Cover
Cover - shares | 3 Months Ended | |
Jun. 30, 2021 | Aug. 12, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 000-27019 | |
Entity Registrant Name | Investview, Inc. | |
Entity Central Index Key | 0000862651 | |
Entity Tax Identification Number | 87-0369205 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 234 Industrial Way West | |
Entity Address, Address Line Two | Ste A202 | |
Entity Address, City or Town | Eatontown | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07724 | |
City Area Code | 732 | |
Local Phone Number | 889-4300 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,994,045,669 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | |
Current assets: | |||
Cash and cash equivalents | $ 13,622,302 | $ 5,389,654 | |
Restricted cash, current | 819,338 | 498,020 | |
Prepaid assets | 135,613 | 87,573 | |
Receivables | 2,062,140 | 1,672,310 | |
Other current assets | 5,826,252 | 4,679,256 | |
Total current assets | 22,465,645 | 12,326,813 | |
Fixed assets, net | 5,228,324 | 5,860,790 | |
Other assets: | |||
Restricted cash, long term | 1,211,954 | 774,153 | |
Other restricted assets, long term | 1,113,523 | 95,222 | |
Operating lease right-of-use asset | 207,444 | 54,125 | |
Deposits | 458,128 | 441,528 | |
Total other assets | 2,991,049 | 1,365,028 | |
Total assets | 30,685,018 | 19,552,631 | |
Current liabilities: | |||
Accounts payable and accrued liabilities | 2,602,241 | 2,719,028 | |
Payroll liabilities | 105,559 | 106,925 | |
Customer advance | 430,097 | 2,067,313 | |
Deferred revenue | 2,235,980 | 1,561,188 | |
Derivative liability | 187,783 | 307,067 | |
Dividend liability | 219,290 | 134,945 | |
Operating lease liability, current | 147,600 | [1] | 48,000 |
Related party payables, net of discounts, current | 1,150,643 | 233,296 | |
Debt, net of discounts, current | 3,027,013 | 3,143,513 | |
Total current liabilities | 10,106,206 | 10,321,275 | |
Operating lease liability, long term | 79,503 | 11,460 | |
Related party payables, net of discounts, long term | 317,468 | 233,258 | |
Debt, net of discounts, long term | 11,962,273 | 12,684,421 | |
Total long term liabilities | 12,359,244 | 12,929,139 | |
Total liabilities | 22,465,450 | 23,250,414 | |
Commitments and contingencies | |||
Stockholders’ equity (deficit): | |||
Preferred stock, par value: $0.001; 50,000,000 shares authorized, 252,192 and 153,317 issued and outstanding as of June 30, 2021 and March 31, 2021, respectively | 252 | 153 | |
Common stock, par value $0.001; 10,000,000,000 shares authorized; 2,994,045,669 and 2,982,481,329 shares issued and outstanding as of June 30, 2021 and March 31, 2021, respectively | 2,994,045 | 2,982,481 | |
Additional paid in capital | 42,715,584 | 39,376,911 | |
Accumulated other comprehensive income (loss) | (19,865) | (19,057) | |
Accumulated deficit | (37,470,448) | (46,038,271) | |
Total stockholders’ equity (deficit) | 8,219,568 | (3,697,783) | |
Total liabilities and stockholders’ equity (deficit) | $ 30,685,018 | $ 19,552,631 | |
[1] | Represents lease payments to be made in the next 12 months. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Mar. 31, 2021 |
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 | 252,192 | 153,317 |
Preferred stock, shares outstanding | 252,192 | 153,317 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 |
Common stock, shares issued | 2,994,045,669 | 2,982,481,329 |
Common stock, shares outstanding | 2,994,045,669 | 2,982,481,329 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue: | ||
Total revenue, net | $ 25,626,565 | $ 5,589,816 |
Operating costs and expenses: | ||
Cost of sales and service | 2,186,152 | 912,324 |
Commissions | 8,782,421 | 3,373,831 |
Selling and marketing | 39,849 | 217,584 |
Salary and related | 1,372,325 | 1,220,835 |
Professional fees | 661,884 | 427,248 |
General and administrative | 2,046,484 | 2,444,792 |
Total operating costs and expenses | 15,089,115 | 8,596,614 |
Net income (loss) from operations | 10,537,450 | (3,006,798) |
Other income (expense): | ||
Gain (loss) on debt extinguishment | 4,001 | 17,826 |
Gain (loss) on fair value of derivative liability | 236,648 | 347,635 |
Realized gain (loss) on cryptocurrency | (1,282,970) | 91,486 |
Interest expense | (5,934) | (2,247,098) |
Interest expense, related parties | (759,686) | (178,915) |
Other income (expense) | 46,338 | 63,062 |
Total other income (expense) | (1,761,603) | (1,906,004) |
Income (loss) before income taxes | 8,775,847 | (4,912,802) |
Income tax expense | (3,189) | (985) |
Net income (loss) | 8,772,658 | (4,913,787) |
Dividends on Preferred Stock | (204,835) | |
Net income (loss) applicable to common shareholders | 8,567,823 | (4,913,787) |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | (808) | 636 |
Total other comprehensive income (loss) | (808) | 636 |
Comprehensive income (loss) | $ 8,771,850 | $ (4,913,151) |
Basic income (loss) per common share | $ 0 | $ 0 |
Diluted income (loss) per common share | $ 0 | $ 0 |
Basic weighted average number of common shares outstanding | 2,987,735,892 | 3,234,791,316 |
Diluted weighted average number of common shares outstanding | 3,538,193,781 | 3,234,791,316 |
Subscription Revenue [Member] | ||
Revenue: | ||
Total revenue, net | $ 10,849,697 | $ 4,243,257 |
Mining Revenue [Member] | ||
Revenue: | ||
Total revenue, net | 8,371,562 | 1,342,546 |
Cryptocurrency Revenue [Member] | ||
Revenue: | ||
Total revenue, net | 6,405,306 | |
Fee Revenue [Member] | ||
Revenue: | ||
Total revenue, net | $ 4,013 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Mar. 31, 2020 | $ 3,214,490 | $ 28,929,516 | $ (20,058) | $ (46,382,174) | $ (14,258,226) | ||
Begnning balance, shares at Mar. 31, 2020 | 3,214,490,408 | ||||||
Common stock issued for services | $ 21,000 | 397,954 | 418,954 | ||||
Common stock issued for service, shares | 21,000,000 | ||||||
Share repurchase | $ (9) | (263) | (272) | ||||
Share repurchase, shares | (9,079) | ||||||
Beneficial conversion feature | 2,000,000 | 2,000,000 | |||||
Foreign currency translation adjustment | 636 | 636 | |||||
Net income (loss) | (4,913,787) | (4,913,787) | |||||
Ending balance, value at Jun. 30, 2020 | $ 3,235,481 | 31,327,207 | (19,422) | (51,295,961) | (16,752,695) | ||
Ending balance,shares at Jun. 30, 2020 | 3,235,481,329 | ||||||
Beginning balance, value at Mar. 31, 2021 | $ 153 | $ 2,982,481 | 39,376,911 | (19,057) | (46,038,271) | (3,697,783) | |
Begnning balance, shares at Mar. 31, 2021 | 153,317 | 2,982,481,329 | |||||
Preferred stock issued for cash | $ 98 | 2,441,627 | 2,441,725 | ||||
Preferred stock issued for cash, shares | 97,669 | ||||||
Preferred stock issued for cryptocurrency | $ 1 | 30,149 | 30,150 | ||||
Preferred stock issued for cryptocurrency, shares | 1,206 | ||||||
Common stock issued for services and compensation | $ 11,500 | 977,891 | 989,391 | ||||
Common stock issued for services and compensation, shares | 11,500,000 | ||||||
Common stock issued for warrant exercise | $ 64 | 6,370 | 6,434 | ||||
Common stock issued for warrant exercise, shares | 64,340 | ||||||
Derivative liability recorded for warrants issued with preferred stock | (127,520) | (127,520) | |||||
Derivative liability extinguished for warrants exercised | 10,156 | 10,156 | |||||
Dividends | (204,835) | (204,835) | |||||
Foreign currency translation adjustment | (808) | (808) | |||||
Net income (loss) | 8,772,658 | 8,772,658 | |||||
Ending balance, value at Jun. 30, 2021 | $ 252 | $ 2,994,045 | $ 42,715,584 | $ (19,865) | $ (37,470,448) | $ 8,219,568 | |
Ending balance,shares at Jun. 30, 2021 | 252,192 | 2,994,045,669 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 8,772,658 | $ (4,913,787) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 694,044 | 377,582 |
Amortization of debt discount | 515,151 | 402,951 |
Amortization of intangible assets | 43,169 | |
Stock issued for services and compensation | 989,391 | 418,954 |
Lease cost, net of repayment | 14,324 | 501 |
(Gain) loss on debt extinguishment | (4,001) | (17,826) |
(Gain) loss on fair value of derivative liability | (236,648) | (347,635) |
Realized (gain) loss on cryptocurrency | 1,282,970 | (91,486) |
Changes in operating assets and liabilities: | ||
Receivables | (389,830) | (267,903) |
Prepaid assets | (48,040) | (365,583) |
Other current assets | (3,983,141) | 24,797 |
Deposits | (16,600) | 595 |
Accounts payable and accrued liabilities | (114,152) | (104,661) |
Customer advance | (1,637,216) | 2,063,236 |
Deferred revenue | 674,792 | 221,550 |
Other liabilities | 3,265,504 | |
Accrued interest | 5,934 | 46,830 |
Accrued interest, related parties | 244,535 | 149,562 |
Net cash provided by (used in) operating activities | 6,764,171 | 906,350 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash paid for fixed assets | (61,578) | (1,717,289) |
Net cash provided by (used in) investing activities | (61,578) | (1,717,289) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from related party payables | 700,000 | 4,339,135 |
Repayments for related party payables | (427,129) | (2,489,209) |
Proceeds from debt | 1,405,300 | |
Repayments for debt | (348,941) | (1,432,344) |
Payments for share repurchase | (272) | |
Dividends paid | (82,107) | |
Proceeds from the sale of preferred stock | 2,441,725 | |
Proceeds from the exercise of warrants | 6,434 | |
Net cash provided by (used in) financing activities | 2,289,982 | 1,822,610 |
Effect of exchange rate translation on cash | (808) | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 8,991,767 | 1,011,671 |
