March 31, 2012 10Q

SIGNATURE

/s/John Campo

John Campo

President and Director

May 18, 2012

/s/Kyle Gotshalk

Kyle Gotshalk

CEO & Director

May 18, 2012

0001078782-12-001453.txt : 20120518 0001078782-12-001453.hdr.sgml : 20120518 20120518131328 ACCESSION NUMBER: 0001078782-12-001453 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120518 DATE AS OF CHANGE: 20120518 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VSUS TECHNOLOGIES INC CENTRAL INDEX KEY: 0000772370 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 432033337 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-51274 FILM NUMBER: 12854733 BUSINESS ADDRESS: STREET 1: 18565 SOLEDAD CANYON RD #153 CITY: CANYON COUNTRY STATE: CA ZIP: 91351 BUSINESS PHONE: 310-309-9080 MAIL ADDRESS: STREET 1: 18565 SOLEDAD CANYON RD #153 CITY: CANYON COUNTRY STATE: CA ZIP: 91351 FORMER COMPANY: FORMER CONFORMED NAME: FORMULA FOOTWEAR INC DATE OF NAME CHANGE: 19990825 FORMER COMPANY: FORMER CONFORMED NAME: ARRAKIS INC DATE OF NAME CHANGE: 19871230 10-Q 1 f10q033112_10q.htm MARCH 31, 2012 10Q March 31, 2012 10Q

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

X . QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly period ended 3/31/2012

. TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 333-51274

VSUS TECHNOLOGIES, INC.

(Exact Name of Small Business Issuer as specified in its charter)


DELAWARE	43-2033337
(State or other jurisdiction of incorporation or organization)	(IRS Employer File Number)
	of incorporation)


18565 Soledad Canyon Rd., #153,Canyon Country, CA	91351
(Address of principal executive offices)	(zip code)

(410) 236-8200

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes X . No .

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T(Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files). Yes . No X .

Indicate by check mark whether the registrant is a large accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “small reporting company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	.	Accelerated filer	.
Non-accelerated filer	. (Do not check if a smaller reporting company)	Smaller reporting company	X .

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes . No X .

As of May 18, 2012, registrant had outstanding 58,244,247 shares of the registrant's common stock.

VSUS TECHNOLOGIES, INC.

FORM 10-Q

TABLE OF CONTENTS


Item #	Description	Page Numbers

PART I – FINANCIAL INFORMATION

ITEM 1	CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	3

ITEM 2	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	9

ITEM 3	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	10

ITEM 4	CONTROLS AND PROCEDURES	10


PART II – OTHER INFORMATION

ITEM 1	LEGAL PROCEEDINGS	11

ITEM 1A	RISK FACTORS	11

ITEM 2	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	11

ITEM 3	DEFAULTS UPON SENIOR SECURITIES	11

ITEM 4	RESERVED	11

ITEM 5	OTHER INFORMATION	11

ITEM 6	EXHIBITS	11

SIGNATURES		12

EXHIBIT	31.1 SECTION 302 CERTIFICATION OF CHIEF EXECUTIVE OFFICER

EXHIBIT	31.2 SECTION 302 CERTIFICATION OF CHIEF FINANCIAL OFFICER

EXHIBIT	32.1 SECTION 906 CERTIFICATION OF CHIEF EXECUTIVE OFFICER

EXHIBIT	32.2 SECTION 906 CERTIFICATION OF CHIEF FINANCIAL OFFICER

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission and, therefore, do not include all information and footnotes necessary for a complete presentation of our financial position, results of operations, cash flows, and stockholders’ equity in conformity with generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.

VSUS TECHNOLOGIES INCORPORATED

(A DEVEOPMENT STAGE COMPANY)

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


		MARCH 31,		DECEMBER 31,
		2012		2011

ASSETS:

CURRENT ASSETS
Cash & Cash Equivalents	$	1,079	$	49
Prepaid Expenses		4,000		-
CURRENT ASSETS		5,079		49

Mining Rights		100,000		100,000
TOTAL ASSETS	$	105,079	$	100,049

LIABILITIES AND STOCKHOLDERS DEFICIT:

CURRENT LIABILITIES
Accrued Liabilities	$	252,737	$	256,229
Accrued Liabilities & Accrued Interest-Related Parties		391,585		406,482
Derivative Liability		-		107,575
Short Term Convertible Debt		37,500		-
Short Term Convertible Debt-Related Party		-		76,728
Short Term Debt-Related Party		328,000		328,000
TOTAL LIABILITIES		1,009,822		1,175,014

STOCKHOLDERS’ DEFICIT
Common Stock $0.001 par value (shares authorized-100,000,000; Shares issued and outstanding- 58,244,247 at March 31, 2012 and 50,344,097 at December 31, 2011		58,244		50,344
Preferred Stock $0.001 par value (shares authorized- 20,000,000; 10,000,000 shares undesignated) Series A Convertible: 10,000,000 shares designated. Shares issued and Outstanding- 10,000,000 at March 31,2012 and 10,000,000 at December 31, 2011		10,000		10,000
Additional paid in capital		23,411,084		22,868,334
Subscription Receivable		(60,000)		(60,000)
Deficit accumulated during the development stage		(24,324,071)		(23,943,643)
TOTAL STOCKHOLDERS’ DEFICIT		(904,743)		(1,074,965)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	105,079	$	100,049

See accompanying notes to the unaudited Consolidated Financial Statements

VSUS TECHNOLOGIES INCORPORATED

(A DEVEOPMENT STAGE COMPANY)

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


		For the Quarter ended		For the Quarter ended		From September 20, 2000 (Inception) to
		March 31,		March 31,		March 31,
		2012		2011		2012

Revenue	$	-	$	-	$	1,728,800

Operating expenses:
Impairment of assets		-		-		225,000
Administrative expenses		372,816		54,943		20,676,636

Total operating expenses		372,816		54,943		20,901,636

Loss from operations		(372,816)		(54,943)		(19,172,836)

