| SEGMENT REPORTING |
NOTE 12 – SEGMENT REPORTING
During the nine months ended September 30, 2022
and from July 22, 2021 (date of acquisition of Mobile Tint) to September 30, 2021, 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.
Information with respect to these reportable business
segments for the three and nine months ended September 30, 2022 and 2021 was as follows:
| |
|
For the Three Months Ended
September 30, |
|
|
For the Nine Months Ended
September 30, |
|
| |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
| C-Bond |
|
$ |
113,280 |
|
|
$ |
80,878 |
|
|
$ |
291,254 |
|
|
$ |
370,198 |
|
| Mobile Tint |
|
|
460,369 |
|
|
|
593,640 |
|
|
|
1,333,471 |
|
|
|
593,640 |
|
| |
|
|
573,649 |
|
|
|
674,518 |
|
|
|
1,624,725 |
|
|
|
963,838 |
|
| Depreciation and amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| C-Bond |
|
|
1,948 |
|
|
|
2,472 |
|
|
|
6,380 |
|
|
|
7,417 |
|
| Mobile Tint |
|
|
20,616 |
|
|
|
26,461 |
|
|
|
61,850 |
|
|
|
26,461 |
|
| |
|
|
22,564 |
|
|
|
28,933 |
|
|
|
68,230 |
|
|
|
33,878 |
|
| Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| C-Bond |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,372 |
|
| Mobile Tint |
|
|
4,581 |
|
|
|
1,253 |
|
|
|
13,237 |
|
|
|
1,253 |
|
| Other (a) |
|
|
440,985 |
|
|
|
28,647 |
|
|
|
1,044,447 |
|
|
|
70,824 |
|
| |
|
|
445,566 |
|
|
|
29,900 |
|
|
|
1,057,684 |
|
|
|
73,449 |
|
| Net (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| C-Bond |
|
|
(260,986 |
) |
|
|
(325,016 |
) |
|
|
(789,601 |
) |
|
|
(1,304,798 |
) |
| Mobile Tint |
|
|
(42,648 |
) |
|
|
170,753 |
|
|
|
(158,076 |
) |
|
|
170,753 |
|
| Other (a) |
|
|
(642,756 |
) |
|
|
(336,514 |
) |
|
|
(2,927,484 |
) |
|
|
(4,799,730 |
) |
| |
|
$ |
(946,390 |
) |
|
$ |
(490,777 |
) |
|
$ |
(3,875,161 |
) |
|
$ |
(5,933,775 |
) |
| |
|
September 30,
2022 |
|
|
December 31,
2021 |
|
| Identifiable long-lived tangible assets on September 30, 2022 and December 31, 2021 by segment |
|
|
|
|
|
|
| C-Bond |
|
$ |
2,414 |
|
|
$ |
8,794 |
|
| Mobile Tint |
|
|
102,256 |
|
|
|
126,228 |
|
| |
|
$ |
104,670 |
|
|
$ |
135,022 |
|
|
(a) |
The
Company does not allocate any general and administrative expense of its holding company activities to its reportable segments, because
these activities are managed at the corporate level. |
|