CIRTRAN CORP Files 2023 Annual Report on Form 10-K

TL;DR

<b>CIRTRAN CORP has filed its 2023 10-K annual report, detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

CIRTRAN CORP (CIRX) filed a Annual Report (10-K) with the SEC on April 19, 2024. CIRTRAN CORP filed its annual report for the fiscal year ended December 31, 2023. The company was formerly known as VERMILLION VENTURES INC, with a name change on May 2, 2000. CIRTRAN CORP is incorporated in Nevada (NV) with its principal business address in Las Vegas, NV. The SIC code for CIRTRAN CORP is 2080 (BEVERAGES). The filing covers the period from January 1, 2023, to December 31, 2023.

Why It Matters

For investors and stakeholders tracking CIRTRAN CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of CIRTRAN CORP's financial health, operational activities, and strategic direction for the past fiscal year, which is crucial for investors and stakeholders to assess the company's performance and future prospects. As a public document, this filing ensures transparency and compliance with SEC regulations, offering insights into the company's financial position, risks, and management's outlook.

Risk Assessment

Risk Level: low — CIRTRAN CORP shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant financial disclosures or events that would suggest a high-risk profile based solely on this document's nature.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand CIRTRAN CORP's operational performance and potential challenges.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240419 — Filing Date (FILED AS OF DATE)
• 0000813716 — Central Index Key (FILER)
• 2080 — Standard Industrial Classification (SIC CODE)

Key Players & Entities

• CIRTRAN CORP (company) — FILER
• VERMILLION VENTURES INC (company) — FORMER COMPANY
• NV (location) — STATE OF INCORPORATION
• LAS VEGAS (location) — CITY
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240419 (date) — FILED AS OF DATE
• 0000813716 (company) — CENTRAL INDEX KEY
• 2080 (industry) — STANDARD INDUSTRIAL CLASSIFICATION

FAQ

Industry Context

CIRTRAN CORP operates within the beverages industry, as indicated by its SIC code 2080.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit annual reports to the SEC.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Examine the Management's Discussion and Analysis (MD&A) section for operational insights.
3. Review the risk factors section for potential business challenges.

Year-Over-Year Comparison

This is the 2023 annual report filing (10-K) for CIRTRAN CORP.

Key Financial Figures

• $0.001 — ) of the Act: Common Stock, Par Value $0.001 (Title of class) Indicate by check
• $1.8 million — enabled us to generate revenue of about $1.8 million during the year ended December 31, 2023
• $1.7 million — year ended December 31, 2023, and about $1.7 million during the year ended December 31, 2022

Filing Documents

• form10-k.htm (10-K) — 884KB
• ex31-01.htm (EX-31.01) — 12KB
• ex32-01.htm (EX-32.01) — 8KB
• form10-k_001.jpg (GRAPHIC) — 4KB
• form10-k_002.jpg (GRAPHIC) — 2KB
• 0001493152-24-015391.txt (&nbsp;) — 4533KB
• cirx-20231231.xsd (EX-101.SCH) — 42KB
• cirx-20231231_cal.xml (EX-101.CAL) — 70KB
• cirx-20231231_def.xml (EX-101.DEF) — 141KB
• cirx-20231231_lab.xml (EX-101.LAB) — 322KB
• cirx-20231231_pre.xml (EX-101.PRE) — 246KB
• form10-k_htm.xml (XML) — 522KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 8 Item 1C. Cybersecurity 8 Item 2.

Properties

Properties 8 Item 3.

Legal Proceedings

Legal Proceedings 9 Item 4. Mine Safety Disclosures 9 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 9 Item 6. [Reserved] 10 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 12 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 13 Item 9A.

Controls and Procedures

Controls and Procedures 13 Item 9B. Other Information 14 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 14 Part III Item 10. Directors, Executive Officers and Corporate Governance 14 Item 11.

Executive Compensation

Executive Compensation 16 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 17 Item 13. Certain Relationships and Related Transactions, and Director Independence 18 Item 14. Principal Accounting Fees and Services 19 Part IV Item 15. Exhibit and Financial Statement Schedules 20 Item 16. Form 10-K Summary 22

Signatures

Signatures 23 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains statements about the future, sometimes referred to as "forward-looking" statements. Forward-looking statements are typically identified by use of the words "believe," "may," "could," "should," "expect," "anticipate," "estimate," "project," "propose," "plan," "intend," and similar words and expressions. Statements that describe our future strategic goals, plans, objectives, and predictions are also forward-looking performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Readers of this report are cautioned that any forward-looking statements, including those regarding us or our management's current beliefs, expectations, anticipations, estimations, projections, strategies, proposals, plans, or intentions, are not guarantees of future performance or results of events and involve risks and uncertainties, such as: Russia's recent military invasion of Ukraine has caused significant international political and economic disruption that may adversely affect our operations. The auditors' report for our most recent fiscal years contains explanatory paragraphs about our ability to continue as a going concern. We have new operations that began generating revenues in 2020, after suffering severe operating and legal hurdles in 2016 that forced us to significantly curtail operations. Our renewed operations have faced the usual risks of beginning a new business, including establishing reliable product sources, new supply and distribution chains, sales, management capabilities, and related requirements, all of which have been exacerbated by a global pandemic. Our new business will be dependent on maintaining in good standing our m

Business

Business Approach Our GloBrands-HUSTLER current activities reflect our commitment and ability to assist our clients in developing their licensed brands and to provide a range of products in various categories for markets globally. We can provide complete product development, manufacturing, and distribution services for a wide range of business sectors. From first concept to design, engineering, prototyping, manufacturing, packaging, marketing, inventory control, distribution, shipping, warranty fulfillment, and customer service. Consumer Product Commercialization—Contract Marketing In addition to current activities under our GloBrands-HUSTLER Manufacturing and Distribution Agreement, we are seeking to commercialize one or more consumer products. We identify what we believe to be the need for a product or other demand and then seek a product that may be distributed to address that demand. When we identify a need, but find no suitable available product, we may design our own product for commercialization. We pursue contract marketing relationships principally in the domestic consumer products markets, such as home and garden, kitchen, health and beauty, toys, and licensed merchandise for television, sports, and other entertainment properties. If we deem it suitable, we may obtain rights from the product owner to manufacture and market a particular product, generally in consideration of the payment of a royalty, sometimes accompanied with an initial fee. Frequently, owners of undeveloped products or product concepts are seeking branding, marketing, manufacturing, order fulfillment, and distribution assistance. Our commercialization efforts include developing product packaging, branding the product, arranging third-party manufacturing, establishing distribution channels, and arranging order fulfillment. We anticipate that these activities will generally be undertaken by third parties under contract. In some cases, we may brand a product under a license to use

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View this 10-K filing on SEC EDGAR