Replies to post #74437 on Kraig Biocraft Laboratories Inc (KBLB)

[Eskaminagaga]

If people do research they would know that Mr Thompson is a man of integrity. Not even taking his pay when the company needed it in the early years .

He took his difference in pay as a loan to the company, but has forgiven much of that debt in the past as shown in the SEC filings:

Pursuant to this agreement, the Company will pay an annual base salary of $210,000 for the period January 1, 2011 through December 31, 2011. Base pay will be increased each January 1st, for the subsequent twelve month periods by six percent.

As of December 31, 2013, the Company owes $669,183 in accrued salary to principal stockholder. On September, 2010, the Company entered into an addendum to the employment agreement whereby all but $250,000 of unpaid back salary was forgiven by the principal stockholder. Also, the interest rate was reduced to 3% per year.

I want to do the math. Looking at the filings, he was paid $222,600 in 2012 and $237,134 in 2013 base. This in addition to the $210,000 he got in 2011 adds up to $669,734. Take the difference from the $250,000 in late 2010 to the $669,183 in late 2013 shows that he loaned the company $419,183 through those 3 years. The difference between what he paid and what he loaned the company (minus 3% interest a year over 3 years ~$383,612) is ~$286,122 over 3 years or ~$95,374 a year base pay on average.

Well over half of his pay is being reinvested to the company as a loan which shows that he intends to collect on the loan when it becomes profitable. This shows that he has a vested interest in making this company succeed.