Visium Technologies Reports Improved Net Loss of $55,164 for Six Months Ending December 31, 2024

Visium Technologies, Inc. reported its financial results for the six months ending December 31, 2024, revealing a net loss of $55,164, a significant improvement compared to a net loss of $1,797,007 during the same period in 2023. The company did not generate any revenue during this period, consistent with its performance in the previous year. Operating expenses decreased to $651,023 from $1,639,117, primarily due to reduced selling, general, and administrative expenses, which fell from $1,591,308 to $650,948. This reduction was attributed to lower stock-based compensation and consulting expenses.

In terms of financial position, Visium's total assets remained minimal, with cash at $6,655 as of December 31, 2024, down from $8,456 at the end of June 2024. The company reported total current liabilities of $4,993,619, a slight decrease from $5,157,425 in the previous fiscal period. The stockholders' deficit improved to $(4,986,964) from $(5,148,969), reflecting a reduction in accumulated losses. The number of shares outstanding increased to 265,470,081, up from 213,953,591, due to the conversion of debt into equity.

Strategically, Visium has made significant moves, including securing a $20 million contract in November 2023 with Cybastion Institute of Technology to design and construct data centers in Côte d’Ivoire and Benin. However, as of the end of December 2024, no activities had commenced under this contract. The company continues to focus on its TruContext™ cybersecurity platform, which integrates advanced analytics and automation to enhance cybersecurity operations. The platform aims to provide real-time insights and improve decision-making for security analysts.

Operationally, Visium's employee count stood at five full-time employees as of December 31, 2024. The company has not reported any significant customer growth or engagement metrics, as it has yet to generate revenue from its products. The management has indicated that it plans to finance its operations through a mix of equity and debt financing, with an anticipated need to raise approximately $180,000 annually to cover recurring costs. The company’s ability to continue as a going concern is contingent upon securing necessary financing to meet its obligations and fund future operations.

Looking ahead, Visium's management has expressed cautious optimism about its ability to improve financial performance and operational stability. However, they acknowledge the challenges posed by market conditions, competition, and the need for effective capital management. The company has outlined plans to enhance its internal controls and financial reporting processes, which are currently deemed inadequate. The outlook remains uncertain, with management emphasizing the importance of securing additional funding to support its strategic initiatives and operational needs.