RESTATEMENTS OF FINANCIAL STATEMENTS (Tables)
 12 Months Ended
Sep. 30, 2021
Restatements Of Financial Statements  
SCHEDULE OF CONDENSED CONSOLIDATED BALANCE SHEETS

Condensed Consolidated Balance Sheets

 

   Balance as reported on September 30, 2020   Adjustment of net value of intangible assets   Adjustment resulting from reaudit of Fiscal Year 2020 Financial Statements   Adjustment of net value of inventory   Adjustment of net value of fixed assets   Cumulative effect of restatement adjustments   Loss on amounts transferred to First Commercial   Restatement on Dividends   Cumulative effect of currency translation   Adjusted balance at September 30, 2020
                                        
Cash and equivalents  $19,490,061        $(3,038)                                $ 19,487,023
Prepaid expenses and other assets  $1,188,317        $(12,542)                                $ 1,175,775
Other Assets  $744,207        $(362,307)                                $ 381,900
Property and equipment, net  $9,558,936   $(2,597,185)            $(987,901)                      $ 5,973,850
Inventory –net of allowance for inventory obsolescence  $6,793,806             $(1,847,349)                           $ 4,946,457
Goodwill  $4,370,894        $2,851,998                                 $ 7,222,892
Accounts payable  $2,857,817        $1,953,400                                 $ 4,811,217
Accrued expenses  $2,392,487        $(285,460)                                $ 2,107,027
Deferred revenue  $1,651,784        $(153,958)                                $ 1,497,826
Other long-term liabilities  $1,063,733        $(295,138)                                $ 768,595
Series 1 preferred stock dividends payable  $1,081,690                                 $(1,081,690)       $ -
Additional paid-in capital  $63,313,336                                 $(3,091,570)       $ 60,221,766
Retained earnings (accumulated deficit)  $(33,172,690)                      $1,999,363   $(7,100,000)  $4,173,260        $ $(34,100,067)
Accumulated other comprehensive income  $853,643                                      $958,814   $ 1,812,457

 
SCHEDULE OF CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)

Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss)

 

       For the year ended     
   September 30, 2020 
   Previously reported   Adjustments   Adjusted 
             
Net loss available to Cemtrex, Inc. shareholders  $(13,105,005)  $2,634,924   $(10,470,081)
Cost of revenues  $24,153,937   $1,743,244   $25,897,181 
General and administrative  $21,570,666   $(1,206,938)  $20,363,728 
Preferred dividends  $3,171,230   $(3,171,230)  $- 
Loss Per Share-Basic  $(1.28)  $0.27   $(1.01)
Loss Per Share-Diluted  $(1.28)  $0.27   $(1.01)
SCHEDULE OF CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

Condensed Consolidated Statement of Stockholders’ Equity

 

       For the year ended     
       September 30, 2020     
   Previously reported   Adjustments   Adjusted 
             
Retained earnings (accumulated deficit) at September 30, 2019  $(20,067,685)  $(3,562,301)  $(23,629,986)
Dividends pad in series preferred shares  $(2,089,540)  $2,089,540   $- 
Accrued dividends  $(1,081,690)  $1,081,690   $- 
Net income/(loss)  $(9,706,659)  $(763,422)   $(10,470,081)
Retained earnings (accumulated deficit) at September 30, 2020  $(33,172,690)  $(927,377)  $(34,100,067)
Accumulated other comprehensive income/(loss)at September 30, 2019  $796,004   $958,814   $1,754,818 
Foreign currency translation gain  $22,294   $35,345   $57,639 
Income in noncontrolling interest  $35,345   $(35,345)  $- 
Accumulated other comprehensive income/(loss) at September 30, 2020  $853,643   $958,814   $1,812,457 
Additional paid-in capital at September 30, 2019  $40,344,837   $(1,002,030)  $39,342,807 
Additional paid-in capital at September 30, 2020  $63,313,336   $(3,091,570)  $60,221,766 
Non-controlling interst of Vicon at September 30, 2019  $885,874   $(70,690)  $815,184 
Income in noncontrolling interest  $191,771   $35,345   $227,116 
Non-controlling interst of Vicon at September 30, 2020  $1,077,645   $(35,345)   $1,042,300 

 
SCHEDULE OF CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Condensed Consolidated Statements of Cash Flows

 

       For the year ended     
       September 30, 2020     
   Previously reported   Adjustments   Adjusted 
             
Net loss  $(9,706,659)  $(536,306)   $(10,242,965)
Depreciation and amortization  $2,460,043   $(594,317)  $1,865,726 
Inventory  $(1,586,651)  $1,743,244   $156,593
Accrued expenses  $(499,527)  $(174,265)  $(673,792)
Net cash used by operating activities - continuing operations  $(3,786,202)  $438,356  $(3,347,846)