Annual report pursuant to Section 13 and 15(d)

Segment Reporting

v3.23.1
Segment Reporting
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 13 – SEGMENT REPORTING

 

During the year ended December 31, 2022 and from July 22, 2021 (date of acquisition of Mobile Tint) to December 31, 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 years ended December 31, 2022 and 2021 was as follows: 

 

    For the Year Ended
December 31,		  
    2022     2021  
Revenues:            
C-Bond   $ 378,736     $ 434,811  
Mobile Tint     1,853,910       1,042,017  
      2,232,646       1,476,828  
Depreciation and amortization:                
C-Bond     7,109       9,889  
Mobile Tint     82,110       36,078  
      89,219       45,967  
Interest expense:                
C-Bond     23       1,372  
Mobile Tint     20,212       3,354  
Other (a)     1,599,854       278,233  
      1,620,089       282,959  
Net (loss):                
C-Bond     (1,097,069 )     (2,001,725 )
Mobile Tint     (192,566 )     77,626  
Other (a)     (3,866,843 )     (5,204,759 )
    $ (5,156,478 )   $ (7,128,858 )

 

    December 31,
2022		     December 31,
2021		  
Identifiable long-lived tangible assets on December 31, 2022 and 2021 by segment:            
C-Bond   $ 1,684     $ 8,794  
Mobile Tint     94,622       126,228  
    $ 96,306     $ 135,022  

 

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