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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Wyoming
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83-0459707
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
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o
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Accelerated filer
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o
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Non-accelerated filer
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o
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Smaller reporting company
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þ
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(Do not check if a smaller reporting company)
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Page
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PART I - Financial Information
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Item 1.
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Financial Statements.
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F-1
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Condensed Balance Sheets as of March 31, 2014 (Unaudited) and December 31, 2013
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F-1
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|||
Condensed Statements of Operations for the three months ended March 31, 2014 and 2013 (Restated) (Unaudited) and for the period from April 25, 2006 (Inception) to March 31, 2014 (Unaudited)
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F-2
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Condensed Statement of Changes in Stockholders’ Deficit for the period from April 25, 2006 (Inception) to March 31, 2014 (Unaudited)
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F-3
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Consolidated Statements of Cash Flows for the three months ended March 31, 2014 and 2013 (Restated) (Unaudited) and for the period from April 25, 2006 (Inception) to March 31, 2014 (Unaudited)
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F-4
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|||
Notes to Condensed Financial Statements (Unaudited)
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F-5
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Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations.
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1 | ||
Item 4.
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Controls and Procedures
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4 | ||
PART II - Other Information
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||||
Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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5 | ||
Item 5.
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Other Information
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5 | ||
Item 6.
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Exhibits.
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5 | ||
Signatures
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6 | |||
Exhibits/Certifications
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ASSETS
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||||||||
March 31,
2014
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December 31,
2013
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|||||||
Current Assets
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||||||||
Cash
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$ | 539,173 | $ | 295,381 | ||||
Prepaid expenses
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1,371 | 1,743 | ||||||
Total Current Assets
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540,544 | 297,124 | ||||||
Property and Equipment, net
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12,545 | 14,093 | ||||||
Total Assets
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$ | 553,089 | $ | 311,217 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
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||||||||
Current Liabilities
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||||||||
Accounts payable and accrued expenses
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$ | 451,080 | $ | 362,436 | ||||
Current portion of loan payable
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2,895 | 3,981 | ||||||
Royalty agreement payable - related party
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65,292 | 64,720 | ||||||
Accounts payable and accrued expenses - related party
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1,079,122 | 1,081,482 | ||||||
Total Current Liabilities
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1,598,389 | 1,512,619 | ||||||
Commitments and Contingencies
|
||||||||
Stockholders' Deficit
|
||||||||
Preferred stock Series A, no par value;
|
||||||||
2 and 2 shares issued and outstanding, respectively
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5,217,800 | 5,217,800 | ||||||
Common stock Class A, no par value; unlimited shares authorized,
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||||||||
654,605,270 and 635,241,994 shares issued and outstanding, respectively
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8,950,600 | 7,810,920 | ||||||
Common stock Class B, no par value; unlimited shares authorized,
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||||||||
no shares issued and outstanding
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- | - | ||||||
