Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 14, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
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 | 521 West Lancaster Avenue | |
Entity Address, Address Line Two | Second Floor | |
Entity Address, City or Town | Haverford | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19041 | |
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 | 2,636,275,719 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | |
Current assets: | |||
Cash and cash equivalents | $ 21,431,952 | $ 20,467,256 | |
Restricted cash, current | 407,138 | 781,537 | |
Prepaid assets | 234,531 | 366,561 | |
Receivables | 1,161,610 | 1,255,542 | |
Inventory | 249,480 | ||
Income tax paid in advance | 535,932 | ||
Other current assets | 1,929,788 | 2,360,957 | |
Total current assets | 25,165,019 | 26,017,265 | |
Fixed assets, net | 8,797,750 | 8,508,274 | |
Other assets: | |||
Restricted cash, long term | 240,105 | ||
Other restricted assets, long term | 127,070 | 113,139 | |
Operating lease right-of-use asset | 157,670 | 223,692 | |
Deposits | 2,562,407 | 473,598 | |
Total other assets | 2,847,147 | 1,050,534 | |
Total assets | 36,809,916 | 35,576,073 | |
Current liabilities: | |||
Accounts payable and accrued liabilities | 4,473,513 | 4,608,786 | |
Payroll liabilities | 138,741 | 197,300 | |
Income tax payable | 361,607 | 240,603 | |
Customer advance | 68,043 | 96,609 | |
Deferred revenue | 2,768,536 | 2,074,574 | |
Derivative liability | 20,766 | 24,426 | |
Dividend liability | 236,659 | 236,630 | |
Operating lease liability, current | 116,849 | [1] | 148,226 |
Debt, net of discounts, current | 2,938,757 | 2,938,757 | |
Total current liabilities | 12,326,058 | 11,767,838 | |
Operating lease liability, long term | 58,842 | 79,432 | |
Debt, net of discounts, long term | 4,065,480 | 5,529,646 | |
Total long term liabilities | 5,116,399 | 6,433,659 | |
Total liabilities | 17,442,457 | 18,201,497 | |
Commitments and contingencies | |||
Stockholders’ equity (deficit): | |||
Preferred stock, par value: $0.001; 50,000,000 shares authorized, 252,192 and 252,192 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 252 | 252 | |
Common stock, par value $0.001; 10,000,000,000 shares authorized; 2,636,275,719 and 2,636,275,489 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 2,636,275 | 2,636,275 | |
Additional paid in capital | 105,748,000 | 104,350,746 | |
Accumulated other comprehensive income (loss) | (23,218) | (23,218) | |
Accumulated deficit | (88,993,850) | (89,589,479) | |
Total stockholders’ equity (deficit) | 19,367,459 | 17,374,576 | |
Total liabilities and stockholders’ equity (deficit) | 36,809,916 | 35,576,073 | |
Related Party [Member] | |||
Current liabilities: | |||
Related party debt, net of discounts, current | 1,202,587 | 1,201,927 | |
Related party debt, net of discounts, long term | $ 992,077 | $ 824,581 | |
[1]Represents lease payments to be made in the next 12 months. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
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 | 2,636,275,719 | 2,636,275,489 |
Common stock, shares outstanding | 2,636,275,719 | 2,636,275,489 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue: | ||||
Total revenue, net | $ 17,257,879 | $ 14,765,621 | $ 30,824,487 | $ 32,513,680 |
Operating costs and expenses: | ||||
Cost of sales and service | 2,588,950 | 1,898,140 | 4,466,878 | 3,728,481 |
Commissions | 8,204,112 | 6,445,793 | 14,733,205 | 13,829,481 |
Selling and marketing | 276,620 | 23,511 | 529,054 | 35,265 |
Salary and related | 1,777,796 | 1,641,345 | 3,701,993 | 2,856,608 |
Professional fees | 423,657 | 770,345 | 917,541 | 1,749,320 |
Impairment expense | 6,383 | 6,383 | ||
Loss (gain) on disposal of assets | 163,951 | (247,209) | 184,221 | (271,509) |
General and administrative | 2,613,824 | 2,627,884 | 4,690,254 | 4,695,700 |
Total operating costs and expenses | 16,048,910 | 13,166,192 | 29,223,146 | 26,629,729 |
Net income (loss) from operations | 1,208,969 | 1,599,429 | 1,601,341 | 5,883,951 |
Other income (expense): | ||||
Gain (loss) on debt extinguishment | 455 | 455 | ||
Gain (loss) on fair value of derivative liability | (5,099) | 61,679 | 3,657 | 37,836 |
Realized gain (loss) on cryptocurrency | (13,727) | (837,808) | 228,845 | (1,020,597) |
Interest expense | (4,675) | (4,675) | (9,298) | (9,298) |
Other income (expense) | 422,882 | 26,626 | 595,505 | 57,853 |
Total other income (expense) | 89,711 | (1,063,392) | 200,295 | (2,962,885) |
Income (loss) before income taxes | 1,298,680 | 536,037 | 1,801,636 | 2,921,066 |
Income tax expense | (701,275) | (635,745) | (796,337) | (641,745) |
Net income (loss) | 597,405 | (99,708) | 1,005,299 | 2,279,321 |
Dividends on Preferred Stock | (204,835) | (204,835) | (409,670) | (409,670) |
Net income (loss) applicable to common shareholders | 392,570 | (304,543) | 595,629 | 1,869,651 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (598) | (218) | ||
Total other comprehensive income (loss) | (598) | (218) | ||
Comprehensive income (loss) | $ 597,405 | $ (100,306) | $ 1,005,299 | $ 2,279,103 |
Basic income (loss) per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Diluted income (loss) per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Basic weighted average number of common shares outstanding | 2,636,275,719 | 2,706,090,141 | 2,636,275,605 | 2,714,986,787 |
Diluted weighted average number of common shares outstanding | 3,672,704,290 | 2,706,090,141 | 3,672,704,176 | 3,751,415,358 |
Related Party [Member] | ||||
Other income (expense): | ||||
Interest expense, related parties | $ (309,670) | $ (309,669) | $ (618,414) | $ (2,029,134) |
Subscription Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | 14,349,082 | 11,104,539 | 25,541,193 | 24,835,209 |
Mining Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | 2,822,278 | 3,058,144 | 4,893,097 | 6,635,117 |
Cryptocurrency Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | 86,519 | 516,960 | 366,819 | 957,376 |
Mining Equipment Repair Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | 80,110 | 23,378 | 80,110 | |
Digital Wallet Revenue [Member] | ||||
Revenue: | ||||
Total revenue, net | $ 5,868 | $ 5,868 |
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 |
Balance at Dec. 31, 2021 | $ 252 | $ 2,904,211 | $ 101,883,573 | $ (23,000) | $ (75,825,195) | $ 28,939,841 |
Balance, shares at Dec. 31, 2021 | 252,192 | 2,904,210,762 | ||||
Common stock issued for services and other stock based compensation | 255,163 | 255,163 | ||||
Common stock repurchased from related parties | $ (43,102) | (1,680,906) | (1,724,008) | |||
Common stock repurchased from related parties, shares | (43,101,939) | |||||
Common stock cancelled | $ (150,000) | 150,000 | ||||
Common stock cancelled, shares | (150,000,000) | |||||
Dividends | (204,835) | (204,835) | ||||
Foreign currency translation adjustment | 380 | 380 | ||||
Net income (loss) | 2,379,029 | 2,379,029 | ||||
Balance at Mar. 31, 2022 | $ 252 | $ 2,711,109 | 100,607,830 | (22,620) | (73,651,001) | 29,645,570 |
Balance, shares at Mar. 31, 2022 | 252,192 | 2,711,108,823 | ||||
Balance at Dec. 31, 2021 | $ 252 | $ 2,904,211 | 101,883,573 | (23,000) | (75,825,195) | 28,939,841 |
Balance, shares at Dec. 31, 2021 | 252,192 | 2,904,210,762 | ||||
Net income (loss) | 2,279,321 | |||||
Contribution of crypto currency from related party | 1,185,821 | |||||
Balance at Jun. 30, 2022 | $ 252 | $ 2,641,275 | 102,105,509 | (23,218) | (73,955,544) | 30,768,274 |
Balance, shares at Jun. 30, 2022 | 252,192 | 2,641,275,489 | ||||
Balance at Mar. 31, 2022 | $ 252 | $ 2,711,109 | 100,607,830 | (22,620) | (73,651,001) | 29,645,570 |
Balance, shares at Mar. 31, 2022 | 252,192 | 2,711,108,823 | ||||
Common stock issued for services and other stock based compensation | 242,024 | 242,024 | ||||
Common stock cancelled | $ (69,834) | 69,834 | ||||
Common stock cancelled, shares | (69,833,334) | |||||
Dividends | (204,835) | (204,835) | ||||
Foreign currency translation adjustment | (598) | (598) | ||||
Net income (loss) | (99,708) | (99,708) | ||||
Contribution of crypto currency from related party | 1,185,821 | 1,185,821 | ||||
Balance at Jun. 30, 2022 | $ 252 | $ 2,641,275 | 102,105,509 | (23,218) | (73,955,544) | 30,768,274 |
Balance, shares at Jun. 30, 2022 | 252,192 | 2,641,275,489 | ||||
Balance at Dec. 31, 2022 | $ 252 | $ 2,636,275 | 104,350,746 | (23,218) | (89,589,479) | 17,374,576 |
Balance, shares at Dec. 31, 2022 | 252,192 | 2,636,275,489 | ||||
Common stock issued for services and other stock based compensation | 768,613 | 768,613 | ||||
Dividends | (204,835) | (204,835) | ||||
Net income (loss) | 407,894 | 407,894 | ||||
Warrant Exercise | 23 | 23 | ||||
Warrant Exercise, shares | 230 | |||||
Derivative liability extinguished with warrant exercise | 3 | 3 | ||||
Balance at Mar. 31, 2023 | $ 252 | $ 2,636,275 | 105,119,385 | (23,218) | (89,386,420) | 18,346,274 |
Balance, shares at Mar. 31, 2023 | 252,192 | 2,636,275,719 | ||||
Balance at Dec. 31, 2022 | $ 252 | $ 2,636,275 | 104,350,746 | (23,218) | (89,589,479) | 17,374,576 |
Balance, shares at Dec. 31, 2022 | 252,192 | 2,636,275,489 | ||||
Common stock cancelled, shares | 69,833,334 | |||||
Net income (loss) | 1,005,299 | |||||
Contribution of crypto currency from related party | ||||||
Balance at Jun. 30, 2023 | $ 252 | $ 2,636,275 | 105,748,000 | (23,218) | (88,993,850) | 19,367,459 |
Balance, shares at Jun. 30, 2023 | 252,192 | 2,636,275,719 | ||||
Balance at Mar. 31, 2023 | $ 252 | $ 2,636,275 | 105,119,385 | (23,218) | (89,386,420) | 18,346,274 |
Balance, shares at Mar. 31, 2023 | 252,192 | 2,636,275,719 | ||||
Common stock issued for services and other stock based compensation | 628,615 | 628,615 | ||||
Dividends | (204,835) | (204,835) | ||||
Net income (loss) | 597,405 | 597,405 | ||||
Balance at Jun. 30, 2023 | $ 252 | $ 2,636,275 | $ 105,748,000 | $ (23,218) | $ (88,993,850) | $ 19,367,459 |
Balance, shares at Jun. 30, 2023 | 252,192 | 2,636,275,719 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 1,005,299 | $ 2,279,321 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation | 2,076,605 | 2,442,711 |
Amortization of debt discount | 167,496 | 1,558,590 |
Stock issued for services and other stock based compensation | 1,397,228 | 497,187 |
Lease cost, net of repayment | 14,055 | (16,007) |
(Gain) loss on debt extinguishment | (455) | |
(Gain) loss on disposal of assets | 184,221 | (271,509) |
(Gain) loss on fair value of derivative liability | (3,657) | (37,836) |
Realized (gain) loss on cryptocurrency | (228,845) | 1,020,597 |
Impairment expense | 6,383 | |
Changes in operating assets and liabilities: | ||
Receivables | 93,932 | (379,569) |
Inventory | 74,645 | (176,335) |
Prepaid assets | 132,030 | 88,743 |
Income tax paid in advance | 535,932 | (611,584) |
Other current assets | (421,958) | (3,245,438) |
Deposits | (2,088,809) | |
Accounts payable and accrued liabilities | (193,832) | 1,436,758 |
Income tax payable | 121,004 | (807,827) |
