Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

☐	TRANSITION REPORT PURSUANT TO PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_____ to _____

Commission File Number: 000-56232

KRAIG BIOCRAFT LABORATORIES, INC.

(Exact Name of Registrant as Specified in Charter)

Wyoming

83-0459707

(State or Other Jurisdiction

of Incorporation)

(I.R.S. Employer

Identification No.)

2723 South State St. Suite 150

Ann Arbor, Michigan 48104

(Address of Principal Executive Offices)

(734) 619-8066

(Registrant’s telephone number, including area code)

(Former name and address, if changed since last report)

Copies to:

Hunter Taubman Fischer & Li LLC

950 Third Ave., 19^th Floor

New York, NY 10022

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of exchange on which registered
None		-		-

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and emerging growth company in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 14, 2024 there were 1,038,374,219 shares of the issuer’s Class A common stock, no par value per share, outstanding, 0 shares of the issuer’s Class B common stock, no par value per share, outstanding and 3 shares of preferred stock, no par value per share, outstanding.

TABLE OF CONTENTS

	Page

PART I FINANCIAL INFORMATION

Item 1. Unaudited Condensed Financial Statements:

Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 (Audited)	3

Condensed Consolidated Statements of Operations (Unaudited) for the six months ended June 30, 2024 and 2023	4

Condensed Consolidated Statement of Changes in Stockholders’ Deficit for the six months ended June 30, 2024 (Unaudited)	5

Condensed Consolidated Statement of Changes in Stockholders’ Deficit for the six months ended June 30, 2023 (Unaudited)	6

Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024	7

Notes to Condensed Consolidated Financial Statements (Unaudited)	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	25

Item 3. Quantitative and Qualitative Disclosures about Market Risk	32

Item 4. Controls and Procedures	32

PART II OTHER INFORMATION

Item 1. Legal proceedings	33

Item 1A. Risk Factors	33

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	33

Item 3. Defaults upon Senior Securities	33

Item 4. Mine Safety Disclosures	33

Item 5. Other information	33

Item 6. Exhibits	34

Kraig Biocraft Laboratories, Inc. and Subsidiary

Condensed Consolidated Balance Sheets

	June 30, 2024			December 31,
	(Unaudited)			2023
ASSETS
Current Assets
Cash and cash equivalents	$	1,521,531		$	2,551,834
Inventory		6,884			6,884
Prepaid expenses		5,448			14,902
Total Current Assets		1,533,863			2,573,620

Property and Equipment, net		53,181			66,640
Investment in gold bullions (cost $450,216 and $450,216, respectively)		557,425			493,236
Operating lease right-of-use asset, net		71,847			95,808
Security deposit		3,518			3,518

Total Assets	$	2,219,834		$	3,232,822

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current Liabilities
Accounts payable and accrued expenses	$	516,165		$	541,637
Note payable - related party		1,617,000			1,617,000
Royalty agreement payable - related party		65,292			65,292
Accounts payable and accrued expenses - related party		6,884,832			6,584,648
Accounts payable and accrued expenses		6,884,832			6,584,648
Operating lease liability, current		57,542			41,789
Loan payable		5,244			35,244
Total Current Liabilities		9,146,075			8,885,610

Long Term Liabilities
Operating lease liability, net of current		45,438			54,368
Total Liabilities		9,191,513			8,939,978

Commitments and Contingencies (Note 9)		-			-

Stockholders’ Deficit
Preferred stock, no par value; unlimited shares authorized, none, issued and outstanding		-			-
Preferred stock Series A, no par value; 3 and 2 shares issued and outstanding, respectively		5,237,800			5,217,800
Preferred stock value		5,237,800			5,217,800
Common stock Class A, no par value; unlimited shares authorized, 1,038,374,219 and 1,030,940,008 shares issued and outstanding, respectively		27,385,611			27,385,611
Common stock Class B, no par value; unlimited shares authorized, no shares issued and outstanding		-			-
Common stock value		-			-
Common Stock Issuable, 1,122,311 and 1,122,311 shares, respectively		22,000			22,000
Additional paid-in capital		12,183,754			11,354,213
Accumulated Deficit		(51,800,844	)		(49,686,780	)

Total Stockholders’ Deficit		(6,971,679	)		(5,707,156	)

Total Liabilities and Stockholders’ Deficit	$	2,219,834		$	3,232,822

Kraig Biocraft Laboratories, Inc. and Subsidiary

Condensed Consolidated Statements of Operations

(Unaudited)

	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
	For the Three Months Ended						For the Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023

Revenue	$	-		$	-		$	-		$	-

Operating Expenses
General and Administrative		1,097,738			220,667			1,262,113			431,770
Professional Fees		104,198			31,349			180,380			66,096
Officer’s Salary		234,788			171,625			413,506			343,249
Research and Development		49,414			57,035			78,849			126,127
Total Operating Expenses		1,486,138			480,676			1,934,848			967,242

Loss from Operations		(1,486,138	)		(480,676	)		(1,934,848	)		(967,242	)

Other Income/(Expenses)
Net change in unrealized depreciation on investment in gold bullion		20,626			(11,771	)		64,189			21,581
Interest expense		(130,889	)		(119,282	)		(260,823	)		(237,119	)
Impairment of right-of-use asset		(30,084	)		-			(30,084	)		-
Interest income		20,296			22,638			47,502			26,907
Total Other Income/(Expenses)		(120,051	)		(108,415	)		(179,216	)		(188,631	)

Net (Loss) before Provision for Income Taxes		(1,606,189	)		(589,091	)		(2,114,064	)		(1,155,873	)

Provision for Income Taxes		-			-			-			-

Net (Loss)	$	(1,606,189	)	$	(589,091	)	$	(2,114,064	)	$	(1,155,873	)

Other Comprehensive Income
Change in unrealized value of available-for-sale securities, net of income tax	$	-		$	13,021		$	-		$	13,021
Other Comprehensive Income

Total Operating and Comprehensive Loss	$	(1,606,189	)	$	(576,070	)	$	(2,114,064	)	$	(1,142,852	)

Net Income (Loss) Per Share - Basic and Diluted	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

Weighted average number of shares outstanding during the period - Basic and Diluted		1,038,374,219			1,033,374,219			1,038,374,219			1,032,728,682

Kraig Biocraft Laboratories, Inc. and Subsidiary

Condensed Consolidated Statement of Changes in Stockholders’ Deficit

For the three and six months ended June 30, 2024

(Unaudited)

	Shares		Par		Shares		Par		Shares		Par		Shares		Par		APIC		-	Deficit			Total
	Preferred Stock - Series A				Common Stock - Class A				Common Stock - Class B				To be issued							Accumulated
	Shares		Par		Shares		Par		Shares		Par		Shares		Par		APIC			Deficit			Total

Balance, March 31, 2024(Unaudited		3	$	5,237,800		1,038,374,219	$	27,385,611		-	$	-		1,122,311	$	22,000	$	11,307,215	-	$	(50,194,655	)		(6,242,029	)

Warrants issued for services - related parties		-		-		-		-		-		-		-		-		814,824			-			814,824

Warrants issued for services		-		-		-		-		-		-		-		-		41,558			-			41,558

Imputed interest - related party		-		-		-		-		-		-		-		-		20,157			-			20,157

Net loss for the three months ended June 30, 2024		-		-		-		-		-		-		-		-		-	-		(1,606,189	)		(1,606,189	)

Balance, June 30, 2024 (Unaudited)		3	$	5,237,800		1,038,374,219	$	27,385,611		-	$	-		1,122,311	$	22,000	$	12,183,754	-	$	(51,800,844	)		(6,971,679	)

Balance, December 31, 2023 (Audited)		2	$	5,217,800		1,038,374,219	$	27,385,611		-	$	-		1,122,311	$	22,000	$	11,354,213	-	$	(49,686,780	)		(5,707,156	)

Preferred share issued in connection with debt cancellation - related party		1		20,000		-		-		-		-		-		-		-			-			20,000

Warrants issued for services - related parties		-		-		-		-		-		-		-		-		723,734			-			723,734

Warrants issued for services		-		-		-		-		-		-		-		-		65,493			-			65,493

Imputed interest - related party		-		-		-		-		-		-		-		-		40,314			-			40,314

Net loss for the six months ended June 30, 2024		-		-		-		-		-		-		-		-		-	-		(2,114,064	)		(2,114,064	)

Balance, June 30, 2024 (Unaudited)		3	$	5,237,800		1,038,374,219	$	27,385,611		-	$	-		1,122,311	$	22,000	$	12,183,754	-	$	(51,800,844	)		(6,971,679	)

Kraig Biocraft Laboratories, Inc. and Subsidiary

Condensed Consolidated Statement of Changes in Stockholders Deficit

For the three and six months ended June 30, 2023

(Unaudited)

	Shares		Par		Shares		Par		Shares		Par		Shares		Par		APIC			Income		Deficit			Total
	Preferred Stock - Series A				Common Stock - Class A				Common Stock - Class B				To be issued							Accumulated other Comprehensive		Accumulated
	Shares		Par		Shares		Par		Shares		Par		Shares		Par		APIC			Income		Deficit			Total

Balance, March 31, 2023 (Unaudited)		2	$	5,217,800		1,033,374,219	$	27,160,611		-	$	-		1,122,311	$	22,000	$	10,786,149		$	-	$	(47,223,782	)	$	(4,037,222	)

Warrants issued for services - related parties		-		-		-		-		-		-		-		-		80,997			-		-			80,997

Warrants issued for services		-		-		-		-		-		-		-		-		1,487			-		-			1,487

Imputed interest - related party		-		-		-		-		-		-		-		-		20,157			-		-			20,157

Other comprehensive income		-		-		-		-		-		-		-		-		-			13,021					13,021

Net loss for the three months ended June 30, 2023		-		-		-		-		-		-		-		-		-			-		(589,091	)		(589,091	)

Balance, June 30, 2023 (Unaudited)		2	$	5,217,800		1,033,374,219	$	27,160,611		-	$	-		1,122,311	$	22,000	$	10,888,790		$	13,021	$	(47,812,873	)	$	(4,510,651	)

Balance, December 31, 2022 (Audited)		2	$	5,217,800		1,030,940,008	$	27,060,611		-	$	-		1,122,311	$	22,000	$	10,834,729			-	$	(46,657,000	)	$	(3,521,860	)
Balance		2	$	5,217,800		1,030,940,008	$	27,060,611		-	$	-		1,122,311	$	22,000	$	10,834,729			-	$	(46,657,000	)	$	(3,521,860	)

Warrants issued for services - related parties		-		-		-		-		-		-		-		-		98,197			-		-			98,197

Warrants issued for services		-		-		-		-		-		-		-		-		15,771			-		-			15,771

Shares issued in connection with cashless warrants exercise		-		-		2,434,211		100,000		-		-		-		-		(100,000	)		-		-			-

Imputed interest - related party		-		-		-		-		-		-		-		-		40,093			-		-			40,093

Other comprehensive income		-		-		-		-		-		-		-		-		-			13,021		-			13,021

Net loss for the six months ended June 30, 2023		-		-		-		-		-		-		-		-		-			-		(1,155,873	)		(1,155,873	)
Net loss		-		-		-		-		-		-		-		-		-			-		(1,155,873	)		(1,155,873	)

Balance, June 30, 2023 (Unaudited)		2	$	5,217,800		1,033,374,219	$	27,160,611		-	$	-		1,122,311	$	22,000	$	10,888,790		$	13,021	$	(47,812,873	)	$	(4,510,651	)
Balance		2	$	5,217,800		1,033,374,219	$	27,160,611		-	$	-		1,122,311	$	22,000	$	10,888,790		$	13,021	$	(47,812,873	)	$	(4,510,651	)

Kraig Biocraft Laboratories, Inc. and Subsidiary

Condensed Consolidated Statements of Cash Flows

(Unaudited)

		2024			2023
	For the Six Months Ended June 30,
		2024			2023
Cash Flows From Operating Activities:
Net Loss	$	(2,114,064	)	$	(1,155,873	)
Adjustments to reconcile net loss to net cash used in operations
Depreciation expense		13,459			12,757
Impairment of right of use asset		30,084			-
Net change in unrealized appreciation and depreciation in gold bullions		(64,189	)		(21,581	)
Change in fair value of marketable securities		-			13,021
Imputed interest - related party		40,314			40,093
Warrants issued to consultants		789,227			113,968
Changes in operating assets and liabilities:
Decrease (Increase) prepaid expenses		9,454			13,937
Decrease in operating lease right-of-use, net		23,961			24,035
Increase in accrued expenses and other payables - related party		320,184			328,752
Decrease in accounts payable		(25,472	)		(12,420	)
Decrease in operating lease liabilities, current		(23,261	)		(24,733	)
Net Cash Used In Operating Activities		(1,000,303	)		(668,044	)


Net Cash Used In Investing Activities
Purchase of treasury bills		-			(2,587,811	)
Proceeds from maturity of treasury bills		-			860,000
Net Cash Provided by Investing Activities		-			(1,727,811	)

Cash Flows From Financing Activities:
Principal payments on debt		(30,000	)		(30,000	)
Net Cash Provided by Financing Activities		(30,000	)		(30,000	)

Net Change in Cash and Cash Equivalents		(1,030,303	)		(2,425,855	)

Cash and Cash Equivalents at Beginning of Period		2,551,834			3,862,716

Cash and Cash Equivalents at End of Period	$	1,521,531		$	1,436,861

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	$	-		$	100,000
Additional lease ROU - ASC 842	$	30,084		$	-
Preferred share issued in connection with debt cancellation - related party	$	20,000		$	-

Kraig Biocraft Laboratories, Inc.

Notes to Condensed Consolidated Financial Statements as of June 30, 2024

(Unaudited)

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements (“U.S. GAAP”) and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements.

In the opinion of the Company’s management, the accompanying unaudited consolidated financial statements contain all of the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of June 30, 2024 and the results of operations and cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the operating results for the full fiscal year or any future period.

These unaudited consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on April 1, 2024.

Management acknowledges its responsibility for the preparation of the accompanying unaudited consolidated financial statements which reflect all adjustments, consisting of normal recurring adjustments, considered necessary in its opinion for a fair statement of its consolidated financial position and the consolidated results of its operations for the periods presented.

Kraig Biocraft Laboratories, Inc. (the “Company”) was incorporated under the laws of the State of Wyoming on April 25, 2006. The Company was organized to develop high strength, protein based fiber, using recombinant DNA technology, for commercial applications in the textile and specialty fiber industries.

On January 24, 2024, the Company signed a memorandum of understand with the Vietnam Sericulture Association (“VSA”) and the Lam Dong Agro-Forestry Research & Experiment Center (“LAREC”) to enhance sericulture in Vietnam through the expanded application of the Company’s spider silk silkworm technology.

On March 5, 2018, the Company issued a board resolution authorizing investment in a Vietnamese subsidiary and appointing a representative for the subsidiary.

On April 24, 2018, the Company announced that it had received its investment registration certificate for its new Vietnamese subsidiary Prodigy Textiles Co., Ltd.

On May 1, 2018, the Company announced that it had received its enterprise registration certificate for its new Vietnamese subsidiary Prodigy Textiles Co., Ltd

Foreign Currency

The assets and liabilities of Prodigy Textiles, Co., Ltd. (the Company’s Vietnamese subsidiary) whose functional currency is the Vietnamese Dong, are translated into US dollars at period-end exchange rates prior to consolidation. Income and expense items are translated at the average rates of exchange prevailing during the period. The adjustments resulting from translating the Company’s financial statements are reflected as a component of other comprehensive (loss) income. Foreign currency transaction gains and losses are recognized in net earnings based on differences between foreign exchange rates on the transaction date and settlement date.

Use of Estimates

In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits at financial institutions, money market funds, and highly liquid investments with original maturities of three months or less.

As of June 30, 2024 and December 31, 2023, the Company had $1,521,531 and $2,551,834, in cash and cash equivalent accounts.

Loss Per Share

Basic and diluted net loss per common share is computed based upon the weighted average common shares outstanding as defined by the Financial Accounting Standards Board (“FASB” Accounting Standards Codification (“ASC”) No. 260, “Earnings per Share.” For December 31, 2023 and 2022, warrants were not included in the computation of income/ (loss) per share because their inclusion is anti-dilutive.

The computation of basic and diluted loss per share for June 30, 2024 and December 31, 2023 excludes the common stock equivalents of the following potentially dilutive securities because their inclusion would be anti-dilutive:

	June 30, 2024		December 31, 2023

Stock Warrants (Exercise price - $0.001- $0.25/share)		76,985,714		67,335,714
Stock Options (Exercise price - $0.1150/Share)		26,520,000		26,520,000
Convertible Preferred Stock		3		2
Total		103,505,717		93,855,716

Research and Development Costs

The Company expenses all research and development costs as incurred for which there is no alternative future use. These costs also include the expensing of employee compensation and employee stock based compensation.

For the three months ended June 30, 2024 and 2023, the Company had $49,414 and $57,035 respectively, in research and development costs

For the six months ended June 30, 2024 and 2023, the Company had $78,849 and $126,127 respectively, in research and development costs

Advertising Expense

The Company follows the policy of charging the costs of advertising to expense as incurred. There was no advertising expense in the three and six months ended June 30, 2024 and 2023.

Income Taxes

The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC No. 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC No. 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Stock-Based Compensation

The Company accounts for stock-based compensation for employees and directors in accordance with ASC 718, Compensation (“ASC 718”). ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the statement of operations based on their fair values. Under the provisions of ASC 718, stock-based compensation costs are measured at the grant date, based on the fair value of the award, and are recognized as expense over the employee’s requisite service period (generally the vesting period of the equity grant). The fair value of the Company’s common stock options are estimated using the Black Scholes option-pricing model with the following assumptions: expected volatility, dividend rate, risk free interest rate and the expected life. The Company expenses stock-based compensation by using the straight-line method. In accordance with ASC 718 and, excess tax benefits realized from the exercise of stock-based awards are classified as cash flows from operating activities. All excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) are recognized as income tax expense or benefit in the condensed consolidated statements of operations.

The Company accounts for stock-based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the measurement date guidelines enumerated in ASU 2018-07.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

In March 2022, the Financial Accounting Standards Board (the “FASB”) issued ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”), which eliminates the accounting guidance on troubled debt restructurings (“TDRs”) for creditors in ASC 310, Receivables (Topic 310), and requires entities to provide disclosures about current period gross write-offs by year of origination. Also, ASU 2022-02 updates the requirements related to accounting for credit losses under ASC 326, Financial Instruments – Credit Losses (Topic 326), and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. ASU 2022-02 was effective for the Company January 1, 2023. The adoption of ASU 2022-02 did not have a material impact on the Company’s consolidated financial statements.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Changes to accounting principles are established by the FASB in the form of Accounting Standards Updates (“ASU’s”) to the FASB’s Codification. We consider the applicability and impact of all ASU’s on our consolidated financial position, results of operations, stockholders’ equity, cash flows, or presentation thereof. Management has evaluated all recent accounting pronouncements issued through the date these financial statements were available to be issued and found no recent accounting pronouncements issued, but not yet effective accounting pronouncements, when adopted, will have a material impact on the consolidated financial statements of the Company.

This guidance was adopted on January 1, 2023. The adoption of ASU 2022-02 did not have a material impact on the Company’s consolidated financial statements.

There are various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on our consolidated financial position, results of operations or cash flows.

Equipment

The Company values property and equipment at cost and depreciates these assets using the straight-line method over their expected useful life.

