Kraig Biocraft Laboratories, Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
View on SEC.govAbout this filing
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, 2025 · Filed Nov 12, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001493152-25-011968
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-12.
0001493152-25-021953
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 86 previous paragraphs and 92 current paragraphs.
53 unchanged; 29 reworded; 10 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
General and Administrative Expense: General and administrative expenses increased by $994,657 or 484.49% to $1,199,955 for the three months ended September 30, 2025, from $205,298 for the three months ended September 30, 2024. Our general and administrative expenses for the three months ended September 30, 2025, 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 $960,183, travel of $18,684, and office salary of $83,444, and consulting of $137,644 for a total of $1,199,955.
Current report
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, office salary of $97,252 and consulting of $14,165 for a total of $205,298.
Current report
General and Administrative Expense: General and administrative expenses increased by $385,430 or 26.27% to $1,852,841 for the nine months ended September 30, 2025, from $1,467,411 for the nine months ended September 30, 2024. Our general and administrative expenses for the nine months ended September 30, 2025, 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 $1,278,606, travel of $45,005, office salary of $341,586 and consulting expense of $187,644 for a total of $1,852,841.
Current report
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, office salary of $335,930 and consulting expense of $117,364 for a total of $1,467,411.
Current report
ASU 2025-05 — Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets
Current report
In July 2025, the FASB issued ASU 2025-05, which provides (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers.
Current report
The practical expedient allows an entity to assume that, when estimating expected credit losses, current conditions as of the balance sheet date remain unchanged for the remaining life of the asset. The accounting policy election permits nonpublic entities that elect the practical expedient to also consider collection activity occurring after the balance sheet date when estimating expected credit losses.
Current report
The standard is effective for fiscal years beginning after December 15, 2025, and for interim periods within those annual reporting periods. Early adoption is permitted.
Current report
Accordingly, the Company will adopt ASU 2025-05 for its fiscal year beginning July 1, 2026.
Current report
The Company has evaluated ASU 2025-05 and does not expect the standard to have a material impact on its financial condition, results of operations, or cash flows.
Removed paragraphs (4)
Previous report
General and Administrative Expense: General and administrative expenses decreased by $753,703 or 68.66% to $344,035 for the three months ended June 30, 2025, from $1,097,738 for the three months ended June 30, 2024. Our general and administrative expenses for the three months ended June 30, 2025, consisted of other general and administrative expenses (which include expenses such as auto, business development, SEC filings, investor relations, general office, warrants and shares issued for services) of $200,262, travel of $15,421, and office salary of $128,352 for a total of $344,035.
Previous report
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 $942,767, travel of $27,341, and office salary of $127,630 for a total of $1,097,738.
Previous report
General and Administrative Expense: General and administrative expenses decreased by $609,227 or 48.27% to $652,886 for the six months ended June 30, 2025, from $1,262,113 for the six months ended June 30, 2024. Our general and administrative expenses for the six months ended June 30, 2025, consisted of other general and administrative expenses (which include expenses such as auto, business development, SEC filings, investor relations, general office, warrants and shares issued for services) of $368,423, travel of $26,321, and office salary of $258,142 for a total of $652,886.
Previous report
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 $982,728, travel of $40,707, and office salary of $238,678 for a total of $1,262,113.
Reworded paragraphs (29)
Previous wording
During the six months ended June 30, 2025, the Company sold 10,986,934 shares of Common Stock in exchange for $881,367.
Current wording
During the nine months ended September 30, 2025, the Company sold 24,316,741 shares of Common Stock in exchange for $1,925,702.
Previous wording
Research and development expenses: During the three months ended June 30, 2025, we incurred $63,888 of research and development expenses. During the three months ended June 30, 2024, we incurred $49,414 of research and development expenses. This was an increase of $14,474 or 29.29% in 2025 compared with the same period in 2024. This increase was due to a increase in research spending.
Current wording
Research and development expenses: During the three months ended September 30, 2025, we incurred $9,243 of research and development expenses. During the three months ended September 30, 2024, we incurred $24,968 of research and development expenses. This was a decrease of $15,725 or 62.98% in 2025 compared with the same period in 2024. This decrease was due to a decrease in research spending.
