{"product_id":"vs-vrio-analysis","title":"Versus Systems Inc. (VS): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eUnlocking the secrets to Versus Systems Inc. (VS)'s competitive edge starts here: our focused VRIO analysis cuts straight to the core, examining the Value, Rarity, Inimitability, and Organization of its key assets. The distilled summary of \u0026amp;O4\u0026amp; reveals precisely where sustainable advantage lies - or where critical gaps exist. Scroll down immediately to grasp the strategic implications and find out if Versus Systems Inc. (VS) is truly built to last.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eVersus Systems Inc. (VS) - VRIO Analysis: Core Capability 1: Proprietary Interactive Engagement Platform\n\u003c\/h2\u003e\n\u003cp\u003eYou’re looking at Versus Systems Inc.'s core engine - that proprietary interactive engagement platform - and wondering if it’s the moat you think it is. Honestly, it’s valuable, but the competitive edge isn't set in stone yet. This platform lets clients drop branded challenges and rewards right into games or streams, which is exactly what helped drive their reported $2.18 million in revenue for the third quarter of 2025. That’s real money coming from user interaction, which is a solid start.\u003c\/p\u003e\n\n\u003cp\u003eLet’s break down the VRIO components for this platform. It’s not enough for something to just make money; it has to be hard to copy and well-supported internally. Here’s the quick math on how it stacks up:\u003c\/p\u003e\n\n\u003ctable\u003e\n  \u003ctr\u003e\n    \u003ctd\u003e\u003cstrong\u003eVRIO Dimension\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003eAssessment\u003c\/strong\u003e\u003c\/td\u003e\n    \u003ctd\u003e\u003cstrong\u003eScore\/Implication\u003c\/strong\u003e\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eValue (V)\u003c\/td\u003e\n    \u003ctd\u003eDrives user engagement and brand affinity via embedded incentives.\u003c\/td\u003e\n    \u003ctd\u003eYes (Contributes to $2.18M Q3 2025 Revenue)\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eRarity (R)\u003c\/td\u003e\n    \u003ctd\u003eSpecific, cross-channel gamified incentive integration is somewhat unique.\u003c\/td\u003e\n    \u003ctd\u003eLow to Moderate\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eImitability (I)\u003c\/td\u003e\n    \u003ctd\u003eCore logic is imitable; accumulated integration experience is harder to copy.\u003c\/td\u003e\n    \u003ctd\u003eModerate\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eOrganization (O)\u003c\/td\u003e\n    \u003ctd\u003eCompany is focused, but operating loss of $(990,361) in Q3 2025 suggests operational strain.\u003c\/td\u003e\n    \u003ctd\u003eModerate\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eCompetitive Advantage\u003c\/td\u003e\n    \u003ctd\u003eValuable, but lacks strong IP or network effects to fend off rivals.\u003c\/td\u003e\n    \u003ctd\u003eTemporary\u003c\/td\u003e\n  \u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eThe platform is definitely valuable because it’s generating revenue, but its rarity is soft. Other tech firms can build similar engagement tools, even if they can’t replicate your specific API maturity overnight. What this estimate hides is the actual cost to maintain and scale that integration experience while the company posted a net loss of $(972,013) in the same quarter.\u003c\/p\u003e\n\n\u003cp\u003eBecause the imitability is only moderate, you need to act fast to solidify this advantage. If onboarding takes 14+ days, churn risk rises. Here are the immediate strategic implications based on this analysis:\u003c\/p\u003e\n\u003cul\u003e\n  \u003cli\u003eFile for stronger IP protection on core algorithms.\u003c\/li\u003e\n  \u003cli\u003eFocus capital on scaling proven, high-margin integrations.\u003c\/li\u003e\n  \u003cli\u003eDevelop network effects through exclusive partnerships.\u003c\/li\u003e\n  \u003cli\u003eImprove operational efficiency to reduce the quarterly loss.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eTo be fair, the management team is clearly trying to leverage this platform, evidenced by the new IP development mentioned in their filings. Still, you need to convert this temporary advantage into something more sustained, or a competitor will catch up quickly.\u003c\/p\u003e\n\u003cp\u003eFinance: draft 13-week cash view by Friday\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eVersus Systems Inc. (VS) - VRIO Analysis: Core Capability 2: Blockchain\/Web3 Verifiable Reward Infrastructure\n\u003c\/h2\u003e\n\u003ch3\u003eValue\u003c\/h3\u003e\n\u003cp\u003eProvides traceable, verifiable rewards for high-stakes digital incentives. Underpins platform’s advanced features.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eAttribute\u003c\/th\u003e\n\u003cth\u003eMetric\/Data Point\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eReward Traceability\u003c\/td\u003e\n\u003ctd\u003eVerifiable Ledger Infrastructure\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTrust Layer\u003c\/td\u003e\n\u003ctd\u003eCrucial for high-value digital incentives\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003ch3\u003eRarity\u003c\/h3\u003e\n\u003cp\u003eFully integrated, production-ready ledger infrastructure for brand rewards is not widespread.