Kraig Biocraft Laboratories Inc

Previous wording

Research and development expenses: During the three months ended June 30, 2024, we incurred $49,414 of research and development expenses. During the three months ended June 30, 2023, we incurred $57,035 of research and development expenses. This was a decrease of $7,621 or 13.36% in 2024 compared with the same period in 2023. This decrease was due to a decrease in research spending.

Current wording

Research and development expenses: During the three months ended September 30, 2024, we incurred $24,968 of research and development expenses. During the three months ended September 30, 2023, we incurred $39,129 of research and development expenses. This was a decrease of $14,161 or 36.19% in 2024 compared with the same period in 2023. This decrease was due to a decrease in research spending.

Previous wording

Professional Fees: During the three months ended June 30, 2024, we incurred $104,198 of professional expenses, which increased by $72,849 or 232.38% from $31,349 for the three months ended June 30, 2023. This increase was primarily due to an increase in professional fees and in investor relations services.

Current wording

Professional Fees: During the three months ended September 30, 2024, we incurred $40,922 of professional expenses, which increased by $17,628 or 75.68% from $23,294 for the three months ended September 30, 2023. This increase was primarily due to an increase in professional fees and in investor relations services.

Previous wording

Officers Salary: During the three months ended June 30, 2024, officers’ salary expenses increased to $234,788 or 36.80% from $171,625 for the three months ended June 30, 2023. This change was primarily due to a 6.0% annual increase for the Company’s CEO and offset by a bonus paid to the Company’s COO for the three months ended June 30, 2023.

Current wording

Officers Salary: During the three months ended September 30, 2024, officers’ salary expenses decreased to $152,609 or % 11.45 from $172,335 for the three months ended September 30, 2023. This change was primarily due to a 6.0% annual increase for the Company’s CEO and offset by a bonus paid to the Company’s COO for the three months ended September 30, 2023.

Previous wording

General and Administrative Expense: General and administrative expenses increased by $877,071 or 397.46% to $1,097,738 for the three months ended June 30, 2024 from $220,667 for the three months ended June 30, 2023. Our general and administrative expenses for the three months ended June 30, 2024 consisted of other general and administrative expenses (which includes expenses such as auto, business development, SEC filings, investor relations, general office, warrants and shares issued for services) of $874,522, travel of $27,341, and office salary of $127,630 for a total of $1,097,738. Our general and administrative expenses for the three months ended June 30, 2023 consisted of other general and administrative expenses (which includes expenses such as auto, business development, SEC filings, investor relations, general office, warrants and shares issued for services) of $141,500, travel of $4,376, and office salary of $74,791 for a total of $220,667.

Current wording

General and Administrative Expense: General and administrative expenses decreased by $19,389 or 8.63% to $205,298 for the three months ended September 30, 2024, from $224,687 for the three months ended September 30, 2023. Our general and administrative expenses for the three months ended September 30, 2024, consisted of other general and administrative expenses (which includes expenses such as auto, business development, SEC filings, investor relations, general office, warrants and shares issued for services) of $83,241, travel of $10,640, and office salary of $97,252 for a total of $205,298. Our general and administrative expenses for the three months ended September 30, 2023, consisted of other general and administrative expenses (which includes expenses such as auto, business development, SEC filings, investor relations, general office, warrants and shares issued for services) of $107,083, travel of $4,243, and office salary of $113,361 for a total of $224,687.

Previous wording

Net Change in Unrealized Appreciation and Depreciation on Investment in Gold Bullion: Net change in unrealized appreciation on investment in gold bullion increased by $32,397 to $20,626 for the three-month period ended June 30, 2024 from depreciation of $11,771 for the three month period ended June, 2023. The increase was primarily due to a net change in unrealized appreciation on investment in gold bullion.

Current wording

Net Change in Unrealized Appreciation and Depreciation on Investment in Gold Bullion: Net change in unrealized appreciation on investment in gold bullion increased by $95,475 to $78,420 for the three-month period ended September 30, 2024, from depreciation of $17,055 for the three month period ended September 30, 2023. The increase was primarily due to a net change in unrealized appreciation on investment in gold bullion.

Previous wording

Interest Expense: Interest expense increased by $11,607 to $130,889 for the three-month period ended June 30, 2024 from $119,282 for the three month period ended June 30, 2023. The increase was primarily due to interest on certain Company loans.

Current wording

Interest Expense: Interest expense increased by $10,921 to $132,890 for the three-month period ended September 30, 2024, from $121,969 for the three month period ended September 30, 2023. The increase was primarily due to interest on certain Company loans.

Previous wording

Impairment of Right of Use Asset: Impairment of right of use asset increased by $30,084 to $30,084 for the three-month period ended June 30, 2024 from $0 for the three month period ended June 30, 2023. This increase was due to the Company’s negotiations to terminate its ROU lease arrangement.

