Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2020 | Feb. 08, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Investview, Inc. | |
Entity Central Index Key | 0000862651 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Reporting Status Current | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 3,237,481,329 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | ||
Current assets: | ||||
Cash and cash equivalents | $ 1,110,960 | $ 137,177 | ||
Restricted cash, current | 180,550 | |||
Prepaid assets | 814,695 | 5,309,512 | ||
Receivables | 1,076,583 | 910,646 | ||
Short-term advances | 145,000 | 145,000 | ||
Short-term advances - related party | 500 | 500 | ||
Other current assets | 655,059 | 96,022 | ||
Total current assets | 3,983,347 | 6,598,857 | ||
Fixed assets, net | 5,892,472 | 2,997,611 | ||
Other assets: | ||||
Intangible assets, net | 562,427 | 692,882 | ||
Restricted cash, long term | 262,939 | |||
Operating lease right-of-use asset | 63,258 | 99,465 | ||
Deposits | 8,488 | 11,173 | ||
Total other assets | 897,112 | 803,520 | ||
Total assets | 10,772,931 | 10,399,988 | ||
Current liabilities: | ||||
Accounts payable and accrued liabilities | 2,109,143 | 2,896,012 | ||
Payroll liabilities | 82,765 | 880,349 | ||
Customer advance | 392,310 | |||
Deferred revenue | 969,726 | 612,500 | ||
Derivative liability | 41,390 | 793,495 | ||
Dividend liability | 70,516 | |||
Operating lease liability, current | 48,000 | [1] | 56,530 | |
Other current liabilities | 11,407,200 | |||
Related party payables, net of discounts, current | [2] | 2,025,106 | 1,964,760 | |
Debt, net of discounts, current | 3,349,987 | 1,719,326 | ||
Total current liabilities | 8,696,633 | 20,722,482 | ||
Operating lease liability, long term | 21,593 | 50,268 | ||
Related party payables, net of discounts, long term | 149,972 | |||
Debt, net of discounts, long term | 14,925,957 | |||
Other long term liabilities, net of deferred interest | 3,885,464 | |||
Total long term liabilities | 15,097,522 | 3,935,732 | ||
Total liabilities | 23,794,155 | 24,658,214 | ||
Commitments and contingencies | ||||
Stockholders' equity (deficit): | ||||
Preferred stock, par value: $0.001; 50,000,000 shares authorized, 55,554 and none issued and outstanding as of December 31, 2020 and March 31, 2020, respectively | 56 | |||
Common stock, par value $0.001; 10,000,000,000 shares authorized; 3,237,481,329 and 3,214,490,408 shares issued and outstanding as of December 31, 2020 and March 31, 2020, respectively | 3,237,481 | 3,214,490 | ||
Additional paid in capital | 34,615,895 | 28,929,516 | ||
Accumulated other comprehensive income (loss) | (19,330) | (20,058) | ||
Accumulated deficit | (50,855,326) | (46,382,174) | ||
Total stockholders' equity (deficit) | (13,021,224) | (14,258,226) | ||
Total liabilities and stockholders' equity (deficit) | $ 10,772,931 | $ 10,399,988 | ||
[1] | Represents lease payments to be made in the next 12 months | |||
[2] | Represents payments that are to be made in the subsequent 12 months |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 55,554 | |
Preferred stock, shares outstanding | 55,554 | |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 |
Common stock, shares issued | 3,237,481,329 | 3,214,490,408 |
Common stock, shares outstanding | 3,237,481,329 | 3,214,490,408 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue: | ||||
Total revenue, net | $ 7,875,038 | $ 4,963,611 | $ 21,218,191 | $ 19,717,448 |
Operating costs and expenses: | ||||
Cost of sales and service | 2,055,379 | 560,145 | 4,692,512 | 1,092,643 |
Commissions | 2,575,002 | 1,605,925 | 9,365,546 | 10,822,072 |
Selling and marketing | 18,607 | 575,199 | 863,547 | 1,389,666 |
Salary and related | 1,138,948 | 1,721,970 | 3,176,337 | 5,433,416 |
Professional fees | 1,846,338 | 474,287 | 2,505,648 | 1,130,070 |
General and administrative | 1,814,425 | 1,765,381 | 4,624,043 | 4,487,137 |
Total operating costs and expenses | 9,448,699 | 6,702,907 | 25,227,633 | 24,355,004 |
Net income (loss) from operations | (1,573,661) | (1,739,296) | (4,009,442) | (4,637,556) |
Other income (expense): | ||||
Gain (loss) on debt extinguishment | 4,238,810 | 443,907 | 5,068,747 | 1,725,384 |
Gain (loss) on fair value of derivative liability | (35,489) | (94,622) | 291,299 | 504,635 |
Gain on deconsolidation | 53,739 | |||
Impairment expense | (627,452) | (66,645) | (627,452) | |
Realized gain (loss) on cryptocurrency | (28,678) | 10 | (27,582) | (657) |
Unrealized gain (loss) on cryptocurrency | 281,220 | (16,885) | 458,037 | 8,445 |
Interest expense | (822,870) | (1,427,433) | (5,550,035) | (3,918,070) |
Interest expense, related parties | (327,513) | (367,190) | (717,233) | (1,618,284) |
Other income (expense) | (2,752) | 3,231 | 183,656 | (68,053) |
Total other income (expense) | 3,302,728 | (2,086,434) | (359,756) | (3,940,313) |
Income (loss) before income taxes | 1,729,067 | (3,825,730) | (4,369,198) | (8,577,869) |
Income tax expense | (3,288) | (2,198) | (6,570) | (9,580) |
Net income (loss) | 1,725,779 | (3,827,928) | (4,375,768) | (8,587,449) |
Dividends on Preferred Stock | (45,042) | 0 | (97,384) | |
Net income applicable to common shareholders | $ 1,680,737 | $ (3,827,928) | $ (4,473,152) | $ (8,587,449) |
Income (loss) per common share, basic and diluted | $ 0.00054245 | $ (0.001347728) | $ (0.001440208) | $ (0.003123945) |
Weighted average number of common shares outstanding, basic and diluted | 3,098,416,112 | 2,840,281,449 | 3,105,907,543 | 2,748,911,300 |
Other comprehensive income, net of tax: | ||||
Foreign currency translation adjustments | $ 4,451 | $ 22,627 | $ 728 | $ 2,067 |
Total other comprehensive income | 4,451 | 22,627 | 728 | 2,067 |
Comprehensive income (loss) | 1,730,230 | (3,805,301) | (4,375,040) | (8,585,382) |
Subscription Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | 3,844,722 | 4,578,623 | 13,343,867 | 19,327,091 |
Mining Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | 4,027,364 | 380,871 | 7,863,649 | 380,871 |
Fee Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | $ 2,952 | $ 4,117 | $ 10,675 | $ 9,486 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Noncontrolling Interest [Member] | Total |
Balance at Mar. 31, 2019 | $ 2,640,161 | $ 23,758,917 | $ 1,363 | $ (25,096,983) | $ 51,485 | $ 1,354,943 | |
Balance, shares at Mar. 31, 2019 | 2,640,161,318 | ||||||
Common stock issued for cash | $ 39,216 | 285,784 | 325,000 | ||||
Common stock issued for cash, shares | 39,215,648 | ||||||
Offering costs | 101,387 | 101,387 | |||||
Deconsolidation of Kuvera LATAM | (51,485) | (51,485) | |||||
Foreign currency translation adjustment | (18,975) | (18,975) | |||||
Net income (loss) | (3,005,955) | (3,005,955) | |||||
Balance at Jun. 30, 2019 | $ 2,679,377 | 24,146,088 | (17,612) | (28,102,938) | (1,295,085) | ||
Balance, shares at Jun. 30, 2019 | 2,679,376,966 | ||||||
Balance at Mar. 31, 2019 | $ 2,640,161 | 23,758,917 | 1,363 | (25,096,983) | 51,485 | 1,354,943 | |
Balance, shares at Mar. 31, 2019 | 2,640,161,318 | ||||||
Offering costs | |||||||
Net income (loss) | (8,587,449) | ||||||
Balance at Dec. 31, 2019 | $ 3,003,490 | 24,618,312 | 3,430 | (33,684,432) | (6,059,200) | ||
Balance, shares at Dec. 31, 2019 | 3,003,490,408 | ||||||
Balance at Jun. 30, 2019 | $ 2,679,377 | 24,146,088 | (17,612) | (28,102,938) | (1,295,085) | ||
Balance, shares at Jun. 30, 2019 | 2,679,376,966 | ||||||
Common stock issued for cash | $ 13,000 | 312,000 | 325,000 | ||||
Common stock issued for cash, shares | 13,000,000 | ||||||
Foreign currency translation adjustment | (1,585) | (1,585) | |||||
Common stock issued for services and compensation | $ 241,000 | 1,274,915 | 1,515,915 | ||||
Common stock issued for services and compensation, shares | 241,000,000 | ||||||
Common stock repurchase | $ (5) | (97) | (102) | ||||
Common stock repurchase, shares | (5,150) | ||||||
Common stock cancelled | $ (222,500) | (3,157,500) | (3,380,000) | ||||
Common stock cancelled, shares | (222,500,000) | ||||||
Beneficial conversion feature | 1,000,000 | 1,000,000 | |||||
Net income (loss) | (1,753,566) | (1,753,566) | |||||
Balance at Sep. 30, 2019 | $ 2,710,872 | 23,575,406 | (19,197) | (29,856,504) | (3,589,423) | ||
Balance, shares at Sep. 30, 2019 | 2,710,871,816 | ||||||
Common stock issued for cash | $ 7,000 | 168,000 | 175,000 | ||||
Common stock issued for cash, shares | 7,000,000 | ||||||
Foreign currency translation adjustment | 22,627 | 22,627 | |||||
Common stock issued for services and compensation | $ 285,618 | 874,906 | 1,160,524 | ||||
Common stock issued for services and compensation, shares | 285,618,592 | ||||||
Net income (loss) | (3,827,928) | (3,827,928) | |||||
Balance at Dec. 31, 2019 | $ 3,003,490 | 24,618,312 | 3,430 | (33,684,432) | (6,059,200) | ||
Balance, shares at Dec. 31, 2019 | 3,003,490,408 | ||||||
Balance at Mar. 31, 2020 | $ 3,214,490 | 28,929,516 | (20,058) | (46,382,174) | (14,258,226) | ||
Balance, shares at Mar. 31, 2020 | 3,214,490,408 | ||||||
Foreign currency translation adjustment | 636 | 636 | |||||
Common stock issued for services and compensation | $ 21,000 | 397,954 | 418,954 | ||||
Common stock issued for services and compensation, shares | 21,000,000 | ||||||
Share repurchase | $ (9) | (263) | (272) | ||||
Share repurchase, shares | (9,079) | ||||||
Beneficial conversion feature | 2,000,000 | 2,000,000 | |||||
Net income (loss) | (4,913,787) | (4,913,787) | |||||
Balance at Jun. 30, 2020 | $ 3,235,481 | 31,327,207 | (19,422) | (51,295,961) | (16,752,695) | ||
Balance, shares at Jun. 30, 2020 | 3,235,481,329 | ||||||
Balance at Mar. 31, 2020 | $ 3,214,490 | 28,929,516 | (20,058) | (46,382,174) | (14,258,226) | ||
Balance, shares at Mar. 31, 2020 | 3,214,490,408 | ||||||
Common stock issued for cash | $ 576,000 | ||||||
Common stock issued for cash, shares | 48,000,000 | 82,000,000 | |||||
Offering costs | $ 112 | ||||||
Net income (loss) | (4,375,768) | ||||||
Balance at Dec. 31, 2020 | $ 56 | $ 3,237,481 | 34,615,895 | (19,330) | (50,855,326) | (13,021,224) | |
Balance, shares at Dec. 31, 2020 | 55,554 | 3,237,481,329 | |||||
Balance at Jun. 30, 2020 | $ 3,235,481 | 31,327,207 | (19,422) | (51,295,961) | (16,752,695) | ||
Balance, shares at Jun. 30, 2020 | 3,235,481,329 | ||||||
Offering costs | (20,994) | (20,994) | |||||
Foreign currency translation adjustment | (4,359) | (4,359) | |||||
Common stock issued for services and compensation | 376,282 | 376,282 | |||||
Common stock repurchase | $ (106,000) | (14,000) | (120,000) | ||||
Common stock repurchase, shares | (106,000,000) | ||||||
Preferred stock issued for cash | $ 47 | 1,158,754 | 1,158,801 | ||||
Preferred stock issued for cash, shares | 46,612 | ||||||
Common stock forfeited | $ (200,000) | (3,180,000) | (3,380,000) | ||||
Common stock forfeited, shares | (200,000,000) | ||||||
Forgiveness of accrued payroll | 373,832 | 373,832 | |||||
Dividends | (52,342) | (52,342) | |||||
Net income (loss) | (1,187,760) | (1,187,760) | |||||
Balance at Sep. 30, 2020 | $ 47 | $ 2,929,481 | 30,021,081 | (23,781) | (52,536,063) | (19,609,235) | |
Balance, shares at Sep. 30, 2020 | 46,612 | 2,929,481,329 | |||||
Offering costs | (1,394) | (1,394) | |||||
Foreign currency translation adjustment | 4,451 | 4,451 | |||||
Common stock issued for services and compensation | $ 257,000 | 1,941,598 | 2,198,598 | ||||
Common stock issued for services and compensation, shares | 257,000,000 | ||||||
Contributed capital | 117,805 | 117,805 | |||||
Beneficial conversion feature | 1,300,000 | 1,300,000 | |||||
Preferred stock issued for cash | $ 9 | 221,905 | 221,914 | ||||
Preferred stock issued for cash, shares | 8,942 | ||||||
Dividends | (45,042) | (45,042) | |||||
Net income (loss) | 1,725,779 | 1,725,779 | |||||
Balance at Dec. 31, 2020 | $ 56 | $ 3,237,481 | $ 34,615,895 | $ (19,330) | $ (50,855,326) | $ (13,021,224) | |
Balance, shares at Dec. 31, 2020 | 55,554 | 3,237,481,329 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (4,375,768) | $ (8,587,449) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 1,597,464 | 320,528 |
Amortization of debt discount | 781,425 | 2,916,917 |
Amortization of long-term license agreement | 113,315 | |
Amortization of intangible assets | 130,455 | 213,182 |
Stock issued for services and compensation | 2,993,835 | 2,676,439 |
Loan fees on new borrowings | 841,139 | |
Offering costs | 112 | |
Lease cost, net of repayment | (998) | 5,833 |
(Gain) on deconsolidation | (53,739) | |
(Gain) loss on debt extinguishment | (5,068,747) | (1,725,384) |
(Gain) loss on fair value of derivative liability | (291,299) | (504,635) |
Realized (gain) loss on cryptocurrency | 27,582 | 657 |
Unrealized (gain) loss on cryptocurrency | (458,037) | (8,445) |
Impairment expense | 66,645 | 627,452 |
Changes in operating assets and liabilities: | ||
Receivables | (165,937) | 101,792 |
Prepaid assets | (1,137,751) | (313,347) |
Short-term advances | (135,000) | |
Short-term advances from related parties | (7,000) | |
Other current assets | (99,912) | 40,170 |
Deposits | 2,685 | (3,988) |
Accounts payable and accrued liabilities | (1,057,400) | (1,149,438) |
Customer advance | 81,845 | 342,205 |
Deferred revenue | 357,226 | (1,145,149) |
Other liabilities | 7,596,667 | 9,229,393 |
Accrued interest | 129,691 | 180,026 |
Accrued interest, related parties | 559,436 | 714,999 |
Net cash provided by (used in) operating activities | 1,669,219 | 4,690,473 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash paid for fixed assets | (2,306,402) | (4,171,341) |
Net cash provided by (used in) investing activities | (2,306,402) | (4,171,341) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from related party payables | 5,928,137 | 2,164,500 |
Repayments for related party payables | (3,521,441) | (1,754,500) |
Proceeds from debt | 1,405,300 | 2,177,452 |
Repayments for debt | (3,096,750) | (3,801,562) |
Payments for share repurchase | (272) | (102) |
Dividends paid | (26,868) | |
Proceeds from the sale of stock | 1,388,849 | 825,000 |
Payments for financing costs | (22,500) | |
Net cash provided by (used in) financing activities | 2,054,455 | (389,212) |
Effect of exchange rate translation on cash | 36 | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 1,417,272 | 129,956 |
Cash, cash equivalents, and restricted cash - beginning of period | 137,177 | 133,644 |
Cash, cash equivalents, and restricted cash - end of period | 1,554,449 | 263,600 |
Cash paid during the period for: | ||
Interest | 451,844 | 51,000 |
Income taxes | 6,570 | 9,580 |
Non cash investing and financing activities: | ||
Prepaid assets reclassified to fixed assets | 2,252,568 | |
Beneficial conversion feature | 3,300,000 | 1,000,000 |
Cancellation of shares | 3,380,000 | |
Changes in equity for offering costs accrued | 101,387 | |
Accounts payable reclassified as related party debt | 75,000 | |
Derivative liability recorded as a debt discount | 365,000 | |
Recognition of lease liability and ROU asset at lease commencement | 131,244 | |
Shares forfeited | 3,380,000 | |
Share repurchase | 120,000 | |
Shares issued for debt | 1,065,900 | |
Dividends declared but not yet paid | 70,516 | |
Forgiveness of accrued payroll | 373,832 | |
APEX Lease Liability reclassed to debt | $ 19,505,025 |
Organization and Nature of Busi
Organization and Nature of Business | 9 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Organization Investview, Inc. (“we”, “our”, the “Company”) was incorporated on January 30, 1946, under the laws of the state of Utah as the Uintah Mountain Copper Mining Company. In January 2005 the Company changed domicile to Nevada, and changed its name to Voxpath Holding, Inc. In September of 2006 the Company merged The Retirement Solution Inc. through a Share Purchase Agreement into Voxpath Holdings, Inc. and then changed its name to TheRetirementSolution.Com, Inc. In October 2008 the Company changed its name to Global Investor Services, Inc., before changing its name to Investview, Inc., on March 27, 2012. On March 31, 2017, we entered into a Contribution Agreement with the members of Wealth Generators, LLC, a limited liability company (“Wealth Generators”), pursuant to which the Wealth Generators members agreed to contribute 100% of the outstanding securities of Wealth Generators in exchange for an aggregate of 1,358,670,942 shares of our common stock. The closing of the Contribution Agreement was effective April 1, 2017, and Wealth Generators became our wholly owned subsidiary and the former members of Wealth Generators became our stockholders and control the majority of our outstanding common stock. On June 6, 2017, we entered into an Acquisition Agreement with Market Trend Strategies, LLC, a company whose members are also former members of our management. Under the Acquisition Agreement, we spun-off our operations that existed prior to the merger with Wealth Generators and sold the intangible assets used in those pre-merger operations in exchange for Market Trend Strategies’ assumption of $419,139 in pre-merger liabilities. On February 28, 2018, we filed a name change for Wealth Generators, LLC to Kuvera, LLC (“Kuvera”) and on May 7, 2018 we established WealthGen Global, LLC as a Utah limited liability company and a wholly owned subsidiary of Investview, Inc. On July 20, 2018, we entered into a Purchase Agreement with United Games Marketing LLC, a Utah limited liability company, to purchase its wholly owned subsidiaries United Games, LLC and United League, LLC for 50,000,000 shares of our common stock. On November 12, 2018, we established Kuvera France, S.A.S. to handle sales of our financial education and research in the European Union. On December 30, 2018, our wholly owned subsidiary S.A.F.E. Management, LLC received its registration and disclosure approval from the National Futures Association. S.A.F.E. Management, LLC is now a New Jersey State Registered Investment Adviser, Commodities Trading Advisor, Commodity Pool Operator, and approved for over the counter FOREX advisory services. On January 17, 2019, we renamed our non-operating wholly owned subsidiary WealthGen Global, LLC to SafeTek, LLC, a Utah Limited Liability Company. On March 26, 2019, we established Kuvera (N.I.) LTD, a Northern Ireland entity as a wholly owned subsidiary of Kuvera, LLC, however, to date the subsidiary has had no operations. Effective July 22, 2019, we renamed our non-operating wholly owned subsidiary Razor Data, LLC to APEX Tek, LLC, a Utah Limited Liability Company. On January 11, 2021, we filed a name change for Kuvera, LLC to iGenius, LLC (“iGenius”) and on February 2, 2021, we filed a name change for Kuvera (N.I.) Limited to iGenius Global LTD. Nature of Business Our portfolio of wholly owned subsidiaries operates in the financial technology (FINTECH) sector, leveraging the latest innovations in technology for financial education, services and interactive tools. Our subsidiaries focus on delivering products that serve individuals around the world. From personal money management, to advancements in blockchain technologies, our companies are forging a path for individuals to take advantage of financial and technical innovations. Each of our subsidiaries are designed to work in tandem with one another generating a worldwide presence. Our largest subsidiary is iGenius, LLC (formerly Kuvera LLC), which delivers financial education, technology and research to individuals through a subscription-based model. iGenius, LLC provides research, education, and investment tools designed to assist the self-directed investor in successfully navigating the financial markets. These services include research, trade alerts, and live trading rooms that include instruction in equities, options, FOREX, ETFs, binary options, crowdfunding and cryptocurrency sector education. In addition to trading tools and research, we also offer full education and software applications to assist the individual in debt reduction, increased savings, budgeting, and proper tax management. Each product subscription includes a core set of trading tools/research along with the personal finance management suite to provide an individual with complete access to the information necessary to cultivate and manage his or her financial situation. Kuvera France S.A.S. is our entity in France that distributes our products and services throughout the European Union. S.A.F.E. Management, LLC is a Registered Investment Adviser and Commodity Trading Adviser that has been established to deliver automated trading strategies to individuals who find they lack the time to trade for themselves. SAFE is committed to bringing innovative trade methodologies, strategies and algorithms for all worldwide financial markets. SAFETek, LLC operates in the high-speed processing computing space and utilizes net generation processing technologies to focus on artificial intelligence, data mining and blockchain technologies. SAFETek, LLC’s processing operation can be used for any of the following intense processing activities: protein folding, CGI rendering, Game Streaming, Machine & Deep Learning, Mining, Independent Financial Verification, and general high-speed computing. Key trending markets for Data Computation include Internet of Things, Smart Homes, smart cities, smart devices, Artificial Intelligence, blockchain technology, Virtual Reality, 