Coincidence or not I have no idea but less than 24 hours after we called them out on it, Investview disclosed iGenius in new SEC filings.
Well, sort of.
Full disclosure to the SEC would see Investview disclosing
- the basics of their ndau passive investment opportunity
- the basics of their CryptoElite passive investment opportunity
- who exactly from EndoTech developed their trading bot
- audited financial reports revealing alleged generated trading revenue
What I can confirm off the bat is Investview’s February 16th 10-Q filing contains
- no mention of EndoTech
- no mention of CryptoElite
- no disclosures pertaining to their trading bot
- no audited financial reports pertaining to crypto bot trading
Investview’s 10-Q covers the 3rd quarter ending December 31st, 2020.
Net income of $1.72 million is recorded, against a backdrop of millions in losses ($4.3 million lost this financial year to date).
Such to the extent iGenius is disclosed;
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.
And here’s how Investview describes iGenius’ business activities;
Our largest subsidiary is iGenius, LLC (formerly Kuvera LLC), which delivers financial education, technology and research to individuals through a subscription-based model.
iGenius, LLC provides research, education, and investment tools designed to assist the self-directed investor in successfully navigating the financial markets.
These services include research, trade alerts, and live trading rooms that include instruction in equities, options, FOREX, ETFs, binary options, crowdfunding and cryptocurrency sector education.
In addition to trading tools and research, we also offer full education and software applications to assist the individual in debt reduction, increased savings, budgeting, and proper tax management.
Each product subscription includes a core set of trading tools/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.
As you can see, there’s nothing about the CryptoElite passive investment opportunity offered in partnership with EndoTech.
Nor is there any mention of iGenius’ ndau passive investment opportunity.
Bearing in mind that CryptoElite has been part of Investview’s Kuvera Global since at least November 2020…
…is this disclosure as to cryptocurrency held by Investview:
We hold cryptocurrency-denominated assets (“cryptocurrencies”) and include them in our consolidated balance sheet as other current assets.
We record cryptocurrencies at fair market value and recognize the change in the fair value of our cryptocurrencies as an unrealized gain or loss in the consolidated statements of operations.
During the nine months ended December 31, 2020 we recorded $(27,582) and $458,037 as a total realized and unrealized gain (loss) on cryptocurrency, respectively.
During the three months ended December 31, 2020 we recorded $(28,678) and $281,220 as a total realized and unrealized gain (loss) on cryptocurrency, respectively.
So a company marketing a supposedly profitable crypto trading bot… is losing cryptocurrency themselves?
Shouldn’t y’know, Investview pump some of their crypto into CryptoElite and catch an Elon tesla lambo to the moon or something?
Oh and bear in mind these are unaudited reportings, because Investview’s long-time financial auditor bailed a week before they announced iGenius last month.
Investview’s crypto mining scheme Apex is also still in a mess:
On June 30, 2020, we temporarily discontinued the APEX program to assess the delays, audit the transaction and determine our ability to meet the lease commitments.
The assessment took place in July and August and indicated we would not be able to meet the APEX lease obligations and would be in default to the lease holders.
In September, our board of directors voted to approve a buyback program wherein all APEX purchasers were offered a 48-month promissory note to ensure a 125% return of their purchase price in exchange for cancellation of the lease and our purchase of all rights and obligations under the lease.
The buyback program also ensured all APEX purchasers were able to purchase a protection plan from a third-party provider, wherein each purchaser could protect their initial purchase price and obtain 50% of their APEX purchase price at five years or 100% of the APEX purchase price at ten years.
As a result of the buyback program we were able to enter into notes with third parties totaling $19,149,500 (see NOTE 6) and notes with related parties of $237,720 (see NOTE 5) in exchange for $474,155 worth of customer advances on the APEX leases and $22,889,331 of the net APEX lease liability (see table below).
The exchange resulted in a gain on settlement of debt of $117,805 with related parties, recorded as contributed capital (see NOTE 8) and a gain on settlement of debt of $3,858,461 with third parties, recorded on our income statement.
Sounds like a whole lotta kicking the can down the road.
BehindMLM reviewed Apex in October 2019. From the above sounds like it’s going swell.
Investor losses from Investview’s original Kuvera Global mining Ponzi offering were palmed off to Westmyn and Travis Bott in Feb 2020.
Like with CryptoElite, if Apex’s mining operations were profitable, it stands to reason Investview would utilize the service to dig themselves out of their financial hole.
We have incurred significant recurring losses, which have resulted in an accumulated deficit of $50,855,326 as of December 31, 2020, along with a net loss of $4,375,768 for the nine months ended December 31, 2020.
These factors raise substantial doubt about our ability to continue as a going concern.
Yet here we are. And no doubt Apex is just as legitimate as the original Kuvera Global mining offering was.
Our APEX program, administered by APEX Tek, LLC, could not sustain operations nor withstand the worldwide supply issues experienced by COVID. As a result, the Company was forced to permanently cancel the APEX program.
While SAFETek, LLC will continue to operate our digital mining operations, we have entered buy back agreements for each of the APEX leases.
SafeTek == Apex == Investview. Once again the company is palming off investor losses.
So if Investview isn’t confident enough to use its CryptoElite trading bot for itself, and the crypto mining is a wash – where is the company’s revenue coming from?
The majority of our revenue is generated by subscription sales and payment is received at the time of purchase.
Schmucks buying into Apex and iGenius, i.e. affiliate membership fees.
Oh and a $500,000 U.S. Small Business Administration loan acquired in April 2020.
The terms of the loan are 3.75% PA, with repayments due this April.
Maybe with the official launch of iGenius last month 2021 will be the year the SEC takes a closer look into Investview’s unregistered securities offerings.
Why anyone would think a company $50 mill in debt had access to a profitable crypto trading bot is beyond me.
EndoTech’s only claim to fame thus far is their failed Daisy AI securities fraud launch.
CryptoElite exit-scam when?