CISO Global Files Q1 2024 10-Q

TL;DR

CISO Global's Q1 2024 10-Q is in, check out their cybersecurity segment performance.

AI Summary

CISO Global, Inc. filed its 10-Q for the period ending March 31, 2024. The company, formerly known as CERBERUS CYBER SENTINEL CORP, reported financial results for the first quarter of 2024. The filing details various financial segments including Security Managed Services, Professional Services, and Cybersecurity Software.

Why It Matters

This filing provides investors with an update on CISO Global's financial performance and operational segments for the first quarter of 2024, offering insights into the company's cybersecurity business.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information and risk factors that require careful analysis to assess the company's overall risk profile.

Key Numbers

• Q1 2024 — Reporting Period (First quarter of 2024 financial results)
• 1231 — Fiscal Year End (Indicates the company's fiscal year closes on December 31st)

Key Players & Entities

• CISO Global, Inc. (company) — Filer of the 10-Q
• CERBERUS CYBER SENTINEL CORP (company) — Former name of CISO Global, Inc.
• 20240331 (date) — End of reporting period
• 20240520 (date) — Filing date

FAQ

Key Financial Figures

• $0.00001 — nge on which registered Common Stock, $0.00001 par value CISO The Nasdaq Stock Mar

Filing Documents

• form10-q.htm (10-Q) — 826KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-24-020688.txt ( ) — 5136KB
• ciso-20240331.xsd (EX-101.SCH) — 38KB
• ciso-20240331_cal.xml (EX-101.CAL) — 74KB
• ciso-20240331_def.xml (EX-101.DEF) — 164KB
• ciso-20240331_lab.xml (EX-101.LAB) — 349KB
• ciso-20240331_pre.xml (EX-101.PRE) — 279KB
• form10-q_htm.xml (XML) — 703KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 4 ITEM 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations and Comprehensive Loss 5 Condensed Consolidated Statements of Changes in Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 26 ITEM 4.

Controls and Procedures

Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION 27 ITEM 1.

Legal Proceedings

Legal Proceedings 27 ITEM 1A.

Risk Factors

Risk Factors 27 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 ITEM 3. Defaults Upon Senior Securities 27 ITEM 4. Mine Safety Disclosures 27 ITEM 5. Other Information 27 ITEM 6. Exhibits 27

SIGNATURES

SIGNATURES 28 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 Quarterly Report on Form 10-Q. 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

financial statements have been prepared in accordance with accounting principles generally accepted in the United States

financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"), the instructions to Form 10-Q pursuant to regulations of the SEC, and include our accounts and the accounts of our subsidiaries. Certain information and disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although, we believe that the disclosures made are adequate to make the information not misleading. All material intercompany accounts and transactions have been eliminated. Our interim financial statements are unaudited, and in our opinion, include all adjustments of a normal recurring nature necessary for the fair presentation of the periods presented. The results for the interim periods are not necessarily indicative of the results to be expected for any subsequent period or for the year ending December 31, 2024. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2023. Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, due to losses incurred, substantial doubt about our ability to continue as a going concern exists. We are evaluating strategies to obtain the required additional funding for future operations. These strategies may include obtaining equity financing, issuing debt or entering into other financing arrangements, and restructuring operations to grow revenues and decrease expenses. However, we may be unable to access further equity or debt financing when needed. As such, there can be no assurance that we will be able to obtain additional liquidity when needed or under acceptable terms, if at all. 8 Th

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