Previous wording
Professional Fees: During the six months ended June 30, 2025, we incurred $106,660 of professional expenses, which decreased by $73,720 or 40.87% from $180,380 for the six months ended June 30, 2024. This decrease was primarily due to a decrease in professional fees and in investor relations services.
Current wording
Professional Fees: During the three months ended September 30, 2025, we incurred $38,533 of professional expenses, which increased by $22,611 or 142.01% from $15,922 for the three months ended September 30, 2024. 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, 2025, officers’ salary expenses decreased to $370,927 or 10.30% from $413,506 for the six months ended June 30, 2024. 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 and Director for the six months ended June 30, 2024.
Current wording
Officers Salary: During the three months ended September 30, 2025, officers’ salary expenses increased to $186,157 or 4.81% from $177,609 for the three months ended September 30, 2024. This change was primarily due to a 6.0% annual increase for the Company’s CEO.
Previous wording
Net Change in Unrealized Appreciation and Depreciation on Investment in Gold Bullion: Net change in unrealized appreciation on investment in gold bullion decreased by $30,637 to depreciation of $10,011 for the three-month period ended June 30, 2025, from appreciation of $20,626 for the three-month period ended June 30, 2024. The decrease 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 decreased by $109,388 to $30,968 for the three month period ended September 30, 2025, from appreciation of $78,420 for the three month period ended September 30, 2024. The decrease was primarily due to a net change in unrealized depreciation on investment in gold bullion.
Previous wording
Interest Expense: Interest expense increased by $11,097 to $141,986 for the three-month period ended June 30, 2025 5, from $130,889 for the three month period ended June 30, 2024. The increase was primarily due to interest on certain Company loans.
Current wording
Interest Expense: Interest expense increased by $11,365 to $144,255 for the three month period ended September 30, 2025, from $132,890 for the three month period ended September 30, 2024. The increase was primarily due to interest on certain Company loans.
Previous wording
Gain from sale of investment in gold: Gain from sale of investment in gold increased by $62,469 to $62,469 for the three months ended June 30, 2025 from $0 for the three months ended June 30, 2025. This increase was due to the Company’s partial sale of its investment in gold.
Current wording
Gain from sale of investment in gold: Gain from sale of investment in gold increased by $98,427 to $98,427 for the three months ended September 30, 2025 from $0 for the three months ended September 30, 2025. This increase was due to the Company’s partial sale of its investment in gold.
Previous wording
Net Loss: Net loss decreased by $880,056, or 54.79%, to a net loss of $726,133 for the three-month period ended June 30, 2025 from a net loss of $1,606,189 for the three month ending June 30, 2024. This decrease in net loss was primarily attributable to decreases in general and administrative expenses, professional fees, officers’ salary, and offset by an increase in research and development fees.
Current wording
Net Loss: Net loss increased by $1,076,366, or 248.47%, to a net loss of $1,509,566 for the three month period ended September 30, 2025 from a net loss of $433,200 for the three month period ending September 30, 2024. This increase in net loss was primarily attributable to increases in general and administrative expenses, professional fees, officers’ salary, and offset by a decrease in research and development fees.
Previous wording
Six months ended June 30, 2025, compared to the six months ended June 30, 2024:
Current wording
Nine months ended September 30, 2025, compared to the nine months ended September 30, 2024:
Previous wording
Our revenue, operating expenses, and net loss from operations for the six month period ended June 30, 2025, as compared to the six month period ended June 30, 2024, 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, 2025, as compared to the nine month period ended September 30, 2024, 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, 2025, we realized $0 of revenues from our business. During the six months ended June, 2024, we realized $0 of revenues from our business. The change in revenues between the quarter ended June 30, 2025, and 2024 was $0 or 0%.
Current wording
Net Revenues: During the nine months ended September 30, 2025, we realized $0 of revenues from our business. During the nine months ended September 30, 2024, we realized $0 of revenues from our business. The change in revenues between the quarter ended September 30, 2025, and 2024 was $0 or 0%.