In accordance with FASB ASC No. 360, Property, Plant and Equipment, the Company carries long-lived assets at the lower of the carrying amount or fair value. Impairment is evaluated by estimating future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected undiscounted future cash flow is less than the carrying amount of the assets, an impairment loss is recognized. Fair value, for purposes of calculating impairment, is measured based on estimated future cash flows, discounted at a market rate of interest.

Fair Value of Financial Instruments

We hold certain financial assets, which are required to be measured at fair value on a recurring basis in accordance with the Statement of Financial Accounting Standard No. 157, “Fair Value Measurements” (“ASC Topic 820-10”). ASC Topic 820-10 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). ASC Topic 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Level 1 instruments include cash and cash equivalents, account receivable, prepaid expenses, inventory and account payable and accrued liabilities. The carrying values are assumed to approximate the fair value due to the short term nature of the instrument.

The three levels of the fair value hierarchy under ASC Topic 820-10 are described below:

	●	Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. We believe our carrying value of level 1 instruments approximate their fair value at June 30, 2024 and 2023.

	●	Level 2 - Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.

	●	Level 3 - Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. We consider depleting assets, asset retirement obligations and net profit interest liability to be Level 3. We determine the fair value of Level 3 assets and liabilities utilizing various inputs, including NYMEX price quotations and contract terms.

The following are the major categories of assets measured at fair value on a recurring basis: as of June 30, 2024 and December 31, 2023, using quoted prices in active markets for identical liabilities (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3):

The Company has consistently applied the valuation techniques in all periods presented. The following table presents the Company’s assets which were measured at fair value at June 30, 2024 and December 31, 2023:

	June 30, 2024								December 31, 2023
	Fair Value Measurement Using								Fair Value Measurement Using
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Assets:
Investment in gold	$	557,425	$	-	$	-	$	557,425	$	493,236	$	-	$	-	$	493,236
Money market fund	$	1,476,988	$	-	$	-	$	1,476,988	$	2,409,486	$	-	$	-	$	2,409,486
Total	$	2,034,413	$	-	$	-	$	2,034,413	$	2,902,722	$	-	$	-	$	2,902,722

The Board of Directors, who serves as the Custodian, is responsible for the safekeeping of gold bullion owned by the Company.

Fair value of the gold bullion held by the Company is based on that day’s London Bullion Market Association (“LBMA”) Gold Price PM. “LBMA Gold Price PM” is the price per fine troy ounce of gold, stated in U.S. dollars, determined by ICE Benchmark Administration (“IBA”) following an electronic auction consisting of one or more 30-second rounds starting at 3:00 p.m. (London time), on each day that the London gold market is open for business and published shortly thereafter.

The fair value of the treasury bills is based on quoted market prices in an active market. The Company has determined the fair value based on financial factors that are considered level 1 inputs in the fair value hierarchy.

Money market funds included in cash and cash equivalents and U.S. government-backed securities are measured at fair value based on quoted prices in active markets, which are considered Level 1 inputs. The Company’s policy is to recognize transfers in and/or out of the fair value hierarchy as of the date in which the event or change in circumstances caused the transfer.

The following tables summarize activity in gold bullion for the quarter ended June 30, 2024:

SCHEDULE OF GOLD IN BULLION

Six Months Ended June 30, 2024	Ounces		Cost		Fair Value

Balance December 31, 2023		239	$	2,064	$	493,236
Net change in unrealized gain		-		268		64,189
Balance June 30, 2024		239	$	2,332	$	557,425

Revenue Recognition

Effective January 1, 2018, the Company adopted ASC No. 606 — Revenue from Contracts with Customers. Under ASC No. 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.

For the three and six months ended June 30, 2024 and 2023, the Company recognized $0 and $0 respectively in revenue.

Concentration of Credit Risk

The Company at times has cash and cash equivalents in banks in excess of FDIC insurance limits. At June 30, 2024 and December 31, 2023, the Company had approximately $1,266,988 and $2,409,486, respectively in excess of FDIC insurance limits.

On March 12, 2023, the U.S. government took extraordinary steps to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank was shut down. The Company had no exposure to a failed bank. The Company averts risks associated with such a crisis by holding minimum cash balances required for uninterrupted operations, federal funds money market fund, and U.S. government-backed securities. As of June 30, 2024, the Company held $1,476,988 million in a federal money market fund (the “Fund”) with an investment objective to seek to provide current income while maintaining liquidity and a stable share price of $1. The Fund invests at least 99.5% of its total assets in cash, U.S. government securities, and/or repurchase agreements that are collateralized solely by U.S. government securities or cash (collectively, government securities). As such it is considered one of the most conservative investment options offered.

Original Issue Discount

For certain notes issued, the Company provides the debt holder with an original issue discount. The original issue discount is recorded as a debt discount, reducing the face amount of the note, and is amortized to amortization of original issue discount in the consolidated statements of operations over the life of the debt.

Debt Issue Cost

Debt issuance cost paid to lenders, or third parties are recorded as debt discounts and amortized to interest expense in the consolidated statements of operations, over the life of the underlying debt instrument.

Investments without a Readily Determinable Fair Value (Cost Method)

Investments in nonmarketable entities in which the Company is not able to exercise significant influence, our “Cost Method Investments,” are accounted for at our initial cost, minus any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.

The Company holds a 15% direct equity investment in Global Silk Solutions Joint Stock Company, a private Company (see deposit on inventory above). We received this investment in exchange for nominal consideration, and carry the investment at $0 on June 30, 2024 and December 31, 2023, respectively.

NOTE 2 GOING CONCERN

As reflected in the accompanying financial statements, the Company has a working capital deficiency of $7,612,212 and stockholders’ deficiency of $6,971,679 and used $1,000,303 of cash in operations for the six months ended June 30, 2024. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern.

NOTE 3 EQUIPMENT

At June 30, 2024 and December 31, 2023, property and equipment, net, is as follows:

SCHEDULE OF PROPERTY AND EQUIPMENT

	June 30, 2024			December 31, 2023			Estimated Useful Lives (Years)
Automobile	$	41,805		$	41,805			5
Laboratory Equipment		130,310			130,310			5-10
Office Equipment		7,260			7,260			5-10
Leasehold Improvements		82,739			82,739			2-5
Property and Equipment, gross		82,739			82,739
Less: Accumulated Depreciation		(208,933	)		(195,474	)
Total Property and Equipment, net	$	53,181		$	66,640

Depreciation expense for the three months ended June 30, 2024 and 2023, was $6,730 and $6,140, respectively.

Depreciation expense for the six months ended June 30, 2024 and 2023, was $13,459 and $12,757, respectively.

NOTE 4 - RIGHT TO USE ASSETS AND LEASE LIABILITY

We determine if an arrangement is a lease, or contains a lease, at inception and record the leases in our financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor.

We have a lease agreement with lease and non-lease components and have elected to utilize the practical expedient to account for lease and non-lease components together as a single combined lease component, from both a lessee and lessor perspective with the exception of direct sales-type leases and production equipment classes embedded in supply agreements. From a lessor perspective, the timing and pattern of transfer are the same for the non-lease components and associated lease component and, the lease component, if accounted for separately, would be classified as an operating lease.

We have elected not to present short-term leases on the balance sheet as these leases have a lease term of 12 months or less at lease inception and do not contain purchase options or renewal terms that we are reasonably certain to exercise. All other lease assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because our lease does not provide an implicit rate of return, we used our incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments.

In general, leases, where we are the lessee, may include options to extend the lease term. These leases may include options to terminate the lease prior to the end of the agreed upon lease term. For purposes of calculating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise such options.

Lease expense for operating leases is recognized on a straight-line basis over the lease term as cost of revenues or operating expenses depending on the nature of the leased asset. Certain operating leases provide for annual increases to lease payments based on an index or rate. We calculate the present value of future lease payments based on the index or rate at the lease commencement date.

Differences between the calculated lease payment and actual payment are expensed as incurred. Amortization of finance lease assets is recognized over the lease term as cost of revenues or operating expenses depending on the nature of the leased asset.

Interest expense on finance lease liabilities is recognized over the lease term in interest expense.

Since September of 2015, we rent office space at 2723 South State Street, Suite 150, Ann Arbor, Michigan 48104, which is our principal place of business. We pay an annual rent of $2,508 for conference facilities, mail, fax, and reception services located at our principal place of business.

On September 5, 2019, we signed a two-year lease for a 5,000 square foot property in Lansing, MI that commenced on October 1, 2019 and ends on September 30, 2021, for its research and development headquarters. We pay an annual rent of $42,000 for year one of the lease and will pay $44,800 for year two of the lease. On April 16, 2021, the Company signed a two year amendment to this lease. Commencing on July 1, 2021 and ending on September 30, 2022, the Company paid an annualized rent of $42,000. From October 1, 2022 through September 30, 2023, the Company will pay an annual rent of $44,800. The Company recorded ROU asset of $79,862 and lease liability of $79,862 in accordance with the adoption of the new guidance. On October 1, 2023, the Company extended the terms of the lease through September 30, 2025. From October 1, 2023, through September 30, 2024, the Company will pay an annual rent of $44,800. From October 1, 2024, through September 30, 2025, the Company will pay an annual rent of $47,600. The Company recorded ROU asset of $85,022 and lease liability of $85,022 in accordance with the adoption of the new guidance.

On May 9, 2019 the Company signed a 5 year property lease with the Socialist Republic of Vietnam which consists of 4,560.57 square meters of space, which it leases at a current rent of approximately $45,150 per year one and two and with the 5% increase per year for three through five. On July 1, 2021, the Company ended this lease agreement, and the company recorded the associated ROU asset and lease liability of $241,800.

On July 1, 2021, the Company signed a 5-year property lease with the Socialist Republic of Vietnam which consists of 6,000 square meters of space, which it leases at a current rent of approximately $8,645 per year.

On January 31, 2024, the Company signed a five-year lease for a 700 square meter facility in Lam Dong, Vietnam that commenced on February 1, 2024 and ends on January 31, 2029. We pay an annual rent of ~$7,284 for year one and two of the lease. For years 3-5 the price will increase with Vietnam’s state land price bracket, not to exceed 10%. The Company recorded ROU asset of $30,084 and lease liability of $30,084 in accordance with the adoption of the new guidance. During the six months ended June 30, 2024, the Company was in negotiations to terminate its ROU lease arrangement. The Company does not occupy or use the facility and therefore has determined to impair this asset as there is no future benefit.

The tables below present information regarding the Company’s operating lease assets and liabilities at June 30, 2024;

At June 30, 2024 and December 31, 2023, the Company had no financing leases as defined in ASC 842, “Leases.”

	June 30, 2024			December 31, 2023
Assets

Operating lease - right-of-use asset - non-current	$	71,847		$	95,808

Liabilities

Operating lease liability	$	102,980		$	96,157

Weighted-average remaining lease term (three months)		2.28			1.95

Weighted-average discount rate		8	%		8	%

The components of lease expense were as follows:

Operating lease costs

Amortization of right-of-use operating lease asset	$	38,972		$	20,194
Impairment of right of use asset	$	30,084			-
Total operating lease costs	$	69,056		$	20,194

Supplemental cash flow information related to operating leases was as follows:

Operating cash outflows from operating lease (obligation payment)	$	26,722		$	53,442
Right-of-use asset obtained in exchange for new operating lease liability	$	30,084		$	-
Impairment of right of use asset	$	(30,084	)	$	-
Net	$	-		$	-

Future minimum lease payments required under leases that have initial or remaining non-cancelable lease terms in excess of one year at June 30, 2024:

SCHEDULE OF MINIMUM LEASE PAYMENTS


2024 (6 Months)	$	35,352
2025		51,664
2026		13,083
2027		7,320
2028		6,711
Total lease payments		114,130
Less: amount representing interest		(11,150	)
Total lease obligations		102,980
Total lease payments		114,130
Less: current portion of operating lease liability		(57,542	)
Long-term portion operating lease liability	$	45,438

NOTE 5 NOTE PAYABLE – RELATED PARTY

Between June 6, 2016, and December 1, 2020 the Company received a total of $1,657,000 in loans from its founder and CEO. Pursuant to the terms of the loans, the advances bear an interest at 3%, is unsecured, and due on demand.

On January 26, 2022, the Company repaid $40,000 of the outstanding loan to its founder and CEO.

Total loan payable to the founder and CEO for as of June 30, 2024 is $1,617,000.

Total loan payable to the founder and CEO as of December 31, 2023 is $1,617,000.

During the six months ended June 30, 2024, the Company recorded $40,314 as an in-kind contribution of interest related to the loan and recorded accrued interest payable of $220,509. As of June 30, 2024, total interest payable is $2,900,745.

During the six months ended June 30, 2023, the Company recorded $40,093 as an in-kind contribution of interest related to the loan and recorded accrued interest payable of $27,888. As of June 30, 2023, total interest payable is $2,473,480.

NOTE 6 LOAN PAYABLE

On March 1, 2019, the Company entered into an unsecured promissory note with Notre Dame - an unrelated party in the amount of $265,244 in exchange for outstanding account payable due to the debtor. Pursuant to the terms of the note, the note bears 10% interest per year from the date of default until the date the loan is paid in full. The term of the loan is twenty-four months. The loan repayment commenced immediately over a twenty-four month period according to the following table.

1. $1,000 per month for the first nine months;

2. $2,000 per month for the months seven and eight;

3. $5,000 per month for months nine through twenty-three; and,

4. Final payment of all remaining balance, in the amount of $180,224 in month 24.

On July 8, 2021, the Company entered into an amendment to the March 1, 2019 agreement. As of the date of the amendment, the remaining outstanding balance was $180,244. The loan repayment commenced immediately following the amendment and extended over a fourteen-month period with the following terms:

1.	$5,000 per month for months one through thirteen.
2.	Final payment of the remaining balance in the amount of $115,244 split into two equal payments, of which $57,622 to be paid in month fourteen and $57,622 paid in month twenty.

The Company has continued to make $5,000 monthly payment against this remaining balance in lieu of the balloon payments in months fourteen and twenty. The Company expects to make the final payment on August 1, 2024.

During the six months ended June 30, 2024, the Company paid $30,000 of the loan balance. The remaining loan balance as of June 30, 2024 is $5,244.

NOTE 7 STOCKHOLDERS’ DEFICIT

(A) Common Stock Issued for Cash

None issued for the six months ended June 30, 2024.

(B) Common Stock Issued for Services

None issued for the six months ended June 30, 2024.

(C) Common Stock Warrants and Options

On April 13, 2024, the Company issued a 4.25-year option to purchase 5,000,000 shares of common stock at an exercise price of $0.08225 per share to a related party for services rendered. The options had a fair value of $339,100, based upon the Black-Scholes option-pricing model on the date of grant. Options vest on grant date. Options are exercisable October 12, 2025, and for a period expiring on October 10, 2032. During the six months ended June 30, 2024, the Company recorded $339,100 as an expense for options issued.

SCHEDULE OF OPTION ASSUMPTION

Expected dividends	0	%
Expected volatility	134.80	%
Expected term	4.25 -4.75 4.25 years
Risk free interest rate	4.54	%
Expected forfeitures	0	%

On April 13, 2024, the Company issued a 4.75-year option to purchase 5,000,000 shares of common stock at an exercise price of $0.08225 per share to a related party for services rendered. The options had a fair value of $343,350, based upon the Black-Scholes option-pricing model on the date of grant. Options vest on grant date. Options are exercisable on August 12, 2026, and for a period expiring on August 10, 2033. During the six months ended June 30, 2024, the Company recorded $343,350 as an expense for options issued.

Expected dividends	0	%
Expected volatility	130.50	%
Expected term	4.75 years
Risk free interest rate	4.54	%
Expected forfeitures	0	%

On April 8, 2024, the Company issued a 3.25-year option to purchase 150,000 shares of common stock at an exercise price of $0.0834 per share for services rendered. The options had a fair value of $9,588, based upon the Black-Scholes option-pricing model on the date of grant. Options vest on grant date. Options are exercisable on April 7, 2026, and for a period expiring on October 6, 2030. During the six months ended June 30, 2024, the Company recorded $9,588 as an expense for options issued.

Expected dividends	0	%
Expected volatility	138.60	%
Expected term	3.25 years
Risk free interest rate	4.60	%
Expected forfeitures	0	%

On April 3, 2024, the Company issued a 3.25-year option to purchase 500,000 shares of common stock at an exercise price of $0.082 per share for services rendered. The options had a fair value of $31,970, based upon the Black-Scholes option-pricing model on the date of grant. Options vest on grant date. Options are exercisable on October 2, 2026, and for a period expiring on October 1, 2030. During the six months ended June 30, 2024, the Company recorded $31,970 as an expense for options issued.

Expected dividends	0	%
Expected volatility	138.30	%
Expected term	3.25 years
Risk free interest rate	4.48	%
Expected forfeitures	0	%

On January 4, 2024, the Company cancelled 1,000,000 warrants issued to a consultant on August 8, 2019.

On December 13, 2023, the Company issued a 5-year option to purchase 6,000,000 shares of common stock at an exercise price of $0.04 per share to a related party for services rendered. The options had a fair value of $162,000, based upon the Black-Scholes option-pricing model on the date of grant. Options vest 20% on the grant date, 20% will vest on the second anniversary, 20% will vest on the third-year anniversary, 20% will vest on the fourth year anniversary as long as the employee remains with the Company at the end of each successive year for four years. Options will be exercisable on December 31, 2023, and for a period of 10 years expiring on December 13, 2033. During the six months ended June 30, 2024, the Company recorded $16,200 as an expense for options issued.

Expected dividends	0	%
Expected volatility	133.30	%
Expected term	6.25 years
Risk free interest rate	4.04	%
Expected forfeitures	0	%

On December 13, 2023, the Company issued a 5-year option to purchase 4,000,000 shares of common stock at an exercise price of $0.04 per share to a related party for services rendered. The options had a fair value of $108,000, based upon the Black-Scholes option-pricing model on the date of grant. Options vest 20% on the grant date, 20% will vest on the second anniversary, 20% will vest on the third-year anniversary, 20% will vest on the fourth year anniversary as long as the employee remains with the Company at the end of each successive year for four years. Options will be exercisable on December 31, 2024, and for a period of 10 years expiring on December 13, 2033. During the six months ended June 30, 2024, the Company recorded $10,800 as an expense for options issued.

Expected dividends	0	%
Expected volatility	133.30	%
Expected term	6.25 years
Risk free interest rate	4.04	%
Expected forfeitures	0	%

On January 25, 2021, the Company issued a 7-year option to purchase 2,500,000 shares of common stock at an exercise price of $0.134 per share to a related party for services rendered. The options had a fair value of $310,165, based upon the Black-Scholes option-pricing model on the date of grant. Options vest 33.3% on the year one anniversary of the grant date, 33.3% will vest on the second anniversary, and 33.3% will vest on the third year anniversary as long as the employee remains with the Company at the end of each successive year for three years. Options will be exercisable on January 25, 2021, and for a period of 7 years expiring on January 25, 2028. During the six months ended June 30, 2024, the Company recorded $20,292 as an expense for options issued.

