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Visium Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no net revenues and operating expenses of $370,466, down from $536,503 in the same quarter the previous year. The decrease in expenses is attributed to reduced consulting fees and stock-based expenses.
The company reported a net income of $326,616 for the quarter, compared to a net loss of $588,699 in the previous year. This improvement is primarily due to a gain on debt write-off amounting to $725,059.
Interest expense for the quarter was $54,088, compared to $46,530 in the same quarter of the previous year. The increase is attributed to changes in interest-bearing note balances.
Cash used in operating activities was $110,600, while cash provided by financing activities was $110,245, primarily from the issuance of promissory notes.
Visium had a working capital deficit of $4,701,680 as of September 30, 2024. The company continues to rely on financing activities to meet its obligations.
The filing highlights the company's focus on its TruContextTM platform, which provides cybersecurity visualization and analytics. The platform is being commercialized for various use cases, including threat intelligence and IT infrastructure security.
Visium is entering the data center design and construction market, with a contract valued at over $20 million for projects in Côte d’Ivoire and Benin. No activities have commenced under this contract as of the filing date.
The company acknowledges its dependence on future financing to continue operations and execute its business plan. Management plans to issue additional equity and debt securities to meet capital requirements.
The filing also details changes in stockholders' equity, including the issuance of shares for debt conversion and stock-based compensation.
Visium identified material weaknesses in its internal controls over financial reporting, including the lack of formal written policies and segregation of duties.
The company does not anticipate any cash dividend payments to common stockholders in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Visium Technologies Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.