What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2021-05-17 compared with 2020-05-29 · 42 added, 39 removed, 262 unchanged (24% of the section changed)

3 unchanged sentences

footprint in more than 50 key, international markets.

devoted most of 2019 to exploring new product opportunities in a number of products.

In late 2019, we entered into a new, five-year

manufacturing and distribution agreement with an unrelated party to manufacture, distribute, and sell condoms, electronic tobacco

products, cigars, energy drinks, water beverages, and related merchandise, all using the HUSTLER®

had no revenue during the years ended December 31, 2019 and 2018, while we devoted our efforts and financial resources to development

early 2020, we completed phase one of our development of all HUSTLER®-branded products, which enabled us to generate revenue

of $1,732,625 during the year ended December 31, 2020.

Our 2020 revenue-generating activities capitalized on our efforts

during most of 2019 to exploring new product opportunities.

In late 2019, we entered into a new, five-year manufacturing and

distribution agreement with an unrelated party to manufacture, distribute, and sell condoms, electronic tobacco products, cigars,

energy drinks, water beverages, and related merchandise, all using the HUSTLER®

had no revenue during the year ended December 31, 2019, while we devoted our efforts and financial resources to development of

to “us,”

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Lastly, CirTran Corporation (Utah) was dissolved on August 13, 2019.

share and per-share amounts have been adjusted to give retroactive effect to a 1000-to-one reverse split of our common stock effective

September 2019.

2019 Activities

share and per-share amounts have been adjusted to give retroactive effect to a 1,000-to-one reverse split of our common stock

effective September 2019.

2020 and 2019 Activities

HUSTLER®-branded

months of direct, three-way negotiations that began in 2018 among the Flynt/HUSTLER®

organization, GloBrands, LLC (“GloBrands),

and us, in April 2019, we entered into a term sheet to become an exclusive contract manufacturer and distributor for GloBrands,

an unaffiliated licensee that was completing licensing arrangements with HUSTLER®, a privately held, well-capitalized, U.S.

firm with international adult entertainment, retail, and publishing operations.

is a well-established international

lifestyle private label.

December 30, 2019, through our new, wholly owned subsidiary, LBC Products, Inc.

(“LBC”), we entered into an Exclusive

Manufacturing and Distribution Agreement with GloBrands.

Under this agreement, we were granted the right through November 2024

to manufacture, distribute, and sell condoms, electronic cigarettes, electronic cigars, cigars, hookahs, hookah tobacco, energy

drinks, water beverages, and related merchandise, all using the HUSTLER®

early 2020 we launched our efforts to manufacture, distribute, and sell condoms, electronic cigarettes, electronic cigars, cigars,

hookahs, hookah tobacco, energy drinks, water beverages, and related merchandise, all using the HUSTLER®

these activities through our new, wholly owned subsidiary, LBC Products, Inc.

(“LBC”), under a December 30, 2019,

Exclusive Manufacturing and Distribution Agreement with GloBrands, LLC (“GloBrands).

2020 product launch culminated months of direct, three-way negotiations that began in 2018 among the Flynt/HUSTLER®

organization,

GloBrands, and us that let to agreed terms in April 2019 and a definitive agreement signed before 2019 year-end.

an unaffiliated licensee to market certain products bearing the HUSTLER®

Flynt/HUSTLER®

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manufacturing relationships established in several global locations during the last 18 years.

the term sheet and in anticipation of completing our agreement, during 2019, we:

early 2020, we completed phase one of our development of all HUSTLER®-branded products and began the manufacture and distribution

of licensed products.

Our principal activities during the year ended December 31, 2020, were related to executing on our agreement

to develop, manufacture, and distribute licensed products that allowed us to generate revenues of $1,732,625 during the year ended

December 31, 2020.

2019, we devoted our activities to:

product manufacturing relationships with various foreign and domestic suppliers, including:

12 unchanged sentences

efforts continue.

In early 2020, we completed phase one of our development of all HUSTLER®-branded products, which enabled

us to receive payment of $250,000 from GloBrands.

We expect to receive additional payments in 2020.

GloBrands Manufacturing and Distribution Agreement

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We are not entitled to receive a copy of any notice of default.

are committed to developing our clients’

brands and licensed brands and to providing a range of products in various categories

for markets globally.

We provide complete product development, manufacturing, and distribution services for a wide range of business

From first concept to design, engineering, prototyping, manufacturing, packaging, marketing, inventory control, distribution,

shipping, warranty fulfillment, and customer service.

GloBrands-HUSTLER®

current activities reflect our commitment to developing our clients’

brands and licensed brands and

to providing a range of products in various categories for markets globally.

We 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.

Product Commercialization—Contract Marketing

our current activities under our December 2019 Manufacturing and Distribution Agreement, we seek to commercialize one or more

consumer products.

Through those efforts, 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.

our current activities under our GloBrands-HUSTLER®

Manufacturing and Distribution Agreement, we seek to commercialize one

or more consumer products.

Through those efforts, 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.

pursue contract marketing relationships principally in the domestic consumer products markets, such as home and garden, kitchen,

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sales permits are the responsibility of the local distributors, and they are required to obtain all local licenses and permits.

December 31, 2019, we had three full-time employees, including our officers and directors, and two part-time contract workers.

December 31, 2020, we had three full-time employees, including our officers and directors, and fifteen part-time contract workers.

We now rely on part-time and contract workers, independent contractors, and consultants to meet our needs while minimizing fixed

1 unchanged sentence

Recapitalization

Authorization

May 2015, our stockholders and board of directors approved an amendment to our articles of incorporation to complete a 1,000-to-1

21 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business