Common Stock Issuable, 1,122,311 and 1,122,311 shares, respectively
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22,000 | 22,000 | ||||||
Additional paid-in capital
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1,719,960 | 2,053,236 | ||||||
Deficit accumulated during the development stage
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(16,955,660 | ) | (16,305,358 | ) | ||||
. | . | |||||||
Total Stockholders' Deficit
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(1,045,300 | ) | (1,201,402 | ) | ||||
Total Liabilities and Stockholders' Deficit
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$ | 553,089 | $ | 311,217 |
For the Period from April 25, 2006
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||||||||||||
For the Three Months Ended
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(Inception) to
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|||||||||||
March 31,
2014
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March 31,
2013
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March 31,
2014
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||||||||||
(Restated) | ||||||||||||
Revenue
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$ | - | $ | - | $ | - | ||||||
Operating Expenses
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||||||||||||
General and Administrative
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452,873 | 27,544 | 3,767,903 | |||||||||
Public Relations
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- | - | 619,890 | |||||||||
Amortization of Debt Discount
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- | - | 120,000 | |||||||||
Professional Fees
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20,928 | 16,867 | 534,376 | |||||||||
Officer's Salary
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62,528 | 58,989 | 1,903,176 | |||||||||
Contract Settlement
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- | - | 107,143 | |||||||||
Research and Development
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116,057 | 155,283 | 1,907,500 | |||||||||
Total Operating Expenses
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652,386 | 258,683 | 8,959,988 | |||||||||
Loss from Operations
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(652,386 | ) | (258,683 | ) | (8,959,988 | ) | ||||||
Other Income/(Expenses)
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||||||||||||
Gain on forgiveness of debt
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19,136 | - | 25,911 | |||||||||
Other income
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- | - | 7,881 | |||||||||
Bad debt expense
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- | - | (6,238 | ) | ||||||||
Interest income
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- | 47 | 239 | |||||||||
Loss on settlement of accrued payroll - related party
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- | - | (5,187,800 | ) | ||||||||
Change in fair value of embedded derivative liability
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- | - | (2,790,185 | ) | ||||||||
Change in fair value of embedded derivative liability-related party
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||||||||||||
Interest expense
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(17,052 | ) | (16,625 | ) | (164,965 | ) | ||||||
Total Other Income/(Expenses)
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2,084 | (16,578 | ) | (7,995,672 | ) | |||||||
Net (Loss) before Provision for Income Taxes
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(650,302 | ) | (275,261 | ) | (16,955,660 | ) | ||||||
Provision for Income Taxes
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- | - | - | |||||||||
Net (Loss)
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$ | (650,302 | ) | $ | (275,261 | ) | $ | (16,955,660 | ) | |||
Net Income (Loss) Per Share - Basic and Diluted
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$ | (0.00 | ) | $ | (0.00 | ) | ||||||
Weighted average number of shares outstanding
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||||||||||||
during the period - Basic and Diluted
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646,636,324 | 603,980,849 |
Common Stock -
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||||||||||||||||||||||||||||||||||||||||||||||||
Class A Shares
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Deficit
|
|||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock - Series A
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Common Stock - Class A
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Common Stock - Class B
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To be
issued
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Accumulated during
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||||||||||||||||||||||||||||||||||||||||||||
Shares
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Par
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Shares
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Par
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Shares
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Par |
Par
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Par
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APIC
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Deferred
Compensation |
Development Stage
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Total | |||||||||||||||||||||||||||||||||||||
Balance, April 25, 2006
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- | $ | - | - | $ | - | - | $ | - | - | $ | - | $ | - | - | $ | - | $ | - | |||||||||||||||||||||||||||||
