CIRTRAN CORP 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File No. 000-49654 CirTran Corporation (Exact name of registrant as specified in its charter) Nevada 68-0121636 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 6360 S Pecos Road , Suite 8 , Las Vegas , NV 89120 (Address of principal executive offices and zip code) (801) 963-5112 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Exchange Act: Title of each class Trading Symbol(s) Name of each exchange on which registered None None None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of May 20, 2025, there were 4,945,417 shares of common stock, $ 0.001 par value, outstanding. TABLE OF CONTENTS Item Page Part I—Financial Information 1 Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of March 31, 2025 (unaudited) and December 31, 2024 (Audited) 3 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 (unaudited) 4 Condensed Consolidated Statements of Stockholders’ Deficit for the Three Months Ended March 31, 2025 and 2024 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 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 18 3 Quantitative and Qualitative Disclosures about Market Risk 20 4 Controls and Procedures 20 Part II—Other Information 6 Exhibits 21 Signatures 22 2 PART I—FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS CIRTRAN CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2025 December 31, 2024 (Unaudited) (Audited) ASSETS Current assets: Cash $ 1,210 $ — Inventory 841,782 737,223 Deposits on inventory 27,408 28,803 Deposits on inventory - related party — 637 Deposits on inventory — 637 Accounts receivable, net 127,608 25,641 Other current assets 491,350 485,621 Total current assets 1,489,358 1,277,925 Investment in securities at cost 248,000 248,000 Property and equipment, net of accumulated depreciation 5,906 6,407 Total assets $ 1,743,264 $ 1,532,332 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current liabilities: Accounts payable $ 747,126 $ 762,440 Cash overdraft — 30,384 Liabilities for product returns and credits 81,328 70,054 Short-term advances payable 162,966 162,966 Short-term advances payable - related parties 522,373 22,452 Short-term advances payable 522,373 22,452 Accrued liabilities 2,558,975 2,776,008 Accrued payroll and compensation expense 5,444,493 5,381,549 Accrued interest, current portion 6,405,474 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 2,326,201 2,458,435 Liabilities from discontinued operations 4,702,802 4,664,960 Total current liabilities: 23,457,855 23,117,170 Note payable, net of current portion 643,000 643,000 Convertible debenture, net of current portion, net of discount 2,203,406 2,177,723 Total liabilities 26,304,261 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 37,233,561 Accumulated deficit ( 61,799,503 ) ( 61,644,067 ) Total stockholders’ deficit ( 24,560,997 ) ( 24,405,561 ) Total liabilities and stockholders’ deficit $ 1,743,264 $ 1,532,332 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 CIRTRAN CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) 2025 2024 For the Three Months Ended March 31, 2025 2024 Net sales $ 460,816 $ 429,391 Cost of sales 190,522 157,897 Gross profit 270,294 271,494 Operating expenses: Employee costs 128,908 125,229 Selling, general and administrative expenses 184,659 192,686 Total operating expenses 313,567 317,915 Loss from operations ( 43,273 ) ( 46,421 ) Other income (expense): Interest expense ( 202,374 ) ( 184,952 ) Gain on forgiveness of debt 5,141 — Gain (loss) on derivative valuation 132,234 ( 248,454 ) Total other expense ( 64,999 ) ( 433,406 ) Net loss from continuing operations ( 108,272 ) ( 479,827 ) Loss from discontinued operations ( 37,841 ) ( 38,261 ) Net loss before income tax ( 146,113 ) ( 518,088 ) Income tax ( 9,323 ) — Net loss $ ( 155,436 ) $ ( 518,088 ) Net loss from continuing operations per common share, basic and diluted $ ( 0.02 ) $ ( 0.10 ) Net loss from discontinued operations per common share, basic and diluted $ ( 0.01 ) $ ( 0.01 ) Net loss per common share, basic and diluted $ ( 0.03 ) $ ( 0.10 ) Basic and diluted weighted average common shares outstanding 4,945,417 4,945,417 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 4 CIRTRAN CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024 (Unaudited) Shares Amount Capital Deficit deficit Common Stock Additional Paid-in Accumulated Total stockholders’ Shares Amount Capital Deficit deficit Balance, December 31, 2024 4,945,417 $ 4,945 $ 37,233,561 $ ( 61,644,067 ) $ ( 24,405,561 ) Net loss — — — ( 155,436 ) ( 155,436 ) Balance, March 31, 2025 4,945,417 $ 4,945 $ 37,233,561 $ ( 61,799,503 ) $ ( 24,560,997 ) Common Stock Additional Paid-in Accumulated Total stockholders’ Shares Amount Capital Deficit deficit Balance, December 31, 2023 4,945,417 $ 4,945 $ 37,233,561 $ ( 59,017,191 ) $ ( 21,778,685 ) Balance 4,945,417 $ 4,945 $ 37,233,561 $ ( 59,017,191 ) $ ( 21,778,685 ) Net income — — — ( 518,088 ) ( 518,088 ) Net income (loss) — — — ( 518,088 ) ( 518,088 ) Balance, March 31, 2024 4,945,417 $ 4,945 $ 37,233,561 $ ( 59,535,279 ) $ ( 22,296,773 ) Balance 4,945,417 $ 4,945 $ 37,233,561 $ ( 59,535,279 ) $ ( 22,296,773 ) The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 5 CIRTRAN CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 2025 2024 For the Three Months Ended March 31, 2025 2024 Cash flows from operating activities Net loss $ ( 155,436 ) $ ( 518,088 ) Adjustments to reconcile net loss to net cash used by operating activities: Loss from discontinued operations 37,841 38,261 Depreciation expense 501 1,228 (Gain) loss on derivative valuation ( 132,234 ) 248,454 Debt discount amortization 25,682 24,195 Gain on forgiveness of debt ( 5,141 ) — Changes in operating assets and liabilities: Inventory ( 104,559 ) ( 42,738 ) Deposits on inventory 1,395 4,475 Deposits on inventory - related party 637 8,298 Deposits on inventory 637 8,298 