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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | 8. GOODWILL AND INTANGIBLE ASSETS SCHEDULE OF GOODWILL AND INDEFINITE LIVED INTANGIBLE ASSETS
Goodwill |  |  |
Balance as of December 31, 2022 and 2023 |  | $ | 2,534,275 |
Indefinite Lived Intangible Assets |  |  |  |
Balance as of December 31, 2022 and 2023 |  | $ | 770,000 |
Goodwill relates to the acquisition of ENP Investments. Indefinite lived intangible assets consist of trade secrets and trademarks related to the acquisition of ENP Investments.
Definite Life Intangible Assets |  |  |
Balance as of December 31, 2021 |  | $ | 1,830,000 |
Amortization |  |  | (160,000 | )
Balance as of December 31, 2022 |  |  | 1,670,000 |
Amortization |  |  | (160,000 | )
Balances as of December 31, 2023 |  | $ | 1,510,000 |
The amount of amortization for 2023 was $160,000 (2022 - $160,000) and was included in cost of sales in the consolidated statements of income and comprehensive income. Definite lived intangible assets consist of customer relationships and software related to the acquisition of ENP Investments. Estimated amortization expense over the next five years is as follows: SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSE
2024 |  | $ | 160,000 |
2025 |  |  | 160,000 |
2026 |  |  | 160,000 |
2027 |  |  | 160,000 |
2028 |  |  | 160,000 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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