Current wording

Gain on Impairment of Right of Use Asset: Impairment of right of use asset increased by $30,084 to $30,084 for the three-month period ended September 30, 2024, from $0 for the three month period ended September 30, 2023. This increase was due to the Company’s negotiations to terminate its ROU lease arrangement.

Previous wording

Net Loss: Net loss increased by $958,191, or 82.90%, to a net loss of $2,114,064 for the six-month period ended June 30, 2024 from a net loss of $1,155,873 for the six month period ended June 30, 2023. This decrease in net loss was primarily attributable to decreases in general and administrative expenses and research and development expenses and offset by an increase in professional fees and officers salary.

Current wording

Net Loss: Net loss decreased by $116,073, or 21.13%, to a net loss of $433,200 for the three-month period ended September 30, 2024 from a net loss of $549,273 for the three month period ended September 30, 2023. This decrease in net loss was primarily attributable to decreases in general and administrative expenses, officers salary, and research and development and offset by an increase in professional fees.

Previous wording

Six months ended June 30, 2024 compared to the six months ended June 30, 2023:

Current wording

Nine months ended September 30, 2024, compared to the nine months ended September 30, 2023:

Previous wording

Our revenue, operating expenses, and net loss from operations for the six month period ended June 30, 2024 as compared to the six month period ended June 30, 2023, were as follows – some balances on the prior period’s combined financial statements have been reclassified to conform to the current period presentation:

Current wording

Our revenue, operating expenses, and net loss from operations for the nine month period ended September 30, 2024, as compared to the nine month period ended September 30, 2023, were as follows – some balances on the prior period’s combined financial statements have been reclassified to conform to the current period presentation:

Previous wording

Net Revenues: During the six months ended June 30, 2024, we realized $0 of revenues from our business. During the six months ended June 30, 2023, we realized $0 of revenues from our business. The change in revenues between the quarter ended June 30, 2024 and 2023 was $0 or 0%.

Current wording

Net Revenues: During the nine months ended September 30, 2024, we realized $0 of revenues from our business. During the nine months ended September 30, 2023, we realized $0 of revenues from our business. The change in revenues between the quarter ended September 30, 2024, and 2023 was $0 or 0%.

Previous wording

Cost of Revenues: Costs of revenues for the six months ended June 30, 2024 were $0, as compared to $0 for the six months ended June 30, 2023, a change of $0 or 0%.

Current wording

Cost of Revenues: Costs of revenues for the nine months ended September 30, 2024, were $0, as compared to $0 for the nine months ended September 30, 2023, a change of $0 or 0%.

Previous wording

Gross Profit: During the six months ended June 30, 2024, we realized a gross profit of $0, as compared to $0 for the six months ended June 30, 2023, a change of $0 or 0%.

Current wording

Gross Profit: During the nine months ended September 30, 2024, we realized a gross profit of $0, as compared to $0 for the nine months ended September 30, 2023, a change of $0 or 0%.

Previous wording

Research and development expenses: During the six months ended June 30, 2024, we incurred $78,849 of research and development expenses. During the six months ended June 30, 2023, we incurred $126,127 of research and development expenses. This was a decrease of $47,278 or 37.48% in 2024 compared with the same period in 2023. This decrease was due to a decrease in research spending.

Current wording

Research and development expenses: During the nine months ended September 30, 2024, we incurred $103,817 of research and development expenses. During the nine months ended September 30, 2023, we incurred $165,256 of research and development expenses. This was a decrease of $61,439 or 37.18% in 2024 compared with the same period in 2023. This decrease was due to a decrease in research spending.

Previous wording

Professional Fees: During the six months ended June 30, 2024, we incurred $180,380 of professional expenses, which increased by $114,284 or 172.91% from $66,096 for the six months ended June 30, 2023. This increase was primarily due to an increase in professional fees and in investor relations services.

Current wording

Professional Fees: During the nine months ended September 30, 2024, we incurred $221,302 of professional expenses, which increased by $131,912 or 147.57% from $89,390 for the nine months ended September 30, 2023. This increase was primarily due to an increase in professional fees and in investor relations services.

Previous wording

Officers Salary: During the six months ended June 30, 2024, officers’ salary expenses increased to $70,257 or 20.47% from $343,249 for the six months ended June 30, 2023. This change was primarily due to a 6% annual increase for the Company’s CEO and offset by a bonus paid to the Company’s COO for the six months ended June 30, 2023.

Current wording

Officers Salary: During the nine months ended September 30, 2024, officers’ salary expenses increased to $566,115 or 9.80% from $515,584 for the nine months ended September 30, 2023. This change was primarily due to a 6% annual increase for the Company’s CEO and offset by a bonus paid to the Company’s COO for the nine months ended September 30, 2023.

