Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Dont count on it.
CEO cant manage. Just look at the last 10 years of company reports to see the cash generated or used in operations.
Net Cash Used In Operations
12 months ending 12/31/12 ?
12 months ending 12/31/11 ($320,115)
12 months ending 12/31/10 ($688,240)
12 months ending 12/31/09 ($485,406)
12 months ending 12/31/08 ($4,594,742)
12 months ending 12/31/07 ($4,260,618)
12 months ending 12/31/06 ($1,729,901)
12 months ending 12/31/05 ($1,751,744)
12 months ending 12/31/04 ($1,680,054)
12 months ending 12/31/03 ($1,123,818)
Not likely the future will be any different. Operationally its worthless. This stock is nothing more than a settlement play.
Only thing proven about this management team is that it is incompetent, reckless and self-serving (see Mr. Hawatmeh's employment agreement).
Look at the history of the company's decisions (ABS, YAG etc). The results are $21 million of current liabilities more than current assets over the past.
Don't expect 10-K until April 16th, the extension date.
The 8-K reported the settlement news. The elimination of the settlement liability with LIB-NP from a previous year would show up in the current year numbers.
Do not be fooled by earnings numbers. Many are simply meaningless - example is derivative expenses which affect earnings. The key things to look for in the upcoming 10-K are the revenues, the cash generated from operations, and the outstanding current liabilities and debt.
Wrong!
This Cirtran settlement is not with Playboy but with Lib_MP.
Lib-MP? Likely other investors in Afterbev....
"In an effort to finance the initial development and marketing of the new drink, the Company and other investors formed AfterBev, a California limited liability company and partially-owned, consolidated subsidiary of the Company. The Company contributed expertise in exchange for an initial 84 percent membership interest in AfterBev. The other initial AfterBev members contributed $500,000 in exchange for the remaining 16 percent. "
Wrong!
This last Cirtran settlement does not involve Playboy. It appears to involve "other creditors" of Afterbev.
In an effort to finance the initial development and marketing of the new drink, the Company and other investors formed AfterBev, a California limited liability company and partially-owned, consolidated subsidiary of the Company. The Company contributed expertise in exchange for an initial 84 percent membership interest in AfterBev. The other initial AfterBev members contributed $500,000 in exchange for the remaining 16 percent.
This does not necessarily mean anything good for Cirtran
The risk of violating its minimum ebitda corporate covenants is more likely due to the continued drop in magazine sales and not any potential legal settlements.
Citran has not met its minimum sales requirements as part of its agreement with Playboy, which is a contributor to Playboys ebitda problems. Hence Playboy's interest in finding a more financially sound and quality beverage distributor.
NO NEWS from CEO permitted until April 16th
In 2000 the SEC imposed new regulations to eliminate the practice of "selective disclosure," in which business leaders provided earnings estimates and other vital information to analysts and large institutional shareholders before informing smaller investors and the rest of the general public. The regulation forces companies to make market-sensitive information available to all parties at the same time.
So until the 10K / Annual report is filed on April 16th he can’t tell you anything.
SEC regulations require publicly owned companies to disclose certain types of business and financial data on a regular basis to the SEC and to the company's stockholders.
Companies that are publicly owned are subject to detailed disclosure laws about their financial condition, operating results, management compensation, and other areas of their business.
SEC regulations require that annual reports to stockholders contain certified financial statements and other specific items. The certified financial statement must include a two-year audited balance sheet and a three-year audited statement of income and cash flows. In addition, annual reports must contain five years of selected financial data, including net sales or operating revenues, income or loss from continuing operations, total assets, long-term obligations and redeemable preferred stock, and cash dividends declared per common share.
Annual reports to stockholders must also contain management's discussion and analysis of the firm's financial condition and results of operations. Information contained therein includes discussions of the firm's liquidity, capital resources, results of operations, any favorable or unfavorable trends in the industry, and any significant events or uncertainties. Other information to be included in annual reports to stockholders includes a brief description of the business covering such matters as main products and services, sources of materials, and status of new products. Directors and officers of the corporation must be identified. Specific market data on common stock must also be supplied.
Public information will be released on April 16th, the date the 10K extension is due.
That is why analysts and investors anticipate the release of annual reports - public release of information. Will not hear from him until then unless there is some other material event between now and then.
