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INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 6 – INTANGIBLE ASSETS

 

Intangible assets were comprised of the following at:

 

    September 30, 2024     December 31, 2023  
Goodwill   $ 747,976       747,976  
LWL Intangibles     1,468,709       1,468,709  
Investment - Shuya     597,564       12,914  
License     354,322       354,322  
Patents     190,789       190,789  
Accumulated Amortization     (107,878 )     (98,972 )
Net Intangible Assets   $ 3,251,482       2,675,738  

 

Our Amortization Expense for the nine months ended September 30, 2024 and 2023 was $8,906 and $13,805 (include amortization expense of $3,342 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:

 

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.