EDGAR 10-K Filing

Company CIK: 1082733
Filing Year: 2025
Filename: 1082733_10-K_2025_0001654954-25-011506.json

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ITEM 1. 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, Artificial Intelligence application development, and cybersecurity services. The Company provides a comprehensive suite of cybersecurity and AI solutions. 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 efforts to commercialize CyGraph, which the Company has rebranded as TruContextTM.
TruContext™ is a sophisticated tool for cyber warfare analytics, visualization, and knowledge management. It is built as a highly scalable big data analytics tool, specifically leveraging graph database technology. The platform provides advanced analytics for cybersecurity situational awareness, emphasizing scalability, flexibility, and comprehensiveness. It excels at the real-time ingestion and visualization of massive amounts of data, thereby simplifying the analytical effort for cybersecurity professionals. A core strength of TruContext™ lies in its ability to analyze highly connected data in real-time from any source, making connections between disparate data points. This capability is further enhanced by a no-code user interface that allows analysts to combine, layer, filter, and query data in ways that traditional analytics platforms often cannot.
The "graph database technology" for analyzing "highly connected data" represents a critical technological advantage for the Company's AI capabilities. In cybersecurity, understanding the complex, multi-dimensional relationships between users, devices, IP addresses, threats, and events is paramount. Traditional relational databases often struggle with these intricate connections, requiring computationally intensive operations. Graph databases, however, are purpose-built for modeling and querying such relationships efficiently. This allows TruContext™ to uncover deeper, more intuitive insights and causal relationships that might be overlooked by competing solutions. This technological choice underpins the platform's advanced analytical capabilities, enabling it to provide a comprehensive contextual understanding of data that addresses the problem of siloed information and offers a superior AI-driven analytical capability. TruContextTM would typically be deployed by an enterprise and be used by the security analyst to intuitively understand the massive amount of data flowing through the network environment, giving the analyst actionable information in real-time to ensure that the network is protected from threats. The analyst will understand the relationships of the assets in the data center, the communication patterns, and cybersecurity exposures, in real-time.
The Company is entering the digital transformation and data center design and construction market after it landed a contract in November, 2023 valued at over $20 million from its partner, Cybastion Institute of Technology. The contract is to oversee the design and construction of data centers in the Republic of Côte d’Ivoire and the Republic of Benin. Visium is tasked with creating data centers that meet specific requirements and standards, ensuring optimal performance and reliability. The scope of work includes data center architecture and design, power civil engineering, controls and distribution systems, rack layouts, network topology, vendor high availability, and a comprehensive security stack solution which will include Visium’s proprietary TruContext TM cybersecurity platform. As of October 6, 2025 no activity has occurred pursuant to this contract.
The AI-driven TruContextTM platform provides visualization, advanced cyber monitoring intelligence, threat hunting, forensic and root cause analysis, data modeling, analytics, and automation to help reduce risk, simplify security, and deliver better security outcomes. Our mission is to help people see and understand data, empowering decision-makers to make more informed and more timely decisions. Our solutions put the power of data into the hands of everyday people, allowing a broad population of business users to engage with their data, ask questions, solve problems, and create value.
Our products dramatically reduce the complexity and expense associated with traditional business intelligence applications. Our software allows people to access information, perform analysis, and share results without assistance from technical specialists. By putting powerful analytical technology directly into the hands of people who make decisions with data, we accelerate the pace of informed and intelligent decision-making. Our TruContextTM platform enables our customers to reduce or streamline their siloed and layered security products, simplifying operations while providing a comprehensive solution. Our solution automates certain previously manual tasks, freeing up personnel to focus on their most important objectives.
TruContextTM can be deployed in a broad range of use cases such as cyber security threat intelligence and forensics, IT/OT critical infrastructure security, supply chain analytics, anti-fraud, law enforcement, compliance, and health care. For example, a breach of your network might go undetected for months, as was the case with the Solar Winds hack that occurred in 2019-2020. In that case the hackers went undetected for 14 months. A Solar Winds type breach may not be preventable, but with TruContextTM analyzing streaming network data in real-time, this hack would almost certainly have been identified and remediated very quickly by the affected enterprise.
TruContextTM is a very effective tool for proactively and iteratively searching through networks to detect and isolate advanced threats that evade existing security solutions. Should a breach occur, TruContextTM can quickly perform forensics and root cause analysis, identifying when an incident occurred, how it occurred, and the downstream effects of the incident to the network.
One of the top challenges faced by Security practitioners is to keep up with the increase in new cyber-attacks while investigating and remediating existing threats. Time is of the essence while investigating potential threats and determining the scope and root-cause of a potential reach.
Shortage of resources and experienced personnel continues to limit the ability of companies to conduct thorough investigations. Root cause analysis and forensics are key to intelligently securing the network.
TruContextTM directly addresses these challenges by:
Providing real-time comprehensive visualized information on security events, that
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allow the cyber warrior to immediately pinpoint the root cause of the breach; and
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know with certainty the priority and required remediation.
The real-time ingestion of and visualization of massive amounts of data simplifies the cyber effort, allowing the cyber analyst to intuitively understand the security posture of the organization at a glance.
Using TruContextTM makes the cyber analyst significantly more productive by eliminating false positives and prioritizing threat events.
TruContextTM ingests cyber data from any source, making the data generated by other cyber tools easily understood and actionable. TruContextTM give the security analyst the ability to combine, layer, filter, and query data with a no-code user interface in a way that no other analytics platform can do.
There are some sophisticated and powerful cybersecurity tools currently available, but they all lack one thing - providing a comprehensive contextualized understanding of the data. Analysts have too many tools that don’t communicate, creating silos of data/information. TruContextTM brings all the information for a comprehensive visualization.
On average, according to CrowdStrike, the time from breach to harm caused by threat actors is 98 minutes making the ability to:
1.
Identify malicious hacks in real time; and
2.
Perform threat hunting critically important for the security analyst.
Using the MITRE ATT&CK framework, along with other open source intelligence information, TruContextTM can hunt threats beyond the physical network boundary so that the analyst fully understands his security posture in real time.
TruContextTM leverages MITRE’s ATT&CK® framework, which is a globally-accessible knowledge base of adversary tactics and techniques based on real-world observations. The ATT&CK knowledge base is used as a foundation for the development of specific threat models and methodologies in the private sector, in government, and in the cybersecurity product and service community.
A use case example for TruContextTM would be in the event sensitive data is being exfiltrated from your network to an external IP address. TruContextTM has the capability to identify this activity and provide alerts that would allow the cyber analyst to quickly remediate the problem.
Another example of how TruContextTM can be used by law enforcement in the context of police investigations. TruContextTM can analyze highly connected data in real time from any source and make connections which help police solve crime. Connections are quickly made between persons, objects, locations, and events (the POLE model), generating insights into patterns of behaviors and incidents. Using real-time data with TruContextTM helps investigators be proactive and prevent crime or other incidents, rather than only reacting after an incident has occurred.
Visium currently plans to generate revenue in three (3) primary ways:
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through a virtual appliance model, primarily targeted to the Federal government, charging an annual seat license, with the seat license fee increasing based on the size of the network environment ;
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through a SaaS model, charging a recurring monthly license fee for TruContextTM based on the size of the network environment and the number of TruContextTM Identifiers (nodes); and
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through professional services to support and deliver IT infrastructure and cybersecurity solutions and services to its customers delivered through a service contract for implementation and data science services.
Partnership Ecosystem
We work with a number of technology alliance partners to design go-to-market strategies that combine our platform with products or services provided by our technology alliance partners. These partner integrations deliver more secure solutions and an improved end user experience to their customers. Our technology alliance partnerships focus on security analytics, network and infrastructure security, threat platforms and orchestration, and automation.
Visium heavily relies on our technology and infrastructure to provide our products and services to our customers. For example, we host many of our products using third-party data center facilities, and we do not control the operation of these facilities. In addition, we rely on certain technology that we license from third parties, including third-party commercial software and open-source software, which is used with certain of our solutions.
Competition
The markets for our solutions are highly competitive, and we expect both the requirements and pricing competition to increase, particularly given the increasingly sophisticated attacks, changing customer preferences and requirements, current economic pressures, and market consolidation. Competitive pressures in these markets may result in price reductions, reduced margins, loss of market share and inability to gain market share, and a decline in sales, any one of which could seriously impact our business, financial condition, results of operations, and cash flows. We may face competition due to changes in the manner that organizations utilize IT assets and the security solutions applied to them, such as the provision of privileged account security functionalities as part of public cloud providers’ infrastructure offerings, or cloud-based identity management solutions. Limited IT budgets may also result in competition with providers of other advanced threat protection solutions such as McAfee, LLC, Palo Alto Networks, Splunk Inc., and Dynatrace. We also may compete, to a certain extent, with vendors that offer products or services in adjacent or complementary markets to privileged access management, including identity management vendors and cloud platform providers such as Okta and Tableau.
Employees
At October 6, 2025, we had 5 full time employees.
Our principal offices are located at 4094 Majestic Lane, Suite 360, Fairfax, Virginia 22033. We currently operate in a virtual office arrangement. Our telephone number is (703) 273-0383.
Our common stock is quoted on the OTC ID Market under the symbol “VISM”. The last reported sales price of our common stock on the OTC ID on October 3, 2025, was $0.0075.
Recent Developments
On July 1, 2025 Visium began trading on the new Over-the-Counter Identification (“OTCID”) exchange. The OTCID is meant to replace the “Pink Current” tier, and is intended to establish baseline requirements for companies, including the submission of current information disclosures and management certifications. OTC Markets will still maintain the Pink Limited and Expert Market tiers for companies that do not meet the OTCID criteria.

