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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
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.

 

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)
Net Profit / (Loss) Before Income Taxes   (5,509,589)   154,791 
           
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:

 

   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