Wed, May 15, 8:36 PM (72 days ago)
Visium Technologies, Inc. reported a net loss of $2.28 million for the nine months ended March 31, 2024, compared to a $2.49 million loss in the same period in 2023. The company's operating expenses increased to $2.06 million from $1.64 million, driven by higher stock-based consulting and compensation expenses. Despite these costs, development expenses decreased significantly to $67,256 from $175,707. Other income and expenses showed a net negative impact, including a gain on derivative liabilities and a loss on debt extinguishment. Interest expenses rose to $253,256 due to higher note balances. The balance sheet reflects a challenging financial position with total assets of $27,693 against total liabilities of $4.94 million, resulting in a stockholders' deficit of $4.91 million. Cash flow from operations showed a net use of $367,549, indicating a reliance on financing activities to meet cash needs. The company raised funds through promissory and convertible notes, totaling $365,814 in financing activities. Visium's ability to continue as a going concern is uncertain, with substantial doubt raised by its significant net losses, negative working capital, and reliance on additional financing. Management plans to address these issues through further equity and debt securities issuance. The company's recent contract in West Africa for data center construction, valued at over $20 million, has yet to generate activity as of the report date.