Visium 10-K: Going Concern, Material Weaknesses, and a $2.9M Non-Cash Gain Mask a $2.1M Operating Loss
VISM sits 20% above its 52-week low of $0.001.
Summary
Visium's FY2026 10-K reveals a going-concern warning, material internal-control weaknesses, and a net income figure entirely dependent on a non-cash debt-extinguishment gain. The company has $22k in cash, a $1.95M working capital deficit, and no committed financing.
Key Events · Earnings and Guidance · VISM
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Going Concern Warning
Auditor Fruci & Associates II PLLC issued a going-concern qualification. Cash is $22,212, working capital deficit is $1,951,292, and the company has no committed financing sources.
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Non-Cash Gain Masks Operating Loss
Net income of $856,102 was driven entirely by a $2,923,004 non-cash gain on debt extinguishment. Without it, the company would have reported a $2,059,370 net loss.
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Material Weaknesses in Internal Controls
Management concluded disclosure controls and internal control over financial reporting were ineffective, citing no independent directors, no audit committee independence, and inadequate segregation of duties.
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Reverse Split Approved but Not Effected
A 1-for-1,500 reverse split was approved September 11, 2026, but has not been executed. All share counts in the 10-K are pre-split; the split is pending FINRA announcement.
Analysis · VISM · Technology
Visium's FY2026 annual report shows a company surviving on non-cash accounting gains while burning cash. The $856,102 net income is entirely from a $2,923,004 debt-extinguishment gain; without it, the company lost $2,059,370. Cash is $22,212 against a $1.95 million working capital deficit, and the auditor flags substantial doubt about going concern. Management admits no committed financing sources. The company also discloses material weaknesses in internal controls, no independent directors, and unfiled tax returns since 2008. A 1-for-1,500 reverse split is approved but not yet effective, and a related party now controls 62.2% of voting power. This is a distressed micro-cap with severe governance and liquidity risks.
How filings like this one have moved
In the 30 days to Oct 13, 2026, 44.1% of the 299 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.62%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, VISM was trading at $0.00 on OTC in the Technology sector, with a market capitalization of approximately $646.5K. The 52-week trading range was $0.00 to $0.01. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.