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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 |
For
the quarterly period ended March 31, 2024
OR
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 |
For
the transition period from ___________to ____________
Commission
File Number 001-37464
CEMTREX,
INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
30-0399914 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
135
Fell Ct. Hauppauge, NY |
|
11788 |
(Address
of principal executive offices) |
|
(Zip
Code) |
631-756-9116
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
symbol |
|
Name
of each exchange on which registered |
Common
Stock |
|
CETX |
|
Nasdaq
Capital Market |
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
☒
Yes ☐ No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
☒
Yes ☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
|
|
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
|
|
Emerging
growth company ☐ |
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐
Yes ☒ No
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
As
of May 10, 2024, the issuer had 10,652,287 shares of common stock issued and outstanding.
Table
of Contents
CEMTREX,
INC. AND SUBSIDIARIES
INDEX
Part
I. Financial Information
Item
1. Financial Statements
Cemtrex,
Inc. and Subsidiaries
Condensed
Consolidated Balance Sheets
| |
(Unaudited) | | |
| |
| |
March
31, | | |
September
30, | |
| |
2024 | | |
2023 | |
Assets | |
| | | |
| | |
Current
assets | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 2,916,120 | | |
$ | 5,329,910 | |
Restricted
cash | |
| 1,172,416 | | |
| 1,019,652 | |
Short-term
investments | |
| 13,853 | | |
| 13,663 | |
Trade
receivables, net | |
| 11,535,880 | | |
| 9,209,695 | |
Trade
receivables, net - related party | |
| 1,479,703 | | |
| 1,143,342 | |
Inventory,
net | |
| 7,397,747 | | |
| 8,739,219 | |
Contract
assets, net | |
| 1,979,679 | | |
| 1,739,201 | |
Prepaid
expenses and other current assets | |
| 1,910,415 | | |
| 2,098,359 | |
Total
current assets | |
| 28,405,813 | | |
| 29,293,041 | |
| |
| | | |
| | |
Property
and equipment, net | |
| 8,902,051 | | |
| 9,218,701 | |
Right-of-use
operating lease assets | |
| 2,193,011 | | |
| 2,287,623 | |
Royalties
receivable, net - related party | |
| 440,049 | | |
| 674,893 | |
Note
receivable, net - related party | |
| 761,585 | | |
| 761,585 | |
Goodwill | |
| 4,381,891 | | |
| 4,381,891 | |
Other | |
| 2,161,862 | | |
| 1,836,009 | |
Total
Assets | |
$ | 47,246,262 | | |
$ | 48,453,743 | |
| |
| | | |
| | |
Liabilities
& Stockholders’ Equity | |
| | | |
| | |
Current
liabilities | |
| | | |
| | |
Accounts
payable | |
$ | 5,741,091 | | |
$ | 6,196,406 | |
Accounts
payable - related party | |
| 9,214 | | |
| 68,509 | |
Sales
tax payable | |
| 37,487 | | |
| 35,829 | |
Revolving
line of credit | |
| 4,019,234 | | |
| - | |
Current
maturities of long-term liabilities | |
| 914,170 | | |
| 14,507,711 | |
Operating
lease liabilities - short-term | |
| 792,141 | | |
| 741,487 | |
Deposits
from customers | |
| 207,708 | | |
| 57,434 | |
Accrued
expenses | |
| 2,676,079 | | |
| 2,784,390 | |
Contract
liabilities | |
| 1,899,409 | | |
| 980,319 | |
Deferred
revenue | |
| 1,404,608 | | |
| 1,583,406 | |
Accrued
income taxes | |
| 404,288 | | |
| 388,627 | |
Total
current liabilities | |
| 18,105,429 | | |
| 27,344,118 | |
Long-term
liabilities | |
| | | |
| | |
Long-term
debt | |
| 21,553,920 | | |
| 9,929,348 | |
Long-term
operating lease liabilities | |
| 1,462,545 | | |
| 1,607,202 | |
Other
long-term liabilities | |
| 317,093 | | |
| 501,354 | |
Deferred
Revenue - long-term | |
| 654,617 | | |
| 727,928 | |
Total
long-term liabilities | |
| 23,988,175 | | |
| 12,765,832 | |
Total
liabilities | |
| 42,093,604 | | |
| 40,109,950 | |
| |
| | | |
| | |
Commitments
and contingencies | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’
equity | |
| | | |
| | |
Preferred stock , $0.001 par value, 10,000,000 shares
authorized, Series 1, 3,000,000 shares authorized, 2,408,053 shares issued and 2,272,002 shares outstanding as of March 31, 2024 and 2,293,016
shares issued and 2,228,916 shares outstanding as of September 30, 2023 (liquidation value of $10 per share) | |
| 2,408 | | |
| 2,293 | |
Series C, 100,000 shares authorized, 50,000 shares
issued and outstanding at March 31, 2024 and September 30, 2023 | |
| 50 | | |
| 50 | |
Preferred stock, value | |
| | | |
| | |
Common stock, $0.001 par value, 50,000,000 shares
authorized, 1,055,636 shares issued and outstanding at March 31, 2024 and 1,045,783 shares issued and outstanding at September 30, 2023 | |
| 1,056 | | |
| 1,046 | |
Additional
paid-in capital | |
| 68,936,696 | | |
| 68,881,705 | |
Accumulated
deficit | |
| (66,806,600 | ) | |
| (64,125,895 | ) |
Treasury stock, 136,051 shares of Series 1 Preferred
Stock at March 31, 2024 and 64,100 shares of Series 1 Preferred Stock at September 30, 2023 | |
| (217,996 | ) | |
| (148,291 | ) |
Accumulated
other comprehensive income | |
| 2,773,784 | | |
| 3,076,706 | |
Total
Cemtrex stockholders’ equity | |
| 4,689,398 | | |
| 7,687,614 | |
Non-controlling
interest | |
| 463,260 | | |
| 656,179 | |
Total
liabilities and stockholders’ equity | |
$ | 47,246,262 | | |
$ | 48,453,743 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements
Cemtrex,
Inc. and Subsidiaries
Condensed
Consolidated Statements of Operations
(Unaudited)
| |
March
31, 2024 | | |
March
31, 2023 | | |
March
31, 2024 | | |
March
31, 2023 | |
| |
For
the three months ended | | |
For
the six months ended | |
| |
March
31, 2024 | | |
March
31, 2023 | | |
March
31, 2024 | | |
March
31, 2023 | |
| |
| | |
| | |
| | |
| |
Revenues | |
$ | 17,159,595 | | |
$ | 16,073,397 | | |
$ | 34,037,761 | | |
$ | 28,043,639 | |
Cost
of revenues | |
| 10,220,179 | | |
| 8,734,916 | | |
| 20,015,946 | | |
| 15,662,543 | |
Gross
profit | |
| 6,939,416 | | |
| 7,338,481 | | |
| 14,021,815 | | |
| 12,381,096 | |
Operating
expenses | |
| | | |
| | | |
| | | |
| | |
General
and administrative | |
| 7,020,157 | | |
| 5,318,267 | | |
| 13,992,123 | | |
| 10,482,605 | |
Research
and development | |
| 951,400 | | |
| 1,615,341 | | |
| 1,800,205 | | |
| 3,445,054 | |
Total
operating expenses | |
| 7,971,557 | | |
| 6,933,608 | | |
| 15,792,328 | | |
| 13,927,659 | |
Operating
(loss)/income | |
| (1,032,141 | ) | |
| 404,873 | | |
| (1,770,513 | ) | |
| (1,546,563 | ) |
Other
(expense)/income | |
| | | |
| | | |
| | | |
| | |
Other
income/(expense), net | |
| 144,765 | | |
| 376,504 | | |
| 223,176 | | |
| 359,421 | |
Interest
expense | |
| (592,804 | ) | |
| (1,335,138 | ) | |
| (1,176,487 | ) | |
| (2,463,372 | ) |
Total
other (expense)/income, net | |
| (448,039 | ) | |
| (958,634 | ) | |
| (953,311 | ) | |
| (2,103,951 | ) |
Income
tax expense | |
| (100,004 | ) | |
| - | | |
| (170,755 | ) | |
| - | |
Loss
from Continuing operations | |
| (1,580,184 | ) | |
| (553,761 | ) | |
| (2,894,579 | ) | |
| (3,650,514 | ) |
Income/(loss)
from discontinued operations, net of tax | |
| 10,463 | | |
| 14,232 | | |
| 20,955 | | |
| (3,225,389 | ) |
Net
loss | |
| (1,569,721 | ) | |
| (539,529 | ) | |
| (2,873,624 | ) | |
| (6,875,903 | ) |
Less
(loss)/income in noncontrolling interest | |
| (96,510 | ) | |
| 55,265 | | |
| (192,919 | ) | |
| (3,898 | ) |
Net
loss attributable to Cemtrex, Inc. stockholders | |
$ | (1,473,211 | ) | |
$ | (594,794 | ) | |
$ | (2,680,705 | ) | |
$ | (6,872,005 | ) |
(Loss)/income
per share - Basic & Diluted | |
| | | |
| | | |
| | | |
| | |
Continuing
Operations | |
$ | (1.46 | ) | |
$ | (0.82 | ) | |
$ | (2.62 | ) | |
$ | (4.70 | ) |
Discontinued
Operations | |
$ | 0.01 | | |
$ | 0.02 | | |
$ | 0.02 | | |
$ | (4.09 | ) |
Weighted
Average Number of Shares-Basic & Diluted | |
| 1,055,636 | | |
| 815,498 | | |
| 1,051,630 | | |
| 788,265 | |
Condensed
Consolidated Statements of Comprehensive Loss
(Unaudited)
| |
March
31, 2024 | | |
March
31, 2023 | | |
March
31, 2024 | | |
March
31, 2023 | |
| |
For
the three months ended | | |
For
the six months ended | |
| |
March
31, 2024 | | |
March
31, 2023 | | |
March
31, 2024 | | |
March
31, 2023 | |
Other
comprehensive loss | |
| | | |
| | | |
| | | |
| | |
Net
loss | |
$ | (1,569,721 | ) | |
$ | (539,529 | ) | |
$ | (2,873,624 | ) | |
$ | (6,875,903 | ) |
Foreign
currency translation loss | |
| (530,686 | ) | |
| (317,218 | ) | |
| (302,922 | ) | |
| (93,649 | ) |
Comprehensive
loss | |
| (2,100,407 | ) | |
| (856,747 | ) | |
| (3,176,546 | ) | |
| (6,969,552 | ) |
Less
comprehensive income/(loss) attributable to noncontrolling interest | |
| 96,510 | | |
| (55,265 | ) | |
| 192,919 | | |
| 3,898 | |
Comprehensive
loss attributable to Cemtrex, Inc. stockholders | |
$ | (2,196,917 | ) | |
$ | (801,482 | ) | |
$ | (3,369,465 | ) | |
$ | (6,973,450 | ) |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Cemtrex,
Inc. and Subsidiaries
Condensed
Consolidated Statement of Stockholders’ Equity
(Unaudited)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Series
1 Preferred Stock | | |
Income | | |
Equity | | |
interest | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred
Stock
Series 1 | | |
Preferred
Stock
Series C | | |
Common
Stock Par | | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Par
Value $0.001 | | |
Par
Value $0.001 | | |
Value
$0.001 | | |
| | |
| | |
Treasury | | |
Accumulated | | |
| | |
| |
| |
Number | | |
| | |
Number | | |
| | |
Number | | |
| | |
Additional | | |
| | |
Stock, | | |
other | | |
Cemtrex | | |
Non- | |
| |
of | | |
| | |
of | | |
| | |
of | | |
| | |
Paid-in | | |
Accumulated | | |
136,051
shares of | | |
Comprehensive | | |
Stockholders’ | | |
controlling | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Series
1 Preferred Stock | | |
Income | | |
Equity | | |
interest | |
Balance
at September 30, 2023 | |
| 2,293,016 | | |
$ | 2,293 | | |
| 50,000 | | |
$ | 50 | | |
| 1,045,783 | | |
$ | 1,046 | | |
$ | 68,881,705 | | |
$ | (64,125,895 | ) | |
$ | (148,291 | ) | |
$ | 3,076,706 | | |
$ | 7,687,614 | | |
$ | 656,179 | |
Foreign
currency translation gain | |
| - | | |
| | | |
| - | | |
| | | |
| - | | |
| | | |
| - | | |
| - | | |
| | | |
| 227,764 | | |
| 227,764 | | |
| - | |
Share-based
compensation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 7,558 | | |
| | | |
| - | | |
| | | |
| 7,558 | | |
| | |
Dividends
paid in Series 1 preferred shares | |
| 115,037 | | |
| 115 | | |
| - | | |
| | | |
| - | | |
| | | |
| (115 | ) | |
| - | | |
| | | |
| - | | |
| - | | |
| - | |
Loss
attributable to noncontrolling interest | |
| - | | |
| | | |
| - | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | | |
| | | |
| - | | |
| (96,409 | ) |
Shares
issued to pay for services | |
| | | |
| | | |
| - | | |
| | | |
| 9,853 | | |
| 10 | | |
| 39,990 | | |
| | | |
| | | |
| | | |
| 40,000 | | |
| | |
Net
loss | |
| - | | |
| | | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| (1,207,494 | ) | |
| | | |
| | | |
| (1,207,494 | ) | |
| | |
Balance
at December 31, 2023 | |
| 2,408,053 | | |
$ | 2,408 | | |
| 50,000 | | |
$ | 50 | | |
| 1,055,636 | | |
$ | 1,056 | | |
$ | 68,929,138 | | |
$ | (65,333,389 | ) | |
$ | (148,291 | ) | |
$ | 3,304,470 | | |
$ | 6,755,442 | | |
$ | 559,770 | |
Foreign
currency translation loss | |
| | | |
| - | | |
| | | |
| - | | |
| | | |
| - | | |
| | | |
| - | | |
| - | | |
$ | (530,686 | ) | |
| (530,686 | ) | |
| - | |
Share-based
compensation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
$ | 7,558 | | |
| | | |
| | | |
| | | |
| 7,558 | | |
| | |
Purchase
of treasury stock | |
| - | | |
| | | |
| - | | |
| | | |
| - | | |
| | | |
| | | |
| | | |
$ | (69,705 | ) | |
| | | |
| (69,705 | ) | |
| | |
Loss
attributable to noncontrolling interest | |
| | | |
| - | | |
| | | |
| - | | |
| | | |
| | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
$ | (96,510 | ) |
Shares
issued to pay for services | |
| - | | |
| | | |
| - | | |
| | | |
| | | |
| | | |
| - | | |
| | | |
| | | |
| - | | |
| - | | |
| - | |
Net
loss | |
| | | |
| | | |
| | | |
| - | | |
| | | |
| | | |
| | | |
$ | (1,473,211 | ) | |
| | | |
| | | |
| (1,473,211 | ) | |
| | |
Balance
at March 31, 2024 | |
| 2,408,053 | | |
$ | 2,408 | | |
| 50,000 | | |
$ | 50 | | |
| 1,055,636 | | |
$ | 1,056 | | |
$ | 68,936,696 | | |
$ | (66,806,600 | ) | |
$ | (217,996 | ) | |
$ | 2,773,784 | | |
$ | 4,689,398 | | |
$ | 463,260 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Cemtrex,
Inc. and Subsidiaries
Condensed
Consolidated Statement of Stockholders’ Equity (Continued)
(Unaudited)
| |
Preferred
Stock
Series 1 | | |
Preferred
Stock
Series C | | |
Common
Stock Par | | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Par
Value $0.001 | | |
Par
Value $0.001 | | |
Value
$0.001 | | |
| | |
| | |
Treasury | | |
Accumulated | | |
| | |
| |
| |
Number | | |
| | |
Number | | |
| | |
Number | | |
| | |
Additional | | |
| | |
Stock, | | |
other | | |
Cemtrex | | |
Non- | |
| |
of | | |
| | |
of | | |
| | |
of | | |
| | |
Paid-in | | |
Accumulated | | |
64,100
shares of | | |
Comprehensive | | |
Stockholders’ | | |
controlling | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Series
1 Preferred Stock | | |
Income | | |
Equity | | |
interest | |
Balance
at September 30, 2022 | |
| 2,079,122 | | |
$ | 2,079 | | |
| 50,000 | | |
$ | 50 | | |
| 754,711 | | |
$ | 755 | | |
$ | 66,641,698 | | |
$ | (54,929,020 | ) | |
$ | (148,291 | ) | |
$ | 2,377,525 | | |
$ | 13,944,796 | | |
$ | 692,742 | |
Foreign
currency translation gain | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| | | |
| - | | |
| | | |
| | | |
| 223,569 | | |
| 223,569 | | |
| | |
Share-based
compensation | |
| - | | |
| | | |
| | | |
| | | |
| - | | |
| | | |
| 39,842 | | |
| - | | |
| | | |
| | | |
| 39,842 | | |
| - | |
Shares
issued to pay notes payable | |
| - | | |
| - | | |
| -- | | |
| - | | |
| 39,016 | | |
| 39 | | |
| 232,106 | | |
| | | |
| - | | |
| - | | |
| 232,145 | | |
| | |
Dividends
paid in Series 1 preferred shares | |
| 104,341 | | |
| 104 | | |
| - | | |
| | | |
| | | |
| | | |
| (104 | ) | |
| - | | |
| | | |
| - | | |
| - | | |
| - | |
Loss
attributable to noncontrolling interest | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| - | | |
| | | |
| - | | |
| | | |
| - | | |
| (59,163 | ) |
Net
loss | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (6,277,211 | ) | |
| | | |
| | | |
| (6,277,211 | ) | |
| | |
Balance
at December 31, 2022 | |
| 2,183,463 | | |
$ | 2,183 | | |
| 50,000 | | |
$ | 50 | | |
| 793,727 | | |
$ | 794 | | |
$ | 66,913,542 | | |
$ | (61,206,231 | ) | |
$ | (148,291 | ) | |
$ | 2,601,094 | | |
$ | 8,163,141 | | |
$ | 633,579 | |
Balance, value | |
| 2,183,463 | | |
$ | 2,183 | | |
| 50,000 | | |
$ | 50 | | |
| 793,727 | | |
$ | 794 | | |
$ | 66,913,542 | | |
$ | (61,206,231 | ) | |
$ | (148,291 | ) | |
$ | 2,601,094 | | |
$ | 8,163,141 | | |
$ | 633,579 | |
Foreign
currency translation loss | |
| -- | | |
| | | |
| - | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
$ | (317,218 | ) | |
| (317,218 | ) | |
| - | |
Share-based
compensation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 26,735 | | |
| | | |
| | | |
| | | |
| 26,735 | | |
| | |
Additional
rounding shares issued for reverse stock split | |
| - | | |
| - | | |
| - | | |
| - | | |
| 19,314 | | |
| 19 | | |
| (19 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Income
attributable to noncontrolling interest | |
| - | | |
| | | |
| - | | |
| | | |
| | | |
| | | |
| - | | |
| | | |
| | | |
| | | |
| - | | |
$ | 55,265 | |
Shares
issued to pay for services | |
| | | |
| | | |
| | | |
| | | |
| 15,529 | | |
| 15 | | |
| 102,485 | | |
| | | |
| - | | |
| - | | |
| 102,500 | | |
| | |
Net
loss | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
$ | (594,794 | ) | |
| | | |
| | | |
$ | (594,794 | ) | |
| | |
Balance
at March 31, 2023 | |
| 2,183,463 | | |
$ | 2,183 | | |
| 50,000 | | |
$ | 50 | | |
| 828,570 | | |
$ | 828 | | |
$ | 67,042,743 | | |
$ | (61,801,025 | ) | |
$ | (148,291 | ) | |
$ | 2,283,876 | | |
$ | 7,380,364 | | |
$ | 688,844 | |
Balance, value | |
| 2,183,463 | | |
$ | 2,183 | | |
| 50,000 | | |
$ | 50 | | |
| 828,570 | | |
$ | 828 | | |
$ | 67,042,743 | | |
$ | (61,801,025 | ) | |
$ | (148,291 | ) | |
$ | 2,283,876 | | |
$ | 7,380,364 | | |
$ | 688,844 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Cemtrex,
Inc. and Subsidiaries
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
| |
2024 | | |
2023 | |
| |
For
the six months ended | |
| |
March
31, | |
| |
2024 | | |
2023 | |
Cash
Flows from Operating Activities | |
| | |
| |
| |
| | |
| |
Net
loss | |
$ | (2,873,624 | ) | |
$ | (6,875,903 | ) |
| |
| | | |
| | |
Adjustments
to reconcile net loss to net cash used by operating activities | |
| | | |
| | |
Depreciation
and amortization | |
| 673,190 | | |
| 448,388 | |
Gain
on disposal of property and equipment | |
| - | | |
| 64,908 | |
Noncash
lease expense | |
| 389,125 | | |
| 420,411 | |
Bad
debt expense | |
| 35,213 | | |
| (1,543 | ) |
Share-based
compensation | |
| 15,116 | | |
| 66,577 | |
Income tax expense | |
| (96,750 | ) | |
| - | |
Interest
expense paid in equity shares | |
| - | | |
| 32,145 | |
Accounts
payable paid in equity shares | |
| 40,000 | | |
| 102,500 | |
Accrued
interest on notes payable | |
| 657,355 | | |
| 1,290,615 | |
Non-cash
royalty income | |
| (26,564 | ) | |
| - | |
Gain/(loss)
on marketable securities | |
| (190 | ) | |
| 58 | |
Amortization
of original issue discounts on notes payable | |
| - | | |
| 883,467 | |
Amortization
of loan origination costs | |
| 36,267 | | |
| - | |
| |
| | | |
| | |
Changes
in operating assets and liabilities net of effects from acquisition of
subsidiaries: | |
| | | |
| | |
Trade
receivables | |
| (2,317,074 | ) | |
| (1,870,729 | ) |
Trade
receivables - related party | |
| (178,980 | ) | |
| (408,464 | ) |
Inventory | |
| 1,341,472 | | |
| (73,209 | ) |
Contract
assets | |
| (240,478 | ) | |
| (12,597 | ) |
Prepaid
expenses and other current assets | |
| 483,043 | | |
| (141,562 | ) |
Other
assets | |
| (225,853 | ) | |
| (185,165 | ) |
Accounts
payable | |
| (455,315 | ) | |
| 256,584 | |
Accounts
payable - related party | |
| 408 | | |
| (15,765 | ) |
Sales
tax payable | |
| 1,658 | | |
| 90,204 | |
Operating
lease liabilities | |
| (388,516 | ) | |
| (356,176 | ) |
Deposits
from customers | |
| 150,274 | | |
| 1,618 | |
Accrued
expenses | |
| (108,311 | ) | |
| 701,414 | |
Contract
liabilities | |
| 919,090 | | |
| 554,966 | |
Deferred
revenue | |
| (252,109 | ) | |
| (86,106 | ) |
Income
taxes payable | |
| (146,422 | ) | |
| (37,698 | ) |
Other
liabilities | |
| (184,261 | ) | |
| (231,998 | ) |
Net
cash used by operating activities - continuing operations | |
| (2,752,236 | ) | |
| (5,383,060 | ) |
Net
cash provided by operating activities - discontinued operations | |
| - | | |
| 2,488,144 | |
Net
cash used by operating activities | |
| (2,752,236 | ) | |
| (2,894,916 | ) |
| |
| | | |
| | |
Cash
Flows from Investing Activities | |
| | | |
| | |
Purchase
of property and equipment | |
| (355,308 | ) | |
| (263,732 | ) |
Proceeds
from sale of property and equipment | |
| - | | |
| 11,026 | |
Investment
in MasterpieceVR | |
| (100,000 | ) | |
| - | |
Net
cash used by investing activities | |
| (455,308 | ) | |
| (252,706 | ) |
| |
| | | |
| | |
Cash
Flows from Financing Activities | |
| | | |
| | |
Proceeds
on revolving line of credit | |
| 19,360,672 | | |
| - | |
Payments
on revolving line of credit | |
| (15,413,971 | ) | |
| - | |
Payments
on debt | |
| (2,429,743 | ) | |
| (544,370 | ) |
Payments
on Paycheck Protection Program Loans | |
| (20,242 | ) | |
| (10,033 | ) |
Proceeds
on bank loans | |
| 28,331 | | |
| - | |
Payments
on bank loans | |
| (204,802 | ) | |
| (365,724 | ) |
Purchases
of treasury stock | |
| (69,705 | ) | |
| | |
Net
cash provided by/(used by) financing activities | |
| 1,250,540 | | |
| (920,127 | ) |
| |
| | | |
| | |
Effect
of currency translation | |
| (304,022 | ) | |
| (126,593 | ) |
Net
decrease in cash, cash equivalents, and restricted cash | |
| (1,957,004 | ) | |
| (4,067,749 | ) |
Cash,
cash equivalents, and restricted cash at beginning of period | |
| 6,349,562 | | |
| 11,473,676 | |
Cash,
cash equivalents, and restricted cash at end of period | |
$ | 4,088,536 | | |
$ | 7,279,334 | |
| |
| | | |
| | |
Balance
Sheet Accounts Included in Cash, Cash Equivalents, and Restricted Cash | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 2,916,120 | | |
$ | 6,634,037 | |
Restricted
cash | |
| 1,172,416 | | |
| 645,297 | |
Total
cash, cash equivalents, and restricted cash | |
$ | 4,088,536 | | |
$ | 7,279,334 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Cemtrex,
Inc. and Subsidiaries
Condensed
Consolidated Statements of Cash Flows (Continued)
(Unaudited)
Supplemental
Disclosure of Cash Flow Information: | |
| | |
| |
Cash
paid during the period for interest | |
$ | 482,865 | | |
$ | 257,145 | |
| |
| | | |
| | |
Cash
paid during the period for income taxes, net of refunds | |
$ | 146,422 | | |
$ | 37,698 | |
| |
| | | |
| | |
Supplemental
Schedule of Non-Cash Investing and Financing Activities | |
| | | |
| | |
Shares
issued to pay notes payable | |
$ | - | | |
$ | 232,145 | |
Financing
of fixed asset purchase | |
$ | 28,331 | | |
$ | - | |
Investment
in right of use asset | |
$ | 294,513 | | |
$ | 76,506 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Cemtrex,
Inc. and Subsidiaries
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE
1 – ORGANIZATION AND PLAN OF OPERATIONS
Cemtrex
was incorporated in 1998 in the state of Delaware and has evolved through strategic acquisitions and internal growth into a leading multi-industry
company. Unless the context requires otherwise, all references to “we”, “our”, “us”, “Company”,
“registrant”, “Cemtrex” or “management” refer to Cemtrex, Inc. and its subsidiaries.
The
Company’s reporting segments consist of Security and Industrial Services. Additionally, the Company’s operational structure
also reports unallocated corporate expenses.
Security
Cemtrex’s
Security segment operates under the brand of its majority owned subsidiary, Vicon Industries, Inc. (“Vicon”), which provides
end-to-end security solutions to meet the toughest corporate, industrial, and governmental security challenges. Vicon’s products
include browser-based video monitoring systems and analytics-based recognition systems, cameras, servers, and access control systems
for every aspect of security and surveillance in industrial and commercial facilities, federal prisons, hospitals, universities, schools,
and federal and state government offices. Vicon provides innovative, mission critical security and video surveillance solutions utilizing
Artificial Intelligence (AI) based data algorithms.
Industrial
Services
Cemtrex’s
Industrial Services segment operates under the brand, Advanced Industrial Services (“AIS”), which offers single-source expertise
and services for rigging, millwrighting, in plant maintenance, equipment erection, relocation, and disassembly to diversified customers.
AIS installs high precision equipment in a wide variety of industrial markets like automotive, printing & graphics, industrial automation,
packaging, and chemicals, among others. AIS is a leading provider of reliability-driven maintenance and contracting solutions for machinery,
packaging, printing, chemical, and other manufacturing markets. The focus is on customers seeking to achieve greater asset utilization
and reliability to cut costs and increase production from existing assets, including small projects, sustaining capital, turnarounds,
maintenance, specialty welding services, and high-quality scaffolding.
Acquisition
of Heisey Mechanical
On
July 1, 2023, the Company under AIS, completed the acquisition of a leading service contractor and steel fabricator that specializes
in industrial and water treatment markets, Heisey Mechanical, Ltd. (“Heisey”) based in Columbia, Pennsylvania for $2,400,000
plus adjustments for the outstanding contract assets and liabilities of $393,291. The real estate of the business was purchased at fair
market value on August 30, 2023, for $1,500,000 in a separate transaction.
Heisey
provides the water treatment industry with a variety of fabricated vessels and equipment including ASME pressure vessels, heat exchangers,
mix tanks, reactors, and other specialized fabricated equipment. Additionally, the contracting team assists with installation and service
of fabricated items. The company has over 33,000 square feet of manufacturing floor space in its facility and an experienced staff of
fabricators, welders, and field mechanics.
The
purchase price allocation presented below is still preliminary but has been developed based on an estimate of fair values of Heisey’s
identifiable tangible and intangible assets acquired and liabilities assumed as of July 1, 2023. The final allocation of the purchase
price will be determined within one year from the closing date of the Heisey acquisition.
The
consideration transferred and preliminary allocation of Heisey’s tangible and intangible assets and liabilities, are as follows:
SCHEDULE OF BUSINESS ACQUISITION OF TANGIBLE AND INTANGIBLE ASSETS AND LIABILITIES
Consideration
Transferred: | |
| |
Cash | |
$ | 393,291 | |
Seller’s
note | |
| 240,000 | |
Financed
amount | |
| 2,160,000 | |
Total
consideration transferred | |
$ | 2,793,291 | |
| |
| | |
Purchase
Price Allocation: | |
| | |
Inventory | |
| 300,000 | |
Contract
assets | |
| 667,259 | |
Machinery
and equipment | |
| 1,625,000 | |
Contract
liabilities | |
| (216,469 | ) |
Accrued
expenses | |
| (57,499 | ) |
Goodwill | |
| 475,000 | |
Total
consideration transferred | |
$ | 2,793,291 | |
The
pro forma summary below presents the results of operations as if the Heisey acquisition occurred on October 1, 2022. Proforma adjustments
for the three months ended March 31, 2023, includes $63,900 of depreciation expense from acquired fixed assets, $32,460 of interest expense
on the debt used in the acquisition, and $41,331 of income tax expense. Proforma adjustments for the six months ended March 31, 2023,
includes $127,800 of depreciation expense from acquired fixed assets, $65,860 of interest expense on the debt used in the acquisition,
and $34,433 of income tax expense. The pro forma summary uses estimates and assumptions based on information available at the time. Management
believes the estimates and assumptions to be reasonable; however, actual results may have differed significantly from this pro forma
financial information. The pro forma information does not reflect any cost savings, operating synergies or revenue enhancements that
might have been achieved from combining the operations. The unaudited pro forma summary is provided for illustrative purposes only and
does not purport to represent the Company’s actual consolidated results of operations had the acquisition been completed as of
the date presented, nor should it be considered indicative of the Company’s future consolidated results of operations.
SCHEDULE OF PRO FORMA FINANCIAL INFORMATION
| |
March
31, 2023 | | |
March
31, 2023 | |
| |
Unaudited | |
| |
for
the
three months ended | | |
for
the
six months ended | |
| |
March
31, 2023 | | |
March
31, 2023 | |
| |
| | |
| |
Revenues | |
$ | 19,369,100 | | |
$ | 32,542,938 | |
Net
gain/(loss) | |
| 41,272 | | |
| (6,392,032 | ) |
On
August 30, 2023, the Company acquired a mortgage in the amount of $1,200,000 from Fulton Bank to finance the purchase of the properties
formerly owned by Heisey Mechanical Ltd. The mortgage carries interest at the Secured Overnight Financing Rate (SOFR) plus 2.8% and matures
on September 30, 2043.
Nasdaq
Notices for Listing Deficiencies
On
July 29, 2022, the Company received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”)
notifying the Company that, because the closing bid price for the Company’s Series 1 Preferred Stock listed on Nasdaq was below
$1.00 for 30 consecutive trading days, the Company no longer met the minimum bid price requirement for continued listing on The Nasdaq
Capital Market under Nasdaq Marketplace Rule 5550(a)(2), requiring a minimum bid price of $1.00 per share (the “Minimum Bid Price
Requirement”). On January 26, 2023, the Company received a notification letter from the Listing Qualifications Department of Nasdaq
notifying the Company that, it had been granted an additional 180 days or until July 24, 2023, to regain compliance with the Minimum
Bid Price Requirement based on the Company meeting the continued listing requirement for market value of publicly held shares and all
other applicable requirements for initial listing on the Capital Market with the exception of the bid price requirement, and the Company’s
written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
On September 8, 2023, the Company received a letter from the Nasdaq Hearings Panel (“Panel”) informing the Company that the
Panel has granted the Company a temporary exception to regain compliance with The Nasdaq Stock Market LLC’s (“Nasdaq”
or the “Exchange”) Listing Rule 5555(a)(1) (the “Bid Price Rule”) by no later than January 19, 2024. The Company
has announced a special meeting of Series 1 Preferred Stock shareholders was scheduled for December 26, 2023, to approve the reverse
stock split. On December 26, 2023, the meeting was adjourned to December 29, 2023, due to insufficient votes represented by proxy or
virtually in person to constitute a quorum for the transaction of business at the Special Meeting. On December 29, 2023, there were still
insufficient votes represented by proxy or virtually in person to constitute a quorum thus the resolution did not pass.
On
January 5, 2024 and January 12, 2024, the Company bought back an aggregate of 71,951 shares for $69,705 under the Share Repurchase Program
approved on August 22, 2023, that allows the Company to repurchase shares of the Series 1 Preferred Stock through various means, including
through privately negotiated transactions and through an open market program. Subsequent to the balance sheet date, these shares were
cancelled. The Company’s Series 1 Preferred Stock was delisted from the NASDAQ Capital Market on January 22, 2024. The Series 1
Preferred Stock is now quoted on the OTC Markets under the symbol “CETXP”. Nasdaq filed a Form 25 on March 21, 2024. The
deregistration of the Company’s Series 1 Preferred Stock under Section 12(b) of the Exchange Act will be effective for 90 days,
or such shorter period as the SEC may determine, after filing of the Form 25.
