Investview, Inc. Liquidation Value

Investview, Inc. (INVU) presents a negative liquidation posture as of March 31, 2026, consistent with its micro-cap, multi-segment operating profile. The MFFAIS-computed cash liquidation value is approximately $3.8 million, liquid liquidation value $4.4 million, and operating liquidation value $5.0 million — all figures that are modest in absolute terms and reflect a company whose recoverable asset base is thin relative to its contingent and accrued liability exposure.

The asset side is anchored by approximately $4.5 million in cash and cash equivalents (100% recovery) and a digital asset balance carried at fair value of approximately $5.0 million under ASU 2023-08 (Bitcoin; recovery uncertain and mark-to-market volatile — the filing recorded a $1.05 million unrealized loss on digital assets in Q1 2026 alone). The company also carries a $3.25 million equity investment in an SPV organized by Dream Ventures LLC (restricted units in an early-stage nuclear enterprise), which is accounted for under the measurement alternative at cost. Under the liquidation lens, this investment is effectively zero-recovery: the units are non-marketable, transfer requires SPV consent, the underlying enterprise is early-stage, and no observable price changes were recorded. This $3.25 million asset grew from $1.25 million at December 31, 2025, reflecting a $2.0 million additional investment in Q1 2026 — capital deployed into an illiquid, speculative position at a time when operating cash flows are deteriorating. Intangible assets carry zero recovery under the liquidation lens; goodwill from the Renu Labs acquisition was fully impaired during fiscal year 2025 per the prior filing.

On the liability side, the most material items are: (1) a $3.90 million loss contingency accrued as of March 31, 2026, related to the UOKiK (Polish competition authority) administrative fine of approximately $4 million (PLN 14.7 million), classified as long-term accrued liabilities and carried at face value in liquidation; (2) related-party payables to DBR Capital under a Securities Purchase Agreement — the filing discloses $308,744 of related-party interest expense per quarter, implying substantial principal balances outstanding (the filing does not separately tag these as a balance-sheet XBRL line visible in TAG_CONTEXT, but the MD&A and notes confirm the obligation exists and has not been settled); (3) a SBA loan of $506,712 outstanding (30-year term, 3.75% interest, current portion $29,244); (4) operating lease liabilities of $59,240 (present value), substantially all current; and (5) preferred stock dividend liability of $241,300 with ongoing 13% cumulative dividend on 252,192 Series B shares ($6.3 million stated value aggregate), partially paid in digital assets each quarter.

Material contingent exposures not reflected at full face value on the balance sheet include: (a) the TPP Program customer claim risk — the company paid over $6 million to TPP, which appears to have failed to maintain its reinsurance commitments, and customer claims for cash payouts could be directed at INVU despite the company's legal position that TPP bears sole responsibility; this exposure is unquantified and not accrued; (b) the Cammarata Note dispute — a $1.55 million convertible note tendered in cash by the company but not accepted by Cammarata, with potential dilution of up to 203 million shares if conversion is ordered; not accrued as a liability; (c) Class B Units of Investview Financial Group Holdings, LLC — 563.9 million units exchangeable for up to 565 million common shares on a one-for-one basis (lock-up expired April 2025), representing a permanent potential dilution overhang and a redemption obligation at the company's option by September 2028 or earlier under certain triggers.

Operating trajectory is sharply negative: Q1 2026 revenue of $3.9 million versus $10.0 million in Q1 2025 (61% decline), with the Direct-to-Consumer segment (Conectiv) contracting 65% YoY following the UOKiK decision. Net loss before taxes was $3.9 million in Q1 2026 versus $0.7 million in Q1 2025. The company disclosed a going concern risk factor in the filing. Management's liquidity thesis relies on monetizing the SPV investment at a premium to cost — an assumption that is speculative and not contractually supported. The filing does not separately tag the DBR Capital related-party loan balances in XBRL, though they are discussed extensively in the notes; this gap prevents TAG_CONTEXT-based quantification of that liability. Filing discusses digital asset balances and the SPV equity investment in MD&A but these are not present in TAG_CONTEXT XBRL tags, limiting tag-level analysis to items separately enumerated below.