3D animation, and health technology data to name a few. Apex Tek, LLC was the entity responsible for sales of the APEX program. Launched in September 2019, the APEX product pack included hardware, firmware, software and insurance that was purchased and then leased to SAFETek LLC. We have currently ceased selling the APEX package and bought back all leases associated with the business. United Games, LLC, United League, LLC,Investment Tools & Training, LLC, and iGenius Global LTD have had no operations and will be restructured or eliminated completely as we continue to streamline operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations (Regulation S-X) of the Securities and Exchange Commission (the “SEC”) and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the nine months ended December 31, 2020, are not necessarily indicative of the operating results that may be expected for the year ending March 31, 2021. These unaudited condensed consolidated financial statements should be read in conjunction with the March 31, 2020 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2020. Principles of Consolidation The consolidated financial statements include the accounts of Investview, Inc., and our wholly owned subsidiaries: iGenius, LLC (formerly Kuvera, LLC), Kuvera France S.A.S., Apex Tek, LLC (formerly Razor Data, LLC), SafeTek, LLC (formerly WealthGen Global, LLC), S.A.F.E. Management, LLC, United Games, LLC, United League, LLC, Investment Tools & Training, LLC, and iGenius Global LTD (formerly Kuvera (N.I.) LTD). Through March 31, 2019 we had determined that one affiliated entity, Kuvera LATAM S.A.S., which we previously conducted business with, was a variable interest entity and we were the primary beneficiary of the entity’s activities, which, at the time, were similar to those of Kuvera, LLC (now iGenius, LLC). As a result, through March 31, 2019 we had consolidated the accounts of this variable interest entity into the consolidated financial statements. Further, because the Company did not have any ownership interest in this variable interest entity, the Company had allocated the contributed capital in the variable interest entity as a component of noncontrolling interest. As of April 1, 2019, Kuvera LATAM S.A.S. had no operations and ceased to exist, therefore, as of that date, no consolidation of the entity was necessary and we recorded a gain on deconsolidation of $53,739 to eliminate the intercompany account with Kuvera LATAM S.A.S. All intercompany transactions and balances have been eliminated in consolidation. Financial Statement Reclassification Certain account balances from prior periods have been reclassified in these consolidated financial statements to conform to current period classifications. Use of Estimates The preparation of these unaudited condensed consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Further, it should be noted that because there is currently no specific definitive guidance under GAAP, or any alternative accounting framework, for the accounting for cryptocurrencies recognized as revenue or held, we have exercised significant judgment in determining the appropriate accounting treatment for our cryptocurrency transactions. In the event authoritative guidance is enacted by the FASB, we may be required to change our policies, which could have an effect on our consolidated financial position and results from operations. Foreign Exchange We have consolidated the accounts of Kuvera France S.A.S. into our consolidated financial statements. The operations of Kuvera France S.A.S. are conducted in France and its functional currency is the Euro. The financial statements of Kuvera France S.A.S. are prepared using their functional currency and have been translated into U.S. dollars (“USD”). Assets and liabilities are translated into USD at the applicable exchange rates at period-end. Stockholders’ equity is translated using historical exchange rates. Revenue and expenses are translated at the average exchange rates for the period. Any translation adjustments are included as foreign currency translation adjustments in accumulated other comprehensive income in our stockholders’ equity (deficit). The following rates were used to translate the accounts of Kuvera France S.A.S. into USD at the following balance sheet dates. December 31, 2020 March 31, 2020 Euro to USD 1.22160 1.10314 The following rates were used to translate the accounts of Kuvera France S.A.S. into USD for the following operating periods. Nine Months Ended December 30, 2020 2019 Euro to USD 1.15480 1.11443 Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. December 31, 2020 March 31, 2020 Cash and cash equivalents $ 1,110,960 $ 137,177 Restricted cash, current 180,550 - Restricted cash, long term 262,939 - Total cash, cash equivalents, and restricted cash shown on the statement of cash flows $ 1,554,449 $ 137,177 Amount included in restricted cash represent funds required to be held in an escrow account by a contractual agreement and will be used for paying dividends to our Series B Preferred Stock holders. Cryptocurrencies We hold cryptocurrency-denominated assets (“cryptocurrencies”) and include them in our consolidated balance sheet as other current assets. We record cryptocurrencies at fair market value and recognize the change in the fair value of our cryptocurrencies as an unrealized gain or loss in the consolidated statements of operations. As of December 31, 2020 and March 31, 2020 the fair value of our cryptocurrencies was $655,059 and $96,022, respectively. During the nine months ended December 31, 2020 we recorded $(27,582) and $458,037 as a total realized and unrealized gain (loss) on cryptocurrency, respectively. During the nine months ended December 31, 2019 we recorded $(657) and $8,445 as a total realized and unrealized gain (loss) on cryptocurrency, respectively. During the three months ended December 31, 2020 we recorded $(28,678) and $281,220 as a total realized and unrealized gain (loss) on cryptocurrency, respectively. During the three months ended December 31, 2019 we recorded $10 and $(16,885) as a total realized and unrealized gain (loss) on cryptocurrency, respectively. Fixed Assets Fixed assets are stated at cost and depreciated using the straight-line method over their estimated useful lives. When retired or otherwise disposed, the carrying value and accumulated depreciation of the fixed asset is removed from its respective accounts and the net difference less any amount realized from disposition is reflected in earnings. Expenditures for maintenance and repairs which do not extend the useful lives of the related assets are expensed as incurred. As of December 31, 2020 fixed assets were made up of the following: Estimated Useful Life (years) Value Furniture, fixtures, and equipment 10 $ 12,792 Computer equipment 3 21,143 Data processing equipment 3 7,684,627 7,718,562 Accumulated depreciation as of December 31, 2020 (1,826,090 ) Net book value, December 31, 2020 $ 5,892,472 Total depreciation expense for the nine months ended December 31, 2020 and 2019, was $1,597,464 and $320,528, respectively. Long-Lived Assets – Intangible Assets & License Agreement We account for our intangible assets and long-term license agreement in accordance with ASC Subtopic 350-30, General Intangibles Other Than Goodwill, and ASC Subtopic 360-10-05, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC Subtopic 350-30 requires assets to be measured based on the fair value of the consideration given or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. Further, ASC Subtopic 350-30 requires an intangible asset to be amortized over its useful life and for the useful life to be evaluated every reporting period to determine whether events or circumstances warrant a revision to the remaining period of amortization. If the estimate of useful life is changed the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. Costs of internally developing, maintaining, or restoring intangible assets are recognized as an expense when incurred. In June of 2017 we issued 80,000,000 shares of common stock with a value of $2,256,000 for a 15-year license agreement. Amortization recognized for the nine months ended December 31, 2020 and 2019 was $0 and $113,315, respectively, and the long-term license agreement was recorded at a net value of $0 as of December 31, 2020 and March 31, 2020 due to the asset being impaired as of March 31, 2020. In June of 2018 we purchased United Games, LLC and United League, LLC and recorded the transaction as a business combination. Intangible assets acquired in the business combination were recorded at fair value on the date of acquisition and are being amortized on a straight-line method over their estimated useful lives. As of December 31, 2020 intangible assets were made up of the following: Estimated Useful Life (years) Value FireFan mobile application 4 $ 331,000 Back office software 10 408,000 Tradename/trademark - FireFan 5 248,000 Tradename/trademark - United Games 0.45 4,000 991,000 Accumulated amortization as of December 31, 2020 (428,573 ) Net book value, December 31, 2020 $ 562,427 Amortization expense for the nine months ended December 31, 2020 and 2019 was $130,455 and $213,182, respectively. Amortization expense is expected to be as follows: Remainder of 2021 $ 42,694 Fiscal year ending March 31, 2022 173,150 Fiscal year ending March 31, 2023 173,150 Fiscal year ending March 31, 2024 32,589 Fiscal year ending March 31, 2025 6,148 Fiscal year ending March 31, 2026 and beyond 134,696 $ 562,427 Impairment of Long-Lived Assets We have adopted ASC Subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or when the historical cost carrying value of an asset may no longer be appropriate. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve break-even operating results over an extended period. We evaluate the recoverability of long-lived assets based upon future net cash flows expected to result from the asset, including eventual disposition. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted and an impairment loss is recorded equal to the difference between the asset’s carrying value and fair value or disposable value. During the nine months ended December 31, 2020 we fully impaired data processing equipment that had a cost basis of $84,939 and we fully impaired a computer that had a cost basis of $1,609 because the assets were no longer in use. The accumulated depreciation of the assets at the time they were written off was $19,903, therefore we recognized impairment expense of $66,645 for the nine months ended December 31, 2020. During the nine months ended December 31, 2019 we impaired the value of the customer contracts/relationships originally acquired in our purchase of United Games, LLC and United League, LLC, therefore recognizing impairment expense of $627,452. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on our principal or, in the absence of a principal, most advantageous market for the specific asset or liability. U.S. generally accepted accounting principles provide for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows: Level 1: Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including: - quoted prices for similar assets or liabilities in active markets; - quoted prices for identical or similar assets or liabilities in markets that are not active; - inputs other than quoted prices that are observable for the asset or liability; and - inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Inputs that are unobservable and reflect management’s own assumptions about the inputs market participants would use in pricing the asset or liability based on the best information available in the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows). Our financial instruments consist of cash, accounts receivable, accounts payable, and debt. We have determined that the book value of our outstanding financial instruments as of December 31, 2020 and March 31, 2020, approximates the fair value due to their short-term nature or interest rates that approximate prevailing market rates. Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of December 31, 2020: Level 1 Level 2 Level 3 Total Cryptocurrencies $ 655,059 $ - $ - $ 655,059 Total Assets $ 655,059 $ - $ - $ 655,059 Derivative liability $ - $ - $ 41,390 $ 41,390 Total Liabilities $ - $ - $ 41,390 $ 41,390 Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of March 31, 2020: Level 1 Level 2 Level 3 Total Cryptocurrencies $ 96,022 $ - $ - $ 96,022 Total Assets $ 96,022 $ - $ - $ 96,022 Derivative liability $ - $ - $ 793,495 $ 793,495 Total Liabilities $ - $ - $ 793,495 $ 793,495 Sale and Leaseback Through our wholly-owned subsidiary, APEX Tex, LLC, we sold high powered data processing equipment (“APEX”) to our customers and they leased the equipment back to SAFETek, LLC, another of our wholly-owned subsidiaries. We accounted for these transactions under ASC 842-40 where the leaseback has been deemed a sales-type lease due to the lease term generally covering the entire economic life of the equipment and our likelihood to purchase the asset at the end of the lease term. In accordance with ASC 842-40 we recorded the data processing equipment as a fixed asset on our balance sheet and we accounted for the amounts received for the equipment as a financial liability, in other liabilities on our balance sheet. Further, we recognized interest on the financial liability over the term of the lease to ensure the financial liability equates to the total amounts to be paid over the life of the lease. On June 30, 2020, we temporarily discontinued the APEX program to assess the delays, audit the transaction and determine our ability to meet the lease commitments. The assessment took place in July and August and indicated we would not be able to meet the APEX lease obligations and would be in default to the lease holders. In September, our board of directors voted to approve a buyback program wherein all APEX purchasers were offered a 48-month promissory note to ensure a 125% return of their purchase price in exchange for cancellation of the lease and our purchase of all rights and obligations under the lease. The buyback program also ensured all APEX purchasers were able to purchase a protection plan from a third-party provider, wherein each purchaser could protect their initial purchase price and obtain 50% of their APEX purchase price at five years or 100% of the APEX purchase price at ten years. As a result of the buyback program we were able to enter into notes with third parties totaling $19,149,500 (see NOTE 6) and notes with related parties of $237,720 (see NOTE 5) in exchange for $474,155 worth of customer advances on the APEX leases and $22,889,331 of the net APEX lease liability (see table below). The exchange resulted in a gain on settlement of debt of $117,805 with related parties, recorded as contributed capital (see NOTE 8) and a gain on settlement of debt of $3,858,461 with third parties, recorded on our income statement. During the nine months ended December 31, 2020 we had the following activity related to our sale and leaseback transactions: Total Financial Liability Contra-Liability Net Financial Liability Current [1] Long Term Balance as of March 31, 2020 $ 53,828,000 $ (38,535,336 ) $ 15,292,664 $ 11,407,200 $ 3,885,464 Proceeds from sales of APEX 5,001,623 - 5,001,623 Interest recorded on financial liability 8,348,378 (8,348,378 ) - Payments made for leased equipment (2,145,900 ) - (2,145,900 ) Interest expense - 4,740,944 4,740,944 Lease buyback and cancellation (65,032,101 ) 42,142,770 (22,889,331 ) Balance as of December 31, 2020 $ - $ - $ - $ - $ - [1] Represented lease payments that were to be made in the subsequent 12 months Revenue Recognition Subscription Revenue The majority of our revenue is generated by subscription sales and payment is received at the time of purchase. We recognize subscription revenue in accordance with ASC 606-10 where revenue is measured based on a consideration specified in a contract with a customer and recognized when we satisfy the performance obligation specified in each contract. Our performance obligation is to provide services over a fixed subscription period; therefore, we recognize revenue ratably over the subscription period and deferred revenue is recorded for the portion of the subscription period subsequent to each reporting date. Additionally, we offer a 10-day trial period to first time subscription customers, during which a full refund can be requested if a customer does not like the product. Revenues are deferred during the trial period as collection is not probable until that time has passed. Revenues are presented net of refunds, sales incentives, credits, and known and estimated credit card chargebacks. Mining Revenue Through our wholly owned subsidiary, SAFETek, LLC, we lease equipment under a sales-type lease and use the equipment on blockchain networks to validate and add blocks of transactions to blockchain ledgers (commonly referred to as “mining”). As compensation for mining we are issued fees from processors and/or block rewards that are newly created cryptocurrency units granted to us. Our mining activities constitute our ongoing major and central operations of SAFETek, LLC. Because we do not have contracts, nor do we have customers associated with our mining revenue, we recognize revenue when fees and/or rewards are settled, or ultimately granted to us as a result of our mining activities. Fee Revenue We generate fee revenue from our customers through SAFE Management, our subsidiary licensed as a Registered Investment Advisor and Commodities Trading Advisor. We recognize fee revenue in accordance with ASC 606-10 where revenue is measured based on a consideration specified in a contract with a customer and recognized when we satisfy the performance obligation specified in each contract. Our performance obligation is to deliver fully managed trading services to individuals who do not meet the requirements of Qualified Investors and who lack the time to trade for themselves. We recognize fee revenue as our performance obligation is met and we receive payment for such advisory fees in the month following recognition. Revenue generated for the nine months ended December 31, 2020 is as follows: Subscription Mining Revenue Fee Revenue Total Gross billings/receipts $ 14,205,328 $ 7,863,649 $ 10,675 $ 22,079,652 Refunds, incentives, credits, and chargebacks (861,461 ) - - (861,461 ) Net revenue $ 13,343,867 $ 7,863,649 $ 10,675 $ 21,218,191 For the nine months ended December 31, 2020 foreign and domestic revenues were approximately $12.6 million and $8.6 million, respectively. Revenue generated for the nine months ended December 31, 2019 is as follows: Subscription Mining Revenue Fee Revenue Total Gross billings/receipts $ 21,214,747 $ 380,871 $ 9,486 $ 21,605,104 Refunds, incentives, credits, and chargebacks (1,887,656 ) - - (1,887,656 ) Net revenue $ 19,327,091 $ 380,871 $ 9,486 $ 19,717,448 For the nine months ended December 31, 2019 foreign and domestic revenues were approximately $18.3 million and $1.5 million, respectively. Revenue generated for the three months ended December 31, 2020 is as follows: Subscription Mining Revenue Fee Revenue Total Gross billings/receipts $ 4,046,213 $ 4,027,364 $ 2,952 $ 8,076,529 Refunds, incentives, credits, and chargebacks (201,491 ) - - (201,491 ) Net revenue $ 3,844,722 $ 4,027,364 $ 2,952 $ 7,875,038 For the three months ended December 31, 2020 foreign and domestic revenues were approximately $7.4 million and $433,000, respectively. Revenue generated for the three months ended December 31, 2019 is as follows: Subscription Mining Revenue Fee Revenue Total Gross billings/receipts $ 5,096,886 $ 380,871 $ 4,117 $ 5,481,874 Refunds, incentives, credits, and chargebacks (518,263 ) - - (518,263 ) Net revenue $ 4,578,623 $ 380,871 $ 4,117 $ 4,963,611 For the three months ended December 31, 2019 foreign and domestic revenues were approximately $4.3 million and $637,000, respectively. Net Income (Loss) per Share We follow ASC subtopic 260-10, Earnings per Share (“ASC 260-10”), which specifies the computation, presentation, and disclosure requirements of earnings per share information. Basic loss per share has been calculated based upon the weighted average number of common shares outstanding. Convertible debt, stock options, and warrants have been excluded as common stock equivalents in the diluted loss per share because their effect is anti-dilutive on the computation. Potentially dilutive securities excluded from the computation of basic and diluted net loss per share are as follows: December 31, December 31, Options to purchase common stock - - Warrants to purchase common stock 277,770 125,000 Notes convertible into common stock 481,810,758 11,080,447 Totals 482,088,528 11,205,447 Lease Obligation We determine if an arrangement is a lease at inception. Operating leases are included in the operating lease right-of-use asset account, the operating lease liability, current account, and the operating lease liability, long term account in our balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. For leases in which the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease arrangements is recognized on a straight-line basis over the lease term. We have elected the practical expedient and will not separate non-lease components from lease components and will instead account for |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS There are no recently issued accounting pronouncements that the Company has not yet adopted that they believe are applicable or would have a material impact on the financial statements of the Company. |
