Kraig Biocraft Laboratories, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Kraig Biocraft Laboratories, Inc. filed its Q1 2024 10-Q report on May 14, 2024, detailing financial positions and stock information.</b>

AI Summary

Kraig Biocraft Laboratories, Inc (KBLB) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Kraig Biocraft Laboratories, Inc. filed a 10-Q report on May 14, 2024, for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The company's principal business address is in Ann Arbor, Michigan. The Standard Industrial Classification code for the company is 2820 (Plastic Material, Syn Resins/Rubber, Cellulos). The filing includes data related to common stock, preferred stock, additional paid-in capital, and retained earnings as of March 31, 2024, and prior periods.

Why It Matters

For investors and stakeholders tracking Kraig Biocraft Laboratories, Inc, this filing contains several important signals. This 10-Q filing provides investors with an updated view of the company's financial health and capital structure as of the end of the first quarter of 2024. Understanding the details of common and preferred stock, as well as retained earnings, is crucial for assessing the company's financial performance and potential for future growth.

Risk Assessment

Risk Level: low — Kraig Biocraft Laboratories, Inc shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain significant new risks or disclosures beyond typical financial reporting.

Analyst Insight

Review the detailed financial statements and stock information within the 10-Q to understand Kraig Biocraft Laboratories' current financial standing and capital structure.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-14 — Filing Date (Date of submission)
• 2023-12-31 — Previous Period End Date (Comparison point for balance sheet items)
• 2023-01-01 — Prior Year Start Date (Comparison point for income statement items)

Key Players & Entities

• Kraig Biocraft Laboratories, Inc. (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-14 (date) — Filing date
• Ann Arbor, MI (location) — Business address
• 2820 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Kraig Biocraft Laboratories operates within the materials science sector, focusing on advanced materials. This filing is a standard quarterly report for a publicly traded company.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the balance sheet data for changes in assets, liabilities, and equity from the previous quarter.
2. Examine any disclosures related to stock issuances or changes in capital structure.
3. Compare key financial metrics, if available, to prior periods to identify trends.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-14: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous year's filings.

Filing Documents

• form10-q.htm (10-Q) — 1060KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-24-019270.txt (&nbsp;) — 6010KB
• kblb-20240331.xsd (EX-101.SCH) — 48KB
• kblb-20240331_cal.xml (EX-101.CAL) — 44KB
• kblb-20240331_def.xml (EX-101.DEF) — 223KB
• kblb-20240331_lab.xml (EX-101.LAB) — 377KB
• kblb-20240331_pre.xml (EX-101.PRE) — 302KB
• form10-q_htm.xml (XML) — 972KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 31

OTHER INFORMATION

PART II OTHER INFORMATION

Legal proceedings

Item 1. Legal proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 32

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 32

Other information

Item 5. Other information 32

Exhibits

Item 6. Exhibits 33 2 Kraig Biocraft Laboratories, Inc. and Subsidiary Condensed Consolidated Balance Sheets March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 2,047,307 $ 2,551,834 Inventory 6,884 6,884 Prepaid expenses 4,043 14,902 Total Current Assets 2,058,234 2,573,620 Property and Equipment, net 59,911 66,640 Investment in gold bullions (cost $ 450,216 and $ 450,216 , respectively) 536,799 493,236 Operating lease right-of-use asset, net 114,027 95,808 Security deposit 3,518 3,518 Total Assets $ 2,772,489 $ 3,232,822 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued expenses $ 509,455 $ 541,637 Note payable - related party 1,617,000 1,617,000 Royalty agreement payable - related party 65,292 65,292 Accounts payable and accrued expenses - related party 6,687,800 6,584,648 Accounts payable and accrued expenses 6,687,800 6,584,648 Operating lease liability, current 56,736 41,789 Loan payable 20,244 35,244 Total Current Liabilities 8,956,527 8,885,610 Long Term Liabilities Operating lease liability, net of current 57,991 54,368 Total Liabilities 9,014,518 8,939,978 Commitments and Contingencies (Note 9) - - Stockholders' Deficit Preferred stock, no par value; unlimited shares authorized, none , issued and outstanding - - Preferred stock Series A, no par value; 3 and 2 shares issued and outstanding, respectively 5,237,800 5,217,800 Preferred stock value 5,237,800 5,217,800 Common stock Class A, no par value; unlimited shares authorized, 1,038,374,219 and 1,030,940,008 shares issued and outstanding, respectively 27,385,611 27,385,611 Common stock Class B, no par value; unlimited shares authorized, no shares issued and outstanding - - Common stock value - - Common Stock Issuable, 1,122,311 and 1,122,311 shares, respectively 22,000 22,000 Additional paid-in c

financial statements

financial statements. There are various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on our consolidated financial position, results of operations or cash flows. Equipment The Company values property and equipment at cost and depreciates these assets using the straight-line method over their expected useful life. In accordance with FASB ASC No. 360, Property, Plant and Equipment, the Company carries long-lived assets at the lower of the carrying amount or fair value. Impairment is evaluated by estimating future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected undiscounted future cash flow is less than the carrying amount of the assets, an impairment loss is recognized. Fair value, for purposes of calculating impairment, is measured based on estimated future cash flows, discounted at a market rate of interest. 10 Fair Value of Financial Instruments We hold certain financial assets, which are required to be measured at fair value on a recurring basis in accordance with the Statement of Financial Accounting Standard No. 157, "Fair Value Measurements" ("ASC Topic 820-10"). ASC Topic 820-10 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). ASC Topic 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Level 1 instruments include cash and cash equivalents, account receivable, prepaid expenses, inventory and account payable a

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View this 10-Q filing on SEC EDGAR