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What’s interesting to me is that KT was only going to pick 3 BODs (only 2 required)
The company is required to have an audit committee
consisting solely of independent directors who also
satisfy the requirements of SEC Rule 10A-3 and who can
read and understand fundamental financial statements.
The audit committee must have at least three members.
One member of the audit committee must have
experience that results in the individual's financial
sophistication.
I think it would depend on if he still had equity or not. Polartec/Milliken are private so no way for us to know.
And it wouldn't be illegal for someone to be on the BOD with conflicts of interest. But they would be required to recuse themselves of any decisions that could potentially be a conflict of interest. This would lead (in KBL's case) to too few Independent directors residing over a particular decision which would result in not satisfying NASDAQ guidelines. They would need additional independent directors in this situation.
At the very least someone experienced in the textile or performance fiber industries.
investors are harmed when the real or perceived private interest of a director, officer or employee is in conflict with the interests of the Company, as when the individual receives improper personal benefits as a result of his or her position with the Company, or when the individual has other duties, responsibilities or obligations that run counter to his or her duty to the Company.
Who would you want as a board member?
Check
Another item off the list!
What’s next?
They would reproduce for a time but eventually become extinct
Thanks Rayo. It's definitely time!
That you have. Hopefully we can all cheers next year at the SHM. It's been a long 10 years for most of us and it looks like everything is finally coming together all at once.
Cheers man
well done buddy
Also, this photo with Ken Le and Jon Rice with the rest of the M the Movement/PL Kings crew.
https://www.facebook.com/photo.php?fbid=933706077003553&set=pcb.933706360336858&type=3&theater
Those photos were from Q4 2018
Gary Smith would have had to go from CEO to President of Polartec. He's not being "let go". He is staying on through the transition, which likely means he wants to leave.
Gary was asked by the VP of Nike to come out of retirement and become the CEO of Polartec in order to turn the company around. He did that. Now he can either go back into retirement, or pursue another venture.
and you, as well dude
Hi arachnodude,
The leaves at every stage are used for sericulture. There is no waste. They will cut the shoot from the very bottom and use every leaf. The leaves at the very top (newest) are normally used for new larvae. The second and third leaves down are used for 2nd instar. And the rest are used for all other phases of the silkworm life cycle. With mulberry being the main bottleneck for growth/expansion, I can't see KBL deferring any portion of the mulberry crop.
Also, these are not our crops to "sell". KBL is signing contracts to buy from these mulberry co-ops. I'm guessing there's some sort of exclusivity as long as we meet our purchasing milestones.
50tons/ha/year would be an amazing yield. It looks like Vietseri has developed some great hybrid strains. With that kind of yield, just the province of Quang Nam could support the production of over 1000 tons of finished silk per year with their 2500ha of mulberry. Not sure how much is carved out for Quang Nam Silk JSC, but I would imagine that they couldnt pay farmers a premium since their silk won't sell for a premium. It will be interesting to see which other provinces decide to participate. I wonder if Lam Dong will crawl back if they see KBL cutting into their sales.
Also, just for clarification for those interested, once a clone (trimming) is planted, it takes about 6 months before it can be harvested. After that, the root system is in place and the new shoots will grow from the stump with the ability to be harvested every 2 months.
Great pic SZ.
This shows that the mulberry will be coppiced. It's much more efficient, and much higher leaf density than waiting for a mulberry tree to grow to full maturity. This allows the shoots to grow rather quickly and harvestable every couple months.
Also, these new hybrids look like very high yields. It would be great to get to the 30-35 ton/ha/year out of these. Also bodes well for the theoretical swiftness for building up mulberry production to the 2500ha goal. The real bottleneck would be the labor for prepping and planting the new fields, but it sounds like the co-ops are working that out.
Thanks
3 of the photos show fabric manufacturing equipment. Whether they are photos of the inside of Kraigs new facility, stock photos, or a third party, is yet to be determined.