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ITEM 1A. 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 $64.1 million as of June 30, 2025. 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 of our executives.
We currently have a working capital deficit and negative cash flow from operations and are uncertain if and when we will be able to pay our current liabilities.
Our working capital deficit was approximately $5.84 million as of June 30, 2025. This deficit consists of $67,644 in current assets, offset by $5,908,509 in current liabilities. In addition, we had negative cash flow from operations for the year ended June 30, 2025 of approximately $411,177. We do not have any liquid or other assets that can be liquidated to pay our current liabilities while we continue to incur additional liabilities to our officer and certain service providers who are working to prepare the documents required to be filed with the Securities and Exchange Commission to enable our common shares to be registered for trading. Since we currently have limited operations, the only ways we have of paying our current liabilities are to issue our common or preferred shares to our creditors or to issue unsecured promissory notes which may include certain features such as convertibility into common or preferred shares or warrants to purchase additional common or preferred shares in the future.
We had $1,593,484 of convertible notes, notes payable, and accrued interest payable as of June 30, 2025, of which $1,117,285 of this amount is past due, and we do not have the funds necessary to pay these obligations.
In addition to funding our operating expenses, we need capital to pay various debt obligations totaling approximately $1,117,285 as of June 30, 2025 which are either currently past due or which are due in the current fiscal year. Currently, there is $190,450 principal amount of the convertible notes payable which is past due, $535,000 principal of the notes payable which is past due, and $391,835 of accrued interest which is past due. The interest on the past due principal amounts will continue to accrue monthly at their stated rates. Holders of past due notes do not have a security interest in our assets. The existence of these obligations provides additional challenges to us in our efforts to raise capital to fund our operations.
In the event we consummate a transaction with a profitable company, we may not be able to utilize our net operating loss carryover which may have a negative impact on your investment.
If we enter into a combination with a business that has operating income, we cannot assure you that we will be able to utilize all or even a portion of our existing net operating loss carryover for federal or state tax purposes following such a business combination. If we are unable to make use of our existing net operating loss carryover, the tax advantages of such a combination may be limited, which could negatively impact the price of our stock and the value of your investment. These factors will substantially increase the uncertainty, and thus the risk, of investing in our shares.
Economic conditions may affect our ability to obtain financing.
Due to general economic conditions, rapid technological advances being made in some industries, and shortages of available capital, our management believes that there are numerous firms seeking even the limited additional capital which we will need. In light of these economic conditions, we may have difficulty raising sufficient capital to support potential business opportunities. These factors substantially increase the uncertainty, and thus the risk, of investing in our shares.
There are a number of factors related to our common stock which may have an adverse effect on our shareholders.
Shareholders’ interests in our Company will be diluted and investors may suffer dilution in their net book value per share if we issue additional shares or raise funds through the sale of equity securities. In the event that we are required to issue additional shares, enter into private placements to raise financing through the sale of equity securities, the interests of existing shareholders in our Company will be diluted and existing shareholders may suffer dilution in their net book value per share depending on the price at which such securities are sold. If we do issue additional shares, it will cause a reduction in the proportionate ownership and voting power of all existing shareholders.
Any significant cybersecurity incident or disruption of our information technology systems or those of third-party partners could materially damage user relationships and subject us to significant reputational, financial, legal and operation consequences.
We may depend on our information technology systems, as well as those of third parties, to develop new products and services, host and manage our services, store data and process transactions. Any material disruption or slowdown of our systems or those of third parties upon whom we depend could cause outages or delays in our services, particularly in the form of interruption of services delivered by our website, which could harm our brand and adversely affect our operating results. Our failure to implement adequate cybersecurity protections could subject us to claims for any breach of security, particularly if it results in disclosure of information relating to our customers. If changes in technology cause our information technology systems, or those of third parties whom we depend upon, to become obsolete, or if our or their information systems are inadequate to handle our growth, we could lose users, and our business and operating results could be adversely affected.
Risks Related to Our Corporate Structure and Ownership of Our Securities
We have certain provisions in our Articles of Incorporation and Bylaws, and there are other provisions under Florida law, that may serve to make a takeover of our Company more difficult.
Provisions of our articles of incorporation and bylaws may delay or prevent a takeover which may not be in the best interests of our stockholders. Provisions of our articles of incorporation and bylaws may be deemed to have anti-takeover effects, which include when and by whom special meetings of our stockholders may be called, and may delay, defer, or prevent a takeover attempt. In addition, certain provisions of Florida law also may be deemed to have certain anti-takeover effects which include that control of shares acquired in excess of certain specified thresholds will not possess any voting rights unless these voting rights are approved by a majority of a corporation’s disinterested stockholders.
Future capital raises may dilute our existing stockholders’ ownership and/or have other adverse effects on our operations.
If we raise additional capital by issuing equity securities, our existing stockholders’ percentage ownership may decrease, and these stockholders may experience substantial dilution. If we raise additional funds by issuing debt instruments, these debt instruments could impose significant restrictions on our operations, including liens on our assets. If we raise additional funds through collaborations and licensing arrangements, we may be required to relinquish some rights to our technologies or products, or to grant licenses on terms that are not favorable to us or could diminish the rights of our stockholders.
We do not anticipate paying any cash dividends on our common stock in the foreseeable future; therefore, capital appreciation, if any, of our common stock, will be your sole source of gain for the foreseeable future.
We have never declared or paid cash dividends on our common stock. We do not anticipate paying any cash dividends on our common stock in the foreseeable future. We currently intend to retain all available funds and any future earnings to fund the development and growth of our business. In addition, future loan arrangements, if any, may contain, terms prohibiting or limiting the amount of dividends that may be declared or paid on our common stock. As a result, capital appreciation, if any, of our common stock, will be your sole source of gain for the foreseeable future.
Voting power of our shareholders is highly concentrated by insiders.
Our officers and directors control, either directly or indirectly, a substantial portion of our voting securities. As of June 30, 2025, our executive officer and directors beneficially owns 140,625,781 shares of Common Stock, or approximately 38% of our outstanding shares of Common Stock. In addition, our executive officer owns the only issued and outstanding share of Series AA Convertible Preferred Stock which entitles him to 51% of the Common votes on any matter requiring a shareholder vote. Therefore, our management may significantly affect the outcome of all corporate actions and decisions for an indefinite period of time including the election of directors, amendment of charter documents and approval of mergers and other significant corporate transactions.
Our common stock is quoted in the over the counter market on the OTCID.
Our common stock is quoted on the OTCID. OTCID offers a quotation service to companies that are unable to list their securities on an exchange or for companies, such as ours, whose securities are not eligible for quotation on the OTC Bulletin Board. The requirements for quotation on the OTCID are considerably lower and less regulated than those of the OTC Bulletin Board or an exchange. As an SEC reporting company, the Company satisfies and exceeds the minimal current information standard of the OTCID. Because our common stock is quoted on the OTCID, it is possible that fewer brokers or dealers would be interested in making a market in our common stock which could adversely impacts its liquidity.
The tradability of our common stock is limited under the penny stock regulations which may cause the holders of our common stock difficulty should they wish to sell their shares.
Because the quoted price of our common stock is less than $5.00 per share, our common stock is considered a “penny stock,” and trading in our common stock is subject to the requirements of Rule 15g-9 under the Exchange Act. Under this rule, broker/dealers who recommend low-priced securities to persons other than established customers and accredited investors must satisfy special sales practice requirements. The broker/dealer must make an individualized written suitability determination for the purchaser and receive the purchaser’s written consent prior to the transaction. SEC regulations also require additional disclosure in connection with any trades involving a “penny stock,” including the delivery, prior to any penny stock transaction, of a disclosure schedule explaining the penny stock market and its associated risks. These requirements severely limit the liquidity of securities in the secondary market because few broker or dealers are likely to undertake these compliance activities and this limited liquidity will make it more difficult for an investor to sell his shares of our common stock in the secondary market should the investor wish to liquidate the investment. In addition to the applicability of the penny stock rules, other risks associated with trading in penny stocks could also be price fluctuations and the lack of a liquid market.
Substantial future sales of shares of our common stock could cause the market price of our common stock to decline.
The market price of shares of our common stock could decline as a result of substantial sales of our common stock, particularly sales by our directors, executive officers and significant stockholders, or a large number of shares of our common stock becoming available for sale or the perception in the market that holders of a large number of shares intend to sell their shares.
The market price of our shares of common stock is subject to fluctuation.
The market prices of our shares may fluctuate significantly in response to factors, some of which are beyond our control, including:
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The announcement of new products by our competitors;
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The release of new products by our competitors;
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Developments in our industry or target markets; and
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General market conditions including factors unrelated to our operating performances
Recently, the stock market, in general, has experienced extreme price and volume fluctuations. Continued market fluctuations could result in extreme market volatility in the price of our shares of common stock which could cause a decline in the value of our shares.
We have identified a material weakness in our internal control over financial reporting. This material weakness could continue to adversely affect our ability to report our results of operations and financial condition accurately and in a timely manner.
Our management is responsible for establishing and maintaining adequate internal control over financial reporting designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Our management is likewise required, on a quarterly basis, to evaluate the effectiveness of our internal controls and to disclose any changes and material weaknesses identified through such evaluation in those internal controls. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.
As described elsewhere in this Annual Report, we identified a material weakness in our internal control over financial reporting related to functional controls and segregation of duties. As a result of this material weakness, our management concluded that our internal control over financial reporting was not effective as of June 30, 2025.
Any failure to maintain such internal control could adversely impact our ability to report our financial position and results from operations on a timely and accurate basis, which could result in a material adverse effect on our business. If our financial statements are not accurate, investors may not have a complete understanding of our operations. Likewise, if our financial statements are not filed on a timely basis, we could be subject to sanctions or investigations by OTC Markets, the SEC or other regulatory authorities. In addition, we would likely incur additional accounting, legal and other costs in connection with any remediation steps. Ineffective internal controls could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the trading price of our stock.
To respond to this material weakness, we have devoted, and plan to continue to devote, significant effort and resources to the remediation and improvement of our internal control over financial reporting. While we have processes to identify and appropriately apply applicable accounting requirements, we plan to enhance these processes to better evaluate our research and understanding of the nuances of the complex accounting standards that apply to our financial statements.
We can give no assurance that the measures we have taken and plan to take in the future will remediate the material weakness identified or that any additional material weaknesses or restatements of financial results will not arise in the future due to a failure to implement and maintain adequate internal control over financial reporting or circumvention of these controls. In addition, even if we are successful in strengthening our controls and procedures, in the future those controls and procedures may not be adequate to prevent or identify irregularities or errors or to facilitate the fair presentation of our financial statements.
Failure to achieve and maintain effective internal controls in accordance with Section 404 of the Sarbanes Oxley Act could prevent us from producing reliable financial reports or identifying fraud. In addition, current and potential stockholders could lose confidence in our financial reporting, which could have an adverse effect on our stock price.
We are subject to Section 404 of the Sarbanes-Oxley Act. Effective internal controls are necessary for us to provide reliable financial reports and effectively prevent fraud, and a lack of effective controls could preclude us from accomplishing these critical functions. We are required to document and test our internal control procedures in order to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act, which requires annual management assessments of the effectiveness of our internal controls over financial reporting. Our management assessed the effectiveness of our internal control over financial reporting as of June 30, 2025, and concluded that our internal controls and procedures were not effective.
Risks Related to Operations Outside of the United States
We are subject to economic, political and other risks of doing business globally and in emerging markets.
We will be a multi-national business and our business strategies may involve expanding or developing our business in emerging market regions, including South America, Central America, the Middle East and Africa. Due to the international nature of our business, we are exposed to various risks of international operations, including:
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inflation and hyperinflation and adverse economic effects resulting from governmental attempts to control inflation, such as the imposition of wage and price controls and higher interest rates;
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changes in laws and regulations or their interpretation or enforcement in the countries where Visium operates;
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difficulties in enforcing agreements or judgments and collecting receivables in foreign jurisdictions;
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exchange controls or other currency restrictions and limitations on the movement of funds, such as on the remittance of dividends by subsidiaries;
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inadequate infrastructure and logistics challenges;
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sovereign risk and the risk of government intervention, including through expropriation, or regulation of the economy or natural resources, including restrictions on foreign ownership of land or other assets; while we may adopt insurance coverage to cover expropriation risk, convertibility, transfer and other risks, this may not be sufficient to cover business risks;
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the requirement to comply with a wide variety of laws and regulations that apply to international operations, including, without limitation, economic sanctions regulations, labor laws, import and export regulations, anti-corruption and anti-bribery laws;
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challenges in maintaining an effective internal control environment with operations in multiple international locations, including language differences, varying levels of accounting expertise in international locations and multiple financial information systems;
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changes in a country’s or region’s economic or political condition; and
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labor disruptions, civil unrest, significant political instability, coup attempts, wars or other armed conflict or acts of terrorism.
Emerging markets are subject to different risks as compared to more developed markets. Operating a business in an emerging market can involve a greater degree of risk than operating a business in more developed markets, including, in some cases, increased political, economic and legal risks. Emerging market governments and judiciaries often exercise broad, unchecked discretion and are susceptible to abuse and corruption. Moreover, financial turmoil in any emerging market country tends to adversely affect the value of investments in all emerging market countries as investors move their money to more stable, developed markets. As has happened in the past, financial problems or an increase in the perceived risks associated with investing in companies in emerging economies could dampen foreign investment and adversely affect the local economy. Generally, investment in emerging markets is only suitable for sophisticated investors who fully appreciate the significance of the risks involved in, and are familiar with, investing in emerging markets.

