Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 15, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
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 | 2,641,275,489 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 20,345,462 | $ 30,995,283 |
Restricted cash, current | 819,338 | 819,338 |
Prepaid assets | 75,511 | 164,254 |
Receivables | 2,299,638 | 1,920,069 |
Inventory | 299,826 | |
Income tax paid in advance | 611,584 | |
Other current assets | 4,080,240 | 2,018,324 |
Total current assets | 28,531,599 | 35,917,268 |
Fixed assets, net | 15,182,262 | 6,682,877 |
Other assets: | ||
Restricted cash, long term | 392,616 | 802,285 |
Other restricted assets, long term | 135,694 | 122,769 |
Operating lease right-of-use asset | 152,722 | 264,846 |
Intangible asset, net | 7,240,000 | 7,240,000 |
Deposits | 473,598 | 473,598 |
Total other assets | 8,394,630 | 8,903,498 |
Total assets | 52,108,491 | 51,503,643 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 5,268,380 | 3,904,681 |
Payroll liabilities | 249,208 | 176,604 |
Income tax payable | 807,827 | |
Customer advance | 301,399 | 75,702 |
Deferred revenue | 2,659,069 | 3,288,443 |
Derivative liability | 31,535 | 69,371 |
Dividend liability | 230,877 | 219,705 |
Operating lease liability, current | 170,961 | 255,894 |
Related party payables, net of discounts, current | 1,201,267 | 1,832,642 |
Debt, net of discounts, current | 2,909,513 | 2,947,013 |
Total current liabilities | 13,022,209 | 13,577,882 |
Deferred tax liability, long term | 631,745 | |
Operating lease liability, long term | 262 | 43,460 |
Related party payables, net of discounts, long term | 654,310 | 486,814 |
Debt, net of discounts, long term | 7,031,691 | 8,455,646 |
Total long term liabilities | 8,318,008 | 8,985,920 |
Total liabilities | 21,340,217 | 22,563,802 |
Commitments and contingencies | ||
Stockholders’ equity (deficit): | ||
Preferred stock, par value: $0.001; 50,000,000 shares authorized, 252,192 and 252,192 issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 252 | 252 |
Common stock, par value $0.001; 10,000,000,000 shares authorized; 2,641,275,489 and 2,904,210,762 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 2,641,275 | 2,904,211 |
Additional paid in capital | 102,105,509 | 101,883,573 |
Accumulated other comprehensive income (loss) | (23,218) | (23,000) |
Accumulated deficit | (73,955,544) | (75,825,195) |
Total stockholders’ equity (deficit) | 30,768,274 | 28,939,841 |
Total liabilities and stockholders’ equity (deficit) | $ 52,108,491 | $ 51,503,643 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 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 | 252,192 |
Preferred stock, shares outstanding | 252,192 | 252,192 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 |
Common stock, shares issued | 2,641,275,489 | 2,904,210,762 |
Common stock, shares outstanding | 2,641,275,489 | 2,904,210,762 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue: | ||||
Total revenue, net | $ 14,765,621 | $ 25,626,565 | $ 32,513,680 | $ 42,680,535 |
Operating costs and expenses: | ||||
Cost of sales and service | 1,898,140 | 2,186,152 | 3,728,481 | 5,084,659 |
Commissions | 6,445,793 | 8,782,421 | 13,829,481 | 13,867,300 |
Selling and marketing | 23,511 | 39,849 | 35,265 | 67,500 |
Salary and related | 1,641,345 | 1,372,325 | 2,856,608 | 2,562,466 |
Professional fees | 770,345 | 661,884 | 1,749,320 | 1,312,365 |
Impairment expense | 6,383 | 6,383 | 534,438 | |
Loss (gain) on disposal of assets | (247,209) | (271,509) | ||
General and administrative | 2,627,884 | 2,046,484 | 4,695,700 | 3,863,881 |
Total operating costs and expenses | 13,166,192 | 15,089,115 | 26,629,729 | 27,292,609 |
Net income (loss) from operations | 1,599,429 | 10,537,450 | 5,883,951 | 15,387,926 |
Other income (expense): | ||||
Gain (loss) on debt extinguishment | 455 | 4,001 | 455 | 411,803 |
Gain (loss) on fair value of derivative liability | 61,679 | 236,648 | 37,836 | 51,911 |
Realized gain (loss) on cryptocurrency | (837,808) | (1,282,970) | (1,020,597) | (758,758) |
Interest expense | (4,675) | (5,934) | (9,298) | (11,803) |
Interest expense, related parties | (309,669) | (759,686) | (2,029,134) | (1,133,766) |
Other income (expense) | 26,626 | 46,338 | 57,853 | (86,902) |
Total other income (expense) | (1,063,392) | (1,761,603) | (2,962,885) | (1,527,515) |
Income (loss) before income taxes | 536,037 | 8,775,847 | 2,921,066 | 13,860,411 |
Income tax expense | (635,745) | (3,189) | (641,745) | (146,192) |
Net income (loss) | (99,708) | 8,772,658 | 2,279,321 | 13,714,219 |
Dividends on Preferred Stock | (204,835) | (204,835) | (409,670) | (329,341) |
Net income (loss) applicable to common shareholders | (304,543) | 8,567,823 | 1,869,651 | 13,384,878 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (598) | (808) | (218) | (535) |
Total other comprehensive income (loss) | (598) | (808) | (218) | (535) |
Comprehensive income (loss) | $ (100,306) | $ 8,771,850 | $ 2,279,103 | $ 13,713,684 |
Basic income (loss) per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Diluted income (loss) per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Basic weighted average number of common shares outstanding | 2,706,090,141 | 2,987,735,892 | 2,714,986,787 | 3,111,918,706 |
Diluted weighted average number of common shares outstanding | 2,706,090,141 | 3,539,658,831 | 3,751,415,358 | 3,625,938,815 |
Subscription Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | $ 11,104,539 | $ 10,849,697 | $ 24,835,209 | $ 18,799,414 |
Mining Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | 3,058,144 | 8,371,562 | 6,635,117 | 16,708,921 |
Cryptocurrency Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | 516,960 | 6,405,306 | 957,376 | 7,170,168 |
Miner Repair Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | 80,110 | 80,110 | ||
Digital Wallet Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | 5,868 | 5,868 | ||
Fee Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | $ 2,032 |
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] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 56 | $ 3,237,481 | $ 34,615,895 | $ (19,330) | $ (50,855,326) | $ (13,021,224) |
Begining balance, shares at Dec. 31, 2020 | 55,554 | 3,237,481,329 | ||||
Preferred stock issued for cash | $ 48 | 1,198,777 | 1,198,825 | |||
Preferred stock issued for cash, shares | 47,953 | |||||
Preferred stock issued for cryptocurrency | 9,800 | 9,800 | ||||
Preferred stock issued for cryptocurrency, shares | 392 | |||||
Preferred stock issued for debt | $ 49 | 1,235,401 | 1,235,450 | |||
Preferred stock issued for debt, shares | 49,418 | |||||
Derivative liability recorded for warrants issued with preferred stock | (80,940) | (80,940) | ||||
Common stock cancelled | $ (255,000) | 255,000 | ||||
Common stock cancelled, shares | (255,000,000) | |||||
Common stock issued for services and compensation | 592,978 | 592,978 | ||||
Beneficial conversion feature | 1,550,000 | 1,550,000 | ||||
Dividends | (124,506) | (124,506) | ||||
Foreign currency translation adjustment | 273 | 273 | ||||
Net income (loss) | 4,941,561 | 4,941,561 | ||||
Ending balance, value at Mar. 31, 2021 | $ 153 | $ 2,982,481 | 39,376,911 | (19,057) | (46,038,271) | (3,697,783) |
Ending balance, shares at Mar. 31, 2021 | 153,317 | 2,982,481,329 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 56 | $ 3,237,481 | 34,615,895 | (19,330) | (50,855,326) | (13,021,224) |
Begining balance, shares at Dec. 31, 2020 | 55,554 | 3,237,481,329 | ||||
Net income (loss) | $ 13,714,219 | |||||
Common stock issued for services and compensation, shares | 11,500,000 | |||||
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 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 153 | $ 2,982,481 | 39,376,911 | (19,057) | (46,038,271) | (3,697,783) |
Begining 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 | |||||
Derivative liability recorded for warrants issued with preferred stock | (127,520) | (127,520) | ||||
Common stock issued for services and compensation | 11,500 | 977,891 | 989,391 | |||
Dividends | (204,835) | (204,835) | ||||
Foreign currency translation adjustment | (808) | (808) | ||||
Net income (loss) | 8,772,658 | 8,772,658 | ||||
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 extinguished for warrants exercised | 10,156 | 10,156 | ||||
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 | ||||
Beginning balance, value at Dec. 31, 2021 | $ 252 | $ 2,904,211 | 101,883,573 | (23,000) | (75,825,195) | 28,939,841 |
Begining balance, shares at Dec. 31, 2021 | 252,192 | 2,904,210,762 | ||||
Common stock cancelled | $ (150,000) | 150,000 | ||||
Common stock cancelled, shares | (150,000,000) | |||||
Common stock issued for services and compensation | 255,163 | 255,163 | ||||
Dividends | (204,835) | (204,835) | ||||
Foreign currency translation adjustment | 380 | 380 | ||||
Net income (loss) | 2,379,029 | 2,379,029 | ||||
Common stock repurchased from related parties | $ (43,102) | (1,680,906) | (1,724,008) | |||
Common stock repurchased from related parties, shares | (43,101,939) | |||||
Ending balance, value at Mar. 31, 2022 | $ 252 | $ 2,711,109 | 100,607,830 | (22,620) | (73,651,001) | 29,645,570 |
Ending balance, shares at Mar. 31, 2022 | 252,192 | 2,711,108,823 | ||||
Beginning balance, value at Dec. 31, 2021 | $ 252 | $ 2,904,211 | 101,883,573 | (23,000) | (75,825,195) | 28,939,841 |
Begining balance, shares at Dec. 31, 2021 | 252,192 | 2,904,210,762 | ||||
Common stock issued for services and compensation | $ 219,834 | |||||
Net income (loss) | 2,279,321 | |||||
Ending balance, value at Jun. 30, 2022 | $ 252 | $ 2,641,275 | 102,105,509 | (23,218) | (73,955,544) | 30,768,274 |
Ending balance, shares at Jun. 30, 2022 | 252,192 | 2,641,275,489 | ||||
Beginning balance, value at Mar. 31, 2022 | $ 252 | $ 2,711,109 | 100,607,830 | (22,620) | (73,651,001) | 29,645,570 |
Begining balance, shares at Mar. 31, 2022 | 252,192 | 2,711,108,823 | ||||
Common stock cancelled | $ (69,834) | 69,834 | ||||
Common stock cancelled, shares | (69,833,334) | |||||
Common stock issued for services and compensation | 242,024 | 242,024 | ||||
Dividends | (204,835) | (204,835) | ||||
Foreign currency translation adjustment | (598) | (598) | ||||
Net income (loss) | (99,708) | (99,708) | ||||
Contribution of crypto currency from related party | 1,185,821 | 1,185,821 | ||||
Ending balance, value at Jun. 30, 2022 | $ 252 | $ 2,641,275 | $ 102,105,509 | $ (23,218) | $ (73,955,544) | $ 30,768,274 |
Ending balance, shares at Jun. 30, 2022 | 252,192 | 2,641,275,489 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 2,279,321 | $ 13,714,219 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 2,442,711 | 1,353,223 |
Amortization of debt discount | 1,558,590 | 646,696 |
Amortization of intangible assets | 27,989 | |
Stock issued for services and compensation | 497,187 | 1,582,369 |
Lease cost, net of repayment | (16,007) | 13,324 |
(Gain) loss on debt extinguishment | (455) | (411,803) |
(Gain) loss on disposal of fixed assets | (271,509) | |
(Gain) loss on fair value of derivative liability | (37,836) | (51,911) |
Realized (gain) loss on cryptocurrency | 1,020,597 | 758,758 |
Impairment expense | 6,383 | 534,438 |
Changes in operating assets and liabilities: | ||
Receivables | (379,569) | (985,557) |
Inventory | (176,335) | |
Prepaid assets | 88,743 | 679,082 |
Short-term advances | 145,000 | |
Short-term advances from related parties | 500 | |
Income tax paid in advance | (611,584) | |
Other current assets | (3,245,438) | (8,183,179) |
Deposits | (449,640) | |
Accounts payable and accrued liabilities | 1,436,758 | 526,642 |
Income tax payable | (807,827) | |
Customer advance | 225,697 | 430,097 |
Deferred revenue | (629,374) | 1,266,254 |
Deferred tax liability | 631,745 | |
Accrued interest | 9,298 | 11,803 |
Accrued interest, related parties | 470,544 | 487,070 |
Net cash provided by (used in) operating activities | 4,491,640 | 12,095,374 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash received for the disposal of fixed assets | 646,508 | |
Cash paid for fixed assets | (11,187,053) | (689,075) |
Net cash provided by (used in) investing activities | (10,540,545) | (689,075) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from related party payables | 700,000 | |
Repayments for related party payables | (2,493,013) | (877,733) |
Repayments for debt | (479,703) | (677,519) |
Payments for share repurchase | (1,724,008) | |
Dividends paid | (313,643) | (98,351) |
Proceeds from the sale of preferred stock | 3,640,550 | |
Proceeds from the exercise of warrants | 6,434 | |