Customer advance | (28,566) | 225,697 |
Deferred revenue | 693,962 | (629,374) |
Deferred tax liability | 631,745 | |
Accrued interest | 9,298 | 9,298 |
Accrued interest, related parties | 450,918 | 470,544 |
Net cash provided by (used in) operating activities | 3,990,958 | 4,491,640 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash received for the disposal of fixed assets | 23,278 | 646,508 |
Cash paid for fixed assets | (2,408,658) | (11,187,053) |
Net cash provided by (used in) investing activities | (2,385,380) | (10,540,545) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayments for related party debt | (450,258) | (2,493,013) |
Repayments for debt | (483,566) | (479,703) |
Payments for share repurchase | (1,724,008) | |
Dividends paid | (321,585) | (313,643) |
Proceeds from the exercise of warrants | 23 | |
Net cash provided by (used in) financing activities | (1,255,386) | (5,010,367) |
Effect of exchange rate translation on cash | (218) | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 350,192 | (11,059,490) |
Cash, cash equivalents, and restricted cash - beginning of period | 21,488,898 | 32,616,906 |
Cash, cash equivalents, and restricted cash - end of period | 21,839,090 | 21,557,416 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest | 467,317 | 603,013 |
Income taxes | 140,500 | 1,429,411 |
Non-cash investing and financing activities: | ||
Cancellation of shares | 219,834 | |
Derivative liability extinguished with warrant exercise | 3 | |
Dividends declared | 409,670 | 409,670 |
Dividends paid with cryptocurrency | 88,056 | 84,855 |
Debt and related party debt extinguished in exchange for cryptocurrency | 989,898 | 991,050 |
Recognition of lease liability and ROU assets at lease commencement | 23,520 | |
Cryptocurrency received from sale of fixed assets | 9,913 | |
Purchase of fixed assets with cryptocurrency | 259,916 | |
Transfer of fixed assets to inventory | 123,491 | |
Contribution of cryptocurrency from related party | $ 1,185,821 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 6 Months Ended |
Jun. 30, 2023 | |
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 provide 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. We currently own and manage nearly 5,000 next-generation Bitcoin application-specific integrated circuit (“ASIC”) miner machines, with 100% of such machines being powered by renewable energy sources, mainly hydropower plants and geothermal. We are also developing new and more efficient ways to mine cryptocurrencies through innovations in hardware, firmware, and additional ways to develop and utilize renewable energy sources, to increase the hash rate, uptime, profitability, and overall ROI of our crypto currency mining operations. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) Since 2021, we have attempted to develop a brokerage and financial markets business. This was originally designed to, among other things, commercialize on the proprietary trading platform we acquired in September 2021 from MPower Trading Systems, LLC (“MPower”), to provide self-directed (DIY) investors with low pricing, a powerful trading platform, research, analytical tools, real-time data & news, insights and support for investing and trading in stocks, options, ETFs and mutual funds. Towards that end, in March 2021, we agreed to acquire a brokerage firm owned by an affiliate of our former chief executive officer. 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 have since then continued our search for alternative acquisitions within the brokerage industry. Further, until we are able to start this business, we recently elected to wind down 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting 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. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations (Regulation S-X) of the Securities and Exchange Commission (the “SEC”) and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the three and six months ended June 30, 2023, are not necessarily indicative of the operating results that may be expected for the filing of our December 31, 2023 Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the December 31, 2022 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K. Principles of Consolidation The consolidated financial statements include the accounts of Investview, Inc., and our wholly owned subsidiaries: iGenius, LLC (formerly Kuvera, LLC), Apex Tek, LLC (formerly Razor Data, LLC), SAFETek, LLC (formerly WealthGen Global, LLC), United Games, LLC, United League, LLC, iGenius Global LTD (formerly Kuvera (N.I.) LTD), Investview Financial Group Holdings, LLC, Investview MTS, LLC, and MyLife Wellness Company. 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). Subsequent to June 2021 and prior to the closure of the Euro bank account in April 2022, 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 the accounts of Kuvera France S.A.S. into USD for the following operating periods. SCHEDULE OF EXCHANGE RATES Six Months Ended Euro to USD 1.1118 Concentration of Credit Risk Financial instruments that potentially expose us to concentration of credit risk include cash, accounts receivable, and advances. We place our cash and temporary cash investments with credit quality institutions. At times, such investments may be in excess of the FDIC insurance limit of $ 250,000 19,233,993 18,202,860 Cash Equivalents and Restricted Cash For purposes of reporting cash flows, we consider all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. As of June 30, 2023 and December 31, 2022, we had no highly liquid debt instruments. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. SCHEDULE OF RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH June 30, 2023 December 31, 2022 Cash and cash equivalents $ 21,431,952 $ 20,467,256 Restricted cash, current 407,138 781,537 Restricted cash, long term - 240,105 Total cash, cash equivalents, and restricted cash shown on the statement of cash flows $ 21,839,090 $ 21,488,898 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 $ 722,324 719,342 518,732 775,000 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (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 June 30, 2023 December 31, 2022 Furniture, fixtures, and equipment 10 $ 2,970 $ 76,716 Computer equipment 3 7,188 12,869 Leasehold improvements Remaining Lease Term - 40,528 Data processing equipment 3 14,062,442 13,187,312 Mining repair tools and equipment 1 - 13,627 14,072,600 13,331,052 Accumulated depreciation (5,274,850 ) (4,822,778 ) Net book value $ 8,797,750 $ 8,508,274 Total depreciation expense for the six months ended June 30, 2023 and 2022, was $ 2,076,605 2,442,711 all of which was recorded in our general and administrative expenses on our statement of operation 26,729 23,278 9,913 6,462 15,847 374,999 646,508 271,509 Long-Lived Assets – Intangible Assets & License Agreement We account for our cryptocurrencies and intangible assets 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, which requires assets to be measured based on the fair value of the consideration given or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. Our cryptocurrencies are deemed to have an indefinite useful life; therefore, amounts are not amortized, but rather are assessed for impairment as further discussed in our impairment policy. Under ASC Subtopic 350-30 any intangible asset with a useful life is required to be amortized over that life and the useful life is to be evaluated every reporting period to determine whether events or circumstances warrant a revision to the remaining period of amortization. If the estimate of useful life is changed the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. Costs of internally developing, maintaining, or restoring intangible assets are recognized as an expense when incurred. We hold cryptocurrency-denominated assets and include them in our consolidated balance sheet as other assets. The value of our cryptocurrencies as of June 30, 2023 and December 31, 2022, were $ 2,056,858 1,929,788 127,070 2,474,096 2,360,957 113,139 4,893,097 6,635,117 228,845 (1,020,597) On March 22, 2021, we entered into Securities Purchase Agreement to acquire the operating assets and intellectual property rights of MPower Trading Systems LLC, a company controlled and partially owned by David B. Rothrock and James R. Bell, two of our board members. 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 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) Impairment of Long-Lived Assets We have adopted ASC Subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or when the historical cost carrying value of an asset may no longer be appropriate. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve break-even operating results over an extended period. We evaluate the recoverability of long-lived assets based upon future net cash flows expected to result from the asset, including eventual disposition. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted and an impairment loss is recorded equal to the difference between the asset’s carrying value and fair value or disposable value. During the six months ended June 30, 2023, no 14,875 8,492 6,383 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 and accounts payable, and debt. We have determined that the book value of our outstanding financial instruments as of June 30, 2023 and December 31, 2022, approximates the fair value due to their short-term nature or interest rates that approximate prevailing market rates. Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of June 30, 2023: SCHEDULE OF ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 20,766 $ 20,766 Total Liabilities $ - $ - $ 20,766 $ 20,766 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, 2022: Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 24,426 $ 24,426 Total Liabilities $ - $ - $ 24,426 $ 24,426 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) Revenue Recognition Subscription Revenue Most of our revenue is generated by subscription sales and payment is received at the time of purchase. We recognize subscription revenue in accordance with ASC 606-10 where revenue is measured based on a consideration specified in a contract with a customer and recognized when we satisfy the performance obligation specified in each contract. Our performance obligation is to provide services over a fixed subscription period; therefore, we recognize revenue ratably over the subscription period and deferred revenue is recorded for the portion of the subscription period subsequent to each reporting date. Additionally, we offer a designated trial period to first time subscription customers, during which a full refund can be requested if a customer does not wish to continue with the subscription. Revenues are deferred during the trial period as collection is not probable until that time has passed. Revenues are presented net of refunds, sales incentives, credits, and known and estimated credit card chargebacks. As of June 30, 2023 and December 31, 2022, our deferred revenues were $ 2,768,536 2,074,574 Mining Revenue Through our wholly owned subsidiary, SAFETek, LLC, we leased equipment under a sales-type lease through June of 2020. In June of 2020 we cancelled all leases and purchased all of the rights and obligations under the leases, which included obtaining ownership of all equipment. We use the equipment on blockchain networks to validate and add blocks of transactions to blockchain ledgers (commonly referred to as “mining”). As compensation for mining, we are issued fees from processors and/or block rewards that are newly created cryptocurrency units granted to us. Our mining activities constitute our ongoing major and central operations of SAFETek, LLC. Because we do not have contracts, nor do we have customers associated with our mining revenue, we recognize revenue when fees and/or rewards are settled, or ultimately granted to us as a result of our mining activities. Cryptocurrency Revenue We generate revenue from the sale of cryptocurrency packages to our customers through an arrangement with a third-party supplier. The various packages included different amounts of coin with differing rates of returns and terms. The coin is delivered by a third-party supplier. 