He cannot release public information to a private individual like you until the 10K release.
Looks like you are back. YA Global must be trying to drive the pps lower again.
They just gave everyone a hint with the latest 8k release.
In the release Cirtran indicated sales for 2012 to be approximately $3,654,000. The Sept 2012 numbers for the year were reported to be $1,587,582, so the 4th qtr is about $2,066,418, more than the previous 9 months.
Whether or not it the sales translate into cashflow is another thing.
Until the 10k is released on April 16th they can't tell you anything. Everybody needs to understand SEC public disclosure rules.
While the CEO is a shady one, you are making up the lie about the TA.
Seems like I remember reading somewhere that the license arrangement goes from April to April, so the 2012 arrangement would still be in force.
Previous 10ks show that in May 2007 "Playbev entered into an exclusive agreement with ..." Cirtran. So the license agreement would have been signed prior to May.
The 10K on April 16th will tell the story.
Until then you will not hear anything unless other key events necessitate the filing of an 8k.The 10K will provide updates on the company's sales for the past 12 months, with any updates on critical events since the year-end.
Non-beverage sales to customers totaled $104,802 for the nine months as of Sept 2012, or about $10,000 a month. In looking at the most recent filings, the Company only had $228,617 of inventory on hand. Looks like most of their inventory is obsolete. Seems like there is really no other operations other than the beverage, and even that appears to be limited.
8-K is Different than the 10-K
The 8-K is different than the 10-K. The 10-K is still officially due by April 1, but as I have already posted, looking back at Cirtran’s history they will file a NT-10k on April 1 (technically I guess they have until April 2 to file). The 10-K is their annual report. Not until that report is filed with the SEC can company officials sell any stock or officially talk (email) investors about company operations – and even then the CEO can’t tell you anything more than what is in the 10-K annual report.
In looking at the SEC site, “Form 8-K is the ‘current report’ companies must file with the SEC to announce major events that shareholders should know about.” “Companies have four business days to file a Form 8-k ….for certain material corporate events.”
What it looks like to me is that Cirtran issued the stock to YAG within the last 4 business days so the Company had to file the 8-K (as required by SEC rules) and could not wait until the issuance of the official 10-K to disclose these material transactions.
Makes sense why the stock price was driven so low even after the lawsuit news. It is to YA Global’s benefit to have the stock price as low as possible since their Forbearance Agreements allow Cirtran to “pay all or any portion of the payments … in common stock, with the conversion price to be used to determine the numbers of shares being equal to the lowest closing bid price of our common stock during the 20 days prior to the payment date.” The lower the stock price, the more common shares YAG receives. Now that they have received their shares, it is to their benefit that the share price goes up. Hence the recent manipulation of the ihub cirtran board (ibox).
My guess it is that since Cirtran has no cash (as of 9/30/12 they had $39,497 in cash accounts and $26,098 of overdrawn bank accounts) and no real operations they are paying expenses with stock, including legal expenses. The stock is then sold immediately so they are paid. They do not care what the price is.
See press release dated March 18, 2013 on the cirtran.com website.
CEO cannot tell you anything more until the 10k is filed, and then he cannot tell you anything that you cannot read in the filing. If he did disclose non-public information he would be put in jail.
Non-accelerated filers have 90 days from their year-end to file their annual report. Since the year-end for Cirtran is 12/31/12 they have until April 1. However, looking at their history they have never filed on time but have elected to file a NT 10-K which is a notification to the SEC of their inability to timely file. That gives them an additional 15 days to file, so the next filing will not be until April 16, 2013.
No need emailing the CEO until after 10K filing.
Moneymade: ooOOOOOOPSIE ……. (Post #17872)
He cannot sell his shares during "quiet periods", which is a period before, during, and after the public SEC filings. He would not risk being thrown in jail - unless he he really stupid - which is quite possible. The last filing was issued on 11/30/12. The year-end was 12/31/12. He has not been legally able to sell any shares since that time frame as Cirtran has not filed. He has to file intent to sell. Does not mean they have sold. He can’t.
HisWill77: “There was also 2B less shares I’m guessing (Post 17846)
The last filing showed outstanding shares totaling 1,819,302,289 with total authorized shares of 4,500,000,000. Yes that is correct, 4.5 billion shares of potential dilution. Come April 16th you will be able to see how many shares are outstanding.
