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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, 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 August 9, 2024, the issuer had 17,437,456 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) | | |
| |
| |
June 30, | | |
September
30, | |
| |
| 2024 | | |
| 2023 | |
Assets | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash
equivalents | |
$ | 6,468,197 | | |
$ | 5,329,910 | |
Restricted cash | |
| 1,152,028 | | |
| 1,019,652 | |
Trade receivables, net | |
| 7,800,883 | | |
| 9,209,695 | |
Trade receivables, net
- related party | |
| 755,198 | | |
| 1,143,342 | |
Trade receivables, net | |
| 755,198 | | |
| 1,143,342 | |
Inventory, net | |
| 7,531,955 | | |
| 8,739,219 | |
Contract assets, net | |
| 1,115,060 | | |
| 1,739,201 | |
Prepaid
expenses and other current assets | |
| 1,582,026 | | |
| 2,112,022 | |
Total current assets | |
| 26,405,347 | | |
| 29,293,041 | |
| |
| | | |
| | |
Property and equipment, net | |
| 8,583,113 | | |
| 9,218,701 | |
Right-of-use operating lease assets | |
| 1,936,441 | | |
| 2,287,623 | |
Royalties receivable, net - related party | |
| 453,330 | | |
| 674,893 | |
Note receivable, net - related party | |
| - | | |
| 761,585 | |
Goodwill | |
| 4,238,822 | | |
| 4,381,891 | |
Other | |
| 2,210,090 | | |
| 1,836,009 | |
Total
Assets | |
$ | 43,827,143 | | |
$ | 48,453,743 | |
| |
| | | |
| | |
Liabilities
& Stockholders’ Equity | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 3,612,634 | | |
$ | 6,196,406 | |
Accounts payable - related
party | |
| 3,797 | | |
| 68,509 | |
Accounts payable | |
| 3,797 | | |
| 68,509 | |
Sales tax payable | |
| 37,865 | | |
| 35,829 | |
Revolving line of credit | |
| 2,730,325 | | |
| - | |
Current maturities of long-term
liabilities | |
| 661,271 | | |
| 14,507,711 | |
Operating lease liabilities
- short-term | |
| 780,423 | | |
| 741,487 | |
Deposits from customers | |
| 246,765 | | |
| 57,434 | |
Accrued expenses | |
| 2,347,458 | | |
| 2,784,390 | |
Contract liabilities | |
| 1,901,606 | | |
| 980,319 | |
Deferred revenue | |
| 1,284,688 | | |
| 1,583,406 | |
Accrued
income taxes | |
| 398,054 | | |
| 388,627 | |
Total current liabilities | |
| 14,004,886 | | |
| 27,344,118 | |
Long-term liabilities | |
| | | |
| | |
Long-term debt | |
| 16,893,184 | | |
| 9,929,348 | |
Long-term operating lease
liabilities | |
| 1,216,184 | | |
| 1,607,202 | |
Other long-term liabilities | |
| 299,988 | | |
| 501,354 | |
Deferred Revenue - long-term | |
| 631,581 | | |
| 727,928 | |
Warrant
liabilities | |
| 10,428,397 | | |
| - | |
Total
long-term liabilities | |
| 29,469,334 | | |
| 12,765,832 | |
Total
liabilities | |
| 43,474,220 | | |
| 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, 2,456,827
shares issued and 2,392,727 shares outstanding as of June 30, 2024 and 2,293,016 shares issued and 2,228,916 shares outstanding as
of September 30, 2023 (liquidation value of $10 per share) | |
| 2,457 | | |
| 2,293 | |
Series C, 100,000 shares authorized, 50,000
shares issued and outstanding at June 30, 2024 and September 30, 2023 | |
| 50 | | |
| 50 | |
Preferred stock value | |
| | | |
| | |
Common stock, $0.001 par value, 50,000,000
shares authorized,16,352,270 shares issued and outstanding at June 30, 2024 and 1,045,783 shares issued and outstanding at September
