U.S. SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549

                           FORM 10-QSB

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

     For the quarterly period ended March 31, 2001

      [   ]     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. 33-13674-LA

                       CIRTRAN CORPORATION
     (Exact name of small business issuer as specified in its
                            charter)

            Nevada                          68-0121636
(State or other jurisdiction of    (IRS Employer Identification
incorporation or organization)                 No.)

       4125 South 6000 West, West Valley City, Utah 84128
            (Address of principal executive offices)

                         (801) 963-5112
                   (Issuer's telephone number)

                         Not Applicable
  (Former name, address and fiscal year, if changed since last
                             report)

Check whether the issuer (1) has filed all reports required to be
filed  by  Section  13 or 15(d) of the Exchange  Act  during  the
preceding  12 months (or for such shorter period that the  issuer
was  required to file such reports), and (2) has been subject  to
such filing requirements for the past 90 days. Yes [X] No [  ]

State  the  number of shares outstanding of each of the  issuer's
classes  of  common  equity, as of March  31,  2001:   10,420,067
shares of common stock.

Transitional Small Business Format:  Yes [   ]  No [ X ]

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                        TABLE OF CONTENTS

                                                            Page
PART I - FINANCIAL INFORMATION

Item 1    Condensed Consolidated Financial Statements

          Balance  Sheets as of March  31,  2001
          (unaudited) and December 31, 2000                  2

          Statements of Operations for the Three
          Months    Ended   March    31,    2001
          (unaudited) and 2000 (unaudited)                   3

          Statements of Cash Flows for the Three
          Months ended
          March  31, 2001 (unaudited)  and  2000
          (unaudited)                                        4

          Notes    to   Condensed   Consolidated
          Financial Statements (unaudited)                   6

Item 2    Managements   Discussion  and  Analysis   of
          Financial    Condition   and   Results    of
          Operation                                          8

PART II - OTHER INFORMATION

Item 6    Exhibits and Reports on Form 8-K                   11

          Signatures                                         11

                                1
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               CirTran Corporation and Subsidiary

              UNAUDITED CONSOLIDATED BALANCE SHEET

                             ASSETS

                                                 March 31,   December 31,
                                                   2001         2000
CURRENT ASSETS
Cash and cash equivalents                         $      200     $   11,068
Trade accounts receivable, net of allowance for
 doubtful accounts fo $56,450 in 2001 and
 $360,493 in 2000                                    554,743        883,825
Inventories                                        2,084,067      2,056,686
Other                                                102,636         94,176
Total current assets                               2,741,646      3,045,755
PROPERTY AND EQUIPMENT, NET                        1,697,677      1,871,076
OTHER ASSETS, NET                                     46,073         46,072

                                                 $ 4,485,396    $ 4,962,903


              LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES
Current maturities of long-term obligations        3,417,090      3,414,090
Current maturities of capital lease obligations       39,274         39,274
Checks written in excess of cash in bank              78,230          5,491
Accounts payable                                   1,218,012      1,166,057
Accrued liabilities                                1,717,592      1,711,991
Notes payable to stockholders                      1,020,966      1,020,966
Total current liabilities                          7,491,164      7,357,869
LONG-TERM OBLIGATIONS, less current maturities       499,535        529,964
CAPITAL LEASE OBLIGATIONS, less current
 maturities                                           14,257         14,257
COMMITMENTS                                                -              -
STOCKHOLDERS' DEFICIT
Common stock, $0.001 par value; Authorized
 500,000,000 shares; issued and outstanding;
 10,420,067 in 2001 and 2000                          10,420         10,420
Additional paid-in capital                         5,810,035      5,810,035
Accumulated deficit                               (9,340,015)    (8,759,642)
Total stockholders' deficit                       (3,519 ,560)   (2,939,187)

                                                 $ 4,485,396    $ 4,962,903

The accompanying notes are an integral part of these statements.

