As a principal of Playbev, Mr. Iehab is on the hook for the $7,000,000.
"Effective January 1, 2010, PlayBev was required to be consolidated into the financial statements of the Company as a variable interest entity. PlayBev holds a license agreement with Playboy Enterprises, Inc. ("Playboy") to market, manufacture and distribute energy drinks and beverages under their brand name." (Cirtran 2010 10K)
"Under the terms of the PlayBev agreement, we {Cirtran} are to provide the initial development and promotional services to PlayBev, who will collect from us {Cirtran} a royalty based on product sales and manufacturing costs once licensed product distribution commences." (Cirtran 2010 10K)
Cirtran has no operations (or source of income) with the trademark gone.
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