Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.24.3
Segment Reporting
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2024 and 2023 was as follows: 

 

    For the Three Months Ended
September 30,		     For the Nine Months Ended
September 30,		  
    2024     2023     2024     2023  
Revenues:                        
C-Bond   $ -     $ -     $ -     $ 124,372  
Patriot Glass     659,881       813,951       2,460,218       1,618,854  
      659,881       813,951       2,460,218       1,743,226  
Depreciation and amortization:                                
C-Bond     -       -       -       569  
Patriot Glass     26,089       22,558       75,104       63,384  
      26,089       22,558       75,104       63,953  
Interest expense:                                
C-Bond     1,164       -       1,335       357  
Patriot Glass     46,814       11,466       73,895       23,264  
Other (a)     40,472       47,221       80,947       402,704  
      88,450       58,687       156,177       426,325  
Net income (loss):                                
C-Bond     (167,741 )     (179,586 )     (315,152 )     3,304,381  
Patriot Glass     (182,618 )     143,289       (114,034 )     (33,524 )
Other (a)     (322,370 )     (127,771 )     (797,160 )     (383,739 )
    $ (672,729 )   $ (164,068 )   $ (1,226,346 )   $ 2,887,118  

 

 

    September 30,
2024		     December 31,
2023		  
Identifiable long-lived tangible assets on September 30, 2024 and December 31, 2023 by segment:                
C-Bond   $
-
     $
-
  
Patriot Glass     176,536       171,606  
    $ 176,536     $ 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.