Net cash provided by (used in) financing activities | (5,010,367) | 2,693,381 |
Effect of exchange rate translation on cash | (218) | (535) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (11,059,490) | 14,099,145 |
Cash, cash equivalents, and restricted cash - beginning of period | 32,616,906 | 1,554,449 |
Cash, cash equivalents, and restricted cash - end of period | 21,557,416 | 15,653,594 |
Cash paid during the period for: | ||
Interest | 603,013 | 523,732 |
Income taxes | 1,429,411 | 146,192 |
Non-cash investing and financing activities: | ||
Cancellation of shares | 219,834 | 255,000 |
Beneficial conversion feature | 1,550,000 | |
Derivative liability recorded for warrants issued | 208,460 | |
Derivative liability extinguished with warrant exercise | 10,156 | |
Preferred shares issued in exchange for cryptocurrency | 39,950 | |
Preferred shares issued in exchange for debt | 1,235,450 | |
Dividends declared | 409,670 | 329,341 |
Dividends paid with cryptocurrency | 84,855 | 82,216 |
Debt and related party debt extinguished in exchange for cryptocurrency | 991,050 | 984,439 |
Related party debt extinguished in exchange for cryptocurrency | 113,000 | |
Initial right of use asset and lease liability | 174,574 | |
Purchase of fixed assets with cryptocurrency | 259,916 | |
Transfer of fixed assets to inventory | 123,491 | |
Contribution of crypto currency from related party | $ 1,185,821 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Organization Investview, Inc. was incorporated on January 30, 1946 Effective April 1, 2017, we closed on a Contribution Agreement with the members of Wealth Generators, LLC, a limited liability company (“Wealth Generators”), pursuant to which the Wealth Generators members contributed 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”). On January 17, 2019, we renamed our non-operating wholly owned subsidiary WealthGen Global, LLC to SAFETek, 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 September 20, 2021, the Board of Directors approved a change in our fiscal year from March 31 to December 31. Nature of Business We operate a financial technology (FinTech) services company in several different businesses. We deliver multiple products and services through a direct selling network, also known as multi-level marketing, of independent distributors that offer our products and services through a subscription-based revenue model to our distributors, as well as by our distributors to a large base of customers that we refer to as “members”. Through this business, we provide research, education, and investment tools designed to assist the self-directed investor in successfully navigating the financial markets. These services include research and education regarding equities, options, FOREX, ETFs, binary options, and cryptocurrency. In addition to research and education, 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 and 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 a distribution arrangement we have with a third party, we have provided our members with an opportunity to purchase through such third party, a specialty form of adaptive digital currency called “ndau”. Through our direct selling model, we compensate our distributors with commissions under a standard bonus plan that allows for discretionary bonuses based on performance. We also operate a blockchain technology business that provides leading-edge research, development, and FinTech services involving the management of digital asset technologies with a focus on Bitcoin mining and the new generation of digital assets. As well, in order to, among other things, commercialize on the proprietary trading platform we recently acquired from MPower Trading Systems, LLC, take advantage of the market’s increasing acceptance and expansion of the ownership and use of digital currencies as an investable asset class, subject to applicable regulatory limitations, and to proactively respond to increasing regulatory scrutiny relative to cryptocurrency products, we have adopted a growth plan that contemplates the establishment of a suite of financial service companies that will include self-directed brokerage services, institutional trade execution services, innovative advisory services (RIA, CTA), and codeless algorithmic trading technologies, which will operate under our recently formed subsidiary, Investview Financial Group Holdings, LLC (“IFGH”). Towards that end, in March 2021 we entered into an agreement to acquire a brokerage firm from an affiliate of the former Chief Executive Officer of the Company. However, having been unable to secure the requisite FINRA approval by the expiration date within the agreement, we terminated the transaction on June 14, 2022, and commenced a search for alternative acquisitions within the brokerage industry. Further, we have also recently withdrawn our state and NFA registrations associated with our wholly owned subsidiary, SAFE Management, LLC (“SAFE Management”), as we concluded there to be no material benefit to retaining an interest in a dormant investment advisor and commodity trading advisor. We plan to relaunch these services under the IFGH umbrella in the future to primarily focus on commodities and FOREX, however, most likely in conjunction with an acquisition within the brokerage industry. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Our policy is to prepare our financial statements on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Prior to September 20, 2021, we operated the Company on a March 31, fiscal year end. Effective September 30, 2021 we changed our fiscal year to December 31. 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 six months ended June 30, 2022, are not necessarily indicative of the operating results that may be expected for the filing of our December 31, 2022 Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the audited December 31, 2021 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021. Principles of Consolidation The consolidated financial statements include the accounts of Investview, Inc., and our wholly owned subsidiaries: iGenius, LLC (formerly Kuvera, LLC), Kuvera France S.A.S (through its closure date in June of 2021), Apex Tek, LLC (formerly Razor Data, LLC), SAFETek, LLC (formerly WealthGen Global, LLC), S.A.F.E. Management, LLC, United Games, LLC, United League, LLC, Investment Tools & Training, LLC, iGenius Global LTD (formerly Kuvera (N.I.) LTD), Investview Financial Group Holdings, LLC, and Investview MTS, LLC. All intercompany transactions and balances have been eliminated in consolidation. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) 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. were conducted in France through its closure date in June of 2021 and its functional currency is the Euro. Subsequent to June 2021 we maintained a Euro bank account in France that had minimal transactions. The Euro bank account was closed in April 2022. Prior to June 2021, the financial statements of Kuvera France S.A.S. were prepared using their functional currency and were translated into U.S. dollars (“USD”). Assets and liabilities were translated into USD at the applicable exchange rates at period-end. Stockholders’ equity was translated using historical exchange rates. Revenue and expenses were translated at the average exchange rates for the period. Any translation adjustments were included as foreign currency translation adjustments in accumulated other comprehensive income in our stockholders’ equity (deficit). Subsequent to June 2021 and prior to the closure of the Euro bank account, we translated all transactions in our Euro bank account into USD and translated the ending bank balance into USD at the applicable exchange rate at period-end. The following rates were used to translate our Euro bank account into USD at the following balance sheet dates. SCHEDULE OF EXCHANGE RATES December 31, 2021 Euro to USD 1.1371 The following rates were used to translate the accounts of Kuvera France S.A.S. into USD for the following operating periods. 2022 2021 Six Months Ended June 30, 2022 2021 Euro to USD 1.1118 1.2052 Concentration of Credit Risk Financial instruments that potentially expose us to concentration of credit risk include cash, accounts receivable, and advances. We place our cash and temporary cash investments with credit quality institutions. At times, such investments may be in excess of the FDIC insurance limit of $ 250,000 19,093,199 19,336,350 Cash Equivalents and Restricted Cash For purposes of reporting cash flows, we consider all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. As of June 30, 2022 and December 31, 2021, we had no 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, 2022 December 31, 2021 Cash and cash equivalents $ 20,345,462 $ 30,995,283 Restricted cash, current 819,338 819,338 Restricted cash, long term 392,616 802,285 Total cash, cash equivalents, and restricted cash shown on the statement of cash flows $ 21,557,416 $ 32,616,906 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. Receivables Receivables are carried at net realizable value, representing the outstanding balance less an allowance for doubtful accounts based on a review of all outstanding amounts. Management determines the allowance for doubtful accounts by regularly evaluating individual receivables and receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded when received. We had an allowance for doubtful accounts of $ 719,342 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, 2022 December 31, 2021 Furniture, fixtures, and equipment 10 $ 72,407 $ 82,942 Computer equipment 3 11,739 15,241 Leasehold improvements Remaining Lease Term 40,528 40,528 Data processing equipment 3 21,441,088 10,638,619 Construction in progress N/A 273,296 391,583 Mining repair tools and equipment 1 13,627 - 21,852,685 11,168,913 Accumulated depreciation (6,670,423 ) (4,486,036 ) Net book value $ 15,182,262 $ 6,682,877 Total depreciation expense for the six months ended June 30, 2022 and 2021, was $ 2,442,711 1,353,223 374,999 646,508 271,509 6,383 6,383 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. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) 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, 2022 and December 31, 2021 were $ 4,215,934 4,080,240 135,694 2,141,093 2,018,324 122,769 6,635,117 16,708,921 1,020,597 758,758 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. On March 22, 2021, we entered into Securities Purchase Agreement to acquire the operating assets and intellectual property rights of MPower Trading Systems LLC, a company controlled and partially owned by David B. Rothrock and James R. Bell, two of our board members (see NOTE 12). On September 3, 2021, we closed on the Securities Purchase Agreement and acquired the operating assets and intellectual property rights of MPower Trading Systems LLC. As a result, we obtained Prodigio, a proprietary software-based trading platform with applications within the brokerage industry, which was valued at $ 7,240,000 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 six months ended June 30, 2022 we impaired our fixed assets with a cost basis of $14,875 due to the lack of use. We had recorded accumulated depreciation and accumulated amortization of $ 8,492 6,383 During the six months ended June 30,2021 we impaired our intangible assets with a cost basis of $991,000 due to the lack of recoverability. We had recorded accumulated depreciation and accumulated amortization of $ 456,562 534,438 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. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) 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, 2022 and December 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, 2022: SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 31,535 $ 31,535 Total Liabilities $ - $ - $ 31,535 $ 31,535 Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of December 31, 2021: Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 69,371 $ 69,371 Total Liabilities $ - $ - $ 69,371 $ 69,371 Revenue Recognition Subscription Revenue Most 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 designated 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 subscription. 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, 2022 and December 31, 2021 our deferred revenues were $ 2,659,069 3,288,443 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) 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 prior to January 2022, 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. 