Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.23.2
Segment Reporting
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 12 – SEGMENT REPORTING

 

During the six months ended June 30, 2023 and 2022, 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 six months ended June 30, 2023 and 2022 was as follows: 

 

    For the Three Months Ended
June 30,		     For the Six Months Ended
June 30,		  
    2023     2022     2023     2022  
Revenues:                        
C-Bond   $ 31,166     $ 78,805     $ 124,372     $ 177,974  
Mobile Tint     382,889       461,562       804,903       873,102  
      414,055       540,367       929,275       1,051,076  
Depreciation and amortization:                                
C-Bond     132       2,138       569       4,432  
Mobile Tint     20,413       20,617       40,826       41,233  
      20,545       22,755       41,395       45,665  
Interest expense:                                
C-Bond     357       -       357       -  
Mobile Tint     6,655       4,942       11,798       8,656  
Other (a)     161,141       358,596       355,483       603,462  
      168,153       363,538       367,638       612,118  
Net income (loss):                                
C-Bond     3,759,343     (242,893 )     3,483,967     (528,615 )
Mobile Tint     (93,201 )     (50,326 )     (176,813 )     (115,428 )
Other (a)     108,131       (716,133 )     (255,968 )      (2,284,728 )
    $ 3,774,273     $ (1,009,352 )   $ 3,051,186     $ (2,928,771 )

 

    June 30,
2023		     December 31,
2022		  
Identifiable long-lived tangible assets on June 30, 2023 and December 31, 2022 by segment:            
C-Bond   $ -     $ 1,684  
Mobile Tint     79,048       94,622  
    $ 79,048     $ 96,306  

 

(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.