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Visium Technologies Inc (VISM+28.57%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing no net revenues and operating expenses of $280,558 for the three months ended December 31, 2024. The company reported a net loss of $381,780 for the quarter.
Visium's cash balance as of December 31, 2024, was $6,655, down from $8,456 at the end of June 2024. The company had total current liabilities of $4,993,619 and a stockholders' deficit of $4,986,964 as of December 31, 2024.
The company issued 33,666,490 shares of common stock during the six months ended December 31, 2024, related to the conversion of $141,399 of convertible notes payable.
Visium Technologies Inc continues to focus on its cybersecurity platform, TruContext™, which provides real-time actionable insights into network data. The company secured a $20 million contract in November 2023 to oversee data center projects in Côte d’Ivoire and Benin, though no activities have commenced under this contract as of December 31, 2024.
The company identified material weaknesses in its internal controls over financial reporting, including a lack of formal written policies and procedures and insufficient segregation of duties.
Visium Technologies Inc plans to finance its operations through a mix of equity and debt financing and anticipates needing to raise approximately $180,000 annually to cover its public company costs.
The company faces liquidity challenges, with a working capital deficit and reliance on external financing to meet its obligations and fund operations.
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 February 14, 2025. To report an error, please email earnings@qz.com.