Core Insights - CISO Global, Inc. has successfully completed the DIBCAC audit and passed the Cybersecurity Maturity Model Certification (CMMC) requirements, enhancing its position in the cybersecurity industry [1][3][4] Group 1: Compliance and Certification - CISO Global will be authorized by the CyberAB to assess and certify defense contractors under the CMMC framework, positioning the company among an elite group of organizations [2][4] - The CMMC framework aims to improve the cybersecurity posture of the Defense Industrial Base (DIB) by enforcing strict controls for protecting Controlled Unclassified Information (CUI) and Federal Contract Information (FCI) [3][4] - The successful navigation of the C3PAO CMMC audit demonstrates CISO Global's expertise in implementing and evaluating security controls that meet high industry standards [3][4] Group 2: Commitment to Cybersecurity - The achievement of passing the CMMC audit reflects CISO Global's commitment to maintaining high cybersecurity standards and assisting clients in meeting federal compliance requirements [4][5] - CISO Global plans to offer comprehensive support for businesses within the DIB, including compliance preparation consulting and conducting official CMMC assessments upon final certification by the CyberAB [4][5] Group 3: Industry Leadership - CISO Global is recognized as a leader in managed cybersecurity and compliance, providing tailored solutions to protect organizations from cyber threats [5][6] - The company emphasizes the importance of compliance as the foundation of cybersecurity, aiding defense contractors in navigating complex regulations [5]

Core Insights - CISO Global, Inc. has secured a strategic investment of $6,500,000 from Target Capital through a convertible note, aimed at reducing short-term debt and enhancing the company's balance sheet to accelerate profitability [1][2][3] Financial Impact - The investment will primarily be used to pay down short-term liabilities, which will improve financial flexibility and free up cash flow for further investments in scaling software sales to existing clients and channel partners [2][3] - This funding is expected to strengthen CISO Global's operating cash flow and expedite the deployment of its software solutions, reinforcing its commitment to innovative service delivery [3] Strategic Vision - The investment reflects Target Capital's confidence in CISO Global's business model and long-term vision, with the belief that the company is currently undervalued and has significant profit-generating potential [2][3] - CISO Global's CEO emphasized that the investment marks a pivotal step towards sustained profitability, focusing on expanding software sales within its established client base and partner network to drive revenue growth and operational efficiency [3] Company Overview - CISO Global, Inc. is a leading cybersecurity firm that specializes in comprehensive security solutions designed to protect organizations from cyber threats, leveraging advanced technology and industry expertise to ensure the security and compliance of clients' digital assets [5]