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-party to provide coin 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 the coin, at which time we recognize revenue and the amounts due to our supplier on our books. As of June 30, 2023 and December 31, 2022, our customer advances related to cryptocurrency revenue were $ 68,043 96,609 Mining Equipment Repair Revenue Through our wholly owned subsidiary, SAFETek, LLC, we repair broken mining equipment for sale to third-party customers. Our mining equipment repair business was discontinued during the quarter ended June 30, 2023. 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. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) 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. The sale of digital wallets to our customers was discontinued during the year ended December 31, 2022. 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 six months ended June 30, 2023, was as follows: SCHEDULE OF REVENUE GENERATED Subscription Revenue Cryptocurrency Revenue Mining Revenue Miner Repair Revenue Total Gross billings/receipts $ 27,784,934 $ 732,319 $ 4,893,097 $ 23,378 $ 33,433,728 Refunds, incentives, credits, and chargebacks (2,243,741 ) - - - (2,243,741 ) Amounts paid to providers - (365,500 ) - - (365,500 ) Net revenue $ 25,541,193 $ 366,819 $ 4,893,097 $ 23,378 $ 30,824,487 For the six months ended June 30, 2023, foreign and domestic revenues were approximately $ 21.9 8.9 Revenue generated for the six months ended June 30, 2022, was as follows: Subscription Revenue Cryptocurrency Revenue Mining Revenue Miner Repair Revenue Digital Wallet Revenue Total Gross billings/receipts $ 26,448,766 $ 1,874,382 $ 6,635,117 $ 80,110 $ 7,157 $ 35,045,532 Refunds, incentives, credits, and chargebacks (1,613,557 ) - - - - (1,613,557 ) Amounts paid to providers - (917,006 ) - - (1,289 ) (918,295 ) Net revenue $ 24,835,209 $ 957,376 $ 6,635,117 $ 80,110 $ 5,868 $ 32,513,680 For the six months ended June 30, 2022 foreign and domestic revenues were approximately $ 21.9 10.6 Revenue generated for the three months ended June 30, 2023, was as follows: Subscription Revenue Cryptocurrency Revenue Mining Revenue Total Gross billings/receipts $ 15,632,412 $ 173,019 $ 2,822,278 $ 18,627,709 Refunds, incentives, credits, and chargebacks (1,283,330 ) - - (1,283,330 ) Amounts paid to providers - (86,500 ) - (86,500 ) Net revenue $ 14,349,082 $ 86,519 $ 2,822,278 $ 17,257,879 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) For the three months ended June 30, 2023, foreign and domestic revenues were approximately $ 12.2 5.1 Revenue generated for the three months ended June 30, 2022, was as follows: Subscription Revenue Cryptocurrency Revenue Mining Revenue Miner Repair Revenue Digital Wallet Revenue Total Gross billings/receipts $ 11,754,793 $ 1,035,960 $ 3,058,144 $ 80,110 $ 7,157 $ 15,936,164 Refunds, incentives, credits, and chargebacks (650,254 ) - - - - (650,254 ) Amounts paid to providers - (519,000 ) - - (1,289 ) (520,289 ) Net revenue $ 11,104,539 $ 516,960 $ 3,058,144 $ 80,110 $ 5,868 $ 14,765,621 For the three months ended June 30, 2022 foreign and domestic revenues were approximately $ 9.9 4.9 Advertising, Selling, and Marketing Costs We expense advertising, selling, and marketing costs as incurred. Advertising, selling, and marketing costs include costs of promoting our product worldwide, including promotional events. Advertising, selling, and marketing expenses for the six months ended June 30, 2023 and 2022, totaled $ 529,054 35,265 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 and energy fees that we pay to vendors at third-party sites in order to generate mining revenue, and the costs associated with our miner repair revenue. Costs of sales and services for the six months ended June 30, 2023 and 2022, totaled $ 4,466,878 3,728,481 Inventory Inventory consists of finished goods to be sold as part of our miner repair revenue and materials that were purchased for refurbishment but will be sold as purchased due to the Company winding down the refurbishment and sale of repaired miners. 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. During the six months ended June 30, 2023, we recognized a loss on disposal on assets of $ 174,836 0 249,480 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. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) Net Income (Loss) per Share We follow ASC subtopic 260-10, Earnings per Share (“ASC 260-10”), which specifies the computation, presentation, and disclosure requirements of earnings per share information. Basic income (loss) per share has been calculated based upon the weighted average number of common shares outstanding. Diluted income (loss) per share reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted during the period. Dilutive securities having an anti-dilutive effect on diluted earnings per share are excluded from the calculation. The following table illustrates the computation of diluted earnings per share for the three months ended June 30, 2023. Due to the net loss for the three months ended June 30, 2022 there were 1,036,428,571 SCHEDULE OF DILUTED EARNINGS PER SHARE June 30, 2023 Net income (loss) $ 597,405 Less: preferred dividends (204,835 ) Add: interest expense on convertible debt 225,129 Net income available to common shareholders (numerator) $ 617,699 Basic weighted average number of common shares outstanding 2,636,275,719 Dilutive impact of warrants 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) 3,672,704,290 Diluted income per common share $ 0.00 The following table illustrates the computation of diluted earnings per share for the six months ended June 30, 2023 and 2022, where no potentially dilutive securities were excluded from the computation: June 30, 2023 June 30, 2022 Net income (loss) $ 1,005,299 $ 2,279,321 Less: preferred dividends (409,670 ) (409,670 ) Add: interest expense on convertible debt 450,258 469,884 Net income available to common shareholders (numerator) $ 1,045,887 $ 2,339,535 Basic weighted average number of common shares outstanding 2,636,275,605 2,714,986,787 Dilutive impact of warrants - - Dilutive impact of convertible notes 471,428,571 471,428,571 Dilutive impact of non-voting membership interest 565,000,000 565,000,000 Diluted weighted average number of common shares outstanding (denominator) 3,672,704,176 3,751,415,358 Diluted income per common share $ 0.00 $ 0.00 Lease Obligation We determine if an arrangement is a lease at inception. Operating leases are included in the operating lease right-of-use asset account, the operating lease liability, current account, and the operating lease liability, long term account in our balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. For leases in which the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We have elected to not apply the recognition requirements of ASC 842 to short-term leases (leases with terms of twelve months or less). Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease arrangements is recognized on a straight-line basis over the lease term. We have elected the practical expedient and will not separate non-lease components from lease components and will instead account for INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS We have noted no recently issued accounting pronouncements that we have not yet adopted that we believe are applicable or would have a material impact on our financial statements. |
LIQUIDITY
LIQUIDITY | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
LIQUIDITY | NOTE 4 – LIQUIDITY Our financial statements are prepared using generally accepted accounting principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. During the six months ended June 30, 2023, we recorded a net income from operations of $ 1,601,341 1,005,299 21,431,952 12,838,961 1,929,788 |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | NOTE 5 – RELATED-PARTY TRANSACTIONS Related Party Debt Our related-party payables consisted of the following: SCHEDULE OF RELATED PARTY PAYABLES June 30, 2023 December 31, 2022 Convertible Promissory Note entered into on 4/27/20, net of debt discount of $ 887,787 [1] $ 412,213 $ 347,782 Convertible Promissory Note entered into on 5/27/20, net of debt discount of $ 481,997 [2] 218,003 183,020 Convertible Promissory Note entered into on 11/9/20, net of debt discount of $ 938,139 [3] 361,861 293,779 Working Capital Promissory Note entered into on 3/22/21 [4] 1,202,587 1,201,927 Total related-party debt 2,194,664 2,026,508 Less: Current portion (1,202,587 ) (1,201,927 ) Related-party debt, long term $ 992,077 $ 824,581 [1] On April 27, 2020, we received proceeds of $ 1,300,000 20 April 27, 2030 0.01257 0.007 1,300,000 64,431 130,008 [2] On May 27, 2020, we received proceeds of $ 700,000 20 April 27, 2030 0.01257 0.007 700,000 34,983 70,002 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) [3] On November 9, 2020, we received proceeds of $ 1,300,000 38.5 25 13.5 April 27, 2030 0.007 1,300,000 68,082 250,248 [4] On March 22, 2021, we entered into Securities Purchase Agreements to purchase 100 1,500,000 1,200,000 0.11 660 12,000,000 Other Related Party Arrangements On January 6, 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 consultants , 150,000,000 in total, . 43,101,939 1,724,008 63,333,333 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 On August 12, 2022, we and DBR Capital, entered into a Fourth Amendment to the now Amended and Restated Securities Purchase Agreement that extends the deadlines for the fourth and fifth closings under that Agreement from December 31, 2022, to December 31, 2024. The fourth and fifth closings remain at the sole discretion of DBR Capital and we cannot provide any assurance that they will occur when contemplated or ever. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | NOTE 6 – DEBT Our debt consisted of the following: SCHEDULE OF DEBT June 30, 2023 December 31, 2022 Loan with the U.S. Small Business Administration dated 4/19/20 [1] $ 535,477 $ 543,237 Long term notes for APEX lease buyback [2] 6,468,760 7,925,166 Total debt 7,004,237 8,468,403 Less: Current portion 2,938,757 2,938,757 Debt, long term portion $ 4,065,480 $ 5,529,646 [1] In April 2020, we received proceeds of $ 500,000 3.75 2,437 9,298 9,298 17,059 [2] During the year ended March 31, 2021, we entered into notes with third parties for $ 19,089,500 75 December 31, 2024 25 466,507 989,898 479,703 991,050 |
