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GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | 7. GOODWILL AND INTANGIBLE ASSETS SCHEDULE OF GOODWILL AND INDEFINITE LIVED INTANGIBLE ASSETS
Goodwill |  |  |  |
Balance as of December 31, 2023 and September 30, 2024 |  | $ | 2,534,275 |
Indefinite Lived Intangible Assets |  |  |  |
Balance as of December 31, 2023 and September 30, 2024 |  | $ | 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, 2022 |  |  | 1,670,000 |
Amortization |  |  | (160,000 | )
Balance as of December 31, 2023 |  | $ | 1,510,000 |
Amortization |  |  | (120,000 | )
Balance as of September 30, 2024 |  | $ | 1,390,000 |
The amount of amortization for nine months ended September 30, 2024 was $120,000 (2023 - $120,000) and was included in cost of sales in the unaudited interim condensed consolidated statements of operations 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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