Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Apr. 16, 2024 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-41654 | ||
Entity Registrant Name | CLEAN ENERGY TECHNOLOGIES, INC. | ||
Entity Central Index Key | 0001329606 | ||
Entity Tax Identification Number | 20-2675800 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | 1340 Reynolds Avenue Unit 120 | ||
Entity Address, City or Town | Irvine | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92614 | ||
City Area Code | (949) | ||
Local Phone Number | 273-4990 | ||
Title of 12(b) Security | Common Stock, par value $0.001 | ||
Trading Symbol | CETY | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 20,721,204 | ||
Entity Common Stock, Shares Outstanding | 42,495,453 | ||
Documents Incorporated by Reference [Text Block] | None | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 5854 | ||
Auditor Name | TAAD, LLP | ||
Auditor Location | Diamond Bar, California |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash | $ 174,851 | $ 149,272 |
Lease receivable asset | 217,584 | |
Deferred Offering Costs | 11,000 | 204,556 |
Investment to Guangyuan Shuxin New Energy Co. | 1,468,709 | 1,468,709 |
Due from related party | 752,066 | |
Loan Receivables | 200,826 | 116,000 |
Inventory | 974,894 | 500,586 |
Total Current Assets | 6,750,728 | 3,990,136 |
Property and Equipment - Net | 78,688 | 14,816 |
Goodwill | 747,976 | 747,976 |
LWL Intangibles | 1,468,709 | 1,468,709 |
Intangible Assets Net Shuya | 12,914 | |
Long Term Investment - Shuya | 561,656 | |
Long-term financing receivables - net | 902,354 | 684,770 |
License | 354,322 | 354,322 |
Patents | 91,817 | 103,693 |
Right of use asset - long term | 453,970 | 157,359 |
Other Assets | 67,133 | 30,892 |
Total Non Current assets | 4,177,883 | 4,109,377 |
Total Assets | 10,928,611 | 8,114,329 |
Current Liabilities: | ||
Accrued Expenses | 586,372 | 119,030 |
Customer Deposits | 210,310 | 80,475 |
Warranty Liability | 100,000 | 100,000 |
Deferred Revenue | 33,000 | 33,000 |
Derivative Liability | 588,178 | |
Facility Lease Liability - current | 346,807 | 186,436 |
Line of Credit | 626,033 | 998,820 |
Convertible Notes Payable (net of discount of $70,056 and $326,805 respectively) | 1,934,956 | 3,092,055 |
Total Current Liabilities | 4,801,523 | 6,236,132 |
Long-Term Debt: | ||
Facility Lease Liability - long term | 209,986 | |
Accrued Dividend | 47,904 | |
Net Long-Term Debt | 257,890 | |
Total Liabilities | 5,059,413 | 6,236,132 |
Stockholders’ Equity | ||
Common stock, $.001 par value; 2,000,000,000 shares authorized; 39,152,455 and 37,174,879 shares issued and outstanding as of December 31, 2023 and December 31, 2022 respectively | 39,152 | 37,175 |
Additional paid-in capital | 28,251,621 | 19,278,230 |
Accumulated Other Comprehensible Income | (196,827) | (160,673) |
Accumulated deficit | (22,984,163) | (17,276,536) |
Total Stockholders’ (Deficit) | 5,111,982 | 1,878,196 |
Non-controlling interest | 757,216 | |
Total Stockholders’ Equity | 5,869,198 | 1,878,196 |
Total Liabilities and Stockholders’ Deficit | 10,928,611 | 8,114,328 |
F Ifteen Percentage Series E Convertible Preferred Stock [Member] | ||
Stockholders’ Equity | ||
Preferred stock, value | 2,199 | |
Heze Hongyuan Natural Gas Co Ltd [Member] | ||
Current Assets: | ||
Investment to Guangyuan Shuxin New Energy Co. | 762,273 | 835,756 |
Guangyuan Shuxin New Energy Co [Member] | ||
Current Assets: | ||
Investment to Guangyuan Shuxin New Energy Co. | 286,106 | |
Nonrelated Party [Member] | ||
Current Assets: | ||
Accounts receivable | 1,267,130 | 1,368,567 |
Advance to Supplier | 1,366,187 | 597,816 |
Current Liabilities: | ||
Accounts payable | 548,038 | 860,434 |
Related Party [Member] | ||
Current Assets: | ||
Accounts receivable | 491,774 | |
Advance to Supplier | 463,621 | |
Current Liabilities: | ||
Accounts payable | 416,007 | |
Notes Payable | $ 177,704 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt instrument unamortized discount current | $ 70,056 | $ 326,805 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 39,152,455 | 37,174,879 |
Common stock, shares outstanding | 39,152,455 | 37,174,879 |
Preferred stock, par value | $ 0.001 | |
Preferred stock, shares authorized | 20,000,000 | |
Series E Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 3,500,000 | 3,500,000 |
Preferred stock, shares issued | 2,199,387 | 0 |
Preferred stock, shares outstanding | 2,199,387 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Total revenue | $ 15,113,463 | $ 2,663,212 |
Cost of Goods Sold | 14,023,209 | 1,489,016 |
Gross Profit | 1,090,254 | 1,174,196 |
General and Administrative | ||
General and Administrative expense | 684,893 | 400,322 |
Salaries | 1,671,071 | 782,657 |
Travel | 405,334 | 166,025 |
Professional Fees | 356,785 | 315,361 |
Facility lease and Maintenance | 401,293 | 349,610 |
Consulting | 199,594 | 119,896 |
Bad Debt Expense | ||
Depreciation and Amortization | 26,692 | 30,076 |
Total Expenses | 3,745,662 | 2,163,947 |
Net Loss from Operations | (2,655,408) | (989,751) |
Other Income | 81,583 | 55,403 |
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) | (1,125,395) |
Net Profit / (Loss) Before Income Taxes | (5,509,589) | 165,678 |
Income Tax Expense | (22,173) | (18,283) |
Net Profit / (Loss) | (5,531,762) | 147,395 |
Net loss attributable to non-controlling interest | 127,961 | |
Net Profit / (Loss) attributable to Clean Energy Technologies, Inc. | (5,659,723) | 147,395 |
Accumulative other comprehensive income | ||
Foreign Currency Translation (Loss) | (36,155) | (160,673) |
Total Comprehensible Income / (Loss) | $ (5,695,878) | $ (13,278) |
Per Share Information: | ||
Basic weighted average number of common shares outstanding | 38,447,916 | 27,681,722 |
Diluted weighted average number of common shares outstanding | 38,447,916 | 27,681,722 |
Net Profit / (Loss) per common share basic | $ 0.14 | $ 0 |
Net Profit / (Loss) per common share diluted | $ 0.14 | $ 0 |
Nonrelated Party [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total revenue | $ 14,702,977 | $ 2,663,212 |
Related Party [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total revenue | $ 410,486 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Equity - USD ($) | Common Stock [Member] | Preferred Stock [Member] | Common Stock To Be Issued [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance at Dec. 31, 2021 | $ 23,589 | $ 15,697,688 | $ (17,423,931) | $ (19,059) | $ (1,721,712) | |||
Balance, shares at Dec. 31, 2021 | 23,589,229 | |||||||
Shares issued for warrant conversion | 471,278 | 471,278 | ||||||
Shares issued for Reg A offering | $ 376 | 1,202,424 | 1,202,800 | |||||
Shares issued for Reg A offering, shares | 375,875 | |||||||
Shares issued for MGW note conversion | $ 12,908 | 1,535,996 | 1,548,904 | |||||
Shares issued for MGW note conversion, shares | 12,907,534 | |||||||
Shares for Mast conversion | $ 100 | (100) | 0 | |||||
Shares for Mast conversion, shares | 100,446 | |||||||
Shares issued for S-1 Registration | $ 202 | 290,943 | 291,145 | |||||
Shares issued for S-1 Registration, shares | 201,795 | |||||||
Contribution to capital | 80,000 | 80,000 | ||||||
Accumulated Comprehensive | (160,673) | (160,673) | ||||||
Net Loss | 147,395 | 19,059 | 166,454 | |||||
Net Loss | 147,395 | |||||||
Ending balance at Dec. 31, 2022 | $ 37,175 | 19,278,229 | (160,673) | (17,276,536) | 1,878,196 | |||
Balance, shares at Dec. 31, 2022 | 37,174,879 | |||||||
Shares issued for warrant conversion | $ 617 | 986,586 | 987,203 | |||||
Shares issued for S-1 Registration | $ 975 | 3,899,025 | 3,900,000 | |||||
Shares issued for S-1 Registration, shares | 975,000 | |||||||
Accumulated Comprehensive | (36,155) | (21,696) | (57,850) | |||||
Warrants issued in conjunction for debt | 609,619 | 609,619 | ||||||
Warrants issued for services | 76,100 | 76,100 | ||||||
Offering cost | (805,445) | (805,445) | ||||||
Shares issued for rounding | $ 4 | (4) | ||||||
Shares issued for rounding, shares | 3,745 | |||||||
Shares for Pacific Pier and Firstfire conversion | $ 64 | (68) | $ (4) | |||||
Shares for Pacific Pier and Firstfire conversion, shares | 64,225 | |||||||
Shares issued for Debt Conversion | $ 278 | 665,972 | $ 666,250 | |||||
Shares issued for Debt Conversion, shares | 277,604 | |||||||
Fair value of NCI from acquisition of Shuya | 650,951 | 650,951 | ||||||
Shares issued for warrant conversion, shares | 617,002 | |||||||
Reclassification of derivative liabilities due to note repayment | 261,639 | 261,639 | ||||||
Shares based compensation | $ 40 | 71,960 | 72,000 | |||||
Shares based compensation, shares | 40,000 | |||||||
Shares issued for Series E preferred | $ 2,199 | 3,208,007 | 3,210,206 | |||||
Shares issued for Series E preferred, shares | 2,199,387 | |||||||
Series E preferred dividend | (47,904) | (47,904) | ||||||
Net Loss | (5,659,723) | 127,961 | (5,531,762) | |||||
Ending balance at Dec. 31, 2023 | $ 39,152 | $ 2,199 | $ 28,251,621 | $ (196,827) | $ (22,984,163) | $ 757,216 | $ 5,869,198 | |
Balance, shares at Dec. 31, 2023 | 39,152,455 | 2,199,387 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net Income / ( Loss ) | $ (5,659,723) | $ 147,395 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 32,850 | 30,076 |
Stock compensation expense | 148,100 | |
Loss (gain) on debt settlement | 1,124,654 | (2,556,916) |
Amortization of debt discount | 846,682 | 350,470 |
Attributable loss per equity method - Shuya | 5,467 | |
Financing Fees | 416,014 | |
Deferred offering expense | (204,556) | |
Change in derivative liability | (326,539) | 331,495 |
Changes in assets and liabilities: | ||
(Increase) decrease in right of use asset | (297,201) | 238,248 |
(Increase) decrease in lease liability | 371,240 | (234,816) |
(Increase) decrease interest receivable | (81,756) | |
(Increase) decrease in prepayments | (435,417) | (557,436) |
(Increase) decrease in other assets | 543,036 | (4,091) |
(Increase) decrease in inventory | 183,368 | (38,394) |
(Decrease) increase in accounts payable | (561,597) | 312,460 |
(Decrease) increase in accrued interest | 26,771 | 155,162 |
Other (Decrease) increase in customer deposits | 127,350 | 56,435 |
Net Cash Used In Operating Activities | (4,783,077) | (2,244,133) |
Cash Flows from Investing Activities | ||
Loan receivables | (116,000) | |
Cash Flows Used In Investing Activities | (318,602) | (1,437,123) |
Cash Flows from Financing Activities | ||
Payment on notes payable - related party | (68,207) | |
Proceeds from notes payable and lines of credit | 2,605,539 | 2,180,460 |
Proceeds from warrants exercised | 987,204 | |
Loan receivables | 84,720 | |
Payments on notes payable and line of credit | (1,675,535) | (807,312) |
Stock issued for cash | 3,094,555 | 1,493,945 |
Cash Flows Provided By Financing Activities | 5,096,483 | 2,798,885 |
Foreign Currency Transaction | 30,776 | (160,673) |
Net (Decrease) Increase in Cash and Cash Equivalents | 25,580 | (1,043,043) |
Cash and Cash Equivalents at Beginning of Period | 149,272 | 1,192,315 |
Cash and Cash Equivalents at End of Period | 174,851 | 149,272 |
Supplemental Cashflow Information: | ||
Interest Paid | 257,149 | 671,510 |
Taxes Paid | ||
Supplemental Non-Cash Disclosure | ||
Discount on new notes | 239,800 | 471,278 |
Shares issued for warrants | 261,639 | |
Shares issued for preferred conversions | 3,210,206 | |
Shares issued for debt conversions | 666,250 | 1,548,904 |
Warrants issued in conjunction for convertible notes payable | 609,619 | |
Forgiveness debt | 80,000 | |
Clean Energy Technolgies H K Ltd [Member] | ||
Cash Flows from Investing Activities | ||
Cash acquired from consolidation Shuya | 49,147 | |
Investment | (286,918) | |
Purchase of intangible assets | (3,776) | |
Purchase of fixed assets | (77,055) | |
Heze Hongyuan Natural Gas Co Ltd [Member] | ||
Cash Flows from Investing Activities | ||
Investment | (754,000) | |
Sichuan Hongzuo Shuya Energy Limited [Member] | ||
Cash Flows from Investing Activities | ||
Investment | (567,123) | |
Nonrelated Party [Member] | ||
Changes in assets and liabilities: | ||
(Increase) decrease in accounts receivable – related party | 152,277 | (675,535) |
Other (Decrease) increase in accrued expenses | 185,474 | (24,817) |
Related Party [Member] | ||
Changes in assets and liabilities: | ||
(Increase) decrease in accounts receivable – related party | (534,651) | |
Other (Decrease) increase in accrued expenses | $ (709,751) | $ 90,962 |
GENERAL
GENERAL | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1 – GENERAL Corporate History We were incorporated in California in July 1995 under the name Probe Manufacturing Industries, Inc. We redomiciled to Nevada in April 2005 under the name Probe Manufacturing, Inc. We manufactured electronics and provided services to original equipment manufacturers (OEMs) of industrial, automotive, semiconductor, medical, communication, military, and high technology products. On September 11, 2015, Clean Energy HRS, or “CE HRS”, our wholly owned subsidiary acquired the assets of Heat Recovery Solutions from General Electric International. In November 2015, we changed our name to Clean Energy Technologies, Inc. Our principal executive offices are located at 1340 Reynolds Avenue Unit 120, Irvine, California 92614. Our telephone number is (949) 273-4990. Our common stock is listed on the OTCQB Markets under the symbol “CETY.” Our internet website address is www.cetyinc.com. The Company has four reportable segments: Clean Energy HRS (HRS) and CETY Europe, CETY Renewables waste to energy business unit, the Engineering and Manufacturing services division and CETY Hong Kong. Going Concern The financial statements have been prepared on a going concern basis, which contemplates continuity of operations, realization of assets and liquidation of liabilities in the normal course of business. The Company had a total stockholder’s equity of $ 5,869,198 1,949,206 22,984,163 4,783,077 Plan of Operation Our mission is to be a leader in the zero-emission revolution by providing eco-friendly energy solutions, clean energy fuels, and alternative electric power for small to mid-sized projects across North America, Europe, and Asia. The company harnesses the power of heat and biomass to produce electricity with zero emissions and minimal cost. Additionally, the company offers Waste to Energy Solutions, converting waste materials from manufacturing, agriculture, and wastewater treatment plants into electricity and biochar. Clean Energy Technologies also provides engineering, consulting, and project management solutions, leveraging its expertise to develop clean energy projects for both municipal and industrial customers, as well as Engineering, Procurement, and Construction (EPC) companies. Our principal businesses Heat Recovery Solutions Waste to Energy Solutions Engineering, Consulting and Project Management Solutions Clean Energy Technologies offers engineering and manufacturing services to help clients bring their sustainable energy products to market. This includes design, prototyping, testing, and production services. Clean Energy Technologies’ expertise in engineering and manufacturing enables it to provide customized solutions to meet clients’ specific needs. CETY HK Clean Energy Technologies (H.K.) Limited (“CETY HK”) consists of two business ventures in mainland China:(i) our natural gas (“NG”) trading operations sourcing and suppling NG to industries and municipalities. NG is principally used for heavy truck refueling stations and urban or industrial users. We purchase large quantities of NG from large wholesale NG depots at fixed prices which are prepaid for in advance at a discount to market. We sell the NG to our customers at prevailing daily spot prices for the duration of the contracts; and (ii) our planned joint venture with a large state-owned gas enterprise in China called Shenzhen Gas (Hong Kong) International Co. Ltd. (“Shenzhen Gas”),, acquiring natural gas pipeline operator facilities, primarily located in the southwestern part of Sichuan Province and portions of Yunnan Province. Our planned joint venture with Shenzhen Gas plans to acquire, with financing from Shenzhen Gas, natural gas pipeline operator facilities with the goal of aggregating and selling the facilities to Shenzhen Gas in the future. According to our Framework Agreement with Shenzhen Gas, we will be required to contribute $ 8 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of significant accounting policies of Clean Energy Technologies, Inc. (formerly Probe Manufacturing, Inc.) is presented to assist in the understanding of the Company’s financial statements. The financial statements and notes are representations of the Company’s management, who is responsible for their integrity and objectivity. The consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimates may be materially different from actual financial results. Significant estimates include the recoverability of long-lived assets, the collection of accounts receivable and valuation of inventory and reserves. Cash and Cash Equivalents We maintain most of our cash accounts at a commercial bank. The total cash balance is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 Accounts Receivable Our ability to collect receivables is affected by economic fluctuations in the geographic areas and industries served by us. Reserves for uncollectable amounts are provided, based on past experience and a specific analysis of the accounts. Although we expect to collect amounts due, actual collections may differ from the estimated amounts. As of December 31, 2023, and December 31, 2022, we had a reserve for potentially un-collectable accounts receivable of $ 95,000 95,000 247,500 247,500 Seven (7) customers accounted for approximately 98 98 Inventory Inventories are valued at the lower of weighted average cost or market value. Our industry experiences changes in technology, changes in market value and availability of raw materials, as well as changing customer demand. We make provisions for estimated excess and obsolete inventories based on regular audits and cycle counts of our on-hand inventory levels and forecasted customer demands and at times additional provisions are made. Any inventory write offs are charged to the reserve account. As of December 31, 2023 we had a reserve of $934,344 $897,808 Property and Equipment Property and equipment are recorded at cost. Assets held under capital leases are recorded at lease inception at the lower of the present value of the minimum lease payments or the fair market value of the related assets. The cost of ordinary maintenance and repairs is charged to operations. Depreciation and amortization are computed on the straight-line method over the following estimated useful lives of the related assets: SCHEDULE OF ESTIMATED USEFUL LIVES Furniture and fixtures 3 5 Equipment 5 10 Long – Lived Assets Long-lived assets, which include property, plant and equipment and intangible assets with finite lives, and operating lease right-of-use assets, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analyses in accordance with ASC 360-10-15, “Impairment or Disposal of Long-Lived Assets.” ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group asset group exceeds its fair value based on discounted cash flow analysis or appraisals. There was no Revenue Recognition The Company recognizes revenue under ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” Performance Obligations Satisfied Over Time FASB ASC 606-10-25-27 through 25-29, 25-36 through 25-37, 55-5 through 55-10 An entity transfers control of a good or service over time and satisfies a performance obligation and recognizes revenue over time if one of the following criteria is met: a. The customer receives and consumes the benefits provided by the entity’s performance as the entity performs (as described in FASB ASC 606-10-55-5 through 55-6). b. The entity’s performance creates or enhances an asset (for example, work in process) that the customer controls as the asset is created or enhanced (as described in FASB ASC 606-10-55-7). c. The entity’s performance does not create an asset with an alternative use to the entity (see FASB ASC 606-10-25-28), and the entity has an enforceable right to payment for performance completed to date (as described in FASB ASC 606-10-25-29). Performance Obligations Satisfied at a Point in Time FASB ASC 606-10-25-30 If a performance obligation is not satisfied over time, the performance obligation is satisfied at a point in time. To determine the point in time at which a customer obtains control of a promised asset and the entity satisfies a performance obligation, the entity should consider the guidance on control in FASB ASC 606-10-25-23 through 25-26. In addition, it should consider indicators of the transfer of control, which include, but are not limited to, the following: a. The entity has a present right to payment for the asset b. The customer has legal title to the asset c. The entity has transferred physical possession of the asset d. The customer has the significant risks and rewards of ownership of the asset e. The customer has accepted the asset The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods and services transferred to the customer. In addition, a) the company also does not have an alternative use for the asset if the customer were to cancel the contract, and b) has a fully enforceable right to receive payment for work performed (i.e., customers are required to pay as various milestones and/or timeframes are met) The following five steps are applied to achieve that core principle for our HRS and Cety Europe Divisions: ● Identify the contract with the customer ● Identify the performance obligations in the contract ● Determine the transaction price ● Allocate the transaction price to the performance obligations in the contract ● Recognize revenue when the company satisfies a performance obligation The following steps are applied to our legacy engineering and manufacturing division: ● We generate a quotation ● We receive Purchase orders from our customers. ● We build the product to their specification ● We invoice at the time of shipment ● The terms are typically Net 30 days The following step is applied to our CETY HK business unit: ● CETY HK is primarily responsible for fulfilling the contract / promise to provide the specified good or service. A principal obtains control over any one of the following (ASC 606-10-55-37A): a. A good or another asset from the other party which the entity then transfers to the customer. Note that momentary control before transfer to the customer may not qualify. b. A right to a service to be performed by the other party, which gives the entity the ability to direct that party to provide the service to the customer on the entity’s behalf. c. A good or service from the other party that it then combines with other goods or services in providing the specified good or service to the customer. If the entity obtains control over one of the above before the good or service is transferred to a customer, the entity could be considered a principal. Additionally, the above five steps are applied to achieve core principle for our CETY Renewables Division: Because the CETY Renewables division is presently engaged in the Engineering, Procurement, and Construction (EPC) of biomass power facilities, CETY Renewables has developed a process of executing EPC Agreements with customers for this work. In contracting these engagements, CETY Renewables recognizes revenue according to accounting standards in accordance with ASC 606. In recognizing this revenue, CETY Renewables first identifies the relevant contract with its customer according to 606-10-25-1. ● The entities, together known as the Parties, approved the contract in writing, through signatures and commitment to the performance of permitting, design, procurement, construction, and commissioning. ● CETY’s work product includes permits, engineering designs, equipment, and full balance of plant specific to permitting, design, procurement, construction, and commissioning. ● CETY and customer agree to a total EPC Contract price. ● The contract has commercial substance. The risk associated with this EPC Agreement is that payment of the EPC contract price. ● Per the EPC Agreement, CETY expects to collect substantially all of the consideration for its goods and services. Secondly, CETY identifies the performance obligations of the Parties in performance of the EPC Agreement in accordance with 606-10-25-14. At contract inception, CETY assesses the goods and services necessary to deliver the facility in accordance with its agreement with clients. The agreement specifically laid out all deliverables necessary to achieve the permitting, design, procurement, construction, and commissioning. CETY also looks at 606-10-25-14(A). A bundle of goods or services is also present, in that CETY is delivering all work products associated with permitting, design, procurement, construction and commissioning of a commercially operable biomass power plant. A biomass power plant is a distinct bundle of goods or services, so the individual goods or services on their own do not lend themselves to a fully integrated or functional system. CETY in accordance with 606-10-32-1, CETY reviews measurement of the performance obligations. There is no exclusion of any amount of the Contract Price due to constraints associated with 606-10-31-11 through 606-10-32-13. In review of 606-10-32-2A, CETY did not exclude measurement from the measurement of the transaction price any taxes assessed by a government authority as no such taxes will be due. In reviewing 606-10-32-3, CETY evaluated the nature, timing, and amount of consideration promised, and whether it impacts the estimate of the transaction price. Finally, in identifying a single method of measuring progress for each performance obligation satisfied over time, in accordance with 606-10-25-32, CETY applies the methodology of 606-10-25-36. CETY adopted and implemented the input method for revenue recognition in accordance with ASC 606-10-25-33. The company adopts the input method for implementation. CETY recognizes revenue for performance obligations on the basis of the entity’s efforts or inputs to the satisfaction of a performance obligation per 606-10-55-20. For CETY, the contracts with clients for the construction of biomass power plants are the basis for revenue recognition. In each separate EPC Agreement, the performance obligations include permitting, design, procurement, construction, and commissioning of the plant. All of these work products satisfy Section 606-10-25-27(b) as these work products create or enhance an asset under customer’s control. Upon delivery of the work product, the customer takes control of the work products and has full right and ability to direct the use of and obtain substantially all of the remaining benefits of the assets. We recognize revenue over time, using timeline and milestone methods to measure progress towards complete satisfaction of the performance obligation. During the complexity and duration of the biomass power plant construction projects, CETY will recognize revenue over time, consistent with the criteria for over-time recognition under ASC 606. This approach reflects the continuous transfer of documents, permits, and the equipment over to the customer, which is characteristic of long-term construction contracts. We have a list of appropriate measures of progress: This is based on milestones achieved, among other measures. Given the long-term nature of the projects, CETY regularly reviews and, if necessary, updates its estimates of progress towards completion, transaction price, and the allocation of the transaction price to performance obligations. Also, from time to time our contracts state that the customer is not obligated to pay a final payment until the units are commissioned, i.e. a final payment of 10 33,000 33,000 Also from time to time we require upfront deposits from our customers based on the contract. As of December 31, 2023 and 2022, we had outstanding customer deposits of $ 210,310 80,475 Fair Value of Financial instruments The Financial Accounting Standards Board issued ASC (Accounting Standards Codification) 820-10 (SFAS No. 157), “Fair Value Measurements and Disclosures” for financial assets and liabilities. ASC 820-10 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. FASB ASC 820-10 defines fair value as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. FASB ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value: ● Level 1: Quoted prices in active markets for identical assets or liabilities. ● Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. ● Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s derivative liabilities have been valued as Level 3 instruments. We value the derivative liability using a lattice model, with a volatility of 56 0.15 The Company’s financial instruments consist of cash, prepaid expenses, inventory, accounts payable, accrued expenses, and convertible notes payable. The estimated fair value of cash, prepaid expenses, investments, accounts payable, accrued expenses and convertible notes payable approximate their carrying amounts due to the short-term nature of these instruments. Foreign Currency Translation and Comprehensive Income (Loss) We have no material components of other comprehensive income (loss) and accordingly, net loss is equal to comprehensive loss in all periods. The accounts of the Company’s Chinese entities are maintained in RMB. The accounts of the Chinese entities were translated into USD in accordance with FASB ASC Topic 830 “Foreign Currency Matters.” All assets and liabilities were translated at the exchange rate on the balance sheet date; stockholders’ equity is translated at historical rates and the statements of operations and cash flows are translated at the weighted average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income (loss) in accordance with FASB ASC Topic 220, “Comprehensive Income.” Gains and losses resulting from foreign currency transactions are reflected in the statements of operations. The Company follows FASB ASC Topic 220-10, “Comprehensive Income (loss).” Comprehensive income (loss) comprises net income (loss) and all changes to the statements of changes in stockholders’ equity, except those due to investments by stockholders, changes in additional paid-in capital and distributions to stockholders. Change from fair value or equity method to consolidation In July 2022, JHJ, a wholly owned subsidiary of CETY HK and other three shareholders agreed to form and make total capital contribution of RMB 20 2.81 20 100 0 29 49 Shuya was set up as the operating entity for pipeline natural gas (PNG) and compressed natural gas (CNG) trading business, while the other two shareholders of Shuya have large supply relationships. For the year ended December 31, 2022, the Company has determined that Shuya is not a VIE and has evaluated its consolidation analysis under the voting interest model. Because the Company does not own greater than 50% of the outstanding voting shares, either directly or indirectly, it has accounted for its investment in Shuya under the equity method of accounting. Under this method, the investor (“JHJ”) recognizes its share of the profits and losses of the investee (“Shuya”) in the periods when these profits and losses are also reflected in the accounts of the investee. Any profit or loss recognized by the investing entity appears in its income statement. Also, any recognized profit increases the investment recorded by the investing entity, while a recognized loss decreases the investment. JHJ made an investment of RMB 3.91 0.55 10,750 5000 Chengdu Xiangyueheng Enterprise Management Co., Ltd (the “Xiangyueheng”), which owns a 10% equity interest in Shuya, entered a three-party Concerted Action Agreement (the “CAA”), wherein the parties agreed to vote in unison at the shareholders’ meeting of Shuya to consolidate the controlling position of the three parties in Shuya. The three parties agreed that during the term of the CAA, before any of the three parties intends to propose motions to the shareholders’ meetings or the board of directors, or exercise their voting rights on any matter that shall be presented to and resolved through the shareholders’ meeting in accordance with the laws, regulations, Articles of Association of Shuya or any relevant shareholders’ agreements, the three parties will discuss, negotiate, and coordinate the motion topics for consistency; in the event of disagreement, the opinions of JHJ shall prevail. As a result of the CAA, the Company re-analyzed and determined that Shuya is the variable interest entity (the “VIE”) of JHJ because 1) the equity investors at risk, as a group, lack the characteristics of a controlling financial interest, and 2) Shuya is structured with disproportionate voting rights, and substantially all the activities are conducted on behalf of an investor with disproportionately few voting rights. Under ASC 810, a reporting entity has a controlling financial interest in a VIE, and must consolidate that VIE, if the reporting entity has both of the following characteristics: (a) the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance; and (b) the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the VIE. The Company concluded JHJ is deemed the primary beneficiary of the VIE. Accordingly, the Company consolidates Shuya into its consolidated financial statements effective on January 1, 2023. The change of control interest was accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification, referred to as ASC, 805, Business Combinations. The management determined that the Company was the acquiror for financial accounting purposes. In identifying the Company as the accounting acquiror, the companies considered the structure of the transaction and other actions contemplated by the Three-Parties Consistent Action Agreement, relative outstanding share ownership and market values, the composition of the combined company’s board of directors, the relative size of Shuya, and the designation of certain senior management positions of the combined company. In accordance with ASC 805, the Company recorded the acquisition based on the fair value of the consideration transferred and then allocated the purchase price to the identifiable assets acquired and liabilities assumed based on their respective fair values as of the Acquisition Date. The excess of the value of consideration transferred over the aggregate fair value of those net assets was recorded as goodwill. Any identified definite lived intangible assets will be amortized over their estimated useful lives and any identified intangible assets with indefinite useful lives and goodwill will not be amortized but will be tested for impairment at least annually. All intangible assets and goodwill will be tested for impairment when certain indicators are present. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates including the selection of valuation methodologies, estimates of future revenues and cash flows, discount rates, and selection of comparable companies. The valuation of purchase considerations was based on preliminary estimates that management believes are reasonable under the circumstances. Based on the preliminary independent valuation, management determined that the difference in the fair value of the consideration paid, and book records was immaterial due to the fact that Shuya has been only in operations for less than a year after effective date of control in became effective. The management determined that the final purchase price allocation shall be re-valuated subject to change pending additional operational results and forecast assumptions. As the Consistent Action Agreement did not quantify any considerations to gain the control, the deemed consideration paid is the fair value of 51 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 (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 Under ASC-805-10-50-2, initial consolidation of an investee previously reported using fair value or the equity method should be accounted for prospectively as of the date the entity obtained a controlling financial interest. Therefore, the Company should provide pro forma information as if the consolidation had occurred as of the beginning of each of the current and prior comparative reporting period per 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 ) Net Profit (Loss) per Preferred and Common Share Basic profit / (loss) per share is computed based on the weighted average number of common shares outstanding. At December 31, 2023, we had outstanding common shares of 39,152,455 38,447,916 27,681,722 277,604 70,102 1,857,590 38,227,965 Research and Development We had no Segment Disclosure FASB Codification Topic 280, Segment Reporting An operating segment’s performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net sales less cost of sales, and segment selling, general and administrative expenses, and does not include amortization of intangibles, stock-based compensation, other charges (income), net and interest and other, net. 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, December 31, 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 Share-Based Compensation The Company has adopted the use of Statement of Financial Accounting Standards No. 123R, “Share-Based Payment” (SFAS No. 123R) (now contained in FASB Codification Topic 718, Compensation-Stock Compensation We re-evaluate the assumptions used to value our share-based awards on a quarterly basis and, if changes warrant different assumptions, the share-based compensation expense could vary significantly from the amount expensed in the past. We may be required to adjust any remaining share-based compensation expense, based on any additions, cancellations or adjustments to the share-based awards. The expense is recognized over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. For the year ended December 31, 2023 and 2022 we had $ 0 Leases On January 2, 2020, the Company adopted ASC Topic 842, Leases, or ASC 842, using the modified retrospective transition method with a cumulative effect adjustment to be accumulated deficit as of January 1, 2019, and accordingly, modified its policy on accounting for leases as stated below. As described under “Recently Adopted Accounting Pronouncements,” below, the primary impact of adopting ASC 842 for the Company was the recognition in the consolidated balance sheet of certain lease-related assets and liabilities for operating leases with terms longer than 12 months. The Company’s leases primarily consist of facility leases which are classified as operating leases. The Company assesses whether an arrangement contains a lease at inception. The Company recognizes a lease liability to make contractual payments under all leases with terms greater than twelve months and a corresponding right-of-use asset, representing its right to use the underlying asset for the lease term. The lease liability is initially measured at the present value of the lease payments over the lease term using the collateralized incremental borrowing rate since the implicit rate is unknown. Options to extend or terminate a lease are included in the lease term when it is reasonably certain that the Company will exercise such an option. The right-of-use asset is initially measured as the contractual lease liability plus any initial direct costs and prepaid lease payments made, less any lease incentives. Lease expense is recognized on a straight-line basis over the lease term. Leased right-of-use assets are subject to impairment testing as a long-lived asset at the asset-group level. The Company monitors its long-lived assets for indicators of impairment. As the Company’s leased right-of-use assets primarily relate to facility leases, early abandonment of all or part of facility as part of a restructuring plan is typically an indicator of impairment. If impairment indicators are present, the Company tests whether the carrying amount of the leased right-of-use asset is recoverable including consideration of sublease income, and if not recoverable, measures impairment loss for the right-of-use asset or asset group. Income Taxes Federal Income taxes are not currently due since we have had losses since inception of Clean Energy Technologies. On December 22, 2018 H.R. 1, originally known as the Tax Cuts and Jobs Act, (the “Tax Act”) was enacted. Among the significant changes to the U.S. Internal Revenue Code, the Tax Act lowers the U.S. federal corporate income tax rate (“Federal Tax Rate”) from 35% to 21% effective January 1, 2018. The Company will compute its income tax expense for the year ended December 31, 2022 using a Federal Tax Rate of 21% and an estimated state of California rate of 9%. Income taxes are provided based upon the liability method of accounting pursuant to ASC 740-10-25 Income Taxes – Recognition. Deferred income tax amounts reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes. As of December 31, 2023, we had a net operating loss carry-forward of approximately $( 15,737,415 4,727,224 30 4,727,224 On February 13, 2018, Clean Energy Technologies, Inc., a Nevada corporation (the “Registrant” or “Corporation”) entered into a Common Stock Purchase Agreement (“Stock Purchase Agreement”) by and between MGW Investment I Limited (“MGWI”) and the Corporation. The Corporation received $ 907,388 7,561,567 .001 On February 13,2018 the Corporation and Confections Ventures Limited. (“CVL”) entered into a Convertible Note Purchase Agreement (the “Convertible Note Purchase Agreement,” together with the Stock Purchase Agreement and the transactions contemplated thereunder, the “Financing”) pursuant to which the Corporation issued to CVL a convertible promissory Note (the “CVL Note”) in the principal amount of $ 939,500 10 0.12 This resulted in a change in control, which limited the net operating to that date forward. We are subject to taxation in the U.S. and the states of California. Further, the Company currently has no open tax years’ subject to audit prior to December 31, 2018 Recla |
ACCOUNTS AND NOTES RECEIVABLE
ACCOUNTS AND NOTES RECEIVABLE | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
ACCOUNTS AND NOTES RECEIVABLE | NOTE 3 – ACCOUNTS AND NOTES RECEIVABLE SCHEDULE OF ACCOUNTS AND NOTES RECEIVABLE December 31, 2023 December 31, 2022 Accounts Receivable $ 1,362,130 $ 1,388,567 Accounts Receivable - RP 491,774 - Less reserve for uncollectable accounts (95,000 ) (95,000 ) Total $ 1,758,904 $ 1,293,567 Our Accounts Receivable is pledged to Nations Interbanc, our line of credit. SCHEDULE OF LEASE RECEIVABLE ASSET December 31, 2023 December 31, 2022 Long-term receivables $ 1,149,854 $ 1,000,000 Less reserve for uncollectable accounts (247,500 ) (247,500 ) Net Long-term receivables 902,354 752,500 T On a contract by contract basis or in response to certain situations or installation difficulties, the Company may elect to allow non-interest bearing repayments in excess of 1 year. Our long - term financing Receivable are pledged to Nations Interbanc, our line of credit. |
INVENTORY