DERIVATIVE LIABILITY
DERIVATIVE LIABILITY | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE LIABILITY | NOTE 7 – DERIVATIVE LIABILITY During the six months ended June 30, 2023, we had the following activity in our derivative liability account relating to our warrants: SCHEDULE OF DERIVATIVE LIABILITY Derivative liability at December 31, 2022 $ 24,426 Derivative liability recorded on new instruments - Derivative liability reduced by warrant exercise (see NOTE 9) (3 ) (Gain) loss on fair value (3,657 ) Derivative liability at June 30, 2023 $ 20,766 We use the binomial option pricing model to estimate fair value for those instruments at inception, at warrant exercise, and at each reporting date. During the six months ended June 30, 2023, 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 4.49 4.87 % Expected life in years 2.09 3.00 Expected volatility 145 154 % |
OPERATING LEASE
OPERATING LEASE | 6 Months Ended |
Jun. 30, 2023 | |
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 assumed an operating lease for office space in Haverford, Pennsylvania (the “Haverford Lease”) in connection with the MPower acquisition. This facility is now being used as the headquarters of the company. At commencement of the Eatontown Lease, right-of-use assets obtained in exchange for new operating lease liabilities amounted to $ 110,097 The three-year lease term of the Eatontown Lease was extended on a month-to-month basis commencing August 1, 2022 and was terminated in February 2023 1.75 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) At commencement of the Conroe Lease, right-of-use assets obtained in exchange for new operating lease liabilities amounted to $ 174,574 At commencement of the Wyckoff Lease, right-of-use assets obtained in exchange for new operating lease liabilities amounted to $ 22,034 24.5 23,520 At date of acquisition of the Haverford Lease, right-of-use assets and lease liabilities obtained amounted to $ 125,522 152,961 The term of the Haverford Lease was extended through December 2024. At the extension of the Haverford Lease, right-of-use assets obtained in exchange for new operating lease liabilities amounted to $ 172,042 Operating lease expense was $ 100,935 86,880 1.57 12 Future minimum lease payments under non-cancellable leases as of June 30, 2023, were as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES Remainder of 2023 $ 57,865 2024 116,027 2025 7,833 Total 181,725 Less: Interest (6,034 ) Present value of lease liability 175,691 Operating lease liability, current [1] (116,849 ) Operating lease liability, long term $ 58,842 [1] Represents lease payments to be made in the next 12 months. |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) | 6 Months Ended |
Jun. 30, 2023 | |
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 13 3.25 During the year ended March 31, 2021, we commenced a public securities offering to sell a total of up to 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 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) 252,192 As of June 30, 2023 and December 31, 2022, we had 252,192 Preferred Stock Dividends During the six months ended June 30, 2023, we recorded $ 409,670 321,585 88,056 236,659 During the six months ended June 30, 2022, we recorded $ 409,670 313,643 84,855 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) Common Stock Transactions During the six months ended June 30, 2023, we issued 230 23 3 7,252 During the six months ended June 30, 2022, we cancelled 219,833,334 150,000,000 69,833,334 219,834 33,333,333 43,101,939 1,724,008 383,906 As of June 30, 2023 and December 31, 2022, we had 2,636,275,719 2,636,275,489 Options During the year ended December 31, 2022, we restructured 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 0.05 1,389,976 113,281 Warrants Transactions involving our warrants are summarized as follows: SUMMARY OF WARRANTS ISSUED Number of Weighted Warrants outstanding at December 31, 2022 1,178,320 $ 0.10 Granted - $ - Canceled/Expired - $ - Exercised (230 ) $ 0.10 Warrants outstanding at June 30, 2023 1,178,090 $ 0.10 Details of our warrants outstanding as of June 30, 2023, is as follows: SUMMARY OF WARRANTS OUTSTANDING Exercise Price Warrants Outstanding Warrants Exercisable Weighted Average $ 0.10 1,178,090 1,178,090 2.65 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) Class B Units of Investview Financial Group Holdings, LLC As of June 30, 2023, and December 31, 2022, there were 565,000,000 The Class B Redeemable Units have no voting rights but can be exchanged at any time, within 5 years from the date of issuance, for 565,000,000 shares of our common stock on a one-for-one basis and are subject to significant restrictions upon resale through 2025 under the terms of a lock up agreement entered into as part of the purchase agreement 58.9 0.1532 86.6 32 27.7 565 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
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 six months ended June 30, 2023, 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 our now discontinued Apex sale and leaseback program, the operation of our direct selling network now known as iGenius, and the offer and sale of cryptocurrency products. In the subpoena, the SEC advised that the investigation does not mean that the SEC has concluded that we or anyone else has violated federal securities laws and or any other law. We believe that we have complied at all times with the federal securities laws. However, we are aware of the evolving SEC commentary and rulemaking process relative to the characterization of cryptocurrency products under federal securities laws that is sweeping through a large number of businesses that operate within the cryptocurrency sector. We intend to cooperate fully with the SEC’s investigation and will continue to work with outside counsel to review the matter. We generate revenue from the sale of cryptocurrency packages to our customers through an arrangement with 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 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) Joseph Cammarata served as an officer and director of the Company from December 2019 through his termination for cause on or about December 7, 2021. Mr. Cammarata was terminated following the announcement of civil and criminal charges filed against him in connection with his involvement with a class action claims aggregator unrelated to the Company. The Company was unaware of these outside business interests. Based on public reporting of the matter, the Company believes that Mr. Cammarata was convicted of certain of these criminal charges and is presently incarcerated. Prior to his termination, Mr. Cammarata and the Company engaged in certain transactions as described below: We issued a promissory note to Mr. 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 As of the date of this Report, Mr. Cammarata has not accepted our tender of the cash payment, and through his then counsel, 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 merit, 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 0.11 660 12,000,000 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 11 – INCOME TAXES For the periods ended June 30, 2023, and June 30, 2022, the Company used a discrete effective tax rate method for recording income taxes, as compared to an estimated full year annual effective tax rate method, as an estimate of the annual effective tax rate cannot be made. Provision for income taxes for the three and six months ended June 30, 2023, was $ 701,275 796,337 54.0 44.2 635,745 641,745 118.6 22.0 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12 – 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) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Accounting 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. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations (Regulation S-X) of the Securities and Exchange Commission (the “SEC”) and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the three and six months ended June 30, 2023, are not necessarily indicative of the operating results that may be expected for the filing of our December 31, 2023 Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the December 31, 2022 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K. |
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), Apex Tek, LLC (formerly Razor Data, LLC), SAFETek, LLC (formerly WealthGen Global, LLC), United Games, LLC, United League, LLC, iGenius Global LTD (formerly Kuvera (N.I.) LTD), Investview Financial Group Holdings, LLC, Investview MTS, LLC, and MyLife Wellness Company. 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). Subsequent to June 2021 and prior to the closure of the Euro bank account in April 2022, 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 the accounts of Kuvera France S.A.S. into USD for the following operating periods. SCHEDULE OF EXCHANGE RATES Six Months Ended Euro to USD 1.1118 |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially expose us to concentration of credit risk include cash, accounts receivable, and advances. We place our cash and temporary cash investments with credit quality institutions. At times, such investments may be in excess of the FDIC insurance limit of $ 250,000 19,233,993 18,202,860 |
Cash Equivalents and Restricted Cash | Cash Equivalents and Restricted Cash For purposes of reporting cash flows, we consider all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. As of June 30, 2023 and December 31, 2022, we had no highly liquid debt instruments. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. SCHEDULE OF RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH June 30, 2023 December 31, 2022 Cash and cash equivalents $ 21,431,952 $ 20,467,256 Restricted cash, current 407,138 781,537 Restricted cash, long term - 240,105 Total cash, cash equivalents, and restricted cash shown on the statement of cash flows $ 21,839,090 $ 21,488,898 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 $ 722,324 719,342 518,732 775,000 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (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 June 30, 2023 December 31, 2022 Furniture, fixtures, and equipment 10 $ 2,970 $ 76,716 Computer equipment 3 7,188 12,869 Leasehold improvements Remaining Lease Term - 40,528 Data processing equipment 3 14,062,442 13,187,312 Mining repair tools and equipment 1 - 13,627 14,072,600 13,331,052 Accumulated depreciation (5,274,850 ) (4,822,778 ) Net book value $ 8,797,750 $ 8,508,274 Total depreciation expense for the six months ended June 30, 2023 and 2022, was $ 2,076,605 2,442,711 all of which was recorded in our general and administrative expenses on our statement of operation 26,729 23,278 9,913 6,462 15,847 374,999 646,508 271,509 |
