Visium Technologies Files 2024 10-K

TL;DR

Visium Tech's 2024 10-K is in! Assets hit $214M. Check it out.

AI Summary

Visium Technologies, Inc. filed its 10-K for the fiscal year ending June 30, 2024, reporting total assets of $213,953,591. The company, formerly known as NuSTATE ENERGY HOLDINGS, INC., operates in computer programming services. The filing details financial performance and operational aspects for the period.

Why It Matters

This filing provides a comprehensive overview of Visium Technologies' financial health and operational status for the past fiscal year, crucial for investors and stakeholders to assess the company's performance and future prospects.

Risk Assessment

Risk Level: medium — The company has a history of name changes and operates in a competitive sector, which can indicate potential volatility or strategic shifts.

Key Numbers

• $213.96M — Total Assets (As of the fiscal year ending June 30, 2024.)
• 06-30 — Fiscal Year End (The reporting period concludes on this date annually.)
• FL — State of Incorporation (Indicates the legal domicile of the company.)

Key Players & Entities

• VISIUM TECHNOLOGIES, INC. (company) — Filer
• NuSTATE ENERGY HOLDINGS, INC. (company) — Former Company Name
• Fittipaldi Logistics, Inc. (company) — Former Company Name
• POWER2SHIP INC (company) — Former Company Name
• 7371 (industry_code) — Standard Industrial Classification
• $213,953,591 (dollar_amount) — Total Assets
• 2024-06-30 (date) — Fiscal Year End

FAQ

Key Financial Figures

• $0.0001 — (g) of the Act: Common Stock, par value $0.0001 Indicate by check mark if the registra
• $0.0169 — 3 was $ 1,008,487 , at a share price of $0.0169 on that date. For purposes of this calc
• $20 million — ntract in November, 2023 valued at over $20 million from its partner, Cybastion Institute o
• $0.0027 — e OTC Pink on September [20], 2024, was $0.0027. Recent Developments Resignation of
• $62.7 million — an accumulated deficit of approximately $62.7 million as of June 30, 2024. These factors, amo
• $5.15 million — rking capital deficit was approximately $5.15 million as of June 30, 2024. This deficit consi
• $8,456 — June 30, 2024. This deficit consists of $8,456 in current assets, offset by $5,157,000
• $5,157,000 — of $8,456 in current assets, offset by $5,157,000 in current liabilities. In addition, we
• $488,300 — ar ended June 30, 2024 of approximately $488,300. We do not have any liquid or other ass
• $1,852,431 — future. 6 Table of Contents We had $1,852,431 of convertible notes, notes payable, an
• $1,344,042 — t payable as of June 30, 2024, of which $1,344,042 of this amount is past due, and we do n
• $481,383 — urrent fiscal year. Currently, there is $481,383 principal amount of the convertible not
• $355,000 — rtible notes payable which is past due, $355,000 principal of the notes payable which is
• $507,659 — he notes payable which is past due, and $507,659 of accrued interest which is past due.

Filing Documents

• vism_10k.htm (10-K) — 1433KB
• vism_ex311.htm (EX-31.1) — 9KB
• vism_ex312.htm (EX-31.2) — 9KB
• vism_ex321.htm (EX-32.1) — 6KB
• vism_ex322.htm (EX-32.2) — 5KB
• vism_10kimg2.jpg (GRAPHIC) — 7KB
• vism_10kimg4.jpg (GRAPHIC) — 3KB
• vism_10kimg1.jpg (GRAPHIC) — 5KB
• 0001654954-24-012507.txt ( ) — 6080KB
• vism-20240630.xsd (EX-101.SCH) — 65KB
• vism-20240630_lab.xml (EX-101.LAB) — 340KB
• vism-20240630_cal.xml (EX-101.CAL) — 43KB
• vism-20240630_pre.xml (EX-101.PRE) — 289KB
• vism-20240630_def.xml (EX-101.DEF) — 161KB
• vism_10k_htm.xml (XML) — 931KB

Business

Item 1. Business. 4

Risk Factors

Item 1A. Risk Factors. 6

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 9

Cybersecurity

Item 1C. Cybersecurity

Properties

Item 2. Properties. 9

Legal Proceedings

Item 3. Legal Proceedings. 9

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 9 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 10

Selected Financial Data

Item 6. Selected Financial Data. 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 10

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 19

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. 19

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 19

Controls and Procedures

Item 9A. Controls and Procedures. 19

Other Information

Item 9B. Other Information. 20 PART III

Executive Compensation

Item 11. Executive Compensation. 24

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters. 26

Certain Relationship and Related Party Transactions, and Director Independence

Item 13. Certain Relationship and Related Party Transactions, and Director Independence. 27

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. 29 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules. 30 3 Table of Contents PART I

Business

Item 1. Business Overview Visium Technologies, Inc. ("Visium") was incorporated in Nevada as Jaguar Investments, Inc. during October 1987. During March 2003, a wholly owned subsidiary of the Company merged with Freight Rate, Inc., a development stage company in the logistics software business. During May 2003, the Company changed its name to Power2Ship, Inc. During October 2006, the Company merged with a newly formed, wholly owned subsidiary, Fittipaldi Logistics, Inc., a Nevada corporation, with the Company surviving but its name changed to Fittipaldi Logistics, Inc. effective November 2006. During December 2007, the Company merged with a newly formed, wholly owned subsidiary, NuState Energy Holdings, Inc., a Nevada corporation, with the Company surviving but renamed NuState Energy Holdings, Inc. effective December 2007. In March 2018, the Company brought in a new management team and changed its name to Visium Technologies, Inc. Visium is a provider of IT infrastructure professional services including network engineering, system engineering, converged infrastructure deployment, software development, and cybersecurity services. Visium's proprietary cyber security visualization, big data analytics and automation platform operates in the traditional cyber security space, as well as in the Internet of Things and data analytics spaces. In March 2019, Visium entered into a software license agreement with MITRE Corporation to license a patented technology known as CyGraph, a tool for cyber warfare analytics, visualization and knowledge management. CyGraph is a military-grade, highly scalable big data analytics tool for cyber security, using graph database technology. The development of the technology was sponsored by the US Army and is currently in use by U.S. Army Cyber Command. CyGraph provides advanced analytics for cybersecurity situational awareness that is scalable, flexible and comprehensive. Visium has completed significant proprietary product development eff

Risk Factors

Item 1A. Risk Factors Investing in our securities involves a high degree of risk. Before investing in our common stock, you should carefully consider the risks described below, as well as the other information in this Annual Report, including our consolidated financial statements and the related notes. In addition, we may face additional risks and uncertainties not currently known to us, or which as of the date of this Annual Report we might not consider significant, which may adversely affect our business. If any of the following risks occur, our business, financial condition and results of operations could be materially adversely affected. In such case the trading price of our common stock and warrants could decline due to any of these risks or uncertainties, and you may lose part or all of your investment. Risks Related to Our Business Management and our independent auditors have raised substantial doubts as to our ability to continue as a going concern . Our financial statements have been prepared assuming we will continue as a going concern. Since inception we have experienced recurring net losses which losses caused an accumulated deficit of approximately $62.7 million as of June 30, 2024. These factors, among others, raise substantial doubt about our ability to continue as a going concern. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our future performance will depend on the continued engagement of key members of our management team. Our future performance depends to a large extent on the continued services of members of our current management and other key personnel. While we have employment agreements with certain of our executive officers and key employees, the failure to secure the continued services of these or other key personnel for any reason, could have a material adverse effect on our business, operations, and prospects. We currently do not carry "key man insurance" on any

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View this 10-K filing on SEC EDGAR