Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.23.3
Segment Reporting
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
SEGMENT REPORTING

NOTE 12 – SEGMENT REPORTING

 

Through May 8, 2023, the date that the Company entered into an Asset Purchase Agreement with Apex Protect GPS, LLC agreed to sell its C-Bond nanoShield™ business (See Note 16), 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. Upon the sale of the C-Bond nanoShield™ business, the legacy C-Bond business is being conducted through Mobile Tint in order to combine administrative functions and they are now being managed together.

 

Information with respect to these reportable business segments for the three and nine months ended September 30, 2023 and 2022 was as follows: 

 

    For the Three Months Ended
September 30,		     For the Nine Months Ended
September 30,		  
    2023     2022     2023     2022  
Revenues:                        
C-Bond   $ -     $ 113,280     $ 124,372     $ 291,254  
Mobile Tint     813,951       460,369       1,618,854       1,333,471  
      813,951       573,649       1,743,226       1,624,725  
Depreciation and amortization:                                
C-Bond     -       1,948       569       6,380  
Mobile Tint     22,558       20,616       63,384       61,850  
      22,558       22,564       63,953       68,230  
Interest expense:                                
C-Bond     -      
-
       357      
-
  
Mobile Tint     11,466       4,581       23,264       13,237  
Other (a)     47,221       440,985       402,704       1,044,447  
      58,687       445,566       426,325       1,057,684  
Net income (loss):                                
C-Bond     (179,586 )     (260,986 )     3,304,381       (789,601 )
Mobile Tint     143,289       (42,648 )     (33,524 )     (158,076 )
Other (a)     (127,771 )     (642,756 )     (383,739 )     (2,927,484 )
    $ (164,068 )   $ (946,390 )   $ 2,887,118     $ (3,875,161 )

 

    September 30,
2023		     December 31,
2022		  
Identifiable long-lived tangible assets on September 30, 2023 and December 31, 2022 by segment:            
C-Bond   $
-
     $ 1,684  
Mobile Tint     183,886       94,622  
    $ 183,886     $ 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.