Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Mar. 31, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash $ 82,984 $ 97,091
Accounts receivable, net 198,688 269,442
Inventory 59,346 77,446
Prepaid expenses and other current assets 88,850 71,171
Contract assets 279
Total Current Assets 429,868 515,429
OTHER ASSETS:    
Property and equipment, net 88,082 96,306
Right of use asset, net 346,693 375,412
Intangible asset, net 267,292 279,918
Goodwill 350,491 350,491
Security deposit 7,775 6,482
Total Other Assets 1,060,333 1,108,609
TOTAL ASSETS 1,490,201 1,624,038
CURRENT LIABILITIES:    
Convertible notes payable, net of discount - current portion 1,194,818 1,031,250
Notes payable, net of discount - current portion 1,592,207 1,576,438
Accounts payable 828,458 779,765
Accrued expenses 859,517 736,393
Accrued interest payable - related party 12,493 10,027
Accrued compensation 402,949 590,632
Contract liabilities 9,382 22,637
Lease liability, current portion 120,640 117,671
Total Current Liabilities 5,020,464 4,864,813
LONG-TERM LIABILITIES:    
Convertible notes payable, net of current portion 168,500 251,263
Notes payable, net of current portion and discount 207,222 208,804
Note payable - related party 250,000 250,000
Lease liability, net of current portion 227,702 258,895
Total Long-term Liabilities 853,424 968,962
Total Liabilities 5,873,888 5,833,775
Commitments and Contingencies (See Note 10)
Series B convertible preferred stock: $0.10 par value, 100,000 shares designated; 1,144 and 1,000 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively ($1,186,719 redemption and liquidation value at March 31, 2023) 1,186,719 1,037,201
Series C convertible preferred stock: $0.10 par value, 100,000 shares designated; 16,276 and 17,290 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively ($2,565,750 redemption and liquidation value at March 31, 2023) 1,710,500 1,803,731
SHAREHOLDERS’ DEFICIT:    
Preferred stock: $0.10 par value, 2,000,000 shares authorized; 100,000 Series B and 100,000 Series C designated; none issued and outstanding
Common stock: $0.001 par value, 4,998,000,000 shares authorized; 447,704,272 and 350,270,172 issued and outstanding at March 31, 2023 and December 31, 2022, respectively 447,704 350,270
Additional paid-in capital 55,550,606 55,141,503
Accumulated deficit (63,413,236) (62,693,184)
Total C-Bond Systems, Inc. shareholders’ deficit (7,414,926) (7,201,411)
Noncontrolling Interest 134,020 150,742
Total Shareholders’ Deficit (7,280,906) (7,050,669)
Total Liabilities and Shareholders’ Deficit $ 1,490,201 $ 1,624,038