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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Visium Technologies Inc (PK) | USOTC:VISM | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.00031 | -6.31% | 0.0046 | 0.0038 | 0.009 | 0.0047 | 0.0046 | 0.0047 | 150,910 | 21:00:05 |
[X]
|
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
[ ]
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
|
Florida
|
|
87-0449667
|
(State
of Incorporation)
|
|
(IRS
Employer Identification No.)
|
Title of each class
|
|
Trading
Symbol(s)
|
|
Name of each exchange on which registered
|
Common
Stock, $0.0001 Par Value
|
|
VISM
|
|
OTC
Pink
|
Large
accelerated filer
|
☐
|
Accelerated
filer
|
☐
|
Non-accelerated
filer
|
☒
|
Smaller
Reporting Company
|
☒
|
Emerging
growth company
|
☐
|
|
|
|
|
|
|
PART I
- FINANCIAL INFORMATION
|
3
|
Item 1.
Financial Statements
|
3
|
Consolidated
Balance Sheets – September 30, 2020 (unaudited) and June 30,
2020
|
3
|
Consolidated
Statements of Operations - Three Months ended September 30, 2020
and 2019 (unaudited)
|
4
|
Consolidated
Statements of Changes in Stockholders’ Deficit (unaudited) -
Three Months ended September 30, 2020 and 2019
|
5
|
Consolidated
Statements of Cash Flows - Three Months Ended September 30, 2020
and 2019 (unaudited)
|
7
|
Notes
to Unaudited Consolidated Financial Statements – September
30, 2020
|
8
|
Item 2.
Management’s Discussion and Analysis and Results of
Operations
|
20
|
Item 3.
Quantitative and Qualitative Disclosures About Market
Risk
|
24
|
Item 4.
Controls and Procedures
|
24
|
PART II
- OTHER INFORMATION
|
25
|
Item 1.
Legal Proceedings.
|
25
|
Item
1A. Risk Factors.
|
25
|
Item 2.
Unregistered Sales of Equity Securities and Use of
Proceeds.
|
25
|
Item 3.
Defaults Upon Senior Securities.
|
25
|
Item 4.
Mine Safety Disclosures.
|
25
|
Item 5.
Other Information.
|
25
|
Item 6.
Exhibits
|
25
|
SIGNATURES
|
26
|
2
|
|
|
|
September 30, 2020
|
|
|
June 30, 2020 (1)
|
|
||
|
|
(Unaudited)
|
|
|
|
|
||
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
1,936
|
|
|
$
|
30,251
|
|
|
|
|
|
|
|
|
|
|
Total
current assets
|
|
|
1,936
|
|
|
|
30,251
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
1,936
|
|
|
$
|
30,251
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable and accrued expenses
|
|
$
|
438,234
|
|
|
$
|
333,805
|
|
Accrued
compensation
|
|
|
736,529
|
|
|
|
652,529
|
|
Accrued
interest
|
|
|
701,471
|
|
|
|
677,857
|
|
Convertible
notes payable to ASC Recap LLC
|
|
|
147,965
|
|
|
|
147,965
|
|
Convertible
notes payable
|
|
|
782,490
|
|
|
|
852,962
|
|
Notes
payable
|
|
|
205,000
|
|
|
|
205,000
|
|
Derivative
liabilities
|
|
|
314,221
|
|
|
|
438,553
|
|
Due to
officers
|
|
|
96,840
|
|
|
|
102,340
|
|
Total
current liabilities
|
|
|
3,422,750
|
|
|
|
3,411,011
|
|
|
|
|
|
|
|
|
|
|
Commitments
and Contingencies (Note 9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
deficit:
|
|
|
|
|
|
|
|
|
Preferred
stock, $0.001 par value, 100,000,000 shares authorized
|
|
|
|
|
|
|
|
|
Series
A (65,000,000 shares designated, 13,992,340 shares issued and
outstanding as of September 30, 2020 and June 30,
2020)
|
|
|
13,992
|
|
|
|
13,992
|
|
Series
B (30,000,000 shares designated, 1,327,640 shares issued and
outstanding as of September 30, 2020 and June 30,
2020)
|
|
|
1,328
|
|
|
|
1,328
|
|
Series
