Mon, Sep 30, 9:11 PM (81 days ago)
Visium Technologies, Inc. reported significant financial challenges in its fiscal year ending June 30, 2024, including a net loss of approximately $2.88 million, up from $3.31 million in the previous year. The company's total assets dwindled to $8.46 thousand, with total liabilities reaching $5.15 million, resulting in a working capital deficit of $5.15 million. Operating expenses increased to $2.59 million, primarily due to a rise in selling, general, and administrative costs. The company generated no revenue during this period. Visium's strategic focus includes the commercialization of its TruContext™ cybersecurity platform, with a notable contract valued at over $20 million for data center design and construction in Côte d’Ivoire and Benin. However, as of the report date, no activity related to this contract had commenced. The company faces substantial going concern risks, as highlighted by recurring losses and a reliance on debt and equity financing. Management is actively seeking ways to raise capital to sustain operations. Additionally, the resignation of three board members in July 2024 further complicates governance during these tumultuous times. Overall, Visium's financial condition remains precarious, with significant uncertainties regarding its operational viability and market position.