30, 2023 | |
| 16,353 | | |
| 1,046 | |
Additional paid-in capital | |
| 73,002,738 | | |
| 68,881,705 | |
Accumulated deficit | |
| (75,787,626 | ) | |
| (64,125,895 | ) |
Treasury stock, 64,100 shares of Series 1
Preferred Stock at June 30, 2024, and September 30, 2023 | |
| (148,291 | ) | |
| (148,291 | ) |
Accumulated
other comprehensive income | |
| 2,962,275 | | |
| 3,076,706 | |
Total
Cemtrex stockholders’ equity | |
| 47,956 | | |
| 7,687,614 | |
Non-controlling
interest | |
| 304,967 | | |
| 656,179 | |
Total
liabilities and stockholders’ equity | |
$ | 43,827,143 | | |
$ | 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)
| |
June
30, 2024 | | |
June
30, 2023 | | |
June
30, 2024 | | |
June
30, 2023 | |
| |
For
the three months ended | | |
For
the nine months ended | |
| |
June
30, 2024 | | |
June
30, 2023 | | |
June
30, 2024 | | |
June
30, 2023 | |
| |
| | |
| | |
| | |
| |
Revenues | |
$ | 14,686,398 | | |
$ | 14,730,140 | | |
$ | 48,724,159 | | |
$ | 42,773,779 | |
Cost of revenues | |
| 8,809,251 | | |
| 8,249,497 | | |
| 28,825,197 | | |
| 23,914,249 | |
Gross
profit | |
| 5,877,147 | | |
| 6,480,643 | | |
| 19,898,962 | | |
| 18,859,530 | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
General and administrative | |
| 8,192,180 | | |
| 5,376,960 | | |
| 22,184,303 | | |
| 16,456,602 | |
Research
and development | |
| 864,483 | | |
| 1,049,909 | | |
| 2,664,688 | | |
| 3,895,717 | |
Total
operating expenses | |
| 9,056,663 | | |
| 6,426,869 | | |
| 24,848,991 | | |
| 20,352,319 | |
Operating
(loss)/income | |
| (3,179,516 | ) | |
| 53,774 | | |
| (4,950,029 | ) | |
| (1,492,789 | ) |
Other (expense)/income | |
| | | |
| | | |
| | | |
| | |
Other (expense)/income,
net | |
| (933,539 | ) | |
| 34,652 | | |
| (710,363 | ) | |
| 394,073 | |
Interest expense | |
| (521,316 | ) | |
| (1,254,185 | ) | |
| (1,697,803 | ) | |
| (3,717,557 | ) |
Loss on excess fair value
of warrants | |
| (7,255,528 | ) | |
| - | | |
| (7,255,528 | ) | |
| - | |
Changes
in fair value of warrant liability | |
| 2,807,890 | | |
| - | | |
| 2,807,890 | | |
| - | |
Total other expense, net | |
| (5,902,493 | ) | |
| (1,219,533 | ) | |
| (6,855,804 | ) | |
| (3,323,484 | ) |
Income
tax expense | |
| (67,294 | ) | |
| (19,641 | ) | |
| (238,049 | ) | |
| (19,641 | ) |
Loss from Continuing
operations | |
| (9,149,303 | ) | |
| (1,185,400 | ) | |
| (12,043,882 | ) | |
| (4,835,914 | ) |
(Loss)/income from discontinued
operations, net of tax | |
| 9,984 | | |
| 13,281 | | |
| 30,939 | | |
| (3,212,108 | ) |
Net loss | |
| (9,139,319 | ) | |
| (1,172,119 | ) | |
| (12,012,943 | ) | |
| (8,048,022 | ) |
Less loss in
noncontrolling interest | |
| (158,293 | ) | |
| (25,595 | ) | |
| (351,212 | ) | |
| (29,493 | ) |
Net
loss attributable to Cemtrex, Inc. stockholders | |
$ | (8,981,026 | ) | |
$ | (1,146,524 | ) | |
$ | (11,661,731 | ) | |
$ | (8,018,529 | ) |
(Loss)/income per share - Basic & Diluted | |
| | | |
| | | |
| | | |
| | |
Continuing
Operations | |
$ | (0.29 | ) | |
$ | (1.36 | ) | |
$ | (1.06 | ) | |
$ | (5.90 | ) |
Discontinued
Operations | |
$ | 0.00 | | |
$ | 0.01 | | |
$ | 0.00 | | |
$ | (3.89 | ) |
Weighted Average Number of Shares-Basic
& Diluted | |
| 31,346,628 | | |
| 897,897 | | |
| 11,044,569 | | |