Financing expenses, net		-		-		3,017,000
Loss on settlement of debt		-		-		298,996
Interest expense		9,415		-		136,660
(Gain)/Loss on derivatives		(1,803)		-		1,698,579

Net loss	$	(380,428)	$	(54,943)	$	(24,324,071)

Basic and diluted loss per share	$	(0.01)	$	(0.00)

Weighted average number of shares outstanding		54,314,504		57,716,702

See accompanying notes to the unaudited Consolidated Financial Statements

VSUS TECHNOLOGIES INCORPORATED

(A DEVELOPMENT STAGE COMPANY)

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


		Three Months Ended		Three Months Ended		From September 20, 2000 (Inception) to
		March 31,		March 31,		March 31,
		2012		2011		2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$	(380,428)	$	(54,943)	$	(24,324,071)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment of assets		-		-		225,000
Stock issued for compensation		368,150		-		19,649,174
Loss on settlement of debt		-		-		298,996
(Gain)/Loss on derivative liability		(1,803)		-		1,698,579
Changes in operating assets and liabilities:
Prepaid expenses		(4,000)		-		(4,000)
Change in other receivables		-		-		8,058
Change in accounts payable and accrued expenses		(3,492)		(30,000)		330,739
Change in accrued expenses and interest – related party		(14,897)		-		266,274
Net cash (used in) operating activities		(36,470)		(84,943)		(1,851,251)

CASH FLOWS FROM INVESTING ACTIVITIES
Notes receivable		-		100,000		(200,000)
Cash paid for mining rights		-		(75,000)		(45,000)
Purchase of fixed assets		-		-		(150,000)
Net cash provided by (used in) operating activities		-		25,000		(395,000)

CASH FLOWS FROM FINANCING ACTIVITIES
Payments on convertible debentures		-		-		(50,489)
Exercise of stock options		-		-		32,000
Receipt of convertible loan		37,500		-		37,500
Receipt of convertible loan – Related Party		-		24,000		1,864,579
Related parties		-		(36,500)		181,000
Issuance of shares for cash		-		76,000		182,740
Net cash provided by financing activities		37,500		63,500		2,247,330

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,030		3,557		1,079

CASH AND CASH EQUIVALENTS-BEGINNING OF PERIOD		49		3,103		-

CASH AND CASH EQUIVALENTS-END OF PERIOD	$	1,079	$	6,660	$	1,079

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	$	-	$	-	$	10,000
Cash paid for income taxes		-		-		-

Non-cash investing and financing activities:
Common stock issued for subscription receivable		-		-		20,000
Common stock issued for conversion of notes payable		76,728		-		797,201
Settlement of derivative liabilities through conversion of related notes		105,772		-		928,579
Payable accrued for mining rights		-		-		55,000

See accompanying notes to the unaudited Consolidated Financial Statements

VSUS TECHNOLOGIES INCORPORATED

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited interim financial statements of VSUS Technologies Incorporated, have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC. In the opinion of management, the accompanying unaudited interim financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial position and the results of operations for the interim period presented herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year or for any future period. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2011 as reported in the Form 10K have been omitted.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current period presentation for comparative purposes.

NOTE 2 – GOING CONCERN

During the three months ended March 31, 2012, VSUS Technologies has not generated any revenue and therefore has been unable to generate cash flows sufficient to support its operations and has been dependent on debt and equity financing. In addition to negative cash flow from operations, VSUS Technologies has experienced recurring losses and an accumulated deficit of approximately $24 million as of March 31, 2012. These conditions raise substantial doubt as to VSUS Technologies’ ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be necessary if VSUS Technologies is unable to continue as a going concern.

NOTE 3 – DEBT AND RELATED PARTY

As of December 31, 2011, the Company had an outstanding convertible note to Ararat, LLC, a Company owned by a family member of an officer. The interest rate was 10% and the note was unsecured. The principal balance of the note was convertible into common stock at the holder’s option at 70% of the market price of the Company’s common stock on the date of conversion. During the three months ended March 31, 2012, the Company converted the remaining principal of the note $76,728 into 3,535,853 shares of common stock. At March 31, 2012 the principal balance of the note was $0 and accrued interest was $229,357. At December 31, 2011 the principal balance of the note was $76,728, and accrued interest was $228,432.

On April 14, 2008 the Company signed a related party loan agreement in which they borrowed an aggregate of $328,000 from Ararat, LLC. The note matures December 31, 2012 and carries a 10% interest rate. At March 31, 2012 the principal balance of the note was $328,000 and accrued interest was $49,302. At December 31, 2011 the principal balance of the note was $328,000 and accrued interest was $41,124.

On February 22, 2012 the Company signed convertible loan agreement with Asher Enterprises, Inc. in which Asher loaned $37,500 at 8% interest convertible into common stock of VSUS Technologies, Inc. The loan is convertible after 180 days from the date of issuance at 55% of the average lowest three day trading price of common stock during the 15 days preceding the date of conversion. The note is unsecured and matures on November 27, 2012. At March 31, 2012 the principal balance of the note was $37,500 and accrued interest was $312.

As of March 31, 2012 the accrued liabilities and accrued interest-related parties balance was composed of $278,659 in related party accrued interest from the above mentioned related party loans and $112,926 in accrued payables to the officers of the Company.

NOTE 4- SHAREHOLDERS' EQUITY

Common Stock

During the three months ended March 31, 2012, the Company issued an aggregate of 4,364,297 common shares for services valued at $142,286.

During the three months ended March 31, 2012, the Company issued an aggregate of 3,535,853 common shares as repayment of a portion of related party debt amounting to $76,728.

Stock Options

During the year ended December 31, 2011 an aggregate of 5,000,000 options with a fair value of $50,000 were issued to John Campo, President as part of his employment agreement. The shares have a strike price of $0.10/share and the options have no expiration date. The options vest equally over 3 years. For the three months ended March 31, 2012, $4,167 was expensed.

