Segment Reporting

3 Months Ended

Mar. 31, 2024

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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

C-Bond Systems, Inc 10-Q