Going
Concern Considerations
The
accompanying condensed consolidated financial statements of the Company have been prepared assuming the Company will continue as a going
concern and in accordance with generally accepted accounting principles in the United States of America. The going concern basis of presentation
assumes that the Company will continue in operation one year after the date these financial statements are issued and will be able to
realize its assets and discharge its liabilities and commitments in the normal course of business. Pursuant to the requirements of the
ASC 205, management must evaluate whether there are conditions or events, considered in the aggregate, which raise substantial doubt
about the Company’s ability to continue as a going concern for one year from the date these financial statements are issued.
This
evaluation does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented
or are not within control of the Company as of the date the financial statements are issued. When substantial doubt exists under this
methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s
ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (1) it
is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and
(2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about
the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued.
The
Company has incurred substantial losses of $9,196,875 and $13,020,958 for fiscal years 2023 and 2022, respectively, and has losses on
continuing operations for the six months ending March 31, 2024, of $2,894,579 and has debt obligations over the next year of $18,105,429
and working capital of $10,300,384, that raise substantial doubt with respect to the Company’s ability to continue as a going concern.
While
current debt indicates a substantial doubt regarding the Company’s ability to continue as a going concern, the Company has
historically, from time to time, satisfied and may continue to satisfy certain short-term liabilities through the issuance of common
stock, thus reducing our cash requirement to meet our operating needs. The Company has $2,916,120
in cash and cash equivalents as of March 31, 2024. Additionally, the Company has (i) secured a line of credit for its Vicon brand to
fund operations, which as of March 31, 2024, has available capacity of $980,766,
(ii) continually reevaluated its pricing model on our Vicon brand to improve margins on those products, (iii) entered into an
underwriting agreement in connection with underwritten public offering, the aggregate gross proceeds to the Company were
approximately $10,035,000,
before deducting underwriting discounts and other estimated expenses payable by the Company, and (iv) entered into a Standstill
Agreement with Streeterville Capital, LLC (“Streeterville”) in which Streeterville agreed not to seek to redeem any
portion of its two outstanding notes with the Company for a period of one year expiring on April 30, 2025, in
exchange, the Company agreed to pay to Streeterville the greater of $4,000,000
or fifty percent (50%)
of the net proceeds the Company receives from the sale of any of its common stock or preferred stock during the Standstill
Period.
In
the event additional capital is raised through equity offerings and/or debt is satisfied with equity, it may have a dilutive effect on
our existing stockholders. While the Company believes these plans if successful, would be sufficient to meet the capital demands of our
current operations for at least the next twelve months, there is no guarantee that we will succeed. Overall, there is no guarantee that
cash flow from our existing or future operations and any external capital that we may be able to raise will be sufficient to meet our
working capital needs. As of March 31, 2024, the Company did not have adequate cash or available liquidity/available capacity on our
lines of credit to meet our short or long-term needs. With the subsequent public offering, the Company has the ability to meet its debt
obligations for the next twelve months.
The
condensed consolidated financial statements do not include any adjustments relating to this uncertainty.
NOTE
2 – INTERIM STATEMENT PRESENTATION
Basis
of Presentation and Use of Estimates
The
accompanying unaudited condensed consolidated financial information should be read in conjunction with the audited consolidated financial
statements and the notes thereto included in the Annual Report on Form 10-K for the year ended September 30, 2023, of Cemtrex, Inc.
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the Unites States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X pursuant to the requirements of the U.S. Securities and Exchange Commission (“SEC”). Accordingly,
they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair
presentation have been included. The results of operations for the interim periods are not necessarily indicative of the results of operations
for the entire year.
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements, the disclosure of contingent
assets and liabilities in the condensed consolidated financial statements and the accompanying notes, and the reported amounts of revenues,
expenses and cash flows during the periods presented. Actual amounts and results could differ from those estimates. The estimates and
assumptions the Company makes are based on historical factors, current circumstances and the experience and judgment of the Company’s
management. The Company evaluates its estimates and assumptions on an ongoing basis.
Significant
Accounting Policies
Note
2 of the Notes to Consolidated Financial Statements, included in the annual report on Form 10-K for the year ended September 30, 2023,
includes a summary of the significant accounting policies used in the preparation of the condensed consolidated financial statements.
Recently
Adopted Accounting Pronouncements
In
June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement
of Credit Losses on Financial Instruments (“Update 2016-13”). Update 2016-13 replaced the incurred loss model with an expected
loss model, which is referred to as the current expected credit loss (“CECL”) model. The CECL model is applicable to the
measurement of credit losses on financial assets measured at amortized cost, including but not limited to trade receivables. For public
business entities, the new standard became effective for annual reporting periods beginning after December 15, 2022, including interim
periods within that reporting period. On October 1, 2023, the Company implemented this standard
and there has been no material change to the condensed consolidated financial statements.
The following table illustrates
the effect of implementation of Update 2016-13 on the condensed consolidated balance sheet:
SCHEDULE
OF EFFECT IMPLEMENTATION ON CONDENSED CONSOLIDATED BALANCE SHEET
Assets: | |
October 1, 2023
As reported
under ASC 326 | | |
September 30,
2023 Pre-ASC 326
Adoption | | |
Impact of ASC
326 Adoption | |
Trade receivables, net | |
$ | 234,924 | | |
$ | 234,924 | | |
$ | - | |
Contract assets, net | |
$ | 8,696 | | |
$ | - | | |
$ | 8,696 | |
Royalties receivable, net - related party | |
$ | 10,000 | | |
$ | - | | |
$ | 10,000 | |
Note receivable, net - related party | |
$ | 44,761 | | |
$ | 44,761 | | |
$ | - | |
The
Company estimates credit losses associated with our accounts receivable portfolio segment using an expected credit loss model, which
utilizes an aging schedule methodology based on historical information and adjusted for asset-specific considerations, current economic
conditions and reasonable and supportable forecasts.
The
Company will utilize the Probability-of-default method for financing receivables and loans. Expected credit losses are determined by
multiplying the probability of default (i.e., the probability the asset will default within the given time frame) by the loss given default
(the percentage of the asset not expected to be collected because of default). The Company considers sources of repayment associated
with a financial asset when determining its credit losses, including collection against the collateral and certain embedded credit enhancements,
such as guarantees or insurance. The allowance for credit losses was immaterial as of March 31, 2024.
The following table illustrates
the current expected credit losses activity for the six months ended March 31, 2024:
SCHEDULE
OF EXPECTED CREDIT LOSSES ACTIVITY
| |
| | |
| | |
| |
| |
As of
October 1, 2023 | | |
For the six
months ended
March 31, 2024 | | |
As of
March 31, 2024 | |
Assets: | |
| | | |
| | | |
| | |
Trade receivables, net | |
$ | 234,924 | | |
$ | (9,111 | ) | |
$ | 225,813 | |
Trade receivables, net - related party | |
$ | - | | |
$ | - | | |
$ | - | |
Trade receivables,
net | |
| - | | |
| - | | |
| - | |
Contract assets, net | |
$ | 8,696 | | |
$ | 27,660 | | |
$ | 36,356 | |
Royalties receivable, net - related party | |
$ | 10,000 | | |
$ | - | | |
$ | 10,000 | |
Note receivable, net - related party | |
$ | 44,761 | | |
$ | 20,047 | | |
$ | 64,808 | |
Recently
Issued Accounting Pronouncements Not Yet Effective
On
June 30, 2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to
Contractual Sale Restrictions (“ASU 2022-03”), which (1) clarifies the guidance in ASC 820 on the fair value measurement
of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity
security. Under current guidance, stakeholders have observed diversity in practice related to whether contractual sale restrictions should
be considered in the measurement of the fair value of equity securities that are subject to such restrictions. On the basis of interpretations
of existing guidance and the current illustrative example in ASC 820-10-55-52 of a restriction on the sale of an equity instrument, some
entities use a discount for contractual sale restrictions when measuring fair value, while others view the application of such a discount
to be inconsistent with the principles of ASC 820. To reduce the diversity in practice and increase the comparability of reported financial
information, ASU 2022-03 clarifies this guidance and amends the illustrative example. ASU No. 2022-03 is effective for fiscal years beginning
after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of this ASU on the condensed consolidated
financial statements.
In
November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”
(“ASU 2023-07”), which enhances the disclosures required for operating segments in the Company’s annual and interim
consolidated financial statements. ASU 2023-07 is effective for the Company for annual reporting for fiscal 2025 and for interim period
reporting beginning in fiscal 2026 on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact
of our pending adoption of ASU 2023-07 on the condensed consolidated financial statements.
In
December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires
public entities to disclose consistent categories and greater disaggregation of information in the rate reconciliation and for income
taxes paid. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The guidance is effective
for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is required
to adopt this standard prospectively in fiscal year 2026 for the annual reporting period ending September 30, 2026. The Company is currently
in the process of evaluating the impact of adoption on the condensed consolidated financial statements.
The
Company does not believe that any other recently issued but not yet effective accounting pronouncements, if adopted, would have a material
effect on the accompanying condensed consolidated financial statements.
NOTE
3 – DISCONTINUED OPERATIONS
On
November 22, 2022, the Company entered into two Asset Purchase Agreements and one Simple Agreement for Future Equity (“SAFE”)
with the Company’s CEO, Saagar Govil, to secure the sale of the subsidiaries Cemtrex Advanced Technologies, Inc, which include
the brand SmartDesk, and Cemtrex XR, Inc., which include the brands Cemtrex XR, Virtual Driver Interactive, Bravo Strong, and good tech
(formerly Cemtrex Labs), to Mr. Govil.
Due
to the on-going losses and risk associated with the SmartDesk business the Company has valued the royalty and SAFE agreement associated
with the SmartDesk sale at $0 and considers such consideration to be a gain contingency.
Based
on sales projections for Cemtrex XR, Inc., the Company does not believe that it will exceed the sales levels required to exceed the $820,000
royalties due and has not accounted for any additional royalties at this time. In accordance with ASC 310 – Receivables, the
Company has discounted the royalties due and has recognized $13,282 during the three-month periods ended March 31, 2024, and 2023, and
$26,563, and $17,709, during the six-month periods ended March 31, 2024, and 2023, respectively, and will amortize the remaining amount
over the period the royalties are due.
The
following table summarizes the loss on the sale recorded during the three months ended December 31, 2022, included in Income/(loss) from
discontinued operations, net of tax in the accompanying condensed consolidated statement of operations:
SUMMARY OF LOSS ON SALE
| |
| | |
Purchase Price | |
$ | 745,621 | |
Less cash and cash equivalents transferred | |
| (699,423 | ) |
Less liabilities assumed | |
| (10,924 | ) |
Net purchase price | |
$ | 35,274 | |
| |
| | |
Assets Sold | |
| | |
Accounts receivable, net | |
$ | 625,638 | |
Inventory, net | |
| 980,730 | |
Prepaid expenses and other assets | |
| 502,577 | |
Property and equipment, net | |
| 837,808 | |
Goodwill | |
| 598,392 | |
Total
Assets Sold | |
| 3,545,145 | |
Liabilities Transferred | |
| | |
Accounts payable | |
| 370,774 | |
Short-term liabilities | |
| 364,775 | |
Long-term liabilities | |
| 318,981 | |
Total
Liabilities Transferred | |
| 1,054,530 | |
Net assets sold | |
$ | 2,490,615 | |
| |
| | |
Pretax loss on sale of Cemtrex Advanced Technologies, Inc, and Cemtrex XR, Inc.Companies | |
$ | (2,455,341 | ) |
As
of March 31, 2024, and September 30, 2023, there were no assets or liabilities included within discontinued operations on the Company’s
Condensed Consolidated Balance Sheets.
During
the first quarter of fiscal 2023, Vicon completed the closure of its discontinued operating entity Vicon Systems, Ltd. located in Israel.
The Company received funds related to benefit obligations of $96,095, which at the time of operational closure were not guaranteed to
be retrievable. The Company paid $7,010 in consulting fees for assistance in retrieving these funds. The net amount of $89,085 is recognized
on the Company’s Condensed Consolidated Statement of Operations as part of the Loss on Discontinued Operations.
Income/(loss)from
discontinued operations, net of tax and the loss on sale of discontinued operations, net of tax, of Cemtrex Advanced Technologies, Inc.
and Cemtrex XR, Inc., sold during the first quarter of fiscal year 2023, which are presented in total as discontinued operations, net
of tax in the Company’s Condensed Consolidated Statements of Operations for the three and six month periods ended March 31, 2024
and 2023, are as follows:
SCHEDULE OF FINANCIAL STATEMENTS INCLUDED WITHIN DISCONTINUED OPERATIONS
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three months ended March 31, | | |
Six months ended March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Total net sales | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 649,061 | |
Cost of sales | |
| - | | |
| - | | |
| - | | |
| 228,086 | |
Operating, selling, general and administrative expenses | |
| 39 | | |
| 492 | | |
| 39 | | |
| 1,296,064 | |
Other (income)/expenses | |
| - | | |
| - | | |
| - | | |
| 3,195 | |
Income (loss) from discontinued operations | |
| (39 | ) | |
| (492 | ) | |
| (39 | ) | |
| (878,284 | ) |
Amortization of discounted royalties | |
| 13,282 | | |
| 14,724 | | |
| 26,564 | | |
| 19,151 | |
Loss on sale of discontinued operations | |
| - | | |
| - | | |
| - | | |
| (2,455,341 | ) |
Adjustment of benefit obligation | |
| - | | |
| - | | |
| - | | |
| 89,085 | |
Income tax provision | |
| 2,780 | | |
| - | | |
| 5,570 | | |
| - | |
Discontinued operations, net of tax | |
$ | 10,463 | | |
$ | 14,232 | | |
$ | 20,955 | | |
$ | (3,225,389 | ) |
NOTE
4 – REVENUE
The
following table illustrates the approximate disaggregation of the Company’s revenue based off timing of revenue recognition for
the three and six months ended March 31, 2024 and 2023:
SCHEDULE
OF DISAGGREGATION OF REVENUE RECOGNITION
| |
March 31, 2024 | | |
March 31, 2023 | | |
March 31, 2024 | | |
March 31, 2023 | |
| |
For the three months ended | | |
For the six months ended | |
| |
March 31, 2024 | | |
March 31, 2023 | | |
March 31, 2024 | | |
March 31, 2023 | |
Over time | |
| 58 | % | |
| 46 | % | |
| 55 | % | |
| 48 | % |
Point-in-time | |
| 42 | % | |
| 54 | % | |
| 45 | % | |
| 52 | % |
NOTE
5 – LOSS PER COMMON SHARE
Basic
net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock
outstanding during the period. Diluted net income per common share is computed by dividing net income by the weighted average number
of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the potential dilution
that could occur from common shares issuable through contingent share arrangements, stock options and warrants. For the three and six
months ended March 31, 2024, and 2023, the following items were excluded from the computation of diluted net loss per common share as
their effect is anti-dilutive:
SCHEDULE OF COMPUTATION OF DILUTED NET LOSS PER COMMON SHARE AS ANTI-DILUTIVE EFFECT
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the six months ended | | |
For the three months ended | |
| |
March 31, | | |
March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | | |
| | | |
| | | |
| | |
Options | |
| 28,796 | | |
| 28,796 | | |
| 28,796 | | |
| 28,796 | |
For
the three and six months ended March 31, 2024 and 2023, loss per share basic and diluted for continuing operations are calculated as
follows:
SCHEDULE OF LOSS PER SHARE BASIC AND DILUTED
FOR CONTINUING OPERATION
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the three months | | |
For the six months | |
| |
March 31, | | |
March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Loss from Continuing operations | |
$ | (1,580,184 | ) | |
$ | (553,761 | ) | |
$ | (2,894,579 | ) | |
$ | (3,650,514 | ) |
Less (loss)/gain in noncontrolling interest | |
| (96,510 | ) | |
| 55,265 | | |
| (192,919 | ) | |
| (3,898 | ) |
Preferred stock dividends | |
| 52,515 | | |
| 58,720 | | |
| 52,515 | | |
| 58,720 | |
Net loss applicable to common shareholders | |
| (1,536,189 | ) | |
| (667,746 | ) | |
| (2,754,175 | ) | |
| (3,705,336 | ) |
Weighted Average Number of Shares-Basic & Diluted | |
| 1,055,636 | | |
| 815,498 | | |
| 1,051,630 | | |
| 788,265 | |
Loss per share - Basic & Diluted - Continuing Operations | |
$ | (1.46 | ) | |
$ | (0.82 | ) | |
$ | (2.62 | ) | |
$ | (4.70 | ) |
NOTE
6 – SEGMENT INFORMATION
The
Company reports and evaluates financial information for two reportable segments: the Security segment and the Industrial Services segment.
The
following tables summarize the Company’s reportable segment information and unallocated corporate expenses:
SCHEDULE
OF SEGMENT INFORMATION
| |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | | |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | |
| |
Three months
ended March 31, 2024 | | |
Three
months ended March 31, 2023 | |
| |
Reportable
Segments | | |
| | |
| | |
Reportable
Segments | | |
| | |
| |
| |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | | |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | |
Revenues | |
$ | 8,084,932 | | |
$ | 9,074,663 | | |
$ | - | | |
$ | 17,159,595 | | |
$ | 9,913,898 | | |
$ | 6,159,499 | | |
$ | - | | |
$ | 16,073,397 | |
Cost of revenues | |
| 3,971,963 | | |
| 6,248,216 | | |
| - | | |
| 10,220,179 | | |
| 4,793,817 | | |
| 3,941,099 | | |
| - | | |
| 8,734,916 | |
Gross profit | |
$ | 4,112,969 | | |
$ | 2,826,447 | | |
$ | - | | |
$ | 6,939,416 | | |
$ | 5,120,081 | | |
$ | 2,218,400 | | |
$ | - | | |
$ | 7,338,481 | |
Operating expenses | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Sales, general, and administrative | |
| 3,833,596 | | |
| 1,897,269 | | |
| 984,403 | | |
| 6,715,268 | | |
| 2,965,659 | | |
| 1,336,313 | | |
| 807,242 | | |
| 5,109,214 | |
Depreciation and amortization | |
| 71,260 | | |
| 233,629 | | |
| - | | |
| 304,889 | | |
| 31,543 | | |
| 157,385 | | |
| 20,125 | | |
| 209,053 | |
Research and development | |
| 951,400 | | |
| - | | |
| - | | |
| 951,400 | | |
| 1,615,341 | | |
| - | | |
| - | | |
| 1,615,341 | |
Operating income/(loss) | |
$ | (743,287 | ) | |
$ | 695,549 | | |
$ | (984,403 | ) | |
$ | (1,032,141 | ) | |
| 507,538 | | |
| 724,702 | | |
| (827,367 | ) | |
| 404,873 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other income/(expense) | |
$ | (138,633 | ) | |
$ | (78,289 | ) | |
$ | (231,117 | ) | |
$ | (448,039 | ) | |
$ | 337,191 | | |
$ | (29,866 | ) | |
$ | (1,265,959 | ) | |
$ | (958,634 | ) |
| |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | | |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | |
| |
Six months
ended March 31, 2024 | | |
Six months
ended March 31, 2023 | |
| |
Reportable
Segments | | |
| | |
| | |
Reportable Segments | | |
| | |
| |
| |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | | |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | |
Revenues | |
$ | 17,252,733 | | |
$ | 16,785,028 | | |
$ | - | | |
$ | 34,037,761 | | |
$ | 16,918,642 | | |
$ | 11,124,997 | | |
$ | - | | |
$ | 28,043,639 | |
Cost of revenues | |
| 8,622,817 | | |
| 11,393,129 | | |
| - | | |
| 20,015,946 | | |
| 8,394,871 | | |
| 7,267,672 | | |
| - | | |
| 15,662,543 | |
Gross profit | |
$ | 8,629,916 | | |
$ | 5,391,899 | | |
$ | - | | |
$ | 14,021,815 | | |
$ | 8,523,771 | | |
$ | 3,857,325 | | |
$ | - | | |
$ | 12,381,096 | |
Operating expenses | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
General, and administrative | |
| 8,161,224 | | |
| 3,426,532 | | |
| 1,731,177 | | |
| 13,318,933 | | |
| 5,715,088 | | |
| 2,525,178 | | |
| 1,793,951 | | |
| 10,034,217 | |
Depreciation and amortization | |
| 199,412 | | |
| 473,778 | | |
| - | | |
| 673,190 | | |
| 71,203 | | |
| 324,906 | | |
| 52,279 | | |
| 448,388 | |
Research and development | |
| 1,800,205 | | |
| - | | |
| - | | |
| 1,800,205 | | |
| 3,445,054 | | |
| - | | |
| - | | |
| 3,445,054 | |
Operating (loss)/income | |
$ | (1,530,925 | ) | |
$ | 1,491,589 | | |
$ | (1,731,177 | ) | |
$ | (1,770,513 | ) | |
$ | (707,574 | ) | |
$ | 1,007,241 | | |
$ | (1,846,230 | ) | |
$ | (1,546,563 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other income/(expense) | |
$ | (272,894 | ) | |
$ | (186,433 | ) | |
$ | (493,984 | ) | |
$ | (953,311 | ) | |
$ | 224,792 | | |
$ | (61,426 | ) | |
$ | (2,267,317 | ) | |
$ | (2,103,951 | ) |
Unallocated
corporate expenses mainly relate to payroll and benefits for corporate officers, investor relation expenses, accounting expenses related
audit and taxes, legal expenses related to corporate matters, and interest expense on notes payable.
NOTE
7 – RESTRICTED CASH
A
subsidiary of the Company participates in a consortium in order to self-insure group care coverage for its employees. The plan is administrated
by Benecon Group and the Company makes monthly deposits in a trust account to cover medical claims and any administrative costs associated
with the plan. These funds, as required by the plan are restricted in nature and amounted to $1,072,416 at March 31, 2024, and $919,652
at September 30, 2023. The Company has $100,000 in restricted cash held in escrow pending final disbursement of expenses related to the
Heisey acquisition as of March 31, 2024 and September 30, 2023.
NOTE
8 – FAIR VALUE MEASUREMENTS
Fair
value is defined as the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. A three-level hierarchy is applied to prioritize the inputs to valuation techniques
used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
The
three levels of the fair value hierarchy under the guidance for fair value measurements are described below:
Level
1 — Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity
has the ability to access at the measurement date. Our Level 1 assets include cash equivalents, banker’s acceptances, trading securities
investments and investment funds. The Company measures trading securities investments and investment funds at quoted market prices as
they are traded in an active market with sufficient volume and frequency of transactions.
Level
2 — Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly or indirectly. If the asset or liability has a specified contractual term, a Level 2 input must be observable for substantially
the full term of the asset or liability.
Level
3 — Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the
asset or liability at the measurement date. Level 3 assets and liabilities include cost method investments. Quantitative information
for Level 3 assets and liabilities reviewed at each reporting period includes indicators of significant deterioration in the earnings
performance, credit rating, asset quality, business prospects of the investee, and financial indicators of the investee’s ability
to continue as a going concern.
The
Company’s fair value assets at March 31, 2024, and September 30, 2023, are as follows.
SCHEDULE OF FAIR VALUE OF ASSETS
| |
Quoted Prices | | |
Significant | | |
| | |
| |
| |
in Active | | |
Other | | |
Significant | | |
Balance | |
| |
Markets for | | |
Observable | | |
Unobservable | | |
as of | |
| |
Identical Assets | | |
Inputs | | |
Inputs | | |
March 31, | |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | | |
2024 | |
Assets | |
| | | |
| | | |
| | | |
| | |
Investment in marketable securities | |
| | | |
| | | |
| | | |
| | |
(included in short-term investments) | |
$ | 13,853 | | |
$ | - | | |
$ | - | | |
$ | 13,853 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | 13,853 | | |
$ | - | | |
$ | - | | |
$ | 13,853 | |
| |
Quoted Prices | | |
Significant | | |
| | |
| |
| |
in Active | | |
Other | | |
Significant | | |
Balance | |
| |
Markets for | | |
Observable | | |
Unobservable | | |
as of | |
| |
Identical Assets | | |
Inputs | | |
Inputs | | |
September 30, | |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | | |
2023 | |
Assets | |
| | | |
| | | |
| | | |
| | |
Investment in marketable securities | |
| | | |
| | | |
| | | |
| | |
(included in short-term investments) | |
$ | 13,663 | | |
$ | - | | |
$ | - | | |
$ | 13,663 | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | 13,663 | | |
$ | - | | |
$ | - | | |
$ | 13,663 | |
NOTE
9 – TRADE RECEIVABLES, NET
Trade
receivables, net consist of the following:
SCHEDULE OF TRADE RECEIVABLES, NET
| |
March 31, | | |
September 30, | |
| |
2024 | | |
2023 | |
Trade receivables | |
$ | 11,761,693 | | |
$ | 9,444,619 | |
Allowance for credit losses | |
| (225,813 | ) | |
| (234,924 | ) |
Accounts receivables,
net, total | |
$ | 11,535,880 | | |
$ | 9,209,695 | |
Trade
receivables include amounts due for shipped products and services rendered.
Allowance
for credit losses include estimated losses resulting from the inability of our customers to make the required payments.
NOTE
10 – PREPAID EXPENSES AND OTHER CURRENT ASSETS
Prepaid
expenses and other current assets consist of the following:
SUMMARY OF PREPAID AND OTHER CURRENT ASSETS
| |
March 31, 2024 | | |
September 30, 2023 | |
| |
| | |
| |
Prepaid expenses | |
$ | 838,980 | | |
$ | 521,310 | |
Prepaid inventory | |
| 498,631 | | |
| 1,084,051 | |
Deferred costs | |
| 83,502 | | |
| 25,941 | |
Loan origination costs | |
| 36,267 | | |
| - | |
Prepaid income taxes | |
| 428,193 | | |
| 168,555 | |
VAT and GST tax receivable | |
| 24,842 | | |
| 298,502 | |
Prepaid expenses and other current assets total | |
$ | 1,910,415 | | |
$ | 2,098,359 | |
NOTE
11 – INVENTORY, NET
Inventory,
net consisted of the following:
SCHEDULE
OF INVENTORY, NET
| |
March 31, | | |
September 30, | |
| |
2024 | | |
2023 | |
Raw materials | |
$ | 797,943 | | |
$ | 885,398 | |
Work in progress | |
| 304,563 | | |
| 109,019 | |
Finished goods | |
| 6,295,241 | | |
| 7,744,802 | |
Inventory, net | |
| 7,397,747 | | |
| 8,739,219 | |
The
Company maintained an allowance for obsolete inventories of $502,577 and $618,021 at March 31, 2024 and September 30, 2023, respectively.
NOTE
12 – PROPERTY AND EQUIPMENT
Property
and equipment are summarized as follows:
SUMMARY
OF PROPERTY AND EQUIPMENT
| |
March 31, | | |
September 30, | |
| |
2024 | | |
2023 | |
Land | |
$ | 945,279 | | |
$ | 945,279 | |
Building and leasehold improvements | |
| 4,372,598 | | |
| 4,362,062 | |
Furniture and office equipment | |
| 597,198 | | |
| 579,700 | |
Computers and software | |
| 1,333,135 | | |
| 1,333,135 | |
Machinery and equipment | |
| 12,806,142 | | |
| 12,488,639 | |
Property and equipment, gross | |
| 20,054,352 | | |
| 19,708,815 | |
Less: Accumulated depreciation | |
| (11,152,301 | ) | |
| (10,490,114 | ) |
Property and equipment, net | |
$ | 8,902,051 | | |
$ | 9,218,701 | |
Depreciation
expense for the three and six months ended March 31, 2024 and 2023, was $304,889 and $673,190, and $209,053 and $448,388, respectively
and is recorded in cost of revenues and general and administrative expenses on the Company’s condensed consolidated statements
of operations.
NOTE
13 – GOODWILL
Changes
in the carrying amount of goodwill, by segment, are as follows:
SCHEDULE
OF GOODWILL BY SEGMENT
| |
Security | | |
Industrial Services | | |
Consolidated | |
Balance at September 30, 2023 | |
$ | 530,475 | | |
$ | 3,851,416 | | |
$ | 4,381,891 | |
| |
| | | |
| | | |
| | |
Balance at March 31, 2024 | |
$ | 530,475 | | |
$ | 3,851,416 | | |
$ | 4,381,891 | |
As
of March 31, 2024, and September 30, 2023, accumulated impairment losses of $3,316,000 related to the Security segment have been recorded.
NOTE
14 – OTHER ASSETS
On
November 13, 2020, Cemtrex made a $500,000 investment, on January 19, 2022, made an additional $500,000 investment, and on July 18, 2023,
and October 5, 2023, made an additional $100,000 investment on each date via a simple agreement for future equity (“SAFE”)
in MasterpieceVR. The SAFE provides that the Company will automatically receive shares of the entity based on the conversion rate of
future equity rounds up to a valuation cap, as defined. MasterpieceVR is a software company that is developing software for content creation
using virtual reality. The investment is recorded at cost and is included in other assets in the accompanying Condensed consolidated
balance sheets. No impairment has been recorded for the three and six months ended March 31, 2024.
Other
assets consisted of the following:
SCHEDULE
OF OTHER ASSETS
| |
March 31, 2024 | | |
September 30, 2023 | |
Rental deposits | |
$ | 213,770 | | |
$ | 198,641 | |
Investment in Masterpiece VR | |
| 1,200,000 | | |
| 1,100,000 | |
Other deposits | |
| 305,117 | | |
| 167,808 | |
Demonstration equipment supplied to resellers | |
| 442,975 | | |
| 369,560 | |
Other assets total | |
$ | 2,161,862 | | |
$ | 1,836,009 | |
NOTE
15 – ACCRUED EXPENSES
Accrued
expenses consisted of the following:
SCHEDULE
OF ACCRUED EXPENSES
| |
March 31, 2024 | | |
September 30, 2023 | |
Accrued expenses | |
$ | 489,603 | | |
$ | 319,211 | |
Accrued payable on inventory in transit | |
| 846,823 | | |
| 1,154,254 | |
Accrued payroll | |
| 1,116,951 | | |
| 1,088,223 | |
Accrued warranty | |
| 222,702 | | |
| 222,702 | |
Accrued expenses total | |
$ | 2,676,079 | | |
$ | 2,784,390 | |
NOTE
16 – DEFERRED REVENUE
The
Company’s deferred revenue as of and for the three and six months ended March 31, 2024, and 2023, were as follows:
SCHEDULE
OF DEFERRED REVENUE
| |
For the three months ended | | |
For the six months ended | |
| |
March 31, 2024 | | |
March 31, 2023 | | |
March 31, 2024 | | |
March 31, 2023 | |
| |
| | |
| | |
| | |
| |
Deferred revenue at beginning of period | |
$ | 2,256,352 | | |
$ | 1,693,021 | | |
$ | 2,311,334 | | |
$ | 1,824,534 | |
Net additions: | |
| | | |
| | | |
| | | |
| | |
Deferred software revenues | |
| 487,413 | | |
| 580,752 | | |
| 1,147,383 | | |
| 1,008,169 | |
Recognized as revenue: | |
| | | |
| | | |
| | | |
| | |
Deferred software revenues | |
| (684,540 | ) | |
| (558,775 | ) | |
| (1,399,492 | ) | |
| (1,117,705 | ) |
Deferred revenue at end of period | |
| 2,059,225 | | |
| 1,714,998 | | |
| 2,059,225 | | |
| 1,714,998 | |
Less: current portion | |
| 1,404,608 | | |
| 581,193 | | |
| 1,404,608 | | |
| 581,193 | |
Long-term deferred revenue at end of period | |
$ | 654,617 | | |
$ | 1,133,805 | | |
$ | 654,617 | | |
$ | 1,133,805 | |
For
the three and six months ended March 31, 2024 and 2023, the Company recognized revenue of $608,808, and $483,296, and $1,043,281 and
$963,674, respectively, that was previously included in the beginning balance of deferred revenues.
NOTE
17 – CONTRACT ASSETS AND LIABILITIES
Project
contracts typically provide for a schedule of billings on percentage of completion of specific tasks inherent in the fulfillment of the
Company’s performance obligation(s). The schedules for such billings usually do not precisely match the schedule on which costs
are incurred. As a result, contract revenue recognized in the statements of operations can and usually does differ from amounts that
can be billed to the customer at any point during the contract. Amounts by which cumulative contract revenue recognized on a contract
as of a given date exceeds cumulative billings and unbilled receivables to the customer under the contract are reflected as a current
asset in the condensed consolidated balance sheets under the caption “Contract assets.” Amounts by which cumulative billings
to the customer under a contract as of a given date exceed cumulative contract revenue recognized are reflected as a current liability
in the condensed consolidated balance sheets under the caption “Contract liabilities.” Conditional retainage represents the
portion of the contract price withheld until the work is substantially complete for assurance of the Company’s obligations to complete
the job.
The
following is a summary of the Company’s uncompleted contracts:
SCHEDULE
OF CONTRACT ASSETS AND LIABILITIES
|
|
March 31, 2024 | | |
September 30, 2023 | |
|
|
| | |
| |
Costs incurred on uncompleted contracts |
|
$ | 11,582,989 | | |
$ | 12,523,552 | |
Estimated gross profit |
|
| 2,816,002 | | |
| 3,085,350 | |
|
|
| 14,398,991 | | |
| 15,608,902 | |
Applicable billings to date |
|
| (14,318,721 | ) | |
| (14,850,020 | ) |
Net billings in excess of costs, Ending balance |
|
$ | 80,270 | | |
$ | 758,882 | |
For
the three and six months ended March 31, 2024 and 2023, the Company recognized revenue of $95,759 and $9,030, and $886,920 and $361,887,
respectively, that was previously included in the beginning balance of contract liabilities.
NOTE
18 – RELATED PARTY TRANSACTIONS
On
August 31, 2019, the Company entered into an Asset Purchase Agreement for the sale of Griffin Filters, LLC to Ducon Technologies, Inc.,
which Aron Govil, the Company’s Founder, and former CFO, for total consideration of $550,000. On July 31, 2022, the Company negotiated
a payment agreement surrounding the sale of Griffin Filters, LLC, and other liabilities due to the Company totaling $761,585. This agreement
is in the form of a secured promissory note earning interest at a rate of 5% per annum and matures on July 31, 2024. As of March 31,
2024, $64,808 of accrued interest has been recorded as an expected credit loss against this note.
