Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 14, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Period Focus | Q3 | |
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 ($) | Sep. 30, 2022 | Dec. 31, 2021 | |
Current assets: | |||
Cash and cash equivalents | $ 19,081,445 | $ 30,995,283 | |
Restricted cash, current | 819,338 | 819,338 | |
Prepaid assets | 328,378 | 164,254 | |
Receivables | 1,988,895 | 1,920,069 | |
Inventory | 939,318 | ||
Income tax paid in advance | 611,584 | ||
Other current assets | 2,872,589 | 2,018,324 | |
Total current assets | 26,641,547 | 35,917,268 | |
Fixed assets, net | 16,727,559 | 6,682,877 | |
Other assets: | |||
Restricted cash, long term | 187,782 | 802,285 | |
Other restricted assets, long term | 146,170 | 122,769 | |
Operating lease right-of-use asset | 101,186 | 264,846 | |
Intangible asset | 7,240,000 | 7,240,000 | |
Deposits | 473,598 | 473,598 | |
Total other assets | 8,148,736 | 8,903,498 | |
Total assets | 51,517,842 | 51,503,643 | |
Current liabilities: | |||
Accounts payable and accrued liabilities | 5,312,102 | 3,904,681 | |
Payroll liabilities | 89,311 | 176,604 | |
Income tax payable | 807,827 | ||
Customer advance | 142,070 | 75,702 | |
Deferred revenue | 2,046,443 | 3,288,443 | |
Derivative liability | 29,216 | 69,371 | |
Dividend liability | 233,830 | 219,705 | |
Operating lease liability, current | 112,275 | [1] | 255,894 |
Related party payables, net of discounts, current | 1,201,597 | 1,832,642 | |
Debt, net of discounts, current | 2,909,513 | 2,947,013 | |
Total current liabilities | 12,076,357 | 13,577,882 | |
Deferred tax liability, long term | 994,308 | ||
Operating lease liability, long term | 43,460 | ||
Related party payables, net of discounts, long term | 739,445 | 486,814 | |
Debt, net of discounts, long term | 6,290,357 | 8,455,646 | |
Total long term liabilities | 8,024,110 | 8,985,920 | |
Total liabilities | 20,100,467 | 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 September 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 September 30, 2022 and December 31, 2021, respectively | 2,641,275 | 2,904,211 | |
Additional paid in capital | 103,380,124 | 101,883,573 | |
Accumulated other comprehensive income (loss) | (23,218) | (23,000) | |
Accumulated deficit | (74,581,058) | (75,825,195) | |
Total stockholders’ equity (deficit) | 31,417,375 | 28,939,841 | |
Total liabilities and stockholders’ equity (deficit) | $ 51,517,842 | $ 51,503,643 | |
[1]Represents lease payments to be made in the next 12 months. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue: | ||||
Total revenue, net | $ 14,996,159 | $ 23,371,100 | $ 47,509,839 | $ 66,051,635 |
Operating costs and expenses: | ||||
Cost of sales and service | 2,144,733 | 2,101,490 | 5,873,214 | 7,186,149 |
Commissions | 6,551,195 | 9,934,991 | 20,380,676 | 23,802,291 |
Selling and marketing | 17,874 | 26,484 | 53,139 | 93,984 |
Salary and related | 2,359,225 | 1,153,402 | 5,215,833 | 3,715,868 |
Professional fees | 601,367 | 132,778 | 2,350,687 | 1,445,143 |
Impairment expense | 625 | 140,233 | 7,008 | 674,671 |
Loss (gain) on disposal of assets | (118,041) | (389,550) | ||
General and administrative | 2,916,167 | 54,097,580 | 7,611,867 | 57,961,461 |
Total operating costs and expenses | 14,473,145 | 67,586,958 | 41,102,874 | 94,879,567 |
Net income (loss) from operations | 523,014 | (44,215,858) | 6,406,965 | (28,827,932) |
Other income (expense): | ||||
Gain (loss) on debt extinguishment | 21,349 | 455 | 433,152 | |
Gain (loss) on fair value of derivative liability | 2,319 | 47,017 | 40,155 | 98,928 |
Realized gain (loss) on cryptocurrency | (318,000) | 1,651,024 | (1,338,597) | 892,266 |
Interest expense | (4,726) | (6,000) | (14,024) | (17,803) |
Interest expense, related parties | (310,595) | (763,791) | (2,339,729) | (1,897,557) |
Other income (expense) | 49,872 | 22,168 | 107,725 | (64,734) |
Total other income (expense) | (581,130) | 971,767 | (3,544,015) | (555,748) |
Income (loss) before income taxes | (58,116) | (43,244,091) | 2,862,950 | (29,383,680) |
Income tax expense | (362,563) | (758) | (1,004,308) | (146,950) |
Net income (loss) | (420,679) | (43,244,849) | 1,858,642 | (29,530,630) |
Dividends on Preferred Stock | (204,835) | (204,835) | (614,505) | (534,176) |
Net income (loss) applicable to common shareholders | (625,514) | (43,449,684) | 1,244,137 | (30,064,806) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (874) | (218) | (1,409) | |
Total other comprehensive income (loss) | (874) | (218) | (1,409) | |
Comprehensive income (loss) | $ (420,679) | $ (43,245,723) | $ 1,858,424 | $ (29,532,039) |
Basic income (loss) per common share | $ 0 | $ (0.01) | $ 0 | $ (0.01) |
Diluted income (loss) per common share | $ 0 | $ (0.01) | $ 0 | $ (0.01) |
Basic weighted average number of common shares outstanding | 2,641,275,489 | 2,992,958,712 | 2,690,146,350 | 3,071,829,624 |
Diluted weighted average number of common shares outstanding | 2,641,275,489 | 2,992,958,712 | 3,726,574,921 | 3,071,829,624 |
Subscription Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | $ 11,823,581 | $ 14,034,214 | $ 36,658,790 | $ 32,833,628 |
Mining Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | 2,777,634 | 8,338,759 | 9,412,751 | 25,047,680 |
Cryptocurrency Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | 351,433 | 998,127 | 1,308,809 | 8,168,295 |
Miner Repair Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | 43,511 | 123,621 | ||
Digital Wallet Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | 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) | $ (29,530,630) | |||||
Common stock issued for services and compensation, shares | 11,500,000 | |||||
Common stock forfeited, shares | 6,666,666 | 255,000,000 | ||||
Class B units of subsidiary issued to a related party for asset acquisition | $ 58,859,440 | |||||
Ending balance, value at Sep. 30, 2021 | $ 252 | $ 2,987,397 | 102,689,743 | (20,739) | (80,920,132) | 24,736,521 |
Ending balance, shares at Sep. 30, 2021 | 252,192 | 2,987,397,303 | ||||
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 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 | ||||
Common stock forfeited, shares | 33,333,333 | |||||
Ending balance, value at Dec. 31, 2021 | $ 252 | $ 2,904,211 | 101,883,573 | (23,000) | (75,825,195) | 28,939,841 |
Ending balance, shares at Dec. 31, 2021 | 252,192 | 2,904,210,762 | ||||
Beginning balance, value at Jun. 30, 2021 | $ 252 | $ 2,994,045 | 42,715,584 | (19,865) | (37,470,448) | 8,219,568 |
Begining balance, shares at Jun. 30, 2021 | 252,192 | 2,994,045,669 | ||||
Common stock issued for services and compensation | 360,962 | 360,962 | ||||
Dividends | (204,835) | (204,835) | ||||
Foreign currency translation adjustment | (874) | (874) | ||||
Net income (loss) | (43,244,849) | (43,244,849) | ||||
Common stock issued for warrant exercise | $ 19 | 1,811 | 1,830 | |||
Common stock issued for warrant exercise, shares | 18,300 | |||||
Derivative liability extinguished for warrants exercised | 2,129 | 2,129 | ||||
Common stock forfeited | $ (6,667) | 6,667 | ||||
Common stock forfeited, shares | (6,666,666) | |||||
Class B units of subsidiary issued to a related party for asset acquisition | 58,859,440 | 58,859,440 | ||||
Contributed capital | 743,150 | 743,150 | ||||
Ending balance, value at Sep. 30, 2021 | $ 252 | $ 2,987,397 | 102,689,743 | (20,739) | (80,920,132) | 24,736,521 |
Ending balance, shares at Sep. 30, 2021 | 252,192 | 2,987,397,303 | ||||
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) | 1,858,642 | |||||
Common stock forfeited, shares | 219,833,334 | |||||
Ending balance, value at Sep. 30, 2022 | $ 252 | $ 2,641,275 | 103,380,124 | (23,218) | (74,581,058) | 31,417,375 |
Ending balance, shares at Sep. 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) | ||||
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 | ||||
Common stock issued for services and compensation | 1,274,615 | 1,274,615 | ||||
Dividends | (204,835) | (204,835) | ||||
Net income (loss) | (420,679) | (420,679) | ||||
Ending balance, value at Sep. 30, 2022 | $ 252 | $ 2,641,275 | $ 103,380,124 | $ (23,218) | $ (74,581,058) | $ 31,417,375 |
Ending balance, shares at Sep. 30, 2022 | 252,192 | 2,641,275,489 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 1,858,642 | $ (29,530,630) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation | 4,251,122 | 2,111,333 |
Amortization of debt discount | 1,643,726 | 1,165,663 |
Amortization of intangible assets | 27,989 | |
Stock issued for services and other stock based compensation | 1,771,802 | 1,943,331 |
Lease cost, net of repayment | (23,419) | 8,742 |
(Gain) loss on asset acquisition | 27,439 | |
(Gain) loss on debt extinguishment | (455) | (433,152) |
(Gain) loss on Class B Units of subsidiary issued to a related party for asset acquisition | 51,619,440 | |
(Gain) loss on disposal of fixed assets | (389,550) | |
(Gain) loss on fair value of derivative liability | (40,155) | (98,928) |
Realized (gain) loss on cryptocurrency | 1,338,597 | (892,266) |
Impairment expense | 7,008 | 674,671 |
Changes in operating assets and liabilities: | ||
Receivables | (68,826) | (2,616,986) |
Inventory | (371,796) | |
Prepaid assets | (164,124) | 598,126 |
Short-term advances | 145,000 | |
Short-term advances from related parties | 500 | |
Income tax paid in advance | (611,584) | |
Other current assets | (2,907,972) | (9,494,056) |
Deposits | (465,110) | |
Accounts payable and accrued liabilities | 1,320,583 | 1,727,602 |
Income tax payable | (807,827) | |
Customer advance | 66,368 | 870,168 |
Deferred revenue | (1,242,000) | 1,850,394 |
Deferred tax liability | 994,308 | |
Accrued interest | 14,024 | 17,803 |
Accrued interest, related parties | 696,002 | 731,893 |
Net cash provided by (used in) operating activities | 7,334,474 | 19,988,966 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash received for the disposal of fixed assets | 1,044,492 | |
Cash paid for fixed assets | (15,265,360) | (1,471,487) |
Net cash provided by (used in) investing activities | (14,220,868) | (1,471,487) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from related party payables | 1,000,000 | |