AA Convertible Stock ($0.001 par value; 1 share authorized, 1 share
issued and outstanding as of September 30, 2020 and June 30,
2020)
|
|
|
0
|
|
|
|
0
|
|
Common
stock, $0.0001 par value, 10,000,000,000 shares authorized:
2,026,742,014 shares issued and 2,026,275,356 shares outstanding as
of September 30, 2020 and 1,544,793,446 shares issued and
1,544,126,787 outstanding at June 30, 2020 (See Note
6)
|
|
|
202,628
|
|
|
|
154,413
|
|
Additional
paid in capital
|
|
|
44,698,489
|
|
|
|
44,441,085
|
|
Accumulated
deficit
|
|
|
(48,337,251
|
)
|
|
|
(47,991,578
|
)
|
Total
stockholders’ deficit
|
|
|
(3,420,814
|
)
|
|
|
(3,380,760
|
)
|
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders’ deficit
|
|
$
|
1,936
|
|
|
$
|
30,251
|
|
3
|
|
|
|
Three Months Ended September 30,
|
|
|||||
|
|
2020
|
|
|
2019
|
|
||
Net revenues
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Selling, general
and administrative
|
|
|
193,196
|
|
|
|
199,058
|
|
Development
expense
|
|
|
95,000
|
|
|
|
35,500
|
|
Total Operating Expenses
|
|
|
288,196
|
|
|
|
234,558
|
|
|
|
|
|
|
|
|
|
|
Loss from Operations
|
|
|
(288,196
|
)
|
|
|
(234,558
|
)
|
|
|
|
|
|
|
|
|
|
Other income (expenses):
|
|
|
|
|
|
|
|
|
Gain on
change in fair value of derivative liabilities
|
|
|
124,332
|
|
|
|
278,012
|
|
Interest
expense
|
|
|
(26,908
|
)
|
|
|
(100,481
|
)
|
Loss on
extinguishment of debt
|
|
|
(154,901
|
)
|
|
|
(40,414
|
)
|
Total other income (expenses)
|
|
|
(57,477
|
|
|
|
137,117
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(345,673
|
)
|
|
$
|
(97,441
|
)
|
|
|
|
|
|
|
|
|
|
Loss per common share basic and diluted
|
|
$
|
(0.00
|
)
|
|
$
|
(0.00
|
)
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - basic and
diluted
|
|
|
1,832,561,950
|
|
|
|
46,364,135
|
|
4
|
|
|
|
Preferred Stock - Series A
$0.001 Par Value
|
|
|
PreferredStock - Series B
$0.001 Par Value
|
|
|
Preferred Stock -Series AA
$0.001 Par Value
|
|
|
Common Stock
$0.0001 Par Value
|
|
|
Additional Paid-in
|
|
|
Accumulated
|
|
|
Total Stockholders’
|
|
|||||||||||||||||||||||
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Deficit
|
|
|
Deficit
|
|
|||||||||||
Balance at June 30, 2020
|
|
|
13,992,340
|
|
|
$
|
13,992
|
|
|
|
1,327,640
|
|
|
$
|
1,328
|
|
|
|
1
|
|
|
$
|
0
|
|
|
|
1,544,126,787
|
|
|
$
|
154,413
|
|
|
$
|
44,441,085
|
|
|
$
|
(47,991,578
|
)
|
|
$
|
(3,380,760
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued as compensation to directors and
officers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
90,000,000
|
|
|
|
9,000
|
|
|
|
36,000
|
|
|
|
|
|
|
|
45,000
|
|
Shares issued for consulting services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,200,001
|
|
|
|
3,020
|
|
|
|
23,980
|
|
|
|
|
|
|
|
27,000
|
|
Shares issued for conversion of notes payable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
361,948,560
|
|
|
|
36,195
|
|
|
|
197,424
|
|
|
|
|
|
|
|
233,619
|
|
Net loss for the three months ended September 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(345,673
|
)
|
|
|
(345,673
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2020
|
|
|
13,992,340
|
|
|
$
|
13,992
|
|
|
|
1,327,640
|
|
|
$
|
1,328
|
|
|
|
1
|
|
|
$
|
0
|
|
|
|
2,026,275,348
|
|
|
$
|
202,628
|
|
|
$
|
44,698,489
|
|
|
$
|
(48,337,251
|
)
|
|
$
|
(3,420,814
|
)
|
5
|
|
|
|
Preferred Stock -Series A $0.001 Par Value
