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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 June 30, 2021
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.) |
276 Greenpoint Ave, Suite 208, Brooklyn, NY |
|
11222 |
(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 |
Series
1 Preferred Stock |
|
CETXP |
|
Nasdaq
Capital Market |
Series
1 Warrants |
|
CETXW |
|
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 August
13, 2021, the issuer had 20,782,194
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) | | |
(Restated) | |
| |
June 30, | | |
September
30, | |
| |
2021 | | |
2020 | |
Assets | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and equivalents | |
$ | 12,879,278 | | |
$ | 19,490,061 | |
Restricted cash | |
| 1,690,873 | | |
| 1,582,798 | |
Short-term investments | |
| 452,175 | | |
| 887,746 | |
Trade receivables, net | |
| 5,234,216 | | |
| 6,686,797 | |
Trade receivables - related
party | |
| 1,505,789 | | |
| 1,432,209 | |
Inventory –net of
allowance for inventory obsolescence | |
| 8,669,397 | | |
| 6,793,806 | |
Prepaid
expenses and other assets | |
| 2,164,367 | | |
| 1,188,317 | |
Total current assets | |
| 32,596,095 | | |
| 38,061,734 | |
| |
| | | |
| | |
Property and equipment,
net | |
| 7,236,755 | | |
| 6,961,751 | |
Right-of-use assets | |
| 3,098,523 | | |
| 2,728,380 | |
Assets held for sale | |
| 8,323,321 | | |
| 8,323,321 | |
Goodwill | |
| 5,886,096 | | |
| 4,370,894 | |
Other | |
| 1,094,429 | | |
| 744,207 | |
Total
Assets | |
$ | 58,235,219 | | |
$ | 61,190,287 | |
| |
| | | |
| | |
Liabilities
& Stockholders’ Equity (Deficit) | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 2,888,144 | | |
$ | 2,857,817 | |
Short-term liabilities | |
| 6,381,047 | | |
| 7,034,510 | |
Lease liabilities - short-term | |
| 840,016 | | |
| 721,036 | |
Deposits from customers | |
| 39,227 | | |
| 29,660 | |
Accrued expenses | |
| 2,476,812 | | |
| 2,392,487 | |
Deferred revenue | |
| 1,794,187 | | |
| 1,651,784 | |
Accrued
income taxes | |
| 331 | | |
| 89,318 | |
Total current liabilities | |
| 14,419,764 | | |
| 14,776,612 | |
| |
| | | |
| | |
Long-term liabilities | |
| | | |
| | |
Loans payable to bank | |
| 1,046,504 | | |
| 1,871,201 | |
Long-term lease liabilities | |
| 2,261,148 | | |
| 2,027,406 | |
Notes payable | |
| 3,079,743 | | |
| 6,029,999 | |
Mortgage payable | |
| 2,282,409 | | |
| 2,355,542 | |
Other long-term liabilities | |
| 1,078,752 | | |
| 1,063,733 | |
Paycheck Protection Program
Loans | |
| 2,871,161 | | |
| 2,169,437 | |
Deferred
Revenue - long-term | |
| 449,563 | | |
| 467,329 | |
Total
long-term liabilities | |
| 13,069,280 | | |
| 15,984,647 | |
| |
| | | |
| | |
Total
liabilities | |
| 27,489,044 | | |
| 30,761,259 | |
| |
| | | |
| | |
Commitments and contingencies | |
| - | | |
| - | |
| |
| | | |
| | |
Shareholders’ equity | |
| | | |
| | |
Preferred stock , $0.001
par value, 10,000,000 shares authorized, | |
| | | |
| | |
Series 1, 3,000,000 shares
authorized, 1,885,151 shares issued and outstanding as of June 30, 2021 and 2,156,784 shares issued and outstanding as of September
30, 2020 (liquidation value of $10 per share) | |
| 1,885 | | |
| 2,157 | |
Series A, 1,000,000 shares
authorized, zero shares issued and outstanding at June 30, 2021 and 1,000,000 shares issued and outstanding at September 30, 2020 | |
| - | | |
| 1,000 | |
Series C, 100,000 shares
authorized, 50,000 shares issued and outstanding at June 30, 2021 and 100,000 shares issued and outstanding at September 30, 2020 | |
| 50 | | |
| 100 | |
Common stock, $0.001 par
value, 50,000,000 shares authorized, 18,711,463 shares issued and outstanding at June 30, 2021 and 17,622,539 shares issued and outstanding
at September 30, 2020 | |
| 18,711 | | |
| 17,623 | |
Preferred stock value | |
| - | | |
| - | |
Additional paid-in capital | |
| 58,846,576 | | |
| 60,221,766 | |
Retained earnings (accumulated
deficit) | |
| (30,660,550 | ) | |
| (32,520,084 | ) |
Treasury stock at cost | |
