What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-04-15 compared with 2021-05-17 · 178 added, 266 removed, 38 unchanged (92% of the section changed)

on our diversified expertise in manufacturing, marketing, distribution, and technology services in a wide variety of consumer

products, including tobacco products, medical devices, and beverages, around the world, we have an innovative and consumer-focused

approach to brand portfolio management, resting on a strong understanding of consumers domestically, and we have established a

footprint in more than 50 key, international markets.

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,”

“we,”

“our,”

and correlative terms refer to CirTran Corporation and our three subsidiaries,

LBC Products, Inc., CirTran Products Corp.

and CirTran - Asia, Inc., through which we conduct our activities.

On February 19,

2019, we filed articles of dissolution for both CirTran Media Corp.

and CirTran Beverage Corp.

with the state of Utah.

Additionally,

a certificate of dissolution was filed for Racore Network, Inc.

on March 11, 2019, and a certificate of dissolution was filed

for CirTran Online Corp.

on March 20, 2019.

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

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

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®

organization, a privately held 45-year-old global empire founded by Larry Flynt, operates under the HUSTLER®

brand, including Larry Flynt’s HUSTLER®

Clubs in 14 locations worldwide, HUSTLER®

Hollywood adult retail stores

in 34 locations, the luxurious HUSTLER®

Casino and Larry Flynt’s Lucky Lady Casino in California, broadcasting outlets

serving over 55 countries, and DVD distribution.

Larry Flynt’s HUSTLER®

Club, located at the south end of The Las Vegas

Strip, consists of an approximately 70,000-square-foot gentlemen’s club over a similarly sized retail store that sells erotic

clothing, toys, and associated merchandise.

Our HUSTLER®-branded products will also be distributed in outlets operated by

HUSTLER®’s affiliated DejaVue organization, which operates approximately 200 gentlemen’s clubs and adjacent adult

retail stores in major metropolitan cities across the United States and several foreign countries, including United Kingdom, Australia,

France, Canada, and Mexico.

undertaking this new product manufacturing and distribution opportunity, we will seek to take advantage of our distribution and

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

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:

on our diversified expertise in manufacturing, marketing, distribution, and technology services in a wide variety of consumer products,

including tobacco products, medical devices, and beverages, around the world, we have an innovative and consumer-focused approach to

brand portfolio management, resting on a strong understanding of consumers domestically, and we have established a footprint in more

than 50 key, international markets.

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

revenue of about $2.9 million during the year ended December 31, 2021, and about $1.7 million during the year ended December 31, 2020.

Our revenue-generating activities capitalized on our 2019 efforts to explore new product opportunities.

In late 2019, we entered a 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® brand name.

to “us,” “we,” “our,” and correlative terms refer to CirTran Corporation and our three subsidiaries,

LBC Products, Inc., CirTran Products Corp., and CirTran - Asia, Inc., through which we conduct our activities.

HUSTLER®-branded

2020, we completed phase one and two of our development of several HUSTLER®-branded products and 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® trademark.

We conduct these activities through our wholly owned subsidiary, LBC Products,

(“LBC”), under a December 30, 2019, Exclusive Manufacturing and Distribution Agreement with GloBrands, LLC (“GloBrands).

GloBrands is an unaffiliated licensee to market certain products bearing the HUSTLER® trademark.

Flynt/HUSTLER® organization, a privately held 45-year-old global empire founded by Larry Flynt, operates under the HUSTLER® brand,

including Larry Flynt’s HUSTLER® Clubs in 14 locations worldwide, HUSTLER® Hollywood adult retail stores in 39 locations,

the luxurious HUSTLER® Casino and Larry Flynt’s Lucky Lady Casino in California, broadcasting outlets serving over 55 countries,

and DVD distribution.

Larry Flynt’s HUSTLER® Club, located at the south end of The Las Vegas Strip, consists of an approximately

70,000-square-foot gentlemen’s club above a similarly sized retail store that sells erotic clothing, toys, and associated merchandise.