As
of March 31, 2024, and September 30, 2023, there was $3,798 and $3,806 payable due to Ducon Technologies, Pvt Ltd., which is also owned
by Aron Govil, respectively.
As
of March 31, 2024, and September 30, 2023, there was $635,956 and $637,208 receivable due from Ducon Technologies, Pvt Ltd., respectively.
On
November 22, 2022, the Company entered into two Asset Purchase Agreements and one Simple Agreement for Future Equity (“SAFE”)
with the Company’s CEO, Saagar Govil, to secure the sale of the subsidiaries Cemtrex Advanced Technologies, Inc, and Cemtrex XR,
Inc., which include the brands SmartDesk, Cemtrex XR, Virtual Driver Interactive, Bravo Strong, and good tech (formerly Cemtrex Labs),
to Mr. Govil. Cemtrex XR, Inc. was purchased for $890,000 comprised of $75,000 in cash and 5% royalty of all revenues on the Business
to be paid 90 days after the end of each calendar year for the next three years; and should the total sum of royalties due be less than
$820,000 at the end of the three-year period, Mr. Govil shall be obligated to pay the difference between $820,000 and the royalties paid.
Cemtrex Advanced Technologies, Inc. was purchased for $10,000 in cash, 5% royalty of all revenues on the Business to be paid 90 days
after the end of each calendar year for the next 5 years, and $1,600,000 in SAFE (common equity) at any subsequent fundraising or exit
above $5,000,000 with a $10,000,000 cap. Subsequent to the sale of Cemtrex Advanced Technologies, Inc. the business has ceased operations.
The Company has recognized no gain in relation to the 5% royalties.
During
the three and six months ended March 31, 2024, the Company wrote off $94,027 in trade receivables, related party and $59,703 in trade
payables, related party related to the Cemtrex Advanced Technologies, Inc. successor company, SmartDesk, Inc.
As
of March 31, 2024, there was $583,340 in trade receivables due from the Cemtrex XR successor company, CXR, Inc. Of these receivables
$60,628 are related to costs paid by Cemtrex related to payroll during the transition of employees to the new company and subscription
services that are set up on auto pay with a credit card. The remaining $522,712 is related to services provided by Cemtrex Technologies
Pvt. Ltd. in the normal course of business. As of March 31, 2024, there were $5,416 in payables due to CXR Inc.
As
of March 31, 2024, there were royalties receivable from the sale of Cemtrex, XR, Inc. of $700,456,
of which $260,407
is considered short-term and is presented on the Company’s Condensed Consolidated Balance Sheet under the caption “Trade
receivables, net – related party”. On April 13, 2024, the Company and CXR, Inc. agreed to structured payments on the
first-year royalties with full payment being made by December 31, 2024. The Company has taken a $10,000
allowance for expected credit losses against these royalties.
NOTE
19 – LEASES
The
Company is party to contracts where we lease property from others under contracts classified as operating leases. The Company primarily
leases office and operating facilities, vehicles, and office equipment. The weighted average remaining term of our operating leases was
approximately 3.5 years at March 31, 2024, and 3 years at September 30, 2023. The weighted average discount rate used to measure lease
liabilities was approximately 6.45% at March 31, 2024, and 5.66% at September 30, 2023. The Company used the rate implicit in the lease,
where known, or its incremental borrowing rate as the rate used to discount the future lease payments.
The
Company has elected not to recognize lease assets and liabilities for leases with a term of 12 months or less.
The
Company’s corporate segment leases approximately 100 square feet of office space in Brooklyn, NY on a month-to-month lease at a
rent of $600 per month. Short-term rent expense was $3,600 for the six months ended March 31, 2024, and $600 for the six months ended
March 31, 2023.
The
Company’s security segment leases approximately 1,037 square feet of office space in Clovis, CA on a month-to-month lease at a
rent of $5,487 per month. Short-term rent expense was $30,362 for the six months ended March 31, 2024.
A
reconciliation of undiscounted cash flows to operating lease liabilities recognized in the condensed consolidated balance sheet at March
31, 2024, is set forth below:
SCHEDULE
OF RECONCILIATION OF UNDISCOUNTED CASH FLOWS TO OPERATING LEASE LIABILITIES
Years ending September 30, | |
Operating Leases | |
2024 | |
| 461,372 | |
2025 | |
| 908,932 | |
2026 | |
| 711,262 | |
2027 | |
| 315,525 | |
2028 | |
| 58,085 | |
Undiscounted lease payments | |
| 2,455,176 | |
Amount representing interest | |
| (200,490 | ) |
Discounted lease payments | |
$ | 2,254,686 | |
Lease
costs for the three and six months ended March 31, 2024, and 2023 are set forth below:
SCHEDULE
OF LEASE COSTS
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the three months ended | | |
For the six months ended | |
| |
March 31, | | |
March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Operating lease costs | |
| 195,693 | | |
| 223,213 | | |
| 389,125 | | |
| 484,646 | |
Short-term lease costs | |
| 15,701 | | |
| - | | |
| 33,962 | | |
| - | |
Total lease cost | |
$ | 211,394 | | |
$ | 223,213 | | |
$ | 423,087 | | |
$ | 484,646 | |
NOTE
20 – LINES OF CREDIT AND LONG-TERM LIABILITIES
Revolving
line of credit
On
October 5, 2023, the Company obtained a revolving line of credit in the amount of $5,000,000 from Pathward, N.A.. The interest rate will
be a rate which is equal to three percentage points (3%) in excess of that rate shown in the Wall Street Journal as the prime rate (the
“Effective Rate”) and matures twenty-four months from the closing date. This loan is secured by the Company’s eligible
accounts receivable and eligible finished goods inventory. The Company’s ability to borrow against the line of credit is limited
by the value of the eligible assets. As of December 31, 2023, the Company had enough eligible assets to access the full credit line.
The Company was in compliance with all loan covenants as of March 31, 2024. The funds were used to pay the NIL Funding term loan and
will fund operations of the Vicon entity. As of March 31, 2024, this loan had a balance of $4,019,234, with $36,267 of unamortized loan
origination fees, which is included in “Prepaid expenses” on the accompanying Condensed Consolidated Balance Sheet. There
were $980,766 in available funds as of March 31, 2024.
Standstill
Agreement
On
August 31, 2023, the Company and Streeterville Capital, LLC entered into a standstill agreement for the two notes held by Streeterville
Capital, LLC. The terms of this agreement are the earlier of (a) the date that is ninety (90) days from the Effective Date, and (b) the
date that the Company completes an equity offering on either Form S-1 or Form S-3 (the “Standstill Period”), Streeterville
Capital, LLC will not seek to redeem any portion of the Notes, and (c) the Company agrees to prepay to Lender fifty percent (50%) of
the net proceeds received by Borrower in connection with all equity financings until such time as Borrower has raised at least $5,000,000
in aggregate net proceeds.
The
following table outlines the Company’s secured liabilities:
SCHEDULE
OF LINES OF CREDIT AND LIABILITIES
| |
| |
| |
March 31, | | |
September 30, | |
| |
Interest Rate | |
Maturity | |
2024 | | |
2023 | |
Fulton Bank - $360,000 fund equipment for AIS. The Company was in compliance with loan covenants as of March 31, 2024. This loan is secured by certain assets of the Company. | |
SOFR plus 2.37% (7.71% as of March 31, 2024 and 7.68% as of September 30, 2023). | |
1/31/2025 | |
| 69,164 | | |
| 108,700 | |
Fulton Bank - $360,000 fund equipment for AIS. The Company was in compliance with loan covenants as of March 31, 2024. This loan is secured by certain assets of the Company. | |
SOFR plus 2.37% (7.71% as of March 31, 2024 and 7.68% as of September 30, 2023). | |
01/31/2025 | |
| 69,164 | | |
| 108,700 | |
| |
| |
| |
| | | |
| | |
Fulton Bank mortgage $2,476,000. The Company was in compliance with loan covenants as of March 31, 2024. This loan is secured by the underlying asset. | |
SOFR plus 2.62% (7.96% on March 31, 2024 and (7.93% on September 30, 2023). | |
01/28/2040 | |
| 2,146,939 | | |
| 2,180,115 | |
| |
| |
| |
| | | |
| | |
Fulton Bank (HEISEY) - $1,200,000 mortgage loan; requires monthly principal and interest payments through August 1, 2043 with a final payment of remaining principal on September 1, 2043; The loan is collateralized by 615 Florence Street and 740 Barber Street and guaranteed by AIS and Cemtrex. | |
SOFR plus 2.80% per annum (8.14% as of March 31, 2024 and 8.11% as of September 30, 2023). | |
09/30/2043 | |
| 1,188,315 | | |
| 1,200,000 | |
| |
| |
| |
| | | |
| | |
Fulton Bank (HEISEY) - $2,160,000. promissory note related to purchase of Heisey; requires 84 monthly principal and interest payments; The note is collateralized by the Heisey assets and guaranteed by the Parent; matures in 2030. | |
SOFR plus 2.80% per annum (8.14% as of March 31, 2024 and 8.11% as of September 30, 2023). | |
07/01/2030 | |
| 2,004,136 | | |
| 2,122,565 | |
| |
| |
| |
| | | |
| | |
Note payable - $5,755,000 - Less original issue discount $750,000 and legal fees $5,000, net cash received $5,000,000 Unamortized original issue discount balance of $0, as of March 31, 2024 and September 30, 2023. | |
8% | |
06/30/2025 | |
| 4,787,348 | | |
| 4,596,589 | |
| |
| |
| |
| | | |
| | |
Note payable - $9,205,000. Less original issue discount $1,200,000 and legal fees $5,000,net cash received $8,000,000. 28,572 shares of common stock valued at $700,400 recognized as additional original issue discount. Unamortized original issue discount balance of $0 as of March 31, 2024 and September 30, 2023. | |
8% | |
02/22/2026 | |
| 11,709,830 | | |
| 11,243,233 | |
| |
| |
| |
| | | |
| | |
Note Payable - $240,000 For the purchase of Heisey Mechanical, Ltd. | |
6% | |
07/01/2024 | |
| 240,000 | | |
| 240,000 | |
| |
| |
| |
| | | |
| | |
Term Loan Agreement with NIL Funding Corporation (“NIL”) - $5,600,000 The Company was in compliance with loan covenants as of September 30, 2023. | |
11.50% | |
12/31/2024 | |
| - | | |
| 1,979,743 | |
| |
| |
| |
| | | |
| | |
Paycheck Protection Program loan - $121,400 - The issuing bank determined that this loan qualifies for loan forgiveness; however the Company is awaiting final approval from the Small Business Administration. | |
1% | |
05/05/2025 | |
| 70,872 | | |
| 91,114 | |
| |
| |
| |
| | | |
| | |
Software License Agreement - $1,125,000, for the purchase of software source code for use in our Security segment products | |
N/A | |
06/03/2024 | |
| 225,000 | | |
| 675,000 | |
| |
| |
| |
| | | |
| | |
HDFC Bank Auto Loan - $28,331, for the purchase of automobile at India office. Monthly payments of ₹65,179 ($784.89 as translated as of March 31, 2024). Automobile is collateral for this loan. | |
8.70% | |
06/05/2027 | |
| 26,486 | | |
| - | |
Total debt | |
| |
| |
$ | 22,468,090 | | |
$ | 24,437,059 | |
Less: Current maturities | |
| |
| |
| (914,170 | ) | |
| (14,507,711 | ) |
Long-term debt | |
| |
| |
$ | 21,553,920 | | |
$ | 9,929,348 | |
NOTE
21 – STOCKHOLDERS’ EQUITY
Series
1 Preferred Stock
The
Company’s Series 1 Preferred Stock was suspended from the Nasdaq Capital Market on January 22, 2024. The Series 1 Preferred Stock
is now quoted on the OTC Markets under the symbol “CETXP.”
Nasdaq
informed the Company that Nasdaq will complete the delisting by filing a Form 25 Notification of Delisting with the SEC following the
lapse of applicable appeal periods. The Company does not intend to appeal the Panel’s decision. The Form 25 was filed on March
21, 2024. The deregistration of the Company’s Series 1 Preferred Stock under Section 12(b) of the Exchange Act will be effective
for 90 days, or such shorter period as the SEC may determine, after filing of the Form 25.
During
the six months ended March 31, 2024, 115,037 shares of Series 1 Preferred Stock were issued to pay dividends to holders of Series 1 Preferred
Stock.
During
the six months ended March 31, 2024, the Company has bought back 71,951 shares into treasury for $69,705 under the Share Repurchase Program
approved on August 22, 2023, that allows the Company to repurchase shares of the Series 1 Preferred Stock through various means, including
through privately negotiated transactions and through an open market program.
As
of March 31, 2024, and September 30, 2023, there were 2,408,053 and 2,293,016 shares of Series 1 Preferred Stock issued and 2,272,002
and 2,228,916 shares of Series 1 Preferred Stock outstanding, respectively.
Common
Stock
During
the six months ended March 31, 2024, 9,853 shares of the Company’s common stock have been issued in exchange for services valued
at $40,000.
NOTE
22 – SHARE-BASED COMPENSATION
For
the three and six months ended March 31, 2024, and 2023, the Company recognized $7,558 and $26,735 and $15,116 and $66,577 of share-based
compensation expense on its outstanding options, respectively. As of March 31, 2024, $48,189 of unrecognized share-based compensation
expense is expected to be recognized over a period of two years. Future compensation amounts will be adjusted for any change in estimated
forfeitures.
During
the six months ended March 31, 2024, no options were granted, cancelled, or forfeited.
NOTE
23 – COMMITMENTS AND CONTINGENCIES
From
time to time, the Company and its subsidiaries are involved in legal proceedings that are incidental to the operation of our business.
The Company continues to defend vigorously against all claims. Although the ultimate outcome of any legal matter cannot be predicted
with certainty, based on present information, including assessment of the merits of the particular claim, as well as current accruals
and insurance coverage, the Corporation does not expect that such legal proceedings will have a material adverse impact on its condensed
consolidated financial statements.
NOTE
24 – SUBSEQUENT EVENTS
On
April 5, 2024, 120,725 shares of Series 1 Preferred Stock were issued to pay dividends to holders of Series 1 Preferred Stock. The holders
of the Series 1 Preferred Stock are entitled to receive dividends at the rate of 10% annually, based on the $10.00 per share Preference
Amount, payable semiannually.
On
April 8, 2024, the Company issued an aggregate of 1,946 shares of common stock in exchange for services valued at $9,000.
On
April 8, 2024, the Company cancelled 71,951 shares of Series 1 Preferred Stock that were in Treasury Stock.
On
April 13, 2024, the Company and CXR, Inc. agreed to structured payments on the first-year royalties with full payment being made by December
31, 2024.
Standstill
Agreement
On
April 30, 2024, the Company entered into a Standstill Agreement (the “Agreement”) with Streeterville Capital, LLC (“Streeterville”).
Pursuant to the Agreement, Streeterville agreed not to seek to redeem any portion of its two outstanding notes with the Company, dated
September 20, 2021 and February 22, 2022, for a period of one year (the “Standstill Period”) and Streeterville further agreed
to extend the maturity dates on the notes to June 30, 2025 and February 22, 2026, respectively. In exchange, the Company agreed to pay
to Streeterville the greater of $4,000,000 or fifty percent (50%) of the net proceeds the Company receives from the sale of any of its
common stock or preferred stock during the Standstill Period. Any payments made will be deemed payments under the notes. On May 6, 2024,
the Company paid $4,588,897 pursuant to the Agreement.
Underwriting
agreement and public offering
On
May 1, 2024, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Aegis Capital Corp. (the
“Underwriter”), in connection with a firm commitment underwritten public offering (the “Offering”) of (i) 554,705
units (the “Common Units”), each consisting of one share of common stock of the Company (“common stock”), a warrant
to purchase one share of common stock at an exercise price of $.085 per share or pursuant to an alternative cashless exercise option
(described below), which warrant will expire on the two-and-a-half year anniversary of the original issuance date (the “Series
A Warrants”) and a warrant to purchase one share of common stock at an exercise price of $0.85 per share, which warrant will expire
on the five-year anniversary of the original issuance date (the “Series B Warrants” and together with the Series A Warrants,
the “Warrants”); and (ii) 11,210,000 pre-funded units (the “Pre-funded Units” and together with the Common Units,
the “Units”), each consisting of one pre-funded warrant to purchase one share of common stock (the “Pre-funded Warrants”),
a Series A Warrant and a Series B Warrant. The purchase price of each Unit was $0.85, and the purchase price of each Pre-Funded Unit
was $0.849 (which is equal to the public offering price per Common Unit to be sold in the Offering minus $0.001). The Pre-Funded Warrants
are immediately exercisable and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full.
In
addition, the Company granted the Underwriter a 45-day option to purchase additional 1,764,705 shares of common stock and/or Pre-Funded
Warrants, representing up to 15% of the number of common stock and Pre-Funded Warrants sold in the Offering, and/or additional 1,764,705
Series A Warrants representing up to 15% of the Series A Warrants sold in the Offering, and/or additional 1,764,705 Series B Warrants
representing up to 15% of the Series B Warrants sold in the Offering solely to cover over-allotments, if any.
The
Offering closed on May 3, 2024. An aggregate of 11,764,705 Units (which includes 554,705 shares of common stock) and 11,210,000 Pre-Funded
Units (which includes 11,210,000 Pre-Funded Warrants) were sold in the Offering. On May 3, 2024, the Underwriter partially exercised
its over-allotment option with respect to 1,764,705 Series A Warrants and 1,764,705 Series B Warrants. The aggregate gross proceeds to
the Company were approximately $10,035,000, before deducting underwriting discounts and other estimated expenses payable by the Company.
Under
the terms of the Underwriting Agreement, the Underwriter received an underwriting discount of 7.0% to the public offering price for the
Units. In addition, the Company agreed to (a) pay a non-accountable expense allowance to the Underwriter equal to 0.5% of the gross proceeds
received in this Offering and (b) to reimburse the Underwriter for certain out-of-pocket expenses, including, but not limited to, up
to $100,000 for reasonable legal fees and disbursements for the Underwriter’s counsel.
Right
of First Refusal
Subject
to certain conditions, the Company has granted the Underwriter the right of first refusal with respect to certain transactions and for
the duration described below.
If,
for the period beginning on the closing of the Offering and ending fifteen (15) months after the commencement of sales in the offering,
the Company or any of its subsidiaries (a) decides to finance or refinance any indebtedness, the Underwriter (or any affiliate designated
by the Underwriter) shall have the right to act as sole book-runner, sole manager, sole placement agent or sole agent with respect to
such financing or refinancing; or (b) decides to raise funds by means of a public offering (including at-the-market facility) or a private
placement or any other capital raising financing of equity, equity-linked or debt securities, the Underwriter (or any affiliate designated
by the Underwriter) shall have the right to act as sole book-running manager, sole underwriter or sole placement agent for such financing.
If the Underwriter or one of its affiliates decides to accept any such engagement, the agreement governing such engagement will contain,
among other things, provisions for customary fees and terms for transactions of similar size and nature, including indemnification, which
are appropriate to such a transaction.
Notwithstanding
the foregoing, the decision to accept the engagement shall be made by the Underwriter or one of its affiliates, by a written notice to
the Company, within ten (10) days of the receipt of the Company’s notification of financing needs, including a detailed term sheet.
The Underwriter’s determination of whether in any case to exercise its right of first refusal will be strictly limited to the terms
on such term sheet, and any waiver of such right of first refusal shall apply only to such specific terms. If the Underwriter waives
its right of first refusal, any deviation from such terms shall void the waiver and require the Company to seek a new waiver from the
right of first refusal.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Except
for historical information contained in this report, the matters discussed are forward-looking statements that involve risks and uncertainties.
When used in this report, words such as “anticipates”, “believes”, “could”, “estimates”,
“expects”, “may”, “plans”, “potential” and “intends” and similar expressions,
as they relate to the Company or its management, identify forward-looking statements. Our operations involve risks and uncertainties,
many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations
and whether the forward-looking statements ultimately prove to be correct. We have based these forward-looking statements largely on
our current expectations and projections about future events and trends that we believe may affect our financial condition, results of
operations, business strategy, short-term and long-term business operations and objectives, and financial needs. Such forward-looking
statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available
to the Company’s management. Among the factors that could cause actual results to differ materially are the following: the effect
of business and economic conditions; the impact of competitive products and their pricing; unexpected manufacturing or supplier problems;
the Company’s ability to maintain sufficient credit arrangements; changes in governmental standards by which our environmental
control products are evaluated and the risk factors reported from time to time in the Company’s SEC reports, including its recent
report on Form 10-K. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
General
Overview
Cemtrex
was incorporated in 1998 in the state of Delaware and has evolved through strategic acquisitions and internal growth into a leading multi-industry
company. Unless the context requires otherwise, all references to “we”, “our”, “us”, “Company”,
“registrant”, “Cemtrex” or “management” refer to Cemtrex, Inc. and its subsidiaries.
The
Company’s reporting segments consist of Security and Industrial Services. Additionally, the Company’s operational structure
also reports unallocated corporate expenses.
Security
Cemtrex’s
Security segment operates under the brand of its majority owned subsidiary, Vicon Industries, Inc. (“Vicon”), which provides
end-to-end security solutions to meet the toughest corporate, industrial, and governmental security challenges. Vicon’s products
include browser-based video monitoring systems and analytics-based recognition systems, cameras, servers, and access control systems
for every aspect of security and surveillance in industrial and commercial facilities, federal prisons, hospitals, universities, schools,
and federal and state government offices. Vicon provides innovative, mission critical security and video surveillance solutions utilizing
Artificial Intelligence (AI) based data algorithms.
Industrial
Services
Cemtrex’s
Industrial Services segment operates under the brand, Advanced Industrial Services (“AIS”), which offers single-source expertise
and services for rigging, millwrighting, in plant maintenance, equipment erection, relocation, and disassembly to diversified customers.
AIS installs high precision equipment in a wide variety of industrial markets like automotive, printing & graphics, industrial automation,
packaging, and chemicals, among others. AIS is a leading provider of reliability-driven maintenance and contracting solutions for machinery,
packaging, printing, chemical, and other manufacturing markets. The focus is on customers seeking to achieve greater asset utilization
and reliability to cut costs and increase production from existing assets, including small projects, sustaining capital, turnarounds,
maintenance, specialty welding services, and high-quality scaffolding.
Significant
Accounting Policies and Estimates
Our
discussion and analysis of our financial condition and results of operations are based upon the accompanying unaudited condensed consolidated
financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States (“U.S.
GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and
assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and the related disclosures at the date of the
financial statements and during the reporting period. Although these estimates are based on our knowledge of current events, our actual
amounts and results could differ from those estimates. The estimates made are based on historical factors, current circumstances, and
the experience and judgment of our management, who continually evaluate the judgments, estimates and assumptions and may employ outside
experts to assist in the evaluations.
Certain
of our accounting policies are deemed “significant”, as they are both most important to the financial statement presentation
and require management’s most difficult, subjective, or complex judgments as a result of the need to make estimates about the effect
of matters that are inherently uncertain. For a discussion of our significant accounting policies, see “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended September 30,
2023.
Results
of Operations – For the three months ended March 31, 2024, and 2023
Revenues
Our
Security segment revenues for the three months ended March 31, 2024, decreased by $1,828,966 or 18% to $8,084,932 from $9,913,898
for the three months ended March 31, 2023. This decrease is due to the delay of multiple projects for the Security segment’s
products and services.
Our
Industrial Services segment revenues for the three months ended March 31, 2024, increased by $2,915,164 or 47%, to $9,074,663 from $6,159,499,
for the three months ended March 31, 2023. This increase is mainly due to increased demand for the segment’s services and the additional
business from the Heisey acquisition completed during the fourth quarter of fiscal year 2023.
Gross
Profit
Gross
Profit for the three months ended March 31, 2024, was $6,939,416 or 40% of revenues as compared to gross profit of $7,338,481 or 46%
of revenues for the three months ended March 31, 2023.
Gross
profit in our Security segment was $4,112,969 or 51% of the segment’s revenues for the three months ended March 31, 2024, as compared
to gross profit of $5,120,081 or 52% of the segment’s revenues for the period ended March 31, 2023. Gross profit was down due to
decreased revenues in the three months ended March 31, 2024, compared to the three months ended March 31, 2023.
Gross
profit in our Industrial Services segment was $2,826,447 or 31% of the segment’s revenues for the three months ended March 31,
2024, as compared to gross profit of $2,216,191 or 36% of the segment’s revenues for the period ended March 31, 2023. Gross
profit as a percentage of revenues decreased due to lower margins related to Heisey acquisition related projects in the three months
ended March 31, 2024, compared to the three months ended March 31, 2023.
General
and Administrative Expenses
General
and administrative expenses for the three months ended March 31, 2024, increased $1,701,890 or 32% to $7,020,157 from $5,318,267 for
the three months ended March 31, 2023. The increase in general and administrative expenses is mainly related to increased sales and marketing
activities including payroll, fringe benefits, legal expenses, insurance, travel as well as an increase in insurance, and repairs and
maintenance expenses. Legal expenses for the three months ended March 31, 2024, include non-recurring expenses of $360,000.
Research
and Development Expenses
Research
and Development expenses for the three months ended March 31, 2024, were $951,400 compared to $1,615,341 for the three months ended March
31, 2023, a decrease of $663,941 or 41%. Research and Development expenses are primarily related to the Security Segment’s development
of next generation solutions associated with security and surveillance systems software.
Other
Income/Expense
Other
expense for the three months ended March 31, 2024, was $448,039, as compared to $958,634 for the three months ended March 31, 2023. Other
expense for the three months ended March 31, 2024, and 2023, was mainly driven by interest on the Company’s debt. Decreases in
interest expense relate to $451,422 in deferral charges and $441,733 of amortization of original issue discounts in the three months
ended March 31, 2023, that did not occur in the current period.
Provision
for Income Taxes
During
the three months ended March 31, 2024 and 2023, the Company had income tax expense from continuing operations of $100,004
and $0, respectively. The provision for income tax is based upon the current income tax from the Company’s various U.S. and international
subsidiaries that are subject to their respective income tax jurisdictions and the Company’s current ability to utilize net loss
carryforwards.
Income/(loss)
from Discontinued Operations
For
the three months ended March 31, 2024 and 2023, the Company had income on discontinued operations, net of tax of $10,463, and $14,232,
respectively. This income is mainly related to the recognition of the royalties due from CXR, Inc.
Results
of Operations – For the six months ended March 31, 2024, and 2023
Revenues
Our
Security segment revenues for the six months ended March 31, 2024, increased by $334,091 or 2% to $17,252,733 from $16,918,642 for the
six months ended March 31, 2023. This increase is due to an increased demand for the Security segment’s products and services.
Our
Industrial Services segment revenues for the six months ended March 31, 2024, increased by $5,660,031 or 51%, to $16,785,028 from $11,124,997
for the six months ended March 31, 2023. This increase is mainly due to increased demand for the segment’s services and the additional
business from the Heisey acquisition completed during the fourth quarter of fiscal year 2023.
Gross
Profit
Gross
Profit for the six months ended March 31, 2024, was $14,021,815 or 41% of revenues as compared to gross profit of $12,831,096 or 44%
of revenues for the six months ended March 31, 2023.
Gross
profit in our Security segment was $8,629,916 or 50% of the segment’s revenues for the six months ended March 31, 2024, as compared
to gross profit of $8,523,771 or 50% of the segment’s revenues for the six-month period ended March 31, 2023. Gross profit as a
percentage of revenues remained constant in the six months ended March 31, 2024, compared to the six months ended March 31, 2023.
Gross
profit in our Industrial Services segment was $5,391,899 or 32% of the segment’s revenues for the six months ended March 31,
2024, as compared to gross profit of $3,855,116 or 35% of the segment’s revenues for the six-month period ended March 31,
2023. Gross profit as a percentage of revenues decreased due to lower margins related to Heisey acquisition related projects in the
six months ended March 31, 2024, compared to the six months ended March 31, 2023.
General
and Administrative Expenses
General
and administrative expenses for the six months ended March 31, 2024, increased $3,509,518 or 33% to $13,992,123 from $10,482,605 for
the six months ended March 31, 2023. The increase in general and administrative expenses is mainly related to increased payroll, fringe
benefits, insurance, professional fees and travel. Increases in payroll include approximately $680,000 in severance and bonus
payments. Legal expenses for the six months ended March 31, 2024, include non-recurring expenses of $360,000.
Research
and Development Expenses
Research
and Development expenses for the six months ended March 31, 2024, were $1,800,205 compared to $3,445,054 for the six months ended March
31, 2023, a decrease of $1,644,849 or 48%. Research and Development expenses are primarily related to the Security Segment’s development
of next generation solutions associated with security and surveillance systems software.
Other
Income/Expense
Other
expense for the six months ended March 31, 2024, was $953,311, as compared to $2,103,951 for the six months ended March 31, 2023. Other
expense for the six months ended March 31, 2024, and 2023, was mainly driven by interest on the Company’s debt. Decreases in interest
expense relate to $673,253 in deferral charges and $841,800 of amortization of original issue discounts in the six months ended March
31, 2023, that did not occur in the current period.
Provision
for Income Taxes
During
the six months ended March 31, 2024 and 2023, the Company had income tax expense from continuing operations of $170,755 and $0. The provision
for income tax is based upon the current income tax from the Company’s various U.S. and international subsidiaries that are subject
to their respective income tax jurisdictions and the Company’s current ability to utilize net loss carryforwards.
Income/(loss)
from Discontinued Operations
For
the six months ended March 31, 2024, the Company had income on discontinued operations, net of tax of $20,955. This income is mainly
related to the recognition of the royalties due from CXR, Inc. Losses on discontinued operations for the six months ended March 31, 2023,
were $3,225,389 attributable to the operations and sale of the Cemtrex brands discussed in Note 3 to the financial statements included
herein.
Effects
of Inflation
The
Company’s business and operations have been affected by inflation during the periods for which financial information is presented.
In response, the Company has instituted price increases and initiated cost-saving measures to mitigate the effects of inflation on operations.
Liquidity
and Capital Resources
Working
capital was $10,300,384 at March 31, 2024, compared to working capital of $1,948,923 at September 30, 2023. This includes cash and equivalents
and restricted cash of $4,088,536 at March 31, 2024, and $6,349,562 at September 30, 2023. The increase in working capital was primarily
due to the Company’s entry into a standstill agreement on two notes extending the maturity date and holding redemptions for a period
of one year.
Cash
used by operating activities for continuing operations for the six months ended March 31, 2024, and 2023 was $2,752,236 and $5,383,060,
respectively. Cash provided by operating activities for discontinued operations for the six months ended March 31, 2023, was $2,488,144.
Our negative operating cash flow was mainly the result of our net loss combined with operating changes in trade receivables.
Trade
receivables increased by $2,326,185 or 25% to $11,535,880 at March 31, 2024, from $9,209,695 at September 30, 2023. The increase in trade
receivables is attributable to increased sales in the Industrial Services segment.
Cash
used by investing activities for continuing operations for the six months ended March 31, 2024, was $455,308 compared to $252,706 used
for the six months ended March 31, 2023. Investing activities for the six months ended March 31, 2024, were driven by the Company’s
purchase of property and equipment and investment in Masterpiece VR. Investing activities for the six months ended March 31, 2023, were
driven by the Company’s purchase of property and equipment.
Cash
provided by financing activities for the six months ended March 31, 2024, was $1,250,540 compared to using cash of $920,127 for the six
months ended March 31, 2023. Financing activities were primarily driven by proceeds and payments on the Company’s revolving line
of credit and payments on its secured debt. Financing activities for the six months ended March 31, 2023, were primarily driven by payments
on the Company’s debt.
While
current debt indicates a substantial doubt regarding the Company’s ability to continue as a going concern, the Company has historically,
from time to time, satisfied and may continue to satisfy certain short-term liabilities through the issuance of common stock, thus reducing
our cash requirement to meet our operating needs. The Company has $2,916,120 in cash and cash equivalents as of March 31, 2024. Additionally,
the Company has (i) secured a line of credit for its Vicon brand to fund operations, which as of March 31, 2024, has available capacity
of $980,766, (ii) continually reevaluated its pricing model on our Vicon brand to improve margins on those products, (iii) entered into
an underwriting agreement in connection with underwritten public offering, the aggregate gross proceeds to the Company were approximately
$10,035,000, before deducting underwriting discounts and other estimated expenses payable by the Company, and (iv) entered into a Standstill
Agreement with Streeterville Capital, LLC (“Streeterville”) in which Streeterville agreed not to seek to redeem any portion
of its two outstanding notes with the Company for a period of one year expiring on April 30, 2025, in exchange,
the Company agreed to pay to Streeterville the greater of $4,000,000 or fifty percent (50%) of the net proceeds the Company receives
from the sale of any of its common stock or preferred stock during the Standstill Period.
In
the event additional capital is raised through equity offerings and/or debt is satisfied with equity, it may have a dilutive effect on
our existing stockholders. While the Company believes these plans if successful, would be sufficient to meet the capital demands of our
current operations for at least the next twelve months, there is no guarantee that we will succeed. Overall, there is no guarantee that
cash flow from our existing or future operations and any external capital that we may be able to raise will be sufficient to meet our
working capital needs. The Company currently does not have adequate cash or available liquidity/available capacity on our lines of credit
to meet our short or long-term needs. Absent an ability to raise additional outside capital and restructure or refinance all or a portion
of our debt, the Company will be unable to meet its obligations as they become due over the next twelve months beyond the issuance date.
Each
segment of the Company’s operations has positioned itself for growth and the Company’s long-term objectives include, increasing
marketing and sales for the Company’s products and services in each segment, increasing the Company’s presence through collaboration
partnerships in each segment and through strategic acquisitions of complementary businesses for each segment. These long-term objectives
will require sufficient cash to complete, and the Company expects to fund these objectives with cash on hand, issuance of debt, and from
proceeds from the sale of the Company’s securities, which may not be sufficient to fully implement our growth initiatives.