Long-Lived Assets – Intangible Assets & License Agreement | Long-Lived Assets – Intangible Assets & License Agreement We account for our cryptocurrencies and intangible assets 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, which requires assets to be measured based on the fair value of the consideration given or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. Our cryptocurrencies are deemed to have an indefinite useful life; therefore, amounts are not amortized, but rather are assessed for impairment as further discussed in our impairment policy. Under ASC Subtopic 350-30 any intangible asset with a useful life is required to be amortized over that life and the useful life is to be evaluated every reporting period to determine whether events or circumstances warrant a revision to the remaining period of amortization. If the estimate of useful life is changed the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. Costs of internally developing, maintaining, or restoring intangible assets are recognized as an expense when incurred. We hold cryptocurrency-denominated assets and include them in our consolidated balance sheet as other assets. The value of our cryptocurrencies as of June 30, 2023 and December 31, 2022, were $ 2,056,858 1,929,788 127,070 2,474,096 2,360,957 113,139 4,893,097 6,635,117 228,845 (1,020,597) On March 22, 2021, we entered into Securities Purchase Agreement to acquire the operating assets and intellectual property rights of MPower Trading Systems LLC, a company controlled and partially owned by David B. Rothrock and James R. Bell, two of our board members. 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 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We have adopted ASC Subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or when the historical cost carrying value of an asset may no longer be appropriate. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve break-even operating results over an extended period. We evaluate the recoverability of long-lived assets based upon future net cash flows expected to result from the asset, including eventual disposition. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted and an impairment loss is recorded equal to the difference between the asset’s carrying value and fair value or disposable value. During the six months ended June 30, 2023, no 14,875 8,492 6,383 |
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 and accounts payable, and debt. We have determined that the book value of our outstanding financial instruments as of June 30, 2023 and December 31, 2022, approximates the fair value due to their short-term nature or interest rates that approximate prevailing market rates. Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of June 30, 2023: SCHEDULE OF ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 20,766 $ 20,766 Total Liabilities $ - $ - $ 20,766 $ 20,766 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, 2022: Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 24,426 $ 24,426 Total Liabilities $ - $ - $ 24,426 $ 24,426 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) |
Revenue Recognition | Revenue Recognition Subscription Revenue Most of our revenue is generated by subscription sales and payment is received at the time of purchase. We recognize subscription revenue in accordance with ASC 606-10 where revenue is measured based on a consideration specified in a contract with a customer and recognized when we satisfy the performance obligation specified in each contract. Our performance obligation is to provide services over a fixed subscription period; therefore, we recognize revenue ratably over the subscription period and deferred revenue is recorded for the portion of the subscription period subsequent to each reporting date. Additionally, we offer a designated trial period to first time subscription customers, during which a full refund can be requested if a customer does not wish to continue with the subscription. Revenues are deferred during the trial period as collection is not probable until that time has passed. Revenues are presented net of refunds, sales incentives, credits, and known and estimated credit card chargebacks. As of June 30, 2023 and December 31, 2022, our deferred revenues were $ 2,768,536 2,074,574 Mining Revenue Through our wholly owned subsidiary, SAFETek, LLC, we leased equipment under a sales-type lease through June of 2020. In June of 2020 we cancelled all leases and purchased all of the rights and obligations under the leases, which included obtaining ownership of all equipment. We use the equipment on blockchain networks to validate and add blocks of transactions to blockchain ledgers (commonly referred to as “mining”). As compensation for mining, we are issued fees from processors and/or block rewards that are newly created cryptocurrency units granted to us. Our mining activities constitute our ongoing major and central operations of SAFETek, LLC. Because we do not have contracts, nor do we have customers associated with our mining revenue, we recognize revenue when fees and/or rewards are settled, or ultimately granted to us as a result of our mining activities. Cryptocurrency Revenue We generate revenue from the sale of cryptocurrency packages to our customers through an arrangement with a third-party supplier. The various packages included different amounts of coin with differing rates of returns and terms. The coin is delivered by a third-party supplier. 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-party to provide coin 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 the coin, at which time we recognize revenue and the amounts due to our supplier on our books. As of June 30, 2023 and December 31, 2022, our customer advances related to cryptocurrency revenue were $ 68,043 96,609 Mining Equipment Repair Revenue Through our wholly owned subsidiary, SAFETek, LLC, we repair broken mining equipment for sale to third-party customers. Our mining equipment repair business was discontinued during the quarter ended June 30, 2023. 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. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) 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. The sale of digital wallets to our customers was discontinued during the year ended December 31, 2022. 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 six months ended June 30, 2023, was as follows: SCHEDULE OF REVENUE GENERATED Subscription Revenue Cryptocurrency Revenue Mining Revenue Miner Repair Revenue Total Gross billings/receipts $ 27,784,934 $ 732,319 $ 4,893,097 $ 23,378 $ 33,433,728 Refunds, incentives, credits, and chargebacks (2,243,741 ) - - - (2,243,741 ) Amounts paid to providers - (365,500 ) - - (365,500 ) Net revenue $ 25,541,193 $ 366,819 $ 4,893,097 $ 23,378 $ 30,824,487 For the six months ended June 30, 2023, foreign and domestic revenues were approximately $ 21.9 8.9 Revenue generated for the six months ended June 30, 2022, was as follows: Subscription Revenue Cryptocurrency Revenue Mining Revenue Miner Repair Revenue Digital Wallet Revenue Total Gross billings/receipts $ 26,448,766 $ 1,874,382 $ 6,635,117 $ 80,110 $ 7,157 $ 35,045,532 Refunds, incentives, credits, and chargebacks (1,613,557 ) - - - - (1,613,557 ) Amounts paid to providers - (917,006 ) - - (1,289 ) (918,295 ) Net revenue $ 24,835,209 $ 957,376 $ 6,635,117 $ 80,110 $ 5,868 $ 32,513,680 For the six months ended June 30, 2022 foreign and domestic revenues were approximately $ 21.9 10.6 Revenue generated for the three months ended June 30, 2023, was as follows: Subscription Revenue Cryptocurrency Revenue Mining Revenue Total Gross billings/receipts $ 15,632,412 $ 173,019 $ 2,822,278 $ 18,627,709 Refunds, incentives, credits, and chargebacks (1,283,330 ) - - (1,283,330 ) Amounts paid to providers - (86,500 ) - (86,500 ) Net revenue $ 14,349,082 $ 86,519 $ 2,822,278 $ 17,257,879 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) For the three months ended June 30, 2023, foreign and domestic revenues were approximately $ 12.2 5.1 Revenue generated for the three months ended June 30, 2022, was as follows: Subscription Revenue Cryptocurrency Revenue Mining Revenue Miner Repair Revenue Digital Wallet Revenue Total Gross billings/receipts $ 11,754,793 $ 1,035,960 $ 3,058,144 $ 80,110 $ 7,157 $ 15,936,164 Refunds, incentives, credits, and chargebacks (650,254 ) - - - - (650,254 ) Amounts paid to providers - (519,000 ) - - (1,289 ) (520,289 ) Net revenue $ 11,104,539 $ 516,960 $ 3,058,144 $ 80,110 $ 5,868 $ 14,765,621 For the three months ended June 30, 2022 foreign and domestic revenues were approximately $ 9.9 4.9 |
Advertising, Selling, and Marketing Costs | Advertising, Selling, and Marketing Costs We expense advertising, selling, and marketing costs as incurred. Advertising, selling, and marketing costs include costs of promoting our product worldwide, including promotional events. Advertising, selling, and marketing expenses for the six months ended June 30, 2023 and 2022, totaled $ 529,054 35,265 |
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 and energy fees that we pay to vendors at third-party sites in order to generate mining revenue, and the costs associated with our miner repair revenue. Costs of sales and services for the six months ended June 30, 2023 and 2022, totaled $ 4,466,878 3,728,481 |
Inventory | Inventory Inventory consists of finished goods to be sold as part of our miner repair revenue and materials that were purchased for refurbishment but will be sold as purchased due to the Company winding down the refurbishment and sale of repaired miners. 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. During the six months ended June 30, 2023, we recognized a loss on disposal on assets of $ 174,836 0 249,480 |
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. INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) |