Nice find!
The presentation in the background mentions both Kraig Labs and Prodigy.
But the 5 picture icons below the wording are even more interesting :)
Nice work SZ
you can look up the official Prodigy company seal on Vietnamese government websites. Or you could just look at SickZone's profile pic :)
It is my understanding that it takes a mulberry tree 2 years to mature.
Hi Trainer2,
I would be wary of what some construe as "facts" on this message board, especially concerning the Texas property, which has been discussed on this board many times. There is no proof that the company is "paying for Kims mortgage". We have no idea if Kim even took out a loan for the property, or if he payed in full. Using that statement is meant to provoke fear and distrust.
But here's what we do know:
1) The company pays about $900 a month to lease about 15 acres for the cultivation of mulberry. Mulberry, you know, the most important raw material for the production of silk (currently our only product, so it's pretty important). This company has always been run on a tight budget, so using what little cash we had on a down payment wouldn't have been prudent at the time. Not to mention, the company would be tied to a long mortgage for a piece of property that they might outgrow in the next couple years, although they also said the property has room for tens of thousands of more trees if needed. Leasing this property was the smart approach, IMO. And its better to lease from Kim, as apposed to some random landlord who could decide they want to start using their own property themselves and not renew the lease, which would screw the company out of their primary raw material.
2) Artificial/processed silkworm chow is expensive. The company stated that having their own source of mulberry from the Texas property would save them about 30% on raw materials for their R&D. A fresh mulberry diet is also responsible for increased mechanical properties for our silk worms.
3) The climate in Michigan is not conducive for harvesting mulberry leaves year around. The property in Texas is in area that is a hotbed for farming. It has fertile soil, proper humidity, plenty of rain, relatively inexpensive, large amounts of experienced agricultural labor and is adequately protected from hurricanes.
4) The company DOES plan on shipping their silkworms to Texas. Due to Lebbe's excellent DD, he was able to intercept an Import and Interstate Permit application that Kraig Labs filed with the US Department of Agriculture. It was for the interstate transfer of Kraigs GMO silkworms with phenotypes of increased strength and elasticity. The location of origin was Michigan, and the destination was Texas. This was in January 2019.
I don't now how much Kim actually paid for the property, but I know the 2018 Tax assessment on zillow for the property was $111,000. I know where I live the tax assessments are much less than half of the actual value of the property. But regardless, we pay $900 for peace of mind. I'm fine with that
Hi GTman1, Do you have a opinion on today's PR. Thanks in advance.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=148726979
I've responded to you in the past. Not sure what more you want.
I have a quick question for the board that I've been banging my head against the table trying to figure out:
After Kraig proves mass production (say their first metric ton), what other question marks are left that would be holding this company back from becoming a multi billion dollar company? I tried but it seemed pretty nit picky.
1. Buyers/demand? They have at least 2 willing buyers in Polartec and the DOD, capacity was the only issue.
2. Their raw source material? They have the contracts with Vietnamese co-ops which plan on increasing mulberry planting to ~2500ha. Their should be plenty of mulberry in that region for quite some time.
3. Financing maybe? we have the bridge loan, but we don't know much after that. But if kraig starts selling silk at a premium, that could create decent cash flow for Vietnam operations.
My point is; Once Kraig PR's mass production, is the share price going to jump to multiple dollars and stay there? is that really what everyone is waiting for before they buy in and hold? To me that shows a lack of forward thinking because I have no doubt in my mind that Kraig will produce tons. I can't believe the share price doesn't reflect the very very high probability that this company will produce. It took a while, but it will. I've held this company since 2010, but once they got into vietnam, i new it was game time.
What questions will people still NEED answers to to have confidents that this company will succeed?
Just my opinion and would love others with honest feedback
Essentially it would be any protein that the silkworms don't naturally produce themselves. But Jon specifically said "beyond silks" which would exclude spider silks as well.