Repayments for related party payables | (2,718,142) | (1,107,819) |
Repayments for debt | (729,016) | (919,703) |
Payments for share repurchase | (1,724,008) | |
Dividends paid | (470,563) | (258,215) |
Proceeds from the sale of preferred stock | 3,640,550 | |
Proceeds from the exercise of warrants | 8,264 | |
Net cash provided by (used in) financing activities | (5,641,729) | 2,363,077 |
Effect of exchange rate translation on cash | (218) | (1,409) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (12,528,341) | 20,879,147 |
Cash, cash equivalents, and restricted cash - beginning of period | 32,616,906 | 1,554,449 |
Cash, cash equivalents, and restricted cash - end of period | 20,088,565 | 22,433,596 |
Cash paid during the period for: | ||
Interest | 828,142 | 673,818 |
Income taxes | 1,429,411 | 146,950 |
Non-cash investing and financing activities: | ||
Cancellation of shares | 219,834 | 255,000 |
Beneficial conversion feature | 1,550,000 | |
Shares forfeited | 6,667 | |
Derivative liability recorded for warrants issued | 208,460 | |
Derivative liability extinguished with warrant exercise | 12,285 | |
Preferred shares issued in exchange for cryptocurrency | 39,950 | |
Preferred shares issued in exchange for debt | 1,235,450 | |
Dividends declared | 614,505 | 534,176 |
Dividends paid with cryptocurrency | 129,817 | 124,738 |
Debt extinguished in exchange for cryptocurrency | 1,487,797 | 3,019,609 |
Related party debt extinguished in exchange for cryptocurrency | 113,000 | |
Fixed asset acquired with cryptocurrency | 259,916 | 1,289,789 |
Initial right of use asset and lease liability | 196,608 | |
Net assets acquired for noncontrolling interest in subsidiary | 125,522 | |
Contributed capital | 743,150 | |
Class B units of subsidiary issued to a related party for asset acquisition | 7,240,000 | |
Transfer of fixed assets to inventory | 567,522 | |
Contribution of crypto currency from related party | $ 1,185,821 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 9 Months Ended |
Sep. 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 trading research and education, we also offer 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 (“MPower”), 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 business that would offer, among others, self-directed brokerage services, institutional trade execution services, innovative advisory services (RIA, CTA), and codeless algorithmic trading technologies. It was our expectation to develop these businesses over time, starting with the acquisition of a broker-dealer that could serve as a platform for growth. 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 of that agreement, we terminated the transaction on June 14, 2022, and commenced a search for alternative acquisitions within the brokerage industry. Further, until we are able to start this business, we recently elected to winddown the registration of a dormant investment advisor and commodity trading advisor we own, as we concluded there to be no material benefit to retaining an interest in these regulated businesses until we are able to launch our broader-based financial services model. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 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 nine months ended September 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-KT for the nine months 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. 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). INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) 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, 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. Nine Months Ended September 30, 2022 2021 Euro to USD 1.1118 1.1963 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 17,850,503 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 September 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 September 30, December 31, Cash and cash equivalents $ 19,081,445 $ 30,995,283 Restricted cash, current 819,338 819,338 Restricted cash, long term 187,782 802,285 Total cash, cash equivalents, and restricted cash shown on the statement of cash flows $ 20,088,565 $ 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 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) 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 September 30, December 31, Furniture, fixtures, and equipment 10 $ 76,717 $ 82,942 Computer equipment 3 13,560 15,241 Leasehold improvements Remaining Lease Term 40,528 40,528 Data processing equipment 3 23,658,549 10,638,619 Construction in progress N/A - 391,583 Mining repair tools and equipment 1 13,627 - Property, plant and equipment, gross 23,802,981 11,168,913 Accumulated depreciation (7,075,422 ) (4,486,036 ) Net book value $ 16,727,559 $ 6,682,877 Total depreciation expense for the nine months ended September 30, 2022 and 2021, was $ 4,251,122 2,111,333 654,942 1,044,492 389,550 7,008 7,008 Long-Lived Assets – Intangible Assets & License Agreement We account for our cryptocurrencies, intangible assets and long-term license agreement in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 350-30, General Intangibles Other Than Goodwill, and ASC Subtopic 360-10-05, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC Subtopic 350-30 requires assets to be measured based on the fair value of the consideration given or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. Our cryptocurrencies are deemed to have an indefinite useful life; therefore, amounts are not amortized, but rather are assessed for impairment as further discussed in our impairment policy. Under ASC Subtopic 350-30 any intangible asset with a useful life is required to be amortized over that life and the useful life is to be evaluated every reporting period to determine whether events or circumstances warrant a revision to the remaining period of amortization. If the estimate of useful life is changed the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. Costs of internally developing, maintaining, or restoring intangible assets are recognized as an expense when incurred. We hold cryptocurrency-denominated assets and include them in our consolidated balance sheet as other assets. The value of our cryptocurrencies as of September 30, 2022 and December 31, 2021 were $ 3,018,759 2,872,589 146,170 2,141,093 2,018,324 122,769 9,412,751 25,047,680 1,338,597 892,266 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. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) On March 22, 2021, we entered into a Securities Purchase Agreement to acquire the operating assets and intellectual property rights of MPower, 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. 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 nine months ended September 30, 2022 we impaired our fixed assets with a cost basis of $ 15,772 8,764 7,008 During the nine months ended September 30, 2021 we impaired our intangible assets with a cost basis of $ 991,000 14,661 392,500 723,490 674,671 Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on our principal or, in the absence of a principal, most advantageous market for the specific asset or liability. U.S. generally accepted accounting principles provide for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows: Level 1: Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including: - quoted prices for similar assets or liabilities in active markets; - quoted prices for identical or similar assets or liabilities in markets that are not active; - inputs other than quoted prices that are observable for the asset or liability; and - inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Inputs that are unobservable and reflect management’s own assumptions about the inputs market participants would use in pricing the asset or liability based on the best information available in the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows). Our financial instruments consist of cash, accounts receivable, accounts payable, and debt. We have determined that the book value of our outstanding financial instruments as of September 30, 2022 and December 31, 2021, approximates the fair value due to their short-term nature or interest rates that approximate prevailing market rates. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of September 30, 2022: SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 29,216 $ 29,216 Total Liabilities $ - $ - $ 29,216 $ 29,216 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 September 30, 2022 and December 31, 2021 our deferred revenues were $ 2,046,443 3,288,443 Mining Revenue Through our wholly owned subsidiary, SAFETek, LLC, we leased equipment under a sale-leaseback arrangement. However, in June of 2020, we cancelled all leases and purchased all of the rights and obligations under these 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 our mining activities, we are issued fees from processors and/or block rewards that are newly created cryptocurrency units granted to us. Our mining activities constitute the principal 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 a third-party supplier with whom our Chairman is affiliated (see Note 5-Related Party Transactions). The various packages include different amounts of coin with differing rates of returns and terms and, in some cases prior to January 2022, included a product protection option that allows the purchaser to protect their initial purchase price. Both the coin and the protection options are delivered by third-party suppliers. In January 2022, we suspended any further offering of the product protection option after the third-party provider of that protection package was unable to comply with our standard vendor compliance protocols, citing certain offshore confidentiality entitlements. That suspension will remain in place until we are able to further validate the continued integrity of the product protection and the vendor’s ability to honor its commitments to our members. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) 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 supplier to deliver coin and protection (if applicable), at which time we recognize revenue and the amounts due to our supplier on our books. As of September 30, 2022 and December 31, 2021 our customer advances related to cryptocurrency revenue were $ 142,070 75,702 Fee Revenue We generate minimal 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. However, since these businesses were largely dormant, during 2022, we elected to winddown and withdraw the SAFE Management state and NFA registrations, as we concluded there to be no material benefit to retaining an interest in these regulated businesses until we are able to launch our broader-based financial services model. 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. Revenue generated for the nine months ended September 30, 2022, is as follows: SCHEDULE OF REVENUE GENERATED Subscription Cryptocurrency Mining Miner Digital Total Gross billings/receipts $ 39,087,141 $ 2,548,316 $ 9,412,751 $ 123,621 $ 7,157 $ 51,178,986 Refunds, incentives, credits, and chargebacks (2,428,351 ) - - - - (2,428,351 ) Amounts paid to providers - (1,239,507 ) - - (1,289 ) (1,240,796 ) Net revenue $ 36,658,790 $ 1,308,809 $ 9,412,751 $ 123,621 $ 5,868 $ 47,509,839 For the nine months ended September 30, 2022, foreign and domestic revenues were approximately $ 32.2 15.3 Revenue generated for the nine months ended September 30, 2021, is as follows: Subscription Cryptocurrency Mining Fee Total Gross billings/receipts $ 34,843,588 $ 20,082,329 $ 25,047,680 $ 2,032 $ 79,975,629 Refunds, incentives, credits, and chargebacks (2,009,960 ) - - - (2,009,960 ) Amounts paid to providers - (11,914,034 ) - - (11,914,034 ) Net revenue $ 32,833,628 $ 8,168,295 $ 25,047,680 $ 2,032 $ 66,051,635 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) For the nine months ended September 30, 2021 foreign and domestic revenues were approximately $ 33.1 33.0 Revenue generated for the three months ended September 30, 2022, is as follows: Subscription Cryptocurrency Mining Miner Digital Total Gross billings/receipts $ 12,638,375 $ 673,933 $ 2,777,634 $ 43,511 $ - $ 16,133,453 Refunds, incentives, credits, and chargebacks (814,794 ) - - - - (814,794 ) Amounts paid to providers - (322,500 ) - - - (322,500 ) Net revenue $ 11,823,581 $ 351,433 $ 2,777,634 $ 43,511 $ - $ 14,996,159 For the three months ended September 30, 2022, foreign and domestic revenues were approximately $ 10.3 4.7 Revenue generated for the three months ended September 30, 2021, is as follows: Subscription Cryptocurrency Mining Fee Total Gross billings/receipts $ 14,904,004 $ 2,329,566 $ 8,338,759 $ - $ 25,572,329 Refunds, incentives, credits, and chargebacks (869,790 ) - - - (869,790 ) Amounts paid to providers - (1,331,439 ) - - (1,331,439 ) Net revenue $ 14,034,214 $ 998,127 $ 8,338,759 $ - $ 23,371,100 For the three months ended September 30, 2021 foreign and domestic revenues were approximately $ 13.6 9.8 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 nine months ended September 30, 2022 and 2021, totaled $ 53,139 93,984 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 nine months ended September 30, 2022 and 2021, totaled $ 5,873,214 7,186,149 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 September 30, December 31, Raw materials $ 448,056 $ - Work in process 83,222 - Finished goods 408,040 - Total inventory $ 939,318 $ - INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) 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. Due to the net loss for the three months ended September 30, 2022, and the three and nine months ended September 30, 2021, potentially dilutive securities excluded from the computation of diluted net loss per share are as follows: SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE Three months ended Three months ended Nine months ended September 30, 2022 September 30, 2021 September 30, 2021 Warrants to purchase common stock - 439,266 177,567 Notes convertible into common stock 471,428,571 577,162,620 543,803,307 Class B Redeemable Units of Investview Financial Group Holdings, LLC 565,000,000 171,956,522 57,948,718 Totals 1,036,428,571 749,558,408 601,929,592 The following table illustrates the computation of diluted earnings per share for the nine months ended September 30, 2022. SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED September 30, 2022 Net income $ 1,858,642 Less: preferred dividends (614,505 ) Add: interest expense on convertible debt 469,884 Net income available to common shareholders (numerator) $ 1,714,021 Basic weighted average number of common shares outstanding 2,690,146,350 Dilutive impact of convertible notes 471,428,571 Dilutive impact of non-voting membership interest 565,000,000 Diluted weighted average number of common shares outstanding (denominator) 3,726,574,921 Diluted income per common share $ 0.00 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) 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 | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 nine months ended September 30, 2022 we reported $ 7,334,474 6,406,965 1,858,642 19,081,445 14,565,190 2,872,589 |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 9 Months Ended |
Sep. 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 September 30, December 31, Convertible Promissory Note entered into on 4/27/20, net of debt discount of $ 984,967 as of September 30, 2022 [1] $ 315,033 $ 239,521 Convertible Promissory Note entered into on 5/27/20, net of debt discount of $ 534,560 as of September 30, 2022 [2] 165,240 124,149 Convertible Promissory Note entered into on 11/9/20, net of debt discount of $ 1,040,828 as of September 30, 2022 [3] 259,172 198,187 Promissory note entered into on 12/15/20 [4] - 80,322 Convertible Promissory Note entered into on 3/30/21 [5] - 476,670 Working Capital Promissory Note entered into on 3/22/21 [6] 1,201,597 1,200,607 Total related-party debt 1,941,042 2,319,456 Less: Current portion (1,201,597 ) (1,832,642 ) Related-party debt, long term $ 739,445 $ 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 97,180 195,012 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) [2] On May 27, 2020, we received proceeds of $ 700,000 20 April 27, 2030 0.01257 0.007 700,000 52,761 105,003 [3] On November 9, 2020, we received proceeds of $ 1,300,000 38.5 25 13.5 0.007 1,300,000 102,691 375,372 [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 [6] On March 22, 2021, we entered into Securities Purchase Agreements to purchase 100 1,500,000 1,200,000 0.11 990 12,000,000 We expensed interest related to our related-party payables, as follows: SCHEDULE OF INTEREST EXPENSES RELATED PARTY Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Wealth Engineering (Mario Romano and Annette Raynor) [1] $ - $ 259,678 DBR Capital (David Rothrock) [2] 310,265 928,019 Joseph Cammarata (former executive officer) [3] - 1,151,042 SSA Technologies LLC (Joseph Cammarata, former executive officer) [4] 330 990 Interest expenses related parties $ 310,595 $ 2,339,729 [1] During the nine months ended September 30, 2022, all expense was from the amortization of debt discount. [2] During the three and nine months ended September 30, 2022, $ 85,136 252,632 225,129 675,387 225,129 750,430 [3] During the three and nine months ended September 30, 2022, $ 0 1,131,417 0 19,626 0 77,712 [4] During the three and nine months ended September 30, 2022, all expense was from the accrual of interest. Description of other Related Party Arrangements During the nine months ended September 30, 2022, we entered into a Separation and Release Agreement (the “Separation Agreements”) with Mario Romano and Annette Raynor, two of the Company’s founders and former members of management and the Board of Directors, and Wealth Engineering, LLC, an affiliate of Mr. Romano and Ms. Raynor. Under the Separation Agreements, Mr. Romano and Ms. Raynor resigned their positions as officers and directors of the Company effective immediately upon execution of the Separation Agreements as they each transitioned to the roles of strategic advisors to the Company. In conjunction with the Separation Agreements Mr. Romano and Ms. Raynor forfeited 75,000,000 43,101,939 1,724,008 63,333,333 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) During the nine months ended September 30, 2022, we recorded 69,833,334 1,300,000 68,533,334 218,500,000 360,416,665 DBR Capital LLC, an affiliate of our Chairman (“DBR Capital”), has been an investor in Oneiro NA, Inc. (“Oneiro”) since 2016, and currently serves as a worldwide marketing and distribution agent for Oneiro. Oneiro has been our third-party supplier of ndau coins. In connection with its affiliation with Oneiro, DBR Capital is entitled to certain performance fees from Oneiro for worldwide sales of ndau introduced by DBR Capital, including purchases by Investview or any affiliates of Investview. 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 During the nine months ended September 30, 2022, DBR Capital elected to contribute 77,000 1,185,821 The loans referenced in footnotes 1-3 above, were advanced under a Securities Purchase Agreement we entered into on April 27, 2020, with DBR Capital. Under the Securities Purchase Agreement (which was subsequently amended and restated), DBR Capital agreed to advance up to $ 11 |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | NOTE 6 – DEBT Our debt consisted of the following: SCHEDULE OF DEBT September 30, December 31, Loan with the U.S. Small Business Administration dated 4/19/20 [1] $ 545,822 $ 531,798 Long term notes for APEX lease buyback [2] 8,654,048 10,870,861 Total debt 9,199,870 11,402,659 Less: Current portion (2,909,513 ) (2,947,013 ) Debt, long term portion $ 6,290,357 $ 8,455,646 [1] In April 2020 we received proceeds of $ 500,000 3.75 2,437 14,024 [2] During the year ended March 31, 2021 we entered into notes with third parties for $ 19,089,500 75 25 729,016 1,487,797 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) |
DERIVATIVE LIABILITY
DERIVATIVE LIABILITY | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE LIABILITY | NOTE 7 – DERIVATIVE LIABILITY During the nine months ended September 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 (40,155 ) Derivative liability at September 30, 2022 $ 29,216 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 nine months ended September 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 2.84 3.75 Expected volatility 150 183 % |