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ITEM 1B. UNRESOLVED STAFF COMMENTS
Item 1B. Unresolved Staff Comments.
Not applicable.

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ITEM 2. PROPERTIES
Item 2. Properties.
As of the filing of this Annual Report, our Company and its employees work 100% remotely. We rent our principal executive office from an unrelated third party on an annual basis for $600/year.

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ITEM 3. LEGAL PROCEEDINGS
Item 3. Legal Proceedings.
There are no actions, suits, proceedings, inquiries or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our Common Stock, any of our officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

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ITEM 4. MINE SAFETY DISCLOSURE
Item 4. Mine Safety Disclosures.
Not applicable.
PART II

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities.
Our common shares are quoted on the OTC ID Quotation System under the symbol “VISM,” but trade infrequently.
The high and low bid prices of our common stock for the periods indicated below are as follows:
Fiscal Year Ended June 30, 2025
High
Low
Quarter Ended September 30, 2024
$ 0.0062
$ 0.0010
Quarter Ended December 31, 2024
$ 0.0040
$ 0.0010
Quarter Ended March 31, 2025
$ 0.0040
$ 0.0011
Quarter Ended June 30, 2025
$ 0.0100
$ 0.0024
Fiscal Year Ended June 30, 2024
High
Low
Quarter Ended September 30, 2023
$ 0.0299
$ 0.0061
Quarter Ended December 31, 2023
$ 0.0298
$ 0.0100
Quarter Ended March 31, 2024
$ 0.0200
$ 0.0038
Quarter Ended June 30, 2024
$ 0.0074
$ 0.0032
Stockholders
As of October 6, 2025, there were approximately 14,000 stockholders of record of our Common Stock.
Dividend Policy
We have not paid any cash dividends and do not anticipate or contemplate paying dividends in the foreseeable future.
Recent Sales of Unregistered Securities
During the year ended June 30, 2025 the Company issued 63,291,270 shares of its common stock related to the conversion of $265,824 of principal, fees and accrued interest of its convertible notes payable, at an average contract conversion price of $0.0042 per share.
Stock Based Compensation and Stock Based Consulting Services Expense
During the year ended June 30 2025, the Company issued 14,300,000 shares of its $0.0001 par value common stock to consultants, as compensation for services rendered. The shares were valued at $60,860, or $0.0042 per share.
During the year ended June 30, 2025 the Company issued 3,500,000 shares of its $0.0001 par value common stock to four employees, as compensation for services rendered. The shares were valued at $14,700, or $0.0042 per share.
During the year ended June 30, 2025 the Company issued 73,500,000 shares of its $0.0001 par value common stock to our Directors and Officer, as compensation for services rendered. The shares were valued at $308,700, or $0.0042 per share.
Funding
We generated net proceeds of $569,200 from the issuance of thirteen one-year promissory notes during the year ended June 30, 2025.
Rule 10B-18 Transactions
During the year ended June 30, 2025, there were no repurchases of the Company’s common stock by the Company.

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ITEM 6. SELECTED FINANCIAL DATA
Item 6. Selected Financial Data.
As a “smaller reporting company”, we are not required to provide information required by this item.

