Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2017 | Nov. 14, 2017 | |
Document and Entity Information: | ||
Entity Registrant Name | INVESTVIEW, INC. | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Trading Symbol | invu | |
Amendment Flag | false | |
Entity Central Index Key | 862,651 | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 1,920,688,781 | |
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 | Q2 | |
Entity Incorporation, Date of Incorporation | Aug. 10, 2005 | |
Entity Incorporation, State Country Name | Nevada |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2017 | Mar. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 1,920 | $ 1,616 |
Prepaid assets | 7,295 | |
Receivables | 268,674 | 444,610 |
Short term advances | 10,000 | 10,000 |
Total current assets | 287,889 | 456,226 |
Fixed assets, net | 9,128 | 10,235 |
Other assets: | ||
Long term license agreement | 2,208,614 | |
Deposits | 4,500 | 6,000 |
Total other assets | 2,213,114 | 6,000 |
Total assets | 2,510,131 | 472,461 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,434,726 | 1,370,972 |
Deferred revenue | 561,504 | 433,298 |
Related party payables | 694,649 | 805,895 |
Debt, current portion | 1,065,388 | 2,093,745 |
Total current liabilities | 3,756,267 | 4,703,910 |
Total liabilities | 3,756,267 | 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 September 30, 2017 and March 31, 2017 | ||
Common stock, par value $0.001; 2,000,000,000 shares authorized; 1,853,461,281 and 125,889,455 issued and 1,853,459,981 and 125,888,155 outstanding as of September 30, 2017 and March 31, 2017, respectively | 1,853,461 | 125,890 |
Additional paid in capital | 8,004,612 | 805,637 |
Treasury stock, 1,300 shares | (8,589) | (8,589) |
Accumulated deficit | (11,095,620) | (5,154,387) |
Total stockholders' deficit | (1,246,136) | (4,231,449) |
Total liabilities and stockholders' deficit | $ 2,510,131 | $ 472,461 |
CONSOLIDATED BALANCE SHEETS PAR
CONSOLIDATED BALANCE SHEETS PARENTHETICAL - $ / shares | Sep. 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 | 2,000,000,000 |
Common stock shares issued | 1,853,461,281 | 125,889,455 |
Common stock shares outstanding | 1,853,459,981 | 125,888,155 |
Treasury shares | 1,300 | 1,300 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
CONSOLIDATED STATEMENT OF OPERATIONS | ||||
Revenue, net | $ 3,615,305 | $ 4,313,779 | $ 6,593,107 | $ 7,032,388 |
Operating costs and expenses: | ||||
Cost of sales and service | 123,010 | 163,617 | 317,296 | 482,991 |
Commissions | 2,958,173 | 2,641,874 | 5,438,565 | 5,540,754 |
Selling and marketing | 119,218 | 209,703 | 268,596 | 344,692 |
Salary and related | 419,347 | 495,012 | 856,493 | 1,010,967 |
Professional fees | 425,197 | 191,347 | 825,026 | 389,741 |
Selling, general and administrative | 494,383 | 438,351 | 832,388 | 653,805 |
Total operating costs and expenses | 4,539,328 | 4,139,903 | 8,538,364 | 8,422,950 |
Net income (loss) from operations | (924,023) | 173,875 | (1,945,257) | (1,390,562) |
Other income (expense): | ||||
Loss on debt extinguishment | (81,035) | (2,767,422) | ||
Loss on spin-off of operations | (1,118,609) | |||
Interest expense - related parties | (67,155) | (3,000) | (100,395) | |
Interest expense | (81,136) | (91,903) | ||
Other income (expense) | 676 | 7 | (1,702) | 21 |
Total other income (expense) | (161,495) | (67,148) | (3,982,636) | (100,374) |
Income (loss) before income taxes | (1,085,518) | 106,728 | (5,927,893) | (1,490,936) |
Income tax expense | (6,879) | (120) | (13,340) | (120) |
Net income (loss) | $ (1,092,397) | $ 106,608 | $ (5,941,233) | $ (1,491,056) |
Income (loss) per common share, basic and diluted | $ 0 | $ 0 | $ 0 | $ (0.01) |
Weighted average number of common shares outstanding, basic and diluted | 1,822,478,129 | 125,888,155 | 1,581,200,506 | 125,888,155 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 6 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (5,941,233) | $ (1,491,056) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation | 1,107 | 1,138 |
Stock issued for services and license agreement | 47,591 | |
Debt issuance costs - related party | 100,395 | |
Loss on spin-off of operations | 1,118,609 | |
Loss on debt settlement | 2,767,422 | |
Changes in operating assets and liabilities: | ||
Change in receivables | 325,936 | (399,592) |
Change in deposits | 1,500 | (1,500) |
Change in accounts payable and accrued liabilities | (112,847) | 1,204,172 |
Change in deferred revenue | 122,399 | 463,533 |
Change in accrued interest | 76,602 | |
Change in accrued interest - related parties | 3,000 | |
Net cash used in operating activities | (1,589,914) | (122,910) |
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 | 368,253 | 210,000 |
Repayments for related party payables | (392,500) | (495,373) |
Proceeds from debt | 1,675,000 | 500,000 |
Repayments for debt | (556,085) | (55,999) |
Proceeds from the sale of stock | 492,000 | 25,000 |
Dividends paid | (130,792) | |
Net cash provided by financing activities | 1,586,668 | 52,836 |
Net increase (decrease) in cash and cash equivalents | 304 | (70,074) |
Cash and cash equivalents-beginning of period | 1,616 | 70,298 |
Cash and cash equivalents-end of period | 1,920 | 224 |
Cash paid during the period for: | ||
Interest | 78,000 | 96,645 |
Income taxes | 13,340 | $ 120 |
Non cash financing activities: | ||
Common stock issued for reverse acquisition | 662,048 | |
Common stock issued in settlement of debt | 2,322,606 | |
