How many milli bits is a killa bit

The units are wrong. A megabyte is a 1000 kilobytes, and a megabit is 1000 kilobits. So 1/1000 of a megabit is a kilobit. As a unit gets larger for the same amount, the decimal point gets moved further to the left.

Now, if you mean the older terminology when everything was based on 1024, that was all given new prefixes. So a mebibyte is 1024 kibibytes, thus a kibibyte is 1/1024 of a mebibyte.