Stock issued to founder
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- | - | 332,292,000 | 180 | - | - | - | - | - | - | - | 180 | ||||||||||||||||||||||||||||||||||||
Stock issued for services ($.01/share)
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- | - | 17,500,000 | 140,000 | - | - | - | - | - | - | - | 140,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for services ($.01/share)
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- | - | 700,000 | 5,600 | - | - | - | - | - | - | - | 5,600 | ||||||||||||||||||||||||||||||||||||
Stock contributed by shareholder
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- | - | (11,666,500 | ) | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||
Stock issued for cash ($.05/share)
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- | - | 4,000 | 200 | - | - | - | - | - | - | - | 200 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.05/share)
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- | - | 4,000 | 200 | - | - | - | - | - | - | - | 200 | ||||||||||||||||||||||||||||||||||||
Fair value of warrants issued
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- | - | - | - | - | - | - | - | 126,435 | - | - | 126,435 | ||||||||||||||||||||||||||||||||||||
Net Loss
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- | - | - | - | - | - | - | - | - | - | (530,321 | ) | (530,321 | ) | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2006
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- | - | 338,833,500 | 146,180 | - | - | - | - | 126,435 | - | (530,321 | ) | (257,706 | ) | ||||||||||||||||||||||||||||||||||
Stock issued for cash ($.01/share)
|
- | - | 1,750,000 | 15,000 | - | - | - | - | - | - | - | 15,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.01/share)
|
- | - | 12,000,000 | 103,000 | - | - | - | - | - | - | - | 103,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.0003/share)
|
- | - | 9,000,000 | 3,000 | - | - | - | - | - | - | - | 3,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.01/share)
|
- | - | 1,875,000 | 15,000 | - | - | - | - | - | - | - | 15,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.01/share)
|
- | - | 1,875,000 | 15,000 | - | - | - | - | - | - | - | 15,000 | ||||||||||||||||||||||||||||||||||||
- | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued for services ($.01/share)
|
- | - | 2,000,000 | 16,000 | - | - | - | - | - | - | - | 16,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.01/share)
|
- | - | 13,125,000 | 105,000 | - | - | - | - | - | - | - | 105,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.003/share)
|
- | - | 80,495,000 | 241,485 | - | - | - | - | - | - | - | 241,485 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.003/share)
|
- | - | 200,000 | 600 | - | - | - | - | - | - | - | 600 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.003/share)
|
- | - | 8,300,000 | 24,900 | - | - | - | - | - | - | - | 24,900 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.003/share)
|
- | - | 25,000 | 75 | - | - | - | - | - | - | - | 75 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.003/share)
|
- | - | 120,000 | 360 | - | - | - | - | - | - | - | 360 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.003/share)
|
- | - | 1,025,000 | 3,075 | - | - | - | - | - | 3,075 | ||||||||||||||||||||||||||||||||||||||
Stock issued in connection to cash offering
|
- | - | 28,125,000 | 84,375 | - | - | - | - | (84,375 | ) | - | - | - | |||||||||||||||||||||||||||||||||||
Stock issued for services ($.01/share)
|
- | - | 600,000 | 6,000 | - | - | - | - | - | - | - | 6,000 | ||||||||||||||||||||||||||||||||||||
Net loss, for the year ended December 31, 2007
|
- | - | - | - | - | - | - | - | - | - | (472,986 | ) | (472,986 | ) | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2007
|
- | - | 499,348,500 | 779,050 | - | - | - | - | 42,060 | - | (1,003,307 | ) | (182,197 | ) | ||||||||||||||||||||||||||||||||||
Stock issuable for services ($.01/share)
|
- | - | - | - | - | - | 400,000 | 4,000 | - | - | - | 4,000 | ||||||||||||||||||||||||||||||||||||
Net loss, for the year ended December 31, 2008
|
- | - | - | - | - | - | - | - | - | - | (1,721,156 | ) | (1,721,156 | ) | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2008
|
- | - | 499,348,500 | 779,050 | - | - | 400,000 | 4,000 | 42,060 | - | (2,724,463 | ) | (1,899,353 | ) | ||||||||||||||||||||||||||||||||||
Stock issued for cash ($.01/share)
|
- | - | 2,500,000 | 25,000 | - | - | - | - | - | - | - | 25,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.008/share)
|
- | - | 366,599 | 3,000 | - | - | - | - | - | - | - | 3,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for services
|
- | - | 280,000 | 14,000 | - | - | 722,311 | 18,000 | - | - | - | 32,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for services
|
- | - | - | - | - | - | 10,000,000 | 200,000 | - | (103,333 | ) | - | 96,667 | |||||||||||||||||||||||||||||||||||
Net loss for the year ended December 31, 2009
|
- | - | - | - | - | - | - | - | - | - | (1,432,091 | ) | (1,432,091 | ) | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2009
|
- | - | 502,495,099 | 821,050 | - | - | 11,122,311 | 222,000 | 42,060 | (103,333 | ) | (4,156,554 | ) | (3,174,777 | ) | |||||||||||||||||||||||||||||||||
Stock issued for services ($.01/share)
|
- | - | 540,000 | 5,400 | - | - | - | - | - | (5,000 | ) | - | 400 | |||||||||||||||||||||||||||||||||||
Stock issued for services ($.02/share)
|
- | - | 17,885,915 | 334,000 | - | - | - | - | - | - | - | 334,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for services ($.08/share)
