Investview (“INVU”) Reports Strong Year-Over-Year Growth in
- $7.9 million in net revenue for 3rd quarter (an increase of $2.9m or 59% year over year)
- $1.7 million in net income for 3rd quarter (an increase of $5.5m or 145% year over year)
- Cash, cash equivalents and restricted cash increased by $1.4 million during the nine months ended December 31, 2020 (from $137,000 at March 31, 2020 to $1.6 million at December 31, 2020). 2020)
- Decrease of $12 million in current liabilities during the nine months ended December 31, 2020 (from $20.7 million as of March 31, 2020 to $8.7 million as of December 31, 2020)
- Reduction of $45.6 million in future debts
Eatontown, New Jersey, Feb. 16 28, 2021 (GLOBE NEWSWIRE) — Investview, Inc. (OTCQB:INVU), a diversified fintech company that, through its subsidiaries and global distribution network, provides fintech, education tools, content, research and management of digital assets technologies with a focus on Bitcoin mining and the new generation of digital assets, released its financial report (Form 10-Q) for the third quarter of fiscal 2021.
“It was a strong third quarter for our entire product portfolio, with consistent month-over-month growth. This is a testament to Investview, to execute our mission to diversify into profitable sectors and provide education and access to cutting-edge financial technology, information and tools that enable individuals to improve their quality of life The world is changing before our eyes and everything we expected with the maturity of financial technology is happening at at an accelerated pace. From balancing a checkbook to trading bitcoin, we are preparing individuals around the world to improve their financial situation and providing the education and technology to do so.” said Joe Cammarata, CEO of Investview.
Investview has refocused corporate goals and subsidiaries to achieve fintech goals. The four pillars of this initiative include mining, education, financial trading tools, and the recently announced ndau digital currency product packages. Our businesses in support of digital currency and blockchain technologies currently support our revenue growth, but more importantly, they support the fintech platforms that will enable individuals around the world to become bankable.
Mario Romano, Chief Financial Officer added, “Our third quarter results demonstrate the impact of the changes we have made over the past twelve months. We are accelerating our revenue growth and increasing our productivity. We see the change in the global financial landscape and we are ready to do our part to educate self-directed retail investors to take part in this evolution.
Third Quarter Fiscal 2021 Financial Highlights
- Consolidated net turnover increased by $2.9 millionor 59% from $5 million to $7.9 million
- Consolidated net income increased by $5.5 millionor 145%, from a net loss of $3.8 million to a net profit of $1.7 million
Nine Months Ended 12/31/20 Fiscal 2021 Financial Highlights
- Cash, cash equivalents and restricted cash increased by $1.4 million from $137,000 to $1.6 million
- Consolidated current liabilities decreased by $12 million from $20.7 million to $8.7 million
- Future debt securities were reduced by $45.6 million
The company’s ability to address the challenges posed by COVID-19 and take the definitive actions necessary to protect and preserve business operations contributed to the positive performance in the third quarter of fiscal 2021. This included the shutdown of the APEX program on June 30.and, 2020 which had created a total debt of over $65 million, of which $23 million had been recorded on our balance sheet with an additional $42 million of interest expense to be recorded over the following five years. Management was able to successfully redeem our bonds under the APEX program during the three months ended December 31st, 2020 in exchange for promissory notes totaling $19.5 million, resulting in a reduction of $45.56 million in our total debt obligations, of which $3.9 million was recorded as gain on debt settlement in the three months ended December 31, 2020 and the remaining $42 million will be eliminated from our future interest expense. Although this restructuring of our debt securities contributed to the decrease of only $864,000 in total liabilities, from $24.6 million at March 31, 2020 to $23.8 million at December 31, 2020, the savings of 42 million in interest expense over the next 5 years is worth it.
“We are extremely pleased with our performance for the three quarters of fiscal 2021, which was delivered in a very challenging operating environment amid the COVID-19 pandemic. We are executing on our multi-year plan and are pleased to see it generating revenue and profitability,” added Joe Cammarata, CEO.
Based on recent events in the online retail investor space, we see that the need has never been greater for comprehensive investor education which we currently offer in over 100 countries across the world. The growth of self-directed individual investors due to social media and other informational forums turns our attention to the intended ownership of an online broker dedicated to serving the needs of this profile of trader. (Reference: Investview (“INVU”) enters $11 million stock purchase with press release from strategic fintech partner, April 2020) With the ability to educate and identify the tools required by today’s multi-generational investor base, we have a unique opportunity to deliver a cutting-edge trading experience.
Although the extent and duration of the COVID-19 pandemic and its impact on general economic conditions remain uncertain, the Company continues to monitor the impact of the outbreak on its operations and financial condition. Please note that the continuing uncertainties surrounding the impact of COVID-19 on the Company’s business, which may include the economic impact on its operations, raw material costs, consumers, suppliers, vendors and other factors beyond its control, may have a material adverse effect on the financial prospects of the Company.
About Investview, Inc.
Investview, Inc. is a diversified financial technology and global distribution organization that operates through its subsidiaries to provide financial education tools, content, research and digital asset technology management that operates cryptocurrencies, with a focus on Bitcoin mining and digital asset generation. . For more information about Investview and its family of wholly owned subsidiaries, please visit: www.investview.com.
All statements in this release that are not based on historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe”, “expect”, “may”, “should”, “could”, “seek”, “have intend to”, “plan”, “target”, “estimate”, “anticipate” or other comparable terms. These forward-looking statements are based on Investview’s current beliefs and assumptions and on information currently available to Investview and involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from those results, performance future achievements or achievements expressed or implied by these forward-looking statements. Further information about potential factors that could affect Investview’s financial results is included from time to time in Investview’s public reports filed with the United States Securities and Exchange Commission (the “SEC”), including the company’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Forward-looking statements made in this release speak only as of the date of this release, and Investview, Inc. (“INVU”) undertakes no obligation to update such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.
Contact: Mario Romano
Phone number: 732.889.4308
E-mail: [email protected]