Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Deficit (Details Textual)

v3.19.3
Shareholders' Deficit (Details Textual) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended 10 Months Ended
Sep. 06, 2019
Jul. 31, 2019
Jul. 31, 2019
Jul. 31, 2019
Mar. 14, 2019
Mar. 12, 2019
Aug. 31, 2019
Jul. 31, 2019
Jul. 31, 2019
Jul. 29, 2019
May 20, 2019
Apr. 25, 2018
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 27, 2016
Jul. 30, 2019
Jul. 28, 2019
Jul. 17, 2019
Jul. 12, 2019
Jan. 31, 2019
Dec. 31, 2018
Dec. 31, 2016
Dec. 31, 2015
Shareholders' Deficit (Textual)
Stock-based compensation $ 1,042,506 $ 3,786,484
Issuance of common shares for services, amount $ 47,000 $ 114,460 $ 10,000 $ 20,000 $ 68,750
Stock-based professional fees $ (292,785) (80,417)
Non-vested shares
Common share exercise compensation, shares 750,000
Common share exercise compensation periodic payment $ 5,000
Employee credited towards options exercise 182,500 $ 182,500 $ 175,000
Option exercise price $ 0.31
Recognized compensation expense $ 7,500 30,000
Weighted average period 1 year
Subscription receivable $ 19,185
Aggregate principal amount $ 25,000 $ 25,000
Unrecognized compensation expense 853,572
Convert shares of common stock 3.233733
Convertible note [Member]
Shareholders' Deficit (Textual)
Common shares issued for debt conversion, amount $ 12,000
Shares of common stock upon conversion 295,567
Former Chief Executive Officer [Member]
Shareholders' Deficit (Textual)
Common shares per share $ 0.05 $ 0.04
Convert of deferred compensation $ 40,000 $ 80,000
Convert shares of common stock 800,000 2,000,000
Chief Operating Officer[Member]
Shareholders' Deficit (Textual)
Common shares per share $ 0.05 $ 0.04
Convert of deferred compensation $ 80,000 $ 50,000
Convert shares of common stock 2,000,000 1,000,000
Fair market value of per share $ 0.04 $ 0.05
Long term incentive plan, description These shares are issued under the Company’s 2018 Long-Term Incentive Plan and will vest on May 1, 2020. These shares are issued under the Company’s 2018 Long-Term Incentive Plan and will vest on May 1, 2020.
Two employees [Member]
Shareholders' Deficit (Textual)
Common shares per share $ 0.04
Convert of deferred compensation $ 24,000
Convert shares of common stock 600,000
Long term incentive plan, description These shares are issued under the Company’s 2018 Long-Term Incentive Plan and will vest on May 1, 2020.
2018 Long-term Incentive Plan [Member]
Shareholders' Deficit (Textual)
Stock-based professional fees $ 82,460
2018 Long-term Incentive Plan [Member]
Shareholders' Deficit (Textual)
Aggregate shares of common stock issued without any minimum vesting period 25,000,000
Aggregate number of common stock issued under plan 50,000,000
Incentive stock options 11,445,698 11,445,698
Restricted stock have been issued $ 13,950,000 $ 13,950,000
2018 Long-term Incentive Plan [Member] | Employees [Member]
Shareholders' Deficit (Textual)
Value of grant restricted stock award of common shares 32,000
Stock-based compensation 17,333
Prepaid expenses 14,667 $ 14,667
Vesting period 1 year
Warrants [Member]
Shareholders' Deficit (Textual)
Stock-based professional fees $ 159,700 $ 0
Warrant purchase, description The Company, for $0.001 per each share of common stock covered, warrants to purchase an equal proportion of warrants to the number of shares issued or issuable to investors in the private placement. Additionally, per the terms of the Letter Agreement, upon signing of the agreement, the Company shall sell to Dinosaur, and Dinosaur shall purchase from the Company for $0.001 per each share of common stock covered, warrants (the "Warrants") to purchase 1,000,000 shares of C-Bond Common Stock, granted in three successive tranches as outlined below, with an exercise price of $0.18 or current market price at the time, whichever is lower, as set forth in the Letter Agreement. Upon signing of the Letter Agreement, Dinosaur received Warrants to purchase 200,000 shares of the Company's common stock at $0.18 per share. On