CIRTRAN CORP Files Q2 2025 10-Q

TL;DR

CIRTRAN CORP's Q2 2025 10-Q is in, showing past financial snapshots. Check for new revenue/profit figures.

AI Summary

CIRTRAN CORP filed its 10-Q for the period ending June 30, 2025, reporting on its financial performance. The company, formerly known as VERMILLION VENTURES INC, is incorporated in Nevada and operates in the beverages sector, though its SIC code suggests manufacturing. Key financial data points from previous periods, such as common stock and retained earnings as of December 31, 2023, and March 31, 2025, are included.

Why It Matters

This filing provides investors with an update on CIRTRAN CORP's financial health and operational status for the second quarter of 2025, crucial for assessing its investment potential.

Risk Assessment

Risk Level: medium — The filing is a standard 10-Q, but the limited detail provided in the header and the company's former name change suggest a need for deeper analysis of its current business operations and financial stability.

Key Numbers

• 20250630 — Period End Date (Indicates the end of the reporting quarter)
• 20250819 — Filing Date (Shows when the report was submitted to the SEC)

Key Players & Entities

• CIRTRAN CORP (company) — Filer of the 10-Q
• VERMILLION VENTURES INC (company) — Former name of CIRTRAN CORP
• 20250630 (date) — End of the reporting period
• 20250819 (date) — Filing date
• NV (location) — State of incorporation

FAQ

Filing Documents

• form10-q.htm (10-Q) — 718KB
• ex31-01.htm (EX-31.01) — 12KB
• ex32-01.htm (EX-32.01) — 8KB
• 0001641172-25-024799.txt ( ) — 4861KB
• cirx-20250630.xsd (EX-101.SCH) — 37KB
• cirx-20250630_cal.xml (EX-101.CAL) — 80KB
• cirx-20250630_def.xml (EX-101.DEF) — 161KB
• cirx-20250630_lab.xml (EX-101.LAB) — 287KB
• cirx-20250630_pre.xml (EX-101.PRE) — 251KB
• form10-q_htm.xml (XML) — 760KB

—Financial Information

Part I—Financial Information 1

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024 (Audited) 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited) 4 Condensed Consolidated Statements of Stockholders' Deficit for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (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 18 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 20 4

Controls and Procedures

Controls and Procedures 20

—Other Information

Part II—Other Information 6 Exhibits 21

Signatures

Signatures 22 2 PART I—FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS CIRTRAN CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS June 30,2025 December 31, 2024 (Unaudited) (Audited) ASSETS Current assets: Cash $ 4,335 $ — Inventory 836,465 737,223 Deposits on inventory 25,539 28,803 Deposits on inventory - related party — 637 Deposits on inventory — 637 Accounts receivable, net 16,708 25,641 Other current assets 505,372 485,621 Total current assets 1,388,419 1,277,925 Investment in securities at cost 248,000 248,000 Property and equipment, net of accumulated depreciation 5,420 6,407 Total assets $ 1,641,839 $ 1,532,332 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 766,922 $ 762,440 Cash overdraft — 30,384 Liabilities for product returns and credits 85,384 70,054 Short-term advances payable 162,966 162,966 Short-term advances payable - related parties 686,350 22,452 Short-term advances payable 686,350 22,452 Accrued liabilities 2,379,344 2,776,008 Accrued payroll and compensation expense 5,526,031 5,381,549 Accrued interest, current portion 6,586,760 6,281,805 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 2,454,051 2,458,435 Liabilities from discontinued operations 4,741,063 4,664,960 Total current liabilities: 23,894,988 23,117,170 Note payable, net of current portion 640,909 643,000 Convertible debenture, net of current portion, net of discount 2,229,689 2,177,723 Total liabilities 26,765,586 25,937,893 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-in capital 37,233,561

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 considers our continuation as a going concern. We had a working capital deficiency of $ 22,506,569 , as of June 30, 2025, and a net loss from continuing operations of $ 632,761 for the six months ended June 30, 2025. As of June 30, 2025, we had an accumulated deficit of $ 62,362,253 . 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 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 the 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. 10 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 t

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