Accounts receivable ( 101,967 ) ( 8,643 ) Other current assets ( 5,730 ) 9,747 Accounts payable ( 10,173 ) 14,877 Liabilities for product returns 11,274 — Accrued liabilities ( 217,031 ) 65,679 Accrued payroll and compensation 62,944 25,048 Accrued interest 123,669 144,294 Net cash (used) provided by operating activities ( 468,328 ) 15,087 Cash flows from financing activities: Bank overdraft ( 30,384 ) — Repayments of loans payable — ( 12,091 ) Proceeds from related-party loans 499,922 — Net Cash provided (used) by financing activities 469,538 ( 12,091 ) Net change in cash 1,210 2,996 Cash, beginning of period — — Cash, end of period $ 1,210 $ 2,996 Supplemental disclosure of cash flow information: Cash paid for interest $ — $ — Cash paid for income taxes $ — $ — The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 6 CIRTRAN CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2025 (Unaudited) NOTE 1 — ORGANIZATION AND NATURE OF OPERATIONS In 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 our wholly owned subsidiary, CirTran Corporation (Utah), acquired substantially all the assets and certain liabilities of Circuit Technology, Inc., founded by our president, Iehab Hawatmeh. We, together with our majority-owned subsidiaries, manufacture, distribute, and sell condoms, electronic tobacco products, cigars, energy drinks, water beverages, and related merchandise, all using the HUSTLER® brand name. Since entering our 2019 five-year manufacturing and distribution agreement with an unrelated party, our efforts have been devoted to phase one of our development of all HUSTLER®-branded products, which led us to generating revenue during 2020 for the first time in several years. Business continued to thrive in the States and some international countries, expanding across borders and reaching new markets. Despite challenges, The Company adapted and flourished, driven by great brand and product categories. This growth was not only boosted by the domestic economy but also established a global presence, solidifying the foundation for future success. NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Our unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). These financial statements and the notes attached hereto should be read in conjunction with the financial statements and notes included in our Form 10-K for the fiscal year ended December 31, 2024. In the opinion of our management, all adjustments, including normal recurring adjustments necessary to present fairly our financial position, as of March 31, 2025, and the results of our operations and cash flows for the three months then ended have been included. The results of operations for the interim period are not necessarily indicative of the results for the full year ending December 31, 2025. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of the company and our wholly owned subsidiaries: CirTran Products Corp., LBC Products, Inc., and CirTran Asia, Inc. Intercompany accounts and transactions have been eliminated in consolidation. Concentrations of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. At times, such deposits may exceed the Federal Deposit Insurance Corporation insurable limit. 7 Cash Equivalents We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents as of March 31, 2025 and December 31, 2024. Revenue Recognition We follow Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers , for revenue recognition. Adoption of ASC 606 did not have a significant impact on our financial statements. We generate revenue by providing product design services and through the sales of tangible product. We recognize revenue upon transfer of control of promised products or services to customers in an amount that reflects the consideration expected to be received in exchange for those products or services. We determine the transaction price associated with each deliverable based on the unique contract with the customer, which is a stand-alone contract that we retain the right to accept or reject. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. During the three months ended March 31, 2025 and 2024, we recognized revenue of $ 20,408 and $ 19,515 , respectively, related to the performance obligations under product development service agreements with customers. These contracts are long term in nature and revenue is recognized at certain milestone intervals upon our delivery and customer acceptance of work product related to those milestones: namely, product design, packaging, branding display, and prototypes. There were no costs to obtain the contracts identified, and therefore, no asset has been recorded for customer acquisition costs. We have not recognized impairment losses related to the receivables from these contracts during the three months ended March 31, 2025 and 2024. Additionally, we recognized revenues of $ 440,408 and $ 409,876 during the three months ended March 31, 2025 and 2024, respectively, related to the delivery of products to our customers. Each delivery is based on the unique contract with the customer, which is a stand-alone contract that we retain the right to accept or reject. Upon acceptance, we oblige delivery of such product to the customer at an agreed-upon place, time, and price. We recognize revenue under the unique contract upon fulfilment of our performance obligations therein, typically limited to the delivery of product. Accounts Receivable Revenues that have been recognized but not yet received are recorded as accounts receivable. The Company estimates credit losses based on the Current Expected Credit Losses (CECL) model as required by ASC 326. The allowance for credit losses is based on a variety of factors, including historical loss experience, current conditions, and reasonable and supportable forecasts of future economic conditions. As of March 31, 2025 and December 31, 2024, the Company has recorded an allowance for