Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.23.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash $ 1,511,527 $ 97,091
Accounts receivable, net 80,508 269,442
Inventory 119,147 77,446
Prepaid expenses and other current assets 66,946 71,171
Contract assets 52,766 279
Total Current Assets 1,830,894 515,429
OTHER ASSETS:    
Property and equipment, net 79,048 96,306
Right of use asset, net 186,631 375,412
Intangible asset, net 254,666 279,918
Goodwill 350,491 350,491
Security deposit 6,482
Total Other Assets 870,836 1,108,609
TOTAL ASSETS 2,701,730 1,624,038
CURRENT LIABILITIES:    
Convertible note payable, net of discount - current portion 1,031,250 1,031,250
Notes payable, net of discount - current portion 33,209 1,576,438
Note payable - related party 50,000
Accounts payable 729,738 779,765
Accrued expenses 390,750 736,393
Accrued interest payable - related party 15,690 10,027
Accrued compensation 418,444 590,632
Contract liabilities 180,000 22,637
Lease liabilities, current portion 57,910 117,671
Total Current Liabilities 2,906,991 4,864,813
LONG-TERM LIABILITIES:    
Convertible notes payable, net of current portion 251,263
Notes payable, net of current portion and discount 5,547 208,804
Note payable - related party 250,000
Lease liabilities, net of current portion 128,721 258,895
Total Long-term Liabilities 134,268 968,962
Total Liabilities 3,041,259 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 June 30, 2023 and December 31, 2022, respectively ($1,192,427 redemption and liquidation value at June 30, 2023) 1,192,427 1,037,201
Series C convertible preferred stock: $0.10 par value, 100,000 shares designated; 15,450 and 17,290 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively ($2,453,715 redemption and liquidation value at June 30, 2023) 1,635,810 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; 523,233,675 and 350,270,172 issued and outstanding at June 30, 2023 and December 31, 2022, respectively 523,234 350,270
Additional paid-in capital 55,827,561 55,141,503
Accumulated deficit (59,633,941) (62,693,184)
Total C-Bond Systems, Inc. shareholders’ deficit (3,283,146) (7,201,411)
Noncontrolling Interest 115,380 150,742
Total Shareholders’ Deficit (3,167,766) (7,050,669)
Total Liabilities and Shareholders’ Deficit $ 2,701,730 $ 1,624,038