Annual report pursuant to Section 13 and 15(d)

Segment Reporting

v3.24.1
Segment Reporting
 12 Months Ended
Dec. 31, 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™ 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 years ended December 31, 2023 and 2022 was as follows: 

 

    For the Year Ended
December 31,		  
    2023     2022  
Revenues:            
C-Bond   $ 124,372     $ 378,736  
Patriot Glass     2,364,121       1,853,910  
      2,488,493       2,232,646  
Depreciation and amortization:                
C-Bond     570       7,109  
Patriot Glass     88,289       82,110  
      88,859       89,219  
Interest expense:                
C-Bond     357       23  
Patriot Glass     34,566       20,212  
Other (a)     440,507       1,599,854  
      475,430       1,620,089  
Net income (loss):                
C-Bond     (912,436 )     (1,097,069 )
Patriot Glass     (44,289 )     (192,566 )
Other (a)     2,843,532       (3,866,843 )
    $ 1,886,807     $ (5,156,478 )

    December 31,
2023		     December 31,
2022		  
Identifiable long-lived tangible assets on December 31, 2023 and 2022 by segment:            
C-Bond   $
-
     $ 1,684  
Patriot Glass     171,606       94,622  
    $ 171,606     $ 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.