Preferred Stock

There are 20,000,000 shares of authorized Preferred Stock. During 2011, the Company issued 10,000,000 shares of Series A Convertible Preferred Stock to Mr. Kyle Gotshalk for services. The shares are convertible into 51% of outstanding common stock, hold 66 2/3% voting rights and do not receive dividends. Because the conversion option can be exercised into 51% of the outstanding shares of the Company, the Company determined that holder of the preferred shares receives additional value every time the Company issues common shares, thereby increasing the number of common shares the preferred shares can be converted into. As a result, the Company has determined the incremental value gives to the preferred shareholder upon additional issuances of common shares should be recorded at fair value and charged to expense. During the three months ended March 31, 2012 the Company issued an aggregate of 7,900,150 shares. The Company determined the aggregate incremental cost of the share issuance to be $221,697 based on the market price at the respective dates of share issuances. The Company expensed this amount during the three months ended March 31, 2012.

NOTE 5- DERIVATIVE LIABILITY

As mentioned in Note 3, the Company had convertible notes outstanding during 2011 and the three months ended March 31, 2012 that were convertible into common shares at 70% of the market price of the Company’s common stock on the date of conversion. The Company analyzed these conversion options under ASC 815 “Derivatives and Hedging” and determined that these instruments should be classified as liabilities and recorded at fair value due to their being no explicit limit to the number of shares to be delivered upon settlement of the above conversion options. The derivative liability had a fair value of $107,575 as of December 31, 2011. As a result of the conversion of the underlying debt described in Note 3, the derivative liability was settled through additional paid-in capital. The following table summarizes the Company’s derivative liabilities during the three months ended March 31, 2012:


Derivative Liabilities	Amount
Derivative liabilities as of December 31, 2011	$	107,575
Change in fair value of derivative liability		(1,803)
Settlement of derivative liabilities due to conversion of related notes		(105,772)
Derivative liabilities as of March 31, 2012	$	-

The fair value of the instrument was determined using a Black-Scholes option pricing model. Assumptions used include (1) 0.11% risk-free interest rate, (2) expected term is the expected amount of time until conversion, (3) expected volatility of 457%, (4) zero expected dividends (5) exercise prices as set forth in the agreements, (6) common stock price of the underlying share on the valuation date, and (7) number of shares to be issued if the instrument is converted.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS

We caution readers that certain important factors may affect our actual results and could cause such results to differ materially from any forward-looking statements that we make in this report. For this purpose, any statements that are not statements of historical fact may be deemed to be forward-looking statements. This report contains statements that constitute “forward-looking statements.” These forward-looking statements can be identified by the use of predictive, future-tense or forward-looking terminology, such as “believes,” “anticipates,” “expects,” “estimates,” “plans,” “may,” “will,” or similar terms. These statements appear in a number of places in this report and include statements regarding our intent, belief or current expectations with respect to many things. Some of these things are:

· trends affecting our financial condition or results of operations for our limited history;

· our business and growth strategies;

· our technology;

· the Internet; and

· our financing plans.

We caution readers that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties. In fact, actual results most likely will differ materially from those projected in the forward-looking statements as a result of various factors. Some factors that could adversely affect actual results and performance include:

· our limited operating history;

· our lack of sales to date;

· our future requirements for additional capital funding;

· the failure of our technology and products to perform as specified;

· the discontinuance of growth in the use of the Internet;

· our failure to integrate certain acquired businesses with our business;

· the enactment of new adverse government regulations; and

· the development of better technology and products by others.

You should carefully consider and evaluate all of these factors. In addition, we do not undertake to update forward-looking statements after we file this report with the Securities and Exchange Commission, even if new information, future events or other circumstances have made them incorrect or misleading.

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions, which could cause actual results to differ materially from management's expectations. Factors that could cause differences include, but are not limited to, expected market demand for our products, as well as general conditions of the Internet security marketplace.

The company has moved into the coal industry in Colombia, due to the rising prices in oil worldwide we feel that this industry is beneficial to our company and our strategy to move forward while drawing attention from the public to invest in a promising industry and company.

We are a development stage enterprise. To date we have incurred significant losses from operations and, at March 31, 2012, had an accumulated deficit of approximately $24,000,000. At March 31, 2012 we had $1,079 of cash and cash equivalents. In 2003, 2004 and 2005, we raised an aggregate of approximately $3,943,000 in financing to fund our operations. Until such time as we generate sufficient revenues from operations, we will continue to be dependent on raising substantial amounts of additional capital through any one of a combination of debt offerings or equity offerings. There is no assurance that we will be able to raise additional capital when necessary.

Results of Operations

The Quarter Ended March 31, 2012 compared to the Quarter Ended March 31, 2011

Revenue: Revenue was $-0- in the quarters ended March 31, 2012, and 2011.

General and Administrative Expenses: Selling, general and administrative expenses increased from $54,943 for the three months ended March 31, 2012 to $372,816 for three months ended March 31, 2011 due to costs associated with the operations of the public company including professional fees.

Net loss increased to $380,428 for the three months ended March 31, 2012 from $54,943 for the three months ended March 31, 2011, due to increased stock issuances for services.

Liquidity and Capital Resources

Our cash and cash equivalents balance at March 31, 2012 was $1,079 as compared to $49 at December 31, 2011.

Cash flows used in operating activities were $36,470 for the three months ended March 31, 2012 as compared to $84,943 for the three months ended March 31, 2011.

Cash flows provided by investing activities were $0 for the three months ended March 31, 2012 as compared to $25,000 for the three months ended March 31, 2011.

Cash flows provided by financing activities were $37,500 for the three months ended March 31, 2012 as compared to $63,500 for the three months ended March 31, 2011.

On February 22, 2012 we signed a convertible loan agreement with Asher Enterprises, Inc. in which Asher loaned $37,500 at 8% interest convertible into common stock. The loan is convertible after 180 days from the date of issuance at 55% of the average lowest three day trading price of common stock during the 15 days preceding the date of conversion. The note is unsecured and matures on November 27, 2012. At March 31, 2012 the principal balance of the note was $37,500 and accrued interest was $312.