doubtful accounts of $ 0 and $ 4,839 , respectively. Investment in Securities Our cost-method investment consists of an investment in a private digital multi-media technology company that totalled $ 248,000 and $ 248,000 at March 31, 2025 and December 31, 2024, respectively. Because we owned less than 20 % of that company’s stock as of each date, and no significant influence or control exists, the investment is accounted for using the cost method. Pursuant to ASC 321, the Company also searched for observable transactions in the investee’s stock and found none. Inventories Inventories are stated at the lower of average cost or net realizable value. Cost on manufactured inventories includes labor, material, and overhead. Overhead cost is based on indirect costs allocated to cost of sales, work-in-process inventory, and finished goods inventory. Indirect overhead costs have been charged to cost of sales or capitalized as inventory, based on management’s estimate of the benefit of indirect manufacturing costs to the manufacturing process. 8 When there is evidence that the inventory’s value is less than original cost, the inventory is reduced to market value. We determine market value on current resale amounts and whether technological obsolescence exists. We will seek agreements with manufacturing customers that require them to purchase their inventory items in the event they cancel their business with us. From time to time, we will place deposits on inventory to be delivered in the future. These deposits are carried as a separate balance sheet component and total $ 27,408 (non-related-party) and $ 0 (related-party) as of March 31, 2025, and $ 28,803 (non-related-party) and $ 637 (related-party) as of December 31, 2024. On most of tobacco related products, the Company pays in advance for Federal Excise Taxes and State Excise Taxes prior to receiving product. The Company accrues those taxes on its balance sheet and expenses them per-unit basis as sold. Inventory balances consisted of the following: SCHEDULE OF INVENTORY March 31, 2025 December 31, 2024 Finished goods $ 777,623 $ 673,866 Raw materials 64,159 63,357 Total $ 841,782 $ 737,223 Fair Value of Financial Instruments ASC 820-10-15, Fair Value Measurement-Overall-Scope and Scope Exceptions , defines fair value, thereby eliminating inconsistencies in guidance found in various prior accounting pronouncements, and increases disclosures surrounding fair value calculations. ASC 820-10-15 establishes a three-tiered fair value hierarchy that prioritizes inputs to valuation techniques used in fair value calculations. The three levels of inputs are defined as follows: Level 1 —Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 —Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 —Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Accounts payable and related-party payables have fair values that approximate the carrying value due to the short-term nature of these instruments. Derivative liabilities are measured using level 3 inputs. SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES CARRIED AT FAIR VALUE MEASURED ON RECURRING BASIS Total Fair Value at March 31, 2025 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Derivative liabilities $ 2,326,201 $ — $ — $ 2,326,201 Total Fair Value at December 31, 2024 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Derivative liabilities $ 2,458,435 $ — $ — $ 2,458,435 9 Loss per Share Basic loss per share is calculated by dividing net loss available to common shareholders by the weighted-average number of common shares outstanding during each period. Diluted loss per share is similarly calculated, except that the weighted-average number of common shares outstanding would include common shares that may be issued subject to existing rights with dilutive potential when applicable. There were approximately 237,997,505 and 462,334,000 potentially issuable shares from the conversions of convertible debentures outstanding that were excluded in dilutive outstanding shares for the three months ended March 31, 2025 and 2024, respectively, due to the anti-dilutive effect these would have on net loss per share. We do not currently have adequate authorized but unissued shares to satisfy our obligations should all instruments eligible to convert to common stock be exercised. We are not currently contemplating an increase in our authorized shares but may do so in the future. Recently Issued Accounting Pronouncements The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, in November 2023. This update enhances segment reporting disclosures to provide investors with more useful and transparent information about a company’s operating segments. Public companies must now disclose significant segment expenses that are regularly reviewed by the chief operating decision-maker (CODM). These expenses should be reported on an itemized basis, providing more insight into segment profitability. Companies must provide segment disclosures in both annual and interim reports. Required disclosures apply to all public entities under FASB’s segment reporting rules. Effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company adopted this ASU, effective for the year ended December 31, 2024. Refer to Note 12 for disclosure of Segment information. The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its Consolidated Financial Statements and assures that there are proper controls in place to ascertain that the Company’s Consolidated 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 $ 21,968,497 , as of March 31, 2025, and a net loss from continuing operations of $ 108,272 for the three months ended March 31, 2025. As of March 31, 2025, we had an accumulated deficit of $ 61,799,503 . 