Cash, cash equivalents, and restricted cash - beginning of period | 6,661,827 | 137,177 |
Cash, cash equivalents, and restricted cash - end of period | 15,653,594 | 1,148,848 |
Cash paid during the period for: | ||
Interest | 225,129 | |
Income taxes | 3,189 | 985 |
Non-cash investing and financing activities: | ||
Prepaid assets reclassified to fixed assets | 2,252,568 | |
Beneficial conversion feature | 2,000,000 | |
Derivative liability recorded for warrants issued | 127,520 | |
Derivative liability extinguished with warrant exercise | 10,156 | |
Preferred shares issued in exchange for cryptocurrency | 30,150 | |
Dividends declared | 204,835 | |
Dividends paid with cryptocurrency | 38,383 | |
Debt and related party debt extinguished in exchange for cryptocurrency | 495,641 | |
Related party debt extinguished in exchange for cryptocurrency | 31,000 | |
Initial right of use asset and lease liability | $ 174,574 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 3 Months Ended |
Jun. 30, 2021 | |
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 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 1,358,670,942 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 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 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. On March 18, 2021, we established Investview Financial Group Holdings, LLC and Investview MTS, LLC as wholly owned subsidiaries of Investview, Inc. On March 22, 2021, Investview, Inc. entered into Securities Purchase Agreements to purchase 100% of the equity interests of SSA Technologies LLC, an entity that owns and operates LevelX Capital LLC, a FINRA registered broker-dealer and LevelX Advisors LLC, a registered investment advisor, as well as the operating assets, intellectual property rights and overall business of MPower Trading Systems LLC, the developer and owner of Prodigio, a proprietary software-based trading platform with applications in the brokerage industry. Investview Financial Group Holdings, LLC will own 100% of SSA Technologies LLC and Investview MTS, LLC will own 100% of the operating assets, intellectual property rights, and overall business of MPower Trading Systems LLC. Both transactions are expected to close between the third and fourth quarters of 2021. To date the subsidiaries have had no operations. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) 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 which delivers multiple products through a subscription-based multi-level marketing 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. In addition to our education subscriptions, through our agreement with a third party, iGenius is able to sell cryptocurrency packages to its global customer base. Through our multi-level marketing model, we reward our distributors with commissions under a standard bonus plan that allows for discretionary bonuses based on performance. Kuvera France S.A.S. was our entity in France and iGenius Global LTD is our entity in Northern Ireland. These entities were responsible for distributing our products and services throughout the European Union. Kuvera France S.A.S. was closed in June of 2021. 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 next 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. SAFETek has deployed a large-scale processing operation that is currently dedicated to high speed BTC mining operations. SAFETek has recently established a research, development and repair facility dedicated to repairing, improving and refurbishing high speed mining processors. 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. There are currently no operations or activity in Apex Tek, LLC. United Games, LLC, United League, LLC, and Investment Tools & Training, LLC have had no operations and will be restructured or eliminated. Investview Financial Group Holdings, LLC, and Investview MTS, LLC, will be used in conjunction with our anticipated acquisitions of SSA Technologies LLC, an entity that owns and operates LevelX Capital LLC, a FINRA registered broker-dealer and LevelX Advisors LLC, a registered investment advisor, as well as MPower Trading Systems LLC, the developer and owner of Prodigio, a proprietary software-based trading platform with applications in the brokerage industry, respectively. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations (Regulation S-X) of the Securities and Exchange Commission (the “SEC”) and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the three months ended June 30, 2021, are not necessarily indicative of the operating results that may be expected for the year ending March 31, 2022. These unaudited condensed consolidated financial statements should be read in conjunction with the March 31, 2021 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2021. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) Principles of Consolidation The consolidated financial statements include the accounts of Investview, Inc., and our wholly owned subsidiaries: iGenius, LLC, Kuvera France S.A.S., Apex Tek, LLC, SAFETek, LLC, S.A.F.E. Management, LLC, United Games, LLC, United League, LLC, Investment Tools & Training, LLC, iGenius Global LTD, Investview Financial Group Holdings, LLC, and Investview MTS, LLC. 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 financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Foreign Exchange We have consolidated the accounts of Kuvera 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. SCHEDULE OF EXCHANGE RATES June 30, March 31, Euro to USD 1.18560 1.17260 The following rates were used to translate the accounts of Kuvera France S.A.S. into USD for the following operating periods. Three Months Ended June 30, 2021 2020 Euro to USD 1.20488 1.10160 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. SCHEDULE OF RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH June 30, March 31, 2021 Cash and cash equivalents $ 13,622,302 $ 5,389,654 Restricted cash, current 819,338 498,020 Restricted cash, long term 1,211,954 774,153 Total cash, cash equivalents, and restricted cash shown on the statement of cash flows $ 15,653,594 $ 6,661,827 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) 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 Stockholders. 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. Fixed assets were made up of the following at each balance sheet date: SCHEDULE OF FIXED ASSETS Estimated Useful Life June 30, March 31, 2021 Furniture, fixtures, and equipment 10 $ 52,678 $ 12,792 Computer equipment 3 10,386 22,528 Leasehold improvements Remaining Lease Term 19,172 - Data processing equipment 3 8,310,739 8,310,739 8,392,975 8,346,059 Accumulated depreciation (3,164,651 ) (2,485,269 ) Net book value $ 5,228,324 $ 5,860,790 Total depreciation expense for the three months ended June 30, 2021 and 2020, was $ 694,044 377,582 Long-Lived Assets – Intangible Assets & License Agreement We account for our cryptocurrencies, intangible assets and long-term license agreement in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“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. Our cryptocurrencies are deemed to have an indefinite useful life; therefore, amounts are not amortized, but rather are assessed for impairment as further discussed in our impairment policy. Under ASC Subtopic 350-30 any intangible asset with a useful life is required to be amortized over that life and the useful life is 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. We hold cryptocurrency-denominated assets and include them in our consolidated balance sheet as other assets. The value of our cryptocurrencies as of June 30, 2021 and March 31, 2021 were $ 6,939,775 ($ 5,826,252 current and $ 1,113,523 restricted long term) and $ 4,774,478 ($ 4,679,256 current and $ 95,222 restricted long term), respectively. Cryptocurrencies purchased or received for payment from customers are recorded in accordance with ASC 350-30 and cryptocurrencies awarded to the Company through its mining activities ($ 8,371,562 and $ 1,342,546 for the three months ended June 30, 2021 and 2020, respectively) are accounted for in connection with the Company’s revenue recognition policy. The use of cryptocurrencies is accounted for in accordance with the first in first out method of accounting. For the three months ended June 30, 2021 and 2020 we recorded realized gains (losses) on our cryptocurrency transactions of $( 1,282,970 ) and $ 91,486 , respectively. 