Going Concern and Liquidity
Going Concern and Liquidity | 9 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern and Liquidity | NOTE 4 – GOING CONCERN AND LIQUIDITY Our financial statements are prepared using generally accepted accounting principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. We have incurred significant recurring losses, which have resulted in an accumulated deficit of $50,855,326 as of December 31, 2020, along with a net loss of $4,375,768 for the nine months ended December 31, 2020. Additionally, as of December 31, 2020, we had a working capital deficit of $4,713,286. These factors raise substantial doubt about our ability to continue as a going concern. Historically we have relied on increasing revenues and new debt and equity financing to pay for operational expenses and debt as it came due. During the nine months ended December 31, 2020, we raised $1,405,300 in cash proceeds from new debt arrangements and raised $5,928,137 in cash proceeds from related parties. Additionally, net cash provided by operations was $1,669,219 for the nine months ended December 31, 2020. Subsequent to December 31, 2020, we received gross proceeds of $432,475 in connection with our Unit Offering (see NOTE 11). Additionally, subject to a Securities Purchase agreement entered into in April 2020 and amended in November 2020, we have a commitment from a related party investor to purchase an additional $7.7 million in promissory notes on or before August 31, 2021, subject to certain conditions. On January 30, 2020, the World Health Organization declared the coronavirus outbreak a “Public Health Emergency of International Concern” and on March 11, 2020, declared it to be a pandemic. Actions taken around the world to help mitigate the spread of the coronavirus include restrictions on travel, and quarantines in certain areas, and forced closures for certain types of public places and businesses. The coronavirus and actions taken to mitigate the spread of it have had and are expected to continue to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company operates. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted to amongst other provisions, provide emergency assistance for individuals, families and businesses affected by the coronavirus pandemic. It is unknown how long the adverse conditions associated with the coronavirus will last and what the complete financial effect will be to the company. During the nine months ended December 31, 2020 COVID negatively impacted our distribution channel as all of our distributors were unable to conduct in person meetings, trainings, or events. The distributors did hold on-line events, virtual meetings and ultimately stabilized our subscription sales. Further, our APEX program, administered by APEX Tek, LLC, could not sustain operations nor withstand the worldwide supply issues experienced by COVID. As a result, the Company was forced to permanently cancel the APEX program. While SAFETek, LLC will continue to operate our digital mining operations, we have entered buy back agreements for each of the APEX leases. During the year ended March 31, 2020 we made significant strides and wide sweeping changes. While we believe they will be beneficial to our bottom line, there is no assurance of this. Some of the concerns we face going forward will continue, including but not limited to: ● Supply chain issues for Apex Tek, LLC and the sourcing of miners due to the worldwide COVID pandemic and manufacturing slow downs caused us to permanently discontinue the APEX program and may leas to the closure of APEX Tek, LLC ● SAFETek, LLC operations not scaling according to projections with decreased output due to mining difficulty and operational cost ● Regulatory reform that could adversely impact the use and demand of digital currencies ● The recent Bitcoin (BTC) halving event that further reduced mining output in addition to the supply chain issues While our liabilities are larger than our assets it is important to note that we seek to further reduce our operating expense. The assets we have acquired and will continue to seek out are those of technology, mobile apps, and human resources. These assets are not easily defined on our balance sheet but represent our ability to carry out our objectives which we believe will ultimately lead to positive cash flow, reduced debt and then profitability. 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. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | NOTE 5 – RELATED-PARTY TRANSACTIONS Our related-party payables consisted of the following: December 31, March 31, Short-term advances [1] $ 350,000 $ 876,427 Promissory Note entered into on 1/30/20 [2] 1,183,606 1,033,333 Convertible Promissory Note entered into on 4/27/20, net of debt discount of $1,211,720 as of December 31, 2020 [3] 88,280 - Convertible Promissory Note entered into on 5/27/20, net of debt discount of $657,869 as of December 31, 2020 [4] 42,131 - Convertible Promissory Note entered into on 11/9/20, net of debt discount of $1,280,440 and including $72,675 of accrued interest as of December 31, 2020 [5] 92,236 - Accounts payable – related party [6] 105,000 55,000 Notes for APEX lease buyback [7] 172,000 - Promissory note entered into on 12/15/20, net of debt discount of $438,175 [8] 141,825 - Total related-party debt 2,175,078 1,964,760 Less: Current portion [9] (2,025,106 ) - Related-party debt, long term $ 149,972 $ 1,964,760 [1] We periodically receive advances for operating funds from our current majority shareholders and other related parties, including entities that are owned, controlled, or influenced by our owners or management. These advances are due on demand and are unsecured. During the nine months ended December 31, 2020, we received $2,406,137 in cash proceeds from advances, incurred $76,649 in interest expense on the advances, and repaid related parties $3,037,883. [2] We entered into a $1,000,000 promissory note with Joseph Cammarata, our Chief Executive Officer, on January 30, 2020. The note is collateralized by 62.5 million of our common shares. The term of the note was one year, which was amended on January 30, 2021 to have a due date of February 28, 2021, at which time the principal and interest of 20%, or $200,000 will be due. During the nine months ended December 31, 2020 we recognized $150,273 of interest expense on the note. [3] On April 27, 2020 we received proceeds of $1,300,000 from DBR Capital, LLC, an entity controlled by members of our Board of Directors, and entered into a convertible promissory note. The note is secured by shares held by officers and majority shareholders of the Company. The note bears interest at 20% per annum, payable monthly, and the principal is due and payable on April 27, 2030. Per the original terms of the agreement the note was convertible into common stock at a conversion price of $0.01257 per share, which was amended on November 9, 2020 to reduce the conversion price to $0.007 per share. At inception we recorded a beneficial conversion feature and debt discount of $1,300,000 (see NOTE 8). During the nine months ended December 31, 2020 we recognized $88,280 of the debt discount into interest expense as well as expensed an additional $176,224 of interest expense on the note, all of which was repaid during the period. [4] On May 27, 2020 we received proceeds of $700,000 from DBR Capital, LLC, an entity controlled by members of our Board of Directors, and entered into a convertible promissory note. The note is secured by shares held by officers and majority shareholders of the Company. The note bears interest at 20% per annum, payable monthly, and the principal is due and payable on April 27, 2030. Per the original terms of the agreement the note was convertible into common stock at a conversion price of $0.01257 per share, which was amended on November 9, 2020 to reduce the conversion price to $0.007 per share. At inception we recorded a beneficial conversion feature and debt discount of $700,000 (see NOTE 8). During the nine months ended December 31, 2020 we recognized $42,131 of the debt discount into interest expense as well as expensed an additional $83,615 of interest expense on the note, all of which was repaid during the period. [5] On November 9, 2020 we received proceeds of $1,300,000 from DBR Capital, LLC, an entity controlled by members of our Board of Directors, and entered into a convertible promissory note. The note is secured by shares held by officers and majority shareholders of the Company. The note bears interest at 38.5% per annum, made up of a 25% interest rate per annum and a facility fee of 13.5% per annum, payable monthly beginning February 1, 2021, and the principal is due and payable on April 27, 2030. Per the terms of the agreement the note is convertible into common stock at a conversion price of $0.007 per share. At inception we recorded a beneficial conversion feature and debt discount of $1,300,000 (see NOTE 8). During the nine months ended December 31, 2020 we recognized $19,560 of the debt discount into interest expense as well as expensed an additional $72,675 of interest expense on the note, none of which was repaid during the period. [6] During the nine months ended December 31, 2020 we paid $40,000 to an accounting firm owned by our Chief Financial Officer to reduce amounts previously owed ($55,000 as of March 31, 2020). We also incurred $68,000 to reimburse DBR Capital, LLC, for amounts paid on our behalf. The entire amount was repaid during the nine months ended December 31, 2020. Also during the nine months ended December 31, 2020 we repurchased 106,000,000 shares of our common stock from CR Capital Holdings, LLC, a shareholder that owns over 10% of our outstanding stock, for $120,000 (see NOTE 8). We agreed to pay $10,000 per month for the repurchase, therefore during the nine months ended December 31, 2020 we repaid $30,000 of the debt. [7] During the year ended March 31, 2020 we sold 83 APEX units to related parties for proceeds of $182,720, $100,000 of which was offset against short term advances that has been provided to us. Under the same terms of all other APEX unit sales, the 83 units were to pay out $500 per month for 60 months, resulting in a total amount to be repaid of $2,490,000. During the year ended March 31, 2020 we made 238 lease payments to these related parties, or $119,000, reducing the total amount to be repaid to $2,371,000 as of March 31, 2020. The liability, net of discounts, was presented as part of the total APEX financial liability on the balance sheet at March 31, 2020. During the nine months ended December 31, 2020 we made $126,100 worth of lease payments to related parties. In September of 2020 we initiated the APEX buyback program and agreed to pay our related parties $237,720 in exchange for all rights and obligations under the APEX lease (see NOTE 2). At the time of the buyback the liability owed to related parties was $355,525, which was equal to a total liability of $2,244,900 offset by a contra-liability of $1,889,375, thus we recorded a gain on the extinguishment of debt of $117,805 as contributed capital (see NOTE 8). After the buyback we repaid our related parties $65,720 of the $237,720 owed. [8] On December 15, 2020 we received proceeds of $154,000 from Wealth Engineering, an entity controlled by members of our management team and Board of Directors, and entered into a promissory note for $600,000. The term of the note requires monthly repayments of $20,000 per month for 30 months. At inception we recorded a debt discount of $446,000 representing the difference between the cash received and the total amount to be repaid. During the nine months ended December 31, 2020 we recognized $7,825 of the debt discount into interest expense and made one monthly repayment of $20,000. [9] Represents payments that are to be made in the subsequent 12 months |
Debt
Debt | 9 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 6 – DEBT Our debt consisted of the following: December 31, March 31, Short-term advance received on 8/31/18 [1] $ 5,000 $ 65,000 Secured merchant agreement for future receivables entered into on 8/16/19 and - 1,223,615 Secured merchant agreement for future receivables entered into on 8/16/19 [3] - 260,090 Convertible promissory note entered into on 3/5/20 [4] - 13,072 Convertible promissory note entered into on 3/11/20 [5] - 7,549 Short-term advance received on 3/25/20 [6] 81,250 150,000 Promissory note entered into on 4/10/20 [7] - - Note issued under the Paycheck Protection Program on 4/17/20 [8] 508,872 - Loan with the U.S. Small Business Administration dated 4/19/20 [9] 513,048 - Long term notes for APEX lease buyback [10] 17,137,774 - Short-term note for APEX lease buyback [11] 30,000 - Total debt 18,275,944 1,719,326 Less: Current portion [12] (3,349,987 ) - Debt, long term portion $ 14,925,957 $ 1,719,326 [1] In August 2018, we received a $75,000 short-term advance. The advance is due on demand, has no interest rate, and is unsecured. During the nine months ended December 31, 2020 we made repayments of $60,000 on the debt. [2] During August 2019, we entered into a Secured Merchant Agreement for future receivables with an entity that provides quick access to working capital. On August 15, 2019, we received proceeds from this arrangement of $339,270 after paying off $316,093 and $297,033 from two separate February 2018 agreements. In accordance with the terms of the new agreement, we were required to repay $1,399,000 by making daily ACH payments of $6,823. Accordingly, we recorded $446,604 as a debt discount at the inception of the agreement, which was the difference between the funds received plus the earlier debt paid off, and the amount that was to be repaid. Effective December 10, 2019 this debt was refinanced and the outstanding balance of $839,514 was rolled into a new Secured Merchant Agreement for future receivables. Prior to the refinance, we repaid $559,486 and amortized $446,605 into interest expense related to the August 2019 arrangement. As a result of the refinancing arrangement we received proceeds of $854,801. In accordance with the terms of the agreement, we were required to repay $2,448,250 by making daily ACH payments of $10,999. Accordingly, we recorded $753,935 as a debt discount at the inception of the agreement, which was the difference between the funds received plus the earlier debt paid off, and the amount that was to be repaid. During the year ended March 31, 2020, after the refinance, we repaid $747,932 and amortized $277,232 into interest expense related to the new December 2019 agreement. During the nine months ended December 31, 2020 we amortized $442,894 into interest expense and repaid $1,071,996 to pay the debt off in full, which resulted in a gain on settlement of debt being recorded for $594,513. [3] During August 2019, we entered into a Secured Merchant Agreement for future receivables with an entity that provides quick access to working capital. In August 2019, we received proceeds from this arrangement of $418,381 after paying off $382,000 from an October 2018 agreement. In accordance with the terms of the agreement, we were required to repay $1,189,150 by making daily ACH payments of $5,801. Accordingly, we recorded $388,769 as a debt discount at the inception of the agreement, which was the difference between the funds received plus the earlier debt paid off, and the amount that was to be repaid. During the year ended March 31, 2020, we repaid $853,203 and amortized $312,912 into interest expense. During the nine months ended December 31, 2020 we repaid $330,013, recorded a $5,934 gain on settlement of debt, and amortized $75,857 into interest expense [4] In March 2020, we entered into a Convertible Promissory Note and received proceeds of $200,000 after incurring loan fees of $3,000. The note incurred interest at 10% per annum and had a maturity date of June 2, 2021. The Convertible Promissory Note had a variable conversion rate that was 65% of the average of the two lowest trading prices during the previous 15-trading-day period, subject to adjustment. Therefore, the conversion feature was accounted for as a derivative instrument (see NOTE 7). At inception, we recorded a debt discount of $203,000 and captured loan fees, recorded as interest expense, of $116,077. During the year ended March 31, 2020, we amortized $11,626 into interest expense, and recorded additional interest expense on the note of $1,446. During the nine months ended December 31, 2020, we amortized $59,916 into interest expense, and recorded additional interest expense on the note of $7,453 before we repaid the note in full for $262,649 and wrote off the derivative liability associated with the debt of $265,584 (see NOTE 7), resulting in a net gain on settlement of debt being recorded for $83,376. [5] In March 2020, we entered into a Convertible Promissory Note and received proceeds of $150,000 after incurring loan fees of $3,000. The note incurred interest at 10% per annum and had a maturity date of June 10, 2021. The Convertible Promissory Note had a variable conversion rate that was 65% of the average of the two lowest trading prices during the previous 15-trading-day period, subject to adjustment. Therefore, the conversion feature was accounted for as a derivative instrument (see NOTE 7). At inception, we recorded a debt discount of $153,000 and captured loan fees, recorded as interest expense, of $148,432. During the year ended March 31, 2020, we amortized $6,711 into interest expense, and recorded additional interest expense on the note of $838. During the nine months ended December 31, 2020, we amortized $44,960 into interest expense and recorded additional interest expense on the note of $5,617 before we repaid the note in full for $197,351 and wrote off the derivative liability associated with the debt of $203,357 (see NOTE 7), resulting in a net gain on settlement of debt being recorded for $64,132. [6] In March 2020, we received a $150,000 short-term advance. The advance is due on demand, has no interest rate, and is unsecured. During the nine months ended December 31, 2020 we made repayments of $68,750 on the debt. [7] In April 2020, we received proceeds of $400,000 after entering into a promissory note that is due six months from the funding date. Under the note six interest only payments of $16,667 are to be made on the 20 th [8] In April 2020 we received $505,300 in proceeds from the Paycheck Protection Program as established by the CARES Act as a result of a Note entered into with the U.S. Small Business Administration (“SBA”). The note has an interest rate of 1% and matures on April 1, 2022. Under the Note we were required to make monthly payments beginning November 1, 2020, however, the SBA extended the deferral period to 10 months therefore the first payment would not be due until March 2, 2021. Further, under the terms of the CARES Act the loan may be forgiven if funds are used for qualifying expenses. During the nine months ended December 31, 2020 we recorded $3,572 worth of interest expense on the Note. [9] In April 2020 we received proceeds of $500,000 from a loan entered into with the U.S. Small Business Administration. Under the terms of the loan interest is to accrue at a rate of 3.75% per annum and installment payments of $2,437 monthly will begin twelve months from the date of the loan, with all interest and principal due and payable thirty years from the date of the loan. During the nine months ended December 31, 2020 we recorded $13,048 worth of interest on the loan. [10] During the nine months ended December 31, 2020 we entered into notes with third parties for $19,089,500 in exchange for the cancellation of APEX leases previously entered into, which resulted in our purchase of all rights and obligations under the leases (see NOTE 2). We agreed to settle approximately $1,952,000 of the debt during the nine months ended December 31, 2020, at a discount to the original note terms offered, by making payments of approximately $576,000 and issuing 48,000,000 shares of our common stock (see NOTE 8). The remaining notes are all due December 31, 2024 and have a fixed monthly payment that is equal to 75% of the face value of the note, divided by 48 months. The monthly payments are to begin the last day of January 2021 and continue until December 31, 2024 when the last monthly payment will be made, along with a balloon payment equal to 25% of the face value of the note, to extinguish the debt. [11] During the nine months ended December 31, 2020 we entered into a note dated November 30, 2020 with a third party for $60,000 in exchange for the cancellation of APEX leases previously entered into, which resulted in our purchase of all rights and obligations under the leases (see NOTE 2). The note is to be repaid with two equal payments of $30,000 each. We made one $30,000 payment during December 2020 and the second $30,000 payment is due by January 30, 2021. |