| 824,689 | |
Condensed
Consolidated Statements of Comprehensive Loss
(Unaudited)
| |
June
30, 2024 | | |
June
30, 2023 | | |
June
30, 2024 | | |
June
30, 2023 | |
| |
For
the three months ended | | |
For
the nine months ended | |
| |
June
30, 2024 | | |
June
30, 2023 | | |
June
30, 2024 | | |
June
30, 2023 | |
Other
comprehensive loss | |
| | | |
| | | |
| | | |
| | |
Net
loss | |
$ | (9,139,319 | ) | |
$ | (1,172,119 | ) | |
$ | (12,012,943 | ) | |
$ | (8,048,022 | ) |
Foreign
currency translation gain/(loss) | |
| 188,491 | | |
| 22,470 | | |
| (114,431 | ) | |
| (71,179 | ) |
Comprehensive
loss | |
| (8,950,828 | ) | |
| (1,149,649 | ) | |
| (12,127,374 | ) | |
| (8,119,201 | ) |
Comprehensive
loss attributable to noncontrolling interest | |
| 158,293 | | |
| 25,595 | | |
| 351,212 | | |
| 29,493 | |
Comprehensive
loss attributable to Cemtrex, Inc. stockholders | |
$ | (9,109,121 | ) | |
$ | (1,175,244 | ) | |
$ | (12,478,586 | ) | |
$ | (8,148,694 | ) |
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 | | |
| | |
| | |
Treasury | | |
Accumulated | | |
| | |
| |
| |
Par
Value $0.001 | | |
Par
Value $0.001 | | |
Value
$0.001 | | |
Additional | | |
| | |
Stock,
| | |
other | | |
Cemtrex | | |
Non- | |
| |
Number
of | | |
| | |
Number
of | | |
| | |
Number
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, 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 | ) |
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 | |
Foreign
currency translation loss | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 188,491 | | |
| 188,491 | | |
| | |
Share-based
compensation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 7,559 | | |
| | | |
| | | |
| | | |
| 7,559 | | |
| | |
Dividends
paid in Series 1 preferred shares | |
| 120,725 | | |
| 121 | | |
| | | |
| | | |
| | | |
| | | |
| (121 | ) | |
| | | |
| | | |
| | | |
| - | | |
| | |
Issuance of common stock | |
| | | |
| | | |
| | | |
| | | |
| 554,705 | | |
| 555 | | |
| (555 | ) | |
| | | |
| | | |
| | | |
| - | | |
| | |
Exercise of prefunded
warrants | |
| | | |
| | | |
| | | |
| | | |
| 11,210,000 | | |
| 11,210 | | |
| 3,179,110 | | |
| | | |
| | | |
| | | |
| 3,190,320 | | |
| | |
Exercise of Series
A warrants | |
| | | |
| | | |
| | | |
| | | |
| 3,508,593 | | |
| 3,509 | | |
| 860,705 | | |
| | | |
| | | |
| | | |
| 864,214 | | |
| | |
Cancellation
of treasury stock | |
| (71,951 | ) | |
| (72 | ) | |
| | | |
| | | |
| | | |
| | | |
| (69,633 | ) | |
| | | |
| 69,705 | | |
| | | |
| - | | |
| | |
Loss
attributable to noncontrolling interest | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | | |
| (158,293 | ) |
Shares
issued to pay for services | |
| | | |
| | | |
| | | |
| | | |
| 23,336 | | |
| 23 | | |
| 88,977 | | |
| | | |
| | | |
| | | |
| 89,000 | | |
| | |
Net
loss | |
| | | |
| | | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| (8,981,026 | ) | |
| | | |
| | | |
| (8,981,026 | ) | |
| | |
Balance
at June 30, 2024 | |
| 2,456,827 | | |
$ | 2,457 | | |
| 50,000 | | |
$ | 50 | | |
| 16,352,270 | | |
$ | 16,353 | | |
$ | 73,002,738 | | |
$ | (75,787,626 | ) | |
$ | (148,291 | ) | |
$ | 2,962,275 | | |
$ | 47,956 | | |
$ | 304,967 | |
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 | | |
| | |
| | |
Treasury | | |
Accumulated | | |
| | |
| |
| |
Par