OPERATING LEASE
OPERATING LEASE | 9 Months Ended |
Sep. 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 1.75 1,940 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 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 $ 180,927 204,345 0.62 12 Future minimum lease payments under non-cancellable leases as of September 30, 2022 were as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES Remainder of 2022 $ 58,875 2023 57,045 Total 115,920 Less: Interest (3,645 ) Present value of lease liability 112,275 Operating lease liability, current [1] (112,275 ) Operating lease liability, long term $ - [1] Represents lease payments to be made in the next 12 months. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) | 9 Months Ended |
Sep. 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. Each Warrant offered is immediately exercisable on the date of issuance, will expire 5 During the nine months ended September 30, 2021, we sold 196,638 4,915,950 145,622 3,640,550 1,598 39,950 49,418 1,235,450 196,638 983,190 As of September 30, 2022 and December 31, 2021, we had 252,192 Preferred Stock Dividends During the nine months ended September 30, 2022, we recorded $ 614,505 470,563 129,817 233,830 Common Stock During the nine months ended September 30, 2022, we cancelled 219,833,334 219,834 33,333,333 43,101,939 1,724,008 During the nine months ended September 30, 2021, we cancelled 255,000,000 255,000 11,500,000 989,391 82,640 8,264 6,666,666 As of September 30, 2022 and December 31, 2021, we had 2,641,275,489 2,904,210,762 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) Options During the nine months ended September 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 0.05 1,384,210 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 September 30, 2022 1,178,320 $ 0.10 Details of our warrants outstanding as of September 30, 2022, is as follows: SUMMARY OF WARRANTS OUTSTANDING Exercise Price Warrants Outstanding Warrants Exercisable Weighted Average $ 0.10 1,178,320 1,178,320 3.40 Class B Units of Investview Financial Group Holdings, LLC As of September 30, 2022, and December 31, 2021, there were 565,000,000 Units of Class B Investview Financial Group Holdings, LLC issued and outstanding. These units were issued as consideration for the purchase of operating assets and intellectual property rights of MPower, a company controlled and partially owned by David B. Rothrock and James R. Bell, two of our board members (see NOTE 12). 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 entered into as part of the purchase agreement. In order to properly account for the purchase transaction on the Company’s financial statements, we were required by applicable financial reporting standards to value the Class B Units issued to MPower in the transaction as of the closing date of the MPower sale transaction (September 3, 2021). For these accounting purposes, we concluded that the “fair value” of the consideration for financial accounting purposes, at the if-converted market value of the underlying common shares was $ 58.9 million, based on the closing market price of $ 0.1532 86.6 32 27.7 565 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 10 – COMMITMENTS AND CONTINGENCIES In the ordinary course of business, we may be, or have been, involved in legal proceedings. During the nine months ended September 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. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) We generate revenue from the sale of cryptocurrency packages to our customers through an arrangement with a third-party supplier, 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. n January 2022, we suspended any further offering of the product protection option in the cryptocurrency packages after the third-party provider was unable to comply with our standard vendor compliance protocols, citing certain offshore confidentiality entitlements. That suspension will remain in place until we are able to further validate the continued integrity of the product protection and the vendor’s ability to honor its commitments to our members. We issued a promissory note to our former Chief Executive Officer, Joseph Cammarata, which, following certain modifications, on or about March 30, 2021, was restated in the principal amount of $ 1,550,000 0.02 0.008 breaches of Mr. Cammarata’s fiduciary duty to us, as well as As of the date of this Report, Mr. Cammarata has not accepted our tender of the cash payment, and instead has asserted his entitlement to exercise his right to convert the Cammarata Note into our common shares. Although we believe that our cash tender was appropriate under the terms of the Cammarata Note and our claims for damages by Mr. Cammarata have marit, if Mr. Cammarata elects to challenge our cash tender in a court proceeding, and if we are unable to sustain our legal position on the matter, Mr. Cammarata could receive up to approximately 203 million shares of our common stock upon conversion of the Cammarata Note. On March 22, 2021, we entered into Securities Purchase Agreements to purchase 100 1,500,000 1,200,000 0.11 990 12,000,000 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 11 – INCOME TAXES For the periods ended September 30, 2022, and September 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 nine months ended September 30, 2022, was $ 362,563 1,004,308 623.9 35.1 758 146,950 0.002 0.50 |
ACQUISITION & NONCONTROLLING IN
ACQUISITION & NONCONTROLLING INTEREST IN SUBSIDIARY | 9 Months Ended |
Sep. 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, 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 | 9 Months Ended |
Sep. 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. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 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 nine months ended September 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-KT for the nine months 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. |
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). INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) 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, 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. Nine Months Ended September 30, 2022 2021 Euro to USD 1.1118 1.1963 |
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 17,850,503 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 September 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 September 30, December 31, Cash and cash equivalents $ 19,081,445 $ 30,995,283 Restricted cash, current 819,338 819,338 Restricted cash, long term 187,782 802,285 Total cash, cash equivalents, and restricted cash shown on the statement of cash flows $ 20,088,565 $ 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 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) |
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 September 30, December 31, Furniture, fixtures, and equipment 10 $ 76,717 $ 82,942 Computer equipment 3 13,560 15,241 Leasehold improvements Remaining Lease Term 40,528 40,528 Data processing equipment 3 23,658,549 10,638,619 Construction in progress N/A - 391,583 Mining repair tools and equipment 1 13,627 - Property, plant and equipment, gross 23,802,981 11,168,913 Accumulated depreciation (7,075,422 ) (4,486,036 ) Net book value $ 16,727,559 $ 6,682,877 Total depreciation expense for the nine months ended September 30, 2022 and 2021, was $ 4,251,122 2,111,333 654,942 1,044,492 389,550 7,008 7,008 |
Long-Lived Assets – Intangible Assets & License Agreement | Long-Lived Assets – Intangible Assets & License Agreement We account for our cryptocurrencies, intangible assets and long-term license agreement in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 350-30, General Intangibles Other Than Goodwill, and ASC Subtopic 360-10-05, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC Subtopic 350-30 requires assets to be measured based on the fair value of the consideration given or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. Our cryptocurrencies are deemed to have an indefinite useful life; therefore, amounts are not amortized, but rather are assessed for impairment as further discussed in our impairment policy. Under ASC Subtopic 350-30 any intangible asset with a useful life is required to be amortized over that life and the useful life is to be evaluated every reporting period to determine whether events or circumstances warrant a revision to the remaining period of amortization. If the estimate of useful life is changed the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. Costs of internally developing, maintaining, or restoring intangible assets are recognized as an expense when incurred. We hold cryptocurrency-denominated assets and include them in our consolidated balance sheet as other assets. The value of our cryptocurrencies as of September 30, 2022 and December 31, 2021 were $ 3,018,759 2,872,589 146,170 2,141,093 2,018,324 122,769 9,412,751 25,047,680 1,338,597 892,266 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. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) On March 22, 2021, we entered into a Securities Purchase Agreement to acquire the operating assets and intellectual property rights of MPower, 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. 