|
|
|
Preferred Stock -Series B $0.001 Par Value
|
|
|
Preferred Stock -Series AA $0.001 Par Value
|
|
|
CommonStock $0.0001 Par Value
|
|
|
Additional Paid-in
|
|
|
Accumulated
|
|
|
Total Stockholders’
|
|
|||||||||||||||||||||||
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Deficit
|
|
|
Deficit
|
|
|||||||||||
Balance at June 30, 2019
|
|
|
13,992,340
|
|
|
$
|
13,992
|
|
|
|
1,327,640
|
|
|
$
|
1,328
|
|
|
|
1
|
|
|
$
|
0
|
|
|
|
42,066,269
|
|
|
$
|
4,207
|
|
|
$
|
43,184,984
|
|
|
$
|
(46,449,128
|
)
|
|
$
|
(3,244,617
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for consulting services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
483,333
|
|
|
|
48
|
|
|
|
28,952
|
|
|
|
|
|
|
|
29,000
|
|
Shares issued for conversion of notes payable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,960,217
|
|
|
|
2,096
|
|
|
|
172,743
|
|
|
|
|
|
|
|
174,839
|
|
Net loss for the three months ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(97,441
|
)
|
|
|
(97,441
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2019
|
|
|
13,992,340
|
|
|
$
|
13,992
|
|
|
|
1,327,640
|
|
|
$
|
1,328
|
|
|
|
1
|
|
|
$
|
0
|
|
|
|
63,509,819
|
|
|
$
|
6,351
|
|
|
$
|
43,386,679
|
|
|
$
|
(46,546,569
|
)
|
|
$
|
(3,138,219
|
)
|
6
|
|
|
|
Three-months ended
|
|
|||||
|
|
September 30,
|
|
|||||
|
|
2020
|
|
|
2019
|
|
||
Cash
flows from operating activities:
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(345,673
|
)
|
|
$
|
(97,441
|
)
|
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Stock
based compensation
|
|
|
72,000
|
|
|
|
29,000
|
|
Gain on
change in derivative liabilities
|
|
|
(124,332
|
)
|
|
|
(278,012
|
)
|
Loss on
extinguishment of debt
|
|
|
154,901
|
|
|
|
40,414
|
|
Amortization
of debt discount
|
|
|
-
|
|
|
|
71,393
|
|
Changes
in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
109,379
|
|
|
|
102,448
|
|
Accrued
interest
|
|
|
26,910
|
|
|
|
29,088
|
|
Accrued
compensation
|
|
|
84,000
|
|
|
|
84,000
|
|
Net
cash used in operating activities
|
|
|
(22,815
|
)
|
|
|
(19,110
|
)
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities:
|
|
|
|
|
|
|
|
|
Advances
from (repayment to) officers
|
|
|
(5,500
|
)
|
|
|
3,000
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by (used in) financing activities
|
|
|
(5,500
|
)
|
|
|
3,000
|
|
|
|
|
|
|
|
|
|
|
Net
decrease in cash
|
|
|
(28,315
|
)
|
|
|
(16,110
|
)
|
|
|
|
|
|
|
|
|
|
Cash,
beginning of period
|
|
|
30,251
|
|
|
|
18,668
|
|
|
|
|
|
|
|
|
|
|
Cash,
end of period
|
|
$
|
1,936
|
|
|
$
|
2,558
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
Cash
paid for interest
|
|
$
|
-
|
|
|
$
|
-
|
|
Cash
paid for income taxes
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
Non-cash
investing and financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance
of common stock for conversion of notes payable and accrued
interest (fair value of the shares issued - $233,619)
|
|
$
|
73,768
|
|
|
$
|
174,839
|
|
7
|
|
8
|
|
9
|
|
Level
1:
|
Observable
inputs such as quoted market prices in active markets for identical
assets or liabilities.
|
|
|
Level
2:
|
Observable
market-based inputs or unobservable inputs that are corroborated by
market data.
|
|
|
Level
3:
|
Unobservable
inputs for which there is little or no market data, which require
the use of the reporting entity’s own
assumptions.