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion and analysis should be read in conjunction with our financial statements and the related notes thereto. The management's discussion and analysis contain forward-looking statements, such as statements of our plans, objectives, expectations, and intentions. Any statements that are not statements of historical fact are forward-looking statements. When used, the words "believe," "plan," "intend," "anticipate," "target," "estimate," "expect" and the like, and/or future tense or conditional constructions ("will," "may," "could," "should," etc.), or similar expressions, identify certain of these forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including those under "Risk Factors," which appear in elsewhere in this Annual Report, that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this Annual Report.
Overview
The Company 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 changed its name to Visium Technologies, Inc.
Since February 12, 2018 Mark Lucky has served as Chairman and CEO. He also currently serves as CFO. The Company’s headquarters is located at 4094 Majestic Lane, Suite 360, Fairfax, VA 22124. Since February 2018, the Company has focused on creating a world-class cybersecurity/digital risk management company, with a focus on artificial intelligence, network security, threat visualization, pinpoint threat identification, and big-data analytics. Our solutions address the growing security and compliance complexities and risks resulting from the increasing adoption of cloud computing and the proliferation of geographically dispersed IT assets.
Visium has developed a proprietary data analytics platform called TruContextTM that provides advanced analytics for cybersecurity situational awareness that is scalable, flexible, and comprehensive.
The Company has entered the digital transformation and data center design and construction market after it landed a contract in November, 2023 valued at over $20 million from its partner, Cybastion Institute of Technology. The contract is to oversee the design and construction of data centers in the Republic of Côte d’Ivoire and the Republic of Benin. Visium is tasked with creating data centers that meet specific requirements and standards, ensuring optimal performance and reliability. The scope of work includes data center architecture and design, power civil engineering, controls and distribution systems, rack layouts, network topology, vendor high availability, and a comprehensive security stack solution which will include Visium’s proprietary TruContextTM cybersecurity platform. As of September 30, 2025 no activity has occurred pursuant to this contract.
Results of Operations
Development Expense
For the year ended June 30, 2025, development expense totaled $325 as compared to $86,702 for the year ended June 30, 2024, a decrease of $86,377 or approximately 100%.
Selling, General, and Administrative Expenses
For the year ended June 30, 2025, selling, general and administrative expenses were $1,649,817 as compared to $2,501,776 for the year ended June 30, 2024, a decrease of $851,959 or approximately 34%. For the years ended June 30, 2025 and 2024 selling, general and administrative expenses consisted of the following:
Increase/
(Decrease)
% Change
Accounting expense
$
74,242
$
$
82,289
$
(8,047
)
(10
%)
Consulting fees
120,000
165,000
(45,000
)
(27
%)
Salaries
816,006
910,276
(94,270
)
(10
%)
Legal and professional fees
192,108
66,844
125,264
%
Travel expense
8,568
(8,415
)
(98
%)
Occupancy expense
2,081
(1,397
)
(67
%)
Telephone expense
5,006
5,129
(123
)
(2
%)
Marketing expense
(350
)
(64
%)
Website expense
1,469
%
Stock based consulting expense
60,860
463,111
(402,251
)
(87
%)
Stock based compensation
323,400
767,532
(444,132
)
(58
%)
Other
56,462
30,351
26,110
%
$
1,649,817
$
$
2,501,776
$
(851,959
)
(34
%)
The decrease in selling, general and administrative expenses during fiscal 2025, when compared with the prior year, is primarily due to a decrease in stock-based consulting expense of $402,251, a decrease in stock-based compensation of $444,132, a decrease in consulting fees of $45,000, a decrease in salaries of $94,270, and a decrease in accounting expense of $8,047, offset by an increase in legal and professional fees of $125,264 and other expense of $26,110.
Change in Fair Value of Derivative Liability
Years Ended
June 30,
%
Change
Gain on change in fair value of derivative liabilities
$ 33,761
$ 39,141
(14
%)
Changes in fair value of derivative liabilities results from the changes in the fair value of the derivative liability due to the application of ASC 815, resulting in either income or expense, depending on the difference in fair value of the derivative liabilities between their measurement dates. The decrease in fair value of derivative liabilities recognized during fiscal 2025 is primarily due to a change in accounting estimate related to the accounting for derivative liabilities as a result of a decrease in share price.
Interest Expense
Years Ended
June 30,
%
Change
Interest expense
$ 463,424
$ 307,613
50 %
Interest expense represents the stated interest of notes and convertible notes payable as well as the amortization of debt discount. The increase in interest expense during fiscal 2025 is primarily due to interest on the delinquent convertible notes payable.
Interest Income
Years Ended
June 30,
%
Change
Interest income
$ 12,767
$ -
N/A
Employee Retention Credit (ERC) - The Company qualified for federal government assistance during the calendar 3rd and 4th quarters of 2022 in the amount of approximately $255,500 through ERC provisions of the Consolidated Appropriations Act of 2021. The purpose of the ERC was to encourage employers to keep employees on the payroll, even if they are not working during the covered period due to the effects of the coronavirus outbreak. These funds were recorded when the Company was notified by the IRS that the ERC had been approved and would be paid to the Company and is included in the Consolidated Statements of Operations for the fiscal year ended June 30, 2025 as an offset to salary expense. Interest accrued associated with the payment of the ERC to the Company totaled $12,767.
Gain (loss) on extinguishment of debt
Year Ended
June 30,
%
Change
Gain (loss) on extinguishment of debt
$ 725,059
$ (21,141 )
3,529.6 %
In July 2024 the Company obtained a legal opinion to extinguish aged debt totaling $725,059 as detailed in the following table. Each of the individual debt instruments were determined to be beyond the statute of limitations and it was determined that the Company has a complete defense to liability related to this debt under the applicable statute of limitations. For the year ended June 30, 2025 the gain on extinguishment of debt was:
Accrued interest expense
$ 361,559
Convertible notes payable
208,500
Promissory notes payable
155,000
Gain on extinguishment of debt for the year ended June 30, 2025
$ 725,059
Liquidity and Capital Resources
Balance at June 30,
Cash
$ 60,144
$ 8,456
Accounts payable and accrued expenses
(1,472,933 )
(1,094,516 )
Accrued compensation
(2,556,428 )
(1,986,279 )
Notes, convertible notes, and accrued interest
$ (1,593,484 )
$ (1,852,431 )
At June 30, 2025 our total assets consisted of cash and a prepaid license fee of $7,500. At June 30, 2024 100% our total assets consisted of cash.
We do not have any material commitments for capital expenditures.
The objective of liquidity management is to ensure that we have ready access to sufficient funds to meet commitments and effectively implement our growth strategy. Our primary sources are financing activities such as the issuance of notes payable and convertible notes payable. In the past, we have mostly relied on debt and equity financing to provide for our operating needs.
We were unable to generate sufficient funds from operations to fund our ongoing operating requirements through June 30, 2025. We may need to raise funds to enhance our working capital and use them for strategic purposes. If such need arises, we intend to generate proceeds from either debt or equity financing.
We intend to finance our operations using equity financing. We do not anticipate incurring capital expenditures for the foreseeable future. We anticipate that we will need to raise approximately $180,000 per year in the near term to finance the recurring costs of being a publicly traded company.
Going Concern
The accompanying financial statements have been prepared on a going concern basis. The Company has used net cash in its operating activities of $411,177 and $488,319 during the years ended June 30 2025 and 2024, respectively, and has a working capital deficit of approximately $5.8 million and $5.1 million at June 30, 2025 and 2024, respectively. The Company’s ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due, and to generate profitable operations in the future. Management plans may continue to provide for its capital requirements by issuing additional equity securities and debt. The outcome of these matters cannot be predicted at this time and there are no assurances that, if achieved, the Company will have sufficient funds to execute its business plan or generate positive operating results.
Years Ended
June 30,
Cash flows from operating activities:
Net loss
$ (1,341,979 )
$ (2,878,090 )
Non-cash Adjustments:
(Gain) loss on debt settlement and expense write off
(725,059 )
21,141
Stock based compensation
384,260
1,230,650
Amortization of debt discount
74,216
43,137
Gain on change in derivative liability
(33,761 )
(39,141 )
Changes in assets and liabilities:
Accrued interest
356,301
(7,925 )
Change in prepaid assets
(7,500
)
-
Accrued compensation
570,150
614,400
Accounts payable and accrued expenses
312,195
527,509
Net cash used in operations
(411,177 )
(488,319 )
Cash flows from financing activities:
Advance from officers, net
95,225
83,055
Repayment of convertible notes payable
-
(76,250 )
Proceeds from issuance of short-term notes payable
569,200
465,000
Repayment of short-term notes payable
(201,560 )
(107,972 )
Proceeds from issuance of convertible notes payable, net of debt issuance costs
-
122,960
Net cash provided by financing activities
462,865
486,793
Net increase (decrease) in cash
$ 51,688
$ (1,526 )
Year ended June 30, 2025
Net cash used in operations in fiscal year 2025 decreased by $77,142 or 15.8% from fiscal year 2024. Cash from financing activities was obtained through the sale of promissory notes that netted the Company $569,200, and advances from officers and directors of $95,225.
Year ended June 30, 2024
Net cash used in operations in fiscal year 2024 decreased by $35,567 or 6.8% from fiscal year 2023. Cash from financing activities was obtained through the sale of convertible notes that netted the Company $122,960, and the sale of promissory notes that netted the Company $465,000.
Capital Raising Transactions
We generated net proceeds of $569,200 during fiscal 2025 from the issuance of promissory notes, and $122,960 from the issuance of convertible notes payable during fiscal 2024.
Notes Payable
The Company had promissory notes aggregating approximately $991,567 at June 30, 2025 and $777,954 at June 30, 2024. The related accrued interest amounted to approximately $169,600 and $288,661 at June 30, 2025 and 2024, respectively. There is no provision in the note agreements for adjustments to the interest rates on these notes in the event of default. The notes payable bear interest at rates between 0% and 20% per annum. Interest is generally payable at maturity. $535,000 of these notes have matured as of June 30, 2025. We generated net proceeds of $465,000 during fiscal 2024 from the issuance of short-term notes payable.
Balance at
Balance at
June 30, 2025
June 30, 2024
Notes payable
$ 1,017,720
$ 805,080
Discount on notes payable
(26,153 )
(27,126 )
Notes payable, net of discount
$ 991,567
$ 777,954
Convertible Notes Payable
The Company had convertible promissory notes aggregating approximately $183,873 and $534,361 outstanding at June 30, 2025 and 2024, respectively. The accrued interest amounted to approximately $247,563 and $251,455 at June 30, 2025 and 2024, respectively. There is no provision in the note agreements for adjustments to the interest rates on these notes in the event of default. The convertible notes payable bear interest at rates ranging between 0% and 18% per annum. Interest is generally payable monthly. The Convertible Notes Payable are generally convertible at rates ranging between $0.0042 and $121.50 per share, at the holders’ option.
Balance at
Balance at
June 30, 2025
June 30, 2024
Convertible notes payable
$ 183,873
$ 541,383
Discount on convertible notes
-
(7,022 )
Convertible notes payable, net of discount
$ 183,873
$ 534,361
Common Stock Warrants
A summary of the status of the Company’s outstanding common stock warrants as of June 30, 2025 and changes during the fiscal year ending on that date is as follows:
Number of
Weighted Average
Warrants
Exercise Price
Common Stock Warrants
Balance at beginning of year
5,114,576
$ 0.023
Granted
-
-
Exercised
-
-
Forfeited
(2,150 )
15.34
Balance at end of period
5,112,426
$ 0.0169
Warrants exercisable at end of period
5,112,426
$
0.0169
Derivative Liability
The Company recognizes all derivative financial instruments on its balance sheet at fair value.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements.
Climate Change
Our opinion is that neither climate change, nor governmental regulations related to climate change, have had, or are expected to have, any material effect on our operations.
Critical Accounting Policies
The financial statements have been prepared in accordance with accounting principles generally accepted in the US, (“US GAAP”.) The preparation of these financial statements in accordance with US GAAP requires us to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, assumptions and judgments. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions and the impact of such differences may be material to our financial statements.
We consider an accounting estimate to be critical if: (1) the accounting estimate requires us to make assumptions about matters that were highly uncertain at the time the accounting estimate was made, and (2) changes in the estimate that are reasonably likely to occur from period to period, or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations.
The following critical accounting policies are those that are most important to the portrayal of our consolidated financial statements. For a summary of our significant accounting policies, including the critical accounting policies discussed below, refer to Note 2 - “Summary of Significant Accounting Policies” included in the notes to consolidated financial statements for the year ended June 30, 2025 included elsewhere in this Annual Report on Form 10-K.
We consider the following accounting policies to be those most important to the portrayal of our results of operations and financial condition:
Revenue Recognition
The Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The guidance provided in Accounting Standards Codification (“ASC”) Topic 606 (“ASC 606”) requires entities to use a five-step model to recognize revenue by allocating the consideration from contracts to performance obligations on a relative standalone selling price basis. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied.
The Company recognizes revenue when performance obligations under the terms of a contract with the customer are satisfied. Product sales occur once control is transferred upon delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. In the event any discounts, sales incentives, or similar arrangements are agreed to with a customer, such amounts are estimated at time of sale and deducted from revenue. Sales taxes and other similar taxes are excluded from revenue.
Convertible Instruments - The Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with ASC 815.
ASC 815 generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments in accordance with EITF 00-19. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument subject to the requirements of ASC 815. ASC 815 also provides an exception to this rule when the host instrument is deemed to be conventional (as that term is described).
The Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from their host instruments) in accordance with the provisions of ASC 470 20 “Debt with Conversion Options” Accordingly, the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their earliest date of redemption. The Company also records when necessary deemed dividends for the intrinsic value of conversion options embedded in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note.
The Company believes the certain conversion features embedded in convertible notes payable are not clearly and closely related to the economic characteristics of the Company’s stock price. Accordingly, the Company has recognized derivative liabilities in connection with such instruments. The Company uses judgment in determining the fair value of derivative liabilities at the date of issuance at every balance sheet thereafter. The Company uses judgment in determining which valuation is most appropriate for the instrument (e.g., Cox, Ross & Rubinstein Binomial Tree valuation model), the expected volatility, the implied risk-free interest rate, as well as the expected dividend rate.
Share-Based Compensation
We compute share-based payments in accordance with the provisions of ASC Topic 718, Compensation - Stock Compensation and related interpretations. As such, compensation cost is measured on the date of grant at the fair value of the share-based payments. Such compensation amounts, if any, are amortized over the respective vesting periods of the grants.
Restricted stock awards are granted at the discretion of the compensation committee of our board of directors (the “Board of Directors”). These awards are restricted as to the transfer of ownership and generally vest over the requisite service periods (vesting on a straight-line basis). The fair value of a stock award is equal to the fair market value of a share of our common stock on the grant date.
We estimate the fair value of stock options and warrants by using the Cox, Ross & Rubinstein Binomial Tree model. The Cox, Ross & Rubinstein valuation model requires the development of assumptions that are inputs into the model. These assumptions are the expected stock volatility, the risk-free interest rate, the expected life of the option, the dividend yield on the underlying stock and the expected forfeiture rate. Expected volatility is calculated based on the historical volatility of our common stock over the expected term of the option. Risk-free interest rates are calculated based on continuously compounded risk-free rates for the appropriate term.
Determining the appropriate fair value model and calculating the fair value of equity-based payment awards requires the input of the subjective assumptions described above. The assumptions used in calculating the fair value of equity-based payment awards represent management’s best estimates, which involve inherent uncertainties and the application of management’s judgment. We are required to estimate the expected forfeiture rate and recognize expense only for those shares expected to vest.
Derivative Instruments
We enter into financing arrangements that consist of freestanding derivative instruments or are hybrid instruments that contain embedded derivative features. We recognize derivative instruments as either assets or liabilities in the balance sheet and measure such derivative instruments at fair values with gains or losses recognized in earnings. Embedded derivatives that are not clearly and closely related to the host contract are bifurcated and are recognized at fair value with changes in fair value recognized as either a gain or loss in earnings. The fair values of derivative financial instruments are estimated using various techniques (and combinations thereof) that are considered consistent with the objective measuring fair values. In selecting the appropriate technique, the nature of the instrument, the market risks that it embodies and the expected means of settlement are considered. Estimating fair values of derivative financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques (such as the Cox, Ross & Rubinstein model) are highly volatile and sensitive to changes in the trading market price of our common stock. Since derivative financial instruments are initially and subsequently carried at fair values, our income (expense) going forward will reflect the volatility in these estimates and assumption changes.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Item 8. Financial Statements and Supplementary Data.
The financial statements and supplementary data of the Company required by this Item are described in Item 15 of this Annual Report on Form 10-K and are presented beginning on page.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
On June 26, 2025, Stephano Slack LLC ("Stephano Slack") was dismissed as the independent registered public accounting firm of Visium Technologies, Inc. (the "Company").
During the period from May 6, 2025, to June 26, 2025, (i) there were no disagreements within the meaning of Item 304(a)(1)(iv) of Regulation S-K between the Company and Stephano Slack on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to Stephano Slack’s satisfaction, would have caused Stephano Slack to make reference to the subject matter of any such disagreement in connection with its reports, and (ii) there were no reportable events within the meaning of Item 304(a)(1)(v) of Regulation S-K.
On June 26, 2025, the Company engaged FRUCI & Associates II, PLLC ("FRUCI & Associates II") as the Company’s new independent registered public accounting firm for the fiscal year ending June 30, 2026.
During the Company’s two most recent fiscal years ended June 30, 2024, and June 30, 2023, and the subsequent interim period through June 24, 2025, neither the Company nor anyone on its behalf has consulted with FRUCI & Associates II regarding (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, and neither a written report nor oral advice was provided to the Company that FRUCI & Associates II concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue, (ii) any matter that was the subject of a disagreement within the meaning of Item 304(a)(1)(iv) of Regulation S-K, or (iii) any reportable event within the meaning of Item 304(a)(1)(v) of Regulation S-K.
The Company provided Stephano Slack with a copy of the above disclosures and requested that Stephano Slack furnish a letter addressed to the Securities and Exchange Commission stating whether it agrees with the statements made herein. A copy of Stephano Slack’s letter dated June 26, 2025, is filed as Exhibit 16.1 to this Current Report on Form 8-K.