| (148,291 | ) | |
| (148,291 | ) |
Accumulated
other comprehensive income (loss) | |
| 1,624,673 | | |
| 1,777,112 | |
Total
Cemtrex stockholders’ equity | |
| 29,683,054 | | |
| 29,351,383 | |
Non-controlling
interest | |
| 1,063,121 | | |
| 1,077,645 | |
Total
liabilities and shareholders’ equity | |
$ | 58,235,219 | | |
$ | 61,190,287 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Cemtrex,
Inc. and Subsidiaries
Condensed
Consolidated Statements of Operations and Comprehensive Income/(Loss)
| |
June
30, 2021 | | |
June
30, 2020 | | |
June
30, 2021 | | |
June
30, 2020 | |
| |
For
the three months ended | |
For
the nine months ended | |
| |
June
30, 2021 | | |
June
30, 2020 | | |
June
30, 2021 | | |
June
30, 2020 | |
Revenues | |
| 10,326,431 | | |
| 8,440,867 | | |
| 28,422,892 | | |
| 32,774,797 | |
Cost of revenues | |
| 6,198,715 | | |
| 5,161,015 | | |
| 16,360,822 | | |
| 18,800,355 | |
Gross
profit | |
| 4,127,716 | | |
| 3,279,852 | | |
| 12,062,070 | | |
| 13,974,442 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
General and administrative | |
| 5,670,019 | | |
| 5,347,718 | | |
| 16,337,200 | | |
| 15,380,199 | |
Research
and development | |
| 757,966 | | |
| 331,936 | | |
| 2,033,688 | | |
| 1,113,455 | |
Total
operating expenses | |
| 6,427,985 | | |
| 5,679,654 | | |
| 18,370,888 | | |
| 16,493,654 | |
Operating
income/(loss) | |
| (2,300,269 | ) | |
| (2,399,802 | ) | |
| (6,308,818 | ) | |
| (2,519,212 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income/(expense) | |
| | | |
| | | |
| | | |
| | |
Other income/(expense) | |
| 3,901,658 | | |
| 158,134 | | |
| 6,532,590 | | |
| 830,251 | |
Settlement Agreement -
Related Party | |
| - | | |
| - | | |
| 3,674,165 | | |
| - | |
Interest
Expense | |
| (433,009 | ) | |
| (1,982,101 | ) | |
| (1,891,026 | ) | |
| (3,812,921 | ) |
Total other income/(expense),
net | |
| 3,468,649 | | |
| (1,823,967 | ) | |
| 8,315,729 | | |
| (2,982,670 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income
tax benefit/(expense) | |
| (40,759 | ) | |
| (7,658 | ) | |
| (168,190 | ) | |
| (197,201 | ) |
Net
income/(loss) | |
| 1,127,621 | | |
| (4,231,427 | ) | |
| 1,838,721 | | |
| (5,699,083 | ) |
| |
| | | |
| | | |
| | | |
| | |
Less
income in noncontrolling interest | |
| 29,608 | | |
| (35,751 | ) | |
| (20,813 | ) | |
| 151,312 | |
Net
income/(loss) attributable to Cemtrex, Inc. shareholders | |
$ | 1,098,013 | | |
$ | (4,195,676 | ) | |
$ | 1,859,534 | | |
$ | (5,850,395 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
income/(loss) | |
$ | 1,127,621 | | |
$ | (4,231,427 | ) | |
$ | 1,838,721 | | |
$ | (5,699,083 | ) |
Other comprehensive income/(loss) | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation
gain/(loss) | |
| (193,554 | ) | |
| 154,443 | | |
| (234,045 | ) | |
| 161,460 | |
Defined
benefit plan actuarial gain/(loss) | |
| - | | |
| - | | |
| 87,895 | | |
| - | |
Comprehensive income/(loss) | |
| 934,067 | | |
| (4,076,984 | ) | |
| 1,692,571 | | |
| (5,537,623 | ) |
Less
comprehensive income/(loss) attributable to noncontrolling interest | |
| (35,731 | ) | |
| 41,266 | | |
| 14,524 | | |
| (118,623 | ) |
| |
| | | |
| | | |
| | | |
| | |
Comprehensive
income/(loss) attributable to Cemtrex, Inc. shareholders | |
$ | 969,798 | | |
$ | (4,118,250 | ) | |
$ | 1,678,047 | | |
$ | (5,419,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income/(loss) Per Share-Basic | |
$ | 0.06 | | |
$ | (0.38 | ) | |
$ | 0.10 | | |
$ | (0.82 | ) |
Income/(loss) Per Share-Diluted | |
$ | 0.06 | | |
$ | (0.38 | ) | |
$ | 0.10 | | |
$ | (0.82 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted Average Number
of Shares-Basic | |
| 18,711,463 | | |
| 10,933,926 | | |
| 18,368,274 | | |
| 7,161,785 | |
Weighted Average Number
of Shares-Diluted | |
| 18,711,463 | | |
| 10,933,926 | | |
| 18,368,274 | | |
| 7,161,785 | |
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/Restated)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit) | | |
At
