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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission File No. 000-49654

CirTran Corporation

(Exact name of registrant as specified in its charter)

Nevada

68-0121636

(State or other jurisdiction

of incorporation or organization)

(IRS Employer

Identification No.)

6360 S Pecos Road, Suite 8, Las Vegas, NV 89120

(Address of principal executive offices and zip code)

(801) 963-5112

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		None		None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

	Large accelerated filer ☐	Accelerated filer ☐
	Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of May 20, 2026, there were 4,945,417 shares of common stock, $0.001 par value, outstanding.

TABLE OF CONTENTS

Item		Page
	Part I—Financial Information
1	Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025 (Audited)	3
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (unaudited)	4
	Condensed Consolidated Statements of Stockholders’ Deficit for the Three Months Ended March 31, 2026 and 2025 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (unaudited)	6
	Notes to Unaudited Condensed Consolidated Financial Statements	7
2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
3	Quantitative and Qualitative Disclosures about Market Risk	21
4	Controls and Procedures	21
5	Other Information	21

	Part II—Other Information
6	Exhibits	22

	Signatures	23

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CIRTRAN CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31, 2026			December 31, 2025
	(Unaudited)			(Audited)
ASSETS
Current assets:
Cash	$	11,336		$	9,589
Inventory		1,177,603			1,136,546
Deposits on inventory		309,426			281,288
Accounts receivable, net		296,729			365,661
Other current assets		470,818			468,340
Total current assets		2,265,912			2,261,424
Investment in securities at cost		248,000			248,000
Property and equipment, net of accumulated depreciation		4,131			4,607
Total assets	$	2,518,043		$	2,514,031

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	142,469		$	149,448
Liabilities for product returns and credits		65,576			90,810
Short-term advances payable		162,866			162,866
Short-term advances payable - related parties		1,461,554			1,400,699
Short-term advances payable		1,461,554			1,400,699
Accrued liabilities		2,654,255			2,758,884
Accrued payroll and compensation expense		5,749,011			5,674,164
Accrued interest, current portion		6,887,786			6,739,423
Convertible debenture, current portion, net of discounts		264,284			264,284
Note payable, current portion		90,000			90,000
Note payable to stockholders		151,833			151,833
Note payable		151,833			151,833
Derivative liabilities		2,289,108			2,393,544
Liabilities from discontinued operations		2,531,989			4,818,427
Total current liabilities:		22,450,731			24,694,382
Deferred tax liability
Note payable, net of current portion		643,000			643,000
Convertible debenture, net of current portion, net of discount		2,310,806			2,283,844
Total liabilities		25,404,537			27,621,226

Commitments and contingencies		—			—

Stockholders’ deficit:
Common stock, par value $0.001; 100,000,000 shares authorized; 4,945,417 shares issued and outstanding		4,945			4,945
Additional paid-in capital		37,233,561			37,233,561
Accumulated deficit		(60,125,000	)		(62,345,701	)
Total stockholders’ deficit		(22,886,494	)		(25,107,195	)

Total liabilities and stockholders’ deficit	$	2,518,043		$	2,514,031

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CIRTRAN CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	2026			2025
	For the Three Months Ended March 31,
	2026			2025
Net sales	$	1,161,353		$	460,816
Cost of sales		697,971			190,522
Gross profit		463,382			270,294

Operating expenses
Employee costs		130,020			128,908
Selling, general and administrative expenses		297,240			184,659
Total operating expenses		427,260			313,567

Income (loss) from operations		36,122			(43,273	)

Other income (expense)
Interest expense		(211,806	)		(202,374	)
Gain on forgiveness of debt		5,511			5,141
Gain (loss) on derivative valuation		104,436			132,234
Total other expense		(101,859	)		(64,999	)

Net loss from continuing operations		(65,737	)		(108,272	)

Income (loss) from discontinued operations		2,286,438			(37,841	)

Net Income (Loss) before income tax		2,220,701			(146,113	)
Income tax		—			(9,323	)
Net Income (Loss)	$	2,220,701		$	(155,436	)

Net loss from continuing operations per common share, basic and diluted	$	(0.01	)	$	(0.02	)

Net income (loss) from discontinued operations per common share, basic and diluted	$	0.46		$	(0.01	)

Net income (loss) per common share, basic and diluted	$	0.45		$	(0.03	)
Basic and diluted weighted average common shares outstanding		4,945,417			4,945,417

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CIRTRAN CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Unaudited)

	Shares		Amount		Capital		Deficit			deficit
	Common Stock				Additional Paid-in		Accumulated			Total stockholders’
	Shares		Amount		Capital		Deficit			deficit
Balance, December 31, 2025		4,945,417	$	4,945	$	37,233,561	$	(62,345,701	)	$	(25,107,195	)
Net income		—		—		—		2,220,701			2,220,701
Balance, March 31, 2026		4,945,417	$	4,945	$	37,233,561	$	(60,125,000	)	$	(22,886,494	)