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, 2022 and December 31, 2021 our customer advances related to cryptocurrency revenue were $ 301,399 75,702 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. Miner Repair Revenue Through our wholly owned subsidiary, SAFETek, LLC, we repair broken mining equipment for sale to third-party customers. We recognize miner repair 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 the promised goods to our customers. Digital Wallet Revenue We generate revenue from the sale of digital wallets to our customers through an arrangement with a third-party supplier. We offer three tiers of wallets which include different features. The digital wallets are delivered by a third-party supplier. We recognize digital wallet 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 the wallet to our customers and payment is received from our customers at the time of order placement. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) Revenue generated for the six months ended June 30, 2022 is as follows: SCHEDULE OF REVENUE GENERATED Subscription Cryptocurrency Revenue Mining Revenue Miner Repair Revenue Digital Wallet Revenue Total Gross billings/receipts $ 26,448,766 $ 1,874,382 $ 6,635,117 $ 80,110 $ 7,157 $ 35,045,532 Refunds, incentives, credits, and chargebacks (1,613,557 ) - - - - (1,613,557 ) Amounts paid to providers - (917,006 ) - - (1,289 ) (918,295 ) Net revenue $ 24,835,209 $ 957,376 $ 6,635,117 $ 80,110 $ 5,868 $ 32,513,680 For the six months ended June 30, 2022 foreign and domestic revenues were approximately $ 21.9 10.6 Revenue generated for the six months ended June 30, 2021 is as follows: Subscription Cryptocurrency Revenue Mining Revenue Fee Revenue Total Gross billings/receipts $ 19,939,584 $ 17,752,763 $ 16,708,921 $ 2,032 $ 54,403,300 Refunds, incentives, credits, and chargebacks (1,140,170 ) - - - (1,140,170 ) Amounts paid to providers - (10,582,595 ) - - (10,582,595 ) Net revenue $ 18,799,414 $ 7,170,168 $ 16,708,921 $ 2,032 $ 42,680,535 For the six months ended June 30, 2021 foreign and domestic revenues were approximately $ 19.4 23.3 Revenue generated for the three months ended June 30, 2022 is as follows: Subscription Cryptocurrency Revenue Mining Revenue Miner Repair Revenue Digital Wallet Revenue Total Gross billings/receipts $ 11,754,793 $ 1,035,960 $ 3,058,144 $ 80,110 $ 7,157 $ 15,936,164 Refunds, incentives, credits, and chargebacks (650,254 ) - - - - (650,254 ) Amounts paid to providers - (519,000 ) - - (1,289 ) (520,289 ) Net revenue $ 11,104,539 $ 516,960 $ 3,058,144 $ 80,110 $ 5,868 $ 14,765,621 For the three months ended June 30, 2022 foreign and domestic revenues were approximately $ 9.9 4.9 Revenue generated for the three months ended June 30, 2021 is as follows: 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 providers - (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 13.8 Advertising, Selling, and Marketing Costs We expense advertising, selling, and marketing costs as incurred. Advertising, selling, and marketing costs include costs of promoting our product worldwide, including promotional events. Advertising, selling, and marketing expenses for the six months ended June 30, 2022 and 2021, totaled $ 35,265 67,500 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) Cost of Sales and Service Included in our costs of sales and services are amounts paid to our trading and market experts that provide financial education content and tools to our subscription customers, hosting fees that we pay to vendors to set up our mining equipment at third-party sites in order to generate mining revenue, and the costs associated with our miner repair revenue. Costs of sales and services for the six months ended June 30, 2022 and 2021, totaled $ 3,728,481 5,084,659 Inventory Inventory consists of raw materials and work in process to be sold as part of our miner repair revenue. Inventory is valued at the lower of cost or net realizable value using the first-in, first-out (FIFO) method and is inclusive of any shipping and tax costs. Inventory was made up of the following at each balance sheet date: SCHEDULE OF INVENTORY June 30, 2022 December 31, 2021 Raw materials $ 226,503 $ - Work in process 73,323 - Finished goods - - Total inventory $ 299,826 $ - Income Taxes Income taxes are recorded in accordance with ASC Topic 740, Income Taxes, which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities, including operating losses and credit carryforwards, using enacted tax rates in effect for the year in which the differences are expected to reverse. Management judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities, and any valuation allowance recorded against our deferred tax assets. Deferred tax assets are reduced by a valuation allowance if, based on the consideration of all available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Changes in assumptions in future periods may require we adjust our valuation allowance, which could materially impact our financial position and results of operations. The company recognizes the benefit of an uncertain tax position that it has taken or expects to take on its income tax return, if such a position is more likely than not to be sustained. 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 income (loss) per share has been calculated based upon the weighted average number of common shares outstanding. Diluted income (loss) per share reflects 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. The following table illustrates the computation of diluted earnings per share for the three months ended June 30, 2021. Due to the net loss for the three months ended June 30, 2022 there were 1,036,428,571 SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED June 30, 2021 Net income (loss) $ 8,772,658 Less: preferred dividends (204,835 ) Add: interest expense on convertible debt 244,451 Net income available to common shareholders (numerator) $ 8,812,274 Basic weighted average number of common shares outstanding 2,987,735,892 Dilutive impact of warrants 552,618 Dilutive impact of convertible notes 551,370,321 Dilutive impact of non-voting membership interest - Diluted weighted average number of common shares outstanding (denominator) 3,539,658,831 Diluted income per common share $ 0.00 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) The following table illustrates the computation of diluted earnings per share for the six months ended June 30, 2022 and 2021, where no potentially dilutive securities were excluded from the computation: June 30, 2022 June 30, 2021 Net income (loss) $ 2,279,321 $ 13,714,219 Less: preferred dividends (409,670 ) (329,341 ) Add: interest expense on convertible debt 469,884 470,591 Net income available to common shareholders (numerator) $ 2,339,535 $ 13,855,469 Basic weighted average number of common shares outstanding 2,714,986,787 3,111,918,706 Dilutive impact of warrants - 329,346 Dilutive impact of convertible notes 471,428,571 513,690,763 Dilutive impact of non-voting membership interest 565,000,000 - Diluted weighted average number of common shares outstanding (denominator) 3,751,415,358 3,625,938,815 Diluted income per common share $ 0.00 $ 0.00 Lease Obligation We determine if an arrangement is a lease at inception. Operating leases are included in the operating lease right-of-use asset account, the operating lease liability, current account, and the operating lease liability, long term account in our balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. For leases in which the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. 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 | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS We have noted no 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. |
LIQUIDITY
LIQUIDITY | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
LIQUIDITY | NOTE 4 – LIQUIDITY Our financial statements are prepared using generally accepted accounting principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. During the six months ended June 30, 2022 we reported $ 4,491,640 5,883,951 2,279,321 20,345,462 15,509,390 4,080,240 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | NOTE 5 – RELATED-PARTY TRANSACTIONS Our related-party payables consisted of the following: SCHEDULE OF RELATED PARTY PAYABLES June 30, 2022 December 31, 2021 Convertible Promissory Note entered into on 4/27/20, net of debt discount of $ 1,017,716 [1] [1] $ 282,284 $ 239,521 Convertible Promissory Note entered into on 5/27/20, net of debt discount of $ 552,540 [2] [2] 147,465 124,149 Convertible Promissory Note entered into on 11/9/20, net of debt discount of $ 1,075,434 [3] [3] 224,561 198,187 Promissory note entered into on 12/15/20 [4] [4] - 80,322 Convertible Promissory Note entered into on 3/30/21 [5] [5] - 476,670 Working Capital Promissory Note entered into on 3/22/21 [6] [6] 1,201,267 1,200,607 Total related-party debt 1,855,578 2,319,456 Less: Current portion (1,201,267 ) (1,832,642 ) Related-party debt, long term $ 654,310 $ 486,814 [1] On April 27, 2020, we received proceeds of $ 1,300,000 20 April 27, 2030 0.01257 0.007 1,300,000 64,430 130,008 [2] On May 27, 2020, we received proceeds of $ 700,000 20 April 27, 2030 0.01257 0.007 700,000 34,981 70,002 [3] On November 9, 2020, we received proceeds of $ 1,300,000 38.5 25 13.5 0.007 1,300,000 68,084 150,248 [4] On December 15, 2020, we received proceeds of $ 154,000 600,000 20,000 30 446,000 259,678 340,000 [5] Effective March 30, 2021, we restructured a $ 1,000,000 200,000 350,000 1,550,000 5 0.02 1,550,000 0.008 738,904 806,849 1,550,000 743,151 1,131,417 1,550,000 19,626 1.6 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) [6] On March 22, 2021, we entered into Securities Purchase Agreements to purchase 100 1,500,000 1,200,000 0.11 660 12,000,000 In addition to the above-mentioned related-party lending arrangements, during the six months ended June 30, 2022 , 75,000,000 43,101,939 1,724,008 63,333,333 In addition to the above-mentioned related-party lending arrangements, during the six months ended June 30, 2021, we recorded 69,833,334 1,300,000 68,533,334 218,500,000 360,416,665 In addition to the above-mentioned related-party lending arrangements, during the six months ended June 30, 2021 DBR Capital LLC elected to contribute 77,000 1,185,792 The performance fee is determined as a commission on sales, with a floating range between 5% to 10% of sales, on aggregate sales ranging from $1 million to over $40 million. The performance fee is to be paid in ndau coins. During the most recent year ended December 31, 2021, DBR Capital earned a performance fee in connection with sales by Oneiro to Investview of approximately 77,000 ndau coins, which it elected to contribute to the Company effective as of April 1, 2022. DBR Capital has agreed to continue to renounce and assign to the Company for its discretionary use, its rights in and to any further performance fees related to ndau sales by Oneiro for so long as Mr. Rothrock remains either an executive officer or director of the Company. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | NOTE 6 – DEBT Our debt consisted of the following: SCHEDULE OF DEBT June 30, 2022 December 31, 2021 Loan with the U.S. Small Business Administration dated 4/19/20 [1] [1] $ 541,096 $ 531,798 Long term notes for APEX lease buyback [2] [2] 9,400,108 10,870,861 Total debt 9,941,204 11,402,659 Less: Current portion (2,909,513 ) (2,947,013 ) Debt, long term portion $ 7,031,691 $ 8,455,646 [1] In April 2020 we received proceeds of $ 500,000 3.75 2,437 9,298 [2] During the year ended March 31, 2021 we entered into notes with third parties for $ 19,089,500 75 25 479,703 991,050 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) |
DERIVATIVE LIABILITY
DERIVATIVE LIABILITY | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE LIABILITY | NOTE 7 – DERIVATIVE LIABILITY During the six months ended June 30, 2022, we had the following activity in our derivative liability account relating to our warrants: SCHEDULE OF DERIVATIVE LIABILITY Derivative liability at December 31, 2021 $ 69,371 Derivative liability recorded on new instruments - Derivative liability reduced by warrant exercise (see NOTE 7) - (Gain) loss on fair value (37,836 ) Derivative liability at June 30, 2022 $ 31,535 We use the binomial option pricing model to estimate fair value for those instruments at inception, at warrant exercise, and at each reporting date. During the six months ended June 30, 2022, the assumptions used in our binomial option pricing model were in the following range: SCHEDULE OF ASSUMPTIONS USED IN BINOMINAL OPTION PRICING MODE Risk free interest rate 2.99 2.99 Expected life in years 3.09 4.00 Expected volatility 183 205 |
OPERATING LEASE