INVENTORY | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORY | NOTE 4 – INVENTORY Inventories by major classification were comprised of the following at: SCHEDULE OF INVENTORIES December 31, 2023 December 31, 2022 Inventory $ 1,909,238 $ 1,389,394 Less reserve for obsolescence parts (934,344 ) (897,808 ) Total $ 974,894 $ 500,586 Our Inventory is pledged to Nations Interbanc, our line of credit. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 5 – PROPERTY AND EQUIPMENT Property and equipment were comprised of the following at: SCHEDULE OF PROPERTY AND EQUIPMENT December 31, 2023 December 31, 2022 Property and Equipment $ 1,509,025 $ 1,430,260 Accumulated Depreciation (1,430,337 ) (1,415,444 ) Net Fixed Assets $ 78,688 $ 14,816 Our Depreciation Expense for the years ended December 31, 2023 and 2022 was $ 26,692 30,076 Our Property Plant and Equipment is pledged to Nations Interbanc, our line of credit. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 6 – INTANGIBLE ASSETS Intangible assets were comprised of the following at: SCHEDULE OF INTANGIBLE ASSETS December 31, 2023 December 31, 2022 Goodwill $ 747,976 $ 747,976 LWL Investment 1,468,709 1,468,709 Intangible assets - Shuya 12,914 - License 354,322 354,322 Patents 190,789 190,789 Accumulated Amortization (98,972 ) (87,096 ) Net Fixed Assets $ 26,82,893 $ 2,674,700 Our Amortization Expense for the years ended December 31, 2023 and 2022 was $ 11,876 11,876 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 $ 20,000 Trading Contracts $ 146,035 Shenzhen Gas Relationship $ 1,314,313 Total assets acquired $ 1,508,539 Liabilities assumed: Advance Receipts $ (8,539 ) 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, 2023, 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 had not been met |
CONVERTIBLE NOTE RECEIVABLE
CONVERTIBLE NOTE RECEIVABLE | 12 Months Ended |
Dec. 31, 2023 | |
Convertible Note Receivable | |
CONVERTIBLE NOTE RECEIVABLE | NOTE 7 – CONVERTIBLE NOTE RECEIVABLE Effective January 10, 2022, JHJ (“note holder”) entered a convertible note agreement with Chengdu Rongjun Enterprise Consulting Co., Ltd (“Rongjun” or “the borrower”) with maturity on January 10, 2025 . Under this convertible note, JHJ lent RMB 5,000,000 ($ 0.78 million) to Rongjun with annual interest rate of 12 %, calculated from the Issuance Date until all outstanding interest and principal is paid in full. The Borrower may pre-pay principal or interest on this Note at any time prior to the maturity date, without penalty. JHJ has the right to convert this note directly or indirectly into shares or equity interest of Heze Hongyuan Natural Gas Co., Ltd (“Heze”) equal to 15 % of Heze’s outstanding Equity Interest. Rongjun owns 90 % of Heze. During the year end December 31, 2023, JHJ recorded $ 58,273 interest income accrued from 2022 from this note, the accrual of interest income ceased in October 2022. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | NOTE 8 – ACCRUED EXPENSES SCHEDULE OF ACCRUED EXPENSES December 31, 2023 December 31, 2022 Accrued Wages $ 104,775 $ 102,370 Sales tax payable 47,661 Accrued Taxes and other 433,936 16,660 Accrued Taxes and other $ 586,372 $ 119,030 |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTE 9 – NOTES PAYABLE On November 11, 2013, we entered into an accounts receivable financing agreement with American Interbanc (now Nations Interbanc). Amounts outstanding under the agreement bear interest at the rate of 2.5 626,033 998,820 On April 1, 2021, we entered into an amendment to the purchase order financing agreement with DHN Capital, LLC dba Nations Interbanc. Nations Interbanc has lowered the accrued fees balance by $ 275,000.00 2.25 50,000 On September 11, 2015, our CE HRS subsidiary issued a promissory note in the initial principal amount $ 1,400,000 100,000 1,500,000 2.66 (a) $ 200,000 Based on the California Statute of Limitations, the Nevada Statute of Limitations, and the New York Statute of Limitations it is the view of our legal counsel that the above referenced debt is no longer an enforceable obligation. under California law, Nevada law, and New York law, as it became past due no later than November 3, 2016, more than Six (6) years ago and last payment made on the debt was on November 3, 2016, which is more than Six (6) years ago. The total gain recognized from this write off was $ 2,556,916 On March 10, 2022 the company entered into a promissory note in the amount of $ 170,600 10 default interest rate of 22% per annum March 10, 2023 18,766 17,060 On June 30, 2022 the company entered into a promissory note in the amount of $ 252,928.44 10 default interest rate of 22% per annum June 30, 2023 27,822.13 25,293 139,111.30 On July 13, 2022 the company entered into a promissory note in the amount of $ 159,450 10 default interest rate of 22% per annum July 13, 2023 17,539.50 16,447.00 87,697.50 On October 25, 2022 the company entered into a promissory note in the amount of $ 114,850 10 default interest rate of 22% per annum October 25, 2023 12,633.50 11,850.00 On Dec 5,2022 the company entered into a promissory note in the amount of $ 191,526 10 default interest rate of 22% per annum December 5, 2023 21,067.80 19,760.00 0 On February 10, 2023 the company entered into a promissory note in the amount of $ 258,521 10 default interest rate of 22% per annum February 10, 2024 28,437 27,698 0 On March 6, 2023 the company entered into a promissory note in the amount of $ 135,005 10 default interest rate of 22% per annum March 6, 2024 13,500 14,465 0 On October 13, 2023 the company entered into a promissory note in the amount of $ 197,196 10 default interest rate of 22% per annum August 15, 2024 21,692 21,128 173,532 On November 17, 2023 the company entered into a promissory note in the amount of $ 261,450 10 default interest rate of 22% per annum September 30, 2024 28,760 28,013 287,595 On November 30, 2023 the company entered into a promissory note in the amount of $ 136,550 10 default interest rate of 22% per annum September 30, 2024 15,021 16,700 150,205 On December 19, 2023 the company entered into a promissory note in the amount of $ 92,000 10 default interest rate of 22% per annum October 30, 2024 10,120 12,000 101,200 Convertible notes On May 5, 2017 we entered into a nine-month convertible note payable for $ 78,000 12 61 15 116,600 14 st On May 24, 2017, we entered into a nine-month convertible note payable for $ 32,000 , which accrues interest at the rate of 12 % per annum. It is not convertible until three months after its issuance and has a conversion rate of fifty-five eight percent ( 58 %) of the lowest closing bid price (as reported by Bloomberg LP) of our common stock for the fifteen ( 15 ) Trading Days immediately preceding the date of conversion. On November 6, 2017, this note was assumed and paid in full at a premium for a total of $ 95,685 , by Cybernaut Zfounder Ventures. An amended term was added to the original note with the interest rate of 14 %. This note matured on February 26, 2018. As of March 31, 2023 the outstanding balance due was $ 163,980 . As of April 3, 2023 this note was settled and paid off. On April 3, 2023 Clean Energy Technologies, Inc. reached an agreement with Cybernaut Zfounder Ventures, LLC to pay off the outstanding convertible notes dated May 5, 2017 and May 24, 2017 in amount equal to $ 330,555 that were in default for a settlement amount of $ 200,000 . On May 6, 2022, we entered into a Securities Purchase Agreement with Mast Hill, L.P. (“Mast Hill) pursuant to which the Company issued to Mast Hill a $ 750,000 May 6, 2023 675,000 75,000 15 234,375 1.60 The Securities Purchase Agreement provides customary representations, warranties and covenants of the Company and Mast Hill as well as providing Mast Hill with registration rights. 935,856 On August 5, 2022, we entered into a Securities Purchase Agreement with Jefferson Street Capital, LLC (Jefferson) pursuant to which the Company issued to Jefferson a $ 138,888 August 5, 2023 125,000 13,889 15 1.60 The Securities Purchase Agreement provides customary representations, warranties and covenants of the Company and Jefferson as well as providing Jefferson with registration rights. This note was paid off as of March 9, 2023 187,451 On August 17, 2022, we entered into a Securities Purchase Agreement with Firstfire Global Opportunities Fund LLC (“Firstfire”) pursuant to which the Company issued to Mast Hill a $ 150,000 August 17, 2023 135,000 15,000 15 46,875 1.60 The Securities Purchase Agreement provides customary representations, warranties and covenants of the Company and Firstfire as well as providing Firstfire with registration rights. This note was paid off as of March 9, 2023 $ 215,000 On September 1, 2022, we entered into a Securities Purchase Agreement with Pacific Pier Capital, LLC (Pacific) pursuant to which the Company issued to Pacific a $ 138,888 August 5, 2023 125,000 13,888 15 43,403 1.60 The Securities Purchase Agreement provides customary representations, warranties and covenants of the Company and Pacific as well as providing Pacific with registration rights. This note was paid off as of March 9, 2023 $ 190,606 On September 16, 2022, we entered into a Securities Purchase Agreement with Mast Hill, pursuant to which the Company issued to Mast Hill a $ 300,000 September 16, 2023 270,000 30,000 15 93,750 1.60 The Securities Purchase Agreement provides customary representations, warranties and covenants of the Company and Mast Hill as well as providing Mast Hill with registration rights. 357,945 On November 10, 2022, we entered into a Securities Purchase Agreement with Mast Hill, L.P. pursuant to which the Company issued to Mast Hill a $ 95,000 November 10, 2023 85,500 9,500 15 29,686 1.60 The Securities Purchase Agreement provides customary representations, warranties and covenants of the Company and Mast Hill as well as providing Mast Hill with registration rights. 109,016 On November 21, 2022, we entered into a Securities Purchase Agreement with Mast Hill, L.P. pursuant to which the Company issued to Mast Hill a $ 95,000 November 21, 2023 85,500 9,500 15 29,686 1.60 The Securities Purchase Agreement provides customary representations, warranties and covenants of the Company and Mast Hill as well as providing Mast Hill with registration rights. 108,703 On December 26, 2022, we entered into a Securities Purchase Agreement with Mast Hill, L.P. pursuant to which the Company issued to Mast Hill a $ 123,000 December 26, 2023 110,700 12,300 15 38,437 1.60 The Securities Purchase Agreement provides customary representations, warranties and covenants of the Company and Mast Hill as well as providing Mast Hill with registration rights. 138,923 On January 19, 2023 we entered into a Securities Purchase Agreement with Mast Hill, L.P. pursuant to which the Company issued to Mast Hill a $ 187,000 January 19, 2024 168,300 18,700 15 58,438 1.60 209,517 On March 8, 2023 we entered into a Securities Purchase Agreement with Mast Hill, L.P. pursuant to which the Company issued to Mast Hill a $ 734,000 March 8, 2024 660,600 73,400 15 367,000 1.60 807,601 On July 20, 2023 Clean Energy Technology, Inc., a Nevada corporation (the “Company”) closed the transactions contemplated by the Securities Purchase Agreement with Mast Hill, L.P. (Mast Hill”) dated July 18, 2023 (the “Securities Purchase Agreement”) pursuant to which the Company issued to Mast Hill a $ 556,000 500,400 55,600 15 The principal and interest of the Note may be converted in whole or in part at any time on or following the issue date, into common stock of the Company, par value $ .001 4.99 6.00 15 150 581,363 Total due to Convertible Notes SCHEDULE OF CONVERTIBLE NOTES December 31, 2023 December 31, 2022 Total convertible notes $ 1,697,757 $ 3,156,528 Accrued Interest 308,216 262,331 Debt Discount (71,017 ) (326,804 ) Total $ 1,934,956 $ 3,092,055 |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE LIABILITIES | NOTE 10 – DERIVATIVE LIABILITIES As a result of the convertible notes we recognized the embedded derivative liability on the date of note issuance. We also revalued the remaining derivative liability on the outstanding note balance on the date of the balance sheet. We value the derivative liability using a binomial lattice model with an expected volatility range of 91.5 4.5 1.00 0 The remaining derivative liabilities were: SCHEDULE OF FAIR VALUE OF DERIVATIVE LIABILITY December 31, 2023 December 31, 2022 Derivative Liabilities on Convertible Loans: Outstanding Balance $ - $ 588,178 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 11 – COMMITMENTS AND CONTINGENCIES Operating Rental Leases ASB ASU 2016-02 “Leases (Topic 842)” – 5 As of May 1, 2017, our corporate headquarters were located at 2990 Redhill Unit A, Costa Mesa, CA. On March 10, 2017, the Company signed a lease agreement for an 18,200 -square foot CTU Industrial Building. Lease term is seven years and two months beginning July 1, 2017. This lease ended as of November 30, 2023. In October of 2018 we signed a sublease agreement with our facility in Italy with an indefinite term that may be terminated by either party with a 60-day notice for 1,000 Euro per month. Due to the short termination clause, we are treating this as a month-to-month lease . This lease ended as of December 31, 2023. We have relocated our corporate to 1340 Reynolds Avenue Unit 120, Irvine, CA 92614. On December 1, 2023, the Company signed a lease agreement for a 3000-square foot of office space with Metro Creekside California, LLC. Lease term is thirty-eight months beginning December 1, 2023 and expiring on January 31, 2027. On October 16 of 2023, we signed a sublease agreement to relocate the HRS operations from Costa Mesa to Irvine, California for one year and 7 months commencing December 1, 2023 and ending June 30, 2025. We also signed a temporary storage lease and Due to the short termination clause, we are treating this as a month-to-month lease. The components of lease costs, lease term and discount rate with respect of these two leases with an initial term of more than 12 months are as the following: Balance sheet information related to the Company’s operating leases: SCHEDULE OF OPERATING LEASE COST As of Right-of-used assets $ 245,974 Lease liabilities – current $ 117,606 Lease liabilities – non-current 128,480 Total lease liabilities $ 246,086 The weighted-average remaining lease term and the weighted-average discount rate of the above two leases are as follows: Year Ended December 31, 2023 Weighted average remaining lease term (years) 2.25 Weighted average discount rate 6.5 % The following is a schedule, by year of lease payment for above two leases as of December 31, 2023: SCHEDULE OF LEASE PAYMENT For the 12 months ending Lease Payment 2024 129,622 2025 90,243 2026 40,642 2027 3,511 Total undiscounted cash flows 264,017 Imputed Interest (17,932 ) Present value of lease liabilities $ 246,086 Effective August 5, 2022, Shuya entered a 48-month lease for a natural gas recycle station from Leishen (the 41% shareholder of Shuya), including the operating rights and use rights of all the assets and equipment in the station. The annual rent is approximately $64,290, to be paid each year in advance, however, it has not been paid since the lease commenced. Effective August 5, 2022, Shuya entered another 48-month lease for leasing sewage treatment land from Leishen to operate the natural gas recycling station. The annual rent is approximately $17,137, to be paid each year in advance, which has not been fully paid since the lease commenced. The components of lease costs, lease term and discount rate with respect of Leishen leases with an initial term of more than 12 months are as the following: Balance sheet information related to the Company’s Leishen operating leases: SCHEDULE OF OPERATING LEASE COST As of Right-of-used assets $ 207,995 Lease liabilities – current $ 229,201 Lease liabilities – non-current 81,506 Total lease liabilities $ 310,707 The weighted-average remaining lease term and the weighted-average discount rate of Leishen leases are as follows: Year Ended December 31 2023 2022 Weighted average remaining lease term (years) 2.59 3.59 Weighted average discount rate 5 % 5 % The following is a schedule, by year of lease payment for Shuya as of December 31, 2023. For the 12 months ending Lease Payment 2024 229,201 2025 41,338 2026 48,950 2027 - Total undiscounted cash flows 319,489 Imputed Interest (8,782 ) Present value of lease liabilities $ 310,707 Our lease expense (including both ASC 842 lease and short-term lease) for the years ended December 31, 2023 and 2022 was $ 401,293 349,610 Severance Benefits Mr. Mahdi will receive a severance benefit consisting of a single lump sum cash payment equal the salary that Mr. Mahdi would have been entitled to receive through the remainder or the Employment Period or One (1) year, whichever is greater. |
CAPITAL STOCK TRANSACTIONS
CAPITAL STOCK TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
CAPITAL STOCK TRANSACTIONS | NOTE 12 – CAPITAL STOCK TRANSACTIONS On April 21, 2005, our Board of Directors and shareholders approved the re-domicile of the Company in the State of Nevada, in connection with which we increased the number of our authorized common shares to 5,000,000 .001 On May 25, 2006, our Board of Directors and shareholders approved an amendment to our Articles of Incorporation to authorize a new series of preferred stock, designated as Series C, and consisting of 15,000 On June 30, 2017, our Board of Directors and shareholders approved an increase in the number of our authorized common shares to 10,000,000 10,000,000 On August 28, 2018, our Board of Directors and shareholders approved an increase in the number of our authorized common shares to 20,000,000 On June 10, 2019, our Board of Directors and shareholders approved an increase in the number of our authorized common shares to 50,000,000 On January 6, 2023, our board of directors and majority shareholders approved a reverse stock split. Effective upon the filing of our Certificate of Amendment of Articles of Incorporation with the Secretary of State of the State of Nevada, the shares of the Corporation’s Common Stock issued and outstanding immediately prior to the Effective Time of January 6, 2023, will be automatically reclassified as and combined into shares of Common Stock such that each (40) shares of Old Common Stock shall be reclassified as and combined into one (1) share of New Common Stock Common Stock Transactions On December 27, 2021, we entered into a convertible note payable with Universal Scope Inc. for $ 650,000 June 21, 2022 2 2.40 666,250 277,604 On February 21, 2022, we issued 375,875 3.20 During the quarter ended March 31, 2022, we issued 78,896 134,755 45,498 During the April of 2022, we issued 122,891 153,324 34,500 On May 6, 2022, the Company entered into a Securities Purchase Agreement and a warrant agreement with Mast Hill, L.P. (Mast Hill”) pursuant to which the Company issued to Mast Hill the Company issued Mast Hill a five-year 234,375 On August 17, 2022 we issued 46,875 150,000 1.60 120 33,114 On September 1, 2022 we issued 43,403 138,889 1.60 120 31,111 On September 21, 2022 MGW I converted $ 1,548,904 12,907,534 On December 28, 2022 Mast Hill exercised their warrant in full on a cashless basis to purchase 100,446 On January 19, 2023, the Company entered into a Securities Purchase Agreement and a warrant agreement with Mast Hill, L.P. (Mast Hill”) pursuant to which the Company issued to Mast Hill the Company issued Mast Hill a five-year 58,438 On January 27, 2023 we issued 3,745 On March 23, 2023 we sold 975,000 4.00 3,094,552 In the second quarter of 2023, the Company issued 40,000 72,000 On March 8, 2023 the Company entered into a Securities Purchase Agreement and a warrant agreement with Mast Hill, L.P. (Mast Hill”) pursuant to which the Company issued to Mast Hill the Company issued Mast Hill a five-year warrant to purchase 367,000 On April 18, 2023 Mast Hill exercised the right to purchase 93,750 1.60 150,000 On May 10, 2023 Mast Hill exercised the right to purchase 58,438 1.60 93,501 On June 14, 2023 Mast Hill exercised the right to purchase 38,438 1.60 61,501 On June 23, 2023 Mast Hill exercised the right to purchase 29,688 1.60 47,501 On September 12, 2023 Mast Hill exercised the right to purchase 29,688 1.60 47,501 On September 13, 2023 Mast Hill exercised the right to purchase 183,500 1.60 293,600 On October 27, 2023 Mast Hill exercised the right to purchase 183,500 1.60 293,600 Common Stock Our Articles of Incorporation authorize us to issue 2,000,000,000 0.001 39,152,455 The holders of our common stock are entitled to share equally in dividends and other distributions that our Board of Directors may declare from time to time out of funds legally available for that purpose, if any, after the satisfaction of any prior rights and preferences of any outstanding preferred stock. If we liquidate, dissolve or wind up, the holders of common stock shares will be entitled to share ratably in the distribution of all of our assets remaining available for distribution after satisfaction of all our liabilities and our obligations to holders of our outstanding preferred stock. Preferred Stock Our Articles of Incorporation authorize us to issue 20,000,000 0.001 Unless our Board of Directors provides otherwise, the shares of all series of preferred stock will rank on parity with respect to the payment of dividends and to the distribution of assets upon liquidation. Any issuance by us of shares of our preferred stock may have the effect of delaying, deferring or preventing a change of our control or an unsolicited acquisition proposal. The issuance of preferred stock also could decrease the amount of earnings and assets available for distribution to the holders of common stock or could adversely affect the rights and powers, including voting rights, of the holders of common stock. We previously authorized 440 20,000 15,000 Effective August 7, 2013, our Board of Directors designated a series of our preferred stock as Series D Preferred Stock, authorizing 15,000 shares. Our Series D Preferred Stock offering terms authorized us to raise up to $1,000,000 with an over-allotment of $500,000 in multiple closings over the course of six months. We received an aggregate of $750,000 in financing in subscription for Series D Preferred Stock, or 7,500 shares The following are primary terms of the Series D Preferred Stock. The Series D Preferred holders were initially entitled to be paid a special monthly divided at the rate of 17.5 On October 31, 2023, Clean Energy Technologies, Inc. (the “Company”) filed with the Nevada Secretary of State a certificate of designation designating 3,500,000 0.001 15 The Series E Preferred Stock has a stated value of $ 1.00 Each holder of the Series E Preferred Stock is entitled to receive dividends payable