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ITEM 9A. CONTROLS AND PROCEDURES
Item 9A. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer, who at June 30, 2025 was also our principal executive and financial officer, has evaluated the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Based upon that evaluation, our Chief Executive Officer concluded that, as of June 30, 2025, our disclosure controls and procedures were not effective in ensuring that material information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, including ensuring that such material information is accumulated and communicated to our Chief Executive Officer to allow timely decisions regarding required disclosure.
Management Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act. Our management assessed the effectiveness of our internal control over financial reporting as of June 30, 2025. In making this assessment, our management used criteria issued by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control Over Financial Reporting - Guidance for Smaller Public Companies.
During our assessment of the design and the effectiveness of internal control over financial reporting as of June 30, 2025, management identified the following material weaknesses:
●
While we have processes in place, there are no formal written policies and procedures related to certain financial reporting processes;
●
There is no formal documentation in which management specified financial reporting objectives to enable the identification of risks, including fraud risks;
●
Our Board of Directors consists of three members, however, we lack the resources and personnel to implement proper segregation of duties or other risk mitigation systems.
A material weakness is “a significant deficiency, or a combination of significant deficiencies, that result in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected by us in a timely manner.” A significant deficiency is a deficiency or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit attention by those responsible for oversight of the registrant’s financial reporting.
We intend to gradually improve our internal control over financial reporting to the extent that we can allocate resources to such improvements. We intend to prioritize the design of our internal control over financial reporting starting with our control environment and risk assessments and ending with control activities, information and communication activities, and monitoring activities. Although we believe the time to adapt in the next year will help position us to provide improved internal control functions into the future, in the interim, these changes caused control deficiencies, which in the aggregate resulted in a material weakness. Due to the existence of these material weaknesses, our management, including our Chief Executive Officer, concluded that our internal control over financial reporting was not effective as of June 30, 2025.
This annual report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to the rules of the SEC that permit smaller reporting companies to provide only the management’s report in this annual report.
Changes in Internal Control over Financial Reporting
There was no change in our internal control over financial reporting during the fiscal quarter ended June 30, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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ITEM 9B. OTHER INFORMATION
Item 9B. Other Information
None.
PART III

