Kraig Biocraft Laboratories, Inc. reported no revenue for the three months ending March 31, 2025, consistent with the same period in 2024. The company incurred a net loss of $600,033, an increase of 18.15% from the net loss of $507,875 reported in the prior year. This loss was primarily attributed to a significant rise in general and administrative expenses, which increased by 87.89% to $308,851, compared to $164,375 in the previous year. Operating expenses overall rose to $580,492, up from $448,710, reflecting a 29.37% increase.
The company's total assets decreased to $1,316,047 as of March 31, 2025, down from $1,505,333 at the end of 2024. This decline was driven by a reduction in cash and cash equivalents, which fell to $397,001 from $673,264. Current liabilities also increased to $9,826,119, compared to $9,614,428 at the end of the previous fiscal year, largely due to an increase in accounts payable and accrued expenses related to parties. The company reported a working capital deficit of $9,373,405, worsening from $8,874,143 at the end of 2024.
Strategically, Kraig Biocraft Laboratories has been focusing on expanding its operations in Vietnam, where it has established a subsidiary, Prodigy Textiles Co., Ltd. The company signed a memorandum of understanding with the Vietnam Sericulture Association to enhance sericulture through its spider silk technology. Additionally, on January 14, 2025, it received new investment registration certificates for its production operations in Vietnam, indicating a commitment to geographic expansion and operational growth.
In terms of financing, the company entered into a Standby Equity Purchase Agreement on January 21, 2025, allowing it to sell up to $10 million in common stock. During the first quarter of 2025, Kraig Biocraft sold 2,213,333 shares for total cash proceeds of $168,236. However, the company continues to face substantial doubt about its ability to continue as a going concern, as it relies heavily on raising additional capital to fund its operations and achieve sustainable revenues. Management is actively seeking to control overhead costs and pursue additional financing options to support its business objectives.
About Kraig Biocraft Laboratories, Inc
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