Kraig Biocraft Laboratories Inc (KBLB)

[arachnodude]

In reality that translates to:

Effective January 1, 2018, the Company adopted ASC No. 606 — Revenue from Contracts with Customers. Under ASC No. 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.

Sounds familiar:

Commit to the purchase of material produced by KBLB to the amount of USD$3,000,000 (USD Three Million) in the first year from this SPA, USD$5,000,000 (USD Five Million) in the second year from this SPA, USD$12,000,000 (USD Twelve Million) in the third year from this SPA, and a projected purchase of USD$20,000,000 (USD Twenty Million) in the fourth year of this SPA

And the status on producing towards that contract:

ANN ARBOR, Mich., – March 10, 2021– Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) (“the Company” or “Kraig Labs”), the biotechnology company focused on the development and commercialization of spider silk, announces that the Company has doubled its planned production volumes of its recombinant spider silk for the month of March.

Following the successful delivery of its first sample production run from its factory in Vietnam, the Company has further accelerated its expansion by doubling planned near-term silk output. To support this expansion, the Company has outlined plans to more than double the staff at its Prodigy Textiles subsidiary.

The silk resulting from this month’s operations is expected to begin filling existing material requests and contract deliverables to M the Movement, PL Kings. The Company is actively working now to develop the first line of apparel based on the unique properties of spider silk.

But how can we know things are moving forward? Maybe this can help:

April 9, 2021, KRAIG BIOCRAFT LABORATORIES AND KINGS GROUP FORM SPYDASILK ENTERPRISES PTE. LTD., A SINGAPORE BASED JOINT VENTURE COMPANY, FOR THE MARKETING AND SALES OF SPIDER SILK BASED PRODUCTS

Beyond pretty words on paper...



KBLB is actively following through by backing their words with action. Exponential Acceleration about to commence!