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Item 10. Directors, Executive Officers and Corporate Governance.
The following table sets forth the names, ages and principal position of our executive officers and directors as of June 30, 2025:
Name
Age
Position
Mark Lucky
Chairman of the Board, Chief Executive Office, Chief Financial Officer
Thomas Grbelja (1)(2)
Director
Paul Favata (1)(2)
Director
(1) Member of the Compensation Committee
(2) Member of the Audit Committee
Mr. Mark Lucky has served as the Company’s Chief Executive Officer, Treasurer, Secretary, and Chairman of the Company’s Board of Directors since February 2019. Mr. Lucky has been a certified public accountant and has more than 15 years of experience serving as a public company chief financial officer. His professional experience includes working with start-ups, development-stage and mature companies in a wide variety of industries. From May 2014 until February 2019 Mr. Lucky has worked as a consultant to various public and private companies, including Visium Technologies, Inc., Intelligent Living America, Inc. (OTCBB: ILIV), and Ronn Motor Group, Inc. Prior to that, Mr. Lucky served as the CFO for IceWeb Inc. (OTCBB: IWEB) from March 2007 to May 2014. From 2004 to 2005 he served as Vice President of Finance and Administration at Galt Associates, Inc., a Sterling, Virginia informatics/ technology and medical research services company and from 2001 to 2004 he was Vice President of Finance and Administration of MindShare Design, Inc., a San Francisco, California based internet technology company. During his career Mr. Lucky has also been employed by Axys Pharmaceuticals, Inc (NASDAQ: AXPH) a San Francisco, California-based early-stage drug discovery biotech company, PriceWaterhouseCoopers, LLC, COMPASS Management and Leasing, Inc., Mindscape, Inc., The Walt Disney Company and KPMG. Mr. Lucky formerly served as a member of the board of directors of Intelligent Living America, Inc., VOIS Inc. and HASCO Medical, Inc. Mr. Lucky received a B.A. degree in Economics from the University of California, Los Angeles.
We believe that Mr. Lucky’s extensive senior management and operational experience brings valuable knowledge to our board of directors and that these experiences, qualifications, and attributes have led to our conclusion that Mr. Lucky should be serving as a member of our board of directors.
Mr. Thomas Grbelja previously served as a director of Realbiz Media Group, Inc. (OTCBB: RBIZ), and served as their Chief Financial Officer from June 19, 2015 to January 2, 2017. Mr. Grbelja has spent over 30 years as a Certified Public Accountant providing a wide variety of professional accounting, tax and financial consulting services to professional service, manufacturing, and construction industry participants. Since 1990 he has served as the President and a Founding Member of Burke Grbelja & Symeonides, LLC, Certified Public Accountants, an accounting firm based in Rochelle Park, New Jersey. In addition, between 1983 and 1990, Mr. Grbelja worked as an accountant at Coopers & Lybrand, where he was responsible for the overall audit engagement, including filings with the SEC, for certain large, publicly traded companies. He received his undergraduate degree in accounting at Fairleigh Dickinson University and is a Certified Public Accountant.
Based on his business experience the Company believes that Mr. Grbelja is well-qualified to serve on the Company’s Board of Directors.
Mr. Paul Favata is a 29-year Wall Street veteran who began his career on the American Stock Exchange (AMEX), working for two smaller member firms, before moving to the New York Stock Exchange (NYSE). After five years with one of the largest specialist firms on the floor, Mr. Favata left the exchange in 1992 to work on the sell-side. Mr. Favata spent the bulk of the 1990’s with a small boutique firm working in both the retail and institutional sales areas. Mr. Favata held the position of Senior Vice President of Finance at a small, privately held consulting firm that advised clients on acquisitions and long-term financing strategies. Since 2008, Mr. Favata has held various C-level executive positions including as Chief Financial Officer of a $60 million annual revenue telecom provider having management oversight and responsibility for all financial functions while overseeing all revenues, costs, capital expenditures, investments, and debt. Most recently, President of a publicly traded company specializing in the acquisition and integration of IT and Cloud Technology service providers and Internet and web technologies. Mr. Favata resides, with his family, in Saint Petersburg, Florida.
We believe that Mr. Favata’s extensive senior management and operational experience brings valuable knowledge to our board of directors and that these experiences, qualifications, and attributes have led to our conclusion that Mr. Favata should be serving as a member of our board of directors.
Committees of the Board of Directors
Our Board of Directors has established an Audit Committee, and a Compensation Committee, and meet as a whole to fulfill the functions of the Nominating Committee.
Audit Committee. Mr. Favata and Mr. Grbelja are members of the Audit Committee. The Audit Committee of our Board of Directors was formed to assist the Board of Directors in fulfilling its oversight responsibilities for the integrity of our consolidated financial statements, compliance with legal and regulatory requirements, the independent registered public accounting firm’s qualifications and independence, and the performance of our internal audit function and independent auditors. The Audit Committee will also prepare the report that SEC rules require be included in our annual proxy statement. The Audit Committee has adopted a charter which sets forth the parameters of its authority The Audit Committee Charter provides that the Audit Committee is empowered to:
●
Appoint, compensate, and oversee the work of the independent registered public accounting firm employed by our company to conduct the annual audit. This firm will report directly to the audit committee;
●
Resolve any disagreements between management and the auditor regarding financial reporting;
●
Pre-approve all auditing and permitted non-audit services performed by our external audit firm;
●
Retain independent counsel, accountants, or others to advise the committee or assist in the conduct of an investigation;
●
Seek any information it requires from employees - all of whom are directed to cooperate with the committee’s requests - or external parties;
●
Meet with our officers, external auditors, or outside counsel, as necessary; and
●
The committee may delegate authority to subcommittees, including the authority to pre-approve all auditing and permitted non-audit services, provided that such decisions are presented to the full committee at its next scheduled meeting.
Each Audit Committee member is required to:
●
satisfy the independence requirements of Section 10A(m)(3) of the Securities Exchange Act of 1934, and all rules and regulations promulgated by the SEC as well as the rules imposed by the stock exchange or other marketplace on which our securities may be listed from time to time, and
●
meet the definitions of “non-employee director” for purposes of SEC Rule 16b-3 and “outside director” for purposes of Section 162(m) of the Internal Revenue Code.
Each committee member is required to be financially literate and at least one member is to be designated as the “financial expert,” as defined by applicable legislation and regulation. No committee member is permitted to simultaneously serve on the audit committees of more than two other public companies. As we expand our Board of Directors with additional independent directors the number of directors serving on the Audit Committee will also increase.
A copy of the Audit Committee Charter is available on our website at www.visiumtechnologies.com under “Investor Relations”.
Compensation Committee. Mr. Favata and Mr. Grbelja are members of the Compensation Committee. The Compensation Committee was appointed by the Board to discharge the Board’s responsibilities relating to:
●
compensation of our executives,
●
equity-based compensation plans, including, without limitation, stock option and restricted stock plans, in which officers or employees may participate and
●
arrangements with executive officers relating to their employment relationships with our company, including employment agreements, severance agreements, supplemental pension, or savings arrangements, change in control agreements and restrictive covenants.
The Compensation Committee has adopted a charter. The Compensation Committee charter provides that the Compensation Committee has overall responsibility for approving and evaluating executive officer compensation plans, policies, and programs of our company, as well as all equity-based compensation plans and policies. In addition, the Compensation Committee oversees, reviews, and approves all of our ERISA and other employee benefit plans which we may establish from time to time. The Compensation Committee is also responsible for producing an annual report on executive compensation for inclusion in our proxy statement and assisting in the preparation of certain information to be included in other periodic reports filed with the SEC.
Each Compensation Committee member is required to:
●
satisfy the independence requirements of Section 10A(m)(3) of the Securities Exchange Act of 1934, and all rules and regulations promulgated by the SEC as well as the rules imposed by the stock exchange or other marketplace on which our securities may be listed from time to time, and
●
meet the definitions of “non-employee director” for purposes of SEC Rule 16b-3 and “outside director” for purposes of Section 162(m) of the Internal Revenue Code.
Pursuant to our Compensation Committee Charter, the Compensation Committee is charged with evaluating and recommending for approval by the Board of Directors the compensation of our executive officers. In addition, the Compensation Committee also evaluates and makes recommendations to the entire Board of Directors regarding grants of options which may be made as director compensation. The Compensation Committee does not delegate these authorities to any other persons, nor does it use the services of any compensation consultants.
Compliance with Section 16(a) of the Exchange Act
Section 16(a) of the Securities Exchange Act of 1934 requires our officers and directors, and persons who own more than ten percent of a registered class of our equity securities, to file reports of ownership and changes in ownership with the Securities and Exchange Commission. Such persons are required by SEC regulations to furnish us with copies of all Section 16(a) reports they file.
To our knowledge, based solely on our review of the copies of such reports furnished to us and written representations that no other reports were required to be filed during fiscal 2025, we believe that for fiscal 2025, all required reports were filed on a timely basis under Section 16(a).
Family Relationships
There are no family relationships among any of our officers or directors.
Code of Ethics
We have adopted a Code of Ethics and Business Conduct to provide guiding principles to our principal executive officer, principal financial officer, and principal accounting officer or controller of our company in the performance of their duties. Our Code of Ethics and Business Conduct also strongly recommends that all directors and employees of our company comply with the code in the performance of their duties. Our Code of Ethics and Business Conduct provides that the basic principle that governs all of our officers, directors and employees is that our business should be carried on with loyalty to the interest of our stockholders, customers, suppliers, fellow employees, strategic partners and other business associates. We believe that the philosophy and operating style of our management are essential to the establishment of a proper corporate environment for the conduct of our business.
Generally, our Code of Ethics and Business Conduct provides guidelines regarding:
·
conflicts of interest,
·
financial reporting responsibilities,
·
insider trading,
·
inappropriate and irregular conduct,
·
political contributions, and
·
compliance with laws.

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ITEM 11. EXECUTIVE COMPENSATION
Item 11. Executive Compensation.
The following table sets forth, for the last two completed fiscal years, all compensation paid, distributed or accrued for services rendered to us by (i) all individuals serving as our principal executive officer or acting in a similar capacity during the last completed fiscal year, regardless of compensation level; (ii) our two most highly compensated executive officers other than the principal executive officer who were serving as executive officers at the end of the last completed fiscal year and whose total compensation exceeded $100,000; and (iii) up to two additional individuals for whom disclosure would have been provided pursuant to (ii) above but for the fact that the individual was not serving as our executive officer at the end of the last completed fiscal year:
Summary Compensation Table
Non-
Equity
Incentive Plan
Non-Qualified
Deferred
All Other
Name and Principal Position
Year
Salary
($)(1)
Bonus
($)
Stock
Awards
Option
Awards ($)
Compensation ($)
Compensation
Earnings
Compensation ($)(2)
Total ($)
Mark Lucky (1)
$ 450,000
$ -
$ 147,000
$ -
$ -
$ -
$ -
$ 597,000
Chief Executive Officer and Chief Financial Officer
$ 450,000
$ -
$ 305,160
$ -
$ -
$ -
$ 22,984
$ 778,144
(1)
Amounts includes accrued compensation for Mr. Lucky, of which $ 204,850 was paid in fiscal 2025 and $210,600 was paid in fiscal 2024.
(2)
Amount includes company paid health insurance premiums.
Employment Agreements
Currently no employees of the Company are party to formal employment agreements. Employees, including executive officers, have received offer letters specifying base salaries, but such letters do not contain additional terms or provisions relating to severance, change in control, or other compensation arrangements. The Company anticipates entering into employment agreements with certain key executives as it completes strategic transactions.
Pension, Retirement or Similar Benefit Plans
There are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive officers. Our directors and executive officers may receive stock options at the discretion of our Board in the future.
Outstanding Equity Awards at Fiscal Year-End
There are no outstanding equity incentive plan awards for each named executive officer outstanding as of June 30, 2025.
Director Compensation
Our Board of Directors is comprised of Mr. Paul Favata, Mr. Tom Grbelja, and Mr. Mark Lucky, who is also an executive officer of our company.
The following table sets forth the restricted stock grants issued to Messrs. Favata and Grbelja:
FY2025
FY2024
Common Shares
Common Shares
Name
Granted/Vested
Expense
Granted/Vested
Expense
Tom Grbelja
35,000,000
$ 147,000
29,400,000
$ 305,160
Paul Favata
3,500,000
14,700
2,160,000
36,304
38,500,000
$ 161,700
31,560,000
$ 341,464

---

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters.
At October 6, 2025, we had 417,544,861 shares of our Common Stock outstanding. The following table sets forth information regarding the beneficial ownership of our Common Stock as of October 6, 2025:
●
each person known by us to be the beneficial owner of more than 5% of our Common Stock;
●
our director;
●
each of our executive officers named in the compensation tables in Item 11; and
●
all of our executive officers and director as a group.
Amount and Nature of Beneficial Ownership
COMMON STOCK
Series AA Preferred Stock Ownership
AMOUNT OF
AMOUNT OF
% OF
VOTING
BENEFICIAL
% OF
BENEFICIAL
% OF
CONTROL
NAME
OWNERSHIP
CLASS
OWNERSHIP
CLASS
(1 )
Mark Lucky
75,479,505
18.08 %
100 %
59.86 %
Tom Grbelja
74,158,062
17.76 %
8.70 %
Paul Favata
6,988,214
1.67 %
0.82 %
Officers and directors as a group
156,625,781
37.51 %
100 %
69.38 %
Total
156,625,781
37.51 %
100 %
69.38 %
(1)
Percent of Voting Control is based upon the number of outstanding shares of our common stock and our Series AA Preferred Stock as of October 6, 2025. On that date, we had 417,544,861 outstanding shares of common stock with one vote per share, and 1 share of Series AA Preferred Stock outstanding with voting rights equal to 51% of the outstanding common shares.
The following table sets forth securities authorized for issuance under any equity compensation plans approved by our stockholders as well as any equity compensation plans not approved by our stockholders as of June 30, 2025.
Plan category
Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)
Weighted-average exercise price of outstanding options, warrants and rights (b)
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c)
Equity compensation plans approved by security holders
2021 Employee Stock Compensation Plan
2,222
$ 27.00
97,778
Equity compensation plans not approved by security holders
-
-
-
Total
2,222
$ 27.00
97,778