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 the manufacture of products. Property and equipment and estimated service lives consist of the following: SCHEDULE OF PROPERTY AND EQUIPMENT AND ESTIMATED SERVICE LIVES March 31, 2025 December 31, 2024 Useful Life (years) Furniture and office equipment $ 12,212 $ 12,212 5 - 10 Vehicles – – 3 - 7 Total 12,212 12,212 Less: accumulated depreciation ( 6,306 ) ( 5,805 ) Property and equipment, net $ 5,906 $ 6,407 We recorded $ 501 and $ 1,228 of depreciation expense during the three months ended March 31, 2025 and 2024. NOTE 5 — RELATED PARTY TRANSACTIONS In 2007, we issued a 10 % promissory note to a family member of our president in exchange for $ 300,000 . The note was due on demand after May 2008. There were no repayments made during the periods presented. At March 31, 2025 and December 31, 2024, the principal amount owing on the note was $ 151,833 and $ 151,833 , respectively. No demand for payment has been made. On March 31, 2008, we issued to this same family member, along with two other company shareholders, promissory notes totaling $ 315,000 ($ 105,000 each). Under the terms of these three $ 105,000 notes, we received total proceeds of $ 300,000 and agreed to repay the amount received plus a 5 % borrowing fee. The notes were due April 30, 2008, after which they were due on demand, with interest accruing at 12 % per annum. We made no payments towards the outstanding notes during the periods presented. The principal balance owing on the notes as of March 31, 2025 and December 31, 2024, was $ 72,466 and $ 72,466 , respectively. No demand for payment has been made. There were $ 19,952 and $ 21,882 of short-term advances due to related parties as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025 and December 31, 2024, we owed our president a total of $ 433,379 and $ 433,379 , respectively, in unsecured advances. The advances and short-term bridge loans were approved by our board of directors under a 5 % borrowing fee. The borrowing fees were waived by our president on these loans. These amounts are included in our liabilities from discontinued operations. As of March 31, 2025 and December 31, 2024, the Company owes the CEO $ 7,059 for short term advances to the Company. The advances are non-interest bearing and due on demand. During the three months ended March 31, 2025, we had a net decrease in deposits with a related-party inventory supplier totaling $ 450,558 , resulting in a credit balance of $ 449,921 , which is disclosed as Short-term advances payable - related parties. The related party is an entity controlled by our chief executive officer. All transactions were at a 2 % markup over the related-party’s cost paid for inventory in arm’s-length transactions. Total inventory purchases from the related party were $ 231,151 and $ 251,788 during the three months ended March 31, 2025 and 2024, respectively. 11 NOTE 6 — OTHER ACCRUED LIABILITIES Accrued tax liabilities consist of delinquent payroll taxes, interest, and penalties owed by us to the Internal Revenue Service (“IRS”) and other tax entities. Accrued liabilities consist of the following: SCHEDULE OF ACCRUED LIABILITIES March 31, 2025 December 31, 2024 Tax liabilities $ 45,441 $ 66,456 Accrued Royalty - Globrands LLC 856,998 854,498 Other 1,656,536 1,855,054 Total $ 2,558,975 $ 2,776,008 Other accrued liabilities as of March 31, 2025 and December 31, 2024, include a non-interest-bearing payable totaling $ 45,000 and $ 45,000 , respectively, that is due on demand and customer deposits totaling $ 1,634,537 and $ 1,730,213 , respectively. Accrued payroll and compensation liabilities consist of the following: SCHEDULE OF ACCRUED PAYROLL AND COMPENSATION LIABILITIES March 31, 2025 December 31, 2024 Director fees $ 135,000 $ 135,000 Bonus expenses 121,858 121,858 Commissions 2,148 2,148 Consulting 412,322 412,322 Administrative payroll 4,773,165 4,710,221 Total $ 5,444,493 $ 5,381,549 NOTE 7 — COMMITMENTS AND CONTINGENCIES Litigation and Claims Various vendors, service providers, and others have asserted legal claims in previous years. These creditors generally are not actively seeking collection of amounts due to them, and we have determined that the probability of realizing any loss on these claims is remote and will seek to compromise and settle at a deep discount any of such claims that are asserted for collection. These amounts are included in our current liabilities, except where we believe collection or enforcement of the judgments is barred by the applicable statute of limitations, in which case the liabilities have been eliminated. We have not accrued any liability for claims or judgments that we have determined to be barred by the applicable statute of limitations, which generally is eight years for judgments in Utah. Playboy Enterprises, Inc. Our affiliate, Play Beverages, LLC, filed suit against Playboy Enterprises, Inc., in Cook County, Illinois, Circuit Court in October 2012 asserting numerous claims, including breach of contract and tortious interference. Playboy responded with a counterclaim of breach of contract and trademark infringement. After proceedings in October 2016, the court awarded a judgment of $ 6.6 million to Playboy against Play Beverages and CirTran Beverage Corp., our subsidiary. The court denied our motion for a new trial and awarded Playboy treble patent infringement damages and attorney’s fees. We filed a notice of appeal in July 2017 and again in March 2018. Playboy has initiated collection efforts but has recovered no funds. In September 2018, the appellate court affirmed the judgment of the circuit court. The balance due related to this judgment, has been included in liabilities in discontinued operations. As of December 31, 2023, the Company received legal representation that the judgement can no longer be enforced after seven years, as a result, the Company has recognized a gain from discontinued operations of $ 18,878,359 of time barred debt previously included in liabilities from discontinued operations. 