Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2022
Dec. 31, 2021
CURRENT ASSETS:    
Cash $ 244,548 $ 519,898
Accounts receivable, net 249,827 173,248
Inventory 62,646 82,931
Prepaid expenses and other current assets 109,353 151,746
Contract assets   82,805
Due from related party   3,750
Total Current Assets 666,374 1,014,378
OTHER ASSETS:    
Property and equipment, net 114,609 135,022
Right of use asset, net 431,125 251,172
Intangible asset, net 305,169 330,421
Goodwill 350,491 350,491
Security deposit 6,482 6,482
Total Other Assets 1,207,876 1,073,588
TOTAL ASSETS 1,874,250 2,087,966
CURRENT LIABILITIES:    
Convertible notes payable, net 404,063 171,875
Notes payable, net 1,129,798 488,414
Accounts payable 829,576 831,648
Accrued expenses 514,068 436,733
Accrued compensation 444,299 691,602
Contract liabilities 27,302 10,426
Lease liability 111,928 44,927
Total Current Liabilities 3,461,034 2,675,625
LONG-TERM LIABILITIES:    
Notes payable, less current portion 21,041 539,440
Note payable - related party 250,000  
Lease liability, less current portion 320,020 206,319
Total Long-term Liabilities 591,061 745,759
Total Liabilities 4,052,095 3,421,384
Commitments and Contingencies (See Note 10)
Series B convertible preferred stock: $0.10 par value, 100,000 shares designated; 1,000 and 722 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively ($1,027,112 redemption and liquidation value at June 30, 2022) 1,027,112 738,611
Series C convertible preferred stock: $0.10 par value, 100,000 shares designated; 17,540 and 18,680 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively ($2,716,633 redemption and liquidation value at June 30, 2022) 1,811,090 1,907,012
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; 307,108,719 and 282,216,632 issued and outstanding at June 30, 2022 and December 31, 2021, respectively 307,109 282,217
Additional paid-in capital 54,963,116 53,064,616
Accumulated deficit (60,452,441) (57,515,129)
Total C-Bond Systems, Inc. shareholders’ deficit (5,182,216) (4,168,296)
Noncontrolling interest 166,169 189,255
Total Shareholders’ Deficit (5,016,047) (3,979,041)
Total Liabilities and Shareholders’ Deficit $ 1,874,250 $ 2,087,966