Expected dividends	0	%
Expected volatility	133.22	%
Expected term	7 years
Risk free interest rate	1.46	%
Expected forfeitures	0	%

On February 19, 2020 the Company issued a 10-year option to purchase 6,000,000 shares of common stock at an exercise price of $0.115 per share to a related party for services rendered. The options had a fair value of $626,047, based upon the Black-Scholes option-pricing model on the date of grant and 2,000,000 options are fully vested on the date granted and 1,000,000 options vest at the end of each successive year for four years. Options will be exercisable on February 19, 2021, and for a period of 10 years expiring on February 19, 2030. During the six months ended June 30, 2024, the Company recorded $14,284 as an expense for options issued.

Expected dividends	0	%
Expected volatility	125.19	%
Expected term	3 years
Risk free interest rate	1.50	%
Expected forfeitures	0	%

On February 19, 2020 the Company issued a 7-year option to purchase 1,340,000 shares of common stock at an exercise price of $0.115 per share to employees for services rendered. The options had a fair value of $133,063, based upon the Black-Scholes option-pricing model on the date of grant and 268,000 options are fully vested on the date granted and the remaining option vest equally over the remaining 4 years at the end of each successive year. Options will be exercisable on February 19, 2021, and for a period of 6 years expiring on February 19, 2027. During the six months ended June 30, 2024, the Company recorded $3,643 as an expense for options issued.

Expected dividends	0	%
Expected volatility	125.19	%
Expected term	6 years
Risk free interest rate	1.46	%
Expected forfeitures	0	%

On February 16, 2023, the Company issued 2,434,211 shares of Common Stock in exchange for the cashless exercise of 2,500,000 warrants.

Warrant activity as of June 30, 2024 is summarized as follows:

SCHEDULE OF WARRANTS ACTIVITY

Warrants	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding – December 31, 2023		67,335,714		$	0.12		3.89	$	331,500
Exercisable – December 31, 2023		67,335,714		$	0.12		3.89	$	331,500

Granted		10,650,000		$	0.08		8.55		488,700
Exercised		-		$	-		-		-
Cancelled/Forfeited		(1,000,000	)	$	0.2299		-		-
Outstanding – June 30, 2024		76,985,714		$	0.10		4.78	$	3,742,886
Exercisable – June 30, 2024		76,985,714		$	0.10		4.78	$	3,742,886

As of June 30, 2024, the following warrants were outstanding:

SCHEDULE OF WARRANTS OUTSTANDING

Exercise Price Warrants Outstanding		Warrants Exercisable		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
$	0.001		8,500,000		1.65	$	1,079,500
$	0.04		2,300,000		2.25	$	202,400
$	0.056		1,000,000		1.02	$	72,000
$	0.2299		6,125,000		0.83	$	-
$	0.16		3,125,000		1.45	$	-
$	0.25		8,000,000		1.73	$	-
$	0.1160		500,000		1.02	$	6,000
$	0.12		12,500,000		2.55	$	100,000
$	0.14		4,285,714		2.55	$	34,286
$	0.04		4,000,000		8.46	$	352,000
$	0.04		6,000,000		8.46	$	528,000
$	0.04		10,000,000		8.46	$	880,000
$	0.0825		5,000,000		8.28	$	228,750
$	0.0825		5,000,000		9.12	$	228,750
$	0.08		150,000		6.27	$	7,200
$	0.08		500,000		6.26	$	24,000
			76,985,714			$	3,742,886

As of December 31, 2023, the following warrants were outstanding:

Exercise Price Warrants Outstanding		Warrants Exercisable		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
$	0.001		8,500,000		2.14	$	331,500
$	0.04		2,300,000		2.75	$	-
$	0.056		1,000,000		1.52	$	-
$	0.2299		7,125,000		1.27	$	-
$	0.16		3,125,000		1.95	$	-
$	0.25		8,000,000		2.23	$	-
$	0.1160		500,000		1.52	$	-
$	0.12		12,500,000		3.05	$	-
$	0.14		4,285,714		3.05	$	-
$	0.04		4,000,000		9.95	$	-
$	0.04		6,000,000		9.95	$	-
$	0.04		10,000,000		9.95	$	-

			67,335,714			$	331,500

Options activity as of June 30, 2024 is summarized as follows:

SCHEDULE OF OPTIONS ACTIVITY

Options	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding - December 31, 2023		26,520,000	$	0.12		17.27	$	-
Granted		-	$	-		-		-
Exercised		-	$	-		-		-
Cancelled/Forfeited		-	$	-		-		-
Outstanding – June 30, 2024		26,520,000	$	0.12		17.02	$	-
Exercisable – June 30, 2024		26,520,000	$	0.12		17.02	$	-

For the six months ended June 30, 2024, the following options were outstanding:

SCHEDULE OF OPTIONS OUTSTANDING

Exercise Price

Options Outstanding

Options Exercisable

Weighted Average

Remaining Contractual

Life (in Years)

0.115

26,520,000

16.77

For the year ended December 31, 2023, the following options were outstanding:

Exercise Price

Options Outstanding

Options Exercisable

Weighted Average

Remaining Contractual

Life (in Years)

0.115

26,520,000

17.27

(C) Amendment to Articles of Incorporation

On February 16, 2009, the Company amended its articles of incorporation to amend the number and class of shares the Company is authorized to issue as follows:

●	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

Effective December 17, 2013, the Company amended its articles of incorporation to designate a Series A no par value preferred stock. Two shares of Series A Preferred stock have been authorized.

On March 26, 2024, the Company increased the total authorized Series A preferred stock to four shares as approved by the board of directors.

On March 26, 2024, the Company issued one share of Series A preferred stock to Mr. Thompson, our CEO and founder. In consideration for the share of Series A preferred stock, Mr. Thompson paid twenty thousand dollars ($20,000), in the form of debt cancellation.

NOTE 8 COMMITMENTS AND CONTINGENCIES

On November 10, 2010, the Company entered into an employment agreement with its CEO, effective January 1, 2011 through the December 31, 2015. The term of the agreement is a five year period at an annual salary of $210,000. There is a 6% annual increase. For the year ending December 31, 2015, the annual salary was $281,027. The employee is also to receive a 20% bonus based on the annual based salary. Any stock, stock options bonuses have to be approved by the board of directors. On January 1, 2016 the agreement was renewed with the same terms for another 5 years with an annual salary of $297,889 for the year ended December 31, 2016. On January 1, 2017, the agreement renewed with the same terms for another 5 years, but with an annual salary of $315,764 for the year ended December 31, 2017. On January 1, 2019 the agreement renewed again with the same terms for another 5 years. On January 1, 2023 the agreement renewed again with the same terms, but with an annual salary of $447,915 for the years ended December 31, 2023. As of June 30, 2024 and December 31, 2023, the accrued salary balance is $3,685,710 and $3,511,776, respectively (See Note 9).

On January 20, 2015, the board of directors appointed Mr. Jonathan R. Rice as our Chief Operating Officer. Mr. Rice’s employment agreement has a term of one year and can be terminated by either the Company or Mr. Rice at any time. Under the employment agreement, Mr. Rice is entitled to an annual cash compensation of $120,000, which includes salary, health insurance, 401K retirement plan contributions, etc. The Company also agreed to reimburse Mr. Rice for his past educational expenses of approximately $11,000. In addition, Mr. Rice was issued a three-year warrant to purchase 2,000,000 shares of common stock of the Company at an exercise price of $0.001 per share (the “January 2015 Warrant”) pursuant to the employment agreement. Additionally, on May 28, 2015, the Company issued a three-year warrant to purchase 3,000,000 shares of common stock of the Company at an exercise price of $0.001 per share (the “May 2015 Warrant”) to Mr. Rice. The May 2015 warrant fully vested on October 28, 2016 and will expire on May 28, 2022. For the year ended December 31, 2015, the Company recorded $121,448 for the warrants issued to Mr. Rice. On January 14, 2016, the Company signed a new employment agreement with Mr. Rice. The employment agreement has a term of one year and can be terminated by either the Company or Mr. Rice at any time. Under the employment agreement, Mr. Rice is entitled to annual cash compensation of $140,000, which includes salary, health insurance, 401K retirement plan contributions, etc. In addition, Mr. Rice was issued a three-year warrant to purchase 6,000,000 shares of common stock of the Company at an exercise price of $0.001 per share pursuant to the employment agreement (the “May 2016 Warrant”). The May 2016 warrant fully vested on February 20, 2017 and will expire on May 20, 2026. On January 9, 2018, the Company extended the expiration date of the January 2015 warrant from January 19, 2018 to January 31, 2020, and on January 10, 2020 the Company extended the expiration date of the January 2015 warrant to January 10, 2025 and on March 15, 2018, the Company signed an extension of its at-will employment agreement with its COO, extending the term to January 31, 2019. On March 25, 2019, the Company signed an extension of its at-will employment agreement with its COO, extending the term to January 1, 2020. On March 5, 2021, the Company signed an extension of its at-will employment agreement with its COO, extending the term to January 1, 2022. On February 25, 2022, the Company signed an extension of its at-will employment agreement with its COO, extending the term to January 1, 2023. On August 8, 2019, Mr. Rice was issued a set of three five-year warrants to purchase a total of 6,000,000 shares of common stock of the Company at an exercise price of $0.2299 per share pursuant to the employment agreement. On April 26, 2019, the Company signed an agreement to increase Mr. Rice’s base salary by $20,000 per year and issue a one-time $20,000 bonus. Additionally, on August 15, 2019, the Company signed an agreement to increase Mr. Rice’s base salary by an additional $20,000 per year.

As of June 30, 2024 and December 31, 2023, the Company owes $4,285 and $3,482, respectively, to Mr. Rice for payroll payable.

On July 3, 2019, the board of directors appointed Mr. Kenneth Le as the Company’s Director of Government relations and President of Prodigy Textiles. Mr. Le’s employment agreement has a term of one year and can be terminated by either the Company or Mr. Rice at any time. Under the employment agreement, Mr. Le is entitled to annual cash compensation of $60,000. In addition, Mr. Le was issued two three-year warrants to purchase 2,000,000 shares of common stock of the Company at an exercise price of $0.2299 per share. As of June 30, 2024, 2,000,000 warrants were cancelled by the Company. On December 13, 2023, the Company issued a 5-year option to purchase 4,000,000 shares of common stock at an exercise price of $0.04 per share to a related party for services rendered. The options had a fair value of $108,000, based upon the Black-Scholes option-pricing model on the date of grant. Options vest 20% on the grant date, 20% will vest on the second anniversary, 20% will vest on the third-year anniversary, 20% will vest on the fourth year anniversary as long as the employee remains with the Company at the end of each successive year for four years. Options will be exercisable on December 31, 2023, and for a period of 10 years expiring on December 13, 2033. As of June 30, 2024 and December 31, 2023, the accrued salary balance is $1,420 and $1,154, respectively.

Legal Matters

The Company may be involved in legal actions and claims arising in the ordinary course of business, from time to time, none of which at the time are considered to be material to the Company’s business or financial condition.

(A) License Agreement

On May 8, 2006, the Company entered into a license agreement. Pursuant to the terms of the agreement, the Company paid a non- refundable license fee of $10,000. The Company will pay a license maintenance fee of $10,000 on the one year anniversary of this agreement and each year thereafter. The Company will pay an annual research fee of $13,700 with first payment due January 2007, then on each subsequent anniversary of the effective date commencing May 4, 2007. The annual research fees are accrued by the Company for future payment. Pursuant to the terms of the agreement the Company may be required to pay additional fees aggregating up to a maximum of $10,000 a year for patent maintenance and prosecution relating to the licensed intellectual property.

On October 28, 2011, the Company entered into a license agreement with the University of Notre Dame. Under the agreement, the Company received exclusive and non-exclusive rights to certain spider silk technologies including commercial rights with the right to sublicense such intellectual property. In consideration of the licenses granted under the agreement, the Company agreed to issue to the University of Notre Dame 2,200,000 shares of its common stock and to pay a royalty of 2% of net sales. The license agreement has a term of 20 years which can be extended on an annual basis after that. It can be terminated by the University of Notre Dame if the Company defaults on its obligations under the agreement and fails to cure such default within 90 days of a written notice by the university. The Company can terminate the agreement upon a 90 day written notice subject to payment of a termination fee of $5,000 if the termination takes place within 2 years after its effectiveness, $10,000 if the termination takes place within 4 years after its effectiveness and $20,000 if the Agreement is terminated after 4 years. On May 5, 2017, the Company signed an addendum to that agreement relating to tangible property and project intellectual property. On March 1, 2019, the Company singed an addendum to that agreement. The Company entered into a separate loan agreement and promissory noted dated March 1, 2019 as a payment for expenses paid by the University prior to January 31, 2019 totaling $265,244 and issued 4,025,652 shares of Class A common stock with a fair value of $281,659 as payment of certain debt. In the event of default, the license agreement will be terminated. During the six months ended June 30, 2024, the Company paid $30,000 of the balance (See Notes 6).

On December 26, 2006, the Company entered into an addendum to the intellectual property transfer agreement with Mr. Thompson, its CEO. In accordance with FASB ASC No 480, Distinguishing Liabilities from Equity, the Company determined that the present value of the payment of $120,000 that was due on December 26, 2007. As of June 30, 2024 and December 31, 2023, the outstanding balance is $65,292. For the six months ended June 30, 2024, the Company recorded $980 in interest expensed and related accrued interest payable.

(B) Operating Lease Agreements

On July 1, 2021, the Company signed a 5 year property lease in Vietnam which consists of 6,000 square meters of space, which it leases at a current rent of approximately $8,645 per year. The Company accounts for the lease in accordance with ASC Topic 842, “Leases”

On September 13, 2017, the Company signed a two year lease with a 2 year option commencing on October 1, 2017 and ending on September 31, 2019. The Company paid an annual rent of $39,200 for the year one of lease and $42,000 for the year two of lease for office and manufacturing space. On September 5, 2019, the Company signed a new two-year lease for this 5,000 square foot property in Lansing, MI that commenced on October 1, 2019 and ended on September 30, 2021, for its research and development headquarters. The Company pays an annual rent of $42,000 for year one of the lease and $44,800 for year two of the lease. On April 16, 2021, the Company signed a two year amendment to this lease. Commencing on July 1, 2021 and ending on September 30, 2022, the Company paid an annualized rent of $42,000. From October 1, 2022 through September 30, 2023, the Company will pay an annual rent of $44,800. On October 1, 2023, the Company extended the terms of the lease through September 30, 2025. From October 1, 2023, through September 30, 2024, the Company will pay an annual rent of $44,800. From October 1, 2024, through September 30, 2025, the Company will pay an annual rent of $47,600. The Company accounts for the lease in accordance with ASC Topic 842, “Leases”

NOTE 9 RELATED PARTY TRANSACTIONS

Accounts payable and accrued expenses – related party consists of the following:

	As of June 30, 2024		As of December 31, 2023

Accounts payable - related party	$	292,672	$	388,001
Accrued expenses - related party		3,691,415		3,516,411
Accrued interest - related party		2,900,745		2,680,236
Total accounts payable and accrued expenses - related party	$	6,884,832	$	6,584,648

Between June 6, 2016, and December 1, 2020 the Company received a total of $1,657,000 in loans from its founder and CEO. Pursuant to the terms of the loan, the advance bears an interest at 3%, is unsecured, and due on demand.

On January 26, 2022, the Company repaid $40,000 of the outstanding loan to its founder and CEO.

Total loan payable to principal stockholder for as of June 30, 2024 is $1,617,000.

Total loan payable to this principal stockholder as of December 31, 2023 is $1,617,000.

On February 2, 2024, the Company repaid $90,000 of accrued expenses to its Chief Executive Officer.

As of June 30, 2024, and December 31, 2023, there was $292,672 and $388,001, respectively, included in accounts payable – related party, which is owed to the Company’s Chief Executive Officer for expenses paid on behalf of the Company.

As of June 30, 2024, and December 31, 2023, there was $3,685,710 and $3,516,411, respectively, included in accrued expenses – related party, which includes accrued salaries owed to the Company’s senior staff.

As of June 30, 2024, and December 31, 2023, there was $2,900,745 and $2,680,236, respectively, included in accrued interest – related party, which includes interest on accrued salary and accrued expenses owed to the Company’s Chief Executive Officer.

In aggregate as of June 30, 2024, and December 31, 2023, the Company owed $6,884,832 and $6,584,648, respectively to its related parties in accrued salaries and accrued interest.

As of June 30, 2024 and December 31, 2023, the Company owed $65,292 and $65,292, respectively, in royalty agreement payable to Chief Executive Officer.

NOTE 10 SUBSEQUENT EVENTS

The Company has analyzed its operations subsequent to August 14, 2024 through the date these financial statements were issued, and other than those listed below, has determined that it does not have any material subsequent events to disclose.

On August 6, 2024, the Company issued three warrants to purchase 2,000,000 shares of the Company’s Common stock under its Employee Stock Option Plan to three employees for a total of 6,000,000 shares.

On August 6, 2024, the Company issued a warrant to purchase 50,000 shares of the Company’s Common stock under its Employee Stock Option Plan to an employee.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING INFORMATION

The following information should be read in conjunction with Kraig Biocraft Laboratories, Inc. and its subsidiaries (“we”, “us”, “our”, or the “Company”) condensed unaudited financial statements and the notes thereto contained elsewhere in this report. Information in this Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this Form 10-Q that does not consist of historical facts, are “forward-looking statements.” Statements accompanied or qualified by, or containing words such as “may,” “will,” “should,” “believes,” “expects,” “intends,” “plans,” “projects,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume,” and “assume” constitute forward-looking statements, and as such, are not a guarantee of future performance.

Forward-looking statements are subject to risks and uncertainties, certain of which are beyond our control. Actual results could differ materially from those anticipated as a result of the factors described in the “Risk Factors” and detailed in our other Securities and Exchange Commission (“SEC”) filings. Risks and uncertainties can include, among others, international, national and local general economic and market conditions: demographic changes; the ability of the Company to sustain, manage or forecast its growth; the ability of the Company to successfully make and integrate acquisitions; raw material costs and availability; new product development and introduction; existing government regulations and changes in, or the failure to comply with, government regulations; adverse publicity; competition; the loss of significant customers or suppliers; fluctuations and difficulty in forecasting operating results; changes in business strategy or development plans; business disruptions; the ability to attract and retain qualified personnel; the ability to obtain sufficient financing to continue and expand business operations; the ability to develop technology and products; changes in technology and the development of technology and intellectual property by competitors; the ability to protect technology and develop intellectual property; and other factors referenced in this and previous filings. Consequently, investors should not place undue reliance on forward-looking statements as predictive of future results.

Because of these risks and uncertainties, the forward-looking events and circumstances discussed in this report or incorporated by reference might not transpire. Factors that cause actual results or conditions to differ from those anticipated by these and other forward-looking statements include those more fully described elsewhere in this report and in the “Risk Factors” section of our registration statement on Form S-1.

The Company disclaims any obligation to update the forward-looking statements in this report.

Overview

Kraig Biocraft Laboratories, Inc. is a corporation organized under the laws of Wyoming on April 25, 2006. Kraig Labs was organized to develop high strength fibers using recombinant DNA technology for commercial applications in technical textile. We use genetically engineered silkworms that produce spider silk proteins to create our recombinant spider silk. Potential applications include performance apparel, workwear, filtration, luxury fashion, flexible composites, medical implants, cosmetics and more. We believe that we have been a leader in the research and development of commercially scalable and cost-effective spider silk for technical textile and non-fibrous applications. Our primary proprietary fiber technology includes natural and engineered variants of spider silk produced in domesticated mulberry silkworms. Our business brings twenty-first century biotechnology to the historical silk industry, permitting us to introduce materials with innovative properties and claims into an established commercial ecosystem of silkworm rearing, silk spinning and weaving, and manufacture of garments and other products that can include our specialty fibers and textiles. Specialty fibers are engineered for specific uses that require exceptional strength, flexibility, heat resistance and/or chemical resistance. The specialty fiber market is exemplified by two synthetic fiber products that come from petroleum derivatives: (1) aramid fibers; and (2) ultra-high molecular weight polyethylene fibers. The technical textile industry involves products for both industrial and consumer products, such as filtration fabrics, medical textiles (e.g., sutures and artificial ligaments), safety and protective clothing and fabrics used in military and aerospace applications (e.g., high-strength composite materials).