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 were being amortized on a straight-line method over their estimated useful lives. The intangible assets were impaired during the year ended March 31, 2021 due to a lack of recoverability, therefore we had no 0 43,169 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) 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 three months ended June 30, 2021 and 2020 no 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 June 30, 2021 and March 31, 2021, 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 June 30, 2021: SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 187,783 $ 187,783 Total Liabilities $ - $ - $ 187,783 $ 187,783 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) 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, 2021: Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 307,067 $ 307,067 Total Liabilities $ - $ - $ 307,067 $ 307,067 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 wish to continue with 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. As of June 30, 2021 and March 31, 2021 and 2020 our deferred revenues were $ 2,235,980 1,561,188 Mining Revenue Through our wholly owned subsidiary, SAFETek, LLC, we leased equipment under a sales-type lease through June of 2020. In June of 2020 we cancelled all leases and purchased all of the rights and obligations under the leases, which included obtaining ownership of all equipment. We 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. Cryptocurrency Revenue We generate revenue from the sale of cryptocurrency packages to our customers through an arrangement with third-party suppliers. The various packages include different amounts of coin with differing rates of returns and terms and, in some cases, include a product protection option that allows the purchaser to protect their initial purchase price. The protection allows the purchaser to obtain 50% of their purchase price at five years or 100% of their purchase price at ten years. Both the coin and the protection option are delivered by third-party suppliers. We recognize cryptocurrency 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 arrange for the third-parties to provide coin and protection (if applicable) to our customers and payment is received from our customers at the time of order placement. All customers are given two weeks to request a refund, therefore we record a customer advance on our balance sheet upon receipt of payment. After the two weeks have passed from order placement, we request our third-party suppliers to deliver coin and protection (if applicable), at which time we recognize revenue and the amounts due to our suppliers on our books. As of June 30, 2021 and March 31, 2021 our customer advances related to cryptocurrency revenue were $ 430,097 2,067,313 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. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) Revenue generated for the three months ended June 30, 2021 is as follows: SCHEDULE OF REVENUE GENERATED Subscription Cryptocurrency Revenue Mining Revenue Fee Revenue Total Gross billings/receipts $ 11,532,061 $ 15,875,577 $ 8,371,562 $ - $ 35,779,200 Refunds, incentives, credits, and chargebacks (682,364 ) - - - (682,364 ) Amounts paid to supplier - (9,470,271 ) - - (9,470,271 ) Net revenue $ 10,849,697 $ 6,405,306 $ 8,371,562 $ - $ 25,626,565 For the three months ended June 30, 2021 foreign and domestic revenues were approximately $ 11.8 million and $ 13.8 million, respectively. Revenue generated for the three months ended June 30, 2020 is as follows: Subscription Cryptocurrency Revenue Mining Revenue Fee Revenue Total Gross billings/receipts $ 4,559,960 $ - $ 1,342,546 $ 4,013 $ 5,906,519 Refunds, incentives, credits, and chargebacks (316,703 ) - - - (316,703 ) Amounts paid to supplier - - - - - Net revenue $ 4,243,257 $ - $ 1,342,546 $ 4,013 $ 5,589,816 For the three months ended June 30, 2020 foreign and domestic revenues were approximately $ 4.0 1.6 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. Diluted earnings (loss) per share reflect the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted during the period. Dilutive securities having an anti-dilutive effect on diluted earnings per share are excluded from the calculation. Potentially dilutive securities excluded from the computation of diluted net loss per share are as follows: SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE June 30, June 30, Options to purchase common stock - - Warrants to purchase common stock - - Notes convertible into common stock - 180,609,479 Totals - 180,609,479 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. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) 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. We have elected to not apply the recognition requirements of ASC 842 to short-term leases (leases with terms of twelve months or less). 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 | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, We have noted no other recently issued accounting pronouncements that we have not yet adopted that we believe are applicable or would have a material impact on our financial statements. |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | NOTE 4 – RELATED-PARTY TRANSACTIONS Our related-party payables consisted of the following: SCHEDULE OF RELATED PARTY PAYABLES June March 31, Convertible Promissory Note entered into on 4/27/20, net of debt discount of $ 1,147,289 [1] $ 152,711 $ 120,318 Convertible Promissory Note entered into on 5/27/20, net of debt discount of $ 622,887 [2] 77,113 59,525 Convertible Promissory Note entered into on 11/9/20, net of debt discount of $ 1,212,356 [3] 87,644 53,414 Accounts payable – related party [4] 30,000 60,000 Notes for APEX lease buyback [5] - 43,000 Promissory note entered into on 12/15/20, net of debt discount of $ 349,660 [6] 110,340 125,838 Convertible Promissory Note entered into on 3/30/21, net of debt discount of $ 1,159,315 [7] 410,219 4,459 Working Capital Promissory Note entered into on 3/22/21 600,084 - Total related-party debt 1,468,111 466,554 Less: Current portion (1,150,643 ) (233,296 ) Related-party debt, long term $ 317,468 $ 233,258 [1] On April 27, 2020 we received proceeds of $ 1,300,000 20 April 27, 2030 0.01257 0.007 1,300,000 32,393 65,004 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) [2] On May 27, 2020 we received proceeds of $ 700,000 20 April 27, 2030 0.01257 0.007 700,000 17,588 35,001 [3] On November 9, 2020 we received proceeds of $ 1,300,000 38.5 25 13.5 April 27, 2030 0.007 1,300,000 34,230 125,124 [4] In August of 2020 we repurchased 106,000,000 10 120,000 30,000 [5] During the year ended March 31, 2020 we sold 83 APEX units to related parties which included the sale of high powered data processing equipment, which they then leased back to us. In September of 2020, our board of directors voted to approve a buyback program wherein all APEX purchasers were offered a promissory note in exchange for cancellation of the lease and our purchase of all rights and obligations under the lease. At that time, we agreed to pay our related parties $ 237,720 112,720 82,000 43,000 43,000 [6] On December 15, 2020 we received proceeds of $ 154,000 600,000 20,000 30 446,000 44,502 60,000 [7] Effective March 30, 2021 we restructured a $ 1,000,000 promissory note with $ 200,000 of accrued interest, along with a $ 350,000 short-term advance, with Joseph Cammarata, our Chief Executive Officer. The new note has a principal balance of $ 1,550,000 , has a 5 % interest rate, and is convertible at $ 0.02 per share. As a result of the fixed conversion price we recorded a beneficial conversion feature and debt discount of $ 1,550,000 , which was equal to the face value of the note. During the three months ended June 30, 2021 we recognized $ 386,438 of the debt discount into interest expense as well as expensed $ 19,322 of interest expense on the new debt. [8] On March 22, 2021, Investview, Inc., entered into Securities Purchase Agreements to purchase 100% of the business and/or outstanding equity interests of SSA Technologies LLC (“SSA”), an entity that owns and operates a FINRA-registered broker-dealer, and MPower Trading Systems LLC (“MPower”), the developer and owner of Prodigio, a proprietary software-based trading platform with applications within the brokerage industry. Each of SSA and MPower are controlled by persons who have an interest in Investview; with Joseph Cammarata, our Chief Executive Officer, being the majority owner of SSA Technologies, and James Bell and David Rothrock, two of our directors, being the managers and majority owners of MPower. Commencing upon execution of the agreements and through the closing of the transactions, we agreed to provide certain transition service arrangements to SSA and MPower. In connection with the transactions, we entered into a Working Capital Promissory Note with SSA under which SSA will advance up to $1,500,000 before the end of 2021. The note will be due and payable by January 31, 2022, will bear interest at the rate of 0.11 12,000,000 600,000 84 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) In addition to the above related party debt transactions that were outstanding as of June 30, 2021 and March 31, 2021, during the three months ended June 30, 2021 we obtained a short-term advance of $ 100,000 In addition to the above-mentioned related-party lending arrangements, during the three months ended June 30, 2021 we sold cryptocurrency packages to related parties for gross proceeds of $ 1,000 1,597,540 130,490 1,625 |
DEBT
DEBT | 3 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | NOTE 5 – DEBT Our debt consisted of the following: SCHEDULE OF DEBT June 30, March 31, Short-term advance received on 8/31/18 [1] $ 5,000 $ 5,000 Note issued under the Paycheck Protection Program on 4/17/20 [2] 511,377 510,118 Loan with the U.S. Small Business Administration dated 4/19/20 [3] 522,346 517,671 Long term notes for APEX lease buyback [3] 13,950,563 14,795,145 Total debt 14,989,286 15,827,934 Less: Current portion [12] (3,027,013 ) (3,143,513 ) Debt, long term portion $ 11,962,273 $ 12,684,421 [1] In August 2018, we received a $ 75,000 [2] In April 2020 we received $ 505,300 1% April 1, 2022 1,259 [3] In April 2020 we received proceeds of $ 500,000 Under the terms of the loan interest is to accrue at a rate of 3.75% 2,437 4,675 [4] During the year ended March 31, 2021 we entered into notes with third parties for $ 19,089,500 December 31, 2024 75% 48 25% 348,941 495,641 |