Revenue Performance - Total revenue decreased by $2.4 million, or 9.4%, to $23.3 million for the nine months ended September 30, 2024, compared to the same period in 2023[126]. - Security managed services revenue decreased by $1.5 million, or 7%, for the nine months ended September 30, 2024, primarily due to lower hardware and software sales[141]. - Professional services revenue decreased by $1.2 million, or 40%, for the nine months ended September 30, 2024, primarily due to lower customer projects[141]. - Cybersecurity software revenue increased by $304,727, or 100%, for the nine months ended September 30, 2024, due to the initial launch of new cybersecurity software products[142]. Profitability and Loss - Total gross profit increased to $2.7 million for the nine months ended September 30, 2024, up from $1.6 million in the same period in 2023, resulting in a gross profit percentage increase to 11% from 6%[126]. - Net loss from continuing operations improved to $12.7 million for the nine months ended September 30, 2024, compared to a net loss of $53.4 million for the same period in 2023[126]. - Loss before income taxes improved by $40.3 million, or 73.7%, for the nine months ended September 30, 2024, compared to the same period in 2023[140]. - The company incurred a net loss of $18,723,961 and negative cash flows from operations of $3,582,726 for the nine months ended September 30, 2024[152]. Operating Expenses - Total operating expenses decreased significantly by $39.7 million, or 72%, for the nine months ended September 30, 2024, compared to the same period in 2023[140]. - Stock-based compensation expenses decreased by $2.8 million, or 44%, for the nine months ended September 30, 2024, compared to the same period in 2023[140]. - Operating expenses, including professional fees, decreased by $1,671,405, or 62%, for the nine months ended September 30, 2024, compared to the same period in 2023[146]. - Advertising and marketing expenses decreased by $235,836, or 87%, for the nine months ended September 30, 2024, compared to the same period in 2023[147]. - Selling, general, and administrative expenses decreased by $3,241,943, or 23%, for the nine months ended September 30, 2024, compared to the same period in 2023[148]. - Impairment of goodwill decreased by $31,776,820, or 100%, for the nine months ended September 30, 2024, compared to the same period in 2023[151]. Cash Flow and Financing - Net cash used in operating activities was $3,582,726 for the nine months ended September 30, 2024, compared to $6,704,498 for the same period in 2023[158]. - Net cash provided by investing activities was $916,905 for the nine months ended September 30, 2024, primarily due to the sale of a subsidiary[159]. - Net cash provided by financing activities was $2,105,679 for the nine months ended September 30, 2024, compared to $5,777,702 for the same period in 2023[160]. - As of September 30, 2024, the company had $291,190,324 of available funding under its Shelf Registration Statement on Form S-3[153]. Cybersecurity Software - Cybersecurity revenue is derived from internally developed software products including CHECKLIGHT Endpoint Security Monitoring, ARGO Security Management, CISO Edge Cloud Security Platform, DISC Net Gen VPN, and Skanda Breach Assessment Tool[181]. - Revenue recognition for cybersecurity software begins upon provisioning and is recognized ratably over the service period[181]. - The company does not bundle its cybersecurity software with other products, eliminating the need for standalone selling price determination[181]. Market and Risk Disclosures - There are no off-balance sheet arrangements that could materially affect the company's financial condition or results of operations[182]. - As a smaller reporting company, the company is not required to provide detailed market risk disclosures[183].

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AI-Powered Security Solution Blocks Over 87,000 Hack Attempts in Just 6 Hours Scottsdale, Ariz., Aug. 22, 2024 (GLOBE NEWSWIRE) -- CISO Global, Inc., (NASDAQ: CISO) an industry leader in proprietary software, managed cybersecurity, and compliance, announces the continued success of its AI-powered CISO Edge security platform at the 2024 annual Black Hat USA and DEF CON 32 conferences in Las Vegas. For the second consecutive year, Edge demonstrated its robust capabilities by successfully blocking over 87,000 ...

