and Wa29
Note 9 - Stock Options and Warrants: Schedule of Changes in Options Outstanding (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Changes in Options Outstanding | 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 June 30, 2017 35,000 $ 10.00 2.26 $ - Options exercisable at June 30, 2017 35,000 $ 10.00 2.26 $ - |
Note 9 - Stock Options and Wa30
Note 9 - Stock Options and Warrants: Changes In Non Employee Stock Options (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Changes In Non Employee Stock Options | 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 ) $ - Options outstanding at March 31, 2017 - $ - - $ - Granted - $ - Exercised - $ - Canceled / expired - $ - Options outstanding at June 30, 2017 - $ - - $ - Options exercisable at June 30, 2017 - $ - - $ - |
Note 9 - Stock Options and Wa31
Note 9 - Stock Options and Warrants: Warrants Outstanding (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
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 0.66 $ 0.50 350,000 $ 0.50 $ 1.50 6,127,497 1.99 $ 1.50 6,127,497 $ 1.50 $ 2.50 12,000 1.05 $ 2.50 12,000 $ 2.50 $ 6.00 45,313 0.58 $ 6.00 45,313 $ 6.00 Total 6,534,810 1.87 $ 1.48 6,534,810 $ 1.48 |
Note 9 - Stock Options and Wa32
Note 9 - Stock Options and Warrants: Warrant Rollforward (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Warrant Rollforward | Average Number of Price Shares Per Share 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 - $ - Warrants outstanding at June 30, 2017 6,534,810 $ 1.48 |
Note 1 - Organization and Nat33
Note 1 - Organization and Nature of Business (Details) | 3 Months Ended |
Jun. 30, 2017 | |
Details | |
Entity Incorporation, Date of Incorporation | Aug. 10, 2005 |
Entity Incorporation, State Country Name | Nevada |
Note 2 - Summary of Significa34
Note 2 - 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 | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,569,810 | 37,530,695 |
Convertible Debt Securities | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 30,955,885 | |
Employee Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 35,000 | 40,000 |
Warrant | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,534,810 | 6,534,810 |
Note 4 - Going Concern and Li35
Note 4 - Going Concern and Liquidity (Details) - USD ($) | 3 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Details | ||||
Accumulated deficit | $ 10,003,223 | $ 5,154,387 | ||
Net income (loss) | 4,848,836 | $ 1,597,664 | ||
Net cash (used in) operating activities | 932,133 | (161,560) | ||
Cash and cash equivalents | 20,198 | 401,282 | $ 1,616 | $ 70,298 |
Negative Working Capital | 3,035,430 | |||
Proceeds from Notes Payable | 316,224 | |||
Proceeds from debt | 875,000 | $ 500,000 | ||
Proceeds from Issuance of Common Stock | 30,000 | |||
Common stock issued in settlement of debt | $ 2,253,640 |
Note 5 - Reverse Acquisition_36
Note 5 - Reverse Acquisition: Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) | 3 Months Ended |
Jun. 30, 2017USD ($) | |
Details | |
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 | 610,112 |
Net liabilities assumed | 456,562 |
Business Combination, Consideration Transferred | 662,047 |
Goodwill | $ 1,118,609 |
Note 5 - Reverse Acquisition_37
Note 5 - Reverse Acquisition: Business Acquisition, Pro Forma Information (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Details | ||
Business Acquisition, Pro Forma Revenue | $ 2,977,802 | $ 2,718,609 |
Business Acquisition, Pro Forma Net Income (Loss) | $ (4,848,836) | $ (1,969,199) |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0 | $ (0.10) |
Note 5 - Reverse Acquisition (D
Note 5 - Reverse Acquisition (Details) | 3 Months Ended |
Jun. 30, 2017USD ($) | |
Details | |
Loss on spin-off of operations | $ 1,118,609 |
Gain on settlement of debt | $ 419,139 |
Note 6 - Related Party Transa39
Note 6 - Related Party Transactions: Schedule of Related Party Transactions (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Mar. 31, 2017 | |
Related party payables | $ 887,119 | $ 805,895 |
ShortTermAdvanceMember | ||
Related Party Costs | 316,224 | 100,000 |
FundingAgreementMember | ||
Related Party Costs | 45,000 | 180,000 |
ShortTermPromissoryNoteMember | ||
Related Party Costs | 150,000 | 150,000 |
PromissoryNote111516Member | ||
Related Party Costs | 895 | 895 |
PromissoryNote31517Member | ||
Related Party Costs | $ 375,000 | $ 375,000 |
