Kings agreed to purchase up to $40 million in silk from KBLB. Somewhere one could find the year-by-year information, but I don’t think that particularly relevant.
Kings also agreed to pay $250,000 up front. This payment has never been recorded (see WebSlinger). When asked about this payment, investors have been told that the funds served as an ‘investment-in-kind’ toward the venture. We don’t have any way to verify this independently of IR.
But according to KBLB, Kings has met their obligations under the contract. KBLB failed to deliver the silk they were obligated to provide (see WebSlinger). KBLB has violated the published terms of the contract, Kings has not.
KBLB may have renegotiated the contract terms with Kings. We don’t have a way to independently verify that fact. My statement still stands: KBLB violated the terms of the contract, Kings did not.
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