Kraig Biocraft Laboratories Inc

For the period ended Sep 30, 2024. Filed Nov 13, 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.

Sep 30, 2024 · Filed Nov 13, 2024

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Contents

Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 (Audited)

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
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
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	12,231,624	11,354,213
Accumulated Deficit	(52,234,044)	(49,686,780)
Total Stockholders’ Deficit	(7,357,009)	(5,707,156)
Total Liabilities and Stockholders’ Deficit	$2,026,358	$3,232,822

Condensed Consolidated Statements of Operations

For the Three Months Ended · For the Nine Months Ended
September 30, 2024 · September 30, 2023 · September 30, 2024 · September 30, 2023
Revenue · $ · - · $ · - · $ · - · $ · -
Operating Expenses
General and Administrative		205,298	224,687		1,467,411		656,457
Professional Fees		40,922	23,294		221,302		89,390
Officer’s Salary		152,609	172,335		566,115		515,584
Research and Development		24,968	39,129		103,817		165,256
Total Operating Expenses		423,797	459,445		2,358,645		1,426,687
Loss from Operations		(423,797)	(459,445)		(2,358,645)		(1,426,687)
Other Income/(Expenses)
Net change in unrealized depreciation on investment in gold bullion		78,420	(17,055)		142,609		4,526
Interest expense		(132,890)	(121,969)		(393,713)		(359,088)
Amortization of debt issue costs		-	-		-		-
Gain on Asset Impairment		30,084			-		-
Interest income		14,983	49,196		62,485		76,103
Total Other Income/(Expenses)		(9,403)	(89,828)		(188,619)		(278,459)
Net (Loss) before Provision for Income Taxes		(433,200)	(549,273)		(2,547,264)		(1,705,146)
Provision for Income Taxes		-	-		-		-
Net (Loss)		$(433,200)	$(549,273)		$(2,547,264)		$(1,705,146)
Other Comprehensive Income
Change in unrealized value of available-for-sale securities, net of income tax	$	-	$(13,021)	$	-	$	-
Other Comprehensive Income
Total Operating and Comprehensive Loss		$(433,200)	$(562,294)		$(2,547,264)		$(1,705,146)
Net Income (Loss) Per Share - Basic and Diluted		$(0.00)	$(0.00)		$(0.00)		$(0.00)
Weighted average number of shares outstanding during the period - Basic and Diluted		1,038,374,219	1,033,374,219		1,038,374,219		1,032,946,226

Condensed Consolidated Statement of Changes in Stockholders’ Deficit

For the three and nine months ended September 30, 2024

Preferred Stock - Series A · Common Stock - Class A · Common Stock - Class B · To be issued · Accumulated
Shares · Par · Shares · Par · Shares · Par · Shares · Par · APIC · Deficit · Total
Balance, June 30, 2024(Unaudited	3	$5,237,800	1,038,374,219	$27,385,611	-	$	-	1,122,311	$22,000	$12,183,754	-	$(51,800,844)	(6,971,679)
Warrants issued for services - related parties	-	-	-	-	-		-	-	-	13,500		-	13,500
Warrants issued for services	-	-	-	-	-		-	-	-	13,991		-	13,991
Imputed interest - related party	-	-	-	-	-		-	-	-	20,379		-	20,379
Net loss for the three months ended September 30, 2024	-	-	-	-	-		-	-	-	-	-	(433,200)	(433,200)
Balance, September 30, 2024 (Unaudited)	3	$5,237,800	1,038,374,219	$27,385,611	-	$	-	1,122,311	$22,000	$12,231,624	-	$(52,234,044)	(7,357,009)
Balance, December 31, 2023 (Audited)	2	$5,217,800	1,038,374,219	$27,385,611	-	$	-	1,122,311	$22,000	$11,354,213	-	$(49,686,780)	(5,707,156)
Preferred share issued in connection with debt cancellation - related party	1	20,000	-	-	-		-	-	-	-		-	20,000
Warrants issued for services - related parties	-	-	-	-	-		-	-	-	761,169		-	761,169
Warrants issued for services	-	-	-	-	-		-	-	-	55,549		-	55,549
Imputed interest - related party	-	-	-	-	-		-	-	-	60,693		-	60,693
Net loss for the nine months ended September 30, 2024	-	-	-	-	-		-	-	-	-	-	(2,547,264)	(2,547,264)
Balance, September 30, 2024 (Unaudited)	3	$5,237,800	1,038,374,219	$27,385,611	-	$	-	1,122,311	$22,000	$12,231,624	-	$(52,234,044)	(7,357,009)

Condensed Consolidated Statement of Changes in Stockholders Deficit

For the three and nine months ended September 30, 2023

Preferred Stock - Series A · Common Stock - Class A · Common Stock - Class B · To be issued · Accumulated other Comprehensive · Accumulated
Shares · Par · Shares · Par · Shares · Par · Shares · Par · APIC · Income · Deficit · Total
Balance, June 30, 2023 (Unaudited)	2	$5,217,800	1,033,374,219	$27,160,611	-	$	-	1,122,311	$22,000	$10,888,790		$13,021	$(47,812,873)	$(4,510,651)
Warrants issued for services - related parties	-	-	-	-	-		-	-	-	49,913		-	-	49,913
Warrants issued for services	-	-	-	-	-		-	-	-	4,120		-	-	4,120
Imputed interest - related party	-	-	-	-	-		-	-	-	20,379		-	-	20,379
Other comprehensive income	-	-	-	-	-		-	-	-	-		(13,021)		(13,021)
Net loss for the three months ended September 30, 2023	-	-	-	-	-		-	-	-	-		-	(549,273)	(549,273)
Balance, September 30, 2023 (Unaudited)	2	$5,217,800	1,033,374,219	$27,160,611	-	$	-	1,122,311	$22,000	$10,963,202	$	-	$(48,362,146)	$(4,998,533)
Balance, December 31, 2022 (Audited)	2	$5,217,800	1,030,940,008	$27,060,611	-	$	-	1,122,311	$22,000	$10,834,729		-	$(46,657,000)	$(3,521,860)
Warrants issued for services - related parties	-	-	-	-	-		-	-	-	148,110		-	-	148,110
Warrants issued for services	-	-	-	-	-		-	-	-	19,891		-	-	19,891
Shares issued in connection with cashless warrants exercise	-	-	2,434,211	100,000	-		-	-	-	(100,000)		-	-	-
Imputed interest - related party	-	-	-	-	-		-	-	-	60,472		-	-	60,472
Other comprehensive income	-	-	-	-	-		-	-	-	-		-	-	-
Net loss for the nine months ended June 30, 2023	-	-	-	-	-		-	-	-	-		-	(1,705,146)	(1,705,146)
Balance, September 30, 2023 (Unaudited)	2	$5,217,800	1,033,374,219	$27,160,611	-	$	-	1,122,311	$22,000	$10,963,202	$	-	$(48,362,146)	$(4,998,533)

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