	Common Stock				Additional Paid-in		Accumulated			Total stockholders’
	Shares		Amount		Capital		Deficit			deficit
Balance, December 31, 2024		4,945,417	$	4,945	$	37,233,561	$	(61,644,067	)	$	(24,405,561	)
Net loss		—		—		—		(155,436	)		(155,436	)
Net income (loss)		—		—		—		(155,436	)		(155,436	)
Balance, March 31, 2025		4,945,417	$	4,945	$	37,233,561	$	(61,799,503	)	$	(24,560,997	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CIRTRAN CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	2026			2025
	For the Three Months Ended March 31,
	2026			2025
Cash flows from operating activities
Net income (loss)	$	2,220,701		$	(155,436	)
Adjustments to reconcile net income (loss) to net cash used by operating activities:
(Income) loss from discontinued operations		(2,286,438	)		37,841
Depreciation expense		476			501
Gain on derivative valuation		(104,436	)		(132,234	)
Debt discount amortization		26,960			25,682
Gain on forgiveness of debt		(5,511	)		(5,141	)
Changes in operating assets and liabilities:
Inventory		(41,057	)		(104,559	)
Deposits on inventory		(28,138	)		1,395
Deposits on inventory - related party		—			637
Accounts receivable		68,932			(101,967	)
Other current assets		(2,478	)		(5,730	)
Accounts payable		(1,468	)		(10,173	)
Liabilities for product returns and credits		(25,234	)		11,274
Accrued liabilities		(104,627	)		(217,031	)
Accrued payroll and compensation		74,847			62,944
Accrued interest		148,363			123,669
Net cash used by operating activities		(59,108	)		(468,328	)

Cash flows from financing activities:
Bank overdraft		—			(30,384	)
Proceeds from related-party loans		60,855			499,922
Net cash provided by financing activities		60,855			469,538

Net change in cash		1,747			1,210
Cash, beginning of period		9,589			—
Cash, end of period	$	11,336		$	1,210

Supplemental disclosure of cash flow information:
Cash paid for interest	$	—		$	—
Cash paid for income taxes	$	—		$	—

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

CIRTRAN CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

NOTE 1 — ORGANIZATION AND NATURE OF OPERATIONS

In 1987, CirTran Corporation was incorporated in Nevada under the name Vermillion Ventures, Inc., for the purpose of acquiring other operating corporate entities. We were largely inactive until July 1, 2000, when our wholly owned subsidiary, CirTran Corporation (Utah), acquired substantially all the assets and certain liabilities of Circuit Technology, Inc., founded by our president, Iehab Hawatmeh.

We, together with our majority-owned subsidiaries, manufacture, distribute, and sell condoms, electronic tobacco products, cigars, energy drinks, water beverages, and related merchandise, all using the HUSTLER® brand name. Since entering our 2019 five-year manufacturing and distribution agreement with an unrelated party, our efforts have been devoted to phase one of our development of all HUSTLER®-branded products, which led us to generating revenue during 2020 for the first time in several years. Business continued to thrive in the States and some international countries, expanding across borders and reaching new markets. Despite challenges, The Company adapted and flourished, driven by great brand and product categories. This growth was not only boosted by the domestic economy but also established a global presence, solidifying the foundation for future success.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Our unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). These financial statements and the notes attached hereto should be read in conjunction with the financial statements and notes included in our Form 10-K for the fiscal year ended December 31, 2025. In the opinion of our management, all adjustments, including normal recurring adjustments necessary to present fairly our financial position, as of March 31, 2026, and the results of our operations and cash flows for the three months then ended have been included. The results of operations for the interim period are not necessarily indicative of the results for the full year ending December 31, 2026.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates.

Principles of Consolidation

The consolidated financial statements include the accounts of the company and our wholly owned subsidiaries: CirTran Products Corp., LBC Products, Inc., and CirTran Asia, Inc. Intercompany accounts and transactions have been eliminated in consolidation.

Concentrations of Credit Risk

We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. At times, such deposits may exceed the Federal Deposit Insurance Corporation insurable limit.

As of March 31, 2026 and December 31, 2025, one customer represented 75.8% and 97.4%, respectively, of the Company’s total accounts receivable, resulting in a significant concentration of credit risk.

Operating Segments

Operating segments are defined as components of an entity for which discrete financial information is available that is regularly reviewed by the Chief Operating Decision Maker (“CODM”), or decision maker group, in deciding how to allocate resources to an individual segment and in assessing performance. Our chief operating decision maker is the Chief Executive Officer. The Company has two operating segments as of March 31, 2026 and December 31, 2025 (see Note 12).

Cash Equivalents

We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents as of March 31, 2026 and December 31, 2025.

Revenue Recognition

We follow Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, for revenue recognition. Adoption of ASC 606 did not have a significant impact on our financial statements. We generate revenue by providing product design services and through the sales of tangible product. We recognize revenue upon transfer of control of promised products or services to customers in an amount that reflects the consideration expected to be received in exchange for those products or services. We determine the transaction price associated with each deliverable based on the unique contract with the customer, which is a stand-alone contract that we retain the right to accept or reject. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities.

During the three months ended March 31, 2026 and 2025, we recognized revenue of $19,632 and $20,408, respectively, related to the performance obligations under product development service agreements with customers. We recognize $5,000 per month for administrative services and a 5% markup per agreement.

Additionally, we recognized revenues of $1,141,721 and $440,408 during the three months ended March 31, 2026 and 2025, respectively, related to the delivery of products to our customers. Each delivery is based on the unique contract with the customer, which is a stand-alone contract that we retain the right to accept or reject. Upon acceptance, we oblige delivery of such product to the customer at an agreed-upon place, time, and price. We recognize revenue under the unique contract upon fulfilment of our performance obligations therein, typically limited to the delivery of product. Payment terms depend on customer agreement and length of relationship. It varies between cash in advance to 30-60 days term.

Accounts Receivable

Revenues that have been recognized but not yet received are recorded as accounts receivable. The Company estimates credit losses based on the Current Expected Credit Losses (“CECL”) model in accordance with ASC 326. The allowance for credit losses is based on a variety of factors, including historical loss experience, current conditions, and reasonable and supportable forecasts of future economic conditions.

