Shortest path from source to all vertices, but with some wildcards
Take $K+1$ copies of your graph. For each edge $(x,y)$ and for each $i \in \{1,\ldots,K\}$, connect the $i$'th copy of $x$ to the $(i+1)$'th copy of $y$ with a zero weight edge. Also connect the $i$'th and $(i+1)$'th copies of each vertex with a zero weight edge. Now calculate the minimum distance between vertex 1 on the first copy to all vertices in the last copy.

I'll let you figure out why this works.