OPERATING LEASE | 6 Months Ended |
Jun. 30, 2022 | |
Operating Lease | |
OPERATING LEASE | NOTE 8 – 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”), in May 2021 we entered an operating lease for office space in Conroe, Texas (the “Conroe Lease”), in July 2021 we entered an operating lease for office space in Wyckoff, New Jersey (the “Wyckoff Lease”), and in September 2021 we acquired an operating lease for office space in Haverford, Pennsylvania (the “Haverford Lease”) in connection with the MPower acquisition (See NOTE 12). At commencement of the Eatontown Lease, right-of-use assets obtained in exchange for new operating lease liabilities amounted to $ 110,097 We have the option to extend the three-year lease term of the Eatontown Lease for a period of one year 1.75 1,662 At commencement of the Kaysville Lease, right-of-use assets obtained in exchange for new operating lease liabilities amounted to $ 21,147 At commencement of the Conroe Lease, right-of-use assets obtained in exchange for new operating lease liabilities amounted to $ 174,574 24 At commencement of the Wyckoff Lease, right-of-use assets obtained in exchange for new operating lease liabilities amounted to $ 22,034 24.5 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) At date of acquisition of the Haverford lease, right-of-use assets and lease liabilities obtained amounted to $ 125,522 152,961 December 31, 2022 Operating lease expense was $ 125,507 141,510 0.90 12 Future minimum lease payments under non-cancellable leases as of June 30, 2022 were as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES Remainder of 2022 $ 121,710 2023 57,045 Total 178,755 Less: Interest (7,532 ) Present value of lease liability 171,223 Operating lease liability, current [1] (170,961 ) Operating lease liability, long term $ 262 [1] Represents lease payments to be made in the next 12 months. |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY (DEFICIT) | NOTE 9 – STOCKHOLDERS’ EQUITY (DEFICIT) Preferred Stock We are authorized to issue up to 50,000,000 0.001 Our Board of Directors approved the designation of 2,000,000 25 500 3.25 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 six months ended June 30, 2021 we sold 196,638 4,915,950 78,413 3,640,550 1,598 39,950 49,418 1,235,450 196,638 983,190 As of June 30, 2022 and December 31, 2021, we had 252,192 Preferred Stock Dividends During the six months ended June 30, 2022, we recorded $ 409,670 313,643 84,855 230,877 Common Stock During the six months ended June 30, 2022, we cancelled 219,833,334 shares that had been issued but were forfeited by choice or as a result of certain forfeiture conditions (see NOTE 5). As a result, we decreased common stock by $ 219,834 and in creased additional paid in capital by the same . As of the date of this filing, 33,333,333 shares of common stock forfeited during the nine months ended December 31, 2021 had not yet been physically cancelled due to administrative delays. All forfeited shares have been deemed cancelled as of June 30, 2022. Also, during the six months ended June 30, 2022, we repurchased 43,101,939 shares from members of our then Board of Directors in exchange for cash of $ 1,724,008 to pay for tax withholdings (see NOTE 5). INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) During the six months ended June 30, 2021, we cancelled 255,000,000 255,000 11,500,000 989,391 64,340 6,434 As of June 30, 2022 and December 31, 2021, we had 2,641,275,489 2,904,210,762 Options During the six months ended June 30, 2022, we undertook to restructure unvested incentive equity awards previously granted to our senior leadership team. The Company’s senior management team and board of directors unanimously agreed to surrender and terminate an aggregate of 68,533,334 218,500,000 360,416,665 five-year 0.05 113,281 Warrants Transactions involving our warrants are summarized as follows: SUMMARY OF WARRANTS ISSUED Weighted Number of Average Shares Exercise Price Warrants outstanding at December 31, 2021 1,178,320 $ 0.10 Granted - $ - Canceled/Expired - $ - Exercised - $ - Warrants outstanding at June 30, 2022 1,178,320 $ 0.10 Details of our warrants outstanding as of June 30, 2022 is as follows: SUMMARY OF WARRANTS OUTSTANDING Exercise Price Warrants Outstanding Warrants Exercisable Weighted Average Contractual Life (Years) $ 0.10 1,178,320 1,178,320 3.90 Class B Units of Investview Financial Group Holdings, LLC As of June 30, 2022 and December 31, 2021 there were 565,000,000 The Class B Redeemable Units have no voting rights but can be exchanged at any time, within 5 years from the date of issuance, for 565,000,000 shares of our common stock on a one-for-one basis and are subject to significant restrictions upon resale through 2025 under the terms of a lock up agreement. 58.9 0.1532 86.6 32% 27.7 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 10 – COMMITMENTS AND CONTINGENCIES Legal Proceedings In the ordinary course of business, we may be, or have been, involved in legal proceedings. During the six months ended June 30, 2022 we were not involved in any material legal proceedings, however, during November 2021 we received a subpoena from the United States Securities and Exchange Commission (“SEC”) for the production of documents. We have reason to believe that the focus of the SEC’s inquiry involves whether certain federal securities laws were violated in connection with, among other things, the offer and sale of cryptocurrency products and the operation of our subscription-based multi-level marketing business now known as iGenius. In the subpoena, the SEC advised that the investigation does not mean that the SEC has concluded that we or anyone else has violated federal securities laws and or any other law. We believe that we have complied at all times with the federal securities laws. However, we are aware of the evolving SEC commentary and rulemaking process relative to the characterization of cryptocurrency products under federal securities laws that is sweeping through a large number of businesses that operate within the cryptocurrency sector. We intend to cooperate fully with the SEC’s investigation and will continue to work with outside counsel to review the matter. We generate revenue from the sale of cryptocurrency packages to our customers through an arrangement with third-party suppliers, certain of which, until January 2022, included a product protection option provided by a third-party provider. According to marketing and legal documents provided by such third-party provider, the product protection would allow the purchaser to protect its initial purchase price by obtaining 50% of its purchase price at five years or 100% of its purchase price at ten years. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 11 – INCOME TAXES For the periods ended June 30, 2022, and June 30, 2021, the Company used a discrete effective tax rate method for recording income taxes, as compared to an estimated full year annual effective tax rate method, as an estimate of the annual effective tax rate cannot be made. Provision for income taxes for the three and six months ended June 30, 2022 was $ 635,745 641,745 118.60 21.97% 3,189 146,192 0.1 1.1 |
ACQUISITION & NONCONTROLLING IN
ACQUISITION & NONCONTROLLING INTEREST IN SUBSIDIARY | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITION & NONCONTROLLING INTEREST IN SUBSIDIARY | NOTE 12 – ACQUISITION & NONCONTROLLING INTEREST IN SUBSIDIARY On March 22, 2021, we entered into a Securities Purchase Agreement to purchase the operating assets and intellectual property rights of MPower Trading Systems, LLC, a company controlled and partially owned by David B. Rothrock and James R. Bell, two of our board members, in exchange for 565,000,000 5 565,000,000 58.9 0.1532 86.6 32 27.7 The Company determined that as of the date of the acquisition, the fair value of the Prodigio Trading Platform software was $ 7.2 51.6 SCHEDULE OF ASSETS ACQUISITION Purchase price (fair value of Units) $ 58,859,440 Intangible asset (Prodigio software) 7,240,000 Loss on asset acquisition $ 51,619,440 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 13 – 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 other than the following: Effective August 12, 2022 we entered into a Fourth Amendment to the Amended and Restated Securities Purchase Agreement dated as of November 9, 2020. The new amendment changes the deadlines for the fourth and fifth closings under the Agreement from December 31, 2022, to December 31, 2024. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our policy is to prepare our financial statements on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Prior to September 20, 2021, we operated the Company on a March 31, fiscal year end. Effective September 30, 2021 we changed our fiscal year to December 31. 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 six months ended June 30, 2022, are not necessarily indicative of the operating results that may be expected for the filing of our December 31, 2022 Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the audited December 31, 2021 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Investview, Inc., and our wholly owned subsidiaries: iGenius, LLC (formerly Kuvera, LLC), Kuvera France S.A.S (through its closure date in June of 2021), Apex Tek, LLC (formerly Razor Data, LLC), SAFETek, LLC (formerly WealthGen Global, LLC), S.A.F.E. Management, LLC, United Games, LLC, United League, LLC, Investment Tools & Training, LLC, iGenius Global LTD (formerly Kuvera (N.I.) LTD), Investview Financial Group Holdings, LLC, and Investview MTS, LLC. All intercompany transactions and balances have been eliminated in consolidation. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) |
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. were conducted in France through its closure date in June of 2021 and its functional currency is the Euro. Subsequent to June 2021 we maintained a Euro bank account in France that had minimal transactions. The Euro bank account was closed in April 2022. Prior to June 2021, the financial statements of Kuvera France S.A.S. were prepared using their functional currency and were translated into U.S. dollars (“USD”). Assets and liabilities were translated into USD at the applicable exchange rates at period-end. Stockholders’ equity was translated using historical exchange rates. Revenue and expenses were translated at the average exchange rates for the period. Any translation adjustments were included as foreign currency translation adjustments in accumulated other comprehensive income in our stockholders’ equity (deficit). Subsequent to June 2021 and prior to the closure of the Euro bank account, we translated all transactions in our Euro bank account into USD and translated the ending bank balance into USD at the applicable exchange rate at period-end. The following rates were used to translate our Euro bank account into USD at the following balance sheet dates. SCHEDULE OF EXCHANGE RATES December 31, 2021 Euro to USD 1.1371 The following rates were used to translate the accounts of Kuvera France S.A.S. into USD for the following operating periods. 2022 2021 Six Months Ended June 30, 2022 2021 Euro to USD 1.1118 1.2052 |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially expose us to concentration of credit risk include cash, accounts receivable, and advances. We place our cash and temporary cash investments with credit quality institutions. At times, such investments may be in excess of the FDIC insurance limit of $ 250,000 19,093,199 19,336,350 |
Cash Equivalents and Restricted Cash | Cash Equivalents and Restricted Cash For purposes of reporting cash flows, we consider all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. As of June 30, 2022 and December 31, 2021, we had no 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, 2022 December 31, 2021 Cash and cash equivalents $ 20,345,462 $ 30,995,283 Restricted cash, current 819,338 819,338 Restricted cash, long term 392,616 802,285 Total cash, cash equivalents, and restricted cash shown on the statement of cash flows $ 21,557,416 $ 32,616,906 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. |
Receivables | Receivables Receivables are carried at net realizable value, representing the outstanding balance less an allowance for doubtful accounts based on a review of all outstanding amounts. Management determines the allowance for doubtful accounts by regularly evaluating individual receivables and receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded when received. We had an allowance for doubtful accounts of $ 719,342 |