|
- | - | 387,500 | 31,000 | - | - | - | - | - | - | - | 31,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for services ($.15/share)
|
- | - | 200,000 | 30,000 | - | - | - | - | - | - | - | 30,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for services ($.05/share)
|
- | - | 280,000 | 14,000 | - | - | - | - | - | - | - | 14,000 | ||||||||||||||||||||||||||||||||||||
Warrants issued for services
|
- | - | - | - | - | - | - | - | 168,000 | (168,000 | ) | - | - | |||||||||||||||||||||||||||||||||||
Stock issued in connection with convertible note conversion
|
- | - | 5,694,451 | 100,000 | - | - | - | - | - | - | - | 100,000 | ||||||||||||||||||||||||||||||||||||
Stock issued in connection with convertible note conversion
|
- | - | 854,169 | 15,000 | - | - | - | - | - | - | - | 15,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.02/share)
|
- | - | 10,000,000 | 200,000 | - | - | (10,000,000 | ) | (200,000 | ) | - | - | - | - | ||||||||||||||||||||||||||||||||||
Stock issued for cash ($.01/share)
|
- | - | 4,000,000 | 28,632 | - | - | - | - | - | - | - | 28,632 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.02/share)
|
- | - | 4,513,116 | 70,000 | - | - | - | - | - | - | - | 70,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.08/share)
|
- | - | 1,179,245 | 100,000 | - | - | - | - | - | - | - | 100,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.06/share)
|
- | - | 1,157,407 | 75,000 | - | - | - | - | - | - | - | 75,000 | ||||||||||||||||||||||||||||||||||||
Exercise of 6,000,000 warrants in exchange for stock
|
- | - | 5,177,801 | 10,000 | - | - | - | - | 677,908 | - | - | 687,908 | ||||||||||||||||||||||||||||||||||||
Deferred compensation realized
|
- | - | - | - | - | - | - | - | - | 250,333 | - | 250,333 | ||||||||||||||||||||||||||||||||||||
Forgiveness of accrued payable to related party
|
- | - | - | - | - | - | - | - | 499,412 | 499,412 | ||||||||||||||||||||||||||||||||||||||
Forgiveness of derivative liability to related party
|
- | - | - | - | - | - | - | - | 2,102,795 | 2,102,795 | ||||||||||||||||||||||||||||||||||||||
Net loss for the year ended December 31, 2010
|
- | - | - | - | - | - | - | - | - | - | (1,782,888 | ) | (1,782,888 | ) | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2010
|
- | - | 554,364,703 | 1,834,082 | - | - | 1,122,311 | 22,000 | 3,490,175 | (26,000 | ) | (5,939,442 | ) | (619,185 | ) | |||||||||||||||||||||||||||||||||
Stock issued for cash ($.06/share)
|
- | - | 1,470,588 | 100,000 | - | - | - | - | - | - | - | 100,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.05/share)
|
- | - | 2,083,333 | 100,000 | - | - | - | - | - | - | - | 100,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for services ($.07/share)
|
- | - | 1,000,000 | 70,000 | - | - | - | - | - | - | - | 70,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for services ($.07/share)
|
- | - | 1,029,412 | 70,000 | - | - | - | - | - | - | - | 70,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($.07/share)
|
- | - | 1,420,455 | 100,000 | - | - | - | - | - | - | - | 100,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.07/share)
|
- | - | 1,372,119 | 100,000 | - | - | - | - | - | - | - | 100,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.08/share)
|
- | - | 1,314,406 | 100,000 | - | - | - | - | - | - | - | 100,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.06/share)
|
- | - | 1,543,210 | 100,000 | - | - | - | - | - | - | - | 100,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for license ($0.11/share)
|
- | - | 2,200,000 | 242,000 | - | - | - | - | - | - | - | 242,000 | ||||||||||||||||||||||||||||||||||||
Exercise of 20,000,000 warrants in exchange for stock
|
- | - | 19,767,985 | 2,569,838 | - | - | - | - | (2,569,838 | ) | - | - | - | |||||||||||||||||||||||||||||||||||
Deferred compensation realized
|
- | - | - | - | - | - | - | - | - | 26,000 | - | 26,000 | ||||||||||||||||||||||||||||||||||||
Net loss for the year ended December 31, 2011
|
- | - | - | - | - | - | - | - | - | - | (1,295,310 | ) | (1,295,310 | ) | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2011
|
- | - | 587,566,211 | 5,385,920 | - | - | 1,122,311 | 22,000 | 920,337 | - | (7,234,752 | ) | (906,495 | ) | ||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.06/share)
|
- | - | 1,562,500 | 100,000 | - | - | - | - | - | - | - | 100,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.04/share)
|
- | - | 2,403,846 | 100,000 | - | - | - | - | - | - | - | 100,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.05/share)
|
- | - | 1,923,077 | 100,000 | - | - | - | - | - | - | - | 100,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.04/share)
|
- | - | 2,155,172 | 100,000 | - | - | - | - | - | - | - | 100,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.02/share)
|
- | - | 1,004,832 | 25,000 | - | - | - | - | - | - | - | 25,000 | ||||||||||||||||||||||||||||||||||||
Shares issued for services ($0.10/share)
|
- | - | 3,000,000 | 300,000 | - | - | - | - | - | - | - | 300,000 | ||||||||||||||||||||||||||||||||||||
Shares issued for services ($0.06/share)
|
- | - | 300,000 | 18,000 | - | - | - | - | - | - | - | 18,000 | ||||||||||||||||||||||||||||||||||||
Shares issued for services ($0.06/share)
|
- | - | 1,600,000 | 96,000 | - | - | - | - | - | - | - | 96,000 | ||||||||||||||||||||||||||||||||||||
Shares issued for services ($0.06/share)
|
- | - | 1,600,000 | 96,000 | - | - | - | - | - | - | - | 96,000 | ||||||||||||||||||||||||||||||||||||
Shares issued for services ($0.04/Share)
|