Common stock issued for prepaid services and long term license agreement | $ 2,215,909 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 6 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 1 - Organization and Nature of Business | NOTE 1ORGANIZATION AND NATURE OF BUSINESS Organization InvestView, Inc. was incorporated on August 10, 2005, under the laws of the state of Nevada as Voxpath Holding, Inc. We were known as TheRetirementSolution.Com, Inc. and Global Investor Services, Inc., before changing our name to InvestView, Inc., on March 27, 2012. On March 31, 2017, we entered into a Contribution Agreement with the members of Wealth Generators, LLC, a limited liability company (Wealth Generators), pursuant to which the Wealth Generators members agreed to contribute 100% of the outstanding securities of Wealth Generators in exchange for an aggregate of 1,358,670,942 shares of our common stock. The closing of the Contribution Agreement was effective April 1, 2017, and Wealth Generators became our wholly owned subsidiary and the former members of Wealth Generators became our stockholders and control the majority of our outstanding common stock (see Note 5). On June 6, 2017, we entered into an Acquisition Agreement with Market Trend Strategies, LLC, a company whose members are also former members of our management. Under the Acquisition Agreement, we spun-off our operations that existed prior to the merger with Wealth Generators and sold the intangible assets used in those pre-merger operations in exchange for Market Trend Strategies assumption of $419,139 in pre-merger liabilities. Nature of Business Through our wholly owned subsidiary, Wealth Generators, we provide research, education, and investment tools designed to assist the self-directed investor in successfully navigating the financial markets. These services include research, trade alerts, and live trading rooms that include instruction in equities, options, FOREX, ETFs, binary options, and crowdfunding sector education. In addition to trading tools and research, we also offer full education and software applications to assist the individual in debt reduction, increased savings, budgeting, and proper tax management. Each product subscription includes a core set of trading tools/research along with the personal finance management suite enabling an individual complete access to the information necessary to cultivate and manage his or her financial situation. Four packages are available through a monthly subscription that can be cancelled at any time at the discretion of the customer. A unique component of the product marketing plan is the distribution method whereby all subscriptions are sold via current participating customers who choose to distribute and sell the services by participating in the bonus plan. The bonus plan participation is purely optional but enables individuals to create an additional income stream to further support their personal financial goals and objectives. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 2 - Summary of Significant Accounting Policies | NOTE 2SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations (Regulation S-X) of the Securities and Exchange Commission (the SEC) and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the three and six months ended September 30, 2017, are not necessarily indicative of the operating results that may be expected for the year ending 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 our Annual Report on Form 10-K for the year ended March 31, 2017, as well as our Form 8-K/A filed on June 30, 2017. Principles of Consolidation The consolidated financial statements include the accounts of InvestView, Inc., and our wholly owned subsidiaries, Wealth Generators, LLC, Investment Tools & Training, LLC, Razor Data Corp., and SAFE Management, LLC. All significant, intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of these unaudited condensed consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition For revenue from product sales and services, we recognize revenue in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), 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 our revenue is generated by subscription sales and payment is received at the time of purchase. We recognize revenue for subscription sales over the subscription period and deferred revenue is recorded for the portion of the subscription period subsequent to each reporting date. Additionally, we offer a 10-day trial period to subscription customers, during which a full refund can be requested if a customer does not like the product. Revenues are deferred during the trial period as collectability cannot be reasonably assured until that time has passed. Revenues are presented net of refunds, sales incentives, credits, and known and estimated credit card chargebacks. Long-Lived Assets License Agreement The Company accounts for its long-term license agreement in accordance with ASC subtopic 350-30 General Intangibles Other Than Goodwill and ASC subtopic 360-10-05, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC subtopic 350-30 requires assets to be measured based on the fair value of the consideration given or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. Further, ASC subtopic 350-30 requires an intangible asset to be amortized over its useful life. ASC subtopic 360-10-05 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the carrying value of an asset by estimating the future net cash flows expected to result from the asset, including eventual disposition. If the future net cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the assets carrying value and fair value or disposable value. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on our principal or, in the absence of a principal, most advantageous market for the specific asset or liability. 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). Our financial instruments consist of cash, accounts receivable, and accounts payable. We have determined that the book value of our outstanding financial instruments as of September 30, 2017 (unaudited) and March 31, 2017, approximates the fair value due to their short-term nature. Net Loss per Share We follow ASC 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: September 30, 2017 September 30, 2016 Convertible notes payable - 26,677,398 Options to purchase common stock 35,000 40,000 Warrants to purchase common stock 6,534,810 6,534,810 Totals 6,569,810 33,252,208 |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 6 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 3 - Recent Accounting Pronouncements | NOTE 3RECENT 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, 2017, including interim periods therein. Management is in the process of assessing the impact of ASU 2014-09 on our financial statements. |