|
10
|
|
11
|
|
|
|
September 30,
|
|
|
June 30,
|
|
||
|
|
2020
|
|
|
2020
|
|
||
Weighted
average common shares outstanding
|
|
|
1,832,561,950
|
|
|
|
312,626,670
|
|
Effect
of dilutive securities-when applicable:
|
|
|
|
|
|
|
|
|
Convertible
promissory notes
|
|
|
768,576,702
|
|
|
|
1,014,701,330
|
|
Preferred
Stock
|
|
|
13,996,797
|
|
|
|
13,996,797
|
|
Warrants
|
|
|
500,000
|
|
|
|
500,000
|
|
Fully
diluted earnings per share—adjusted weighted-average shares
and assumed conversions
|
|
|
2,615,635,449
|
|
|
|
1,341,824,767
|
|
12
|
|
|
|
Three Months Ended September 30,
|
|
|||||
|
|
2020
|
|
|
2019
|
|
||
Effective
exercise price
|
|
$
|
0.00024
- $0.00039
|
|
|
$
|
0.0033
- $ 0.15
|
|
Effective
market price
|
|
$
|
0.0007
|
|
|
$
|
0.006
|
|
Volatility
|
|
|
248.13%
- 297.1
|
%
|
|
|
267.4%
- 373.6
|
%
|
Risk-free
interest
|
|
|
0.08% -
0.12
|
%
|
|
|
1.58% -
1.90
|
%
|
Terms
|
|
|
60-467
days
|
|
|
|
30 -
833 days
|
|
Expected
dividend rate
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
Derivative
liability at June 30, 2020
|
|
$
|
438,553
|
|
Gain on
change in fair value of derivative liability
|
|
|
(124,332
|
)
|
Derivative
liability at September 30, 2020
|
|
$
|
314,221
|
|
13
|
|
Accrued
interest payable at June 30, 2020
|
|
$
|
677,857
|
|
Interest
expense accrued for the three months ended September 30,
2020
|
|
|
26,908
|
|
Conversion
of accrued interest into common stock
|
|
|
(3,294
|
)
|
Accrued
interest payable at September 30, 2020
|
|
$
|
701,471
|
|
|
|
September 30,
|
|
|
June 30,
|
|
||
|
|
2020
|
|
|
2020
|
|
||
Convertible
notes payable
|
|
$
|
782,490
|
|
|
$
|
852,962
|
|
Discount
on convertible notes
|
|
|
-
|
|
|
|
-
|
|
Convertible
notes, net
|
|
|
782,490
|
|
|
|
852,962
|
|
|
|
|
|
|
|
|
|
|
Convertible
notes payable to ASC Recap
|
|
|
147,965
|
|
|
|
147,965
|
|
Total
|
|
$
|
930,455
|
|
|
$
|
1,000,927
|
|
14
|
|
|
|
|
|
Amount of
|
|
|
Amount of
|
|
|
|
|
|
Adjustment
|
|
|
|
|
|
Conversion
|
|
Shares
|
|
|
Converted
|
|
|
Converted
|
|
|
Conversion
|
|
|
To
|
|
|
|
|
|
Price
|
Name
|
Issued
|
|
|
Principal
|
|
|
Interest
|
|
|
Expense
|
|
|
Fair Value
|
|
|
Total
|
|
|
Per Share
|
Auctus Funds, LLC
|
312,948,560
|
|
$
|
55,748
|
|
$
|
3,294
|
|
$
|
3,751
|
|
$
|
136,526
|
|
$
|
199,319
|
|
$
|
$0.00064
|
FirstFire Global Opportunities Fund LLC
|
49,000,000
|
|
|
14,725
|
|
|
-
|
|
|
1,200
|
|
|
18,375
|
|
|
34,300
|
|
|
$0.00070
|
TOTAL
|
361,948,560
|
|
$
|
70,473
|
|
$
|
3,294
|
|
$
|
4,951
|
|
$
|
154,901
|
|
$
|
233,619
|
|
$
|
$0.00064
|
15
|
|
16
|
|
|
|
Number of
|
|
|
Weighted Average
|
|
||
|
|
Warrants
|
|
|
Exercise Price
|
|
||
Common
Stock Warrants
|
|
|
|
|
|
|
|
|
Balance
at beginning of year
|
|
|
500,000
|
|
|
$
|
0.15
|
|
Granted
|
|
|
-
|
|
|
|
|
|
Granted
due to repricing
|
|
|
-
|
|
|
|
-
|
|
Exercised
|
|
|
-
|
|
|
|
-
|
|
Forfeited
|
|
|
-
|
|
|
|
-
|
|