Financial Performance - Total revenue decreased by $1.2 million to $15.8 million for the six months ended June 30, 2024, compared to the same period in 2023[91] - Total gross profit increased to $1.6 million for the six months ended June 30, 2024, compared to a loss of $0.2 million for the same period in 2023[91] - Gross profit percentage improved to 10.4% for the six months ended June 30, 2024, compared to (1.4%) for the same period in 2023[91] - Net loss from continuing operations improved to $10.5 million for the six months ended June 30, 2024, compared to $50.4 million for the same period in 2023[91] - Total loss before income taxes improved by $39.8 million to $(10.5) million for the six months ended June 30, 2024, compared to $(50.4) million for the same period in 2023[98] Revenue Breakdown - Security managed services revenue decreased by $483,962, or 6%, for the three months ended June 30, 2024, primarily due to lower hardware and software sales[93] - Cybersecurity software revenue increased by $95,874, or 100%, for the three months ended June 30, 2024, due to the initial launch of new cybersecurity software products[93] Operating Expenses - Total operating expenses decreased by $18.6 million to $5.2 million for the three months ended June 30, 2024, compared to $23.7 million for the same period in 2023[92] - Stock-based compensation expenses decreased by $862,319, or 41%, for the three months ended June 30, 2024, due to various factors including a decline in share price[97] - Professional fees decreased by $1,249,378, or 61%, for the six months ended June 30, 2024, compared to the same period in 2023[102] - Advertising and marketing expenses decreased by $120,861, or 79%, for the six months ended June 30, 2024, compared to the same period in 2023[102] - Selling, general, and administrative expenses decreased by $1,930,736, or 20%, for the six months ended June 30, 2024, compared to the same period in 2023[102] - Stock-based compensation expenses decreased by $3,384,272, or 59%, for the six months ended June 30, 2024, compared to the same period in 2023[103] - Impairment of goodwill decreased by $31,776,820, or 100%, for the six months ended June 30, 2024, compared to the same period in 2023[103] Cash Flow and Funding - The company incurred a net loss of $15,046,075 and negative cash flows from operations of $2,679,622 for the six months ended June 30, 2024[104] - As of June 30, 2024, the company had $291,190,324 of available funding under its Shelf Registration Statement[105] - The working capital deficit increased to $(19,047,707) as of June 30, 2024, compared to $(9,404,568) as of December 31, 2023[106] - Net cash used in operating activities was $2,679,622 for the six months ended June 30, 2024, compared to $5,318,960 for the same period in 2023[109] - Net cash provided by financing activities was $3,068,338 for the six months ended June 30, 2024, compared to $5,493,207 for the same period in 2023[111] Internal Controls and Compliance - As of June 30, 2024, the company's disclosure controls and procedures were evaluated as effective by the principal executive officer and principal financial officer[129] - There have been no changes in internal control over financial reporting that materially affected the company during the quarter ended June 30, 2024[129] - The company maintains disclosure controls designed to provide reasonable assurance for timely reporting of required information[128] - Management recognizes that disclosure controls can only provide reasonable, not absolute, assurance of achieving control objectives[128] - The report includes various certifications related to the principal executive and financial officers[136] Legal and Risk Factors - The company is currently not a party to any material legal proceedings[130] - There have been no material changes from the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023[131] - No directors or officers adopted or terminated any trading agreements during the quarter ended June 30, 2024[135] - The company has not reported any defaults upon senior securities[133]

1. Boot into Safe Mode or Windows Recovery Environment: Restart your computer and repeatedly press the F8 key (or Shift+F8) before Windows starts to enter Safe Mode or use the Windows Recovery Environment. 2. Navigate to the CrowdStrike Directory: Once in Safe Mode or Recovery Environment, open File Explorer and go to C:\Windows\System32\drivers\CrowdStrike. 3. Delete the Faulty File: Locate the file named C-00000291*.sys and delete it. 4. Reboot the System Normally: Restart your computer normally. The issu ...

This incident, resulting from a faulty update to CrowdStrike's Falcon Sensor V6.58, caused widespread disruptions by triggering a Blue Screen of Death (BSOD) on thousands of Windows machines globally. CISO Global's solution was developed after the Incident Response team studied affected networks and offers a clear path to recovery for those affected. CISO is deploying this successfully to affected customers. Alternatively, for advanced users: About CISO Global: Step-by-Step Solution to Resolve BSOD Issue: S ...