Net Income (Loss) per Share | Net Income (Loss) per Share We follow ASC subtopic 260-10, Earnings per Share (“ASC 260-10”), which specifies the computation, presentation, and disclosure requirements of earnings per share information. Basic income (loss) per share has been calculated based upon the weighted average number of common shares outstanding. Diluted income (loss) per share reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted during the period. Dilutive securities having an anti-dilutive effect on diluted earnings per share are excluded from the calculation. The following table illustrates the computation of diluted earnings per share for the three months ended June 30, 2023. Due to the net loss for the three months ended June 30, 2022 there were 1,036,428,571 SCHEDULE OF DILUTED EARNINGS PER SHARE June 30, 2023 Net income (loss) $ 597,405 Less: preferred dividends (204,835 ) Add: interest expense on convertible debt 225,129 Net income available to common shareholders (numerator) $ 617,699 Basic weighted average number of common shares outstanding 2,636,275,719 Dilutive impact of warrants 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) 3,672,704,290 Diluted income per common share $ 0.00 The following table illustrates the computation of diluted earnings per share for the six months ended June 30, 2023 and 2022, where no potentially dilutive securities were excluded from the computation: June 30, 2023 June 30, 2022 Net income (loss) $ 1,005,299 $ 2,279,321 Less: preferred dividends (409,670 ) (409,670 ) Add: interest expense on convertible debt 450,258 469,884 Net income available to common shareholders (numerator) $ 1,045,887 $ 2,339,535 Basic weighted average number of common shares outstanding 2,636,275,605 2,714,986,787 Dilutive impact of warrants - - Dilutive impact of convertible notes 471,428,571 471,428,571 Dilutive impact of non-voting membership interest 565,000,000 565,000,000 Diluted weighted average number of common shares outstanding (denominator) 3,672,704,176 3,751,415,358 Diluted income per common share $ 0.00 $ 0.00 |
Lease Obligation | Lease Obligation We determine if an arrangement is a lease at inception. Operating leases are included in the operating lease right-of-use asset account, the operating lease liability, current account, and the operating lease liability, long term account in our balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. For leases in which the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We have elected to not apply the recognition requirements of ASC 842 to short-term leases (leases with terms of twelve months or less). Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease arrangements is recognized on a straight-line basis over the lease term. We have elected the practical expedient and will not separate non-lease components from lease components and will instead account for |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF EXCHANGE RATES | The following rates were used to translate the accounts of Kuvera France S.A.S. into USD for the following operating periods. SCHEDULE OF EXCHANGE RATES Six Months Ended Euro to USD 1.1118 |
SCHEDULE OF RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. SCHEDULE OF RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH June 30, 2023 December 31, 2022 Cash and cash equivalents $ 21,431,952 $ 20,467,256 Restricted cash, current 407,138 781,537 Restricted cash, long term - 240,105 Total cash, cash equivalents, and restricted cash shown on the statement of cash flows $ 21,839,090 $ 21,488,898 |
SCHEDULE OF FIXED ASSETS | Fixed assets were made up of the following at each balance sheet date: SCHEDULE OF FIXED ASSETS Estimated Useful Life June 30, 2023 December 31, 2022 Furniture, fixtures, and equipment 10 $ 2,970 $ 76,716 Computer equipment 3 7,188 12,869 Leasehold improvements Remaining Lease Term - 40,528 Data processing equipment 3 14,062,442 13,187,312 Mining repair tools and equipment 1 - 13,627 14,072,600 13,331,052 Accumulated depreciation (5,274,850 ) (4,822,778 ) Net book value $ 8,797,750 $ 8,508,274 |
SCHEDULE OF ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS | Items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements consisted of the following items as of June 30, 2023: SCHEDULE OF ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 20,766 $ 20,766 Total Liabilities $ - $ - $ 20,766 $ 20,766 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, 2022: Level 1 Level 2 Level 3 Total Total Assets $ - $ - $ - $ - Derivative liability $ - $ - $ 24,426 $ 24,426 Total Liabilities $ - $ - $ 24,426 $ 24,426 |
SCHEDULE OF REVENUE GENERATED | Revenue generated for the six months ended June 30, 2023, was as follows: SCHEDULE OF REVENUE GENERATED Subscription Revenue Cryptocurrency Revenue Mining Revenue Miner Repair Revenue Total Gross billings/receipts $ 27,784,934 $ 732,319 $ 4,893,097 $ 23,378 $ 33,433,728 Refunds, incentives, credits, and chargebacks (2,243,741 ) - - - (2,243,741 ) Amounts paid to providers - (365,500 ) - - (365,500 ) Net revenue $ 25,541,193 $ 366,819 $ 4,893,097 $ 23,378 $ 30,824,487 For the six months ended June 30, 2023, foreign and domestic revenues were approximately $ 21.9 8.9 Revenue generated for the six months ended June 30, 2022, was as follows: Subscription Revenue Cryptocurrency Revenue Mining Revenue Miner Repair Revenue Digital Wallet Revenue Total Gross billings/receipts $ 26,448,766 $ 1,874,382 $ 6,635,117 $ 80,110 $ 7,157 $ 35,045,532 Refunds, incentives, credits, and chargebacks (1,613,557 ) - - - - (1,613,557 ) Amounts paid to providers - (917,006 ) - - (1,289 ) (918,295 ) Net revenue $ 24,835,209 $ 957,376 $ 6,635,117 $ 80,110 $ 5,868 $ 32,513,680 For the six months ended June 30, 2022 foreign and domestic revenues were approximately $ 21.9 10.6 Revenue generated for the three months ended June 30, 2023, was as follows: Subscription Revenue Cryptocurrency Revenue Mining Revenue Total Gross billings/receipts $ 15,632,412 $ 173,019 $ 2,822,278 $ 18,627,709 Refunds, incentives, credits, and chargebacks (1,283,330 ) - - (1,283,330 ) Amounts paid to providers - (86,500 ) - (86,500 ) Net revenue $ 14,349,082 $ 86,519 $ 2,822,278 $ 17,257,879 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) For the three months ended June 30, 2023, foreign and domestic revenues were approximately $ 12.2 5.1 Revenue generated for the three months ended June 30, 2022, was as follows: Subscription Revenue Cryptocurrency Revenue Mining Revenue Miner Repair Revenue Digital Wallet Revenue Total Gross billings/receipts $ 11,754,793 $ 1,035,960 $ 3,058,144 $ 80,110 $ 7,157 $ 15,936,164 Refunds, incentives, credits, and chargebacks (650,254 ) - - - - (650,254 ) Amounts paid to providers - (519,000 ) - - (1,289 ) (520,289 ) Net revenue $ 11,104,539 $ 516,960 $ 3,058,144 $ 80,110 $ 5,868 $ 14,765,621 |
SCHEDULE OF DILUTED EARNINGS PER SHARE | SCHEDULE OF DILUTED EARNINGS PER SHARE June 30, 2023 Net income (loss) $ 597,405 Less: preferred dividends (204,835 ) Add: interest expense on convertible debt 225,129 Net income available to common shareholders (numerator) $ 617,699 Basic weighted average number of common shares outstanding 2,636,275,719 Dilutive impact of warrants 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) 3,672,704,290 Diluted income per common share $ 0.00 The following table illustrates the computation of diluted earnings per share for the six months ended June 30, 2023 and 2022, where no potentially dilutive securities were excluded from the computation: June 30, 2023 June 30, 2022 Net income (loss) $ 1,005,299 $ 2,279,321 Less: preferred dividends (409,670 ) (409,670 ) Add: interest expense on convertible debt 450,258 469,884 Net income available to common shareholders (numerator) $ 1,045,887 $ 2,339,535 Basic weighted average number of common shares outstanding 2,636,275,605 2,714,986,787 Dilutive impact of warrants - - Dilutive impact of convertible notes 471,428,571 471,428,571 Dilutive impact of non-voting membership interest 565,000,000 565,000,000 Diluted weighted average number of common shares outstanding (denominator) 3,672,704,176 3,751,415,358 Diluted income per common share $ 0.00 $ 0.00 |
RELATED-PARTY TRANSACTIONS (Tab
RELATED-PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY PAYABLES | Our related-party payables consisted of the following: SCHEDULE OF RELATED PARTY PAYABLES June 30, 2023 December 31, 2022 Convertible Promissory Note entered into on 4/27/20, net of debt discount of $ 887,787 [1] $ 412,213 $ 347,782 Convertible Promissory Note entered into on 5/27/20, net of debt discount of $ 481,997 [2] 218,003 183,020 Convertible Promissory Note entered into on 11/9/20, net of debt discount of $ 938,139 [3] 361,861 293,779 Working Capital Promissory Note entered into on 3/22/21 [4] 1,202,587 1,201,927 Total related-party debt 2,194,664 2,026,508 Less: Current portion (1,202,587 ) (1,201,927 ) Related-party debt, long term $ 992,077 $ 824,581 [1] On April 27, 2020, we received proceeds of $ 1,300,000 20 April 27, 2030 0.01257 0.007 1,300,000 64,431 130,008 [2] On May 27, 2020, we received proceeds of $ 700,000 20 April 27, 2030 0.01257 0.007 700,000 34,983 70,002 INVESTVIEW, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 (Unaudited) [3] On November 9, 2020, we received proceeds of $ 1,300,000 38.5 25 13.5 April 27, 2030 0.007 1,300,000 68,082 250,248 [4] On March 22, 2021, we entered into Securities Purchase Agreements to purchase 100 1,500,000 1,200,000 0.11 660 12,000,000 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF DEBT | Our debt consisted of the following: SCHEDULE OF DEBT June 30, 2023 December 31, 2022 Loan with the U.S. Small Business Administration dated 4/19/20 [1] $ 535,477 $ 543,237 Long term notes for APEX lease buyback [2] 6,468,760 7,925,166 Total debt 7,004,237 8,468,403 Less: Current portion 2,938,757 2,938,757 Debt, long term portion $ 4,065,480 $ 5,529,646 [1] In April 2020, we received proceeds of $ 500,000 3.75 2,437 9,298 9,298 17,059 [2] During the year ended March 31, 2021, we entered into notes with third parties for $ 19,089,500 75 December 31, 2024 25 466,507 989,898 479,703 991,050 |
DERIVATIVE LIABILITY (Tables)
DERIVATIVE LIABILITY (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
SCHEDULE OF DERIVATIVE LIABILITY | During the six months ended June 30, 2023, we had the following activity in our derivative liability account relating to our warrants: SCHEDULE OF DERIVATIVE LIABILITY Derivative liability at December 31, 2022 $ 24,426 Derivative liability recorded on new instruments - Derivative liability reduced by warrant exercise (see NOTE 9) (3 ) (Gain) loss on fair value (3,657 ) Derivative liability at June 30, 2023 $ 20,766 |
SCHEDULE OF ASSUMPTIONS USED IN BINOMINAL OPTION PRICING MODE | SCHEDULE OF ASSUMPTIONS USED IN BINOMINAL OPTION PRICING MODE Risk free interest rate 4.49 4.87 % Expected life in years 2.09 3.00 Expected volatility 145 154 % |
OPERATING LEASE (Tables)
OPERATING LEASE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Operating Lease | |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES | Future minimum lease payments under non-cancellable leases as of June 30, 2023, were as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES Remainder of 2023 $ 57,865 2024 116,027 2025 7,833 Total 181,725 Less: Interest (6,034 ) Present value of lease liability 175,691 Operating lease liability, current [1] (116,849 ) Operating lease liability, long term $ 58,842 [1] Represents lease payments to be made in the next 12 months. |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
