CISO Global Files 2023 Annual Report on Nasdaq

TL;DR

CISO Global filed its 2023 10-K. Stock trades on Nasdaq (CISO). All good on filings.

AI Summary

CISO Global, Inc. filed its annual report for the fiscal year ended December 31, 2023. The company's common stock is traded on The Nasdaq Stock Market LLC under the symbol CISO. The filing indicates that CISO Global, Inc. has met its reporting requirements for the preceding 12 months and the past 90 days.

Why It Matters

This 10-K filing provides a comprehensive overview of CISO Global's financial performance and operational status for the past fiscal year, crucial for investors to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — This filing is a standard annual report and does not contain immediate red flags or significant new risk disclosures.

Key Numbers

• 001-41227 — Commission file number (Identifies the company's filing with the SEC.)
• 83-4210278 — I.R.S. Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• CISO Global, Inc. (company) — Registrant
• December 31, 2023 (date) — Fiscal year end
• CISO (dollar_amount) — Trading Symbol
• The Nasdaq Stock Market LLC (company) — Exchange

FAQ

Key Financial Figures

• $0.00001 — nge on which registered Common Stock, $0.00001 par value CISO The Nasdaq Stock Mar
• $10.5 — m global cybercrime is predicted to hit $10.5 trillion annually by 2025. Cybersecurit
• $265 billion — y two seconds at an approximate cost of $265 billion annually in 2031. This is up from $20 b
• $20 billion — llion annually in 2031. This is up from $20 billion and every 11 seconds in 2021. As a resu
• $1.75 — obal cybersecurity spending will exceed $1.75 trillion cumulatively from the fiscal y
• $459 billion — rom the fiscal years 2021 to 2025, with $459 billion expected to be spent on an annual basis
• $0 — SO Global, Inc. common stock, par value $0.00001, for each 15 shares they held as

Filing Documents

• form10-k.htm (10-K) — 1831KB
• ex4-2.htm (EX-4.2) — 22KB
• ex21-1.htm (EX-21.1) — 21KB
• ex23-1.htm (EX-23.1) — 8KB
• ex23-2.htm (EX-23.2) — 1KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 9KB
• ex32-2.htm (EX-32.2) — 9KB
• ex97-1.htm (EX-97.1) — 7KB
• ex23-1_001.jpg (GRAPHIC) — 38KB
• ex23-1_002.jpg (GRAPHIC) — 10KB
• ex23-2_001.jpg (GRAPHIC) — 210KB
• form10-k_001.jpg (GRAPHIC) — 38KB
• audit_001.jpg (GRAPHIC) — 430KB
• audit_002.jpg (GRAPHIC) — 179KB
• ex97-1_001.jpg (GRAPHIC) — 2727KB
• ex97-1_002.jpg (GRAPHIC) — 2951KB
• ex97-1_003.jpg (GRAPHIC) — 3105KB
• ex97-1_004.jpg (GRAPHIC) — 3665KB
• ex97-1_005.jpg (GRAPHIC) — 2764KB
• ex97-1_006.jpg (GRAPHIC) — 2498KB
• ex97-1_007.jpg (GRAPHIC) — 1133KB
• 0001493152-24-014818.txt ( ) — 36812KB
• ciso-20231231.xsd (EX-101.SCH) — 61KB
• ciso-20231231_cal.xml (EX-101.CAL) — 96KB
• ciso-20231231_def.xml (EX-101.DEF) — 312KB
• ciso-20231231_lab.xml (EX-101.LAB) — 529KB
• ciso-20231231_pre.xml (EX-101.PRE) — 418KB
• form10-k_htm.xml (XML) — 1338KB

BUSINESS

ITEM 1. BUSINESS 4

RISK FACTORS

ITEM 1A. RISK FACTORS 11

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 26

CYBERSECURITY

ITEM 1C. CYBERSECURITY 26

PROPERTIES

ITEM 2. PROPERTIES 27

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 27

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 27 PART II 28

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 28

[RESERVED]

ITEM 6. [RESERVED] 28

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 28

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 35

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 35

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 35

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 35

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 36

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 36 PART III 37

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 37

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 41

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 44

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 45

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 46 PART IV 47 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 47

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 47

SIGNATURES

SIGNATURES 48 -2- FORWARD-LOOKING The information contained in this report should be read in conjunction with the financial statements and related notes contained elsewhere in this Annual Report on Form 10-K. Certain statements made in this report are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements are based upon beliefs of, and information currently available to, us as of the date hereof, as well as estimates and assumptions made by us. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. When used herein, the words "anticipate," "believe," "estimate," "expect," "forecast," "future," "intend," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue" or the negative of these terms and similar expressions identify forward-looking statements. Such statements reflect our current view with respect to future events and are subject to risks, uncertainties, assumptions, and other factors, including the risks relating to our business, industry, and our operations and results of operations. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. Forward-looking

business

business interruptions resulting from geo-political actions, including war, terrorism, and disease outbreaks (such as COVID-19, the war in Ukraine, tensions and conflict affecting the Middle East, and geopolitical tensions involving China); sufficiency of cash and cash equivalents to meet our needs for at least the next 12 months; our ability to grow internationally; beliefs and objectives for future operations; our ability to stay in compliance with laws and regulations currently applicable to, or which may become applicable to our business both in the United States and internationally; economic and industry trends or trend analysis; anticipated income tax rates, tax estimates and tax standards; expectations regarding the impact of inflation, action taken by central banks to counter inflation, rising interest rates, and changes in foreign exchange rates on our business and financial results; the future trading price of our common stock; our ability to maintain an effective system of internal controls and accurately report our financial results and remediate material weaknesses; our expectation regarding the outcome of any regulator investigation or litigation; the potential impact of shareholder activism on our business and operations; our ability to navigate through the increasingly complex cybersecurity regulatory environment; and any other statements regarding our future operations, financial condition, growth prospects and business strategies. These entitled "Risk Factors" set forth in this Annual Report on Form 10-K for the year ended December 31, 2023, any of which may cause our or our industry's actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-lo

Business

Business General We are a cybersecurity and compliance company comprised of highly trained and seasoned security professionals who work with clients to enhance or create a better cyber posture in their organization. Cybersecurity, also known as computer security or information technology security, is the protection of computer systems and networks from information disclosure, theft of or damage to their hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide. The cybersecurity industry has a supply and demand issue wherein there is more demand for cybersecurity services than there are expert and seasoned compliance and cybersecurity professionals available in the market. We seek to identify, attract, and retain highly skilled cyber and compliance teams and bring them together to provide holistic cyber services. We accomplish this through acquisitions, direct hiring, and incentivizing employees with stock options to help retain them. On an ongoing basis, we seek to identify cyber talent that is culturally aligned and that offers operating leverage through both existing customer revenue and relationships. We have invested in enterprise solutions and executive talent to integrate our different organizations into an ecosystem that works together to provide complete and holistic cybersecurity through cross pollination of solutions. The ecosystem is intended to provide additional revenue opportunities and drive overall recurring revenue. We emphasize to clients the critical nature of having their work force create a continuously aware security culture. Once engaged, we strive to become the trusted advisors for customers' cybersecurity and compliance needs by providing tailored security solutions based upon their organizational needs. We do not focus on selling cybersecurity products; we are product-agnostic so that we can provide solutions that fit the customer's security needs, financial realities, and fut

View Full Filing

View this 10-K filing on SEC EDGAR