Kraig Biocraft Laboratories Inc
For the period ended Mar 31, 2024. Filed May 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 14, 2024
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Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 (Audited)
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 |
| 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 |
| 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 Issuable, 1,122,311 and 1,122,311 shares, respectively | 22,000 | 22,000 |
| Additional paid-in capital | 11,307,215 | 11,354,213 |
| Accumulated Deficit | (50,194,655) | (49,686,780) |
| Total Stockholders’ Deficit | (6,242,029) | (5,707,156) |
| Total Liabilities and Stockholders’ Deficit | $2,772,489 | $3,232,822 |
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