Derivative Liability
Derivative Liability | 9 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Liability | NOTE 7 – DERIVATIVE LIABILITY During the nine months ended December 31, 2020, we had the following activity in our derivative liability account: Debt Warrants Total Derivative liability at March 31, 2020 $ 793,495 $ - $ 793,495 Derivative liability recorded on new instruments - 8,135 8,135 Derivative liability reduced by debt settlement (see NOTE 6) (468,941 ) - (468,941 ) (Gain) loss on fair value (324,554 ) 33,255 (291,299 ) Derivative liability at December 31, 2020 $ - $ 41,390 $ 41,390 We use the binomial option pricing model to estimate fair value for those instruments convertible into common stock, at inception, at conversion or settlement date, and at each reporting date. During the nine months ended December 31, 2020, the assumptions used in our binomial option pricing model were in the following range: Debt Warrants Risk free interest rate 0.11 - 0.17 % 0.21 - 0.38 % Expected life in years 0.80 - 1.11 4.84 - 5.00 Expected volatility 128% - 239 % 259% - 306 % |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 9 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | NOTE 8 – STOCKHOLDERS’ EQUITY (DEFICIT) Preferred Stock We are authorized to issue up to 50,000,000 shares of preferred stock with a par value of $0.001 and our board of directors has the authority to issue one or more classes of preferred stock with rights senior to those of common stock and to determine the rights, privileges, and preferences of that preferred stock. As of March 31, 2020, we had no preferred stock issued or outstanding. During the year ended March 31, 2020 our Board of Directors approved the designation of 2,000,000 of the Company’s shares of preferred stock as Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”), each with a stated value of $25 per share. Our Series B Preferred Stock holders are entitled to 500 votes per share and are entitled to receive cumulative dividends at the annual rate of 13% per annum of the stated value, equal to $3.25 per annum per share. During the nine months ended December 31, 2020 we commenced a security offering to sell a total of 2,000,000 units at $25 per unit (“Unit Offering”), such that each unit consisted of: (i) one share of our newly authorized Series B Preferred Stock and (ii) five warrants each exercisable to purchase one share of common stock at an exercise price of $0.10 per warrant share. Each Warrant offered is immediately exercisable on the date of issuance, will expire 5 years from the date of issuance, and its value has been classified as a fair value liability due to the terms of the instrument (see NOTE 7). During the nine months ended December 31, 2020 we sold 55,554 units for gross proceeds of $1,388,850, therefore recorded the issuance of 55,554 shares of Series B Preferred Stock and the grant of 277,770 warrants during the period. Of the gross proceeds, $8,135 was allocated to the warrants and recorded as a derivative liability and $1,380,715 was allocated to the preferred stock ($56 recorded as the par value and $1,380,659 allocated to additional paid in capital). Also in conjunction with the Unit Offering we paid $22,500 of offering costs which was allocated between the preferred stock and warrants. The $22,388 allocated to the preferred stock decreased additional paid in capital due to the underlying instrument being classified as equity and the $112 allocated to the warrants was immediately expensed as offering costs due to the underlying instrument being classified as a fair value liability. Preferred Stock Dividends During the nine months ended December 31, 2020 we recorded $97,384 for the cumulative cash dividends due to the shareholders of our Series B Preferred Stock and paid $26,868 of these amounts owing. As a result we recorded $70,516 as a dividend liability on our balance sheet as of December 31, 2020. Common Stock During the nine months ended December 31, 2020, we issued 82,000,000 shares of common stock and recognized professional fees of $1,640,000 based on the market value on the day of issuance. We also issued 196,000,000 shares of common stock, valued at $3,794,000 based on the market value on the day of issuance, for services and compensation, which is subject to forfeiture if the employee or contractor is not in good standing at the time the shares are fully vested. Of the $3,794,000 value we recognized $363,120 as an expense during the nine months ended December 31, 2020 and the remaining $3,430,880 will be recognized rateably over the vesting term. In addition, during the nine months ended December 31, 2020, we recognized $990,714 as expense due to the vesting of shares of common stock issued prior to March 31, 2020 and we expect to recognize an additional $733,943 subsequent to December 31, 2020 as we expense the value of the stock over the remaining vesting term. During the nine months ended December 31, 2020, we repurchased 9,079 shares of our common stock from a third party for $272 and repurchased 106,000,000 shares of our common stock from an entity that owns over 10% of our common stock for $120,000 (see NOTE 5). These shares repurchased were immediately cancelled. Also, during the nine months ended December 31, 2020 we recorded an increase in Additional Paid in Capital of $3,300,000 related to beneficial conversion features on our related party debt (see NOTE 5), recorded an increase in Additional Paid in Capital of $373,832 for accrued payroll forgiven by a member of our senior management team at the time his employment with the Company ended, and recorded an increase in Additional Paid in Capital of $117,805 for contributed capital (see NOTE 5). During the nine months ended December 31, 2020 we cancelled 200,000,000 shares returned in conjunction with the termination of a Joint Venture Agreement entered into in March of 2019, reducing common stock by $200,000, reducing additional paid in capital by $3,180,000, offset with a reduction in our prepaid asset of $2,428,044 and a reversal of previously recorded expense of $951,956. Also during the nine months ended December 31, 2020 we issued 51,000,000 shares of our common stock to settle $1,375,238 worth of debt and $56,977 worth of accounts payable. The shares were valued at $1,065,900 based on the market value at the time of issuance, therefore we recorded a gain on settlement of debt of $366,315. As of December 31, 2020 and March 31, 2020, we had 3,237,481,329 and 3,214,490,408 shares of common stock issued and outstanding, respectively. Warrants During the nine months ended December 31, 2020 we granted 277,770 warrants in conjunction with our Unit Offering. The warrants are classified as a derivative liability on our balance sheet in accordance with ASC 480, Distinguishing Liabilities from Equity, based on the warrants terms that indicate a fundamental transaction could give rise to an obligation for us to pay cash to our warrant holders (see NOTE 7). Details of our warrants outstanding as of December 31, 2020 is as follows: Exercise Price Warrants Outstanding Warrants Exercisable Weighted Average Contractual Life (Years) $ 0.10 277,770 277,770 4.59 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 9 – COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, we may be, or have been, involved in legal proceedings from time to time. During the nine months ended December 31, 2020 we were not involved in any material legal proceedings. |
Operating Lease
Operating Lease | 9 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Operating Lease | NOTE 10 – OPERATING LEASE In February 2016, the FASB issued ASU No. 2016-02, Leases In August 2019 we entered an operating lease for office space in Eatontown, New Jersey (the “Eatontown Lease”) and in September 2019 we entered an operating lease for office space in Kaysville, Utah (the “Kaysville Lease”). We have the option to extend the three year lease term of the Eatontown Lease for a period of one year. In addition, we are obligated to pay twelve monthly installments to cover an annual utility charge of $1.75 per rentable square foot for electric usage within the demised premises. As the lessor has the right to digitally meter and charge us accordingly, these payments were deemed variable and will be expensed as incurred. During the three and nine months ended December 31, 2020 the variable lease costs amounted to $831 and $2,494, respectively. At commencement of the Eatontown Lease, right-of-use assets obtained in exchange for new operating lease liabilities amounted to $110,097. At commencement of the Kaysville Lease, right-of-use assets obtained in exchange for new operating lease liabilities amounted to $21,147. On September 30, 2020, the Kaysville Lease expired and as of October 1, 2020, the Company began leasing the property located in Kaysville on a month to month basis. Operating lease expense was $11,000 and $43,794 for the three and nine months ended December 31, 2020. Operating cash flows used for the operating leases during the three and nine months ended December 31, 2020 were $12,000 and $44,794. As of December 31, 2020, the weighted average remaining lease term was 1.58 years and the weighted average discount rate was 12%. Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows: Remainder of 2021 $ 12,000 2022 48,000 2023 16,000 Total 76,000 Less: Interest (6,407 ) Present value of lease liability 69,593 Operating lease liability, current [1] (48,000 ) Operating lease liability, long term $ 21,593 [1] Represents lease payments to be made in the next 12 months |
Subsequent Events
Subsequent Events | 9 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 11 – SUBSEQUENT EVENTS Subsequent to December 31, 2020, we paid $58,421 of dividends that were accrued as of December 31, 2020. Also, subsequent to December 31, 2020, we received gross proceeds of $432,475 in connection with our Unit Offering. In accordance with ASC Topic 855, Subsequent Events, we have evaluated subsequent events through the date of this filing and have determined that there are no additional subsequent events that require disclosure. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
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 nine months ended December 31, 2020, are not necessarily indicative of the operating results that may be expected for the year ending March 31, 2021. These unaudited condensed consolidated financial statements should be read in conjunction with the March 31, 2020 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2020. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Investview, Inc., and our wholly owned subsidiaries: iGenius, LLC (formerly Kuvera, LLC), Kuvera France S.A.S., Apex Tek, LLC (formerly Razor Data, LLC), SafeTek, LLC (formerly WealthGen Global, LLC), S.A.F.E. Management, LLC, United Games, LLC, United League, LLC, Investment Tools & Training, LLC, and iGenius Global LTD (formerly Kuvera (N.I.) LTD). Through March 31, 2019 we had determined that one affiliated entity, Kuvera LATAM S.A.S., which we previously conducted business with, was a variable interest entity and we were the primary beneficiary of the entity’s activities, which, at the time, were similar to those of Kuvera, LLC (now iGenius, LLC). As a result, through March 31, 2019 we had consolidated the accounts of this variable interest entity into the consolidated financial statements. Further, because the Company did not have any ownership interest in this variable interest entity, the Company had allocated the contributed capital in the variable interest entity as a component of noncontrolling interest. As of April 1, 2019, Kuvera LATAM S.A.S. had no operations and ceased to exist, therefore, as of that date, no consolidation of the entity was necessary and we recorded a gain on deconsolidation of $53,739 to eliminate the intercompany account with Kuvera LATAM S.A.S. All intercompany transactions and balances have been eliminated in consolidation. |
Financial Statement Reclassification | Financial Statement Reclassification Certain account balances from prior periods have been reclassified in these consolidated financial statements to conform to current period classifications. |
Use of Estimates | 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. Further, it should be noted that because there is currently no specific definitive guidance under GAAP, or any alternative accounting framework, for the accounting for cryptocurrencies recognized as revenue or held, we have exercised significant judgment in determining the appropriate accounting treatment for our cryptocurrency transactions. In the event authoritative guidance is enacted by the FASB, we may be required to change our policies, which could have an effect on our consolidated financial position and results from operations. |
Foreign Exchange | Foreign Exchange We have consolidated the accounts of Kuvera France S.A.S. into our consolidated financial statements. The operations of Kuvera France S.A.S. are conducted in France and its functional currency is the Euro. The financial statements of Kuvera France S.A.S. are prepared using their functional currency and have been translated into U.S. dollars (“USD”). Assets and liabilities are translated into USD at the applicable exchange rates at period-end. Stockholders’ equity is translated using historical exchange rates. Revenue and expenses are translated at the average exchange rates for the period. Any translation adjustments are included as foreign currency translation adjustments in accumulated other comprehensive income in our stockholders’ equity (deficit). The following rates were used to translate the accounts of Kuvera France S.A.S. into USD at the following balance sheet dates. December 31, 2020 March 31, 2020 Euro to USD 1.22160 1.10314 The following rates were used to translate the accounts of Kuvera France S.A.S. into USD for the following operating periods. Nine Months Ended December 30, 2020 2019 Euro to USD 1.15480 1.11443 |
Restricted Cash | Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. December 31, 2020 March 31, 2020 Cash and cash equivalents $ 1,110,960 $ 137,177 Restricted cash, current 180,550 - Restricted cash, long term 262,939 - Total cash, cash equivalents, and restricted cash shown on the statement of cash flows $ 1,554,449 $ 137,177 Amount included in restricted cash represent funds required to be held in an escrow account by a contractual agreement and will be used for paying dividends to our Series B Preferred Stock holders. |
Cryptocurrencies | Cryptocurrencies We hold cryptocurrency-denominated assets (“cryptocurrencies”) and include them in our consolidated balance sheet as other current assets. We record cryptocurrencies at fair market value and recognize the change in the fair value of our cryptocurrencies as an unrealized gain or loss in the consolidated statements of operations. As of December 31, 2020 and March 31, 2020 the fair value of our cryptocurrencies was $655,059 and $96,022, respectively. During the nine months ended December 31, 2020 we recorded $(27,582) and $458,037 as a total realized and unrealized gain (loss) on cryptocurrency, respectively. During the nine months ended December 31, 2019 we recorded $(657) and $8,445 as a total realized and unrealized gain (loss) on cryptocurrency, respectively. During the three months ended December 31, 2020 we recorded $(28,678) and $281,220 as a total realized and unrealized gain (loss) on cryptocurrency, respectively. During the three months ended December 31, 2019 we recorded $10 and $(16,885) as a total realized and unrealized gain (loss) on cryptocurrency, respectively. |
Fixed Assets | Fixed Assets Fixed assets are stated at cost and depreciated using the straight-line method over their estimated useful lives. When retired or otherwise disposed, the carrying value and accumulated depreciation of the fixed asset is removed from its respective accounts and the net difference less any amount realized from disposition is reflected in earnings. Expenditures for maintenance and repairs which do not extend the useful lives of the related assets are expensed as incurred. As of December 31, 2020 fixed assets were made up of the following: Estimated Useful Life (years) Value Furniture, fixtures, and equipment 10 $ 12,792 Computer equipment 3 21,143 Data processing equipment 3 7,684,627 7,718,562 Accumulated depreciation as of December 31, 2020 (1,826,090 ) Net book value, December 31, 2020 $ 5,892,472 Total depreciation expense for the nine months ended December 31, 2020 and 2019, was $1,597,464 and $320,528, respectively. |
Long-lived Assets - Intangible Assets & License Agreement | Long-Lived Assets – Intangible Assets & License Agreement We account for our intangible assets and long-term license agreement in accordance with ASC Subtopic 350-30, General Intangibles Other Than Goodwill, and ASC Subtopic 360-10-05, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC Subtopic 350-30 requires assets to be measured based on the fair value of the consideration given or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. Further, ASC Subtopic 350-30 requires an intangible asset to be amortized over its useful life and for the useful life to be evaluated every reporting period to determine whether events or circumstances warrant a revision to the remaining period of amortization. If the estimate of useful life is changed the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. Costs of internally developing, maintaining, or restoring intangible assets are recognized as an expense when incurred. In June of 2017 we issued 80,000,000 shares of common stock with a value of $2,256,000 for a 15-year license agreement. Amortization recognized for the nine months ended December 31, 2020 and 2019 was $0 and $113,315, respectively, and the long-term license agreement was recorded at a net value of $0 as of December 31, 2020 and March 31, 2020 due to the asset being impaired as of March 31, 2020. In June of 2018 we purchased United Games, LLC and United League, LLC and recorded the transaction as a business combination. Intangible assets acquired in the business combination were recorded at fair value on the date of acquisition and are being amortized on a straight-line method over their estimated useful lives. As of December 31, 2020 intangible assets were made up of the following: Estimated Useful Life (years) Value FireFan mobile application 4 $ 331,000 Back office software 10 408,000 Tradename/trademark - FireFan 5 248,000 Tradename/trademark - United Games 0.45 4,000 991,000 Accumulated amortization as of December 31, 2020 (428,573 ) Net book value, December 31, 2020 $ 562,427 Amortization expense for the nine months ended December 31, 2020 and 2019 was $130,455 and $213,182, respectively. Amortization expense is expected to be as follows: Remainder of 2021 $ 42,694 Fiscal year ending March 31, 2022 173,150 Fiscal year ending March 31, 2023 173,150 Fiscal year ending March 31, 2024 32,589 Fiscal year ending March 31, 2025 6,148 Fiscal year ending March 31, 2026 and beyond 134,696 $ 562,427 |
Impairment of Long-lived Assets | Impairment of Long-Lived Assets We have adopted ASC Subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or when the historical cost carrying value of an asset may no longer be appropriate. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve break-even operating results over an extended period. We evaluate the recoverability of long-lived assets based upon future net cash flows expected to result from the asset, including eventual disposition. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted and an impairment loss is recorded equal to the difference between the asset’s carrying value and fair value or disposable value. During the nine months ended December 31, 2020 we fully impaired data processing equipment that had a cost basis of $84,939 and we fully impaired a computer that had a cost basis of $1,609 because the assets were no longer in use. The accumulated depreciation of the assets at the time they were written off was $19,903, therefore we recognized impairment expense of $66,645 for the nine months ended December 31, 2020. During the nine months ended December 31, 2019 we impaired the value of the customer contracts/relationships originally acquired in our purchase of United Games, LLC and United League, LLC, therefore recognizing impairment expense of $627,452. |
