Cirtran Corp. Files Q2 2024 10-Q

TL;DR

Cirtran Corp. 10-Q filed for Q2 2024. Financials updated.

AI Summary

Cirtran Corp. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The filing details its financial position, including assets, liabilities, and equity, as of June 30, 2024, and compares it to previous periods. Specific financial figures and operational details are provided within the report.

Why It Matters

This filing provides investors and stakeholders with an updated view of Cirtran Corp.'s financial health and operational performance for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine financial filing providing standard disclosures without immediate, significant negative or positive indicators.

Key Numbers

• 20240630 — Reporting Period End (Financial data pertains to this date.)
• 20240826 — Filing Date (Date the report was submitted to the SEC.)

Key Players & Entities

• CIRTRAN CORP (company) — Filer
• VERMILLION VENTURES INC (company) — Former Company Name
• 20240630 (date) — Reporting Period End Date
• 20240826 (date) — Filing Date

FAQ

Filing Documents

• form10-q.htm (10-Q) — 560KB
• ex31-01.htm (EX-31.01) — 12KB
• ex32-01.htm (EX-32.01) — 7KB
• 0001493152-24-033786.txt ( ) — 3800KB
• cirx-20240630.xsd (EX-101.SCH) — 36KB
• cirx-20240630_cal.xml (EX-101.CAL) — 62KB
• cirx-20240630_def.xml (EX-101.DEF) — 128KB
• cirx-20240630_lab.xml (EX-101.LAB) — 285KB
• cirx-20240630_pre.xml (EX-101.PRE) — 223KB
• form10-q_htm.xml (XML) — 465KB

—Financial Information

Part I—Financial Information 1

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 (Audited) 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Stockholders' Deficit for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 16 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 18 4

Controls and Procedures

Controls and Procedures 18

—Other Information

Part II—Other Information 6 Exhibits 19

Signatures

Signatures 20 2 PART I—FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS CIRTRAN CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) (Audited) ASSETS Current assets: Cash $ — $ — Inventory 802,312 815,612 Deposits on inventory 22,508 26,983 Deposits on inventory - related party 619,189 224,411 Deposits on inventory 619,189 224,411 Accounts receivable 112,225 21,536 Other current assets 411,715 441,095 Total current assets 1,967,949 1,529,637 Investment in securities at cost 300,000 300,000 Property and equipment, net of accumulated depreciation 16,478 18,925 Total assets $ 2,284,427 $ 1,848,562 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 657,620 $ 625,848 Liabilities for product returns and credits 8,701 8,701 Short-term advances payable 165,466 172,966 Short-term advances payable - related parties 21,882 21,882 Short-term advances payable 21,882 21,882 Accrued liabilities 3,234,199 2,889,389 Accrued payroll and compensation expense 5,181,116 5,067,213 Accrued interest, current portion 6,177,849 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 1,623,196 1,296,937 Liabilities from discontinued operations 4,587,598 4,511,075 Total current liabilities: 22,163,744 20,858,731 Deferred tax liability 55,946 55,946 Note payable, net of current portion 630,454 634,636 Convertible debenture, net of current portion, net of discount 2,127,165 2,077,934 Total liabilities 24,977,309 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 paid-

Financial Statements properly reflect the change

Financial Statements properly reflect the change. 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 $ 20,195,795 as of June 30, 2024, and a net loss from continuing operations of $ 837,674 for the six months ended June 30, 2024. As of June 30, 2024, we had an accumulated deficit of $ 59,931,388 . 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 dies used in

View Full Filing

View this 10-Q filing on SEC EDGAR