DISCONTINUED OPERATIONS
 12 Months Ended
Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS

NOTE 5 – DISCONTINUED OPERATIONS

 

During fiscal 2019, the Company reached a strategic decision to exit the environmental products business, which was part of Industrial Services group. Accordingly, the Company has reported the results of the environmental control products business as discontinued operations in the Consolidated Statements of Operations and in the Consolidated Balance Sheets.

 

During fiscal 2021, the Company made the final determination on it inactive entities and have written off all assets and liabilities of these entities

 

Assets and liabilities included within discontinued operations on the Company’s Consolidated Balance Sheets at September 30, 2021 and 2020 are as follows;

 

   September 30,   September 30, 
  2021   2020 
Assets        
Current assets          
Trade receivables - related party   -    544,500 
Total current assets   -    544,500 
           
Property and equipment, net          
Assetss held for sale   -    8,323,321 
Total Assets  $                    -   $8,867,821 
           
Liabilities          
Current liabilities          
Accounts payable  $-   $- 
Total liabilities  $-   $263,832 

 

 

Cemtrex Inc. and Subsidiaries

 

Loss from discontinued operations, net of tax and the loss on sale of discontinued operations, net of tax, of Centrex, LTD, IQInVision, Vicon Deutschland GmbH, Vicon Systems Ltd., and Griffin Filters are presented in total as discontinued operations, net of tax in the Company’s Consolidated Statements of Operations for the years ended September 30, are as follows:

 

   Year ended September 30, 
   2021   2020 
         
Total net sales  $-   $- 
Cost of sales   -    - 
Operating, selling, general and administrative expenses   8,280,047    812,895 
Other expenses   -    - 
Income (loss) from discontinued operations   (8,280,047)   (812,895)
Loss on sale of discontinued operations   -    - 
Income tax provision   -    - 
Discontinued operations, net of tax  $(8,280,047)  $(812,895)