CIRTRAN CORP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CIRTRAN CORP has filed its Q1 2024 10-Q report, detailing financial performance and operational status.</b>

AI Summary

CIRTRAN CORP (CIRX) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. CIRTRAN CORP filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is listed under SIC code 2080 (Beverages). CIRTRAN CORP was formerly known as VERMILLION VENTURES INC, with a name change on May 2, 2000. The company is incorporated in Nevada (NV).

Why It Matters

For investors and stakeholders tracking CIRTRAN CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, crucial for assessing the company's performance and making informed investment decisions. Understanding the company's operational segments and financial health as presented in this report is key to evaluating its future prospects and potential risks.

Risk Assessment

Risk Level: low — CIRTRAN CORP shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags, indicating a low level of immediate risk from the filing itself.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand CIRTRAN CORP's current performance and identify any emerging trends.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-15 — Filing Date (FILED AS OF DATE)
• 2080 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• NV — State of Incorporation (STATE OF INCORPORATION)
• 2000-05-02 — Former Company Name Change Date (DATE OF NAME CHANGE)

Key Players & Entities

• CIRTRAN CORP (company) — FILER
• VERMILLION VENTURES INC (company) — FORMER COMPANY
• NV (location) — STATE OF INCORPORATION
• 2080 (other) — STANDARD INDUSTRIAL CLASSIFICATION
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-15 (date) — FILED AS OF DATE
• 2000-05-02 (date) — DATE OF NAME CHANGE
• 6360 S PECOS ROAD (address) — BUSINESS ADDRESS

FAQ

Industry Context

CIRTRAN CORP operates within the beverage industry, as indicated by its SIC code. This filing provides a snapshot of its performance in this sector.

Regulatory Implications

As a publicly traded company, CIRTRAN CORP is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) to ensure transparency for investors.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Identify any disclosures related to operational segments or significant business activities.
3. Compare current quarter data with historical filings if available to identify trends.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive overview of a company's financial performance. (This filing provides the latest quarterly financial data for CIRTRAN CORP.)

SIC Code

Standard Industrial Classification code used to classify industries and businesses. (Indicates CIRTRAN CORP's primary industry classification as Beverages (2080).)

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $0.001 — were 4,945,417 shares of common stock, $0.001 par value, outstanding. TABLE OF CONT

Filing Documents

• form10-q.htm (10-Q) — 507KB
• ex31-01.htm (EX-31.01) — 11KB
• ex32-01.htm (EX-32.01) — 8KB
• 0001493152-24-019775.txt (&nbsp;) — 3719KB
• cirx-20240331.xsd (EX-101.SCH) — 37KB
• cirx-20240331_cal.xml (EX-101.CAL) — 61KB
• cirx-20240331_def.xml (EX-101.DEF) — 127KB
• cirx-20240331_lab.xml (EX-101.LAB) — 283KB
• cirx-20240331_pre.xml (EX-101.PRE) — 220KB
• form10-q_htm.xml (XML) — 454KB

—Financial Information

Part I—Financial Information 1

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 (Audited) 3 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Stockholders' Deficit for the Three Months Ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited) 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 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 14 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 15 4

Controls and Procedures

Controls and Procedures 15

—Other Information

Part II—Other Information 6 Exhibits 17

Signatures

Signatures 18 2 PART I—FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS CIRTRAN CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) (Audited) ASSETS Current assets: Cash $ 2,996 $ — Inventory 858,350 815,612 Deposits on inventory 22,508 26,983 Deposits on inventory - related party 216,113 224,411 Deposits on inventory 216,113 224,411 Accounts receivable 30,179 21,536 Other current assets 431,348 441,095 Total current assets 1,561,494 1,529,637 Investment in securities at cost 300,000 300,000 Property and equipment, net of accumulated depreciation 17,697 18,925 Total assets $ 1,879,191 $ 1,848,562 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 640,725 $ 625,848 Liabilities for product returns and credits 8,701 8,701 Short-term advances payable 162,966 172,966 Short-term advances payable - related parties 21,882 21,882 Short-term advances payable 21,882 21,882 Accrued liabilities 2,955,068 2,889,389 Accrued payroll and compensation expense 5,092,261 5,067,213 Accrued interest, current portion 5,902,897 5,758,603 Convertible debenture, current portion, net of discounts 264,284 264,284 Note payable, current portion 90,000 90,000 Note payable to stockholders 151,833 151,833 Note payable 151,833 151,833 Derivative liability 1,545,391 1,296,937 Liabilities from discontinued operations 4,549,336 4,511,075 Total current liabilities: 21,385,344 20,858,731 Deferred tax liability 55,946 55,946 Note payable, net of current portion 632,545 634,636 Convertible debenture, net of current portion, net of discount 2,102,129 2,077,934 Total liabilities 24,175,964 23,627,247 Commitments and contingencies — — Stockholders' deficit: Common stock, par value $ 0.001 ; 100,000,000 shares authorized; 4,945,417 shares issued and outstanding 4,945 4,945 Additional p

Financial Statements properly reflect the change

Financial Statements properly reflect the change. 9 NOTE 3 — GOING CONCERN The accompanying unaudited consolidated financial statements have been prepared in conformity with US GAAP, which contemplates our continuation as a going concern. We had a working capital deficiency of $ 19,823,850 as of March 31, 2024, and a net loss from continuing operations of $ 479,827 for the three months ended March 31, 2024. As of March 31, 2024, we had an accumulated deficit of $ 59,535,279 . These conditions raise substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent upon our ability to successfully accomplish our business plan and eventually attain profitable operations. The accompanying unaudited consolidated financial statements do not include any adjustments that may be necessary if we are unable to continue as a going concern. In the coming year, our foreseeable cash requirements will relate to development of business operations and associated expenses. We may experience a cash shortfall and be required to raise additional capital. Historically, we have mainly relied upon shareholder loans and advances to finance operations and growth. Management may raise additional capital by retaining net earnings, if any, or through future public or private offerings of our stock or loans from private investors, although we cannot assure that we will be able to obtain such financing. Our failure to do so could have a material and adverse effect upon our shareholders and us. NOTE 4 — PROPERTY AND EQUIPMENT We incur certain costs associated with the design and development of molds and dies for our contract-manufacturing segment. These costs are held as deposits on the balance sheet until the molds or dies are finished and ready for use. At that point, the costs are included as part of production equipment in property and equipment and are amortized over their useful lives. We hold title to all molds and die

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