- | - | 1,000,000 | 40,000 | - | - | - | - | - | - | - | 40,000 | ||||||||||||||||||||||||||||||||||||
Grant 100,000,000 warrants for services
|
- | - | - | - | - | - | - | - | 400,000 | - | - | 400,000 | ||||||||||||||||||||||||||||||||||||
Net loss for the year ended December 31, 2012
|
- | - | - | - | - | - | - | - | - | - | (1,602,921 | ) | (1,602,921 | ) | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2012
|
- | - | 604,115,638 | 6,360,920 | - | - | 1,122,311 | 22,000 | 1,320,337 | - | (8,837,673 | ) | (1,134,416 | ) | ||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.05/share)
|
- | - | 961,538 | 50,000 | - | - | - | - | - | - | - | 50,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.05/share)
|
- | - | 945,537 | 50,000 | - | - | - | - | - | - | - | 50,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.06/share)
|
- | - | 822,368 | 50,000 | - | - | - | - | - | - | - | 50,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.08/share)
|
- | - | 884,434 | 75,000 | - | - | - | - | - | - | - | 75,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.06/share)
|
- | - | 3,521,126 | 200,000 | - | - | - | - | - | - | - | 200,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.05/share)
|
- | - | 1,838,235 | 100,000 | - | - | - | - | - | - | - | 100,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.05/share)
|
- | - | 1,923,077 | 100,000 | - | - | - | - | - | - | - | 100,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.05/share)
|
- | - | 2,100,840 | 100,000 | - | - | - | - | - | - | - | 100,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.04/share)
|
- | - | 5,208,334 | 200,000 | - | - | - | - | - | - | - | 200,000 | ||||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.04/share)
|
- | - | 3,063,725 | 125,000 | - | - | - | - | - | - | - | 125,000 | ||||||||||||||||||||||||||||||||||||
Exercise of 10,000,000 warrants in exchange for stock
|
- | - | 9,857,142 | 400,000 | - | - | - | - | (400,000 | ) | - | - | - | |||||||||||||||||||||||||||||||||||
Preferred Stock issued
|
2 | 5,217,800 | - | - | - | - | - | - | - | - | - | 5,217,800 | ||||||||||||||||||||||||||||||||||||
Grant 10,000,000 warrants for services
|
- | - | - | - | - | - | - | - | 736,816 | - | - | 736,816 | ||||||||||||||||||||||||||||||||||||
Grant 8,000,000 warrants for services, net of M2M adjustment for unvested warrants
|
- | - | - | - | - | - | - | - | 396,083 | - | - | 396,083 | ||||||||||||||||||||||||||||||||||||
Net loss for the year ended December 31, 2013
|
- | - | - | - | - | - | - | - | - | - | (7,467,685 | ) | (7,467,685 | ) | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2013
|
2 | 5,217,800 | 635,241,994 | 7,810,920 | - | - | 1,122,311 | 22,000 | 2,053,236 | - | (16,305,358 | ) | (1,201,402 | ) | ||||||||||||||||||||||||||||||||||
Stock issued for cash ($0.04/share)
|
- | - | 9,497,847 | 400,000 | - | - | - | - | - | - | - | 400,000 | ||||||||||||||||||||||||||||||||||||
Exercise of 10,000,000 warrants in exchange for stock
|
- | - | 9,821,429 | 736,816 | - | - | - | - | (736,816 | ) | - | - | - | |||||||||||||||||||||||||||||||||||
Grant 7,200,000 warrants for services
|
- | - | - | - | - | - | - | - | 403,540 | - | - | 403,540 | ||||||||||||||||||||||||||||||||||||
Settlement of accounts payable with stock issuance ($0.065/share)
|
- | - | 44,000 | 2,864 | - | - | - | - | - | - | - | 2,864 | ||||||||||||||||||||||||||||||||||||
Net loss for the three months ended March 31, 2014
|
- | - | - | - | - | - | - | - | - | - | (650,302 | ) | (650,302 | ) | ||||||||||||||||||||||||||||||||||
Balance, March 31, 2014
|
2 | $ | 5,217,800 | 654,605,270 | $ | 8,950,600 | - | $ | - | 1,122,311 | $ | 22,000 | $ | 1,719,960 | $ | - | $ | (16,955,660 | ) | $ | (1,045,300 | ) |
For the Period from
April 25,
|
||||||||||||
2006 | ||||||||||||
(Inception) to
|
||||||||||||
For the Three Months Ended March 31, | March 31, | |||||||||||
2014 | 2013 | 2014 | ||||||||||
(Restated) | ||||||||||||
Cash Flows From Operating Activities:
|
||||||||||||
Net Loss
|
$ | (650,302 | ) | $ | (275,261 | ) | $ | (16,955,660 | ) | |||
Adjustments to reconcile net loss to net cash used in operations
|
||||||||||||
Depreciation expense
|
1,548 | 1,377 | 18,842 | |||||||||
Gain on forgiveness of debt
|
(19,136 | ) | - | (25,911 | ) | |||||||
Stock issuable for services
|
- | - | 22,000 | |||||||||
Loss on settlement
|
- | - | 5,187,800 | |||||||||
Change in Fair Value of Derivative Liability
|
- | - | 2,790,703 | |||||||||
Stock issued for services
|
- | - | 1,458,180 | |||||||||
Warrants issued to employees
|
- | - | 126,435 | |||||||||
Warrants issued to consultants
|
403,540 | - | 2,104,439 | |||||||||
Deferred compensation realized
|
- | - | 200,000 | |||||||||
Bad debt expense
|
- | - | 6,238 | |||||||||
Changes in operating assets and liabilities:
|
- | |||||||||||
(Increase)Decrease in prepaid expenses
|
372 | (2,215 | ) | (1,371 | ) | |||||||
(Decrease) in interest receivables
|
- | - | (46 | ) | ||||||||
Increase in accrued expenses and other payables - related party
|
(1,788 | ) | 79,634 | 1,591,561 | ||||||||
Increase in accounts payable
|
110,644 | 28,014 | 557,121 | |||||||||
Net Cash Used In Operating Activities
|
(155,122 | ) | (168,451 | ) | (2,919,669 | ) | ||||||
Cash Flows From Investing Activities:
|
||||||||||||
Loan receivable
|
- | - | (6,000 | ) | ||||||||
Interest receivable
|
- | (46 | ) | (192 | ) | |||||||
Purchase of Fixed Assets and Domain Name
|
- | - | (31,387 | ) | ||||||||
Net Cash Used In Investing Activities
|
- | (46 | ) | (37,579 | ) | |||||||
Cash Flows From Financing Activities:
|
||||||||||||
Proceeds from Notes Payable - Stockholder
