Kraig Biocraft Labs Files Q3 2024 10-Q

TL;DR

Kraig Biocraft Labs filed their Q3 10-Q. Check financials.

AI Summary

Kraig Biocraft Laboratories, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial position and operational activities. Specific financial figures and operational highlights for the third quarter of 2024 are presented within the report.

Why It Matters

This filing provides investors with an update on Kraig Biocraft Laboratories' financial health and performance for the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that requires careful analysis to assess the company's current financial health and future prospects.

Key Numbers

• 2024-09-30 — Period End Date (The end of the fiscal quarter for which the report is filed.)
• 2024-11-13 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Kraig Biocraft Laboratories, Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period for the 10-Q
• 2024-11-13 (date) — Filing date of the 10-Q

FAQ

Filing Documents

• form10-q.htm (10-Q) — 1564KB
• ex31-1.htm (EX-31.1) — 19KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 9KB
• ex32-2.htm (EX-32.2) — 9KB
• 0001493152-24-045153.txt ( ) — 8119KB
• kblb-20240930.xsd (EX-101.SCH) — 55KB
• kblb-20240930_cal.xml (EX-101.CAL) — 49KB
• kblb-20240930_def.xml (EX-101.DEF) — 264KB
• kblb-20240930_lab.xml (EX-101.LAB) — 471KB
• kblb-20240930_pre.xml (EX-101.PRE) — 377KB
• form10-q_htm.xml (XML) — 1515KB

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 25

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 32

OTHER INFORMATION

PART II OTHER INFORMATION

Legal proceedings

Item 1. Legal proceedings 33

Risk Factors

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33

Other information

Item 5. Other information 33

Exhibits

Item 6. Exhibits 34 2 Kraig Biocraft Laboratories, Inc. and Subsidiary Condensed Consolidated Balance Sheets September 30, 2024 December 31, 2023 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 1,190,027 $ 2,551,834 Inventory 6,884 6,884 Prepaid expenses 41,229 14,902 Total Current Assets 1,238,140 2,573,620 Property and Equipment, net 46,533 66,640 Investment in gold bullions (cost $ 450,216 and $ 450,216 , respectively) 635,845 493,236 Operating lease right-of-use asset, net 98,666 95,808 Security deposit 7,174 3,518 Total Assets $ 2,026,358 $ 3,232,822 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued expenses $ 514,449 $ 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 7,086,560 6,584,648 Accounts payable and accrued expenses 7,086,560 6,584,648 Operating lease liability, current 57,518 41,789 Loan payable - 35,244 Total Current Liabilities 9,340,819 8,885,610 Long Term Liabilities Operating lease liability, net of current 42,548 54,368 Total Liabilities 9,383,367 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 ca

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