Our HUSTLER®-branded products are also distributed in outlets operated by HUSTLER®’s affiliated Deja Vu organization, which

operates approximately 200 gentlemen’s clubs and adjacent adult retail stores in major metropolitan cities across the United States

and several foreign countries, including the United Kingdom, Australia, France, Canada, and Mexico.

undertaking this new product manufacturing and distribution opportunity, we have taken advantage of our distribution and manufacturing

relationships established in several global locations during the last 20 years.

continue our efforts to:

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

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product logos and labeling;

regulatory approval for our HUSTLER®

brand product labeling where required;

regulatory approval for our HUSTLER®-brand product labeling where required;

at our cost and for our exclusive benefit, necessary FDA 510(k) approval for condom manufacturing;

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samples, wholesale and point-of-sale displays, catalogs, and related merchandising materials;

digital and hard copy media support, website, product spokespersons, direct television commercials, print, and miscellaneous

through our marketing and distribution relationships, distribution and delivery channels, inventory management, and related

digital and hard copy media support, website, product spokesperson content, direct television commercials, print, and miscellaneous

through our marketing and distribution relationships, distribution and delivery channels, inventory management, and related logistics;

Las Vegas facilities to house our offices, showroom, and warehouse;

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data gathering, reporting, and analytical systems to support product and market development and refinement to respond to changing

efforts continue.

GloBrands Manufacturing and Distribution Agreement

December 2019 Exclusive Manufacturing and Distribution Agreement with GloBrands grants to us the exclusive right to manufacture,

distribute, and sell the specified products, including the authority to deal directly with distribution chain participants and

to collect all product payments.

We are authorized to retain from the collected sales proceeds an amount equal to 120% of our

cost of goods sold, plus 10% of gross sales of the covered products.

GloBrands will also reimburse us 105% of certain of our media

placement expenses.

Our GloBrands’

agreement term extends through November 30, 2024, subject to earlier termination by either

party following 60 days’

notice of uncured material default.

terms of our agreement with GloBrands are subject in all respects to its rights as licensee under its licensing agreements with

the Flynt/HUSTLER®

organization to use the HUSTLER®

brand name, the Flynt/HUSTLER®

organization has approved our manufacturing

and distribution arrangement.

GloBrands is obligated to us under our agreement to fully and timely perform and observe all terms,

covenants, and conditions of the three underlying licenses between it and the Flynt/Hustler organization, including the payment

of required minimum and actual royalties to the Flynt/HUSTLER®

organization.

Further, GloBrands cannot amend the license agreements

or waive or release any material right under the underlying Flynt/HUSTLER®

Under the Manufacturing and Distribution

Agreement, we transmit royalty payments on GloBrands’

behalf directly to the Flynt/HUSTLER®

December 2019 Exclusive Manufacturing and Distribution Agreement with GloBrands grants to us the exclusive right to manufacture, distribute,

and sell specified products, including the authority to deal directly with distribution chain participants and to collect all product

We are authorized to retain from the collected sales proceeds an amount equal to 120% of our cost of goods sold, plus 10% of

gross sales of the covered products.

GloBrands reimburses us 105% of certain of our media placement expenses.

Our GloBrands’ agreement

term extends through November 30, 2024, subject to earlier termination by either party following 60 days’ notice of uncured material

agreement with GloBrands is subject in all respects to its rights as licensee under its licensing agreements with the Flynt/HUSTLER®

organization to use the HUSTLER® brand name.

The Flynt/HUSTLER® organization has approved our manufacturing and distribution

GloBrands is obligated to fully and timely perform and observe all terms, covenants, and conditions of the three underlying

licenses between it and the Flynt/Hustler organization, including the payment of required minimum and actual royalties to the Flynt/HUSTLER®

organization.

have a limited license to use the HUSTLER®

brand name for the exclusive purposes of fulfilling our obligations under the Manufacturing

and Distribution Agreement.

GloBrands’

License to Use the HUSTLER®

Further, GloBrands cannot amend the license agreements or waive or release any material right under the underlying Flynt/HUSTLER®

Under the Exclusive Manufacturing and Distribution Agreement, we transmit royalty payments on GloBrands’ behalf directly

to the Flynt/HUSTLER® organization.

have a limited license to use the HUSTLER® brand name for the exclusive purposes of fulfilling our obligations under the Exclusive

Manufacturing and Distribution Agreement.