Previous wording

General and Administrative Expense: General and administrative expenses increased by $830,343 or 192.31% to $1,262,113 for the six months ended June 30, 2024 from $431,770 for the six months ended June 30, 2023. Our general and administrative expenses for the six months ended June 30, 2024 consisted of other general and administrative expenses (which includes expenses such as auto, business development, SEC filings, investor relations, general office, warrants and shares issued for services) of $879,529, travel of $40,707, and office salary of $238,678 for a total of $1,262,113. Our general and administrative expenses for the six months ended June 30, 2023 consisted of other general and administrative expenses (which includes expenses such as auto, business development, SEC filings, investor relations, general office, warrants and shares issued for services) of $273,997, travel of $12,168, and office salary of $145,605 for a total of $431,770.

Current wording

General and Administrative Expense: General and administrative expenses increased by $810,954 or 123.53% to $1,467,411 for the nine months ended September 30, 2024, from $656,457 for the nine months ended September 30, 2023. Our general and administrative expenses for the nine months ended September 30, 2024, consisted of other general and administrative expenses (which includes expenses such as auto, business development, SEC filings, investor relations, general office, warrants and shares issued for services) of $962,770, travel of $51,347, consulting of $ 117,364, and office salary of $335,930 for a total of $1,262,113. Our general and administrative expenses for the nine months ended September 30, 2023, consisted of other general and administrative expenses (which includes expenses such as auto, business development, SEC filings, investor relations, general office, warrants and shares issued for services) of 381,080, travel of $16,411, and office salary of $258,966 for a total of $656,457.

Previous wording

Net Change in Unrealized Appreciation on Investment in Gold Bullion: Net change in unrealized appreciation on investment in gold bullion increased by $42,608 to $64,189 for the six-month period ended June 30, 2024 from $21,581 for the six month period ended June, 2023. The increase was primarily due to a net change in unrealized appreciation on investment in gold bullion.

Current wording

Net Change in Unrealized Appreciation on Investment in Gold Bullion: Net change in unrealized appreciation on investment in gold bullion increased by $138,083 to $142,609 for the nine-month period ended September 30, 2024, from $4,526 for the nine month period ended September 30, 2023. The increase was primarily due to a net change in unrealized appreciation on investment in gold bullion.

Previous wording

Interest Expense: Interest expense increased by $23,704 to $260,823 for the six-month period ended June 30, 2024 from $237,119 for the six month period ended June 30, 2023. The increase was primarily due to interest on certain Company loans.

Current wording

Interest Expense: Interest expense increased by $34,625 to $393,713 for the nine-month period ended September 30, 2024, from $359,088 for the nine month period ended September 30, 2023. The increase was primarily due to interest on certain Company loans.

Previous wording

Net Loss: Net loss increased by $1,017,098, or 172.66%, to a net loss of $1,606,189 for the three-month period ended June 30, 2024 from a net loss of $589,091 for the three month period ended June 30, 2023. This increase in net loss was primarily attributable to increases in general and administrative expenses, professional fees and officers salary, and offset by a decrease in research and development and officers salary.

Current wording

Net Loss: Net loss increased by $842,118, or 49.39%, to a net loss of $2,547,264 for the nine-month period ended September 30, 2024, from a net loss of $1,705,146 for the nine month period ended September 30, 2023. This increase in net loss was primarily attributable to increases in general and administrative expenses, professional fees and officers’ salary and offset by a decrease in research and development expenses.

Previous wording

Our financial statements have been presented on the basis that we have a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As presented in the unaudited condensed financial statements, we incurred a net loss of $2,114,064 during the six months ended June 30, 2024, and losses are expected to continue in the near term. The accumulated deficit is $51,800,844 at June 30, 2024. Refer to Note 2 for our discussion of stockholder deficit. We have been funding our operations through private loans and the sale of common stock in private placement transactions. Our cash resources are insufficient to meet our planned business objectives without additional financing. These and other factors raise substantial doubt about our ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of our company to continue as a going concern.

Current wording

Our financial statements have been presented on the basis that we have a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As presented in the unaudited condensed financial statements, we incurred a net loss of $2,547,264 during the nine months ended September 30, 2024, and losses are expected to continue in the near term. The accumulated deficit is $52,234,044 at September 30, 2024. Refer to Note 2 for our discussion of stockholder deficit. We have been funding our operations through private loans and the sale of common stock in private placement transactions. Our cash resources are insufficient to meet our planned business objectives without additional financing. These and other factors raise substantial doubt about our ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of our company to continue as a going concern.

