Cycurion Inc 2024年度报告

FORM10-K ☒Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year endedDecember 31,2024 or☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File No.001-41214 Registrant’s telephone number, including area code:(888)341-6680 Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 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☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smallerreporting company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerginggrowth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒Smaller reporting company☒Emerging growth company☒ If any emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal controls over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ At June 28, 2024, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value ofthe Registrant’s shares of common stock held by non-affiliates was $7,152,959based on the last reported sales price of $11.00 on TheNasdaq Stock Market LLC. The number of shares outstanding of the registrant’s common stock as of April 17, 2025 was31,443,906. DOCUMENTS INCORPORATED BY REFERENCE None. PART I Item 1.Business5Item 1A.Risk Factors12Item 1B.Unresolved Staff Comments23Item 1C.Cybersecurity24Item 2.Properties24Item 3.Legal Proceedings24Item 4.Mine Safety Disclosures25 PART II Item 5.Market for Our Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities25Item 6.Selected Financial Data25Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations25Item 7A.Quantitative and Qualitative Disclosures About Market Risk33Item 8.Financial Statements and Supplementary DataF-1Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure34Item 9A.Controls and Procedures34Item 9B.Other Information35Item 9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections35 PART III Item 10.Directors, Executive Officers, and Corporate Governance35Item 11.Executive Compensation38Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters39Item 13.Certain Relationships and Related Transactions, and Director Independence40Item 14.Principal Accounting Fees and Services40 PART IV CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements included or incorporated by reference in this Annual Report on Form 10-K (“Annual Report”) are not historical facts but areforward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may”, “should”, “would”, “plan”, “intend”, “anti