                                2
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               CirTran Corporation and Subsidiary

         UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS


                                               Three months ended
                                                   March 31,
                                                 2001         2000
Net sales                                     $ 650,485   $   728,537
Cost of sales                                   460,401     1,749,105

Gross profit (loss)                             190,084    (1,020,568)

Selling, general and administrative expenses    645,153       583,409
Plant closure expenses                           15,250             -

Loss from operations                           (470,319)   (1,603,977)

Other income (expense)
Interest expense                               (110,054)       (2,247)
Other income                                          -        32,433
                                               (110,054)       30,186
Loss before income taxes                       (580,373)   (1,573,791)
Income tax expense                                    -             -

NET LOSS                                      $(580,373) $ (1,573,791)
Net loss per common share - basic             $   (0.06) $      (0.18)
Net loss per common share - diluted           $   (0.06) $      (0.18)
Weighted-average common and  diluted
 common equivalent shares outstanding
Basic                                        10,420,067     8,807,511
Diluted                                      10,420,067     8,807,511


The accompanying notes are an integral part of these statements.

                                3
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               CirTran Corporation and Subsidiary

         UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

              For the Three Months ended March 31,


                                                   2001       2000
Increase (decrease) in cash and cash equivalents
Cash flows from operating activities
Net loss                                        $ (580,373) $ (1,573,791)
 Adjustments to reconcile net loss to net
  cash used in operating activities
 Depreciation and amortization                     175,243       104,999
 Provision for loss on trade receivables          (16,324)            -
 Reserve for inventory obsolescence                     -             -
 Changes in assets and liabilities
 Trade accounts receivable                        345,406       645,383
 Inventories                                      (27,381)       98,627
 Other assets                                      (8,460)      (26,491)
 Accounts payable                                  51,955       430,306
 Accrued liabilities                                5,600       364,621

  Total adjustments                               526,039     1,617,445

  Net cash used in
   operating activities                           (54,334)       43,654

  Net cash used in investing activities -          (1,844)       (7,553)
    purchase of property and equipment

                           (Continued)

                                4
<PAGE>
               CirTran Corporation and Subsidiary

   UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED

              For the Three Months ended March 31,


                                                   2001     2000
Cash flows from financing activities
Decrease in receivable from stockholders                -      30,000
Increase in checks written in excess
  of cash in bank                                  72,739      44,407
Net change in line of credit                            -      13,006
Principal payments on long-term obligations       (27,429)   (109,711)
Issuance of common stock                                -     103,000

Net cash provided by
 financing activities                              45,130      80,702

Net (decrease) increase in cash and
cash equivalents                                  (10,868)    116,803

Cash and cash equivalents at beginning of period   11,068         500

Cash and cash equivalents at end of period      $     200  $  117,303

Supplemental disclosure of cash flow information
Cash paid during the period for
Interest                                        $  13,054  $    2,247

The accompanying notes are an integral part of these statements.

                                5
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               CirTran Corporation and Subsidiary

      NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE A - BASIS OF PRESENTATION

   The  accompanying unaudited consolidated financial  statements
   of  CirTran Corporation and Subsidiary (the Company) have been
   prepared  in  accordance  with generally  accepted  accounting
   principles  for  interim financial information  and  with  the
   instructions  to  Form  10-QSB. Accordingly,  these  financial
   statements do not include all of the information and  footnote
   disclosures   required   by  generally   accepted   accounting
   principles   for   complete   financial   statements.    These
   financial statements and footnote disclosures should  be  read
   in   conjunction  with  the  audited  consolidated   financial
   statements  and notes thereto for the year ended December  31,
   2000.    In   the  opinion  of  management,  the  accompanying
   unaudited   consolidated  financial  statements  contain   all
   adjustments  (consisting of only normal recurring adjustments)
   necessary   to   fairly  present  the  Company's  consolidated
   financial  position  as  of March 31, 2001,  its  consolidated
   results  of  operations and cash flows for  the  three  months
   ended March 31, 2001 and 2000.  The results of operations  for
   the  three  months ended March 31, 2001 and 2000, may  not  be
   indicative  of the results that may be expected for  the  year
   ending December 31, 2001.