DERIVATIVE LIABILITY
DERIVATIVE LIABILITY | 3 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE LIABILITY | NOTE 6 – DERIVATIVE LIABILITY During the three months ended June 30, 2021, we had the following activity in our derivative liability account: SCHEDULE OF DERIVATIVE LIABILITY Debt Warrants Total Derivative liability at March 31, 2021 $ - $ 307,067 $ 307,067 Derivative liability recorded on new instruments - 127,520 127,520 Derivative liability reduced by warrant exercise (see NOTE 7) - (10,156 ) (10,156 ) (Gain) loss on fair value - (236,648 ) (236,648 ) Derivative liability at December 31, 2020 $ - $ 187,783 $ 187,783 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) 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 three months ended June 30, 2021, the assumptions used in our binomial option pricing model were in the following range: SCHEDULE OF ASSUMPTIONS USED IN BINOMINAL OPTION PRICING MODEL Debt Warrants Risk free interest rate - n/a 0.79 0.87 Expected life in years - n/a 4.09 5 Expected volatility - n/a 208 260 |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) | 3 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY (DEFICIT) | NOTE 7 – STOCKHOLDERS’ EQUITY (DEFICIT) Preferred Stock We are authorized to issue up to 50,000,000 0.001 During the year ended March 31, 2020 our Board of Directors approved the designation of 2,000,000 25 500 13% 3.25 As of March 31, 2020, we had no During the year ended March 31, 2021 we commenced a security offering to sell a total of 2,000,000 25 (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 5 During the three months ended June 30, 2021 we sold 98,875 2,471,875 97,669 2,441,725 1,206 30,150 98,875 494,375 Preferred Stock Dividends During the three months ended June 30, 2021 we recorded $ 204,835 for the cumulative cash dividends due to the shareholders of our Series B Preferred Stock. We made payments of $ 82,107 in cash and issued $ 38,383 worth of cryptocurrency to reduce the amounts owed. As a result, we recorded $ 219,290 as a dividend liability on our balance sheet as of June 30, 2021. Common Stock Transactions During the three months ended June 30, 2021, we issued 11,500,000 989,391 64,340 6,434 As of June 30, 2021 and March 31, 2021, we had 2,994,045,669 and 2,982,481,329 Warrants During the three months ended June 30, 2021 we granted 494,375 127,683 64,340 6,434 10,156 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) Transactions involving our warrants are summarized as follows: SUMMARY OF WARRANTS ISSUED Weighted Number of Average Shares Exercise Price Warrants outstanding at March 31, 2021 766,585 $ 0.10 Granted 494,375 $ 0.10 Canceled/Expired - $ - Exercised (64,340 ) $ - Warrants outstanding at June 30, 2021 1,196,620 $ 0.10 Details of our warrants outstanding as of June 30, 2021 is as follows: SUMMARY OF WARRANTS OUTSTANDING Exercise Price Warrants Outstanding Warrants Exercisable Weighted Average Contractual Life (Years) $ 0.10 1,196,620 1,196,620 4.64 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2021 | |
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 three months ended June 30, 2021 we were not involved in any material legal proceedings. |
OPERATING LEASE
OPERATING LEASE | 3 Months Ended |
Jun. 30, 2021 | |
Operating Lease | |
OPERATING LEASE | NOTE 10 – OPERATING LEASE In August 2019 we entered an operating lease for office space in Eatontown, New Jersey (the “Eatontown Lease”), in September 2019 we entered an operating lease for office space in Kaysville, Utah (the “Kaysville Lease”), and in May 2021 we entered an operating lease for office space in Conroe, Texas (the “Conroe Lease”). We have the option to extend the three year 1.75 831 110,097 21,147 174,574 24 Operating lease expense was $ 26,323 12,000 1.80 12% Future minimum lease payments under non-cancellable leases as of June 30, 2021were as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES June Remainder of 2021 $ 122,700 2022 115,600 2023 16,000 Total 254,300 Less: Interest (27,197 ) Present value of lease liability 227,103 Operating lease liability, current [1] (147,600 ) Operating lease liability, long term $ 79,503 [1] Represents lease payments to be made in the next 12 months. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11 – SUBSEQUENT EVENTS 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 subsequent events that require disclosure. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2021 | |
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 three months ended June 30, 2021, are not necessarily indicative of the operating results that may be expected for the year ending March 31, 2022. These unaudited condensed consolidated financial statements should be read in conjunction with the March 31, 2021 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2021. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Investview, Inc., and our wholly owned subsidiaries: iGenius, LLC, Kuvera France S.A.S., Apex Tek, LLC, SAFETek, LLC, S.A.F.E. Management, LLC, United Games, LLC, United League, LLC, Investment Tools & Training, LLC, iGenius Global LTD, Investview Financial Group Holdings, LLC, and Investview MTS, LLC. 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 financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Foreign Exchange | 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. SCHEDULE OF EXCHANGE RATES June 30, March 31, Euro to USD 1.18560 1.17260 The following rates were used to translate the accounts of Kuvera France S.A.S. into USD for the following operating periods. Three Months Ended June 30, 2021 2020 Euro to USD 1.20488 1.10160 |
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. SCHEDULE OF RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH June 30, March 31, 2021 Cash and cash equivalents $ 13,622,302 $ 5,389,654 Restricted cash, current 819,338 498,020 Restricted cash, long term 1,211,954 774,153 Total cash, cash equivalents, and restricted cash shown on the statement of cash flows $ 15,653,594 $ 6,661,827 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) 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 Stockholders. |
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. Fixed assets were made up of the following at each balance sheet date: SCHEDULE OF FIXED ASSETS Estimated Useful Life June 30, March 31, 2021 Furniture, fixtures, and equipment 10 $ 52,678 $ 12,792 Computer equipment 3 10,386 22,528 Leasehold improvements Remaining Lease Term 19,172 - Data processing equipment 3 8,310,739 8,310,739 8,392,975 8,346,059 Accumulated depreciation (3,164,651 ) (2,485,269 ) Net book value $ 5,228,324 $ 5,860,790 Total depreciation expense for the three months ended June 30, 2021 and 2020, was $ 694,044 377,582 |
Long-Lived Assets – Intangible Assets & License Agreement | Long-Lived Assets – Intangible Assets & License Agreement We account for our cryptocurrencies, intangible assets and long-term license agreement in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“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. Our cryptocurrencies are deemed to have an indefinite useful life; therefore, amounts are not amortized, but rather are assessed for impairment as further discussed in our impairment policy. Under ASC Subtopic 350-30 any intangible asset with a useful life is required to be amortized over that life and the useful life is 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. We hold cryptocurrency-denominated assets and include them in our consolidated balance sheet as other assets. The value of our cryptocurrencies as of June 30, 2021 and March 31, 2021 were $ 6,939,775 ($ 5,826,252 current and $ 1,113,523 restricted long term) and $ 4,774,478 ($ 4,679,256 current and $ 95,222 restricted long term), respectively. Cryptocurrencies purchased or received for payment from customers are recorded in accordance with ASC 350-30 and cryptocurrencies awarded to the Company through its mining activities ($ 8,371,562 and $ 1,342,546 for the three months ended June 30, 2021 and 2020, respectively) are accounted for in connection with the Company’s revenue recognition policy. The use of cryptocurrencies is accounted for in accordance with the first in first out method of accounting. For the three months ended June 30, 2021 and 2020 we recorded realized gains (losses) on our cryptocurrency transactions of $( 1,282,970 ) and $ 91,486 , respectively. 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 were being amortized on a straight-line method over their estimated useful lives. The intangible assets were impaired during the year ended March 31, 2021 due to a lack of recoverability, therefore we had no 0 43,169 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) |
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 three months ended June 30, 2021 and 2020 no |
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 June 30, 2021 and March 31, 2021, 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 June 30, 2021: SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 187,783 $ 187,783 Total Liabilities $ - $ - $ 187,783 $ 187,783 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) 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, 2021: Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 307,067 $ 307,067 Total Liabilities $ - $ - $ 307,067 $ 307,067 |