On May 8, 2012 we signed a convertible loan agreement with Asher Enterprises, Inc. in which Asher Enterprises agreed to $32,500 at 8% interest convertible into common stock. This loan has not been funded as of the date hereof.

We presently do not have any available credit, bank financing, or other external sources of liquidity other than the before mentioned notes. Due to our historical operating losses, our operations have not been a source of liquidity. In order to obtain capital, we may need to sell additional shares of our Common Stock or debt securities, or borrow funds from private lenders or banking institutions. There can be no assurance that we will be successful in obtaining additional funding in the amounts or on terms acceptable to us, if at all. If we are unable to raise additional funding as necessary, we may have to suspend our operations temporarily or cease operations entirely.

During the three months ended March 31, 2012, we did not generate any revenue. Because we have been unable to generate cash flows sufficient to support our operations, we have been dependent on debt and equity financing. In addition to negative cash flow from operations, we have experienced recurring net losses, and have an accumulated deficit of approximately $24 million. These factors raise substantial doubt about our ability to continue as a going concern. Our consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.

Our revenues and future profitability are substantially dependent on our ability to:

raise substantial amounts of additional capital through any one of a combination of debt offerings or equity offerings, if necessary; and

continue to grow our business through acquisitions.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a smaller reporting company, we are not required to provide the information otherwise require by this Item.

ITEM 4. CONTROLS AND PROCEDURES

As of March 31, 2012, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer (the same person), of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Exchange Act Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended. Based on this evaluation, management concluded that our financial disclosure controls and procedures were not effective due to our limited internal resources and lack of ability to have multiple levels of transaction review. Inasmuch as there is no segregation of duties within the Company, there is no management oversight, no control documentation being produced, and no one to review control documentation if it was being produced.

There were no changes in disclosure controls and procedures that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially effect, our disclosure controls and procedures. We do not expect to implement any changes to our disclosure controls and procedures until there is a significant change in our operations or capital resources.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

As a smaller reporting company, we are not required to provide the information otherwise require by this Item.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

There were no sales of unregistered securities for the three months ended March 31, 2012.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. RESERVED

ITEM 5. OTHER INFORMATION

The Company has announced that it will hold a shareholders’ meeting on Tuesday, June 1, 2012.

1. Approve an increase of the Company’s authorized common stock from 100,000,000 shares to 500,000,000 shares; and

2. Transact such other business as may properly come before the Annual Meeting or any adjournment thereof.

ITEM 6. EXHIBITS


Exhibit No.		Exhibit Type
31.1		Certification pursuant to Section 13a-14(a) (3)
31.2		Certification pursuant to Section 1350 (3)
32.1		Certification pursuant to Section 906
32.2		Certification pursuant to Section 906
101.INS *		XBRL Instance Document
101.SCH*		XBRL Taxonomy Extension Schema Document
101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*		XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*		XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document.

* Filed herewith. In accordance with Rule 406T of Regulation S-T, the information in these exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, there unto duly authorized.

VSUS TECHNOLOGIES, INC.

(Registrant)

Date: May 18, 2012

By: /s/ JOHN CAMPO

John Campo

President and Director

Date: May 18, 2012

By: /s/ KYLE GOTSHALK

Kyle Gotshalk

Chief Executive Officer and Director

In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

EX-31.1 2 f10q033112_ex31z1.htm EXHIBIT 31.1 SECTION 302 CERTIFICATION Exhibit 31.1 Section 302 Certification

EXHIBIT 31.1 – CEO Certification

CERTIFICATION PURSUANT TO RULE 13A-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES OXLEY ACT OF 2002

I, Kyle Gotshalk, certify that:

1. I have reviewed this quarterly report on Form 10-Q of VSUS Technologies, Inc. for quarter ended March 31, 2012;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this amended report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a -15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to rovide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 18, 2012

/s/ Kyle Gotshalk

Kyle Gotshalk, CEO

EX-31.2 3 f10q033112_ex31z2.htm EXHIBIT 31.2 SECTION 302 CERTIFICATION EXHIBIT 31.2 Section 302 Certification

EXHIBIT 31.2 – CFO Certification

CERTIFICATION PURSUANT TO RULE 13A-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES OXLEY ACT OF 2002

I, Kyle Gotshalk, certify that:

1. I have reviewed this quarterly report on Form 10-Q of VSUS Technologies, Inc. for quarter ended March 31, 2012;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 18, 2012

/s/ Kyle Gotshalk

Kyle Gotshalk, CFO

EX-32.1 4 f10q033112_ex32z1.htm EXHIBIT 32.1 SECTION 906 CERTIFICATION EXHIBIT 32.1 Section 906 Certification

EXHIBIT 32.1 – CEO Certification

VSUS TECHNOLOGIES, INC.

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUNT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of VSUS Technologies, Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Kyle Gotshalk, CEO of the Company, certify, pursuant to 18 U.S.C.ss. 1350, as added by ss. 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

/s/ Kyle Gotshalk

Kyle Gotshalk, CEO

May 18, 2012

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 ("Section 906"), or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to VSUS Technologies, Inc., and will be retained by VSUS Technologies, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 f10q033112_ex32z2.htm EXHIBIT 32.2 SECTION 906 CERTIFICATION EXHIBIT 32.2 Section 906 Certification

EXHIBIT 32.2 – CFO Certification

CMG HOLDINGS GROUP, INC. CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of VSUS Technologies, Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Kyle Gotshalk, CFO of the Company, certify, pursuant to 18 U.S.C.ss. 1350, as added by ss. 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

By: /s/ Kyle Gotshalk

Kyle Gotshalk, CFO

May 18, 2012

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NOTE 1 - BASIS OF PRESENTATION   The accompanying unaudited interim financial statements of VSUS Technologies Incorporated, have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Companys Annual Report on Form 10-K filed with the SEC. In the opinion of management, the accompanying unaudited interim financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial position and the results of operations for the interim period presented herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year or for any future period. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2011 as reported in the Form 10K have been omitted.   Reclassifications Certain prior year amounts have been reclassified to conform to the current period presentation for comparative purposes.