TS39: “Transfer Agent is not gagged-share structure update to follow: (Post17790)
Trying to contact the TA is really a waste of time. A good majority of the shares are held by brokers "in street name" primarily because it is more convenient to transfer the stocks. As a result, obtaining the OS from the TA will not give you very useful information. You would then have to contact the various brokers.
joetm: “Good play as we will see a higher pps shortly” (Post #17878)
Cirtran is simply a stock play.
Joetm: “Look the CEO ain’t going anywhere ……” (Post #17865)
Cirtran needs an independent board of directors. However, the CEO has arranged a nice "package" - approved by his handpicked board - to discourage him from being replaced. So the future will only be more of the same......
Joetm: “Haha look at playboy historically they never win cases period …..” (Pst#17868)
Playboy will likely settle in order to have Cirtran go away. The last thing Playboy wants is Cirtran. Cirtran has admitted that they failed to meet the agreed sales projections.
Usmcvet slim: “Great Post Moneymade” (Post #17852)
Any settlement funds will need to pay the $21 million in current liabilities. Cirtran has no other business operations, so in essence Cirtran has no future without Playboy.
treeshaker: “The opening page for circ ihub, need to be edit if we want new traders and investors to come on board. The opening page in my own opinion is a sore eye for possible new comers.” (Post #17900)
The main page of the ihub Cirtran page should be impartial, not controlled by the select few trying to influence the board for their own personal gains. No one should be able to manipulate the IHUB main page. That is wrong and Investorshub should have policies to prevent this.
Company Can't Trade
Company Officials cannot trade during "quiet period" - until the 10K is filed - so your accusations, insinuations and misrepresentations are false.
Even this CEO does not want to go to jail.
Not a Bunny Cake - it's his wife.
A little responsible internet research would tell you that.
CEO can't tell you anything
Quit wasting your time. The CEO can't tell you anything about the business until they file their 2012 annual results. They have not filed with the SEC since the Sept 2012 quarter, so he can't tell you anything about the operations until they decide to file.
Cirtran will get paid to Go Away.
Figure it out!
A CEO of a public company cannot answer your emails with public information that is not first issued to the public in a public release.
Really - you do not understand that?
If and when he does answer your questions, let me know so that he and you can be prosecuted for insider information.
FACT - Cirtran 10K states:
“PlayBev has no operations, so under the terms of the exclusive manufacturing and distribution agreement, the Company was appointed as the master manufacturer and distributor of the beverages and other products that PlayBev licensed from Playboy. “
Cirtran did not meet minimum sales requirements
According to Playboy, Playbev/Cirtran did not meet minimum sales requirements per the license agreement - hence Playboy's motive for finding a new distributor.
Playboy wants to move on - they will likely have to pay to do so - but little chance they would want to maintain an undesirable relationship with Playbev / Cirtran.
Playboy owns the right to the drink - not Playbev.
Signing up distributors does not = sales
Cirtran can sign up distributors but the product has to be approved in each country to distribute (which can take at least a year for government approval), so signing up distributors does not necessarily equate to future sales. How many countries have approved the product?
It would be important to know how many one time purchases distributors made prior to 2012.
Likely Scenario
Playboy pays Playbev / Cirtran a bunch of money to go away.
Playboy finds a new legitimate distributor.
Cirtran left with no remaining business operations.
Cirtran squanders cash or maybe pays down some of it $20 million in debt.
Just Be Realistic - Cirtran's 2012 10K
We have a history of substantial losses from operations as well as using, rather than providing, cash in operations. We had an accumulated deficit of $48,267,171, along with a total stockholders’ deficit of $16,592,723, at December 31, 2011. In addition, we have used, rather than provided, cash in our operations for the years ended December 31, 2011 and 2010, of $320,115 and $688,240, respectively. During the year ended December 31, 2011, our monthly operating costs and interest expense averaged approximately $612,000 per month.