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. U.S. generally accepted accounting principles provide for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows: Level 1: Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including: - quoted prices for similar assets or liabilities in active markets; - quoted prices for identical or similar assets or liabilities in markets that are not active; - inputs other than quoted prices that are observable for the asset or liability; and - inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Inputs that are unobservable and reflect management’s own assumptions about the inputs market participants would use in pricing the asset or liability based on the best information available in the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows). Our financial instruments consist of cash, accounts receivable, accounts payable, and debt. We have determined that the book value of our outstanding financial instruments as of December 31, 2020 and March 31, 2020, approximates the fair value due to their short-term nature or interest rates that approximate prevailing market rates. Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of December 31, 2020: Level 1 Level 2 Level 3 Total Cryptocurrencies $ 655,059 $ - $ - $ 655,059 Total Assets $ 655,059 $ - $ - $ 655,059 Derivative liability $ - $ - $ 41,390 $ 41,390 Total Liabilities $ - $ - $ 41,390 $ 41,390 Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of March 31, 2020: Level 1 Level 2 Level 3 Total Cryptocurrencies $ 96,022 $ - $ - $ 96,022 Total Assets $ 96,022 $ - $ - $ 96,022 Derivative liability $ - $ - $ 793,495 $ 793,495 Total Liabilities $ - $ - $ 793,495 $ 793,495 |
Sale and Leaseback | Sale and Leaseback Through our wholly-owned subsidiary, APEX Tex, LLC, we sold high powered data processing equipment (“APEX”) to our customers and they leased the equipment back to SAFETek, LLC, another of our wholly-owned subsidiaries. We accounted for these transactions under ASC 842-40 where the leaseback has been deemed a sales-type lease due to the lease term generally covering the entire economic life of the equipment and our likelihood to purchase the asset at the end of the lease term. In accordance with ASC 842-40 we recorded the data processing equipment as a fixed asset on our balance sheet and we accounted for the amounts received for the equipment as a financial liability, in other liabilities on our balance sheet. Further, we recognized interest on the financial liability over the term of the lease to ensure the financial liability equates to the total amounts to be paid over the life of the lease. On June 30, 2020, we temporarily discontinued the APEX program to assess the delays, audit the transaction and determine our ability to meet the lease commitments. The assessment took place in July and August and indicated we would not be able to meet the APEX lease obligations and would be in default to the lease holders. In September, our board of directors voted to approve a buyback program wherein all APEX purchasers were offered a 48-month promissory note to ensure a 125% return of their purchase price in exchange for cancellation of the lease and our purchase of all rights and obligations under the lease. The buyback program also ensured all APEX purchasers were able to purchase a protection plan from a third-party provider, wherein each purchaser could protect their initial purchase price and obtain 50% of their APEX purchase price at five years or 100% of the APEX purchase price at ten years. As a result of the buyback program we were able to enter into notes with third parties totaling $19,149,500 (see NOTE 6) and notes with related parties of $237,720 (see NOTE 5) in exchange for $474,155 worth of customer advances on the APEX leases and $22,889,331 of the net APEX lease liability (see table below). The exchange resulted in a gain on settlement of debt of $117,805 with related parties, recorded as contributed capital (see NOTE 8) and a gain on settlement of debt of $3,858,461 with third parties, recorded on our income statement. During the nine months ended December 31, 2020 we had the following activity related to our sale and leaseback transactions: Total Financial Liability Contra-Liability Net Financial Liability Current [1] Long Term Balance as of March 31, 2020 $ 53,828,000 $ (38,535,336 ) $ 15,292,664 $ 11,407,200 $ 3,885,464 Proceeds from sales of APEX 5,001,623 - 5,001,623 Interest recorded on financial liability 8,348,378 (8,348,378 ) - Payments made for leased equipment (2,145,900 ) - (2,145,900 ) Interest expense - 4,740,944 4,740,944 Lease buyback and cancellation (65,032,101 ) 42,142,770 (22,889,331 ) Balance as of December 31, 2020 $ - $ - $ - $ - $ - [1] Represented lease payments that were to be made in the subsequent 12 months |
Revenue Recognition | Revenue Recognition Subscription Revenue The majority of our revenue is generated by subscription sales and payment is received at the time of purchase. We recognize subscription revenue in accordance with ASC 606-10 where revenue is measured based on a consideration specified in a contract with a customer and recognized when we satisfy the performance obligation specified in each contract. Our performance obligation is to provide services over a fixed subscription period; therefore, we recognize revenue ratably over the subscription period and deferred revenue is recorded for the portion of the subscription period subsequent to each reporting date. Additionally, we offer a 10-day trial period to first time subscription customers, during which a full refund can be requested if a customer does not like the product. Revenues are deferred during the trial period as collection is not probable until that time has passed. Revenues are presented net of refunds, sales incentives, credits, and known and estimated credit card chargebacks. Mining Revenue Through our wholly owned subsidiary, SAFETek, LLC, we lease equipment under a sales-type lease and use the equipment on blockchain networks to validate and add blocks of transactions to blockchain ledgers (commonly referred to as “mining”). As compensation for mining we are issued fees from processors and/or block rewards that are newly created cryptocurrency units granted to us. Our mining activities constitute our ongoing major and central operations of SAFETek, LLC. Because we do not have contracts, nor do we have customers associated with our mining revenue, we recognize revenue when fees and/or rewards are settled, or ultimately granted to us as a result of our mining activities. Fee Revenue We generate fee revenue from our customers through SAFE Management, our subsidiary licensed as a Registered Investment Advisor and Commodities Trading Advisor. We recognize fee revenue in accordance with ASC 606-10 where revenue is measured based on a consideration specified in a contract with a customer and recognized when we satisfy the performance obligation specified in each contract. Our performance obligation is to deliver fully managed trading services to individuals who do not meet the requirements of Qualified Investors and who lack the time to trade for themselves. We recognize fee revenue as our performance obligation is met and we receive payment for such advisory fees in the month following recognition. Revenue generated for the nine months ended December 31, 2020 is as follows: Subscription Mining Revenue Fee Revenue Total Gross billings/receipts $ 14,205,328 $ 7,863,649 $ 10,675 $ 22,079,652 Refunds, incentives, credits, and chargebacks (861,461 ) - - (861,461 ) Net revenue $ 13,343,867 $ 7,863,649 $ 10,675 $ 21,218,191 For the nine months ended December 31, 2020 foreign and domestic revenues were approximately $12.6 million and $8.6 million, respectively. Revenue generated for the nine months ended December 31, 2019 is as follows: Subscription Mining Revenue Fee Revenue Total Gross billings/receipts $ 21,214,747 $ 380,871 $ 9,486 $ 21,605,104 Refunds, incentives, credits, and chargebacks (1,887,656 ) - - (1,887,656 ) Net revenue $ 19,327,091 $ 380,871 $ 9,486 $ 19,717,448 For the nine months ended December 31, 2019 foreign and domestic revenues were approximately $18.3 million and $1.5 million, respectively. Revenue generated for the three months ended December 31, 2020 is as follows: Subscription Mining Revenue Fee Revenue Total Gross billings/receipts $ 4,046,213 $ 4,027,364 $ 2,952 $ 8,076,529 Refunds, incentives, credits, and chargebacks (201,491 ) - - (201,491 ) Net revenue $ 3,844,722 $ 4,027,364 $ 2,952 $ 7,875,038 For the three months ended December 31, 2020 foreign and domestic revenues were approximately $7.4 million and $433,000, respectively. Revenue generated for the three months ended December 31, 2019 is as follows: Subscription Mining Revenue Fee Revenue Total Gross billings/receipts $ 5,096,886 $ 380,871 $ 4,117 $ 5,481,874 Refunds, incentives, credits, and chargebacks (518,263 ) - - (518,263 ) Net revenue $ 4,578,623 $ 380,871 $ 4,117 $ 4,963,611 For the three months ended December 31, 2019 foreign and domestic revenues were approximately $4.3 million and $637,000, respectively. |
Net Income (Loss) Per Share | Net Income (Loss) per Share We follow ASC subtopic 260-10, Earnings per Share (“ASC 260-10”), which specifies the computation, presentation, and disclosure requirements of earnings per share information. Basic loss per share has been calculated based upon the weighted average number of common shares outstanding. Convertible debt, stock options, and warrants have been excluded as common stock equivalents in the diluted loss per share because their effect is anti-dilutive on the computation. Potentially dilutive securities excluded from the computation of basic and diluted net loss per share are as follows: December 31, December 31, Options to purchase common stock - - Warrants to purchase common stock 277,770 125,000 Notes convertible into common stock 481,810,758 11,080,447 Totals 482,088,528 11,205,447 |
Lease Obligation | Lease Obligation We determine if an arrangement is a lease at inception. Operating leases are included in the operating lease right-of-use asset account, the operating lease liability, current account, and the operating lease liability, long term account in our balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. For leases in which the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease arrangements is recognized on a straight-line basis over the lease term. We have elected the practical expedient and will not separate non-lease components from lease components and will instead account for |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Exchange Rates | The following rates were used to translate the accounts of Kuvera France S.A.S. into USD at the following balance sheet dates. December 31, 2020 March 31, 2020 Euro to USD 1.22160 1.10314 The following rates were used to translate the accounts of Kuvera France S.A.S. into USD for the following operating periods. Nine Months Ended December 30, 2020 2019 Euro to USD 1.15480 1.11443 |
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. December 31, 2020 March 31, 2020 Cash and cash equivalents $ 1,110,960 $ 137,177 Restricted cash, current 180,550 - Restricted cash, long term 262,939 - Total cash, cash equivalents, and restricted cash shown on the statement of cash flows $ 1,554,449 $ 137,177 |
Schedule of Fixed Assets | As of December 31, 2020 fixed assets were made up of the following: Estimated Useful Life (years) Value Furniture, fixtures, and equipment 10 $ 12,792 Computer equipment 3 21,143 Data processing equipment 3 7,684,627 7,718,562 Accumulated depreciation as of December 31, 2020 (1,826,090 ) Net book value, December 31, 2020 $ 5,892,472 |
Schedule of Long-Lived Assets | As of December 31, 2020 intangible assets were made up of the following: Estimated Useful Life (years) Value FireFan mobile application 4 $ 331,000 Back office software 10 408,000 Tradename/trademark - FireFan 5 248,000 Tradename/trademark - United Games 0.45 4,000 991,000 Accumulated amortization as of December 31, 2020 (428,573 ) Net book value, December 31, 2020 $ 562,427 |
Schedule of Amortization Expense | Amortization expense for the nine months ended December 31, 2020 and 2019 was $130,455 and $213,182, respectively. Amortization expense is expected to be as follows: Remainder of 2021 $ 42,694 Fiscal year ending March 31, 2022 173,150 Fiscal year ending March 31, 2023 173,150 Fiscal year ending March 31, 2024 32,589 Fiscal year ending March 31, 2025 6,148 Fiscal year ending March 31, 2026 and beyond 134,696 $ 562,427 |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of December 31, 2020: Level 1 Level 2 Level 3 Total Cryptocurrencies $ 655,059 $ - $ - $ 655,059 Total Assets $ 655,059 $ - $ - $ 655,059 Derivative liability $ - $ - $ 41,390 $ 41,390 Total Liabilities $ - $ - $ 41,390 $ 41,390 Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of March 31, 2020: Level 1 Level 2 Level 3 Total Cryptocurrencies $ 96,022 $ - $ - $ 96,022 Total Assets $ 96,022 $ - $ - $ 96,022 Derivative liability $ - $ - $ 793,495 $ 793,495 Total Liabilities $ - $ - $ 793,495 $ 793,495 |
Summary of Activity Related to Sale and Leaseback Transactions | During the nine months ended December 31, 2020 we had the following activity related to our sale and leaseback transactions: Total Financial Liability Contra-Liability Net Financial Liability Current [1] Long Term Balance as of March 31, 2020 $ 53,828,000 $ (38,535,336 ) $ 15,292,664 $ 11,407,200 $ 3,885,464 Proceeds from sales of APEX 5,001,623 - 5,001,623 Interest recorded on financial liability 8,348,378 (8,348,378 ) - Payments made for leased equipment (2,145,900 ) - (2,145,900 ) Interest expense - 4,740,944 4,740,944 Lease buyback and cancellation (65,032,101 ) 42,142,770 (22,889,331 ) Balance as of December 31, 2020 $ - $ - $ - $ - $ - [1] Represented lease payments that were to be made in the subsequent 12 months |
Schedule of Revenue Generated | Revenue generated for the nine months ended December 31, 2020 is as follows: Subscription Mining Revenue Fee Revenue Total Gross billings/receipts $ 14,205,328 $ 7,863,649 $ 10,675 $ 22,079,652 Refunds, incentives, credits, and chargebacks (861,461 ) - - (861,461 ) Net revenue $ 13,343,867 $ 7,863,649 $ 10,675 $ 21,218,191 For the nine months ended December 31, 2020 foreign and domestic revenues were approximately $12.6 million and $8.6 million, respectively. Revenue generated for the nine months ended December 31, 2019 is as follows: Subscription Mining Revenue Fee Revenue Total Gross billings/receipts $ 21,214,747 $ 380,871 $ 9,486 $ 21,605,104 Refunds, incentives, credits, and chargebacks (1,887,656 ) - - (1,887,656 ) Net revenue $ 19,327,091 $ 380,871 $ 9,486 $ 19,717,448 For the nine months ended December 31, 2019 foreign and domestic revenues were approximately $18.3 million and $1.5 million, respectively. Revenue generated for the three months ended December 31, 2020 is as follows: Subscription Mining Revenue Fee Revenue Total Gross billings/receipts $ 4,046,213 $ 4,027,364 $ 2,952 $ 8,076,529 Refunds, incentives, credits, and chargebacks (201,491 ) - - (201,491 ) Net revenue $ 3,844,722 $ 4,027,364 $ 2,952 $ 7,875,038 For the three months ended December 31, 2020 foreign and domestic revenues were approximately $7.4 million and $433,000, respectively. Revenue generated for the three months ended December 31, 2019 is as follows: Subscription Mining Revenue Fee Revenue Total Gross billings/receipts $ 5,096,886 $ 380,871 $ 4,117 $ 5,481,874 Refunds, incentives, credits, and chargebacks (518,263 ) - - (518,263 ) Net revenue $ 4,578,623 $ 380,871 $ 4,117 $ 4,963,611 For the three months ended December 31, 2019 foreign and domestic revenues were approximately $4.3 million and $637,000, respectively. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Potentially dilutive securities excluded from the computation of basic and diluted net loss per share are as follows: December 31, December 31, Options to purchase common stock - - Warrants to purchase common stock 277,770 125,000 Notes convertible into common stock 481,810,758 11,080,447 Totals 482,088,528 11,205,447 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Payables | Our related-party payables consisted of the following: December 31, March 31, Short-term advances [1] $ 350,000 $ 876,427 Promissory Note entered into on 1/30/20 [2] 1,183,606 1,033,333 Convertible Promissory Note entered into on 4/27/20, net of debt discount of $1,211,720 as of December 31, 2020 [3] 88,280 - Convertible Promissory Note entered into on 5/27/20, net of debt discount of $657,869 as of December 31, 2020 [4] 42,131 - Convertible Promissory Note entered into on 11/9/20, net of debt discount of $1,280,440 and including $72,675 of accrued interest as of December 31, 2020 [5] 92,236 - Accounts payable – related party [6] 105,000 55,000 Notes for APEX lease buyback [7] 172,000 - Promissory note entered into on 12/15/20, net of debt discount of $438,175 [8] 141,825 - Total related-party debt 2,175,078 1,964,760 Less: Current portion [9] (2,025,106 ) - Related-party debt, long term $ 149,972 $ 1,964,760 [1] We periodically receive advances for operating funds from our current majority shareholders and other related parties, including entities that are owned, controlled, or influenced by our owners or management. These advances are due on demand and are unsecured. During the nine months ended December 31, 2020, we received $2,406,137 in cash proceeds from advances, incurred $76,649 in interest expense on the advances, and repaid related parties $3,037,883. [2] We entered into a $1,000,000 promissory note with Joseph Cammarata, our Chief Executive Officer, on January 30, 2020. The term of the note was one year, which was amended on January 30, 2021 to have a due date of February 28, 2021, at which time the principal and interest of 20%, or $200,000 will be due. During the nine months ended December 31, 2020 we recognized $150,273 of interest expense on the note. [3] On April 27, 2020 we received proceeds of $1,300,000 from DBR Capital, LLC, an entity controlled by members of our Board of Directors, and entered into a convertible promissory note. The note is secured by shares held by officers and majority shareholders of the Company. The note bears interest at 20% per annum, payable monthly, and the principal is due and payable on April 27, 2030. Per the original terms of the agreement the note was convertible into common stock at a conversion price of $0.01257 per share, which was amended on November 9, 2020 to reduce the conversion price to $0.007 per share. At inception we recorded a beneficial conversion feature and debt discount of $1,300,000 (see NOTE 8). During the nine months ended December 31, 2020 we recognized $88,280 of the debt discount into interest expense as well as expensed an additional $176,224 of interest expense on the note, all of which was repaid during the period. [4] On May 27, 2020 we received proceeds of $700,000 from DBR Capital, LLC, an entity controlled by members of our Board of Directors, and entered into a convertible promissory note. The note bears interest at 20% per annum, payable monthly, and the principal is due and payable on April 27, 2030. Per the original terms of the agreement the note was convertible into common stock at a conversion price of $0.01257 per share, which was amended on November 9, 2020 to reduce the conversion price to $0.007 per share. At inception we recorded a beneficial conversion feature and debt discount of $700,000 (see NOTE 8). During the nine months ended December 31, 2020 we recognized $42,131 of the debt discount into interest expense as well as expensed an additional $83,615 of interest expense on the note, all of which was repaid during the period. [5] On November 9, 2020 we received proceeds of $1,300,000 from DBR Capital, LLC, an entity controlled by members of our Board of Directors, and entered into a convertible promissory note. The note bears interest at 38.5% per annum, made up of a 25% interest rate per annum and a facility fee of 13.5% per annum, payable monthly beginning February 1, 2021, and the principal is due and payable on April 27, 2030. Per the terms of the agreement the note is convertible into common stock at a conversion price of $0.007 per share. At inception we recorded a beneficial conversion feature and debt discount of $1,300,000 (see NOTE 8). During the nine months ended December 31, 2020 we recognized $19,560 of the debt discount into interest expense as well as expensed an additional $72,675 of interest expense on the note, none of which was repaid during the period. [6] During the nine months ended December 31, 2020 we paid $40,000 to an accounting firm owned by our Chief Financial Officer to reduce amounts previously owed ($55,000 as of March 31, 2020). We also incurred $68,000 to reimburse DBR Capital, LLC, for amounts paid on our behalf. The entire amount was repaid during the nine months ended December 31, 2020. Also during the nine months ended December 31, 2020 we repurchased 106,000,000 shares of our common stock from CR Capital Holdings, LLC, a shareholder that owns over 10% of our outstanding stock, for $120,000 (see NOTE 8). We agreed to pay $10,000 per month for the repurchase, therefore during the nine months ended December 31, 2020 we repaid $30,000 of the debt. [7] During the year ended March 31, 2020 we sold 83 APEX units to related parties for proceeds of $182,720, $100,000 of which was offset against short term advances that has been provided to us. Under the same terms of all other APEX unit sales, the 83 units were to pay out $500 per month for 60 months, resulting in a total amount to be repaid of $2,490,000. During the year ended March 31, 2020 we made 238 lease payments to these related parties, or $119,000, reducing the total amount to be repaid to $2,371,000 as of March 31, 2020. The liability, net of discounts, was presented as part of the total