CirTran’s 10-K Filing Reports Jumps in Net Sales and Gross Profit in 2021

Rhea-AI Summary

CirTran Corporation (OTC Pink: CIRX) has filed its Form 10-K for fiscal 2021 with the Securities and Exchange Commission. The report highlights net sales of $2,923,269, a significant 68.7% increase from $1,732,625 in 2020. Gross profit rose to $1,898,825, reflecting a 127% increase over $836,352 in the previous year. The net income for 2021 was $126,212. Despite pandemic challenges, CirTran progressed in its exclusive agreement with HUSTLER® and looks forward to continued growth in 2022.

Positive

• Net sales reached $2,923,269 in 2021, a 68.7% increase from 2020.
• Gross profit increased to $1,898,825, a 127% rise compared to the previous year.
• Net income reported at $126,212 for fiscal 2021.

Negative

• None.

LAS VEGAS--(BUSINESS WIRE)-- CirTran Corporation (OTC Pink: CIRX) announced today that it has completed the filing of Form 10-K for fiscal 2021 with the Securities and Exchange Commission.

CirTran’s filing reported net sales of $2,923,269 for fiscal 2021, ended December 31, 2021, a 68.7 per cent increase over net sales of $1,732,625 in fiscal 2020. CirTran also reported a gross profit of $1,898,825 for fiscal 2021, a 127 per cent increase over a gross profit of $836,352 in fiscal 2020.

In addition, CirTran’s 10-K showed a net income of $126,212 for the year ended December 31, 2021.

Iehab J. Hawatmeh, founder and president of CirTran, said his company “remained viable in 2021, pushing forward every day despite the difficulties of securing materials, manufacturing and marketing during an unprecedented pandemic.

“Much like small cars on interstates feel the wind created by large trucks on the highway,” he said, “CirTran and other small companies had to battle harder than ever in very difficult times as our nation and the world fought Covid-19.

“Despite the increased costs of doing business, including the significant difficulties of selling leisure products in troubled times,” Mr. Hawatmeh said, “CirTran soldiered on. Having returned to trading on the OTC in 2020, the company maintained momentum by continuing to progress with our exclusive agreement to manufacture and distribute adult lifestyle and entertainment products licensed by HUSTLER®,” he said.

“In the first quarter of fiscal 2022, CirTran continued to move forward,” Mr. Hawatmeh said. “Now, with the pandemic hopefully being less of a factor, we hope to be able to look forward with renewed optimism.”

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/20220418005174/en/

Iehab J. Hawatmeh

CirTran Corporation

+(801) 963-5112

iehab@cirtran.com

Source: CirTran Corporation

FAQ

What were CirTran's net sales for fiscal 2021?

CirTran's net sales for fiscal 2021 were $2,923,269.

How much did CirTran's gross profit increase in 2021?

CirTran's gross profit increased by 127% in 2021, totaling $1,898,825.

What was CirTran's net income for the year ended December 31, 2021?

CirTran reported a net income of $126,212 for the year ended December 31, 2021.

What challenges did CirTran face during 2021?

CirTran faced challenges related to securing materials, manufacturing, and marketing due to the pandemic.

What future prospects did CirTran mention for 2022?

CirTran expressed hope for renewed optimism in 2022 as the pandemic becomes less of a factor.