The
condensed consolidated financial statements do not include any adjustments relating to this uncertainty.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls and procedures reporting as promulgated under the Exchange Act is defined as controls and procedures that are designed to ensure
that information required to be disclosed by us in the reports that we file or submit under the Exchange Act are recorded, processed,
summarized and reported within the time periods specified in the SEC rules and forms. Disclosure controls and procedures include without
limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or
submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”)
and Chief Financial Officer (“CFO”), or persons performing similar functions, as appropriate to allow timely decisions regarding
required disclosure.
Our
CEO and our CFO have evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of March 31,
2024. Based on their evaluation, our management has concluded that as of March 31, 2024, our disclosure controls and procedures were
effective.
Changes
in Internal Control Over Financial Reporting
There
have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934, as amended) that occurred during the six months ended March 31, 2024 that have materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting.
Limitations
on the Effectiveness of Controls
Our
management, including our CEO and CFO, does not expect that our disclosure controls and procedures or our internal controls will prevent
all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance
that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control
systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our
company have been detected.
Part
II Other Information
Item
1. Legal Proceedings.
None.
Item
1A. Risk Factors
See
Risk Factors included in our Annual Report on Form 10-K filed with the SEC on December 28, 2023.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
During
the six months ended March 31, 2024, 9,853 shares of the Company’s common stock have been issued in exchange for services valued
at $40,000.
Subsequent
to the reporting period, on April 8, 2024, the Company issued an aggregate of 1,946 shares of common stock in exchange for services valued
at $9,000.
Such
shares were issued pursuant to the exemption contained under Section 4(a)(2) of the Securities Act of 1933, as amended, and/or Regulation
D promulgated thereunder.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
N/A
Item
5. Other Information
None.
Item
6. Exhibits
Exhibit |
|
|
|
Incorporated
by Reference |
|
Filed
or Furnished |
|
|
Number |
|
Exhibit
Description |
|
Form |
|
Filing
Date |
|
Herewith |
2.1 |
|
Stock Purchase Agreement, dated December 15, 2015 |
|
Form
8-K/A |
|
09/26/2016 |
|
|
3.1 |
|
Certificate of Incorporation filed with the State of Delaware. |
|
Form
10-12G |
|
05/22/2008 |
|
|
3.2 |
|
Bylaws |
|
Form
10-12G |
|
05/22/2008 |
|
|
3.3 |
|
Amendment to Certificate of Incorporation |
|
Form
10-12G |
|
05/22/2008 |
|
|
3.4 |
|
Amendment to Certificate of Incorporation |
|
Form
10-12G |
|
05/22/2008 |
|
|
3.5 |
|
Amendment to Certificate of Incorporation |
|
Form
10-12G |
|
05/22/2008 |
|
|
3.6 |
|
Amendment to Certificate of Incorporation |
|
Form
10-12G |
|
05/22/2008 |
|
|
3.7 |
|
Amendment to Certificate of Incorporation |
|
Form
8-K |
|
08/22/2016 |
|
|
3.8 |
|
Certificate of Designation of the Series A Preferred Shares |
|
Form
8-K |
|
09/10/2009 |
|
|
3.9 |
|
Certificate of Designation of the Series 1 Preferred Shares |
|
Form
8-K |
|
01/24/2017 |
|
|
3.10 |
|
Amendment to Certificate of Incorporation |
|
Form
8-K |
|
09/08/2017 |
|
|
3.11 |
|
Certificate of Correction to the Certificate of Amendment |
|
Form
8-K |
|
06/12/2019 |
|
|
3.12 |
|
Amended Certificate of Designation of the Series 1 Preferred Shares |
|
Form
8-K |
|
04/01/2020 |
|
|
3.13 |
|
Amendment to Certificate of Incorporation |
|
Form
10-K |
|
01/05/2021 |
|
|
3.14 |
|
Certificate of Correction to the Certificate of Amendment |
|
Form
10-Q |
|
05/28/2021 |
|
|
3.15 |
|
Amendment to Certificate of Incorporation |
|
Form
8-K |
|
01/20/2023 |
|
|
4.1 |
|
Form of Subscription Rights Certificate |
|
Form
S-1 |
|
08/29/2016 |
|
|
4.2 |
|
Form of Series 1 Preferred Stock Certificate |
|
Form
S-1/A |
|
11/23/2016 |
|
|
4.3 |
|
Form of Series 1 Warrant |
|
Form
S-1/A |
|
12/07/2016 |
|
|
4.4 |
|
Form of Common Stock Purchase Warrant |
|
Form
8-K |
|
03/22/2019 |
|
|
4.5 |
|
Form of Prefunded Warrant |
|
Form
S-1/A |
|
04/30/2024 |
|
|
4.6 |
|
Form of Series A Common Stock Purchase Warrant |
|
Form
S-1/A |
|
04/30/2024 |
|
|
4.7 |
|
Form of Series B Common Stock Purchase Warrant |
|
Form
S-1/A |
|
04/30/2024 |
|
|
5.1 |
|
Opinion of the Doney Law Firm |
|
Form
S-1/A |
|
04/30/2024 |
|
|
10.1 |
|
Amendment of the Term Loan Agreement between Vicon and NIL Funding, dated March 3, 2023 |
|
Form
10-Q |
|
05/11/2023 |
|
|
10.2 |
|
Amendment to Loan Documents Between Advanced Industrial Services, Inc. and Fulton Bank, N.A. |
|
Form
10-Q |
|
05/11/2023 |
|
|
10.3 |
|
Amendment to Promissory Note Between Cemtrex, Inc. and Streeterville Capital, LL |
|
Form
10-Q |
|
05/11/2023 |
|
|
10.4 |
|
Securities Purchase Agreement dated June 1, 2020 |
|
Form
8-K |
|
06/04/2020 |
|
|
10.5 |
|
Securities Purchase Agreement dated June 9, 2020 |
|
Form
8-K |
|
06/12/2020 |
|
|
10.6 |
|
Settlement Agreement and Release between Cemtrex, Inc. and Aron Govil dated February 26, 2021 |
|
Form
8-K |
|
02/26/2021 |
|
|
10.7 |
|
Securities Purchase Agreement dated February 22, 2022 |
|
Form
10-Q |
|
05/16/2022 |
|
|
10.8 |
|
Amendment of the Term Loan Agreement between Vicon and NIL Funding, dated March 30, 2022 |
|
Form
10-Q |
|
05/16/2022 |
|
|
10.9 |
|
Asset Purchase agreement between Cemtrex, Inc. and Saagar Govil, dated November 22, 2022 |
|
Form
8-K |
|
11/29/2022 |
|
|
10.1 |
|
Asset Purchase agreement between Cemtrex, Inc. and Saagar Govil, dated November 22, 2022 |
|
Form
8-K |
|
11/29/2022 |
|
|
10.11 |
|
Simple Agreement for Future Equity (SAFE) between Cemtrex, Inc. and Saagar Govil, dated November 18, 2022 |
|
Form
8-K |
|
11/29/2022 |
|
|
10.12 |
|
2020 Equity Compensation Plan |
|
Form
S-8 |
|
08/17/2020 |
|
|
10.13 |
|
Asset Purchase Agreement, dated as of June 7, 2023 |
|
Form
8-K |
|
12/06/2023 |
|
|
10.14 |
|
Form of Lock-Up Agreement |
|
Form
S-1/A |
|
04/30/2024 |
|
|
10.15 |
|
Form of Underwriting Agreement |
|
Form
S-1/A |
|
04/30/2024 |
|
|
31.1 |
|
Certification of Chief Executive Officer as required by Rule 13a-14 or 15d-14 of the Exchange Act, as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
|
|
X |
31.2 |
|
Certification of Interim Chief Financial Officer and Principal Financial Officer as required by Rule 13a-14 or 15d-14 of the Exchange Act, as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
|
|
X |
32.1 |
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act 0f of 2002. |
|
|
|
|
|
X |
32.2 |
|
Certification of Interim Chief Financial Officer and Principal Financial Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act 0f of 2002. |
|
|
|
|
|
X |
99.1 |
|
Order pursuant to Section 8A of the Securities Act – dated September 30, 2022. |
|
Form
8-K |
|
10/04/2022 |
|
|
101.INS |
|
Inline
XBRL Instance Document |
|
|
|
|
|
X |
101.SCH |
|
Inline
XBRL Taxonomy Extension Schema |
|
|
|
|
|
X |
101.CAL |
|
Inline
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|
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101.DEF |
|
Inline
XBRL Taxonomy Extension Definition Linkbase |
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X |
101.PRE |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase |
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X |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
|
|
|
|
|
X |
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
Cemtrex,
Inc. |
|
|
|
Dated:
May 14, 2024 |
By: |
/s/
Saagar Govil . |
|
|
Saagar
Govil |
|
|
Chief
Executive Officer |
|
|
|
Dated:
May 14, 2024 |
|
/s/
Paul J. Wyckoff . |
|
|
Paul
J. Wyckoff |
|
|
Interim Chief Financial Officer and
Principal Financial Officer |
EXHIBIT
31.1
CERTIFICATION
PURSUANT TO RULE 13a/15d OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Saagar Govil, certify that:
1. |
I
have reviewed this report on Form 10-Q of Cemtrex, Inc. and subsidiaries (the “registrant); |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
b. |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing
the equivalent functions): |
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information;
and |
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting.
|
|
/s/
Saagar Govil . |
|
Saagar
Govil |
|
Chief
Executive Officer |
Dated:
May 14, 2024
EXHIBIT
31.2
CERTIFICATION
PURSUANT TO RULE 13a/15d OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Paul J. Wyckoff, certify that:
1. |
I
have reviewed this report on Form 10-Q of Cemtrex, Inc. and subsidiaries (the “registrant); |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
b. |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing
the equivalent functions): |
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information;
and |
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting.
|
|
/s/
Paul J. Wyckoff . |
|
Paul
J. Wyckoff |
|
Interim
Chief Financial Officer |
|
and
Principal Financial Officer |
Dated:
May 14, 2024
EXHIBIT
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the quarterly report of Cemtrex, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2024,
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Saagar Govil, Chief Executive
Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that, to the best of my knowledge and belief:
(1) |
the
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
(2) |
the
information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of
the Company. |
|
/s/
Saagar Govil. |
|
Saagar
Govil |
|
Chief
Executive Officer |
Dated:
May 14, 2024
EXHIBIT
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the quarterly report of Cemtrex, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2024,
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Paul J. Wyckoff, Interim Chief
Financial Officer and Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:
(1) |
the
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
(2) |
the
information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of
the Company. |
|
/s/
Paul J. Wyckoff . |
|
Paul
J. Wyckoff |
|
Interim
Chief Financial Officer |
|
and
Principal Financial Officer |
Dated: May 14, 2024 |
|
v3.24.1.1.u2
Cover - shares
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6 Months Ended |
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Mar. 31, 2024 |
May 10, 2024 |
Cover [Abstract] |
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Entity File Number |
001-37464
|
|
Entity Registrant Name |
CEMTREX,
INC.
|
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Entity Central Index Key |
0001435064
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets - USD ($)
|
Mar. 31, 2024 |
Sep. 30, 2023 |
Current assets |
|
|
Cash and cash equivalents |
$ 2,916,120
|
$ 5,329,910
|
Restricted cash |
1,172,416
|
1,019,652
|
Short-term investments |
13,853
|
13,663
|
Inventory, net |
7,397,747
|
8,739,219
|
Contract assets, net |
1,979,679
|
1,739,201
|
Prepaid expenses and other current assets |
1,910,415
|
2,098,359
|
Total current assets |
28,405,813
|
29,293,041
|
Property and equipment, net |
8,902,051
|
9,218,701
|
Right-of-use operating lease assets |
2,193,011
|
2,287,623
|
Goodwill |
4,381,891
|
4,381,891
|
Other |
2,161,862
|
1,836,009
|
Total Assets |
47,246,262
|
48,453,743
|
Current liabilities |
|
|
Sales tax payable |
37,487
|
35,829
|
Revolving line of credit |
4,019,234
|
|
Current maturities of long-term liabilities |
914,170
|
14,507,711
|
Operating lease liabilities - short-term |
792,141
|
741,487
|
Deposits from customers |
207,708
|
57,434
|
Accrued expenses |
2,676,079
|
2,784,390
|
Contract liabilities |
1,899,409
|
980,319
|
Deferred revenue |
1,404,608
|
1,583,406
|
Accrued income taxes |
404,288
|
388,627
|
Total current liabilities |
18,105,429
|
27,344,118
|
Long-term liabilities |
|
|
Long-term debt |
21,553,920
|
9,929,348
|
Long-term operating lease liabilities |
1,462,545
|
1,607,202
|
Other long-term liabilities |
317,093
|
501,354
|
Deferred Revenue - long-term |
654,617
|
727,928
|
Total long-term liabilities |
23,988,175
|
12,765,832
|
Total liabilities |
42,093,604
|
40,109,950
|
Commitments and contingencies |
|
|
Stockholders’ equity |
|
|
Common stock, $0.001 par value, 50,000,000 shares authorized, 1,055,636 shares issued and outstanding at March 31, 2024 and 1,045,783 shares issued and outstanding at September 30, 2023 |
1,056
|
1,046
|
Additional paid-in capital |
68,936,696
|
68,881,705
|
Accumulated deficit |
(66,806,600)
|
(64,125,895)
|
Treasury stock, 136,051 shares of Series 1 Preferred Stock at March 31, 2024 and 64,100 shares of Series 1 Preferred Stock at September 30, 2023 |
(217,996)
|
(148,291)
|
Accumulated other comprehensive income |
2,773,784
|
3,076,706
|
Total Cemtrex stockholders’ equity |
4,689,398
|
7,687,614
|
Non-controlling interest |
463,260
|
656,179
|
Total liabilities and stockholders’ equity |
47,246,262
|
48,453,743
|
Series 1 Preferred Stock [Member] |
|
|
Stockholders’ equity |
|
|
Preferred stock, value |
2,408
|
2,293
|
Series C Preferred Stock [Member] |
|
|
Stockholders’ equity |
|
|
Preferred stock, value |
50
|
50
|
Nonrelated Party [Member] |
|
|
Current assets |
|
|
Trade receivables, net - related party |
11,535,880
|
9,209,695
|
Current liabilities |
|
|
Accounts payable - related party |
5,741,091
|
6,196,406
|
Related Party [Member] |
|
|
Current assets |
|
|
Trade receivables, net - related party |
1,479,703
|
1,143,342
|
Royalties receivable, net - related party |
440,049
|
674,893
|
Note receivable, net - related party |
761,585
|
761,585
|
Current liabilities |
|
|
Accounts payable - related party |
$ 9,214
|
$ 68,509
|
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Mar. 31, 2024 |
Sep. 30, 2023 |
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Common Stock, Par or Stated Value Per Share |
$ 0.001
|
$ 0.001
|
Common Stock, Shares Authorized |
50,000,000
|
50,000,000
|
Common stock, shares issued |
1,055,636
|
1,045,783
|
Common stock shares outstanding |
1,055,636
|
1,045,783
|
Series 1 Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
3,000,000
|
3,000,000
|
Preferred stock, shares issued |
2,408,053
|
2,293,016
|
Preferred stock, shares outstanding |
2,272,002
|
2,228,916
|
Preferred stock, liquidation value per share |
$ 10
|
$ 10
|
Series C Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
100,000
|
100,000
|
Preferred stock, shares issued |
50,000
|
50,000
|
Preferred stock, shares outstanding |
50,000
|
50,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.1.1.u2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
|
|
Revenues |
$ 17,159,595
|
$ 16,073,397
|
$ 34,037,761
|
$ 28,043,639
|
Cost of revenues |
10,220,179
|
8,734,916
|
20,015,946
|
15,662,543
|
Gross profit |
6,939,416
|
7,338,481
|
14,021,815
|
12,381,096
|
Operating expenses |
|
|
|
|
General and administrative |
7,020,157
|
5,318,267
|
13,992,123
|
10,482,605
|
Research and development |
951,400
|
1,615,341
|
1,800,205
|
3,445,054
|
Total operating expenses |
7,971,557
|
6,933,608
|
15,792,328
|
13,927,659
|
Operating (loss)/income |
(1,032,141)
|
404,873
|
(1,770,513)
|
(1,546,563)
|
Other (expense)/income |
|
|
|
|
Other income/(expense), net |
144,765
|
376,504
|
223,176
|
359,421
|
Interest expense |
(592,804)
|
(1,335,138)
|
(1,176,487)
|
(2,463,372)
|
Total other (expense)/income, net |
(448,039)
|
(958,634)
|
(953,311)
|
(2,103,951)
|
Net loss before income taxes |
(1,480,180)
|
(553,761)
|
(2,723,824)
|
(3,650,514)
|
Income tax expense |
(100,004)
|
|
(170,755)
|
|
Loss from Continuing operations |
(1,580,184)
|
(553,761)
|
(2,894,579)
|
(3,650,514)
|
Income/(loss) from discontinued operations, net of tax |
10,463
|
14,232
|
20,955
|
(3,225,389)
|
Net loss |
(1,569,721)
|
(539,529)
|
(2,873,624)
|
(6,875,903)
|
Less (loss)/income in noncontrolling interest |
(96,510)
|
55,265
|
(192,919)
|
(3,898)
|
Net loss attributable to Cemtrex, Inc. stockholders |
$ (1,473,211)
|
$ (594,794)
|
$ (2,680,705)
|
$ (6,872,005)
|
(Loss)/income per share - Basic & Diluted |
|
|
|
|
Continuing Operations Income Loss per share - Basic |
$ (1.46)
|
$ (0.82)
|
$ (2.62)
|
$ (4.70)
|
Continuing Operations Income Loss per share - Diluted |
(1.46)
|
(0.82)
|
(2.62)
|
(4.70)
|
Discontinued Operations Income Loss per share - Basic |
0.01
|
0.02
|
0.02
|
(4.09)
|
Discontinued Operations Income Loss per share - Diluted |
$ 0.01
|
$ 0.02
|
$ 0.02
|
$ (4.09)
|
Weighted Average Number of Shares - Basic |
1,055,636
|
815,498
|
1,051,630
|
788,265
|
Weighted Average Number of Shares - Diluted |
1,055,636
|
815,498
|
1,051,630
|
788,265
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.24.1.1.u2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Other comprehensive loss |
|
|
|
|
Net loss |
$ (1,569,721)
|
$ (539,529)
|
$ (2,873,624)
|
$ (6,875,903)
|
Foreign currency translation loss |
(530,686)
|
(317,218)
|
(302,922)
|
(93,649)
|
Comprehensive loss |
(2,100,407)
|
(856,747)
|
(3,176,546)
|
(6,969,552)
|
Less comprehensive income/(loss) attributable to noncontrolling interest |
96,510
|
(55,265)
|
192,919
|
3,898
|
Comprehensive loss attributable to Cemtrex, Inc. stockholders |
$ (2,196,917)
|
$ (801,482)
|
$ (3,369,465)
|
$ (6,973,450)
|
X |
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v3.24.1.1.u2
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($)
|
Preferred Stock [Member]
Series 1 Preferred Stock [Member]
|
Preferred Stock [Member]
Series C Preferred Stock [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Treasury Stock, Preferred [Member] |
AOCI Attributable to Parent [Member] |
Total |
Noncontrolling Interest [Member] |
Balance, value at Sep. 30, 2022 |
$ 2,079
|
$ 50
|
$ 755
|
$ 66,641,698
|
$ (54,929,020)
|
$ (148,291)
|
$ 2,377,525
|
$ 13,944,796
|
$ 692,742
|
Balance, shares at Sep. 30, 2022 |
2,079,122
|
50,000
|
754,711
|
|
|
|
|
|
|
Foreign currency translation loss |
|
|
|
|
|
|
223,569
|
223,569
|
|
Share-based compensation |
|
|
|
39,842
|
|
|
|
39,842
|
|
Dividends paid in Series 1 preferred shares |
$ 104
|
|
|
(104)
|
|
|
|
|
|
Dividends paid in Series 1 preferred shares, shares |
104,341
|
|
|
|
|
|
|
|
|
Income attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
(59,163)
|
Shares issued to pay for services, shares |
|
|
|
|
|
|
|
9,853
|
|
Net loss |
|
|
|
|
(6,277,211)
|
|
|
$ (6,277,211)
|
|
Shares issued to pay notes payable |
|
|
$ 39
|
232,106
|
|
|
|
232,145
|
|
Shares issued to pay notes payable, shares |
|
|
39,016
|
|
|
|
|
|
|
Balance, value at Dec. 31, 2022 |
$ 2,183
|
50
|
$ 794
|
66,913,542
|
(61,206,231)
|
(148,291)
|
2,601,094
|
8,163,141
|
633,579
|
Balance, shares at Dec. 31, 2022 |
2,183,463
|
|
793,727
|
|
|
|
|
|
|
Balance, value at Sep. 30, 2022 |
$ 2,079
|
$ 50
|
$ 755
|
66,641,698
|
(54,929,020)
|
(148,291)
|
2,377,525
|
13,944,796
|
692,742
|
Balance, shares at Sep. 30, 2022 |
2,079,122
|
50,000
|
754,711
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
(6,872,005)
|
|
Balance, value at Mar. 31, 2023 |
$ 2,183
|
$ 50
|
$ 828
|
67,042,743
|
(61,801,025)
|
(148,291)
|
2,283,876
|
7,380,364
|
688,844
|
Balance, shares at Mar. 31, 2023 |
2,183,463
|
50,000
|
828,570
|
|
|
|
|
|
|
Balance, value at Dec. 31, 2022 |
$ 2,183
|
$ 50
|
$ 794
|
66,913,542
|
(61,206,231)
|
(148,291)
|
2,601,094
|
8,163,141
|
633,579
|
Balance, shares at Dec. 31, 2022 |
2,183,463
|
|
793,727
|
|
|
|
|
|
|
Foreign currency translation loss |
|
|
|
|
|
|
(317,218)
|
(317,218)
|
|
Share-based compensation |
|
|
|
26,735
|
|
|
|
26,735
|
|
Income attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
55,265
|
Shares issued to pay for services |
|
|
$ 15
|
102,485
|
|
|
|
102,500
|
|
Shares issued to pay for services, shares |
|
|
15,529
|
|
|
|
|
|
|
Net loss |
|
|
|
|
(594,794)
|
|
|
(594,794)
|
|
Additional rounding shares issued for reverse stock split |
|
|
$ 19
|
(19)
|
|
|
|
|
|
Additional rounding shares issued for reverse stock split, shares |
|
|
19,314
|
|
|
|
|
|
|
Balance, value at Mar. 31, 2023 |
$ 2,183
|
$ 50
|
$ 828
|
67,042,743
|
(61,801,025)
|
(148,291)
|
2,283,876
|
7,380,364
|
688,844
|
Balance, shares at Mar. 31, 2023 |
2,183,463
|
50,000
|
828,570
|
|
|
|
|
|
|
Balance, value at Sep. 30, 2023 |
$ 2,293
|
$ 50
|
$ 1,046
|
68,881,705
|
(64,125,895)
|
(148,291)
|
3,076,706
|
7,687,614
|
656,179
|
Balance, shares at Sep. 30, 2023 |
2,293,016
|
50,000
|
1,045,783
|
|
|
|
|
|
|
Foreign currency translation loss |
|
|
|
|
|
|
227,764
|
227,764
|
|
Share-based compensation |
|
|
|
7,558
|
|
|
|
7,558
|
|
Dividends paid in Series 1 preferred shares |
$ 115
|
|
|
(115)
|
|
|
|
|
|
Dividends paid in Series 1 preferred shares, shares |
115,037
|
|
|
|
|
|
|
|
|
Income attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
(96,409)
|
Shares issued to pay for services |
|
|
$ 10
|
39,990
|
|
|
|
40,000
|
|
Net loss |
|
|
|
|
(1,207,494)
|
|
|
(1,207,494)
|
|
Balance, value at Dec. 31, 2023 |
$ 2,408
|
$ 50
|
$ 1,056
|
68,929,138
|
(65,333,389)
|
(148,291)
|
3,304,470
|
6,755,442
|
559,770
|
Balance, shares at Dec. 31, 2023 |
2,408,053
|
50,000
|
1,055,636
|
|
|
|
|
|
|
Balance, value at Sep. 30, 2023 |
$ 2,293
|
$ 50
|
$ 1,046
|
68,881,705
|
(64,125,895)
|
(148,291)
|
3,076,706
|
7,687,614
|
656,179
|
Balance, shares at Sep. 30, 2023 |
2,293,016
|
50,000
|
1,045,783
|
|
|
|
|
|
|
Shares issued to pay for services |
|
|
|
|
|
|
|
$ 40,000
|
|
Shares issued to pay for services, shares |
|
|
|
|
|
|
|
9,853
|
|
Net loss |
|
|
|
|
|
|
|
$ (2,680,705)
|
|
Balance, value at Mar. 31, 2024 |
$ 2,408
|
$ 50
|
$ 1,056
|
68,936,696
|
(66,806,600)
|
(217,996)
|
2,773,784
|
4,689,398
|
463,260
|
Balance, shares at Mar. 31, 2024 |
2,408,053
|
50,000
|
1,055,636
|
|
|
|
|
|
|
Balance, value at Dec. 31, 2023 |
$ 2,408
|
$ 50
|
$ 1,056
|
68,929,138
|
(65,333,389)
|
(148,291)
|
3,304,470
|
6,755,442
|
559,770
|
Balance, shares at Dec. 31, 2023 |
2,408,053
|
50,000
|
1,055,636
|
|
|
|
|
|
|
Foreign currency translation loss |
|
|
|
|
|
|
(530,686)
|
(530,686)
|
|
Share-based compensation |
|
|
|
7,558
|
|
|
|
7,558
|
|
Income attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
(96,510)
|
Shares issued to pay for services |
|
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
(1,473,211)
|
|
|
(1,473,211)
|
|
Purchase of treasury stock |
|
|
|
|
|
(69,705)
|
|
(69,705)
|
|
Balance, value at Mar. 31, 2024 |
$ 2,408
|
$ 50
|
$ 1,056
|
$ 68,936,696
|
$ (66,806,600)
|
$ (217,996)
|
$ 2,773,784
|
$ 4,689,398
|
$ 463,260
|
Balance, shares at Mar. 31, 2024 |
2,408,053
|
50,000
|
1,055,636
|
|
|
|
|
|
|
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v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash Flows from Operating Activities |
|
|
Net loss |
$ (2,873,624)
|
$ (6,875,903)
|
Adjustments to reconcile net loss to net cash used by operating activities |
|
|
Depreciation and amortization |
673,190
|
448,388
|
Gain on disposal of property and equipment |
|
64,908
|
Noncash lease expense |
389,125
|
420,411
|
Bad debt expense |
35,213
|
(1,543)
|
Share-based compensation |
15,116
|
66,577
|
Income tax expense |
(96,750)
|
|
Interest expense paid in equity shares |
|
32,145
|
Accounts payable paid in equity shares |
40,000
|
102,500
|
Accrued interest on notes payable |
657,355
|
1,290,615
|
Non-cash royalty income |
(26,564)
|
|
Gain/(loss) on marketable securities |
(190)
|
58
|
Amortization of original issue discounts on notes payable |
|
883,467
|
Amortization of loan origination costs |
36,267
|
|
Changes in operating assets and liabilities net of effects from acquisition of subsidiaries: |
|
|
Trade receivables |
(2,317,074)
|
(1,870,729)
|
Trade receivables - related party |
(178,980)
|
(408,464)
|
Inventory |
1,341,472
|
(73,209)
|
Contract assets |
(240,478)
|
(12,597)
|
Prepaid expenses and other current assets |
483,043
|
(141,562)
|
Other assets |
(225,853)
|
(185,165)
|
Accounts payable |
(455,315)
|
256,584
|
Accounts payable - related party |
408
|
(15,765)
|
Sales tax payable |
1,658
|
90,204
|
Operating lease liabilities |
(388,516)
|
(356,176)
|
Deposits from customers |
150,274
|
1,618
|
Accrued expenses |
(108,311)
|
701,414
|
Contract liabilities |
919,090
|
554,966
|
Deferred revenue |
(252,109)
|
(86,106)
|
Income taxes payable |
(146,422)
|
(37,698)
|
Other liabilities |
(184,261)
|
(231,998)
|
Net cash used by operating activities - continuing operations |
(2,752,236)
|
(5,383,060)
|
Net cash provided by operating activities - discontinued operations |
|
2,488,144
|
Net cash used by operating activities |
(2,752,236)
|
(2,894,916)
|
Cash Flows from Investing Activities |
|
|
Purchase of property and equipment |
(355,308)
|
(263,732)
|
Proceeds from sale of property and equipment |
|
11,026
|
Investment in MasterpieceVR |
(100,000)
|
|
Net cash used by investing activities |
(455,308)
|
(252,706)
|
Cash Flows from Financing Activities |
|
|
Proceeds on revolving line of credit |
19,360,672
|
|
Payments on revolving line of credit |
(15,413,971)
|
|
Payments on debt |
(2,429,743)
|
(544,370)
|
Payments on Paycheck Protection Program Loans |
(20,242)
|
(10,033)
|
Proceeds on bank loans |
28,331
|
|
Payments on bank loans |
(204,802)
|
(365,724)
|
Purchases of treasury stock |
(69,705)
|
|
Net cash provided by/(used by) financing activities |
1,250,540
|
(920,127)
|
Effect of currency translation |
(304,022)
|
(126,593)
|
Net decrease in cash, cash equivalents, and restricted cash |
(1,957,004)
|
(4,067,749)
|
Cash, cash equivalents, and restricted cash at beginning of period |
6,349,562
|
11,473,676
|
Cash, cash equivalents, and restricted cash at end of period |
4,088,536
|
7,279,334
|
Balance Sheet Accounts Included in Cash, Cash Equivalents, and Restricted Cash |
|
|
Cash and cash equivalents |
2,916,120
|
6,634,037
|
Restricted cash |
1,172,416
|
645,297
|
Total cash, cash equivalents, and restricted cash |
4,088,536
|
7,279,334
|
Supplemental Disclosure of Cash Flow Information: |
|
|
Cash paid during the period for interest |
482,865
|
257,145
|
Cash paid during the period for income taxes, net of refunds |
146,422
|
37,698
|
Supplemental Schedule of Non-Cash Investing and Financing Activities |
|
|
Shares issued to pay notes payable |
|
232,145
|
Financing of fixed asset purchase |
28,331
|
|
Investment in right of use asset |
$ 294,513
|
$ 76,506
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v3.24.1.1.u2
ORGANIZATION AND PLAN OF OPERATIONS
|
6 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND PLAN OF OPERATIONS |
NOTE
1 – ORGANIZATION AND PLAN OF OPERATIONS
Cemtrex
was incorporated in 1998 in the state of Delaware and has evolved through strategic acquisitions and internal growth into a leading multi-industry
company. Unless the context requires otherwise, all references to “we”, “our”, “us”, “Company”,
“registrant”, “Cemtrex” or “management” refer to Cemtrex, Inc. and its subsidiaries.
The
Company’s reporting segments consist of Security and Industrial Services. Additionally, the Company’s operational structure
also reports unallocated corporate expenses.
Security
Cemtrex’s
Security segment operates under the brand of its majority owned subsidiary, Vicon Industries, Inc. (“Vicon”), which provides
end-to-end security solutions to meet the toughest corporate, industrial, and governmental security challenges. Vicon’s products
include browser-based video monitoring systems and analytics-based recognition systems, cameras, servers, and access control systems
for every aspect of security and surveillance in industrial and commercial facilities, federal prisons, hospitals, universities, schools,
and federal and state government offices. Vicon provides innovative, mission critical security and video surveillance solutions utilizing
Artificial Intelligence (AI) based data algorithms.
Industrial
Services
Cemtrex’s
Industrial Services segment operates under the brand, Advanced Industrial Services (“AIS”), which offers single-source expertise
and services for rigging, millwrighting, in plant maintenance, equipment erection, relocation, and disassembly to diversified customers.
AIS installs high precision equipment in a wide variety of industrial markets like automotive, printing & graphics, industrial automation,
packaging, and chemicals, among others. AIS is a leading provider of reliability-driven maintenance and contracting solutions for machinery,
packaging, printing, chemical, and other manufacturing markets. The focus is on customers seeking to achieve greater asset utilization
and reliability to cut costs and increase production from existing assets, including small projects, sustaining capital, turnarounds,
maintenance, specialty welding services, and high-quality scaffolding.
Acquisition
of Heisey Mechanical
On
July 1, 2023, the Company under AIS, completed the acquisition of a leading service contractor and steel fabricator that specializes
in industrial and water treatment markets, Heisey Mechanical, Ltd. (“Heisey”) based in Columbia, Pennsylvania for $2,400,000
plus adjustments for the outstanding contract assets and liabilities of $393,291. The real estate of the business was purchased at fair
market value on August 30, 2023, for $1,500,000 in a separate transaction.
Heisey
provides the water treatment industry with a variety of fabricated vessels and equipment including ASME pressure vessels, heat exchangers,
mix tanks, reactors, and other specialized fabricated equipment. Additionally, the contracting team assists with installation and service
of fabricated items. The company has over 33,000 square feet of manufacturing floor space in its facility and an experienced staff of
fabricators, welders, and field mechanics.
The
purchase price allocation presented below is still preliminary but has been developed based on an estimate of fair values of Heisey’s
identifiable tangible and intangible assets acquired and liabilities assumed as of July 1, 2023. The final allocation of the purchase
price will be determined within one year from the closing date of the Heisey acquisition.