License to Use the HUSTLER® Brand Name

Exclusive Manufacturing and Distribution Agreement with GloBrands implements its three separate product licenses with the Flynt/HUSTLER

organization.

These three licenses, all effective May 31, 2019, cover three branded products or product groups (condoms, energy

drinks and waters, and natural leaf small cigars and premium cigars, electronic cigarettes/cigars, hookahs, and hookah tobacco),

with minimum initial term guaranteed payments.

The guaranteed payments are a prepayment of, and are applied to, actual royalties

of the gross sales price of products, less freight and returns.

The licenses authorize worldwide product distribution through

mass retail, drug stores, supermarkets, club stores, direct response, pharmacies casinos/nightclubs, convenience stores, internet

sales via licensee’s websites, and miscellaneous other outlets.

Each license is automatically renewable for an additional

five-year term, subject to adjustment to the amount of guaranteed payments.

All manufacturing, labeling, and marketing materials,

samples, and representative products are subject to the prior approval of the Flynt/HUSTLER®

organization.

As noted above,

the Flynt/HUSTLER®

organization has consented to our appointment to market and distribute the licensed products under our

marketing and distribution agreement with GloBrands.

license is terminable by the Flynt/HUSTLER®

organization if any material default by GloBrands is not cured within 60 days

after notice (10 days in the case of nonpayment).

organization covering three branded products or product groups (condoms, energy drinks and waters, and natural leaf small cigars and

premium cigars, electronic cigarettes/cigars, hookahs, and hookah tobacco), with minimum initial term guaranteed payments.

The guaranteed

payments are a prepayment of, and are applied to, actual royalties of the gross sales price of products, less freight and returns.

licenses authorize worldwide product distribution through mass retail, drug stores, supermarkets, club stores, direct response, pharmacies

casinos/nightclubs, convenience stores, internet sales via licensee’s websites, and miscellaneous other outlets.

Each license is

automatically renewable for an additional five-year term, subject to adjustment to the amount of the guaranteed payments.

All manufacturing,

labeling, and marketing materials, samples, and representative products are subject to the prior approval of the Flynt/HUSTLER® organization.

license is terminable by the Flynt/HUSTLER® organization if any material default by GloBrands is not cured within 60 days after notice

(10 days in the case of nonpayment).

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

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,

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.

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packaging, marketing, inventory control, distribution, shipping, warranty fulfillment, and customer service.

Product Commercialization—Contract Marketing

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,

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.

commercialization effort includes developing product packaging, branding the product, arranging third-party manufacturing, establishing

Product Commercialization—Contract Marketing

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.

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.

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 a third-party’s recognized name, as

we did in the case of the Playboy-branded energy drink;

seek an endorsement from a publicly recognized celebrity, sports figure,

or other person;

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 a third-party’s recognized name, as we did in the

case of the discontinued Playboy-branded energy drink;

seek an endorsement from a publicly recognized celebrity, sports figure, or other

or obtain the rights to use the image, likeness, or logo of a product or a person, such as a well-known celebrity.

Licensed merchandise is then sold and marketed in the entertainment and sports franchise industries.

We anticipate that these

products will be introduced into the market under either one uniform brand name or separate trademarked names that we originate

and own or acquire by license.

Licensed merchandise

is then sold and marketed in the entertainment and sports franchise industries.

We anticipate that these products will be introduced

into the market under either one uniform brand name or separate trademarked names that we originate and own or acquire by license.

contract-manufacturing industry specializes in providing the program management, technical and administrative support, and manufacturing

expertise required to take products from the early design and prototype stages through volume production and distribution, providing

the customer with a quality product, delivered on time and at a competitive cost.

This full range of services gives the customer

an opportunity to avoid large capital investments in plant, inventory, equipment, and staffing, so that instead, it can concentrate

on innovation, design, and marketing.

By using our contract-manufacturing services, customers will have the ability to improve

the return on their investment with greater flexibility in responding to market demands and exploiting new market opportunities.

Our efforts will be led by our current chief executive officer and others that we may hire as employees or engage as independent

previous years, we found that customers increasingly required contract manufacturers to provide complete turn-key manufacturing

and material handling services, rather than working on a consignment basis in which the customer supplies all materials and the

contract manufacturer supplies only labor.