Upon adoption of ASU 2025-05 in the year ended December 31, 2025, the Company elected the practical expedient to estimate expected credit losses based on actual uncollected accounts. Under this approach, the Company recognizes credit losses as receivables are deemed uncollectible rather than applying more complex forward-looking modeling. The Company applied this guidance prospectively, and the adoption did not have a material impact on the Company’s consolidated financial statements. The election of this practical expedient simplifies the estimation process by reducing the level of judgment and complexity required in applying the CECL model.

As of March 31, 2026 and December 31, 2025, the Company has recorded an allowance for doubtful accounts of $39,221 and $65,704, respectively.

Investment in Securities

Our cost-method investment consists of an investment in a private digital multi-media technology company that totaled $248,000 and $248,000 at March 31, 2026 and December 31, 2025, respectively. Because we owned less than 20% of that company’s stock as of each date, and no significant influence or control exists, the investment is accounted for using the cost method. Pursuant to ASC 321, the Company also searched for observable transactions in the investee’s stock and found none. We evaluated the investment for impairment and determined that the investment was not impaired as of March 31, 2026.

Inventories

Inventories are stated at the lower of average cost or net realizable value.

When there is evidence that the inventory’s value is less than original cost, the inventory is reduced to market value. We determine market value on current resale amounts and whether technological obsolescence exists. We will seek agreements with manufacturing customers that require them to purchase their inventory items in the event they cancel their business with us.

From time to time, we will place deposits on inventory to be delivered in the future. These deposits are carried as a separate balance sheet component and total $309,426 (non-related-party) and $0 (related-party) as of March 31, 2026 and $281,288 (non-related-party) and $0 (related-party) as of December 31, 2025.

For most of the tobacco related products, the Company pays in advance for Federal Excise Taxes and State Excise Taxes prior to receiving product. The Company accrues those taxes on its balance sheet and expenses them on a per-unit basis as sold.

Inventory balances consisted of the following:

SCHEDULE OF INVENTORY

	March 31, 2026		December 31, 2025
Finished goods	$	1,145,440	$	1,117,975
Raw materials		32,163		18,571
Total	$	1,177,603	$	1,136,546

Fair Value of Financial Instruments

ASC 820-10-15, Fair Value Measurement-Overall-Scope and Scope Exceptions, defines fair value, thereby eliminating inconsistencies in guidance found in various prior accounting pronouncements, and increases disclosures surrounding fair value calculations. ASC 820-10-15 establishes a three-tiered fair value hierarchy that prioritizes inputs to valuation techniques used in fair value calculations. The three levels of inputs are defined as follows:

Level 1—Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2—Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3—Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Accounts payable and related-party payables have fair values that approximate the carrying value due to the short-term nature of these instruments. Derivative liabilities are measured using level 3 inputs.

		Total Fair Value at March 31, 2026				Quoted prices in active markets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
Derivative liabilities		$	2,289,108			$	—			$	—			$	2,289,108

		Total Fair Value at December 31, 2025				Quoted prices in active markets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
Derivative liabilities		$	2,393,544			$	—			$	—			$	2,393,544

Loss per Share

Basic loss per share is calculated by dividing net loss available to common shareholders by the weighted-average number of common shares outstanding during each period. Diluted loss per share is similarly calculated, except that the weighted-average number of common shares outstanding would include common shares that may be issued subject to existing rights with dilutive potential when applicable. There were approximately 215,792,611 and 237,997,505 potentially issuable shares from the conversions of convertible debentures outstanding that were excluded in dilutive outstanding shares for the three months ended March 31, 2026 and 2025, respectively, due to the anti-dilutive effect these would have on net loss per share. We do not currently have adequate authorized but unissued shares to satisfy our obligations should all instruments eligible to convert to common stock be exercised. We are not currently contemplating an increase in our authorized shares but may do so in the future.

Income Taxes

Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to tax net operating loss carryforwards. The deferred tax assets and liabilities represent the future tax return consequences of these differences, which will either be taxable or deductible when assets and liabilities are recovered or settled, as well as operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established against deferred tax assets when in the judgment of management, it is more likely than not that such deferred tax assets will not become available. Because the judgment about the level of future taxable income is dependent to a great extent on matters that may, at least in part, be beyond our control, it is at least reasonably possible that management’s judgment about the need for a valuation allowance for deferred taxes could change in the near term.

Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in our tax returns that do not meet these recognition and measurement standards. As of March 31, 2026 and December 31, 2025, no liability for unrecognized tax benefits was required to be reported.

Recently Issued Accounting Pronouncements

The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its Consolidated Financial Statements and assures that there are proper controls in place to ascertain that the Company’s Consolidated Financial Statements properly reflect the change.

NOTE 3 — GOING CONCERN

The accompanying consolidated financial statements have been prepared in conformity with US GAAP, which considers our continuation as a going concern. We had a working capital deficiency of $20,184,819, as of March 31, 2026, and a net loss from continuing operations of $65,737 for the three months ended March 31, 2026. As of March 31, 2026, we had an accumulated deficit of $60,125,000. These conditions raise substantial doubt about our ability to continue as a going concern.

Our ability to continue as a going concern is dependent upon our ability to successfully accomplish our business plan and eventually attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that may be necessary if we are unable to continue as a going concern.

In the coming year, our foreseeable cash requirements will relate to the development of business operations and associated expenses. We may experience a cash shortfall and be required to raise additional capital.