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 nine months ended September 30, 2022 we impaired our fixed assets with a cost basis of $ 15,772 8,764 7,008 During the nine months ended September 30, 2021 we impaired our intangible assets with a cost basis of $ 991,000 14,661 392,500 723,490 674,671 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on our principal or, in the absence of a principal, most advantageous market for the specific asset or liability. U.S. generally accepted accounting principles provide for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows: Level 1: Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including: - quoted prices for similar assets or liabilities in active markets; - quoted prices for identical or similar assets or liabilities in markets that are not active; - inputs other than quoted prices that are observable for the asset or liability; and - inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Inputs that are unobservable and reflect management’s own assumptions about the inputs market participants would use in pricing the asset or liability based on the best information available in the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows). Our financial instruments consist of cash, accounts receivable, accounts payable, and debt. We have determined that the book value of our outstanding financial instruments as of September 30, 2022 and December 31, 2021, approximates the fair value due to their short-term nature or interest rates that approximate prevailing market rates. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of September 30, 2022: SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 29,216 $ 29,216 Total Liabilities $ - $ - $ 29,216 $ 29,216 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 September 30, 2022 and December 31, 2021 our deferred revenues were $ 2,046,443 3,288,443 Mining Revenue Through our wholly owned subsidiary, SAFETek, LLC, we leased equipment under a sale-leaseback arrangement. However, in June of 2020, we cancelled all leases and purchased all of the rights and obligations under these 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 our mining activities, we are issued fees from processors and/or block rewards that are newly created cryptocurrency units granted to us. Our mining activities constitute the principal 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 a third-party supplier with whom our Chairman is affiliated (see Note 5-Related Party Transactions). The various packages include different amounts of coin with differing rates of returns and terms and, in some cases prior to January 2022, included a product protection option that allows the purchaser to protect their initial purchase price. Both the coin and the protection options are delivered by third-party suppliers. In January 2022, we suspended any further offering of the product protection option after the third-party provider of that protection package was unable to comply with our standard vendor compliance protocols, citing certain offshore confidentiality entitlements. That suspension will remain in place until we are able to further validate the continued integrity of the product protection and the vendor’s ability to honor its commitments to our members. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) 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 supplier to deliver coin and protection (if applicable), at which time we recognize revenue and the amounts due to our supplier on our books. As of September 30, 2022 and December 31, 2021 our customer advances related to cryptocurrency revenue were $ 142,070 75,702 Fee Revenue We generate minimal 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. However, since these businesses were largely dormant, during 2022, we elected to winddown and withdraw the SAFE Management state and NFA registrations, as we concluded there to be no material benefit to retaining an interest in these regulated businesses until we are able to launch our broader-based financial services model. 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. Revenue generated for the nine months ended September 30, 2022, is as follows: SCHEDULE OF REVENUE GENERATED Subscription Cryptocurrency Mining Miner Digital Total Gross billings/receipts $ 39,087,141 $ 2,548,316 $ 9,412,751 $ 123,621 $ 7,157 $ 51,178,986 Refunds, incentives, credits, and chargebacks (2,428,351 ) - - - - (2,428,351 ) Amounts paid to providers - (1,239,507 ) - - (1,289 ) (1,240,796 ) Net revenue $ 36,658,790 $ 1,308,809 $ 9,412,751 $ 123,621 $ 5,868 $ 47,509,839 For the nine months ended September 30, 2022, foreign and domestic revenues were approximately $ 32.2 15.3 Revenue generated for the nine months ended September 30, 2021, is as follows: Subscription Cryptocurrency Mining Fee Total Gross billings/receipts $ 34,843,588 $ 20,082,329 $ 25,047,680 $ 2,032 $ 79,975,629 Refunds, incentives, credits, and chargebacks (2,009,960 ) - - - (2,009,960 ) Amounts paid to providers - (11,914,034 ) - - (11,914,034 ) Net revenue $ 32,833,628 $ 8,168,295 $ 25,047,680 $ 2,032 $ 66,051,635 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) For the nine months ended September 30, 2021 foreign and domestic revenues were approximately $ 33.1 33.0 Revenue generated for the three months ended September 30, 2022, is as follows: Subscription Cryptocurrency Mining Miner Digital Total Gross billings/receipts $ 12,638,375 $ 673,933 $ 2,777,634 $ 43,511 $ - $ 16,133,453 Refunds, incentives, credits, and chargebacks (814,794 ) - - - - (814,794 ) Amounts paid to providers - (322,500 ) - - - (322,500 ) Net revenue $ 11,823,581 $ 351,433 $ 2,777,634 $ 43,511 $ - $ 14,996,159 For the three months ended September 30, 2022, foreign and domestic revenues were approximately $ 10.3 4.7 Revenue generated for the three months ended September 30, 2021, is as follows: Subscription Cryptocurrency Mining Fee Total Gross billings/receipts $ 14,904,004 $ 2,329,566 $ 8,338,759 $ - $ 25,572,329 Refunds, incentives, credits, and chargebacks (869,790 ) - - - (869,790 ) Amounts paid to providers - (1,331,439 ) - - (1,331,439 ) Net revenue $ 14,034,214 $ 998,127 $ 8,338,759 $ - $ 23,371,100 For the three months ended September 30, 2021 foreign and domestic revenues were approximately $ 13.6 9.8 |
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 nine months ended September 30, 2022 and 2021, totaled $ 53,139 93,984 |
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 nine months ended September 30, 2022 and 2021, totaled $ 5,873,214 7,186,149 |
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 September 30, December 31, Raw materials $ 448,056 $ - Work in process 83,222 - Finished goods 408,040 - Total inventory $ 939,318 $ - INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) |
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. Due to the net loss for the three months ended September 30, 2022, and the three and nine months ended September 30, 2021, potentially dilutive securities excluded from the computation of diluted net loss per share are as follows: SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE Three months ended Three months ended Nine months ended September 30, 2022 September 30, 2021 September 30, 2021 Warrants to purchase common stock - 439,266 177,567 Notes convertible into common stock 471,428,571 577,162,620 543,803,307 Class B Redeemable Units of Investview Financial Group Holdings, LLC 565,000,000 171,956,522 57,948,718 Totals 1,036,428,571 749,558,408 601,929,592 The following table illustrates the computation of diluted earnings per share for the nine months ended September 30, 2022. SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED September 30, 2022 Net income $ 1,858,642 Less: preferred dividends (614,505 ) Add: interest expense on convertible debt 469,884 Net income available to common shareholders (numerator) $ 1,714,021 Basic weighted average number of common shares outstanding 2,690,146,350 Dilutive impact of convertible notes 471,428,571 Dilutive impact of non-voting membership interest 565,000,000 Diluted weighted average number of common shares outstanding (denominator) 3,726,574,921 Diluted income per common share $ 0.00 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) |
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) | 9 Months Ended |
Sep. 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, 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. Nine Months Ended September 30, 2022 2021 Euro to USD 1.1118 1.1963 |
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 September 30, December 31, Cash and cash equivalents $ 19,081,445 $ 30,995,283 Restricted cash, current 819,338 819,338 Restricted cash, long term 187,782 802,285 Total cash, cash equivalents, and restricted cash shown on the statement of cash flows $ 20,088,565 $ 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 September 30, December 31, Furniture, fixtures, and equipment 10 $ 76,717 $ 82,942 Computer equipment 3 13,560 15,241 Leasehold improvements Remaining Lease Term 40,528 40,528 Data processing equipment 3 23,658,549 10,638,619 Construction in progress N/A - 391,583 Mining repair tools and equipment 1 13,627 - Property, plant and equipment, gross 23,802,981 11,168,913 Accumulated depreciation (7,075,422 ) (4,486,036 ) Net book value $ 16,727,559 $ 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 September 30, 2022: SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 29,216 $ 29,216 Total Liabilities $ - $ - $ 29,216 $ 29,216 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 nine months ended September 30, 2022, is as follows: SCHEDULE OF REVENUE GENERATED Subscription Cryptocurrency Mining Miner Digital Total Gross billings/receipts $ 39,087,141 $ 2,548,316 $ 9,412,751 $ 123,621 $ 7,157 $ 51,178,986 Refunds, incentives, credits, and chargebacks (2,428,351 ) - - - - (2,428,351 ) Amounts paid to providers - (1,239,507 ) - - (1,289 ) (1,240,796 ) Net revenue $ 36,658,790 $ 1,308,809 $ 9,412,751 $ 123,621 $ 5,868 $ 47,509,839 For the nine months ended September 30, 2022, foreign and domestic revenues were approximately $ 32.2 15.3 Revenue generated for the nine months ended September 30, 2021, is as follows: Subscription Cryptocurrency Mining Fee Total Gross billings/receipts $ 34,843,588 $ 20,082,329 $ 25,047,680 $ 2,032 $ 79,975,629 Refunds, incentives, credits, and chargebacks (2,009,960 ) - - - (2,009,960 ) Amounts paid to providers - (11,914,034 ) - - (11,914,034 ) Net revenue $ 32,833,628 $ 8,168,295 $ 25,047,680 $ 2,032 $ 66,051,635 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) For the nine months ended September 30, 2021 foreign and domestic revenues were approximately $ 33.1 33.0 Revenue generated for the three months ended September 30, 2022, is as follows: Subscription Cryptocurrency Mining Miner Digital Total Gross billings/receipts $ 12,638,375 $ 673,933 $ 2,777,634 $ 43,511 $ - $ 16,133,453 Refunds, incentives, credits, and chargebacks (814,794 ) - - - - (814,794 ) Amounts paid to providers - (322,500 ) - - - (322,500 ) Net revenue $ 11,823,581 $ 351,433 $ 2,777,634 $ 43,511 $ - $ 14,996,159 For the three months ended September 30, 2022, foreign and domestic revenues were approximately $ 10.3 4.7 Revenue generated for the three months ended September 30, 2021, is as follows: Subscription Cryptocurrency Mining Fee Total Gross billings/receipts $ 14,904,004 $ 2,329,566 $ 8,338,759 $ - $ 25,572,329 Refunds, incentives, credits, and chargebacks (869,790 ) - - - (869,790 ) Amounts paid to providers - (1,331,439 ) - - (1,331,439 ) Net revenue $ 14,034,214 $ 998,127 $ 8,338,759 $ - $ 23,371,100 |