A few of us have long discussed the potential of being able to produce large proteins in large quantities using this platform. The latest PR seems to confirm that they have at least succeeded enough to reduce it to practice, hence the patent application.
Hi Hope,
Yes, I believe he was mistaken. That part of the patent app was meant to describe the incorporation of antibiotics, anti-inflammatories, etc. into future fibers. This was the gen 3 fiber that Kim mentioned a long time ago. This doesn't have anything to do with the knock-out worms or protein production platform.
Hi Hope,
Unfortunately, that is not any of the new patents. But yes, I have read through this one numerous times over the years. It is one of the original patents that describes MonsterSilk. It was back during the time when they used the piggyBac transposon for gene editing. They have moved on to different gene editing tools since this application.
The new patents are likely archived in the Private PAIR system which few have access to. So for now, we (and our competitors) can't read them. Eventually we will get the opportunity to.
I can see your point, but I disagree.
I believe Kim should have hired a Director of Marketing a long time ago. Someone who is responsible for creating engaging content, telling the story of Kraig Labs, and distributing it to the appropriate outlets. Having momentum going into this past run-up would have made it much more sustainable, and maybe even got us close to uplisting so we can get out of this wretched OTC.
At a share price of even $.10 over the past couple of years, a DOM would have more than paid for themselves 10 fold considering the dilution that occurred at at $.05-.06. And no (not directed at you), that is not the job of Investor Relations.
Thanks Yankee,
I completely agree that the IP alone is enough to send Kraig Labs into the dollars. This is bolstered by the fact that last year Bolt Threads was given a valuation of $700 million by Silicone Valley VC's. Kraig Labs is currently valued at $234 million, yet they have a FAR superior product and process.
This just shows the massive disconnect between the investment community and the scientific community. There is plenty of blame towards Kim for not using marketing and media outlets to convey this info to the general public in layman's terms. Hopefully the documentary series that was filmed at their R&D headquarters recently will touch on the main competitive advantages of their approach as opposed to their "competitors".
These new applications expand beyond the Company’s publicly disclosed silkworm and silk technologies, to include advanced construction systems, methods, and non-native proteins.
break open new markets for recombinant protein products, reaching far beyond silks and apparel
I submitted my BOD nominations to Kim after the PR. Gary Smith, CEO @ Polartec was on my list.
Last year, without any feasible path to large production, and a far inferior product, Bolt Threads was given a $700MM valuation by silicone valley VC's. For Kraig Labs, that would equate to a share price of $0.84. In my opinion, that should be Kraig Labs bare minimum current price before they announce mass production or contracts. Anything below 84 cents at this time, I believe, is a bargain price.
For decorative purposes, regular silk already possesses luxury feel, and is non allergenic, so that high fashion wedding dresses or luxury sheets and pillowcases that will stop a bullet would seem hardly a big sell or use of Spider Silk. The same would be true of most common attire like casual, dress shirts, pants and so on.
You are anything but a schlub, Rayo ;)
according to the articles i read looks like we need 4$ to uplist
it may not really be all that great to fight terrorism
Hi trainer2,
Sorry if I didn't articulate it well enough. What I was trying to say is that 40,000 worms need 17 square meters of space (or roughly 183 sq ft). Luckily, traditional methods use stacked trays to save floor space. if your trays were 1x1 meter, and you stacked them 10 trays tall, you could have 40,000 worms in less than 2 square meters of floor space.
hope this helps
That is a great prediction.
Really, our near/mid term goal should be getting the price up above $2. If we do that, get a board of independent directors, and about another 6 million or so in financing, we can uplist to the Nasdaq within about 6 weeks of hitting $2. Once we uplist, it's a whole new ballgame. I think we are closer than people expect. There's a reason Kim mentioned the uplisting again.
Kraig Labs should easily bypass the $700 million valuation that was given to Bolt Threads in the near future. Kraig labs is much further ahead and has a superior product.