Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

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Segment Reporting
 6 Months Ended
Jun. 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 six months ended June 30, 2024 and 2023 was as follows: 

 

    For the Three Months Ended
June 30,		     For the Six Months Ended
June 30,		  
    2024     2023     2024     2023  
Revenues:                        
C-Bond   $
-
     $ 31,166     $
-
     $ 124,372  
Patriot Glass     863,533       382,889       1,800,337       804,903  
      863,533       414,055       1,800,337       929,275  
Depreciation and amortization:                                
C-Bond    
-
       132      
-
       569  
Patriot Glass     24,508       20,413       49,015       40,826  
      24,508       20,545       49,015       41,395  
Interest expense:                                
C-Bond     171       357       171       357  
Patriot Glass     18,140       6,655       27,081       11,798  
Other (a)     35,297       161,141       40,475       355,483  
      53,608       168,153       67,727       367,638  
Net income (loss):                                
C-Bond     (225,255 )     3,759,343       (147,411 )     3,483,967  
Patriot Glass     21,033       (93,201 )     68,584       (176,813 )
Other (a)     (41,747 )     108,131       (474,790 )     (255,968 )
    $ (245,969 )   $ 3,774,273     $ (553,617 )   $ 3,051,186  

 

    June 30,
2024		     December 31,
2023		  
Identifiable long-lived tangible assets on June 30, 2024 and December 31, 2023 by segment:                
C-Bond   $
-
     $
-
  
Patriot Glass     147,842       171,606  
    $ 147,842     $ 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.