CirTran Files Form 10-K, Reports Net Profit for 2020

Rhea-AI Summary

CirTran Corporation (OTC BB: CIRX) has successfully filed its Form 10-K for fiscal 2020, revealing a net profit of $532,134 and net sales of $1,732,625, a significant turnaround from a net loss of $1,227,539 in 2019. The filing also indicates an income from operations of $78,414, compared to a loss of $406,558 in the previous year. The company's founder expressed pride in overcoming challenges during the pandemic and highlighted recent milestones, including a return to OTC trading and securing exclusive agreements for product distribution.

Positive

• Achieved a net profit of $532,134 in fiscal 2020, reversing a prior net loss of $1,227,539.
• Reported net sales of $1,732,625 for 2020, indicating strong revenue growth.
• Generated income from operations of $78,414, compared to a loss of $406,558 in 2019.
• Successfully returned to trading on the OTC market.
• Signed an exclusive agreement to manufacture and distribute products licensed by HUSTLER®.

Negative

• None.

CirTran Corporation (OTC BB: CIRX) said today that it has completed the filing of Form 10-K for fiscal 2020 with the Securities and Exchange Commission.

The filing by CirTran showed a net profit of $532,134 for the year ended December 31, 2020 and reported net sales of $1,732,625. In its previous 10-K filing for the year ended December 31, 2019, the company had reported a net loss of $1,227,539.

Also in the filing, CirTran reported income from operations of $78,414, after having shown a net loss from operations of $406,558 in its fiscal 2019 filing.

Iehab J. Hawatmeh, the founder and president of CirTran, said he “was proud of the progress shown by the company over the past 18 months.

“In that time,” Mr. Hawatmeh said, “CirTran reached several milestones, including returning to trading on the OTC, signing and implementing an exclusive agreement to manufacture and distribute adult lifestyle and entertainment products licensed by HUSTLER®, and relocating its corporate offices to Las Vegas. And now, we have some positive financial news to report.

“Surely 2020 was a year no one could have predicted and few will remember in any positive manner,” he said. “But companies such as CirTran, which managed to weather the dual storm of the pandemic and the economy, can and should take pride in that achievement and have reason to look with some optimism to the future,” Mr. Hawatmeh said.

About CirTran Corporation

Founded in 1993, CirTran has evolved from its roots in electronics contract manufacturing to become a manufacturer and worldwide distributor of products for the adult lifestyle and entertainment marketplace.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210517005771/en/

FAQ

What were CirTran Corporation's financial results for 2020?

CirTran reported a net profit of $532,134 and net sales of $1,732,625 for fiscal 2020.

How did CirTran perform compared to previous years?

In 2019, CirTran had a net loss of $1,227,539; in 2020, it achieved a net profit.

What operational changes did CirTran announce in its 2020 10-K filing?

CirTran reported an income from operations of $78,414 for 2020, up from a loss of $406,558 in 2019.

What strategic milestones did CirTran achieve in 2020?

The company returned to OTC trading and secured an exclusive distribution agreement with HUSTLER®.