NOTE 2 GOING CONCERN   During the three months ended March 31, 2012, VSUS Technologies has not generated any revenue and therefore has been unable to generate cash flows sufficient to support its operations and has been dependent on debt and equity financing. In addition to negative cash flow from operations, VSUS Technologies has experienced recurring losses and an accumulated deficit of approximately $24 million as of March 31, 2012. These conditions raise substantial doubt as to VSUS Technologies ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be necessary if VSUS Technologies is unable to continue as a going concern.

NOTE 3 DEBT AND RELATED PARTY   As of December 31, 2011, the Company had an outstanding convertible note to Ararat, LLC, a Company owned by a family member of an officer. The interest rate was 10% and the note was unsecured. The principal balance of the note was convertible into common stock at the holders option at 70% of the market price of the Companys common stock on the date of conversion. During the three months ended March 31, 2012, the Company converted the remaining principal of the note $76,728 into 3,535,853 shares of common stock. At March 31, 2012 the principal balance of the note was $0 and accrued interest was $229,357. At December 31, 2011 the principal balance of the note was $76,728, and accrued interest was $228,432.   On April 14, 2008 the Company signed a related party loan agreement in which they borrowed an aggregate of $328,000 from Ararat, LLC. The note matures December 31, 2012 and carries a 10% interest rate. At March 31, 2012 the principal balance of the note was $328,000 and accrued interest was $49,302. At December 31, 2011 the principal balance of the note was $328,000 and accrued interest was $41,124.   On February 22, 2012 the Company signed convertible loan agreement with Asher Enterprises, Inc. in which Asher loaned $37,500 at 8% interest convertible into common stock of VSUS Technologies, Inc. The loan is convertible after 180 days from the date of issuance at 55% of the average lowest three day trading price of common stock during the 15 days preceding the date of conversion. The note is unsecured and matures on November 27, 2012. At March 31, 2012 the principal balance of the note was $37,500 and accrued interest was $312.   As of March 31, 2012 the accrued liabilities and accrued interest-related parties balance was composed of $278,659 in related party accrued interest from the above mentioned related party loans and $112,926 in accrued payables to the officers of the Company.

NOTE 4- SHAREHOLDERS' EQUITY   Common Stock   During the three months ended March 31, 2012, the Company issued an aggregate of 4,364,297 common shares for services valued at $142,286.   During the three months ended March 31, 2012, the Company issued an aggregate of 3,535,853 common shares as repayment of a portion of related party debt amounting to $76,728.   Stock Options   During the year ended December 31, 2011 an aggregate of 5,000,000 options with a fair value of $50,000 were issued to John Campo, President as part of his employment agreement. The shares have a strike price of $0.10/share and the options have no expiration date. The options vest equally over 3 years. For the three months ended March 31, 2012, $4,167 was expensed.   Preferred Stock   There are 20,000,000 shares of authorized Preferred Stock. During 2011, the Company issued 10,000,000 shares of Series A Convertible Preferred Stock to Mr. Kyle Gotshalk for services. The shares are convertible into 51% of outstanding common stock, hold 66 2/3% voting rights and do not receive dividends. Because the conversion option can be exercised into 51% of the outstanding shares of the Company, the Company determined that holder of the preferred shares receives additional value every time the Company issues common shares, thereby increasing the number of common shares the preferred shares can be converted into. As a result, the Company has determined the incremental value gives to the preferred shareholder upon additional issuances of common shares should be recorded at fair value and charged to expense. During the three months ended March 31, 2012 the Company issued an aggregate of 7,900,150 shares. The Company determined the aggregate incremental cost of the share issuance to be $221,697 based on the market price at the respective dates of share issuances. The Company expensed this amount during the three months ended March 31, 2012.