cost | | |
Income(loss) | | |
Equity | | |
interest | |
| |
Preferred
Stock Series 1 | | |
Preferred
Stock
Series
A | | |
Preferred
Stock Series C | | |
Common
Stock | | |
| | |
Retained | | |
| | |
Accumulated | | |
| | |
| |
| |
Par
Value $0.001 | | |
Par
Value $0.001 | | |
Par
Value $0.001 | | |
Par
Value $0.01 | | |
Additional | | |
Earnings | | |
Treasury | | |
other | | |
Cemtrex
| | |
Non- | |
| |
Number
of | | |
| | |
Number
of | | |
| | |
Number of | | |
| | |
Number
of | | |
| | |
Paid-in | | |
(Accumulated | | |
Stock, | | |
Comprehensive | | |
Stockholders’ | | |
controlling | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit) | | |
At
cost | | |
Income(loss) | | |
Equity | | |
interest | |
Balance
at September 30, 2020, as reported | |
| 2,156,784 | | |
$ | 2,157 | | |
| 1,000,000 | | |
$ | 1,000 | | |
| 100,000 | | |
$ | 100 | | |
| 17,622,539 | | |
$ | 17,623 | | |
$ | 63,313,336 | | |
$ | (33,172,690 | ) | |
$ | (148,291 | ) | |
$ | 853,643 | | |
$ | 30,866,878 | | |
$ | 1,077,645 | |
Adjustment | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (3,091,570 | ) | |
| 652,606 | | |
| | | |
| 923,469 | | |
| (1,515,495 | ) | |
| | |
Balance
at September 30, 2020, as restated | |
| 2,156,784 | | |
$ | 2,157 | | |
| 1,000,000 | | |
$ | 1,000 | | |
| 100,000 | | |
$ | 100 | | |
| 17,622,539 | | |
$ | 17,623 | | |
$ | 60,221,766 | | |
$ | (32,520,084 | ) | |
$ | (148,291 | ) | |
$ | 1,777,112 | | |
$ | 29,351,383 | | |
$ | 1,077,645 | |
Foreign
currency translation gain/(loss) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 37,864 | | |
| 37,864 | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Defined
benefit plan actuarial gain/(loss) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Share-based
compensation | |
| | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| | | |
| 16,071 | | |
| | | |
| - | | |
| | | |
| 16,071 | | |
| | |
Shares issued to pay accounts
payable | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued to pay accounts
payable, shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares sold in Securities Purchase
Agreements, net of offering costs | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares sold in Securities Purchase
Agreements, net of offering costs, shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares
granted to pay notes payable | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares
granted to pay notes payable, shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares
issued to pay notes payable | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 345,638 | | |
| 345 | | |
| 407,507 | | |
| | | |
| | | |
| | | |
| 407,852 | | |
| | |
Shares issued for services | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for services, shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Purchase of treasury stock | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income
in noncontrolling interest | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares
and options surrendered in settelment agreement | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares
and options surrendered in settelment agreement, shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Dividends
paid in Series 1 preferred shares | |
| 108,169 | | |
| 108 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (108 | ) | |
| | | |
| | | |
| | | |
| - | | |
| | |
Net
income/(loss) attributable to noncontrolling interest | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | | |
| (40,247 | ) |
Comprehensive
income/(loss) attributable to noncontrolling interest | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | | |
| 9,617 | |
Noncontrolling interest | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
loss | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (1,692,611 | ) | |
| | | |
| | | |
| (1,692,611 | ) | |
| | |
Balance
at December 31, 2020 | |
| 2,264,953 | | |
$ | 2,265 | | |
| 1,000,000 | | |
$ | 1,000 | | |
| 100,000 | | |
$ | 100 | | |
| 17,968,177 | | |
