Kraig Biocraft Laboratories Inc (KBLB)

[golferman]

Here is my take on the Amendment...... Please tell me if I am reading this wrong

As of May 4, 2017, of the 110,000,000 shares of common stock initially registered, 38,824,427 shares of common stock remain available for registration........ A new finacining agreement may require Kim to clean up some of the liabilities on the books..... The calm seas deal is over on June 5, 2017.... so he has only 30 days left to access this money to get this done.

He can also only access $200,000 twice per month..... So the total money available is $400,000 from Calm Seas with this deal, ending on June 5 2017.

Page 13 of the new amendment .

Management intends to use the proceeds from this offering, in part, to pay off some of unpaid salary we owe to our Chief Executive Officer (which we have accounted for as an accrued expense and which amount bears interest at the rate of three percent per annum and is due on demand by our Chief Executive Officer) and accounts payable, including contractual obligations associated with this offering

The financing with Calm Seas has 2 events which will terminate the Agreement.

The date of June 5, 2017 or when they have drawn all the funds of 7.5M

Page 3 on the Agreement

The Letter Agreement will terminate when any of the following events occur:

- Calm Seas has purchased an aggregate of $7,500,000 of our Class A common stock; or

- The second anniversary of the effective date of the registration statement covering the Equity Line Financing with Calm Seas under the Letter Agreement.

Financing Agreement

NOTICE OF EFFECTIVENESS

Effective Date: June 05, 2015 4:30 P.M.
Form: S-1
CIK: 0001413119
Company Name: Kraig Biocraft Laboratories, Inc
File Number: 333-199820

NOTICE OF EFFECTIVENESS