XML 35 R25.htm IDEA: XBRL DOCUMENT v3.23.3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES OF RELATED ASSETS

 

Furniture and fixtures   3 to 7 years 
Equipment   7 to 10 years 
Leasehold Improvements   7 years 
SCHEDULE OF FAIR VALUE OF CONVERTIBLE NOTES DERIVATIVE LIABILITY

The carrying amounts of the Company’s financial instruments as of September 30, 2023 and December 31, 2022 reflect:

 

   Level 1   Level 2   Level 3   Total 
Fair value of convertible notes derivative liability – September 30, 2023  $–   $–   $–   $– 

 

   Level 1   Level 2   Level 3   Total 
Fair value of convertible notes derivative liability – December 31, 2022  $–   $–   $588,178   $588,178 
SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES ACQUIRED

As the Consistent Action Agreement did not quantify any considerations to gain the control, the deemed consideration paid is the fair value of 51% non-controlling interest as of January 1, 2023. The following table summarizes the fair value of the consideration paid and the fair value of assets acquired and liabilities assumed on January 1, 2023, the acquisition date.

 

Fair value of non-controlling interests  $602,729 
Fair value of previously held equity investment   604,318 
Subtotal  $1,207,047 
Recognized value of 100% of identifiable net assets   (1,207,047)
Goodwill Recognized  $- 
Recognized amounts of identifiable assets acquired and liabilities assumed (preliminary):     
Inventories  $505,226 
Cash and cash equivalents   50,346 
Trade and other receivables   952,384 
Advanced deposit   672,597 
Net fixed assets   6,704 
Intangible asset and Goodwill   10,905 
Trade and other payables   (1,021,897)
Advanced payments   (5,317)
Salaries and wages payables   (4,692)
Other receivable   40,791 
Total identifiable net assets  $1,207,047 
SCHEDULE OF SEGMENT REPORTING

Selected Financial Data

 

   2023   2022 
   for the nine months ended September 30 
   2023   2022 
Net Sales          
Manufacturing and Engineering   59,877    132,316 
Clean Energy HRS   399,136    509,330 
CETY HK LNG Trading   10,462,385    1,925,950 
CETY Renewables Waste to Energy   779,720    - 
Total Sales   11,701,118    2,567,596 
           
Segment income and reconciliation before tax          
Manufacturing and Engineering   16,528    85,352 
Clean Energy HRS   148,706    467,534 
CETY HK LNG Trading   524,152    631,082 
CETY Renewables Waste to Energy   738,243    - 
Less: operating expenses   2,709,963    1,724,727 
Less: other income and expenses   1,169,182    731,721 
Net Profit / (Loss) before income taxes   (2,451,516)   (1,304,546)
SCHEDULE OF REVENUE BY GEOGRAPHIC AREAS BASED ON THE SALES LOCATION OF OUR PRODUCTS AND LOCATIONS

The following table represents revenue by geographic area based on the sales location of our products and solutions:

 

   2023   2022 
   for the nine months ended September 30 
   2023   2022 
United States   1,207,760    509,330 
China   10,462,385    1,925,950 
Other international   30,973    132,316 
Total Sales   11,701,118    2,567,596