Note 4 - Going Concern and Liqu
Note 4 - Going Concern and Liquidity | 6 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 4 - Going Concern and Liquidity | NOTE 4GOING CONCERN AND LIQUIDITY Our financial statements are prepared using generally accepted accounting principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. We have incurred significant recurring losses, which have resulted in an accumulated deficit of $11,095,620, net loss of $5,941,233, and net cash used in operations of $1,589,914 for the six months ended September 30, 2017. Additionally, as of September 30, 2017, we had cash of $1,920 and a working capital deficit of $3,468,378. These factors raise substantial doubt about our ability to continue as a going concern. Historically we have relied on increasing revenues and new debt financing to pay for operational expenses and debt as it came due. During the six months ended September 30, 2017, we raised $368,253 in cash proceeds from related parties, $1,675,000 in cash proceeds from new lending arrangements, and $492,000 from the sale of common stock. Additionally, during the six months ended September 30, 2017, we have exchanged $2,322,606 worth of debt into shares of common stock. Going forward we plan to reduce obligations with cash flow provided by operations and pursue additional debt and equity financing, however, we cannot assure that funds will be available on terms acceptable us, or if available, will be sufficient to enable us to fully complete our development activities or sustain operations. Nevertheless, the shortage of working capital adversely affects our ability to develop or participate in activities that promote our business, because a substantial portion of cash flow goes to reduce debt rather than to advance operating activities. Accordingly, the accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate our continuation as a going concern and the realization of assets and satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in the financial statements do not necessarily purport to represent realizable or settlement values. The financial statements do not include any adjustment that might result from the outcome of this uncertainty. |
Note 5 - Reverse Acquisition
Note 5 - Reverse Acquisition | 6 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 5 - Reverse Acquisition | NOTE 5REVERSE ACQUISITION Effective April 1, 2017, we entered into a Contribution Agreement with Wealth Generators, pursuant to which the Wealth Generators members agreed to contribute 100% of the outstanding securities of Wealth Generators in exchange for an aggregate of 1,358,670,942 shares of our common stock. Following the closing, Wealth Generators became our wholly owned subsidiary and the Wealth Generators members became our stockholders and control the majority of our outstanding common stock. The transaction was accounted for as a reverse acquisition using the acquisition method of accounting in accordance with 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, we entered into an assignment and assumption agreement wherein we issued 24,914,348 shares of our common stock to Alpha Pro Asset Management Group, LLC (Alpha Pro), an entity affiliated with the prior members of management, in exchange for Alpha Pros assumption of $482,588 in liabilities. Accordingly, the shares issued for debt were accounted for the moment before the reverse acquisition, and the $482,588 in liabilities have been excluded from the total liabilities assumed shown here. [2] The fair value of the consideration effectively transferred was measured based on the fair value of 150,465,339 shares that were outstanding immediately before the transaction. Using the closing market price of $0.0044 per share on March 31, 2017, consideration was valued at $662,047. The table below represents the pro forma revenue and net loss for the six months ended September 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 our operations would have been had the reverse acquisition occurred on this date nor does it purport to predict the results of operations for future periods: Six Months Ended September 30, 2017 2016 Revenues [1] $ 6,593,107 $ 7,962,445 Net Loss [1] $ (5,941,233 ) $ (1,127,830 ) Loss per common share [1] $ (0.00 ) $ (0.01 ) _______________ [1] On June 6, 2017, we entered into an Acquisition Agreement with Market Trend Strategies, LLC, a company whose members are also former members of our management. Under the Acquisition Agreement, we spun-off our operations that existed prior to the merger with Wealth Generators and sold the intangible assets used in those pre-merger operations in exchange for Market Trend Strategies assumption of $419,139 in pre-merger liabilities. As a result of the Acquisition Agreement with Market Trend Strategies, we wrote off goodwill of $1,118,609 and recorded a gain on the settlement of debt of $419,139 representing the assumed liabilities. |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 6 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 6 - Related Party Transactions | NOTE 