Historically, we have mainly relied upon shareholder loans and advances to finance operations and growth. Management may raise additional capital by retaining net earnings, if any, or through future public or private offerings of our stock or loans from private investors, although we cannot assure that we will be able to obtain such financing. Our failure to do so could have a material and adverse effect upon our shareholders and us.

NOTE 4 — PROPERTY AND EQUIPMENT

We incur certain costs associated with the design and development of molds and dies for our contract-manufacturing segment. These costs are held as deposits on the balance sheet until the molds or dies are finished and ready for use. At that point, the costs are included as part of production equipment in property and equipment and are amortized over their useful lives. We hold title to all molds and dies used in the manufacture of products.

Property and equipment and estimated service lives consist of the following:

	March 31, 2026			December 31, 2025			Useful Life (years)
Furniture and office equipment	$	12,212		$	12,212		5-10
Total		12,212			12,212
Less: accumulated depreciation		(8,081	)		(7,605	)
Property and equipment, net	$	4,131		$	4,607

We recorded $476 and $501 of depreciation expense during the three months ended March 31, 2026 and 2025.

NOTE 5 — RELATED PARTY TRANSACTIONS

In 2007, we issued a 10% promissory note to a family member of our president in exchange for $300,000. The note was due on demand after May 2008. There were no repayments made during the periods presented. At March 31, 2026 and December 31, 2025, the principal amount owing on the note was $151,833 and $151,833, respectively. No demand for payment has been made.

On March 31, 2008, we issued to this same family member, along with two other company shareholders, promissory notes totaling $315,000 ($105,000 each). Under the terms of these three $105,000 notes, we received total proceeds of $300,000 and agreed to repay the amount received plus a 5% borrowing fee. The notes were due April 30, 2008, after which they were due on demand, with interest accruing at 12% per annum. We made no payments towards the outstanding notes during the periods presented. The principal balance owing on the notes as of March 31, 2026 and December 31, 2025, was $72,466 and $72,466, respectively. No demand for payment has been made.

There were $1,461,554 and $1,400,699 of short-term advances due to related parties as of March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026 and December 31, 2025, we owed our president a total of $433,379 and $433,379, respectively, in unsecured advances. The advances and short-term bridge loans were approved by our board of directors under a 5% borrowing fee. The borrowing fees were waived by our president on these loans. These amounts are included in our liabilities from discontinued operations.

Total inventory purchases from the related parties were $0 and $231,151 during the three months ended March 31, 2026 and 2025, respectively. All transactions were at a 2% markup over the related party’s cost paid for inventory in arm’s-length transactions.

NOTE 6 — OTHER ACCRUED LIABILITIES

Accrued tax liabilities consist of delinquent payroll taxes, interest, and penalties owed by us to the Internal Revenue Service (“IRS”) and other tax entities.

Accrued liabilities consist of the following:

SCHEDULE OF ACCRUED LIABILITIES

	March 31, 2026		December 31, 2025

Tax liabilities	$	32,505	$	31,769
Accrued Royalty - Globrands LLC		965,592		928,247
Other		1,656,158		1,798,868
Total	$	2,654,255	$	2,758,884

Other accrued liabilities as of March 31, 2026 and December 31, 2025, include a non-interest-bearing payable totaling $45,000 and $45,000, respectively, that is due on demand and customer deposits totaling $1,607,268 and $1,774,016, respectively.

Accrued payroll and compensation liabilities consist of the following:

	March 31, 2026		December 31, 2025

Director fees	$	135,000	$	135,000
Bonus expenses		121,858		121,858
Commissions		2,148		2,148
Consulting		365,670		371,822
Administrative payroll		5,124,335		5,043,336
Total	$	5,749,011	$	5,674,164

NOTE 7 — COMMITMENTS AND CONTINGENCIES

Litigation and Claims

Various vendors, service providers, and others have asserted legal claims in previous years. These creditors generally are not actively seeking collection of amounts due to them, and we have determined that the probability of realizing any loss on these claims is remote and will seek to compromise and settle at a deep discount any of such claims that are asserted for collection. These amounts are included in our current liabilities, except where we believe collection or enforcement of the judgments is barred by the applicable statute of limitations, in which case the liabilities have been eliminated. We have not accrued any liability for claims or judgments that we have determined to be barred by the applicable statute of limitations, which generally is eight years for judgments in Utah.

Employment Agreements

We engage Iehab Hawatmeh, our president and chief executive officer, through an employment agreement entered in August 2009 and amended in September 2017. In July 2017, Mr. Hawatmeh had resigned all positions with us to pursue other business activities, thereby effectively terminating the agreement. However, the amendment to his employment agreement in September 2017 reinstated Mr. Hawatmeh to his previous positions, with a salary in an amount to be determined. Among other things, the reinstated employment agreement: (a) grants options to purchase a minimum of 6,000 shares of our stock each year, with an exercise price equal to the market price of our common stock as of the grant date, for the maximum term allowed under our stock option plan; (b) 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; and (c) includes additional incentive compensation as follows: (i) a quarterly bonus equal to 5% of our earnings before interest, taxes, depreciation, and amortization for the applicable quarter; (ii) bonuses equal to 1% of the net purchase price of any acquisitions we complete that are directly generated and arranged by Mr. Hawatmeh; and (iii) an annual bonus (payable quarterly) equal to 1% of our gross sales of all products, net of returns and allowances. On January 1, 2020, we resumed accruing wages for our chief executive officer. A total of $86,250 and $345,000 was accrued during the periods ended March 31, 2026 and December 31, 2025, respectively.