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 wish to continue with 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. As of June 30, 2021 and March 31, 2021 and 2020 our deferred revenues were $ 2,235,980 1,561,188 Mining Revenue Through our wholly owned subsidiary, SAFETek, LLC, we leased equipment under a sales-type lease through June of 2020. In June of 2020 we cancelled all leases and purchased all of the rights and obligations under the leases, which included obtaining ownership of all equipment. We 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. Cryptocurrency Revenue We generate revenue from the sale of cryptocurrency packages to our customers through an arrangement with third-party suppliers. The various packages include different amounts of coin with differing rates of returns and terms and, in some cases, include a product protection option that allows the purchaser to protect their initial purchase price. The protection allows the purchaser to obtain 50% of their purchase price at five years or 100% of their purchase price at ten years. Both the coin and the protection option are delivered by third-party suppliers. We recognize cryptocurrency 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 arrange for the third-parties to provide coin and protection (if applicable) to our customers and payment is received from our customers at the time of order placement. All customers are given two weeks to request a refund, therefore we record a customer advance on our balance sheet upon receipt of payment. After the two weeks have passed from order placement, we request our third-party suppliers to deliver coin and protection (if applicable), at which time we recognize revenue and the amounts due to our suppliers on our books. As of June 30, 2021 and March 31, 2021 our customer advances related to cryptocurrency revenue were $ 430,097 2,067,313 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. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) Revenue generated for the three months ended June 30, 2021 is as follows: SCHEDULE OF REVENUE GENERATED Subscription Cryptocurrency Revenue Mining Revenue Fee Revenue Total Gross billings/receipts $ 11,532,061 $ 15,875,577 $ 8,371,562 $ - $ 35,779,200 Refunds, incentives, credits, and chargebacks (682,364 ) - - - (682,364 ) Amounts paid to supplier - (9,470,271 ) - - (9,470,271 ) Net revenue $ 10,849,697 $ 6,405,306 $ 8,371,562 $ - $ 25,626,565 For the three months ended June 30, 2021 foreign and domestic revenues were approximately $ 11.8 million and $ 13.8 million, respectively. Revenue generated for the three months ended June 30, 2020 is as follows: Subscription Cryptocurrency Revenue Mining Revenue Fee Revenue Total Gross billings/receipts $ 4,559,960 $ - $ 1,342,546 $ 4,013 $ 5,906,519 Refunds, incentives, credits, and chargebacks (316,703 ) - - - (316,703 ) Amounts paid to supplier - - - - - Net revenue $ 4,243,257 $ - $ 1,342,546 $ 4,013 $ 5,589,816 For the three months ended June 30, 2020 foreign and domestic revenues were approximately $ 4.0 1.6 |
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. Diluted earnings (loss) per share reflect the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted during the period. Dilutive securities having an anti-dilutive effect on diluted earnings per share are excluded from the calculation. Potentially dilutive securities excluded from the computation of diluted net loss per share are as follows: SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE June 30, June 30, Options to purchase common stock - - Warrants to purchase common stock - - Notes convertible into common stock - 180,609,479 Totals - 180,609,479 |
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. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) 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. We have elected to not apply the recognition requirements of ASC 842 to short-term leases (leases with terms of twelve months or less). 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) | 3 Months Ended |
Jun. 30, 2021 | |
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. SCHEDULE OF EXCHANGE RATES June 30, March 31, Euro to USD 1.18560 1.17260 The following rates were used to translate the accounts of Kuvera France S.A.S. into USD for the following operating periods. Three Months Ended June 30, 2021 2020 Euro to USD 1.20488 1.10160 |
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. SCHEDULE OF RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH June 30, March 31, 2021 Cash and cash equivalents $ 13,622,302 $ 5,389,654 Restricted cash, current 819,338 498,020 Restricted cash, long term 1,211,954 774,153 Total cash, cash equivalents, and restricted cash shown on the statement of cash flows $ 15,653,594 $ 6,661,827 |
SCHEDULE OF FIXED ASSETS | Fixed assets were made up of the following at each balance sheet date: SCHEDULE OF FIXED ASSETS Estimated Useful Life June 30, March 31, 2021 Furniture, fixtures, and equipment 10 $ 52,678 $ 12,792 Computer equipment 3 10,386 22,528 Leasehold improvements Remaining Lease Term 19,172 - Data processing equipment 3 8,310,739 8,310,739 8,392,975 8,346,059 Accumulated depreciation (3,164,651 ) (2,485,269 ) Net book value $ 5,228,324 $ 5,860,790 |
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 June 30, 2021: SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 187,783 $ 187,783 Total Liabilities $ - $ - $ 187,783 $ 187,783 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) 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, 2021: Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 307,067 $ 307,067 Total Liabilities $ - $ - $ 307,067 $ 307,067 |
SCHEDULE OF REVENUE GENERATED | Revenue generated for the three months ended June 30, 2021 is as follows: SCHEDULE OF REVENUE GENERATED Subscription Cryptocurrency Revenue Mining Revenue Fee Revenue Total Gross billings/receipts $ 11,532,061 $ 15,875,577 $ 8,371,562 $ - $ 35,779,200 Refunds, incentives, credits, and chargebacks (682,364 ) - - - (682,364 ) Amounts paid to supplier - (9,470,271 ) - - (9,470,271 ) Net revenue $ 10,849,697 $ 6,405,306 $ 8,371,562 $ - $ 25,626,565 For the three months ended June 30, 2021 foreign and domestic revenues were approximately $ 11.8 million and $ 13.8 million, respectively. Revenue generated for the three months ended June 30, 2020 is as follows: Subscription Cryptocurrency Revenue Mining Revenue Fee Revenue Total Gross billings/receipts $ 4,559,960 $ - $ 1,342,546 $ 4,013 $ 5,906,519 Refunds, incentives, credits, and chargebacks (316,703 ) - - - (316,703 ) Amounts paid to supplier - - - - - Net revenue $ 4,243,257 $ - $ 1,342,546 $ 4,013 $ 5,589,816 |
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE | Potentially dilutive securities excluded from the computation of diluted net loss per share are as follows: SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE June 30, June 30, Options to purchase common stock - - Warrants to purchase common stock - - Notes convertible into common stock - 180,609,479 Totals - 180,609,479 |
RELATED-PARTY TRANSACTIONS (Tab
RELATED-PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY PAYABLES | Our related-party payables consisted of the following: SCHEDULE OF RELATED PARTY PAYABLES June March 31, Convertible Promissory Note entered into on 4/27/20, net of debt discount of $ 1,147,289 [1] $ 152,711 $ 120,318 Convertible Promissory Note entered into on 5/27/20, net of debt discount of $ 622,887 [2] 77,113 59,525 Convertible Promissory Note entered into on 11/9/20, net of debt discount of $ 1,212,356 [3] 87,644 53,414 Accounts payable – related party [4] 30,000 60,000 Notes for APEX lease buyback [5] - 43,000 Promissory note entered into on 12/15/20, net of debt discount of $ 349,660 [6] 110,340 125,838 Convertible Promissory Note entered into on 3/30/21, net of debt discount of $ 1,159,315 [7] 410,219 4,459 Working Capital Promissory Note entered into on 3/22/21 600,084 - Total related-party debt 1,468,111 466,554 Less: Current portion (1,150,643 ) (233,296 ) Related-party debt, long term $ 317,468 $ 233,258 [1] On April 27, 2020 we received proceeds of $ 1,300,000 20 April 27, 2030 0.01257 0.007 1,300,000 32,393 65,004 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 (Unaudited) [2] On May 27, 2020 we received proceeds of $ 700,000 20 April 27, 2030 0.01257 0.007 700,000 17,588 35,001 [3] On November 9, 2020 we received proceeds of $ 1,300,000 38.5 25 13.5 April 27, 2030 0.007 1,300,000 34,230 125,124 [4] In August of 2020 we repurchased 106,000,000 10 120,000 30,000 [5] During the year ended March 31, 2020 we sold 83 APEX units to related parties which included the sale of high powered data processing equipment, which they then leased back to us. In September of 2020, our board of directors voted to approve a buyback program wherein all APEX purchasers were offered a promissory note in exchange for cancellation of the lease and our purchase of all rights and obligations under the lease. At that time, we agreed to pay our related parties $ 237,720 112,720 82,000 43,000 43,000 [6] On December 15, 2020 we received proceeds of $ 154,000 600,000 20,000 30 446,000 44,502 60,000 [7] Effective March 30, 2021 we restructured a $ 1,000,000 promissory note with $ 200,000 of accrued interest, along with a $ 350,000 short-term advance, with Joseph Cammarata, our Chief Executive Officer. The new note has a principal balance of $ 1,550,000 , has a 5 % interest rate, and is convertible at $ 0.02 per share. As a result of the fixed conversion price we recorded a beneficial conversion feature and debt discount of $ 1,550,000 , which was equal to