Kraig Biocraft Laboratories Inc (KBLB)

[WebSlinger]

KBLB has been around for at least 10 years. In all of that time, they haven't been able to produce a single product.

In Jun 2016, they were awarded a contract with the Army (for about $100,000). That is when the stock price shot up (but ever since then it has plummeted). They were supposed to deliver a few sample shootpacks to the Army by Apr 2017 (10 months later). They missed the deadline and blamed it on another company (their reeler). The Army was then gracious enough to give them another 8 months (until Dec 2017). But they missed that delivery as well. They again blamed it on another company (Warwick Mills). Here we are almost 2 years since they were awarded the contract, and they still haven't delivered anything (not even a few sample shootpacks).

Along the way, the Army received a few fibers from them and they tested them. They must have liked them enough, because the Army then decided to execute the 12-month optional phase of the contract (worth about $900,000) in Aug 2017, which requires KBLB to create custom spider silk (to certain specs). The delivery is due Aug 2018, but they have already started making excuses about how the specs for their worms are out of range and needs to be corrected.

IMO, the only thing this company produces is hope. Every PR and newsletter is filled with forward-looking statements. And nothing is ever produced. It is always "almost there".

KBLB is in the hole about $200,000 / month. Yet, the CEO pays himself over $300,000 / year, he gives himself a raise every year, and he gives himself a 20% bonus every year (that is in addition to the 100s of millions of shares of stock that he has given himself).

The CEO also bought land that he leases back to the company (for a profit).