SCHEDULE OF INVENTORY | Inventory was made up of the following at each balance sheet date: SCHEDULE OF INVENTORY September 30, December 31, Raw materials $ 448,056 $ - Work in process 83,222 - Finished goods 408,040 - Total inventory $ 939,318 $ - |
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE | Due to the net loss for the three months ended September 30, 2022, and the three and nine months ended September 30, 2021, potentially dilutive securities excluded from the computation of diluted net loss per share are as follows: SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE Three months ended Three months ended Nine months ended September 30, 2022 September 30, 2021 September 30, 2021 Warrants to purchase common stock - 439,266 177,567 Notes convertible into common stock 471,428,571 577,162,620 543,803,307 Class B Redeemable Units of Investview Financial Group Holdings, LLC 565,000,000 171,956,522 57,948,718 Totals 1,036,428,571 749,558,408 601,929,592 |
SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED | The following table illustrates the computation of diluted earnings per share for the nine months ended September 30, 2022. SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED September 30, 2022 Net income $ 1,858,642 Less: preferred dividends (614,505 ) Add: interest expense on convertible debt 469,884 Net income available to common shareholders (numerator) $ 1,714,021 Basic weighted average number of common shares outstanding 2,690,146,350 Dilutive impact of convertible notes 471,428,571 Dilutive impact of non-voting membership interest 565,000,000 Diluted weighted average number of common shares outstanding (denominator) 3,726,574,921 Diluted income per common share $ 0.00 |
RELATED-PARTY TRANSACTIONS (Tab
RELATED-PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY PAYABLES | Our related-party payables consisted of the following: SCHEDULE OF RELATED PARTY PAYABLES September 30, December 31, Convertible Promissory Note entered into on 4/27/20, net of debt discount of $ 984,967 as of September 30, 2022 [1] $ 315,033 $ 239,521 Convertible Promissory Note entered into on 5/27/20, net of debt discount of $ 534,560 as of September 30, 2022 [2] 165,240 124,149 Convertible Promissory Note entered into on 11/9/20, net of debt discount of $ 1,040,828 as of September 30, 2022 [3] 259,172 198,187 Promissory note entered into on 12/15/20 [4] - 80,322 Convertible Promissory Note entered into on 3/30/21 [5] - 476,670 Working Capital Promissory Note entered into on 3/22/21 [6] 1,201,597 1,200,607 Total related-party debt 1,941,042 2,319,456 Less: Current portion (1,201,597 ) (1,832,642 ) Related-party debt, long term $ 739,445 $ 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 97,180 195,012 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 (Unaudited) [2] On May 27, 2020, we received proceeds of $ 700,000 20 April 27, 2030 0.01257 0.007 700,000 52,761 105,003 [3] On November 9, 2020, we received proceeds of $ 1,300,000 38.5 25 13.5 0.007 1,300,000 102,691 375,372 [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 [6] On March 22, 2021, we entered into Securities Purchase Agreements to purchase 100 1,500,000 1,200,000 0.11 990 12,000,000 |
SCHEDULE OF INTEREST EXPENSES RELATED PARTY | We expensed interest related to our related-party payables, as follows: SCHEDULE OF INTEREST EXPENSES RELATED PARTY Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Wealth Engineering (Mario Romano and Annette Raynor) [1] $ - $ 259,678 DBR Capital (David Rothrock) [2] 310,265 928,019 Joseph Cammarata (former executive officer) [3] - 1,151,042 SSA Technologies LLC (Joseph Cammarata, former executive officer) [4] 330 990 Interest expenses related parties $ 310,595 $ 2,339,729 [1] During the nine months ended September 30, 2022, all expense was from the amortization of debt discount. [2] During the three and nine months ended September 30, 2022, $ 85,136 252,632 225,129 675,387 225,129 750,430 [3] During the three and nine months ended September 30, 2022, $ 0 1,131,417 0 19,626 0 77,712 [4] During the three and nine months ended September 30, 2022, all expense was from the accrual of interest. |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF DEBT | Our debt consisted of the following: SCHEDULE OF DEBT September 30, December 31, Loan with the U.S. Small Business Administration dated 4/19/20 [1] $ 545,822 $ 531,798 Long term notes for APEX lease buyback [2] 8,654,048 10,870,861 Total debt 9,199,870 11,402,659 Less: Current portion (2,909,513 ) (2,947,013 ) Debt, long term portion $ 6,290,357 $ 8,455,646 [1] In April 2020 we received proceeds of $ 500,000 3.75 2,437 14,024 [2] During the year ended March 31, 2021 we entered into notes with third parties for $ 19,089,500 75 25 729,016 1,487,797 |
DERIVATIVE LIABILITY (Tables)
DERIVATIVE LIABILITY (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
SCHEDULE OF DERIVATIVE LIABILITY | During the nine months ended September 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 (40,155 ) Derivative liability at September 30, 2022 $ 29,216 |
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 2.84 3.75 Expected volatility 150 183 % |
OPERATING LEASE (Tables)
OPERATING LEASE (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Operating Lease | |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES | Future minimum lease payments under non-cancellable leases as of September 30, 2022 were as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES Remainder of 2022 $ 58,875 2023 57,045 Total 115,920 Less: Interest (3,645 ) Present value of lease liability 112,275 Operating lease liability, current [1] (112,275 ) Operating lease liability, long term $ - [1] Represents lease payments to be made in the next 12 months. |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) (Tables) | 9 Months Ended |
Sep. 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 September 30, 2022 1,178,320 $ 0.10 |
SUMMARY OF WARRANTS OUTSTANDING | Details of our warrants outstanding as of September 30, 2022, is as follows: SUMMARY OF WARRANTS OUTSTANDING Exercise Price Warrants Outstanding Warrants Exercisable Weighted Average $ 0.10 1,178,320 1,178,320 3.40 |
ACQUISITION & NONCONTROLLING _2
ACQUISITION & NONCONTROLLING INTEREST IN SUBSIDIARY (Tables) | 9 Months Ended |
Sep. 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 ($) | 9 Months Ended | ||
Jun. 06, 2017 | Apr. 01, 2017 | Sep. 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 U S D [Member] | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 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 | 1.1963 |
SCHEDULE OF RECONCILIATION OF C
SCHEDULE OF RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 19,081,445 | $ 30,995,283 | ||
Restricted cash, current | 819,338 | 819,338 | ||
Restricted cash, long term | 187,782 | 802,285 | ||
Total cash, cash equivalents, and restricted cash shown on the statement of cash flows | $ 20,088,565 | $ 32,616,906 | $ 22,433,596 | $ 1,554,449 |
SCHEDULE OF FIXED ASSETS (Detai
SCHEDULE OF FIXED ASSETS (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 23,802,981 | $ 11,168,913 |
Accumulated depreciation | (7,075,422) | (4,486,036) |
Net book value | $ 16,727,559 | 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 | $ 76,717 | 82,942 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of fixed assets | 3 years | |
Property, plant and equipment, gross | $ 13,560 | 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 | $ 23,658,549 | 10,638,619 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 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 ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total Assets | ||
Derivative liability | 29,216 | 69,371 |
Total Liabilities | 29,216 | 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 | 29,216 | 69,371 |
Total Liabilities | $ 29,216 | $ 69,371 |
SCHEDULE OF REVENUE GENERATED (
SCHEDULE OF REVENUE GENERATED (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Product Information [Line Items] | ||||
Gross billings/receipts | $ 16,133,453 | $ 25,572,329 | $ 51,178,986 | $ 79,975,629 |
Refunds, incentives, credits, and chargebacks | (814,794) | (869,790) | (2,428,351) | (2,009,960) |
Amounts paid to providers | (322,500) | (1,331,439) | (1,240,796) | (11,914,034) |
Net revenue | 14,996,159 | 23,371,100 | 47,509,839 | 66,051,635 |
Subscription Revenue [Member] | ||||
Product Information [Line Items] | ||||
Gross billings/receipts | 12,638,375 | 14,904,004 | 39,087,141 | 34,843,588 |
Refunds, incentives, credits, and chargebacks | (814,794) | (869,790) | (2,428,351) | (2,009,960) |
Amounts paid to providers | ||||
Net revenue | 11,823,581 | 14,034,214 | 36,658,790 | 32,833,628 |
Cryptocurrency Revenue [Member] | ||||
Product Information [Line Items] | ||||
Gross billings/receipts | 673,933 | 2,329,566 | 2,548,316 | 20,082,329 |
Refunds, incentives, credits, and chargebacks | ||||
Amounts paid to providers | (322,500) | (1,331,439) | (1,239,507) | (11,914,034) |
Net revenue | 351,433 | 998,127 | 1,308,809 | 8,168,295 |
Mining Revenue [Member] | ||||
Product Information [Line Items] | ||||
Gross billings/receipts | 2,777,634 | 8,338,759 | 9,412,751 | 25,047,680 |
Refunds, incentives, credits, and chargebacks | ||||
Amounts paid to providers | ||||
Net revenue | 2,777,634 | 8,338,759 | 9,412,751 | 25,047,680 |
Miner Repair Revenue [Member] | ||||