the face value of the note. During the three months ended June 30, 2021 we recognized $ 386,438 of the debt discount into interest expense as well as expensed $ 19,322 of interest expense on the new debt. [8] On March 22, 2021, Investview, Inc., entered into Securities Purchase Agreements to purchase 100% of the business and/or outstanding equity interests of SSA Technologies LLC (“SSA”), an entity that owns and operates a FINRA-registered broker-dealer, and MPower Trading Systems LLC (“MPower”), the developer and owner of Prodigio, a proprietary software-based trading platform with applications within the brokerage industry. Each of SSA and MPower are controlled by persons who have an interest in Investview; with Joseph Cammarata, our Chief Executive Officer, being the majority owner of SSA Technologies, and James Bell and David Rothrock, two of our directors, being the managers and majority owners of MPower. Commencing upon execution of the agreements and through the closing of the transactions, we agreed to provide certain transition service arrangements to SSA and MPower. In connection with the transactions, we entered into a Working Capital Promissory Note with SSA under which SSA will advance up to $1,500,000 before the end of 2021. The note will be due and payable by January 31, 2022, will bear interest at the rate of 0.11 12,000,000 600,000 84 |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF DEBT | Our debt consisted of the following: SCHEDULE OF DEBT June 30, March 31, Short-term advance received on 8/31/18 [1] $ 5,000 $ 5,000 Note issued under the Paycheck Protection Program on 4/17/20 [2] 511,377 510,118 Loan with the U.S. Small Business Administration dated 4/19/20 [3] 522,346 517,671 Long term notes for APEX lease buyback [3] 13,950,563 14,795,145 Total debt 14,989,286 15,827,934 Less: Current portion [12] (3,027,013 ) (3,143,513 ) Debt, long term portion $ 11,962,273 $ 12,684,421 [1] In August 2018, we received a $ 75,000 [2] In April 2020 we received $ 505,300 1% April 1, 2022 1,259 [3] In April 2020 we received proceeds of $ 500,000 Under the terms of the loan interest is to accrue at a rate of 3.75% 2,437 4,675 [4] During the year ended March 31, 2021 we entered into notes with third parties for $ 19,089,500 December 31, 2024 75% 48 25% 348,941 495,641 |
DERIVATIVE LIABILITY (Tables)
DERIVATIVE LIABILITY (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
SCHEDULE OF DERIVATIVE LIABILITY | During the three months ended June 30, 2021, we had the following activity in our derivative liability account: SCHEDULE OF DERIVATIVE LIABILITY Debt Warrants Total Derivative liability at March 31, 2021 $ - $ 307,067 $ 307,067 Derivative liability recorded on new instruments - 127,520 127,520 Derivative liability reduced by warrant exercise (see NOTE 7) - (10,156 ) (10,156 ) (Gain) loss on fair value - (236,648 ) (236,648 ) Derivative liability at December 31, 2020 $ - $ 187,783 $ 187,783 |
SCHEDULE OF ASSUMPTIONS USED IN BINOMINAL OPTION PRICING MODEL | SCHEDULE OF ASSUMPTIONS USED IN BINOMINAL OPTION PRICING MODEL Debt Warrants Risk free interest rate - n/a 0.79 0.87 Expected life in years - n/a 4.09 5 Expected volatility - n/a 208 260 |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
SUMMARY OF WARRANTS ISSUED | Transactions involving our warrants are summarized as follows: SUMMARY OF WARRANTS ISSUED Weighted Number of Average Shares Exercise Price Warrants outstanding at March 31, 2021 766,585 $ 0.10 Granted 494,375 $ 0.10 Canceled/Expired - $ - Exercised (64,340 ) $ - Warrants outstanding at June 30, 2021 1,196,620 $ 0.10 |
SUMMARY OF WARRANTS OUTSTANDING | Details of our warrants outstanding as of June 30, 2021 is as follows: SUMMARY OF WARRANTS OUTSTANDING Exercise Price Warrants Outstanding Warrants Exercisable Weighted Average Contractual Life (Years) $ 0.10 1,196,620 1,196,620 4.64 |
OPERATING LEASE (Tables)
OPERATING LEASE (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Operating Lease | |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES | Future minimum lease payments under non-cancellable leases as of June 30, 2021were as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES June Remainder of 2021 $ 122,700 2022 115,600 2023 16,000 Total 254,300 Less: Interest (27,197 ) Present value of lease liability 227,103 Operating lease liability, current [1] (147,600 ) Operating lease liability, long term $ 79,503 |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($) | Jul. 20, 2018 | Jun. 06, 2017 | Mar. 31, 2017 | Jun. 30, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Entity incorporation, date of incorporation | Jan. 30, 1946 | |||
Contribution Agreement [Member] | Wealth Generators, LLC [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
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] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Value pre-merger liabilities | $ 419,139 | |||
Purchase Agreement [Member] | United Games Marketing, LLC [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Number of shares purchased | 50,000,000 |
SCHEDULE OF EXCHANGE RATES (Det
SCHEDULE OF EXCHANGE RATES (Details) - Euro to USD [Member] | 3 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exchange Rate at Balance Sheet Dates | 1.18560 | 1.17260 | |
Exchange Rate for Operating Periods | 1.20488 | 1.10160 |
SCHEDULE OF RECONCILIATION OF C
SCHEDULE OF RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 13,622,302 | $ 5,389,654 | ||
Restricted cash, current | 819,338 | 498,020 | ||
Restricted cash, long term | 1,211,954 | 774,153 | ||
Total cash, cash equivalents, and restricted cash shown on the statement of cash flows | $ 15,653,594 | $ 6,661,827 | $ 1,148,848 | $ 137,177 |
SCHEDULE OF FIXED ASSETS (Detai
SCHEDULE OF FIXED ASSETS (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 8,392,975 | $ 8,346,059 |
Accumulated depreciation | (3,164,651) | (2,485,269) |
Net book value | $ 5,228,324 | 5,860,790 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of fixed assets | 10 years | |
Property, plant and equipment, gross | $ 52,678 | 12,792 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of fixed assets | 3 years | |
Property, plant and equipment, gross | $ 10,386 | 22,528 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 19,172 | |
Estimated useful life of fixed assets | Remaining Lease Term | |
Data Processing Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of fixed assets | 3 years | |
Property, plant and equipment, gross | $ 8,310,739 | $ 8,310,739 |
SCHEDULE OF FAIR VALUE ASSETS A
SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total Assets | ||
Derivative liability | 187,783 | 307,067 |
Total Liabilities | 187,783 | 307,067 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total Assets | ||
Derivative liability | ||
Total Liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total Assets | ||
Derivative liability | ||
Total Liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total Assets | ||
Derivative liability | 187,783 | 307,067 |
Total Liabilities | $ 187,783 | $ 307,067 |
SCHEDULE OF REVENUE GENERATED (
SCHEDULE OF REVENUE GENERATED (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Product Information [Line Items] | ||
Gross billings/receipts | $ 35,779,200 | $ 5,906,519 |
Refunds, incentives, credits, and chargebacks | (682,364) | (316,703) |
Amounts paid to supplier | (9,470,271) | |
Net revenue | 25,626,565 | 5,589,816 |
Subscription Revenue [Member] | ||
Product Information [Line Items] | ||
Gross billings/receipts | 11,532,061 | 4,559,960 |
Refunds, incentives, credits, and chargebacks | (682,364) | (316,703) |
Amounts paid to supplier | ||
Net revenue | 10,849,697 | 4,243,257 |
Cryptocurrency Revenue [Member] | ||
Product Information [Line Items] | ||
Gross billings/receipts | 15,875,577 | |
Refunds, incentives, credits, and chargebacks | ||
Amounts paid to supplier | (9,470,271) | |
Net revenue | 6,405,306 | |
Mining Revenue [Member] | ||
Product Information [Line Items] | ||
Gross billings/receipts | 8,371,562 | 1,342,546 |
Refunds, incentives, credits, and chargebacks | ||
Amounts paid to supplier | ||
Net revenue | 8,371,562 | 1,342,546 |
Fee Revenue [Member] | ||
Product Information [Line Items] | ||
Gross billings/receipts | 4,013 | |
Refunds, incentives, credits, and chargebacks | ||
Amounts paid to supplier | ||
Net revenue | $ 4,013 |
SCHEDULE OF ANTIDILUTIVE SECURI
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - shares | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 180,609,479 | |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ||
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ||
Notes Convertible into Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 180,609,479 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Product Information [Line Items] | ||||
Depreciation expense | $ 694,044 | $ 377,582 | ||
Cryptocurrencies | 6,939,775 | $ 4,774,478 | ||
Other Assets, Current | 5,826,252 | 4,679,256 | ||
Other Restricted Assets, Noncurrent | 1,113,523 | 1,113,523 | 95,222 | $ 95,222 |
Revenue | 25,626,565 | 5,589,816 | ||
Realized gain loss on cryptocurrency | 1,282,970 | (91,486) | ||
Intangible assets | 0 | 0 | ||
Amortization | 0 | 43,169 | ||
Impairment of long lived assets | 0 | 0 | ||
Deferred revenue | $ 2,235,980 | 1,561,188 | $ 1,561,188 | |
Cryptocurrency sale by protection option description | The protection allows the purchaser to obtain 50% of their purchase price at five years or 100% of their purchase price at ten years. Both the coin and the protection option are delivered by third-party suppliers. | |||
