Investview Releases Form 10K Annual Audited Financials
Salt Lake City, July 08, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Investview Corporation (OTCQB: INVU) released its annual audited financial report on June 28th, 2019.
The Company is pleased to announce the release of its annual financial report which demonstrates key financial achievements. During the company’s shareholder webinar held on June 3rd, 2019 interim financial achievements were shared and the release of our annual 10K solidifies the messaging and continued growth of the company.
The Company will hold its next shareholder webinar on Wednesday August 14th, 2019 at 4:30 pm Eastern to discuss highlights and challenges from the full year report while presenting objectives for fiscal year 2020. Attendees may register for this event by visiting:
https://attendee.gotowebinar.com/register/1460355251362555660
Highlights of the financial report include:
· Gross Billings increased to $34,992,883 representing a 48% annual increase. Our gross billings increased by 48%, or $11,348,471, to $34,992,883 in the year ended March 31, 2019.
· Net Revenue increased to $29,659,081 representing a 66% annual increase. Net Revenue increased from $17,917,432 for the year ended March 31, 2018, to $29,659,081 for the year ended March 31, 2019 which represents an increase of $11,741,649 in net revenue and 66%, year over year growth. The majority of the increase can be explained by our increase in subscription sales of $13,123,623, which related largely to our establishment of Kuvera France, S.A.S. in November of 2018 and sales occurring in the European Union.
· Net Loss from Operations was reduced by 46% from prior year. Loss on Net revenue of $29,659,081 was $(3,940,856) for year ended March 31, 2019 vs. Loss on Net revenue of $17,917,432 of $(10,676,154) for year ending March 31, 2018.
· Current Ratio of Assets to Liabilities improved by nearly 95% from prior year. Current Assets to Current Liabilities Ratio was 0.77 for YE March 31, 2019 vs. 0.33 for PRIOR YEAR. While our liabilities are larger than our assets it is important to note that we seek to keep operating expenses low. The assets we have acquired and will continue to seek out, are those of technology, mobile apps, and human resources. These assets are not easily defined on our balance sheet but represent our ability to carry out our objectives which we believe will ultimately generate positive cash flow, reduce our debt and then lead to profitability.
· Working Capital Deficit reduced by 48% from $3,919,260 in 2018 down to $2,222,990 in 2019. While we have reported reoccurring losses and have an operating capital deficiency, we have been able to establish multiple companies to create various revenue streams as we move forward. Our largest challenge is operational cash flow as lending arrangements continue to be expensive causing us to deploy incoming cash to prior debt. We continue to seek short term capital in arrangements that are partnership based. Additionally, our immediate focus is the continued reduction in losses by controlling expenses, increasing revenue, and generating additional revenue streams.
· Commissions reduced to 72% for current year vs. 79% for prior year. Since our acquisition of Kuvera (formerly Wealth Generators) in April of 2017 we have implemented a number of initiatives and are beginning to see the positive impact of these actions. First, our largest subsidiary, Kuvera, has a bonus plan structure for distributors of our services which consistently paid out beyond our maximum threshold. Adjustments to this bonus plan have been made over the last 12 months with additional adjustments planned for the next two quarters. This resulted in a gradual reduction in bonus payouts which reduced our losses.
· Total Stockholders Equity turned positive in 2019. Due largely to the increase in Additional Paid in Capital in 2019, stockholder’s equity was a positive $1,354,943 vs a negative $(1,762,280) in the prior year.
· Cash used in operations increased for 2019 to $2,983,251 compared to $1,045,665 for 2018 due to addition of new skilled personnel and increased SG&A to position the Company for future growth and expansion. With the addition of the personnel and the Information Technology (IT) acquired in United Games, the Company is now poised for future growth with in-house capabilities without the need for additional investments in these areas. Thus, as the Revenues continue to increase, the cash flow needs for operations are expected to decline significantly as a percentage of revenue. This trend is expected to create positive cash flow from operations as the Company continues to grow.
The Company attributes the increase in Net Revenue and Gross Billings to the increase of subscription sales worldwide and the establishment and growth of Kuvera France S.A.S.
“We are pleased to report our year over year financial achievements and reiterate our commitment and priority to profitability as we move into fiscal year 2020,” said William Kosoff, Chief Financial Officer.
Mario Romano, Director of Finance added, “There is no question that our team is passionate about our vision. Every member of our team believes in our purpose and we are prepared to persevere short term challenges and continue to achieve progress. Reaching profitability remains our number one objective.”
Investview’s full 10-K can be found by visiting the following edgar link:
https://www.sec.gov/Archives/edgar/data/862651/000149315219009896/0001493152-19-009896-index.htm
About Investview, Inc.
Investview, Inc. is a diversified financial technology organization that operates through its wholly -owned subsidiaries, to provide financial products and services to individuals, accredited investors and select financial institutions. www.investview.com
Kuvera LLC for personal money management and education services. www.kuveraglobal.com
United Games LLC for social mobile app and live interaction services. www.unitedgames.com
SAFE Management LLC for investment advisory services. www.safeadvglobal.com
Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements”. When the words “believes,” “expects,” “plans,” “projects,” “estimates,” and similar expressions are used, they identify forward-looking statements. These forward-looking statements are based on Management’s current beliefs and assumptions and information currently available to Management and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Information concerning factors that could cause our actual results to differ materially from these forward-looking statements can be found in our periodic reports filed with the Securities and Exchange Commission. We undertake no obligation to publicly release revisions to these forward-looking statements to reflect future events or circumstances or reflect the occurrence of unanticipated events.
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