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eGlobal blockchain user base projected to reach over \u003cstrong\u003e560 million\u003c\/strong\u003e people in 2025.\u003c\/li\u003e\n\u003cli\u003eBlockchain wallet ownership surged \u003cstrong\u003e700%\u003c\/strong\u003e since 2016.\u003c\/li\u003e\n\u003cli\u003eGlobal spending on blockchain solutions forecasted to total \u003cstrong\u003e$19 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eImitability\u003c\/h3\u003e\n\u003cp\u003eDifficult due to the requirement for building robust, scalable, and legally compliant blockchain infrastructure, demanding significant time and specialized engineering talent.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eImitability Factor\u003c\/th\u003e\n\u003cth\u003eAssociated Challenge\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eInfrastructure Build\u003c\/td\u003e\n\u003ctd\u003eRobust and Scalable Development\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCompliance\u003c\/td\u003e\n\u003ctd\u003eLegally Compliant Framework\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTalent Acquisition\u003c\/td\u003e\n\u003ctd\u003eSpecialized Engineering Expertise\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003ch3\u003eOrganization\u003c\/h3\u003e\n\u003cp\u003eTechnology exists, but financial health may constrain speed of development and deployment.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eFinancial Metric\u003c\/th\u003e\n\u003cth\u003eAmount\/Date\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash on Hand (As Provided)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$1.68 million\u003c\/strong\u003e as of June 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQuarterly Revenue (Q3 2025)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$2.18 million\u003c\/strong\u003e for the quarter ending September 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAnnual Revenue (FY2024)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$57.29K\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Loss (Q3 2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$(972,013)\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003ch3\u003eCompetitive Advantage\u003c\/h3\u003e\n\u003cp\u003eTemporary. Advantage erodes if major competitors pivot quickly or industry standards emerge.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eCurrent Status: Rare\u003c\/li\u003e\n\u003cli\u003eRisk Factor: Rapid competitor pivot or standard emergence\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eVRIO Element\u003c\/th\u003e\n\u003cth\u003eAssessment\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003eYes\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRarity\u003c\/td\u003e\n\u003ctd\u003eYes\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInimitability\u003c\/td\u003e\n\u003ctd\u003eDifficult\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOrganization\u003c\/td\u003e\n\u003ctd\u003eModerate\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCompetitive Advantage\u003c\/td\u003e\n\u003ctd\u003eTemporary\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cbr\u003e\u003ch2\u003eVersus Systems Inc. (VS) - VRIO Analysis: Core Capability 3: The ASPIS Cyber Technologies License Agreement\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eCore Capability 3: The ASPIS Cyber Technologies License Agreement\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThis non-cancellable license provided immediate, high-margin revenue, recognizing \u003cstrong\u003e$1,980,000\u003c\/strong\u003e in Q2 2025 alone, which helped offset operating losses. It also provided a crucial financial bridge. The monthly license fee component was established at \u003cstrong\u003e$165,000\u003c\/strong\u003e starting January 2025. The recognition of this revenue resulted in an operating income of \u003cstrong\u003e$938,801\u003c\/strong\u003e for Q2 2025, compared to an operating loss of $(1,499,668) in Q2 2024.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eHigh, but context-dependent. A single, large, related-party license agreement of this nature is rare for a company with total assets of \u003cstrong\u003e$3,842,233\u003c\/strong\u003e as of June 30, 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eLow. Competitors cannot easily replicate this specific, pre-existing, related-party contract. ASPIS is an affiliate of the Company's largest shareholder, holding approximately \u003cstrong\u003e20.20%\u003c\/strong\u003e of common shares as of June 30, 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eHigh, in the short term. The company successfully recognized the revenue and managed the related contract asset of \u003cstrong\u003e$1,650,000\u003c\/strong\u003e as of September 30, 2025. The company also reported \u003cstrong\u003e4,901,677\u003c\/strong\u003e common shares outstanding as of June 30, 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eTemporary. This is a one-time, non-recurring revenue stream tied to a specific relationship; its value expires or diminishes after the initial term. The revenue concentration is high, with external revenue (non-related party) being \u003cstrong\u003e$0\u003c\/strong\u003e in Q2 2025.