SUMMARY OF WARRANTS ISSUED | Transactions involving our warrants are summarized as follows: SUMMARY OF WARRANTS ISSUED Number of Weighted Warrants outstanding at December 31, 2022 1,178,320 $ 0.10 Granted - $ - Canceled/Expired - $ - Exercised (230 ) $ 0.10 Warrants outstanding at June 30, 2023 1,178,090 $ 0.10 |
SUMMARY OF WARRANTS OUTSTANDING | Details of our warrants outstanding as of June 30, 2023, is as follows: SUMMARY OF WARRANTS OUTSTANDING Exercise Price Warrants Outstanding Warrants Exercisable Weighted Average $ 0.10 1,178,090 1,178,090 2.65 |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 06, 2017 | Apr. 01, 2017 | Jun. 30, 2023 | |
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) | 6 Months Ended |
Jun. 30, 2022 | |
Euro To USD [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Euro to USD | 1.1118 |
SCHEDULE OF RECONCILIATION OF C
SCHEDULE OF RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 21,431,952 | $ 20,467,256 | ||
Restricted cash, current | 407,138 | 781,537 | ||
Restricted cash, long term | 240,105 | |||
Total cash, cash equivalents, and restricted cash shown on the statement of cash flows | $ 21,839,090 | $ 21,488,898 | $ 21,557,416 | $ 32,616,906 |
SCHEDULE OF FIXED ASSETS (Detai
SCHEDULE OF FIXED ASSETS (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 14,072,600 | $ 13,331,052 |
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | Leasehold Improvements [Member] | |
Accumulated depreciation | $ (5,274,850) | (4,822,778) |
Net book value | $ 8,797,750 | 8,508,274 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of fixed assets | 10 years | |
Property, plant and equipment, gross | $ 2,970 | 76,716 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of fixed assets | 3 years | |
Property, plant and equipment, gross | $ 7,188 | 12,869 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 40,528 | |
Data Processing Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life of fixed assets | 3 years | |
Property, plant and equipment, gross | $ 14,062,442 | 13,187,312 |
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 ASSETS AND LIABILIT
SCHEDULE OF ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Platform Operator, Crypto-Asset [Line Items] | ||
Total Assets | ||
Derivative liability | 20,766 | 24,426 |
Total Liabilities | 20,766 | 24,426 |
Fair Value, Inputs, Level 1 [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Total Assets | ||
Derivative liability | ||
Total Liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Total Assets | ||
Derivative liability | ||
Total Liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Total Assets | ||
Derivative liability | 20,766 | 24,426 |
Total Liabilities | $ 20,766 | $ 24,426 |
SCHEDULE OF REVENUE GENERATED (
SCHEDULE OF REVENUE GENERATED (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Product Information [Line Items] | ||||
Gross billings/receipts | $ 18,627,709 | $ 15,936,164 | $ 33,433,728 | $ 35,045,532 |
Refunds, incentives, credits, and chargebacks | (1,283,330) | (650,254) | (2,243,741) | (1,613,557) |
Amounts paid to providers | (86,500) | (520,289) | (365,500) | (918,295) |
Net revenue | 17,257,879 | 14,765,621 | 30,824,487 | 32,513,680 |
Subscription Revenue [Member] | ||||
Product Information [Line Items] | ||||
Gross billings/receipts | 15,632,412 | 11,754,793 | 27,784,934 | 26,448,766 |
Refunds, incentives, credits, and chargebacks | (1,283,330) | (650,254) | (2,243,741) | (1,613,557) |
Amounts paid to providers | ||||
Net revenue | 14,349,082 | 11,104,539 | 25,541,193 | 24,835,209 |
Cryptocurrency Revenue [Member] | ||||
Product Information [Line Items] | ||||
Gross billings/receipts | 173,019 | 1,035,960 | 732,319 | 1,874,382 |
Refunds, incentives, credits, and chargebacks | ||||
Amounts paid to providers | (86,500) | (519,000) | (365,500) | (917,006) |
Net revenue | 86,519 | 516,960 | 366,819 | 957,376 |
Mining Revenue [Member] | ||||
Product Information [Line Items] | ||||
Gross billings/receipts | 2,822,278 | 3,058,144 | 4,893,097 | 6,635,117 |
Refunds, incentives, credits, and chargebacks | ||||
Amounts paid to providers | ||||
Net revenue | $ 2,822,278 | 3,058,144 | 4,893,097 | 6,635,117 |
Mining Repair Revenue [Member] | ||||
Product Information [Line Items] | ||||
Gross billings/receipts | 80,110 | 23,378 | 80,110 | |
Refunds, incentives, credits, and chargebacks | ||||
Amounts paid to providers | ||||
Net revenue | 80,110 | $ 23,378 | 80,110 | |
Digital Wallet [Member] | ||||
Product Information [Line Items] | ||||
Gross billings/receipts | 7,157 | 7,157 | ||
Refunds, incentives, credits, and chargebacks | ||||
Amounts paid to providers | (1,289) | (1,289) | ||
Net revenue | $ 5,868 | $ 5,868 |
SCHEDULE OF DILUTED EARNINGS PE
SCHEDULE OF DILUTED EARNINGS PER SHARE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accounting Policies [Abstract] | ||||||
Net income (loss) | $ 597,405 | $ 407,894 | $ (99,708) | $ 2,379,029 | $ 1,005,299 | $ 2,279,321 |
Less: preferred dividends | (204,835) | (409,670) | (409,670) | |||
Add: interest expense on convertible debt | 225,129 | 450,258 | 469,884 | |||
Net income available to common shareholders (numerator) | $ 617,699 | $ 1,045,887 | $ 2,339,535 | |||
Basic weighted average number of common shares outstanding | 2,636,275,719 | 2,636,275,605 | 2,714,986,787 | |||
Dilutive impact of convertible notes | 471,428,571 | 471,428,571 | 471,428,571 | |||
Dilutive impact of non-voting membership interest | 565,000,000 | 565,000,000 | 565,000,000 | |||
Diluted weighted average number of common shares outstanding (denominator) | 3,672,704,290 | 3,672,704,176 | 3,751,415,358 | |||
Diluted income per common share | $ 0 | $ 0 | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Product Information [Line Items] | ||||||
Cash, FDIC insured amount | $ 250,000 | $ 250,000 | ||||
Cash balances exceeded FDIC limits | 19,233,993 | 19,233,993 | $ 18,202,860 | |||
Allowance for doubtful accounts | 722,324 | 722,324 | 719,342 | |||
Accounts receivable | 518,732 | 518,732 | 775,000 | |||
Depreciation expense | 2,076,605 | $ 2,442,711 | ||||
Net book value | 26,729 | $ 374,999 | 26,729 | 374,999 | ||
Cash received from the disposal of fixed assets | 23,278 | 646,508 | ||||
Gain on disposal of assets | 6,462 | |||||
Loss on disposition of assets | 15,847 | |||||
Gain on disposal of assets | (163,951) | 247,209 | (184,221) | 271,509 | ||
Cryptocurrencies | 2,056,858 | 2,056,858 | 2,474,096 | |||
Other current assets | 1,929,788 | 1,929,788 | 2,360,957 | |||
Other restricted assets, long term | 127,070 | 127,070 | 113,139 | |||
Total revenue, net | 17,257,879 | 14,765,621 | 30,824,487 | 32,513,680 | ||
Realized gain loss on cryptocurrency | (13,727) | (837,808) | 228,845 | (1,020,597) | ||
Tangible asset impairment charges | 0 | 14,875 | ||||
Accumulated depreciation | 8,492 | |||||
Asset impairment charges | 6,383 | 6,383 | ||||
Deferred revenue | 2,768,536 | 2,768,536 | 2,074,574 | |||
Customer advance | 68,043 | 68,043 | 96,609 | |||
Advertising, selling, and marketing expenses | 529,054 | 35,265 | ||||
Cost of sales and service | 2,588,950 | 1,898,140 | 4,466,878 | 3,728,481 | ||
Loss on disposal on assets | 174,836 | |||||
Inventory, entirely finished goods | $ 249,480 | |||||
Diluted income | 1,036,428,571 | |||||
Securities Purchase Agreement [Member] | M Power Trading Systems LLC [Member] | ||||||
Product Information [Line Items] | ||||||
Intangible assets value | $ 7,240,000 | |||||
Mining Revenue [Member] | ||||||
Product Information [Line Items] | ||||||
Total revenue, net | 2,822,278 | 3,058,144 | $ 4,893,097 | 6,635,117 | ||
Foreign Revenue [Member] | ||||||
Product Information [Line Items] | ||||||
Total revenue, net | 12,200,000 | 9,900,000 | 21,900,000 | 21,900,000 | ||
Domestic Revenue [Member] | ||||||
Product Information [Line Items] | ||||||
Total revenue, net | $ 5,100,000 | $ 4,900,000 | 8,900,000 | $ 10,600,000 | ||
Bitcoin [Member] | ||||||
Product Information [Line Items] | ||||||
Proceeds on sale of stock | $ 9,913 |
LIQUIDITY (Details Narrative)
LIQUIDITY (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
Operating income loss | $ 1,208,969 | $ 1,599,429 | $ 1,601,341 | $ 5,883,951 | |||
Net income | 597,405 | $ 407,894 | $ (99,708) | $ 2,379,029 | 1,005,299 | $ 2,279,321 | |
Cash and cash equivalents | 21,431,952 | 21,431,952 | $ 20,467,256 | ||||
Working capital | 12,838,961 | ||||||
Other assets, current | $ 1,929,788 | $ 1,929,788 | $ 2,360,957 |
SCHEDULE OF RELATED PARTY PAYAB
SCHEDULE OF RELATED PARTY PAYABLES (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Convertible Promissory Note entered into on 4/27/20, net of debt discount of $887,787 as of June 30, 2023 | [1] | $ 412,213 | $ 347,782 |
Convertible Promissory Note entered into on 5/27/20, net of debt discount of $481,997 as of June 30, 2023 | [2] | 218,003 | 183,020 |
Convertible Promissory Note entered into on 11/9/20, net of debt discount of $938,139 as of June 30, 2023 | [3] | 361,861 | 293,779 |
Working Capital Promissory Note entered into on 3/22/21 | [4] | 1,202,587 | 1,201,927 |
Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Total related-party debt | 2,194,664 | 2,026,508 | |
Less: Current portion | (1,202,587) | (1,201,927) | |
Related-party debt, long term | $ 992,077 | $ 824,581 | |
[1]On April 27, 2020, we received proceeds of $ 1,300,000 20 April 27, 2030 0.01257 0.007 1,300,000 64,431 130,008 700,000 20 April 27, 2030 0.01257 0.007 700,000 34,983 70,002 1,300,000 38.5 25 13.5 April 27, 2030 0.007 1,300,000 68,082 250,248 100 1,500,000 1,200,000 0.11 660 12,000,000 |
SCHEDULE OF RELATED PARTY PAY_2
SCHEDULE OF RELATED PARTY PAYABLES (Details) (Parenthetical) - USD ($) | 6 Months Ended | |||||
Mar. 22, 2021 | Nov. 09, 2020 | May 27, 2020 | Apr. 27, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transaction [Line Items] | ||||||
Debt discount into interest expense | $ 167,496 | $ 1,558,590 | ||||
Convertible Promissory Note [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt instrument unamortized discount | 887,787 | |||||
Convertible Promissory Note [Member] | Chairman [Member] | DBR Capital LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Received proceeds from related party debt | $ 1,300,000 | |||||
Debt interest rate | 20% | |||||
Debt instrument maturity date | Apr. 27, 2030 | |||||
Debt conversion price per share | $ 0.007 | $ 0.01257 | ||||
Beneficial conversion feature and debt discount | $ 1,300,000 | |||||
Debt discount into interest expense | 64,431 | |||||
Interest expense | 130,008 | |||||
Convertible Promissory Note Two [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt instrument unamortized discount | 481,997 | |||||
Convertible Promissory Note Two [Member] | DBR Capital LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Received proceeds from related party debt | $ 1,300,000 | |||||
Debt interest rate | 38.50% | |||||
Debt instrument maturity date | Apr. 27, 2030 | |||||
Debt conversion price per share | $ 0.007 | |||||
Beneficial conversion feature and debt discount | $ 1,300,000 | |||||