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, 2022 December 31, 2021 Furniture, fixtures, and equipment 10 $ 72,407 $ 82,942 Computer equipment 3 11,739 15,241 Leasehold improvements Remaining Lease Term 40,528 40,528 Data processing equipment 3 21,441,088 10,638,619 Construction in progress N/A 273,296 391,583 Mining repair tools and equipment 1 13,627 - 21,852,685 11,168,913 Accumulated depreciation (6,670,423 ) (4,486,036 ) Net book value $ 15,182,262 $ 6,682,877 Total depreciation expense for the six months ended June 30, 2022 and 2021, was $ 2,442,711 1,353,223 374,999 646,508 271,509 6,383 6,383 |
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. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) 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, 2022 and December 31, 2021 were $ 4,215,934 4,080,240 135,694 2,141,093 2,018,324 122,769 6,635,117 16,708,921 1,020,597 758,758 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. On March 22, 2021, we entered into Securities Purchase Agreement to acquire the operating assets and intellectual property rights of MPower Trading Systems LLC, a company controlled and partially owned by David B. Rothrock and James R. Bell, two of our board members (see NOTE 12). On September 3, 2021, we closed on the Securities Purchase Agreement and acquired the operating assets and intellectual property rights of MPower Trading Systems LLC. As a result, we obtained Prodigio, a proprietary software-based trading platform with applications within the brokerage industry, which was valued at $ 7,240,000 |
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 six months ended June 30, 2022 we impaired our fixed assets with a cost basis of $14,875 due to the lack of use. We had recorded accumulated depreciation and accumulated amortization of $ 8,492 6,383 During the six months ended June 30,2021 we impaired our intangible assets with a cost basis of $991,000 due to the lack of recoverability. We had recorded accumulated depreciation and accumulated amortization of $ 456,562 534,438 |
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. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) 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, 2022 and December 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, 2022: SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 31,535 $ 31,535 Total Liabilities $ - $ - $ 31,535 $ 31,535 Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of December 31, 2021: Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 69,371 $ 69,371 Total Liabilities $ - $ - $ 69,371 $ 69,371 |
Revenue Recognition | Revenue Recognition Subscription Revenue Most 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 designated 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 subscription. 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, 2022 and December 31, 2021 our deferred revenues were $ 2,659,069 3,288,443 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) 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 prior to January 2022, 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. 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, 2022 and December 31, 2021 our customer advances related to cryptocurrency revenue were $ 301,399 75,702 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. Miner Repair Revenue Through our wholly owned subsidiary, SAFETek, LLC, we repair broken mining equipment for sale to third-party customers. We recognize miner repair 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 the promised goods to our customers. Digital Wallet Revenue We generate revenue from the sale of digital wallets to our customers through an arrangement with a third-party supplier. We offer three tiers of wallets which include different features. The digital wallets are delivered by a third-party supplier. We recognize digital wallet 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 the wallet to our customers and payment is received from our customers at the time of order placement. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) Revenue generated for the six months ended June 30, 2022 is as follows: SCHEDULE OF REVENUE GENERATED Subscription Cryptocurrency Revenue Mining Revenue Miner Repair Revenue Digital Wallet Revenue Total Gross billings/receipts $ 26,448,766 $ 1,874,382 $ 6,635,117 $ 80,110 $ 7,157 $ 35,045,532 Refunds, incentives, credits, and chargebacks (1,613,557 ) - - - - (1,613,557 ) Amounts paid to providers - (917,006 ) - - (1,289 ) (918,295 ) Net revenue $ 24,835,209 $ 957,376 $ 6,635,117 $ 80,110 $ 5,868 $ 32,513,680 For the six months ended June 30, 2022 foreign and domestic revenues were approximately $ 21.9 10.6 Revenue generated for the six months ended June 30, 2021 is as follows: Subscription Cryptocurrency Revenue Mining Revenue Fee Revenue Total Gross billings/receipts $ 19,939,584 $ 17,752,763 $ 16,708,921 $ 2,032 $ 54,403,300 Refunds, incentives, credits, and chargebacks (1,140,170 ) - - - (1,140,170 ) Amounts paid to providers - (10,582,595 ) - - (10,582,595 ) Net revenue $ 18,799,414 $ 7,170,168 $ 16,708,921 $ 2,032 $ 42,680,535 For the six months ended June 30, 2021 foreign and domestic revenues were approximately $ 19.4 23.3 Revenue generated for the three months ended June 30, 2022 is as follows: Subscription Cryptocurrency Revenue Mining Revenue Miner Repair Revenue Digital Wallet Revenue Total Gross billings/receipts $ 11,754,793 $ 1,035,960 $ 3,058,144 $ 80,110 $ 7,157 $ 15,936,164 Refunds, incentives, credits, and chargebacks (650,254 ) - - - - (650,254 ) Amounts paid to providers - (519,000 ) - - (1,289 ) (520,289 ) Net revenue $ 11,104,539 $ 516,960 $ 3,058,144 $ 80,110 $ 5,868 $ 14,765,621 For the three months ended June 30, 2022 foreign and domestic revenues were approximately $ 9.9 4.9 Revenue generated for the three months ended June 30, 2021 is as follows: 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 providers - (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 13.8 |
Advertising, Selling, and Marketing Costs | Advertising, Selling, and Marketing Costs We expense advertising, selling, and marketing costs as incurred. Advertising, selling, and marketing costs include costs of promoting our product worldwide, including promotional events. Advertising, selling, and marketing expenses for the six months ended June 30, 2022 and 2021, totaled $ 35,265 67,500 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) |
Cost of Sales and Service | Cost of Sales and Service Included in our costs of sales and services are amounts paid to our trading and market experts that provide financial education content and tools to our subscription customers, hosting fees that we pay to vendors to set up our mining equipment at third-party sites in order to generate mining revenue, and the costs associated with our miner repair revenue. Costs of sales and services for the six months ended June 30, 2022 and 2021, totaled $ 3,728,481 5,084,659 |
Inventory | Inventory Inventory consists of raw materials and work in process to be sold as part of our miner repair revenue. Inventory is valued at the lower of cost or net realizable value using the first-in, first-out (FIFO) method and is inclusive of any shipping and tax costs. Inventory was made up of the following at each balance sheet date: SCHEDULE OF INVENTORY June 30, 2022 December 31, 2021 Raw materials $ 226,503 $ - Work in process 73,323 - Finished goods - - Total inventory $ 299,826 $ - |
Income Taxes | Income Taxes Income taxes are recorded in accordance with ASC Topic 740, Income Taxes, which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities, including operating losses and credit carryforwards, using enacted tax rates in effect for the year in which the differences are expected to reverse. Management judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities, and any valuation allowance recorded against our deferred tax assets. Deferred tax assets are reduced by a valuation allowance if, based on the consideration of all available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Changes in assumptions in future periods may require we adjust our valuation allowance, which could materially impact our financial position and results of operations. The company recognizes the benefit of an uncertain tax position that it has taken or expects to take on its income tax return, if such a position is more likely than not to be sustained. |
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 income (loss) per share has been calculated based upon the weighted average number of common shares outstanding. Diluted income (loss) per share reflects 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. The following table illustrates the computation of diluted earnings per share for the three months ended June 30, 2021. Due to the net loss for the three months ended June 30, 2022 there were 1,036,428,571 SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED June 30, 2021 Net income (loss) $ 8,772,658 Less: preferred dividends (204,835 ) Add: interest expense on convertible debt 244,451 Net income available to common shareholders (numerator) $ 8,812,274 Basic weighted average number of common shares outstanding 2,987,735,892 Dilutive impact of warrants 552,618 Dilutive impact of convertible notes 551,370,321 Dilutive impact of non-voting membership interest - Diluted weighted average number of common shares outstanding (denominator) 3,539,658,831 Diluted income per common share $ 0.00 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) The following table illustrates the computation of diluted earnings per share for the six months ended June 30, 2022 and 2021, where no potentially dilutive securities were excluded from the computation: June 30, 2022 June 30, 2021 Net income (loss) $ 2,279,321 $ 13,714,219 Less: preferred dividends (409,670 ) (329,341 ) Add: interest expense on convertible debt 469,884 470,591 Net income available to common shareholders (numerator) $ 2,339,535 $ 13,855,469 Basic weighted average number of common shares outstanding 2,714,986,787 3,111,918,706 Dilutive impact of warrants - 329,346 Dilutive impact of convertible notes 471,428,571 513,690,763 Dilutive impact of non-voting membership interest 565,000,000 - Diluted weighted average number of common shares outstanding (denominator) 3,751,415,358 3,625,938,815 Diluted income per common share $ 0.00 $ 0.00 |
Lease Obligation | Lease Obligation We determine if an arrangement is a lease at inception. Operating leases are included in the operating lease right-of-use asset account, the operating lease liability, current account, and the operating lease liability, long term account in our balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. For leases in which the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. 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) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF EXCHANGE RATES | The following rates were used to translate our Euro bank account into USD at the following balance sheet dates. SCHEDULE OF EXCHANGE RATES December 31, 2021 Euro to USD 1.1371 The following rates were used to translate the accounts of Kuvera France S.A.S. into USD for the following operating periods. 2022 2021 Six Months Ended June 30, 2022 2021 Euro to USD 1.1118 1.2052 |
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, 2022 December 31, 2021 Cash and cash equivalents $ 20,345,462 $ 30,995,283 Restricted cash, current 819,338 819,338 Restricted cash, long term 392,616 802,285 Total cash, cash equivalents, and restricted cash shown on the statement of cash flows $ 21,557,416 $ 32,616,906 |
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, 2022 December 31, 2021 Furniture, fixtures, and equipment 10 $ 72,407 $ 82,942 Computer equipment 3 11,739 15,241 Leasehold improvements Remaining Lease Term 40,528 40,528 Data processing equipment 3 21,441,088 10,638,619 Construction in progress N/A 273,296 391,583 Mining repair tools and equipment 1 13,627 - 21,852,685 11,168,913 Accumulated depreciation (6,670,423 ) (4,486,036 ) Net book value $ 15,182,262 $ 6,682,877 |
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, 2022: SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 31,535 $ 31,535 Total Liabilities $ - $ - $ 31,535 $ 31,535 Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of December 31, 2021: Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 69,371 $ 69,371 Total Liabilities $ - $ - $ 69,371 $ 69,371 |