We are using genetic engineering technologies to develop fibers with greater strength, resiliency and flexibility for use in our target markets, namely the specialty fiber and technical textile industries.

We are continuing to work with our non-CRISPR Cas9 platform technology to accelerate our R&D operations. We are refining that approach for our targeted end-market applications. We are simultaneously working with other technologies to advance, accelerate, and broaden our genetic engineering capabilities. All of these systems are built on our eco-friendly and cost-effective silkworm production system, which we believe is more advanced than current competing methods. Knock-in knock-out technology allows for the targeting of specific locations and genetic traits for modification, addition, and removal. We are implementing these gene editing technologies to develop new protein structures well beyond the native spider silk sequences that were used to create our Monster silk and dragon silk lines.

Based on our internal analysis, management believes that these new platform technologies will allow us to outpace and surpass the performance of Dragon Silk, a fiber that we developed with our previous tools. Samples of Dragon Silk have already demonstrated to be tougher than many fibers used in bullet proof vests. We expect that this new approach will yield materials beyond those capabilities based upon its potential for significantly improved purity.

In August 2019, we received authorization from governmental authorities to begin rearing genetically enhanced silkworms at our production facility in Vietnam. In October 2019, the Company delivered the first batch of these silkworms and began operations. These silkworms served as the basis for the commercial expansion of our proprietary silk technology. On November 4, 2019, we reported that we had successfully completed rearing the first batch of its transgenic silkworms at the Quang Nam production factory. Seasonal challenges in late December 2019 slowed production operations, and governmental restrictions imposed due to the global COVID-19 pandemic further delayed our operations in 2020. In 2021, we received the first shipment of silk from our factory in Vietnam despite obstacles relating to the global pandemic. Production operations in 2022 and early 2023 were hampered by unseasonable climate fluctuations and poor robustness of the silkworm strains we were utilizing at that time. To address these challenges, we have taken significant steps to improve the genetics of our silkworms and radically improve our internal procedures at Kraig labs and Prodigy Textiles to strengthen our operations. We believe that we will be able to target metric tons of capacity of our recombinant spider silk fiber per annum from our operations once we overcome the current challenges and reach maximum utilization. This capacity will allow us to address the initial demand for our products and materials for various applications in the protective, performance, and luxury textile markets.

The Report of Independent Registered Public Accounting Firm to our financial statements as of December 31, 2023 includes an explanatory paragraph stating that our net loss from operations and net capital deficiency at December 31, 2023 raise substantial doubt about our ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Plan of Operations

During the next twelve months, we expect to take the following steps in connection with the further development of our business and the implementation of our plan of operations:

●

We plan to expand our research and development to accelerate our work in creating next generation materials and to improve the robustness of our recombinant spider silk lines. This will involve new selective breed protocols, the creation of new hybrids, and the development of new transgenics utilizing plasmids that are already in an advanced state of development.

●	We plan to develop a line of fabrics and apparel, to create a line of spider silk based fashion and performance wear. The company plans to pursue this market entry in combination with one or more joint venture or development partners.

●	We plan to continue the expansion of our spider silk production capacity including new facilities and expansion of existing facilities.

●	We plan to continue and accelerate our work to improve the overall robustness of our recombinant spider silk lines through a combination of climate acclimation, improved silkworm genetics, and the implementation of a multiple-strain hybrid breeding program. This program is already in an advanced state

●	We plan to accelerate both our microbiology and selective breeding programs, as well as provide more resources for our material testing protocols. We spent approximately $79,000 over the last 6 months on research and development of high strength polymers. In 2024, we are directing our research and development efforts on growing our internal capabilities.

●	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; as of the date hereof, we have not had any formal discussion or entered into any definitive agreements regarding any such purchase.
●	We will also actively consider pursuing collaborative research opportunities with private laboratories in areas of research that overlap the company’s existing research and development. One such potential area for collaborative research that the company is considering is protein expression platforms. If our financing allows, management will strongly consider increasing the breadth of our research to include protein expression platform technologies.

●	We plan to actively pursue collaborative research and product testing opportunities with companies in the biotechnology, materials, textile and other industries.

●	We plan to actively pursue additional 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 2024 and going forward.

●	We plan to actively pursue the development of commercial scale production of our recombinant materials including under the brand names: Monster Silk®, Dragon Silk^TM, SpydaSilk^TM, and Spydra^TM.

Limited Operating History

We have not previously demonstrated that we will be able to expand our business through an increased investment in our research and development efforts. We cannot guarantee that the research and development efforts described in this filing will be successful. Our business is subject to risks inherent in growing an enterprise, including limited capital resources, risks inherent in the research and development process and possible rejection of our products in development.

If financing is not available on satisfactory terms, we may be unable to continue our research and development and other operations. Equity financing will result in dilution to existing stockholders.

Impact of COVID-19 Outbreak

On January 30, 2020, the World Health Organization declared the coronavirus outbreak a “Public Health Emergency of International Concern” and on March 10, 2020, declared it to be a pandemic. Actions taken around the world relating to coronavirus include restrictions on travel, quarantines in certain areas, and forced closures for certain types of public places and businesses. Governmental actions taken relating to coronavirus are expected to continue to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company operates. While the closures and limitations on movement, domestically and internationally, are expected to be temporary, if these actions continue, the duration of the supply chain disruption could reduce the availability or result in delays, of materials or supplies to and from the Company, which in turn could materially interrupt the Company’s business operations. Given the speed and frequency of the continuously evolving developments with respect to this pandemic, the Company cannot reasonably estimate the magnitude of the impact to its consolidated results of operations. We have taken every known and reasonable precaution possible to ensure the safety of our employees.

On March 19, 2020, we furloughed non-essential staff in response to governmental regulations relating to COVID. This decision primarily impacted staff at our fully owned subsidiary, Prodigy Textiles, in Vietnam and resulted in the temporary closing of silk rearing operations at that facility. As of the date hereof, we have resumed silk production operations at the factory in Vietnam. The Company supported its furloughed staff and paid their salaries during all mandatory closures. During the duration of the furlough, the Company’s CEO voluntarily waved the payment or accrual of his salary. The Company leveraged this forced closure time to improve its production infrastructure based on the lessons learned from its operations. After the mandated closure, the Company has enhanced its production operations with process automation, moved its production headquarters to a facility designed for silk production, created a more self-reliant supply chain, and established a microbiology laboratory in its factory for enhanced quality control. On October 24, 2020, silk production operations at the factory resumed.

The actions of governments in response to COVID, both domestic and foreign, impacted our ability to transport goods, people, essential equipment, and other items essential to our production. In turn, these restrictions are impacting our ability to produce intermediate and end products and are delaying our timelines for commercialization and revenue.

Additionally, it is reasonably possible that estimates made in the financial statements have been, or will be, materially and adversely impacted in the near term as a result of these conditions, including losses on inventory; impairment losses related to goodwill and other long-lived assets and current obligations.

Three months ended June 30, 2024 compared to the three months ended June 30, 2023:

Our revenue, operating expenses, and net loss from operations for the three month period ended June 30, 2024 as compared to the three month period ended June 30, 2023, were as follows – some balances on the prior period’s combined financial statements have been reclassified to conform to the current period presentation:

	Three Months Ended									% Change
	June 30,									Increase
	2024			2023			Change			(Decrease)
NET REVENUES	$	-		$	-			-			-
COSTS OF REVENUES		-			-			-
Gross Profit		-			-			-
OPERATING EXPENSES:
General and Administrative		1,097,738			220,667			877,071			397.46	%
Professional Fees		104,198			31,349			72,849			232.38	%
Officer’s Salary		234,788			171,625			63,163			36.80	%
Research and Development		49,414			57,035			(7,621	)		-13.36	%
Total operating expenses		1,486,138			480,676			1,005,462			209.18	%
Loss from operations		(1,486,138	)		(480,676	)		(1,005,462	)		209.18	%
Interest expense		(130,889	)		(119,282	)		(11,607	)		9.73	%
Impairment of right of use asset		(30,084	)		-			(30,084	)		100.00	%
Net change in unrealized appreciation on investment in gold bullion		20,626			(11,771	)		32,397			-275.23	%
Interest income		20,296			22,638			(2,342	)		100.00	%
Net Loss	$	(1,606,189	)	$	(589,091	)		(1,017,098	)		172.66	%

Net Revenues: During the three months ended June 30, 2024, we realized $0 of revenues from our business. During the three months ended June 30, 2023, we realized $0 of revenues from our business. The change in revenues between the quarter ended June 30, 2024 and 2023 was $0 or 0%.

Cost of Revenues: Costs of revenues for the three months ended June 30, 2024 were $0, as compared to $0 for the three months ended June 30, 2023, a change of $0 or 0%.

Gross Profit: During the three months ended June 30, 2024, we realized a gross profit of $0, as compared to $0 for the three months ended June 30, 2023, a change of $0 or 0%.

Research and development expenses: During the three months ended June 30, 2024, we incurred $49,414 of research and development expenses. During the three months ended June 30, 2023, we incurred $57,035 of research and development expenses. This was a decrease of $7,621 or 13.36% in 2024 compared with the same period in 2023. This decrease was due to a decrease in research spending.

Professional Fees: During the three months ended June 30, 2024, we incurred $104,198 of professional expenses, which increased by $72,849 or 232.38% from $31,349 for the three months ended June 30, 2023. This increase was primarily due to an increase in professional fees and in investor relations services.

Officers Salary: During the three months ended June 30, 2024, officers’ salary expenses increased to $234,788 or 36.80% from $171,625 for the three months ended June 30, 2023. This change was primarily due to a 6.0% annual increase for the Company’s CEO and offset by a bonus paid to the Company’s COO for the three months ended June 30, 2023.

General and Administrative Expense: General and administrative expenses increased by $877,071 or 397.46% to $1,097,738 for the three months ended June 30, 2024 from $220,667 for the three months ended June 30, 2023. Our general and administrative expenses for the three months ended June 30, 2024 consisted of other general and administrative expenses (which includes expenses such as auto, business development, SEC filings, investor relations, general office, warrants and shares issued for services) of $874,522, travel of $27,341, and office salary of $127,630 for a total of $1,097,738. Our general and administrative expenses for the three months ended June 30, 2023 consisted of other general and administrative expenses (which includes expenses such as auto, business development, SEC filings, investor relations, general office, warrants and shares issued for services) of $141,500, travel of $4,376, and office salary of $74,791 for a total of $220,667.

Net Change in Unrealized Appreciation and Depreciation on Investment in Gold Bullion: Net change in unrealized appreciation on investment in gold bullion increased by $32,397 to $20,626 for the three-month period ended June 30, 2024 from depreciation of $11,771 for the three month period ended June, 2023. The increase was primarily due to a net change in unrealized appreciation on investment in gold bullion.

Interest Expense: Interest expense increased by $11,607 to $130,889 for the three-month period ended June 30, 2024 from $119,282 for the three month period ended June 30, 2023. The increase was primarily due to interest on certain Company loans.

Impairment of Right of Use Asset: Impairment of right of use asset increased by $30,084 to $30,084 for the three-month period ended June 30, 2024 from $0 for the three month period ended June 30, 2023. This increase was due to the Company’s negotiations to terminate its ROU lease arrangement.

Net Loss: Net loss increased by $1,017,098, or 172.66%, to a net loss of $1,606,189 for the three-month period ended June 30, 2024 from a net loss of $589,091 for the three month period ended June 30, 2023. This increase in net loss was primarily attributable to increases in general and administrative expenses, professional fees and officers salary, and offset by a decrease in research and development and officers salary.

Six months ended June 30, 2024 compared to the six months ended June 30, 2023:

Our revenue, operating expenses, and net loss from operations for the six month period ended June 30, 2024 as compared to the six month period ended June 30, 2023, were as follows – some balances on the prior period’s combined financial statements have been reclassified to conform to the current period presentation:

	Six Months Ended									% Change
	June 30,									Increase
	2024			2023			Change			(Decrease)
NET REVENUES	$	-		$	-			-			-
COSTS OF REVENUES		-			-			-
Gross Profit		-			-			-
OPERATING EXPENSES:
General and Administrative		1,262,113			431,770			830,343			192.31	%
Professional Fees		180,380			66,096			114,284			172.91	%
Officer’s Salary		413,506			343,249			70,257			20.47	%
Research and Development		78,849			126,127			(47,278	)		-37.48	%
Total operating expenses		1,934,848			967,242			967,606			100.04	%
Loss from operations		(1,934,848	)		(967,242	)		(967,606	)		100.04	%
Interest expense		(260,823	)		(237,119	)		(23,704	)		10.00	%
Impairment of right of use asset		(30,084	)		-			(30,084	)		100	%
Net change in unrealized appreciation on investment in gold bullion		64,189			21,581			42,608			197.43	%
Interest income		47,502			26,907			20,595			100.00	%
Net Loss	$	(2,114,064	)	$	(1,155,873	)		(958,191	)		82.90	%

Net Revenues: During the six months ended June 30, 2024, we realized $0 of revenues from our business. During the six months ended June 30, 2023, we realized $0 of revenues from our business. The change in revenues between the quarter ended June 30, 2024 and 2023 was $0 or 0%.

Cost of Revenues: Costs of revenues for the six months ended June 30, 2024 were $0, as compared to $0 for the six months ended June 30, 2023, a change of $0 or 0%.

Gross Profit: During the six months ended June 30, 2024, we realized a gross profit of $0, as compared to $0 for the six months ended June 30, 2023, a change of $0 or 0%.

Research and development expenses: During the six months ended June 30, 2024, we incurred $78,849 of research and development expenses. During the six months ended June 30, 2023, we incurred $126,127 of research and development expenses. This was a decrease of $47,278 or 37.48% in 2024 compared with the same period in 2023. This decrease was due to a decrease in research spending.

Professional Fees: During the six months ended June 30, 2024, we incurred $180,380 of professional expenses, which increased by $114,284 or 172.91% from $66,096 for the six months ended June 30, 2023. This increase was primarily due to an increase in professional fees and in investor relations services.

Officers Salary: During the six months ended June 30, 2024, officers’ salary expenses increased to $70,257 or 20.47% from $343,249 for the six months ended June 30, 2023. This change was primarily due to a 6% annual increase for the Company’s CEO and offset by a bonus paid to the Company’s COO for the six months ended June 30, 2023.

General and Administrative Expense: General and administrative expenses increased by $830,343 or 192.31% to $1,262,113 for the six months ended June 30, 2024 from $431,770 for the six months ended June 30, 2023. Our general and administrative expenses for the six months ended June 30, 2024 consisted of other general and administrative expenses (which includes expenses such as auto, business development, SEC filings, investor relations, general office, warrants and shares issued for services) of $879,529, travel of $40,707, and office salary of $238,678 for a total of $1,262,113. Our general and administrative expenses for the six months ended June 30, 2023 consisted of other general and administrative expenses (which includes expenses such as auto, business development, SEC filings, investor relations, general office, warrants and shares issued for services) of $273,997, travel of $12,168, and office salary of $145,605 for a total of $431,770.

Net Change in Unrealized Appreciation on Investment in Gold Bullion: Net change in unrealized appreciation on investment in gold bullion increased by $42,608 to $64,189 for the six-month period ended June 30, 2024 from $21,581 for the six month period ended June, 2023. The increase was primarily due to a net change in unrealized appreciation on investment in gold bullion.

Interest Expense: Interest expense increased by $23,704 to $260,823 for the six-month period ended June 30, 2024 from $237,119 for the six month period ended June 30, 2023. The increase was primarily due to interest on certain Company loans.

Impairment of Right of Use Asset: Impairment of right of use asset increased by $30,084 to $30,084 for the six-month period ended June 30, 2024 from $0 for the six month period ended June 30, 2023. This increase was due to the Company’s negotiations to terminate its ROU lease arrangement.

Net Loss: Net loss increased by $958,191, or 82.90%, to a net loss of $2,114,064 for the six-month period ended June 30, 2024 from a net loss of $1,155,873 for the six month period ended June 30, 2023. This decrease in net loss was primarily attributable to decreases in general and administrative expenses and research and development expenses and offset by an increase in professional fees and officers salary.

Capital Resources and Liquidity

Our financial statements have been presented on the basis that we have a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As presented in the unaudited condensed financial statements, we incurred a net loss of $2,114,064 during the six months ended June 30, 2024, and losses are expected to continue in the near term. The accumulated deficit is $51,800,844 at June 30, 2024. Refer to Note 2 for our discussion of stockholder deficit. We have been funding our operations through private loans and the sale of common stock in private placement transactions. Our cash resources are insufficient to meet our planned business objectives without additional financing. These and other factors raise substantial doubt about our ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of our company to continue as a going concern.

Management anticipates that significant additional expenditures will be necessary to develop and expand our business before significant positive operating cash flows can be achieved. Our ability to continue as a going concern is dependent upon our ability to raise additional capital and to ultimately achieve sustainable revenues and profitable operations. At June 30, 2024, we had $1,521,531 of cash on hand. These funds are insufficient to complete our business plan and as a consequence, we will need to seek additional funds, primarily through the issuance of debt or equity securities for cash to operate our business. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to us. Even if we are able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stockholders, in the case of equity financing.

Management has undertaken steps as part of a plan to improve operations with the goal of sustaining our operations for the next twelve months and beyond. These steps include (a) raising additional capital and/or obtaining financing; (b) controlling overhead and expenses; and (c) executing material sales or research contracts. There can be no assurance that the Company can successfully accomplish these steps and it is uncertain that the Company will achieve a profitable level of operations and obtain additional financing. There can be no assurance that any additional financing will be available to the Company on satisfactory terms and conditions, if at all. As of the date of this Report, we have not entered into any formal agreements regarding the above.

In the event the Company is unable to continue as a going concern, the Company may elect or be required to seek protection from its creditors by filing a voluntary petition in bankruptcy or may be subject to an involuntary petition in bankruptcy. To date, management has not considered this alternative, nor does management view it as a likely occurrence.

Cash and cash equivalents, total current assets, total assets, total current liabilities and total liabilities as of June 30, 2024 as compared to December 31, 2023, were as follows:

	June 30, 2024		December 31, 2023
Cash	$	1,521,531	$	2,551,834
Inventory	$	6,884	$	6,884
Prepaid expenses	$	5,448	$	14,902
Deposits	$	-	$	-
Total current assets	$	1,533,863	$	2,573,620
Total assets	$	2,219,834	$	3,232,822
Total current liabilities	$	9,146,075	$	8,885,610
Total liabilities	$	9,191,513	$	8,939,978

At June 30, 2024 we had a working capital deficit of $7,612,212, compared to a working capital deficit of $6,311,900 at December 31, 2023. Current liabilities increased to $9,146,075 at June 30, 2024 from $8,885,610 at December 31, 2023, primarily as a result of accounts payable – related party.