|
- | 150,000 | 150,000 | |||||||||
Repayments of Notes Payable - Stockholder
|
- | - | (150,000 | ) | ||||||||
Proceeds from issuance of convertible note
|
- | - | 120,000 | |||||||||
Loan payable
|
(1,086 | ) | (683 | ) | 2,894 | |||||||
Proceeds from issuance of common stock
|
400,000 | 100,000 | 3,373,527 | |||||||||
Net Cash Provided by Financing Activities
|
398,914 | 249,317 | 3,496,421 | |||||||||
Net Increase (Decrease) in Cash
|
243,792 | 80,820 | 539,173 | |||||||||
Cash at Beginning of Period
|
295,381 | 53,782 | - | |||||||||
Cash at End of Period
|
$ | 539,173 | $ | 134,602 | $ | 539,173 | ||||||
Supplemental disclosure of cash flow information:
|
||||||||||||
Cash paid for interest
|
$ | - | $ | - | $ | - | ||||||
Cash paid for taxes
|
$ | - | $ | - | $ | - | ||||||
Supplemental disclosure of non-cash investing and financing activities:
|
||||||||||||
Shares issued in connection with cashless warrants exercise
|
$ | 736,816 | $ | - | $ | 3,706,654 | ||||||
Shares issued for settlement of accrued payroll - related party
|
$ | - | $ | - | $ | 30,000 | ||||||
Shares issued in connection with convertible note payable
|
$ | - | $ | - | $ | 115,000 | ||||||
Beneficial conversion feature on convertible notes and related debt discount
|
$ | - | $ | - | $ | 120,000 | ||||||
Settlement of accounts payable with stock issuance
|
$ | 2,864 | $ | - | $ | 2,864 |
March 31,
2014
|
March 31,
2013
|
|||||||
Stock Warrants (Exercise price - $0.001/share)
|
15,200,000
|
10,000,000
|
||||||
Convertible Preferred Stock
|
2
|
-
|
||||||
Total
|
15,200,002
|
10,000,000
|
RESTATED STATEMENT OF OPERATIONS
|
||||||||||||
For the Period from April 25, 2006 (Inception) to March 31, 2013
|
For the Period from April 25, 2006 (Inception) to March 31, 2013
|
|||||||||||
As Reported
|
Adjustments
|
Restated
|
||||||||||
Revenue
|
$ | - | $ | - | ||||||||
- | ||||||||||||
Operating Expenses
|
- | |||||||||||
General and Administrative
|
1,967,043 | 1,967,043 | ||||||||||
Public Relations
|
219,890 | 400,000 | 619,890 | 1 | ||||||||
Amortization of Debt Discount
|
120,000 | 120,000 | ||||||||||
Professional Fees
|
351,942 | 351,942 | ||||||||||
Officer's Salary
|
1,662,503 | 1,662,503 | ||||||||||
Contract Settlement
|
107,143 | 107,143 | ||||||||||
Research and Development
|
1,457,292 | 1,457,292 | ||||||||||
Total Operating Expenses
|
5,885,813 | 400,000 | 6,285,813 | |||||||||
- | ||||||||||||
Loss from Operations
|
(5,885,813 | ) | (400,000 | ) | (6,285,813 | ) | ||||||
- | ||||||||||||
Other Income/(Expenses)
|
- | |||||||||||
Other income
|
7,881 | 7,881 | ||||||||||
Interest income
|
192 | 192 | ||||||||||
Change in fair value of embedded derivative liability
|
(2,790,185 | ) | (2,790,185 | ) | ||||||||
Change in fair value of embedded derivative liability-related party
|
119,485 | 119,485 | ||||||||||
Interest expense
|
(164,538 | ) | (164,538 | ) | ||||||||
Total Other Income/(Expenses)
|
(2,827,165 | ) | - | (2,827,165 | ) | |||||||
- | ||||||||||||
Net (Income) Loss before Provision for Income Taxes
|
(8,712,978 | ) | (400,000 | ) | (9,112,978 | ) | ||||||
- | ||||||||||||
Provision for Income Taxes
|
- | - | - | |||||||||
- | ||||||||||||
Net Income (Loss)
|
$ | (8,712,978 | ) | $ | (400,000 | ) | $ | (9,112,978 | ) |
RESTATED STATEMENT OF OPERATIONS
|
||||||||||||
For the Period from April 25, 2006 (Inception) to June 30, 2013
|
For the Period from April 25, 2006 (Inception) to June 30, 2013
|
|||||||||||
As Reported
|
Adjustments
|
Restated
|
||||||||||
Revenue
|
$ | - | $ | - | ||||||||
- | ||||||||||||
Operating Expenses
|
- | |||||||||||
General and Administrative
|
2,000,326 | 2,000,326 | ||||||||||
Public Relations
|
219,890 | 400,000 | 619,890 | 1 | ||||||||
Amortization of Debt Discount
|
120,000 | 120,000 | ||||||||||
Professional Fees
|
380,547 | 380,547 | ||||||||||
Officer's Salary
|
1,721,402 | 1,721,402 | ||||||||||
Contract Settlement
|
107,143 | 107,143 | ||||||||||
Research and Development
|
1,622,059 | 1,622,059 | ||||||||||
Total Operating Expenses
|
6,171,367 | 400,000 | 6,571,367 | |||||||||
- | ||||||||||||
Loss from Operations
|
(6,171,367 | ) | (400,000 | ) | (6,571,367 | ) | ||||||
- | ||||||||||||
Other Income/(Expenses)
|
- | |||||||||||
Other income
|
7,881 | 7,881 | ||||||||||
Interest income
|
239 | 239 | ||||||||||
Change in fair value of embedded derivative liability
|
(2,790,185 | ) | (2,790,185 | ) | ||||||||
Change in fair value of embedded derivative liability-related party
|
119,485 | 119,485 | ||||||||||
Interest expense
|
(181,974 | ) | (181,974 | ) | ||||||||
Total Other Income/(Expenses)
|
(2,844,554 | ) | - | (2,844,554 | ) | |||||||
- | ||||||||||||
Net (Income) Loss before Provision for Income Taxes
|
(9,015,921 | ) | (400,000 | ) | (9,415,921 | ) | ||||||
- | ||||||||||||
Provision for Income Taxes
|
- | - | - | |||||||||
- | ||||||||||||
Net Income (Loss)
|
$ | (9,015,921 | ) | $ | (400,000 | ) | $ | (9,415,921 | ) |
RESTATED STATEMENTS OF CASH FLOWS
|
||||||||||||
For the Period from April 25, 2006 (Inception) to March 31, 2013
|
For the Period from April 25, 2006 (Inception) to March 31, 2013
|
|||||||||||
As Reported
|
Adjustments
|
Restated
|
||||||||||
Cash Flows From Operating Activities:
|
||||||||||||
Net Loss
|
$ | (8,712,978 | ) | $ | (400,000 | ) | $ | (9,112,978 | )1 | |||
Adjustments to reconcile net loss to net cash used in operations
|
||||||||||||
Depreciation expense
|
12,783 | 12,783 | ||||||||||
Stock issuable for services
|
22,000 | 22,000 | ||||||||||
Change in Fair Value of Derivative Liability
|
2,790,703 | 2,790,703 | ||||||||||
Stock issued for services
|
