BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF ESTIMATED USEFUL LIVES |
SCHEDULE
OF ESTIMATED USEFUL LIVES
Furniture
and fixtures 3 to 5 years
Equipment
5 to 10 years
|
SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES ACQUIRED |
As
the Consistent Action Agreement did not quantify any considerations to gain the control, the deemed consideration paid is the fair value
of 51% non-controlling interest as of January 1, 2023. The following table summarizes the fair value of the consideration paid and the
fair value of assets acquired and liabilities assumed on January 1, 2023, the acquisition date.
SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES ACQUIRED
Fair value of non-controlling interests | |
$ | 650,951 | |
Fair value of previously held equity investment | |
| 556,096 | |
Subtotal | |
$ | 1,207,047 | |
Recognized value of 100% of identifiable net assets | |
| (1,207,047 | ) |
Goodwill Recognized | |
$ | - | |
Recognized amounts of identifiable assets acquired and liabilities assumed (preliminary): | |
| | |
Inventories | |
$ | 516,131 | |
Cash and cash equivalents | |
| 50,346 | |
Trade and other receivables | |
| 952,384 | |
Advanced deposit | |
| 672,597 | |
Net fixed assets | |
| 6,704 | |
Trade and other payables | |
| (1,021,897 | ) |
Advanced payments | |
| (5,317 | ) |
Salaries and wages payables | |
| (4,692 | ) |
Other receivable | |
| 40,791 | |
Total identifiable net assets | |
$ | 1,207,047 | |
|
Unaudited Proforma of Consolidated Statement of Operations |
Unaudited Proforma of Consolidated
Statement of Operations
| |
2023 | | |
2022 | |
Sales | |
| 14,702,977 | | |
| 4,029,087 | |
Sales - Related Party | |
| 410,486 | | |
| - | |
Total Income | |
| 15,113,463 | | |
| 4,029,087 | |
| |
| | | |
| | |
Cost of
Goods Sold | |
| 14,023,209 | | |
| 2,758,977 | |
| |
| | | |
| | |
Gross Profit | |
| 1,090,254 | | |
| 1,270,110 | |
| |
| | | |
| | |
Expense | |
| | | |
| | |
General and Administrative
Expense | |
| 684,893 | | |
| 507,321 | |
Salaries | |
| 1,671,071 | | |
| 782,657 | |
Travel | |
| 405,334 | | |
| 166,025 | |
Professional Fees Legal &
Accounting | |
| 356,785 | | |
| 315,361 | |
Facility Lease and Maintenance | |
| 401,293 | | |
| 349,610 | |
Consulting Engineering | |
| 199,594 | | |
| 119,896 | |
Stock Compensation | |
| - | | |
| - | |
Depreciation and Amortization | |
| 26,692 | | |
| 30,076 | |
Total Expense | |
| 3,745,662 | | |
| 2,270,946 | |
| |
| | | |
| | |
Net Profit
/ (Loss) From Operations | |
| (2,655,408 | ) | |
| (1,000,836 | ) |
| |
| | | |
| | |
Other Income
& Expense | |
| | | |
| | |
Other Income | |
| 81,583 | | |
| 55,577 | |
Change in Derivative Liability | |
| 326,539 | | |
| (331,495 | ) |
Gain / (Loss) on Debt Settlement
and Write Down | |
| (1,124,654 | ) | |
| 2,556,916 | |
Interest and Financing fees | |
| (2,137,649 | ) | |
| (1,125,371 | ) |
| |
| | | |
| | |
Income Tax Expense | |
| (22,173 | ) | |
| (18,283 | ) |
Net Profit
/ (Loss) | |
| (5,531,762 | ) | |
| 136,508 | |
| |
| | | |
| | |
Non-controlling interest | |
| 127,961 | | |
| - | |
| |
| | | |
| | |
Net Profit / (Loss) attributable
to Clean Energy Technologies, Inc. | |
| (5,659,723 | ) | |
| 136,508 | |
| |
| | | |
| | |
Other Comprehensive Item | |
| | | |
| | |
Foreign Currency Translation
Gain | |
| (36,155 | ) | |
| (160,673 | ) |
Total Comprehensible Income
/ (Loss) | |
| (5,695,878 | ) | |
| (24,165 | ) |
Non- Controlling interest | |
| | | |
| | |
Accumulative Other Comprehensive
Income | |
| 838 | | |
| - | |
Total Comprehensive
Income | |
| (5,695,040 | ) | |
| (24,165 | ) |
|
SCHEDULE OF FINANCIAL DATA |
Selected
Financial Data:
SCHEDULE
OF FINANCIAL DATA
| |
2023 | | |
2022 | |
| |
For
the years ended December 31, | |
| |
2023 | | |
2022 | |
Net Sales | |
| | | |
| | |
Manufacturing
and Engineering | |
$ | 47,091 | | |
$ | 203,078 | |
Heat Recovery
Solutions | |
| 497,584 | | |
| 4488,453 | |
LNG Trading | |
| 14,138,789 | | |
| 1,890,439 | |
Waste to
Energy | |
| 429,999 | | |
| 81,242 | |
Total Sales | |
$ | 15,113,463 | | |
$ | 2,663,212 | |
| |
| | | |
| | |
Segment income
and reconciliation before tax | |
| | | |
| | |
Manufacturing
and Engineering | |
| (16,199 | ) | |
| 124,437 | |
Heat Recovery
Solutions | |
| 157,179 | | |
| 361,914 | |
LNG Trading | |
| 594,041 | | |
| 619,446 | |
Waste to
Energy | |
| 355,233 | | |
| 68,399 | |
Total Segment
income | |
| 1,090,254 | | |
| 1,174,196 | |
Less: operating expense | |
| (3,745,662 | ) | |
| (2,163,947 | ) |
Less: other income and expenses | |
| (2,854,181 | ) | |
| 1,155,429 | |
Net profit/ (loss) before income tax | |
$ | (5,509,589 | ) | |
$ | 165,678 | |
| |
December
31,
2023 | | |
December
31,
2022 | |
Total Assets | |
| | | |
| | |
CETY & Manufacturing
and Engineering | |
$ | 2,548,630 | | |
$ | 5,518,460 | |
Clean Energy HRS | |
| 3,099,223 | | |
| 2,556,166 | |
Waste to Energy | |
| 523,566 | | |
| 39,703 | |
LNG Trading | |
| 5,339,618 | | |
| - | |
Total Assets | |
$ | 11,511,037 | | |
$ | 8,114,329 | |
| |
2023 | | |
2022 | |
| |
For
the years ended December 31, | |
| |
2023 | | |
2022 | |
United
States | |
| 905,057 | | |
| 509,330 | |
China | |
| 14,138,789 | | |
| 1,925,950 | |
Other
international | |
| 69,617 | | |
| 132,316 | |
Total
Sales | |
| 15,113,463 | | |
| 2,567,596 | |
|