License Agreements

We have entered into agreements requiring us to pay certain royalties for the manufacture and distribution of licensed products. Fees are based on a percentage of sales and remitted quarterly and are included in cost of sales for financial reporting purposes.

NOTE 8 — NOTES PAYABLE

Notes payable consisted of the following:

SCHEDULE OF NOTES PAYABLE

	March 31, 2026		December 31, 2025

Note payable to former service provider for past due account payable (current)	$	90,000	$	90,000
Note payable for settlement of debt		500,000		500,000
Small Business Administration loan		143,000		143,000
Total	$	733,000	$	733,000

There is $458,278 and $447,334 of accrued interest due on these notes as of March 31, 2026 and December 31, 2025, respectively.

NOTE 9 — CONVERTIBLE DEBENTURES

Convertible debentures consisted of the following:

SCHEDULE OF CONVERTIBLE DEBENTURES

	March 31, 2026			December 31, 2025

Convertible debenture, 5% stated interest rate, secured by all our assets, due on April 30, 2027	$	200,000		$	200,000
Convertible debenture, 5% stated interest rate, secured by all our assets, due on April 30, 2027		25,000			25,000
Convertible debenture, 5% stated interest rate, secured by all our assets, due on April 30, 2027		25,000			25,000
Convertible debenture, 5% stated interest rate, secured by all our assets, due on April 30, 2027		25,000			25,000
Convertible debenture, 5% stated interest rate, secured by all our assets, due on April 30, 2027		2,390,528			2,390,528
Subtotal	$	2,665,528		$	2,665,528
Less: discounts		(90,438	)		(117,400	)
Total	$	2,575,090		$	2,548,128
Less: current portion		(264,284	)		(264,284	)
Long-term portion	$	2,310,806		$	2,283,844

The convertible debentures and accrued interest are convertible into shares of our common stock at the lower of $100 or the lowest bid price for the 20 trading days prior to conversion.

On November 26, 2025, the Company and the lender entered into a Forbearance and Standstill Agreement, extending the maturity date on all debentures to April 30, 2027.

As of March 31, 2026 and December 31, 2025, we had accrued interest on the convertible debentures totaling $2,211,385 and $2,179,837, respectively.

NOTE 10 — DERIVATIVE LIABILITIES

As discussed in Note 9—Convertible Debentures, we have entered into five separate agreements to borrow a total of $2,665,528 with the outstanding principal and interest being convertible at the holder’s option into common stock of the company at the lesser of $100 (notes one through four) or $0.10 (note five) or the lowest closing bid price in the prior 20 trading days. Embedded derivatives are valued separately from the host instrument and are recognized as derivative liabilities in our balance sheet. We measure these instruments at their estimated fair value and recognize changes in their estimated fair value in results of operations during the period of change. We have estimated the fair value of these embedded derivatives for convertible debentures and associated warrants using a Monte Carlo simulation as of March 31, 2026 and December 31, 2025, using the following assumptions:

	March 31, 2026			December 31, 2025
Volatility		101.2	%		108.7% - 117.2	%
Risk-free rates		3.59	%		3.53% - 3.59	%
Stock price		0.0207		$	0.043
Remaining life		0.25- 1.08 years			0.25- 1.33 years

A summary of the activity of the derivative liability for these notes is as follows:


Balance at December 31, 2024	$	2,458,435
Derivative loss due to mark to market adjustment		(64,891	)
Balance at December 31, 2025		2,393,544
Balance		2,393,544
Derivative gain due to mark to market adjustment		(104,436	)
Balance at March 31, 2026	$	2,289,108
Balance	$	2,289,108

The fair values of the derivative instruments are measured each quarter, which resulted in a gain of $104,436 and $132,234 during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026 and December 31, 2025, the fair market value of the derivatives aggregated $2,289,108 and $2,393,544, respectively.

NOTE 11 — STOCK OPTIONS AND WARRANTS

Stock Incentive Plans

As of March 31, 2026 and 2025, we had no unrecognized compensation related to outstanding options that have not yet vested at year-end that would be recognized in subsequent periods.

SCHEDULE OF STOCK OPTIONS OUTSTANDING

	Number of Options			Weighted Average Exercise Price		Average Remaining Life
Outstanding, December 31, 2024		32,000		$	0.01		1.02
Issued		—		$	—		—
Cancelled		(8,000	)	$	—		—
Exercised		—		$	—		—
Outstanding, December 31, 2025		24,000		$	0.01		1.02
Issued		—		$	—		—
Cancelled		(8,000	)	$	—		—
Exercised		—		$	—		—
Exercisable, March 31, 2026		16,000		$	0.01		0.77

NOTE 12 — SEGMENTS

The Company uses ASC 280, Segment Reporting, in determining its reportable segments. The Company has two reportable segments based on sales: Tobacco products and all other sources of revenue. The guidance requires that segment disclosures present the measure(s) used by the Chief Operating Decision Maker (“CODM”) to decide how to allocate resources and for purposes of assessing such segments’ performance. The Company’s CODM is comprised of its executive management team who use revenue and expenses of the two reporting segments to assess the performance of the business of our reportable operating segments.

The following table details revenue, operating expenses, and assets for the Company’s reportable segments as of March 31, 2026.

