The Light at the End of the Tunnel
Investview filed quarterly results for the first quarter of fiscal 2019 showing continued growth over all prior periods.
Gross Billings increased 235% from $3,190,087 for the quarter ending 6/30/2017 to $10,680,256 for this quarter ending 6/30/2018. Net Revenue increased 152% from $2,977,802 to $7,511,821 for the same periods. As indicated in our annual filing, revenue growth is the first step, but all focus must be geared toward profitability.
Other Income for this quarter was $141,369 versus a loss for the same quarter last year of $3,821,141.This resulted in a reduction of the Total Net Loss to $1,375,113 versus $4,848,836 for the same quarter last year, which is a reduction of the Company's Net Loss of over 70%.
The quarterly report states the Company has "implemented a series of adjustments to our affiliate bonus plan. These adjustments are designed to bring the maximum payout percentage in line with company objectives. During this and prior periods, the bonus plan had exceeded maximum payouts and paid out near the maximum percentage."
"Had the adjustments been in place this quarter the net reduction on operating costs and expenses would have been reduced by an estimated $1.6 million, which would have eliminated the Net Loss from operations, and created a Net Profit as well as providing positive cash flow from operations. This demonstrates our management plan and action is on the right track," said William Kosoff, Chief Financial Officer.
Mario Romano, Director of Finance added, "The Company is driving towards profitability as our primary objective but not at the expense of our services. Instead, we will do this by continuing to release innovative products, eliminating operational redundancies and delivering our message to individuals in all corners of the world."
Investview's full 10-Q can be found by visiting the following edgar link:
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
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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.
SOURCE: Investview, Inc.