SCHEDULE OF REVENUE GENERATED | Revenue generated for the six months ended June 30, 2022 is as follows: SCHEDULE OF REVENUE GENERATED Subscription Cryptocurrency Revenue Mining Revenue Miner Repair Revenue Digital Wallet Revenue Total Gross billings/receipts $ 26,448,766 $ 1,874,382 $ 6,635,117 $ 80,110 $ 7,157 $ 35,045,532 Refunds, incentives, credits, and chargebacks (1,613,557 ) - - - - (1,613,557 ) Amounts paid to providers - (917,006 ) - - (1,289 ) (918,295 ) Net revenue $ 24,835,209 $ 957,376 $ 6,635,117 $ 80,110 $ 5,868 $ 32,513,680 For the six months ended June 30, 2022 foreign and domestic revenues were approximately $ 21.9 10.6 Revenue generated for the six months ended June 30, 2021 is as follows: Subscription Cryptocurrency Revenue Mining Revenue Fee Revenue Total Gross billings/receipts $ 19,939,584 $ 17,752,763 $ 16,708,921 $ 2,032 $ 54,403,300 Refunds, incentives, credits, and chargebacks (1,140,170 ) - - - (1,140,170 ) Amounts paid to providers - (10,582,595 ) - - (10,582,595 ) Net revenue $ 18,799,414 $ 7,170,168 $ 16,708,921 $ 2,032 $ 42,680,535 For the six months ended June 30, 2021 foreign and domestic revenues were approximately $ 19.4 23.3 Revenue generated for the three months ended June 30, 2022 is as follows: Subscription Cryptocurrency Revenue Mining Revenue Miner Repair Revenue Digital Wallet Revenue Total Gross billings/receipts $ 11,754,793 $ 1,035,960 $ 3,058,144 $ 80,110 $ 7,157 $ 15,936,164 Refunds, incentives, credits, and chargebacks (650,254 ) - - - - (650,254 ) Amounts paid to providers - (519,000 ) - - (1,289 ) (520,289 ) Net revenue $ 11,104,539 $ 516,960 $ 3,058,144 $ 80,110 $ 5,868 $ 14,765,621 For the three months ended June 30, 2022 foreign and domestic revenues were approximately $ 9.9 4.9 Revenue generated for the three months ended June 30, 2021 is as follows: 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 providers - (9,470,271 ) - - (9,470,271 ) Net revenue $ 10,849,697 $ 6,405,306 $ 8,371,562 $ - $ 25,626,565 |
SCHEDULE OF INVENTORY | Inventory was made up of the following at each balance sheet date: SCHEDULE OF INVENTORY June 30, 2022 December 31, 2021 Raw materials $ 226,503 $ - Work in process 73,323 - Finished goods - - Total inventory $ 299,826 $ - |
SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED | SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED June 30, 2021 Net income (loss) $ 8,772,658 Less: preferred dividends (204,835 ) Add: interest expense on convertible debt 244,451 Net income available to common shareholders (numerator) $ 8,812,274 Basic weighted average number of common shares outstanding 2,987,735,892 Dilutive impact of warrants 552,618 Dilutive impact of convertible notes 551,370,321 Dilutive impact of non-voting membership interest - Diluted weighted average number of common shares outstanding (denominator) 3,539,658,831 Diluted income per common share $ 0.00 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) The following table illustrates the computation of diluted earnings per share for the six months ended June 30, 2022 and 2021, where no potentially dilutive securities were excluded from the computation: June 30, 2022 June 30, 2021 Net income (loss) $ 2,279,321 $ 13,714,219 Less: preferred dividends (409,670 ) (329,341 ) Add: interest expense on convertible debt 469,884 470,591 Net income available to common shareholders (numerator) $ 2,339,535 $ 13,855,469 Basic weighted average number of common shares outstanding 2,714,986,787 3,111,918,706 Dilutive impact of warrants - 329,346 Dilutive impact of convertible notes 471,428,571 513,690,763 Dilutive impact of non-voting membership interest 565,000,000 - Diluted weighted average number of common shares outstanding (denominator) 3,751,415,358 3,625,938,815 Diluted income per common share $ 0.00 $ 0.00 |
RELATED-PARTY TRANSACTIONS (Tab
RELATED-PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY PAYABLES | Our related-party payables consisted of the following: SCHEDULE OF RELATED PARTY PAYABLES June 30, 2022 December 31, 2021 Convertible Promissory Note entered into on 4/27/20, net of debt discount of $ 1,017,716 [1] [1] $ 282,284 $ 239,521 Convertible Promissory Note entered into on 5/27/20, net of debt discount of $ 552,540 [2] [2] 147,465 124,149 Convertible Promissory Note entered into on 11/9/20, net of debt discount of $ 1,075,434 [3] [3] 224,561 198,187 Promissory note entered into on 12/15/20 [4] [4] - 80,322 Convertible Promissory Note entered into on 3/30/21 [5] [5] - 476,670 Working Capital Promissory Note entered into on 3/22/21 [6] [6] 1,201,267 1,200,607 Total related-party debt 1,855,578 2,319,456 Less: Current portion (1,201,267 ) (1,832,642 ) Related-party debt, long term $ 654,310 $ 486,814 [1] On April 27, 2020, we received proceeds of $ 1,300,000 20 April 27, 2030 0.01257 0.007 1,300,000 64,430 130,008 [2] On May 27, 2020, we received proceeds of $ 700,000 20 April 27, 2030 0.01257 0.007 700,000 34,981 70,002 [3] On November 9, 2020, we received proceeds of $ 1,300,000 38.5 25 13.5 0.007 1,300,000 68,084 150,248 [4] On December 15, 2020, we received proceeds of $ 154,000 600,000 20,000 30 446,000 259,678 340,000 [5] Effective March 30, 2021, we restructured a $ 1,000,000 200,000 350,000 1,550,000 5 0.02 1,550,000 0.008 738,904 806,849 1,550,000 743,151 1,131,417 1,550,000 19,626 1.6 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 (Unaudited) [6] On March 22, 2021, we entered into Securities Purchase Agreements to purchase 100 1,500,000 1,200,000 0.11 660 12,000,000 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF DEBT | Our debt consisted of the following: SCHEDULE OF DEBT June 30, 2022 December 31, 2021 Loan with the U.S. Small Business Administration dated 4/19/20 [1] [1] $ 541,096 $ 531,798 Long term notes for APEX lease buyback [2] [2] 9,400,108 10,870,861 Total debt 9,941,204 11,402,659 Less: Current portion (2,909,513 ) (2,947,013 ) Debt, long term portion $ 7,031,691 $ 8,455,646 [1] In April 2020 we received proceeds of $ 500,000 3.75 2,437 9,298 [2] During the year ended March 31, 2021 we entered into notes with third parties for $ 19,089,500 75 25 479,703 991,050 |
DERIVATIVE LIABILITY (Tables)
DERIVATIVE LIABILITY (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
SCHEDULE OF DERIVATIVE LIABILITY | During the six months ended June 30, 2022, we had the following activity in our derivative liability account relating to our warrants: SCHEDULE OF DERIVATIVE LIABILITY Derivative liability at December 31, 2021 $ 69,371 Derivative liability recorded on new instruments - Derivative liability reduced by warrant exercise (see NOTE 7) - (Gain) loss on fair value (37,836 ) Derivative liability at June 30, 2022 $ 31,535 |
SCHEDULE OF ASSUMPTIONS USED IN BINOMINAL OPTION PRICING MODE | SCHEDULE OF ASSUMPTIONS USED IN BINOMINAL OPTION PRICING MODE Risk free interest rate 2.99 2.99 Expected life in years 3.09 4.00 Expected volatility 183 205 |
OPERATING LEASE (Tables)
OPERATING LEASE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Operating Lease | |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES | Future minimum lease payments under non-cancellable leases as of June 30, 2022 were as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES Remainder of 2022 $ 121,710 2023 57,045 Total 178,755 Less: Interest (7,532 ) Present value of lease liability 171,223 Operating lease liability, current [1] (170,961 ) Operating lease liability, long term $ 262 [1] Represents lease payments to be made in the next 12 months. |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 December 31, 2021 1,178,320 $ 0.10 Granted - $ - Canceled/Expired - $ - Exercised - $ - Warrants outstanding at June 30, 2022 1,178,320 $ 0.10 |
SUMMARY OF WARRANTS OUTSTANDING | Details of our warrants outstanding as of June 30, 2022 is as follows: SUMMARY OF WARRANTS OUTSTANDING Exercise Price Warrants Outstanding Warrants Exercisable Weighted Average Contractual Life (Years) $ 0.10 1,178,320 1,178,320 3.90 |
ACQUISITION & NONCONTROLLING _2
ACQUISITION & NONCONTROLLING INTEREST IN SUBSIDIARY (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
SCHEDULE OF ASSETS ACQUISITION | SCHEDULE OF ASSETS ACQUISITION Purchase price (fair value of Units) $ 58,859,440 Intangible asset (Prodigio software) 7,240,000 Loss on asset acquisition $ 51,619,440 |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 06, 2017 | Apr. 01, 2017 | Jun. 30, 2022 | |
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% | ||
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 |
SCHEDULE OF EXCHANGE RATES (Det
SCHEDULE OF EXCHANGE RATES (Details) - Euro to USD [Member] | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Euro to USD | 1.1371 | ||
Euro to USD | 1.1118 | 1.2052 |
SCHEDULE OF RECONCILIATION OF C
SCHEDULE OF RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 20,345,462 | $ 30,995,283 | ||
Restricted cash, current | 819,338 | 819,338 | ||
Restricted cash, long term | 392,616 | 802,285 | ||
Total cash, cash equivalents, and restricted cash shown on the statement of cash flows | $ 21,557,416 | $ 32,616,906 | $ 15,653,594 | $ 1,554,449 |
SCHEDULE OF FIXED ASSETS (Detai
SCHEDULE OF FIXED ASSETS (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 21,852,685 | $ 11,168,913 |
Accumulated depreciation | (6,670,423) | (4,486,036) |
Net book value | $ 15,182,262 | 6,682,877 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of fixed assets | 10 years | |
Property, plant and equipment, gross | $ 72,407 | 82,942 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of fixed assets | 3 years | |
Property, plant and equipment, gross | $ 11,739 | 15,241 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 40,528 | 40,528 |
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 | $ 21,441,088 | 10,638,619 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 273,296 | 391,583 |
Mining Repair Tools and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of fixed assets | 1 year | |
Property, plant and equipment, gross | $ 13,627 |
SCHEDULE OF FAIR VALUE ASSETS A
SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total Assets | ||
Derivative liability | 31,535 | 69,371 |
Total Liabilities | 31,535 | 69,371 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Assets | ||
Derivative liability | ||
Total Liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Assets | ||
Derivative liability | ||
Total Liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Assets | ||
Derivative liability | 31,535 | 69,371 |
Total Liabilities | $ 31,535 | $ 69,371 |
SCHEDULE OF REVENUE GENERATED (
SCHEDULE OF REVENUE GENERATED (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Product Information [Line Items] | ||||
Gross billings/receipts | $ 15,936,164 | $ 35,779,200 | $ 35,045,532 | $ 54,403,300 |
Refunds, incentives, credits, and chargebacks | (650,254) | (682,364) | (1,613,557) | (1,140,170) |
Amounts paid to providers | (520,289) | (9,470,271) | (918,295) | (10,582,595) |
Net revenue | 14,765,621 | 25,626,565 | 32,513,680 | 42,680,535 |
Subscription Revenue [Member] | ||||
Product Information [Line Items] | ||||
Gross billings/receipts | 11,754,793 | 11,532,061 | 26,448,766 | 19,939,584 |
Refunds, incentives, credits, and chargebacks | (650,254) | (682,364) | (1,613,557) | (1,140,170) |
Amounts paid to providers | ||||
Net revenue | 11,104,539 | 10,849,697 | 24,835,209 | 18,799,414 |
Cryptocurrency Revenue [Member] | ||||
Product Information [Line Items] | ||||
Gross billings/receipts | 1,035,960 | 15,875,577 | 1,874,382 | 17,752,763 |
Refunds, incentives, credits, and chargebacks | ||||
Amounts paid to providers | (519,000) | (9,470,271) | (917,006) | (10,582,595) |
Net revenue | 516,960 | 6,405,306 | 957,376 | 7,170,168 |
Mining Revenue [Member] | ||||
Product Information [Line Items] | ||||
Gross billings/receipts | 3,058,144 | 8,371,562 | 6,635,117 | 16,708,921 |
Refunds, incentives, credits, and chargebacks | ||||
Amounts paid to providers | ||||
Net revenue | 3,058,144 | 8,371,562 | 6,635,117 | 16,708,921 |
Miner Repair Revenue [Member] | ||||
Product Information [Line Items] | ||||
Gross billings/receipts | 80,110 | 80,110 | ||
Refunds, incentives, credits, and chargebacks | ||||
Amounts paid to providers | ||||
Net revenue | 80,110 | 80,110 | ||
Digital Wallet Revenue [Member] | ||||
Product Information [Line Items] | ||||
Gross billings/receipts | 7,157 | 7,157 | ||
Refunds, incentives, credits, and chargebacks | ||||
Amounts paid to providers | (1,289) | (1,289) | ||
Net revenue | 5,868 | 5,868 | ||
Fee Revenue [Member] | ||||
Product Information [Line Items] | ||||
Gross billings/receipts | 2,032 | |||
Refunds, incentives, credits, and chargebacks | ||||
Amounts paid to providers | ||||
Net revenue | $ 2,032 |
SCHEDULE OF INVENTORY (Details)