June 14, 2019, the three-month anniversary of the Letter Agreement, Dinosaur received Warrants to purchase 400,000 shares of the Company's common stock at $0.08 per share. On the six-month anniversary of the Letter Agreement, Dinosaur received Warrants to purchase 400,000 shares of the Company's common stock at $0.05 per share. The Warrants shall be exercisable over a five-year term from date each tranche date and shall be assignable to others at Dinosaur's discretion. In the event either party terminates the Letter agreement before the three or six month anniversary, the Company has no obligation to sell the common stock or related Warrants referenced herein. These warrants were valued at the grant date using a Black-Scholes option pricing model with the following assumptions; risk-free interest rate of 2.43%, expected dividend yield of 0%, expected warrant term of five years, and an expected volatility of 275.0%. The aggregate grant date fair value of these awards amounted to $159,700. The Company recognizes compensation cost for unvested stock-based warrant awards on a straight-line basis over the requisite service period. For the nine months ended September 30, 2019 and 2018, the Company recorded $159,700 and $0 of stock-based professional fees related to stock warrants, respectively.
Total unrecognized professional fee expense related to unvested stock warrants 26,243 $ 26,243
Risk-free rate 2.43%
Dividend yield 0.00%
Expected term 5 years
Expected volatility 275.00%
Fair value of the award amount $ 159,700
Subscription Agreement One [Member]
Shareholders' Deficit (Textual)
Advanced proceeds from investor $ 330,000
Purchase of shares 7,750,000
Subscription Agreement [Member]
Shareholders' Deficit (Textual)
Common shares per share $ 0.85 $ 0.77
Advanced proceeds from investor $ 300,000
Purchase of shares 2,000,000
Consulting agreement [Member]
Shareholders' Deficit (Textual)
Issuance of common shares for services, shares 485,060
Issuance of common shares for services, amount $ 82,460
Securities purchase agreement
Shareholders' Deficit (Textual)
Warrant purchase, description The Company issued a warrant to purchase up to 750,000 shares of the Company’s common stock (the “Warrant”). The Warrant is exercisable at any time on or after the date of the issuance and entitles this investor to purchase shares of the Company’s common stock for a period of five years from the initial date the warrants become exercisable. Under the terms of the Warrant, the holder is entitled to exercise the Warrant to purchase up to 750,000 shares of the Company’s common stock at an initial exercise price of $0.10, subject to adjustment as detailed in the Warrant. In connection with the issuance of the warrants, on the initial measurement date, the relative fair value of the warrants of $44,530 was recorded as a debt discount and an increase in paid-in capital (See Note 6).
Restricted common shares [Member]
Shareholders' Deficit (Textual)
Common shares per share $ 0.05
Shares of grant restricted stock award of common shares 10,500,000
Value of grant restricted stock award of common shares $ 525,000
Restricted stock award agreements, description These shares will vest on May 1, 2020. If the employee’s employment is terminated for any reason, these shares will immediately be forfeited. In the event of a change of control, the employee shall be 100% vested in all shares of restricted shares subject to these Agreements.
Restricted common shares [Member] | Employees [Member]
Shareholders' Deficit (Textual)
Issuance of common shares for services, shares 200,000
Non-vested shares 1,845,834 973,957
Total unrecognized compensation expense related to unvested common shares $ 431,248 $ 431,248
Restricted common shares [Member] | Consulting agreement [Member] | Employees [Member]
Shareholders' Deficit (Textual)
Shares of grant restricted stock award of common shares 500,000
Value of grant restricted stock award of common shares $ 47,000
Stock-based compensation 33,292
Prepaid expenses $ 13,708