Balance
at end of period
|
|
|
500,000
|
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
|
Warrants
exercisable at end of period
|
|
|
500,000
|
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
|
Weighted
average fair value of warrants granted during the
period
|
|
|
|
|
|
$
|
2,950
|
|
|
|
|
Warrants Outstanding
|
|
|
Warrants Exercisable
|
|
|||||||||||||
Range of Exercise Price
|
|
|
Number Outstanding at September 30,2020
|
|
|
Weighted Average Remaining Contractual Life
|
|
Weighted Average Exercise Price
|
|
|
Number Exercisable at September 30,2020
|
|
|
Weighted Average Exercise Price
|
|
|||||
$
|
0.15
|
|
|
|
500,000
|
|
|
1.28
Years
|
|
$
|
0.15
|
|
|
|
500,000
|
|
|
$
|
0.15
|
|
|
|
|
|
|
500,000
|
|
|
1.28
Years
|
|
$
|
0.15
|
|
|
|
500,000
|
|
|
$
|
0.15
|
|
|
|
For the Three months ended
|
||||||
|
|
September 30, 2020
|
|
|||||
|
|
|
|
|
Weighted
|
|
||
|
|
|
|
|
Average
|
|
||
|
|
|
|
|
Grant Date
|
|
||
|
|
Shares
|
|
|
Fair Value
|
|
||
Unvested
at beginning of period
|
|
|
666,659
|
|
|
$
|
0.06
|
|
Granted
|
|
|
-
|
|
|
$
|
-
|
|
Forfeited
|
|
|
-
|
|
|
|
-
|
|
Vested
|
|
|
(200,000
|
)
|
|
$
|
0.06
|
|
Unvested
at end of period
|
|
|
466,659
|
|
|
$
|
0.06
|
|
17
|
|
18
|
|
|
|
Fair Value Measurements at
|
|
|||||||||
|
|
September 30, 2020:
|
|
|||||||||
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
|||
Derivative
liability – Convertible notes
|
|
$
|
|
|
|
$
|
|
|
|
$
|
314,071
|
|
Derivative
liability – Warrants
|
|
|
-
|
|
|
|
-
|
|
|
|
150
|
|
Total
derivative liability
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
314,221
|
|
19
|
|
20
|
|
|
|
|
|
|
Increase/
|
|
|
Increase/
|
|
|||||||
|
|
Three-month period ended
|
|
|
(Decrease)
|
|
|
(Decrease)
|
|
|||||||
|
|
September 30,
|
|
|
in $ 2020
|
|
|
in % 2020
|
|
|||||||
|
|
2020
|
|
|
2019
|
|
|
vs 2019
|
|
|
vs 2019
|
|
||||
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative
|
|
$
|
193,196
|
|
|
$
|
199,058
|
|
|
$
|
(5,862
|
)
|
|
|
(2.9
|
)%
|
Development
expense
|
|
|
95,000
|
|
|
|
35,500
|
|
|
|
59,500
|
|
|
|
167.6
|
%
|
Total
operating expenses
|
|
|
288,196
|
|
|
|
234,558
|
|
|
|
53,638
|
|
|
|
22.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
|
(288,196
|
)
|
|
|
(234,558
|
)
|
|
|
53,638
|
|
|
|
22.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on
change in fair value of derivative liabilities
|
|
|
124,332
|
|
|
|
278,012
|
|
|
|
(153,680
|
)
|
|
|
(55.3
|
)%
|
Loss on
extinguishment of debt
|
|
|
(154,901
|
)
|
|
|
(40,414
|
)
|
|
|
(114,487
|
)
|
|
|
283.3
|
%
|
Interest
expense
|
|
|
(26,908
|
)
|
|
|
(100,481
|
)
|
|
|
73,573
|
|
|
|
(73.2
|
)%
|
|
|
|
(57,477
|
)
|
|
|
137,117
|
|
|
|
(194,594
|
)
|
|
|
(141.9
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(345,673
|
)
|
|
|
(97,441
|
)
|
|
$
|
(248,232
|
)
|
|
|
(254.8
|
)%
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|||||||