on the Stated Value of the Series E Preferred Stock at a rate of 15% per annum The Series E Preferred Stock is convertible at the option of the holder thereof into such number of common stocks of the Company, as is determined by dividing the Stated Value per share plus accrued and unpaid dividends thereon by the conversion price of 80% of the lowestw VWAP over the last 5 trading days, subject to a 4.99% beneficial ownership limitation On November 8, 2023, Clean Energy Technologies, Inc. (the “Company”) entered into an exchange agreement (the “Agreement”) with Mast Hill Fund, L.P., a Delaware limited partnership (the “Holder”), pursuant to which the Company agreed to issue to the Holder 2,199,387 15 0.001 1,955,122 3,210,206 1,955,122 1,255,084 The Company has designated the rights of the Holder with respect to its shares of Series E Preferred Stocks pursuant to that certain Certificate of Designations, Preferences, and Rights of Series E Convertible Preferred Stock (the “Certificate of Designation”). Additionally, $ 47,904 Warrants A summary of warrant activity for the periods is as follows: On May 6, 2022, we issued 234,375 750,000.00 1.60 120 On December 28, 2022 Mast Hill exercised the warrant in full on a cashless basis to purchase 100,446 On August 5, 2022, we issued 43,403 138,889 1.60 120 On August 17, 2022, we issued 46,875 150,000 1.60 120 33,114 On September 1, 2022, we issued 43,403 138,889 1.60 120 31,111 31,111 On September 16, 2022, we issued 93,750 300,000 1.60 120 1.60 On November 10, 2022 we issued 29,687 300,000 1.60 120 1.60 On November 21, 2022 we issued 29,687 95,000 1.60 120 1.60 On December 26, 2022, we issued 38,437 123,000 1.60 120 1.60 On January 19, 2023 we issued 58,438 187,000 1.60 120 1.60 On February 13, 2023 we issued 26,701 5.00 On March 8, 2023 we issued 367,000 734,000 1.60 120 183,500 1.60 On October 25, 2023 Mast Hill exercised the right to purchase 183,500 1.60 293,600 SCHEDULE OF WARRANT ACTIVITY Warrants - Common Share Equivalents Weighted Average Exercise price Weighted Average Contractual life Aggregate Intrinsic Value Outstanding December 31, 2022 325,243 $ 1.60 3.99 - Expired - - - - Additions 425,438 1.60 4.17 - Additions 26,701 5.00 3.90 - Exercised 707,280 1.60 Outstanding December 31, 2023 70,102 2.90 3.71 - Stock Options We currently have no outstanding stock options |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 13 – RELATED PARTY TRANSACTIONS From August 2022 through October 2022 Hongzhuo Shuya (Shuya) a 49% 700,000 4-year term to facilitate building of a natural gas recycling station to provide Shuya with CNG sales. Leishen owns 41% of Shuya and as an entity can obtain the permits and licenses to build and operate the NG Recycling Station to produce CNG. At the end of the 4-year term of the loan, Leishen has the option to either transfer the NG Recycling Station and all permits to Shuya or repay the loan Additionally, Leishen has relationships with the supply side of the NG business and is able to obtain large amounts of NG. As a result, Shuya also has a supplier relationship with Leishen. Our Board of Directors has approved the transactions between Leishen and the Company. During the year ended December 31, 2023 Shuya made a $5,641,069 purchase from Leishen. As of December 31, 2023, we had no accounts receivable from Leishen. However, we had an advance to the supplier of Leishen amounting to $ 466,914 accounts payable to Leishen totaling $ 315,361 752,066 103,939 Leishen has constructed a CNG refueling station on behalf of Shuya, the loan term is four years. When the CNG refueling station is ready for operation, Shuya will lease the CNG refueling station from Leishen at a price equivalent to the depreciation amount of the station; when the assets are eligible for transfer, Leishen will transfer the assets of CNG refueling station to Shuya at the net asset value. Effective August 5, 2022, Shuya entered a 48-month lease for a natural gas recycle station from Leishen (the 41% shareholder of Shuya), including the operating rights and use rights of all the assets and equipment in the station. The annual rent is approximately $64,290, to be paid each year in advance, however, it has not been paid since the lease commenced. Effective August 5, 2022, Shuya entered another 48-month lease for leasing sewage treatment land from Leishen to operate the natural gas recycling station. The annual rent is approximately $17,137, to be paid each year in advance, which has not been fully paid since the lease commenced. On May 13, 2021 the Company formed CETY Capital LLC a wholly owned subsidiary of CETY. In addition, the company established Vermont Renewable Gas LLC (“VRG”) with our partner, Synergy Bioproducts Corporation (“SBC”) The purpose of the joint venture is the development of a pyrolysis plant established to convert wood feedstock into electricity and BioChar by using high temperature ablative fast pyrolysis reactor for which Clean Energy Technology, Inc. holds the license for. The VRG is in Lyndon, Vermont. Based upon the terms of the members’ agreement, CETY Capital LLC owns a 49% 51% On June 2, 2023 CETY Renewables executed a turnkey agreement for the design, construction, and delivery of organics to energy plant with Vermont Renewable Gas, LLC. As a result, CETY has invoiced VRG $ in 2023 ($ 429,999 Kambiz Mahdi, our Chief Executive Officer, owns Billet Electronics, which is distributor of electronic components. From time to time, we purchase parts from Billet Electronics. In addition, Billet was a supplier of parts and had dealings with current and former customers of the Company prior to joining the company. The amount of parts purchases in 2023 was $ 6,187 0 |
WARRANTY LIABILITY
WARRANTY LIABILITY | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Warranty Liability Abstract | |
WARRANTY LIABILITY | NOTE 14 - WARRANTY LIABILITY For the year ended December 31, 2023 and 2022 there was no 100,000 |
NON-CONTROLLING INTEREST
NON-CONTROLLING INTEREST | 12 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
NON-CONTROLLING INTEREST | NOTE 15 – NON-CONTROLLING INTEREST On June 24, 2021 the Company formed CETY Capital LLC a wholly owned subsidiary of CETY. In addition the company established CETY Renewables Ashfield LLC (“CRA”) a wholly owned subsidiary of Ashfield Renewables Ag Development LLC(“ARA”) with our partner, Ashfield AG (“AG”). The purpose of the joint venture was the development of a pyrolysis plant established to convert woody feedstock into electricity and BioChar by using high temperature ablative fast pyrolysis reactor for which Clean Energy Technology, Inc. holds the license for. The CRA was located in Ashfield, Massachusetts. Based upon the terms of the members’ agreement, the CETY Capital LLC owned 75% 25% The consolidated financial statements have deconsolidated the CRA business unit. The Liabilities of CRA has been transferred to Vermont Renewable Gas LLC (“VRG”), a newly formed entity. CETY retains 49 On April 2, 2023 the Company formed CETY Capital LLC a wholly owned subsidiary of CETY. In addition, the company established Vermont Renewable Gas LLC (“VRG”) with our partner, Synergy Bioproducts Corporation (“SBC”) The purpose of the joint venture is the development of a pyrolysis plant established to convert wood feedstock into electricity and BioChar by using high temperature ablative fast pyrolysis reactor for which Clean Energy Technology, Inc. holds the license for. The VRG is in Lyndon, Vermont. Based upon the terms of the members’ agreement, CETY Capital LLC owns a 49% 51% The Company analyzed the transaction under ASC 810 Consolidation, to determine if the joint venture classifies as a Variable Interest Entity (“VIE”). The Company analyzed the transaction under ASC 810 Consolidation, to determine if the joint venture classifies as a Variable Interest Entity (“VIE”). The Joint Venture qualifies as a VIE based on the fact the JV does not have sufficient equity to operate without financial support from both parties. According to ASC 810-25-38, a reporting entity shall consolidate a VIE when that reporting entity has a variable interest (or combination of variable interests) that provides the reporting entity with a controlling financial interest on the basis of the provisions in paragraphs 810-10-25-38A through 25-38J. The reporting entity that consolidates a VIE is called the primary beneficiary of that VIE. According to the JV operating agreement, the ownership interests are 49/51 and the agreement provides for a Management Committee of 3 members. Two of the three members are from Synergy Bioproducts Corporation, and one is from CETY. Both parties do not have substantial capital at risk and CETY does not have voting interest. However, SBC has controlling interest and more board votes therefore SBC is the beneficiary of the VIE and as a result we record it as an equity investment. Accordingly, the Company has elected to account for the joint venture as an equity method investment in accordance with ASC 323 Investments – Equity Method and Joint Ventures. This decision is a result of the company’s evaluation of its involvement with potential variable interest entities and their respective risk and reward scenarios, which collectively affirm that the conditions necessitating the application of the variable interest model are not present. In July 2022 JHJ and other three shareholders agreed to form and make total capital contribution of RMB 20 2.81 20 100% 0 29% 49 41% 10% |
INCOME TAX
INCOME TAX | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | NOTE 16 – INCOME TAX CETY Europe CETY Europe is one of the Company’s subsidiaries in Italy, and is subject to 24 Hong Kong CETY HK is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate for the first HKD 2 8.25 2 16.5 CETY HK did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earned in Hong Kong since inception. PRC Under the Enterprise Income Tax (“EIT”) Law of the PRC, domestic enterprises and Foreign Investment Enterprises (the “FIE”) are usually subject to a unified 25 1 3 25 20 The current PRC EIT Law imposes a 10% withholding income tax for dividends distributed by foreign invested enterprises to their immediate holding companies outside the PRC. A lower withholding tax rate will be applied if there is a tax treaty arrangement between the PRC and the jurisdiction of the foreign holding company. Distributions to holding companies in Hong Kong that satisfy certain requirements specified by the PRC tax authorities, for example, will be subject to a 5% withholding tax rate. The provision for income tax consisted of the following: SCHEDULE OF PROVISION OF INCOME TAX For the year ended December 31,2023 Current income tax expense $ 22,173 Deferred income tax expense (benefit) - Total income tax expense $ 22,173 The following table reconciles the statutory tax rate to the Company’s effective tax rate: SCHEDULE OF RECONCILIATION OF STATUTORY TAX RATE For the year ended December 31,2023 Federal statutory tax expense (benefit) (21 )% State statutory (6.8 )% Tax rate difference 0.1 % Permanent difference 0.2 % Change in valuation allowance (28.0 )% Effective tax rate 0.4 % The components of deferred tax assets (liabilities) are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES As of Deferred tax: Allowance for doubtful accounts $ 5,686 Net operating loss (“NOL”) carrying forwards 7,021,555 Operating lease liabilities, net of right of use assets 2,479 Advertising expense Total deferred tax assets, net 7,029,720 Less: valuation allowance (7,029,720 ) Total deferred tax assets, net — The Company evaluates its valuation allowance requirements at end of each reporting period by reviewing all available evidence, both positive and negative, and considering whether, based on the weight of that evidence, a valuation allowance is needed. When circumstances cause a change in management’s judgement about the realizability of deferred tax assets, the impact of the change on the valuation allowance is generally reflected in income from operations. The future realization of the tax benefit of an existing deductible temporary difference ultimately depends on the existence of sufficient taxable income of the appropriate character within the carry forward period available under applicable tax law. As of December 31, 2023, the Company’s PRC operating entities had $ 0.35 30.08 87,148 7.03 As of December 31, 2023 and 2022, the Company had no significant uncertain tax positions that qualify for either recognition or disclosure in the financial statements. The Company recognizes interest and penalties related to significant uncertain income tax positions in other expense if any; however, there were no such interest and penalties as of December 31, 2023 and 2022. |
THE STATUTORY RESERVES
THE STATUTORY RESERVES | 12 Months Ended |
Dec. 31, 2023 | |
Statutory Reserves | |
THE STATUTORY RESERVES | NOTE 17 – THE STATUTORY RESERVES The Company’s ability to pay dividends primarily depends on it receiving funds from its subsidiaries. PRC laws and regulations permit payments of dividends by the Company’s PRC subsidiaries only out of the subsidiary’s retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with US GAAP differ from those reflected in the statutory financial statements of the Company’s PRC subsidiaries. In accordance with the PRC Regulations on Enterprises with Foreign Investment and their articles of association, a foreign-invested enterprise (“FIE”) established in the PRC is required to provide statutory reserves, which are appropriated from net profit as reported in the FIE’s PRC statutory accounts. An FIE is required to allocate at least 10% 50% Additionally, in accordance with the Company Laws of the PRC, a domestic enterprise is required to provide surplus reserve at least 10% of its annual after-tax profit until such reserve has reached 50% As a result of these PRC laws and regulations that require annual appropriations of 10% In addition, according to Administrative Measures for the Collection and Utilization of Enterprise Work Safety Funds issued by the PRC Ministry of Finance and the State Administration of Work Safety, for the companies with dangerous goods production or storage, the company is required to make a special reserve for the use of enhancing and improving its safe production conditions. Under PRC GAAP, the reserve is recorded as selling expense; however, under US GAAP, since the expense has not been incurred and the Company will record cost of sales for safety related expenses when it is actually happened or incurred, this special reserve was recorded as an appropriation of its after-tax income. The reserve is calculated at a rate of 15% |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 18 – SUBSEQUENT EVENTS On January 3, 2024, Clean Energy Technologies, Inc. (the “Company”) entered into a securities purchase agreement (the “Agreement”) with FirstFire Global Opportunities Fund, LLC, a Delaware limited liability company (the “Buyer”), pursuant to which the Company agreed to issue and sell to the Buyer the promissory note of the Company in the principal amount of $ 143,750 125,000 18,750 The Note is convertible into shares of common stock of the Company at a fixed price of $1.60, par value $ 0.001 As a condition to the sale of the Note, the Company issued to the Buyer 10,000 5,000 7,188 On February 2, 2024, Clean Energy Technologies, Inc. (the “Company”) entered into a securities purchase agreement (the “Agreement”) with Coventry Enterprises LLC, a Delaware limited liability company (the “Buyer”), pursuant to which the Company agreed to issue and sell to the Buyer the promissory note of the Company in the principal amount of $ 92,000 80,000 10,120 The Note is convertible into shares of common stock at a fixed price of $1.60 of the Company, par value $ 0.001 As a condition to the sale of the Note, the Company issued to the Buyer 20,000 On March 4, 2024, Clean Energy Technologies, Inc. (the “Company”) entered into a securities purchase agreement (the “Agreement”) with FirstFire Global Opportunities Fund, LLC, a Delaware limited liability company (the “Buyer”), pursuant to which the Company agreed to issue and sell to the Buyer the promissory note of the Company in the principal amount of $ 280,500 255,000 25,500 The Note is convertible into shares of common stock at a fixed price of $1.60 of the Company, par value $ 0.001 As a condition to the sale of the Note, the Company issued to the Buyer 20,000 6,000 5,563 On March 15, 2024, Clean Energy Technologies, Inc., a Nevada corporation, (the “Company”) and certain individual investors (“Subscribers”) entered into a subscription agreement pursuant to which the Company agreed to sell up to 2,000,000 900,000 0.45 .001 1.60 On January 1, 2024 and effective on the same date., JHJ, SSET and Xiangyueheng entered into the Agreement on the Termination of the Concerted Action Agreement (the “Termination Agreement”), pursuant to which the parties release each other from any and all obligations under the CAA. Due to the Termination Agreement, the Company now holds less than 50% of the voting rights in Shuya. The Company has determined that Shuya no longer constitutes a VIE and the Company will not consolidate Shuya into its consolidated financial statements on or after January 1, 2024. |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Estimates | Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimates may be materially different from actual financial results. Significant estimates include the recoverability of long-lived assets, the collection of accounts receivable and valuation of inventory and reserves. |
Cash and Cash Equivalents | Cash and Cash Equivalents We maintain most of our cash accounts at a commercial bank. The total cash balance is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 |
Accounts Receivable | Accounts Receivable Our ability to collect receivables is affected by economic fluctuations in the geographic areas and industries served by us. Reserves for uncollectable amounts are provided, based on past experience and a specific analysis of the accounts. Although we expect to collect amounts due, actual collections may differ from the estimated amounts. As of December 31, 2023, and December 31, 2022, we had a reserve for potentially un-collectable accounts receivable of $ 95,000 95,000 247,500 247,500 Seven (7) customers accounted for approximately 98 98 |
Inventory | Inventory Inventories are valued at the lower of weighted average cost or market value. Our industry experiences changes in technology, changes in market value and availability of raw materials, as well as changing customer demand. We make provisions for estimated excess and obsolete inventories based on regular audits and cycle counts of our on-hand inventory levels and forecasted customer demands and at times additional provisions are made. Any inventory write offs are charged to the reserve account. As of December 31, 2023 we had a reserve of $934,344 $897,808 |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost. Assets held under capital leases are recorded at lease inception at the lower of the present value of the minimum lease payments or the fair market value of the related assets. The cost of ordinary maintenance and repairs is charged to operations. Depreciation and amortization are computed on the straight-line method over the following estimated useful lives of the related assets: SCHEDULE OF ESTIMATED USEFUL LIVES Furniture and fixtures 3 5 Equipment 5 10 |
Long – Lived Assets | Long – Lived Assets Long-lived assets, which include property, plant and equipment and intangible assets with finite lives, and operating lease right-of-use assets, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analyses in accordance with ASC 360-10-15, “Impairment or Disposal of Long-Lived Assets.” ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group asset group exceeds its fair value based on discounted cash flow analysis or appraisals. There was no |
Revenue Recognition | Revenue Recognition The Company recognizes revenue under ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” Performance Obligations Satisfied Over Time FASB ASC 606-10-25-27 through 25-29, 25-36 through 25-37, 55-5 through 55-10 An entity transfers control of a good or service over time and satisfies a performance obligation and recognizes revenue over time if one of the following criteria is met: a. The customer receives and consumes the benefits provided by the entity’s performance as the entity performs (as described in FASB ASC 606-10-55-5 through 55-6). b. The entity’s performance creates or enhances an asset (for example, work in process) that the customer controls as the asset is created or enhanced (as described in FASB ASC 606-10-55-7). c. The entity’s performance does not create an asset with an alternative use to the entity (see FASB ASC 606-10-25-28), and the entity has an enforceable right to payment for performance completed to date (as described in FASB ASC 606-10-25-29). Performance Obligations Satisfied at a Point in Time FASB ASC 606-10-25-30 If a performance obligation is not satisfied over time, the performance obligation is satisfied at a point in time. To determine the point in time at which a customer obtains control of a promised asset and the entity satisfies a performance obligation, the entity should consider the guidance on control in FASB ASC 606-10-25-23 through 25-26. In addition, it should consider indicators of the transfer of control, which include, but are not limited to, the following: a. The entity has a present right to payment for the asset b. The customer has legal title to the asset c. The entity has transferred physical possession of the asset d. The customer has the significant risks and rewards of ownership of the asset e. The customer has accepted the asset The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods and services transferred to the customer. In addition, a) the company also does not have an alternative use for the asset if the customer were to cancel the contract, and b) has a fully enforceable right to receive payment for work performed (i.e., customers are required to pay as various milestones and/or timeframes are met) The following five steps are applied to achieve that core principle for our HRS and Cety Europe Divisions: ● Identify the contract with the customer ● Identify the performance obligations in the contract ● Determine the transaction price ● Allocate the transaction price to the performance obligations in the contract ● Recognize revenue when the company satisfies a performance obligation The following steps are applied to our legacy engineering and manufacturing division: ● We generate a quotation ● We receive Purchase orders from our customers. ● We build the product to their specification ● We invoice at the time of shipment ● The terms are typically Net 30 days The following step is applied to our CETY HK business unit: ● CETY HK is primarily responsible for fulfilling the contract / promise to provide the specified good or service. A principal obtains control over any one of the following (ASC 606-10-55-37A): a. A good or another asset from the other party which the entity then transfers to the customer. Note that momentary control before transfer to the customer may not qualify. b. A right to a service to be performed by the other party, which gives the entity the ability to direct that party to provide the service to the customer on the entity’s behalf. c. A good or service from the other party that it then combines with other goods or services in providing the specified good or service to the customer. If the entity obtains control over one of the above before the good or service is transferred to a customer, the entity could be considered a principal. Additionally, the above five steps are applied to achieve core principle for our CETY Renewables Division: Because the CETY Renewables division is presently engaged in the Engineering, Procurement, and Construction (EPC) of biomass power facilities, CETY Renewables has developed a process of executing EPC Agreements with customers for this work. In contracting these engagements, CETY Renewables recognizes revenue according to accounting standards in accordance with ASC 606. In recognizing this revenue, CETY Renewables first identifies the relevant contract with its customer according to 606-10-25-1. ● The entities, together known as the Parties, approved the contract in writing, through signatures and commitment to the performance of permitting, design, procurement, construction, and commissioning. ● CETY’s work product includes permits, engineering designs, equipment, and full balance of plant specific to permitting, design, procurement, construction, and commissioning. ● CETY and customer agree to a total EPC Contract price. ● The contract has commercial substance. The risk associated with this EPC Agreement is that payment of the EPC contract price. ● Per the EPC Agreement, CETY expects to collect substantially all of the consideration for its goods and services. Secondly, CETY identifies the performance obligations of the Parties in performance of the EPC Agreement in accordance with 606-10-25-14. At contract inception, CETY assesses the goods and services necessary to deliver the facility in accordance with its agreement with clients. The agreement specifically laid out all deliverables necessary to achieve the permitting, design, procurement, construction, and commissioning. CETY also looks at 606-10-25-14(A). A bundle of goods or services is also present, in that CETY is delivering all work products associated with permitting, design, procurement, construction and commissioning of a commercially operable biomass power plant. A biomass power plant is a distinct bundle of goods or services, so the individual goods or services on their own do not lend themselves to a fully integrated or functional system. CETY in accordance with 606-10-32-1, CETY reviews measurement of the performance obligations. There is no exclusion of any amount of the Contract Price due to constraints associated with 606-10-31-11 through 606-10-32-13. In review of 606-10-32-2A, CETY did not exclude measurement from the measurement of the transaction price any taxes assessed by a government authority as no such taxes will be due. In reviewing 606-10-32-3, CETY evaluated the nature, timing, and amount of consideration promised, and whether it impacts the estimate of the transaction price. Finally, in identifying a single method of measuring progress for each performance obligation satisfied over time, in accordance with 606-10-25-32, CETY applies the methodology of 606-10-25-36. CETY adopted and implemented the input method for revenue recognition in accordance with ASC 606-10-25-33. The company adopts the input method for implementation. CETY recognizes revenue for performance obligations on the basis of the entity’s efforts or inputs to the satisfaction of a performance obligation per 606-10-55-20. For CETY, the contracts with clients for the construction of biomass power plants are the basis for revenue recognition. In each separate EPC Agreement, the performance obligations include permitting, design, procurement, construction, and commissioning of the plant. All of these work products satisfy Section 606-10-25-27(b) as these work products create or enhance an asset under customer’s control. Upon delivery of the work product, the customer takes control of the work products and has full right and ability to direct the use of and obtain substantially all of the remaining benefits of the assets. We recognize revenue over time, using timeline and milestone methods to measure progress towards complete satisfaction of the performance obligation. During the complexity and duration of the biomass power plant construction projects, CETY will recognize revenue over time, consistent with the criteria for over-time recognition under ASC 606. This approach reflects the continuous transfer of documents, permits, and the equipment over to the customer, which is characteristic of long-term construction contracts. We have a list of appropriate measures of progress: This is based on milestones achieved, among other measures. Given the long-term nature of the projects, CETY regularly reviews and, if necessary, updates its estimates of progress towards completion, transaction price, and the allocation of the transaction price to performance obligations. Also, from time to time our contracts state that the customer is not obligated to pay a final payment until the units are commissioned, i.e. a final payment of 10 33,000 33,000 Also from time to time we require upfront deposits from our customers based on the contract. As of December 31, 2023 and 2022, we had outstanding customer deposits of $ 210,310 80,475 |
Fair Value of Financial instruments | Fair Value of Financial instruments The Financial Accounting Standards Board issued ASC (Accounting Standards Codification) 820-10 (SFAS No. 157), “Fair Value Measurements and Disclosures” for financial assets and liabilities. ASC 820-10 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. FASB ASC 820-10 defines fair value as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. FASB ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value: ● Level 1: Quoted prices in active markets for identical assets or liabilities. ● Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. ● Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s derivative liabilities have been valued as Level 3 instruments. We value the derivative liability using a lattice model, with a volatility of 56 0.15 The Company’s financial instruments consist of cash, prepaid expenses, inventory, accounts payable, accrued expenses, and convertible notes payable. The estimated fair value of cash, prepaid expenses, investments, accounts payable, accrued expenses and convertible notes payable approximate their carrying amounts due to the short-term nature of these instruments. |
Foreign Currency Translation and Comprehensive Income (Loss) | Foreign Currency Translation and Comprehensive Income (Loss) We have no material components of other comprehensive income (loss) and accordingly, net loss is equal to comprehensive loss in all periods. The accounts of the Company’s Chinese entities are maintained in RMB. The accounts of the Chinese entities were translated into USD in accordance with FASB ASC Topic 830 “Foreign Currency Matters.” All assets and liabilities were translated at the exchange rate on the balance sheet date; stockholders’ equity is translated at historical rates and the statements of operations and cash flows are translated at the weighted average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income (loss) in accordance with FASB ASC Topic 220, “Comprehensive Income.” Gains and losses resulting from foreign currency transactions are reflected in the statements of operations. The Company follows FASB ASC Topic 220-10, “Comprehensive Income (loss).” Comprehensive income (loss) comprises net income (loss) and all changes to the statements of changes in stockholders’ equity, except those due to investments by stockholders, changes in additional paid-in capital and distributions to stockholders. |
Change from fair value or equity method to consolidation | Change from fair value or equity method to consolidation In July 2022, JHJ, a wholly owned subsidiary of CETY HK and other three shareholders agreed to form and make total capital contribution of RMB 20 2.81 20 100 0 29 49 Shuya was set up as the operating entity for pipeline natural gas (PNG) and compressed natural gas (CNG) trading business, while the other two shareholders of Shuya have large supply relationships. For the year ended December 31, 2022, the Company has determined that Shuya is not a VIE and has evaluated its consolidation analysis under the voting interest model. Because the Company does not own greater than 50% of the outstanding voting shares, either directly or indirectly, it has accounted for its investment in Shuya under the equity method of accounting. Under this method, the investor (“JHJ”) recognizes its share of the profits and losses of the investee (“Shuya”) in the periods when these profits and losses are also reflected in the accounts of the investee. Any profit or loss recognized by the investing entity appears in its income statement. Also, any recognized profit increases the investment recorded by the investing entity, while a recognized loss decreases the investment. JHJ made an investment of RMB 3.91 0.55 10,750 5000 Chengdu Xiangyueheng Enterprise Management Co., Ltd (the “Xiangyueheng”), which owns a 10% equity interest in Shuya, entered a three-party Concerted Action Agreement (the “CAA”), wherein the parties agreed to vote in unison at the shareholders’ meeting of Shuya to consolidate the controlling position of the three parties in Shuya. The three parties agreed that during the term of the CAA, before any of the three parties intends to propose motions to the shareholders’ meetings or the board of directors, or exercise their voting rights on any matter that shall be presented to and resolved through the shareholders’ meeting in accordance with the laws, regulations, Articles of Association of Shuya or any relevant shareholders’ agreements, the three parties will discuss, negotiate, and coordinate the motion topics for consistency; in the event of disagreement, the opinions of JHJ shall prevail. As a result of the CAA, the Company re-analyzed and determined that Shuya is the variable interest entity (the “VIE”) of JHJ because 1) the equity investors at risk, as a group, lack the characteristics of a controlling financial interest, and 2) Shuya is structured with disproportionate voting rights, and substantially all the activities are conducted on behalf of an investor with disproportionately few voting rights. Under ASC 810, a reporting entity has a controlling financial interest in a VIE, and must consolidate that VIE, if the reporting entity has both of the following characteristics: (a) the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance; and (b) the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the VIE. The Company concluded JHJ is deemed the primary beneficiary of the VIE. Accordingly, the Company consolidates Shuya into its consolidated financial statements effective on January 1, 2023. The change of control interest was accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification, referred to as ASC, 805, Business Combinations. The management determined that the Company was the acquiror for financial accounting purposes. In identifying the Company as the accounting acquiror, the companies considered the structure of the transaction and other actions contemplated by the Three-Parties Consistent Action Agreement, relative outstanding share ownership and market values, the composition of the combined company’s board of directors, the relative size of Shuya, and the designation of certain senior management positions of the combined company. In accordance with ASC 805, the Company recorded the acquisition based on the fair value of the consideration transferred and then allocated the purchase price to the identifiable assets acquired and liabilities assumed based on their respective fair values as of the Acquisition Date. The excess of the value of consideration transferred over the aggregate fair value of those net assets was recorded as goodwill. Any identified definite lived intangible assets will be amortized over their estimated useful lives and any identified intangible assets with indefinite useful lives and goodwill will not be amortized but will be tested for impairment at least annually. All intangible assets and goodwill will be tested for impairment when certain indicators are present. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates including the selection of valuation methodologies, estimates of future revenues and cash flows, discount rates, and selection of comparable companies. The valuation of purchase considerations was based on preliminary estimates that management believes are reasonable under the circumstances. Based on the preliminary independent valuation, management determined that the difference in the fair value of the consideration paid, and book records was immaterial due to the fact that Shuya has been only in operations for less than a year after effective date of control in became effective. The management determined that the final purchase price allocation shall be re-valuated subject to change pending additional operational results and forecast assumptions. As the Consistent Action Agreement did not quantify any considerations to gain the control, the deemed consideration paid is the fair value of 51 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 (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 Under ASC-805-10-50-2, initial consolidation of an investee previously reported using fair value or the equity method should be accounted for prospectively as of the date the entity obtained a controlling financial interest. Therefore, the Company should provide pro forma information as if the consolidation had occurred as of the beginning of each of the current and prior comparative reporting period per 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 ) |
Net Profit (Loss) per Preferred and Common Share | Net Profit (Loss) per Preferred and Common Share Basic profit / (loss) per share is computed based on the weighted average number of common shares outstanding. At December 31, 2023, we had outstanding common shares of 39,152,455 38,447,916 27,681,722 277,604 70,102 1,857,590 38,227,965 |
Research and Development | Research and Development We had no |
Segment Disclosure | Segment Disclosure FASB Codification Topic 280, Segment Reporting An operating segment’s performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net sales less cost of sales, and segment selling, general and administrative expenses, and does not include amortization of intangibles, stock-based compensation, other charges (income), net and interest and other, net. 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, December 31, 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 |
Share-Based Compensation | Share-Based Compensation The Company has adopted the use of Statement of Financial Accounting Standards No. 123R, “Share-Based Payment” (SFAS No. 123R) (now contained in FASB Codification Topic 718, Compensation-Stock Compensation We re-evaluate the assumptions used to value our share-based awards on a quarterly basis and, if changes warrant different assumptions, the share-based compensation expense could vary significantly from the amount expensed in the past. We may be required to adjust any remaining share-based compensation expense, based on any additions, cancellations or adjustments to the share-based awards. The expense is recognized over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. For the year ended December 31, 2023 and 2022 we had $ 0 |
Leases | Leases On January 2, 2020, the Company adopted ASC Topic 842, Leases, or ASC 842, using the modified retrospective transition method with a cumulative effect adjustment to be accumulated deficit as of January 1, 2019, and accordingly, modified its policy on accounting for leases as stated below. As described under “Recently Adopted Accounting Pronouncements,” below, the primary impact of adopting ASC 842 for the Company was the recognition in the consolidated balance sheet of certain lease-related assets and liabilities for operating leases with terms longer than 12 months. The Company’s leases primarily consist of facility leases which are classified as operating leases. The Company assesses whether an arrangement contains a lease at inception. The Company recognizes a lease liability to make contractual payments under all leases with terms greater than twelve months and a corresponding right-of-use asset, representing its right to use the underlying asset for the lease term. The lease liability is initially measured at the present value of the lease payments over the lease term using the collateralized incremental borrowing rate since the implicit rate is unknown. Options to extend or terminate a lease are included in the lease term when it is reasonably certain that the Company will exercise such an option. The right-of-use asset is initially measured as the contractual lease liability plus any initial direct costs and prepaid lease payments made, less any lease incentives. Lease expense is recognized on a straight-line basis over the lease term. Leased right-of-use assets are subject to impairment testing as a long-lived asset at the asset-group level. The Company monitors its long-lived assets for indicators of impairment. As the Company’s leased right-of-use assets primarily relate to facility leases, early abandonment of all or part of facility as part of a restructuring plan is typically an indicator of impairment. If impairment indicators are present, the Company tests whether the carrying amount of the leased right-of-use asset is recoverable including consideration of sublease income, and if not recoverable, measures impairment loss for the right-of-use asset or asset group. |
Income Taxes | Income Taxes Federal Income taxes are not currently due since we have had losses since inception of Clean Energy Technologies. On December 22, 2018 H.R. 1, originally known as the Tax Cuts and Jobs Act, (the “Tax Act”) was enacted. Among the significant changes to the U.S. Internal Revenue Code, the Tax Act lowers the U.S. federal corporate income tax rate (“Federal Tax Rate”) from 35% to 21% effective January 1, 2018. The Company will compute its income tax expense for the year ended December 31, 2022 using a Federal Tax Rate of 21% and an estimated state of California rate of 9%. Income taxes are provided based upon the liability method of accounting pursuant to ASC 740-10-25 Income Taxes – Recognition. Deferred income tax amounts reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes. As of December 31, 2023, we had a net operating loss carry-forward of approximately $( 15,737,415 4,727,224 30 4,727,224 On February 13, 2018, Clean Energy Technologies, Inc., a Nevada corporation (the “Registrant” or “Corporation”) entered into a Common Stock Purchase Agreement (“Stock Purchase Agreement”) by and between MGW Investment I Limited (“MGWI”) and the Corporation. The Corporation received $ 907,388 7,561,567 .001 On February 13,2018 the Corporation and Confections Ventures Limited. (“CVL”) entered into a Convertible Note Purchase Agreement (the “Convertible Note Purchase Agreement,” together with the Stock Purchase Agreement and the transactions contemplated thereunder, the “Financing”) pursuant to which the Corporation issued to CVL a convertible promissory Note (the “CVL Note”) in the principal amount of $ 939,500 10 0.12 This resulted in a change in control, which limited the net operating to that date forward. We are subject to taxation in the U.S. and the states of California. Further, the Company currently has no open tax years’ subject to audit prior to December 31, 2018 |
Reclassification | Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported income, total assets, or stockholders’ equity as previously reported. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards The Company’s management reviewed all recently issued ASU’s not yet adopted by the Company and does not believe the future adoptions of any such ASU’s may be expected to cause a material impact on the Company’s consolidated financial condition or the results of its operations. |
Deferred Stock Issuance Costs | Deferred Stock Issuance Costs Deferred stock issuance costs represent amounts paid for legal, consulting, and other offering expenses in conjunction with the future raising of additional capital to be performed within one year. These costs are netted against additional paid-in capital as a cost of the stock issuance upon closing of the respective stock placement. During the year ended December 31, 2023, $ 11,000 |
BASIS OF PRESENTATION AND SUM_3
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 5 Equipment 5 10 |
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 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 (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 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, December 31, 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 |
ACCOUNTS AND NOTES RECEIVABLE (
ACCOUNTS AND NOTES RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
SCHEDULE OF ACCOUNTS AND NOTES RECEIVABLE | SCHEDULE OF ACCOUNTS AND NOTES RECEIVABLE December 31, 2023 December 31, 2022 Accounts Receivable $ 1,362,130 $ 1,388,567 Accounts Receivable - RP 491,774 - Less reserve for uncollectable accounts (95,000 ) (95,000 ) Total $ 1,758,904 $ 1,293,567 |
SCHEDULE OF LEASE RECEIVABLE ASSET | Our Accounts Receivable is pledged to Nations Interbanc, our line of credit. SCHEDULE OF LEASE RECEIVABLE ASSET December 31, 2023 December 31, 2022 Long-term receivables $ 1,149,854 $ 1,000,000 Less reserve for uncollectable accounts (247,500 ) (247,500 ) Net Long-term receivables 902,354 752,500 |
INVENTORY (Tables)
INVENTORY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORIES | Inventories by major classification were comprised of the following at: SCHEDULE OF INVENTORIES December 31, 2023 December 31, 2022 Inventory $ 1,909,238 $ 1,389,394 Less reserve for obsolescence parts (934,344 ) (897,808 ) Total $ 974,894 $ 500,586 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | Property and equipment were comprised of the following at: SCHEDULE OF PROPERTY AND EQUIPMENT December 31, 2023 December 31, 2022 Property and Equipment $ 1,509,025 $ 1,430,260 Accumulated Depreciation (1,430,337 ) (1,415,444 ) Net Fixed Assets $ 78,688 $ 14,816 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | Intangible assets were comprised of the following at: SCHEDULE OF INTANGIBLE ASSETS December 31, 2023 December 31, 2022 Goodwill $ 747,976 $ 747,976 LWL Investment 1,468,709 1,468,709 Intangible assets - Shuya 12,914 - License 354,322 354,322 Patents 190,789 190,789 Accumulated Amortization (98,972 ) (87,096 ) Net Fixed Assets $ 26,82,893 $ 2,674,700 |
SCHEDULE OF BUSINESS ACQUISITION PURCHASE PRICE ALLOCATION | 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 $ 20,000 Trading Contracts $ 146,035 Shenzhen Gas Relationship $ 1,314,313 Total assets acquired $ 1,508,539 Liabilities assumed: Advance Receipts $ (8,539 ) Taxes Payable $ 179 Net Assets Acquired: $ 1,500,000 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCRUED EXPENSES | SCHEDULE OF ACCRUED EXPENSES December 31, 2023 December 31, 2022 Accrued Wages $ 104,775 $ 102,370 Sales tax payable 47,661 Accrued Taxes and other 433,936 16,660 Accrued Taxes and other $ 586,372 $ 119,030 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF CONVERTIBLE NOTES | Total due to Convertible Notes SCHEDULE OF CONVERTIBLE NOTES December 31, 2023 December 31, 2022 Total convertible notes $ 1,697,757 $ 3,156,528 Accrued Interest 308,216 262,331 Debt Discount (71,017 ) (326,804 ) Total $ 1,934,956 $ 3,092,055 |
DERIVATIVE LIABILITIES (Tables)
DERIVATIVE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
SCHEDULE OF FAIR VALUE OF DERIVATIVE LIABILITY | The remaining derivative liabilities were: SCHEDULE OF FAIR VALUE OF DERIVATIVE LIABILITY December 31, 2023 December 31, 2022 Derivative Liabilities on Convertible Loans: Outstanding Balance $ - $ 588,178 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Metro Creekside California L L C [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
SCHEDULE OF OPERATING LEASE COST | Balance sheet information related to the Company’s operating leases: SCHEDULE OF OPERATING LEASE COST As of Right-of-used assets $ 245,974 Lease liabilities – current $ 117,606 Lease liabilities – non-current 128,480 Total lease liabilities $ 246,086 The weighted-average remaining lease term and the weighted-average discount rate of the above two leases are as follows: Year Ended December 31, 2023 Weighted average remaining lease term (years) 2.25 Weighted average discount rate 6.5 % |
SCHEDULE OF LEASE PAYMENT | The following is a schedule, by year of lease payment for above two leases as of December 31, 2023: SCHEDULE OF LEASE PAYMENT For the 12 months ending Lease Payment 2024 129,622 2025 90,243 2026 40,642 2027 3,511 Total undiscounted cash flows 264,017 Imputed Interest (17,932 ) Present value of lease liabilities $ 246,086 |
Leishen Lease [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
SCHEDULE OF OPERATING LEASE COST | Balance sheet information related to the Company’s Leishen operating leases: SCHEDULE OF OPERATING LEASE COST As of Right-of-used assets $ 207,995 Lease liabilities – current $ 229,201 Lease liabilities – non-current 81,506 Total lease liabilities $ 310,707 The weighted-average remaining lease term and the weighted-average discount rate of Leishen leases are as follows: Year Ended December 31 2023 2022 Weighted average remaining lease term (years) 2.59 3.59 Weighted average discount rate 5 % 5 % |
CAPITAL STOCK TRANSACTIONS (Tab
CAPITAL STOCK TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
SCHEDULE OF WARRANT ACTIVITY | SCHEDULE OF WARRANT ACTIVITY Warrants - Common Share Equivalents Weighted Average Exercise price Weighted Average Contractual life Aggregate Intrinsic Value Outstanding December 31, 2022 325,243 $ 1.60 3.99 - Expired - - - - Additions 425,438 1.60 4.17 - Additions 26,701 5.00 3.90 - Exercised 707,280 1.60 Outstanding December 31, 2023 70,102 2.90 3.71 - |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF PROVISION OF INCOME TAX | The provision for income tax consisted of the following: SCHEDULE OF PROVISION OF INCOME TAX For the year ended December 31,2023 Current income tax expense $ 22,173 Deferred income tax expense (benefit) - Total income tax expense $ 22,173 |
SCHEDULE OF RECONCILIATION OF STATUTORY TAX RATE | The following table reconciles the statutory tax rate to the Company’s effective tax rate: SCHEDULE OF RECONCILIATION OF STATUTORY TAX RATE For the year ended December 31,2023 Federal statutory tax expense (benefit) (21 )% State statutory (6.8 )% Tax rate difference 0.1 % Permanent difference 0.2 % Change in valuation allowance (28.0 )% Effective tax rate 0.4 % |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | The components of deferred tax assets (liabilities) are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES As of Deferred tax: Allowance for doubtful accounts $ 5,686 Net operating loss (“NOL”) carrying forwards 7,021,555 Operating lease liabilities, net of right of use assets 2,479 Advertising expense Total deferred tax assets, net 7,029,720 Less: valuation allowance (7,029,720 ) Total deferred tax assets, net — |
GENERAL (Details Narrative)
GENERAL (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Stockholder's equity | $ 5,869,198 | $ 1,878,196 | $ (1,721,712) |
Working capital deficit | 1,949,206 | ||
Accumulated deficit | 22,984,163 | 17,276,536 | |
Net cash used in operating activities | 4,783,077 | $ 2,244,133 | |
Partners contribution | $ 8,000,000 |
SCHEDULE OF FAIR VALUE OF ASSET
SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES ACQUIRED (Details) | Jan. 01, 2023 USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Non controlling interest percentage | 51% |
JHJ [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Fair value of non-controlling interests | $ 650,951 |
Fair value of previously held equity investment | 556,096 |
Total identifiable net assets | 1,207,047 |
Recognized value of 100% of identifiable net assets | (1,207,047) |
Goodwill Recognized | |
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 |
SCHEDULE OF FAIR VALUE OF ASS_2
SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES ACQUIRED (Details) (Parenthetical) | Jan. 01, 2023 |
Accounting Policies [Abstract] | |
Net assets percentage | 100% |
Unaudited Proforma of Consolida
Unaudited Proforma of Consolidated Statement of Operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total Income | $ 15,113,463 | $ 2,663,212 |
Cost of Goods Sold | 14,023,209 | 1,489,016 |
Gross Profit | 1,090,254 | 1,174,196 |
Expense | ||
General and Administrative Expense | 684,893 | 400,322 |
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 |
Depreciation and Amortization | 26,692 | 30,076 |
Total Expenses | 3,745,662 | 2,163,947 |
Net Loss from Operations | (2,655,408) | (989,751) |
Other Income & Expense | ||
Other Income | 81,583 | 55,403 |
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) | (1,125,395) |
Net Profit / (Loss) Before Income Taxes | (5,509,589) | 165,678 |
Income Tax Expense | (22,173) | (18,283) |
Net Profit / (Loss) | (5,531,762) | 147,395 |
Non-controlling interest | 127,961 | |
Net Profit / (Loss) attributable to Clean Energy Technologies, Inc. | (5,659,723) | 147,395 |
Other Comprehensive Item | ||
Foreign Currency Translation Gain | (36,155) | (160,673) |
Total Comprehensible Income / (Loss) | (5,695,878) | (13,278) |
Nonrelated Party [Member] | ||
Total Income | 14,702,977 | 2,663,212 |
Related Party [Member] | ||
Total Income | 410,486 | |
Pro Forma [Member] | ||
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 Expenses | 3,745,662 | 2,270,946 |
Net 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) |
Pro Forma [Member] | Nonrelated Party [Member] | ||
Total Income | 14,702,977 | 4,029,087 |
Pro Forma [Member] | Related Party [Member] | ||
Total Income | $ 410,486 |
SCHEDULE OF FINANCIAL DATA (Det
SCHEDULE OF FINANCIAL DATA (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Product Information [Line Items] | ||
Other international | $ 15,113,463 | $ 2,663,212 |
Total Segment income | 1,090,254 | 1,174,196 |
LNG Trading | 10,928,611 | 8,114,329 |
Total Assets | 11,511,037 | 8,114,329 |
Total Sales | 15,113,463 | 2,567,596 |
UNITED STATES | ||
Product Information [Line Items] | ||
Other international | 905,057 | 509,330 |
CHINA | ||
Product Information [Line Items] | ||
Other international | 14,138,789 | 1,925,950 |
Other International [Member] | ||
Product Information [Line Items] | ||
Other international | 69,617 | 132,316 |
Manufacturing Amd Engineering [Member] | ||
Product Information [Line Items] | ||
Other international | 47,091 | 203,078 |
Total Segment income | (16,199) | 124,437 |
Heat Recovery Solutions [Member] | ||
Product Information [Line Items] | ||
Other international | 497,584 | 4,488,453 |
Total Segment income | 157,179 | 361,914 |
LNG Trading [Member] | ||
Product Information [Line Items] | ||
Other international | 14,138,789 | 1,890,439 |
Total Segment income | 594,041 | 619,446 |
LNG Trading | 5,339,618 | |
Waste To Energy [Member] | ||
Product Information [Line Items] | ||
Other international | 429,999 | 81,242 |
Total Segment income | 355,233 | 68,399 |
LNG Trading | 523,566 | 39,703 |
CETY and Manufacturing and Engineering [Member] | ||
Product Information [Line Items] | ||
LNG Trading | 2,548,630 | 5,518,460 |
Clean Energy HRS [Member] | ||
Product Information [Line Items] | ||
LNG Trading | $ 3,099,223 | $ 2,556,166 |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) $ / shares in Units, ¥ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Sep. 21, 2022 shares | Feb. 13, 2018 USD ($) $ / shares shares | Jul. 31, 2022 USD ($) | Jul. 31, 2022 CNY (¥) | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) shares | Aug. 31, 2022 USD ($) | |
Product Information [Line Items] | ||||||||
Cash FDIC insured amount | $ 250,000 | |||||||
Reserve for potentially un-collectable accounts receivable | 95,000 | $ 95,000 | ||||||
Reserve for potentially un-collectable long-term financing receivables | 247,500 | 247,500 | ||||||
Obsolete inventory reserve | 934,344 | 897,808 | ||||||
Impairment of long-lived assets | $ 0 | 0 | ||||||
Final payment percentage | 10% | |||||||
Deferred revenue | $ 33,000 | 33,000 | ||||||
Customer deposits | 210,310 | 80,475 | ||||||
Equity method investments | $ 0 | |||||||
Net loss | $ (5,659,723) | $ 147,395 | ||||||
Weighted average number of common shares outstanding | shares | 39,152,455 | |||||||
Weighted average common shares and equivalents | shares | 38,447,916 | 27,681,722 | 27,681,722 | |||||
Weighted average number of diluted shares outstanding | shares | 38,227,965 | |||||||
Research and development expense | $ 0 | $ 0 | ||||||
Employee benefits and share based compensation | $ 0 | 0 | ||||||
Income tax examination description | On December 22, 2018 H.R. 1, originally known as the Tax Cuts and Jobs Act, (the “Tax Act”) was enacted. Among the significant changes to the U.S. Internal Revenue Code, the Tax Act lowers the U.S. federal corporate income tax rate (“Federal Tax Rate”) from 35% to 21% effective January 1, 2018. The Company will compute its income tax expense for the year ended December 31, 2022 using a Federal Tax Rate of 21% and an estimated state of California rate of 9%. | |||||||
Net operating loss carry-forward | $ 15,737,415 | |||||||
Valuation Allowance | $ 4,727,224 | |||||||
Federal corporate income tax rate | 21% | |||||||
Proceeds from issuance of common stock | $ 3,094,555 | $ 1,493,945 | ||||||
Common stock, shares par value | $ / shares | $ 0.001 | $ 0.001 | ||||||
Deferred stock issuance costs | $ 11,000 | |||||||
MGW Investment I Limited [Member] | ||||||||
Product Information [Line Items] | ||||||||
Shares issued in debt conversion | shares | 12,907,534 | |||||||
MGW Investment I Limited [Member] | Stock Purchase Agreement [Member] | ||||||||
Product Information [Line Items] | ||||||||
Proceeds from issuance of common stock | $ 907,388 | |||||||
Number of restricted shares issuance | shares | 7,561,567 | |||||||
Common stock, shares par value | $ / shares | $ 0.001 | |||||||
Corporation and Confections Ventures Limited [Member] | Convertible Note Purchase Agreement [Member] | ||||||||
Product Information [Line Items] | ||||||||
Debt principal amount | $ 939,500 | |||||||
Debt interest rate | 10% | |||||||
Debt conversion price per share | $ / shares | $ 0.12 | |||||||
Debt maturity date | Dec. 31, 2018 | |||||||
Domestic Tax Authority [Member] | ||||||||
Product Information [Line Items] | ||||||||
Federal corporate income tax rate | 30% | |||||||
Common Stock [Member] | ||||||||
Product Information [Line Items] | ||||||||
Shares issued in debt conversion | shares | 277,604 | |||||||
Warrant [Member] | ||||||||
Product Information [Line Items] | ||||||||
Warrants issued in debt conversion | shares | 70,102 | |||||||
Preferred shares | shares | 1,857,590 | |||||||
Sichuan Hongzuo Shuya Energy Limited [Member] | ||||||||
Product Information [Line Items] | ||||||||
Percentage of equity ownership | 20% | 20% | 49% | |||||
Allocation of investment | $ 567,123 | |||||||
Sichuan Hongzuo Shuya Energy Limited [Member] | JHJ [Member] | ||||||||
Product Information [Line Items] | ||||||||
Proceeds from capital contribution | ¥ | ¥ 3,910 | |||||||
Percentage of equity ownership | 20% | 20% | 49% | |||||
Sichuan Hongzuo Shuya Energy Limited [Member] | Sichuan Shunengwei Energy Technology Limited [Member] | ||||||||
Product Information [Line Items] | ||||||||
Percentage of equity ownership | 29% | |||||||
Sichuan Shunengwei Energy Technology Limited [Member] | ||||||||
Product Information [Line Items] | ||||||||
Percentage of equity ownership | 29% | |||||||
Sichuan Shunengwei Energy Technology Limited [Member] | JHJ [Member] | ||||||||
Product Information [Line Items] | ||||||||
Percentage of equity ownership | 100% | |||||||
Equity method investments | $ 0 | |||||||
JHJ [Member] | ||||||||
Product Information [Line Items] | ||||||||
Proceeds from capital contribution | 550,000 | |||||||
Percentage of equity ownership | 100% | |||||||
Net loss | 10,750 | |||||||
Allocation of investment | $ 5,000 | |||||||
JHJ and Other Three Shareholders [Member] | ||||||||
Product Information [Line Items] | ||||||||
Proceeds from capital contribution | $ 2,810,000 | ¥ 20,000 | ||||||
Measurement Input, Price Volatility [Member] | ||||||||
Product Information [Line Items] | ||||||||
Derivative liability measurement input | 91.5 | |||||||
Measurement Input, Risk Free Interest Rate [Member] | ||||||||
Product Information [Line Items] | ||||||||
Derivative liability measurement input | 4.5 | |||||||
Minimum [Member] | Measurement Input, Price Volatility [Member] | ||||||||
Product Information [Line Items] | ||||||||
Derivative liability measurement input | 0.56 | |||||||
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||
Product Information [Line Items] | ||||||||
Derivative liability measurement input | 0.0015 | |||||||
Furniture and Fixtures [Member] | Minimum [Member] | ||||||||
Product Information [Line Items] | ||||||||
Useful live | 3 years | |||||||
Furniture and Fixtures [Member] | Maximum [Member] | ||||||||
Product Information [Line Items] | ||||||||
Useful live | 5 years | |||||||
Equipment [Member] | Minimum [Member] | ||||||||
Product Information [Line Items] | ||||||||
Useful live | 5 years | |||||||
Equipment [Member] | Maximum [Member] | ||||||||
Product Information [Line Items] | ||||||||
Useful live | 10 years | |||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Seven Customers [Member] | ||||||||
Product Information [Line Items] | ||||||||
Accounts receivable, rate | 98% | |||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Four Customers [Member] | ||||||||
Product Information [Line Items] | ||||||||
Accounts receivable, rate | 98% |
SCHEDULE OF ACCOUNTS AND NOTES
SCHEDULE OF ACCOUNTS AND NOTES RECEIVABLE (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Accounts Receivable | $ 1,362,130 | $ 1,388,567 |
Accounts Receivable - RP | 491,774 | |
Less reserve for uncollectable accounts | (95,000) | (95,000) |
Total | $ 1,758,904 | $ 1,293,567 |
SCHEDULE OF LEASE RECEIVABLE AS
SCHEDULE OF LEASE RECEIVABLE ASSET (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Net Long-term receivables | $ 200,826 | $ 116,000 |
Nations Interbanc [Member] | ||
Long-term receivables | 1,149,854 | 1,000,000 |
Less reserve for uncollectable accounts | (247,500) | (247,500) |
Net Long-term receivables | $ 902,354 | $ 752,500 |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Inventory | $ 1,909,238 | $ 1,389,394 |
Less reserve for obsolescence parts | (934,344) | (897,808) |
Total | $ 974,894 | $ 500,586 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Property and Equipment | $ 1,509,025 | $ 1,430,260 |
Accumulated Depreciation | (1,430,337) | (1,415,444) |
Net Fixed Assets | $ 78,688 | $ 14,816 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 26,692 | $ 30,076 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 747,976 | $ 747,976 |
LWL Investment | 1,468,709 | 1,468,709 |
License | 354,322 | 354,322 |
Patents | 190,789 | 190,789 |
Accumulated Amortization | (98,972) | (87,096) |
Net Fixed Assets | $ 2,682,893 | $ 2,674,700 |
SCHEDULE OF BUSINESS ACQUISITIO
SCHEDULE OF BUSINESS ACQUISITION PURCHASE PRICE ALLOCATION (Details) - LWL [Member] | Nov. 08, 2021 USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Business Combination, Consideration Transferred | $ 1,500,000 |
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 |
Advance Receipts | (8,539) |
Taxes Payable | 179 |
Net Assets Acquired: | $ 1,500,000 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
Amortization expense | $ 11,876 | $ 11,876 |
LWL [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Condition of shares issuance description | If LWL reach 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.As of the date of the filing the performance contingencies had not been met |
CONVERTIBLE NOTE RECEIVABLE (De
CONVERTIBLE NOTE RECEIVABLE (Details Narrative) | 12 Months Ended | ||
Jan. 10, 2022 USD ($) | Dec. 31, 2023 USD ($) | Jan. 10, 2022 CNY (¥) | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Interest Income, Operating | $ 58,273 | ||
Heze Hongyuan Natural Gas Co Ltd [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Equity Method Investment, Ownership Percentage | 90% | 90% | |
Heze Hongyuan Natural Gas Co Ltd [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 15% | 15% | |
Convertible Debt Securities [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Debt Instrument, Maturity Date | Jan. 10, 2025 | ||
Debt Instrument, Face Amount | $ 780,000 | ¥ 5,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 12% | 12% |
SCHEDULE OF ACCRUED EXPENSES (D
SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued Wages | $ 104,775 | $ 102,370 |
Accrued Taxes and other | 433,936 | 16,660 |
Accrued Taxes and other | $ 586,372 | $ 119,030 |
SCHEDULE OF CONVERTIBLE NOTES (
SCHEDULE OF CONVERTIBLE NOTES (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Total convertible notes | $ 1,697,757 | $ 3,156,528 |
Accrued Interest | 308,216 | 262,331 |
Debt Discount | (71,017) | (326,804) |
Total | $ 1,934,956 | $ 3,092,055 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Dec. 19, 2023 USD ($) | Nov. 30, 2023 USD ($) | Nov. 17, 2023 USD ($) | Oct. 13, 2023 USD ($) | Jul. 20, 2023 USD ($) $ / shares | Mar. 09, 2023 USD ($) | Mar. 08, 2023 USD ($) $ / shares shares | Mar. 06, 2023 USD ($) | Feb. 10, 2023 USD ($) | Jan. 19, 2023 USD ($) $ / shares shares | Dec. 26, 2022 USD ($) $ / shares shares | Dec. 05, 2022 USD ($) | Nov. 21, 2022 USD ($) $ / shares shares | Nov. 10, 2022 USD ($) $ / shares shares | Oct. 25, 2022 USD ($) | Sep. 16, 2022 USD ($) $ / shares shares | Sep. 01, 2022 USD ($) $ / shares shares | Aug. 17, 2022 USD ($) $ / shares shares | Aug. 05, 2022 USD ($) $ / shares shares | Jul. 13, 2022 USD ($) | Jun. 30, 2022 USD ($) | May 06, 2022 USD ($) $ / shares shares | Mar. 10, 2022 USD ($) | Apr. 01, 2021 USD ($) | May 24, 2017 USD ($) d | May 05, 2017 USD ($) d | Sep. 11, 2015 USD ($) | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Nov. 08, 2023 USD ($) | Oct. 27, 2023 $ / shares | Sep. 13, 2023 $ / shares shares | Sep. 12, 2023 $ / shares | Jun. 23, 2023 $ / shares | Jun. 14, 2023 $ / shares | May 19, 2023 $ / shares | May 10, 2023 $ / shares | Apr. 18, 2023 $ / shares | Apr. 03, 2023 USD ($) | Mar. 31, 2023 USD ($) | Nov. 06, 2017 USD ($) | Dec. 31, 2015 USD ($) | Nov. 11, 2013 | |
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Line of credit | $ 626,033 | $ 998,820 | |||||||||||||||||||||||||||||||||||||||||
Total gain recognized | 2,556,916 | ||||||||||||||||||||||||||||||||||||||||||
Note paid off | 1,675,535 | 807,312 | |||||||||||||||||||||||||||||||||||||||||
Professional fees | $ 356,785 | $ 315,361 | |||||||||||||||||||||||||||||||||||||||||
Common stock, shares par value | $ / shares | $ 0.001 | $ 0.001 | |||||||||||||||||||||||||||||||||||||||||
Promissory Note [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 10% | ||||||||||||||||||||||||||||||||||||||||||
Debt principal amount | $ 734,000 | $ 187,000 | $ 123,000 | $ 95,000 | $ 300,000 | $ 300,000 | $ 138,889 | $ 150,000 | $ 138,889 | $ 750,000 | |||||||||||||||||||||||||||||||||
Notes payable | $ 170,600 | ||||||||||||||||||||||||||||||||||||||||||
Default interest rate | default interest rate of 22% per annum | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Mar. 10, 2023 | ||||||||||||||||||||||||||||||||||||||||||
Note paid off | $ 18,766 | ||||||||||||||||||||||||||||||||||||||||||
Professional fees | $ 17,060 | ||||||||||||||||||||||||||||||||||||||||||
Shares of common stock per the warrant agrreement | shares | 367,000 | 58,438 | 38,437 | 29,687 | 29,687 | 93,750 | 43,403 | 46,875 | 43,403 | 234,375 | 183,500 | ||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | |||||||||||||||||||||||||||
Promissory Note One [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 10% | ||||||||||||||||||||||||||||||||||||||||||
Notes payable | $ 252,928.44 | $ 139,111.30 | |||||||||||||||||||||||||||||||||||||||||
Default interest rate | default interest rate of 22% per annum | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||
Note paid off | $ 27,822.13 | ||||||||||||||||||||||||||||||||||||||||||
Professional fees | $ 25,293 | ||||||||||||||||||||||||||||||||||||||||||
Promissory Note Two [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 10% | ||||||||||||||||||||||||||||||||||||||||||
Notes payable | $ 159,450 | $ 87,697.50 | |||||||||||||||||||||||||||||||||||||||||
Default interest rate | default interest rate of 22% per annum | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jul. 13, 2023 | ||||||||||||||||||||||||||||||||||||||||||
Note paid off | $ 17,539.50 | ||||||||||||||||||||||||||||||||||||||||||
Professional fees | $ 16,447 | ||||||||||||||||||||||||||||||||||||||||||
Promissory Note Three [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 10% | ||||||||||||||||||||||||||||||||||||||||||
Notes payable | $ 114,850 | ||||||||||||||||||||||||||||||||||||||||||
Default interest rate | default interest rate of 22% per annum | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Oct. 25, 2023 | ||||||||||||||||||||||||||||||||||||||||||
Note paid off | $ 12,633.50 | ||||||||||||||||||||||||||||||||||||||||||
Professional fees | $ 11,850 | ||||||||||||||||||||||||||||||||||||||||||
Promissory Note Four [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 10% | ||||||||||||||||||||||||||||||||||||||||||
Notes payable | $ 191,526 | $ 0 | |||||||||||||||||||||||||||||||||||||||||
Default interest rate | default interest rate of 22% per annum | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Dec. 05, 2023 | ||||||||||||||||||||||||||||||||||||||||||
Note paid off | $ 21,067.80 | ||||||||||||||||||||||||||||||||||||||||||
Professional fees | $ 19,760 | ||||||||||||||||||||||||||||||||||||||||||
Promissory Note Five [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 10% | ||||||||||||||||||||||||||||||||||||||||||
Notes payable | $ 258,521 | 0 | |||||||||||||||||||||||||||||||||||||||||
Default interest rate | default interest rate of 22% per annum | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Feb. 10, 2024 | ||||||||||||||||||||||||||||||||||||||||||
Note paid off | $ 28,437 | ||||||||||||||||||||||||||||||||||||||||||
Professional fees | $ 27,698 | ||||||||||||||||||||||||||||||||||||||||||
Promissory Note Six [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 10% | ||||||||||||||||||||||||||||||||||||||||||
Notes payable | $ 135,005 | 0 | |||||||||||||||||||||||||||||||||||||||||
Default interest rate | default interest rate of 22% per annum | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Mar. 06, 2024 | ||||||||||||||||||||||||||||||||||||||||||
Note paid off | $ 13,500 | ||||||||||||||||||||||||||||||||||||||||||
Professional fees | $ 14,465 | ||||||||||||||||||||||||||||||||||||||||||
Promissory Note Seven [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 10% | ||||||||||||||||||||||||||||||||||||||||||
Notes payable | $ 197,196 | 173,532 | |||||||||||||||||||||||||||||||||||||||||
Default interest rate | default interest rate of 22% per annum | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Aug. 15, 2024 | ||||||||||||||||||||||||||||||||||||||||||
Note paid off | $ 21,692 | ||||||||||||||||||||||||||||||||||||||||||
Professional fees | $ 21,128 | ||||||||||||||||||||||||||||||||||||||||||
Promissory Note Eight [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 10% | ||||||||||||||||||||||||||||||||||||||||||
Notes payable | $ 261,450 | 287,595 | |||||||||||||||||||||||||||||||||||||||||
Default interest rate | default interest rate of 22% per annum | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||
Note paid off | $ 28,760 | ||||||||||||||||||||||||||||||||||||||||||
Professional fees | $ 28,013 | ||||||||||||||||||||||||||||||||||||||||||
Promissory Note Nine [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 10% | ||||||||||||||||||||||||||||||||||||||||||
Notes payable | $ 136,550 | 150,205 | |||||||||||||||||||||||||||||||||||||||||
Default interest rate | default interest rate of 22% per annum | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||
Note paid off | $ 15,021 | ||||||||||||||||||||||||||||||||||||||||||
Professional fees | $ 16,700 | ||||||||||||||||||||||||||||||||||||||||||
Promissory Note Ten [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 10% | ||||||||||||||||||||||||||||||||||||||||||
Notes payable | $ 92,000 | 101,200 | |||||||||||||||||||||||||||||||||||||||||
Default interest rate | default interest rate of 22% per annum | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Oct. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||
Note paid off | $ 10,120 | ||||||||||||||||||||||||||||||||||||||||||
Professional fees | $ 12,000 | ||||||||||||||||||||||||||||||||||||||||||
Nine-Month Convertible Note Payable [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 12% | ||||||||||||||||||||||||||||||||||||||||||
Debt principal amount | $ 78,000 | ||||||||||||||||||||||||||||||||||||||||||
Conversion rate | 61% | ||||||||||||||||||||||||||||||||||||||||||
Debt trading days | d | 15 | ||||||||||||||||||||||||||||||||||||||||||
Nine Month Convertible Note Payable Two [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 12% | ||||||||||||||||||||||||||||||||||||||||||
Debt principal amount | $ 32,000 | ||||||||||||||||||||||||||||||||||||||||||
Conversion rate | 58% | ||||||||||||||||||||||||||||||||||||||||||
Debt trading days | d | 15 | ||||||||||||||||||||||||||||||||||||||||||
Convertible Note Payable [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Accrued interest | $ 581,363 | ||||||||||||||||||||||||||||||||||||||||||
Heat Recovery Solutions [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 2.66% | ||||||||||||||||||||||||||||||||||||||||||
Debt principal amount | $ 1,400,000 | $ 200,000 | |||||||||||||||||||||||||||||||||||||||||
Pension liability | 100,000 | ||||||||||||||||||||||||||||||||||||||||||
Total liability in connection with acquisition. | $ 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt payment description | (a) $200,000 in principal on December 31, 2015 and (b) thereafter, the remaining principal amount of $1,200,000, together with interest thereon, payable in equal quarterly instalments of principal and interest of $157,609, commencing on December 31, 2016 and continuing until December 31, 2019, at which time the remaining unpaid principal amount of this note and all accrued and unpaid interest thereon shall be due and payable in full | ||||||||||||||||||||||||||||||||||||||||||
Cybernaut Zfounder Ventures [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt principal payments of debt | $ 330,555 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Debt Default, Amount | $ 200,000 | ||||||||||||||||||||||||||||||||||||||||||
Cybernaut Zfounder Ventures [Member] | Nine-Month Convertible Note Payable One [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 14% | ||||||||||||||||||||||||||||||||||||||||||
Debt principal payments of debt | $ 116,600 | ||||||||||||||||||||||||||||||||||||||||||
Cybernaut Zfounder Ventures [Member] | Nine Month Convertible Note Payable Two [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 14% | ||||||||||||||||||||||||||||||||||||||||||
Debt principal payments of debt | $ 95,685 | ||||||||||||||||||||||||||||||||||||||||||
Accrued interest | $ 163,980 | ||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable Financing Agreement [Member] | American Interbanc [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 2.50% | ||||||||||||||||||||||||||||||||||||||||||
Financing Agreement [Member] | DHN Capital LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Accrued fees | $ 275,000 | ||||||||||||||||||||||||||||||||||||||||||
Accrual rate | 2.25% | ||||||||||||||||||||||||||||||||||||||||||
Financing Agreement [Member] | DHN Capital LLC [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Minimum monthly payment | $ 50,000 | ||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Master HillL .P [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | ||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Master HillL .P [Member] | Convertible Note Payable One [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 15% | ||||||||||||||||||||||||||||||||||||||||||
Debt principal amount | $ 750,000 | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | May 06, 2023 | ||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 935,856 | ||||||||||||||||||||||||||||||||||||||||||
Purchase price | $ 675,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt unamortized debt discount | $ 75,000 | ||||||||||||||||||||||||||||||||||||||||||
Shares of common stock per the warrant agrreement | shares | 234,375 | ||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 1.60 | ||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Master HillL .P [Member] | Convertible Note Payable Two [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Maturity date | Aug. 05, 2023 | ||||||||||||||||||||||||||||||||||||||||||
Note paid off | $ 187,451 | ||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Master HillL .P [Member] | Convertible Note Payable Three [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Note paid off | 215,000 | ||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Master HillL .P [Member] | Convertible Note Payable Four [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Note paid off | $ 190,606 | ||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Master HillL .P [Member] | Convertible Note Payable Five [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 15% | ||||||||||||||||||||||||||||||||||||||||||
Debt principal amount | $ 300,000 | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Sep. 16, 2023 | ||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 357,945 | ||||||||||||||||||||||||||||||||||||||||||
Purchase price | $ 270,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt unamortized debt discount | $ 30,000 | ||||||||||||||||||||||||||||||||||||||||||
Shares of common stock per the warrant agrreement | shares | 93,750 | ||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 1.60 | ||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Master HillL .P [Member] | Convertible Note Payable Six [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 15% | ||||||||||||||||||||||||||||||||||||||||||
Debt principal amount | $ 95,000 | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Nov. 10, 2023 | ||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 109,016 | ||||||||||||||||||||||||||||||||||||||||||
Purchase price | $ 85,500 | ||||||||||||||||||||||||||||||||||||||||||
Debt unamortized debt discount | $ 9,500 | ||||||||||||||||||||||||||||||||||||||||||
Shares of common stock per the warrant agrreement | shares | 29,686 | ||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 1.60 | ||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Master HillL .P [Member] | Convertible Note Payable Seven [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 15% | ||||||||||||||||||||||||||||||||||||||||||
Debt principal amount | $ 95,000 | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Nov. 21, 2023 | ||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 108,703 | ||||||||||||||||||||||||||||||||||||||||||
Purchase price | $ 85,500 | ||||||||||||||||||||||||||||||||||||||||||
Debt unamortized debt discount | $ 9,500 | ||||||||||||||||||||||||||||||||||||||||||
Shares of common stock per the warrant agrreement | shares | 29,686 | ||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 1.60 | ||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Master HillL .P [Member] | Convertible Note Payable Eight [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 15% | ||||||||||||||||||||||||||||||||||||||||||
Debt principal amount | $ 123,000 | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Dec. 26, 2023 | ||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 138,923 | ||||||||||||||||||||||||||||||||||||||||||
Purchase price | $ 110,700 | ||||||||||||||||||||||||||||||||||||||||||
Debt unamortized debt discount | $ 12,300 | ||||||||||||||||||||||||||||||||||||||||||
Shares of common stock per the warrant agrreement | shares | 38,437 | ||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 1.60 | ||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Master HillL .P [Member] | Convertible Note Payable Nine [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 15% | ||||||||||||||||||||||||||||||||||||||||||
Debt principal amount | $ 187,000 | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Jan. 19, 2024 | ||||||||||||||||||||||||||||||||||||||||||
Accrued interest | $ 209,517 | ||||||||||||||||||||||||||||||||||||||||||
Purchase price | $ 168,300 | ||||||||||||||||||||||||||||||||||||||||||
Debt unamortized debt discount | $ 18,700 | ||||||||||||||||||||||||||||||||||||||||||
Shares of common stock per the warrant agrreement | shares | 58,438 | ||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 1.60 | ||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Master HillL .P [Member] | Convertible Note Payable Ten [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 15% | ||||||||||||||||||||||||||||||||||||||||||
Debt principal amount | $ 734,000 | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Mar. 08, 2024 | ||||||||||||||||||||||||||||||||||||||||||
Accrued interest | $ 807,601 | ||||||||||||||||||||||||||||||||||||||||||
Purchase price | $ 660,600 | ||||||||||||||||||||||||||||||||||||||||||
Debt unamortized debt discount | $ 73,400 | ||||||||||||||||||||||||||||||||||||||||||
Shares of common stock per the warrant agrreement | shares | 367,000 | ||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 1.60 | ||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Master HillL .P [Member] | Convertible Note Payable [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 15% | ||||||||||||||||||||||||||||||||||||||||||
Debt principal amount | $ 556,000 | ||||||||||||||||||||||||||||||||||||||||||
Purchase price | 500,400 | ||||||||||||||||||||||||||||||||||||||||||
Debt unamortized debt discount | $ 55,600 | ||||||||||||||||||||||||||||||||||||||||||
Default interest rate | 15% | ||||||||||||||||||||||||||||||||||||||||||
Debt interest rate premium | 150% | ||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Jefferson Street Capital LLC [Member] | Convertible Note Payable Two [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 15% | ||||||||||||||||||||||||||||||||||||||||||
Debt principal amount | $ 138,888 | ||||||||||||||||||||||||||||||||||||||||||
Purchase price | 125,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt unamortized debt discount | $ 13,889 | ||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 1.60 | ||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Firstfire Global Opportunities Fund LLC [Member] | Convertible Note Payable Three [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 15% | ||||||||||||||||||||||||||||||||||||||||||
Debt principal amount | $ 150,000 | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Aug. 17, 2023 | ||||||||||||||||||||||||||||||||||||||||||
Purchase price | $ 135,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt unamortized debt discount | $ 15,000 | ||||||||||||||||||||||||||||||||||||||||||
Shares of common stock per the warrant agrreement | shares | 46,875 | ||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 1.60 | ||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Pacific Pier Capital LLC [Member] | Convertible Note Payable Four [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 15% | ||||||||||||||||||||||||||||||||||||||||||
Debt principal amount | $ 138,888 | ||||||||||||||||||||||||||||||||||||||||||
Maturity date | Aug. 05, 2023 | ||||||||||||||||||||||||||||||||||||||||||
Purchase price | $ 125,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt unamortized debt discount | $ 13,888 | ||||||||||||||||||||||||||||||||||||||||||
Shares of common stock per the warrant agrreement | shares | 43,403 | ||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ / shares | $ 1.60 | ||||||||||||||||||||||||||||||||||||||||||
Stock Purchase Agreement [Member] | Master HillL .P [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Common stock, shares par value | $ / shares | $ 0.001 | ||||||||||||||||||||||||||||||||||||||||||
Percentage of beneficial ownership limitation | 4.99% | ||||||||||||||||||||||||||||||||||||||||||
Conversion price into common stock | $ / shares | $ 6 |
SCHEDULE OF FAIR VALUE OF DERIV
SCHEDULE OF FAIR VALUE OF DERIVATIVE LIABILITY (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Outstanding Balance | $ 588,178 |
DERIVATIVE LIABILITIES (Details
DERIVATIVE LIABILITIES (Details Narrative) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liability | $ 588,178 | |
Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liability, measurement input | 91.5 | |
Measurement Input, Risk Free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liability, measurement input | 4.5 | |
Measurement Input, Exercise Price [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liability, measurement input | 1 |
SCHEDULE OF OPERATING LEASE COS
SCHEDULE OF OPERATING LEASE COST (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Right-of-used assets | $ 453,970 | $ 157,359 |
Lease liabilities – current | 346,807 | $ 186,436 |
Metro Creekside California L L C [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Right-of-used assets | 245,974 | |
Lease liabilities – current | 117,606 | |
Lease liabilities – non-current | 128,480 | |
Total lease liabilities | $ 246,086 | |
Weighted average remaining lease term | 2 years 3 months | |
Weighted average discount rate | 6.50% | |
Leishen Lease [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Right-of-used assets | $ 207,995 | |
Lease liabilities – current | 229,201 | |
Lease liabilities – non-current | 81,506 | |
Total lease liabilities | $ 310,707 | |
Weighted average remaining lease term | 2 years 7 months 2 days | 3 years 7 months 2 days |
Weighted average discount rate | 5% | 5% |
SCHEDULE OF LEASE PAYMENT (Deta
SCHEDULE OF LEASE PAYMENT (Details) - Metro Creekside California L L C [Member] | Dec. 31, 2023 USD ($) |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
2024 | $ 129,622 |
2025 | 90,243 |
2026 | 40,642 |
2027 | 3,511 |
Total undiscounted cash flows | 264,017 |
Imputed Interest | (17,932) |
Present value of lease liabilities | $ 246,086 |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (Details) - Leishen Lease [Member] | Dec. 31, 2023 USD ($) |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Total lease liabilities | $ 310,707 |
Sichuan Hongzuo Shuya Energy Limited [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
2024 | 229,201 |
2025 | 41,338 |
2026 | 48,950 |
2027 | |
Total undiscounted cash flows | 319,489 |
Imputed Interest | (8,782) |
Total lease liabilities | $ 310,707 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 1 Months Ended | 12 Months Ended | ||||
Aug. 05, 2022 | Jan. 01, 2019 | Oct. 31, 2018 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | May 01, 2017 ft² | |
Lessee, Operating Lease, Description | Effective August 5, 2022, Shuya entered a 48-month lease for a natural gas recycle station from Leishen (the 41% shareholder of Shuya), including the operating rights and use rights of all the assets and equipment in the station. The annual rent is approximately $64,290, to be paid each year in advance, however, it has not been paid since the lease commenced. Effective August 5, 2022, Shuya entered another 48-month lease for leasing sewage treatment land from Leishen to operate the natural gas recycling station. The annual rent is approximately $17,137, to be paid each year in advance, which has not been fully paid since the lease commenced. | |||||
Lease expense | $ | $ 401,293 | $ 349,610 | ||||
Sublease Agreement [Member] | ||||||