NOTE 5- DERIVATIVE LIABILITY   As mentioned in Note 3, the Company had convertible notes outstanding during 2011 and the three months ended March 31, 2012 that were convertible into common shares at 70% of the market price of the Companys common stock on the date of conversion. The Company analyzed these conversion options under ASC 815 Derivatives and Hedging and determined that these instruments should be classified as liabilities and recorded at fair value due to their being no explicit limit to the number of shares to be delivered upon settlement of the above conversion options. The derivative liability had a fair value of $107,575 as of December 31, 2011. As a result of the conversion of the underlying debt described in Note 3, the derivative liability was settled through additional paid-in capital.  The following table summarizes the Companys derivative liabilities during the three months ended March 31, 2012:   <div align="center"> <table cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid"> <td width="435" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:326.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Derivative Liabilities </td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:4.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> </td> <td width="106" colspan="2" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:79.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  Amount </td></tr> <tr style="PAGE-BREAK-INSIDE:avoid"> <td width="435" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:326.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Derivative liabilities as of December 31, 2011</td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:4.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> </td> <td width="24" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:0.25in; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $ </td> <td width="82" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:61.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">            107,575</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid"> <td width="435" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:326.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Change in fair value of derivative liability </td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:4.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> </td> <td width="24" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:0.25in; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> </td> <td width="82" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:61.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> (1,803) </td></tr> <tr style="PAGE-BREAK-INSIDE:avoid"> <td width="435" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:326.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Settlement of derivative liabilities due to conversion of related notes </td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:4.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> </td> <td width="24" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:0.25in; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> </td> <td width="82" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:61.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> (105,772) </td></tr> <tr style="PAGE-BREAK-INSIDE:avoid"> <td width="435" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:326.25pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Derivative liabilities as of March 31, 2012 </td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:4.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> </td> <td width="24" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:0.25in; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $ </td> <td width="82" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:61.5pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -   </td></tr></table></div>   The fair value of the instrument was determined using a Black-Scholes option pricing model. 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Loss from operations Loss from operations TOTAL ASSETS TOTAL ASSETS Prepaid Expenses Document Type SHAREHOLDERS EQUITY {1} SHAREHOLDERS EQUITY Change in accounts payable and accrued expenses Income statement DEBT AND RELATED PARTY {1} DEBT AND RELATED PARTY Payable accrued for mining rights The fair value of Payable accrued for mining rights non-cash financing activities. Total operating expenses Total operating expenses TOTAL STOCKHOLDERS DEFICIT TOTAL STOCKHOLDERS DEFICIT Subscription Receivable DERIVATIVE LIABILITY Common stock issued for conversion of notes payable CASH FLOWS FROM INVESTING ACTIVITIES Entity Voluntary Filers (Gain)/Loss on derivative liability The difference between the book value and the sale price of options, swaps, futures, forward contracts, and other derivative instruments. This element refers to the gain (loss) included in earnings. Loss on settlement of debt. The amount of loss on settlement of debt during the period. Preferred Stock $0.001 par value (shares authorized- 20,000,000; 10,000,000 shares undesignated) Series A Convertible: 10,000,000 shares designated. Shares issued and Outstanding- 10,000,000 at March 31,2012 and 10,000,000 at December 31, 2011 Statement [Table] Entity Registrant Name BASIS OF PRESENTATION Common stock issued for subscription receivable The fair value of Common stock issued for subscription receivable in non-cash financing activities. Cash paid for income taxes Stock issued for compensation Administrative expenses BALANCE SHEETS PARENTHETICALS ABSTRACT CURRENT ASSETS {1} CURRENT ASSETS Document Period End Date GOING CONCERN Net cash provided by financing activities Net cash provided by financing activities Preferred stock, shares authorized TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT Current Fiscal Year End Date Amendment Flag DEBT AND RELATED PARTY Cash paid for mining rights Net cash (used in) operating activities Net cash (used in) operating activities Common stock, shares authorized Accrued Liabilities and Accrued Interest-Related Parties The carrying amount of accrued liabilities and accrued interest of related parties as of the balance sheet date. Entity Current Reporting Status Issuance of shares for cash Net loss Net loss Loss on settlement of debt Financing expenses, net The amount of financing expenses net during the reporting period. Common Stock $0.001 par value (shares authorized-100,000,000; Shares issued and outstanding- 58,244,247 at March 31, 2012 and 50,344,097 at December 31, 2011 ASSETS: Entity Central Index Key INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS Receipt of convertible loan - Related Party Exercise of stock options Change in accrued expenses and interest related party The increase decrease of accrued expenses and interest of the related party during the period. Revenue Cash and Cash Equivalents Related parties Interest expense Deficit accumulated during the development stage TOTAL LIABILITIES TOTAL LIABILITIES Accrued Liabilities {1} Accrued Liabilities Mining Rights CURRENT ASSETS Document Fiscal Year Focus GOING CONCERN {1} GOING CONCERN If there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date), disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Receipt of convertible loan Payments on convertible debentures CASH FLOWS FROM FINANCING ACTIVITIES Prepaid expenses. 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SHAREHOLDERS EQUITY	3 Months Ended
Mar. 31, 2012
SHAREHOLDERS EQUITY
SHAREHOLDERS EQUITY	NOTE 4- SHAREHOLDERS' EQUITY Common Stock During the three months ended March 31, 2012, the Company issued an aggregate of 4,364,297 common shares for services valued at $142,286. During the three months ended March 31, 2012, the Company issued an aggregate of 3,535,853 common shares as repayment of a portion of related party debt amounting to $76,728. Stock Options During the year ended December 31, 2011 an aggregate of 5,000,000 options with a fair value of $50,000 were issued to John Campo, President as part of his employment agreement. The shares have a strike price of $0.10/share and the options have no expiration date. The options vest equally over 3 years. For the three months ended March 31, 2012, $4,167 was expensed. Preferred Stock There are 20,000,000 shares of authorized Preferred Stock. During 2011, the Company issued 10,000,000 shares of Series A Convertible Preferred Stock to Mr. Kyle Gotshalk for services. The shares are convertible into 51% of outstanding common stock, hold 66 2/3% voting rights and do not receive dividends. Because the conversion option can be exercised into 51% of the outstanding shares of the Company, the Company determined that holder of the preferred shares receives additional value every time the Company issues common shares, thereby increasing the number of common shares the preferred shares can be converted into. As a result, the Company has determined the incremental value gives to the preferred shareholder upon additional issuances of common shares should be recorded at fair value and charged to expense. During the three months ended March 31, 2012 the Company issued an aggregate of 7,900,150 shares. The Company determined the aggregate incremental cost of the share issuance to be $221,697 based on the market price at the respective dates of share issuances. The Company expensed this amount during the three months ended March 31, 2012.

SHAREHOLDERS EQUITY

3 Months Ended

Mar. 31, 2012

SHAREHOLDERS EQUITY

SHAREHOLDERS EQUITY

NOTE 4- SHAREHOLDERS' EQUITY

Common Stock

During the three months ended March 31, 2012, the Company issued an aggregate of 4,364,297 common shares for services valued at $142,286.

During the three months ended March 31, 2012, the Company issued an aggregate of 3,535,853 common shares as repayment of a portion of related party debt amounting to $76,728.

Stock Options

Preferred Stock

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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DEBT AND RELATED PARTY
3 Months Ended

Mar. 31, 2012

DEBT AND RELATED PARTY

DEBT AND RELATED PARTY
NOTE 3 – DEBT AND RELATED PARTY

As of December 31, 2011, the Company had an outstanding convertible note to Ararat, LLC, a Company owned by a family member of an officer. The interest rate was 10% and the note was unsecured. The principal balance of the note was convertible into common stock at the holder’s option at 70% of the market price of the Company’s common stock on the date of conversion. During the three months ended March 31, 2012, the Company converted the remaining principal of the note $76,728 into 3,535,853 shares of common stock. At March 31, 2012 the principal balance of the note was $0 and accrued interest was $229,357. At December 31, 2011 the principal balance of the note was $76,728, and accrued interest was $228,432.

