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INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 6 – INTANGIBLE ASSETS

 

Intangible assets were comprised of the following at:

 

   June 30, 2023   December 31, 2022 
Goodwill  $747,976    747,976 
LWL Intangibles  $1,482,061    1,468,709 
License   354,322    354,322 
Patents   190,789    190,789 
Accumulated Amortization   (93,034)   (87,096)
Net Fixed Assets  $2,682,114    2,674,700 

 

Our Amortization Expense for the three and six months ended June 30, 2023 and 2022 was $2,969 and 5,938 respectively.

 

 

Based on the foregoing analysis of the facts surrounding the Company’s acquisition of LWL, it is the Company’s position that the Company is the acquirer of LWL, under the acquisition method of accounting.

 

As such, as of November 8, 2021 (the acquisition date), the Company recognized, separately from goodwill, the identifiable assets acquired, and the liabilities assumed in the Business combination.

 

The following table presents the purchase price allocation:

 

Consideration:     
Cash and cash equivalents  $1,500,000 
      
Total purchaser consideration  $1,500,000 
      
Assets acquired:     
Cash and cash equivalents  $6,156 
Prepayment  $22,035 
Other receivable  $20,000 
Trading Contracts  $146,035 
Shenzhen Gas Relationship  $1,314,313 
Total assets acquired  $1,508,539 
      
Liabilities assumed:     
Advance Receipts  $8,539 
Net Assets Acquired:  $1,500,000 

 

If LWL reaches USD 5 million in revenue or net profit of USD 1 million by December 31, 2023 then based on the performance contingency there will be issuance of 20,000,000 shares of CETY to the Seller. As of the date of the filing the performance contingencies have not been met.