The
consideration transferred and preliminary allocation of Heisey’s tangible and intangible assets and liabilities, are as follows:
SCHEDULE OF BUSINESS ACQUISITION OF TANGIBLE AND INTANGIBLE ASSETS AND LIABILITIES
Consideration
Transferred: | |
| |
Cash | |
$ | 393,291 | |
Seller’s
note | |
| 240,000 | |
Financed
amount | |
| 2,160,000 | |
Total
consideration transferred | |
$ | 2,793,291 | |
| |
| | |
Purchase
Price Allocation: | |
| | |
Inventory | |
| 300,000 | |
Contract
assets | |
| 667,259 | |
Machinery
and equipment | |
| 1,625,000 | |
Contract
liabilities | |
| (216,469 | ) |
Accrued
expenses | |
| (57,499 | ) |
Goodwill | |
| 475,000 | |
Total
consideration transferred | |
$ | 2,793,291 | |
The
pro forma summary below presents the results of operations as if the Heisey acquisition occurred on October 1, 2022. Proforma adjustments
for the three months ended March 31, 2023, includes $63,900 of depreciation expense from acquired fixed assets, $32,460 of interest expense
on the debt used in the acquisition, and $41,331 of income tax expense. Proforma adjustments for the six months ended March 31, 2023,
includes $127,800 of depreciation expense from acquired fixed assets, $65,860 of interest expense on the debt used in the acquisition,
and $34,433 of income tax expense. The pro forma summary uses estimates and assumptions based on information available at the time. Management
believes the estimates and assumptions to be reasonable; however, actual results may have differed significantly from this pro forma
financial information. The pro forma information does not reflect any cost savings, operating synergies or revenue enhancements that
might have been achieved from combining the operations. The unaudited pro forma summary is provided for illustrative purposes only and
does not purport to represent the Company’s actual consolidated results of operations had the acquisition been completed as of
the date presented, nor should it be considered indicative of the Company’s future consolidated results of operations.
SCHEDULE OF PRO FORMA FINANCIAL INFORMATION
| |
March
31, 2023 | | |
March
31, 2023 | |
| |
Unaudited | |
| |
for
the
three months ended | | |
for
the
six months ended | |
| |
March
31, 2023 | | |
March
31, 2023 | |
| |
| | |
| |
Revenues | |
$ | 19,369,100 | | |
$ | 32,542,938 | |
Net
gain/(loss) | |
| 41,272 | | |
| (6,392,032 | ) |
On
August 30, 2023, the Company acquired a mortgage in the amount of $1,200,000 from Fulton Bank to finance the purchase of the properties
formerly owned by Heisey Mechanical Ltd. The mortgage carries interest at the Secured Overnight Financing Rate (SOFR) plus 2.8% and matures
on September 30, 2043.
Nasdaq
Notices for Listing Deficiencies
On
July 29, 2022, the Company received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”)
notifying the Company that, because the closing bid price for the Company’s Series 1 Preferred Stock listed on Nasdaq was below
$1.00 for 30 consecutive trading days, the Company no longer met the minimum bid price requirement for continued listing on The Nasdaq
Capital Market under Nasdaq Marketplace Rule 5550(a)(2), requiring a minimum bid price of $1.00 per share (the “Minimum Bid Price
Requirement”). On January 26, 2023, the Company received a notification letter from the Listing Qualifications Department of Nasdaq
notifying the Company that, it had been granted an additional 180 days or until July 24, 2023, to regain compliance with the Minimum
Bid Price Requirement based on the Company meeting the continued listing requirement for market value of publicly held shares and all
other applicable requirements for initial listing on the Capital Market with the exception of the bid price requirement, and the Company’s
written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.
On September 8, 2023, the Company received a letter from the Nasdaq Hearings Panel (“Panel”) informing the Company that the
Panel has granted the Company a temporary exception to regain compliance with The Nasdaq Stock Market LLC’s (“Nasdaq”
or the “Exchange”) Listing Rule 5555(a)(1) (the “Bid Price Rule”) by no later than January 19, 2024. The Company
has announced a special meeting of Series 1 Preferred Stock shareholders was scheduled for December 26, 2023, to approve the reverse
stock split. On December 26, 2023, the meeting was adjourned to December 29, 2023, due to insufficient votes represented by proxy or
virtually in person to constitute a quorum for the transaction of business at the Special Meeting. On December 29, 2023, there were still
insufficient votes represented by proxy or virtually in person to constitute a quorum thus the resolution did not pass.
On
January 5, 2024 and January 12, 2024, the Company bought back an aggregate of 71,951 shares for $69,705 under the Share Repurchase Program
approved on August 22, 2023, that allows the Company to repurchase shares of the Series 1 Preferred Stock through various means, including
through privately negotiated transactions and through an open market program. Subsequent to the balance sheet date, these shares were
cancelled. The Company’s Series 1 Preferred Stock was delisted from the NASDAQ Capital Market on January 22, 2024. The Series 1
Preferred Stock is now quoted on the OTC Markets under the symbol “CETXP”. Nasdaq filed a Form 25 on March 21, 2024. The
deregistration of the Company’s Series 1 Preferred Stock under Section 12(b) of the Exchange Act will be effective for 90 days,
or such shorter period as the SEC may determine, after filing of the Form 25.
Going
Concern Considerations
The
accompanying condensed consolidated financial statements of the Company have been prepared assuming the Company will continue as a going
concern and in accordance with generally accepted accounting principles in the United States of America. The going concern basis of presentation
assumes that the Company will continue in operation one year after the date these financial statements are issued and will be able to
realize its assets and discharge its liabilities and commitments in the normal course of business. Pursuant to the requirements of the
ASC 205, management must evaluate whether there are conditions or events, considered in the aggregate, which raise substantial doubt
about the Company’s ability to continue as a going concern for one year from the date these financial statements are issued.
This
evaluation does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented
or are not within control of the Company as of the date the financial statements are issued. When substantial doubt exists under this
methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s
ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (1) it
is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and
(2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about
the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued.
The
Company has incurred substantial losses of $9,196,875 and $13,020,958 for fiscal years 2023 and 2022, respectively, and has losses on
continuing operations for the six months ending March 31, 2024, of $2,894,579 and has debt obligations over the next year of $18,105,429
and working capital of $10,300,384, that raise substantial doubt with respect to the Company’s ability to continue as a going concern.
While
current debt indicates a substantial doubt regarding the Company’s ability to continue as a going concern, the Company has
historically, from time to time, satisfied and may continue to satisfy certain short-term liabilities through the issuance of common
stock, thus reducing our cash requirement to meet our operating needs. The Company has $2,916,120
in cash and cash equivalents as of March 31, 2024. Additionally, the Company has (i) secured a line of credit for its Vicon brand to
fund operations, which as of March 31, 2024, has available capacity of $980,766,
(ii) continually reevaluated its pricing model on our Vicon brand to improve margins on those products, (iii) entered into an
underwriting agreement in connection with underwritten public offering, the aggregate gross proceeds to the Company were
approximately $10,035,000,
before deducting underwriting discounts and other estimated expenses payable by the Company, and (iv) entered into a Standstill
Agreement with Streeterville Capital, LLC (“Streeterville”) in which Streeterville agreed not to seek to redeem any
portion of its two outstanding notes with the Company for a period of one year expiring on April 30, 2025, in
exchange, the Company agreed to pay to Streeterville the greater of $4,000,000
or fifty percent (50%)
of the net proceeds the Company receives from the sale of any of its common stock or preferred stock during the Standstill
Period.
In
the event additional capital is raised through equity offerings and/or debt is satisfied with equity, it may have a dilutive effect on
our existing stockholders. While the Company believes these plans if successful, would be sufficient to meet the capital demands of our
current operations for at least the next twelve months, there is no guarantee that we will succeed. Overall, there is no guarantee that
cash flow from our existing or future operations and any external capital that we may be able to raise will be sufficient to meet our
working capital needs. As of March 31, 2024, the Company did not have adequate cash or available liquidity/available capacity on our
lines of credit to meet our short or long-term needs. With the subsequent public offering, the Company has the ability to meet its debt
obligations for the next twelve months.
The
condensed consolidated financial statements do not include any adjustments relating to this uncertainty.
|
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- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.24.1.1.u2
INTERIM STATEMENT PRESENTATION
|
6 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
INTERIM STATEMENT PRESENTATION |
NOTE
2 – INTERIM STATEMENT PRESENTATION
Basis
of Presentation and Use of Estimates
The
accompanying unaudited condensed consolidated financial information should be read in conjunction with the audited consolidated financial
statements and the notes thereto included in the Annual Report on Form 10-K for the year ended September 30, 2023, of Cemtrex, Inc.
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the Unites States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X pursuant to the requirements of the U.S. Securities and Exchange Commission (“SEC”). Accordingly,
they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair
presentation have been included. The results of operations for the interim periods are not necessarily indicative of the results of operations
for the entire year.
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements, the disclosure of contingent
assets and liabilities in the condensed consolidated financial statements and the accompanying notes, and the reported amounts of revenues,
expenses and cash flows during the periods presented. Actual amounts and results could differ from those estimates. The estimates and
assumptions the Company makes are based on historical factors, current circumstances and the experience and judgment of the Company’s
management. The Company evaluates its estimates and assumptions on an ongoing basis.
Significant
Accounting Policies
Note
2 of the Notes to Consolidated Financial Statements, included in the annual report on Form 10-K for the year ended September 30, 2023,
includes a summary of the significant accounting policies used in the preparation of the condensed consolidated financial statements.
Recently
Adopted Accounting Pronouncements
In
June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement
of Credit Losses on Financial Instruments (“Update 2016-13”). Update 2016-13 replaced the incurred loss model with an expected
loss model, which is referred to as the current expected credit loss (“CECL”) model. The CECL model is applicable to the
measurement of credit losses on financial assets measured at amortized cost, including but not limited to trade receivables. For public
business entities, the new standard became effective for annual reporting periods beginning after December 15, 2022, including interim
periods within that reporting period. On October 1, 2023, the Company implemented this standard
and there has been no material change to the condensed consolidated financial statements.
The following table illustrates
the effect of implementation of Update 2016-13 on the condensed consolidated balance sheet:
SCHEDULE
OF EFFECT IMPLEMENTATION ON CONDENSED CONSOLIDATED BALANCE SHEET
Assets: | |
October 1, 2023
As reported
under ASC 326 | | |
September 30,
2023 Pre-ASC 326
Adoption | | |
Impact of ASC
326 Adoption | |
Trade receivables, net | |
$ | 234,924 | | |
$ | 234,924 | | |
$ | - | |
Contract assets, net | |
$ | 8,696 | | |
$ | - | | |
$ | 8,696 | |
Royalties receivable, net - related party | |
$ | 10,000 | | |
$ | - | | |
$ | 10,000 | |
Note receivable, net - related party | |
$ | 44,761 | | |
$ | 44,761 | | |
$ | - | |
The
Company estimates credit losses associated with our accounts receivable portfolio segment using an expected credit loss model, which
utilizes an aging schedule methodology based on historical information and adjusted for asset-specific considerations, current economic
conditions and reasonable and supportable forecasts.
The
Company will utilize the Probability-of-default method for financing receivables and loans. Expected credit losses are determined by
multiplying the probability of default (i.e., the probability the asset will default within the given time frame) by the loss given default
(the percentage of the asset not expected to be collected because of default). The Company considers sources of repayment associated
with a financial asset when determining its credit losses, including collection against the collateral and certain embedded credit enhancements,
such as guarantees or insurance. The allowance for credit losses was immaterial as of March 31, 2024.
The following table illustrates
the current expected credit losses activity for the six months ended March 31, 2024:
SCHEDULE
OF EXPECTED CREDIT LOSSES ACTIVITY
| |
| | |
| | |
| |
| |
As of
October 1, 2023 | | |
For the six
months ended
March 31, 2024 | | |
As of
March 31, 2024 | |
Assets: | |
| | | |
| | | |
| | |
Trade receivables, net | |
$ | 234,924 | | |
$ | (9,111 | ) | |
$ | 225,813 | |
Trade receivables, net - related party | |
$ | - | | |
$ | - | | |
$ | - | |
Trade receivables,
net | |
| - | | |
| - | | |
| - | |
Contract assets, net | |
$ | 8,696 | | |
$ | 27,660 | | |
$ | 36,356 | |
Royalties receivable, net - related party | |
$ | 10,000 | | |
$ | - | | |
$ | 10,000 | |
Note receivable, net - related party | |
$ | 44,761 | | |
$ | 20,047 | | |
$ | 64,808 | |
Recently
Issued Accounting Pronouncements Not Yet Effective
On
June 30, 2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to
Contractual Sale Restrictions (“ASU 2022-03”), which (1) clarifies the guidance in ASC 820 on the fair value measurement
of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity
security. Under current guidance, stakeholders have observed diversity in practice related to whether contractual sale restrictions should
be considered in the measurement of the fair value of equity securities that are subject to such restrictions. On the basis of interpretations
of existing guidance and the current illustrative example in ASC 820-10-55-52 of a restriction on the sale of an equity instrument, some
entities use a discount for contractual sale restrictions when measuring fair value, while others view the application of such a discount
to be inconsistent with the principles of ASC 820. To reduce the diversity in practice and increase the comparability of reported financial
information, ASU 2022-03 clarifies this guidance and amends the illustrative example. ASU No. 2022-03 is effective for fiscal years beginning
after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of this ASU on the condensed consolidated
financial statements.
In
November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”
(“ASU 2023-07”), which enhances the disclosures required for operating segments in the Company’s annual and interim
consolidated financial statements. ASU 2023-07 is effective for the Company for annual reporting for fiscal 2025 and for interim period
reporting beginning in fiscal 2026 on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact
of our pending adoption of ASU 2023-07 on the condensed consolidated financial statements.
In
December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires
public entities to disclose consistent categories and greater disaggregation of information in the rate reconciliation and for income
taxes paid. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The guidance is effective
for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is required
to adopt this standard prospectively in fiscal year 2026 for the annual reporting period ending September 30, 2026. The Company is currently
in the process of evaluating the impact of adoption on the condensed consolidated financial statements.
The
Company does not believe that any other recently issued but not yet effective accounting pronouncements, if adopted, would have a material
effect on the accompanying condensed consolidated financial statements.
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v3.24.1.1.u2
DISCONTINUED OPERATIONS
|
6 Months Ended |
Mar. 31, 2024 |
Discontinued Operations and Disposal Groups [Abstract] |
|
DISCONTINUED OPERATIONS |
NOTE
3 – DISCONTINUED OPERATIONS
On
November 22, 2022, the Company entered into two Asset Purchase Agreements and one Simple Agreement for Future Equity (“SAFE”)
with the Company’s CEO, Saagar Govil, to secure the sale of the subsidiaries Cemtrex Advanced Technologies, Inc, which include
the brand SmartDesk, and Cemtrex XR, Inc., which include the brands Cemtrex XR, Virtual Driver Interactive, Bravo Strong, and good tech
(formerly Cemtrex Labs), to Mr. Govil.
Due
to the on-going losses and risk associated with the SmartDesk business the Company has valued the royalty and SAFE agreement associated
with the SmartDesk sale at $0 and considers such consideration to be a gain contingency.
Based
on sales projections for Cemtrex XR, Inc., the Company does not believe that it will exceed the sales levels required to exceed the $820,000
royalties due and has not accounted for any additional royalties at this time. In accordance with ASC 310 – Receivables, the
Company has discounted the royalties due and has recognized $13,282 during the three-month periods ended March 31, 2024, and 2023, and
$26,563, and $17,709, during the six-month periods ended March 31, 2024, and 2023, respectively, and will amortize the remaining amount
over the period the royalties are due.
The
following table summarizes the loss on the sale recorded during the three months ended December 31, 2022, included in Income/(loss) from
discontinued operations, net of tax in the accompanying condensed consolidated statement of operations:
SUMMARY OF LOSS ON SALE
| |
| | |
Purchase Price | |
$ | 745,621 | |
Less cash and cash equivalents transferred | |
| (699,423 | ) |
Less liabilities assumed | |
| (10,924 | ) |
Net purchase price | |
$ | 35,274 | |
| |
| | |
Assets Sold | |
| | |
Accounts receivable, net | |
$ | 625,638 | |
Inventory, net | |
| 980,730 | |
Prepaid expenses and other assets | |
| 502,577 | |
Property and equipment, net | |
| 837,808 | |
Goodwill | |
| 598,392 | |
Total
Assets Sold | |
| 3,545,145 | |
Liabilities Transferred | |
| | |
Accounts payable | |
| 370,774 | |
Short-term liabilities | |
| 364,775 | |
Long-term liabilities | |
| 318,981 | |
Total
Liabilities Transferred | |
| 1,054,530 | |
Net assets sold | |
$ | 2,490,615 | |
| |
| | |
Pretax loss on sale of Cemtrex Advanced Technologies, Inc, and Cemtrex XR, Inc.Companies | |
$ | (2,455,341 | ) |
As
of March 31, 2024, and September 30, 2023, there were no assets or liabilities included within discontinued operations on the Company’s
Condensed Consolidated Balance Sheets.
During
the first quarter of fiscal 2023, Vicon completed the closure of its discontinued operating entity Vicon Systems, Ltd. located in Israel.
The Company received funds related to benefit obligations of $96,095, which at the time of operational closure were not guaranteed to
be retrievable. The Company paid $7,010 in consulting fees for assistance in retrieving these funds. The net amount of $89,085 is recognized
on the Company’s Condensed Consolidated Statement of Operations as part of the Loss on Discontinued Operations.
Income/(loss)from
discontinued operations, net of tax and the loss on sale of discontinued operations, net of tax, of Cemtrex Advanced Technologies, Inc.
and Cemtrex XR, Inc., sold during the first quarter of fiscal year 2023, which are presented in total as discontinued operations, net
of tax in the Company’s Condensed Consolidated Statements of Operations for the three and six month periods ended March 31, 2024
and 2023, are as follows:
SCHEDULE OF FINANCIAL STATEMENTS INCLUDED WITHIN DISCONTINUED OPERATIONS
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three months ended March 31, | | |
Six months ended March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Total net sales | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 649,061 | |
Cost of sales | |
| - | | |
| - | | |
| - | | |
| 228,086 | |
Operating, selling, general and administrative expenses | |
| 39 | | |
| 492 | | |
| 39 | | |
| 1,296,064 | |
Other (income)/expenses | |
| - | | |
| - | | |
| - | | |
| 3,195 | |
Income (loss) from discontinued operations | |
| (39 | ) | |
| (492 | ) | |
| (39 | ) | |
| (878,284 | ) |
Amortization of discounted royalties | |
| 13,282 | | |
| 14,724 | | |
| 26,564 | | |
| 19,151 | |
Loss on sale of discontinued operations | |
| - | | |
| - | | |
| - | | |
| (2,455,341 | ) |
Adjustment of benefit obligation | |
| - | | |
| - | | |
| - | | |
| 89,085 | |
Income tax provision | |
| 2,780 | | |
| - | | |
| 5,570 | | |
| - | |
Discontinued operations, net of tax | |
$ | 10,463 | | |
$ | 14,232 | | |
$ | 20,955 | | |
$ | (3,225,389 | ) |
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v3.24.1.1.u2
REVENUE
|
6 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
REVENUE |
NOTE
4 – REVENUE
The
following table illustrates the approximate disaggregation of the Company’s revenue based off timing of revenue recognition for
the three and six months ended March 31, 2024 and 2023:
SCHEDULE
OF DISAGGREGATION OF REVENUE RECOGNITION
| |
March 31, 2024 | | |
March 31, 2023 | | |
March 31, 2024 | | |
March 31, 2023 | |
| |
For the three months ended | | |
For the six months ended | |
| |
March 31, 2024 | | |
March 31, 2023 | | |
March 31, 2024 | | |
March 31, 2023 | |
Over time | |
| 58 | % | |
| 46 | % | |
| 55 | % | |
| 48 | % |
Point-in-time | |
| 42 | % | |
| 54 | % | |
| 45 | % | |
| 52 | % |
|
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.24.1.1.u2
LOSS PER COMMON SHARE
|
6 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
LOSS PER COMMON SHARE |
NOTE
5 – LOSS PER COMMON SHARE
Basic
net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock
outstanding during the period. Diluted net income per common share is computed by dividing net income by the weighted average number
of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the potential dilution
that could occur from common shares issuable through contingent share arrangements, stock options and warrants. For the three and six
months ended March 31, 2024, and 2023, the following items were excluded from the computation of diluted net loss per common share as
their effect is anti-dilutive:
SCHEDULE OF COMPUTATION OF DILUTED NET LOSS PER COMMON SHARE AS ANTI-DILUTIVE EFFECT
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the six months ended | | |
For the three months ended | |
| |
March 31, | | |
March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | | |
| | | |
| | | |
| | |
Options | |
| 28,796 | | |
| 28,796 | | |
| 28,796 | | |
| 28,796 | |
For
the three and six months ended March 31, 2024 and 2023, loss per share basic and diluted for continuing operations are calculated as
follows:
SCHEDULE OF LOSS PER SHARE BASIC AND DILUTED
FOR CONTINUING OPERATION
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the three months | | |
For the six months | |
| |
March 31, | | |
March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Loss from Continuing operations | |
$ | (1,580,184 | ) | |
$ | (553,761 | ) | |
$ | (2,894,579 | ) | |
$ | (3,650,514 | ) |
Less (loss)/gain in noncontrolling interest | |
| (96,510 | ) | |
| 55,265 | | |
| (192,919 | ) | |
| (3,898 | ) |
Preferred stock dividends | |
| 52,515 | | |
| 58,720 | | |
| 52,515 | | |
| 58,720 | |
Net loss applicable to common shareholders | |
| (1,536,189 | ) | |
| (667,746 | ) | |
| (2,754,175 | ) | |
| (3,705,336 | ) |
Weighted Average Number of Shares-Basic & Diluted | |
| 1,055,636 | | |
| 815,498 | | |
| 1,051,630 | | |
| 788,265 | |
Loss per share - Basic & Diluted - Continuing Operations | |
$ | (1.46 | ) | |
$ | (0.82 | ) | |
$ | (2.62 | ) | |
$ | (4.70 | ) |
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v3.24.1.1.u2
SEGMENT INFORMATION
|
6 Months Ended |
Mar. 31, 2024 |
Segment Reporting [Abstract] |
|
SEGMENT INFORMATION |
NOTE
6 – SEGMENT INFORMATION
The
Company reports and evaluates financial information for two reportable segments: the Security segment and the Industrial Services segment.
The
following tables summarize the Company’s reportable segment information and unallocated corporate expenses:
SCHEDULE
OF SEGMENT INFORMATION
| |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | | |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | |
| |
Three months
ended March 31, 2024 | | |
Three
months ended March 31, 2023 | |
| |
Reportable
Segments | | |
| | |
| | |
Reportable
Segments | | |
| | |
| |
| |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | | |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | |
Revenues | |
$ | 8,084,932 | | |
$ | 9,074,663 | | |
$ | - | | |
$ | 17,159,595 | | |
$ | 9,913,898 | | |
$ | 6,159,499 | | |
$ | - | | |
$ | 16,073,397 | |
Cost of revenues | |
| 3,971,963 | | |
| 6,248,216 | | |
| - | | |
| 10,220,179 | | |
| 4,793,817 | | |
| 3,941,099 | | |
| - | | |
| 8,734,916 | |
Gross profit | |
$ | 4,112,969 | | |
$ | 2,826,447 | | |
$ | - | | |
$ | 6,939,416 | | |
$ | 5,120,081 | | |
$ | 2,218,400 | | |
$ | - | | |
$ | 7,338,481 | |
Operating expenses | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Sales, general, and administrative | |
| 3,833,596 | | |
| 1,897,269 | | |
| 984,403 | | |
| 6,715,268 | | |
| 2,965,659 | | |
| 1,336,313 | | |
| 807,242 | | |
| 5,109,214 | |
Depreciation and amortization | |
| 71,260 | | |
| 233,629 | | |
| - | | |
| 304,889 | | |
| 31,543 | | |
| 157,385 | | |
| 20,125 | | |
| 209,053 | |
Research and development | |
| 951,400 | | |
| - | | |
| - | | |
| 951,400 | | |
| 1,615,341 | | |
| - | | |
| - | | |
| 1,615,341 | |
Operating income/(loss) | |
$ | (743,287 | ) | |
$ | 695,549 | | |
$ | (984,403 | ) | |
$ | (1,032,141 | ) | |
| 507,538 | | |
| 724,702 | | |
| (827,367 | ) | |
| 404,873 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other income/(expense) | |
$ | (138,633 | ) | |
$ | (78,289 | ) | |
$ | (231,117 | ) | |
$ | (448,039 | ) | |
$ | 337,191 | | |
$ | (29,866 | ) | |
$ | (1,265,959 | ) | |
$ | (958,634 | ) |
| |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | | |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | |
| |
Six months
ended March 31, 2024 | | |
Six months
ended March 31, 2023 | |
| |
Reportable
Segments | | |
| | |
| | |
Reportable Segments | | |
| | |
| |
| |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | | |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | |
Revenues | |
$ | 17,252,733 | | |
$ | 16,785,028 | | |
$ | - | | |
$ | 34,037,761 | | |
$ | 16,918,642 | | |
$ | 11,124,997 | | |
$ | - | | |
$ | 28,043,639 | |
Cost of revenues | |
| 8,622,817 | | |
| 11,393,129 | | |
| - | | |
| 20,015,946 | | |
| 8,394,871 | | |
| 7,267,672 | | |
| - | | |
| 15,662,543 | |
Gross profit | |
$ | 8,629,916 | | |
$ | 5,391,899 | | |
$ | - | | |
$ | 14,021,815 | | |
$ | 8,523,771 | | |
$ | 3,857,325 | | |
$ | - | | |
$ | 12,381,096 | |
Operating expenses | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
General, and administrative | |
| 8,161,224 | | |
| 3,426,532 | | |
| 1,731,177 | | |
| 13,318,933 | | |
| 5,715,088 | | |
| 2,525,178 | | |
| 1,793,951 | | |
| 10,034,217 | |
Depreciation and amortization | |
| 199,412 | | |
| 473,778 | | |
| - | | |
| 673,190 | | |
| 71,203 | | |
| 324,906 | | |
| 52,279 | | |
| 448,388 | |
Research and development | |
| 1,800,205 | | |
| - | | |
| - | | |
| 1,800,205 | | |
| 3,445,054 | | |
| - | | |
| - | | |
| 3,445,054 | |
Operating (loss)/income | |
$ | (1,530,925 | ) | |
$ | 1,491,589 | | |
$ | (1,731,177 | ) | |
$ | (1,770,513 | ) | |
$ | (707,574 | ) | |
$ | 1,007,241 | | |
$ | (1,846,230 | ) | |
$ | (1,546,563 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other income/(expense) | |
$ | (272,894 | ) | |
$ | (186,433 | ) | |
$ | (493,984 | ) | |
$ | (953,311 | ) | |
$ | 224,792 | | |
$ | (61,426 | ) | |
$ | (2,267,317 | ) | |
$ | (2,103,951 | ) |
Unallocated
corporate expenses mainly relate to payroll and benefits for corporate officers, investor relation expenses, accounting expenses related
audit and taxes, legal expenses related to corporate matters, and interest expense on notes payable.
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v3.24.1.1.u2
RESTRICTED CASH
|
6 Months Ended |
Mar. 31, 2024 |
Cash and Cash Equivalents [Abstract] |
|
RESTRICTED CASH |
NOTE
7 – RESTRICTED CASH
A
subsidiary of the Company participates in a consortium in order to self-insure group care coverage for its employees. The plan is administrated
by Benecon Group and the Company makes monthly deposits in a trust account to cover medical claims and any administrative costs associated
with the plan. These funds, as required by the plan are restricted in nature and amounted to $1,072,416 at March 31, 2024, and $919,652
at September 30, 2023. The Company has $100,000 in restricted cash held in escrow pending final disbursement of expenses related to the
Heisey acquisition as of March 31, 2024 and September 30, 2023.
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- DefinitionThe entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.
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v3.24.1.1.u2
FAIR VALUE MEASUREMENTS
|
6 Months Ended |
Mar. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
NOTE
8 – FAIR VALUE MEASUREMENTS
Fair
value is defined as the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. A three-level hierarchy is applied to prioritize the inputs to valuation techniques
used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
The
three levels of the fair value hierarchy under the guidance for fair value measurements are described below:
Level
1 — Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity
has the ability to access at the measurement date. Our Level 1 assets include cash equivalents, banker’s acceptances, trading securities
investments and investment funds. The Company measures trading securities investments and investment funds at quoted market prices as
they are traded in an active market with sufficient volume and frequency of transactions.
Level
2 — Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly or indirectly. If the asset or liability has a specified contractual term, a Level 2 input must be observable for substantially
the full term of the asset or liability.
Level
3 — Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the
asset or liability at the measurement date. Level 3 assets and liabilities include cost method investments. Quantitative information
for Level 3 assets and liabilities reviewed at each reporting period includes indicators of significant deterioration in the earnings
performance, credit rating, asset quality, business prospects of the investee, and financial indicators of the investee’s ability
to continue as a going concern.
The
Company’s fair value assets at March 31, 2024, and September 30, 2023, are as follows.
SCHEDULE OF FAIR VALUE OF ASSETS
| |
Quoted Prices | | |
Significant | | |
| | |
| |
| |
in Active | | |
Other | | |
Significant | | |
Balance | |
| |
Markets for | | |
Observable | | |
Unobservable | | |
as of | |
| |
Identical Assets | | |
Inputs | | |
Inputs | | |
March 31, | |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | | |
2024 | |
Assets | |
| | | |
| | | |
| | | |
| | |
Investment in marketable securities | |
| | | |
| | | |
| | | |
| | |
(included in short-term investments) | |
$ | 13,853 | | |
$ | - | | |
$ | - | | |
$ | 13,853 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | 13,853 | | |
$ | - | | |
$ | - | | |
$ | 13,853 | |
| |
Quoted Prices | | |
Significant | | |
| | |
| |
| |
in Active | | |
Other | | |
Significant | | |
Balance | |
| |
Markets for | | |
Observable | | |
Unobservable | | |
as of | |
| |
Identical Assets | | |
Inputs | | |
Inputs | | |
September 30, | |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | | |
2023 | |
Assets | |
| | | |
| | | |
| | | |
| | |
Investment in marketable securities | |
| | | |
| | | |
| | | |
| | |
(included in short-term investments) | |
$ | 13,663 | | |
$ | - | | |
$ | - | | |
$ | 13,663 | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | 13,663 | | |
$ | - | | |
$ | - | | |
$ | 13,663 | |
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.24.1.1.u2
TRADE RECEIVABLES, NET
|
6 Months Ended |
Mar. 31, 2024 |
Receivables [Abstract] |
|
TRADE RECEIVABLES, NET |
NOTE
9 – TRADE RECEIVABLES, NET
Trade
receivables, net consist of the following:
SCHEDULE OF TRADE RECEIVABLES, NET
| |
March 31, | | |
September 30, | |
| |
2024 | | |
2023 | |
Trade receivables | |
$ | 11,761,693 | | |
$ | 9,444,619 | |
Allowance for credit losses | |
| (225,813 | ) | |
| (234,924 | ) |
Accounts receivables,
net, total | |
$ | 11,535,880 | | |
$ | 9,209,695 | |
Trade
receivables include amounts due for shipped products and services rendered.
Allowance
for credit losses include estimated losses resulting from the inability of our customers to make the required payments.
|
X |
- DefinitionThe entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.24.1.1.u2
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
6 Months Ended |
Mar. 31, 2024 |
Prepaid Expenses And Other Current Assets |
|
PREPAID EXPENSES AND OTHER CURRENT ASSETS |
NOTE
10 – PREPAID EXPENSES AND OTHER CURRENT ASSETS
Prepaid
expenses and other current assets consist of the following:
SUMMARY OF PREPAID AND OTHER CURRENT ASSETS
| |
March 31, 2024 | | |
September 30, 2023 | |
| |
| | |
| |
Prepaid expenses | |
$ | 838,980 | | |
$ | 521,310 | |
Prepaid inventory | |
| 498,631 | | |
| 1,084,051 | |
Deferred costs | |
| 83,502 | | |
| 25,941 | |
Loan origination costs | |
| 36,267 | | |
| - | |
Prepaid income taxes | |
| 428,193 | | |
| 168,555 | |
VAT and GST tax receivable | |
| 24,842 | | |
| 298,502 | |
Prepaid expenses and other current assets total | |
$ | 1,910,415 | | |
$ | 2,098,359 | |
|
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v3.24.1.1.u2
INVENTORY, NET
|
6 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
INVENTORY, NET |
NOTE
11 – INVENTORY, NET
Inventory,
net consisted of the following:
SCHEDULE
OF INVENTORY, NET
| |
March 31, | | |
September 30, | |
| |
2024 | | |
2023 | |
Raw materials | |
$ | 797,943 | | |
$ | 885,398 | |
Work in progress | |
| 304,563 | | |
| 109,019 | |
Finished goods | |
| 6,295,241 | | |
| 7,744,802 | |
Inventory, net | |
| 7,397,747 | | |
| 8,739,219 | |
The
Company maintained an allowance for obsolete inventories of $502,577 and $618,021 at March 31, 2024 and September 30, 2023, respectively.
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v3.24.1.1.u2
PROPERTY AND EQUIPMENT
|
6 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
NOTE
12 – PROPERTY AND EQUIPMENT
Property
and equipment are summarized as follows:
SUMMARY
OF PROPERTY AND EQUIPMENT
| |
March 31, | | |
September 30, | |
| |
2024 | | |
2023 | |
Land | |
$ | 945,279 | | |
$ | 945,279 | |
Building and leasehold improvements | |
| 4,372,598 | | |
| 4,362,062 | |
Furniture and office equipment | |
| 597,198 | | |
| 579,700 | |
Computers and software | |
| 1,333,135 | | |
| 1,333,135 | |
Machinery and equipment | |
| 12,806,142 | | |
| 12,488,639 | |
Property and equipment, gross | |
| 20,054,352 | | |
| 19,708,815 | |
Less: Accumulated depreciation | |
| (11,152,301 | ) | |
| (10,490,114 | ) |
Property and equipment, net | |
$ | 8,902,051 | | |
$ | 9,218,701 | |
Depreciation
expense for the three and six months ended March 31, 2024 and 2023, was $304,889 and $673,190, and $209,053 and $448,388, respectively
and is recorded in cost of revenues and general and administrative expenses on the Company’s condensed consolidated statements
of operations.