\u003c\/p\u003e\n\n\u003cp\u003eThe financial components recognized from the ASPIS License as of the Q2 2025 filing date (June 30, 2025) were:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eFinancial Metric\u003c\/td\u003e\n\u003ctd\u003eAmount\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal ASPIS License Revenue Recognized (Q2 2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1,980,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAccounts Receivable - Related Party (as of 6\/30\/2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$330,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eContract Asset - Related Party (as of 6\/30\/2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1,650,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMonthly License Fee Rate\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$165,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eThe impact of the agreement on the balance sheet and income statement for the period ending June 30, 2025, included:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eGross Margin in Q2 2025 was \u003cstrong\u003e$1,971,778\u003c\/strong\u003e, driven by the ASPIS license recognition.\u003c\/li\u003e\n\u003cli\u003eNet income for Q2 2025 was \u003cstrong\u003e$942,461\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eCash balance decreased from \u003cstrong\u003e$3,065,914\u003c\/strong\u003e at 12\/31\/2024 to \u003cstrong\u003e$1,682,256\u003c\/strong\u003e at 6\/30\/2025.\u003c\/li\u003e\n\u003cli\u003eThe revenue for the nine months ended September 30, 2025, was primarily driven by this related-party license agreement.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eVersus Systems Inc. (VS) - VRIO Analysis: Core Capability 4: Proprietary Analytics Dashboard and Reporting Tools\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eFinancial Context for Capability Assessment:\u003c\/strong\u003e\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue (Nine Months Ended Sep 30, 2025)\u003c\/th\u003e\n\u003cth\u003eComparative Data (Q3 2024 EPS)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenue\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.18 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Loss\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$(972,013)\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eEPS: \u003cstrong\u003e-$0.22\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBasic\/Diluted Loss Per Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$(0.17)\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eBeat Estimate by \u003cstrong\u003e60.71%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMarket Capitalization (Dec 5, 2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$6.43M\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eVRIO Assessment:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Allows clients to track performance metrics like participation rates and redemption activity in real time, which is essential for proving marketing ROI.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate. Many SaaS platforms offer analytics, but a dashboard specifically tailored to gamified incentive campaigns is less common. For comparison, a platform like AlphaSense, a market intelligence tool, reported surpassing \u003cstrong\u003e$400 million in annual recurring revenue (ARR)\u003c\/strong\u003e as of early 2025 and serves \u003cstrong\u003e88% of the S\u0026amp;P 100\u003c\/strong\u003e.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderate. The underlying data collection is standard, but the specific visualization and campaign analysis logic can be reverse-engineered.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Moderate. They provide the tools, but the focus seems to be shifting toward core IP development rather than incremental dashboard features. The company has initiated a project to develop new intellectual property aimed at enhancing its technology portfolio, which includes advancements in \u003cstrong\u003eArtificial Intelligence and Machine Learning\u003c\/strong\u003e.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e None sustained. It’s a necessary feature, not a differentiator that competitors can’t match with their own offerings.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eVersus Systems Inc. (VS) - VRIO Analysis: Core Capability 5: Active Development of AI\/ML Intellectual Property\n\u003c\/h2\u003e\n\u003cp\u003e\nThe assessment of Active Development of AI\/ML Intellectual Property as a core capability for Versus Systems Inc. is supported by the following quantitative data points derived from recent financial filings.