Customer advance | $ 430,097 | 2,067,313 | ||
Mining Revenue [Member] | ||||
Product Information [Line Items] | ||||
Revenue | 8,371,562 | 1,342,546 | ||
Cryptocurrency Revenue [Member] | ||||
Product Information [Line Items] | ||||
Revenue | 6,405,306 | |||
Customer advance | 430,097 | $ 2,067,313 | ||
Foreign Revenue [Member] | ||||
Product Information [Line Items] | ||||
Revenue | 11,800,000 | 4,000,000 | ||
Domestic Revenue [Member] | ||||
Product Information [Line Items] | ||||
Revenue | $ 13,800,000 | $ 1,600,000 |
SCHEDULE OF RELATED PARTY PAYAB
SCHEDULE OF RELATED PARTY PAYABLES (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |||
Convertible Promissory Note entered into on 4/27/20, net of debt discount of $1,147,289 as of June 30, 2021 | [1] | $ 152,711 | $ 120,318 |
Convertible Promissory Note entered into on 5/27/20, net of debt discount of $622,887 as of June 30, 2021 | [2] | 77,113 | 59,525 |
Convertible Promissory Note entered into on 11/9/20, net of debt discount of $1,212,356 as of June 30, 2021 | [3] | 87,644 | 53,414 |
Accounts payable – related party | [4] | 30,000 | 60,000 |
Notes for APEX lease buyback | [5] | 43,000 | |
Promissory note entered into on 12/15/20, net of debt discount of $349,660 as of March 31, 2021 | [6] | 110,340 | 125,838 |
Convertible Promissory Note entered into on 3/30/21, net of debt discount of $1,159,315 as of March 31, 2021 | [7] | 410,219 | 4,459 |
Working Capital Promissory Note entered into on 3/22/21 | 600,084 | ||
Total related-party debt | 1,468,111 | 466,554 | |
Less: Current portion | (1,150,643) | (233,296) | |
Related-party debt, long term | $ 317,468 | $ 233,258 | |
[1] | On April 27, 2020 we received proceeds of $ 1,300,000 20 April 27, 2030 0.01257 0.007 1,300,000 32,393 65,004 | ||
[2] | On May 27, 2020 we received proceeds of $ 700,000 20 April 27, 2030 0.01257 0.007 700,000 17,588 35,001 | ||
[3] | On November 9, 2020 we received proceeds of $ 1,300,000 38.5 25 13.5 April 27, 2030 0.007 1,300,000 34,230 125,124 | ||
[4] | In August of 2020 we repurchased 106,000,000 10 120,000 30,000 | ||
[5] | During the year ended March 31, 2020 we sold 83 APEX units to related parties which included the sale of high powered data processing equipment, which they then leased back to us. In September of 2020, our board of directors voted to approve a buyback program wherein all APEX purchasers were offered a promissory note in exchange for cancellation of the lease and our purchase of all rights and obligations under the lease. At that time, we agreed to pay our related parties $ 237,720 112,720 82,000 43,000 43,000 | ||
[6] | On December 15, 2020 we received proceeds of $ 154,000 600,000 20,000 30 446,000 44,502 60,000 | ||
[7] | Effective March 30, 2021 we restructured a $ |
SCHEDULE OF RELATED PARTY PAY_2
SCHEDULE OF RELATED PARTY PAYABLES (Details) (Parenthetical) - USD ($) | Mar. 22, 2021 | Dec. 15, 2020 | Nov. 09, 2020 | May 27, 2020 | Apr. 27, 2020 | Apr. 27, 2020 | Sep. 30, 2020 | Aug. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Mar. 31, 2021 |
Related Party Transaction [Line Items] | ||||||||||||
Promissory note | $ 14,989,286 | $ 15,827,934 | ||||||||||
Debt discount | 349,660 | |||||||||||
Proceeds from related parties | $ 700,000 | $ 4,339,135 | ||||||||||
Debt instrument interest percentage | 75.00% | |||||||||||
Debt instrument due date | Dec. 31, 2024 | |||||||||||
Repurchase | 272 | |||||||||||
Repayments for related party debt | $ 427,129 | $ 2,489,209 | ||||||||||
Related parties | 1,150,643 | 233,296 | ||||||||||
APEX Buyback Program [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Repayments for related party debt | $ 237,720 | |||||||||||
Related parties | $ 112,720 | |||||||||||
Related parties owned | 82,000 | |||||||||||
Board of Directors [Member] | Wealth Engineering [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Promissory note | $ 600,000 | |||||||||||
Debt discount | 446,000 | 44,502 | ||||||||||
Proceeds from related parties | 154,000 | |||||||||||
Board of Directors [Member] | Wealth Engineering [Member] | 30 Months [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Repayments for related party debt | $ 20,000 | |||||||||||
Debt term | 30 months | |||||||||||
Board of Directors [Member] | Wealth Engineering [Member] | Four Monthly [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Repayments for related party debt | 60,000 | |||||||||||
CR Capital Holding [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Repurchase of common stock | 106,000,000 | |||||||||||
Stocks owned | 10.00% | |||||||||||
Repurchase | $ 120,000 | |||||||||||
CR Capital Holding [Member] | Purchase Commitment [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Repurchase | 30,000 | |||||||||||
Majority Shareholders And Other Related Parties [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Proceeds from related parties | $ 1,300,000 | |||||||||||
Convertible Promissory Note Entered into on 3/28/19 [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Promissory note | 1,147,289 | 1,159,315 | ||||||||||
Convertible Promissory Note Entered into on 3/28/19 [Member] | DBR Capital, LLC [Member] | Board of Directors [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Debt discount | $ 32,393 | |||||||||||
Debt instrument interest percentage | 20.00% | 20.00% | ||||||||||
Debt instrument due date | Apr. 27, 2030 | |||||||||||
Debt conversion price | $ 0.01257 | $ 0.01257 | $ 0.007 | |||||||||
Beneficial conversion feature | $ 1,300,000 | |||||||||||
Interest expense | $ 65,004 | |||||||||||
Convertible Promissory Note Entered into on 3/14/19 Two [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Promissory note | $ 622,887 | |||||||||||
Convertible Promissory Note Entered into on 3/14/19 Two [Member] | DBR Capital, LLC [Member] | Board of Directors [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Debt discount | $ 43,000 | 34,230 | ||||||||||
Proceeds from related parties | $ 1,300,000 | |||||||||||
Debt instrument interest percentage | 38.50% | |||||||||||
Debt instrument due date | Apr. 27, 2030 | |||||||||||
Debt conversion price | $ 0.007 | |||||||||||
Beneficial conversion feature | $ 1,300,000 | |||||||||||
Interest expense | $ 43,000 | $ 125,124 | ||||||||||
Interest rate | 25.00% | |||||||||||
Facility fee percentage | 13.50% | |||||||||||
Convertible Promissory Note Three [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Promissory note | 1,212,356 | |||||||||||
Convertible Promissory Note Entered into on 1/11/19 One [Member] | DBR Capital, LLC [Member] | Board of Directors [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Debt discount | $ 17,588 | |||||||||||
Proceeds from related parties | $ 700,000 | |||||||||||
Debt instrument interest percentage | 20.00% | |||||||||||
Debt instrument due date | Apr. 27, 2030 | |||||||||||
Debt conversion price | $ 0.01257 | $ 0.007 | ||||||||||
Beneficial conversion feature | $ 700,000 | |||||||||||
Interest expense | $ 35,001 | |||||||||||
Convertible Promissory Note Entered into on 7/10/19 [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Interest expense | 84 | |||||||||||
Convertible Promissory Note Entered into on 7/10/19 [Member] | Board of Directors [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Promissory note | $ 1,000,000 | |||||||||||
Debt discount | $ 386,438 | |||||||||||
Debt instrument interest percentage | 5.00% | |||||||||||
Debt conversion price | $ 0.02 | |||||||||||
Beneficial conversion feature | $ 12,000,000 | $ 1,550,000 | ||||||||||
Interest expense | 19,322 | |||||||||||
Interest Payable, Current | 200,000 | |||||||||||
Short-term Debt | $ 350,000 | |||||||||||
Convertible Promissory Note Entered into on 7/10/19 [Member] | Working Capital Promissory [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Debt instrument interest percentage | 0.11% | |||||||||||
Interest expense | $ 600,000 |
RELATED-PARTY TRANSACTIONS (Det
RELATED-PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Gain (loss) on debt extinguishment | $ 4,001 | $ 17,826 |
Related parties for proceeds | 700,000 | 4,339,135 |
Related party debt settled | 427,129 | $ 2,489,209 |
Cryptocurrency [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Related parties for proceeds | 1,000 | |
Related party debt settled | 1,597,540 | |
Sold 57 APEX Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Gain (loss) on debt extinguishment | 100,000 | |
Related parties for proceeds | 130,490 | |
233 Lease Payments [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Lease payments | $ 1,625 |
SCHEDULE OF DEBT (Details)
SCHEDULE OF DEBT (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | |
Short-term Debt [Line Items] | |||
Total debt | $ 14,989,286 | $ 15,827,934 | |
Less: Current portion | (3,027,013) | (3,143,513) | |
Debt, long term portion | 11,962,273 | 12,684,421 | |
Long term Notes for APEX Lease Buyback [Member] | |||
Short-term Debt [Line Items] | |||
Total debt | [1] | 13,950,563 | 14,795,145 |
Short-term Advance Received on 8/31/18 [Member] | |||
Short-term Debt [Line Items] | |||
Total debt | [2] | 5,000 | 5,000 |
Notes Issued under the Paycheck Protection Program on 4/17/20 [Member] | |||
Short-term Debt [Line Items] | |||
Total debt | [3] | 511,377 | 510,118 |
Loan with the Small Business Administration Dated 4/19/20 [Member] | |||
Short-term Debt [Line Items] | |||
Total debt | [1] | $ 522,346 | $ 517,671 |
