Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
CURRENT ASSETS:    
Cash $ 519,898 $ 323,407
Accounts receivable, net 173,248 79,697
Inventory 82,931 77,200
Prepaid expenses and other current assets 151,746 50,723
Contract assets 82,805
Due from related party 3,750 5,526
Total Current Assets 1,014,378 536,553
OTHER ASSETS:    
Property and equipment, net 135,022 18,683
Right of use asset, net 251,172 21,772
Intangible asset, net 330,421
Goodwill 350,491
Security deposit 6,482 7,132
Total Other Assets 1,073,588 47,587
TOTAL ASSETS 2,087,966 584,140
CURRENT LIABILITIES:    
Convertible note payable, net 171,875
Note payable, current portion 488,414 521,138
Accounts payable 831,648 794,905
Accrued expenses 436,733 186,765
Accrued compensation 691,602 425,797
Contract liabilities 10,426
Lease liability, current portion 44,927 22,216
Total Current Liabilities 2,675,625 1,950,821
LONG-TERM LIABILITIES:    
Note payable, net of current portion 539,440 35,062
Lease liability, net of current portion 206,319
Total Long-term Liabilities 745,759 35,062
Total Liabilities 3,421,384 1,985,883
Commitments and Contingencies (See Note 11)
Series B convertible preferred stock: $0.10 par value, 100,000 shares designated; 722 and 427 shares issued and outstanding at December 31, 2021 and 2020, respectively ($738,611 redemption and liquidation value at December 31, 2021) 738,611 429,446
Series C convertible preferred stock: $0.10 par value, 100,000 shares designated; 18,680 and 13,300 shares issued and outstanding at December 31, 2021 and 2020, respectively ($2,860,518 redemption and liquidation value at December 31, 2021) 1,907,012 1,336,031
SHAREHOLDERS’ DEFICIT:    
Preferred stock: $0.10 par value, 2,000,000 shares authorized; 100,000 Series B and 100,000 Series C designated
Common stock: $0.001 par value, 4,998,000,000 shares authorized; 282,216,632 and 228,346,974 issued and outstanding at December 31, 2021 and 2020, respectively 282,217 228,347
Additional paid-in capital 53,064,616 42,573,272
Accumulated deficit (57,515,129) (45,968,839)
Total C-Bond Systems, Inc. shareholders’ deficit (4,168,296) (3,167,220)
Noncontrolling Interest 189,255  
Total Shareholders’ Deficit (3,979,041) (3,167,220)
Total Liabilities and Shareholders’ Deficit $ 2,087,966 $ 584,140