\n\u003c\/p\u003e\n\n\u003cp\u003e\n\u003cstrong\u003eValue:\u003c\/strong\u003e Investment in new IP, specifically in Artificial Intelligence and Machine Learning, positions the company for future product relevance in a rapidly evolving tech landscape.\n\u003c\/p\u003e\n\n\u003cp\u003e\n\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate. Many tech firms are doing this, but for Versus Systems Inc., it represents a strategic pivot to secure future defensibility.\n\u003c\/p\u003e\n\n\u003cp\u003e\n\u003cstrong\u003eImitability:\u003c\/strong\u003e Difficult. Developing novel, patentable AI\/ML technology is inherently difficult and resource-intensive.\n\u003c\/p\u003e\n\n\u003cp\u003e\n\u003cstrong\u003eOrganization:\u003c\/strong\u003e Moderate. They have initiated the project, but the success depends on sustained R\u0026amp;D investment, which is challenging given the going-concern disclosure. The company's continuation as a going concern is dependent upon its ability to attain profitable operations and generate funds therefrom and\/or raise equity capital or borrowings sufficient to meet current and future obligations.\n\u003c\/p\u003e\n\n\u003cp\u003e\nThe following table details Research and Development ('R\u0026amp;D') expenses relative to total operating expenses and net loss for recent periods:\n\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eThree Months Ended Sep 30, 2025\u003c\/th\u003e\n\u003cth\u003eNine Months Ended Sep 30, 2025\u003c\/th\u003e\n\u003cth\u003eNine Months Ended Sep 30, 2024\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eResearch and Development ($)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e14,470\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e26,838\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e118,077\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Operating Expenses ($)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e756,401\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3,153,263\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3,547,139\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Loss ($)\u003c\/td\u003e\n\u003ctd\u003e(757,997)\u003c\/td\u003e\n\u003ctd\u003e(972,013)\u003c\/td\u003e\n\u003ctd\u003e(3,530,376)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\nFor the fiscal year ended December 31, 2024, the net loss was \u003cstrong\u003e$(4,574,836)\u003c\/strong\u003e, compared to a net loss of \u003cstrong\u003e$(10,512,157)\u003c\/strong\u003e in 2023, with the reduction partly attributed to lower research and development costs.\n\u003c\/p\u003e\n\n\u003cp\u003e\nAs of November 12, 2025, there were \u003cstrong\u003e4,901,677\u003c\/strong\u003e of the registrant's common shares outstanding.\n\u003c\/p\u003e\n\n\u003cp\u003e\n\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Potential Sustained. If they secure strong patents, this becomes a source of sustained advantage in the next generation of engagement tech.\n\u003c\/p\u003e\n\n\u003cp\u003e\nData points relevant to the sustainability of R\u0026amp;D investment include:\n\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\nThe Company entered into a \u003cstrong\u003e$2,500,000\u003c\/strong\u003e funding agreement with ASPIS Cyber Technologies in October 2024.\n\u003c\/li\u003e\n\u003cli\u003e\nThe Company's operating expenses for the three months ended September 30, 2025, were \u003cstrong\u003e$756,401\u003c\/strong\u003e.\n\u003c\/li\u003e\n\u003cli\u003e\nThe Company's operating expenses for the three months ended September 30, 2024, were \u003cstrong\u003e$532,872\u003c\/strong\u003e.\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eVersus Systems Inc. (VS) - VRIO Analysis: Core Capability 6: Established Cross-Industry Client Integration Experience\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: Experience working with diverse entities - gaming studios, streaming platforms, sports leagues, and global brands - proves the flexibility of their core technology.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e: Moderate. While many B2B tech firms have diverse clients, Versus Systems Inc.'s focus on incentivized engagement across these specific verticals is more niche.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e: Moderate. Competitors can win new clients, but they lack the case studies and integration knowledge from past projects.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e: High. This experience informs their sales pitch and integration process, helping them secure new deals, such as the expansion into Brazil, a market with over 100 million users.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e: Temporary. Client relationships can be poached, and integration knowledge diffuses over time.