Turn-key contracts involve design, manufacturing and engineering support, procurement

of all materials, and sophisticated in-circuit and functional testing and distribution.

The manufacturing partnership between

customers and contract manufacturers involves an increased use of “just-in-time”

inventory management techniques that

minimize the customer’s investment in component inventories, personnel, and related facilities, thereby reducing its costs.

expertise required to take products from the early design and prototype stages through volume production and distribution of a quality

product on time and at a competitive cost.

This full range of services gives the customer an opportunity to avoid large capital investments

in plant, inventory, equipment, and staffing, so that instead, it can concentrate on innovation, design, and marketing.

contract-manufacturing services, customers have the ability to improve the return on their investment with greater flexibility in responding

to market demands and exploiting new market opportunities.

Our efforts will be led by our current chief executive officer and others

that we may hire as employees or engage as independent contractors.

previous years, we found that customers increasingly required contract manufacturers to provide complete turn-key manufacturing and material

handling services, rather than working on a consignment basis in which the customer supplies all materials, and the contract manufacturer

supplies only labor.

Turn-key contracts involve design, manufacturing and engineering support, procurement of all materials, and sophisticated

in-circuit and functional testing and distribution.

The manufacturing partnership between customers and contract manufacturers involves

an increased use of “just-in-time” inventory management techniques that minimize the customer’s investment in component

inventories, personnel, and related facilities, thereby reducing its costs.

on the trends we have observed in the contract-manufacturing industry, we believe we will benefit from the increased market acceptance

of, and reliance upon, the use of manufacturing specialists by many original equipment manufacturers, or OEMs, marketing firms,

distributors, and national retailers.

of, and reliance upon, the use of manufacturing specialists by many original equipment manufacturers, or OEMs, marketing firms, distributors,

and national retailers.

We believe the trend towards outsourcing manufacturing will continue.

OEMs use manufacturing

specialists for many reasons, including reducing the time it takes to bring new products to market, reducing the initial investment

required, accessing leading manufacturing technology, gaining the ability to better focus resources in other value-added areas,

and improving inventory management and purchasing power.

An important element of our strategy is to establish partnerships with

major and emerging OEM leaders in diverse segments across our target industries.

Due to the costs inherent in supporting customer

relationships, we focus on customers with which the opportunity exists to develop long-term business partnerships.

to provide our customers with total manufacturing solutions through third-party providers for both new and more mature products,

as well as across product generations—an idea we call “Concept to Consumer.”

have also designed, engineered, manufactured, and supplied products in the international electronic consumer products, and general

merchandise industries for various marketers, distributors, and retailers selling overseas.

We have provided manufacturing services

to the direct-response and retail consumer markets.

Our experience and expertise enables us to enter a project at various phases:

OEMs use manufacturing specialists for

many reasons, including reducing the time it takes to bring new products to market, reducing the initial investment required, accessing

leading manufacturing technology, gaining the ability to better focus resources in other value-added areas, and improving inventory management

and purchasing power.

An important element of our strategy is to establish partnerships with major and emerging OEM leaders in diverse

segments across our target industries.

Due to the costs inherent in supporting customer relationships, we focus on customers with which

the opportunity exists to develop long-term business relationships.

Our goal is to provide our customers with total manufacturing solutions

through third-party providers for both new and more mature products, as well as across product generations—an idea we call “Concept

to Consumer.”

have also previously designed, engineered, manufactured, and supplied international electronic consumer products and general merchandise

for various marketers, distributors, and retailers selling overseas.

We have provided manufacturing services to the direct-response and

retail consumer markets.

Our experience and expertise enable us to enter a project at various phases:

engineering and design;

product development and prototyping;

development and prototyping;

and high-volume manufacturing.

Our contacts with Asian suppliers

have helped us to maintain our status as an international contract manufacturer for multiple products in a wide variety of industries,

which will allow us to target larger-scale contracts.

have developed markets for several product lines, including medical devices, beverages, tobacco products, fitness and exercise

products, household and kitchen products and appliances, and health and beauty aids, some of which are manufactured in China.