1,458,180 | 1,458,180 | ||||||||||
Warrants issued to employees
|
126,435 | 126,435 | ||||||||||
Warrants issued to consultants
|
168,000 | 400,000 | 568,000 | 1 | ||||||||
Deferred compensation realized
|
200,000 | 200,000 | ||||||||||
Changes in operating assets and liabilities:
|
- | |||||||||||
(Increase)Decrease in prepaid expenses
|
(4,485 | ) | (4,485 | ) | ||||||||
Increase in accrued expenses and other payables - related party
|
1,449,233 | 1,449,233 | ||||||||||
Increase in accounts payable
|
357,238 | 357,238 | ||||||||||
Net Cash Used In Operating Activities
|
(2,132,891 | ) | - | (2,132,891 | ) |
RESTATED STATEMENTS OF CASH FLOWS
|
||||||||||||
For the Period from April 25, 2006 (Inception) to June 30, 2013
|
For the Period from April 25, 2006 (Inception) to June 30, 2013
|
|||||||||||
As Reported
|
Adjustments
|
Restated
|
||||||||||
Cash Flows From Operating Activities:
|
||||||||||||
Net Loss
|
$ | (9,015,921 | ) | $ | (400,000 | ) | $ | (9,415,921 | )1 | |||
Adjustments to reconcile net loss to net cash used in operations
|
||||||||||||
Depreciation expense
|
14,175 | 14,175 | ||||||||||
Stock issuable for services
|
22,000 | 22,000 | ||||||||||
Change in Fair Value of Derivative Liability
|
2,790,703 | 2,790,703 | ||||||||||
Stock issued for services
|
1,458,180 | 1,458,180 | ||||||||||
Warrants issued to employees
|
126,435 | 126,435 | ||||||||||
Warrants issued to consultants
|
168,000 | 400,000 | 568,000 | 1 | ||||||||
Deferred compensation realized
|
200,000 | 200,000 | ||||||||||
Changes in operating assets and liabilities:
|
- | |||||||||||
(Increase)Decrease in prepaid expenses
|
(1,577 | ) | (1,577 | ) | ||||||||
Increase in accrued expenses and other payables - related party
|
1,495,838 | 1,495,838 | ||||||||||
Increase in accounts payable
|
468,252 | 468,252 | ||||||||||
Net Cash Used In Operating Activities
|
(2,273,915 | ) | - | (2,273,915 | ) |
As of
March 31,
2014
|
As of
December 31,
2013
|
|||||||
Automobile
|
$
|
25,828
|
$
|
25,828
|
||||
Office Equipment
|
5,560
|
5,560
|
||||||
Less Accumulated Depreciation
|
(18,843
|
)
|
(17,295
|
)
|
||||
Total Property and Equipment
|
$
|
12,545
|
$
|
14,093
|
Expected dividends
|
0
|
%
|
||
Expected volatility
|
283.23
|
%
|
||
Expected term
|
10 years
|
|||
Risk free interest rate
|
1.69
|
%
|
||
Expected forfeitures
|
0
|
%
|
Expected dividends
|
0
|
%
|
||
Expected volatility
|
183.35
|
%
|
||
Expected term
|
5 years
|
|||
Risk free interest rate
|
1.50
|
%
|
||
Expected forfeitures
|
0
|
%
|
Grant Date
|
||||
Expected dividends
|
0
|
%
|
||
Expected volatility
|
96.35
|
%
|
Expected term
|
3 years
|
|||
Risk free interest rate
|
1.45
|
%
|
||
Expected forfeitures
|
0
|
%
|
Grant Date
|
||||
Expected dividends
|
0
|
%
|
||
Expected volatility
|
86.94
|
%
|
Expected term
|
2 years
|
|||
Risk free interest rate
|
1.53
|
%
|
||
Expected forfeitures
|
0
|
%
|
Grant Date
|
||||
Expected dividends
|
0
|
%
|
||
Expected volatility
|
86.94
|
%
|
Expected term
|
2 years
|
|||
Risk free interest rate
|
1.53
|
%
|
Grant Date
|
||||
Expected dividends
|
0
|
%
|
||
Expected volatility
|
86.23
|
%
|
Expected term
|
3 years
|
|||
Risk free interest rate
|
1.53
|
%
|
||
Expected forfeitures
|
0
|
%
|
Grant Date
|
||||
Expected dividends
|
0
|
%
|
||
Expected volatility
|
86.23
|
%
|
Expected term
|
3 years
|
|||
Risk free interest rate
|
1.53
|
%
|
||
Expected forfeitures
|
0
|
%
|
Grant Date
|
||||
Expected dividends
|
0
|
%
|
||
Expected volatility
|
123.49
|
%
|
Expected term
|
3 years
|
|||
Risk free interest rate
|
1.53
|
%
|
||
Expected forfeitures
|
0
|
%
|
Grant Date
|
||||
Expected dividends
|
0
|
%
|
||
Expected volatility
|
123.49
|
%
|
Expected term
|
3 years
|
|||
Risk free interest rate
|
1.53
|
%
|
||
Expected forfeitures
|
0
|
%
|
Number of Warrants
|
Weighted Average Exercise Price
|
Weighted Average Remaining Contractual Life (in Years)
|
||||||||||
Balance, December 31, 2011
|
-
|
$
|
-
|
|||||||||
Granted
|
10,000,000
|
0.001
|
||||||||||
Exercised
|
||||||||||||
Cancelled/Forfeited
|
-
|
-
|
||||||||||
Balance, December 31, 2012
|
10,000,000
|
0.001
|
9.90
|
|||||||||
Granted
|
18,000,000
|
$
|
0.001
|
|||||||||
Exercised
|
(10,000,000
|
)
|
$
|
-
|
||||||||
Cancelled/Forfeited
|
-
|
|||||||||||
Balance, December 31, 2013
|
18,000,000
|
$
|
0.001
|
2.9
|
||||||||
Granted
|
7,200,000
|
$
|
0.001
|
|||||||||
Exercised
|
(10,000,000
|
)
|
$
|
-
|
||||||||
Cancelled/Forfeited
|
-
|
|||||||||||
Balance, March 31, 2014
|
15,200,000
|
$
|
0.001
|
2.8
|
||||||||
Intrinsic Value
|
904,000
|
Exercise Price
|
Warrants Outstandning
|
Warrants Exercisable
|
Weighted Average Remaining Contractual Life
|
Aggregate Intrinsic Value
|
||||||||||||||
$
|
0.001
|
15,200,000
|
-
|
2.8
|
904,000
|
Exercise Price
|
Warrants Outstandning
|
Warrants Exercisable
|
Weighted Average Remaining Contractual Life
|
Aggregate Intrinsic Value
|
||||||||||||||
$
|
0.001
|
28,000,000
|
18,000,000
|
2.9
|
918,000
|
●
|
Common stock Class A, unlimited number of shares authorized, no par value
|
●
|
Common stock Class B, unlimited number of shares authorized, no par value
|
●
|
Preferred stock, unlimited number of shares authorized, no par value
|
Series A PS Valuation
|
||||
Debt converted – related party
|
$
|
(30,000
|
)
|
|
Valuation of Series A PS issued as consideration
|
5,217,800
|
|||
Loss on settlement of debt
|
$
|
5,187,800
|
●
|
Within 30 days of the date of this agreement, a warrant for six hundred thousand shares of the Company’s common stock to be exercisable on the 14 month anniversary of this agreement for a period of 12 months with a cashless exercise provision.