\u003c\/p\u003e\n\n\u003cp\u003eThe established cross-industry client integration experience is evidenced by specific platform deployments and strategic alliances:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003ePartnership with Xcite Interactive to bring patented rewards technology to experiences for over 50% of NFL, MLB, NHL, and NBA teams.\u003c\/li\u003e\n\u003cli\u003eXcite's platform has delivered experiential fan engagement for over 150 major sports teams and entertainment partners.\u003c\/li\u003e\n\u003cli\u003eIntegration of technology into HP computers via the OMEN Command Center (2020 milestone).\u003c\/li\u003e\n\u003cli\u003eRecent expansion into Brazil, one of the largest global gaming markets with more than 100 million users.\u003c\/li\u003e\n\u003cli\u003eReported Q3 2025 revenue of $2.18 million, driven in part by license revenue.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eIndustry Vertical\u003c\/th\u003e\n\u003cth\u003eClient\/Partner Example\u003c\/th\u003e\n\u003cth\u003eQuantifiable Metric\/Scope\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eSports Leagues\/Venues\u003c\/td\u003e\n\u003ctd\u003eXcite Interactive Integration\u003c\/td\u003e\n\u003ctd\u003eTechnology applied to experiences for over 50% of NFL, MLB, NHL, NBA teams.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eStreaming\/Digital Media\u003c\/td\u003e\n\u003ctd\u003eXcite Interactive Integration\u003c\/td\u003e\n\u003ctd\u003eBroadcasting on platforms like YouTube and Twitch.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGaming\/Hardware\u003c\/td\u003e\n\u003ctd\u003eHP Partnership\u003c\/td\u003e\n\u003ctd\u003eIntegration into HP computers via OMEN Command Center.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGeographic Expansion\u003c\/td\u003e\n\u003ctd\u003eBrazil Market Entry\u003c\/td\u003e\n\u003ctd\u003eTargeting a market with over 100 million gamers.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eThe company's platform is designed to integrate into games, apps, and broadcasts to drive user engagement and monetization across these sectors. The firm's revenue in the nine months ended September 30, 2025, was significantly driven by a license agreement with ASPIS Cyber Technologies, Inc.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eVersus Systems Inc. (VS) - VRIO Analysis: Core Capability 7: Emerging International Market Foothold (Brazil)\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eCore Capability 7: Emerging International Market Foothold (Brazil)\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e The expansion into Brazil, targeting soccer franchises and major promoters, opens a significant, high-growth international revenue stream outside of North America. The Brazilian gaming market, a key target sector for the gamification platform, is valued at \u003cstrong\u003e$2.3 billion\u003c\/strong\u003e in annual revenue and exhibits a compound annual growth rate (CAGR) of \u003cstrong\u003e13.5%\u003c\/strong\u003e. For context, Versus Systems Inc. reported revenues of \u003cstrong\u003e$2.18 million\u003c\/strong\u003e for the third quarter of 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate. Being an early mover in a specific vertical (e.g., Brazilian soccer) in a new region is rare.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Difficult. Establishing local partnerships and navigating market entry barriers takes time and local expertise.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Low to Moderate. The expansion is planned and targeted, but the actual revenue generation is still in the near term, not yet proven at scale. The company appointed Flavio Maria as Country Manager to lead Brazilian operations.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. It’s an early-mover advantage that will disappear once larger competitors enter the same market.\u003c\/p\u003e\n\u003cp\u003eThe following table provides a comparative view of the market context Versus Systems is entering:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eBrazilian Gaming Market Data\u003c\/th\u003e\n\u003cth\u003eBrazilian TOP 20 Soccer Clubs (2024)\u003c\/th\u003e\n\u003cth\u003eVersus Systems Inc. (Q3 2025)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Market\/Revenue Size\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$2.3 billion\u003c\/strong\u003e Annual Revenue\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$1.9 billion\u003c\/strong\u003e Total Revenue\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$2.18 million\u003c\/strong\u003e Quarterly Revenue\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGrowth Rate (CAGR\/YoY)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e13.5%\u003c\/strong\u003e CAGR\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e3%\u003c\/strong\u003e Revenue Growth (YoY in USD)\u003c\/td\u003e\n\u003ctd\u003eRevenue increased substantially from the prior year due to license agreement.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eKey Segment Share\u003c\/td\u003e\n\u003ctd\u003eMobile Gaming: \u003cstrong\u003e47%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eMarketing \u0026amp; Commercial Revenue: \u003cstrong\u003e18%\u003c\/strong\u003e of Total Revenue\u003c\/td\u003e\n\u003ctd\u003eExpansion targets soccer franchises and major promoters.