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Something is working here - pps still in 3's, 4's and 5's.
Does not explain why Circ does not file the required financial statements as required. Wonder what Circ is hiding?
Now we know what Mr. Iehab is doing for his evening job.
What must Mr. Iehab prove to the auditors before they buy off? That he does not owe Playboy royalties and that is why he has not recorded the expense in the numbers he has floated publicly?
Czar of DD? More like Czar of speculative legal play. If you had really done your DD you would have seen that operationally this stock is a pos and has consecutive years of losses, squandered cash, and incompetent management. You are here for the legal play, plain and simple.
Wake up - this is not going to a $1 anytime soon.
Do not forget to include the 10 years of Cirtran losses and squandered cash.
Quarterly filings are unaudited. Annual filings (10K) are audited.
All 10K's are audited. That was my point. This year there are new auditors - looks like a small outfit.
Wikipedia:
Form 10-Q
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, it's an SEC filing that must be filed quarterly with the US Securities and Exchange Commission. It contains similar information to the annual form 10-K, however the information is generally less detailed, and the financial statements are generally unaudited. Information for the final quarter of a firm's fiscal year is included in the 10-K, so only three 10-Q filings are made each year.
The OTBB says the following:
"The grace period begins on the date the symbol change notification appears on the OTCBB Daily List, not the effective date of the symbol change."
"Therefore, we hold that the State has met its burden to support bind-over of defendants on the charge of aggravated kidnaping." STATE v. HAWATMEH
Chief Justice HOWE, Associate Chief Justice RUSSON, Justice DURRANT, and Justice WILKINS concur in Justice DURHAM'S opinion.
"The grace period begins on the date the symbol change notification appears on the OTCBB Daily List, not the effective date of the symbol change."
What if SF is Mr. Iehab's secretary? How do you know that he has worked with Mr. Iehab in the past? If SF has, why not now?
Since you live in Salt Lake, do us a favor and drop by their facility to see the operations. Maybe as a shareholder you can observe what is going on with the operations.
Like it or not my posts are primarily based on facts. I have a problem with your opinions based primarily on mere speculation and fantasy.
Do not think so. Looks like the wording is generally something like "We have audited the accompanying ....."
I just checked and every 10K since 2007 has used that wording, so something else is going on with this audit.
Silly speculation. Full blown audits are required for every public company 10K filing. Must be some problem with the numbers.
Wrong - CIRC did not complete their filing within the prescribed 15 days following their NT 10-K. The NT-10K allows for an additional 15 days following the standard 90 days. They did not file within that time frame.
Pay YAG, then themselves, then the current liabilities, then squander the rest. Check the history - that is what has always happened.
No, I have just been looking at years of losses and squandered cash. Same Management - same results. What is going to be different in the future?
Cirtran had cash when it launched PBE. Cash squandered.
What is it going to be like when CIRC does not have the rabbit head trademark? Worse.
What a bunch of incompetents.
Good luck trying to fire him when the other two board members are insiders. One is the Company Controller. Who does she work for?
Also, it would be very expensive.
Employment Agreements — Change in Control
On August 1, 2009, we entered into an Employment Agreement with Iehab Hawatmeh, our President, which amends and restates in their entirety the Employment Agreement between us and Mr. Hawatmeh dated July 1, 2004, and the Amendment to Employment Agreement dated January 4, 2007. The term of the employment agreement continues until August 31, 2014, and automatically extends for successive one-year periods, with an annual base salary of $345,000. The Employment Agreement also grants to Mr. Hawatmeh options to purchase a minimum of 6,000,000 shares of our stock each year, with the exercise price of the options being the market price of our common stock as of the grant date. The Employment Agreement also provides for health insurance coverage, cell phone, car allowance, life insurance, and director and officer liability insurance, as well as any other bonus approved by our board. The Employment Agreement includes additional incentive compensation as follows: a quarterly bonus equal to 5% of our earnings before interest, taxes, depreciation and amortization for the applicable quarter; bonuses equal to 1% of the net purchase price of any acquisitions we complete that are directly generated and arranged by Mr. Hawatmeh; and an annual bonus (payable quarterly) equal to 1% of the gross sales, net of returns, and allowances of all beverage products of our Company and our affiliates for the most recent fiscal year.
Pursuant to the Employment Agreement, Mr. Hawatmeh’s employment may be terminated for cause, or upon death or disability, in which event we are required to pay him any unpaid base salary and unpaid earned bonuses. In the event that Mr. Hawatmeh is terminated without cause, we are required to pay to him: (i) within 30 days following such termination, any benefit, incentive, or equity plan, program, or practice (the “Accrued Obligations”) paid when such would have been paid to him if employed; (ii) within 30 days following such termination (or on the earliest later date as may be required by Internal Revenue Code Section 409A to the extent applicable), a lump sum equal to 30 months’ annual base salary; (iii) bonuses owing under the Employment Agreement for the two-year period after the date of termination (net of any bonus amounts paid as Accrued Obligations) based on actual results for the applicable quarters and fiscal years; and (iv) within 12 months following such termination (or on the earliest later date as may be required by Internal Revenue Code Section 409A to the extent applicable), a lump sum equal to 30 months’ annual base salary; provided that if Mr. Hawatmeh is terminated without cause in contemplation of, or within one year, after a change in control, then two times such annual base salary and bonus payment amounts.
Why would YAG respond to you? They do not care. If they are wanting more shares they just get them through the conversion method they always do - a certain % below the market for something like the previous number of days or something like that.