For the six months ended June 30, 2024, net cash used in operations of $1,000,303 was the result of a net loss of $2,114,064 offset by depreciation expense of $13,459, impairment of right of use asset of $30,084, net change in unrealized appreciation in gold bullions of $64,189, warrants issuance of $789,227, imputed interest on related party loans of $40,314, decrease in prepaid expenses of $9,453, and an increase in operating lease right of use of $23,961, an increase of accrued expenses and other payables-related party of $320,184, decrease in accounts payable of $25,472 and a decrease in operating lease liabilities of $23,260.

For the six months ended June 30, 2023, net cash used in operations of $668,044 was the result of a net loss of $1,155,873 offset by depreciation expense of $12,757, net change in unrealized depreciation in gold bullions of $21,581, warrants issuance of $113,968, imputed interest on related party loans of $40,093, decrease in prepaid expenses of $113,937, decrease in operating lease right of use of $24,035, an increase of accrued expenses and other payables-related party of $328,752, decrease in accounts payable of $12,420 and a decrease in operating lease liabilities of $24,733.

Net cash used in our investing activities were $0 and $1,727,811 for the six months ended June 30, 2024 and June 30, 2023, respectively. During the six months ended June 30, 2023, the Company had net purchases of treasury bills of $2,587,811 and net proceeds from maturities of treasury bills of $860,000.

Our financing activities resulted in a cash outflow of $30,000 for the six months ended June 30, 2024, which is represented by $30,000 loan repayment.

Our financing activities resulted in a cash outflow of $30,000 for the six months ended June 30, 2023 which is represented by $30,000 loan repayment.

Critical Accounting Policies

Please refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the year ended December 31, 2023, for disclosures regarding the Company’s critical accounting policies and estimates, as well as updates further disclosed in our interim financial statements as described in this Form 10-Q.

Recent Accounting Pronouncements

This guidance was adopted on January 1, 2023. The adoption of ASU 2022-02 did not have a material impact on the Company’s consolidated financial statements.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not applicable.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of our fiscal quarter ended June 30, 2024, we carried out an evaluation, under the supervision and with the participation of management, including our chief executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon those evaluations, management concluded that our disclosure controls and procedures were not effective as of June 30, 2024, to cause the information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods prescribed by SEC, and that such information is accumulated and communicated to management, including our chief executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Going forward from this filing, the Company intends to work on establishing and maintaining disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are designed to be effective in providing reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management to allow timely decisions regarding required disclosure.

In designing and evaluating disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute assurance of achieving the desired objectives. Also, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. The design of any system of controls is based, in part, upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Control over Financial Reporting

During the quarter covered by this Report, there were no changes in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. Although we continue to educate our management personnel to increase its ability to comply with the disclosure requirements and financial reporting controls and management oversight of accounting and reporting functions in the future, as we stated in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, we do not expect to remediate the weaknesses in our internal controls over financial reporting until the time when we start to commercialize a recombinant fiber or such time as we have sufficient cash flow to carry out our remediation plans.

Part II – Other Information

Item 1. Legal Proceedings

From time to time, the Company may become a party to litigation or other legal proceedings that it considers to be a part of the ordinary course of its business. To the best of our knowledge, the Company is not currently involved in any legal proceedings that could reasonably be expected to have a material adverse effect on our business, prospects, financial condition or results of operations; however, the Company may become involved in material legal proceedings in the future.

Item 1A. Risk Factors

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this item. A description of risk factors can be found on our registration statement on Form S-1 located through the SEC EDGAR system or on the company website www.kraiglabs.com/sec-filings/. Information contained on, or that can be accessed through, our website does not constitute a part of this report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

We have not sold any equity securities during the period covered by this Report that were not registered under the Securities Act of 1933, as amended.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

(a)	Not applicable.
(b)	None.

ITEM 6. EXHIBITS

EXHIBIT INDEX

Exhibit No.		Description
3.1		Articles of Incorporation (1)
3.2		Articles of Amendment (2)
3.3		Articles of Amendment, filed with the Wyoming Secretary of State on November 15, 2013 (3)
3.4		Articles of Amendment, filed with the Wyoming Secretary of State on December 17, 2013 (4)
3.5		Bylaws(1)
4.1		Form of Warrant issued Mr. Jonathan R. Rice (5)
4.2		Form of Warrant issued pursuant to that certain Purchase Agreement dated as of March 8, 2019 (7)
4.3		Form of Convertible Debenture (8)
4.4		Form of Warrant(8)
4.5		Form of A&R Convertible Debenture(8)
10.1		Employment Agreement between Mr. Jonathan Rice and the Company (6)
10.2		Form of Purchase Agreement dated March 8, 2019 (7)
10.3		Form of Securities Purchase Agreement(8)
10.4		Form of Guaranty Agreement(8)
10.5		Form of Security Agreement(8)
10.6		Form of IP Security Agreement(8)
10.7		Form of Registration Rights Agreement(8)
10.8		Strategic Partnership Agreement (portions of the exhibit have been omitted because they (i) are not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed)(9)
10.9		Amendment (portions of the exhibit have been omitted because they (i) are not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed)(9)
31.1		Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
31.2		Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
32.1		Certification of the Principal Executive Officer pursuant to U.S.C. Section 1350 As adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
32.2		Certification of the Principal Financial Officer pursuant to U.S.C. Section 1350 As adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
101.INS		Inline XBRL Instance Document (filed herewith)
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

1.	Incorporated by reference to our Registration Statement on Form SB-2 (Reg. No. 333-146316) filed with the SEC on September 26, 2007.
2.	Incorporated by reference to our Registration Statement on Form S-1 (Reg. No. 333-162316) filed with the SEC on October 2, 2009.
3.	Incorporated by reference to our Current Report on Form 8-K filed with the SEC on November 22, 2013.
4.	Incorporated by reference to our Current Report on Form 8-K filed with the SEC on December 19, 2013.
5.	Incorporated by reference to our Annual Report on Form 10-K filed with the SEC on March 31, 2015.
6.	Incorporated by reference to our Current Report on Form 8-K filed with the SEC on January 21, 2015.
7.	Incorporated by reference to our Current Report on Form 8-K filed with the SEC on March 11, 2019.
8.	Incorporated by reference to our Current Report on Form 8-K filed with the SEC on March 26, 2021.
9.	Incorporated by reference to our Current Report on Form 8-K filed with the SEC on January 26, 2021.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf of the undersigned thereunto duly authorized.

	Kraig Biocraft Laboratories, Inc.
	(Registrant)

Date: August 14, 2024	By:	/s/ Kim Thompson
		Kim Thompson
		President, Chief Executive Officer and
		Chief Financial Officer (Principal Executive Officer and
		Principal Financial and Accounting Officer)

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO EXCHANGE ACT RULE 13A-14(A) OR RULE 15D-14(A),

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Kim Thompson, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2024, 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 presented in this report;

4	The registrant’s other certifying officer 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 the 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 financial reporting that occurred during the registrant’s most recent fiscal quarter 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 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:

	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 involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2024

By:

/s/ Kim Thompson

Kim Thompson

Chief Executive Officer

(Principal Executive Officer)

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO EXCHANGE ACT RULE 13A-14(A),

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Kim Thompson, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2024, 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 presented in this report;

4	The registrant’s other certifying officer 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 the 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 financial reporting that occurred during the registrant’s most recent fiscal quarter 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 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:

	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 involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2024	By:	/s/ Kim Thompson
		Kim Thompson
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Kim Thompson, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

	1.	The Quarterly Report on Form 10-Q of Kraig Biocraft Laboratories, Inc. (the “Company”) for the period ended June 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (U.S.C. 78m or 78o(d)); and

	2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 14, 2024	By:	/s/ Kim Thompson
		Kim Thompson
		Chief Executive Officer
		(Principal Executive Officer)

The foregoing certification is being furnished solely pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code) and is not being filed as part of a separate disclosure document.

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Kim Thompson, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

	1.	The Quarterly Report on Form 10-Q of Kraig Biocraft Laboratories, Inc. (the “Company”) for the period ended June 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (U.S.C. 78m or 78o(d)); and

	2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 14, 2024	By:	/s/ Kim Thompson
		Kim Thompson
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 14, 2024
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	000-56232
Entity Registrant Name	KRAIG BIOCRAFT LABORATORIES, INC.
Entity Central Index Key	0001413119
Entity Tax Identification Number	83-0459707
Entity Incorporation, State or Country Code	WY
Entity Address, Address Line One	2723 South State St. Suite 150
Entity Address, City or Town	Ann Arbor
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48104
City Area Code	(734)
Local Phone Number	619-8066
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class A [Member]
Entity Common Stock, Shares Outstanding		1,038,374,219
Common Class B [Member]
Entity Common Stock, Shares Outstanding		0

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 1,521,531	$ 2,551,834
Inventory	6,884	6,884
Prepaid expenses	5,448	14,902
Total Current Assets	1,533,863	2,573,620
Property and Equipment, net	53,181	66,640
Investment in gold bullions (cost $450,216 and $450,216, respectively)	557,425	493,236
Operating lease right-of-use asset, net	71,847	95,808
Security deposit	3,518	3,518
Total Assets	2,219,834	3,232,822
Current Liabilities
Operating lease liability, current	57,542	41,789
Loan payable	5,244	35,244
Total Current Liabilities	9,146,075	8,885,610
Long Term Liabilities
Operating lease liability, net of current	45,438	54,368
Total Liabilities	9,191,513	8,939,978
Commitments and Contingencies (Note 9)
Stockholders’ Deficit
Preferred stock value
Common Stock Issuable, 1,122,311 and 1,122,311 shares, respectively	22,000	22,000
Additional paid-in capital	12,183,754	11,354,213
Accumulated Deficit	(51,800,844)	(49,686,780)
Total Stockholders’ Deficit	(6,971,679)	(5,707,156)
Total Liabilities and Stockholders’ Deficit	2,219,834	3,232,822
Series A Preferred Stock [Member]
Stockholders’ Deficit
Preferred stock value	5,237,800	5,217,800
Common Class A [Member]
Stockholders’ Deficit
Common stock value	27,385,611	27,385,611
Common Class B [Member]
Stockholders’ Deficit
Common stock value
Nonrelated Party [Member]
Current Liabilities
Accounts payable and accrued expenses	516,165	541,637
Related Party [Member]
Current Liabilities
Accounts payable and accrued expenses	6,884,832	6,584,648
Note payable - related party	1,617,000	1,617,000
Royalty agreement payable - related party	$ 65,292	$ 65,292

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Investment owned, at cost	$ 450,216	$ 450,216
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares authorized	Unlimited	Unlimited
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock issuable	1,122,311	1,122,311
Series A Preferred Stock [Member]
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares issued	3	2
Preferred stock, shares outstanding	3	2
Common Class A [Member]
Common stock, no par value	$ 0	$ 0
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued	1,038,374,219	1,030,940,008
Common stock, shares outstanding	1,038,374,219	1,030,940,008
Common Class B [Member]
Common stock, no par value	$ 0	$ 0
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue
Operating Expenses
General and Administrative	1,097,738	220,667	1,262,113	431,770
Professional Fees	104,198	31,349	180,380	66,096
Officer’s Salary	234,788	171,625	413,506	343,249
Research and Development	49,414	57,035	78,849	126,127
Total Operating Expenses	1,486,138	480,676	1,934,848	967,242
Loss from Operations	(1,486,138)	(480,676)	(1,934,848)	(967,242)
Other Income/(Expenses)
Net change in unrealized depreciation on investment in gold bullion	20,626	(11,771)	64,189	21,581
Interest expense	(130,889)	(119,282)	(260,823)	(237,119)
Impairment of right-of-use asset	(30,084)		(30,084)
Interest income	20,296	22,638	47,502	26,907
Total Other Income/(Expenses)	(120,051)	(108,415)	(179,216)	(188,631)
Net (Loss) before Provision for Income Taxes	(1,606,189)	(589,091)	(2,114,064)	(1,155,873)
Provision for Income Taxes
Net (Loss)	(1,606,189)	(589,091)	(2,114,064)	(1,155,873)
Other Comprehensive Income
Change in unrealized value of available-for-sale securities, net of income tax		13,021		13,021
Total Operating and Comprehensive Loss	$ (1,606,189)	$ (576,070)	$ (2,114,064)	$ (1,142,852)
Net Income (Loss) Per Share - Basic	$ (0.00)	$ (0.00)	$ (0.00)	$ (0.00)
Net Income (Loss) Per Share - Diluted	$ (0.00)	$ (0.00)	$ (0.00)	$ (0.00)
Weighted average number of shares outstanding during the period - Basic	1,038,374,219	1,033,374,219	1,038,374,219	1,032,728,682
Weighted average number of shares outstanding during the period - Diluted	1,038,374,219	1,033,374,219	1,038,374,219	1,032,728,682

Condensed Consolidated Statement of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Series A Preferred Stock [Member] Preferred Stock [Member]	Common Class A [Member] Common Stock [Member]	Common Stock to be Issued [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2022	$ 5,217,800	$ 27,060,611	$ 22,000	$ 10,834,729		$ (46,657,000)	$ (3,521,860)
Balance, shares at Dec. 31, 2022	2	1,030,940,008	1,122,311
Warrants issued for services - related parties				98,197			98,197
Warrants issued for services				15,771			15,771
Imputed interest - related party				40,093			40,093
Net loss						(1,155,873)	(1,155,873)
Other comprehensive income					13,021		13,021
Shares issued in connection with cashless warrants exercise		$ 100,000		(100,000)
Shares issued in connection with cashless warrants exercise, shares		2,434,211
Balance at Jun. 30, 2023	$ 5,217,800	$ 27,160,611	$ 22,000	10,888,790	13,021	(47,812,873)	(4,510,651)
Balance, shares at Jun. 30, 2023	2	1,033,374,219	1,122,311
Balance at Mar. 31, 2023	$ 5,217,800	$ 27,160,611	$ 22,000	10,786,149		(47,223,782)	(4,037,222)
Balance, shares at Mar. 31, 2023	2	1,033,374,219	1,122,311
Warrants issued for services - related parties				80,997			80,997
Warrants issued for services				1,487			1,487
Imputed interest - related party				20,157			20,157
Net loss						(589,091)	(589,091)
Other comprehensive income					13,021		13,021
Balance at Jun. 30, 2023	$ 5,217,800	$ 27,160,611	$ 22,000	10,888,790	13,021	(47,812,873)	(4,510,651)
Balance, shares at Jun. 30, 2023	2	1,033,374,219	1,122,311
Balance at Dec. 31, 2023	$ 5,217,800	$ 27,385,611	$ 22,000	11,354,213		(49,686,780)	(5,707,156)
Balance, shares at Dec. 31, 2023	2	1,038,374,219	1,122,311
Warrants issued for services - related parties				723,734			723,734
Warrants issued for services				65,493			65,493
Imputed interest - related party				40,314			40,314
Net loss						(2,114,064)	(2,114,064)
Preferred share issued in connection with debt cancellation - related party	$ 20,000						20,000
Preferred share issued in connection with debt cancellation - related party, shares	1
Balance at Jun. 30, 2024	$ 5,237,800	$ 27,385,611	$ 22,000	12,183,754		(51,800,844)	(6,971,679)
Balance, shares at Jun. 30, 2024	3	1,038,374,219	1,122,311
Balance at Mar. 31, 2024	$ 5,237,800	$ 27,385,611	$ 22,000	11,307,215		(50,194,655)	(6,242,029)
Balance, shares at Mar. 31, 2024	3	1,038,374,219	1,122,311
Warrants issued for services - related parties				814,824			814,824
Warrants issued for services				41,558			41,558
Imputed interest - related party				20,157			20,157
Net loss						(1,606,189)	(1,606,189)
Balance at Jun. 30, 2024	$ 5,237,800	$ 27,385,611	$ 22,000	$ 12,183,754		$ (51,800,844)	$ (6,971,679)
Balance, shares at Jun. 30, 2024	3	1,038,374,219	1,122,311

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash Flows From Operating Activities:
Net Loss	$ (1,606,189)	$ (589,091)	$ (2,114,064)	$ (1,155,873)
Adjustments to reconcile net loss to net cash used in operations
Depreciation expense	6,730	6,140	13,459	12,757
Impairment of right of use asset	30,084		30,084
Net change in unrealized appreciation and depreciation in gold bullions	(20,626)	11,771	(64,189)	(21,581)
Change in fair value of marketable securities				13,021
Imputed interest - related party	20,157	20,157	40,314	40,093
Warrants issued to consultants			789,227	113,968
Changes in operating assets and liabilities:
Decrease (Increase) prepaid expenses			9,454	13,937
Decrease in operating lease right-of-use, net			23,961	24,035
Increase in accrued expenses and other payables - related party			320,184	328,752
Decrease in accounts payable			(25,472)	(12,420)
Decrease in operating lease liabilities, current			(23,261)	(24,733)
Net Cash Used In Operating Activities			(1,000,303)	(668,044)
Net Cash Used In Investing Activities
Purchase of treasury bills				(2,587,811)
Proceeds from maturity of treasury bills				860,000
Net Cash Provided by Investing Activities				(1,727,811)
Cash Flows From Financing Activities:
Principal payments on debt			(30,000)	(30,000)
Net Cash Provided by Financing Activities			(30,000)	(30,000)
Net Change in Cash and Cash Equivalents			(1,030,303)	(2,425,855)
Cash and Cash Equivalents at Beginning of Period			2,551,834	3,862,716	3,862,716
Cash and Cash Equivalents at End of Period	$ 1,521,531	$ 1,436,861	1,521,531	1,436,861	$ 2,551,834
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				100,000
Additional lease ROU - ASC 842			30,084
Preferred share issued in connection with debt cancellation - related party			$ 20,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

Basis of Presentation

On March 5, 2018, the Company issued a board resolution authorizing investment in a Vietnamese subsidiary and appointing a representative for the subsidiary.

On April 24, 2018, the Company announced that it had received its investment registration certificate for its new Vietnamese subsidiary Prodigy Textiles Co., Ltd.

On May 1, 2018, the Company announced that it had received its enterprise registration certificate for its new Vietnamese subsidiary Prodigy Textiles Co., Ltd

Foreign Currency

Use of Estimates

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits at financial institutions, money market funds, and highly liquid investments with original maturities of three months or less.

As of June 30, 2024 and December 31, 2023, the Company had $1,521,531 and $2,551,834, in cash and cash equivalent accounts.

Loss Per Share

	June 30, 2024		December 31, 2023

Stock Warrants (Exercise price - $0.001- $0.25/share)		76,985,714		67,335,714
Stock Options (Exercise price - $0.1150/Share)		26,520,000		26,520,000
Convertible Preferred Stock		3		2
Total		103,505,717		93,855,716

Research and Development Costs

For the three months ended June 30, 2024 and 2023, the Company had $49,414 and $57,035 respectively, in research and development costs

For the six months ended June 30, 2024 and 2023, the Company had $78,849 and $126,127 respectively, in research and development costs

Advertising Expense

The Company follows the policy of charging the costs of advertising to expense as incurred. There was no advertising expense in the three and six months ended June 30, 2024 and 2023.

Income Taxes

Stock-Based Compensation

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

This guidance was adopted on January 1, 2023. The adoption of ASU 2022-02 did not have a material impact on the Company’s consolidated financial statements.

Equipment

The Company values property and equipment at cost and depreciates these assets using the straight-line method over their expected useful life.