NOTE B - INVENTORIES

   Inventories consist of the following at March 31:

                                            2001      2000
     Raw materials                       $ 1,903,604  $ 1,609,731
     Work-in process                         116,210    1,015,925
     Finished goods                          466,561      822,003
                                           2,486,375    3,447,659
     Less reserve for obsolescence          (402,308)    (489,903)
                                         $ 2,084,067  $ 2,957,756
                                6
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NOTE C - MERGER AGREEMENT

   Effective  July  1,  2000,  all  of  the  assets  and  certain
   liabilities  of Circuit Technology Corporation (Circuit)  were
   acquired  by  CTI  Systems,  Inc.  (CTISI),  a  wholly   owned
   subsidiary   of  Vermillion  Ventures,  Inc.  (VVI).   Circuit
   received  10,000,000  shares  of  VVI  common  stock  in   the
   transaction  of which 800,000 shares were paid by  Circuit  to
   Cogent  Capital  Corp. for services performed in  facilitating
   the  transaction.   CTISI subsequently  changed  its  name  to
   CirTran Corporation.

   The  merger  was  accounted for as a  reverse  acquisition  of
   CirTran  Corporation by Circuit.  Although CirTran Corporation
   will  be  the surviving legal entity, for accounting  purposes
   Circuit  was treated as the continuing entity.  The equity  at
   March  31,  2000 was adjusted to give affect to  this  reverse
   acquisition.


NOTE D - LITIGATION

   Circuit  is  a defendant in an alleged breach of a  facilities
   sublease agreement in Colorado.  A lawsuit was filed in  which
   the  plaintiff  seeks to recover past due rent,  future  rent,
   and  other  lease  charges.  The range of  potential  loss  is
   estimated  at  between $0 and $2,500,000.  The wide  range  is
   due  to  two  rent calculation methods written in  the  master
   lease.   Under one calculation, the amount would  be  minimal.
   Under  the  other calculation, the amount would represent  all
   future  rent  (reduced by rent received from future  tenants).
   Currently,  a  new tenant on a short-term lease  occupies  the
   premises.  This new tenant's lease includes rent at two  times
   the  monthly  rate of the original lease under  suit.  Circuit
   has  also filed a countersuit against the landlord for missing
   equipment.   The  amount  of  the  countersuit  claim  exceeds
   $500,000.

   Circuit  is  also  the  defendant in  numerous  legal  actions
   primarily  resulting from nonpayment of vendors for goods  and
   services  received.  Circuit has accrued the payables  and  is
   currently  in  the  process  of negotiating  settlements  with
   these vendors.


                                7
<PAGE>


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

Overview

     CirTran Corporation provides a mixture of high and medium
size volume turnkey manufacturing services using surface mount
technology (SMT), ball-grid array (BGA) assembly, pin-through-
hole (PTH) and custom injection molded cabling for leading
electronics OEMs in the communications, networking, peripherals,
gaming, consumer products, telecommunications, automotive,
medical, and semiconductor industries.  CirTran provides a wide
variety of pre-manufacturing, manufacturing and post-
manufacturing services.  Through its subsidiary, Racore
Technology Corporation, CirTran designs, manufactures, and
markets high performance Local Area Network products with
emphasis on Fiber Optics and 10/100 Ethernet technologies.  Our
goal is to offer customers the significant competitive advantages
that can be obtained from manufacture outsourcing, such as access
to advanced manufacturing technologies, shortened product time-to-
market, reduced cost of production, more effective asset
utilization, improved inventory management, and increased
purchasing power.

Results of Operations

     Net Sales decreased 10.7% to $650,485 for the three months
ended March 31, 2001 as compared to $728,537 for the same period
in 2000.  The decrease is due to a shift in our marketing effort
to focus on small and mid-sized customers that place orders of
100 to 5,000 pieces, which produce a higher gross profit, rather
than large volume sales with low gross profit.  Cost of sales for
the three-month period ended March 31, 2001, was $460,401, a
73.7% decrease as compared to $1,749,105 incurred during the
comparable three-month period for the prior year.  Such costs as
a percentage of revenue were 70.8% during 2001 as compared to
240.1% during 2000.  This redirection of Cirtran's marketing
effort resulted in a gross profit of $190,084 for the three
months ended March 31, 2001, as compared to a gross loss of
$1,020,568 for the three months ended March 31, 2000.

     CirTran uses just-in-time manufacturing, which is a
production technique that minimizes work-in-process inventory and
manufacturing cycle time while enabling the Company to deliver
products to customers in the quantities and time frame required.
This manufacturing technique requires Cirtran to maintain an
inventory of component parts to meet customer orders.  Inventory
at March 31, 2001, was $2,084,067 as compared to $2,056,686 at
March 31, 2000.  Management believes the amount of its inventory
that may be considered obsolete or slow moving is properly
reserved and that Cirtran will be able to maintain a gross profit
of at least 15% through the remainder of 2001 based on current
prices for assembled circuit boards and the cost of inventory.

