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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT Pursuant
to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): March 31, 2008
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CirTran Corporation
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(Exact Name of Registrant as Specified in Its Charter)
Nevada
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(State of Other Jurisdiction of Incorporation)
0-26059 68-0121636
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(Commission File Number) (IRS Employer Identification No.)
4125 South 6000 West, West Valley City, Utah 84128
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(Address of Principal Executive Offices) (Zip Code)
801-963-5112
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
Item 1.01 Entry into a Material Definitive Agreement
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement of a Registrant
Issuance of Promissory Notes; Entry into Subscription Agreements
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On March 31, 2008, CirTran Corporation (the "Company"), issued five
promissory notes (the "Notes") for an aggregate indebtedness of $315,000 to five
individuals (collectively, the "Noteholders"). Additionally, the Company entered
into subscription agreements (the "Subscription Agreements") with the
Noteholders.
Under the terms of the Notes, the Company received proceeds of
$300,000. The Company agreed to repay an aggregate of $315,000, which consists
of the amount borrowed plus a "five percent (5%) borrowing fee." The Notes are
due and payable within 30 days after demand is made for payment. The Noteholders
agreed not to demand payment within the first 30 days after the Notes were
issued. The Company is entitled to pre-pay any or all amounts of the Notes with
no penalty.
Upon the first to occur of (i) the date thirty-one days after the date
of a Note, or (ii) the occurrence of an Event of Default, as defined in the
Notes, unless the Event of Default has been cured within any grace period set
forth in the Notes, the Notes will also bear interest at twelve percent (12%)
per annum, based on a 365-day year. Events of default include a default in the
payment of any payment of principal of the Note when the same becomes due and
payable, and remains in default for a period of 10 days after the Noteholder
gives notice of such default. Other events of default are listed in the Note.
The Noteholders and the repayment amounts of the Notes issued are as
follows: Ayed Hawatmeh - $105,000; Najib Bouz - $52,500; Paul Bouz - $52,500;
Michael Absi - $52,500; and Isaiah Khoury - $52,500.
The Company intends to use the proceeds from the issuances of the Notes
in connection with the business of CirTran Beverage Corp., a Utah corporation
and wholly owned subsidiary of the Company.
The Company also entered into Subscription Agreements with the
Noteholders in connection with the issuances of the Notes. The Noteholders
represented that they were accredited investors, that they had reviewed the
Company's publicly filed reports to their satisfaction, and that they
acknowledged that the Notes were restricted.
The foregoing summaries of the terms and conditions of the Notes and
the Subscription Agreements do not purport to be complete and are qualified in
their entirety by reference to the full text of each of the respective
agreements attached as exhibits hereto, and which are hereby incorporated herein
by reference.
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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99.1 Form of Promissory Note
99.2 Form of Subscription Agreement
SIGNATURES
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
Date: April 4, 2008 By: /s/ Iehab Hawatmeh
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Iehab J. Hawatmeh, President
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