6RELATED-PARTY TRANSACTIONS Our related-party payables consisted of the following: September 30, 2017 March 31, 2017 Short-term advances [1] $ 268,754 $ 100,000 Revenue-based Funding Agreement entered into on 11/8/15 [2] - 180,000 Short-term Promissory Note entered into on 9/13/16, 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] 275,000 375,000 $ 694,649 $ 805,895 _______________ [1] We periodically receive advances for operating funds from our current majority shareholders (former members of Wealth Generators prior to the reverse acquisition) and other related parties, including entities that are owned, controlled, or influenced by our owners or management. These advances are due on demand, generally have no interest or fees associated with them, and are unsecured. During the six months ending September 30, 2017, we received $368,254 in cash proceeds from advances and repaid related parties $199,500. [2] On November 16, 2015, then a majority member of Wealth Generators (pre-reverse acquisition) and currently a majority shareholder advanced funds of $150,000 under a Revenue-based Funding Agreement, which required that beginning December 30, 2015, we would pay an amount equal to 2% of our top-line revenue generated from the prior month to pay down the loan until the lender had received $450,000. During the six months ending September 30, 2017, we agreed to issue 10,000,000 shares of common stock to extinguish $90,000 in debt and to pay $15,000 per month for six months, for a total of $90,000, under a Conversion Agreement. We repaid $90,000 in cash during the six months ending September 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. All of the notes carry the same terms, have a fixed interest payment of $7,500, and are generally due in less than four weeks. Under this arrangement, during the six months ended September 30, 2017, we incurred $3,000 of loan fees and repaid $3,000. [4] We entered into a Promissory Note for $94,788 with a company owned by immediate family members of two members of our executive management team. Funds were advanced to us on November 16 and December 16, 2016 in the amounts of $78,750 and $16,038, respectively. The Promissory Note has a 12-month term, an annual interest rate of 8%, and no prepayment penalty. During the year ending March 31, 2017, we incurred $895 in interest expense on the note and repaid the entire principal balance of $94,788. [5] A company that was a majority member of Wealth Generators (pre-reverse acquisition) and is currently a majority shareholder entered into a Promissory Note in the amount of $300,000, advancing funds on March 17, 2017. The note has a fixed interest amount of $75,000 and matured on September 16, 2017, but has been extended through November 16, 2017. Payments of $100,000 were made on this arrangement during the six months ending September 30, 2017. |
Note 7 - Debt
Note 7 - Debt | 6 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 7 - Debt | NOTE 7DEBT Our debt consisted of the following: September 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] 400,000 525,000 Purchase and sale agreement for future receivables entered into on 9/30/16 [3] 87,288 220,652 Short-term advance received on 1/11/17 [4] - 1,000,000 Short-term advance received on 3/16/17 [5] - 50,000 Promissory note entered into on 3/31/17 [6] - 34,452 Promissory note entered into on 8/15/17 [7] 300,000 - Promissory note entered into on 8/24/17 [8] 26,250 - Promissory note entered into on 9/15/17 [9] 251,850 - $ 1,065,388 $ 2,093,745 _______________ [1] We entered into a Revenue-based Funding Agreement and received proceeds of $50,000 on December 18, 2015, $25,000 on April 17, 2015, and $25,000 September 1, 2015. The agreement required that beginning September 30, 2015, we would pay an amount equal to 2% of our top-line revenue generated from the prior month to pay down the loan until the lender had received an amount that was three times the amount advanced. During the six months ending September 30, 2017, we agreed to issue 10,000,000 shares of common stock to extinguish $263,641 in debt. [2] During April 2016, we entered into a Royalty Agreement, which was replaced with a Revenue Share Agreement dated June 28, 2016, which was amended in October of 2016. Cash receipts were received of $100,000, $150,000, and $250,000 on April 19, May 11, and June 29, 2016, respectively. In accordance with the terms of the final amended agreement, we are required to make payments of $25,000 per month or a 3% royalty for the previous months sales, whichever is greater, beginning February 15, 2017, until the lender has been repaid $600,000. During the six months ending September 30, 2017, we repaid $125,000. [3] We entered into a Purchase and Sale Agreement for future receivables with an entity that provides quick access to working capital. On October 6, 2016, we received proceeds from this arrangement of $250,000. In accordance with the terms of the agreement, we are required to repay $345,600 over a 16-month period by making ACH payments in the amount of $1,052 per business day. Accordingly, we recorded $95,000 as interest expense at inception of the agreement, which was the difference between the funds received and the amount that was to be repaid. During the six months ending September 30, 2017, we paid $133,604 on the debt and recorded $240 for six monthly maintenance fees of $40 per month. [4] We received funds of $1,000,000 on January 11, 2017, and funds of $800,000 on April 10, 2017, as a result of a short-term advances in which the lender was anticipating converting such funds into shares of common stock upon our acquisition by a publicly traded company. On June 6, 2017, we formalized a Conversion Agreement wherein the total of these funds, or $1,800,000, was exchanged for 180,000,000 