Product Information [Line Items] | ||||
Gross billings/receipts | 43,511 | 123,621 | ||
Refunds, incentives, credits, and chargebacks | ||||
Amounts paid to providers | ||||
Net revenue | 43,511 | 123,621 | ||
Digital Wallet Revenue [Member] | ||||
Product Information [Line Items] | ||||
Gross billings/receipts | 7,157 | |||
Refunds, incentives, credits, and chargebacks | ||||
Amounts paid to providers | (1,289) | |||
Net revenue | 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 ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Raw materials | $ 448,056 | |
Work in process | 83,222 | |
Finished goods | 408,040 | |
Total inventory | $ 939,318 |
SCHEDULE OF ANTIDILUTIVE SECURI
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 1,036,428,571 | 749,558,408 | 601,929,592 |
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 439,266 | 177,567 | |
Notes Convertible Into Comon Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 471,428,571 | 577,162,620 | 543,803,307 |
Class B Redeemable Units of Investview Financial Group Holdings, LLC [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 565,000,000 | 171,956,522 | 57,948,718 |
SCHEDULE OF EARNINGS PER SHARE
SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounting Policies [Abstract] | |||||||
Net income | $ (420,679) | $ 2,379,029 | $ (43,244,849) | $ 8,772,658 | $ 4,941,561 | $ 1,858,642 | $ (29,530,630) |
Less: preferred dividends | $ (204,835) | $ (204,835) | (614,505) | $ (534,176) | |||
Add: interest expense on convertible debt | 469,884 | ||||||
Net income available to common shareholders (numerator) | $ 1,714,021 | ||||||
Basic weighted average number of common shares outstanding | 2,641,275,489 | 2,992,958,712 | 2,690,146,350 | 3,071,829,624 | |||
Dilutive impact of convertible notes | 471,428,571 | ||||||
Dilutive impact of non-voting membership interest | 565,000,000 | ||||||
Diluted weighted average number of common shares outstanding (denominator) | 2,641,275,489 | 2,992,958,712 | 3,726,574,921 | 3,071,829,624 | |||
Diluted income per common share | $ 0 | $ (0.01) | $ 0 | $ (0.01) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Sep. 03, 2021 | |
Product Information [Line Items] | ||||||
Cash, FDIC insured amount | $ 250,000 | $ 250,000 | ||||
Cash balances exceeded FDIC limits | 17,850,503 | 17,850,503 | $ 19,336,350 | |||
Cash equivalents | 0 | 0 | 0 | |||
Allowance for doubtful accounts | 719,342 | 719,342 | 719,342 | |||
Depreciation expense | 4,251,122 | $ 2,111,333 | ||||
Net book value of assets sold | 654,942 | 654,942 | ||||
Cash received from the disposal of fixed assets | 1,044,492 | |||||
Gain on disposal of assets | 118,041 | 389,550 | ||||
Net book value of disposed assets | 7,008 | 7,008 | ||||
Assets impairment expense | 7,008 | |||||
Value of cryptocurrencies | 3,018,759 | 3,018,759 | 2,141,093 | |||
Other current assets | 2,872,589 | 2,872,589 | 2,018,324 | |||
Other restricted assets, long term | 146,170 | 146,170 | 122,769 | |||
Revenues | 14,996,159 | 23,371,100 | 47,509,839 | 66,051,635 | ||
Realized gain loss on cryptocurrency | 318,000 | (1,651,024) | 1,338,597 | (892,266) | ||
Realized gain loss on cryptocurrency | (318,000) | 1,651,024 | (1,338,597) | 892,266 | ||
Impairment of long lived assets | 15,772 | 991,000 | ||||
Accumulated depreciation of long-lived assets | 8,764 | 723,490 | ||||
Impairment expense | 625 | 140,233 | 7,008 | 674,671 | ||
Deferred revenue | 2,046,443 | 2,046,443 | 3,288,443 | |||
Customer advance | 142,070 | 142,070 | $ 75,702 | |||
Advertising, selling, and marketing expenses | 53,139 | 93,984 | ||||
Cost of sales and service | 2,144,733 | 2,101,490 | $ 5,873,214 | 7,186,149 | ||
Cryptocurrency Revenue [Member] | ||||||
Product Information [Line Items] | ||||||
Revenue description | Both the coin and the protection options are delivered by third-party suppliers. In January 2022, we suspended any further offering of the product protection option after the third-party provider of that protection package was unable to comply with our standard vendor compliance protocols, citing certain offshore confidentiality entitlements. That suspension will remain in place until we are able to further validate the continued integrity of the product protection and the vendor’s ability to honor its commitments to our members. | |||||
Computer Equipment [Member] | ||||||
Product Information [Line Items] | ||||||
Impairment of long lived assets | 14,661 | |||||
Equipment [Member] | ||||||
Product Information [Line Items] | ||||||
Impairment of long lived assets | 392,500 | |||||
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 | 2,777,634 | 8,338,759 | $ 9,412,751 | 25,047,680 | ||
Foreign Revenue [Member] | ||||||
Product Information [Line Items] | ||||||
Revenues | 10,300,000 | 13,600,000 | 32,200,000 | 33,100,000 | ||
Domestic Revenue [Member] | ||||||
Product Information [Line Items] | ||||||
Revenues | $ 4,700,000 | $ 9,800,000 | $ 15,300,000 | $ 33,000,000 |
LIQUIDITY (Details Narrative)
LIQUIDITY (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Cash provided by operating activities | $ 7,334,474 | $ 19,988,966 | ||||||
Income from operations | 6,406,965 | |||||||
Net income (loss) | $ (420,679) | $ 2,379,029 | $ (43,244,849) | $ 8,772,658 | $ 4,941,561 | 1,858,642 | $ (29,530,630) | |
Cash and cash equivalents | 19,081,445 | 19,081,445 | $ 30,995,283 | |||||
Working capital | 14,565,190 | 14,565,190 | ||||||
Other current assets | 2,872,589 | 2,872,589 | $ 2,018,324 | |||||
Unrestricted Cryptocurrency [Member] | ||||||||
Other current assets | $ 2,872,589 | $ 2,872,589 |
SCHEDULE OF RELATED PARTY PAYAB
SCHEDULE OF RELATED PARTY PAYABLES (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |||
Convertible Promissory Note entered into on 4/27/20, net of debt discount of $984,967 as of September 30, 2022 | [1] | $ 315,033 | $ 239,521 |
Convertible Promissory Note entered into on 5/27/20, net of debt discount of $534,560 as of September 30, 2022 | [2] | 165,240 | 124,149 |
Convertible Promissory Note entered into on 11/9/20, net of debt discount of $1,040,828 as of September 30, 2022 | [3] | 259,172 | 198,187 |
Promissory note entered into on 12/15/20 | [4] | 80,322 | |
Convertible Promissory Note entered into on 3/30/21 | [5] | 476,670 | |
Working Capital Promissory Note entered into on 3/22/21 | [6] | 1,201,597 | 1,200,607 |
Total related-party debt | 1,941,042 | 2,319,456 | |
Less: Current portion | (1,201,597) | (1,832,642) | |
Related-party debt, long term | $ 739,445 | $ 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 97,180 195,012 700,000 20 April 27, 2030 0.01257 0.007 700,000 52,761 105,003 1,300,000 38.5 25 13.5 0.007 1,300,000 102,691 375,372 154,000 600,000 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 0.11 990 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 | 9 Months Ended | |||||||||
Mar. 22, 2021 | Dec. 15, 2020 | Nov. 09, 2020 | May 27, 2020 | Apr. 27, 2020 | Mar. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 22, 2021 | Sep. 21, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||||||||||||
Proceeds from related parties | $ 1,000,000 | ||||||||||||
Amortization of debt discount | 1,643,726 | 1,165,663 | |||||||||||
Notes Payable | $ 9,199,870 | 9,199,870 | $ 11,402,659 | ||||||||||
Repayments of Related Party Debt | 2,718,142 | 1,107,819 | |||||||||||
Repayments of remaining debt | 729,016 | 919,703 | |||||||||||
Gain due to extinguishment | $ 21,349 | 455 | $ 433,152 | ||||||||||
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 | ||||||||||||
Mr Cammarata [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Accrued liabilities | 1,600,000 | 1,600,000 | |||||||||||
Convertible Promissory Note [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt instrument discount | 984,967 | 984,967 | |||||||||||
Convertible Promissory Note [Member] | Chairman [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 | 97,180 | ||||||||||||
Interest expense | 195,012 | ||||||||||||
Convertible Promissory Note Two [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt instrument discount | 534,560 | 534,560 | |||||||||||
Convertible Promissory Note Two [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 | 102,691 | ||||||||||||
Debt instrument interest percentage | 25% | ||||||||||||
Facility fee percentage | 13.50% | ||||||||||||
Convertible Promissory Note Three [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt instrument discount | 1,040,828 | 1,040,828 | |||||||||||
Convertible Promissory Note One [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Interest expense | 375,372 | ||||||||||||
Convertible Promissory Note One [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 | 52,761 | ||||||||||||
Interest expense | 105,003 | ||||||||||||
Convertible Promissory Note Four [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt instrument interest percentage | 0.11% | ||||||||||||
Beneficial conversion feature | $ 12,000,000 | ||||||||||||
Interest expense | 990 | ||||||||||||
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% |
SCHEDULE OF INTEREST EXPENSES R
SCHEDULE OF INTEREST EXPENSES RELATED PARTY (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Related Party Transaction [Line Items] | |||||
Interest expenses related parties | $ 310,595 | $ 763,791 | $ 2,339,729 | $ 1,897,557 | |
Wealth Engineering [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest expenses related parties | [1] | 259,678 | |||
DBR Capital [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest expenses related parties | [2] | 310,265 | 928,019 | ||
Joseph Cammarata [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest expenses related parties | [3] | 1,151,042 | |||
SSA Technologies LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest expenses related parties | [4] | $ 330 | $ 990 | ||
[1]During the nine months ended September 30, 2022, all expense was from the amortization of debt discount.[2]During the three and nine months ended September 30, 2022, $ 85,136 252,632 225,129 675,387 225,129 750,430 0 1,131,417 0 19,626 0 77,712 |
SCHEDULE OF INTEREST EXPENSES_2
SCHEDULE OF INTEREST EXPENSES RELATED PARTY (Details)(Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Related Party Transaction [Line Items] | |||