Fair Value of Financial Instruments

The three levels of the fair value hierarchy under ASC Topic 820-10 are described below:

	●	Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. We believe our carrying value of level 1 instruments approximate their fair value at June 30, 2024 and 2023.

	●	Level 2 - Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.

	●	Level 3 - Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. We consider depleting assets, asset retirement obligations and net profit interest liability to be Level 3. We determine the fair value of Level 3 assets and liabilities utilizing various inputs, including NYMEX price quotations and contract terms.

	June 30, 2024								December 31, 2023
	Fair Value Measurement Using								Fair Value Measurement Using
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Assets:
Investment in gold	$	557,425	$	-	$	-	$	557,425	$	493,236	$	-	$	-	$	493,236
Money market fund	$	1,476,988	$	-	$	-	$	1,476,988	$	2,409,486	$	-	$	-	$	2,409,486
Total	$	2,034,413	$	-	$	-	$	2,034,413	$	2,902,722	$	-	$	-	$	2,902,722

The Board of Directors, who serves as the Custodian, is responsible for the safekeeping of gold bullion owned by the Company.

The following tables summarize activity in gold bullion for the quarter ended June 30, 2024:

SCHEDULE OF GOLD IN BULLION

Six Months Ended June 30, 2024	Ounces		Cost		Fair Value

Balance December 31, 2023		239	$	2,064	$	493,236
Net change in unrealized gain		-		268		64,189
Balance June 30, 2024		239	$	2,332	$	557,425

Revenue Recognition

For the three and six months ended June 30, 2024 and 2023, the Company recognized $0 and $0 respectively in revenue.

Concentration of Credit Risk

Original Issue Discount

Debt Issue Cost

Investments without a Readily Determinable Fair Value (Cost Method)

GOING CONCERN

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GOING CONCERN

NOTE 2 GOING CONCERN

Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern.

EQUIPMENT

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

EQUIPMENT

NOTE 3 EQUIPMENT

At June 30, 2024 and December 31, 2023, property and equipment, net, is as follows:

SCHEDULE OF PROPERTY AND EQUIPMENT

	June 30, 2024			December 31, 2023			Estimated Useful Lives (Years)
Automobile	$	41,805		$	41,805			5
Laboratory Equipment		130,310			130,310			5-10
Office Equipment		7,260			7,260			5-10
Leasehold Improvements		82,739			82,739			2-5
Property and Equipment, gross		82,739			82,739
Less: Accumulated Depreciation		(208,933	)		(195,474	)
Total Property and Equipment, net	$	53,181		$	66,640

Depreciation expense for the three months ended June 30, 2024 and 2023, was $6,730 and $6,140, respectively.

Depreciation expense for the six months ended June 30, 2024 and 2023, was $13,459 and $12,757, respectively.

RIGHT TO USE ASSETS AND LEASE LIABILITY

6 Months Ended

Jun. 30, 2024

Lessee Disclosure [Abstract]

RIGHT TO USE ASSETS AND LEASE LIABILITY

NOTE 4 - RIGHT TO USE ASSETS AND LEASE LIABILITY

Interest expense on finance lease liabilities is recognized over the lease term in interest expense.

The tables below present information regarding the Company’s operating lease assets and liabilities at June 30, 2024;

At June 30, 2024 and December 31, 2023, the Company had no financing leases as defined in ASC 842, “Leases.”

	June 30, 2024			December 31, 2023
Assets

Operating lease - right-of-use asset - non-current	$	71,847		$	95,808

Liabilities

Operating lease liability	$	102,980		$	96,157

Weighted-average remaining lease term (three months)		2.28			1.95

Weighted-average discount rate		8	%		8	%

The components of lease expense were as follows:

Operating lease costs

Amortization of right-of-use operating lease asset	$	38,972		$	20,194
Impairment of right of use asset	$	30,084			-
Total operating lease costs	$	69,056		$	20,194

Supplemental cash flow information related to operating leases was as follows:

Operating cash outflows from operating lease (obligation payment)	$	26,722		$	53,442
Right-of-use asset obtained in exchange for new operating lease liability	$	30,084		$	-
Impairment of right of use asset	$	(30,084	)	$	-
Net	$	-		$	-

Future minimum lease payments required under leases that have initial or remaining non-cancelable lease terms in excess of one year at June 30, 2024:

SCHEDULE OF MINIMUM LEASE PAYMENTS


2024 (6 Months)	$	35,352
2025		51,664
2026		13,083
2027		7,320
2028		6,711
Total lease payments		114,130
Less: amount representing interest		(11,150	)
Total lease obligations		102,980
Total lease payments		114,130
Less: current portion of operating lease liability		(57,542	)
Long-term portion operating lease liability	$	45,438

NOTE PAYABLE – RELATED PARTY

6 Months Ended

Jun. 30, 2024

Note Payable Related Party

NOTE PAYABLE – RELATED PARTY

NOTE 5 NOTE PAYABLE – RELATED PARTY

On January 26, 2022, the Company repaid $40,000 of the outstanding loan to its founder and CEO.

Total loan payable to the founder and CEO for as of June 30, 2024 is $1,617,000.

Total loan payable to the founder and CEO as of December 31, 2023 is $1,617,000.

LOAN PAYABLE

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

LOAN PAYABLE

NOTE 6 LOAN PAYABLE

1. $1,000 per month for the first nine months;

2. $2,000 per month for the months seven and eight;

3. $5,000 per month for months nine through twenty-three; and,

4. Final payment of all remaining balance, in the amount of $180,224 in month 24.

1.	$5,000 per month for months one through thirteen.
2.	Final payment of the remaining balance in the amount of $115,244 split into two equal payments, of which $57,622 to be paid in month fourteen and $57,622 paid in month twenty.

During the six months ended June 30, 2024, the Company paid $30,000 of the loan balance. The remaining loan balance as of June 30, 2024 is $5,244.

STOCKHOLDERS’ DEFICIT

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

STOCKHOLDERS’ DEFICIT

NOTE 7 STOCKHOLDERS’ DEFICIT

(A) Common Stock Issued for Cash

None issued for the six months ended June 30, 2024.

(B) Common Stock Issued for Services

None issued for the six months ended June 30, 2024.

(C) Common Stock Warrants and Options

SCHEDULE OF OPTION ASSUMPTION

Expected dividends	0	%
Expected volatility	134.80	%
Expected term	4.25 -4.75 4.25 years
Risk free interest rate	4.54	%
Expected forfeitures	0	%

Expected dividends	0	%
Expected volatility	130.50	%
Expected term	4.75 years
Risk free interest rate	4.54	%
Expected forfeitures	0	%

Expected dividends	0	%
Expected volatility	138.60	%
Expected term	3.25 years
Risk free interest rate	4.60	%
Expected forfeitures	0	%

Expected dividends	0	%
Expected volatility	138.30	%
Expected term	3.25 years
Risk free interest rate	4.48	%
Expected forfeitures	0	%

On January 4, 2024, the Company cancelled 1,000,000 warrants issued to a consultant on August 8, 2019.

Expected dividends	0	%
Expected volatility	133.30	%
Expected term	6.25 years
Risk free interest rate	4.04	%
Expected forfeitures	0	%

Expected dividends	0	%
Expected volatility	133.30	%
Expected term	6.25 years
Risk free interest rate	4.04	%
Expected forfeitures	0	%

Expected dividends	0	%
Expected volatility	133.22	%
Expected term	7 years
Risk free interest rate	1.46	%
Expected forfeitures	0	%

Expected dividends	0	%
Expected volatility	125.19	%
Expected term	3 years
Risk free interest rate	1.50	%
Expected forfeitures	0	%

Expected dividends	0	%
Expected volatility	125.19	%
Expected term	6 years
Risk free interest rate	1.46	%
Expected forfeitures	0	%

On February 16, 2023, the Company issued 2,434,211 shares of Common Stock in exchange for the cashless exercise of 2,500,000 warrants.

Warrant activity as of June 30, 2024 is summarized as follows:

SCHEDULE OF WARRANTS ACTIVITY

Warrants	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding – December 31, 2023		67,335,714		$	0.12		3.89	$	331,500
Exercisable – December 31, 2023		67,335,714		$	0.12		3.89	$	331,500

Granted		10,650,000		$	0.08		8.55		488,700
Exercised		-		$	-		-		-
Cancelled/Forfeited		(1,000,000	)	$	0.2299		-		-
Outstanding – June 30, 2024		76,985,714		$	0.10		4.78	$	3,742,886
Exercisable – June 30, 2024		76,985,714		$	0.10		4.78	$	3,742,886

As of June 30, 2024, the following warrants were outstanding:

SCHEDULE OF WARRANTS OUTSTANDING

Exercise Price Warrants Outstanding		Warrants Exercisable		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
$	0.001		8,500,000		1.65	$	1,079,500
$	0.04		2,300,000		2.25	$	202,400
$	0.056		1,000,000		1.02	$	72,000
$	0.2299		6,125,000		0.83	$	-
$	0.16		3,125,000		1.45	$	-
$	0.25		8,000,000		1.73	$	-
$	0.1160		500,000		1.02	$	6,000
$	0.12		12,500,000		2.55	$	100,000
$	0.14		4,285,714		2.55	$	34,286
$	0.04		4,000,000		8.46	$	352,000
$	0.04		6,000,000		8.46	$	528,000
$	0.04		10,000,000		8.46	$	880,000
$	0.0825		5,000,000		8.28	$	228,750
$	0.0825		5,000,000		9.12	$	228,750
$	0.08		150,000		6.27	$	7,200
$	0.08		500,000		6.26	$	24,000
			76,985,714			$	3,742,886

As of December 31, 2023, the following warrants were outstanding:

Exercise Price Warrants Outstanding		Warrants Exercisable		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
$	0.001		8,500,000		2.14	$	331,500
$	0.04		2,300,000		2.75	$	-
$	0.056		1,000,000		1.52	$	-
$	0.2299		7,125,000		1.27	$	-
$	0.16		3,125,000		1.95	$	-
$	0.25		8,000,000		2.23	$	-
$	0.1160		500,000		1.52	$	-
$	0.12		12,500,000		3.05	$	-
$	0.14		4,285,714		3.05	$	-
$	0.04		4,000,000		9.95	$	-
$	0.04		6,000,000		9.95	$	-
$	0.04		10,000,000		9.95	$	-

			67,335,714			$	331,500

Options activity as of June 30, 2024 is summarized as follows:

SCHEDULE OF OPTIONS ACTIVITY

Options	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding - December 31, 2023		26,520,000	$	0.12		17.27	$	-
Granted		-	$	-		-		-
Exercised		-	$	-		-		-
Cancelled/Forfeited		-	$	-		-		-
Outstanding – June 30, 2024		26,520,000	$	0.12		17.02	$	-
Exercisable – June 30, 2024		26,520,000	$	0.12		17.02	$	-

For the six months ended June 30, 2024, the following options were outstanding:

SCHEDULE OF OPTIONS OUTSTANDING

Exercise Price

Options Outstanding

Options Exercisable

Weighted Average

Remaining Contractual

Life (in Years)

0.115

26,520,000

16.77

For the year ended December 31, 2023, the following options were outstanding:

Exercise Price

Options Outstanding

Options Exercisable

Weighted Average

Remaining Contractual

Life (in Years)

0.115

26,520,000

17.27

(C) Amendment to Articles of Incorporation

On February 16, 2009, the Company amended its articles of incorporation to amend the number and class of shares the Company is authorized to issue as follows:

●	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

Effective December 17, 2013, the Company amended its articles of incorporation to designate a Series A no par value preferred stock. Two shares of Series A Preferred stock have been authorized.

On March 26, 2024, the Company increased the total authorized Series A preferred stock to four shares as approved by the board of directors.

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 8 COMMITMENTS AND CONTINGENCIES

As of June 30, 2024 and December 31, 2023, the Company owes $4,285 and $3,482, respectively, to Mr. Rice for payroll payable.

Legal Matters

(A) License Agreement

(B) Operating Lease Agreements

RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2024

RELATED PARTY TRANSACTIONS

NOTE 9 RELATED PARTY TRANSACTIONS

Accounts payable and accrued expenses – related party consists of the following:

	As of June 30, 2024		As of December 31, 2023

Accounts payable - related party	$	292,672	$	388,001
Accrued expenses - related party		3,691,415		3,516,411
Accrued interest - related party		2,900,745		2,680,236
Total accounts payable and accrued expenses - related party	$	6,884,832	$	6,584,648

On January 26, 2022, the Company repaid $40,000 of the outstanding loan to its founder and CEO.

Total loan payable to principal stockholder for as of June 30, 2024 is $1,617,000.

Total loan payable to this principal stockholder as of December 31, 2023 is $1,617,000.

On February 2, 2024, the Company repaid $90,000 of accrued expenses to its Chief Executive Officer.

In aggregate as of June 30, 2024, and December 31, 2023, the Company owed $6,884,832 and $6,584,648, respectively to its related parties in accrued salaries and accrued interest.

As of June 30, 2024 and December 31, 2023, the Company owed $65,292 and $65,292, respectively, in royalty agreement payable to Chief Executive Officer.

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 10 SUBSEQUENT EVENTS

On August 6, 2024, the Company issued a warrant to purchase 50,000 shares of the Company’s Common stock under its Employee Stock Option Plan to an employee.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Policies)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

On March 5, 2018, the Company issued a board resolution authorizing investment in a Vietnamese subsidiary and appointing a representative for the subsidiary.

On April 24, 2018, the Company announced that it had received its investment registration certificate for its new Vietnamese subsidiary Prodigy Textiles Co., Ltd.

On May 1, 2018, the Company announced that it had received its enterprise registration certificate for its new Vietnamese subsidiary Prodigy Textiles Co., Ltd

Foreign Currency

Foreign Currency

Use of Estimates

Use of Estimates

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits at financial institutions, money market funds, and highly liquid investments with original maturities of three months or less.

As of June 30, 2024 and December 31, 2023, the Company had $1,521,531 and $2,551,834, in cash and cash equivalent accounts.

Loss Per Share

Loss Per Share

	June 30, 2024		December 31, 2023

Stock Warrants (Exercise price - $0.001- $0.25/share)		76,985,714		67,335,714
Stock Options (Exercise price - $0.1150/Share)		26,520,000		26,520,000
Convertible Preferred Stock		3		2
Total		103,505,717		93,855,716

Research and Development Costs

Research and Development Costs

For the three months ended June 30, 2024 and 2023, the Company had $49,414 and $57,035 respectively, in research and development costs

For the six months ended June 30, 2024 and 2023, the Company had $78,849 and $126,127 respectively, in research and development costs

Advertising Expense

Advertising Expense

The Company follows the policy of charging the costs of advertising to expense as incurred. There was no advertising expense in the three and six months ended June 30, 2024 and 2023.

Income Taxes

Income Taxes

Stock-Based Compensation

Stock-Based Compensation

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

This guidance was adopted on January 1, 2023. The adoption of ASU 2022-02 did not have a material impact on the Company’s consolidated financial statements.

Equipment

Equipment

The Company values property and equipment at cost and depreciates these assets using the straight-line method over their expected useful life.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The three levels of the fair value hierarchy under ASC Topic 820-10 are described below:

	●	Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. We believe our carrying value of level 1 instruments approximate their fair value at June 30, 2024 and 2023.

	●	Level 2 - Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.

	●	Level 3 - Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. We consider depleting assets, asset retirement obligations and net profit interest liability to be Level 3. We determine the fair value of Level 3 assets and liabilities utilizing various inputs, including NYMEX price quotations and contract terms.

	June 30, 2024								December 31, 2023
	Fair Value Measurement Using								Fair Value Measurement Using
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Assets:
Investment in gold	$	557,425	$	-	$	-	$	557,425	$	493,236	$	-	$	-	$	493,236
Money market fund	$	1,476,988	$	-	$	-	$	1,476,988	$	2,409,486	$	-	$	-	$	2,409,486
Total	$	2,034,413	$	-	$	-	$	2,034,413	$	2,902,722	$	-	$	-	$	2,902,722

The Board of Directors, who serves as the Custodian, is responsible for the safekeeping of gold bullion owned by the Company.

The following tables summarize activity in gold bullion for the quarter ended June 30, 2024:

SCHEDULE OF GOLD IN BULLION

Six Months Ended June 30, 2024	Ounces		Cost		Fair Value

Balance December 31, 2023		239	$	2,064	$	493,236
Net change in unrealized gain		-		268		64,189
Balance June 30, 2024		239	$	2,332	$	557,425

Revenue Recognition

Revenue Recognition

For the three and six months ended June 30, 2024 and 2023, the Company recognized $0 and $0 respectively in revenue.

Concentration of Credit Risk

Concentration of Credit Risk

Original Issue Discount

Original Issue Discount

Debt Issue Cost

Debt Issue Cost

Investments without a Readily Determinable Fair Value (Cost Method)

Investments without a Readily Determinable Fair Value (Cost Method)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SCHEDULE OF ANTIDILUTIVE SECURITIES OF EARNING PER SHARE

	June 30, 2024		December 31, 2023

Stock Warrants (Exercise price - $0.001- $0.25/share)		76,985,714		67,335,714
Stock Options (Exercise price - $0.1150/Share)		26,520,000		26,520,000
Convertible Preferred Stock		3		2
Total		103,505,717		93,855,716

SCHEDULE OF FAIR VALUE OF FINANCIAL INSTRUMENTS

	June 30, 2024								December 31, 2023
	Fair Value Measurement Using								Fair Value Measurement Using
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Assets:
Investment in gold	$	557,425	$	-	$	-	$	557,425	$	493,236	$	-	$	-	$	493,236
Money market fund	$	1,476,988	$	-	$	-	$	1,476,988	$	2,409,486	$	-	$	-	$	2,409,486
Total	$	2,034,413	$	-	$	-	$	2,034,413	$	2,902,722	$	-	$	-	$	2,902,722

SCHEDULE OF GOLD IN BULLION

The following tables summarize activity in gold bullion for the quarter ended June 30, 2024:

SCHEDULE OF GOLD IN BULLION

Six Months Ended June 30, 2024	Ounces		Cost		Fair Value

Balance December 31, 2023		239	$	2,064	$	493,236
Net change in unrealized gain		-		268		64,189
Balance June 30, 2024		239	$	2,332	$	557,425

EQUIPMENT (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

SCHEDULE OF PROPERTY AND EQUIPMENT

At June 30, 2024 and December 31, 2023, property and equipment, net, is as follows:

SCHEDULE OF PROPERTY AND EQUIPMENT

	June 30, 2024			December 31, 2023			Estimated Useful Lives (Years)
Automobile	$	41,805		$	41,805			5
Laboratory Equipment		130,310			130,310			5-10
Office Equipment		7,260			7,260			5-10
Leasehold Improvements		82,739			82,739			2-5
Property and Equipment, gross		82,739			82,739
Less: Accumulated Depreciation		(208,933	)		(195,474	)
Total Property and Equipment, net	$	53,181		$	66,640

RIGHT TO USE ASSETS AND LEASE LIABILITY (Tables)

6 Months Ended

Jun. 30, 2024

Lessee Disclosure [Abstract]

SCHEDULE OF OPERATING LEASE ASSETS AND LIABILITIES

At June 30, 2024 and December 31, 2023, the Company had no financing leases as defined in ASC 842, “Leases.”