[1] | In April 2020 we received proceeds of $ 500,000 Under the terms of the loan interest is to accrue at a rate of 3.75% 2,437 4,675 | ||
[2] | In August 2018, we received a $ 75,000 | ||
[3] | In April 2020 we received $ 505,300 1% April 1, 2022 1,259 |
SCHEDULE OF DEBT (Details) (Par
SCHEDULE OF DEBT (Details) (Parenthetical) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Apr. 30, 2020 | Aug. 31, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Entity Listings [Line Items] | |||||
Proceeds from short-term debt | $ 75,000 | ||||
Debt instrument interest percentage | 75.00% | ||||
Debt maturity date | Dec. 31, 2024 | ||||
Balloon payment percentage | 25.00% | ||||
Repayments for debt | $ 348,941 | $ 1,432,344 | |||
Divided by 48 Months [Member] | |||||
Entity Listings [Line Items] | |||||
Debt term | 48 months | ||||
US Small Business Administration 1 [Member] | |||||
Entity Listings [Line Items] | |||||
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 | ||||
Debt periodic payment | $ 2,437 | $ 4,675 | |||
APEX Tex LLC [Member] | |||||
Entity Listings [Line Items] | |||||
Notes payable related party | $ 19,089,500 | ||||
Repayments for debt | 348,941 | ||||
Issuances of cryptocurrency, value | 495,641 | ||||
Paycheck Protection Program [Member] | U.S. Small Business Administration [Member] | |||||
Entity Listings [Line Items] | |||||
Proceeds from short-term debt | $ 505,300 | ||||
Debt instrument interest percentage | 1.00% | ||||
Debt maturity date | Apr. 1, 2022 | ||||
Interest expense | $ 1,259 |
SCHEDULE OF DERIVATIVE LIABILIT
SCHEDULE OF DERIVATIVE LIABILITY (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Derivative liability | $ 307,067 | |
Derivative liability recorded on new instruments | 127,520 | |
Derivative liability reduced by warrant exercise | (10,156) | |
(Gain) loss on fair value | (236,648) | $ (347,635) |
Derivative liability | 187,783 | |
Warrant [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Derivative liability | 307,067 | |
Derivative liability recorded on new instruments | 127,520 | |
Derivative liability reduced by warrant exercise | (10,156) | |
(Gain) loss on fair value | (236,648) | |
Derivative liability | 187,783 | |
Debt [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Derivative liability | ||
Derivative liability recorded on new instruments | ||
Derivative liability reduced by warrant exercise | ||
(Gain) loss on fair value | ||
Derivative liability |
SCHEDULE OF ASSUMPTIONS USED IN
SCHEDULE OF ASSUMPTIONS USED IN BINOMINAL OPTION PRICING MODEL (Details) | 3 Months Ended |
Jun. 30, 2021 | |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | Warrant [Member] | |
Derivative [Line Items] | |
Fair value measurements valuation techniques, percent | 0.79 |
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | Warrant [Member] | |
Derivative [Line Items] | |
Fair value measurements valuation techniques, percent | 0.87 |
Measurement Input, Risk Free Interest Rate [Member] | Debt [Member] | |
Derivative [Line Items] | |
Fair value measurements valuation techniques, percent | |
Measurement Input, Expected Term [Member] | Minimum [Member] | Warrant [Member] | |
Derivative [Line Items] | |
Fair value measurements valuation techniques, term | 4 years 1 month 2 days |
Measurement Input, Expected Term [Member] | Maximum [Member] | Warrant [Member] | |
Derivative [Line Items] | |
Fair value measurements valuation techniques, term | 5 years |
Measurement Input, Expected Term [Member] | Debt [Member] | |
Derivative [Line Items] | |
Fair value measurements valuation techniques, term | |
Measurement Input, Option Volatility [Member] | Minimum [Member] | Warrant [Member] | |
Derivative [Line Items] | |
Fair value measurements valuation techniques, percent | 208 |
Measurement Input, Option Volatility [Member] | Maximum [Member] | Warrant [Member] | |
Derivative [Line Items] | |
Fair value measurements valuation techniques, percent | 260 |
Measurement Input, Option Volatility [Member] | Debt [Member] | |
Derivative [Line Items] | |
Fair value measurements valuation techniques, percent |
SUMMARY OF WARRANTS ISSUED (Det
SUMMARY OF WARRANTS ISSUED (Details) | 3 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Equity [Abstract] | |
Number of Warrants Outstanding, Beginning | shares | 766,585 |
Weighted Average Exercise Price Outstanding, Beginning | $ / shares | $ 0.10 |
Number of Warrants Granted | shares | 494,375 |
Weighted Average Exercise Price Granted | $ / shares | $ 0.10 |
Number of Warrants Canceled/Expired | shares | |
Weighted Average Exercise Price Canceled/Expired | $ / shares | |
Number of Warrants Exercised | shares | (64,340) |
Weighted Average Exercise Price Exercised | $ / shares | |
Number of Warrants Outstanding, Ending | shares | 1,196,620 |
Weighted Average Exercise Price Outstanding, Ending | $ / shares | $ 0.10 |
SUMMARY OF WARRANTS OUTSTANDING
SUMMARY OF WARRANTS OUTSTANDING (Details) | Jun. 30, 2021$ / sharesshares |
Equity [Abstract] | |
Exercise Price | $ / shares | $ 0.10 |
Warrants Outstanding | 1,196,620 |
Warrants Exercisable | 1,196,620 |
Weighted Average Contractual Life (Years) | 4 years 7 months 20 days |
STOCKHOLDERS_ EQUITY (DEFICIT_2
STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||
Preferred stock, shares issued | 252,192 | 153,317 | 0 | |
Preferred stock, shares outstanding | 252,192 | 153,317 | 0 | |
Warrant term | 4 years 7 months 20 days | |||
Warrants granted | 494,375 | |||
Derivative Liability | $ 219,290 | |||
Stock issued for services and compensation and recognized , values | 989,391 | |||
Proceeds from warrant exercised | $ 6,434 | |||
Common Stock, Shares, Outstanding | 2,994,045,669 | 2,982,481,329 | ||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued for services and compensation and recognized | 11,500,000 | |||
Stock issued for services and compensation and recognized , values | $ 989,391 | |||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued for services and compensation and recognized | 11,500,000 | |||
Stock issued for services and compensation and recognized , values | $ 11,500 | |||
Common stock issued for warrant exercise, shares | 64,340 | |||
Proceeds from warrant exercised | 6,434 | |||
Warrant [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock issued for warrant exercise, shares | 64,340 | |||
Proceeds from warrant exercised | 6,434 | |||
Derivative liability reduced by warrant exercise | $ 10,156 | |||
Unit Offering [Member] | ||||
Class of Stock [Line Items] | ||||
Sale of stock | 2,000,000 | |||
Share price | $ 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 | |||
Unit Offering [Member] | Warrant [Member] | ||||
Class of Stock [Line Items] | ||||
Warrants granted | 494,375 | |||
Derivative liability reduced by warrant exercise | $ 127,683 | |||
IPO One [Member] | ||||
Class of Stock [Line Items] | ||||
Sale of stock | 98,875 | |||
Proceeds on sale of stock | $ 2,471,875 | |||
IPO Two [Member] | ||||
Class of Stock [Line Items] | ||||
Sale of stock | 97,669 | |||
Proceeds on sale of stock | $ 2,441,725 | |||
Bitcoin [Member] | ||||
Class of Stock [Line Items] | ||||
Sale of stock | 1,206 | |||
Proceeds on sale of stock | $ 30,150 | |||
Related Party Debt [Member] | ||||
Class of Stock [Line Items] | ||||
Sale of stock | 98,875 | |||
Series B Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, par value | $ 25 | |||
Series B Preferred Stock [Member] | Board of Directors [Member] | ||||
Class of Stock [Line Items] | ||||
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] | ||||
Class of Stock [Line Items] | ||||
Warrants granted | 494,375 | |||
Dividends, Cash | $ 204,835 | |||
Payments to preferred stock dividend | 82,107 | |||
Cryptocurrency [Member] | ||||
Class of Stock [Line Items] | ||||
Proceeds on sale of stock | $ 38,383 |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | |
Operating Lease | |||
Remainder of 2021 | $ 122,700 | ||
2022 | 115,600 | ||
2023 | 16,000 | ||
Total | 254,300 | ||
Less: Interest | (27,197) | ||
Present value of lease liability | 227,103 | ||
Operating lease liability, current [1] | (147,600) | [1] | $ (48,000) |
Operating lease liability, long term | $ 79,503 | $ 11,460 | |
[1] | Represents lease payments to be made in the next 12 months. |
OPERATING LEASE (Details Narrat
OPERATING LEASE (Details Narrative) | 3 Months Ended | |
Jun. 30, 2021USD ($)$ / shares | Mar. 31, 2021USD ($) | |
Interest Rate and Interest Differential Analysis [Line Items] | ||
Annual utility charge | $ / shares | 1.75 | |
Variable lease costs | $ 831 | |
Operating lease liabilities | 227,103 | |
Operating lease right-of-use asset | 207,444 | $ 54,125 |
Operating lease expense | 26,323 | |
Operating cash flow lease for operating leases | $ 12,000 | |
Operating lease weighted average remaining lease term | 1 year 9 months 18 days | |
Operating lease weighted average discount rate | 12.00% | |
Eatontown New Jersey [Member] | ||
Interest Rate and Interest Differential Analysis [Line Items] | ||
Operating lease liabilities | $ 110,097 | |
Kaysville Lease [Member] | ||
Interest Rate and Interest Differential Analysis [Line Items] | ||
Operating lease right-of-use asset | $ 21,147 | |
Conroe Lease [Member] | ||
Interest Rate and Interest Differential Analysis [Line Items] | ||
Operating lease terms | 24 months | |
Right-of-use asset obtained in exchange for operating lease liability | $ 174,574 | |
Eatontown New Jersey and Kaysville Utah [Member] | ||
Interest Rate and Interest Differential Analysis [Line Items] | ||
Operating lease terms | 3 years |