In This Story
CirTran Corporation has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $256,070 from $766,512 in the same quarter the previous year. The decrease is attributed to reduced income from licensing of novelties in an international territory.
Cost of sales for the quarter was $130,072, leading to a gross profit of $125,998, compared to $654,418 in the previous year.
Operating expenses for the quarter included employee costs of $129,743 and selling, general, and administrative expenses of $218,480, resulting in total operating expenses of $348,223.
CirTran reported a loss from operations of $222,225 for the quarter, compared to a profit of $149 in the previous year.
Interest expense for the quarter was $190,399, and the company recorded a loss of $448,898 on derivative valuation.
Net loss from continuing operations for the quarter was $861,272, compared to $167,073 in the previous year.
Cash used in operating activities was $8,434, while cash provided by financing activities was $8,434, resulting in no change in cash for the period.
CirTran had a working capital deficiency of $21,085,854 as of September 30, 2024, with total current liabilities of $22,984,561.
The company continues to focus on generating revenue and reducing expenses through cost reductions and operational streamlining.
CirTran's ability to continue as a going concern is dependent on its ability to successfully accomplish its business plan and attain profitable operations.
The filing also details various financial agreements, including convertible debentures with Tekfine, LLC, and notes payable to related parties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cirtran Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.