	June 30, 2024			December 31, 2023
Assets

Operating lease - right-of-use asset - non-current	$	71,847		$	95,808

Liabilities

Operating lease liability	$	102,980		$	96,157

Weighted-average remaining lease term (three months)		2.28			1.95

Weighted-average discount rate		8	%		8	%

The components of lease expense were as follows:

Operating lease costs

Amortization of right-of-use operating lease asset	$	38,972		$	20,194
Impairment of right of use asset	$	30,084			-
Total operating lease costs	$	69,056		$	20,194

Supplemental cash flow information related to operating leases was as follows:

Operating cash outflows from operating lease (obligation payment)	$	26,722		$	53,442
Right-of-use asset obtained in exchange for new operating lease liability	$	30,084		$	-
Impairment of right of use asset	$	(30,084	)	$	-
Net	$	-		$	-

SCHEDULE OF MINIMUM LEASE PAYMENTS

Future minimum lease payments required under leases that have initial or remaining non-cancelable lease terms in excess of one year at June 30, 2024:

SCHEDULE OF MINIMUM LEASE PAYMENTS


2024 (6 Months)	$	35,352
2025		51,664
2026		13,083
2027		7,320
2028		6,711
Total lease payments		114,130
Less: amount representing interest		(11,150	)
Total lease obligations		102,980
Total lease payments		114,130
Less: current portion of operating lease liability		(57,542	)
Long-term portion operating lease liability	$	45,438

STOCKHOLDERS’ DEFICIT (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

SCHEDULE OF OPTION ASSUMPTION

Expected dividends	0	%
Expected volatility	134.80	%
Expected term	4.25 -4.75 4.25 years
Risk free interest rate	4.54	%
Expected forfeitures	0	%

Expected dividends	0	%
Expected volatility	130.50	%
Expected term	4.75 years
Risk free interest rate	4.54	%
Expected forfeitures	0	%

Expected dividends	0	%
Expected volatility	138.60	%
Expected term	3.25 years
Risk free interest rate	4.60	%
Expected forfeitures	0	%

Expected dividends	0	%
Expected volatility	138.30	%
Expected term	3.25 years
Risk free interest rate	4.48	%
Expected forfeitures	0	%

Expected dividends	0	%
Expected volatility	133.30	%
Expected term	6.25 years
Risk free interest rate	4.04	%
Expected forfeitures	0	%

Expected dividends	0	%
Expected volatility	133.30	%
Expected term	6.25 years
Risk free interest rate	4.04	%
Expected forfeitures	0	%

Expected dividends	0	%
Expected volatility	133.22	%
Expected term	7 years
Risk free interest rate	1.46	%
Expected forfeitures	0	%

Expected dividends	0	%
Expected volatility	125.19	%
Expected term	3 years
Risk free interest rate	1.50	%
Expected forfeitures	0	%

Expected dividends	0	%
Expected volatility	125.19	%
Expected term	6 years
Risk free interest rate	1.46	%
Expected forfeitures	0	%

SCHEDULE OF WARRANTS ACTIVITY

Warrant activity as of June 30, 2024 is summarized as follows:

SCHEDULE OF WARRANTS ACTIVITY

Warrants	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding – December 31, 2023		67,335,714		$	0.12		3.89	$	331,500
Exercisable – December 31, 2023		67,335,714		$	0.12		3.89	$	331,500

Granted		10,650,000		$	0.08		8.55		488,700
Exercised		-		$	-		-		-
Cancelled/Forfeited		(1,000,000	)	$	0.2299		-		-
Outstanding – June 30, 2024		76,985,714		$	0.10		4.78	$	3,742,886
Exercisable – June 30, 2024		76,985,714		$	0.10		4.78	$	3,742,886

SCHEDULE OF WARRANTS OUTSTANDING

As of June 30, 2024, the following warrants were outstanding:

SCHEDULE OF WARRANTS OUTSTANDING

Exercise Price Warrants Outstanding		Warrants Exercisable		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
$	0.001		8,500,000		1.65	$	1,079,500
$	0.04		2,300,000		2.25	$	202,400
$	0.056		1,000,000		1.02	$	72,000
$	0.2299		6,125,000		0.83	$	-
$	0.16		3,125,000		1.45	$	-
$	0.25		8,000,000		1.73	$	-
$	0.1160		500,000		1.02	$	6,000
$	0.12		12,500,000		2.55	$	100,000
$	0.14		4,285,714		2.55	$	34,286
$	0.04		4,000,000		8.46	$	352,000
$	0.04		6,000,000		8.46	$	528,000
$	0.04		10,000,000		8.46	$	880,000
$	0.0825		5,000,000		8.28	$	228,750
$	0.0825		5,000,000		9.12	$	228,750
$	0.08		150,000		6.27	$	7,200
$	0.08		500,000		6.26	$	24,000
			76,985,714			$	3,742,886

As of December 31, 2023, the following warrants were outstanding:

Exercise Price Warrants Outstanding		Warrants Exercisable		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
$	0.001		8,500,000		2.14	$	331,500
$	0.04		2,300,000		2.75	$	-
$	0.056		1,000,000		1.52	$	-
$	0.2299		7,125,000		1.27	$	-
$	0.16		3,125,000		1.95	$	-
$	0.25		8,000,000		2.23	$	-
$	0.1160		500,000		1.52	$	-
$	0.12		12,500,000		3.05	$	-
$	0.14		4,285,714		3.05	$	-
$	0.04		4,000,000		9.95	$	-
$	0.04		6,000,000		9.95	$	-
$	0.04		10,000,000		9.95	$	-

			67,335,714			$	331,500

SCHEDULE OF OPTIONS ACTIVITY

Options activity as of June 30, 2024 is summarized as follows:

SCHEDULE OF OPTIONS ACTIVITY

Options	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding - December 31, 2023		26,520,000	$	0.12		17.27	$	-
Granted		-	$	-		-		-
Exercised		-	$	-		-		-
Cancelled/Forfeited		-	$	-		-		-
Outstanding – June 30, 2024		26,520,000	$	0.12		17.02	$	-
Exercisable – June 30, 2024		26,520,000	$	0.12		17.02	$	-

SCHEDULE OF OPTIONS OUTSTANDING

For the six months ended June 30, 2024, the following options were outstanding:

SCHEDULE OF OPTIONS OUTSTANDING

Exercise Price

Options Outstanding

Options Exercisable

Weighted Average

Remaining Contractual

Life (in Years)

0.115

26,520,000

16.77

For the year ended December 31, 2023, the following options were outstanding:

Exercise Price

Options Outstanding

Options Exercisable

Weighted Average

Remaining Contractual

Life (in Years)

0.115

26,520,000

17.27

RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2024

SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES RELATED PARTY

Accounts payable and accrued expenses – related party consists of the following:

	As of June 30, 2024		As of December 31, 2023

Accounts payable - related party	$	292,672	$	388,001
Accrued expenses - related party		3,691,415		3,516,411
Accrued interest - related party		2,900,745		2,680,236
Total accounts payable and accrued expenses - related party	$	6,884,832	$	6,584,648

SCHEDULE OF ANTIDILUTIVE SECURITIES OF EARNING PER SHARE (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	103,505,717	93,855,716
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	76,985,714	67,335,714
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	26,520,000	26,520,000
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	3	2

SCHEDULE OF ANTIDILUTIVE SECURITIES OF EARNINGS PER SHARE (Details) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Warrant [Member] \| Minimum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrant exercise price per share	$ 0.001	$ 0.001
Warrant [Member] \| Maximum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrant exercise price per share	0.25	0.25
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Option exercise price	$ 0.1150	$ 0.1150

SCHEDULE OF FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	$ 2,034,413	$ 2,902,722
Investment in Gold [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	557,425	493,236
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	1,476,988	2,409,486
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	2,034,413	2,902,722
Fair Value, Inputs, Level 1 [Member] \| Investment in Gold [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	557,425	493,236
Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	1,476,988	2,409,486
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets
Fair Value, Inputs, Level 2 [Member] \| Investment in Gold [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets
Fair Value, Inputs, Level 2 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets
Fair Value, Inputs, Level 3 [Member] \| Investment in Gold [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets
Fair Value, Inputs, Level 3 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets

SCHEDULE OF GOLD IN BULLION (Details)	3 Months Ended		6 Months Ended
SCHEDULE OF GOLD IN BULLION (Details)	Jun. 30, 2024 USD ($) oz	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) oz	Jun. 30, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Beginning balance, ounce \| oz			239
Beginning balance, cost			$ 2,064
Beginning balalnce, fair value			$ 493,236
Net change in unrealized gain (loss), ounce \| oz
Net change in unrealized gain (loss), cost			$ 268
Net change in unrealized gain (loss), fair value	$ 20,626	$ (11,771)	$ 64,189	$ 21,581
Ending balance, ounce \| oz	239		239
Ending balance, cost	$ 2,332		$ 2,332
Ending balance, fair value	$ 557,425		$ 557,425

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash and cash equivalents	$ 1,521,531		$ 1,521,531		$ 2,551,834
Research and development costs	49,414	$ 57,035	78,849	$ 126,127
Advertising expenses	0		0
Revenue
Cash excess of FDIC insurance limits	1,266,988		1,266,988		2,409,486
Federal money market fund	$ 1,476,988		$ 1,476,988
Share price	$ 1		$ 1
Funds invests, percentage	99.50%		99.50%
Investment carrying value	$ 0		$ 0		$ 0
Global Silk Solutions [Member]
Equity investment percentage	15.00%		15.00%

GOING CONCERN (Details Narrative) - USD ($)	6 Months Ended
GOING CONCERN (Details Narrative) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working capital deficiency	$ 7,612,212
Stockholders' deficiency	6,971,679	$ 4,510,651	$ 6,242,029	$ 5,707,156	$ 4,037,222	$ 3,521,860
Cash in operation	$ 1,000,303	$ 668,044

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Less: Accumulated Depreciation	$ (208,933)	$ (195,474)
Total Property and Equipment, net	53,181	66,640
Automobiles [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	$ 41,805	41,805
Estimated useful lives (years)	5 years
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	$ 130,310	130,310
Laboratory Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	5 years
Laboratory Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	10 years
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	$ 7,260	7,260
Office Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	5 years
Office Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	10 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	$ 82,739	$ 82,739
Leasehold Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	2 years
Leasehold Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	5 years

EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
EQUIPMENT (Details Narrative) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 6,730	$ 6,140	$ 13,459	$ 12,757

SCHEDULE OF OPERATING LEASE ASSETS AND LIABILITIES (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jan. 31, 2024
Lessee Disclosure [Abstract]
Operating lease - right-of-use asset - non-current	$ 71,847		$ 71,847		$ 95,808	$ 30,084
Operating lease liability	$ 102,980		$ 102,980		$ 96,157	$ 30,084
Weighted-average remaining lease term (years)	2 years 3 months 10 days		2 years 3 months 10 days		1 year 11 months 12 days
Weighted-average discount rate	8.00%		8.00%		8.00%
Amortization of right-of-use operating lease asset			$ 38,972		$ 20,194
Impairment of right of use asset	$ 30,084		30,084
Total operating lease costs			69,056		20,194
Operating cash outflows from operating lease (obligation payment)			26,722		53,442
Right-of-use asset obtained in exchange for new operating lease liability			30,084
Impairment of right of use asset	$ (30,084)		(30,084)
Net

SCHEDULE OF MINIMUM LEASE PAYMENTS (Details) - USD ($)	Jun. 30, 2024	Jan. 31, 2024	Dec. 31, 2023	Sep. 05, 2019	Sep. 13, 2017
Lessee Disclosure [Abstract]
2024 (6 Months)	$ 35,352
2025	51,664	$ 7,284		$ 42,000	$ 39,200
2026	13,083	7,284		$ 44,800	$ 42,000
2027	7,320
2028	6,711
Total lease payments	114,130
Less: amount representing interest	(11,150)
Total lease obligations	102,980	$ 30,084	$ 96,157
Less: current portion of operating lease liability	(57,542)		(41,789)
Long-term portion operating lease liability	$ 45,438		$ 54,368

RIGHT TO USE ASSETS AND LEASE LIABILITY (Details Narrative)					6 Months Ended	12 Months Ended
	Jan. 31, 2024 USD ($) ft²	Apr. 16, 2021 USD ($)	Sep. 05, 2019 USD ($) ft²	May 09, 2019 USD ($) m²	Jun. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jul. 01, 2021 USD ($) m²	Sep. 13, 2017 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Lease term	5 years		2 years
Area of land \| ft²	700		5,000
Annual rent, year one	$ 7,284		$ 42,000		$ 51,664						$ 39,200
Annual rent, year two	7,284		$ 44,800		13,083						$ 42,000
Right of use asset	$ 30,084				71,847				$ 95,808
Lease liabilities					57,542				41,789
Lessee operating description	For years 3-5 the price will increase with Vietnam’s state land price bracket, not to exceed 10%
Lease liability	$ 30,084				102,980				$ 96,157
Socialist Republic of Vietnam [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Lease term				5 years						5 years
Area of land \| m²				4,560.57						6,000
Annual rent, year one										$ 8,645
Annual rent, year two				$ 45,150
Right of use asset										$ 241,800
Rent increase percentage				5.00%
Operating Lease Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for rent		$ 42,000			2,508
Lessee operating description			the Company signed a new two-year lease for this 5,000 square foot property in Lansing, MI that commenced on October 1, 2019 and ended on September 30, 2021, for its research and development headquarters
Operating Lease Agreements [Member] \| October 1, 2022 through September 30, 2023 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for rent					44,800			$ 44,800
Operating Lease Agreements [Member] \| October 1, 2023 through September 30, 2024 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for rent					44,800		$ 44,800
Operating Lease Agreements [Member] \| October 1, 2024 through September 30, 2025 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for rent						$ 47,600
Operating Lease Agreements [Member] \| October 1, 2024 through September 30, 2025 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for rent					47,600
Adoption of New Guidance [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Right of use asset					79,862
Lease liabilities					79,862
Adoption of New Guidance [Member] \| October 1, 2024 through September 30, 2025 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Right of use asset					85,022
Lease liabilities					$ 85,022

NOTE PAYABLE – RELATED PARTY (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended
	Jan. 26, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 01, 2020
Defined Benefit Plan Disclosure [Line Items]
Outstanding notes balance		$ 5,244		$ 5,244
Paid-in-kind interest		20,157	$ 20,157	40,314	$ 40,093
Chief Executive Officer [Member] \| Unsecured Debt [Member]
Defined Benefit Plan Disclosure [Line Items]
Loans received							$ 1,657,000
Loans interest percentage							3.00%
Repayment of related party debt	$ 40,000
Outstanding notes balance		$ 1,617,000		1,617,000		$ 1,617,000
Paid-in-kind interest				40,314	40,093
Accured interest payable				220,509	27,888
Interest payable				$ 2,900,745	$ 2,473,480

LOAN PAYABLE (Details Narrative) - USD ($)	6 Months Ended
LOAN PAYABLE (Details Narrative) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jul. 08, 2021	Mar. 01, 2019
Short-Term Debt [Line Items]
Repayment of loan	$ 30,000	$ 30,000
Repayment of debt	5,244
First Nine Months [Member]
Short-Term Debt [Line Items]
Repayment of loan	1,000
Seven and Eight Months [Member]
Short-Term Debt [Line Items]
Repayment of loan	2,000
Nine through Twenty Three Months [Member]
Short-Term Debt [Line Items]
Repayment of loan	5,000
24th Month [Member]
Short-Term Debt [Line Items]
Repayment of loan	180,224
Months Fourteen And Twenty [Member]
Short-Term Debt [Line Items]
Repayment of loan	5,000
Notre Dame [Member]
Short-Term Debt [Line Items]
Repayment of debt	115,244
Notre Dame [Member] \| One through Thirteen Months [Member]
Short-Term Debt [Line Items]
Repayment of loan	5,000
Notre Dame [Member] \| First Installment [Member]
Short-Term Debt [Line Items]
Repayment of debt	57,622
Notre Dame [Member] \| Second Installment [Member]
Short-Term Debt [Line Items]
Repayment of debt	$ 57,622
Notre Dame [Member] \| Unsecured Promissory Note [Member]
Short-Term Debt [Line Items]
Loans payable				$ 265,244
Note bears interest rate percentage				10.00%
Term of loans payable				24 months
Repayment of debt			$ 180,244

SCHEDULE OF OPTION ASSUMPTION (Details)	Apr. 13, 2024	Apr. 08, 2024	Apr. 03, 2024	Dec. 13, 2023	Jan. 25, 2021	Feb. 19, 2020
4.25-Year Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividends	0.00%
Expected volatility	134.80%
Expected term	4 years 3 months
Risk free interest rate	4.54%
Expected forfeitures	0.00%
4.25-Year Option [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term	4 years 3 months
4.25-Year Option [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term	4 years 9 months
4.75-Year Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividends	0.00%
Expected volatility	130.50%
Expected term	4 years 9 months
Risk free interest rate	4.54%
Expected forfeitures	0.00%
3.25-Year Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividends		0.00%	0.00%
Expected volatility		138.60%	138.30%
Expected term		3 years 3 months	3 years 3 months
Risk free interest rate		4.60%	4.48%
Expected forfeitures		0.00%	0.00%
5-Year Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividends				0.00%
Expected volatility				133.30%
Expected term				6 years 3 months
Risk free interest rate				4.04%
Expected forfeitures				0.00%
5-Year Option One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividends				0.00%
Expected volatility				133.30%
Expected term				6 years 3 months
Risk free interest rate				4.04%
Expected forfeitures				0.00%
7-Year Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividends					0.00%
Expected volatility					133.22%
Expected term					7 years
Risk free interest rate					1.46%
Expected forfeitures					0.00%
10-Year Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividends						0.00%
Expected volatility						125.19%
Expected term						3 years
Risk free interest rate						1.50%
Expected forfeitures						0.00%
7 Year Option one [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividends						0.00%
Expected volatility						125.19%
Expected term						6 years
Risk free interest rate						1.46%
Expected forfeitures						0.00%

SCHEDULE OF WARRANTS ACTIVITY (Details) - USD ($)	6 Months Ended	12 Months Ended
SCHEDULE OF WARRANTS ACTIVITY (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Number of Warrants, Outstanding, Beginning balance	67,335,714
Weighted Average Exercise Price, Outstanding, Beginning balance	$ 0.12
Weighted Average Remaining Contractual Life (In Years)	4 years 9 months 10 days	3 years 10 months 20 days
Aggregate Intrinsic Value, Outstanding, Beginning balance	$ 331,500
Number of Warrants, Exercisable, Beginning balance	67,335,714
Weighted Average Exercise Price, Exercisable, Beginning balance	$ 0.12
Weighted Average Remaining Contractual Life (In Years), Exercisable	4 years 9 months 10 days	3 years 10 months 20 days
Aggregate Intrinsic Value, Exercisable, Beginning balance	$ 331,500
Number of Warrants, Granted	10,650,000
Weighted Average Exercise Price, Granted	$ 0.08
Weighted Average Remaining Contractual Life (In Years), Granted		8 years 6 months 18 days
Aggregate Intrinsic Value, Granted, Beginning balance	$ 488,700
Number of Warrants, Exercised
Weighted Average Exercise Price, Exercised
Number of Warrants, Cancelled/Forfeited	(1,000,000)
Weighted Average Exercise Price, Cancelled/Forfeited	$ 0.2299
Number of Warrants, Outstanding, Ending balance	76,985,714	67,335,714
Weighted Average Exercise Price, Outstanding, Ending balance	$ 0.10	$ 0.12
Aggregate Intrinsic Value, Outstanding, Ending balance	$ 3,742,886	$ 331,500
Number of Warrants, Exercisable, Ending balance	76,985,714	67,335,714
Weighted Average Exercise Price, Exercisable, Ending balance	$ 0.10	$ 0.12
Aggregate Intrinsic Value, Exercisable, Ending balance	$ 3,742,886	$ 331,500