shares of our common stock. [5] We received funds of $50,000 on March 16, 2017, as a result of a short-term advance. Such advance has no interest rate or due date, thus was shown as due on demand. During the six months ending September 30, 2017, we entered into a Conversion Agreement and issued 5,000,000 shares of common stock in exchange for the $50,000 in debt. [6] We received a short-term advance of $24,965 on March 3, 2017, and entered into a Promissory Note with the lender on March 31, 2017, to formalize the lending arrangements for this advance. Per the Promissory Note, $50,000 was to be advanced on or before April 3, 2017, therefore, we received $25,000 in proceeds during the six months ended September 30, 2017. The Promissory Note provides for a fixed interest amount of $19,000 and matures on September 30, 2017. During the six months ended September 30, 2017, we recorded $9,513 as interest expense. On September 10, 2017, we agreed to issue 5,000,000 shares of common stock in exchange for the full $68,965 in debt. [7] We received proceeds of $250,000 under a Promissory Note entered into on August 14, 2017, with a maturity date of December 31, 2017. The Promissory Note requires us to pay a fixed interest amount of $25,000 if we choose to pay the note in full by October 31, 2017, or to pay a fixed interest amount of $50,000 if the note is paid in full by its maturity date. During the six months ended September 30, 2017, we recorded $50,000 as interest expense because we did not repay the loan in full prior to October 31, 2017. [8] We received proceeds of $100,000 under a Promissory Note entered into on August 24, 2017, with a maturity date of October 6, 2017. The note states a fixed interest amount of $5,000, which was recorded in the six months ended September 30, 2017, along with payments of $78,750. [9] We received proceeds of $250,000 under a Promissory Note entered into on September 15, 2017, with a maturity date of October 5, 2017. The Promissory Note states that if the note is not paid in full by the maturity date, interest will accrue at the rate of 18% per annum, with interest commencing on the date of execution of the note and continuing until the note is paid in full. We have not made any payments on this note and, therefore, consider it due on demand. During the six months ended September 30, 2017, $1,850 was recorded as interest expense on the note. In addition to the above debt transactions that were outstanding as of September 30, 2017 and March 31, 2017, during the six months ended September 30, 2017, we also received proceeds of $50,000 from short-term advances and $200,000 from short-term notes. During the six months ended September 30, 2017, we recorded interest expense of $10,000 for fixed interest amounts due on the notes, entered into a Conversion Agreement to issue 5,000,000 shares of stock to extinguish the short-term advance of $50,000, and made total cash payments of $210,000 to extinguish the interest and principal amounts due on the notes. |
Note 8 - Capital Stock
Note 8 - Capital Stock | 6 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 8 - Capital Stock | NOTE 8CAPITAL STOCK During the six months ended September 30, 2017, we issued 49,200,000 shares of common stock for $492,000. We issued 125,000 shares of common stock with a value of $7,500 for a 1-year consulting agreement and we issued 80,000,000 shares of common stock with a value of $2,256,000 for a 15-year license agreement; therefore, $47,591 was recorded as expense in the six months ended September 30, 2017, $7,295 was recorded as a prepaid asset, and $2,208,614 was recorded as an other asset. We also issued 239,575,884 shares of our common stock in settlement of debt, wherein accrued liabilities, principal, accrued interest, and derivative liabilities were extinguished in the amounts of $435,892, $2,348,606, $20,696, and $38,557, respectively, and we recognized a loss on the settlement of debt in the amount of $3,186,394 in the statement of operations for the six months ended September 30, 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 was excluded from the statement of operations. In conjunction with the reverse acquisition, we issued 1,358,670,942 shares of common stock (see Note 5). As of September 30 and March 31, 2017, we had 1,853,461,281 and 125,889,455 shares of common stock issued and 1,853,459,981 and 125,888,155 shares of common stock outstanding, respectively. |
Note 9 - Stock Options and Warr
Note 9 - Stock Options and Warrants | 6 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 9 - Stock Options and Warrants | NOTE 9STOCK 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 our common stock issued to employees under two employee stock option plans. The nonqualified plan adopted in 2007 authorizes 65,000 shares, of which 47,500 have been granted as of September 30, 2017. The qualified plan adopted in October of 2008 authorizes 125,000 shares and was approved by a majority of our shareholders on September 16, 2009. To date, 42,500 shares have been granted under the 2008 plan as of September 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 September 30, 2017 35,000 $ 10.00 2.01 $ - Options exercisable at September 30, 2017 35,000 $ 10.00 2.01 $ - Stock-based compensation expense in connection with options granted to employees for the three and six months ended September 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 September 30, 2017 - $ - - $ - Options exercisable at September 30, 2017 - $ - - $ - Warrants The following table summarizes the warrants outstanding and the related prices for the shares of the Companys common stock as of September 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 0.41 $ 0.50 350,000 $ 0.50 $ 1.50 6,127,497 1.74 $ 1.50 6,127,497 $ 1.50 $ 2.50 12,000 0.80 $ 