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v3.24.1.1.u2
GOODWILL
|
6 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL |
NOTE
13 – GOODWILL
Changes
in the carrying amount of goodwill, by segment, are as follows:
SCHEDULE
OF GOODWILL BY SEGMENT
| |
Security | | |
Industrial Services | | |
Consolidated | |
Balance at September 30, 2023 | |
$ | 530,475 | | |
$ | 3,851,416 | | |
$ | 4,381,891 | |
| |
| | | |
| | | |
| | |
Balance at March 31, 2024 | |
$ | 530,475 | | |
$ | 3,851,416 | | |
$ | 4,381,891 | |
As
of March 31, 2024, and September 30, 2023, accumulated impairment losses of $3,316,000 related to the Security segment have been recorded.
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v3.24.1.1.u2
OTHER ASSETS
|
6 Months Ended |
Mar. 31, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
OTHER ASSETS |
NOTE
14 – OTHER ASSETS
On
November 13, 2020, Cemtrex made a $500,000 investment, on January 19, 2022, made an additional $500,000 investment, and on July 18, 2023,
and October 5, 2023, made an additional $100,000 investment on each date via a simple agreement for future equity (“SAFE”)
in MasterpieceVR. The SAFE provides that the Company will automatically receive shares of the entity based on the conversion rate of
future equity rounds up to a valuation cap, as defined. MasterpieceVR is a software company that is developing software for content creation
using virtual reality. The investment is recorded at cost and is included in other assets in the accompanying Condensed consolidated
balance sheets. No impairment has been recorded for the three and six months ended March 31, 2024.
Other
assets consisted of the following:
SCHEDULE
OF OTHER ASSETS
| |
March 31, 2024 | | |
September 30, 2023 | |
Rental deposits | |
$ | 213,770 | | |
$ | 198,641 | |
Investment in Masterpiece VR | |
| 1,200,000 | | |
| 1,100,000 | |
Other deposits | |
| 305,117 | | |
| 167,808 | |
Demonstration equipment supplied to resellers | |
| 442,975 | | |
| 369,560 | |
Other assets total | |
$ | 2,161,862 | | |
$ | 1,836,009 | |
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v3.24.1.1.u2
ACCRUED EXPENSES
|
6 Months Ended |
Mar. 31, 2024 |
Payables and Accruals [Abstract] |
|
ACCRUED EXPENSES |
NOTE
15 – ACCRUED EXPENSES
Accrued
expenses consisted of the following:
SCHEDULE
OF ACCRUED EXPENSES
| |
March 31, 2024 | | |
September 30, 2023 | |
Accrued expenses | |
$ | 489,603 | | |
$ | 319,211 | |
Accrued payable on inventory in transit | |
| 846,823 | | |
| 1,154,254 | |
Accrued payroll | |
| 1,116,951 | | |
| 1,088,223 | |
Accrued warranty | |
| 222,702 | | |
| 222,702 | |
Accrued expenses total | |
$ | 2,676,079 | | |
$ | 2,784,390 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.1.1.u2
DEFERRED REVENUE
|
6 Months Ended |
Mar. 31, 2024 |
Deferred Revenue |
|
DEFERRED REVENUE |
NOTE
16 – DEFERRED REVENUE
The
Company’s deferred revenue as of and for the three and six months ended March 31, 2024, and 2023, were as follows:
SCHEDULE
OF DEFERRED REVENUE
| |
For the three months ended | | |
For the six months ended | |
| |
March 31, 2024 | | |
March 31, 2023 | | |
March 31, 2024 | | |
March 31, 2023 | |
| |
| | |
| | |
| | |
| |
Deferred revenue at beginning of period | |
$ | 2,256,352 | | |
$ | 1,693,021 | | |
$ | 2,311,334 | | |
$ | 1,824,534 | |
Net additions: | |
| | | |
| | | |
| | | |
| | |
Deferred software revenues | |
| 487,413 | | |
| 580,752 | | |
| 1,147,383 | | |
| 1,008,169 | |
Recognized as revenue: | |
| | | |
| | | |
| | | |
| | |
Deferred software revenues | |
| (684,540 | ) | |
| (558,775 | ) | |
| (1,399,492 | ) | |
| (1,117,705 | ) |
Deferred revenue at end of period | |
| 2,059,225 | | |
| 1,714,998 | | |
| 2,059,225 | | |
| 1,714,998 | |
Less: current portion | |
| 1,404,608 | | |
| 581,193 | | |
| 1,404,608 | | |
| 581,193 | |
Long-term deferred revenue at end of period | |
$ | 654,617 | | |
$ | 1,133,805 | | |
$ | 654,617 | | |
$ | 1,133,805 | |
For
the three and six months ended March 31, 2024 and 2023, the Company recognized revenue of $608,808, and $483,296, and $1,043,281 and
$963,674, respectively, that was previously included in the beginning balance of deferred revenues.
|
X |
- DefinitionThe entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.
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v3.24.1.1.u2
CONTRACT ASSETS AND LIABILITIES
|
6 Months Ended |
Mar. 31, 2024 |
Contract Assets And Liabilities |
|
CONTRACT ASSETS AND LIABILITIES |
NOTE
17 – CONTRACT ASSETS AND LIABILITIES
Project
contracts typically provide for a schedule of billings on percentage of completion of specific tasks inherent in the fulfillment of the
Company’s performance obligation(s). The schedules for such billings usually do not precisely match the schedule on which costs
are incurred. As a result, contract revenue recognized in the statements of operations can and usually does differ from amounts that
can be billed to the customer at any point during the contract. Amounts by which cumulative contract revenue recognized on a contract
as of a given date exceeds cumulative billings and unbilled receivables to the customer under the contract are reflected as a current
asset in the condensed consolidated balance sheets under the caption “Contract assets.” Amounts by which cumulative billings
to the customer under a contract as of a given date exceed cumulative contract revenue recognized are reflected as a current liability
in the condensed consolidated balance sheets under the caption “Contract liabilities.” Conditional retainage represents the
portion of the contract price withheld until the work is substantially complete for assurance of the Company’s obligations to complete
the job.
The
following is a summary of the Company’s uncompleted contracts:
SCHEDULE
OF CONTRACT ASSETS AND LIABILITIES
|
|
March 31, 2024 | | |
September 30, 2023 | |
|
|
| | |
| |
Costs incurred on uncompleted contracts |
|
$ | 11,582,989 | | |
$ | 12,523,552 | |
Estimated gross profit |
|
| 2,816,002 | | |
| 3,085,350 | |
|
|
| 14,398,991 | | |
| 15,608,902 | |
Applicable billings to date |
|
| (14,318,721 | ) | |
| (14,850,020 | ) |
Net billings in excess of costs, Ending balance |
|
$ | 80,270 | | |
$ | 758,882 | |
For
the three and six months ended March 31, 2024 and 2023, the Company recognized revenue of $95,759 and $9,030, and $886,920 and $361,887,
respectively, that was previously included in the beginning balance of contract liabilities.
|
X |
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v3.24.1.1.u2
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
18 – RELATED PARTY TRANSACTIONS
On
August 31, 2019, the Company entered into an Asset Purchase Agreement for the sale of Griffin Filters, LLC to Ducon Technologies, Inc.,
which Aron Govil, the Company’s Founder, and former CFO, for total consideration of $550,000. On July 31, 2022, the Company negotiated
a payment agreement surrounding the sale of Griffin Filters, LLC, and other liabilities due to the Company totaling $761,585. This agreement
is in the form of a secured promissory note earning interest at a rate of 5% per annum and matures on July 31, 2024. As of March 31,
2024, $64,808 of accrued interest has been recorded as an expected credit loss against this note.
As
of March 31, 2024, and September 30, 2023, there was $3,798 and $3,806 payable due to Ducon Technologies, Pvt Ltd., which is also owned
by Aron Govil, respectively.
As
of March 31, 2024, and September 30, 2023, there was $635,956 and $637,208 receivable due from Ducon Technologies, Pvt Ltd., respectively.
On
November 22, 2022, the Company entered into two Asset Purchase Agreements and one Simple Agreement for Future Equity (“SAFE”)
with the Company’s CEO, Saagar Govil, to secure the sale of the subsidiaries Cemtrex Advanced Technologies, Inc, and Cemtrex XR,
Inc., which include the brands SmartDesk, Cemtrex XR, Virtual Driver Interactive, Bravo Strong, and good tech (formerly Cemtrex Labs),
to Mr. Govil. Cemtrex XR, Inc. was purchased for $890,000 comprised of $75,000 in cash and 5% royalty of all revenues on the Business
to be paid 90 days after the end of each calendar year for the next three years; and should the total sum of royalties due be less than
$820,000 at the end of the three-year period, Mr. Govil shall be obligated to pay the difference between $820,000 and the royalties paid.
Cemtrex Advanced Technologies, Inc. was purchased for $10,000 in cash, 5% royalty of all revenues on the Business to be paid 90 days
after the end of each calendar year for the next 5 years, and $1,600,000 in SAFE (common equity) at any subsequent fundraising or exit
above $5,000,000 with a $10,000,000 cap. Subsequent to the sale of Cemtrex Advanced Technologies, Inc. the business has ceased operations.
The Company has recognized no gain in relation to the 5% royalties.
During
the three and six months ended March 31, 2024, the Company wrote off $94,027 in trade receivables, related party and $59,703 in trade
payables, related party related to the Cemtrex Advanced Technologies, Inc. successor company, SmartDesk, Inc.
As
of March 31, 2024, there was $583,340 in trade receivables due from the Cemtrex XR successor company, CXR, Inc. Of these receivables
$60,628 are related to costs paid by Cemtrex related to payroll during the transition of employees to the new company and subscription
services that are set up on auto pay with a credit card. The remaining $522,712 is related to services provided by Cemtrex Technologies
Pvt. Ltd. in the normal course of business. As of March 31, 2024, there were $5,416 in payables due to CXR Inc.
As
of March 31, 2024, there were royalties receivable from the sale of Cemtrex, XR, Inc. of $700,456,
of which $260,407
is considered short-term and is presented on the Company’s Condensed Consolidated Balance Sheet under the caption “Trade
receivables, net – related party”. On April 13, 2024, the Company and CXR, Inc. agreed to structured payments on the
first-year royalties with full payment being made by December 31, 2024. The Company has taken a $10,000
allowance for expected credit losses against these royalties.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.1.1.u2
LEASES
|
6 Months Ended |
Mar. 31, 2024 |
Leases |
|
LEASES |
NOTE
19 – LEASES
The
Company is party to contracts where we lease property from others under contracts classified as operating leases. The Company primarily
leases office and operating facilities, vehicles, and office equipment. The weighted average remaining term of our operating leases was
approximately 3.5 years at March 31, 2024, and 3 years at September 30, 2023. The weighted average discount rate used to measure lease
liabilities was approximately 6.45% at March 31, 2024, and 5.66% at September 30, 2023. The Company used the rate implicit in the lease,
where known, or its incremental borrowing rate as the rate used to discount the future lease payments.
The
Company has elected not to recognize lease assets and liabilities for leases with a term of 12 months or less.
The
Company’s corporate segment leases approximately 100 square feet of office space in Brooklyn, NY on a month-to-month lease at a
rent of $600 per month. Short-term rent expense was $3,600 for the six months ended March 31, 2024, and $600 for the six months ended
March 31, 2023.
The
Company’s security segment leases approximately 1,037 square feet of office space in Clovis, CA on a month-to-month lease at a
rent of $5,487 per month. Short-term rent expense was $30,362 for the six months ended March 31, 2024.
A
reconciliation of undiscounted cash flows to operating lease liabilities recognized in the condensed consolidated balance sheet at March
31, 2024, is set forth below:
SCHEDULE
OF RECONCILIATION OF UNDISCOUNTED CASH FLOWS TO OPERATING LEASE LIABILITIES
Years ending September 30, | |
Operating Leases | |
2024 | |
| 461,372 | |
2025 | |
| 908,932 | |
2026 | |
| 711,262 | |
2027 | |
| 315,525 | |
2028 | |
| 58,085 | |
Undiscounted lease payments | |
| 2,455,176 | |
Amount representing interest | |
| (200,490 | ) |
Discounted lease payments | |
$ | 2,254,686 | |
Lease
costs for the three and six months ended March 31, 2024, and 2023 are set forth below:
SCHEDULE
OF LEASE COSTS
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the three months ended | | |
For the six months ended | |
| |
March 31, | | |
March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Operating lease costs | |
| 195,693 | | |
| 223,213 | | |
| 389,125 | | |
| 484,646 | |
Short-term lease costs | |
| 15,701 | | |
| - | | |
| 33,962 | | |
| - | |
Total lease cost | |
$ | 211,394 | | |
$ | 223,213 | | |
$ | 423,087 | | |
$ | 484,646 | |
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v3.24.1.1.u2
LINES OF CREDIT AND LONG-TERM LIABILITIES
|
6 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
LINES OF CREDIT AND LONG-TERM LIABILITIES |
NOTE
20 – LINES OF CREDIT AND LONG-TERM LIABILITIES
Revolving
line of credit
On
October 5, 2023, the Company obtained a revolving line of credit in the amount of $5,000,000 from Pathward, N.A.. The interest rate will
be a rate which is equal to three percentage points (3%) in excess of that rate shown in the Wall Street Journal as the prime rate (the
“Effective Rate”) and matures twenty-four months from the closing date. This loan is secured by the Company’s eligible
accounts receivable and eligible finished goods inventory. The Company’s ability to borrow against the line of credit is limited
by the value of the eligible assets. As of December 31, 2023, the Company had enough eligible assets to access the full credit line.
The Company was in compliance with all loan covenants as of March 31, 2024. The funds were used to pay the NIL Funding term loan and
will fund operations of the Vicon entity. As of March 31, 2024, this loan had a balance of $4,019,234, with $36,267 of unamortized loan
origination fees, which is included in “Prepaid expenses” on the accompanying Condensed Consolidated Balance Sheet. There
were $980,766 in available funds as of March 31, 2024.
Standstill
Agreement
On
August 31, 2023, the Company and Streeterville Capital, LLC entered into a standstill agreement for the two notes held by Streeterville
Capital, LLC. The terms of this agreement are the earlier of (a) the date that is ninety (90) days from the Effective Date, and (b) the
date that the Company completes an equity offering on either Form S-1 or Form S-3 (the “Standstill Period”), Streeterville
Capital, LLC will not seek to redeem any portion of the Notes, and (c) the Company agrees to prepay to Lender fifty percent (50%) of
the net proceeds received by Borrower in connection with all equity financings until such time as Borrower has raised at least $5,000,000
in aggregate net proceeds.
The
following table outlines the Company’s secured liabilities:
SCHEDULE
OF LINES OF CREDIT AND LIABILITIES
| |
| |
| |
March 31, | | |
September 30, | |
| |
Interest Rate | |
Maturity | |
2024 | | |
2023 | |
Fulton Bank - $360,000 fund equipment for AIS. The Company was in compliance with loan covenants as of March 31, 2024. This loan is secured by certain assets of the Company. | |
SOFR plus 2.37% (7.71% as of March 31, 2024 and 7.68% as of September 30, 2023). | |
1/31/2025 | |
| 69,164 | | |
| 108,700 | |
Fulton Bank - $360,000 fund equipment for AIS. The Company was in compliance with loan covenants as of March 31, 2024. This loan is secured by certain assets of the Company. | |
SOFR plus 2.37% (7.71% as of March 31, 2024 and 7.68% as of September 30, 2023). | |
01/31/2025 | |
| 69,164 | | |
| 108,700 | |
| |
| |
| |
| | | |
| | |
Fulton Bank mortgage $2,476,000. The Company was in compliance with loan covenants as of March 31, 2024. This loan is secured by the underlying asset. | |
SOFR plus 2.62% (7.96% on March 31, 2024 and (7.93% on September 30, 2023). | |
01/28/2040 | |
| 2,146,939 | | |
| 2,180,115 | |
| |
| |
| |
| | | |
| | |
Fulton Bank (HEISEY) - $1,200,000 mortgage loan; requires monthly principal and interest payments through August 1, 2043 with a final payment of remaining principal on September 1, 2043; The loan is collateralized by 615 Florence Street and 740 Barber Street and guaranteed by AIS and Cemtrex. | |
SOFR plus 2.80% per annum (8.14% as of March 31, 2024 and 8.11% as of September 30, 2023). | |
09/30/2043 | |
| 1,188,315 | | |
| 1,200,000 | |
| |
| |
| |
| | | |
| | |
Fulton Bank (HEISEY) - $2,160,000. promissory note related to purchase of Heisey; requires 84 monthly principal and interest payments; The note is collateralized by the Heisey assets and guaranteed by the Parent; matures in 2030. | |
SOFR plus 2.80% per annum (8.14% as of March 31, 2024 and 8.11% as of September 30, 2023). | |
07/01/2030 | |
| 2,004,136 | | |
| 2,122,565 | |
| |
| |
| |
| | | |
| | |
Note payable - $5,755,000 - Less original issue discount $750,000 and legal fees $5,000, net cash received $5,000,000 Unamortized original issue discount balance of $0, as of March 31, 2024 and September 30, 2023. | |
8% | |
06/30/2025 | |
| 4,787,348 | | |
| 4,596,589 | |
| |
| |
| |
| | | |
| | |
Note payable - $9,205,000. Less original issue discount $1,200,000 and legal fees $5,000,net cash received $8,000,000. 28,572 shares of common stock valued at $700,400 recognized as additional original issue discount. Unamortized original issue discount balance of $0 as of March 31, 2024 and September 30, 2023. | |
8% | |
02/22/2026 | |
| 11,709,830 | | |
| 11,243,233 | |
| |
| |
| |
| | | |
| | |
Note Payable - $240,000 For the purchase of Heisey Mechanical, Ltd. | |
6% | |
07/01/2024 | |
| 240,000 | | |
| 240,000 | |
| |
| |
| |
| | | |
| | |
Term Loan Agreement with NIL Funding Corporation (“NIL”) - $5,600,000 The Company was in compliance with loan covenants as of September 30, 2023. | |
11.50% | |
12/31/2024 | |
| - | | |
| 1,979,743 | |
| |
| |
| |
| | | |
| | |
Paycheck Protection Program loan - $121,400 - The issuing bank determined that this loan qualifies for loan forgiveness; however the Company is awaiting final approval from the Small Business Administration. | |
1% | |
05/05/2025 | |
| 70,872 | | |
| 91,114 | |
| |
| |
| |
| | | |
| | |
Software License Agreement - $1,125,000, for the purchase of software source code for use in our Security segment products | |
N/A | |
06/03/2024 | |
| 225,000 | | |
| 675,000 | |
| |
| |
| |
| | | |
| | |
HDFC Bank Auto Loan - $28,331, for the purchase of automobile at India office. Monthly payments of ₹65,179 ($784.89 as translated as of March 31, 2024). Automobile is collateral for this loan. | |
8.70% | |
06/05/2027 | |
| 26,486 | | |
| - | |
Total debt | |
| |
| |
$ | 22,468,090 | | |
$ | 24,437,059 | |
Less: Current maturities | |
| |
| |
| (914,170 | ) | |
| (14,507,711 | ) |
Long-term debt | |
| |
| |
$ | 21,553,920 | | |
$ | 9,929,348 | |
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v3.24.1.1.u2
STOCKHOLDERS’ EQUITY
|
6 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
21 – STOCKHOLDERS’ EQUITY
Series
1 Preferred Stock
The
Company’s Series 1 Preferred Stock was suspended from the Nasdaq Capital Market on January 22, 2024. The Series 1 Preferred Stock
is now quoted on the OTC Markets under the symbol “CETXP.”
Nasdaq
informed the Company that Nasdaq will complete the delisting by filing a Form 25 Notification of Delisting with the SEC following the
lapse of applicable appeal periods. The Company does not intend to appeal the Panel’s decision. The Form 25 was filed on March
21, 2024. The deregistration of the Company’s Series 1 Preferred Stock under Section 12(b) of the Exchange Act will be effective
for 90 days, or such shorter period as the SEC may determine, after filing of the Form 25.
During
the six months ended March 31, 2024, 115,037 shares of Series 1 Preferred Stock were issued to pay dividends to holders of Series 1 Preferred
Stock.
During
the six months ended March 31, 2024, the Company has bought back 71,951 shares into treasury for $69,705 under the Share Repurchase Program
approved on August 22, 2023, that allows the Company to repurchase shares of the Series 1 Preferred Stock through various means, including
through privately negotiated transactions and through an open market program.
As
of March 31, 2024, and September 30, 2023, there were 2,408,053 and 2,293,016 shares of Series 1 Preferred Stock issued and 2,272,002
and 2,228,916 shares of Series 1 Preferred Stock outstanding, respectively.
Common
Stock
During
the six months ended March 31, 2024, 9,853 shares of the Company’s common stock have been issued in exchange for services valued
at $40,000.
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v3.24.1.1.u2
SHARE-BASED COMPENSATION
|
6 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
SHARE-BASED COMPENSATION |
NOTE
22 – SHARE-BASED COMPENSATION
For
the three and six months ended March 31, 2024, and 2023, the Company recognized $7,558 and $26,735 and $15,116 and $66,577 of share-based
compensation expense on its outstanding options, respectively. As of March 31, 2024, $48,189 of unrecognized share-based compensation
expense is expected to be recognized over a period of two years. Future compensation amounts will be adjusted for any change in estimated
forfeitures.
During
the six months ended March 31, 2024, no options were granted, cancelled, or forfeited.
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v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
23 – COMMITMENTS AND CONTINGENCIES
From
time to time, the Company and its subsidiaries are involved in legal proceedings that are incidental to the operation of our business.
The Company continues to defend vigorously against all claims. Although the ultimate outcome of any legal matter cannot be predicted
with certainty, based on present information, including assessment of the merits of the particular claim, as well as current accruals
and insurance coverage, the Corporation does not expect that such legal proceedings will have a material adverse impact on its condensed
consolidated financial statements.
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v3.24.1.1.u2
SUBSEQUENT EVENTS
|
6 Months Ended |
Mar. 31, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
24 – SUBSEQUENT EVENTS
On
April 5, 2024, 120,725 shares of Series 1 Preferred Stock were issued to pay dividends to holders of Series 1 Preferred Stock. The holders
of the Series 1 Preferred Stock are entitled to receive dividends at the rate of 10% annually, based on the $10.00 per share Preference
Amount, payable semiannually.
On
April 8, 2024, the Company issued an aggregate of 1,946 shares of common stock in exchange for services valued at $9,000.
On
April 8, 2024, the Company cancelled 71,951 shares of Series 1 Preferred Stock that were in Treasury Stock.
On
April 13, 2024, the Company and CXR, Inc. agreed to structured payments on the first-year royalties with full payment being made by December
31, 2024.
Standstill
Agreement
On
April 30, 2024, the Company entered into a Standstill Agreement (the “Agreement”) with Streeterville Capital, LLC (“Streeterville”).
Pursuant to the Agreement, Streeterville agreed not to seek to redeem any portion of its two outstanding notes with the Company, dated
September 20, 2021 and February 22, 2022, for a period of one year (the “Standstill Period”) and Streeterville further agreed
to extend the maturity dates on the notes to June 30, 2025 and February 22, 2026, respectively. In exchange, the Company agreed to pay
to Streeterville the greater of $4,000,000 or fifty percent (50%) of the net proceeds the Company receives from the sale of any of its
common stock or preferred stock during the Standstill Period. Any payments made will be deemed payments under the notes. On May 6, 2024,
the Company paid $4,588,897 pursuant to the Agreement.
Underwriting
agreement and public offering
On
May 1, 2024, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Aegis Capital Corp. (the
“Underwriter”), in connection with a firm commitment underwritten public offering (the “Offering”) of (i) 554,705
units (the “Common Units”), each consisting of one share of common stock of the Company (“common stock”), a warrant
to purchase one share of common stock at an exercise price of $.085 per share or pursuant to an alternative cashless exercise option
(described below), which warrant will expire on the two-and-a-half year anniversary of the original issuance date (the “Series
A Warrants”) and a warrant to purchase one share of common stock at an exercise price of $0.85 per share, which warrant will expire
on the five-year anniversary of the original issuance date (the “Series B Warrants” and together with the Series A Warrants,
the “Warrants”); and (ii) 11,210,000 pre-funded units (the “Pre-funded Units” and together with the Common Units,
the “Units”), each consisting of one pre-funded warrant to purchase one share of common stock (the “Pre-funded Warrants”),
a Series A Warrant and a Series B Warrant. The purchase price of each Unit was $0.85, and the purchase price of each Pre-Funded Unit
was $0.849 (which is equal to the public offering price per Common Unit to be sold in the Offering minus $0.001). The Pre-Funded Warrants
are immediately exercisable and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full.
In
addition, the Company granted the Underwriter a 45-day option to purchase additional 1,764,705 shares of common stock and/or Pre-Funded
Warrants, representing up to 15% of the number of common stock and Pre-Funded Warrants sold in the Offering, and/or additional 1,764,705
Series A Warrants representing up to 15% of the Series A Warrants sold in the Offering, and/or additional 1,764,705 Series B Warrants
representing up to 15% of the Series B Warrants sold in the Offering solely to cover over-allotments, if any.
The
Offering closed on May 3, 2024. An aggregate of 11,764,705 Units (which includes 554,705 shares of common stock) and 11,210,000 Pre-Funded
Units (which includes 11,210,000 Pre-Funded Warrants) were sold in the Offering. On May 3, 2024, the Underwriter partially exercised
its over-allotment option with respect to 1,764,705 Series A Warrants and 1,764,705 Series B Warrants. The aggregate gross proceeds to
the Company were approximately $10,035,000, before deducting underwriting discounts and other estimated expenses payable by the Company.
Under
the terms of the Underwriting Agreement, the Underwriter received an underwriting discount of 7.0% to the public offering price for the
Units. In addition, the Company agreed to (a) pay a non-accountable expense allowance to the Underwriter equal to 0.5% of the gross proceeds
received in this Offering and (b) to reimburse the Underwriter for certain out-of-pocket expenses, including, but not limited to, up
to $100,000 for reasonable legal fees and disbursements for the Underwriter’s counsel.
Right
of First Refusal
Subject
to certain conditions, the Company has granted the Underwriter the right of first refusal with respect to certain transactions and for
the duration described below.
If,
for the period beginning on the closing of the Offering and ending fifteen (15) months after the commencement of sales in the offering,
the Company or any of its subsidiaries (a) decides to finance or refinance any indebtedness, the Underwriter (or any affiliate designated
by the Underwriter) shall have the right to act as sole book-runner, sole manager, sole placement agent or sole agent with respect to
such financing or refinancing; or (b) decides to raise funds by means of a public offering (including at-the-market facility) or a private
placement or any other capital raising financing of equity, equity-linked or debt securities, the Underwriter (or any affiliate designated
by the Underwriter) shall have the right to act as sole book-running manager, sole underwriter or sole placement agent for such financing.
If the Underwriter or one of its affiliates decides to accept any such engagement, the agreement governing such engagement will contain,
among other things, provisions for customary fees and terms for transactions of similar size and nature, including indemnification, which
are appropriate to such a transaction.
Notwithstanding
the foregoing, the decision to accept the engagement shall be made by the Underwriter or one of its affiliates, by a written notice to
the Company, within ten (10) days of the receipt of the Company’s notification of financing needs, including a detailed term sheet.
The Underwriter’s determination of whether in any case to exercise its right of first refusal will be strictly limited to the terms
on such term sheet, and any waiver of such right of first refusal shall apply only to such specific terms. If the Underwriter waives
its right of first refusal, any deviation from such terms shall void the waiver and require the Company to seek a new waiver from the
right of first refusal.
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v3.24.1.1.u2
INTERIM STATEMENT PRESENTATION (Policies)
|
6 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Use of Estimates |
Basis
of Presentation and Use of Estimates
The
accompanying unaudited condensed consolidated financial information should be read in conjunction with the audited consolidated financial
statements and the notes thereto included in the Annual Report on Form 10-K for the year ended September 30, 2023, of Cemtrex, Inc.
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the Unites States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X pursuant to the requirements of the U.S. Securities and Exchange Commission (“SEC”). Accordingly,
they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair
presentation have been included. The results of operations for the interim periods are not necessarily indicative of the results of operations
for the entire year.
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements, the disclosure of contingent
assets and liabilities in the condensed consolidated financial statements and the accompanying notes, and the reported amounts of revenues,
expenses and cash flows during the periods presented. Actual amounts and results could differ from those estimates. The estimates and
assumptions the Company makes are based on historical factors, current circumstances and the experience and judgment of the Company’s
management. The Company evaluates its estimates and assumptions on an ongoing basis.
|
Significant Accounting Policies |
Significant
Accounting Policies
Note
2 of the Notes to Consolidated Financial Statements, included in the annual report on Form 10-K for the year ended September 30, 2023,
includes a summary of the significant accounting policies used in the preparation of the condensed consolidated financial statements.
|
Recently Adopted Accounting Pronouncements |
Recently
Adopted Accounting Pronouncements
In
June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement
of Credit Losses on Financial Instruments (“Update 2016-13”). Update 2016-13 replaced the incurred loss model with an expected
loss model, which is referred to as the current expected credit loss (“CECL”) model. The CECL model is applicable to the
measurement of credit losses on financial assets measured at amortized cost, including but not limited to trade receivables. For public
business entities, the new standard became effective for annual reporting periods beginning after December 15, 2022, including interim
periods within that reporting period. On October 1, 2023, the Company implemented this standard
and there has been no material change to the condensed consolidated financial statements.
The following table illustrates
the effect of implementation of Update 2016-13 on the condensed consolidated balance sheet:
SCHEDULE
OF EFFECT IMPLEMENTATION ON CONDENSED CONSOLIDATED BALANCE SHEET
Assets: | |
October 1, 2023
As reported
under ASC 326 | | |
September 30,
2023 Pre-ASC 326
Adoption | | |
Impact of ASC
326 Adoption | |
Trade receivables, net | |
$ | 234,924 | | |
$ | 234,924 | | |
$ | - | |
Contract assets, net | |
$ | 8,696 | | |
$ | - | | |
$ | 8,696 | |
Royalties receivable, net - related party | |
$ | 10,000 | | |
$ | - | | |
$ | 10,000 | |
Note receivable, net - related party | |
$ | 44,761 | | |
$ | 44,761 | | |
$ | - | |
The
Company estimates credit losses associated with our accounts receivable portfolio segment using an expected credit loss model, which
utilizes an aging schedule methodology based on historical information and adjusted for asset-specific considerations, current economic
conditions and reasonable and supportable forecasts.
The
Company will utilize the Probability-of-default method for financing receivables and loans. Expected credit losses are determined by
multiplying the probability of default (i.e., the probability the asset will default within the given time frame) by the loss given default
(the percentage of the asset not expected to be collected because of default). The Company considers sources of repayment associated
with a financial asset when determining its credit losses, including collection against the collateral and certain embedded credit enhancements,
such as guarantees or insurance. The allowance for credit losses was immaterial as of March 31, 2024.
The following table illustrates
the current expected credit losses activity for the six months ended March 31, 2024:
SCHEDULE
OF EXPECTED CREDIT LOSSES ACTIVITY
| |
| | |
| | |
| |
| |
As of
October 1, 2023 | | |
For the six
months ended
March 31, 2024 | | |
As of
March 31, 2024 | |
Assets: | |
| | | |
| | | |
| | |
Trade receivables, net | |
$ | 234,924 | | |
$ | (9,111 | ) | |
$ | 225,813 | |
Trade receivables, net - related party | |
$ | - | | |
$ | - | | |
$ | - | |
Trade receivables,
net | |
| - | | |
| - | | |
| - | |
Contract assets, net | |
$ | 8,696 | | |
$ | 27,660 | | |
$ | 36,356 | |
Royalties receivable, net - related party | |
$ | 10,000 | | |
$ | - | | |
$ | 10,000 | |
Note receivable, net - related party | |
$ | 44,761 | | |
$ | 20,047 | | |
$ | 64,808 | |
|
Recently Issued Accounting Pronouncements Not Yet Effective |
Recently
Issued Accounting Pronouncements Not Yet Effective
On
June 30, 2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to
Contractual Sale Restrictions (“ASU 2022-03”), which (1) clarifies the guidance in ASC 820 on the fair value measurement
of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity
security. Under current guidance, stakeholders have observed diversity in practice related to whether contractual sale restrictions should
be considered in the measurement of the fair value of equity securities that are subject to such restrictions. On the basis of interpretations
of existing guidance and the current illustrative example in ASC 820-10-55-52 of a restriction on the sale of an equity instrument, some
entities use a discount for contractual sale restrictions when measuring fair value, while others view the application of such a discount
to be inconsistent with the principles of ASC 820. To reduce the diversity in practice and increase the comparability of reported financial
information, ASU 2022-03 clarifies this guidance and amends the illustrative example. ASU No. 2022-03 is effective for fiscal years beginning
after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of this ASU on the condensed consolidated
financial statements.
In
November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”
(“ASU 2023-07”), which enhances the disclosures required for operating segments in the Company’s annual and interim
consolidated financial statements. ASU 2023-07 is effective for the Company for annual reporting for fiscal 2025 and for interim period
reporting beginning in fiscal 2026 on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact
of our pending adoption of ASU 2023-07 on the condensed consolidated financial statements.
In
December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires
public entities to disclose consistent categories and greater disaggregation of information in the rate reconciliation and for income
taxes paid. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The guidance is effective
for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is required
to adopt this standard prospectively in fiscal year 2026 for the annual reporting period ending September 30, 2026. The Company is currently
in the process of evaluating the impact of adoption on the condensed consolidated financial statements.
The
Company does not believe that any other recently issued but not yet effective accounting pronouncements, if adopted, would have a material
effect on the accompanying condensed consolidated financial statements.