APEX financial liability on the balance sheet at March 31, 2020. During the nine months ended December 31, 2020 we made $126,100 worth of lease payments to related parties. In September of 2020 we initiated the APEX buyback program and agreed to pay our related parties $237,720 in exchange for all rights and obligations under the APEX lease (see NOTE 2). At the time of the buyback the liability owed to related parties was $355,525, which was equal to a total liability of $2,244,900 offset by a contra-liability of $1,889,375, thus we recorded a gain on the extinguishment of debt of $117,805 as contributed capital (see NOTE 8). After the buyback we repaid our related parties $65,720 of the $237,720 owed. [8] On December 15, 2020 we received proceeds of $154,000 from Wealth Engineering, an entity controlled by members of our management team and Board of Directors, and entered into a promissory note for $600,000. The term of the note requires monthly repayments of $20,000 per month for 30 months. At inception we recorded a debt discount of $446,000 representing the difference between the cash received and the total amount to be repaid. During the nine months ended December 31, 2020 we recognized $7,825 of the debt discount into interest expense and made one monthly repayment of $20,000. [9] Represents payments that are to be made in the subsequent 12 months |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our debt consisted of the following: December 31, March 31, Short-term advance received on 8/31/18 [1] $ 5,000 $ 65,000 Secured merchant agreement for future receivables entered into on 8/16/19 and - 1,223,615 Secured merchant agreement for future receivables entered into on 8/16/19 [3] - 260,090 Convertible promissory note entered into on 3/5/20 [4] - 13,072 Convertible promissory note entered into on 3/11/20 [5] - 7,549 Short-term advance received on 3/25/20 [6] 81,250 150,000 Promissory note entered into on 4/10/20 [7] - - Note issued under the Paycheck Protection Program on 4/17/20 [8] 508,872 - Loan with the U.S. Small Business Administration dated 4/19/20 [9] 513,048 - Long term notes for APEX lease buyback [10] 17,137,774 - Short-term note for APEX lease buyback [11] 30,000 - Total debt 18,275,944 1,719,326 Less: Current portion [12] (3,349,987 ) - Debt, long term portion $ 14,925,957 $ 1,719,326 [1] In August 2018, we received a $75,000 short-term advance. The advance is due on demand, has no interest rate, and is unsecured. During the nine months ended December 31, 2020 we made repayments of $60,000 on the debt. [2] During August 2019, we entered into a Secured Merchant Agreement for future receivables with an entity that provides quick access to working capital. On August 15, 2019, we received proceeds from this arrangement of $339,270 after paying off $316,093 and $297,033 from two separate February 2018 agreements. In accordance with the terms of the new agreement, we were required to repay $1,399,000 by making daily ACH payments of $6,823. Accordingly, we recorded $446,604 as a debt discount at the inception of the agreement, which was the difference between the funds received plus the earlier debt paid off, and the amount that was to be repaid. Effective December 10, 2019 this debt was refinanced and the outstanding balance of $839,514 was rolled into a new Secured Merchant Agreement for future receivables. Prior to the refinance, we repaid $559,486 and amortized $446,605 into interest expense related to the August 2019 arrangement. As a result of the refinancing arrangement we received proceeds of $854,801. In accordance with the terms of the agreement, we were required to repay $2,448,250 by making daily ACH payments of $10,999. Accordingly, we recorded $753,935 as a debt discount at the inception of the agreement, which was the difference between the funds received plus the earlier debt paid off, and the amount that was to be repaid. During the year ended March 31, 2020, after the refinance, we repaid $747,932 and amortized $277,232 into interest expense related to the new December 2019 agreement. During the nine months ended December 31, 2020 we amortized $442,894 into interest expense and repaid $1,071,996 to pay the debt off in full, which resulted in a gain on settlement of debt being recorded for $594,513. [3] During August 2019, we entered into a Secured Merchant Agreement for future receivables with an entity that provides quick access to working capital. In August 2019, we received proceeds from this arrangement of $418,381 after paying off $382,000 from an October 2018 agreement. In accordance with the terms of the agreement, we were required to repay $1,189,150 by making daily ACH payments of $5,801. Accordingly, we recorded $388,769 as a debt discount at the inception of the agreement, which was the difference between the funds received plus the earlier debt paid off, and the amount that was to be repaid. During the year ended March 31, 2020, we repaid $853,203 and amortized $312,912 into interest expense. During the nine months ended December 31, 2020 we repaid $330,013, recorded a $5,934 gain on settlement of debt, and amortized $75,857 into interest expense [4] In March 2020, we entered into a Convertible Promissory Note and received proceeds of $200,000 after incurring loan fees of $3,000. The note incurred interest at 10% per annum and had a maturity date of June 2, 2021. The Convertible Promissory Note had a variable conversion rate that was 65% of the average of the two lowest trading prices during the previous 15-trading-day period, subject to adjustment. Therefore, the conversion feature was accounted for as a derivative instrument (see NOTE 7). At inception, we recorded a debt discount of $203,000 and captured loan fees, recorded as interest expense, of $116,077. During the year ended March 31, 2020, we amortized $11,626 into interest expense, and recorded additional interest expense on the note of $1,446. During the nine months ended December 31, 2020, we amortized $59,916 into interest expense, and recorded additional interest expense on the note of $7,453 before we repaid the note in full for $262,649 and wrote off the derivative liability associated with the debt of $265,584 (see NOTE 7), resulting in a net gain on settlement of debt being recorded for $83,376. [5] In March 2020, we entered into a Convertible Promissory Note and received proceeds of $150,000 after incurring loan fees of $3,000. The note incurred interest at 10% per annum and had a maturity date of June 10, 2021. The Convertible Promissory Note had a variable conversion rate that was 65% of the average of the two lowest trading prices during the previous 15-trading-day period, subject to adjustment. Therefore, the conversion feature was accounted for as a derivative instrument (see NOTE 7). At inception, we recorded a debt discount of $153,000 and captured loan fees, recorded as interest expense, of $148,432. During the year ended March 31, 2020, we amortized $6,711 into interest expense, and recorded additional interest expense on the note of $838. During the nine months ended December 31, 2020, we amortized $44,960 into interest expense and recorded additional interest expense on the note of $5,617 before we repaid the note in full for $197,351 and wrote off the derivative liability associated with the debt of $203,357 (see NOTE 7), resulting in a net gain on settlement of debt being recorded for $64,132. [6] In March 2020, we received a $150,000 short-term advance. The advance is due on demand, has no interest rate, and is unsecured. During the nine months ended December 31, 2020 we made repayments of $68,750 on the debt. [7] In April 2020, we received proceeds of $400,000 after entering into a promissory note that is due six months from the funding date. Under the note six interest only payments of $16,667 are to be made on the 20 th [8] In April 2020 we received $505,300 in proceeds from the Paycheck Protection Program as established by the CARES Act as a result of a Note entered into with the U.S. Small Business Administration (“SBA”). The note has an interest rate of 1% and matures on April 1, 2022. Under the Note we were required to make monthly payments beginning November 1, 2020, however, the SBA extended the deferral period to 10 months therefore the first payment would not be due until March 2, 2021. Further, under the terms of the CARES Act the loan may be forgiven if funds are used for qualifying expenses. During the nine months ended December 31, 2020 we recorded $3,572 worth of interest expense on the Note. [9] In April 2020 we received proceeds of $500,000 from a loan entered into with the U.S. Small Business Administration. Under the terms of the loan interest is to accrue at a rate of 3.75% per annum and installment payments of $2,437 monthly will begin twelve months from the date of the loan, with all interest and principal due and payable thirty years from the date of the loan. During the nine months ended December 31, 2020 we recorded $13,048 worth of interest on the loan. [10] During the nine months ended December 31, 2020 we entered into notes with third parties for $19,089,500 in exchange for the cancellation of APEX leases previously entered into, which resulted in our purchase of all rights and obligations under the leases (see NOTE 2). We agreed to settle approximately $1,952,000 of the debt during the nine months ended December 31, 2020, at a discount to the original note terms offered, by making payments of approximately $576,000 and issuing 48,000,000 shares of our common stock (see NOTE 8). The remaining notes are all due December 31, 2024 and have a fixed monthly payment that is equal to 75% of the face value of the note, divided by 48 months. The monthly payments are to begin the last day of January 2021 and continue until December 31, 2024 when the last monthly payment will be made, along with a balloon payment equal to 25% of the face value of the note, to extinguish the debt. [11] During the nine months ended December 31, 2020 we entered into a note dated November 30, 2020 with a third party for $60,000 in exchange for the cancellation of APEX leases previously entered into, which resulted in our purchase of all rights and obligations under the leases (see NOTE 2). The note is to be repaid with two equal payments of $30,000 each. We made one $30,000 payment during December 2020 and the second $30,000 payment is due by January 30, 2021. |
Derivative Liability (Tables)
Derivative Liability (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Liability | During the nine months ended December 31, 2020, we had the following activity in our derivative liability account: Debt Warrants Total Derivative liability at March 31, 2020 $ 793,495 $ - $ 793,495 Derivative liability recorded on new instruments - 8,135 8,135 Derivative liability reduced by debt settlement (see NOTE 6) (468,941 ) - (468,941 ) (Gain) loss on fair value (324,554 ) 33,255 (291,299 ) Derivative liability at December 31, 2020 $ - $ 41,390 $ 41,390 |
Schedule of Assumptions Used in Binominal Option Pricing Model | During the nine months ended December 31, 2020, the assumptions used in our binomial option pricing model were in the following range: Debt Warrants Risk free interest rate 0.11 - 0.17 % 0.21 - 0.38 % Expected life in years 0.80 - 1.11 4.84 - 5.00 Expected volatility 128% - 239 % 259% - 306 % |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Warrants Outstanding | Details of our warrants outstanding as of December 31, 2020 is as follows: Exercise Price Warrants Outstanding Warrants Exercisable Weighted Average Contractual Life (Years) $ 0.10 277,770 277,770 4.59 |
Operating Lease (Tables)
Operating Lease (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments Under Non-cancellable Leases | Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows: Remainder of 2021 $ 12,000 2022 48,000 2023 16,000 Total 76,000 Less: Interest (6,407 ) Present value of lease liability 69,593 Operating lease liability, current [1] (48,000 ) Operating lease liability, long term $ 21,593 [1] Represents lease payments to be made in the next 12 months |
Organization and Nature of Bu_2
Organization and Nature of Business (Details Narrative) - USD ($) | Jul. 20, 2018 | Jun. 06, 2017 | Mar. 31, 2017 | Dec. 31, 2020 |
Entity incorporation, date of incorporation | Jan. 30, 1946 | |||
Contribution Agreement [Member] | Wealth Generators, LLC [Member] | ||||
Percentage on contributed shares | 100.00% | |||
Number of shares exchanged for common stock | 1,358,670,942 | |||
Acquisition Agreement [Member] | Market Trend Strategies, LLC [Member] | ||||
Value pre-merger liabilities | $ 419,139 | |||
Purchase Agreement [Member] | United Games Marketing, LLC [Member] | ||||
Number of shares purchased | 50,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Jun. 30, 2020 | Apr. 02, 2019 | Jun. 30, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 |
Gain on deconsolidation | $ 53,739 | |||||||
Other assets current | 655,059 | 655,059 | $ 96,022 | |||||
Realized (gain) loss on cryptocurrency | (28,678) | 10 | (27,582) | (657) | ||||
Unrealized (gain) loss on cryptocurrency | 281,220 | (16,885) | 458,037 | 8,445 | ||||
Depreciation expense | 1,597,464 | 320,528 | ||||||
Amortization | 0 | 113,315 | ||||||
Long-term license agreement | 0 | 0 | 0 | |||||
Amortization expense | 130,455 | 213,182 | ||||||
Impairment of long lived assets | ||||||||
Property plant and equipment depreciation | 19,903 | 19,903 | ||||||
Impairment expense | 66,645 | 627,452 | ||||||
Revenue | 7,875,038 | 4,963,611 | 21,218,191 | 19,717,448 | ||||
Notes receivable, third parties | 18,275,944 | 18,275,944 | $ 1,719,326 | |||||
Gain on settlement of debt, related party | 4,238,810 | 443,907 | 5,068,747 | 1,725,384 | ||||
Sale and Leaseback [Member] | Total Financial Liability [Member] | ||||||||
Finance lease, liability | (65,032,101) | |||||||
Foreign Revenues [Member] | ||||||||
Revenue | 7,400,000 | 4,300,000 | 12,600,000 | 18,300,000 | ||||
Domestic Revenue [Member] | ||||||||
Revenue | 433,000 | $ 637,000 | 8,600,000 | $ 1,500,000 | ||||
License Agreement [Member] | ||||||||
Number of shares issued during period | 80,000,000 | |||||||
Value of shares issued during period | $ 2,256,000 | |||||||
Agreement term | 15 years | |||||||
Equipment [Member] | ||||||||
Impairment of long lived assets | 84,939 | |||||||
Computer Equipment [Member] | ||||||||
Impairment of long lived assets | 1,609 | |||||||
Kuvera LATAM S.A.S [Member] | ||||||||
Gain on deconsolidation | $ 53,739 | |||||||
APEX Tex LLC [Member] | ||||||||
Notes receivable, related parties | 19,089,500 | 19,089,500 | ||||||
APEX Tex LLC [Member] | Sale and Leaseback [Member] | ||||||||
Notes receivable, third parties | 19,149,500 | 19,149,500 | ||||||
Notes receivable, related parties | 237,720 | 237,720 | ||||||
Customer advances | $ 474,155 | 474,155 | ||||||
Gain on settlement of debt, related party | 117,805 | |||||||
Gain on settlement of debt, third party | 3,858,461 | |||||||
APEX Tex LLC [Member] | Sale and Leaseback [Member] | Total Financial Liability [Member] | ||||||||
Finance lease, liability | $ 22,889,331 | |||||||
APEX Tex LLC [Member] | Sale and Leaseback [Member] | Board of Directors [Member] | ||||||||
Percentage of return on purchase price cancellation | 125.00% | |||||||
Sale leaseback transaction, description | The buyback program also ensured all APEX purchasers were able to purchase a protection plan from a third-party provider, wherein each purchaser could protect their initial purchase price and obtain 50% of their APEX purchase price at five years or 100% of the APEX purchase price at ten years. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Exchange Rates (Details) - Euro to USD [Member] | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Exchange Rate at Balance Sheet Dates | 1.22160 | 1.10314 | |
Exchange Rate for Operating Periods | 1.15480 | 1.11443 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 1,110,960 | $ 137,177 | ||
Restricted cash, current | 180,550 | |||
Restricted cash, long term | 262,939 | |||
Total cash, cash equivalents, and restricted cash shown on the statement of cash flows | $ 1,554,449 | $ 137,177 | $ 263,600 | $ 133,644 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Fixed Assets (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2020 | |
Property, plant and equipment, gross | $ 7,718,562 | |
Accumulated depreciation | (1,826,090) | |
Net book value | $ 5,892,472 | $ 2,997,611 |
Furniture, Fixtures, and Equipment [Member] | ||
Estimated useful life of fixed assets | 10 years | |
Property, plant and equipment, gross | $ 12,792 | |
Computer Equipment [Member] | ||
Estimated useful life of fixed assets | 3 years | |
Property, plant and equipment, gross | $ 21,143 | |
Data Processing Equipment [Member] | ||
Estimated useful life of fixed assets | 3 years | |
Property, plant and equipment, gross | $ 7,684,627 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Long-Lived Assets (Details) | 9 Months Ended |
Dec. 31, 2020USD ($) | |
Long-lived intangible assets | $ 991,000 |
Accumulated amortization | (428,573) |
Net book value | $ 562,427 |
FireFan Mobile Application [Member] | |
Estimated Useful Life | 4 years |
Long-lived intangible assets | $ 331,000 |
Back Office Software [Member] | |
Estimated Useful Life | 10 years |
Long-lived intangible assets | $ 408,000 |
Tradename/Trademark - FireFan [Member] | |
Estimated Useful Life | 5 years |
Long-lived intangible assets | $ 248,000 |
Tradename/Trademark - United Games [Member] | |
Estimated Useful Life | 5 months 12 days |
Long-lived intangible assets | $ 4,000 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Amortization Expense (Details) | Dec. 31, 2020USD ($) |
Accounting Policies [Abstract] | |
Remainder of 2021 | $ 42,694 |
Fiscal year ending March 31, 2022 | 173,150 |
Fiscal year ending March 31, 2023 | 173,150 |
Fiscal year ending March 31, 2024 | 32,589 |
Fiscal year ending March 31, 2025 | 6,148 |
Fiscal year ending March 31, 2026 and beyond | 134,696 |
Net book value | $ 562,427 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Cryptocurrencies | $ 655,059 | $ 96,022 |
Total Assets | 655,059 | 96,022 |
Derivative liability | 41,390 | 793,495 |
Total Liabilities | 41,390 | 793,495 |
Level 1 [Member] | ||
Cryptocurrencies | 655,059 | 96,022 |
Total Assets | 655,059 | 96,022 |
Derivative liability | ||
Total Liabilities | ||
Level 2 [Member] | ||
Cryptocurrencies | ||
Total Assets | ||
Derivative liability | ||
Total Liabilities | ||
Level 3 [Member] | ||
Cryptocurrencies | ||
Total Assets | ||
Derivative liability | 41,390 | 793,495 |
Total Liabilities | $ 41,390 | $ 793,495 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Summary of Activity Related to Sale and Leaseback Transactions (Details) | 9 Months Ended | |
Dec. 31, 2020USD ($) | ||
Beginning balance, long term | $ 3,885,464 | |
Ending balance, long term | ||
Sale and Leaseback [Member] | ||
Beginning balance, current | 11,407,200 | [1] |
Beginning balance, long term | 3,885,464 | |
Ending balance, current | [1] | |
Ending balance, long term | ||
Total Financial Liability [Member] | Sale and Leaseback [Member] | ||
Beginning balance, current | 53,828,000 | |
Proceeds from sales of APEX | 5,001,623 | |
Interest recognized on financial liability | 8,348,378 | |
Payments made for leased equipment | (2,145,900) | |
Interest expense | ||
Lease buyback and cancellation | (65,032,101) | |
Ending balance, current | ||
Contra Liability [Member] | Sale and Leaseback [Member] | ||
Beginning balance, current | (38,535,336) | |
Proceeds from sales of APEX | ||
Interest recognized on financial liability | (8,348,378) | |
Payments made for leased equipment | ||
Interest expense | 4,740,944 | |
Lease buyback and cancellation | 42,142,770 | |
Ending balance, current | ||
Net Financial Liability [Member] | Sale and Leaseback [Member] | ||
Beginning balance, current | 15,292,664 | |
Proceeds from sales of APEX | 5,001,623 | |
Interest recognized on financial liability | ||
Payments made for leased equipment | (2,145,900) | |
Interest expense | 4,740,944 | |
Lease buyback and cancellation | (22,889,331) | |
Ending balance, current | ||
[1] | Represented lease payments that were to be made in the subsequent 12 months. |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Schedule of Revenue Generated (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Gross billings/receipts | $ 8,076,529 | $ 5,481,874 | $ 22,079,652 | $ 21,605,104 |
Refunds, incentives, credits, and chargebacks | (201,491) | (518,263) | (861,461) | (1,887,656) |
Net revenue | 7,875,038 | 4,963,611 | 21,218,191 | 19,717,448 |
Subscription Revenue [Member] | ||||
Gross billings/receipts | 4,046,213 | 5,096,886 | 14,205,328 | 21,214,747 |
Refunds, incentives, credits, and chargebacks | (201,491) | (518,263) | (861,461) | (1,887,656) |
Net revenue | 3,844,722 | 4,578,623 | 13,343,867 | 19,327,091 |
Mining Revenue [Member] | ||||
Gross billings/receipts | 4,027,364 | 380,871 | 7,863,649 | 380,871 |
Refunds, incentives, credits, and chargebacks | ||||
Net revenue | 4,027,364 | 380,871 | 7,863,649 | 380,871 |
Fee Revenue [Member] | ||||
Gross billings/receipts | 2,952 | 4,117 | 10,675 | 9,486 |
Refunds, incentives, credits, and chargebacks | ||||