2.50 12,000 $ 2.50 $ 6.00 45,313 0.33 $ 6.00 45,313 $ 6.00 Total 6,534,810 1.63 $ 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 September 30, 2017 6,534,810 $ 1.48 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 10 - Commitments and Contingencies | NOTE 10COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, we may be or have been involved in legal proceedings from time to time. As of the date these financial statements were available to be issued, there are no material legal proceedings or filings against us. Other Agreements In conjunction with a lending arrangement for $100,000, entered into on May 11, 2015, we agreed to issue minimum monthly payments of $4,000 after the loan was paid in full and for the entire duration of the Company. We are expensing the $4,000 monthly payments as they are disbursed, subsequent to the payback of the initial funds borrowed, and we are currently committed to these monthly payments in perpetuity. During the six months ended September 30, 2017, we made six payments under this arrangement for $24,000. |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 6 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 11 - Subsequent Events | NOTE 11SUBSEQUENT EVENTS Subsequent to September 30, 2017, we entered into 11 Subscription Agreements with 11 separate accredited investors, pursuant to which we received $1,722,275 for 172,227,500 shares of common stock. As of the date of this filing, 105,000,000 of those shares had not yet been issued. On November 14, 2017, two entities owned by members of our board of directors and founders, together owning more than 50% of the outstanding shares, entered into a majority consent to increase our authorized shares of common stock from 2,000,000,000 to 10,000,000,000. This cannot become effective until 20 days after we provide the required written notice to our shareholders. On October 10, 2017, we entered into compensation agreements with Ryan Smith, our Chief Executive Officer; Annette Raynor, our Chief Operations Officer and Corporate Secretary; and Chad Miller, our Chief Visionary Officer. Each of the agreements provides for an annual salary of $225,000 and includes termination payments of three times the executives annual salary if the executive is terminated without cause and one year of salary if the executive is terminated for cause. On October 11, 2017, we entered into a revenue agreement with our four founders, including Ryan Smith, Annette Raynor, and Chad Miller. Under the terms of that agreement, each of the founders is entitled to receive a payment of three quarters of one percent (0.75%) of our gross revenues, calculated and paid on a monthly basis, as consideration for founding the Company. The right to receive these payments is permanent and irrevocable and is not connected with any employment agreements. On October 10, 2017, we entered into a compensation agreement with Mario Romano, our Director of Finance and Investor Relations. The agreement provides for an annual salary of $225,000 and includes termination payments of three times Mr. Romanos annual salary if he is terminated without cause and one year of salary if he is terminated for cause. On October 20, 2017, we entered into a Contribution and Exchange Agreement with HODO-mania, a Texas corporation. Under the terms of the agreement, we acquired the exclusive use of the RYZE.ai algorithm currently marketed by Wealth Generators as the Multiplier, the option to add certain travel services to its product lineup, and HODO-manias member database. Upon the successful transfer of the assets, we will issue $50,000 of our common stock to HODO-mania, calculated using the closing sales price on that date. The agreement also includes earn-out provisions that could result in the issuance of up to 200,000,000 shares of our common stock if certain milestones are met. In accordance with ASC 855, Subsequent Events, we have evaluated subsequent events through the date of this filing and have determined that there are no additional subsequent events that require disclosure. |
Note 2 - Summary of Significa17
Note 2 - Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 6 Months Ended |
Sep. 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 and six months ended September 30, 2017, are not necessarily indicative of the operating results that may be expected for the year ending 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 our Annual Report on Form 10-K for the year ended March 31, 2017, as well as our 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) | 6 Months Ended |
Sep. 30, 2017 | |
Policies | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of InvestView, Inc., and our wholly owned subsidiaries, Wealth Generators, LLC, Investment Tools & Training, LLC, Razor Data Corp., and SAFE Management, LLC. All significant, intercompany transactions and balances have been eliminated in consolidation. |
Note 2 - Summary of Significa19
Note 2 - Summary of Significant Accounting Policies: Use of Estimates (Policies) | 6 Months Ended |
Sep. 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) | 6 Months Ended |
Sep. 30, 2017 | |
Policies | |
Revenue Recognition | Revenue Recognition For revenue from product sales and services, we recognize revenue in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), 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 our revenue is generated by subscription sales and payment is received at the time of purchase. We recognize revenue for subscription sales over the subscription period and deferred revenue is recorded for the portion of the subscription period subsequent to each reporting date. Additionally, we offer a 10-day trial period to subscription customers, during which a full refund can be requested if a customer does not like the product. Revenues are deferred during the trial period as collectability cannot be reasonably assured until that time has passed. Revenues are presented net of refunds, sales incentives, credits, and known and estimated credit card chargebacks. |