$ | 17,968 | | |
$ | 60,645,236 | | |
$ | (34,212,695 | ) | |
$ | (148,291 | ) | |
$ | 1,814,976 | | |
$ | 28,120,559 | | |
$ | 1,047,015 | |
Foreign
currency translation gain/(loss) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (78,521 | ) | |
| (78,521 | ) | |
| | |
Defined
benefit plan actuarial gain/(loss) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 87,895 | | |
| 87,895 | | |
| | |
Share-based
compensation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 49,246 | | |
| | | |
| | | |
| | | |
| 49,246 | | |
| | |
Shares
issued to pay notes payable | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 743,286 | | |
| 743 | | |
| 1,298,733 | | |
| | | |
| - | | |
| | | |
| 1,299,476 | | |
| | |
Income
in noncontrolling interest | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (19,625 | ) |
Shares
and options surrendered in settelment agreement | |
| (469,949 | ) | |
| (470 | ) | |
| (1,000,000.00 | ) | |
| (1,000 | ) | |
| (50,000 | ) | |
| (50 | ) | |
| | | |
| | | |
| (3,672,645 | ) | |
| | | |
| | | |
| | | |
| (3,674,165 | ) | |
| | |
Net
income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 2,454,132 | | |
| | | |
| | | |
| 2,454,132 | | |
| | |
Balance
at March 31, 2021 | |
| 1,795,004 | | |
$ | 1,795 | | |
| - | | |
$ | - | | |
| 50,000 | | |
$ | 50 | | |
| 18,711,463 | | |
$ | 18,711 | | |
$ | 58,320,570 | | |
$ | (31,758,563 | ) | |
$ | (148,291 | ) | |
$ | 1,824,350 | | |
$ | 28,258,622 | | |
$ | 1,027,390 | |
Foreign
currency translation gain/(loss) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (199,677 | ) | |
| (199,677 | ) | |
| | |
Dividends
paid in Series 1 preferred shares | |
| 90,147 | | |
| 90 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (90 | ) | |
| | | |
| - | | |
| | | |
| - | | |
| | |
Share-based
compensation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 45,587 | | |
| | | |
| | | |
| | | |
| 45,587 | | |
| | |
Shares
granted to pay notes payable | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 480,509 | | |
| | | |
| | | |
| | | |
| 480,509 | | |
| | |
Income
in noncontrolling interest | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | | |
| 35,731 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | | |
| | |
Net
income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 1,098,013 | | |
| | | |
| | | |
| 1,098,013 | | |
| | |
Balance
at June 30, 2021 | |
| 1,885,151 | | |
$ | 1,885 | | |
| - | | |
$ | - | | |
| 50,000 | | |
$ | 50 | | |
| 18,711,463 | | |
$ | 18,711 | | |
$ | 58,846,576 | | |
$ | (30,660,550 | ) | |
$ | (148,291 | ) | |
$ | 1,624,673 | | |
$ | 29,683,054 | | |
$ | 1,063,121 | |
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/Restated)
| |
Preferred Stock
Series 1 | | |
Preferred Stock
Series A | | |
Preferred Stock
Series C | | |
Common Stock
Par | | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Par
Value $0.001 | | |
Par
Value $0.001 | | |
Par
Value $0.001 | | |
Value
$0.01 | | |
| | |
Retained | | |
| | |
Accumulated | | |
| | |
| |
| |
Number of | | |
| | |
Number of | | |
| | |
Number of | | |
| | |
Number of | | |
| | |
Additional
Paid-in | | |
Earnings
(Accumulated | | |
Treasury
Stock, | | |
other
Comprehensive | | |
Cemtrex
Stockholders’ | | |
Non-
controlling | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit) | | |
At
cost | | |
Income(loss) | | |
Equity | | |
interest | |
Balance
at September 30, 2019 | |
| 2,110,718 | | |
$ | 2,111 | | |
| 1,000,000 | | |
$ | 1,000 | | |
| - | | |
$ | - | | |
| 3,962,790 | | |
$ | 3,963 | | |
$ | 39,337,117 | | |
$ | (23,676,887 | ) | |
$ | - | | |
$ | 1,791,153 | | |
$ | 17,458,457 | | |
$ | 885,874 | |
Foreign currency translation
gain | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 582,156 | | |
| 582,156 | | |
| | |
Share-based compensation | |
| | | |
| | | |
| | | |
| | | |
| 100,000 | | |
| 100 | | |
| | | |
| | | |
| 119,004 | | |
| | | |
| | | |
| | | |
| 119,104 | | |
| | |
Shares issued to pay accounts
