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INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 6 – INTANGIBLE ASSETS

 

Intangible assets were comprised of the following at:

 

   December 31, 2022   December 31, 2021 
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   (87,096)   (75,220)
Net Fixed Assets  $2,674,700   $2,686,576 

 

Our Amortization Expense for the years ended December 31, 2022 and 2021 was $11,876 and 11,877 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  $13,496 
Other receivable  $20,000 
Trading Contracts  $146,035 
Shenzhen Gas Relationship  $1,314,313 
Total assets acquired  $1,508,539 
      
Liabilities assumed:     
Advance Receipts  $(8539)
Taxes Payable  $179 
Net Assets Acquired:  $1,500,000 

 

If LWL reach USD 5 million in revenue or net profit of USD 1 million by December 31, 2022, then based on the performance contingency there will be issuance of 500,000 shares of CETY to the Seller.As of the date of the filing the performance contingencies have not been met.