Revenue and Profitability - Total revenue decreased by $1.9 million to $11.8 million for the three months ended March 31, 2024, compared to the same period in 2023[49]. - Security managed services revenue decreased by $1,318,293, or 11%, for the three months ended March 31, 2024, primarily due to higher hardware sales in the Latin American region in the prior year[51]. - Total gross profit increased to $0.6 million for the three months ended March 31, 2024, compared to the same period in 2023[49]. - Professional services revenue decreased by $675,335, or 34%, for the three months ended March 31, 2024, compared to the same period in 2023, primarily due to lower project volumes in Latin America[59]. - Cybersecurity software revenue increased by $100,283, or 100%, for the three months ended March 31, 2024, compared to the same period in 2023, driven by the launch of new cybersecurity software products[59]. - The net loss for the three months ended March 31, 2024, was $6,609,199, a significant improvement compared to a net loss of $34,841,689 for the same period in 2023, representing a reduction of approximately 81%[151]. Expenses and Cost Management - Total cost of revenue decreased by $2,483,687 to $10,843,910 for the three months ended March 31, 2024, compared to the same period in 2023[50]. - Loss from operations improved by $28,991,054 to $(5,739,752) for the three months ended March 31, 2024, compared to the same period in 2023[50]. - Stock-based compensation expenses decreased by $2,521,953, or 69%, for the three months ended March 31, 2024, compared to the same period in 2023, due to fully vested options and a decline in share price[64]. - Selling, general, and administrative expenses decreased by $4,511,563, or 47%, for the three months ended March 31, 2024, primarily due to headcount reductions and lower insurance costs[63]. Cash Flow and Liquidity - Cash and cash equivalents increased to $1,516,989 as of March 31, 2024, compared to $1,062,442 as of December 31, 2023[40]. - Net cash used in operating activities was $1,408,633 for the three months ended March 31, 2024, compared to $2,110,872 for the same period in 2023[76]. - The company is actively pursuing additional debt and/or equity financing to improve liquidity, although there is no assurance of success[78]. - The company plans to improve liquidity by reducing overhead costs and pursuing additional financing[56]. Assets and Liabilities - Total liabilities increased to $36,297,261 as of March 31, 2024, compared to $35,515,931 as of December 31, 2023[41]. - Total assets decreased to $47,538,869 as of March 31, 2024, from $51,655,382 as of December 31, 2023[41]. - Working capital deficit increased to $23,328,063 as of March 31, 2024, compared to $15,113,288 as of December 31, 2023, due to increased current liabilities[74]. Future Outlook and Concerns - The company expects to incur further losses through the end of 2024[56]. - There is substantial doubt about the company's ability to continue as a going concern due to incurred losses[147]. - The company is evaluating strategies to obtain additional funding, which may include equity financing and restructuring operations to grow revenues and decrease expenses[160]. Stock and Equity - As of March 31, 2024, the total stockholders' equity was $11,241,608, with a net loss of $6,609,199 for the quarter[133]. - The company has 12,279,341 shares of common stock outstanding as of May 15, 2024[135]. - Proceeds from the sale of common stock amounted to $48,087 for the three months ended March 31, 2024, compared to $3,143,147 for the same period in 2023, indicating a significant decline in equity financing[151]. Deferred Revenue and Customer Commitments - Total deferred revenue as of March 31, 2024, was $4,107,569, an increase from $4,158,969 as of December 31, 2023, reflecting ongoing customer commitments[168]. - The company’s deferred revenue from security managed services was $3,702,690 as of March 31, 2024, compared to $3,366,273 as of December 31, 2023, indicating growth in this service area[168]. Financial Reporting and Controls - There have been no changes in internal control over financial reporting that materially affected the company during the quarter ended March 31, 2024[105]. - The interim financial statements are unaudited and may not be indicative of future results[146]. - The company evaluated the effectiveness of its disclosure controls and procedures as of March 31, 2024, concluding they were effective[218]. Debt and Financing Arrangements - The company recorded interest expense of $564,529 for a business loan obtained in November 2023, with a principal amount of $2,200,000 and an interest rate of 53.44% per annum[196]. - The company issued an unsecured convertible note to Hensley & Company in March 2023 for $5,000,000, with an interest rate of 10.00% per annum, and recorded interest expense of $125,000 for the three months ended March 31, 2024[202]. - The company entered into a Loan and Security Agreement with Aion Financial Technologies, allowing borrowing up to $3,500,000, with an interest rate of 19.25% per annum[208].

Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.00001 par value CISO The Nasdaq Stock Market LLC ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 6900 E. Camelback Road, Suite 900, Scottsdale, AZ 85251 (Address of Principal Executive Offices) (Zip Code) Securities registered pursuant to Section 12(g) of the Act: Common Stock, par va ...