Net revenue | $ 2,952 | $ 4,117 | $ 10,675 | $ 9,486 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 482,088,528 | 11,205,447 |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ||
Warrants to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 277,770 | 125,000 |
Note Convertible into Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 481,810,758 | 11,080,447 |
Going Concern and Liquidity (De
Going Concern and Liquidity (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Feb. 11, 2021 | Apr. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Accumulated deficit | $ 50,855,326 | $ 50,855,326 | $ 46,382,174 | ||||||||
Net loss | 1,725,779 | $ (1,187,760) | $ (4,913,787) | $ (3,827,928) | $ (1,753,566) | $ (3,005,955) | (4,375,768) | $ (8,587,449) | |||
Working capital deficit | $ 4,713,286 | 4,713,286 | |||||||||
Proceeds from new debt arrangements | $ 432,475 | 1,405,300 | |||||||||
Proceeds from related parties | 5,928,137 | ||||||||||
Net cash provided by operations | $ 1,669,219 | $ 4,690,473 | |||||||||
On or Before August 31, 2021 [Member] | |||||||||||
Purchase of promissory notes | $ 7,700,000 |
Related-Party Transactions - Sc
Related-Party Transactions - Schedule of Related Party Payables (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |||
Short-term advances | [1] | $ 350,000 | $ 876,427 |
Promissory Note entered into on 1/30/20 | [2] | 1,183,606 | 1,033,333 |
Convertible Promissory Note entered into on 4/27/20, net of debt discount of $1,211,720 as of December 31, 2020 | [3] | 88,280 | |
Convertible Promissory Note entered into on 5/27/20, net of debt discount of $657,869 as of December 31, 2020 | [4] | 42,131 | |
Convertible Promissory Note entered into on 11/9/20, net of debt discount of $1,280,440 and including $72,675 of accrued interest as of December 31, 2020 [5] | [5] | 92,236 | |
Accounts payable - related party | [6] | 105,000 | 55,000 |
Notes for APEX lease buyback | [7] | 172,000 | |
Promissory note entered into on 12/15/20, net of debt discount of $438,175 | [8] | 141,825 | |
Total related-party debt | 2,175,078 | 1,964,760 | |
Less: Current portion | [9] | (2,025,106) | (1,964,760) |
Related-party debt, long term | $ 149,972 | ||
[1] | We periodically receive advances for operating funds from our current majority shareholders and other related parties, including entities that are owned, controlled, or influenced by our owners or management. These advances are due on demand and are unsecured. During the nine months ended December 31, 2020, we received $2,406,137 in cash proceeds from advances, incurred $76,649 in interest expense on the advances, and repaid related parties $3,037,883. | ||
[2] | We entered into a $1,000,000 promissory note with Joseph Cammarata, our Chief Executive Officer, on January 30, 2020. The note is collateralized by 62.5 million of our common shares. The term of the note was one year, which was amended on January 30, 2021 to have a due date of February 28, 2021, at which time the principal and interest of 20%, or $200,000 will be due. During the nine months ended December 31, 2020 we recognized $150,273 of interest expense on the note. | ||
[3] | On April 27, 2020 we received proceeds of $1,300,000 from DBR Capital, LLC, an entity controlled by members of our Board of Directors, and entered into a convertible promissory note. The note is secured by shares held by officers and majority shareholders of the Company. The note bears interest at 20% per annum, payable monthly, and the principal is due and payable on April 27, 2030. Per the original terms of the agreement the note was convertible into common stock at a conversion price of $0.01257 per share, which was amended on November 9, 2020 to reduce the conversion price to $0.007 per share. At inception we recorded a beneficial conversion feature and debt discount of $1,300,000 (see NOTE 8). During the nine months ended December 31, 2020 we recognized $88,280 of the debt discount into interest expense as well as expensed an additional $176,224 of interest expense on the note, all of which was repaid during the period. | ||
[4] | On May 27, 2020 we received proceeds of $700,000 from DBR Capital, LLC, an entity controlled by members of our Board of Directors, and entered into a convertible promissory note. The note is secured by shares held by officers and majority shareholders of the Company. The note bears interest at 20% per annum, payable monthly, and the principal is due and payable on April 27, 2030. Per the original terms of the agreement the note was convertible into common stock at a conversion price of $0.01257 per share, which was amended on November 9, 2020 to reduce the conversion price to $0.007 per share. At inception we recorded a beneficial conversion feature and debt discount of $700,000 (see NOTE 8). During the nine months ended December 31, 2020 we recognized $42,131 of the debt discount into interest expense as well as expensed an additional $83,615 of interest expense on the note, all of which was repaid during the period. | ||
[5] | On November 9, 2020 we received proceeds of $1,300,000 from DBR Capital, LLC, an entity controlled by members of our Board of Directors, and entered into a convertible promissory note. The note is secured by shares held by officers and majority shareholders of the Company. The note bears interest at 38.5% per annum, made up of a 25% interest rate per annum and a facility fee of 13.5% per annum, payable monthly beginning February 1, 2021, and the principal is due and payable on April 27, 2030. Per the terms of the agreement the note is convertible into common stock at a conversion price of $0.007 per share. At inception we recorded a beneficial conversion feature and debt discount of $1,300,000 (see NOTE 8). During the nine months ended December 31, 2020 we recognized $19,560 of the debt discount into interest expense as well as expensed an additional $72,675 of interest expense on the note, none of which was repaid during the period. | ||
[6] | During the nine months ended December 31, 2020 we paid $40,000 to an accounting firm owned by our Chief Financial Officer to reduce amounts previously owed ($55,000 as of March 31, 2020). We also incurred $68,000 to reimburse DBR Capital, LLC, for amounts paid on our behalf. The entire amount was repaid during the nine months ended December 31, 2020. Also during the nine months ended December 31, 2020 we repurchased 106,000,000 shares of our common stock from CR Capital Holdings, LLC, a shareholder that owns over 10% of our outstanding stock, for $120,000 (see NOTE 8). We agreed to pay $10,000 per month for the repurchase, therefore during the nine months ended December 31, 2020 we repaid $30,000 of the debt. | ||
[7] | During the year ended March 31, 2020 we sold 83 APEX units to related parties for proceeds of $182,720, $100,000 of which was offset against short term advances that has been provided to us. Under the same terms of all other APEX unit sales, the 83 units were to pay out $500 per month for 60 months, resulting in a total amount to be repaid of $2,490,000. During the year ended March 31, 2020 we made 238 lease payments to these related parties, or $119,000, reducing the total amount to be repaid to $2,371,000 as of March 31, 2020. The liability, net of discounts, was presented as part of the total APEX financial liability on the balance sheet at March 31, 2020. During the nine months ended December 31, 2020 we made $126,100 worth of lease payments to related parties. In September of 2020 we initiated the APEX buyback program and agreed to pay our related parties $237,720 in exchange for all rights and obligations under the APEX lease (see NOTE 2). At the time of the buyback the liability owed to related parties was $355,525, which was equal to a total liability of $2,244,900 offset by a contra-liability of $1,889,375, thus we recorded a gain on the extinguishment of debt of $117,805 as contributed capital (see NOTE 8). After the buyback we repaid our related parties $65,720 of the $237,720 owed. | ||
[8] | On December 15, 2020 we received proceeds of $154,000 from Wealth Engineering, an entity controlled by members of our management team and Board of Directors, and entered into a promissory note for $600,000. The term of the note requires monthly repayments of $20,000 per month for 30 months. At inception we recorded a debt discount of $446,000 representing the difference between the cash received and the total amount to be repaid. During the nine months ended December 31, 2020 we recognized $7,825 of the debt discount into interest expense and made one monthly repayment of $20,000. | ||
[9] | Represents payments that are to be made in the subsequent 12 months |
Related-Party Transactions - _2
Related-Party Transactions - Schedule of Related Party Payables (Details) (Parenthetical) | Dec. 15, 2020USD ($) | Nov. 09, 2020USD ($) | May 27, 2020USD ($)$ / shares | Apr. 27, 2020USD ($)$ / shares | Jan. 30, 2020USD ($)shares | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($)Integer | Aug. 31, 2018USD ($) | Dec. 31, 2020USD ($)$ / shares | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($) | Mar. 31, 2020USD ($)Integershares | |
Proceeds from related parties | $ 5,928,137 | $ 2,164,500 | |||||||||||||
Repayments for related party debt | 3,521,441 | 1,754,500 | |||||||||||||
Promissory note | $ 1,719,326 | $ 18,275,944 | $ 18,275,944 | $ 1,719,326 | |||||||||||
Debt instrument due date | Dec. 31, 2024 | ||||||||||||||
Debt instrument interest percentage | 75.00% | 75.00% | |||||||||||||
Number of common stock repurchased | $ 272 | ||||||||||||||
Repayments of debt | $ 3,096,750 | 3,801,562 | |||||||||||||
Sale of stock | shares | 55,554 | ||||||||||||||
Short term debt | $ 75,000 | ||||||||||||||
Lease payments to related parties | 126,100 | ||||||||||||||
Gain on extinguishment of debt | $ 4,238,810 | $ 443,907 | $ 5,068,747 | $ 1,725,384 | |||||||||||
Related parties | [1] | $ 1,964,760 | 2,025,106 | 2,025,106 | 1,964,760 | ||||||||||
APEX Buyback Program [Member] | |||||||||||||||
Repayments for related party debt | $ 237,720 | ||||||||||||||
Buyback liability related party | 355,525 | ||||||||||||||
Buyback liability | 2,244,900 | ||||||||||||||
Offset contra-liability | 1,889,375 | ||||||||||||||
Gain on extinguishment of debt | 117,805 | ||||||||||||||
Related parties | 65,720 | ||||||||||||||
Related parties owned | $ 237,720 | ||||||||||||||
APEX Tex LLC [Member] | |||||||||||||||
Proceeds from related parties | 182,720 | ||||||||||||||
Repayments for related party debt | 2,490,000 | ||||||||||||||
Repayments of debt | $ 2,371,000 | ||||||||||||||
Sale of stock | shares | 83 | ||||||||||||||
Short term debt | $ 100,000 | ||||||||||||||
Number of lease payment | Integer | 238 | 238 | |||||||||||||
Lease payments to related parties | $ 119,000 | ||||||||||||||
APEX Tex LLC [Member] | 60 Months [Member] | |||||||||||||||
Repayments for related party debt | $ 500 | ||||||||||||||
Debt term | 60 months | ||||||||||||||
Convertible Promissory Note [Member] | |||||||||||||||
Interest expense | $ 116,077 | 59,916 | $ 11,626 | ||||||||||||
Debt instrument due date | Jun. 2, 2021 | ||||||||||||||
Debt instrument interest percentage | 10.00% | 10.00% | |||||||||||||
Debt discount | $ 203,000 | $ 203,000 | |||||||||||||
Convertible Promissory Note Two [Member] | |||||||||||||||
Interest expense | $ 148,432 | 44,960 | $ 6,711 | ||||||||||||
Debt instrument due date | Jun. 10, 2021 | ||||||||||||||
Debt instrument interest percentage | 10.00% | 10.00% | |||||||||||||
Debt discount | $ 153,000 | $ 153,000 | |||||||||||||
Joeseph Cammarata [Member] | |||||||||||||||
Interest expense | 150,273 | ||||||||||||||
Promissory note | $ 1,000,000 | ||||||||||||||
Debt collateralized commmon shares | shares | 62,500,000 | ||||||||||||||
Debt term | 1 year | ||||||||||||||
Debt instrument due date | Feb. 28, 2021 | ||||||||||||||
Debt instrument interest percentage | 20.00% | ||||||||||||||
Debt due amount | $ 200,000 | ||||||||||||||
Board of Directors [Member] | Wealth Engineering [Member] | |||||||||||||||
Proceeds from related parties | $ 154,000 | ||||||||||||||
Promissory note | 600,000 | ||||||||||||||
Debt discount | 446,000 | $ 7,825 | 7,825 | ||||||||||||
Board of Directors [Member] | Wealth Engineering [Member] | 30 Months [Member] | |||||||||||||||
Repayments for related party debt | $ 20,000 | ||||||||||||||
Debt term | 30 months | ||||||||||||||
Board of Directors [Member] | Wealth Engineering [Member] | One Monthly [Member] | |||||||||||||||
Repayments for related party debt | 20,000 | ||||||||||||||
Majority Shareholders and Other Related Parties [Member] | |||||||||||||||
Proceeds from related parties | 2,406,137 | ||||||||||||||
Interest expense | 76,649 | ||||||||||||||
Repayments for related party debt | 3,037,883 | ||||||||||||||
DBR Capital, LLC [Member] | |||||||||||||||
Incurred reimbursement | 68,000 | ||||||||||||||
DBR Capital, LLC [Member] | Board of Directors [Member] | Convertible Promissory Note [Member] | |||||||||||||||
Proceeds from related parties | $ 1,300,000 | ||||||||||||||
Interest expense | $ 176,224 | ||||||||||||||
Debt instrument due date | Apr. 27, 2030 | ||||||||||||||
Debt instrument interest percentage | 20.00% | ||||||||||||||
Debt conversion price | $ / shares | $ 0.01257 | $ 0.007 | $ 0.007 | ||||||||||||
Beneficial conversion feature | $ 1,300,000 | ||||||||||||||
Debt discount | $ 88,280 | $ 88,280 | |||||||||||||
DBR Capital, LLC [Member] | Board of Directors [Member] | Convertible Promissory Note [Member] | |||||||||||||||
Proceeds from related parties | $ 700,000 | ||||||||||||||
Interest expense | $ 83,615 | ||||||||||||||
Debt instrument due date | Apr. 27, 2030 | ||||||||||||||
Debt instrument interest percentage | 20.00% | ||||||||||||||
Debt conversion price | $ / shares | $ 0.01257 | $ 0.007 | $ 0.007 | ||||||||||||
Beneficial conversion feature | $ 700,000 | ||||||||||||||
Debt discount | $ 42,131 | $ 42,131 | |||||||||||||
DBR Capital, LLC [Member] | Board of Directors [Member] | Convertible Promissory Note Two [Member] | |||||||||||||||
Proceeds from related parties | $ 1,300,000 | ||||||||||||||
Interest expense | $ 72,675 | ||||||||||||||
Debt instrument due date | Apr. 27, 2030 | ||||||||||||||
Debt instrument interest percentage | 38.50% | ||||||||||||||
Debt conversion price | $ / shares | $ 0.007 | $ 0.007 | |||||||||||||
Beneficial conversion feature | $ 1,300,000 | ||||||||||||||
Debt discount | $ 19,560 | $ 19,560 | |||||||||||||
Interest rate | 25.00% | ||||||||||||||
Facility fee percentage | 13.50% | ||||||||||||||
Accounting Firm [Member] | |||||||||||||||
Number of common stock repurchased | 10,000 | ||||||||||||||
Repayments of debt | $ 30,000 | ||||||||||||||
Accounting Firm [Member] | CR Capital Holdings, LLC [Member] | |||||||||||||||
Number of common stock repurchased, shares | shares | 106,000,000 | ||||||||||||||
Equity ownership percentage | 10.00% | 10.00% | |||||||||||||
Number of common stock repurchased | $ 120,000 | ||||||||||||||
Accounting Firm [Member] | Chief Financial Officer [Member] | |||||||||||||||
Repayments for related party debt | $ 40,000 | $ 55,000 | |||||||||||||
[1] | Represents payments that are to be made in the subsequent 12 months |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | |
Total debt | $ 18,275,944 | $ 1,719,326 | |
Less: Current portion | (3,349,987) | (1,719,326) | |
Debt, long term portion | 14,925,957 | ||
Long term Notes for APEX Lease Buyback [Member] | |||
Total debt | [1] | 17,137,774 | |
Short-term Note for APEX Lease Buyback [Member] | |||
Total debt | [2] | 30,000 | |
Short-term Advance Received on 8/31/18 [Member] | |||
Total debt | [3] | 5,000 | 65,000 |
Secured Merchant Agreement for Future Receivables Entered into on 8/16/19 and Refinanced on 12/10/19 [Member] | |||
Total debt | [4] | 1,223,615 | |
Secured Merchant Agreement for Future Receivables Entered into on 8/16/19 [Member] | |||
Total debt | [5] | 260,090 | |
Convertible Promissory Note Entered into on 3/5/20 [Member] | |||
Total debt | [6] | 13,072 | |
Convertible Promissory Note Entered into on 3/11/20 [Member] | |||
Total debt | [7] | 7,549 | |
Short-term Advance Received on 3/25/20 [Member] | |||
Total debt | [8] | 81,250 | 150,000 |
Promissory Note Entered into on 4/10/20 [Member] | |||
Total debt | [9] | ||
Notes Issued under the Paycheck Protection Program on 4/17/20 [Member] | |||
Total debt | [10] | 508,872 | |
Loan with the Small Business Administration Dated 4/19/20 [Member] | |||
Total debt | [11] | $ 513,048 | |
[1] | During the nine months ended December 31, 2020 we entered into notes with third parties for $19,089,500 in exchange for the cancellation of APEX leases previously entered into, which resulted in our purchase of all rights and obligations under the leases (see NOTE 2). We agreed to settle approximately $1,952,000 of the debt during the nine months ended December 31, 2020, at a discount to the original note terms offered, by making payments of approximately $576,000 and issuing 48,000,000 shares of our common stock (see NOTE 8). The remaining notes are all due December 31, 2024 and have a fixed monthly payment that is equal to 75% of the face value of the note, divided by 48 months. The monthly payments are to begin the last day of January 2021 and continue until December 31, 2024 when the last monthly payment will be made, along with a balloon payment equal to 25% of the face value of the note, to extinguish the debt. | ||
[2] | During the nine months ended December 31, 2020 we entered into a note dated November 30, 2020 with a third party for $60,000 in exchange for the cancellation of APEX leases previously entered into, which resulted in our purchase of all rights and obligations under the leases (see NOTE 2). The note is to be repaid with two equal payments of $30,000 each. We made one $30,000 payment during December 2020 and the second $30,000 payment is due by January 30, 2021. | ||
[3] | In August 2018, we received a $75,000 short-term advance. The advance is due on demand, has no interest rate, and is unsecured. During the nine months ended December 31, 2020 we made repayments of $60,000 on the debt. | ||
[4] | During August 2019, we entered into a Secured Merchant Agreement for future receivables with an entity that provides quick access to working capital. On August 15, 2019, we received proceeds from this arrangement of $339,270 after paying off $316,093 and $297,033 from two separate February 2018 agreements. In accordance with the terms of the new agreement, we were required to repay $1,399,000 by making daily ACH payments of $6,823. Accordingly, we recorded $446,604 as a debt discount at the inception of the agreement, which was the difference between the funds received plus the earlier debt paid off, and the amount that was to be repaid. Effective December 10, 2019 this debt was refinanced and the outstanding balance of $839,514 was rolled into a new Secured Merchant Agreement for future receivables. Prior to the refinance, we repaid $559,486 and amortized $446,605 into interest expense related to the August 2019 arrangement. As a result of the refinancing arrangement we received proceeds of $854,801. In accordance with the terms of the agreement, we were required to repay $2,448,250 by making daily ACH payments of $10,999. Accordingly, we recorded $753,935 as a debt discount at the inception of the agreement, which was the difference between the funds received plus the earlier debt paid off, and the amount that was to be repaid. During the year ended March 31, 2020, after the refinance, we repaid $747,932 and amortized $277,232 into interest expense related to the new December 2019 agreement. During the nine months ended December 31, 2020 we amortized $442,894 into interest expense and repaid $1,071,996 to pay the debt off in full, which resulted in a gain on settlement of debt being recorded for $594,513. | ||
[5] | During August 2019, we entered into a Secured Merchant Agreement for future receivables with an entity that provides quick access to working capital. In August 2019, we received proceeds from this arrangement of $418,381 after paying off $382,000 from an October 2018 agreement. In accordance with the terms of the agreement, we were required to repay $1,189,150 by making daily ACH payments of $5,801. Accordingly, we recorded $388,769 as a debt discount at the inception of the agreement, which was the difference between the funds received plus the earlier debt paid off, and the amount that was to be repaid. During the year ended March 31, 2020, we repaid $853,203 and amortized $312,912 into interest expense. During the nine months ended December 31, 2020 we repaid $330,013, recorded a $5,934 gain on settlement of debt, and amortized $75,857 into interest expense | ||
