It isn't my contention at all. That is exactly what is reported by KBLB. If you have a problem with that, then I suggest that you ask KBLB about it.
Income needs to be legally reported every quarter. If they aren't reporting income that they are receiving, then they are cooking their books and could be criminally charged. Is that your contention?
<< ...kblb spends over $300k a month...just out of curiosity, looking at the 10q's, where is that money coming from? >>
That is a great question. Here is my guess... Kim received 2 super voting shares that are worth 400 million regular shares. Since he doesn't need those shares anymore (to protect his majority ownership), he might be selling those 400 million shares (over time), and then loaning it back to the company (with interest of course) in order to fund the company.
The most recent 10Q had the following statements:
"As of December 31, 2016 there was $561,245 of accrued interest- related party and $15,532 in shareholder loan interest – related party included in accounts payable and accrued expenses – related party, which is owed to the Company’s Chief Executive officer."
" As of September 30, 2017 and December 31, 2016, there was $235,695 and $187,756, respectively, included in accounts payable and accrued expenses - related party, which is owed to the Company’s Chief Executive Officer and Chief Operations Officer."
"As of September 30, 2017 there was $686,092 of accrued interest- related party and $18,157 in shareholder loan interest – related party included in accounts payable and accrued expenses – related party, which is owed to the Company’s Chief Executive officer."
"On June 6, 2016, the Company borrowed $50,000 from a principal stockholder. Pursuant to the terms of the loan, the loan is unsecured carrying an annual interest at 3% and due on demand. The Company recorded accrued interest payable of $1,622 as of September 30, 2017. In addition, the Company recorded $1,425 as an in-kind contribution of interest related to the loan for the year ended December 31, 2016 and $1,870 as an in-kind contribution of interest related to the loan for the nine months ended September 30, 2017."
"As of December 31, 2016, the Company owes $1,392,041 in accrued salary to principal stockholder"
"As of September 30, 2017, the Company owes $1,628,864 in accrued salary to principal stockholder, $22,386 to the Company’s COO, and $701 to its office employees."
I am sure that there are many other statements in the financial reports. Those are the ones that I could find in a few minutes.
