CirTran Corporation (CIRX)

[Sparklefarkle]

Let's talk about the debt as a point of risk:

Checks written in excess of bank balance. Gone
$17,118
Accounts payable.
4,635,523. 4,681,114. Real
Related-party payable
1,077,914. 955,656. Family
Short-term advances payable
2,892,814. 3,088,945. Family
Accrued liabilities
1,697,485. 2,445,167 Royalties
Accrued payroll and compensation expense
2,823,867. 2,599,533. Employees
Accrued interest
1,834,768. 2,417,834. Negotiate
Deferred revenue
3,004,850. 2,984,119. Non cash
Derivative liability
360,340. 829,090. Convert to stock
Convertible debenture
2,699,228. 3,132,855. Convert to stock
Refundable customer deposits
200,000. 200,201. Delay
Current maturities of long-term debt
247,835. 236,585. Real
Current liabilities to non-controlling interest holders
2,849,079. 2,570,000. Real
Note payable to stockholders and members
251,833. 576,833. Stock conversion
Total current liabilities




I see less than $15 million as a restructured balance sheet