Previous wording

Management anticipates that significant additional expenditures will be necessary to develop and expand our business before significant positive operating cash flows can be achieved. Our ability to continue as a going concern is dependent upon our ability to raise additional capital and to ultimately achieve sustainable revenues and profitable operations. At June 30, 2024, we had $1,521,531 of cash on hand. These funds are insufficient to complete our business plan and as a consequence, we will need to seek additional funds, primarily through the issuance of debt or equity securities for cash to operate our business. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to us. Even if we are able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stockholders, in the case of equity financing.

Current wording

Management anticipates that significant additional expenditures will be necessary to develop and expand our business before significant positive operating cash flows can be achieved. Our ability to continue as a going concern is dependent upon our ability to raise additional capital and to ultimately achieve sustainable revenues and profitable operations. At September 30, 2024, we had $1,190,027 of cash on hand. These funds are insufficient to complete our business plan and as a consequence, we will need to seek additional funds, primarily through the issuance of debt or equity securities for cash to operate our business. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to us. Even if we are able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stockholders, in the case of equity financing.

Previous wording

At June 30, 2024 we had a working capital deficit of $7,612,212, compared to a working capital deficitof $6,311,900 at December 31, 2023. Current liabilities increased to $9,146,075 at June 30, 2024 from $8,885,610 at December 31, 2023, primarily as a result of accounts payable – related party.

Current wording

At September 30, 2024, we had a working capital deficit of $8,102,679, compared to a working capital deficitof $6,311,900 at December 31, 2023. Current liabilities increased to $9,340,819 at September 30, 2024, from $8,885,610 at December 31, 2023, primarily as a result of accounts payable – related party.

Previous wording

For the six months ended June 30, 2024, net cash used in operations of $1,000,303 was the result of a net loss of $2,114,064 offset by depreciation expense of $13,459, impairment of right of use asset of $30,084, net change in unrealized appreciation in gold bullions of $64,189, warrants issuance of $789,227, imputed interest on related party loans of $40,314, decrease in prepaid expenses of $9,453, and an increase in operating lease right of use of $23,961, an increase of accrued expenses and other payables-related party of $320,184, decrease in accounts payable of $25,472 and a decrease in operating lease liabilities of $23,260.

Current wording

For the nine months ended September 30, 2024, net cash used in operations of $1,326,563 was the result of a net loss of $2,547,264 offset by depreciation expense of $20,107, net change in unrealized appreciation in gold bullions of $142,610, warrants issuance of $816,718, imputed interest on related party loans of $60,693, an increase in prepaid expenses of $29,984, an increase in operating lease right of use of $36,631, an increase of accrued expenses and other payables-related party of $521,912, decrease in accounts payable of $27,186 and a decrease in operating lease liabilities of $35,580.

Previous wording

For the six months ended June 30, 2023, net cash used in operations of $668,044 was the result of a net loss of $1,155,873 offset by depreciation expense of $12,757, net change in unrealized depreciation in gold bullions of $21,581, warrants issuance of $113,968, imputed interest on related party loans of $40,093, decrease in prepaid expenses of $113,937, decrease in operating lease right of use of $24,035, an increase of accrued expenses and other payables-related party of $328,752, decrease in accounts payable of $12,420 and a decrease in operating lease liabilities of $24,733.

Current wording

For the nine months ended September 30, 2023, net cash used in operations of $916,762 was the result of a net loss of $1,705,146 offset by depreciation expense of $20,042, net change in unrealized depreciation in gold bullions of $4,526, warrants issuance of $168,001, imputed interest on related party loans of $60,472, decrease in prepaid expenses of $15,503, decrease in operating lease right of use of $37,476, an increase of accrued expenses and other payables-related party of $550,626, decrease in accounts payable of $20,686 and a decrease in operating lease liabilities of $37,476.

Previous wording

Net cash used in our investing activities were $0 and $1,727,811 for the six months ended June 30, 2024 and June 30, 2023, respectively. During the six months ended June 30, 2023, the Company had net purchases of treasury bills of $2,587,811 and net proceeds from maturities of treasury bills of $860,000.

Current wording

Net cash used in our investing activities were $0 and $6,399 for the nine months ended September 30, 2024, and September 30, 2023, respectively. During the nine months ended September 30, 2023, the Company had net purchases of treasury bills of $2,587,811 and net proceeds from maturities of treasury bills of $2,587,811.

Previous wording

Our financing activities resulted in a cash outflow of $30,000 for the six months ended June 30, 2024, which is represented by $30,000 loan repayment.

Current wording

Our financing activities resulted in a cash outflow of $35,244 for the nine months ended September 30, 2024, which is represented by $35,244 loan repayment.

Previous wording

Our financing activities resulted in a cash outflow of $30,000 for the six months ended June 30, 2023 which is represented by $30,000 loan repayment.

Current wording

Our financing activities resulted in a cash outflow of $45,000 for the nine months ended September 30, 2023, which is represented by $45,000 loan repayment.