SCHEDULE OF SEGMENTAL INFORMATION

	Tobacco Line			All other product lines			Total
ASSETS
Current Assets:
Cash	$	11,336		$	—		$	11,336
Inventory		1,136,387			41,216			1,177,603
Deposits on inventory		298,596			10,830			309,426
Accounts receivable		286,343			10,385			296,729
Other current assets		454,339			16,479			470,818
Total current assets		2,187,002			78,910			2,265,912
Investment in securities at cost		—			248,000			248,000
Property and equipment, net of accumulated depreciation		—			4,131			4,131
Total assets	$	2,187,002		$	331,041		$	2,518,043

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	137,483		$	4,986		$	142,469
Liabilities for product returns and credits		63,281			2,295			65,576
Short-term advances payable		—			162,866			162,866
Short-term advances payable - related parties		—			1,461,554			1,461,554
Short-term advances payable		—			1,461,554			1,461,554
Accrued liabilities		2,558,608			95,647			2,654,255
Accrued payroll and compensation expense		5,547,796			201,215			5,749,011
Accrued interest, current portion		—			6,887,786			6,887,786
Convertible debenture, current portion, net of discounts		—			264,284			264,284
Note payable, current portion		—			90,000			90,000
Note payable to stockholders		—			151,833			151,833
Note payable		—			151,833			151,833
Derivative liability		—			2,289,108			2,289,108
Liabilities from discontinued operations		—			2,531,989			2,531,989
Total current liabilities:		8,307,168			14,143,563			22,450,731
Note payable, net of current portion		—			643,000			643,000
Convertible debenture, net of current portion, net of discount		—			2,310,806			2,310,806
Total liabilities		8,307,168			17,097,369			25,404,537

Stockholders’ Equity:
Common stock		—			4,945			4,945
Additional paid-in capital		—			37,233,561			37,233,561
Accumulated deficit		(6,120,166	)		(54,004,834	)		(60,125,000	)
Total stockholders’ equity		(6,120,166	)		(16,766,328	)		(22,886,494	)
Total liabilities and stockholders’ deficit	$	2,187,002		$	331,041		$	2,518,043

The following table details revenue, operating expenses, and assets for the Company’s reportable segments for the year ended December 31, 2025.

	Tobacco Line			All other product lines			Total
ASSETS
Current Assets:
Cash	$	9,589		$	—		$	9,589
Inventory		1,091,084			45,462			1,136,546
Deposits on inventory		270,036			11,252			281,288
Accounts receivable		351,035			14,626			365,661
Other current assets		449,606			18,734			468,340
Total current assets		2,171,350			90,074			2,261,424
Investment in securities at cost		—			248,000			248,000
Property and equipment, net of accumulated depreciation		—			4,607			4,607
Total assets	$	2,171,350		$	342,681		$	2,514,031

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	143,470		$	5,978		$	149,448
Liabilities for product returns and credits		87,178			3,632			90,810
Short-term advances payable		—			162,866			162,866
Short-term advances payable - related parties		—			1,400,699			1,400,699
Short-term advances payable		—			1,400,699			1,400,699
Accrued liabilities		2,648,529			110,355			2,758,884
Accrued payroll and compensation expense		5,447,197			226,967			5,674,164
Accrued interest, current portion		—			6,739,423			6,739,423
Convertible debenture, current portion, net of discounts		—			264,284			264,284
Note payable, current portion		—			90,000			90,000
Note payable to stockholders		—			151,833			151,833
Note payable		—			151,833			151,833
Derivative liability		—			2,393,544			2,393,544
Liabilities from discontinued operations		—			4,818,427			4,818,427
Total current liabilities:		8,326,374			16,368,008			24,694,382
Note payable, net of current portion		—			643,000			643,000
Convertible debenture, net of current portion, net of discount		—			2,283,844			2,283,844
Total liabilities		8,326,374			19,294,852			27,621,226

Stockholders’ Equity:
Common stock		—			4,945			4,945
Additional paid-in capital		—			37,233,561			37,233,561
Accumulated deficit		(6,155,024	)		(56,190,677	)		(62,345,701	)
Total stockholders’ equity		(6,155,024	)		(18,952,171	)		(25,107,195	)
Total liabilities and stockholders’ deficit	$	2,171,350		$	342,681		$	2,514,031

The following table details revenue, operating expenses, and assets for the Company’s reportable segments for the three months ended March 31, 2026.

	Tobacco Line		All other product lines			Total
Revenue:
Net sales	$	1,120,706	$	40,647		$	1,161,353
Cost of sales		673,542		24,429			697,971
Gross profit		447,164		16,218			463,382

Operating expenses:
Employee costs		125,469		4,551			130,020
Selling, general and administrative expenses		286,837		10,403			297,240
Total operating expenses		412,306		14,954			427,260

Income from operations		34,858		1,264			36,122

Other income (expense):
Interest expense		—		(211,806	)		(211,806	)
Gain on forgiveness of debt		—		5,511			5,511
Loss on derivative valuation		—		104,436			104,436
Total other expense		—		(101,859	)		(101,859	)
Net income (loss) from continuing operations		34,858		(100,595	)		(65,737	)
Income from discontinued operations		—		2,286,438			2,286,438
Net Income before income tax		34,858		2,185,843			2,220,701
Income tax		—		—			—
Net Income	$	34,858	$	2,185,843		$	2,220,701

The following table details revenue, operating expenses, and assets for the Company’s reportable segments for the three months ended March 31, 2025.

