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

LAS VEGAS--(BUSINESS WIRE)--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.