Debt discount into interest expense | 68,082 | |||||
Interest expense | 250,248 | |||||
Debt interest rate | 25% | |||||
Facility fee percentage | 13.50% | |||||
Convertible Promissory Note Three [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt instrument unamortized discount | 938,139 | |||||
Convertible Promissory Note One [Member] | DBR Capital LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Received proceeds from related party debt | $ 700,000 | |||||
Debt interest rate | 20% | |||||
Debt instrument maturity date | Apr. 27, 2030 | |||||
Debt conversion price per share | $ 0.007 | $ 0.01257 | ||||
Beneficial conversion feature and debt discount | $ 700,000 | |||||
Debt discount into interest expense | 34,983 | |||||
Interest expense | 70,002 | |||||
Convertible Promissory Note Four [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt interest rate | 0.11% | |||||
Debt instrument face amount | $ 1,200,000 | |||||
Debt instrument conversion feature | 12,000,000 | |||||
Convertible Promissory Note Four [Member] | Maximum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt instrument face amount | $ 1,500,000 | |||||
Convertible Promissory Note Four [Member] | Working Capital Promissory [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Acquire percentage | 100% | |||||
Convertible Promissory Note Four [Member] | SSA Technologies LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Interest expense | $ 660 | $ 660 |
RELATED-PARTY TRANSACTIONS (Det
RELATED-PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | ||
Jan. 06, 2022 | Apr. 27, 2020 | Jun. 30, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Number of shares forfeited | 219,833,334 | ||
Related party transaction amounts of advance | $ 11,000,000 | ||
Separation Agreements [Member] | Mario Romano and Annette Raynor [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Number of shares forfeited | 150,000,000 | ||
Number of stock repurchased | 43,101,939 | ||
Repurchased shares, value | $ 1,724,008 | ||
Share based compensation vesting, shares | 63,333,333 |
SCHEDULE OF DEBT (Details)
SCHEDULE OF DEBT (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | |
Short-Term Debt [Line Items] | |||
Total debt | $ 7,004,237 | $ 8,468,403 | |
Current portion | 2,938,757 | 2,938,757 | |
Debt, long term portion | 4,065,480 | 5,529,646 | |
Loan With The US Small Business Administartion [Member] | |||
Short-Term Debt [Line Items] | |||
Total debt | [1] | 535,477 | 543,237 |
Long Term Notes For APEX Lease Buyback [Member] | |||
Short-Term Debt [Line Items] | |||
Total debt | [2] | $ 6,468,760 | $ 7,925,166 |
[1]In April 2020, we received proceeds of $ 500,000 3.75 2,437 9,298 9,298 17,059 19,089,500 75 December 31, 2024 25 466,507 989,898 479,703 991,050 |
SCHEDULE OF DEBT (Details) (Par
SCHEDULE OF DEBT (Details) (Parenthetical) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2021 | Dec. 31, 2022 | |
Repayments on the loan | $ 17,059 | ||||
Notes Payable, Related Parties | 7,004,237 | $ 8,468,403 | |||
Repayments of Debt | 483,566 | $ 479,703 | |||
US Small Business Administration One [Member] | |||||
Proceeds from short-term debt | $ 500,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||||
Debt Instrument, Periodic Payment | $ 2,437 | 9,298 | 9,298 | ||
APEX Tex LLC [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 75% | ||||
Debt Instrument, Maturity Date | Dec. 31, 2024 | ||||
Payment percentage | 25% | ||||
Repayments of Debt | 466,507 | 479,703 | |||
Issuances of cryptocurrency value | $ 989,898 | $ 991,050 | |||
APEX Tex LLC [Member] | Related Party [Member] | |||||
Notes Payable, Related Parties | $ 19,089,500 |
SCHEDULE OF DERIVATIVE LIABILIT
SCHEDULE OF DERIVATIVE LIABILITY (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Derivative liability | $ 24,426 | |||
Derivative liability recorded on new instruments | ||||
Derivative with warrant exercise | (3) | |||
(Gain) loss on fair value | $ 5,099 | $ (61,679) | (3,657) | $ (37,836) |
Derivative liability | $ 20,766 | $ 20,766 |
SCHEDULE OF ASSUMPTIONS USED IN
SCHEDULE OF ASSUMPTIONS USED IN BINOMINAL OPTION PRICING MODE (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Expected volatility | 0.0449 |
Expected life in years | 2 years 1 month 2 days |
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Expected volatility | 0.0487 |
Expected life in years | 3 years |
Measurement Input, Option Volatility [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Expected volatility | 1.45 |
Measurement Input, Option Volatility [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Expected volatility | 1.54 |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | |
Operating Lease | |||
Remainder of 2023 | $ 57,865 | ||
2024 | 116,027 | ||
2025 | 7,833 | ||
Total | 181,725 | ||
Less: Interest | (6,034) | ||
Present value of lease liability | 175,691 | ||
Operating lease liability, current | (116,849) | [1] | $ (148,226) |
Operating lease liability, long term | $ 58,842 | $ 79,432 | |
[1]Represents lease payments to be made in the next 12 months. |
OPERATING LEASE (Details Narrat
OPERATING LEASE (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease liability | $ 175,691 | $ 175,691 | |
Operating lease right of use asset | $ 157,670 | $ 157,670 | $ 223,692 |
Lease term | 1 year 6 months 25 days | 1 year 6 months 25 days | |
Operating lease expense | $ 100,935 | ||
Operating lease cost | $ 86,880 | ||
Weighted average discount rate | 12% | 12% | |
Eatontown New Jersey [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease liability | $ 110,097 | $ 110,097 | |
Lease operating lease option | The three-year lease term of the Eatontown Lease was extended on a month-to-month basis commencing August 1, 2022 and was terminated in February 2023 | ||
Annual utility charge | $ 1.75 | ||
Conroe Lease [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right of use asset | 174,574 | $ 174,574 | |
Wyckoff Lease [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right of use asset | $ 22,034 | $ 22,034 | |
Lease term | 24 months 15 days | 24 months 15 days | |
Exchange for new operating lease liability | $ 23,520 | ||
Haverford Lease [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease liability | $ 152,961 | 152,961 | |
Operating lease right of use asset | $ 125,522 | 125,522 | |
Exchange for new operating lease liability | $ 172,042 |
SUMMARY OF WARRANTS ISSUED (Det
SUMMARY OF WARRANTS ISSUED (Details) | 6 Months Ended |
Jun. 30, 2023 $ / 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 | (230) |
Weighted Average Exercise Price Exercised | $ / shares | $ 0.10 |
Number of Warrants Outstanding, Ending | shares | 1,178,090 |
Weighted Average Exercise Price Outstanding, Ending | $ / shares | $ 0.10 |
SUMMARY OF WARRANTS OUTSTANDING
SUMMARY OF WARRANTS OUTSTANDING (Details) | Jun. 30, 2023 $ / shares shares |
Equity [Abstract] | |
Exercise Price | $ / shares | $ 0.10 |
Warrants Outstanding | 1,178,090 |
Warrants Exercisable | 1,178,090 |
Weighted Average Contractual Life (Years) | 2 years 7 months 24 days |
STOCKHOLDERS_ EQUITY (DEFICIT_2
STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Sep. 03, 2021 | Aug. 17, 2021 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
Class of Stock [Line Items] | |||||||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Preferred stock, shares issued | 252,192 | 252,192 | 252,192 | ||||||||
Preferred stock, shares outstanding | 252,192 | 252,192 | 252,192 | ||||||||
Dividend liability | $ 236,659 | $ 236,659 | $ 236,630 | ||||||||
Proceeds from warrant exercised | 23 | ||||||||||
Derivative liability extinguished with warrant exercise | $ 3 | ||||||||||
Stock issued for services and compensation and recognized , values | $ 628,615 | $ 768,613 | $ 242,024 | $ 255,163 | |||||||
Cancellation of shares | 219,833,334 | ||||||||||
Increase decrease in common stock | $ 219,834 | ||||||||||
Stock issued during period shares share based compensation forfeited outstanding | 33,333,333 | ||||||||||
Stock repurchased during period value | 1,724,008 | ||||||||||
Stock based compensation recognised | 383,906 | ||||||||||
Common stock, shares issued | 2,636,275,719 | 2,636,275,719 | 2,636,275,489 | ||||||||
Common stock, shares outstanding | 2,636,275,719 | 2,636,275,719 | 2,636,275,489 | ||||||||
Number of unvested restricted shares | 68,533,334 | ||||||||||
Number of stock options shares ungranted | 218,500,000 | ||||||||||
Number of options to purchase shares of common stock | 360,416,665 | ||||||||||
Exercise price increase | $ 0.05 | ||||||||||
Stock compensation expense | $ 1,389,976 | $ 113,281 | |||||||||
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 | ||||||||||
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 | ||||||||||
Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number of warrants exercised | 230 | ||||||||||
Stock issued for services and compensation and recognized , values | $ 7,252 | ||||||||||
Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Proceeds from warrant exercised | $ 23 | ||||||||||
Stock issued for services and compensation and recognized , values | |||||||||||
Common stock cancelled, shares | (69,833,334) | (150,000,000) | 69,833,334 | ||||||||
Stock repurchased during period shares | 43,101,939 | ||||||||||
Stock repurchased during period value | $ 43,102 | ||||||||||
Unit Offering [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number of Shares Issued in Transaction | 252,192 | 2,000,000 | |||||||||
Sale of stock, price per share | $ 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) | ||||||||||
Board Of Directors [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock repurchased during period shares | 43,101,939 | ||||||||||
Mario Romano and Annette Raynor [Member] | Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock cancelled, shares | 150,000,000 | ||||||||||
Management Team Board of Directors [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock repurchased during period value | $ 1,724,008 | ||||||||||
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 | |||||||||
Cumulative dividends annual rate percentage | 13% | 13% | |||||||||
Series B Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Dividends, cash | $ 409,670 | 409,670 | |||||||||
Payments to preferred stock dividend | 321,585 | 313,643 | |||||||||
Cryptocurrency [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Proceeds on sale of stock | $ 88,056 | $ 84,855 | |||||||||
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 | 565,000,000 | 565,000,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 6 Months Ended | |||
Mar. 22, 2021 | Jun. 30, 2023 | 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 | $ 660 | |||
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 through his then counsel, 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 merit, 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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 701,275 | $ 635,745 | $ 796,337 | $ 641,745 |
Effective tax rate | 54% | 118.60% | 44.20% | 22% |