We are dependent on ongoing revenue from the distribution of Playboy-licensed energy drinks, and ongoing dispute respecting the status of the PlayBev license to market Playboy-licensed energy drinks makes it uncertain whether we will be able to continue those activities. We cannot assure that our efforts to resolve those disputes will enable us to continue our energy drink distribution segment or that, if resolved, the terms would be favorable to us. In any event, we will likely need to fund increased energy drink distribution activities from external sources, either directly or through PlayBev, and we cannot assure that we will be able to obtain such funding. If we are able to facilitate obtaining new funding for PlayBev, such funding would likely not be available to us to meet our general company needs.
In conjunction with our efforts to improve our results of operations, we are also actively seeking infusions of capital from investors and sources to repay our existing convertible debentures and other secured indebtedness. In our current financial condition, it is unlikely that we will be able to obtain additional debt financing. Even if we did acquire additional debt, we would be required to devote additional cash flow to servicing the debt and securing the debt with assets. Accordingly, we are looking to obtain equity financing to meet our anticipated capital needs. There can be no assurance that we will be successful in obtaining such capital. If we issue additional shares for debt and/or equity, this will dilute the value of our common stock and existing shareholders’ positions.
There can be no assurance that we will be successful in obtaining more debt and/or equity financing in the future or that our results of operations will materially improve in either the short or the long term. If we fail to obtain such financing and improve our results of operations, we will be unable to meet our obligations as they become due, which would raise substantial doubt about our ability to continue as a going concern.
Trying to keep it real.
Pumpers (you included) need to understand that except for the short-term lawsuit play, this stock and management team are dogs. A realistic look at the history of this company shows nothing but recklessness,ineptness, and mismanagement. You have the 10Ks and 10Qs. Read and weep.
Stay clear of this long-term mess!
Cirtran not viable Distributor
Cirtran never met sales minimum obligations nor financial solvency requirements. Prudent for Playboy to find new distributor to protect playboy trademark.
Mr. Iehab will squander any settlement funds (just like he has done with ABS, initial Playbev funding) so enjoy your short-lived pps gains.
Until a new external board of directors is established Cirtran will only benefit Mr. Iehab and his complicit board.
How do you know that? Where's the public press release or are you sharing insider information?
No Chance Against the Big Boys!
2012 Sales:
Red Bull - $2.9 Billion
Monster - $2.6 Billion
Rockstar - $789 million
AMP - $300 million
Cirtran has no distribution channels
Irrelevant in the U.S.
Doubt it. Company only sold $2 million domestically in 2010. Company has no distribution network.
YA Global Conversion Price:
“… the conversion price to be used to determine the number of shares being equal to 85% of the lowest closing bid price of our common stock during the 20 trading days prior to the payment date.”
"Common Stock ..... issued and outstanding shares as of 9/30/12 and 12/31/11: 1,946,502,289 and 1,819,302,289.
Between 12/31/11 and 09/30/12 a total of 127,200,000 (127 million) Cirtran shares have been issued. To whom?
Betcha its YA Global selling.
Look at the history of CIRC - Mr Hawatmeh will spend all of the shareholders money (and anyone elses for that matter). It will happen again.
Enjoy your short-term profit plays because eventually Mr. Hawatmeh will piss away all Cirtran funds like he has done in the past.
Wonder why filing is delayed? Something is up.
Harry - still pumping? Key is Beverage sales, Beverage segment profit, cash flow and status of license termination - you know that. Derivative numbers are meaningless unless you are trying to pump the stock.
In re Play Beverages, LLC, Motion of Playboy Enterprises International, Inc. to
Terminate the Automatic Stay, United States Bankruptcy Court for the District of
Utah, Case No. 11-26046. Playboy Enterprises International, Inc. has filed a
motion to terminate the automatic stay to permit it to terminate a Product
License Agreement between it and Play Beverages, LLC. Play Beverages, LLC
contests the motion, and a hearing on the motion was scheduled for August 23,
2011. However, in light of the conversion to Chapter 11 discussed above, PlayBev
filed a motion to continue the hearing on Playboy's motion. At an August 16,
2011, hearing on PlayBev's motion, the Court continued the hearing on Playboy's
motion to terminate the automatic stay until September 2, 2011, when such motion
will be heard.
http://www.sec.gov/Archives/edgar/data/813716/000109690611001988/cirtran10q.txt
Play Beverages, LLC
During 2006, Playboy Enterprises International, Inc. (“Playboy”) entered into a licensing agreement with Play Beverages, LLC (“PlayBev”), then an unrelated Delaware limited liability company, whereby PlayBev agreed to internationally market and distribute a new energy drink carrying the Playboy name and “Rabbit Head” logo symbol. In May 2007, PlayBev entered into an exclusive agreement with the Company to arrange for the manufacture, marketing and distribution of the energy drinks, other Playboy-licensed beverages, and related merchandise through various distribution channels throughout the world.