---

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Item 13. Certain Relationship and Related Party Transactions, and Director Independence.
Other than compensation arrangements, we describe below, transactions during our last fiscal year, to which we were a party, in which:
●
The amounts involved exceeded or will exceed the lesser of $120,000 or 1% of the average of our total assets at year-end for the last two completed fiscal years; and
●
Any of our directors, executive officers, or holders of more than 5% of our common stock, or any member of the immediate family of the foregoing persons, had or will have a direct or indirect material interest.
Related Party Transactions
During the fiscal year ended June 30, 2025, certain of our officers and directors advanced funds to the Company to support working capital needs. The total amount advanced during the fiscal year was $95,225. As of June 30, 2025, the aggregate outstanding balance owed to officers and directors for such advances was $277,859.
These advances are unsecured, non-interest bearing, and have no fixed terms of repayment. The Company expects to repay these advances from future financing or cash flow generated from operations.
Other than the transactions described above and the compensation arrangements described elsewhere in this Report, there were no other transactions with related parties required to be reported under Item 404 of Regulation S-K.
Director Independence
The Board of Directors currently consists of three members. Mr. Tom Grbelja and Mr. Paul Favata are independent directors and Mr. Mark Lucky, the Company’s Chief Executive Officer, is not independent due to his executive role. Accordingly, two of the three directors are independent.
Common Stock
Issuances of Common Stock During Fiscal 2025
During fiscal 2025 we issued shares of our common stock as follows:
Convertible Notes Payable
During the year ended June 30, 2025 the Company issued 63,291,270 shares of its common stock related to the conversion of $265,823 of
Principal, accrued interest, and fees of its convertible notes payable, at an average contract conversion price of $0.0042 per share.
Stock Based Compensation
During the year ended June 30, 2025, the Company issued 73,500,000 shares of its $0.0001 par value common stock as compensation to its directors and officers. The shares were valued at $308,700, or $0.0042 per share, based on the share price at the time of these transactions.
During the year ended June 30, 2025, the Company issued 14,300,000 shares of its $0.0001 par value common stock to consultants, as compensation under three separate consulting agreements. The shares were valued at $60,860, or $0.0042 per share, based on the share price at the time of the transactions.
During the year ended June 30, 2025, the Company issued and vested 3,500,000 shares of its $0.0001 par value common stock to its employees, as compensation. The shares were valued at $14,700, or $0.0042 per share, based on the share price at the time of the transactions.
Issuances of Common Stock During Fiscal 2024
During fiscal 2024 we issued shares of our common stock as follows:
Convertible Notes Payable
During the year ended June 30, 2024 the Company issued 85,586,379 shares of its common stock related to the conversion of $723,784 of
principal and accrued interest of its convertible notes payable, at an average contract conversion price of $0.0088 per share, with a cost of
$28,000, for a total of $751,784.
Stock Based Compensation
During the year ended June 30, 2024, the Company issued 60,960,000 shares of its $0.0001 par value common stock as compensation to its directors and officers. The shares were valued at $646,624, or $0.01 per share, based on the share price at the time of the transactions.
During the year ended June 30, 2024, the Company issued and vested 24,742,499 shares of its $0.0001 par value common stock to consultants, as compensation under three separate consulting agreements. The shares were valued at $463,118, or $0.019 per share, based on the share price at the time of the transactions.
During the year ended June 30, 2024, the Company issued and vested 12,820,000 shares of its $0.0001 par value common stock to its employees, as compensation. The shares were valued at $120,908, or $0.009 per share, based on the share price at the time of the transactions.
Director Independence
Although our common stock is not listed on any national securities exchange, for purposes of independence we use the definition of independence applied by The Nasdaq Stock Market. The Board has determined that each of Paul Favata and Tom Grbelja, are “independent” in accordance with such definition.

---

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Item 14. Principal Accountant Fees and Services
During the two most recent fiscal years and through the Engagement Date, neither the Company, nor any one on its behalf, consulted with Assurance Dimensions, Inc, Stephano Slack, LLC or Fruci & Associates II PLLC. in regard to the application of accounting principles to any specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, or any other matters or reportable events as defined in Item 304(a)(2)(i) and (ii) of Regulation S-K.
The following table summarizes the fees of Assurance Dimensions, Inc., Stephano Slack, LLC and Fruci & Associates II PLLC, our independent registered public accounting firm billed for each of the last two fiscal years for audit services and other services:
Fee Category
Audit Fees Paid to Assurance Dimensions, Inc. (1)
$ 16,100
$ 39,900
Audit Fees Paid to Stephano Slack, LLC (2)
6,800
-
Audit Fees Paid to Fruci & Associates II PLLC (3)
20,000
-
Audit Related Fees
-
-
Tax Fees (4)
-
-
All Other Fees
-
-
Total Fees
$ 42,900
$ 39,900
(1) Consists of fees for professional services rendered in connection with the financial statements included in our quarterly reports on Form 10-Q for the fiscal first quarter ended September 30, 2024 and the fiscal second .quarter ended December 31, 2024.
(2) Consists of fees for professional services rendered in connection with the financial statements included in our quarterly reports on Form 10-Q for the fiscal third quarter ended March 31, 2025.
(3) Consists of fees for professional services rendered in connection with the financial statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025.
(4) Consists of fees relating to any tax compliance and tax planning.
PART IV

