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NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Long-Lived Assets (Policies)
12 Months Ended
Dec. 31, 2022
Policies  
Long-Lived Assets

Long-Lived Assets

 

In accordance with ASC 360-10, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made.

 

At December 31, 2022, management determined that certain events and circumstances occurred that indicated that the net book value of CNP’s long-lived assets may not be recoverable.  As such, the Company recorded an impairment charge of $3,276,193 to record the estimated residual value of the property and equipment.  Additionally, the Company recorded an impairment charge of $339,768 pertaining to CNP’s right of use asset.