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRegulatory\/Cost Factor\u003c\/td\u003e\n\u003ctd\u003eTaxation up to \u003cstrong\u003e40%\u003c\/strong\u003e on gaming services\u003c\/td\u003e\n\u003ctd\u003eFootball Costs: \u003cstrong\u003e80%\u003c\/strong\u003e of Revenues\u003c\/td\u003e\n\u003ctd\u003eExpansion expected to generate revenue in the near term.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe strategic focus on specific verticals within Brazil is supported by the following market characteristics:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe Brazilian gaming population exceeds \u003cstrong\u003e100 million\u003c\/strong\u003e users.\u003c\/li\u003e\n\u003cli\u003eIn Brazilian football, Commercial revenues (sponsorships) for the top 20 clubs reached \u003cstrong\u003e$329 million\u003c\/strong\u003e in 2024.\u003c\/li\u003e\n\u003cli\u003eTV rights and prize money accounted for \u003cstrong\u003e30%\u003c\/strong\u003e of the TOP 20 clubs' total revenues in 2024.\u003c\/li\u003e\n\u003cli\u003eVersus Systems reported an operating loss of \u003cstrong\u003e$(990,361)\u003c\/strong\u003e for the quarter, which was a reduction from the prior year.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eVersus Systems Inc. (VS) - VRIO Analysis: Core Capability 8: Nasdaq Listing Status (NASDAQ: VS)\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eCore Capability 8: Nasdaq Listing Status (NASDAQ: VS)\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Maintaining a listing provides a degree of public credibility, access to capital markets (though challenging, as seen by the convertible note), and brand recognition. They had \u003cstrong\u003e4,901,677\u003c\/strong\u003e common shares outstanding as of November 12, 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Low. Many companies are listed, but for a micro-cap, it’s a necessary baseline for institutional interest.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Low. It's a regulatory status, not a unique asset, though regaining compliance after a warning is hard.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Moderate. Management is actively working on compliance plans, showing organizational focus on maintaining this status.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e None. It’s a cost of entry for institutional capital, not a source of advantage over peers who are also listed.\u003c\/p\u003e\n\u003ch3\u003eKey Statistical and Financial Metrics Related to Listing Status\u003c\/h3\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003eDate\/Period\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCommon Shares Outstanding\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e4,901,677\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNovember 12, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eStock Price (Last Reported)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.290\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecember 08, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMarket Capitalization\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$6.37M\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecember 08, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEmployees\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e5\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eStockholders' Equity (Deficiency Level)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1,797,764\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eJune 30, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMinimum Stockholders' Equity Requirement\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2,500,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNASDAQ Capital Market Rule 5550(b)(1)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReverse Stock Split Ratio\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1-for-16\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecember 28, 2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003ch3\u003eCompliance History and Financial Context\u003c\/h3\u003e\n\u003cp\u003eThe company has faced compliance challenges related to minimum bid price and stockholders' equity.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eMinimum bid price compliance regained on January 12, 2024, following a \u003cstrong\u003e1-for-16\u003c\/strong\u003e reverse stock split effective December 29, 2023.