|
|
September 30,
|
|
|
Increase/
|
|
|
|
|
|||||||
|
|
2020
|
|
|
2019
|
|
|
Decrease
|
|
|
% Change
|
|
||||
Accounting
expense
|
|
$
|
22,950
|
|
|
$
|
23,012
|
|
|
$
|
(62
|
)
|
|
|
(0.3
|
%
|
Consulting
fees
|
|
|
-
|
|
|
|
30,000
|
|
|
|
(30,000
|
)
|
|
|
(100.0
|
)%
|
Salaries
|
|
|
84,000
|
|
|
|
84,000
|
|
|
|
-
|
|
|
|
0.0
|
%
|
Legal
and professional fees
|
|
|
10,500
|
|
|
|
7,060
|
|
|
|
3,440
|
|
|
|
48.7
|
%
|
Travel
expense
|
|
|
-
|
|
|
|
8,784
|
|
|
|
(8,784
|
)
|
|
|
(100.0
|
)%
|
Occupancy
expense
|
|
|
-
|
|
|
|
1,431
|
|
|
|
(1,431
|
)
|
|
|
(100.0
|
)%
|
Telephone
expense
|
|
|
900
|
|
|
|
900
|
|
|
|
-
|
|
|
|
0.0
|
%
|
Website
expense
|
|
|
651
|
|
|
|
660
|
|
|
|
(9
|
)
|
|
|
(1.4
|
)%
|
Marketing
Expense
|
|
|
-
|
|
|
|
9,948
|
|
|
|
(9,948
|
)
|
|
|
(100.0
|
)%
|
Stock
based consulting expense
|
|
|
27,000
|
|
|
|
29,000
|
|
|
|
(2,000
|
)
|
|
|
(6.9
|
)%
|
Stock
based compensation
|
|
|
45,000
|
|
|
|
-
|
|
|
|
45,000
|
|
|
|
148.3
|
%
|
Other
|
|
|
2,195
|
|
|
|
4,263
|
|
|
|
(2,068
|
)
|
|
|
(48.5
|
)%
|
|
|
$
|
193,196
|
|
|
$
|
199,058
|
|
|
$
|
(5,862
|
)
|
|
|
(2.9
|
)%
|
21
|
|
|
|
Three-Months Ended
|
|
|
|
|
||||||
|
|
September 30,
|
|
|
%
|
|
||||||
|
|
2020
|
|
|
2019
|
|
|
Change
|
|
|||
Development expense
|
|
$
|
95,000
|
|
|
$
|
35,500
|
|
|
$
|
167.6
|
|
|
|
Three-Months Ended
|
|
|
|
|
||||||
|
|
September 30,
|
|
|
%
|
|
||||||
|
|
2020
|
|
|
2019
|
|
|
Change
|
|
|||
Interest expense
|
|
$
|
26,908
|
|
|
$
|
100,481
|
|
|
$
|
(73.2
|
)%
|
|
|
Balance at
|
|
|||||
|
|
September 30, 2020
|
|
|
June 30, 2020
|
|
||
Cash
|
|
$
|
1,936
|
|
|
$
|
30,251
|
|
Accounts
payable and accrued expenses
|
|
|
438,234
|
|
|
|
333,805
|
|
Accrued
compensation
|
|
|
736,529
|
|
|
|
652,529
|
|
Notes,
convertible notes, and accrued interest payable
|
|
$
|
1,836,926
|
|
|
$
|
1,883,784
|
|
22
|
|
23
|
|
|
●
|
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 consisted of four members, however we lack the
resources and personnel to implement proper segregation of duties
or other risk mitigation systems.
|
24
|
|
31.1
|
Certification
of the Chief Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002 *
|
|
|
31.2
|
Certification
of the Chief Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002 *
|
|
|
32.1
|
Certification
of Chief Executive Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 *
|
|
|
32.2
|
Certification
of Chief Financial Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 *
|
25
|
|
|
VISIUM TECHNOLOGIES, INC.
|
|
|
|
|
|
By:
|
/S/ Mark Lucky
|
November
12, 2020
|
|
Mark
Lucky
|
|
|
CEO,
principal executive officer
|
|
|
|
|
By:
|
/S/ Mark Lucky
|
November
12, 2020
|
|
Mark
Lucky
|
|
|
CFO,
principal accounting officer
|
26
|
|
1 Year Visium Technologies (PK) Chart |
1 Month Visium Technologies (PK) Chart |
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