🔍 KBLB PR Claims vs. SEC Filings: Facility Inventory Check
There are significant discrepancies between what KBLB claims in their PRs vs what they are filing with the SEC. Here's a side-by-side breakdown:
📢 What the PRs Claim (via press releases, Jan–May 2026)
Based on the press release series, KBLB has claimed:
Facility - PR Claim
Rearing Center #1 - Original production facility, operational in 2024, expanded 8x
Rearing Center #2 - Second rearing center, fully operational as of Aug 21, 2025
Rearing Center #3 - "Taken possession" Jan 12, 2026; described as their largest single-site rearing center
3 Mulberry Fields - "Taken possession" Jan 7, 2026 to supply feedstock
R&D Lab (Lansing, MI) - Used for genetic engineering / "Project Atlas"
📋 What the 10-K Actually Discloses (Item 2 – Description of Property, filed March 30, 2026)
The 10-K lists only these properties:
1. Ann Arbor, MI – Principal executive office at 2723 South State St., Suite 150, paying $3,048/year for conference facilities, mail, fax, and reception only.
2. Lansing, MI – A 5,000 sq. ft. R&D facility, lease extended through September 30, 2028, with annual rents of $50,008 (2025–26), $52,808 (2026–27), and $55,608 (2027–28).
3. Vietnam (ended) – A 30,000 sq. meter / 6,000 sq. meter building lease signed July 1, 2021 for five years, ended in 2025.
4. Lam Dong, Vietnam (terminated) – A 700 sq. meter facility signed Jan 31, 2024, terminated during Q3 2024 — the company "does not occupy or use the facility" and impaired the asset.
5. Lam Dong, Vietnam (current) – An 80 sq. meter facility signed September 20, 2024, running through December 31, 2030, at ~$7,200/year.
🚨 The Problem
The 10-K covers the fiscal year ended December 31, 2025 and was filed March 30, 2026 — well after both Rearing Center #2 (Aug 2025) and Rearing Center #3 (Jan 2026 possession) were announced. Yet:
- Neither Rearing Center #2 nor #3 appear anywhere in Item 2 (Properties). Not as leases, not as right-of-use assets (beyond the one 80 sq. meter building in Lam Dong), and not as capital expenditures.
- The entire fixed asset base is $25,003 net at Dec 31, 2025, and the company's capital expenditures for all of 2025 were only $5,395. This is inconsistent with operating multiple large-scale rearing centers.
- The only Vietnam facility formally disclosed is that tiny 80 square meter building in Lam Dong at ~$7,200/year — hardly capable of supporting the "largest single-site rearing center Kraig Labs has ever operated."
- The three mulberry fields claimed in the Jan 7, 2026 PR appear nowhere in the 10-K.
Revenue for both 2024 and 2025 was $0. The company has a going-concern opinion and an accumulated deficit of $56.7 million.
📌 Key Takeaway
The production facilities being prominently described in press releases — rearing centers 1, 2, and 3, plus mulberry fields — are not reflected in the 10-K's property disclosures, lease obligations, or capital expenditures in any meaningful way. The only disclosed Vietnam facility is an 80 sq. meter building.
This disconnect between what's being claimed in press releases and what's being reported to the SEC under penalty of law is a significant red flag for investors. It doesn't necessarily mean the facilities don't exist (some could be informal arrangements with local cooperatives, which the 10-K briefly alludes to in its plan of operations), but it does mean they are not being disclosed as material property in the company's audited financial filings — which raises serious questions about the substance and permanence of these "facilities."
You simply cannot build or lease a facility 8x the size of your prior operations, run three simultaneous rearing centers, and acquire three mulberry fields for a combined capex outlay of under $10,000 over two years. The math doesn't work, and the lease disclosures don't support it either.
The most charitable interpretation is that these are informal arrangements with local Vietnamese cooperatives or landowners that the company doesn't consider formal leases requiring SEC disclosure. But that itself raises a question: if the facilities aren't legally controlled or disclosed, in what sense does KBLB actually "own" or "operate" them as the press releases imply?
More lies from the Serial Liar CEO?
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