INTANGIBLE ASSETS |
NOTE
6 – INTANGIBLE ASSETS
Intangible
assets were comprised of the following at:
SCHEDULE OF INTANGIBLE ASSETS
| |
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:
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 | |
$ | 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.
|