Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.22.2.2
Segment Reporting
9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 12 – SEGMENT REPORTING

 

During the nine months ended September 30, 2022 and from July 22, 2021 (date of acquisition of Mobile Tint) to September 30, 2021, the Company operated in two reportable business segments - (1) the manufacture and sale of a windshield strengthening water repellent solution as well as a disinfection product, and the sale of multi-purpose glass strengthening primer and window film mounting solutions, including ballistic-resistant film systems and a forced entry system (the “C-Bond Segment”), and (2) the distribution and installation of window film solutions (the “Mobile Tint Segment”). The Company’s reportable segments were strategic business units that offered different products. They were managed separately based on the fundamental differences in their operations and locations.

 

Information with respect to these reportable business segments for the three and nine months ended September 30, 2022 and 2021 was as follows: 

 

    For the Three Months Ended
September 30,
    For the Nine Months Ended
September 30,
 
    2022     2021     2022     2021  
Revenues:                        
C-Bond   $ 113,280     $ 80,878     $ 291,254     $ 370,198  
Mobile Tint     460,369       593,640       1,333,471       593,640  
      573,649       674,518       1,624,725       963,838  
Depreciation and amortization:                                
C-Bond     1,948       2,472       6,380       7,417  
Mobile Tint     20,616       26,461       61,850       26,461  
      22,564       28,933       68,230       33,878  
Interest expense:                                
C-Bond    
-
     
-
     
-
      1,372  
Mobile Tint     4,581       1,253       13,237       1,253  
Other (a)     440,985       28,647       1,044,447       70,824  
      445,566       29,900       1,057,684       73,449  
Net (loss):                                
C-Bond     (260,986 )     (325,016 )     (789,601 )     (1,304,798 )
Mobile Tint     (42,648 )     170,753       (158,076 )     170,753  
Other (a)     (642,756 )     (336,514 )     (2,927,484 )     (4,799,730 )
    $ (946,390 )   $ (490,777 )   $ (3,875,161 )   $ (5,933,775 )

 

    September 30,
2022
    December 31,
2021
 
Identifiable long-lived tangible assets on September 30, 2022 and December 31, 2021 by segment            
C-Bond   $ 2,414     $ 8,794  
Mobile Tint     102,256       126,228  
    $ 104,670     $ 135,022  

 

(a) The Company does not allocate any general and administrative expense of its holding company activities to its reportable segments, because these activities are managed at the corporate level.