We anticipate that offshore contract manufacturing will play an increased role moving forward as resources become available to

Our contacts with Asian suppliers have helped us to maintain our

status as an international contract manufacturer for multiple products in a wide variety of industries, which will allow us to target

larger-scale contracts.

have developed markets for several product lines, including medical devices, beverages, tobacco products, fitness and exercise products,

household and kitchen products and appliances, and health and beauty aids, some of which are manufactured in China.

We anticipate that

offshore contract manufacturing will play an increased role moving forward as resources become available to us.

and Marketing

review opportunities to identify products that we may market through current sales channels.

We also seek new paths to deliver

products and services directly to end users and are pursuing strategic and reciprocal relationships with retail distribution firms

whereby they would act as our retail distribution arm and we would act as their manufacturing arm, with each party giving the

other priority and first opportunity to work on the other’s products.

believe there may be a significant marketing advantage related to our development and introduction of the suite of products under

the HUSTLER®

brand that identifies our products and outweighs related costs.

We also seek new paths to deliver products

and services directly to end users and are pursuing strategic and reciprocal relationships with retail distribution firms whereby they

would act as our retail distribution arm and we would act as their manufacturing arm, with each party giving the other priority and first

opportunity to work on the other’s products.

believe there may be a significant marketing advantage related to our development and introduction of the suite of products under the

HUSTLER® brand that identifies our products and outweighs related costs.

contacts in Central America, Thailand, Vietnam, China, and other Asian countries may allow us to increase our manufacturing capacity

and output with minimal capital investment required.

By using various subcontractors, we may leverage our upfront payments for

inventories and tooling to control costs and receive benefits from economies of scale in Asian manufacturing facilities.

and depending on the contract, we may be required to prepay a portion of the purchase orders for materials.

In exchange for financial

commitments, we may receive dedicated manufacturing responsiveness and eliminate the costly expense associated with capitalizing

completely proprietary facilities.

For example, we previously expanded our manufacturing capabilities for our beverage division

outside the United States to accommodate international customers by contracting with manufacturers in Hungary, The Netherlands,

South Africa, and India.

This will also be the case moving forward with the current branded products manufactured and distributed

for GloBrands.

a typical contract manufacturing sales process, a customer provides us with specifications for the product it wants, and we develop

a bid price for manufacturing a minimum quantity that includes manufacture engineering, parts, labor, testing, and shipping.

the bid is accepted, the customer is required to purchase the minimum quantity, and additional product is sold through purchase

orders issued under the original contract.

Special engineering services are provided at either an hourly rate or a fixed contract

price for a specified task.

we seek to develop and introduce new private label or similarly branded proprietary products, we may be dependent on our ability

to acquire licensing rights with established, broadly recognized brand names, which are typically owned by large, international

firms that carefully guard their name’s integrity and reputation.

We have little market position or operating history to

support our efforts to develop exclusive marketing relationships.

On the contrary, we may be adversely affected by the history

of our relationship with Playboy Enterprises, Inc., in distributing its private label Playboy nonalcoholic energy drink.

in our targeted markets is based on manufacturing technology, merchandise quality, responsiveness, the provision of value-added

services, and price.

To be competitive, we must provide technologically advanced manufacturing services, maintain quality levels,

offer flexible delivery schedules, and deliver finished products on a reliable basis and for a favorable price.

By using various subcontractors, we may leverage our upfront payments for inventories

and tooling to control costs and receive benefits from economies of scale in Asian manufacturing facilities.

we may be required to prepay a portion of the purchase order price for materials.

In exchange for financial commitments, we may receive

dedicated manufacturing responsiveness and eliminate the costly expense associated with capitalizing completely proprietary facilities.

For example, we previously expanded our manufacturing capabilities for our beverage division outside the United States to accommodate

international customers by contracting with manufacturers in Hungary, The Netherlands, South Africa, and India.

This is also the case

moving forward with the current branded products manufactured and distributed for GloBrands.

a typical contract manufacturing sales process, a customer provides us with specifications for the product it wants, and we develop a

bid price for manufacturing a minimum quantity that includes manufacture engineering, parts, labor, testing, and shipping.

is accepted, the customer is required to purchase an agreed minimum quantity, and additional product is sold through purchase orders

issued under the original contract.