On April 14, 2008 the Company signed a related party loan agreement in which they borrowed an aggregate of $328,000 from Ararat, LLC. The note matures December 31, 2012 and carries a 10% interest rate. At March 31, 2012 the principal balance of the note was $328,000 and accrued interest was $49,302. At December 31, 2011 the principal balance of the note was $328,000 and accrued interest was $41,124.

On February 22, 2012 the Company signed convertible loan agreement with Asher Enterprises, Inc. in which Asher loaned $37,500 at 8% interest convertible into common stock of VSUS Technologies, Inc. The loan is convertible after 180 days from the date of issuance at 55% of the average lowest three day trading price of common stock during the 15 days preceding the date of conversion. The note is unsecured and matures on November 27, 2012. At March 31, 2012 the principal balance of the note was $37,500 and accrued interest was $312.

As of March 31, 2012 the accrued liabilities and accrued interest-related parties balance was composed of $278,659 in related party accrued interest from the above mentioned related party loans and $112,926 in accrued payables to the officers of the Company.

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CONSOLIDATED BALANCE SHEETS (USD $)

Mar. 31, 2012

Dec. 31, 2011

CURRENT ASSETS

Cash and Cash Equivalents $ 1,079 $ 49

Prepaid Expenses 4,000 0

CURRENT ASSETS 5,079 49

Mining Rights 100,000 100,000

TOTAL ASSETS 105,079 100,049

CURRENT LIABILITIES

Accrued Liabilities 252,737 256,229

Accrued Liabilities and Accrued Interest-Related Parties 391,585 406,482

Derivative Liability 0 107,575

Short Term Convertible Debt 37,500 0

Short Term Convertible Debt Related Party 0 76,728

Short Term Debt Related Party 328,000 328,000

TOTAL LIABILITIES 1,009,822 1,175,014

STOCKHOLDERS DEFICIT

Common Stock $0.001 par value (shares authorized-100,000,000; Shares issued and outstanding- 58,244,247 at March 31, 2012 and 50,344,097 at December 31, 2011 58,244 50,344

Preferred Stock $0.001 par value (shares authorized- 20,000,000; 10,000,000 shares undesignated) Series A Convertible: 10,000,000 shares designated. Shares issued and Outstanding- 10,000,000 at March 31,2012 and 10,000,000 at December 31, 2011 10,000 10,000

Additional paid in capital 23,411,084 22,868,334

Subscription Receivable (60,000) (60,000)

Deficit accumulated during the development stage (24,324,071) (23,943,643)

TOTAL STOCKHOLDERS DEFICIT (904,743) (1,074,965)

TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT $ 105,079 $ 100,049

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BASIS OF PRESENTATION
3 Months Ended

Mar. 31, 2012

BASIS OF PRESENTATION

BASIS OF PRESENTATION
NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited interim financial statements of VSUS Technologies Incorporated, have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC. In the opinion of management, the accompanying unaudited interim financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial position and the results of operations for the interim period presented herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year or for any future period. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2011 as reported in the Form 10K have been omitted.

Reclassifications

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GOING CONCERN
3 Months Ended

Mar. 31, 2012

GOING CONCERN

GOING CONCERN
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During the three months ended March 31, 2012, VSUS Technologies has not generated any revenue and therefore has been unable to generate cash flows sufficient to support its operations and has been dependent on debt and equity financing. In addition to negative cash flow from operations, VSUS Technologies has experienced recurring losses and an accumulated deficit of approximately $24 million as of March 31, 2012. These conditions raise substantial doubt as to VSUS Technologies’ ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be necessary if VSUS Technologies is unable to continue as a going concern.

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CONSOLIDATED BALANCE SHEETS PARENTHETICALS (USD $)

Mar. 31, 2012

Dec. 31, 2011

Common stock, par value $ 0.001 $ 0.001

Common stock, shares authorized 100,000,000 100,000,000

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended 138 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Mar. 31, 2012

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss for the period $ (380,428) $ (54,943) $ (24,324,071)

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Impairment of assets. 0 0 225,000

Stock issued for compensation 368,150 0 19,649,174

Loss on settlement of debt. 0 0 298,996

(Gain)/Loss on derivative liability (1,803) 0 1,698,579

Changes in operating assets and liabilities:

Prepaid expenses. (4,000) 0 (4,000)

Change in other receivables 0 0 8,058

Change in accounts payable and accrued expenses (3,492) (30,000) 330,739

Change in accrued expenses and interest related party (14,897) 0 266,274

Net cash (used in) operating activities (36,470) (84,943) (1,851,251)

CASH FLOWS FROM INVESTING ACTIVITIES

Notes receivable 0 100,000 (200,000)

Cash paid for mining rights 0 (75,000) (45,000)

Purchase of fixed assets 0 0 (150,000)

Net cash provided by (used in) Investing activities 0 25,000 (395,000)

CASH FLOWS FROM FINANCING ACTIVITIES

Payments on convertible debentures 0 0 (50,489)

Exercise of stock options 0 0 32,000

Receipt of convertible loan 37,500 0 37,500

Receipt of convertible loan - Related Party 0 24,000 1,864,579

Related parties 0 (36,500) 181,000

Issuance of shares for cash 0 76,000 182,740

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INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,030 3,557 1,079

CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD 49 3,103 0

CASH AND CASH EQUIVALENTS END OF PERIOD 1,079 6,660 1,079

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash paid for interest 0 0 10,000

Cash paid for income taxes 0 0 0

Non cash investing and financing activities:

