Replies to post #134576 on Kraig Biocraft Laboratories Inc (KBLB)

[jose0505]

Thanks sickzone obviously the army likes what they see... People asking for third party verification seem to not want to include the army as third party... Still no shoot packs yet they haven given Kblb over 1 million, let's see if they award a new contract to Kblb

GO KBLB!

;-)

[bananarama]

Thanks for this information, Sickzone. As Jose just stated, the Army likes what they see in KBLB. IMHO, this could bode well for future military contracts. JMHO

[WebSlinger]

Thanks for that update. That wasn't there a few days ago.

But people need to realize that KBLB has received very little from the $1 million that the Army has made available.

Any payments received by KBLB from the Army would have to show up in the 10Q quarterly reports and / or 10K annual reports.

FYI: The Army contract was signed around Jul 2016 (in the 3Q 2016).

Here is the revenue that KBLB has reported so far (in their financial statements):

2Q 2016: $0
3Q 2016: $18,673
4Q 2016: $13,185
1Q 2017: $0
2Q 2017: $0
3Q 2017: $27,222
4Q 2017: Coming out very soon

The 3Q 2016 10Q states:

"The Company’s revenues are generated primarily from contracts with the U.S. Government. The Company performs work under the cost-plus-fixed-fee contract.

Cost-plus-fixed-fee contracts—Revenue is recognized on cost-plus-fixed-fee contracts with the U.S. Government on the basis of partial performance equal to costs incurred plus an estimate of applicable fees earned as the Company becomes contractually entitled to reimbursement of costs and the applicable fees. Invoicing for costs and applicable fees are reported to the U.S. Government on a monthly basis and invoices are typically paid within 30 days.

For the three and nine months ended September 30, 2016, the Company recognized $18,673 in revenue from the Government contract."

The 4Q 2016 10K states:

"During the year ended December 31, 2016, we realized $31,858 of revenues from our business. During the year ended December 31, 2015, we realized $0 of revenues from our business. The change in revenues between the years ended December 31, 2016 and 2015 was $31,858 or 100%. This increase was related to our first contract with the US Defense Department."

The 1Q 2017 10Q states:

"The Company’s revenues are generated primarily from contracts with the U.S. Government. The Company performs work under the cost-plus-fixed-fee contract.

Cost-plus-fixed-fee contracts—Revenue is recognized on cost-plus-fixed-fee contracts with the U.S. Government on the basis of partial performance equal to costs incurred plus an estimate of applicable fees earned as the Company becomes contractually entitled to reimbursement of costs and the applicable fees. Invoicing for costs and applicable fees are reported to the U.S. Government on a monthly basis and invoices are typically paid within 30 days.

For the three months ended March 31, 2017 and March 31, 2016, the Company recognized $0 and $0 in revenue from the Government contract."

The 3Q 2017 10Q states:

"For the three and nine months ended September 30, 2017 and September 30, 2016, the Company recognized $27,222 and $18,673 respectively in revenue from the Government contract. These revenues were generated for work performed in the development and production of the Company’s recombinant silks under the base and option period phases of our ongoing contract with the US Army."

Anyone can find all of that information themselves by just reviewing their financial statements and looking for the words "revenue".

So, as you can see, KBLB has only received $59,080 from the Army contract through 3Q (Sep) 2017. I imagine that they might have received another small amount in the 4th quarter, but we won't know that until the annual statement comes out in the next week or so.

In summary, the Army has made $1 million AVAILABLE, but the payment of that amount to KBLB is contingent upon receiving deliverables, and KBLB hasn't delivered ANYTHING yet. They still owe them a few sample shootpacks (which are over a year and a half overdue), and coming up in a few months they will owe them about 100 kg of custom spidersilk fiber. If they don't make the deliveries, then they don't get paid.