Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.24.1.1.u2
Segment Reporting
 3 Months Ended
Mar. 31, 2024
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™ product line (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 “Patriot Glass 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 Patriot Glass in order to combine administrative functions and they are now being managed together.

 

Information with respect to these reportable business segments for the three months ended March 31, 2024 and 2023 was as follows: 

 

    For the Three Months Ended
March 31,		  
    2024     2023  
Revenues:            
C-Bond   $
-
     $ 93,206  
Patriot Glass     936,804       422,014  
      936,804       515,220  
Depreciation and amortization:                
C-Bond    
-
       437  
Patriot Glass     11,882       20,413  
      11,882       20,850  
Interest expense:                
C-Bond    
-
      
-
  
Patriot Glass     8,941       5,143  
Other (a)     5,178       194,342  
      14,119       199,485  
Net income (loss):                
C-Bond     99,805       (275,376 )
Patriot Glass     47,551       (83,612 )
Other (a)     (455,004 )     (364,099 )
    $ (307,648 )   $ (723,087 )

 

    March 31,
2024		     December 31,
2023		  
Identifiable long-lived tangible assets on March 31, 2024 and December 31, 2023 by segment:            
C-Bond   $
-
     $
-
  
Patriot Glass     159,724       171,606  
    $ 159,724     $ 171,606  

 

(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.