12 Delinquent Payroll Taxes, Interest, and Penalties In November 2004, the IRS accepted our amended offer in compromise (the “Offer”) to settle delinquent payroll taxes, interest, and penalties, which required us to pay $ 500,000 , remain current in our payment of taxes for five years , and forego claiming any net operating losses for the years 2001 through 2015 or until we paid taxes on future profits in an amount equal to the taxes of $ 1,455,767 waived by the Offer. In June 2013, we entered into a partial installment agreement to pay $ 768,526 in unpaid 2009 payroll taxes, which required us to pay the IRS 5 % of cash deposits. The monthly payments were to continue until the account balances were paid in full or until the collection statute of limitation expired on October 6, 2020. We are currently in communication with the IRS regarding the statute of limitations on this settlement and appropriate next steps. During the year ended December 31, 2023, the Company wrote off $ 512,520 as time barred debt. The amounts of $ 5,164 and $ 5,164 were due as March 31, 2025 and December 31, 2024, respectively. Employment Agreements We engage Iehab Hawatmeh, our president and chief executive officer, through an employment agreement entered in August 2009 and amended in September 2017. In July 2017, Mr. Hawatmeh had resigned all positions with us to pursue other business activities, thereby effectively terminating the agreement. However, the amendment to his employment agreement in September 2017 reinstated Mr. Hawatmeh to his previous positions, with a salary in an amount to be determined. Among other things, the reinstated employment agreement: (a) grants options to purchase a minimum of 6,000 shares of our stock each year, with an exercise price equal to the market price of our common stock as of the grant date, for the maximum term allowed under our stock option plan; (b) provides for health insurance coverage, cell phone, car allowance, life insurance, and director and officer liability insurance, as well as any other bonus approved by our board; and (c) includes additional incentive compensation as follows: (i) a quarterly bonus equal to 5 % of our earnings before interest, taxes, depreciation, and amortization for the applicable quarter; (ii) bonuses equal to 1 % of the net purchase price of any acquisitions we complete that are directly generated and arranged by Mr. Hawatmeh; and (iii) an annual bonus (payable quarterly) equal to 1 % of our gross sales of all products, net of returns and allowances. On January 1, 2020, we resumed accruing wages for our chief executive officer. A total of $ 74,124 and $ 74,124 was accrued during the periods ended March 31, 2025 and December 31, 2024, respectively. License Agreements We have entered into agreements requiring us to pay certain royalties for the manufacture and distribution of licensed products. Fees are based on a percentage of sales and remitted quarterly and are included in cost of sales for financial reporting purposes. NOTE 8 — NOTES PAYABLE Notes payable consisted of the following: SCHEDULE OF NOTES PAYABLE March 31, 2025 December 31, 2024 Note payable to former service provider for past due account payable (current) $ 90,000 $ 90,000 Note payable for settlement of debt (long-term) 500,000 500,000 Small Business Administration loans 143,000 143,000 Total $ 733,000 $ 733,000 There is $ 413,830 and $ 402,906 of accrued interest due on these notes as of March 31, 2025 and December 31, 2024, respectively. 13 NOTE 9 — CONVERTIBLE DEBENTURES Convertible debentures consisted of the following: SCHEDULE OF CONVERTIBLE DEBENTURES March 31, 2025 December 31, 2024 Convertible debenture, 5 % stated interest rate, secured by all our assets, due on May 30, 2022 $ 200,000 $ 200,000 Convertible debenture, 5 % stated interest rate, secured by all our assets, due on February 8, 2022 25,000 25,000 Convertible debenture, 5 % stated interest rate, secured by all our assets, due on May 30, 2022 25,000 25,000 Convertible debenture, 5 % stated interest rate, secured by all our assets, due on December 8, 2022 25,000 25,000 Convertible debenture, 5 % stated interest rate, secured by all our assets, due on April 30, 2027 2,390,528 2,390,528 Subtotal $ 2,665,528 $ 2,665,528 Debt carrying amount $ 2,665,528 $ 2,665,528 Less: discounts ( 197,838 ) ( 223,521 ) Total $ 2,442,007 $ 2,442,007 Less: current portion ( 264,284 ) ( 264,284 ) Long-term portion $ 2,203,406 $ 2,177,723 The convertible debentures and accrued interest are convertible into shares of our common stock at the lower of $ 100 or the lowest bid price for the 20 trading days prior to conversion. As of March 31, 2025 and December 31, 2024, we had accrued interest on the convertible debentures totaling $ 2,085,471 and $ 2,055,232 , respectively. NOTE 10 — DERIVATIVE LIABILITIES As discussed in Note 9—Convertible Debentures, we have entered into five separate agreements to borrow a total of $ 2,665,528 with the outstanding principal and interest being convertible at the holder’s option into common stock of the company at the lesser of $ 100 (notes one through four) or $0.10 (note five) or the lowest closing bid price in the prior 20 trading days. Embedded derivatives are valued separately from the host instrument and are recognized as derivative liabilities in our balance sheet. We measure these instruments at their estimated fair value and recognize changes in their estimated fair value in results of operations during the period of change. We have estimated the fair value of these embedded derivatives for convertible debentures and associated warrants using a Monte Carlo simulation as of March 31, 2025, using the following assumptions: SCHEDULE OF DERIVATIVE LIABILITIES AT FAIR VALUE Volatility 98.5 % - 137.6 % Risk-free rates 4.07 % - 4.11 % Stock price $ 0.04494 Remaining life 0.25 - 2.08 years A summary of the activity of the derivative liability for these notes is as follows: SCHEDULE OF ACTIVITY OF THE DERIVATIVE LIABILITY Balance at December 31, 2023 $ 1,296,937 Derivative loss due to mark to market adjustment 1,161,498 Balance at December 31, 2024 2,458,435 Balance 2,458,435 Derivative loss due to mark to market adjustment ( 132,234 ) Balance at March 31, 2025 $ 2,326,201 Balance $ 2,326,201 The fair values of the derivative instruments are measured each quarter, which resulted in a gain of $ 132,234 and a loss of $ 248,454 during the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025 and December 31, 2024, the fair market value of the derivatives aggregated $ 2,326,201 and $ 2,458,435 , respectively. 