Previous wording
Cost of Revenues: Costs of revenues for the six months ended June 30, 2025, were $0, as compared to $0 for the six months ended June 30, 2024, a change of $0 or 0%.
Current wording
Cost of Revenues: Costs of revenues for the nine months ended September 30, 2025, were $0, as compared to $0 for the nine months ended September 30, 2024, a change of $0 or 0%.
Previous wording
Gross Profit: During the six months ended June 30, 2025, we realized a gross profit of $0, as compared to $0 for the six months ended June 30, 2024, a change of $0 or 0%.
Current wording
Gross Profit: During the nine months ended September 30, 2025, we realized a gross profit of $0, as compared to $0 for the nine months ended September 30, 2024, a change of $0 or 0%.
Previous wording
Research and development expenses: During the six months ended June 30, 2025, we incurred $87,764 of research and development expenses. During the six months ended June 30, 2024, we incurred $78,849 of research and development expenses. This was an increase of $8,915 or 11.31% in 2025 compared with the same period in 2024. This increase was due to a increase in research spending.
Current wording
Research and development expenses: During the nine months ended September 30, 2025, we incurred $97,007 of research and development expenses. During the nine months ended September 30, 2024, we incurred $103,817 of research and development expenses. This was a decrease of $6,810 or 6.56% in 2025 compared with the same period in 2024. This decrease was due to a decrease in research spending.
Previous wording
Professional Fees: During the three months ended June 30, 2025, we incurred $43,625 of professional expenses, which decreased by $60,573 or 58.13% from $104,198 for the three months ended June 30, 2024. This decrease was primarily due to a decrease in professional fees and in investor relations services.
Current wording
Professional Fees: During the nine months ended September 30, 2025, we incurred $145,193 of professional expenses, which decreased by $76,109 or 34.39% from $221,302 for the nine months ended September 30, 2024. This decrease was primarily due to a decrease in professional fees and in investor relations services.
Previous wording
Officers Salary: During the three months ended June 30, 2025, officers’ salary expenses decreased to $186,197 or 20.70% from $234,788 for the three months ended June 30, 2024. 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 and Director for the three months ended June 30, 2024.
Current wording
Officers Salary: During the nine months ended September 30, 2025, officers’ salary expenses decreased to $557,084 or 1.60% from $566,115 for the nine months ended September 30, 2024. 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 nine months ended September 30, 2025.
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 $43,288 to $107,477 for the six-month period ended June 30, 2025, from appreciation of $64,189 for the six month period ended June 30, 2024. 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 decreased by $66,100 to $76,509 for the nine month period ended September 30, 2025, from appreciation of $142,609 for the nine month period ended September 30, 2024. 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 $21,511 to $282,334 for the six-month period ended June 30, 2025, from $260,823 for the six month period ended June 30, 2024. The increase was primarily due to interest on certain Company loans.
Current wording
Interest Expense: Interest expense increased by $32,876 to $429,589 for the nine month period ended September 30, 2025, from $393,713 for the nine month period ended September 30, 2024. 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 decreased by $30,084 to $0 for the six-month period ended June 30, 2025 from $30,084 for the six month period ended June 30, 2024. This decrease was due to the Company’s negotiations to terminate its ROU lease arrangement.
Current wording
Impairment of Right of Use Asset: Impairment of right of use asset decreased by $30,084 to $0 for the nine-month period ended September 30, 2025 from $30,084 for the nine month period ended September 30, 2024. This decrease was due to the Company’s negotiations to terminate its ROU lease arrangement.
Previous wording
Gain from sale of investment in gold: Gain from sale of investment in gold increased by $62,469 to $62,469 for the six months ended June 30, 2025 from $0 for the six months ended June 30, 2025. This increase was due to the Company’s partial sale of its investment in gold.
Current wording
Gain from sale of investment in gold: Gain from sale of investment in gold increased by $160,896 to $160,896 for the nine months ended September 30, 2025 from $0 for the nine months ended September 30, 2025. This increase was due to the Company’s partial sale of its investment in gold.