Note 7 - Debt_ Schedule of De40
Note 7 - Debt: Schedule of Debt (Details) - USD ($) | Jun. 30, 2017 | Mar. 31, 2017 |
Debt, current portion | $ 697,409 | $ 2,093,745 |
FundingAgreement83115Member | ||
Debt, current portion | 263,641 | |
RevenueShareAgreement62816Member | ||
Debt, current portion | 475,000 | 525,000 |
PurchaseAndSaleAgreement93016Member | ||
Debt, current portion | 153,444 | 220,652 |
ShortTermAdvance11117Member | ||
Debt, current portion | 1,000,000 | |
ShortTermAdvance31617Member | ||
Debt, current portion | 50,000 | |
PromissoryNote33117Member | ||
Debt, current portion | $ 68,965 | $ 34,452 |
Note 9 - Stock Options and Wa41
Note 9 - Stock Options and Warrants (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Mar. 31, 2017 | |
Details | ||
Shares Authorized Under 2007 Plan | 65,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 47,500 | |
Shares Authorized Under 2008 Plan | 125,000 | |
Shares Granted Under 2008 Plan | 42,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 0 | $ 0 |
Note 9 - Stock Options and Wa42
Note 9 - Stock Options and Warrants: Schedule of Changes in Options Outstanding (Details) | 12 Months Ended | ||
Mar. 31, 2017$ / sharesshares | Jun. 30, 2017$ / sharesshares | Mar. 31, 2016$ / sharesshares | |
Details | |||
Employee Stock Options Outstanding | shares | 35,000 | 35,000 | 37,500 |
Employee Stock Options Weighted Average Exercise Price | $ / shares | $ 10 | $ 10 | $ 10.20 |
Employee Stock Options Weighted Average Remaining Contractual Life (Years) | 2.51 | 2.26 | 3.33 |
Employee Stock Options Canceled / Expired | shares | (2,500) | ||
Employee Stock Options Weighted Average Exercise Price, Canceled / Expired | $ / shares | $ 12 | ||
Employee Stock Options Exercisable | shares | 35,000 | ||
Employee Stock Options Weighted Average Exercise Price, Exercisable | $ / shares | $ 10 | ||
Employee Stock Options Weighted Average Remaining Contractual Life (Years) - Exercisable | 2.26 |
Note 9 - Stock Options and Wa43
Note 9 - Stock Options and Warrants: Changes In Non Employee Stock Options (Details) | 12 Months Ended | |
Mar. 31, 2017shares | Mar. 31, 2016$ / sharesshares | |
Details | ||
Non Employee Stock Options Outstanding | 2,500 | |
Non Employee Stock Options Weighted Average Exercise Price at $84 | $ / shares | $ 84 | |
Non Employee Stock Options Weighted Average Remaining Contractual Life (Years) | 0.08 | |
Non Employee Stock Options Canceled / Expired | (2,500) |
Note 9 - Stock Options and Wa44
Note 9 - Stock Options and Warrants: Warrants Outstanding (Details) | Jun. 30, 2017$ / sharesshares | Mar. 31, 2017shares | Mar. 31, 2016shares |
Outstanding Warrants | shares | 6,534,810 | 6,534,810 | 6,504,810 |
Weighted Average Remaining Contractual Life of Warrants | 1.87 | ||
Weighted Average Exercise Price of Warrants | $ 1.48 | ||
Exercisable Warrants | shares | 6,534,810 | ||
Weighted Average Exercise Price of Exercisable Warrants | $ 1.48 | ||
Warrant 1 | |||
Exercise Price of Warrants | $ 0.50 | ||
Outstanding Warrants | shares | 350,000 | ||
Weighted Average Remaining Contractual Life of Warrants | 0.66 | ||
Weighted Average Exercise Price of Warrants | $ 0.50 | ||
Exercisable Warrants | shares | 350,000 | ||
Weighted Average Exercise Price of Exercisable Warrants | $ 0.50 | ||
Warrant 2 | |||
Exercise Price of Warrants | $ 1.50 | ||
Outstanding Warrants | shares | 6,127,497 | ||
Weighted Average Remaining Contractual Life of Warrants | 1.99 | ||
Weighted Average Exercise Price of Warrants | $ 1.50 | ||
Exercisable Warrants | shares | 6,127,497 | ||
Weighted Average Exercise Price of Exercisable Warrants | $ 1.50 | ||
Warrant 3 | |||
Exercise Price of Warrants | $ 2.50 | ||
Outstanding Warrants | shares | 12,000 | ||
Weighted Average Remaining Contractual Life of Warrants | 1.05 | ||
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 | 0.58 | ||
Weighted Average Exercise Price of Warrants | $ 6 | ||
Exercisable Warrants | shares | 45,313 | ||
Weighted Average Exercise Price of Exercisable Warrants | $ 6 |
Note 9 - Stock Options and Wa45
Note 9 - Stock Options and Warrants: Warrant Rollforward (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2016 | |
Details | |||
Outstanding Warrants | 6,534,810 | 6,534,810 | 6,504,810 |
Warrants Outstanding Exercise Price | $ 1.48 | $ 1.48 | $ 1.48 |
Warrants Granted / Restated | 30,000 |