Amortization of debt discount | $ 1,643,726 | $ 1,165,663 | |
Accrued interest | 14,024 | $ 17,803 | |
DBR Capital [Member] | |||
Related Party Transaction [Line Items] | |||
Amortization of debt discount | $ 85,136 | 252,632 | |
Accrued interest | 225,129 | 675,387 | |
Interest expense | 225,129 | 750,430 | |
Joseph Cammarata [Member] | |||
Related Party Transaction [Line Items] | |||
Amortization of debt discount | 0 | 1,131,417 | |
Accrued interest | 0 | 19,626 | |
Interest expense | $ 0 | $ 77,712 |
RELATED-PARTY TRANSACTIONS (Det
RELATED-PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 27, 2020 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Number of shares forfeited | 255,000,000 | ||||
Number of shares forfeited | |||||
Number of ungrated shares | 218,500,000 | ||||
Number of options to purchase shares | 360,416,665 | ||||
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. | ||||
Additional paid in capital | $ 103,380,124 | $ 101,883,573 | |||
Related party transaction amounts of advance | $ 11,000,000 | ||||
Board of Directors Chairman [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Stock lending arrangements during period shares | 77,000 | 77,000 | |||
Additional paid in capital | $ 1,185,821 | ||||
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 ($) | Sep. 30, 2022 | Dec. 31, 2021 | |
Short-Term Debt [Line Items] | |||
Total debt | $ 9,199,870 | $ 11,402,659 | |
Current portion | (2,909,513) | (2,947,013) | |
Debt, long term portion | 6,290,357 | 8,455,646 | |
Loan With The US Small Business Administartion [Member] | |||
Short-Term Debt [Line Items] | |||
Total debt | [1] | 545,822 | 531,798 |
Long Term Notes For APEX Lease Buyback [Member] | |||
Short-Term Debt [Line Items] | |||
Total debt | [2] | $ 8,654,048 | $ 10,870,861 |
[1]In April 2020 we received proceeds of $ 500,000 3.75 2,437 14,024 19,089,500 75 25 729,016 1,487,797 |
SCHEDULE OF DEBT (Details) (Par
SCHEDULE OF DEBT (Details) (Parenthetical) - USD ($) | 1 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | |
Repayments of debt | $ 729,016 | $ 919,703 | ||
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 | 14,024 | ||
APEX Tex LLC [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 75% | |||
Notes payable, related parties | $ 19,089,500 | |||
Payment percentage | 25% | |||
Repayments of debt | 729,016 | |||
Issuances of cryptocurrency value | $ 1,487,797 |
SCHEDULE OF DERIVATIVE LIABILIT
SCHEDULE OF DERIVATIVE LIABILITY (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 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 | $ (2,319) | $ (47,017) | (40,155) | $ (98,928) |
Derivative liability | $ 29,216 | $ 29,216 |
SCHEDULE OF ASSUMPTIONS USED IN
SCHEDULE OF ASSUMPTIONS USED IN BINOMINAL OPTION PRICING MODE (Details) - Warrant [Member] | 9 Months Ended |
Sep. 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 | 2 years 10 months 2 days |
Measurement Input, Expected Term [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Fair value measurements valuation techniques, term | 3 years 9 months |
Measurement Input, Option Volatility [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Fair value measurements valuation techniques, percent | 1.50 |
Measurement Input, Option Volatility [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Fair value measurements valuation techniques, percent | 1.83 |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | |
Operating Lease | |||
Remainder of 2022 | $ 58,875 | ||
2023 | 57,045 | ||
Total | 115,920 | ||
Less: Interest | (3,645) | ||
Present value of lease liability | 112,275 | ||
Operating lease liability, current | (112,275) | [1] | $ (255,894) |
Operating lease liability, long term | $ 43,460 | ||
[1]Represents lease payments to be made in the next 12 months. |
OPERATING LEASE (Details Narrat
OPERATING LEASE (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease liability | $ 112,275 | |
Operating lease right of use asset | $ 101,186 | $ 264,846 |
Lease term | 7 months 13 days | |
Operating lease expense | $ 180,927 | |
Operating lease cost | $ 204,345 | |
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 | |
Annual utility charge | $ 1.75 | |
Variable lease cost | $ 1,940 | |
Kaysville Lease [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease right of use asset | 21,147 | |
Conroe Lease [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liability | $ 174,574 | |
Operating lease, term of contract | 24 months | |
Wyckoff Lease [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liability | $ 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) | 9 Months Ended |
Sep. 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) | Sep. 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 4 months 24 days |
STOCKHOLDERS_ EQUITY (DEFICIT_2
STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 03, 2021 | Mar. 22, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 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 4 months 24 days | 3 years 4 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 | $ 233,830 | $ 233,830 | $ 219,705 | |||||||||
Forfeited shares | 255,000,000 | |||||||||||
Value of common stock shares cancelled | $ 1,274,615 | $ 242,024 | $ 255,163 | $ 360,962 | $ 989,391 | $ 592,978 | ||||||
Derivative liability extinguished with warrant exercise | $ 255,000 | $ 12,285 | ||||||||||
Stock issued for services and compensation and recognized | 11,500,000 | |||||||||||
Share Based Compensation Grant Date Fair Value | $ 989,391 | |||||||||||
Proceeds from warrant exercised | $ 8,264 | |||||||||||
Common stock, shares outstanding | 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 | $ 1,384,210 | |||||||||||
Common stock, voting rights | 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 entered into as part of the purchase 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 | |||||||||||
Fair value discounted percentage | 32% | |||||||||||
Number of exchange shares issuable | 565,000,000 | |||||||||||
Warrant [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of units sold | 983,190 | |||||||||||
Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Forfeited shares | (6,666,666) | 219,833,334 | 33,333,333 | 6,666,666 | ||||||||
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 | 82,640 | |||||||||||
Proceeds from warrant exercised | $ 8,264 | |||||||||||
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. Each Warrant offered is immediately exercisable on the date of issuance, will expire 5 years from the date of issuance, and its value has been classified as a fair value liability due to the terms of the instrument (see NOTE 7) | |||||||||||
Warrant term | 5 years | 5 years | ||||||||||
Cash Proceeds [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of units sold | 145,622 | |||||||||||
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 Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, par value | $ 3.25 | $ 3.25 | ||||||||||
Conversion of stock, shares converted | 500 | |||||||||||
Series B Preferred Stock [Member] | Board Of Directors [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, par value | $ 25 | $ 25 | ||||||||||
Preferred stock designated | 2,000,000 | 2,000,000 | ||||||||||
Series B Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of units sold | 196,638 | |||||||||||
Dividends, Cash | $ 614,505 | |||||||||||
Payments to preferred stock dividend | 470,563 | |||||||||||
Cryptocurrency [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Proceeds on sale of stock | $ 129,817 | |||||||||||
Class B Units [Member] | David B Rothrock And James R Bell [Member] | Investview Financial Group HoldingLLC [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common unit, outstanding | 565,000,000 | |||||||||||
Number of exchange shares issuable | 565,000,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 9 Months Ended | |||
Mar. 22, 2021 | Sep. 30, 2022 | Sep. 21, 2021 | Mar. 30, 2021 | |
Loss Contingencies [Line Items] | ||||
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. | |||
Convertible Promissory Note Four [Member] | ||||
Loss Contingencies [Line Items] | ||||
Debt instrument, principal amount | $ 1,200,000 | |||
Debt instrument interest percentage | 0.11% | |||
Interest expense | $ 990 | |||
Beneficial conversion feature | $ 12,000,000 | |||
Convertible Promissory Note Four [Member] | Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Debt instrument, principal amount | $ 1,500,000 | |||
Joseph Cammarata [Member] | ||||
Loss Contingencies [Line Items] | ||||
Debt instrument, principal amount | $ 1,550,000 | |||
Debt conversion price per share | $ 0.008 | $ 0.02 | ||
Common stock, terms of conversion | As of the date of this Report, Mr. Cammarata has not accepted our tender of the cash payment, and instead has asserted his entitlement to exercise his right to convert the Cammarata Note into our common shares. Although we believe that our cash tender was appropriate under the terms of the Cammarata Note and our claims for damages by Mr. Cammarata have marit, if Mr. Cammarata elects to challenge our cash tender in a court proceeding, and if we are unable to sustain our legal position on the matter, Mr. Cammarata could receive up to approximately 203 million shares of our common stock upon conversion of the Cammarata Note. | |||
Working Capital Promissory [Member] | Convertible Promissory Note Four [Member] | ||||
Loss Contingencies [Line Items] | ||||
Acquire percentage | 100% |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 362,563 | $ 758 | $ 1,004,308 | $ 146,950 |
Effective income tax rate | 623.90% | 0.002% | 35.10% | 0.50% |
SCHEDULE OF ASSETS ACQUISITION
SCHEDULE OF ASSETS ACQUISITION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |||
Purchase price (fair value of Units) | $ 58,859,440 | $ 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] | ||
Number of exchange shares issuable | 565,000,000 | |
Converted market value | $ 58.9 | |
Closing market price per share | $ 0.1532 | |
Transaction cost | $ 86.6 | |
Fair value discounted percentage | 32% | |
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 |