Visium Technologies, Inc. reported its financial results for the three months ended September 30, 2024, showing a notable turnaround in performance compared to the same period in 2023. The company achieved a net income of $326,616, a significant improvement from a net loss of $(588,699) in the prior year, marking an increase of 155.5%. This positive shift was attributed to a substantial gain on the extinguishment of debt amounting to $725,059, compared to a gain of $54,730 in the previous year.

Total operating expenses for the quarter decreased to $370,466, down approximately 30.9% from $536,503 in Q3 2023. This reduction was primarily driven by lower consulting fees, stock-based compensation, and legal expenses. Selling, general, and administrative expenses also fell to $370,466 from $508,140, reflecting a decrease of 27%. The company anticipates that these expenses will remain stable for the remainder of fiscal 2025.

Visium's total other income for the quarter was $697,082, a stark contrast to total other expenses of $(52,196) in the same quarter of 2023, resulting in an increase of 1,435.5%. The company reported a net cash used in operating activities of $(110,600), a decrease from $(145,709) in the prior year, indicating improved cash management.

As of September 30, 2024, Visium's cash balance stood at $8,102, a slight decline from $8,456 at the end of June 2024. The company’s total current liabilities decreased to $4,709,782 from $5,157,425, while the total stockholders’ deficit improved to $(4,701,680) from $(5,148,969).

Strategically, Visium has focused on its TruContextTM platform, a rebranding of its CyGraph technology aimed at enhancing cybersecurity analytics. The company was awarded a significant contract valued at over $20 million for data center design and construction in Côte d’Ivoire and Benin, although no activity had occurred under this contract as of the reporting date.

Visium's operational challenges include a working capital deficit of approximately $4.7 million and the need to raise about $180,000 annually to cover recurring costs associated with being publicly traded. The company has also identified material weaknesses in its internal control over financial reporting, which management is addressing.

Overall, Visium Technologies is navigating a complex financial landscape while pursuing growth opportunities in the cybersecurity sector, with a focus on improving its operational efficiency and financial stability.