[6] | In March 2020, we entered into a Convertible Promissory Note and received proceeds of $200,000 after incurring loan fees of $3,000. The note incurred interest at 10% per annum and had a maturity date of June 2, 2021. The Convertible Promissory Note had a variable conversion rate that was 65% of the average of the two lowest trading prices during the previous 15-trading-day period, subject to adjustment. Therefore, the conversion feature was accounted for as a derivative instrument (see NOTE 7). At inception, we recorded a debt discount of $203,000 and captured loan fees, recorded as interest expense, of $116,077. During the year ended March 31, 2020, we amortized $11,626 into interest expense, and recorded additional interest expense on the note of $1,446. During the nine months ended December 31, 2020, we amortized $59,916 into interest expense, and recorded additional interest expense on the note of $7,453 before we repaid the note in full for $262,649 and wrote off the derivative liability associated with the debt of $265,584 (see NOTE 7), resulting in a net gain on settlement of debt being recorded for $83,376. | ||
[7] | In March 2020, we entered into a Convertible Promissory Note and received proceeds of $150,000 after incurring loan fees of $3,000. The note incurred interest at 10% per annum and had a maturity date of June 10, 2021. The Convertible Promissory Note had a variable conversion rate that was 65% of the average of the two lowest trading prices during the previous 15-trading-day period, subject to adjustment. Therefore, the conversion feature was accounted for as a derivative instrument (see NOTE 7). At inception, we recorded a debt discount of $153,000 and captured loan fees, recorded as interest expense, of $148,432. During the year ended March 31, 2020, we amortized $6,711 into interest expense, and recorded additional interest expense on the note of $838. During the nine months ended December 31, 2020, we amortized $44,960 into interest expense and recorded additional interest expense on the note of $5,617 before we repaid the note in full for $197,351 and wrote off the derivative liability associated with the debt of $203,357 (see NOTE 7), resulting in a net gain on settlement of debt being recorded for $64,132. | ||
[8] | In March 2020, we received a $150,000 short-term advance. The advance is due on demand, has no interest rate, and is unsecured. During the nine months ended December 31, 2020 we made repayments of $68,750 on the debt. | ||
[9] | In April 2020, we received proceeds of $400,000 after entering into a promissory note that is due six months from the funding date. Under the note six interest only payments of $16,667 are to be made on the 20th of each month beginning in May 2020. Collateral for the note, in priority order, is: the reserve and current balance in one of our merchant accounts, the reserve account in a second separate merchant accounts, shares of our common stock, and high-speed computer processing equipment. During the nine months ended December 31, 2020 we recorded $100,002 worth of interest expense and made repayments of $500,002. | ||
[10] | In April 2020 we received $505,300 in proceeds from the Paycheck Protection Program as established by the CARES Act as a result of a Note entered into with the U.S. Small Business Administration ("SBA"). The note has an interest rate of 1% and matures on April 1, 2022. Under the Note we were required to make monthly payments beginning November 1, 2020, however, the SBA extended the deferral period to 10 months therefore the first payment would not be due until March 2, 2021. Further, under the terms of the CARES Act the loan may be forgiven if funds are used for qualifying expenses. During the nine months ended December 31, 2020 we recorded $3,572 worth of interest expense on the Note. | ||
[11] | In April 2020 we received proceeds of $500,000 from a loan entered into with the U.S. Small Business Administration. Under the terms of the loan interest is to accrue at a rate of 3.75% per annum and installment payments of $2,437 monthly will begin twelve months from the date of the loan, with all interest and principal due and payable thirty years from the date of the loan. During the nine months ended December 31, 2020 we recorded $13,048 worth of interest on the loan. |
Debt - Schedule of Debt (Deta_2
Debt - Schedule of Debt (Details) (Parenthetical) | Dec. 10, 2019USD ($) | Aug. 15, 2019USD ($) | Jan. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($)Integer | Aug. 31, 2019USD ($) | Aug. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)shares | Sep. 30, 2019USD ($)shares | Jun. 30, 2019USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Mar. 31, 2020USD ($) |
Proceeds from short-term debt | $ 75,000 | ||||||||||||||
Repayments for debt | $ 3,096,750 | $ 3,801,562 | |||||||||||||
Gain on settlement of debts | $ 1,952,000 | ||||||||||||||
Debt instrument interest percentage | 75.00% | 75.00% | 75.00% | ||||||||||||
Debt maturity date | Dec. 31, 2024 | ||||||||||||||
Additional interest expenses | $ 822,870 | $ 1,427,433 | $ 5,550,035 | $ 3,918,070 | |||||||||||
Number of shares issued during period, value | 175,000 | $ 325,000 | $ 325,000 | $ 576,000 | |||||||||||
Number of shares issued during period | shares | 82,000,000 | ||||||||||||||
Balloon payment percentage | 25.00% | 25.00% | 25.00% | ||||||||||||
Divided by 48 Months [Member] | |||||||||||||||
Debt term | 48 months | ||||||||||||||
Second Payment [Member] | Subsequent Event [Member] | |||||||||||||||
Repayments for debt | $ 30,000 | ||||||||||||||
First Payment [Member] | |||||||||||||||
Repayments for debt | $ 30,000 | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Number of shares issued during period, value | $ 7,000 | $ 13,000 | $ 39,216 | ||||||||||||
Number of shares issued during period | shares | 7,000,000 | 13,000,000 | 39,215,648 | 48,000,000 | |||||||||||
Convertible Promissory Note [Member] | |||||||||||||||
Repayment of short-term debt | $ 262,649 | ||||||||||||||
Debt discount | $ 203,000 | $ 203,000 | |||||||||||||
Interest expense | 116,077 | 59,916 | $ 11,626 | ||||||||||||
Gain on settlement of debts | 83,376 | ||||||||||||||
Proceeds from convertible promissory note | 200,000 | ||||||||||||||
Loan fees | $ 3,000 | ||||||||||||||
Debt instrument interest percentage | 10.00% | 10.00% | |||||||||||||
Debt maturity date | Jun. 2, 2021 | ||||||||||||||
Conversion of lowest trading percentage | 65.00% | ||||||||||||||
Conversion of lowest trading days | Integer | 15 | ||||||||||||||
Additional interest expenses | 7,453 | $ 1,446 | |||||||||||||
Wrote off derivative liability | 265,584 | ||||||||||||||
Convertible Promissory Note Entered Two [Member] | |||||||||||||||
Repayment of short-term debt | 197,351 | ||||||||||||||
Debt discount | $ 153,000 | 153,000 | |||||||||||||
Interest expense | 148,432 | 44,960 | $ 6,711 | ||||||||||||
Gain on settlement of debts | 64,132 | ||||||||||||||
Proceeds from convertible promissory note | 150,000 | ||||||||||||||
Loan fees | $ 3,000 | ||||||||||||||
Debt instrument interest percentage | 10.00% | 10.00% | |||||||||||||
Debt maturity date | Jun. 10, 2021 | ||||||||||||||
Conversion of lowest trading percentage | 65.00% | ||||||||||||||
Conversion of lowest trading days | Integer | 15 | ||||||||||||||
Additional interest expenses | 5,617 | $ 838 | |||||||||||||
Wrote off derivative liability | 203,357 | ||||||||||||||
Short Term Advance [Member] | |||||||||||||||
Proceeds from short-term debt | $ 150,000 | ||||||||||||||
Repayment of short-term debt | 68,750 | ||||||||||||||
Promissory note [Member] | |||||||||||||||
Proceeds from short-term debt | $ 400,000 | ||||||||||||||
Repayment of short-term debt | $ 16,667 | 500,002 | |||||||||||||
Interest expense | 100,002 | ||||||||||||||
Debt description | Under the note six interest only payments of $16,667 are to be made on the 20th of each month beginning in May 2020. | ||||||||||||||
Secured Merchant Agreement [member] | |||||||||||||||
Proceeds from short-term debt | $ 854,801 | $ 339,270 | |||||||||||||
Repayment of short-term debt | 2,448,250 | $ 1,189,150 | 330,013 | 853,203 | |||||||||||
Debt discount | 753,935 | 446,604 | |||||||||||||
Debt refinanced amount | 839,514 | ||||||||||||||
Interest expense | 75,857 | 312,912 | |||||||||||||
Gain on settlement of debts | 5,934 | ||||||||||||||
Secured Merchant Agreement [member] | Inception of the Agreement [Member] | |||||||||||||||
Debt discount | 388,769 | ||||||||||||||
Secured Merchant Agreement [member] | ACH Payments [Member] | |||||||||||||||
Repayment of short-term debt | 10,999 | 5,801 | |||||||||||||
February 2018 Agreement One [Member] | |||||||||||||||
Repayment of short-term debt | 316,093 | ||||||||||||||
February 2018 Agreement Two [Member] | |||||||||||||||
Repayment of short-term debt | 297,033 | ||||||||||||||
New Agreement [Member] | |||||||||||||||
Repayment of short-term debt | 1,399,000 | ||||||||||||||
New Agreement [Member] | ACH Payments [Member] | |||||||||||||||
Repayment of short-term debt | $ 6,823 | ||||||||||||||
August 2019 Arrangement [Member] | |||||||||||||||
Repayments for debt | 559,486 | ||||||||||||||
Interest expense | $ 446,605 | ||||||||||||||
December 2019 Agreement [Member] | |||||||||||||||
Repayment of short-term debt | 747,932 | ||||||||||||||
Interest expense | 277,232 | ||||||||||||||
Secured Merchant Agreement One [Member] | |||||||||||||||
Repayments for debt | 1,071,996 | ||||||||||||||
Interest expense | 442,894 | ||||||||||||||
Gain on settlement of debts | 594,513 | ||||||||||||||
October 2018 Agreement [Member] | |||||||||||||||
Proceeds from short-term debt | 418,381 | ||||||||||||||
Repayment of short-term debt | $ 382,000 | ||||||||||||||
US Small Business Administration [Member] | |||||||||||||||
Repayment of short-term debt | 60,000 | ||||||||||||||
Debt maturity date | Mar. 2, 2021 | ||||||||||||||
US Small Business Administration [Member] | Paycheck Protection Program [Member] | |||||||||||||||
Proceeds from short-term debt | $ 505,300 | ||||||||||||||
Interest expense | 3,572 | ||||||||||||||
Debt instrument interest percentage | 1.00% | ||||||||||||||
Debt maturity date | Apr. 1, 2022 | ||||||||||||||
US Small Business Administration 1 [Member] | |||||||||||||||
Proceeds from short-term debt | $ 500,000 | ||||||||||||||
Debt instrument interest percentage | 3.75% | ||||||||||||||
Debt description | Under the terms of the loan interest is to accrue at a rate of 3.75% per annum and installment payments of $2,437 monthly will begin twelve months from the date of the loan, with all interest and principal due and payable thirty years from the date of the loan. During the nine months ended December 31, 2020 we recorded $13,048 worth of interest on the loan. | ||||||||||||||
Debt periodic payment | $ 13,048 | ||||||||||||||
APEX Tex LLC [Member] | |||||||||||||||
Proceeds from short-term debt | 100,000 | ||||||||||||||
Repayments for debt | $ 2,371,000 | ||||||||||||||
Notes payable related party | 19,089,500 | $ 19,089,500 | 19,089,500 | ||||||||||||
APEX Tex LLC [Member] | Two Equal Payments [Member] | |||||||||||||||
Repayments for debt | 30,000 | ||||||||||||||
APEX Tex LLC [Member] | Note Dated November 30, 2020 [Member] | |||||||||||||||
Notes payable related party | $ 60,000 | $ 60,000 | $ 60,000 |
Derivative Liability - Schedule
Derivative Liability - Schedule of Derivative Liability (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative liability | $ 793,495 | |||
(Gain) loss on fair value | $ 35,489 | $ 94,622 | (291,299) | $ (504,635) |
Derivative liability | 41,390 | 41,390 | ||
Total [Member] | ||||
Derivative liability | 793,495 | |||
Derivative liability recorded on new instruments | 8,135 | |||
Derivative liability reduced by debt settlement | (468,941) | |||
(Gain) loss on fair value | (291,299) | |||
Derivative liability | 41,390 | 41,390 | ||
Warrant [Member] | ||||
Derivative liability | ||||
Derivative liability recorded on new instruments | 8,135 | |||
Derivative liability reduced by debt settlement | ||||
(Gain) loss on fair value | 33,255 | |||
Derivative liability | 41,390 | 41,390 | ||
Debt [Member] | ||||
Derivative liability | 793,495 | |||
Derivative liability recorded on new instruments | ||||
Derivative liability reduced by debt settlement | (468,941) | |||
(Gain) loss on fair value | (324,554) | |||
Derivative liability |
Derivative Liability - Schedu_2
Derivative Liability - Schedule of Assumptions Used in Binominal Option Pricing Model (Details) | 9 Months Ended |
Dec. 31, 2020 | |
Risk Free Interest Rate [Member] | Minimum [Member] | Warrants [Member] | |
Fair value measurements valuation techniques, percent | 0.21 |
Risk Free Interest Rate [Member] | Minimum [Member] | Debt [Member] | |
Fair value measurements valuation techniques, percent | 0.11 |
Risk Free Interest Rate [Member] | Maximum [Member] | Warrants [Member] | |
Fair value measurements valuation techniques, percent | 0.38 |
Risk Free Interest Rate [Member] | Maximum [Member] | Debt [Member] | |
Fair value measurements valuation techniques, percent | 0.17 |
Expected Life in Years [Member] | Minimum [Member] | Warrants [Member] | |
Fair value measurements valuation techniques, term | 4 years 10 months 3 days |
Expected Life in Years [Member] | Minimum [Member] | Debt [Member] | |
Fair value measurements valuation techniques, term | 9 months 18 days |
Expected Life in Years [Member] | Maximum [Member] | Warrants [Member] | |
Fair value measurements valuation techniques, term | 5 years |
Expected Life in Years [Member] | Maximum [Member] | Debt [Member] | |
Fair value measurements valuation techniques, term | 1 year 1 month 9 days |
Expected Volatility [Member] | Minimum [Member] | Warrants [Member] | |
Fair value measurements valuation techniques, percent | 259 |
Expected Volatility [Member] | Minimum [Member] | Debt [Member] | |
Fair value measurements valuation techniques, percent | 128 |
Expected Volatility [Member] | Maximum [Member] | Warrants [Member] | |
Fair value measurements valuation techniques, percent | 306 |
Expected Volatility [Member] | Maximum [Member] | Debt [Member] | |
Fair value measurements valuation techniques, percent | 239 |
Stockholders' Equity (Deficit_2
Stockholders' Equity (Deficit) (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Feb. 11, 2021 | Feb. 09, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Preferred stock, shares issued | 55,554 | 55,554 | |||||||||
Preferred stock, shares outstanding | 55,554 | 55,554 | |||||||||
Sale of stock | 55,554 | ||||||||||
Warrant term | 4 years 7 months 2 days | 4 years 7 months 2 days | |||||||||
Proceeds from offering | $ 432,475 | $ 1,405,300 | |||||||||
Derivative liability | $ 1,380,715 | 1,380,715 | |||||||||
Additional paid in capital | 34,615,895 | 34,615,895 | $ 28,929,516 | ||||||||
Fair value of warrant | $ 112 | ||||||||||
Number of shares issued during period | 82,000,000 | ||||||||||
Professional fees | 1,846,338 | $ 474,287 | $ 2,505,648 | $ 1,130,070 | |||||||
Number of shares issued during period, value | 175,000 | $ 325,000 | $ 325,000 | 576,000 | |||||||
Stock issued to an employee for compensation, values | 2,198,598 | $ 376,282 | $ 418,954 | 1,160,524 | $ 1,515,915 | ||||||
Number of common stock repurchased | 272 | ||||||||||
Common stock | $ 3,237,481 | $ 3,237,481 | $ 3,214,490 | ||||||||
Common stock issued | 3,237,481,329 | 3,237,481,329 | 3,214,490,408 | ||||||||
Common stock outstanding | 3,237,481,329 | 3,237,481,329 | 3,214,490,408 | ||||||||
Gain on settlement of debt | $ 1,952,000 | ||||||||||
Joint Venture Agreement [Member] | |||||||||||
Additional paid in capital | $ 3,180,000 | $ 3,180,000 | |||||||||
Number of common stock cancelled, shares | 200,000,000 | ||||||||||
Common stock | 200,000 | $ 200,000 | |||||||||
Offset reduction in prepaid asset | $ 2,428,044 | 2,428,044 | |||||||||
Reversal expenses | 951,956 | ||||||||||
Accrued Payroll [Member] | |||||||||||
Increase in additional paid-in capital | 373,832 | ||||||||||
Contributed Capital [Member] | |||||||||||
Increase in additional paid-in capital | $ 117,805 | ||||||||||
Preferred Stock [Member] | |||||||||||
Preferred stock, par value | $ 56 | $ 56 | |||||||||
Additional paid in capital | $ 1,380,659 | $ 1,380,659 | |||||||||
Additional paid in capital decreased | 22,388 | 22,388 | |||||||||
Dividend liability | 70,516 | 70,516 | |||||||||
Number of shares issued during period, value | |||||||||||
Stock issued to an employee for compensation, values | |||||||||||
Number of common stock repurchased, shares | |||||||||||
Number of common stock repurchased | |||||||||||
Preferred Stock and Warrants [Member] | |||||||||||
Payments to offering costs | $ 22,500 | ||||||||||
Common Stock [Member] | |||||||||||
Number of shares issued during period | 196,000,000 | ||||||||||
Professional fees | $ 1,640,000 | ||||||||||
Number of shares issued during period, value | 3,794,000 | ||||||||||
Stock issued to an employee for compensation, values | 363,120 | ||||||||||
Remaining common stock issued to employees compensation | 3,430,880 | ||||||||||
Shares vested | $ 990,714 | ||||||||||
Number of common stock repurchased, shares | 106,000,000 | ||||||||||
Equity ownership percentage | 10.00% | 10.00% | |||||||||
Accounts Payable | $ 120,000 | $ 120,000 | |||||||||
Increase in additional paid-in capital | $ 3,300,000 | ||||||||||
Common Stock [Member] | Subsequent Event [Member] | |||||||||||
Shares vested | $ 733,943 | ||||||||||
Common Stock [Member] | |||||||||||
Number of shares issued during period | 51,000,000 | ||||||||||
Number of shares issued during period, value | $ 1,065,900 | ||||||||||
Accounts Payable | $ 56,977 | 56,977 | |||||||||
Gain on settlement of debt | 1,375,238 | ||||||||||
Common Stock [Member] | Market Value [Member] | |||||||||||
Gain on settlement of debt | $ 366,315 | ||||||||||
Unit Offering [Member] | |||||||||||
Sale of stock | 2,000,000 | ||||||||||
Share price | $ 25 | $ 25 | |||||||||
Description of offering | (i) one share of our newly authorized Series B Preferred Stock and (ii) five warrants each exercisable to purchase one share of common stock at an exercise price of $0.10 per warrant share. | ||||||||||
Warrant term | 5 years | 5 years | |||||||||
Unit Offering [Member] | Subsequent Event [Member] | |||||||||||
Proceeds from offering | $ 432,475 | ||||||||||
Unit Offering [Member] | Warrant [Member] | |||||||||||
Warrants granted | 277,770 | ||||||||||
Third Party [Member] | Common Stock [Member] | |||||||||||
Number of common stock repurchased, shares | 9,079 | ||||||||||
Number of common stock repurchased | $ 272 | ||||||||||
Series B Preferred Stock [Member] | |||||||||||
Preferred stock, par value | $ 25 | ||||||||||
Series B Preferred Stock [Member] | Board of Directors [Member] | |||||||||||
Preferred stock, par value | $ 3.25 | ||||||||||
Preferred stock designated | 2,000,000 | ||||||||||
Conversion of stock | 500 | ||||||||||
Cumulative dividends annual rate percentage | 13.00% | ||||||||||
Series B Preferred Stock [Member] | |||||||||||
Sale of stock | 55,554 | ||||||||||
Proceeds from offering | $ 1,388,850 | ||||||||||
Warrants granted | 277,770 | ||||||||||
Gross proceeds from warrants | $ 8,135 | ||||||||||
Cumulative cash dividends | 97,384 | ||||||||||
Payments to preferred stock dividend | $ 26,868 | ||||||||||
Maximum [Member] | |||||||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Stockholders' Equity (Deficit_3
Stockholders' Equity (Deficit) - Schedule of Warrants Outstanding (Details) | Dec. 31, 2020USD ($)$ / sharesshares |
Equity [Abstract] | |
Exercise Price | $ / shares | $ 0.10 |
Warrants Outstanding | $ | $ 277,770 |
Warrants Exercisable | shares | 277,770 |
Weighted Average Contractual Life (Years) | 4 years 7 months 2 days |
Operating Lease (Details Narrat
Operating Lease (Details Narrative) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2020USD ($)ft² | Dec. 31, 2020USD ($)ft² | Mar. 31, 2020USD ($) | |
Variable lease costs | $ 831 | $ 2,494 | ||
Operating lease liabilities | 69,593 | 69,593 | ||
Operating lease right-of-use asset | 63,258 | 63,258 | $ 99,465 | |
Operating lease expense | 11,000 | 43,794 | ||
Operating cash flow lease for operating leases | $ 12,000 | $ 44,794 | ||
Operating lease weighted average remaining lease term | 1 year 6 months 29 days | 1 year 6 months 29 days | ||
Operating lease weighted average discount rate | 12.00% | 12.00% | ||
Eatontown New Jersey [Member] | ||||
Operating lease liabilities | $ 110,097 | $ 110,097 | ||
Kaysville Lease [Member] | ||||
Operating lease right-of-use asset | $ 21,147 | $ 21,147 | ||
Lease expiration date | Oct. 1, 2020 | |||
Eatontown New Jersey and Kaysville Utah [Member] | ||||
Operating lease terms | 3 years | 3 years | ||
Area of land | ft² | 1.75 | 1.75 |
Operating Lease - Schedule of F
Operating Lease - Schedule of Future Minimum Lease Payments Under Non-cancellable Leases (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | |
Leases [Abstract] | |||
Remainder of 2021 | $ 12,000 | ||
2022 | 48,000 | ||
2023 | 16,000 | ||
Total | 76,000 | ||
Less: Interest | (6,407) | ||
Present value of lease liability | 69,593 | ||
Operating lease liability, current | (48,000) | [1] | $ (56,530) |
Operating lease liability, long term | $ 21,593 | $ 50,268 | |
[1] | Represents lease payments to be made in the next 12 months |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Feb. 11, 2021 | Feb. 09, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | |
Dividends | $ 45,042 | $ 52,342 | |||
Proceeds from offering | $ 432,475 | $ 1,405,300 | |||
Subsequent Event [Member] | |||||
Dividends | $ 58,421 | ||||
Subsequent Event [Member] | Unit Offering [Member] | |||||
Proceeds from offering | $ 432,475 |