\u003c\/li\u003e\n\u003cli\u003eReceived notification of minimum stockholders' equity deficiency on August 27, 2024, with equity at \u003cstrong\u003e$1,797,764\u003c\/strong\u003e against a minimum requirement of \u003cstrong\u003e$2,500,000\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe deadline to submit a compliance plan was October 7, 2024, with a potential extension of up to \u003cstrong\u003e180 calendar days\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eRecent financial performance metrics:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eQ3 2025 Revenue: \u003cstrong\u003e$2.18 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eQ3 2025 Operating Loss: \u003cstrong\u003e$(990,361)\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eFY2024 Revenue: \u003cstrong\u003e$57,288\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eFY2024 Net Loss: \u003cstrong\u003e-$4.04M\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eTrailing Twelve Months (TTM) EPS: \u003cstrong\u003e($0.42)\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eVersus Systems Inc. (VS) - VRIO Analysis: Core Capability 9: Experienced, Founder-Led Management\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Leadership from founder Paul J. Travers, with experience in interactive entertainment and blockchain, provides a clear strategic vision for the company’s niche.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate. Experienced founders are not rare, but one with direct, relevant experience in the intersection of gaming, incentives, and web3 is less common.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Difficult. The specific vision, network, and decision-making style of a founder are nearly impossible to copy.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Moderate. The organization is clearly aligned with the founder’s vision (e.g., the ASPIS deal structure), but governance issues and going-concern warnings suggest internal friction or resource constraints.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. This advantage lasts only as long as the founder remains in place and effective.\u003c\/p\u003e\n\n\u003cp\u003eFinance: draft a sensitivity analysis on the $1,166,000 ASPIS contract asset balance, assuming a 90-day payment delay, by next Tuesday.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eScenario\u003c\/td\u003e\n\u003ctd\u003eContract Asset Balance (As of 9\/30\/2025)\u003c\/td\u003e\n\u003ctd\u003eImplied Monthly License Fee\u003c\/td\u003e\n\u003ctd\u003ePayment Delay Period (Days)\u003c\/td\u003e\n\u003ctd\u003eHypothetical Collection Date Shift\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eBase Case (On-Time Billing)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1,166,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$165,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNext Tuesday\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e90-Day Payment Delay\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1,166,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$165,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e90\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNext Tuesday + \u003cstrong\u003e90 Days\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eValue of 3 Months of Delayed Payment\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$165,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e90\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$495,000\u003c\/strong\u003e (Implied Value)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eEmpower the chapter with the latest real-life chapter-relevant numbers, statistical data, financial data etc.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eContract Assets – Related Party (ASPIS) as of September 30, 2025: \u003cstrong\u003e$1,166,000\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eContract Assets represent the unbilled portion of the twelve-month non-cancellable Initial Term under the License Agreement.\u003c\/li\u003e\n\u003cli\u003eMonthly License Fee from ASPIS: \u003cstrong\u003e$165,000\u003c\/strong\u003e, commencing January 2025.\u003c\/li\u003e\n\u003cli\u003eCommon Shares Outstanding as of November 12, 2025: \u003cstrong\u003e4,901,677\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eRevenue recognized in the quarter ended June 30, 2025, related to the ASPIS license agreement: \u003cstrong\u003e$1,980,000\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eContract Asset balance related to ASPIS as of June 30, 2025: \u003cstrong\u003e$1,650,000\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe Company's financial statements do not include any adjustments as to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a \u003cstrong\u003egoing concern\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe ASPIS investment was part of a Compliance Plan to meet the minimum shareholders' equity requirement of \u003cstrong\u003e$2.5 million\u003c\/strong\u003e until at least September 30, 2025.\u003c\/li\u003e\n\u003cli\u003eUpon conversion of the Note from ASPIS, the entity would hold approximately \u003cstrong\u003e45.8%\u003c\/strong\u003e of the outstanding common stock of the Company.\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516278497429,"sku":"vs-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/vs-vrio-analysis.png?v=1740228905","url":"https:\/\/dcf-model.com\/products\/vs-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}