Special engineering services are provided at either an hourly rate or a fixed contract price for

a specified task.

we seek to develop and introduce new private label or similarly branded proprietary products, we may be dependent on our ability to acquire

licensing rights with established, broadly recognized brand names, which are typically owned by large, international firms that carefully

guard their name’s integrity and reputation.

We have little market position or operating history to support our efforts to develop

exclusive marketing relationships.

On the contrary, we may be adversely affected by the history of our relationship with Playboy Enterprises,

Inc., in distributing its private label Playboy nonalcoholic energy drink.

in our targeted markets is based on manufacturing technology, merchandise quality, responsiveness, the provision of value-added services,

To be competitive, we must provide technologically advanced manufacturing services, maintain quality levels, offer flexible

delivery schedules, and deliver finished products on a reliable basis and for a favorable price.

manufacturing services industry is large and diverse and serviced by many companies, including several that have achieved significant

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or the products we sell are subject to typical federal, state, and local regulations and laws governing the operations of manufacturing

concerns, including environmental disposal, storage, and discharge regulations and laws;

facilities, including environmental disposal, storage, and discharge regulations and laws;

employee safety laws and regulations;

and labor practices laws and regulations.

We and the firms that manufacture the products that we market and distribute typically

lead compliance with applicable good manufacturing procedures compliance, including FDA 510(k) certification for medical devices

such as condoms.

We coordinate those efforts and, when we bear the related costs, hold the exclusive rights under those regulatory

We are primarily responsible for complying with importing and interstate shipping licenses, registrations, reporting,

and related excise tax payments for tobacco products we handle.

are not required under current laws and regulations to obtain or maintain any specialized or agency-specific other licenses, permits,

or authorizations to conduct our manufacturing services, but we must obtain licenses to sell tobacco products in all states.

believe we are in substantial compliance with all relevant regulations applicable to our business and operations.

labor practices laws and regulations.

We and the firms that manufacture the products that we market and distribute typically require

compliance with applicable good manufacturing procedures, including FDA 510(k) certification for medical devices such as condoms.

coordinate those efforts and, when we bear the related costs, hold the exclusive rights under those regulatory clearances.

We are primarily

responsible for complying with importing and interstate shipping licenses, registrations, reporting, and related excise tax payments

for tobacco products we handle.

generally are not required under current laws and regulations to obtain or maintain any specialized or agency-specific other licenses,

permits, or authorizations to conduct our manufacturing services, but we must obtain licenses to sell tobacco products in all states.

We believe we are in substantial compliance with all relevant regulations applicable to our business and operations.

All international

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

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

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

of December 31, 2021, we had three full-time employees, including our officers and directors, and tweny-three part-time contract workers.

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

We expect to continue to rely on this strategy in the future as our increasing activities required more personnel.

Recapitalization

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

reverse split, or consolidation, of our common stock, decrease our authorized common stock to 100,000,000 shares, par value $0.001,

and authorize a class of 5,000,000 shares of preferred stock having such terms as the board of directors may determine prior to

issuance (the “Amendment”).

However, FINRA refused to approve the Amendment until such time as we became current in

our periodic reports and received approval for our common stock to resume trading.

We became current in our periodic reports,

and in September 2019, FINRA approved the Amendment, our recapitalization was effective, and our common stock resumed quotation

on the Pink tier of the OTC Markets Group.

Background and History

1987, CirTran Corporation was incorporated in Nevada under the name Vermillion Ventures, Inc., for the purpose of acquiring other

operating corporate entities.

We were largely inactive until July 1, 2000, when we acquired substantially all of the assets and

certain liabilities of Circuit Technology, Inc., through a wholly owned subsidiary, CirTran Corporation (Utah), that we created

for the purpose of completing the acquisition.

2000, we evolved from electronics contract manufacturing to market and distribute worldwide a Playboy®-branded non-alcoholic

energy drink under a 2007 license and marketing agreement with Playboy Enterprises, Inc.

These activities were terminated in 2016

due to legal and financial problems resulting from Playboy’s cancellation of our agreements.

The assets and liabilities

associated with our beverage distribution businesses were reported as discontinued operations as of December 31, 2016.

2019, we dissolved the subsidiaries under which we had conducted our non-alcoholic beverage distribution business.

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