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v3.24.1.1.u2
ORGANIZATION AND PLAN OF OPERATIONS (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
SCHEDULE OF BUSINESS ACQUISITION OF TANGIBLE AND INTANGIBLE ASSETS AND LIABILITIES |
The
consideration transferred and preliminary allocation of Heisey’s tangible and intangible assets and liabilities, are as follows:
SCHEDULE OF BUSINESS ACQUISITION OF TANGIBLE AND INTANGIBLE ASSETS AND LIABILITIES
Consideration
Transferred: | |
| |
Cash | |
$ | 393,291 | |
Seller’s
note | |
| 240,000 | |
Financed
amount | |
| 2,160,000 | |
Total
consideration transferred | |
$ | 2,793,291 | |
| |
| | |
Purchase
Price Allocation: | |
| | |
Inventory | |
| 300,000 | |
Contract
assets | |
| 667,259 | |
Machinery
and equipment | |
| 1,625,000 | |
Contract
liabilities | |
| (216,469 | ) |
Accrued
expenses | |
| (57,499 | ) |
Goodwill | |
| 475,000 | |
Total
consideration transferred | |
$ | 2,793,291 | |
|
SCHEDULE OF PRO FORMA FINANCIAL INFORMATION |
SCHEDULE OF PRO FORMA FINANCIAL INFORMATION
| |
March
31, 2023 | | |
March
31, 2023 | |
| |
Unaudited | |
| |
for
the
three months ended | | |
for
the
six months ended | |
| |
March
31, 2023 | | |
March
31, 2023 | |
| |
| | |
| |
Revenues | |
$ | 19,369,100 | | |
$ | 32,542,938 | |
Net
gain/(loss) | |
| 41,272 | | |
| (6,392,032 | ) |
|
X |
- DefinitionTabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.
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v3.24.1.1.u2
INTERIM STATEMENT PRESENTATION (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
SCHEDULE OF EFFECT IMPLEMENTATION ON CONDENSED CONSOLIDATED BALANCE SHEET |
|
SCHEDULE OF EXPECTED CREDIT LOSSES ACTIVITY |
The following table illustrates
the current expected credit losses activity for the six months ended March 31, 2024:
SCHEDULE
OF EXPECTED CREDIT LOSSES ACTIVITY
| |
| | |
| | |
| |
| |
As of
October 1, 2023 | | |
For the six
months ended
March 31, 2024 | | |
As of
March 31, 2024 | |
Assets: | |
| | | |
| | | |
| | |
Trade receivables, net | |
$ | 234,924 | | |
$ | (9,111 | ) | |
$ | 225,813 | |
Trade receivables, net - related party | |
$ | - | | |
$ | - | | |
$ | - | |
Trade receivables,
net | |
| - | | |
| - | | |
| - | |
Contract assets, net | |
$ | 8,696 | | |
$ | 27,660 | | |
$ | 36,356 | |
Royalties receivable, net - related party | |
$ | 10,000 | | |
$ | - | | |
$ | 10,000 | |
Note receivable, net - related party | |
$ | 44,761 | | |
$ | 20,047 | | |
$ | 64,808 | |
|
X |
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v3.24.1.1.u2
DISCONTINUED OPERATIONS (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Discontinued Operations and Disposal Groups [Abstract] |
|
SUMMARY OF LOSS ON SALE |
The
following table summarizes the loss on the sale recorded during the three months ended December 31, 2022, included in Income/(loss) from
discontinued operations, net of tax in the accompanying condensed consolidated statement of operations:
SUMMARY OF LOSS ON SALE
| |
| | |
Purchase Price | |
$ | 745,621 | |
Less cash and cash equivalents transferred | |
| (699,423 | ) |
Less liabilities assumed | |
| (10,924 | ) |
Net purchase price | |
$ | 35,274 | |
| |
| | |
Assets Sold | |
| | |
Accounts receivable, net | |
$ | 625,638 | |
Inventory, net | |
| 980,730 | |
Prepaid expenses and other assets | |
| 502,577 | |
Property and equipment, net | |
| 837,808 | |
Goodwill | |
| 598,392 | |
Total
Assets Sold | |
| 3,545,145 | |
Liabilities Transferred | |
| | |
Accounts payable | |
| 370,774 | |
Short-term liabilities | |
| 364,775 | |
Long-term liabilities | |
| 318,981 | |
Total
Liabilities Transferred | |
| 1,054,530 | |
Net assets sold | |
$ | 2,490,615 | |
| |
| | |
Pretax loss on sale of Cemtrex Advanced Technologies, Inc, and Cemtrex XR, Inc.Companies | |
$ | (2,455,341 | ) |
|
SCHEDULE OF FINANCIAL STATEMENTS INCLUDED WITHIN DISCONTINUED OPERATIONS |
SCHEDULE OF FINANCIAL STATEMENTS INCLUDED WITHIN DISCONTINUED OPERATIONS
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three months ended March 31, | | |
Six months ended March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Total net sales | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 649,061 | |
Cost of sales | |
| - | | |
| - | | |
| - | | |
| 228,086 | |
Operating, selling, general and administrative expenses | |
| 39 | | |
| 492 | | |
| 39 | | |
| 1,296,064 | |
Other (income)/expenses | |
| - | | |
| - | | |
| - | | |
| 3,195 | |
Income (loss) from discontinued operations | |
| (39 | ) | |
| (492 | ) | |
| (39 | ) | |
| (878,284 | ) |
Amortization of discounted royalties | |
| 13,282 | | |
| 14,724 | | |
| 26,564 | | |
| 19,151 | |
Loss on sale of discontinued operations | |
| - | | |
| - | | |
| - | | |
| (2,455,341 | ) |
Adjustment of benefit obligation | |
| - | | |
| - | | |
| - | | |
| 89,085 | |
Income tax provision | |
| 2,780 | | |
| - | | |
| 5,570 | | |
| - | |
Discontinued operations, net of tax | |
$ | 10,463 | | |
$ | 14,232 | | |
$ | 20,955 | | |
$ | (3,225,389 | ) |
|
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v3.24.1.1.u2
REVENUE (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
SCHEDULE OF DISAGGREGATION OF REVENUE RECOGNITION |
The
following table illustrates the approximate disaggregation of the Company’s revenue based off timing of revenue recognition for
the three and six months ended March 31, 2024 and 2023:
SCHEDULE
OF DISAGGREGATION OF REVENUE RECOGNITION
| |
March 31, 2024 | | |
March 31, 2023 | | |
March 31, 2024 | | |
March 31, 2023 | |
| |
For the three months ended | | |
For the six months ended | |
| |
March 31, 2024 | | |
March 31, 2023 | | |
March 31, 2024 | | |
March 31, 2023 | |
Over time | |
| 58 | % | |
| 46 | % | |
| 55 | % | |
| 48 | % |
Point-in-time | |
| 42 | % | |
| 54 | % | |
| 45 | % | |
| 52 | % |
|
X |
- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
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v3.24.1.1.u2
LOSS PER COMMON SHARE (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
SCHEDULE OF COMPUTATION OF DILUTED NET LOSS PER COMMON SHARE AS ANTI-DILUTIVE EFFECT |
SCHEDULE OF COMPUTATION OF DILUTED NET LOSS PER COMMON SHARE AS ANTI-DILUTIVE EFFECT
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the six months ended | | |
For the three months ended | |
| |
March 31, | | |
March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | | |
| | | |
| | | |
| | |
Options | |
| 28,796 | | |
| 28,796 | | |
| 28,796 | | |
| 28,796 | |
|
SCHEDULE OF LOSS PER SHARE BASIC AND DILUTED FOR CONTINUING OPERATION |
For
the three and six months ended March 31, 2024 and 2023, loss per share basic and diluted for continuing operations are calculated as
follows:
SCHEDULE OF LOSS PER SHARE BASIC AND DILUTED
FOR CONTINUING OPERATION
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the three months | | |
For the six months | |
| |
March 31, | | |
March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Loss from Continuing operations | |
$ | (1,580,184 | ) | |
$ | (553,761 | ) | |
$ | (2,894,579 | ) | |
$ | (3,650,514 | ) |
Less (loss)/gain in noncontrolling interest | |
| (96,510 | ) | |
| 55,265 | | |
| (192,919 | ) | |
| (3,898 | ) |
Preferred stock dividends | |
| 52,515 | | |
| 58,720 | | |
| 52,515 | | |
| 58,720 | |
Net loss applicable to common shareholders | |
| (1,536,189 | ) | |
| (667,746 | ) | |
| (2,754,175 | ) | |
| (3,705,336 | ) |
Weighted Average Number of Shares-Basic & Diluted | |
| 1,055,636 | | |
| 815,498 | | |
| 1,051,630 | | |
| 788,265 | |
Loss per share - Basic & Diluted - Continuing Operations | |
$ | (1.46 | ) | |
$ | (0.82 | ) | |
$ | (2.62 | ) | |
$ | (4.70 | ) |
|
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v3.24.1.1.u2
SEGMENT INFORMATION (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Segment Reporting [Abstract] |
|
SCHEDULE OF SEGMENT INFORMATION |
The
following tables summarize the Company’s reportable segment information and unallocated corporate expenses:
SCHEDULE
OF SEGMENT INFORMATION
| |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | | |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | |
| |
Three months
ended March 31, 2024 | | |
Three
months ended March 31, 2023 | |
| |
Reportable
Segments | | |
| | |
| | |
Reportable
Segments | | |
| | |
| |
| |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | | |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | |
Revenues | |
$ | 8,084,932 | | |
$ | 9,074,663 | | |
$ | - | | |
$ | 17,159,595 | | |
$ | 9,913,898 | | |
$ | 6,159,499 | | |
$ | - | | |
$ | 16,073,397 | |
Cost of revenues | |
| 3,971,963 | | |
| 6,248,216 | | |
| - | | |
| 10,220,179 | | |
| 4,793,817 | | |
| 3,941,099 | | |
| - | | |
| 8,734,916 | |
Gross profit | |
$ | 4,112,969 | | |
$ | 2,826,447 | | |
$ | - | | |
$ | 6,939,416 | | |
$ | 5,120,081 | | |
$ | 2,218,400 | | |
$ | - | | |
$ | 7,338,481 | |
Operating expenses | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Sales, general, and administrative | |
| 3,833,596 | | |
| 1,897,269 | | |
| 984,403 | | |
| 6,715,268 | | |
| 2,965,659 | | |
| 1,336,313 | | |
| 807,242 | | |
| 5,109,214 | |
Depreciation and amortization | |
| 71,260 | | |
| 233,629 | | |
| - | | |
| 304,889 | | |
| 31,543 | | |
| 157,385 | | |
| 20,125 | | |
| 209,053 | |
Research and development | |
| 951,400 | | |
| - | | |
| - | | |
| 951,400 | | |
| 1,615,341 | | |
| - | | |
| - | | |
| 1,615,341 | |
Operating income/(loss) | |
$ | (743,287 | ) | |
$ | 695,549 | | |
$ | (984,403 | ) | |
$ | (1,032,141 | ) | |
| 507,538 | | |
| 724,702 | | |
| (827,367 | ) | |
| 404,873 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other income/(expense) | |
$ | (138,633 | ) | |
$ | (78,289 | ) | |
$ | (231,117 | ) | |
$ | (448,039 | ) | |
$ | 337,191 | | |
$ | (29,866 | ) | |
$ | (1,265,959 | ) | |
$ | (958,634 | ) |
| |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | | |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | |
| |
Six months
ended March 31, 2024 | | |
Six months
ended March 31, 2023 | |
| |
Reportable
Segments | | |
| | |
| | |
Reportable Segments | | |
| | |
| |
| |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | | |
Security | | |
Industrial Services | | |
Corporate | | |
Consolidated | |
Revenues | |
$ | 17,252,733 | | |
$ | 16,785,028 | | |
$ | - | | |
$ | 34,037,761 | | |
$ | 16,918,642 | | |
$ | 11,124,997 | | |
$ | - | | |
$ | 28,043,639 | |
Cost of revenues | |
| 8,622,817 | | |
| 11,393,129 | | |
| - | | |
| 20,015,946 | | |
| 8,394,871 | | |
| 7,267,672 | | |
| - | | |
| 15,662,543 | |
Gross profit | |
$ | 8,629,916 | | |
$ | 5,391,899 | | |
$ | - | | |
$ | 14,021,815 | | |
$ | 8,523,771 | | |
$ | 3,857,325 | | |
$ | - | | |
$ | 12,381,096 | |
Operating expenses | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
General, and administrative | |
| 8,161,224 | | |
| 3,426,532 | | |
| 1,731,177 | | |
| 13,318,933 | | |
| 5,715,088 | | |
| 2,525,178 | | |
| 1,793,951 | | |
| 10,034,217 | |
Depreciation and amortization | |
| 199,412 | | |
| 473,778 | | |
| - | | |
| 673,190 | | |
| 71,203 | | |
| 324,906 | | |
| 52,279 | | |
| 448,388 | |
Research and development | |
| 1,800,205 | | |
| - | | |
| - | | |
| 1,800,205 | | |
| 3,445,054 | | |
| - | | |
| - | | |
| 3,445,054 | |
Operating (loss)/income | |
$ | (1,530,925 | ) | |
$ | 1,491,589 | | |
$ | (1,731,177 | ) | |
$ | (1,770,513 | ) | |
$ | (707,574 | ) | |
$ | 1,007,241 | | |
$ | (1,846,230 | ) | |
$ | (1,546,563 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other income/(expense) | |
$ | (272,894 | ) | |
$ | (186,433 | ) | |
$ | (493,984 | ) | |
$ | (953,311 | ) | |
$ | 224,792 | | |
$ | (61,426 | ) | |
$ | (2,267,317 | ) | |
$ | (2,103,951 | ) |
|
X |
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v3.24.1.1.u2
FAIR VALUE MEASUREMENTS (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
SCHEDULE OF FAIR VALUE OF ASSETS |
The
Company’s fair value assets at March 31, 2024, and September 30, 2023, are as follows.
SCHEDULE OF FAIR VALUE OF ASSETS
| |
Quoted Prices | | |
Significant | | |
| | |
| |
| |
in Active | | |
Other | | |
Significant | | |
Balance | |
| |
Markets for | | |
Observable | | |
Unobservable | | |
as of | |
| |
Identical Assets | | |
Inputs | | |
Inputs | | |
March 31, | |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | | |
2024 | |
Assets | |
| | | |
| | | |
| | | |
| | |
Investment in marketable securities | |
| | | |
| | | |
| | | |
| | |
(included in short-term investments) | |
$ | 13,853 | | |
$ | - | | |
$ | - | | |
$ | 13,853 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | 13,853 | | |
$ | - | | |
$ | - | | |
$ | 13,853 | |
| |
Quoted Prices | | |
Significant | | |
| | |
| |
| |
in Active | | |
Other | | |
Significant | | |
Balance | |
| |
Markets for | | |
Observable | | |
Unobservable | | |
as of | |
| |
Identical Assets | | |
Inputs | | |
Inputs | | |
September 30, | |
| |
(Level 1) | | |
(Level 2) | | |
(Level 3) | | |
2023 | |
Assets | |
| | | |
| | | |
| | | |
| | |
Investment in marketable securities | |
| | | |
| | | |
| | | |
| | |
(included in short-term investments) | |
$ | 13,663 | | |
$ | - | | |
$ | - | | |
$ | 13,663 | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | 13,663 | | |
$ | - | | |
$ | - | | |
$ | 13,663 | |
|
X |
- DefinitionTabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
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v3.24.1.1.u2
TRADE RECEIVABLES, NET (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Receivables [Abstract] |
|
SCHEDULE OF TRADE RECEIVABLES, NET |
Trade
receivables, net consist of the following:
SCHEDULE OF TRADE RECEIVABLES, NET
| |
March 31, | | |
September 30, | |
| |
2024 | | |
2023 | |
Trade receivables | |
$ | 11,761,693 | | |
$ | 9,444,619 | |
Allowance for credit losses | |
| (225,813 | ) | |
| (234,924 | ) |
Accounts receivables,
net, total | |
$ | 11,535,880 | | |
$ | 9,209,695 | |
|
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v3.24.1.1.u2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Prepaid Expenses And Other Current Assets |
|
SUMMARY OF PREPAID AND OTHER CURRENT ASSETS |
Prepaid
expenses and other current assets consist of the following:
SUMMARY OF PREPAID AND OTHER CURRENT ASSETS
| |
March 31, 2024 | | |
September 30, 2023 | |
| |
| | |
| |
Prepaid expenses | |
$ | 838,980 | | |
$ | 521,310 | |
Prepaid inventory | |
| 498,631 | | |
| 1,084,051 | |
Deferred costs | |
| 83,502 | | |
| 25,941 | |
Loan origination costs | |
| 36,267 | | |
| - | |
Prepaid income taxes | |
| 428,193 | | |
| 168,555 | |
VAT and GST tax receivable | |
| 24,842 | | |
| 298,502 | |
Prepaid expenses and other current assets total | |
$ | 1,910,415 | | |
$ | 2,098,359 | |
|
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v3.24.1.1.u2
INVENTORY, NET (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORY, NET |
Inventory,
net consisted of the following:
SCHEDULE
OF INVENTORY, NET
| |
March 31, | | |
September 30, | |
| |
2024 | | |
2023 | |
Raw materials | |
$ | 797,943 | | |
$ | 885,398 | |
Work in progress | |
| 304,563 | | |
| 109,019 | |
Finished goods | |
| 6,295,241 | | |
| 7,744,802 | |
Inventory, net | |
| 7,397,747 | | |
| 8,739,219 | |
|
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v3.24.1.1.u2
PROPERTY AND EQUIPMENT (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
SUMMARY OF PROPERTY AND EQUIPMENT |
Property
and equipment are summarized as follows:
SUMMARY
OF PROPERTY AND EQUIPMENT
| |
March 31, | | |
September 30, | |
| |
2024 | | |
2023 | |
Land | |
$ | 945,279 | | |
$ | 945,279 | |
Building and leasehold improvements | |
| 4,372,598 | | |
| 4,362,062 | |
Furniture and office equipment | |
| 597,198 | | |
| 579,700 | |
Computers and software | |
| 1,333,135 | | |
| 1,333,135 | |
Machinery and equipment | |
| 12,806,142 | | |
| 12,488,639 | |
Property and equipment, gross | |
| 20,054,352 | | |
| 19,708,815 | |
Less: Accumulated depreciation | |
| (11,152,301 | ) | |
| (10,490,114 | ) |
Property and equipment, net | |
$ | 8,902,051 | | |
$ | 9,218,701 | |
|
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v3.24.1.1.u2
GOODWILL (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF GOODWILL BY SEGMENT |
Changes
in the carrying amount of goodwill, by segment, are as follows:
SCHEDULE
OF GOODWILL BY SEGMENT
| |
Security | | |
Industrial Services | | |
Consolidated | |
Balance at September 30, 2023 | |
$ | 530,475 | | |
$ | 3,851,416 | | |
$ | 4,381,891 | |
| |
| | | |
| | | |
| | |
Balance at March 31, 2024 | |
$ | 530,475 | | |
$ | 3,851,416 | | |
$ | 4,381,891 | |
|
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v3.24.1.1.u2
OTHER ASSETS (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
SCHEDULE OF OTHER ASSETS |
Other
assets consisted of the following:
SCHEDULE
OF OTHER ASSETS
| |
March 31, 2024 | | |
September 30, 2023 | |
Rental deposits | |
$ | 213,770 | | |
$ | 198,641 | |
Investment in Masterpiece VR | |
| 1,200,000 | | |
| 1,100,000 | |
Other deposits | |
| 305,117 | | |
| 167,808 | |
Demonstration equipment supplied to resellers | |
| 442,975 | | |
| 369,560 | |
Other assets total | |
$ | 2,161,862 | | |
$ | 1,836,009 | |
|
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v3.24.1.1.u2
ACCRUED EXPENSES (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCRUED EXPENSES |
Accrued
expenses consisted of the following:
SCHEDULE
OF ACCRUED EXPENSES
| |
March 31, 2024 | | |
September 30, 2023 | |
Accrued expenses | |
$ | 489,603 | | |
$ | 319,211 | |
Accrued payable on inventory in transit | |
| 846,823 | | |
| 1,154,254 | |
Accrued payroll | |
| 1,116,951 | | |
| 1,088,223 | |
Accrued warranty | |
| 222,702 | | |
| 222,702 | |
Accrued expenses total | |
$ | 2,676,079 | | |
$ | 2,784,390 | |
|
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v3.24.1.1.u2
DEFERRED REVENUE (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Deferred Revenue |
|
SCHEDULE OF DEFERRED REVENUE |
The
Company’s deferred revenue as of and for the three and six months ended March 31, 2024, and 2023, were as follows:
SCHEDULE
OF DEFERRED REVENUE
| |
For the three months ended | | |
For the six months ended | |
| |
March 31, 2024 | | |
March 31, 2023 | | |
March 31, 2024 | | |
March 31, 2023 | |
| |
| | |
| | |
| | |
| |
Deferred revenue at beginning of period | |
$ | 2,256,352 | | |
$ | 1,693,021 | | |
$ | 2,311,334 | | |
$ | 1,824,534 | |
Net additions: | |
| | | |
| | | |
| | | |
| | |
Deferred software revenues | |
| 487,413 | | |
| 580,752 | | |
| 1,147,383 | | |
| 1,008,169 | |
Recognized as revenue: | |
| | | |
| | | |
| | | |
| | |
Deferred software revenues | |
| (684,540 | ) | |
| (558,775 | ) | |
| (1,399,492 | ) | |
| (1,117,705 | ) |
Deferred revenue at end of period | |
| 2,059,225 | | |
| 1,714,998 | | |
| 2,059,225 | | |
| 1,714,998 | |
Less: current portion | |
| 1,404,608 | | |
| 581,193 | | |
| 1,404,608 | | |
| 581,193 | |
Long-term deferred revenue at end of period | |
$ | 654,617 | | |
$ | 1,133,805 | | |
$ | 654,617 | | |
$ | 1,133,805 | |
|
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v3.24.1.1.u2
CONTRACT ASSETS AND LIABILITIES (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Contract Assets And Liabilities |
|
SCHEDULE OF CONTRACT ASSETS AND LIABILITIES |
The
following is a summary of the Company’s uncompleted contracts:
SCHEDULE
OF CONTRACT ASSETS AND LIABILITIES
|
|
March 31, 2024 | | |
September 30, 2023 | |
|
|
| | |
| |
Costs incurred on uncompleted contracts |
|
$ | 11,582,989 | | |
$ | 12,523,552 | |
Estimated gross profit |
|
| 2,816,002 | | |
| 3,085,350 | |
|
|
| 14,398,991 | | |
| 15,608,902 | |
Applicable billings to date |
|
| (14,318,721 | ) | |
| (14,850,020 | ) |
Net billings in excess of costs, Ending balance |
|
$ | 80,270 | | |
$ | 758,882 | |
|
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v3.24.1.1.u2
LEASES (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Leases |
|
SCHEDULE OF RECONCILIATION OF UNDISCOUNTED CASH FLOWS TO OPERATING LEASE LIABILITIES |
A
reconciliation of undiscounted cash flows to operating lease liabilities recognized in the condensed consolidated balance sheet at March
31, 2024, is set forth below:
SCHEDULE
OF RECONCILIATION OF UNDISCOUNTED CASH FLOWS TO OPERATING LEASE LIABILITIES
Years ending September 30, | |
Operating Leases | |
2024 | |
| 461,372 | |
2025 | |
| 908,932 | |
2026 | |
| 711,262 | |
2027 | |
| 315,525 | |
2028 | |
| 58,085 | |
Undiscounted lease payments | |
| 2,455,176 | |
Amount representing interest | |
| (200,490 | ) |
Discounted lease payments | |
$ | 2,254,686 | |
|
SCHEDULE OF LEASE COSTS |
Lease
costs for the three and six months ended March 31, 2024, and 2023 are set forth below:
SCHEDULE
OF LEASE COSTS
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the three months ended | | |
For the six months ended | |
| |
March 31, | | |
March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Operating lease costs | |
| 195,693 | | |
| 223,213 | | |
| 389,125 | | |
| 484,646 | |
Short-term lease costs | |
| 15,701 | | |
| - | | |
| 33,962 | | |
| - | |
Total lease cost | |
$ | 211,394 | | |
$ | 223,213 | | |
$ | 423,087 | | |
$ | 484,646 | |
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v3.24.1.1.u2
LINES OF CREDIT AND LONG-TERM LIABILITIES (Tables)
|
6 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF LINES OF CREDIT AND LIABILITIES |
The
following table outlines the Company’s secured liabilities:
SCHEDULE
OF LINES OF CREDIT AND LIABILITIES
| |
| |
| |
March 31, | | |
September 30, | |
| |
Interest Rate | |
Maturity | |
2024 | | |
2023 | |
Fulton Bank - $360,000 fund equipment for AIS. The Company was in compliance with loan covenants as of March 31, 2024. This loan is secured by certain assets of the Company. | |
SOFR plus 2.37% (7.71% as of March 31, 2024 and 7.68% as of September 30, 2023). | |
1/31/2025 | |
| 69,164 | | |
| 108,700 | |
Fulton Bank - $360,000 fund equipment for AIS. The Company was in compliance with loan covenants as of March 31, 2024. This loan is secured by certain assets of the Company. | |
SOFR plus 2.37% (7.71% as of March 31, 2024 and 7.68% as of September 30, 2023). | |
01/31/2025 | |
| 69,164 | | |
| 108,700 | |
| |
| |
| |
| | | |
| | |
Fulton Bank mortgage $2,476,000. The Company was in compliance with loan covenants as of March 31, 2024. This loan is secured by the underlying asset. | |
SOFR plus 2.62% (7.96% on March 31, 2024 and (7.93% on September 30, 2023). | |
01/28/2040 | |
| 2,146,939 | | |
| 2,180,115 | |
| |
| |
| |
| | | |
| | |
Fulton Bank (HEISEY) - $1,200,000 mortgage loan; requires monthly principal and interest payments through August 1, 2043 with a final payment of remaining principal on September 1, 2043; The loan is collateralized by 615 Florence Street and 740 Barber Street and guaranteed by AIS and Cemtrex. | |
SOFR plus 2.80% per annum (8.14% as of March 31, 2024 and 8.11% as of September 30, 2023). | |
09/30/2043 | |
| 1,188,315 | | |
| 1,200,000 | |
| |
| |
| |
| | | |
| | |
Fulton Bank (HEISEY) - $2,160,000. promissory note related to purchase of Heisey; requires 84 monthly principal and interest payments; The note is collateralized by the Heisey assets and guaranteed by the Parent; matures in 2030. | |
SOFR plus 2.80% per annum (8.14% as of March 31, 2024 and 8.11% as of September 30, 2023). | |
07/01/2030 | |
| 2,004,136 | | |
| 2,122,565 | |
| |
| |
| |
| | | |
| | |
Note payable - $5,755,000 - Less original issue discount $750,000 and legal fees $5,000, net cash received $5,000,000 Unamortized original issue discount balance of $0, as of March 31, 2024 and September 30, 2023. | |
8% | |
06/30/2025 | |
| 4,787,348 | | |
| 4,596,589 | |
| |
| |
| |
| | | |
| | |
Note payable - $9,205,000. Less original issue discount $1,200,000 and legal fees $5,000,net cash received $8,000,000. 28,572 shares of common stock valued at $700,400 recognized as additional original issue discount. Unamortized original issue discount balance of $0 as of March 31, 2024 and September 30, 2023. | |
8% | |
02/22/2026 | |
| 11,709,830 | | |
| 11,243,233 | |
| |
| |
| |
| | | |
| | |
Note Payable - $240,000 For the purchase of Heisey Mechanical, Ltd. | |
6% | |
07/01/2024 | |
| 240,000 | | |
| 240,000 | |
| |
| |
| |
| | | |
| | |
Term Loan Agreement with NIL Funding Corporation (“NIL”) - $5,600,000 The Company was in compliance with loan covenants as of September 30, 2023. | |
11.50% | |
12/31/2024 | |
| - | | |
| 1,979,743 | |
| |
| |
| |
| | | |
| | |
Paycheck Protection Program loan - $121,400 - The issuing bank determined that this loan qualifies for loan forgiveness; however the Company is awaiting final approval from the Small Business Administration. | |
1% | |
05/05/2025 | |
| 70,872 | | |
| 91,114 | |
| |
| |
| |
| | | |
| | |
Software License Agreement - $1,125,000, for the purchase of software source code for use in our Security segment products | |
N/A | |
06/03/2024 | |
| 225,000 | | |
| 675,000 | |
| |
| |
| |
| | | |
| | |
HDFC Bank Auto Loan - $28,331, for the purchase of automobile at India office. Monthly payments of ₹65,179 ($784.89 as translated as of March 31, 2024). Automobile is collateral for this loan. | |
8.70% | |
06/05/2027 | |
| 26,486 | | |
| - | |
Total debt | |
| |
| |
$ | 22,468,090 | | |
$ | 24,437,059 | |
Less: Current maturities | |
| |
| |
| (914,170 | ) | |
| (14,507,711 | ) |
Long-term debt | |
| |
| |
$ | 21,553,920 | | |
$ | 9,929,348 | |
|
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v3.24.1.1.u2
SCHEDULE OF BUSINESS ACQUISITION OF TANGIBLE AND INTANGIBLE ASSETS AND LIABILITIES (Details) - USD ($)
|
Jul. 01, 2023 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
Goodwill |
|
$ 4,381,891
|
$ 4,381,891
|
Heisey Mechanical Ltd [Member] |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Cash |
$ 393,291
|
|
|
Seller's note |
240,000
|
|
|
Financed amount |
2,160,000
|
|
|
Total consideration transferred |
2,793,291
|
|
|
Inventory |
300,000
|
|
|
Contract assets |
667,259
|
|
|
Machinery and equipment |
1,625,000
|
|
|
Contract liabilities |
(216,469)
|
|
|
Accrued expenses |
(57,499)
|
|
|
Goodwill |
475,000
|
|
|
Total consideration transferred |
$ 2,793,291
|
|
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v3.24.1.1.u2
SCHEDULE OF PRO FORMA FINANCIAL INFORMATION (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
Revenues |
$ 19,369,100
|
$ 32,542,938
|
Net gain/(loss) |
$ 41,272
|
$ (6,392,032)
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v3.24.1.1.u2
ORGANIZATION AND PLAN OF OPERATIONS (Details Narrative)
|
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
|
Aug. 30, 2023
USD ($)
|
Jul. 01, 2023
USD ($)
ft²
|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Jan. 12, 2024
shares
|
Jan. 05, 2024
shares
|
Jul. 29, 2022
$ / shares
|
Share repurchase program | shares |
|
|
|
|
|
|
|
69,705
|
71,951
|
|
Net loss |
|
|
|
|
|
$ 9,196,875
|
$ 13,020,958
|
|
|
|
Loss from Continuing operations |
|
|
|
$ 2,894,579
|
|
|
|
|
|
|
Debt obligations |
|
|
|
18,105,429
|
|
|
|
|
|
|
Working capital |
|
|
|
10,300,384
|
|
|
|
|
|
|
Cash |
|
|
|
2,916,120
|
|
$ 5,329,910
|
|
|
|
|
Available fund |
|
|
|
980,766
|
|
|
|
|
|
|
Aggregate gross proceeds |
|
|
|
10,035,000
|
|
|
|
|
|
|
Sale of common stock |
|
|
|
$ 4,000,000
|
|
|
|
|
|
|
Percentage for sale of equity |
|
|
|
50.00%
|
|
|
|
|
|
|
Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Minimum share bid price | $ / shares |
|
|
|
|
|
|
|
|
|
$ 1.00
|
Preferred Stock [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
Minimum share bid price | $ / shares |
|
|
|
|
|
|
|
|
|
$ 1.00
|
Heisey Mechanical Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
Business combination including contract assets and liabilities |
|
$ 2,400,000
|
|
|
|
|
|
|
|
|
Adjustments for contract assets and liabilities |
|
$ 393,291
|
|
|
|
|
|
|
|
|
Real estate purchased |
$ 1,500,000
|
|
|
|
|
|
|
|
|
|
Area of Land | ft² |
|
33,000
|
|
|
|
|
|
|
|
|
Depreciation expense from acquired fixed assets |
|
|
$ 63,900
|
|
$ 127,800
|
|
|
|
|
|
Interest expense on debt used in acquisition |
|
|
32,460
|
|
65,860
|
|
|
|
|
|
Income tax expenses |
|
|
$ 41,331
|
|
$ 34,433
|
|
|
|
|
|
Heisey Mechanical Ltd [Member] | Fulton Bank [Member] |
|
|
|
|
|
|
|
|
|
|
Interest expense |
$ 1,200,000
|
|
|
|
|
|
|
|
|
|
Percentage of financing rate |
2.80%
|
|
|
|
|
|
|
|
|
|
Debt maturity date |
Sep. 30, 2043
|
|
|
|
|
|
|
|
|
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v3.24.1.1.u2
SCHEDULE OF EFFECT IMPLEMENTATION ON CONDENSED CONSOLIDATED BALANCE SHEET (Details) - USD ($)
|
Mar. 31, 2024 |
Oct. 01, 2023 |
Sep. 30, 2023 |
Trade receivables, net |
$ 11,535,880
|
|
$ 9,209,695
|
Contract assets, net |
1,979,679
|
|
1,739,201
|
Related Party [Member] |
|
|
|
Trade receivables, net |
583,340
|
|
|
Royalties receivable, net - related party |
440,049
|
|
674,893
|
Note receivable, net - related party |
761,585
|
|
761,585
|
Accounting Standards Update 2016-13 [Member] |
|
|
|
Trade receivables, net |
|
|
234,924
|
Contract assets, net |
|
|
|
Accounting Standards Update 2016-13 [Member] | Related Party [Member] |
|
|
|
Royalties receivable, net - related party |
|
|
|
Note receivable, net - related party |
|
|
$ 44,761
|
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] |
|
|
|
Trade receivables, net |
|
$ 234,924
|
|
Contract assets, net |
|
8,696
|
|
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Related Party [Member] |
|
|
|
Royalties receivable, net - related party |
|
10,000
|
|
Note receivable, net - related party |
|
$ 44,761
|
|
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] |
|
|
|
Trade receivables, net |
|
|
|
Contract assets, net |
8,696
|
|
|
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Related Party [Member] |
|
|
|
Royalties receivable, net - related party |
10,000
|
|
|
Note receivable, net - related party |
|
|
|
X |
- DefinitionAmount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business.