|
●
|
Within 30 days of the date of this agreement, a warrant for one million shares of the Company’s common stock to be exercisable on the 20 month anniversary of this agreement for a period of 12 months with a cashless exercise provision.
|
●
|
Within 30 days of the date of this agreement, a warrant for two million shares of the Company’s common stock to be exercisable on the 32 month anniversary of this agreement for a period of 12 months with a cashless exercise provision.
|
●
|
Based on the consultants reaching two sets of benchmarks, two separate warrants for one million five hundred thousand shares of the Company’s common stock to be exercisable on the 28 month anniversary of this agreement for a period of 12 months with a cashless exercise provision.
|
●
|
On the three year anniversary, assuming the consultant acted in good faith and the Company’s board of directors approval, a warrant for one million five hundred thousand shares of the Company’s common stock to be exercisable on the 28 month anniversary of this agreement for a period of 12 months with a cashless exercise provision.
|
»
|
We expect to spend approximately $35,000 per quarter through March 2015 on collaborative research and development of high strength polymers at the University of Notre Dame. If our financing will allow, management will give strong consideration to accelerating the pace of spending on research and development within the University of Notre Dame’s laboratories.
|
||
»
|
We expect to spend approximately $13,700 on collaborative research and development of high strength polymers and spider silk protein at the University of Wyoming over the next twelve months. This level of research spending at the university is also a requirement of our licensing agreement with the university. If our financing will allow, management will give strong consideration to accelerating the pace of spending on research and development within the University of Wyoming’s laboratories.
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»
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We will actively consider pursuing collaborative research opportunities with other university laboratories in the area of high strength polymers. If our financing will allow, management will give strong consideration to increasing the depth of our research to include polymer production technologies that are closely related to our core research
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»
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We will consider buying an established revenue producing company in a compatible business, in order to broaden our financial base and facilitate the commercialization of our products. We expect to use a combination of stock and cash for any such purchase.
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»
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We will also actively consider pursuing collaborative research opportunities with both private and university laboratories in areas of research which overlap the company’s existing research and development. One such potential area for collaborative research which the company is considering is protein expression platforms. If our financing will allow, management will give strong consideration to increasing the breadth of our research to include protein expression platform technologies.
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We plan to actively pursue collaborative research and product testing, opportunities with companies in the biotechnology, materials, textile and other industries.
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»
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We plan to actively pursue collaborative commercialization, marketing and manufacturing opportunities with companies in the textile and material sectors for the fibers we developed and for any new polymers that we create in 2014.
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»
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We plan to actively pursue the development of commercial scale production of our recombinant materials including Monster SilkTM.
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- |
Present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period; and
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- |
Cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense.
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1.
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We will continue to educate our management personnel to comply with the disclosure requirements of Securities Exchange Act of 1934 and Regulation S-K; and
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2.
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We will increase management oversight of accounting and reporting functions in the future.
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Exhibit No. | Description | |
31.1 | Certifications by the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certifications by the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS
|
XBRL Instance Document.
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101.SCH
|
XBRL Schema Document
|
|
101.CAL
|
XBRL Calculation Linkbase Document
|
|
101.DEF
|
XBRL Definition Linkbase Document
|
|
101.LAB
|
XBRL Label Linkbase Document
|
|
101.PRE
|
XBRL Presentation Linkbase Document
|
KRAIG BIOCRAFT LABORATORIES, INC.
|
|||
May 15, 2014
|
By:
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/s/ Kim Thompson
|
|
Kim Thompson
|
|||
Chief Executive Officer and Chief Financial Officer
|
|||
1. I have reviewed this quarterly report on Form 10-Q of Kraig Biocraft Laboratories, Inc.;
|
|
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods present in this report;
|
|
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding their reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financing reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involved management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
May 15, 2014
|
By:
|
/s/ Kim Thompson
|
|
Kim Thompson
|
|||
Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial and principal accounting officer)
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly represents in all material respects, the financial condition and results of operations of Kraig Biocraft Laboratories, Inc.
|
May 15, 2014
|
By:
|
/s/ Kim Thompson
|
|
Kim Thompson
|
|||
Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial and principal accounting officer)
|
|||
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