Kraig Biocraft Laboratories Inc (KBLB)

[arachnodude]

BINGO!!!!! DEBT FORGIVENESS!!!

On December 7, 2020 Mr. Thompson signed a debt forgiveness agreement with the Company which will become effective if the Company completes an uplisting to a national exchange. Under the terms of that agreement, Mr. Thompson will forgive $4,000,000 of outstanding debt. Said debt will be appropriated from the Company’s obligations to Mr. Thompson for back salary, interest on back salary, royalties and interest on royalties, reimbursement for medical expenses and interest thereon and other reimbursable expenses and interest thereon, in that order. A breakdown of that debt is

? Salary: $2,710,706
? Accrued Interest: $1,289,294