Note 2 - Summary of Significa21
Note 2 - Summary of Significant Accounting Policies: Long-lived Assets - License Agreement (Policies) | 6 Months Ended |
Sep. 30, 2017 | |
Policies | |
Long-lived Assets - License Agreement | Long-Lived Assets License Agreement The Company accounts for its long-term license agreement in accordance with ASC subtopic 350-30 General Intangibles Other Than Goodwill and ASC subtopic 360-10-05, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC subtopic 350-30 requires assets to be measured based on the fair value of the consideration given or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. Further, ASC subtopic 350-30 requires an intangible asset to be amortized over its useful life. ASC subtopic 360-10-05 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the carrying value of an asset by estimating the future net cash flows expected to result from the asset, including eventual disposition. If the future net cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the assets carrying value and fair value or disposable value. |
Note 2 - Summary of Significa22
Note 2 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 6 Months Ended |
Sep. 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 our 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). Our financial instruments consist of cash, accounts receivable, and accounts payable. We have determined that the book value of our outstanding financial instruments as of September 30, 2017 (unaudited) and March 31, 2017, approximates the fair value due to their short-term nature. |
Note 2 - Summary of Significa23
Note 2 - Summary of Significant Accounting Policies: Net Loss Per Share (Policies) | 6 Months Ended |
Sep. 30, 2017 | |
Policies | |
Net Loss Per Share | Net Loss per Share We follow ASC 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: September 30, 2017 September 30, 2016 Convertible notes payable - 26,677,398 Options to purchase common stock 35,000 40,000 Warrants to purchase common stock 6,534,810 6,534,810 Totals 6,569,810 33,252,208 |
Note 3 - Recent Accounting Pr24
Note 3 - Recent Accounting Pronouncements: New Accounting Pronouncements, Policy (Policies) | 6 Months Ended |
Sep. 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, 2017, including interim periods therein. Management is in the process of assessing the impact of ASU 2014-09 on our financial statements. |
Note 2 - Summary of Significa25
Note 2 - 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, 2017 | |
Tables/Schedules | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | September 30, 2017 September 30, 2016 Convertible notes payable - 26,677,398 Options to purchase common stock 35,000 40,000 Warrants to purchase common stock 6,534,810 6,534,810 Totals 6,569,810 33,252,208 |
Note 5 - Reverse Acquisition_ S
Note 5 - Reverse Acquisition: Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Tables) | 6 Months Ended |
Sep. 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) | 6 Months Ended |
Sep. 30, 2017 | |
Tables/Schedules | |
Business Acquisition, Pro Forma Information | Six Months Ended September 30, 2017 2016 Revenues [1] $ 6,593,107 $ 7,962,445 Net Loss [1] $ (5,941,233 ) $ (1,127,830 ) Loss per common share [1] $ (0.00 ) $ (0.01 ) |
Note 6 - Related Party Transa28
Note 6 - Related Party Transactions: Schedule of Related Party Transactions (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Tables/Schedules | |
Schedule of Related Party Transactions | September 30, 2017 March 31, 2017 Short-term advances [1] $ 268,754 $ 100,000 Revenue-based Funding Agreement entered into on 11/8/15 [2] - 180,000 Short-term Promissory Note entered into on 9/13/16, 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] 275,000 375,000 $ 694,649 $ 805,895 |
Note 7 - Debt_ Schedule of Debt
Note 7 - Debt: Schedule of Debt (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Tables/Schedules | |
Schedule of Debt | September 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] 400,000 525,000 Purchase and sale agreement for future receivables entered into on 9/30/16 [3] 87,288 220,652 Short-term advance received on 1/11/17 [4] - 1,000,000 Short-term advance received on 3/16/17 [5] - 50,000 Promissory note entered into on 3/31/17 [6] - 34,452 Promissory note entered into on 8/15/17 [7] 300,000 - Promissory note entered into on 8/24/17 [8] 26,250 - Promissory note entered into on 9/15/17 [9] 251,850 - $ 1,065,388 $ 2,093,745 |
Note 9 - Stock Options and Wa30
Note 9 - Stock Options and Warrants: Schedule of Changes in Options Outstanding (Tables) | 6 Months Ended |
Sep. 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 September 30, 2017 35,000 $ 10.00 2.01 $ - Options exercisable at September 30, 2017 35,000 $ 10.00 2.01 $ - |
Note 9 - Stock Options and Wa31
Note 9 - Stock Options and Warrants: Changes In Non Employee Stock Options (Tables) | 6 Months Ended |
Sep. 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 September 30, 2017 - $ - - $ - Options exercisable at September 30, 2017 - $ - - $ - |
Note 9 - Stock Options and Wa32
Note 9 - Stock Options and Warrants: Warrants Outstanding (Tables) | 6 Months Ended |
Sep. 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 0.41 $ 0.50 350,000 $ 0.50 $ 1.50 6,127,497 1.74 $ 1.50 6,127,497 $ 1.50 $ 2.50 12,000 0.80 $ 2.50 12,000 $ 2.50 $ 6.00 45,313 0.33 $ 6.00 45,313 $ 6.00 Total 6,534,810 1.63 $ 1.48 6,534,810 $ 1.48 |
Note 9 - Stock Options and Wa33
Note 9 - Stock Options and Warrants: Warrant Rollforward (Tables) | 6 Months Ended |
