CISO Global Inc. filed SEC Form 8-K: Creation of a Direct Financial Obligation, Financial Statements and Exhibits
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Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On November 29, 2024, we entered into an Intellectual Property Buy-Back Purchase Agreement (the “Buy-Back Purchase Agreement”) with JC Associates, Inc., a Texas corporation (“JC Associates”), pursuant to which the Company purchased vCISO, LLC, a Delaware limited liability company, which owns certain intellectual property as listed in the Buy-Back Purchase Agreement. Our Company will pay the sum of One Million Twenty Thousand Dollars ($1,020,000) over a one year period of time at the rate of Eight Percent (8%) per annum commencing on November 29, 2024, as agreed upon in the Note attached to the Buy-Back Purchase Agreement as Exhibit B and attached hereto.
In September 2024, we entered into an Intellectual Property Purchase Agreement in which we sold our wholly-owned subsidiary vCISO, LLC (“vCISO”), for cash proceeds of $1,000,000. vCISO owns the internally developed intellectual property currently marketed to our customers and also being developed for future deployment. As a condition of closing the Intellectual Property Purchase Agreement, we concurrently entered into a License-Back and Buy-Back Agreement. The Buy-Back Purchase Agreement was entered into pursuant to that latter agreement.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits. |
Exhibit Number |
Exhibits | |
| 10.1 | Form of Intellectual Property Buy-Back Purchase Agreement | |
| 10.2 | Form of Promissory Note | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: December 4, 2024 | CISO Global, Inc. | |
| By: | /s/ Debra L. Smith | |
| Name: | Debra L. Smith | |
| Title: | Chief Financial Officer | |