	Tobacco Line			All other product lines			Total
Revenue:
Net sales	$	428,512		$	32,304		$	460,816
Cost of sales		177,443			13,079			190,522
Gross profit		251,069			19,225			270,294

Operating expenses:
Employee costs		123,752			5,156			128,908
Selling, general and administrative expenses		177,273			7,386			184,659
Total operating expenses		301,025			12,542			313,567

Loss from operations		(49,956	)		6,683			(43,273	)

Other income (expense):
Interest expense		—			(202,374	)		(202,374	)
Gain on forgiveness of debt		—			5,141			5,141
Gain on derivative valuation		—			132,234			132,234
Total other expense		—			(64,999	)		(64,999	)
Net loss from continuing operations		(49,956	)		(58,316	)		(108,272	)
Loss from discontinued operations		—			(37,841	)		(37,841	)
Income tax		—			(9,323	)		(9,323	)
Net Loss	$	(49,956	)	$	(105,480	)	$	(155,436	)

NOTE 13 — INCOME TAXES

The Company’s deferred tax assets consist primarily of net operating loss carryforwards and other temporary differences. Management evaluates the realizability of deferred tax assets each reporting period and concludes that it is more likely than not that such assets will not be realized; accordingly, a valuation allowance is maintained against the full amount of deferred tax assets.

At March 31, 2026, the Company had federal net operating loss carryforwards of approximately $1,426,000, which generated gross deferred tax assets of approximately $299,000 at the 21% U.S. federal rate and $64,000 at the 4.5% Utah state rate, for total gross deferred tax assets of approximately $363,000. A full valuation allowance of approximately $482,435 was recorded, resulting in no net deferred tax asset on the balance sheet.

The Company accounts for uncertain tax positions in accordance with ASC 740. As of March 31, 2026, the Company had no unrecognized tax benefits and no accrued interest or penalties related to uncertain tax positions. The Company’s tax returns remain subject to examination by taxing authorities for open tax years.

NOTE 14 — DISCONTINUED OPERATIONS

On October 21, 2016, we exited the beverage licensing and distribution business. The assets and liabilities associated with this business are displayed as assets and liabilities from discontinued operations as of March 31, 2026 and December 31, 2025. Additionally, the revenues and costs associated with this business are displayed as losses from discontinued operations.

Total assets and liabilities included in discontinued operations were as follows:

SCHEDULE OF DISCONTINUED OPERATIONS

	March 31, 2026		December 31, 2025
Assets from Discontinued Operations:
Cash	$	—	$	—
Total assets from discontinued operations	$	—	$	—

Liabilities from Discontinued Operations:
Accounts payable	$	283,818	$	283,818
Accrued liabilities		58,184		58,184
Accrued interest		1,790,509		1,790,509
Accrued payroll and compensation expense		122,864		122,864
Current maturities of long-term debt		239,085		239,085
Short-term advances payable		37,529		2,323,967
Total liabilities from discontinued operations	$	2,531,989	$	4,818,427

Net income (loss) from discontinued operations for the three months ended March 31, 2026 and 2025, were comprised of the following components:

	2026			2025
	Three Months ended March 31,
	2026			2025
Other expense:
Interest expense	$	(37,841	)	$	(37,841	)
Gain on write off of time barred debt		2,324,279
Net loss from discontinued operations	$	2,286,438		$	(37,841	)

NOTE 15 — SUBSEQUENT EVENTS

In accordance with SFAS 165 (ASC 855-10), management has performed an evaluation of subsequent events through the date that the consolidated financial statements were issued and has determined that it does not have any material subsequent events to disclose in these consolidated financial statements.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with our condensed consolidated unaudited financial statements and notes to our unaudited financial statements included elsewhere in this report. This discussion contains forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors discussed elsewhere in this report.

Overview

Based on our diversified expertise in manufacturing, marketing, distribution, and technology services in a wide variety of consumer products, including tobacco products, medical devices, and beverages, around the world, we have an innovative and consumer-focused approach to brand portfolio management, resting on a strong understanding of consumers domestically, and we have established a footprint in more than 50 key, international markets.

Since 2021, we continue under our 2019 five-year manufacturing and distribution agreement with an unrelated party to manufacture, distribute, and sell condoms, electronic tobacco products, cigars, energy drinks, water beverages, and related merchandise, all using the HUSTLER® brand name.

Results of Operations for the Three Months Ended March 31, 2026, Compared to the Three Months Ended March 31, 2025

Sales and Cost of Sales

During the three months ended March 31, 2026 and 2025, we had net sales of $1,161,353 and $460,816, respectively, an increase of $700,537 or 152%. We had cost of sales of $697,971 and $190,522, respectively, and gross profit of $463,382 and $270,294, respectively. Revenues are derived from the design, manufacture, and delivery of certain licensed products in accordance with our GloBrands-HUSTLER® distribution agreement. We had higher revenue in the current period due to increase demand for our vaper products.

Operating Expenses

During the three months ended March 31, 2026 and 2025, employee costs were $130,020 and $128,908 respectively, an increase of only $1,112 or 0.9%.

During the three months ended March 31, 2026 and 2025, selling, general, and administrative expenses (“S,G&A”) were $297,240 and $184,659, respectively, an increase of $112,581 or 61%. The increase in S,G&A expenses period over period was the result of increased promotional activities to support higher sales.

Other Expense

Total other expense during the three months ended March 31, 2026 was $101,859 compared to $64,999 the prior period. In the current period we had $211,806 of interest expense, a gain of $104,436 on derivative valuation and a gain on forgiveness of debt of $5,511. In the prior period we had $202,374 of interest expense, a gain of $132,234 on derivative valuation and a gain on forgiveness of debt of $5,141.

Net Loss

Our net loss from continuing operations for the three months ended March 31, 2026, was $65,737 compared to $108,272 for the three months ended March 31, 2025, a decrease to our net loss from continuing operations of $42,535. Our net loss decreased in the current period due to the reasons discussed above.

