Exhibit 99.2            
             
PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2012
             
             
   Cemtrex Inc.   ROB Group   Combined Proforma 
Revenues            
        Total revenues  $12,162,046   $43,507,661   $55,669,707 
                
Cost of revenues               
        Total cost of revenues   10,785,918    30,284,751    41,070,669 
          Gross profit   1,376,128    13,222,910    14,599,038 
                
Operating expenses               
Selling, general and administrative   683,372    12,292,200    12,975,572 
Total operating expenses   683,372    12,292,200    12,975,572 
Operating income/(loss)   692,756    930,710    1,623,466 
                
Other income (expenses)               
Interest and financing costs   (42,075)   -    (42,075)
Interest and other income, net   -    -    - 
Total other income, net   (42,075)   -    (42,075)
                
Income/(loss) before income taxes   650,681    930,710    1,581,391 
Income tax benefit/(expense), net   (2,482)   -    (2,482)
Net income/(loss) applicable to common stockholders  $648,199   $930,710   $1,578,909 
                
Income/(loss) per common share               
- basic  $0.02        $0.04 
-diluted  $0.02        $0.04 
                
Weighted average common shares outstanding               
- basic   39,823,129         39,823,129 
-diluted   39,823,129         39,823,129 

 

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PRO-FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 2013
             
             
   Cemtrex Inc.   ROB Group
(six months ended June 30)
   Combined Proforma 
Revenues               
        Total revenues  $5,806,508   $15,987,179   $21,793,687 
                
Cost of revenues               
        Total cost of revenues   4,918,864    13,242,686    18,161,550 
          Gross profit   887,644    2,744,493    3,632,137 
                
Operating expenses               
Selling, general and administrative   548,581    6,171,142    6,719,723 
Total operating expenses   548,581    6,171,142    6,719,723 
Operating income/(loss)   339,063    (3,426,649)   (3,087,586)
                
Other income (expenses)               
Interest and financing costs   (20,021)   (144,659)   (164,680)
Interest and other income, net   -    (52,969)   (52,969)
Total other income, net   (20,021)   (197,628)   (217,649)
                
Income/(loss) before income taxes   319,042    (3,624,277)   (3,305,235)
Income tax benefit/(expense), net   (95,700)   (67)   (95,767)
Net income/(loss) applicable to common stockholders  $223,342   $(3,624,344)  $(3,401,002)
                
Income/(loss) per common share               
- basic  $0.01        $(0.08)
-diluted  $0.01        $(0.08)
                
Weighted average common shares outstanding               
- basic   40,599,129         40,599,129 
-diluted   40,599,129         40,599,129 

 

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PRO-FORMA COMBINED BALANCE SHEET
March 31, 2013
             
             
ASSETS  Cemtrex Inc.   ROB Group   Combined Proforma 
Current Assets               
Cash & Equivalents  $333,045   $-   $333,045 
Accounts Receivable, Net   293,155    -    293,155 
Accounts Receivable-related party   354,786    -    354,786 
Inventory -net  of allowance for inventory obsolescence   196,844    4,941,350    5,138,194 
Prepaid Expenses & Other Assets   393,808    -    393,808 
Total Current Assets   1,571,638    4,941,350    6,512,988 
                
Property & Equipment, Net   20,466    1,201,950    1,222,416 
Due From Related Parties   80,000         80,000 
Goodwill   -    113,518    113,518 
Other   6,270    13,355    19,625 
Total Assets  $1,678,374   $6,270,173   $7,948,547 
                
LIABILITIES AND STOCKHOLDERS EQUITY               
Current Liabilities               
Accounts Payable  $320,709        $320,709 
Accrued Expenses    38,522         38,522 
Accrued Income Taxes   -         - 
Other Liabilities   -         - 
Total Current Liabilities   359,231    -    359,231 
                
Long term- Liabilities               
Loan payable to Bank   -    3,133,286    3,133,286 
Loan payable to Related party   476,458    3,136,887    3,613,345 
Notes payable to Shareholder   -         - 
Total Liabilities   835,689    6,270,173    7,105,862 
                
Commitments & Contingencies   -    -    - 
                
Stockholders' Equity               
Preferred stock, par value $0.001, 10,000,000 shares               
authorized, 1,000,000 shares issued and outhstanding   1,000         1,000 
Common stock, par value $0.001, 60,000,000 shares               
authorized, 40,599,129 shares issued and outstanding   40,599         40,599 
Additional paid-in capital   165,730         165,730 
Retained Earnings   635,356         635,356 
Accumulated other comprehensive income   -         - 
Total Stockholders' Equity   842,685    -    842,685 
                
Total Liabilities & Stockholders' Equity   $1,678,374   $6,270,173   $7,948,547 

 

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NOTES TO PRO-FORMA COMBINED FINANCIAL STATEMENTS (unaudited)

 

 

The pro-forma adjustments are preliminary and are based on our estimate of the fair value and useful lives of the assets acquired and have been prepared to illustrate the estimated effect of the acquisition.

 

In accordance with Accounting Standards Codification ("ASC") 805, Business Combinations ("ASC 805"), the total purchase consideration is allocated to the net tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of October 31, 2013 (the acquisition date). The purchase price was allocated based on the information currently available, and may be adjusted after obtaining more information regarding, among other things, asset valuations, liabilities assumed, and revisions of preliminary estimates.

 

The following tables summarize the components of the purchase price and the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:

 

 

Loan from bank   3,133,286 
Loan from related party   3,136,887 
Total Purchase Price  $6,270,173 

 

 

 

Inventories  $4,941,350 
Property and Equipment   1,201,950 
Goodwill   113,518 
Other long-term assets   13,355 
Net assets acquired  $6,270,173 

 

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