Common stock issued for subscription receivable 0 0 20,000

Common stock issued for conversion of notes payable 76,728 0 797,201

Settlement of derivative liabilities through conversion of related notes 105,772 0 928,579

Payable accrued for mining rights $ 0 $ 0 $ 55,000

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DERIVATIVE LIABILITY
3 Months Ended

Mar. 31, 2012

DERIVATIVE LIABILITY

DERIVATIVE LIABILITY
NOTE 5- DERIVATIVE LIABILITY

As mentioned in Note 3, the Company had convertible notes outstanding during 2011 and the three months ended March 31, 2012 that were convertible into common shares at 70% of the market price of the Company’s common stock on the date of conversion. The Company analyzed these conversion options under ASC 815 “Derivatives and Hedging” and determined that these instruments should be classified as liabilities and recorded at fair value due to their being no explicit limit to the number of shares to be delivered upon settlement of the above conversion options. The derivative liability had a fair value of $107,575 as of December 31, 2011. As a result of the conversion of the underlying debt described in Note 3, the derivative liability was settled through additional paid-in capital. The following table summarizes the Company’s derivative liabilities during the three months ended March 31, 2012:

Derivative Liabilities

Amount

Derivative liabilities as of December 31, 2011

$

107,575

Change in fair value of derivative liability

(1,803)

Settlement of derivative liabilities due to conversion of related notes

(105,772)

Derivative liabilities as of March 31, 2012

$

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CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash and Cash Equivalents	$ 1,079	$ 49
Prepaid Expenses	4,000	0
CURRENT ASSETS	5,079	49
Mining Rights	100,000	100,000
TOTAL ASSETS	105,079	100,049
CURRENT LIABILITIES
Accrued Liabilities	252,737	256,229
Accrued Liabilities and Accrued Interest-Related Parties	391,585	406,482
Derivative Liability	0	107,575
Short Term Convertible Debt	37,500	0
Short Term Convertible Debt Related Party	0	76,728
Short Term Debt Related Party	328,000	328,000
TOTAL LIABILITIES	1,009,822	1,175,014
STOCKHOLDERS DEFICIT
Common Stock $0.001 par value (shares authorized-100,000,000; Shares issued and outstanding- 58,244,247 at March 31, 2012 and 50,344,097 at December 31, 2011	58,244	50,344
Preferred Stock $0.001 par value (shares authorized- 20,000,000; 10,000,000 shares undesignated) Series A Convertible: 10,000,000 shares designated. Shares issued and Outstanding- 10,000,000 at March 31,2012 and 10,000,000 at December 31, 2011	10,000	10,000
Additional paid in capital	23,411,084	22,868,334
Subscription Receivable	(60,000)	(60,000)
Deficit accumulated during the development stage	(24,324,071)	(23,943,643)
TOTAL STOCKHOLDERS DEFICIT	(904,743)	(1,074,965)
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT	$ 105,079	$ 100,049

CONSOLIDATED BALANCE SHEETS PARENTHETICALS (USD $)	Mar. 31, 2012	Dec. 31, 2011
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	58,244,247	58,244,247
Common stock, shares outstanding	58,244,247	58,244,247
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred Stock Series A shares issued	10,000,000	10,000,000
Preferred Stock Series A shares outstanding	10,000,000	10,000,000

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2012	May 18, 2012
Document and Entity Information
Entity Registrant Name	VSUS TECHNOLOGIES INC
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Entity Central Index Key	0000772370
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		58,244,247
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		138 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Revenue	$ 0	$ 0	$ 1,728,800
Operating expenses:
Impairment of assets	0	0	225,000
Administrative expenses	372,816	54,943	20,676,636
Total operating expenses	372,816	54,943	20,901,636
Loss from operations	(372,816)	(54,943)	(19,172,836)
Financing expenses, net	0	0	3,017,000
Loss on settlement of debt	0	0	298,996
Interest expense	9,415	0	136,660
(Gain)/Loss on derivatives	(1,803)	0	1,698,579
Net loss	$ (380,428)	$ (54,943)	$ (24,324,071)
Basic and diluted loss per share	$ (0.01)	$ 0.00
Weighted average number of shares outstanding	54,314,504	57,716,702

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended		138 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (380,428)	$ (54,943)	$ (24,324,071)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment of assets.	0	0	225,000
Stock issued for compensation	368,150	0	19,649,174
Loss on settlement of debt.	0	0	298,996
(Gain)/Loss on derivative liability	(1,803)	0	1,698,579
Changes in operating assets and liabilities:
Prepaid expenses.	(4,000)	0	(4,000)
Change in other receivables	0	0	8,058
Change in accounts payable and accrued expenses	(3,492)	(30,000)	330,739
Change in accrued expenses and interest related party	(14,897)	0	266,274
Net cash (used in) operating activities	(36,470)	(84,943)	(1,851,251)
CASH FLOWS FROM INVESTING ACTIVITIES
Notes receivable	0	100,000	(200,000)
Cash paid for mining rights	0	(75,000)	(45,000)
Purchase of fixed assets	0	0	(150,000)
Net cash provided by (used in) Investing activities	0	25,000	(395,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on convertible debentures	0	0	(50,489)
Exercise of stock options	0	0	32,000
Receipt of convertible loan	37,500	0	37,500
Receipt of convertible loan - Related Party	0	24,000	1,864,579
Related parties	0	(36,500)	181,000
Issuance of shares for cash	0	76,000	182,740
Net cash provided by financing activities	37,500	63,500	2,247,330
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,030	3,557	1,079
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	49	3,103	0
CASH AND CASH EQUIVALENTS END OF PERIOD	1,079	6,660	1,079
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	0	0	10,000
Cash paid for income taxes	0	0	0
Non cash investing and financing activities:
Common stock issued for subscription receivable	0	0	20,000
Common stock issued for conversion of notes payable	76,728	0	797,201
Settlement of derivative liabilities through conversion of related notes	105,772	0	928,579
Payable accrued for mining rights	$ 0	$ 0	$ 55,000