For the three months ended March 31, 2026, we recognized a gain from discontinued operations of $2,286,438 due to the extinguishment of time barred debt $2,324,279 and $37,841 of interest expense.

For the three months ended March 31, 2025, we recognized a loss from discontinued operations of $37,841 due to interest expense.

Liquidity and Capital Resources

We have had a history of losses from operations, as our expenses have been greater than our revenue. Our accumulated deficit was approximately $60.1 million at March 31, 2026. As of March 31, 2026, we had current assets of $2.3 million and current liabilities of approximately $22.5 million, resulting in a working capital deficit of approximately $20.2 million at March 31, 2026.

Operating Activities

During the three months ended March 31, 2026, operations used $59,108 of net cash, comprised of net income of $2,220,701, noncash items totaling $82,511 consisting primarily of a gain recognized from the changes in fair values of derivative liabilities and debt discount amortization, and changes in working capital totaling $89,140. During the three months ended March 31, 2025, operations used $468,328 of net cash, comprised of a loss of $155,436, noncash items totaling $73,351 consisting primarily of a gain recognized from the changes in fair values of derivative liabilities and debt discount amortization, and changes in working capital totaling $239,541.

Financing Activities

During the three months ended March 31, 2026, financing activities provided $60,855 of cash, compared to $469,538 of cash provided during the three months ended March 31, 2025. Cash provided in financing consisted mostly of related party loans.

Our Capital Resources and Anticipated Requirements

Our monthly operating costs are approximately $35,000 per month, excluding approximately $50,000 of accruing interest expense and capital expenditures. We continue to focus on generating revenue and reducing our monthly business expenses through cost reductions and operational streamlining. We have only recently begun to generate enough cash to sustain our day-to-day operations, and we expect to access external capital resources in the future to fund any new projects we may undertake. We cannot assure that we will be successful in obtaining such capital.

If we seek infusions of capital from investors, it is unlikely that we will be able to obtain additional debt financing. If we did incur additional debt, we would be required to devote additional cash flow to servicing the debt and securing the debt with assets.

Our issuance of additional shares for equity or for conversion of debt could dilute the value of our common stock and existing stockholders’ positions.

Convertible Debentures and Note Payable

We currently have an outstanding amended, restated, and consolidated secured convertible debenture with Tekfine, LLC, an unrelated entity, with a maturity date of April 30, 2027, to the extent not previously converted. The amended debenture had a total outstanding principal balance of $2.4 million, with accrued interest of $2 million as of March 31, 2026. We also have four additional convertible debentures with Tekfine with maturity dates ranging from December 8, 2022, until December 30, 2022, totaling $275,000, unless earlier converted. The convertible debentures and accrued interest are convertible into shares of our common stock at the lower of $100 or $0.10 (depending on the instrument) or the lowest bid price for the 20 trading days prior to conversion.

As of March 31, 2026 and December 31, 2025, there is $21,882 and $21,882 of short-term advances due to related parties , respectively. The advances are due on demand and included in current liabilities. No demand for payment has been made.

Going Concern

These interim unaudited financial statements have been prepared on the going concern basis, which assumes that adequate sources of financing will be obtained as required and that our assets will be realized and liabilities settled in the ordinary course of business. Accordingly, the interim unaudited financial statements do not include any adjustments related to the recoverability of assets and classification of assets and liabilities that might be necessary should we not be unable to continue as a going concern.

Critical Accounting Policies

We have identified the policies outlined below as critical to our business operations and an understanding of our results of operations. Refer to Note 2 – Summary of Significant Accounting Policies for discussion.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a smaller reporting company, we are not required to provide the information required by this item.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of March 31, 2026, we carried out an evaluation, under the supervision and with the participation of management, including our chief executive and financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation, management concluded that our disclosure controls and procedures were not effective as of March 31, 2026, to provide reasonable assurance that the information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the periods prescribed by U.S. Securities and Exchange Commission and that such information is accumulated and communicated to management, including our chief executive and financial officer, as appropriate, to allow timely decisions regarding required disclosure.

In designing and evaluating disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute assurance of achieving the desired objectives. Also, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. The design of any system of controls is based, in part, upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting during the quarter ended March 31, 2026, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

ITEM 5. OTHER INFORMATION

None.

PART II—OTHER INFORMATION

ITEM 6. EXHIBITS

The following exhibits are filed as a part of this report:

Exhibit Number*	Title of Document	Location

Item 31	Rule 13a-14(a)/15d-14(a) Certifications
31.01	Certification of Principal Executive and Principal Financial Officer Pursuant to Rule 13a-14	This filing.

Item 32	Section 1350 Certifications
32.01	Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	This filing.

Item 101	Interactive Data File
101.INS	Inline XBRL Instance Document	This filing.
101.SCH	Inline XBRL Taxonomy Extension Schema	This filing.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase	This filing.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase	This filing.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase	This filing.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase	This filing.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

All exhibits are numbered with the number preceding the decimal indicating the applicable SEC reference number in Item 601 and the number following the decimal indicating the document’s sequence.

The XBRL related information in Exhibit 101 will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and will not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as is expressly set forth by specific reference in such filing or document.

SIGNATURE PAGE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CIRTRAN CORPORATION

Dated: May 20, 2026	By:	/s/ Iehab Hawatmeh
		Iehab Hawatmeh, President
		Principal Executive and Financial Officer

CIRTRAN CORP 10-Q