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
Item 15. Exhibits and Financial Statement Schedules
a. Index to Financial Statements and Financial Statement Schedules
Page
Report of Independent Registered Public Accounting Firm - Fruci & Associates II PLLC
Report of Independent Registered Public Accounting Firm - Assurance Dimensions
Consolidated Balance Sheets as of June 30, 2025 and 2024
Consolidated Statements of Operations for each of the two years in the period ended June 30, 2025
Consolidated Statements of Changes in Stockholders’ Deficit for each of the two years in the period ended June 30, 2025
Consolidated Statements of Cash Flows for each of the two years in the period ended June 30, 2025
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
-
All other schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions, or are inapplicable, and therefore have been omitted.
b. Exhibits
Exhibit No.
Description of Exhibit
2.1
Merger Agreement Between Jaguar Investments, Inc., Freight Rate, Inc., and Jag2 Corporation (1)
2.2
Agreement and Plan of Merger Between Fittipaldi Logistics, Inc. and State Petroleum Distributors, Inc. (30)
2.3
Membership Interest Purchase Agreement by and Among Threat Surface Solutions Group, LLC, Acquired Data Solutions, Inc., Ramparts, LLC, and Kevin Anderson, an Individual, and Visium Technologies, Inc. (36)
2.4
Amendment to Membership Interest Purchase Agreement (37)
3.1
Articles of Incorporation (2)
3.2
Certificate of Amendment to Articles of Incorporation (3)
3.3
Certificate of Amendment to the Articles of Incorporation (4)
3.4
Certificate of Voting Powers, Designations, Preferences and Rights to Series B Convertible Preferred Stock (10)
3.5
Certificate of Voting Powers, Designations, Preferences and Rights to Series C Convertible Preferred Stock (10)
3.6
Certificate of Voting Powers, Designations, Preferences and Rights to Series Y Preferred Stock (5)
3.7
Certificate of Correction of Certificate of Voting Powers, Designations, Preferences and Right to Series Y Preferred Stock (5)
3.8
Certificate of Amendment to Articles of Incorporation Increasing Authorized Shares of Common Stock to 250,000,000 filed on August 13, 2004 (9)
3.9
Certificate of Voting Powers, Designations, Preferences and Rights to Preferred Stock of Series X Convertible Preferred Stock (5)
3.10
Bylaws (2)
3.11
Amended Bylaws dated March 31, 2003 (5)
3.12
Certificate to Set Forth Designations, Preferences and Rights to Series D Convertible Preferred Stock (23)
3.13
Certificate to Set Forth Designations, Preferences and Rights to Series E Convertible Preferred Stock (29)
3.14
Certificate to Set Forth Designations, Preferences and Rights to Series F Convertible Preferred Stock (29)
3.15
Certificate to Set Forth Designations, Preferences and Rights to Series G Convertible Preferred Stock (29)
3.16
Certificate to Set Forth Designations, Preferences and Rights to Series H Convertible Preferred Stock (29)
3.17
Certificate to Set Forth Designations, Preferences and Rights to Series I Convertible Preferred Stock (29)
3.18
Certificate to Set Forth Designations, Preferences and Rights to Series J Convertible Preferred Stock (35)
4.1
Form of Common Stock Purchase Warrant to Newbridge Securities Corporation for Business Advisory Agreement (10)
4.1
Form of Unsecured Promissory Note to Talos Victory Fund, LLC and Mast Hill Fund, L.P. for $270,000 Principal Amount (40)
4.1
Form of Unsecured Promissory Note to Investor for $270,000 Principal Amount (41)
4.2
Form of 14.25% secured convertible debenture (35)
4.3
$100,000 principal amount promissory note pursuant to settlement agreement with Stokes Logistics Consulting, LLC (35)
4.4
$100,000 principal amount 8% secured convertible promissory note (35)
4.5
Letter of agreement dated February 8, 2008 evidencing $25,000 principal promissory note to Canberra Financial Services II, Inc. (35)
4.6
$14,000 principal 12.5% promissory note for services (35)
4.7
Form of unsecured promissory note (35)
4.8
Form of non-plan option agreement (10)
4.9
Form of common stock purchase warrant (10)
4.10
Form of Common Stock Purchase Warrant re: 14.25% secured convertible debentures (10)
4.11
Form of Common Stock Purchase Warrant issued to Newbridge Securities Corporation as Placement Agent for 14.25% secured convertible debentures (10)
4.12
Form of Series C 10% unsecured convertible debenture (20)
4.13
Form of Warrant for Series C 10% unsecured convertible debenture offering (35)
4.14
Form of Series D 8% unsecured convertible debenture (35)
4.15
Form of 10% convertible debenture (35)
4.16
Form of Warrant for Series D 8% unsecured convertible debenture (22)
4.17
Articles of Merger between Power2Ship, Inc. and Fittipaldi Logistics, Inc. (25)
4.18
Form of Term Sheet for Purchase of Outstanding Debentures (Version 2) (28)
4.19
Form of Term Sheet for Purchase of Outstanding Debentures (Version 1) (28)
4.20
Form of Non-Plan Stock Option Agreement for Employees (29)
4.21
Form of Non-Plan Stock Options Agreement for Executives (29)
4.22
Articles of Merger between Fittipaldi Logistics, Inc. and Visium Technologies, Inc. (31)
4.23
$10,000 principal amount 12% convertible promissory note (35)
4.24
$5,000 principal amount 12% convertible promissory note (35)
4.25
$25,000 principal amount 12% convertible promissory note (35)
4.26
$25,000 principal amount 12% convertible promissory note (35)
4.27
$20,000 principal amount 12% convertible promissory note (35)
4.28
$20,000 principal amount 12% convertible promissory note (35)
4.29
$5,000 principal amount 12% convertible promissory note (35)
4.30
$20,000 principal amount 12% convertible promissory note (35)
4.31
$25,000 principal amount 12% convertible promissory note (35)
4.32
$25,000 principal amount 18% convertible promissory note (35)
4.33
$12,000 principal amount 12% convertible promissory note (35)
4.34
$10,000 principal amount 12% convertible promissory note (35)
4.35
$20,000 principal amount 12% convertible promissory note (35)
4.36
$18,000 principal 12.5% promissory note for services (35)
4.37
$30,000 principal amount 12% convertible promissory note (35)
4.38
$15,000 principal amount 12% convertible promissory note (35)
4.39
$10,000 principal amount 12% convertible promissory note (35)
4.40
$25,000 principal amount 18% convertible promissory note (35)
4.41
$25,000 principal amount 18% convertible promissory note (35)
4.42
$15,000 principal amount 12% convertible promissory note (35)
4.43
$25,000 principal amount 12% convertible promissory note (35)
4.44
$10,000 principal amount 12% convertible promissory note (35)
4.45
$25,000 principal amount 12% convertible promissory note (35)
4.46
$10,000 principal amount 12% convertible promissory note (35)
4.47
Form of Promissory Note issued to FirstFire Global Opportunities Fund, LLC (37)
4.48
Form of Warrant issued to FirstFire Global Opportunities Fund, LLC (37)
4.49
Form of Promissory Note issued to Auctus Fund, LLC (38)
4.50
Form of Warrant issued to Auctus Fund, LLC (38)
4.51
Form of Unsecured Promissory Note (40)
4.52
Form of Unsecured Promissory Note (41)
4.53
Form of Unsecured Promissory Note (42)
4.54
Form of Warrant (42)
10.1
Securities Purchase Agreement (6)
10.2
Investor Registration Rights Agreement (6)
10.3
2001 Employee Stock Compensation Plan (3)
10.4
Employment Agreement with Richard Hersh (8)
10.5
Form of Intellectual Property Assignment Agreement between Power2Ship, Inc. and each of Richard Hersh, Michael J. Darden and John Urbanowicz (10)
10.6
Security Agreements for 14.25% secured convertible debentures (10)
10.7
Registration Rights Agreement for 14.25% secured convertible debentures (10)
10.8
Asset Purchase Agreement with GFC, Inc. (14)
10.9
Mutual Agreement with Commodity Express Transportation, Inc. (15)
10.10
Asset Purchase Agreement with GFC, Inc. (16)
10.11
Form of Unsecured Promissory Note (13)
10.12
Separation and Severance Agreement with Richard Hersh (23)
10.13
Consulting Agreement with Richard Hersh (23)
10.14
Consulting Agreement with David S. Brooks and S. Kevin Yates (as amended) (23)
10.15
Software Transaction Agreement Between Visium Technologies, Inc., Rentar Environmental Solutions, Inc. and the organizers of a new company to be formed (33)
10.16
Capital Contribution Agreement Between Rentar Logic, Inc., Rentar Environmental Solutions, Inc. and Visium Technologies, Inc. (33)
10.17
Rentar Logic, Inc. Shareholders Agreement (33)
10.18
Voting Trust Agreement Between Rentar Logic, Inc., Rentar Environmental Solutions, Inc. and Visium Technologies, Inc. (33)
10.19
Visium/Rentar Agreement April 2010 (35)
10.20
Employment Agreement with Kevin Yates (35)
10.21
Consulting Agreement with Will Williams (35)
10.22
Consulting Agreement with Mobile Software Team, LLC (35)
10.23
Consulting Agreement with C3i Sports, LLC (35)
10.24
Exclusive License Agreement between George Mason Research Foundation, Inc. and Visium Technologies, Inc.(36)
10.25
Securities Purchase Agreement by and between the Company and FirstFire Global Opportunities Fund, LLC (37)
10.26
Securities Purchase Agreement by and between the Company and Auctus Fund, LLC (38)
10.27
Amendment to License Agreement between MITRE Corporation and Visium Analytics, LLC (39)
10.28
Form of Securities Purchase Agreement (40)
10.29
Form of Registration Rights Agreement (40)
10.30
Form of Securities Purchase Agreement (41)
10.31
Form of Registration Rights Agreement (41)
10.32
Form of Securities Purchase Agreement (42)
10.33
Form of Amendment #1 (42)
14.1
Code of Ethics (11)
21.1
Subsidiaries of Registrant (20)*
31.1
Section 302 Certificate of Chief Executive Officer.*
31.2
Section 302 Certificate of Principal Financial Officer.*
32.1
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
32.2
Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
101.
The following materials from the Company’s Annual Report on Form 10-K for the year ended June 30, 2013, formatted in XBRL (eXtensible Business Reporting Language): (i) the Balance Sheets, (ii) the Statements of Operations, (iii) the Statements of Cash Flows, and (iv) related notes to these financial statements.**
*
Filed herewith.
**
Furnished herewith.
(1)
Incorporated by reference to Current Report on Form 8-K filed on March 26, 2003.
(2)
Incorporated by reference to registration statement on Form 10-SB, as amended.
(3)
Incorporated by reference to definitive Schedule 14C Information Statement filed on February 2, 2001.
(4)
Incorporated by reference to definitive Schedule 14C Information Statement filed on April 22, 2003.
(5)
Incorporated by reference to Annual Report on Form 10-K for the fiscal year ended December 31, 2002.
(6)
Incorporated by reference to Current Report on Form 8-K filed on July 8, 2004.
(7)
Incorporated by reference to Current Report on Form 8-K filed on January 3, 2002.
(8)
Incorporated by reference to Quarterly Report on Form 10-QSB for the period ended March 31, 2003.
(9)
Incorporated by reference to Preliminary Information Statement on Schedule 14C filed on July 8, 2004.
(10)
Incorporated by reference to registration statement on Form SB-2, SEC File No. 333-118792, filed on September 3, 2004.
(11)
Incorporated by reference to Amendment No. 1 to registration statement the Form SB-2, SEC File No. 333-118792, filed on October 20, 2004.
(12)
Incorporated by reference to Amendment No. 3 to the registration statement on Form SB-2, SEC File No. 333-118792, filed on December 15, 2004.
(13)
Incorporated by reference to Quarterly Report on Form 10-QSB for the period ended December 31, 2004 filed on February 14, 2005.
(14)
Incorporated by reference to Current Report on Form 8-K/A filed on February 25, 2005.
(15)
Incorporated by reference to Current Report on Form 8-K filed on March 25, 2005.
(16)
Incorporated by reference to Current Report on Form 8-K filed on March 28, 2005.
(17)
Incorporated by reference to Quarterly Report on Form 10-QSB for the period ended March 31, 2005.
(18)
Incorporated by reference to Current Report on Form 8-K filed on June 3, 2005.
(19)
Incorporated by reference to Current Report on Form 8-K filed on July 28, 2005.
(20)
Reserved
(21)
Incorporated by reference to Current Report on Form 8-K filed on February 17, 2006.
(22)
Incorporated by reference to Amendment No. 1 to registration statement the Form SB-2, SEC File No. 333-131832 filed on May 5, 2006.
(23)
Incorporated by reference to Annual Report on Form 10-K for the fiscal year ended June 30, 2006 filed on October 13, 2006.
(24)
Incorporated by reference to Current Report on Form 8-K filed on October 17, 2006.
(25)
Incorporated by reference to Current Report on Form 8-K filed on October 24, 2006.
(26)
Incorporated by reference to Current Report on Form 8-K filed on January 26, 2007.
(27)
Incorporated by reference to Current Report on Form 8-K filed on April 30, 2007.
(28)
Incorporated by reference to Current Report on Form 8-K filed on July 25, 2007.
(29)
Incorporated by reference to Annual Report on Form 10-KSB filed on October 15, 2007.
(30)
Incorporated by reference to Current Report on Form 8-K filed on November 15, 2007.
(31)
Incorporated by reference to Current Report on Form 8-K filed on December 31, 2007.
(32)
Incorporated by reference to Current Report on Form 8-K filed on March 25, 2008.
(33)
Incorporated by reference to Current Report on Form 8-K filed on June 13, 2008.
(34)
Incorporated by reference to Current Report on Form 8-K filed on October 16, 2008.
(35)
Incorporated by reference to Registration Statement on Form 10-12G/A filed on June 14, 2013.
(36)
Incorporated by reference to Current Report on Form 8-K filed on July 27, 2019.
(37)
Incorporated by reference to Current Report on Form 8-K filed on January 10, 2019.
(38)
Incorporated by reference to Current Report on Form 8-K filed on January 16, 2019.
(39)
Incorporated by reference to Current Report on Form 8-K filed on May 13, 2020
(40)
Incorporated by reference to Current Report on Form 8-K filed on February 11, 2024
(41)
Incorporated by reference to Current Report on Form 8-K filed on March 4, 2024
(42)
Incorporated by reference to Current Report on Form 8-K filed on September 22, 2024