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INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2024
Intangible Asset, Goodwill and Other [Abstract] |
INTANGIBLE ASSETS | NOTE 6 – INTANGIBLE ASSETS Intangible assets were comprised of the following at: SCHEDULE OF INTANGIBLE ASSETS
|  | December 31, 2024 |  |  | December 31, 2023 |
Goodwill |  | $ | 747,976 |  |  | $ | 747,976 |
LWL Intangibles |  |  | 1,468,709 |  |  |  | 1,468,709 |
License |  |  | 354,322 |  |  |  | 354,322 |
Patents |  |  | 190,789 |  |  |  | 190,789 |
Accumulated Amortization-Patents |  |  | (107,879 | ) |  |  | (98,972 | )
Net Intangible Assets |  | $ | 2,653,917 |  |  | $ | 2,662,824 |
As of December 31, 2024, the Company reports intangible assets totaling $2,653,917, compared to $2,662,824 as of December 31, 2023. As of both December 31, 2024, and December 31, 2023, goodwill amounted to $747,976. The Company classifies goodwill as having an indefinite life, and as such, it is not amortized but is subject to annual impairment testing. The Company evaluates goodwill for impairment at least annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The useful life of goodwill is considered indefinite due to the continued potential to generate economic benefits from the business acquired. The Company conducts impairment testing based on projected future cash flows of the acquired business and other relevant factors. The LWL Investment balance of $1,468,709 as of both December 31, 2024, and December 31, 2023, is classified as having an indefinite life. This classification is based on the nature of the investment, which is expected to provide continued economic benefits without a foreseeable end date. The Company conducts an annual review to assess whether this classification remains appropriate, including evaluating the investment’s ability to generate cash flows and the continued support of the investment’s carrying value. The License balance remained unchanged at $354,322 for both 2024 and 2023. The License is considered to have a finite life, and as such, it is subject to amortization over its estimated useful life. The Company estimates the useful life of the License based on the legal term and any other relevant factors, such as the expected technological obsolescence or the duration of the agreement. The amortization of this asset is reflected in the Company’s financial statements. The Patents balance, after amortization, was $82,910 as of December 31, 2024, and $91,817 as of December 31, 2023. Patents are classified as having a finite life and are amortized over their expected useful life, typically based on the legal protection period, which is generally 20 years from the filing date, or the expected period of the patent’s utility. The Company evaluates the carrying value of patents regularly to ensure that their estimated useful life and amortization period remain appropriate. Amortization expense for the period pertains to the systematic allocation of the cost of patents over their estimated useful lives. Our Amortization Expense for the years ended December 31, 2024 and 2023 was $8,907 and 26,692 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: |  |  |  |
Total purchaser consideration – cash paid |  | $ | 1,500,000 |
Assets acquired: |  |  |  |
Cash and cash equivalents |  | $ | 6,156 |
Prepayment |  | $ | 13,496 |
Other receivable |  | $ | 28,718 |
Trading Contracts |  | $ | 146,035 |
Shenzhen Gas Relationship |  | $ | 1,314,313 |
Total assets acquired |  | $ | 1,508,718 |
Liabilities assumed: |  |  |  |
Advance Receipts |  | $ | (8,539 | )
Taxes Payable |  | $ | (179 | )
Net Assets Acquired: |  | $ | 1,500,000 |
If LWL had reached 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 500,000 shares of CETY to the Seller. The performance contingencies were not met. Since the performance metrics were clearly defined and objectively not met, the contingency is considered extinguished and no accrual is warranted.

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