Previous wording
Net Loss: Net loss decreased by $787,898, or 37.27%, to a net loss of $1,326,166 for the six-month period ended June 30, 2025 from a net loss of $2,114,064 for the six month ending June 30, 2024. This decrease in net loss was primarily attributable to decreases in general and administrative expenses, professional fees, officers’ salary, and offset by an increase in research and development fees.
Current wording
Net Loss: Net loss increased by $288,468, or 11.32%, to a net loss of $2,835,732 for the nine month period ended September 30, 2025 from a net loss of $2,547,264 for the nine month period ending September 30, 2024. This increase in net loss was primarily attributable to increases in general and administrative expenses, , and offset by a decrease in officers’ salary, research and development and professional fees.
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 $1,326,166 during the six months ended June 30, 2025, and losses are expected to continue in the near term. The accumulated deficit is $54,411,885 at June 30, 2025. 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 $2,835,732 during the nine months ended September 30, 2025, and losses are expected to continue in the near term. The accumulated deficit is $55,921,451 at September 30, 2025. 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, 2025, we had $785,462 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, 2025, we had $1,565,692 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, 2025, we had a working capital deficit of $9,190,723, compared to a working capital deficitof $8,874,143 at December 31, 2024. Current liabilities increased to $10,029,698 at June 30, 2025, from $9,614,428 at December 31, 2024, primarily as a result of accounts payable – related party.
Current wording
At September 30, 2025, we had a working capital deficit of $8,544,784, compared to a working capital deficitof $8,874,143 at December 31, 2024. Current liabilities increased to $10,184,705 at September 30, 2025, from $9,614,428 at December 31, 2024, primarily as a result of accounts payable – related party.
Previous wording
For the six months ended June 30, 2025, net cash used in operations of $902,624 was the result of a net loss of $1,326,166 offset by depreciation expense of $11,520, net change in unrealized appreciation in gold bullions of $107,477, gain on sale of gold bullions of $62,469, warrants issuance of $98,069, options issuance of $8,394, imputed interest on related party loans of $40,093, a decrease in prepaid expenses of $13,508, a decrease in operating lease right of use of $27,662, an increase of accrued expenses and other payables-related party of $413,426, increase in accounts payable of $9,514 and a decrease in operating lease liabilities of $28,698.
Current wording
For the nine months ended September 30, 2025, net cash used in operations of $1,339,483 was the result of a net loss of $2,835,732 offset by depreciation expense of $17,511, net change in unrealized depreciation in gold bullions of $76,509, gain on sale of gold bullions of $160,896, stock issued for services of $834,600, warrants issuance of $195,911, options issued for services of $12,591, imputed interest on related party loans of $60,472, a decrease in prepaid expenses of $14,975, an increase in inventory of $22,183, a decrease in operating lease right of use of $42,096, an increase of accrued expenses and other payables-related party of $620,913, decrease in accounts payable of $24,750 and a decrease in operating lease liabilities of $43,482.
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 $9,454, 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 $23,261.
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 $27,188 and a decrease in operating lease liabilities of $35,580.
Previous wording
Net cash used in our investing activities were $143,455 and $0 for the six months ended June 30, 2025, and June 30, 2024, respectively. During the six months ended June 30, 205, the Company had net proceeds from the sale investment in gold of $147,238 and purchase of fixed assets of $3,783.
Current wording
Net cash used in our investing activities were $366,209 and $0 for the nine months ended September 30, 2025, and September 30, 2024, respectively. During the nine months ended September 30, 205, the Company had net proceeds from the sale investment in gold of $369,992 and purchase of fixed assets of $3,783.
Previous wording
Our financing activities resulted in a cash inflow of $881,367 for the six months ended June 30, 2025, which is represented by $881,367 proceeds from the sale of stock and $0 payment in debt offering costs.
Current wording
Our financing activities resulted in a cash inflow of $1,865,702 for the nine months ended September 30, 2025, which is represented by $1,925,702 proceeds from the sale of stock, $10,000 payment in debt offering costs and $50,000 repayment to note payable – related party.
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.