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INTANGIBLE ASSETS | 6 Months Ended
--- | ---
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | NOTE 6 – INTANGIBLE ASSETS Intangible assets were comprised of the following at: SCHEDULE OF INTANGIBLE ASSETS
|  | June 30, 2024 |  |  | December 31, 2023 |
Goodwill |  | $ | 747,976 |  |  |  | 747,976 |
LWL Intangibles |  |  | 1,468,709 |  |  |  | 1,468,709 |
Intangible assets - Shuya |  |  | - |  |  |  | 12,914 |
License |  |  | 354,322 |  |  |  | 354,322 |
Patents |  |  | 190,789 |  |  |  | 190,789 |
Accumulated Amortization |  |  | (104,910 | ) |  |  | (98,972 | )
Net Intangible Assets |  | $ | 2,656,886 |  |  |  | 2,675,738 |
Our Amortization Expense for the six months ended June 30, 2024 and 2023 was $5,938 and $2,969 (include amortization expense of $674 from discontinued operation) 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: SCHEDULE OF BUSINESS ACQUISITION 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 would be an issuance of 500,000 shares of CETY to the Seller. The performance contingencies were not met.

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