14 NOTE 11 — STOCK OPTIONS AND WARRANTS Stock Incentive Plans As of March 31, 2025 and 2024, we had no unrecognized compensation related to outstanding options that have not yet vested at year-end that would be recognized in subsequent periods. As of March 31, 2025 and December 31, 2024, there were 24,000 and 32,000 options, respectively, issued and vested with a weighted average exercise price of $ 0.01 . Outstanding options as of March 31, 2025, consisted of: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number of Options Weighted Average Exercise Price Average Remaining Life Outstanding, December 31, 2023 40,000 $ 0.01 2.94 Issued — $ — — Cancelled ( 8,000 ) $ — — Exercised — $ — — Outstanding, December 31, 2024 32,000 $ 0.01 1.52 Issued — $ — — Cancelled ( 8,000 ) $ — — Exercised — $ — — Outstanding, March 31, 2025 24,000 $ 0.01 1.27 Exercisable, March 31, 2025 24,000 $ 0.01 1.27 NOTE 12 — SEGMENTS The Company uses ASC 280, Segment Reporting , in determining its reportable segments. The Company has two reportable segments based on sales: Tobacco products and all other sources of revenue. The guidance requires that segment disclosures present the measure(s) used by the Chief Operating Decision Maker (“CODM”) to decide how to allocate resources and for purposes of assessing such segments’ performance. The Company’s CODM is comprised of its executive management team who use revenue and expenses of the two reporting segments to assess the performance of the business of our reportable operating segments. The following table details revenue, operating expenses, and assets for the Company’s reportable segments for the period ended March 31, 2025. SCHEDULE OF SEGMENTAL INFORMATION Tobacco Line All other product lines Total ASSETS Current Assets: Cash $ 1,210 $ — $ 1,210 Inventory 808,111 33,671 841,782 Deposits on inventory 26,312 1,096 27,408 Accounts receivable 101,967 25,641 127,608 Other current assets — 491,350 491,350 Total current assets 937,600 551,758 1,489,358 Investment in securities at cost — 248,000 248,000 Property and equipment, net of accumulated depreciation — 5,906 5,906 Total assets $ 937,600 $ 805,664 $ 1,743,264 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 239,080 $ 508,046 $ 747,126 Liabilities for product returns and credits 72,627 8,701 81,328 Short-term advances payable — 162,966 162,966 Short-term advances payable - related parties — 522,373 522,373 Short-term advances payable — 522,373 522,373 Accrued liabilities 901,282 1,657,693 2,558,975 Accrued payroll and compensation expense 5,226,713 217,780 5,444,493 Accrued interest, current portion — 6,405,474 6,405,474 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 — 2,326,201 2,326,201 Liabilities from discontinued operations — 4,702,802 4,702,802 Total current liabilities: 6,439,702 17,018,153 23,457,855 Note payable, net of current portion — 643,000 643,000 Convertible debenture, net of current portion, net of discount — 2,203,406 2,203,406 Total liabilities 6,439,702 19,864,559 26,304,261 Stockholders’ Equity: Common stock — 4,945 4,945 Additional paid-in capital — 37,233,561 37,233,561 Accumulated deficit ( 5,502,102 ) ( 56,297,401 ) ( 61,799,503 ) Total stockholders’ equity ( 5,502,102 ) ( 19,058,895 ) ( 24,560,997 ) Total liabilities and stockholders’ deficit $ 937,600 $ 805,664 $ 1,743,264 15 The following table details revenue, operating expenses, and assets for the Company’s reportable segments for the year ended December 31, 2024. Tobacco Line All other product lines Total ASSETS Current Assets: Cash $ — $ — $ — Inventory 641,919 95,304 737,223 Deposits on inventory — 28,803 28,803 Deposits on inventory - related party 637 — 637 Deposits on inventory 637 — 637 Accounts receivable — 25,641 25,641 Other current assets — 485,621 485,621 Total current assets 642,556 635,369 1,277,925 Investment in securities at cost — 248,000 248,000 Property and equipment, net of accumulated depreciation — 6,407 6,407 Total assets $ 642,556 $ 889,776 $ 1,532,332 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 244,524 $ 517,916 $ 762,440 Cash overdraft — 30,384 30,384 Liabilities for product returns and credits 61,353 8,701 70,054 Short-term advances payable — 162,966 162,966 Short-term advances payable - related parties — 22,452 22,452 Short-term advances payable — 22,452 22,452 Accrued liabilities 1,397,825 1,378,183 2,776,008 Accrued payroll and compensation expense 4,391,000 990,549 5,381,549 Accrued interest, current portion — 6,281,805 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 — 2,458,435 2,458,435 Liabilities from discontinued operations — 4,664,960 4,664,960 Total current liabilities: 6,094,702 17,022,468 23,117,170 Note payable, net of current portion — 643,000 643,000 Convertible debenture, net of current portion, net of discount — 2,177,723 2,177,723 Total liabilities 6,094,702 19,843,191 25,937,893 Stockholders’ Equity: Common stock — 4,945 4,945 Additional paid-in capital — 37,233,561 37,233,561 Accumulated deficit ( 5,452,146 ) ( 56,191,921 ) ( 61,644,067 ) Total stockholders’ equity ( 5,452,146 ) ( 18,953,415 ) ( 24,405,561 ) Total liabilities and stockholders’ deficit $ 642,556 $ 889,776 $ 1,532,332 16 The following table details revenue, operating expenses, and assets for the Company’s