Kraig Biocraft Laboratories Inc (KBLB)

[want2retire]

https://www.crainsdetroit.com/manufacturing/kraig-biocraft-laboratories-raises-1-million-new-capital-boost-silk-production?utm_source=twitter&utm_campaign=socialflow&utm_medium=social

In it it states "Securing this bridge financing was a key piece to funding the Company's commercial expansion strategy and puts us in a strong position as we expand spider silk production we shift operational focus to production," COO Jon Rice said in the release. "This capital is necessary to support commercial expansion, which is essential in establishing market channel collaborations for consumer products."

Kim received $1M in "bridge financing", per COO Jon Rice.. That is financing for the company to continue build out, expansion, etc while it seeks to secure additional financing. Warrants and stock are the assets he has available to secure funds today. Instead of using an agreed upon value of a tangible asset, he agreed to terms based on a certain share price.

When a development-stage company looks to expand, it needs money to do so. He secured $1M to fund those operations and is in the process of securing more to continue expansion efforts. The Vietnam production facility is "nearing completion", per many. Undoubtedly some of this financing has been used towards those efforts.

The company is transitioning from a lab project to a full fledged production powerhouse with a unique, never before seen product offering. They have convinced a COUNTRY to change its laws and provide assistance. Polartec wants as much product as they can get their hands on. The Army is continuing testing for personal protection applications.



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