Kraig Biocraft Laboratories Inc (KBLB)

[WebSlinger]

This is from their latest 10Q:

"Cost-plus-fixed-fee contracts—Revenue is recognized on cost-plus-fixed-fee contracts with the U.S. Government on the basis of partial performance equal to costs incurred plus an estimate of applicable fees earned as the Company becomes contractually entitled to reimbursement of costs and the applicable fees. Invoicing for costs and applicable fees are reported to the U.S. Government on a monthly basis and invoices are typically paid within 30 days."

It states that they can receive payment for "partial performance". Since we aren't privy to the actual contract, we don't know all of the details, but I would say that they were probably paid for raising a generation or two of worms, cross-breeding them, injecting them, etc. I'm sure that Kim makes up all sorts of nonsense so he can get paid without actually delivering anything. So nothing has been delivered as of yet (which was also verified in the latest 10K and a lack of a PR), but they have been paid for "partial performance".