reportable segments for the three months ended March 31, 2025. Tobacco Line All other product lines Total Revenue: Net sales $ 428,512 $ 32,304 $ 460,816 Cost of sales 177,443 13,079 190,522 Gross profit 251,069 19,225 270,294 Operating expenses: Employee costs 123,752 5,156 128,908 Selling, general and administrative expenses 177,273 7,386 184,659 Total operating expenses 301,025 12,542 313,567 Loss from operations ( 49,956 ) 6,683 ( 43,273 ) Other income (expense): Interest expense — ( 202,374 ) ( 202,374 ) Gain on forgiveness of debt — 5,141 5,141 Gain on derivative valuation — 132,234 132,234 Total other expense — ( 64,999 ) ( 64,999 ) Net loss from continuing operations ( 49,956 ) ( 58,316 ) ( 108,272 ) Loss from discontinued operations — ( 37,841 ) ( 37,841 ) Income tax — ( 9,323 ) ( 9,323 ) Net Loss $ ( 49,956 ) $ ( 105,480 ) $ ( 155,436 ) NOTE 13 — DISCONTINUED OPERATIONS At October 21, 2016, we exited the beverage licensing and distribution business. The assets and liabilities associated with this business are displayed as assets and liabilities from discontinued operations as of March 31, 2025 and December 31, 2024. Additionally, the revenues and costs associated with this business are displayed as losses from discontinued operations. Total assets and liabilities included in discontinued operations were as follows: SCHEDULE OF DISCONTINUED OPERATIONS March 31, 2025 December 31, 2024 Assets from Discontinued Operations: Cash $ — $ — Total assets from discontinued operations $ — $ — Liabilities from Discontinued Operations: Accounts payable $ 283,818 $ 283,818 Accrued liabilities 58,184 58,184 Accrued interest 1,828,351 1,790,509 Accrued payroll and compensation expense 122,864 122,864 Current maturities of long-term debt 239,085 239,085 Short-term advances payable 2,170,500 2,170,500 Total liabilities from discontinued operations $ 4,702,802 $ 4,664,960 Net loss from discontinued operations for the three months ended March 31, 2025 and 2024, were comprised of the following components: 2025 2024 Three Months ended March 31, 2025 2024 Other expense: Interest expense $ ( 37,841 ) $ ( 38,261 ) Net loss from discontinued operations $ ( 37,841 ) $ ( 38,261 NOTE 14 — SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10), management has performed an evaluation of subsequent events through the date that the unaudited consolidated financial statements were issued and has determined that it does not have any material subsequent events to disclose in these unaudited consolidated financial statements. 17 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our condensed consolidated unaudited financial statements and notes to our unaudited financial statements included elsewhere in this report. This discussion contains forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors discussed elsewhere in this report. Overview Based 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. Since 2021, we continue under our 2019 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. Results of Operations for the Three Months Ended March 31, 2025, Compared to the Three Months Ended March 31, 2024 Sales and Cost of Sales During the three months ended March 31, 2025 and 2024, we had net sales of $460,816 and $429,391, respectively, an increase of $31,425 or 7.3%. We had cost of sales of $190,522 and $157,897, respectively, and gross profit of $270,294 and $271,494, respectively. Revenues are derived from the design, manufacture, and delivery of certain licensed products in accordance with our GloBrands-HUSTLER® distribution agreement. We had higher revenue in the prior period due to additional income from the licensing of novelties in an international territory. Operating Expenses During the three months ended March 31, 2025 and 2024, employee costs were $128,908 and $125,229 respectively, an increase of only $3,679 or 2.9%. During the three months ended March 31, 2025 and 2024, selling, general, and administrative expenses (“S,G&A”) were $184,659 and $192,686, respectively, a decrease of $8,027 or 4.2%. The decrease in S,G&A expenses period over period was the result of a reduction in spending on marketing. Other Expense Total other expense during the three months ended March 31, 2025 was $64,999 compared to $433,406 for the prior period. In the current period we had $202,374 of interest expense, a gain of $132,234 on derivative valuation and a gain on the settlement of debt of $5,141. In the prior period we had $184,952 of interest expense and a loss of $248,454 on derivative valuation. 18 Net Loss Our net loss from continuing operations for the three months ended March 31, 2025, was $108,272 compared to $479,827 for the three months ended March 31, 2024, a decrease to our net loss of $371,555. Our net loss decreased in the current period due to the reasons discussed above. Liquidity and Capital Resources We have had a history of losses from operations, as our expenses have been greater than our revenue. Our accumulated deficit was approximately $61.8 million at March 31, 2025. As of March 31, 2025, we had current assets of $1.5 million and current liabilities of approximately $23 million, resulting in a working capital deficit of approximately $22 million at March 31, 2025. Operating Activities During the three months ended March 31, 2025, operations used $468,328 of net cash, comprised of a loss of $155,436, noncash items totaling $73,351 consisting primarily of a gain recognized from the changes in fair values of derivative liabilities and debt discount amortization, and changes in working capital totaling $239,541. During the three months ended March 31, 2024, operations provided $15,087 of net cash, comprised of a loss of $518,088, noncash items totaling $312,138 consisting primarily of losses recognized from the changes in fair values of derivative liabilities and debt discount amortization, and changes in working capital