Because they do not respond to you does not mean something is up.
YAG are not friends - YAG simply wants to make money and they could care less about CIRC, you and me.
Since CIRC is already late CIRC has 30 days from the filing to file without really any other filing repercusions.
Must be hoping for some good legal news.
Distribution and marketing capabilities are more important than taste. CIRC has neither. Do not get your hopes up for more than a minor legal play uptick. Operationally, take a look at the history of this company - as long as Mr. Iehab is in charge you can bet you will get similar results. 6 employees - no way.
No way in the billions! 2010 Beverage sales were less than $8 million. No way this is a Billion $ company, ever.
It is not taste that drives sales - it is distribution networks and CIRC has nothing domestically. That is one reason why even with settlement money this company is going nowhere - no distribution. No trademark - this thing will be done.
Sorry Hammy.
True, plus ...
The status is for "Companies that have posted limited financial information through the OTC disclosure and News Service or are late in their filing obligations with the SEC are designated as OTC Pink Limited Information"
Also, it is "Designed for companies with financial reporting problems, economic distress, or in bankruptcy to make the limited information they have publicly available. The Limited Information category also includes companies that may not be troubled, but are unwilling to provide disclosure pursuant to OTC Pink Basic Disclosure Guidelines."
That describes CIRC to a T!
New QB rules do not start until May 1.
On May 1 for its OTCQB market, OTC Markets will introduce a new minimum one-cent bid price requirement and will require the company's chief executive or chief financial officer to certify that its reporting obligations are current and that disclosures about shareholdings, officers and corporate profile are correct.
The bid requirement, in which stocks must have been quoted for at least 1 cent daily over a 30-day period or be dropped from the market, aims to ferret out companies that fall prey to dilutive stock fraud schemes and promotions, OTC Markets said. Reuters.
He filed the extension on time but the extension period has lapsed.
Google filing for the qtr ending March 31, 2014. Big difference.
Does not make sense. If the financials are good news, then a company would report good news on time, rather than miss SEC filing deadlines, which does not sit well with saavy investors.
If there is then subsequent good legal news, then even more momentum.
So the "decision" to wait makes no sense to me.
2nd year in a row Circ has missed the deadline. I found the following online.
If an annual report on Form 10-K or a quarterly report on Form 10-Q is not filed within the required time period, the issuer must file with the SEC within one business day of the due date for the report a Form 12b-25 (designated as an “NT 10-K” or “NT 10-Q” in the EDGAR filing system) disclosing its inability to file the report timely and the reason for the delay. If a Form 10¬K or Form 10-Q cannot be filed timely, because the company is unable to file “without unreasonable effort or expense”, the report will be deemed to be filed on the filing due date if the company timely files a Form 12b-25, and then files the report not later that the 15th calendar day (for a 10-K)[color=red][/color] or 5th calendar day (for a 10-Q) following the due date for the missed report.
The failure to file a required SEC report on time constitutes a violation of Section 13(a) of the Exchange Act and the SEC could institute an administrative proceeding against the late filer, among other things, seeking revocation of the company’s registration under the Exchange Act. These proceedings by the SEC are uncommon and are typically aimed at recurring and egregious violations.
in 2013 they filed on the 16th so they probably will file today as well. Must be some 24 hour grace period not filing by the 15th.
More likely an internal matter - Mr. Iehab and his receptionist just can't get the accounting done in time. He is after all the CFO, based on the previous filings.
Agreed - does not look like much firepower.
Same thoughts for Circ's accounting services. Questionable experience.
Sparky, you did not read the prior paragraph:
"Since entering private practice, Bryan has devoted approximately 80% of his practice to commercial litigation, representing companies and individuals in disputes involving breaches of contract, improper disclosure of trade secrets, covenants not to compete, and fraud claims. Bryan has represented a variety of businesses, large and small, local, national, and international in a variety of legal matters."
The remainder of his practice is what you referenced.
You are correct that he is a one man shop. Doesn't seem very promising for PB.
Cirtran's auditing firm also appears to be a small local firm with limited resources.
Interesting read.
Cirtran changed auditors in 2012. Then, royalty expense decreased from $2,142,765 in 2011 to only $614,721 in 2012, while Net Sales increased $1.2 million in 2012 over 2011 sales. Co-incidence? Seems like increased sales would create more royalty expense, not less. Wonder what the reported royalty expense will be for 2013? Doubt PB agreed to new arrangements. Cirtran's numbers are suspect.
laughable! this company will be lucky to ever be a $100 million in annual revenues. No way a reasonable judge would even consider such a number. Keep dreaming.
ask Sparky.
Since 2007 CIRC has proven that it lacks that management ability to compete profitability. After raising millions of dollars CIRC Management squandered the funds and did not develop basic distribution channels and relationships, even with such a recognized trademark. CIRC obviously has never lived up to expectations or promises. No wonder Playboy wants to terminate the arrangement.
CIRC has not been successful with the trademark. It for certain will not be able to compete without it. Playboy can find another formula – energy drinks pretty much all taste the same.
Worldwide distribution means nothing if the distribution does not sell and has little repeat sales.
2013 2012 2011
United States of America ? $341,685 $772,816
South America ? 908,334 1,042,539
India ? 774,772 -
Middle East ? 513,429
Africa ? 494,418
Eastern Europe ? 399,204 329,600
China ? 291,667 -
Western Europe ? 243,049 747,223
Canada ? 96,843 172,260
Other ? 197,016 -
$3,469,000 $3,918,732 $2,291,622