SCHEDULE OF INVENTORY (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Raw materials | $ 226,503 | |
Work in process | 73,323 | |
Finished goods | ||
Total inventory | $ 299,826 |
SCHEDULE OF EARNINGS PER SHARE
SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||||||
Net income (loss) | $ (99,708) | $ 2,379,029 | $ 8,772,658 | $ 4,941,561 | $ 2,279,321 | $ 13,714,219 |
Less: preferred dividends | $ (204,835) | (204,835) | (409,670) | (329,341) | ||
Add: interest expense on convertible debt | 244,451 | 469,884 | 470,591 | |||
Net income available to common shareholders (numerator) | $ 8,812,274 | $ 2,339,535 | $ 13,855,469 | |||
Basic weighted average number of common shares outstanding | 2,706,090,141 | 2,987,735,892 | 2,714,986,787 | 3,111,918,706 | ||
Dilutive impact of warrants | 552,618 | 329,346 | ||||
Dilutive impact of convertible notes | 551,370,321 | 471,428,571 | 513,690,763 | |||
Dilutive impact of non-voting membership interest | 565,000,000 | |||||
Diluted weighted average number of common shares outstanding (denominator) | 2,706,090,141 | 3,539,658,831 | 3,751,415,358 | 3,625,938,815 | ||
Diluted income per common share | $ 0 | $ 0 | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Mar. 22, 2021 | |
Product Information [Line Items] | ||||||
Cash, FDIC insured amount | $ 250,000 | $ 250,000 | ||||
Cash balances exceeded FDIC limits | 19,093,199 | 19,093,199 | $ 19,336,350 | |||
Cash equivalents | 0 | 0 | 0 | |||
Allowance for doubtful accounts | 719,342 | 719,342 | 719,342 | |||
Depreciation expense | 2,442,711 | $ 1,353,223 | ||||
Net book value of assets sold | 374,999 | 374,999 | ||||
Cash received from the disposal of fixed assets | 646,508 | |||||
Gain on disposal of assets | 247,209 | 271,509 | ||||
Net book value of disposed assets | 6,383 | 6,383 | ||||
Assets impairment expense | 6,383 | |||||
Value of cryptocurrencies | 4,215,934 | 4,215,934 | 2,141,093 | |||
Other current assets | 4,080,240 | 4,080,240 | 2,018,324 | |||
Other restricted assets, long term | 135,694 | 135,694 | 122,769 | |||
Revenues | 14,765,621 | 25,626,565 | 32,513,680 | 42,680,535 | ||
Realized gain loss on cryptocurrency | 837,808 | 1,282,970 | $ 1,020,597 | 758,758 | ||
Impaired long-lived assets | During the six months ended June 30, 2022 we impaired our fixed assets with a cost basis of $14,875 due to the lack of use. We had recorded accumulated depreciation and accumulated amortization of $8,492 for the impaired assets through the date of impairment, therefore we recorded impairment expense of $6,383 during the six months ended June 30, 2022. | |||||
Accumulated depreciation of long-lived assets | $ 8,492 | |||||
Impairment expense of long-lived assets | $ 6,383 | |||||
Impaired intangible assets | During the six months ended June 30,2021 we impaired our intangible assets with a cost basis of $991,000 due to the lack of recoverability. We had recorded accumulated depreciation and accumulated amortization of $456,562 for the impaired assets through the date of impairment, therefore we recorded impairment expense of $534,438 during the six months ended June 30, 2021. | |||||
Accumulated amortization of intangible assets | 456,562 | 456,562 | ||||
Impairment expense of intangible assets | $ 534,438 | |||||
Deferred revenue | 2,659,069 | 2,659,069 | 3,288,443 | |||
Customer advance | 301,399 | 301,399 | $ 75,702 | |||
Advertising, selling, and marketing expenses | 35,265 | 67,500 | ||||
Cost of sales and service | $ 1,898,140 | 2,186,152 | $ 3,728,481 | 5,084,659 | ||
Antidilutive securities excluded from computation of earnings per share, amount | 1,036,428,571 | |||||
Cryptocurrency Revenue [Member] | ||||||
Product Information [Line Items] | ||||||
Revenue 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. | |||||
Securities Purchase Agreement [Member] | M Power Trading Systems LLC [Member] | ||||||
Product Information [Line Items] | ||||||
Intangible asset | $ 7,240,000 | |||||
Mining Revenue [Member] | ||||||
Product Information [Line Items] | ||||||
Revenues | $ 3,058,144 | 8,371,562 | $ 6,635,117 | 16,708,921 | ||
Foreign Revenue [Member] | ||||||
Product Information [Line Items] | ||||||
Revenues | 9,900,000 | 11,800,000 | 21,900,000 | 19,400,000 | ||
Domestic Revenue [Member] | ||||||
Product Information [Line Items] | ||||||
Revenues | $ 4,900,000 | $ 13,800,000 | $ 10,600,000 | $ 23,300,000 |
LIQUIDITY (Details Narrative)
LIQUIDITY (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Cash provided by operating activities | $ 4,491,640 | $ 12,095,374 | |||||
Income from operations | 5,883,951 | ||||||
Net income (loss) | $ (99,708) | $ 2,379,029 | $ 8,772,658 | $ 4,941,561 | 2,279,321 | $ 13,714,219 | |
Cash and cash equivalents | 20,345,462 | 20,345,462 | $ 30,995,283 | ||||
Working capital | 15,509,390 | 15,509,390 | |||||
Other current assets | 4,080,240 | 4,080,240 | $ 2,018,324 | ||||
Unrestricted Cryptocurrency [Member] | |||||||
Other current assets | $ 4,080,240 | $ 4,080,240 |
SCHEDULE OF RELATED PARTY PAYAB
SCHEDULE OF RELATED PARTY PAYABLES (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Convertible Promissory Note entered into on 4/27/20, net of debt discount of $1,017,716 as of June 30, 2022 [1] | [1] | $ 282,284 | $ 239,521 |
Convertible Promissory Note entered into on 5/27/20, net of debt discount of $552,540 as of June 30, 2022 [2] | [2] | 147,465 | 124,149 |
Convertible Promissory Note entered into on 11/9/20, net of debt discount of $1,075,434 as of June 30, 2022 [3] | [3] | 224,561 | 198,187 |
Promissory note entered into on 12/15/20 [4] | [4] | 80,322 | |
Convertible Promissory Note entered into on 3/30/21 [5] | [5] | 476,670 | |
Working Capital Promissory Note entered into on 3/22/21 [6] | [6] | 1,201,267 | 1,200,607 |
Total related-party debt | 1,855,578 | 2,319,456 | |
Less: Current portion | (1,201,267) | (1,832,642) | |
Related-party debt, long term | 654,310 | $ 486,814 | |
Mr Cammarata [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Accrued liabilities | $ 1,600,000 | ||
[1]On April 27, 2020, we received proceeds of $ 1,300,000 20 April 27, 2030 0.01257 0.007 1,300,000 64,430 130,008 700,000 20 April 27, 2030 0.01257 0.007 700,000 34,981 70,002 1,300,000 38.5 25 13.5 0.007 1,300,000 68,084 150,248 154,000 600,000 20,000 30 446,000 259,678 340,000 1,000,000 200,000 350,000 1,550,000 5 0.02 1,550,000 0.008 738,904 806,849 1,550,000 743,151 1,131,417 1,550,000 19,626 1.6 100 1,500,000 1,200,000 0.11 660 12,000,000 |
SCHEDULE OF RELATED PARTY PAY_2
SCHEDULE OF RELATED PARTY PAYABLES (Details) (Parenthetical) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||
Mar. 22, 2021 | Dec. 15, 2020 | Nov. 09, 2020 | May 27, 2020 | Apr. 27, 2020 | Mar. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Sep. 22, 2021 | Sep. 21, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||||||||||||
Proceeds from related parties | $ 700,000 | ||||||||||||
Amortization of debt discount | 1,558,590 | 646,696 | |||||||||||
Notes Payable | $ 9,941,204 | 9,941,204 | $ 11,402,659 | ||||||||||
Repayments of Related Party Debt | 2,493,013 | 877,733 | |||||||||||
Repayments of remaining debt | 479,703 | 677,519 | |||||||||||
Gain due to extinguishment | 455 | $ 4,001 | 455 | $ 411,803 | |||||||||
Board Of Directors [Member] | Wealth Engineering [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt instrument discount | $ 446,000 | 259,678 | 259,678 | ||||||||||
Proceeds from related parties | 154,000 | ||||||||||||
Notes Payable | 600,000 | ||||||||||||
Repayments of remaining debt | 340,000 | ||||||||||||
Board Of Directors [Member] | Wealth Engineering [Member] | Thirty Months [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Repayments of Related Party Debt | $ 20,000 | ||||||||||||
Debt term | 30 months | ||||||||||||
Convertible Promissory Note [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt instrument discount | 1,017,716 | 1,017,716 | |||||||||||
Convertible Promissory Note [Member] | Board Of Directors [Member] | DBR Capital LLC [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Proceeds from related parties | $ 1,300,000 | ||||||||||||
Debt instrument interest percentage | 20% | ||||||||||||
Debt instrument due date | Apr. 27, 2030 | ||||||||||||
Debt conversion price per share | $ 0.007 | $ 0.01257 | |||||||||||
Beneficial conversion feature | $ 1,300,000 | ||||||||||||
Amortization of debt discount | 64,430 | ||||||||||||
Interest expense | 130,008 | ||||||||||||
Convertible Promissory Note Two [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt instrument discount | 552,540 | 552,540 | |||||||||||
Convertible Promissory Note Two [Member] | Board Of Directors [Member] | DBR Capital LLC [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt conversion price per share | $ 0.007 | ||||||||||||
Beneficial conversion feature | $ 1,300,000 | ||||||||||||
Amortization of debt discount | 68,084 | ||||||||||||
Debt instrument interest percentage | 25% | ||||||||||||
Facility fee percentage | 13.50% | ||||||||||||
Convertible Promissory Note Three [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt instrument discount | 1,075,434 | 1,075,434 | |||||||||||
Convertible Promissory Note One [Member] | Board Of Directors [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Interest expense | 150,248 | ||||||||||||
Convertible Promissory Note One [Member] | Board Of Directors [Member] | DBR Capital LLC [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Proceeds from related parties | $ 1,300,000 | $ 700,000 | |||||||||||
Debt instrument interest percentage | 38.50% | 20% | |||||||||||
Debt instrument due date | Apr. 27, 2030 | ||||||||||||
Debt conversion price per share | $ 0.007 | $ 0.01257 | |||||||||||
Beneficial conversion feature | $ 700,000 | ||||||||||||
Amortization of debt discount | 34,981 | ||||||||||||
Interest expense | 70,002 | ||||||||||||
Convertible Promissory Note Four [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt instrument interest percentage | 0.11% | ||||||||||||
Beneficial conversion feature | $ 12,000,000 | ||||||||||||
Interest expense | 660 | ||||||||||||
Debt instrument, principal amount | 1,200,000 | ||||||||||||
Convertible Promissory Note Four [Member] | Maximum [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt instrument, principal amount | $ 1,500,000 | ||||||||||||
Convertible Promissory Note Four [Member] | Board Of Directors [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt instrument discount | $ 1,550,000 | 1,550,000 | $ 1,550,000 | ||||||||||
Debt instrument interest percentage | 500% | ||||||||||||
Debt conversion price per share | $ 0.02 | $ 0.008 | |||||||||||
Beneficial conversion feature | $ 1,550,000 | ||||||||||||
Amortization of debt discount | 1,131,417 | ||||||||||||
Notes Payable | 1,000,000 | ||||||||||||
Interest Payable | 200,000 | ||||||||||||
Short term advance | 350,000 | ||||||||||||
Debt instrument, principal amount | $ 1,550,000 | ||||||||||||
Initial debt discount | $ 738,904 | ||||||||||||
Remaining debt discount | $ 806,849 | ||||||||||||
Gain due to extinguishment | $ 743,151 | ||||||||||||
Interest expense, debt | $ 19,626 | ||||||||||||
Convertible Promissory Note Four [Member] | Working Capital Promissory [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Acquire percentage | 100% |
RELATED-PARTY TRANSACTIONS (Det
RELATED-PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Number of shares forfeited | 255,000,000 | ||
Number of ungrated shares | 218,500,000 | ||
Number of options to purchase shares | 360,416,665 | ||
Additional paid in capital | $ 102,105,509 | $ 101,883,573 | |
Performance fee decription | The performance fee is determined as a commission on sales, with a floating range between 5% to 10% of sales, on aggregate sales ranging from $1 million to over $40 million. The performance fee is to be paid in ndau coins. During the most recent year ended December 31, 2021, DBR Capital earned a performance fee in connection with sales by Oneiro to Investview of approximately 77,000 ndau coins, which it elected to contribute to the Company effective as of April 1, 2022. DBR Capital has agreed to continue to renounce and assign to the Company for its discretionary use, its rights in and to any further performance fees related to ndau sales by Oneiro for so long as Mr. Rothrock remains either an executive officer or director of the Company. | ||
Board of Directors Chairman [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Stock lending arrangements during period shares | 77,000 | ||
Additional paid in capital | $ 1,185,792 | ||
Separation Agreements [Member] | Mario Romano and Annette Raynor [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Number of shares forfeited | 75,000,000 | ||
