10-Q - Kraig Biocraft Laboratories, Inc (0001413119) (Filer)

Tue, May 14, 8:34 PM (13 days ago)

Kraig Biocraft Laboratories, Inc. reported a net loss of $507,875 for Q1 2024, a decrease from $566,782 in Q1 2023. The company's revenue remained at $0 for both periods. Operating expenses decreased by 7.78% to $448,710, driven by reductions in general and administrative expenses and research and development costs. Professional fees, however, increased by 119.25%. Interest expense rose by 10.27% to $129,934. The company's cash and cash equivalents decreased from $2,551,834 at the end of 2023 to $2,047,307 at the end of Q1 2024. Kraig Biocraft continues to face substantial doubt about its ability to continue as a going concern, with a working capital deficit of $6,898,293. The company is focusing on expanding R&D, improving production capacity in Vietnam, and exploring collaborative opportunities.