43
--------------------------------------------------------------------------------
In an effort to finance the initial development and marketing of the new drink, the Company with other investors formed After Bev Group LLC ("AfterBev"), a California limited liability company and partially owned, consolidated subsidiary of the Company. The Company contributed its expertise in exchange for an initial 84 percent membership interest in AfterBev. The other initial AfterBev members contributed $500,000 in exchange for the remaining 16 percent. The Company borrowed an additional $250,000 from an individual, and contributed the total $750,000 to PlayBev in exchange for a 51 percent interest in PlayBev's cash distributions. The Company recorded this $750,000 amount as an investment in PlayBev, accounted for under the cost method. PlayBev then remitted these funds to Playboy as part of a guaranteed royalty prepayment. Along with the membership interest granted the Company, PlayBev agreed to appoint the Company's president and one of the Company's directors to two of PlayBev's three executive management positions. Additionally, an unrelated executive manager of PlayBev resigned, leaving the remaining two executive management positions occupied by the Company president and one of the Company's directors. On August 23, 2008, PlayBev's members agreed to amend its operating agreement to change the required membership vote on major managerial and organizational decisions from 75 percent to 95 percent. Since 2007 the two affiliates personally purchased membership interests from PlayBev directly and from other PlayBev members constituting an additional 23.1 percent, which aggregated 34.35 percent. Despite the combined 90.5 percent interest owned by these affiliates and the Company, the Company cannot unilaterally control significant operating decisions of PlayBev, as the amended operating agreement requires that various major operating and organizational decisions be agreed to by at least 95 percent of all members. The other members of PlayBev are not affiliated with the Company. Accordingly, while PlayBev is now a related party, the Company cannot unilaterally control significant operating decisions of PlayBev, and therefore has not accounted for PlayBev's operations as if it was a consolidated subsidiary.
PlayBev has no operations, so under the terms of the exclusive manufacturing and distribution agreement, the Company was appointed as the master manufacturer and distributor of the beverages and other products that PlayBev licensed from Playboy. In so doing, the Company assumed all the risk of collecting amounts owed from customers, and contracting with vendors for manufacturing and marketing activities. In addition, PlayBev is owed a royalty from the Company Equal to the Company’s gross profits from collected beverage sales, less 20 Percent of the Company’s related cost of goods sold, and 6 percent of the Company’s collected gross sales. The Company incurred $745,121 and $782,296 in royalty expenses due to PlayBev during the years ended December 31, 2009 and 2008, respectively.
The Company also agreed to provide services to PlayBev for initial development, marketing, and promotion of the new beverage. These services are to be billed to PlayBev and recorded as an account receivable from PlayBev. The Company initially agreed to carry up to a maximum of $1,000,000 as a receivable due from PlayBev in connection with these billed services. On March 19, 2008 the Company agreed to increase the maximum amount it would carry as a receivable due from PlayBev, in connection with these billed services, from $1,000,000 to $3,000,000. The Company has advanced amounts beyond the $3,000,000 in order to continue the market momentum internationally. As of March 19, 2008 the Company also began charging interest on the outstanding amounts owing at a rate of 7 percent per annum. The Company has billed PlayBev for marketing and development services totaling $3,776,101 and $5,044,741 for the years ending December 31, 2009 and 2008, respectively, which have been included in revenues for our marketing and media segment. As of December 31, 2009, the interest accrued on the balance owing from PlayBev totaled $735,831. The net amount due the Company from PlayBev for marketing and development services, after netting the royalty owed to PlayBev, totaled $6,955,817 at December 31, 2009.
Really?
Playboy Enterprises is working to terminate the license agreement with Playbev. No license agreement = nothing for Cirtran.
summary of the license arrangement by LOLEEG
Wrong. Read again.
The license is with Playbev and Playboy Enterprises. Cirtran has some manufacturing deal with Playbev, thats it.