Sep. 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 September 30, 2017 6,534,810 $ 1.48 |
Note 1 - Organization and Nat34
Note 1 - Organization and Nature of Business (Details) | 6 Months Ended |
Sep. 30, 2017 | |
Details | |
Entity Incorporation, Date of Incorporation | Aug. 10, 2005 |
Entity Incorporation, State Country Name | Nevada |
Note 2 - Summary of Significa35
Note 2 - Summary of Significant Accounting Policies: Net Loss Per Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 6 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,569,810 | 33,252,208 |
Convertible Debt Securities | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 26,677,398 | |
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 Li36
Note 4 - Going Concern and Liquidity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Details | ||||||
Accumulated deficit | $ 11,095,620 | $ 11,095,620 | $ 5,154,387 | |||
Net income (loss) | 1,092,397 | $ (106,608) | 5,941,233 | $ 1,491,056 | ||
Net cash used in operating activities | 1,589,914 | 122,910 | ||||
Cash and cash equivalents | 1,920 | $ 224 | 1,920 | 224 | $ 1,616 | $ 70,298 |
Negative Working Capital | $ 3,468,378 | 3,468,378 | ||||
Proceeds from Notes Payable | 368,253 | |||||
Proceeds from debt | 1,675,000 | $ 500,000 | ||||
Proceeds from Issuance of Common Stock | 492,000 | |||||
Common stock issued in settlement of debt | $ 2,322,606 |
Note 5 - Reverse Acquisition_37
Note 5 - Reverse Acquisition: Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) | 6 Months Ended |
Sep. 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_38
Note 5 - Reverse Acquisition: Business Acquisition, Pro Forma Information (Details) - USD ($) | 6 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Details | ||
Business Acquisition, Pro Forma Revenue | $ 6,593,107 | $ 7,962,445 |
Business Acquisition, Pro Forma Net Income (Loss) | $ (5,941,233) | $ (1,127,830) |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0 | $ (0.01) |
Note 5 - Reverse Acquisition (D
Note 5 - Reverse Acquisition (Details) | 6 Months Ended |
Sep. 30, 2017USD ($) | |
Details | |
Loss on spin-off of operations | $ 1,118,609 |
Gain on settlement of debt | $ 419,139 |
Note 6 - Related Party Transa40
Note 6 - Related Party Transactions: Schedule of Related Party Transactions (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Mar. 31, 2017 | |
Related party payables | $ 694,649 | $ 805,895 |
ShortTermAdvanceMember | ||
Related Party Costs | 268,754 | 100,000 |
FundingAgreementMember | ||
Related Party Costs | 180,000 | |
ShortTermPromissoryNoteMember | ||
Related Party Costs | 150,000 | 150,000 |
PromissoryNote111516Member | ||
Related Party Costs | 895 | 895 |
PromissoryNote31517Member | ||
Related Party Costs | $ 275,000 | $ 375,000 |
Note 7 - Debt_ Schedule of De41
Note 7 - Debt: Schedule of Debt (Details) - USD ($) | Sep. 30, 2017 | Mar. 31, 2017 |
Debt, current portion | $ 1,065,388 | $ 2,093,745 |
FundingAgreement83115Member | ||
Debt, current portion | 263,641 | |
RevenueShareAgreement62816Member | ||
Debt, current portion | 400,000 | 525,000 |
PurchaseAndSaleAgreement93016Member | ||
Debt, current portion | 87,288 | 220,652 |
ShortTermAdvance11117Member | ||
Debt, current portion | 1,000,000 | |
ShortTermAdvance31617Member | ||
Debt, current portion | 50,000 | |
PromissoryNote33117Member | ||
Debt, current portion | $ 34,452 | |
PromissoryNote81517Member | ||
Debt, current portion | 300,000 | |
PromissoryNote82417Member | ||
Debt, current portion | 26,250 | |
PromissoryNote91517Member | ||
Debt, current portion | $ 251,850 |
Note 8 - Capital Stock (Details
Note 8 - Capital Stock (Details) - USD ($) | 6 Months Ended | |
Sep. 30, 2017 | Mar. 31, 2017 | |
Details | ||
Common Stock Issued For Cash - Shares | 49,200,000 | |
Proceeds from Issuance of Common Stock | $ 492,000 | |
Common Stock Issued for consulting agreement - Shares | 125,000 | |
Common Stock Issued for license agreement - Shares | 80,000,000 | |
Represents the monetary amount of StockIssuedForLicenseAgreement, during the indicated time period. | $ 47,591 | |
Represents the monetary amount of CommonStockIssuedForLongTermLicenseAgreement, during the indicated time period. | $ 2,208,614 | |
Common Stock Issued For Settlement of Debt - Shares | 239,575,884 | |
Common Stock Issued For Reverse Acquisition - Shares | 1,358,670,942 | |
Common stock shares issued | 1,853,461,281 | 125,889,455 |
Common stock shares outstanding | 1,853,459,981 | 125,888,155 |
Note 9 - Stock Options and Wa43
Note 9 - Stock Options and Warrants (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Mar. 31, 2017 | |
Details | ||||
Shares Authorized Under 2007 Plan | 65,000 | 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 | $ 0 | $ 0 |
Note 9 - Stock Options and Wa44
Note 9 - Stock Options and Warrants: Schedule of Changes in Options Outstanding (Details) | 12 Months Ended | ||
Mar. 31, 2017$ / sharesshares | Sep. 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 | 2.01 | 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 | 2.01 |
Note 9 - Stock Options and Wa45
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 Wa46
Note 9 - Stock Options and Warrants: Warrants Outstanding (Details) | Sep. 30, 2017$ / sharesshares | Mar. 31, 2017shares | Mar. 31, 2016shares |
Details | |||
Outstanding Warrants | shares | 6,534,810 | 6,534,810 | 6,504,810 |
Weighted Average Remaining Contractual Life of Warrants | 1.63 | ||
Weighted Average Exercise Price of Warrants | $ / shares | $ 1.48 | ||
Exercisable Warrants | shares | 6,534,810 | ||
Weighted Average Exercise Price of Exercisable Warrants | $ / shares | $ 1.48 |
Note 9 - Stock Options and Wa47
Note 9 - Stock Options and Warrants: Warrant Rollforward (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2017 | Sep. 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 |