Number of stock repurchased | 43,101,939 | ||
Exchange for cash | $ 1,724,008 | ||
Share based compensation vesting, shares | 63,333,333 | ||
Separation Agreements [Member] | Chief Financial Officer [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Number of shares forfeited | $ 69,833,334 | ||
Separation Agreements [Member] | Chief Executive Officer [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Share based compensation vesting, shares | 1,300,000 | ||
Separation Agreements [Member] | Board of Directors Chairman [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Number of unvested shares | 68,533,334 | ||
Number of ungrated shares | 218,500,000 | ||
Number of options to purchase shares | 360,416,665 |
SCHEDULE OF DEBT (Details)
SCHEDULE OF DEBT (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Short-Term Debt [Line Items] | ||
Total debt | $ 9,941,204 | $ 11,402,659 |
Current portion | (2,909,513) | (2,947,013) |
Debt, long term portion | 7,031,691 | 8,455,646 |
Loan With The US Small Business Administartion [Member] | ||
Short-Term Debt [Line Items] | ||
Total debt | 541,096 | 531,798 |
Long Term Notes For APEX Lease Buyback [Member] | ||
Short-Term Debt [Line Items] | ||
Total debt | $ 9,400,108 | $ 10,870,861 |
SCHEDULE OF DEBT (Details) (Par
SCHEDULE OF DEBT (Details) (Parenthetical) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Repayments of debt | $ 479,703 | $ 677,519 | ||
U.S. Small Business Administration [Member] | ||||
Proceeds from loans | $ 500,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||
Debt instrument, periodic payment | $ 2,437 | 9,298 | ||
APEX Tex LLC [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 75% | |||
Notes payable, related parties | $ 19,089,500 | |||
Payment percentage | 25% | |||
Repayments of debt | 479,703 | |||
Issuances of cryptocurrency value | $ 991,050 |
SCHEDULE OF DERIVATIVE LIABILIT
SCHEDULE OF DERIVATIVE LIABILITY (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Derivative liability | $ 69,371 | |||
Derivative liability recorded on new instruments | ||||
Derivative liability reduced by warrant exercise | ||||
(Gain) loss on fair value | $ (61,679) | $ (236,648) | (37,836) | $ (51,911) |
Derivative liability | $ 31,535 | $ 31,535 |
SCHEDULE OF ASSUMPTIONS USED IN
SCHEDULE OF ASSUMPTIONS USED IN BINOMINAL OPTION PRICING MODE (Details) - Warrant [Member] | 6 Months Ended |
Jun. 30, 2022 | |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Fair value measurements valuation techniques, percent | 0.0299 |
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Fair value measurements valuation techniques, percent | 0.0299 |
Measurement Input, Expected Term [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Fair value measurements valuation techniques, term | 3 years 1 month 2 days |
Measurement Input, Expected Term [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Fair value measurements valuation techniques, term | 4 years |
Measurement Input, Option Volatility [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Fair value measurements valuation techniques, percent | 1.83 |
Measurement Input, Option Volatility [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Fair value measurements valuation techniques, percent | 2.05 |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Operating Lease | ||
Remainder of 2022 | $ 121,710 | |
2023 | 57,045 | |
Total | 178,755 | |
Less: Interest | (7,532) | |
Present value of lease liability | 171,223 | |
Operating lease liability, current [1] | (170,961) | $ (255,894) |
Operating lease liability, long term | $ 262 | $ 43,460 |
OPERATING LEASE (Details Narrat
OPERATING LEASE (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease liability | $ 171,223 | |
Operating lease right of use asset | $ 152,722 | $ 264,846 |
Lease term | 10 months 24 days | |
Operating lease expense | $ 125,507 | |
Operating lease cost | $ 141,510 | |
Weighted average discount rate | 12% | |
Eatontown New Jersey [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liability | $ 110,097 | |
Lease operating lease option | We have the option to extend the three-year lease term of the Eatontown Lease for a period of one year | |
Annual utility charge | $ 1.75 | |
Variable lease cost | $ 1,662 | |
Kaysville Lease [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liability | 21,147 | |
Operating lease right of use asset | 21,147 | |
Conroe Lease [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liability | 174,574 | |
Operating lease right of use asset | $ 174,574 | |
Operating lease, term of contract | 24 months | |
Wyckoff Lease [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liability | $ 22,034 | |
Operating lease right of use asset | $ 22,034 | |
Lease term | 24 months 15 days | |
Haverford Lease [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liability | $ 152,961 | |
Operating lease right of use asset | $ 125,522 | |
Lease expiration date | Dec. 31, 2022 |
SUMMARY OF WARRANTS ISSUED (Det
SUMMARY OF WARRANTS ISSUED (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Equity [Abstract] | |
Number of Warrants Outstanding, Beginning | shares | 1,178,320 |
Weighted Average Exercise Price Outstanding, Beginning | $ / shares | $ 0.10 |
Number of Warrants Granted | shares | |
Weighted Average Exercise Price Granted | $ / shares | |
Number of Warrants Canceled/Expired | shares | |
Weighted Average Exercise Price Canceled | $ / shares | |
Number of Warrants Exercised | shares | |
Weighted Average Exercise Price Exercised | $ / shares | |
Number of Warrants Outstanding, Ending | shares | 1,178,320 |
Weighted Average Exercise Price Outstanding, Ending | $ / shares | $ 0.10 |
SUMMARY OF WARRANTS OUTSTANDING
SUMMARY OF WARRANTS OUTSTANDING (Details) | Jun. 30, 2022 $ / shares shares |
Equity [Abstract] | |
Exercise Price | $ / shares | $ 0.10 |
Warrants Outstanding | 1,178,320 |
Warrants Exercisable | 1,178,320 |
Weighted Average Contractual Life (Years) | 3 years 10 months 24 days |
STOCKHOLDERS_ EQUITY (DEFICIT_2
STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 03, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2021 | |
Class of Stock [Line Items] | |||||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Number of units sold | 196,638 | ||||||||
Warrant term | 3 years 10 months 24 days | 3 years 10 months 24 days | |||||||
Proceeds on sale of stock | $ 4,915,950 | ||||||||
Preferred stock, shares issued | 252,192 | 252,192 | 252,192 | ||||||
Preferred stock, shares outstanding | 252,192 | 252,192 | 252,192 | ||||||
Dividend liability | $ 230,877 | $ 230,877 | $ 219,705 | ||||||
Cancellation of shares | 255,000,000 | ||||||||
Value of common stock shares cancelled | $ 242,024 | $ 255,163 | $ 989,391 | $ 592,978 | |||||
Derivative liability extinguished with warrant exercise | $ 10,156 | $ 255,000 | |||||||
Stock issued for services and compensation and recognized | 11,500,000 | ||||||||
Share Based Compensation Grant Date Fair Value | 989,391 | ||||||||
Proceeds from warrant exercised | $ 6,434 | ||||||||
Common stock, shares issued | 2,641,275,489 | 2,641,275,489 | 2,904,210,762 | ||||||
Common stock, shares outstanding | 2,641,275,489 | 2,641,275,489 | 2,904,210,762 | ||||||
Number of unvested restricted shares | 68,533,334 | 68,533,334 | |||||||
Number of stock options shares ungranted | 218,500,000 | 218,500,000 | |||||||
Number of options to purchase shares of common stock | 360,416,665 | ||||||||
Option term | 5 years | ||||||||
Exercise price increase | $ 0.05 | ||||||||
stock compensation expense | $ 113,281 | ||||||||
Voting rights description | The Class B Redeemable Units have no voting rights but can be exchanged at any time, within 5 years from the date of issuance, for 565,000,000 shares of our common stock on a one-for-one basis and are subject to significant restrictions upon resale through 2025 under the terms of a lock up agreement. | ||||||||
Fair value discounted percentage | 32% | ||||||||
Business acquisition, transaction costs discount value | $ 27,700,000 | ||||||||
Investview Financial Group HoldingLLC [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Converted market value | $ 58,900,000 | ||||||||
Closing market price per share | $ 0.1532 | ||||||||
Transaction cost | $ 86,600,000 | ||||||||
Warrant [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of units sold | 983,190 | ||||||||
Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Cancellation of shares | 219,833,334 | 33,333,333 | |||||||
Value of common stock shares cancelled | $ 11,500 | $ 219,834 | |||||||
Number of common stock shares repurchased | 43,101,939 | ||||||||
Value of common stock shares repurchased | $ 1,724,008 | ||||||||
Stock issued for services and compensation and recognized | 11,500,000 | ||||||||
Number of warrants exercised | 64,340 | ||||||||
Proceeds from warrant exercised | $ 6,434 | ||||||||
Unit Offering [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of units sold | 2,000,000 | ||||||||
Sale of stock, price per share | $ 25 | $ 25 | |||||||
Description of offering | (i) one share of our newly authorized Series B Preferred Stock and (ii) five warrants each exercisable to purchase one share of common stock at an exercise price of $0.10 per warrant share | ||||||||
Warrant term | 5 years | 5 years | |||||||
Cash Proceeds [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of units sold | 78,413 | ||||||||
Proceeds on sale of stock | $ 3,640,550 | ||||||||
Bitcoin Proceeds [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of units sold | 1,598 | ||||||||
Proceeds on sale of stock | $ 39,950 | ||||||||
Debt Proceeds [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of units sold | 49,418 | ||||||||
Proceeds on sale of stock | $ 1,235,450 | ||||||||
Series B Preferred Stcok [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, par value | $ 25 | $ 25 | |||||||
Series B Preferred Stcok [Member] | Board Of Directors [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, par value | $ 3.25 | $ 3.25 | |||||||
Preferred stock designated | 2,000,000 | 2,000,000 | |||||||
Conversion of stock, shares converted | 500 | ||||||||
Series B Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of units sold | 196,638 | ||||||||
Dividends, Cash | $ 409,670 | ||||||||
Payments to preferred stock dividend | 313,643 | ||||||||
Cryptocurrency [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Proceeds on sale of stock | $ 84,855 | ||||||||
Class B Units [Member] | David B Rothrock And James R Bell [Member] | Investview Financial Group HoldingLLC [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number units issued | 565,000,000 | 565,000,000 | 565,000,000 | ||||||
Number of units outstanding | 565,000,000 | 565,000,000 | 565,000,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase commitment, description | According to marketing and legal documents provided by such third-party provider, the product protection would allow the purchaser to protect its initial purchase price by obtaining 50% of its purchase price at five years or 100% of its purchase price at ten years. |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 635,745 | $ 3,189 | $ 641,745 | $ 146,192 |
Effective income tax rate | 118.60% | 0.10% | 21.97% | 1.10% |
SCHEDULE OF ASSETS ACQUISITION
SCHEDULE OF ASSETS ACQUISITION (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Business Combination and Asset Acquisition [Abstract] | |
Purchase price (fair value of Units) | $ 58,859,440 |
Intangible asset (Prodigio software) | 7,240,000 |
Loss on asset acquisition | $ 51,619,440 |
ACQUISITION & NONCONTROLLING _3
ACQUISITION & NONCONTROLLING INTEREST IN SUBSIDIARY (Details Narrative) - USD ($) $ / shares in Units, $ in Millions | Sep. 03, 2021 | Mar. 22, 2021 |
Business Acquisition [Line Items] | ||
Fair value discounted percentage | 32% | |
Business acquisition, transaction costs discount value | $ 27.7 | |
Investview Financial Group HoldingLLC [Member] | ||
Business Acquisition [Line Items] | ||
Converted market value | $ 58.9 | |
Closing market price per share | $ 0.1532 | |
Transaction cost | $ 86.6 | |
Investview Financial Group HoldingLLC [Member] | David B Rothrock And James R Bell [Member] | Class B Units [Member] | ||
Business Acquisition [Line Items] | ||
Number of exchange shares issuable | 565,000,000 | |
Units exchange term | 5 years | |
Prodigio Trading Platform [Member] | ||
Business Acquisition [Line Items] | ||
Converted market value | 7.2 | |
Prodigio Trading Platform [Member] | Securities Agreement [Member] | ||
Business Acquisition [Line Items] | ||
Converted market value | $ 51.6 |