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v3.24.1.1.u2
SCHEDULE OF EXPECTED CREDIT LOSSES ACTIVITY (Details) - USD ($)
|
Mar. 31, 2024 |
Oct. 01, 2023 |
Sep. 30, 2023 |
Financing Receivable, Past Due [Line Items] |
|
|
|
Trade receivables, net |
$ 11,535,880
|
|
$ 9,209,695
|
Contract assets, net |
1,979,679
|
|
1,739,201
|
Related Party [Member] |
|
|
|
Financing Receivable, Past Due [Line Items] |
|
|
|
Trade receivables, net |
583,340
|
|
|
Royalties receivable, net - related party |
440,049
|
|
674,893
|
Note receivable, net - related party |
761,585
|
|
$ 761,585
|
Accounts Receivable Portfolio Segment [Member] |
|
|
|
Financing Receivable, Past Due [Line Items] |
|
|
|
Trade receivables, net |
225,813
|
|
|
Contract assets, net |
36,356
|
|
|
Accounts Receivable Portfolio Segment [Member] | Related Party [Member] |
|
|
|
Financing Receivable, Past Due [Line Items] |
|
|
|
Trade receivables, net |
|
|
|
Royalties receivable, net - related party |
10,000
|
|
|
Note receivable, net - related party |
64,808
|
|
|
Accounts Receivable Portfolio Segment [Member] | Previously Reported [Member] |
|
|
|
Financing Receivable, Past Due [Line Items] |
|
|
|
Trade receivables, net |
|
$ 234,924
|
|
Contract assets, net |
|
8,696
|
|
Accounts Receivable Portfolio Segment [Member] | Previously Reported [Member] | Related Party [Member] |
|
|
|
Financing Receivable, Past Due [Line Items] |
|
|
|
Trade receivables, net |
|
|
|
Royalties receivable, net - related party |
|
10,000
|
|
Note receivable, net - related party |
|
$ 44,761
|
|
Accounts Receivable Portfolio Segment [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] |
|
|
|
Financing Receivable, Past Due [Line Items] |
|
|
|
Trade receivables, net |
(9,111)
|
|
|
Contract assets, net |
27,660
|
|
|
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|
|
|
Financing Receivable, Past Due [Line Items] |
|
|
|
Trade receivables, net |
|
|
|
Royalties receivable, net - related party |
|
|
|
Note receivable, net - related party |
$ 20,047
|
|
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v3.24.1.1.u2
SUMMARY OF LOSS ON SALE (Details) - Discontinued Operations, Disposed of by Sale [Member]
|
3 Months Ended |
Dec. 31, 2022
USD ($)
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
Purchase Price |
$ 745,621
|
Less cash and cash equivalents transferred |
(699,423)
|
Less liabilities assumed |
(10,924)
|
Net purchase price |
35,274
|
Assets Sold |
|
Accounts receivable, net |
625,638
|
Inventory, net |
980,730
|
Prepaid expenses and other assets |
502,577
|
Property and equipment, net |
837,808
|
Goodwill |
598,392
|
Total Assets Sold |
3,545,145
|
Liabilities Transferred |
|
Accounts payable |
370,774
|
Short-term liabilities |
364,775
|
Long-term liabilities |
318,981
|
Total Liabilities Transferred |
1,054,530
|
Net assets sold |
2,490,615
|
Pretax loss on sale of Cemtrex Advanced Technologies, Inc, and Cemtrex XR, Inc.Companies |
$ (2,455,341)
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v3.24.1.1.u2
SCHEDULE OF FINANCIAL STATEMENTS INCLUDED WITHIN DISCONTINUED OPERATIONS (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Discontinued Operations and Disposal Groups [Abstract] |
|
|
|
|
Total net sales |
|
|
|
$ 649,061
|
Cost of sales |
|
|
|
228,086
|
Operating, selling, general and administrative expenses |
39
|
492
|
39
|
1,296,064
|
Other (income)/expenses |
|
|
|
3,195
|
Income (loss) from discontinued operations |
(39)
|
(492)
|
(39)
|
(878,284)
|
Amortization of discounted royalties |
13,282
|
14,724
|
26,564
|
19,151
|
Loss on sale of discontinued operations |
|
|
|
(2,455,341)
|
Adjustment of benefit obligation |
|
|
|
89,085
|
Income tax provision |
2,780
|
|
5,570
|
|
Discontinued operations, net of tax |
$ 10,463
|
$ 14,232
|
$ 20,955
|
$ (3,225,389)
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v3.24.1.1.u2
DISCONTINUED OPERATIONS (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
Nov. 22, 2022 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Loss on discontinued operations |
|
|
|
|
|
$ 89,085
|
Smart Desk [Member] | Safe Agreement [Member] |
|
|
|
|
|
|
Gain contingency on royalty |
$ 0
|
|
|
|
|
|
Cemtrex XR Inc [Member] |
|
|
|
|
|
|
Increase in royalty payment |
$ 820,000
|
|
|
|
|
|
Royalties paid |
|
$ 13,282
|
|
$ 13,282
|
$ 26,563
|
$ 17,709
|
Vicon Industries, Inc. [Member] |
|
|
|
|
|
|
Discontinued operations funds received |
|
|
$ 96,095
|
|
|
|
Discontinued operations consulting fees |
|
|
7,010
|
|
|
|
Loss on discontinued operations |
|
|
$ 89,085
|
|
|
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SCHEDULE OF LOSS PER SHARE BASIC AND DILUTED FOR CONTINUING OPERATION (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Earnings Per Share [Abstract] |
|
|
|
|
Loss from Continuing operations |
$ (1,580,184)
|
$ (553,761)
|
$ (2,894,579)
|
$ (3,650,514)
|
Less (loss)/gain in noncontrolling interest |
(96,510)
|
55,265
|
(192,919)
|
(3,898)
|
Preferred stock dividends |
52,515
|
58,720
|
52,515
|
58,720
|
Net loss applicable to common shareholders |
$ (1,536,189)
|
$ (667,746)
|
$ (2,754,175)
|
$ (3,705,336)
|
Weighted Average Number of Shares - Basic |
1,055,636
|
815,498
|
1,051,630
|
788,265
|
Weighted Average Number of Shares - Diluted |
1,055,636
|
815,498
|
1,051,630
|
788,265
|
Continuing Operations Income Loss per share - Basic |
$ (1.46)
|
$ (0.82)
|
$ (2.62)
|
$ (4.70)
|
Income (Loss) from Continuing Operations, Per Diluted Share |
$ (1.46)
|
$ (0.82)
|
$ (2.62)
|
$ (4.70)
|
X |
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v3.24.1.1.u2
SCHEDULE OF SEGMENT INFORMATION (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues |
$ 17,159,595
|
$ 16,073,397
|
$ 34,037,761
|
$ 28,043,639
|
Cost of revenues |
10,220,179
|
8,734,916
|
20,015,946
|
15,662,543
|
Gross profit |
6,939,416
|
7,338,481
|
14,021,815
|
12,381,096
|
Operating expenses |
|
|
|
|
General, and administrative |
6,715,268
|
5,109,214
|
13,318,933
|
10,034,217
|
Depreciation and amortization |
304,889
|
209,053
|
673,190
|
448,388
|
Research and development |
951,400
|
1,615,341
|
1,800,205
|
3,445,054
|
Operating (loss)/income |
(1,032,141)
|
404,873
|
(1,770,513)
|
(1,546,563)
|
Other income/(expense) |
(448,039)
|
(958,634)
|
(953,311)
|
(2,103,951)
|
Security [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues |
8,084,932
|
9,913,898
|
17,252,733
|
16,918,642
|
Cost of revenues |
3,971,963
|
4,793,817
|
8,622,817
|
8,394,871
|
Gross profit |
4,112,969
|
5,120,081
|
8,629,916
|
8,523,771
|
Operating expenses |
|
|
|
|
General, and administrative |
3,833,596
|
2,965,659
|
8,161,224
|
5,715,088
|
Depreciation and amortization |
71,260
|
31,543
|
199,412
|
71,203
|
Research and development |
951,400
|
1,615,341
|
1,800,205
|
3,445,054
|
Operating (loss)/income |
(743,287)
|
507,538
|
(1,530,925)
|
(707,574)
|
Other income/(expense) |
(138,633)
|
337,191
|
(272,894)
|
224,792
|
Industrial Services [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues |
9,074,663
|
6,159,499
|
16,785,028
|
11,124,997
|
Cost of revenues |
6,248,216
|
3,941,099
|
11,393,129
|
7,267,672
|
Gross profit |
2,826,447
|
2,218,400
|
5,391,899
|
3,857,325
|
Operating expenses |
|
|
|
|
General, and administrative |
1,897,269
|
1,336,313
|
3,426,532
|
2,525,178
|
Depreciation and amortization |
233,629
|
157,385
|
473,778
|
324,906
|
Research and development |
|
|
|
|
Operating (loss)/income |
695,549
|
724,702
|
1,491,589
|
1,007,241
|
Other income/(expense) |
(78,289)
|
(29,866)
|
(186,433)
|
(61,426)
|
Corporate Segment [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues |
|
|
|
|
Cost of revenues |
|
|
|
|
Gross profit |
|
|
|
|
Operating expenses |
|
|
|
|
General, and administrative |
984,403
|
807,242
|
1,731,177
|
1,793,951
|
Depreciation and amortization |
|
20,125
|
|
52,279
|
Research and development |
|
|
|
|
Operating (loss)/income |
(984,403)
|
(827,367)
|
(1,731,177)
|
(1,846,230)
|
Other income/(expense) |
$ (231,117)
|
$ (1,265,959)
|
$ (493,984)
|
$ (2,267,317)
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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SCHEDULE OF FAIR VALUE OF ASSETS (Details) - USD ($)
|
Mar. 31, 2024 |
Sep. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair value assets |
$ 13,853
|
$ 13,663
|
Investment in Marketable Securities [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair value assets |
13,853
|
13,663
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair value assets |
13,853
|
13,663
|
Fair Value, Inputs, Level 1 [Member] | Investment in Marketable Securities [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair value assets |
13,853
|
13,663
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair value assets |
|
|
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|
|
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|
|
Fair value assets |
|
|
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|
|
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|
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|
|
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|
|
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|
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Fair value assets |
|
|
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SCHEDULE OF TRADE RECEIVABLES, NET (Details) - USD ($)
|
Mar. 31, 2024 |
Sep. 30, 2023 |
Receivables [Abstract] |
|
|
Trade receivables |
$ 11,761,693
|
$ 9,444,619
|
Allowance for credit losses |
(225,813)
|
(234,924)
|
Accounts receivables, net, total |
$ 11,535,880
|
$ 9,209,695
|
X |
- DefinitionAmount, before allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business.
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v3.24.1.1.u2
SUMMARY OF PREPAID AND OTHER CURRENT ASSETS (Details) - USD ($)
|
Mar. 31, 2024 |
Sep. 30, 2023 |
Prepaid Expenses And Other Current Assets |
|
|
Prepaid expenses |
$ 838,980
|
$ 521,310
|
Prepaid inventory |
498,631
|
1,084,051
|
Deferred costs |
83,502
|
25,941
|
Loan origination costs |
36,267
|
|
Prepaid income taxes |
428,193
|
168,555
|
VAT and GST tax receivable |
24,842
|
298,502
|
Prepaid expenses and other current assets total |
$ 1,910,415
|
$ 2,098,359
|
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v3.24.1.1.u2
SCHEDULE OF INVENTORY, NET (Details) - USD ($)
|
Mar. 31, 2024 |
Sep. 30, 2023 |
Inventory Disclosure [Abstract] |
|
|
Raw materials |
$ 797,943
|
$ 885,398
|
Work in progress |
304,563
|
109,019
|
Finished goods |
6,295,241
|
7,744,802
|
Inventory, net |
$ 7,397,747
|
$ 8,739,219
|
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v3.24.1.1.u2
SUMMARY OF PROPERTY AND EQUIPMENT (Details) - USD ($)
|
Mar. 31, 2024 |
Sep. 30, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 20,054,352
|
$ 19,708,815
|
Less: Accumulated depreciation |
(11,152,301)
|
(10,490,114)
|
Property and equipment, net |
8,902,051
|
9,218,701
|
Land [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
945,279
|
945,279
|
Building and Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
4,372,598
|
4,362,062
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
597,198
|
579,700
|
Computers and Software [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
1,333,135
|
1,333,135
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 12,806,142
|
$ 12,488,639
|
X |
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v3.24.1.1.u2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] |
|
|
|
|
Depreciation expense |
|
|
$ 673,190
|
$ 448,388
|
General and Administrative Expense [Member] |
|
|
|
|
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] |
|
|
|
|
Depreciation expense |
$ 304,889
|
$ 209,053
|
$ 673,190
|
$ 448,388
|
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v3.24.1.1.u2
SCHEDULE OF GOODWILL BY SEGMENT (Details)
|
Mar. 31, 2024
USD ($)
|
Indefinite-Lived Intangible Assets [Line Items] |
|
Balance beginning |
$ 4,381,891
|
Balance ending |
4,381,891
|
Security [Member] |
|
Indefinite-Lived Intangible Assets [Line Items] |
|
Balance beginning |
530,475
|
Balance ending |
530,475
|
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Indefinite-Lived Intangible Assets [Line Items] |
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Balance beginning |
3,851,416
|
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$ 3,851,416
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v3.24.1.1.u2
SCHEDULE OF OTHER ASSETS (Details) - USD ($)
|
Mar. 31, 2024 |
Sep. 30, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
|
Rental deposits |
$ 213,770
|
$ 198,641
|
Investment in Masterpiece VR |
1,200,000
|
1,100,000
|
Other deposits |
305,117
|
167,808
|
Demonstration equipment supplied to resellers |
442,975
|
369,560
|
Other assets total |
$ 2,161,862
|
$ 1,836,009
|
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OTHER ASSETS (Details Narrative) - USD ($)
|
6 Months Ended |
|
|
|
|
Mar. 31, 2024 |
Oct. 05, 2023 |
Jul. 18, 2023 |
Jan. 19, 2022 |
Nov. 13, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
|
|
|
|
Investment |
|
$ 100,000
|
$ 100,000
|
$ 500,000
|
$ 500,000
|
Impairment expense |
$ 0
|
|
|
|
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v3.24.1.1.u2
SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($)
|
Mar. 31, 2024 |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
|
Accrued expenses |
$ 489,603
|
$ 319,211
|
Accrued payable on inventory in transit |
846,823
|
1,154,254
|
Accrued payroll |
1,116,951
|
1,088,223
|
Accrued warranty |
222,702
|
222,702
|
Accrued expenses total |
$ 2,676,079
|
$ 2,784,390
|
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v3.24.1.1.u2
SCHEDULE OF DEFERRED REVENUE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Sep. 30, 2023 |
Deferred Revenue |
|
|
|
|
|
Deferred revenue at beginning of period |
$ 2,256,352
|
$ 1,693,021
|
$ 2,311,334
|
$ 1,824,534
|
|
Deferred software revenues, Additions |
487,413
|
580,752
|
1,147,383
|
1,008,169
|
|
Deferred revenues revenues, Recognized |
(684,540)
|
(558,775)
|
(1,399,492)
|
(1,117,705)
|
|
Deferred revenue at end of period |
2,059,225
|
1,714,998
|
2,059,225
|
1,714,998
|
|
Less: current portion |
1,404,608
|
581,193
|
1,404,608
|
581,193
|
|
Less: current portion |
1,404,608
|
581,193
|
1,404,608
|
581,193
|
$ 1,583,406
|
Long-term deferred revenue at end of period |
$ 654,617
|
$ 1,133,805
|
$ 654,617
|
$ 1,133,805
|
|
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v3.24.1.1.u2
DEFERRED REVENUE (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Deferred Revenue |
|
|
|
|
Deferred revenue reconized |
$ 608,808
|
$ 1,043,281
|
$ 483,296
|
$ 963,674
|
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v3.24.1.1.u2
SCHEDULE OF CONTRACT ASSETS AND LIABILITIES (Details) - USD ($)
|
6 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Contract Assets And Liabilities |
|
|
Costs incurred on uncompleted contracts |
$ 11,582,989
|
$ 12,523,552
|
Costs incurred on uncompleted contracts |
2,816,002
|
3,085,350
|
Costs incurred on uncompleted contracts |
14,398,991
|
15,608,902
|
Costs incurred on uncompleted contracts |
(14,318,721)
|
(14,850,020)
|
Costs incurred on uncompleted contracts |
$ 80,270
|
$ 758,882
|
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v3.24.1.1.u2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
Nov. 22, 2022 |
Jul. 31, 2022 |
Aug. 31, 2019 |
Mar. 31, 2024 |
Mar. 31, 2024 |
Oct. 05, 2023 |
Sep. 30, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Related party, Interest rate |
|
|
|
|
|
3.00%
|
|
Accrued interest |
|
|
|
$ 64,808
|
$ 64,808
|
|
|
Trade receivables |
|
|
|
11,535,880
|
11,535,880
|
|
$ 9,209,695
|
Griffin Filters LLC [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Related party transaction, description |
|
Company negotiated
a payment agreement surrounding the sale of Griffin Filters, LLC, and other liabilities due to the Company
|
|
|
|
|
|
Related Party [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Trade receivables wrote off |
|
|
|
94,027
|
94,027
|
|
|
Trade payables wrote off |
|
|
|
59,703
|
59,703
|
|
|
Trade receivables |
|
|
|
583,340
|
583,340
|
|
|
Other receivables, current |
|
|
|
|
60,628
|
|
|
Accounts payable |
|
|
|
5,416
|
5,416
|
|
|
Trade receivable, related party |
|
|
|
1,479,703
|
1,479,703
|
|
1,143,342
|
Allowance for expected credit losses |
|
|
|
10,000
|
10,000
|
|
|
Ducon Technologies, Pvt Ltd. [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Due to related parties, current |
|
|
|
3,798
|
3,798
|
|
3,806
|
Due from related parties, current |
|
|
|
635,956
|
635,956
|
|
$ 637,208
|
Cemtrex Technologies Pvt Ltd [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Other receivables, current |
|
|
|
|
522,712
|
|
|
Cemtrex XR Inc [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Royalties receivable |
|
|
|
|
700,456
|
|
|
Trade receivable, related party |
|
|
|
$ 260,407
|
$ 260,407
|
|
|
Asset Purchase Agreement [Member] | Ducon Technologies Inc [Member] | Griffin Filters LLC [Member] | Chief Financial Officer [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Total consideration |
|
|
$ 550,000
|
|
|
|
|
Asset Purchase Agreement [Member] | Ducon to Cemtrix Technology [Member] | Griffin Filters LLC [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Related party, Interest rate |
|
5.00%
|
|
|
|
|
|
Debt instrument maturity date |
|
Jul. 31, 2024
|
|
|
|
|
|
Asset Purchase Agreement [Member] | Ducon to Cemtrix Technology [Member] | Related Party [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Due to related parties, current |
|
$ 761,585
|
|
|
|
|
|
Asset Purchase Agreements [Member] | Saagar Govil [Member] |
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
Related party transaction, description |
the next three years; and should the total sum of royalties due be less than
$820,000 at the end of the three-year period, Mr. Govil shall be obligated to pay the difference between $820,000 and the royalties paid.
Cemtrex Advanced Technologies, Inc. was purchased for $10,000 in cash, 5% royalty of all revenues on the Business to be paid 90 days
after the end of each calendar year for the next 5 years, and $1,600,000 in SAFE (common equity) at any subsequent fundraising or exit
above $5,000,000 with a $10,000,000 cap. Subsequent to the sale of Cemtrex Advanced Technologies, Inc. the business has ceased operations
|
|
|
|
|
|
|
Purchases from related party |
$ 890,000
|
|
|
|
|
|
|
Cash from related party |
$ 75,000
|
|
|
|
|
|
|
Royalty percentage |
5.00%
|
|
|
|
|
|
|
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v3.24.1.1.u2
SCHEDULE OF RECONCILIATION OF UNDISCOUNTED CASH FLOWS TO OPERATING LEASE LIABILITIES (Details)
|
Mar. 31, 2024
USD ($)
|
Leases |
|
2024 |
$ 461,372
|
2025 |
908,932
|
2026 |
711,262
|
2027 |
315,525
|
2028 |
58,085
|
Undiscounted lease payments |
2,455,176
|
Amount representing interest |
(200,490)
|
Discounted lease payments |
$ 2,254,686
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v3.24.1.1.u2
SCHEDULE OF LEASE COSTS (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Leases |
|
|
|
|
Operating lease costs |
$ 195,693
|
$ 223,213
|
$ 389,125
|
$ 484,646
|
Short-term lease costs |
15,701
|
|
33,962
|
|
Total lease cost |
$ 211,394
|
$ 223,213
|
$ 423,087
|
$ 484,646
|
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v3.24.1.1.u2
LEASES (Details Narrative)
|
6 Months Ended |
|
Mar. 31, 2024
USD ($)
ft²
|
Mar. 31, 2023
USD ($)
|
Sep. 30, 2023 |
Lessee, Operating Lease, Term of Contract |
3 years 6 months
|
|
3 years
|
Operating Lease, Weighted Average Discount Rate, Percent |
6.45%
|
|
5.66%
|
Brooklyn [Member] |
|
|
|
Area of Land | ft² |
100
|
|
|
Payments for rent |
$ 600
|
|
|
Operating Lease, Expense |
$ 3,600
|
$ 600
|
|
Clovis [Member] |
|
|
|
Area of Land | ft² |
1,037
|
|
|
Payments for rent |
$ 5,487
|
|
|
Operating Lease, Expense |
$ 30,362
|
|
|
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v3.24.1.1.u2
SCHEDULE OF LINES OF CREDIT AND LIABILITIES (Details) - USD ($)
|
6 Months Ended |
|
Mar. 31, 2024 |
Sep. 30, 2023 |
Line of Credit Facility [Line Items] |
|
|
Total debt |
$ 22,468,090
|
$ 24,437,059
|
Current maturities |
(914,170)
|
(14,507,711)
|
Long-term debt |
$ 21,553,920
|
9,929,348
|
Fulton Bank One [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Maturity date |
Jan. 31, 2025
|
|
Total debt |
$ 69,164
|
108,700
|
Fulton Bank Two [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Maturity date |
Jan. 28, 2040
|
|
Total debt |
$ 2,146,939
|
2,180,115
|
Fulton Bank HEISEY One [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Maturity date |
Sep. 30, 2043
|
|
Total debt |
$ 1,188,315
|
1,200,000
|
Fulton Bank HEISEY Two [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Maturity date |
Jul. 01, 2030
|
|
Total debt |
$ 2,004,136
|
2,122,565
|
Notes Payable One [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Maturity date |
Jun. 30, 2025
|
|
Total debt |
$ 4,787,348
|
4,596,589
|
Notes Payable Two [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Maturity date |
Feb. 22, 2026
|
|
Total debt |
$ 11,709,830
|
11,243,233
|
Notes Payable [Member] | Heisey Mechanical Ltd [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Maturity date |
Jul. 01, 2024
|
|
Total debt |
$ 240,000
|
240,000
|
Term Loan Agreement [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Maturity date |
Dec. 31, 2024
|
|
Total debt |
|
1,979,743
|
PPP Loans [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Maturity date |
May 05, 2025
|
|
Total debt |
$ 70,872
|
91,114
|
Software License Agreement [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Maturity date |
Jun. 03, 2024
|
|
Total debt |
$ 225,000
|
675,000
|
HDFC Bank Auto Loan [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Maturity date |
Jun. 05, 2027
|
|
Total debt |
$ 26,486
|
|
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v3.24.1.1.u2
SCHEDULE OF LINES OF CREDIT AND LIABILITIES (Details) (Parenthetical)
|
6 Months Ended |
|
|
Mar. 31, 2024
USD ($)
shares
|
Mar. 31, 2024
INR (₨)
shares
|
Mar. 31, 2023
USD ($)
|
Oct. 05, 2023 |
Sep. 30, 2023
USD ($)
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Interest rate |
|
|
|
3.00%
|
|
Notes payable - discount |
|
|
$ 883,467
|
|
|
Notes Payable One [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Interest rate |
8.00%
|
|
|
|
|
Notes payable |
$ 5,755,000
|
|
|
|
|
Notes payable - discount |
750,000
|
|
|
|
|
Notes payable - legal fees |
5,000
|
|
|
|
|
Proceeds from notes payable |
5,000,000
|
|
|
|
|
Notes payable - Unamortized discount |
$ 0
|
|
|
|
$ 0
|
Notes Payable Two [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Interest rate |
8.00%
|
|
|
|
|
Notes payable |
$ 9,205,000
|
|
|
|
|
Notes payable - discount |
1,200,000
|
|
|
|
|
Notes payable - legal fees |
5,000
|
|
|
|
|
Proceeds from notes payable |
8,000,000
|
|
|
|
|
Notes payable - Unamortized discount |
$ 0
|
|
|
|
$ 0
|
Common stock, shares | shares |
28,572
|
28,572
|
|
|
|
Common stock, value |
$ 700,400
|
|
|
|
|
Notes Payable [Member] | Heisey Mechanical Ltd [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Interest rate |
6.00%
|
|
|
|
|
Notes payable |
$ 240,000
|
|
|
|
|
Term Loan Agreement [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Interest rate |
11.50%
|
|
|
|
|
Loans payable |
$ 5,600,000
|
|
|
|
|
PPP Loans [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Interest rate |
1.00%
|
|
|
|
|
Loans payable |
$ 121,400
|
|
|
|
|
Software License Agreement [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Loans payable |
$ 1,125,000
|
|
|
|
|
HDFC Bank Auto Loan [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Interest rate |
8.70%
|
|
|
|
|
Loans payable |
$ 784.89
|
|
|
|
|
Notes payable |
28,331
|
|
|
|
|
Monthly payments | ₨ |
|
₨ 65,179
|
|
|
|
Fulton Bank One [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Loans payable to bank |
$ 360,000
|
|
|
|
|
Interest rate basis spread |
2.37%
|
2.37%
|
|
|
|
Interest rate |
7.71%
|
|
|
|
7.68%
|
Fulton Bank Two [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Loans payable to bank |
$ 2,476,000
|
|
|
|
|
Interest rate basis spread |
2.62%
|
2.62%
|
|
|
|
Interest rate |
7.96%
|
|
|
|
7.93%
|
Fulton Bank HEISEY One [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Loans payable to bank |
$ 1,200,000
|
|
|
|
|
Interest rate basis spread |
2.80%
|
2.80%
|
|
|
|
Interest rate |
8.14%
|
|
|
|
8.11%
|
Fulton Bank HEISEY Two [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Loans payable to bank |
$ 2,160,000
|
|
|
|
|
Interest rate basis spread |
2.80%
|
2.80%
|
|
|
|
Interest rate |
8.14%
|
|
|
|
8.11%
|
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v3.24.1.1.u2
LINES OF CREDIT AND LONG-TERM LIABILITIES (Details Narrative) - USD ($)
|
|
6 Months Ended |
|
|
Aug. 31, 2023 |
Mar. 31, 2024 |
Oct. 05, 2023 |
Sep. 30, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Revolving line of credit |
|
$ 980,766
|
$ 5,000,000
|
|
Interest rate |
|
|
3.00%
|
|
Revolving lline of credit |
|
4,019,234
|
|
|
Loan origination costs |
|
$ 36,267
|
|
|
Percentage for sale of equity |
|
50.00%
|
|
|
Standstill Agreement [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Revolving lline of credit |
$ 5,000,000
|
|
|
|
Percentage for sale of equity |
50.00%
|
|
|
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v3.24.1.1.u2
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2024 |
Jan. 12, 2024 |
Jan. 05, 2024 |
Sep. 30, 2023 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Share repurchase program |
|
|
|
|
|
69,705
|
71,951
|
|
Common stock shares, issued for service |
|
|
|
9,853
|
9,853
|
|
|
|
Common stock value, issued for service |
|
$ 40,000
|
$ 102,500
|
|
$ 40,000
|
|
|
|
Series 1 Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
Preferred stock dividends shares |
|
|
|
|
115,037
|
|
|
|
Share repurchase program |
71,951
|
|
|
|
71,951
|
|
|
|
Treasury stock purchase |
|
|
|
|
$ 69,705
|
|
|
|
Preferred stock, shares issued |
2,408,053
|
|
|
|
2,408,053
|
|
|
2,293,016
|
Preferred stock, shares outstanding |
2,272,002
|
|
|
|
2,272,002
|
|
|
2,228,916
|
X |
- DefinitionNumber of shares authorized to be purchased under share repurchase plan. Includes, but is not limited to, repurchase of stock and unit of ownership.
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v3.24.1.1.u2
SHARE-BASED COMPENSATION (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
|
|
|
Share-based compensation expense |
$ 7,558
|
$ 15,116
|
$ 26,735
|
$ 66,577
|
Unrecognized compensation cost |
$ 48,189
|
|
$ 48,189
|
|
X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized.
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v3.24.1.1.u2
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
3 Months Ended |
6 Months Ended |
|
May 06, 2024 |
May 03, 2024 |
May 01, 2024 |
Apr. 30, 2024 |
Apr. 08, 2024 |
Apr. 05, 2024 |
Aug. 31, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares for service |
|
|
|
|
|
|
|
|
|
|
9,853
|
9,853
|
|
Value of shares for service |
|
|
|
|
|
|
|
|
$ 40,000
|
$ 102,500
|
|
$ 40,000
|
|
Proceeds from common stock |
|
|
|
|
|
|
|
|
|
|
|
$ 4,000,000
|
|
Percentage for sale of equity |
|
|
|
|
|
|
|
|
|
|
|
50.00%
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares for service |
|
|
|
|
|
|
|
|
|
15,529
|
|
|
|
Value of shares for service |
|
|
|
|
|
|
|
|
$ 10
|
$ 15
|
|
|
|
Standstill Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage for sale of equity |
|
|
|
|
|
|
50.00%
|
|
|
|
|
|
|
Series 1 Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued, per share |
|
|
|
|
|
|
|
$ 10
|
|
|
|
$ 10
|
$ 10
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares for service |
|
|
|
|
1,946
|
|
|
|
|
|
|
|
|
Value of shares for service |
|
|
|
|
$ 9,000
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Standstill Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date description |
|
|
|
Pursuant to the Agreement, Streeterville agreed not to seek to redeem any portion of its two outstanding notes with the Company, dated
September 20, 2021 and February 22, 2022, for a period of one year (the “Standstill Period”) and Streeterville further agreed
to extend the maturity dates on the notes to June 30, 2025 and February 22, 2026, respectively.
|
|
|
|
|
|
|
|
|
|
Proceeds from common stock |
|
|
|
$ 4,000,000
|
|
|
|
|
|
|
|
|
|
Percentage for sale of equity |
|
|
|
50.00%
|
|
|
|
|
|
|
|
|
|
Proceeds from payment of debt |
$ 4,588,897
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Underwriting Agreement [Member] | IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwritting description |
|
|
(i) 554,705
units (the “Common Units”), each consisting of one share of common stock of the Company (“common stock”), a warrant
to purchase one share of common stock at an exercise price of $.085 per share or pursuant to an alternative cashless exercise option
(described below), which warrant will expire on the two-and-a-half year anniversary of the original issuance date (the “Series
A Warrants”) and a warrant to purchase one share of common stock at an exercise price of $0.85 per share, which warrant will expire
on the five-year anniversary of the original issuance date (the “Series B Warrants” and together with the Series A Warrants,
the “Warrants”); and (ii) 11,210,000 pre-funded units (the “Pre-funded Units” and together with the Common Units,
the “Units”), each consisting of one pre-funded warrant to purchase one share of common stock (the “Pre-funded Warrants”),
a Series A Warrant and a Series B Warrant. The purchase price of each Unit was $0.85, and the purchase price of each Pre-Funded Unit
was $0.849 (which is equal to the public offering price per Common Unit to be sold in the Offering minus $0.001). The Pre-Funded Warrants
are immediately exercisable and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full.
|
|
|
|
|
|
|
|
|
|
|
Number of shares sold |
|
11,764,705
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Underwriting Agreement [Member] | IPO [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares sold |
|
554,705
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Underwriting Agreement [Member] | IPO [Member] | Prefunded Units [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares sold |
|
11,210,000
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Underwriting Agreement [Member] | IPO [Member] | Prefunded Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
SaleOfStockNumberOfSharesIssuedInTransaction |
|
11,210,000
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Underwriting Agreement [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwritting discount description |
|
|
the Underwriter received an underwriting discount of 7.0% to the public offering price for the
Units. In addition, the Company agreed to (a) pay a non-accountable expense allowance to the Underwriter equal to 0.5% of the gross proceeds
received in this Offering and (b) to reimburse the Underwriter for certain out-of-pocket expenses, including, but not limited to, up
to $100,000 for reasonable legal fees and disbursements for the Underwriter’s counsel.
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Underwriting Agreement [Member] | Over-Allotment Option [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option granted |
|
|
1,764,705
|
|
|
|
|
|
|
|
|
|
|
Percentage for number of common stock and pre-funded warrants sold in offering |
|
|
15.00%
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Underwriting Agreement [Member] | Over-Allotment Option [Member] | Series A Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants sold |
|
1,764,705
|
1,764,705
|
|
|
|
|
|
|
|
|
|
|
Percentage for warrants sold in offering |
|
|
15.00%
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Underwriting Agreement [Member] | Over-Allotment Option [Member] | Series B Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants sold |
|
1,764,705
|
1,764,705
|
|
|
|
|
|
|
|
|
|
|
Percentage for warrants sold in offering |
|
|
15.00%
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Underwriting Agreement [Member] | Over-Allotment Option [Member] | Prefunded Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from common stock |
|
$ 10,035,000
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Series 1 Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued to pay dividend |
|
|
|
|
|
120,725
|
|
|
|
|
|
|
|
Dividend rate |
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
Number of shares issued, per share |
|
|
|
|
|
$ 10.00
|
|
|
|
|
|
|
|
Treasury stock cancelled |
|
|
|
|
71,951
|
|
|
|
|
|
|
|
|
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Cemtrex (NASDAQ:CETXP)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Cemtrex (NASDAQ:CETXP)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024