totaling $221,037. Financing Activities During the three months ended March 31, 2025, financing activities provided $469,538 of cash, compared to using $12,091 of cash during the three months ended March 31, 2024. Cash provided in financing consisted mostly of related party loans. Our Capital Resources and Anticipated Requirements Our monthly operating costs are approximately $35,000 per month, excluding approximately $50,000 of accruing interest expense and capital expenditures. We continue to focus on generating revenue and reducing our monthly business expenses through cost reductions and operational streamlining. We have only recently begun to generate enough cash to sustain our day-to-day operations, and we expect to access external capital resources in the future to fund any new projects we may undertake. We cannot assure that we will be successful in obtaining such capital. If we seek infusions of capital from investors, it is unlikely that we will be able to obtain additional debt financing. If we did incur additional debt, we would be required to devote additional cash flow to servicing the debt and securing the debt with assets. Our issuance of additional shares for equity or for conversion of debt could dilute the value of our common stock and existing stockholders’ positions. Convertible Debentures and Note Payable We currently have an outstanding amended, restated, and consolidated secured convertible debenture with Tekfine, LLC, an unrelated entity, with a maturity date of April 30, 2027, to the extent not previously converted. The amended debenture had a total outstanding principal balance of $2.4 million, with accrued interest of $2 million as of March 31, 2025. We also have four additional convertible debentures with Tekfine with maturity dates ranging from December 8, 2022, until December 30, 2022, totaling $275,000, unless earlier converted. The convertible debentures and accrued interest are convertible into shares of our common stock at the lower of $100 or $0.10 (depending on the instrument) or the lowest bid price for the 20 trading days prior to conversion. As of March 31, 2025, there is $21,882 of short-term advances due to related parties. The advances are due on demand and included in current liabilities. No demand for payment has been made. 19 Going Concern These interim unaudited financial statements have been prepared on the going concern basis, which assumes that adequate sources of financing will be obtained as required and that our assets will be realized and liabilities settled in the ordinary course of business. Accordingly, the interim unaudited financial statements do not include any adjustments related to the recoverability of assets and classification of assets and liabilities that might be necessary should we not be unable to continue as a going concern. Critical Accounting Policies We have identified the policies outlined below as critical to our business operations and an understanding of our results of operations. Refer to Note 2 – Summary of Significant Accounting Policies for discussion. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK As a smaller reporting company, we are not required to provide the information required by this item. ITEM 4. CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures As of March 31, 2025, we carried out an evaluation, under the supervision and with the participation of management, including our chief executive and financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation, management concluded that our disclosure controls and procedures were not effective as of March 31, 2025, to provide reasonable assurance that the information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the periods prescribed by U.S. Securities and Exchange Commission and that such information is accumulated and communicated to management, including our chief executive and financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute assurance of achieving the desired objectives. Also, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. The design of any system of controls is based, in part, upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Changes in Internal Control over Financial Reporting There has been no change in our internal control over financial reporting during the quarter ended March 31, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. 20 PART II—OTHER INFORMATION ITEM 6. EXHIBITS The following exhibits are filed as a part of this report: Exhibit Number* Title of Document Location Item 31 Rule 13a-14(a)/15d-14(a) Certifications 31.01 Certification of Principal Executive and Principal Financial Officer Pursuant to Rule 13a-14 This filing. Item 32 Section 1350 Certifications 32.01 Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 This filing. Item 101 Interactive Data File 101.INS Inline XBRL Instance Document This filing. 101.SCH Inline XBRL Taxonomy Extension Schema This filing. 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase This filing. 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase This filing. 101.LAB Inline XBRL Taxonomy Extension Label Linkbase This filing. 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase This filing. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * All exhibits are numbered with the number preceding the decimal indicating the applicable SEC reference number in Item 601 and the number following the decimal indicating the document’s sequence. ** The XBRL related information in Exhibit 101 will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and will not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as is expressly set forth by specific reference in such filing or document. 21 SIGNATURE PAGE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CIRTRAN CORPORATION Dated: May 20, 2025 By: /s/ Iehab Hawatmeh Iehab Hawatmeh, President Principal Executive and Financial Officer 22