payable | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 18,358 | | |
| 18 | | |
| 27,520 | | |
| | | |
| | | |
| | | |
| 27,538 | | |
| | |
Shares sold in Securities Purchase
Agreements, net of offering costs | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 338,393 | | |
| 338 | | |
| 359,712 | | |
| | | |
| | | |
| | | |
| 360,050 | | |
| | |
Stock issued to pay notes payable | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 105,042 | | |
| 105 | | |
| 130,147 | | |
| | | |
| | | |
| | | |
| 130,252 | | |
| | |
Dividends paid in Series 1
preferred shares | |
| 105,965 | | |
| 106 | | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| | | |
| (106 | ) | |
| | | |
| - | | |
| | | |
| - | | |
| | |
Net income/(loss) attributable
to noncontrolling interest | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | | |
| 194,911 | |
Comprehensive income/(loss)
attributable to noncontrolling interest | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | | |
| (18,429 | ) |
Net
loss | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (55,618 | ) | |
| | | |
| | | |
| (55,618 | ) | |
| | |
Balance
at December 31, 2019 | |
| 2,216,683 | | |
$ | 2,217 | | |
| 1,000,000 | | |
$ | 1,000 | | |
| 100,000 | | |
$ | 100 | | |
| 4,424,583 | | |
$ | 4,424 | | |
$ | 39,973,394 | | |
$ | (23,732,505 | ) | |
$ | - | | |
$ | 2,373,309 | | |
$ | 18,621,939 | | |
$ | 1,062,356 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation
gain | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (748,929 | ) | |
| (748,929 | ) | |
| | |
Share-based compensation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 24,104 | | |
| | | |
| | | |
| | | |
| 24,104 | | |
| | |
Shares sold in Securities Purchase
Agreements, net of offering costs | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 847,000 | | |
| 847 | | |
| 1,160,253 | | |
| | | |
| | | |
| | | |
| 1,161,100 | | |
| | |
Stock issued to pay notes payable | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 2,518,045 | | |
| 2,519 | | |
| 3,499,747 | | |
| | | |
| | | |
| | | |
| 3,502,266 | | |
| | |
Shares issued for services | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 150,000 | | |
| 150 | | |
| 170,850 | | |
| | | |
| | | |
| | | |
| 171,000 | | |
| | |
Purchase of treasury stock | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (190,483 | ) | |
| | | |
| (190,483 | ) | |
| | |
Noncontrolling interest | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | | |
| (16,593 | ) |
Net
loss | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (1,599,101 | ) | |
| | | |
| | | |
| (1,599,101 | ) | |
| | |
Balance
at March 31, 2020 | |
| 2,216,683 | | |
$ | 2,217 | | |
| 1,000,000 | | |
$ | 1,000 | | |
| 100,000 | | |
$ | 100 | | |
| 7,939,628 | | |
$ | 7,940 | | |
$ | 44,828,348 | | |
$ | (25,331,606 | ) | |
$ | (190,483 | ) | |
$ | 1,624,380 | | |
$ | 20,941,896 | | |
$ | 1,045,763 | |
Foreign currency translation
gain | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 154,443 | | |
| 154,443 | | |
| | |
Foreign currency translation
gain (loss) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 154,443 | | |
| 154,443 | | |
| | |
Share-based compensation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 24,104 | | |
| | | |
| | | |
| | | |
| 24,104 | | |
| | |
Shares sold in Securities Purchase
Agreements, net of offering costs | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 5,458,479 | | |
| 5,459 | | |
| 10,095,311 | | |
| | | |
| | | |
| | | |
| 10,100,770 | | |
| | |
Stock issued to pay notes payable | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,595,608 | | |
| 2,595 | | |
| 3,298,811 | | |
| | | |
| - | | |
| | | |
| 3,301,406 | | |
| | |
Shares issued for services | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 270,000 | | |
| 270 | | |
| 229,730 | | |
| | | |
| | | |
| | | |
| 230,000 | | |
| | |
Noncontrolling interest | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | | |
| (41,266 | ) |
Net
loss | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |