NOTE 5 – INTANGIBLE ASSETS

Intangible assets were comprised of the following:

 SCHEDULE OF INTANGIBLE ASSETS

The estimated useful lives of the intangible assets range from seven to twenty years. Amortization expense, included in selling, general and administrative expenses in the accompanying consolidated statements of operations, was $19,900 and $28,000 for the years ended December 31, 2022, and 2021, respectively.

As of December 31, 2022, the Company qualitatively assessed whether it is more likely than not that the fair value of the SEER Environmental Materials reporting unit was less than its carrying amount. In 2022, SEM became aware of quality issues concerning its inventory production process and determined that as of December 31, 2022 it was more likely than not that the carrying value of the SEER Environmental Materials reporting unit exceeded its estimated fair value. Accordingly, the Company performed an impairment analysis as of December 31, 2022 using the income approach. This analysis generally requires management to make significant estimates and assumptions related to forecasts of future revenues, operating margins, and discount rates. Pursuant to Accounting Standard Update (“ASU”) 2017-04, the Company recorded an impairment of goodwill of approximately $277,800 for the year ended December 31, 2022. No impairment of goodwill was recorded for the year ended December 31, 2021.