SCHEDULE OF WARRANTS OUTSTANDING (Details) - USD ($)	6 Months Ended	12 Months Ended
SCHEDULE OF WARRANTS OUTSTANDING (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants Exercisable	76,985,714	67,335,714
Aggregate Intrinsic Value	$ 3,742,886	$ 331,500
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise Price Warrants Outstanding	$ 0.001	$ 0.001
Warrants Exercisable	8,500,000	8,500,000
Weighted Average Remaining Contractual Life	1 year 7 months 24 days	2 years 1 month 20 days
Aggregate Intrinsic Value	$ 1,079,500	$ 331,500
Warrant One [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise Price Warrants Outstanding	$ 0.04	$ 0.04
Warrants Exercisable	2,300,000	2,300,000
Weighted Average Remaining Contractual Life	2 years 3 months	2 years 9 months
Aggregate Intrinsic Value	$ 202,400
Warrant Two [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise Price Warrants Outstanding	$ 0.056	$ 0.056
Warrants Exercisable	1,000,000	1,000,000
Weighted Average Remaining Contractual Life	1 year 7 days	1 year 6 months 7 days
Aggregate Intrinsic Value	$ 72,000
Warrant Three [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise Price Warrants Outstanding	$ 0.2299	$ 0.2299
Warrants Exercisable	6,125,000	7,125,000
Weighted Average Remaining Contractual Life	9 months 29 days	1 year 3 months 7 days
Aggregate Intrinsic Value
Warrant Four [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise Price Warrants Outstanding	$ 0.16	$ 0.16
Warrants Exercisable	3,125,000	3,125,000
Weighted Average Remaining Contractual Life	1 year 5 months 12 days	1 year 11 months 12 days
Aggregate Intrinsic Value
Warrant Five [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise Price Warrants Outstanding	$ 0.25	$ 0.25
Warrants Exercisable	8,000,000	8,000,000
Weighted Average Remaining Contractual Life	1 year 8 months 23 days	2 years 2 months 23 days
Aggregate Intrinsic Value
Warrant Six [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise Price Warrants Outstanding	$ 0.1160	$ 0.1160
Warrants Exercisable	500,000	500,000
Weighted Average Remaining Contractual Life	1 year 7 days	1 year 6 months 7 days
Aggregate Intrinsic Value	$ 6,000
Warrant Seven [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise Price Warrants Outstanding	$ 0.12	$ 0.12
Warrants Exercisable	12,500,000	12,500,000
Weighted Average Remaining Contractual Life	2 years 6 months 18 days	3 years 18 days
Aggregate Intrinsic Value	$ 100,000
Warrant Eight [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise Price Warrants Outstanding	$ 0.14	$ 0.14
Warrants Exercisable	4,285,714	4,285,714
Weighted Average Remaining Contractual Life	2 years 6 months 18 days	3 years 18 days
Aggregate Intrinsic Value	$ 34,286
Warrant Nine [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise Price Warrants Outstanding	$ 0.04	$ 0.04
Warrants Exercisable	4,000,000	4,000,000
Weighted Average Remaining Contractual Life	8 years 5 months 15 days	9 years 11 months 12 days
Aggregate Intrinsic Value	$ 352,000
Warrant Ten [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise Price Warrants Outstanding	$ 0.04	$ 0.04
Warrants Exercisable	6,000,000	6,000,000
Weighted Average Remaining Contractual Life	8 years 5 months 15 days	9 years 11 months 12 days
Aggregate Intrinsic Value	$ 528,000
Warrant Eleven [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise Price Warrants Outstanding	$ 0.04	$ 0.04
Warrants Exercisable	10,000,000	10,000,000
Weighted Average Remaining Contractual Life	8 years 5 months 15 days	9 years 11 months 12 days
Aggregate Intrinsic Value	$ 880,000
Warrant Twelve [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise Price Warrants Outstanding	$ 0.0825
Warrants Exercisable	5,000,000
Weighted Average Remaining Contractual Life	8 years 3 months 10 days
Aggregate Intrinsic Value	$ 228,750
Warrant Thirteen [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise Price Warrants Outstanding	$ 0.0825
Warrants Exercisable	5,000,000
Weighted Average Remaining Contractual Life	9 years 1 month 13 days
Aggregate Intrinsic Value	$ 228,750
Warrant Fourteen [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise Price Warrants Outstanding	$ 0.08
Warrants Exercisable	150,000
Weighted Average Remaining Contractual Life	6 years 3 months 7 days
Aggregate Intrinsic Value	$ 7,200
Warrant Fifteen [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise Price Warrants Outstanding	$ 0.08
Warrants Exercisable	500,000
Weighted Average Remaining Contractual Life	6 years 3 months 3 days
Aggregate Intrinsic Value	$ 24,000

SCHEDULE OF OPTIONS ACTIVITY (Details) - USD ($)	6 Months Ended	12 Months Ended
SCHEDULE OF OPTIONS ACTIVITY (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Number of Options, Outstanding, Beginning balance	26,520,000
Weighted Average Exercise Price, Outstanding, Beginning balance	$ 0.12
Weighted Average Remaining Contractual Life (In Years)	17 years 7 days	17 years 3 months 7 days
Aggregate Intrinsic Value, Outstanding, Beginning balance
Number of Options, Outstanding, Granted
Weighted Average Exercise Price, Outstanding, Granted
Number of Options, Outstanding, Exercised
Weighted Average Exercise Price, Outstanding, Exercised
Number of Options, Outstanding, Cancelled/Forfeited
Weighted Average Exercise Price, Outstanding, Cancelled/Forfeited
Number of Options, Outstanding, Ending balance	26,520,000	26,520,000
Weighted Average Exercise Price, Outstanding, Ending balance	$ 0.12	$ 0.12
Aggregate Intrinsic Value, Outstanding, Ending balance
Number of Options, Outstanding, Exercisable	26,520,000
Weighted Average Exercise Price, Outstanding, Exercisable	$ 0.12
Weighted Average Remaining Contractual Life (In Years), Exercisable	17 years 7 days
Aggregate Intrinsic Value, Exercisable, Ending balance

SCHEDULE OF OPTIONS OUTSTANDING (Details) - $ / shares	6 Months Ended	12 Months Ended
SCHEDULE OF OPTIONS OUTSTANDING (Details) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Exercise Price	$ 0.115	$ 0.115
Options Outstanding	26,520,000	26,520,000
Options Exercisable	26,520,000	26,520,000
Weighted Average Remaining Contractual Life	16 years 9 months 7 days	17 years 3 months 7 days

STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($)											6 Months Ended		12 Months Ended
STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($)	Apr. 13, 2024	Apr. 08, 2024	Apr. 03, 2024	Mar. 26, 2024	Jan. 04, 2024	Dec. 13, 2023	Feb. 16, 2023	Jan. 25, 2021	Feb. 19, 2020	Feb. 16, 2009	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 17, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Options to purchase shares
Share price											$ 1
Number of shares issued							2,434,211
Cashless exercise warrants							2,500,000
Preferred stock, shares authorized										Unlimited	Unlimited		Unlimited
Preferred stock, no par value										$ 0	$ 0		$ 0
Stock issued during period, value, issues												$ 100,000
Common Class A [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares authorized										Unlimited	Unlimited		Unlimited
Common stock, no par value										$ 0	$ 0		$ 0
Common Class B [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares authorized										Unlimited	Unlimited		Unlimited
Common stock, no par value										$ 0	$ 0		$ 0
Series A Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, no par value											$ 0		$ 0	$ 0
Preferred stock, shares authorized														2
Series A Preferred Stock [Member] \| Mr Kim Thompson [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued				1
Stock issued during period, value, issues				$ 20,000
Warrant And Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period					1,000,000
4.25-Year Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Expected term	4 years 3 months
Options to purchase shares	5,000,000
Share price	$ 0.08225
Fair value options	$ 339,100
Share-Based payment arrangement, expense											$ 339,100
4.75-Year Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Expected term	4 years 9 months
Options to purchase shares	5,000,000
Share price	$ 0.08225
Fair value options	$ 343,350
Share-Based payment arrangement, expense											343,350
3.25-Year Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Expected term		3 years 3 months	3 years 3 months
Options to purchase shares		150,000
Share price		$ 0.0834
Fair value options		$ 9,588
Share-Based payment arrangement, expense											9,588
3.25-Year Option One [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Options to purchase shares			500,000
Share price			$ 0.082
Fair value options			$ 31,970
Share-Based payment arrangement, expense											31,970
5-Year Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Expected term						6 years 3 months
Options to purchase shares						6,000,000
Share price						$ 0.04
Fair value options						$ 162,000
Share-Based payment arrangement, expense											16,200
Common stock warrants and options, description						Options vest 20% on the grant date, 20% will vest on the second anniversary, 20% will vest on the third-year anniversary, 20% will vest on the fourth year anniversary as long as the employee remains with the Company at the end of each successive year for four years. Options will be exercisable on December 31, 2023, and for a period of 10 years expiring on December 13, 2033
5-Year Option One [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Expected term						6 years 3 months
Options to purchase shares						4,000,000
Share price						$ 0.04
Fair value options						$ 108,000
Share-Based payment arrangement, expense												$ 10,800
Common stock warrants and options, description						Options vest 20% on the grant date, 20% will vest on the second anniversary, 20% will vest on the third-year anniversary, 20% will vest on the fourth year anniversary as long as the employee remains with the Company at the end of each successive year for four years. Options will be exercisable on December 31, 2024, and for a period of 10 years expiring on December 13, 2033
7-Year Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Expected term								7 years
Options to purchase shares								2,500,000
Share price								$ 0.134
Fair value options								$ 310,165
Share-Based payment arrangement, expense											20,292
Common stock warrants and options, description								Options vest 33.3% on the year one anniversary of the grant date, 33.3% will vest on the second anniversary, and 33.3% will vest on the third year anniversary as long as the employee remains with the Company at the end of each successive year for three years. Options will be exercisable on January 25, 2021, and for a period of 7 years expiring on January 25, 2028
10-Year Option One [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Options to purchase shares									6,000,000
Share price									$ 0.115
Fair value options									$ 626,047
Share-Based payment arrangement, expense											14,284
Share based compensation arrangement by share based payment award, description									Black-Scholes option-pricing model on the date of grant and 2,000,000 options are fully vested on the date granted and 1,000,000 options vest at the end of each successive year for four years. Options will be exercisable on February 19, 2021, and for a period of 10 years expiring on February 19, 2030
7 Year Option one [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Expected term									6 years
Options to purchase shares									1,340,000
Share price									$ 0.115
Fair value options									$ 133,063
Share-Based payment arrangement, expense											$ 3,643
Share based compensation arrangement by share based payment award, description									Black-Scholes option-pricing model on the date of grant and 268,000 options are fully vested on the date granted and the remaining option vest equally over the remaining 4 years at the end of each successive year. Options will be exercisable on February 19, 2021, and for a period of 6 years expiring on February 19, 2027

COMMITMENTS AND CONTINGENCIES (Details Narrative)																	3 Months Ended		6 Months Ended		12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details Narrative)	Jan. 31, 2024 USD ($) ft²	Dec. 13, 2023 USD ($) $ / shares shares	Feb. 16, 2023 shares	Apr. 16, 2021 USD ($)	Sep. 05, 2019 USD ($) ft²	Aug. 15, 2019 USD ($)	Jul. 03, 2019 USD ($) $ / shares shares	Apr. 26, 2019 USD ($)	Mar. 01, 2019 USD ($) shares	Jan. 01, 2019	Jan. 14, 2016 USD ($) $ / shares shares	Jan. 20, 2015 USD ($) $ / shares shares	Oct. 28, 2011 USD ($) shares	Nov. 10, 2010 USD ($)	Dec. 26, 2006 USD ($)	May 08, 2006 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jul. 01, 2021 USD ($) m²	Aug. 08, 2019 $ / shares shares	May 09, 2019 USD ($) m²	Sep. 13, 2017 USD ($)	May 28, 2015 $ / shares shares
Loss Contingencies [Line Items]
Annual salary																	$ 234,788	$ 171,625	$ 413,506	$ 343,249
Accrued salary balance																	$ 3,685,710		$ 3,685,710			$ 3,511,776
Share-based compensation payment award, cancelled \| shares																			2,000,000
Share-based compensation payment award, options, \| shares
Share price \| $ / shares																	$ 1		$ 1
Number of shares issued \| shares			2,434,211
Payment for debt																			$ 30,000	$ 30,000
Stock issued during period, value																			20,000
Lessee, Operating Lease, Renewal Term	5 years				2 years
Area of land \| ft²	700				5,000
Annual rent, year one	$ 7,284				$ 42,000												$ 51,664		51,664											$ 39,200
Annual rent, year two	$ 7,284				$ 44,800												13,083		13,083											$ 42,000
Operating lease term, description	For years 3-5 the price will increase with Vietnam’s state land price bracket, not to exceed 10%
Socialist Republic of Vietnam [Member]
Loss Contingencies [Line Items]
Lessee, Operating Lease, Renewal Term																											5 years		5 years
Area of land \| m²																											6,000		4,560.57
Annual rent, year one																											$ 8,645
Annual rent, year two																													$ 45,150
Lessee, Operating Lease, Term of Contract																											5 years
5 Year Options One [Member]
Loss Contingencies [Line Items]
Accrued salary balance																	1,420		1,420			1,154
Share-based compensation payment award, options, \| shares		4,000,000
Share price \| $ / shares		$ 0.04
Fair value of options		$ 108,000
Common stock warrants and options, description		Options vest 20% on the grant date, 20% will vest on the second anniversary, 20% will vest on the third-year anniversary, 20% will vest on the fourth year anniversary as long as the employee remains with the Company at the end of each successive year for four years. Options will be exercisable on December 31, 2023, and for a period of 10 years expiring on December 13, 2033
Employment Agreement [Member] \| Chief Executive Officer [Member]
Loss Contingencies [Line Items]
Agreement term										5 years				5 years										5 years	5 years
Annual salary														$ 210,000								447,915		$ 315,764	$ 297,889	$ 281,027
Annual salary rate, increase														6.00%
Employee bonus rate																										20.00%
Employment Agreement [Member] \| Mr. Jonathan R. Rice [Member]
Loss Contingencies [Line Items]
Annual salary						$ 20,000		$ 20,000
Annual cash compensation											$ 140,000	$ 120,000
Educational expenses												$ 11,000
Warrants term												3 years																5 years			3 years
Warrant to purchase common stock shares \| shares											6,000,000	2,000,000																6,000,000			3,000,000
Warrant exercise price per share \| $ / shares											$ 0.001	$ 0.001																$ 0.2299			$ 0.001
Warrants maturity date											May 20, 2026																				May 28, 2022
Warrants issued value																										$ 121,448
One-time bonus								$ 20,000
Payroll payment																	4,285		4,285			3,482
Employment Agreement [Member] \| Mr. Kenneth Le [Member]
Loss Contingencies [Line Items]
Annual cash compensation							$ 60,000
Warrants term							3 years
Warrant to purchase common stock shares \| shares							2,000,000
Warrant exercise price per share \| $ / shares							$ 0.2299
License Agreement [Member]
Loss Contingencies [Line Items]
Agreement term													20 years
License fee																$ 10,000
License maintenance fee																10,000
Annual research fee																13,700
Number of shares issued \| shares													2,200,000
Royalty percentage													2.00%
Termination agreement description													The Company can terminate the agreement upon a 90 day written notice subject to payment of a termination fee of $5,000 if the termination takes place within 2 years after its effectiveness, $10,000 if the termination takes place within 4 years after its effectiveness and $20,000 if the Agreement is terminated after 4 years
License termination fee													$ 5,000
Payment for debt																			30,000
License Agreement [Member] \| Common Class A [Member]
Loss Contingencies [Line Items]
Number of shares issued \| shares									4,025,652
Payment for debt									$ 265,244
Stock issued during period, value									$ 281,659
License Agreement [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Patent maintenance and prosecution related to license cost																$ 10,000
Intellectual Property Transfer Agreement [Member] \| Kim Thompson [Member]
Loss Contingencies [Line Items]
Payment for debt															$ 120,000
Outstanding balance																	65,292		65,292			$ 65,292
Accrued Interest payable																	$ 980		980
Operating Lease Agreements [Member]
Loss Contingencies [Line Items]
Payments for rent				$ 42,000															2,508
Operating lease term, description					the Company signed a new two-year lease for this 5,000 square foot property in Lansing, MI that commenced on October 1, 2019 and ended on September 30, 2021, for its research and development headquarters
Operating Lease Agreements [Member] \| October 1, 2022 through September 30, 2023 [Member]
Loss Contingencies [Line Items]
Payments for rent																			44,800				$ 44,800
Operating Lease Agreements [Member] \| October 1, 2023 through September 30, 2024 [Member]
Loss Contingencies [Line Items]
Payments for rent																			44,800		$ 44,800
Operating Lease Agreements [Member] \| October 1, 2024 through September 30, 2025 [Member]
Loss Contingencies [Line Items]
Payments for rent																			$ 47,600

SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES RELATED PARTY (Details) - Related Party [Member] - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts payable - related party	$ 292,672	$ 388,001
Accrued expenses - related party	3,691,415	3,516,411
Accrued interest - related party	2,900,745	2,680,236
Total accounts payable and accrued expenses - related party	$ 6,884,832	$ 6,584,648

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended
	Jan. 26, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Feb. 02, 2024	Dec. 31, 2023	Dec. 01, 2020
Related Party Transaction [Line Items]
Outstanding notes balance		$ 5,244		$ 5,244
Paid-in-kind interest		20,157	$ 20,157	40,314	$ 40,093
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Accrued expense						$ 90,000
Chief Executive Officer [Member] \| Unsecured Debt [Member]
Related Party Transaction [Line Items]
Loans received								$ 1,657,000
Loans interest percentage								3.00%
Repayment of related party debt	$ 40,000
Outstanding notes balance		1,617,000		1,617,000			$ 1,617,000
Paid-in-kind interest				40,314	40,093
Accured interest payable				220,509	27,888
Interest payable				2,900,745	$ 2,473,480
Related Party [Member]
Related Party Transaction [Line Items]
Accounts payable - related party		292,672		292,672			388,001
Accrued expenses - related party		3,691,415		3,691,415			3,516,411
Interest payable - related party		2,900,745		2,900,745			2,680,236
Accounts payable and accrued expenses - related party		6,884,832		6,884,832			6,584,648
Royalty agreement payable - related party		65,292		65,292			65,292
Senior Staff [Member]
Related Party Transaction [Line Items]
Accrued expenses - related party		$ 3,685,710		$ 3,685,710			$ 3,516,411

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member]	Aug. 06, 2024 shares
Employee Stock Option Plan One [Member]
Subsequent Event [Line Items]
Warrant issued to purchase shares	2,000,000
Employee Stock Option Plan One [Member] \| Three Employees [Member]
Subsequent Event [Line Items]
Warrant issued to purchase shares	6,000,000
Employee Stock Option Plan Four [Member]
Subsequent Event [Line Items]
Warrant issued to purchase shares	50,000

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