Lessee, Operating Lease, Description | In October of 2018 we signed a sublease agreement with our facility in Italy with an indefinite term that may be terminated by either party with a 60-day notice for 1,000 Euro per month. Due to the short termination clause, we are treating this as a month-to-month lease | |||||
Industrial Property [Member] | ||||||
Area of Land | ft² | 18,200 | |||||
Accounting Standards Update 2016-02 [Member] | ||||||
Average borrowing rate percentage | 5% |
SCHEDULE OF WARRANT ACTIVITY (D
SCHEDULE OF WARRANT ACTIVITY (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | ||
Warrants - Common Share Equivalents, Outstanding beginning balance | 325,243 | |
Weighted Average Exercise price, Outstanding beginning balance | $ 1.60 | |
Weighted average contractual life, outstanding | 3 years 8 months 15 days | 3 years 11 months 26 days |
Aggregate Intrinsic Value, Outstanding beginning balance | ||
Warrants - common Share equivalents, Expired | ||
Weighted Average Exercise price, Expired | ||
Aggregate Intrinsic Value, Expired | ||
Warrants - Common Share Equivalents, Additions | 425,438 | |
Weighted Average Exercise price, Additions | $ 1.60 | |
Weighted average contractual life, additions | 4 years 2 months 1 day | |
Aggregate Intrinsic Value, Additions | ||
Warrants - Common Share Equivalents, Additions | 26,701 | |
Weighted Average Exercise price, Additions | $ 5 | |
Weighted average contractual life, additions | 3 years 10 months 24 days | |
Aggregate Intrinsic Value, Additions | ||
Warrants - Common Share Equivalents, Exercised | 707,280 | |
Weighted Average Exercise price, Exercised | $ 1.60 | |
Warrants - Common Share Equivalents, Outstanding ending balance | 70,102 | 325,243 |
Weighted Average Exercise price, Outstanding ending balance | $ 2.90 | $ 1.60 |
Aggregate Intrinsic Value, Outstanding ending balance |
CAPITAL STOCK TRANSACTIONS (Det
CAPITAL STOCK TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Nov. 08, 2023 | Oct. 31, 2023 | Oct. 27, 2023 | Oct. 25, 2023 | Sep. 13, 2023 | Sep. 12, 2023 | Jun. 23, 2023 | Jun. 14, 2023 | May 10, 2023 | Apr. 18, 2023 | Mar. 28, 2023 | Mar. 23, 2023 | Mar. 01, 2023 | Jan. 27, 2023 | Jan. 06, 2023 | Dec. 28, 2022 | Sep. 21, 2022 | Mar. 10, 2022 | Feb. 21, 2022 | Dec. 27, 2021 | Aug. 07, 2013 | Apr. 30, 2022 | Jun. 30, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jul. 20, 2023 | May 19, 2023 | Mar. 08, 2023 | Feb. 13, 2023 | Jan. 19, 2023 | Dec. 26, 2022 | Nov. 21, 2022 | Nov. 10, 2022 | Sep. 16, 2022 | Sep. 01, 2022 | Aug. 17, 2022 | Aug. 05, 2022 | May 06, 2022 | Jun. 10, 2019 | Aug. 28, 2018 | Jun. 30, 2017 | May 25, 2006 | Apr. 21, 2005 | |
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Common stock, shares par value | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | 20,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Reverse stock split | shares of Common Stock such that each (40) shares of Old Common Stock shall be reclassified as and combined into one (1) share of New Common Stock | |||||||||||||||||||||||||||||||||||||||||||
Debt conversion, shares issued,value | $ 666,250 | $ 1,548,904 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | 375,875 | |||||||||||||||||||||||||||||||||||||||||||
Price per share | $ 3.20 | |||||||||||||||||||||||||||||||||||||||||||
Legal fees | $ 34,500 | $ 45,498 | ||||||||||||||||||||||||||||||||||||||||||
[custom:StockIssuedDuringPeriodValueIssuedForS1] | 3,900,000 | 291,145 | ||||||||||||||||||||||||||||||||||||||||||
Shares issued during reverse stock split | 3,745 | |||||||||||||||||||||||||||||||||||||||||||
Shares proceeds | $ 3,094,555 | $ 1,493,945 | ||||||||||||||||||||||||||||||||||||||||||
Common stock, shares outstanding | 39,152,455 | 37,174,879 | ||||||||||||||||||||||||||||||||||||||||||
Preferred stock, par value | $ 0.001 | |||||||||||||||||||||||||||||||||||||||||||
Dividend accrued | $ 47,904 | |||||||||||||||||||||||||||||||||||||||||||
Shares issued on warrant exercise, value | $ 987,203 | $ 471,278 | ||||||||||||||||||||||||||||||||||||||||||
R.F. Lafferty & CO and Phillip US [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | 975,000 | |||||||||||||||||||||||||||||||||||||||||||
Share price | $ 4 | |||||||||||||||||||||||||||||||||||||||||||
Shares proceeds | $ 3,094,552 | |||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Debt converted in stock, shares | 277,604 | |||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | 375,875 | |||||||||||||||||||||||||||||||||||||||||||
Shares issued for S-1 Registration, shares | 122,891 | 78,896 | 975,000 | 201,795 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of S-1 registration | $ 134,755 | |||||||||||||||||||||||||||||||||||||||||||
[custom:StockIssuedDuringPeriodValueIssuedForS1] | $ 153,324 | $ 975 | $ 202 | |||||||||||||||||||||||||||||||||||||||||
Shares issued on warrant exercise, value | $ 617 | |||||||||||||||||||||||||||||||||||||||||||
Mast Hill [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Warrant exercise price | $ 1.60 | |||||||||||||||||||||||||||||||||||||||||||
Shares issued on warrant exercise | 183,500 | |||||||||||||||||||||||||||||||||||||||||||
Shares issued on warrant exercise, value | $ 293,600 | |||||||||||||||||||||||||||||||||||||||||||
Mast Hill [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | 100,446 | |||||||||||||||||||||||||||||||||||||||||||
Warrants and rights outstanding term | 5 years | 5 years | ||||||||||||||||||||||||||||||||||||||||||
Share of warrant | 183,500 | 183,500 | 29,688 | 29,688 | 38,438 | 58,438 | 93,750 | 367,000 | 58,438 | 234,375 | ||||||||||||||||||||||||||||||||||
Purchase price | $ 293,600 | $ 293,600 | $ 47,501 | $ 47,501 | $ 61,501 | $ 93,501 | $ 150,000 | |||||||||||||||||||||||||||||||||||||
Pacific Pier [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | 31,111 | |||||||||||||||||||||||||||||||||||||||||||
MGW Investment I Limited [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Debt converted in stock, shares | 12,907,534 | |||||||||||||||||||||||||||||||||||||||||||
Debt converted value | $ 1,548,904 | |||||||||||||||||||||||||||||||||||||||||||
Master HillL .P [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Warrant exercise price | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | |||||||||||||||||||||||||||||||||||||
First Fire [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | 33,114 | |||||||||||||||||||||||||||||||||||||||||||
J H Darbie Co [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Share of warrant | 26,701 | |||||||||||||||||||||||||||||||||||||||||||
Warrant exercise price | $ 5 | |||||||||||||||||||||||||||||||||||||||||||
Convertible Note Payable [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Convertible note payable | $ 581,363 | |||||||||||||||||||||||||||||||||||||||||||
Convertible Note Payable [Member] | Universal Scope Inc [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Convertible note payable | $ 650,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Jun. 21, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 2% | |||||||||||||||||||||||||||||||||||||||||||
Debt conversion, shares issued,value | $ 666,250 | |||||||||||||||||||||||||||||||||||||||||||
Debt converted in stock, shares | 277,604 | |||||||||||||||||||||||||||||||||||||||||||
Convertible Note Payable [Member] | Universal Scope Inc [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Debt conversion price per share | $ 2.40 | |||||||||||||||||||||||||||||||||||||||||||
Convertible Note Payable [Member] | Master HillL .P [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 15% | |||||||||||||||||||||||||||||||||||||||||||
Promissory note principal amount | $ 556,000 | |||||||||||||||||||||||||||||||||||||||||||
Promissory Note [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Debt maturity date | Mar. 10, 2023 | |||||||||||||||||||||||||||||||||||||||||||
Debt interest rate | 10% | |||||||||||||||||||||||||||||||||||||||||||
Share of warrant | 183,500 | 367,000 | 58,438 | 38,437 | 29,687 | 29,687 | 93,750 | 43,403 | 46,875 | 43,403 | 234,375 | |||||||||||||||||||||||||||||||||
Promissory note principal amount | $ 734,000 | $ 187,000 | $ 123,000 | $ 95,000 | $ 300,000 | $ 300,000 | $ 138,889 | $ 150,000 | $ 138,889 | $ 750,000 | ||||||||||||||||||||||||||||||||||
Warrant exercise price | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | $ 1.60 | ||||||||||||||||||||||||||||
Percentage of exercise price of warrant | 120% | 120% | 120% | 120% | 120% | 120% | 120% | 120% | 120% | 120% | ||||||||||||||||||||||||||||||||||
Promissory Note [Member] | Firstfire Global Opportunities Fund LLC [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | 33,114 | |||||||||||||||||||||||||||||||||||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | 440 | |||||||||||||||||||||||||||||||||||||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | 20,000 | |||||||||||||||||||||||||||||||||||||||||||
Series C Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | 15,000 | |||||||||||||||||||||||||||||||||||||||||||
Series D Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend description | The Series D Preferred holders were initially entitled to be paid a special monthly divided at the rate of 17.5% per annum. Initially, the Series D Preferred Stock was also entitled to be paid special dividends in the event cash dividends were not paid when scheduled. If the Company does not pay the dividend within five (5) business days from the end of the calendar month for which the payment of such dividend to owed, the Company will pay the investor a special dividend of an additional 3.5%. Any unpaid or accrued special dividends will be paid upon a liquidation or redemption. For any other dividends or distributions, the Series D Preferred Stock participates with common stock on an as-converted basis. The Series D Preferred holders may elect to convert the Series D Preferred Stock, in their sole discretion, at any time after a one-year (1) year holding period, by sending the Company a notice to convert. The conversion rate is equal to the greater of $0.08 or a 20% discount to the average of the three (3) lowest closing market prices of the common stock during the ten (10) trading day period prior to conversion. The Series D Preferred Stock is redeemable from funds legally available for distribution at the option of the individual holders of the Series D Preferred Stock commencing any time after the one (1) year period from the offering closing at a price equal to the initial purchase price plus all accrued but unpaid dividends, provided, that if the Company gave notice to the investors that it was not in a financial position to redeem the Series D Preferred, the Company and the Series D Preferred holders are obligated to negotiate in good faith for an extension of the redemption period | |||||||||||||||||||||||||||||||||||||||||||
Preferred stock, dividend rate percentage | 17.50% | |||||||||||||||||||||||||||||||||||||||||||
15% Series E Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | 2,199,387 | 3,500,000 | ||||||||||||||||||||||||||||||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||||||||||||||
Preferred stock, dividend rate percentage | 15% | 15% | ||||||||||||||||||||||||||||||||||||||||||
Preferred stock, stated value | $ 1 | |||||||||||||||||||||||||||||||||||||||||||
Preferred stock, dividend payment terms | Each holder of the Series E Preferred Stock is entitled to receive dividends payable on the Stated Value of the Series E Preferred Stock at a rate of 15% per annum | |||||||||||||||||||||||||||||||||||||||||||
Preferred stock, conversion terms | The Series E Preferred Stock is convertible at the option of the holder thereof into such number of common stocks of the Company, as is determined by dividing the Stated Value per share plus accrued and unpaid dividends thereon by the conversion price of 80% of the lowestw VWAP over the last 5 trading days, subject to a 4.99% beneficial ownership limitation | |||||||||||||||||||||||||||||||||||||||||||
Outstanding balance | $ 1,955,122 | |||||||||||||||||||||||||||||||||||||||||||
Fair value | $ 3,210,206 | |||||||||||||||||||||||||||||||||||||||||||
Settlement expense | 1,955,122 | |||||||||||||||||||||||||||||||||||||||||||
Loss on settlement | $ 1,255,084 | |||||||||||||||||||||||||||||||||||||||||||
Board of Directors and Shareholders [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Common stock, shares authorized | 50,000,000 | 20,000,000 | 10,000,000 | 5,000,000 | ||||||||||||||||||||||||||||||||||||||||
Common stock, shares par value | $ 0.001 | |||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Board of Directors and Shareholders [Member] | Series C Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | 15,000 | |||||||||||||||||||||||||||||||||||||||||||
Consultant [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued for services | 40,000 | |||||||||||||||||||||||||||||||||||||||||||
Number of shares issued for services, value | $ 72,000 | |||||||||||||||||||||||||||||||||||||||||||
Board of Directors [Member] | Series D Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock shares designated description | Board of Directors designated a series of our preferred stock as Series D Preferred Stock, authorizing 15,000 shares. Our Series D Preferred Stock offering terms authorized us to raise up to $1,000,000 with an over-allotment of $500,000 in multiple closings over the course of six months. We received an aggregate of $750,000 in financing in subscription for Series D Preferred Stock, or 7,500 shares |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Oct. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Aug. 05, 2022 | May 13, 2021 | |
Leishen [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party due | $ 103,939 | ||||
Related Party Transaction, Purchases from Related Party | 5,641,069,000,000 | ||||
[custom:AdvanceToSupplier-0] | 466,914 | ||||
Related party due | 752,066 | ||||
Related Party [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts Payable | 315,361 | ||||
Accounts receivable net current | 491,774 | ||||
Vermont Renewable Gas LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts receivable net current | 429,999 | ||||
Kambiz Mahdi [Member] | Chief Executive Officer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payments to Acquire Productive Assets | 6,187 | ||||
Amount outstanding | $ 0 | ||||
Sichuan Leishen Hongzhuo Enegry Development [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party due | $ 700,000 | ||||
Related party transaction, description of transaction | 4-year term to facilitate building of a natural gas recycling station to provide Shuya with CNG sales. Leishen owns 41% of Shuya and as an entity can obtain the permits and licenses to build and operate the NG Recycling Station to produce CNG. At the end of the 4-year term of the loan, Leishen has the option to either transfer the NG Recycling Station and all permits to Shuya or repay the loan | ||||
Sichuan Leishen Hongzhuo Enegry Development [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment ownership percentage | 49% | ||||
CETY Capital LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment ownership percentage | 49% | ||||
Vermont Renewable Gas LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment ownership percentage | 51% |
WARRANTY LIABILITY (Details Nar
WARRANTY LIABILITY (Details Narrative) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Warranty Liability Abstract | ||
Warrant liability | $ 0 | $ 0 |
Amount outstanding | $ 100,000 | $ 100,000 |
NON-CONTROLLING INTEREST (Detai
NON-CONTROLLING INTEREST (Details Narrative) ¥ in Millions | 1 Months Ended | 12 Months Ended | |||||
Jul. 31, 2022 USD ($) | Jul. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 | Apr. 02, 2023 | Aug. 31, 2022 USD ($) | Jun. 24, 2021 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Equity method investments | $ 0 | ||||||
Sichuan Hongzuo Shuya Energy Limited [Member] | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Percentage of equity ownership | 20% | 20% | 49% | ||||
JHJ [Member] | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Proceeds from capital contribution | $ 550,000 | ||||||
Percentage of equity ownership | 100% | ||||||
Sichuan Shunengwei Energy Technology Limited [Member] | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Percentage of equity ownership | 29% | ||||||
JHJ and Other Three Shareholders [Member] | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Proceeds from capital contribution | $ 2,810,000 | ¥ 20 | |||||
CETY Capital LLC [Member] | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Interest ownership percentage | 49% | 75% | |||||
Ashfield Renewables Ag Development LLC [Member] | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Interest ownership percentage | 51% | 25% | |||||
Vermont Renewable Gas LLC [Member] | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Interest ownership percentage | 49% | ||||||
Sichuan Shunengwei Energy Technology Limited [Member] | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Interest ownership percentage | 41% | ||||||
Shareholder [Member] | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Interest ownership percentage | 10% |
SCHEDULE OF PROVISION OF INCOME
SCHEDULE OF PROVISION OF INCOME TAX (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Current income tax expense | $ 22,173 | |
Deferred income tax expense (benefit) | ||
Total income tax expense | $ 22,173 | $ 18,283 |
SCHEDULE OF RECONCILIATION OF S
SCHEDULE OF RECONCILIATION OF STATUTORY TAX RATE (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Federal statutory tax expense (benefit) | (21.00%) |
State statutory | (6.80%) |
Tax rate difference | 0.10% |
Permanent difference | 0.20% |
Change in valuation allowance | (28.00%) |
Effective tax rate | 0.40% |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) | Dec. 31, 2023 USD ($) |
Income Tax Disclosure [Abstract] | |
Allowance for doubtful accounts | $ 5,686 |
Net operating loss (“NOL”) carrying forwards | 7,021,555 |
Operating lease liabilities, net of right of use assets | 2,479 |
Total deferred tax assets, net | 7,029,720 |
Less: valuation allowance | (7,029,720) |
Total deferred tax assets, net |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) - 12 months ended Dec. 31, 2023 ¥ in Millions, $ in Millions | CNY (¥) | HKD ($) | USD ($) |
Operating Loss Carryforwards [Line Items] | |||
Tax rate | (6.80%) | (6.80%) | |
Effective income tax rate | 0.40% | 0.40% | |
Operating loss carryforwards | $ 15,737,415 | ||
Net Operating loss carryforwards | 30,080,000 | ||
Net Operating loss carryforwards | 87,148,000,000 | ||
Valuation allowance | 7,030,000 | ||
HONG KONG | |||
Operating Loss Carryforwards [Line Items] | |||
Tax rate | $ 2 | ||
Tax rate | 8.25% | 8.25% | |
Tax rate | $ 2 | ||
Tax rate | 16.50% | 16.50% | |
CHINA | |||
Operating Loss Carryforwards [Line Items] | |||
Tax rate | ¥ | ¥ 1 | ||
Tax rate | ¥ | ¥ 3 | ||
Effective income tax rate | 25% | 25% | |
Effective income tax rate | 20% | 20% | |
Operating loss carryforwards | $ 350,000 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Corporate income tax rate | 24% | 24% |
THE STATUTORY RESERVES (Details
THE STATUTORY RESERVES (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 | |
Statutory Reserves | |
Minimum annual after tax profit | 10% |
Surplus reserve percentage | 50% |
After tax profit percentage | 50% |
After tax income percentage | 10% |
Percentage of total sales | 15% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Mar. 15, 2024 | Mar. 04, 2024 | Feb. 02, 2024 | Jan. 03, 2024 | Feb. 21, 2022 | Apr. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | |
Subsequent Event [Line Items] | |||||||||
Principal amount | $ 3,156,528 | $ 1,697,757 | |||||||
Common stock, par value per share | $ 0.001 | $ 0.001 | |||||||
Number of shares issued | 375,875 | ||||||||
Buyer's legal fees | $ 34,500 | $ 45,498 | |||||||
Aggregate purchase price | $ 1,202,800 | ||||||||
Shares issued, price per share | $ 3.20 | ||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Firstfire Global Opportunities Fund LLC [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Principal amount | $ 280,500 | $ 143,750 | |||||||
Debt principal amount | 255,000 | 125,000 | |||||||
Original issue discount | $ 25,500 | $ 18,750 | |||||||
Terms of conversion feature | The Note is convertible into shares of common stock at a fixed price of $1.60 of the Company, par value $0.001 per share (the “Common Stock”), upon the terms and subject to the limitations and conditions set forth in such Note | The Note is convertible into shares of common stock of the Company at a fixed price of $1.60, par value $0.001 per share (the “Common Stock”), upon the terms and subject to the limitations and conditions set forth in such Note. This principal and the interest balance of this note was paid off on March 5, 2024 | |||||||
Common stock, par value per share | $ 0.001 | $ 0.001 | |||||||
Number of shares issued | 20,000 | 10,000 | |||||||
Buyer's legal fees | $ 6,000 | $ 5,000 | |||||||
Fees owed to revere securities | $ 5,563 | $ 7,188 | |||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Coventry Enterprises LLC [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Principal amount | $ 92,000 | ||||||||
Debt principal amount | 80,000 | ||||||||
Original issue discount | $ 10,120 | ||||||||
Terms of conversion feature | The Note is convertible into shares of common stock at a fixed price of $1.60 of the Company, par value $0.001 per share (the “Common Stock”), upon the terms and subject to the limitations and conditions set forth in such Note | ||||||||
Common stock, par value per share | $ 0.001 | ||||||||
Number of shares issued | 20,000 | ||||||||
Subsequent Event [Member] | Subscription Agreement [Member] | Individual Investors [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Common stock, par value per share | $ 0.001 | ||||||||
Number of shares issued | 2,000,000 | ||||||||
Aggregate purchase price | $ 900,000 | ||||||||
Shares issued, price per share | $ 0.45 | ||||||||
Warrant exercise price | $ 1.60 |