     During the three-month period ended March 31, 2001, selling,
general and administrative expenses were $645,153, versus
$583,409 for the comparable period in 2000, a 10.6% increase.
The increase is attributable to increased interest expense and
professional fees.  Interest expense for the three months ended
March 31, 2001, was $110,054 as compared to $2,247 for the
comparable period in 2000.  The substantial increase in interest
expense is attributable to the restructuring during the last
calendar quarter of 2000 of Citran's accounts payable accrued in
2000 to installment obligations bearing interest.

                                8
<PAGE>

     As a result of the above factors, the overall net loss
decreased 63.1% to $580,373 for the three months ended March 31,
2001, as compared to $1,573,791 for the three months ended March
31, 2000.

Liquidity and Capital Resources

     Cirtran's current ratio at March 31, 2001 was 0.37:1 and at
March 31, 2000, was 0.41:1.  The primary reason for the change
was the reduction of trade accounts receivable from $883,825 at
March 31, 2000, to $554,743 at March 31, 2001.  Cirtran had a
working capital deficit of $4,749,518 at March 31, 2001, and has
recognized a net loss from operations through 2000 and the first
three months of 2001.  These factors raise substantial doubt
about the ability of Cirtran to continue as a going concern.

     To address this issue, CirTran plans on working with vendors
to convert approximately 72 percent of trade payables into long-
term notes and common stock and cure defaults with lenders
through forbearance agreements that the Company will be able to
service.  Also, Abacus Ventures, Inc., purchased the Company's
line of credit from the lending institution and, based on certain
criteria, has indicated its willingness to exchange the debt for
common stock.  If successful, these plans will add significant
equity to the Company.  During the last six months of 2000,
CirTran successfully extended payment terms on $940,000 of trade
payables to monthly installment obligations with interest
accruing at the rate of 8% per annum.  It settled $646,283 of
trade payables with another creditor by paying $83,000 in cash,
issuing a non-interest bearing note in the principal amount of
$166,000 due in two installments in December 2000 and March 2001
(which has been paid), issuing a promissory note in the principal
amount of $73,000 bearing interest at 6% per annum payable in 18
monthly installments, and converting the remaining $324,283 to
352,070 shares of common stock.  CirTran will continue to pursue
these restructuring efforts to improve its financial condition,
but there is no assurance that management will be successful in
these efforts.

Year 2000 Compliance

   Cirtran experienced no significant disruptions in mission
critical information technology and manufacturing systems and
believes those systems successfully responded to the Year 2000
date change.  The costs associated with Year 2000 compliance were
nominal.  Cirtran is not aware of any material problems resulting
from Year 2000 issues with its internal systems or the services
of third parties.  Cirtran will continue to monitor its mission
critical computer applications and those of its supplier and
vendors throughout the year to ensure that any latent Year 2000
matters that may arise are addressed properly.

Forward-Looking Statements

     The Private Securities Litigation Reform Act of 1985
provides a safe harbor for forward-looking statements made by
Cirtran, except where such statements are made in connection with
an initial public offering.  All statements, other than
statements of historical fact, which address activities, actions,
goals, prospects, or new developments that Cirtran expects or
anticipates will or may occur in the future, including such
things as improvement in results of operations and other such
matters are forward-looking statements.  Any one or a combination
of factors could materially affect Cirtran's operations and
financial condition.  These factors include competitive
pressures, success or failure of marketing programs, changes in
pricing and availability of parts inventory, creditor actions,
and conditions in the capital markets.  Forward-looking
statements made by Cirtran are based on knowledge of its business
and the environment in which it operates as of the date of this
report.

                                9
<PAGE>

 Because of the factors listed above, as well as other factors
beyond its control, actual results may differ from those in the
forward-looking statements.

                   PART II.  OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K.

     Reports on Form 8-K:  None

     Exhibits:  None

                           SIGNATURES

     In accordance with the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned
thereunto duly authorized.

                                   CIRTRAN CORPORATION

Date: June 11, 2001               By:/s/Iehab J. Hawatmeh
                                   President

                               10
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