Value $0.001 | | |
Par
Value $0.001 | | |
Value
$0.001 | | |
Additional | | |
| | |
Stock,
| | |
other | | |
Cemtrex | | |
Non- | |
| |
Number
of | | |
| | |
Number
of | | |
| | |
Number
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 | |
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 | |
| 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 | |
Foreign
currency translation gain/(loss) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 22,470 | | |
| 22,470 | | |
| | |
Share-based
compensation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 26,736 | | |
| | | |
| | | |
| | | |
| 26,736 | | |
| | |
Dividends
paid in Series 1 preferred shares | |
| 109,553 | | |
| 110 | | |
| | | |
| | | |
| | | |
| | | |
| (110 | ) | |
| | | |
| | | |
| | | |
| - | | |
| | |
Shares
issued to pay notes payable | |
| | | |
| | | |
| | | |
| | | |
| 122,702 | | |
| 123 | | |
| 1,193,883 | | |
| | | |
| | | |
| | | |
| 1,194,006 | | |
| | |
Income/(loss)
attributable to noncontrolling interest | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | | |
| (25,595 | ) |
Shares
issued to pay for services | |
| | | |
| | | |
| | | |
| | | |
| 6,488 | | |
| 7 | | |
| 39,365 | | |
| | | |
| | | |
| | | |
| 39,372 | | |
| | |
Net
loss | |
| | | |
| | | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| (1,146,524 | ) | |
| - | | |
| | | |
| (1,146,524 | ) | |
| | |
Balance
at June 30, 2023 | |
| 2,293,016 | | |
$ | 2,293 | | |
| 50,000 | | |
$ | 50 | | |
| 957,760 | | |
$ | 958 | | |
$ | 68,302,617 | | |
$ | (62,947,549 | ) | |
$ | (148,291 | ) | |
$ | 2,306,346 | | |
$ | 7,516,424 | | |
$ | 663,249 | |
Balance | |
| 2,293,016 | | |
$ | 2,293 | | |
| 50,000 | | |
$ | 50 | | |
| 957,760 | | |
$ | 958 | | |
$ | 68,302,617 | | |
$ | (62,947,549 | ) | |
$ | (148,291 | ) | |
$ | 2,306,346 | | |
$ | 7,516,424 | | |
$ | 663,249 | |
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)
Cash
Flows from Operating Activities | |
2024 | | |
2023 | |
| |
For
the nine months ended | |
| |
June
30, | |
Cash
Flows from Operating Activities | |
2024 | | |
2023 | |
| |
| | |
| |
Net loss | |
$ | (12,012,943 | ) | |
$ | (8,048,022 | ) |
| |
| | | |
| | |
Adjustments to reconcile net loss to net cash
used by operating activities | |
| | | |
| | |
Depreciation and amortization | |
| 998,641 | | |
| 698,269 | |
(Gain)/loss on disposal of property
and equipment | |
| (13,595 | ) | |
| 69,611 | |
Noncash lease expense | |
| 645,695 | | |
| 614,254 | |
Bad debt expense | |
| 1,429,791 | | |
| (155 | ) |
Share-based compensation | |
| 22,675 | | |
| 93,313 | |
Interest expense paid in
equity shares | |
| - | | |
| 276,151 | |
Accounts payable paid in
equity shares | |
| 129,000 | | |
| 141,872 | |
Accrued interest on notes
payable | |
| 937,899 | | |
| 1,858,631 | |
Non-cash royalty income | |
| (39,846 | ) | |
| - | |
Amortization of original
issue discounts on notes payable | |
| - | | |
| 1,200,200 | |
Amortization of loan origination
costs | |
| 54,400 | | |
| - | |
Loss on excess fair value
of warrants | |
| 7,255,528 | | |
| - | |
Changes in fair value of
warrant liability | |
| (2,807,890 | ) | |
| - | |
| |
| | | |
| | |
Changes in operating assets and liabilities net of effects from acquisition
of subsidiaries: | |
| | | |
| | |
Trade receivables | |
| 1,420,733 | | |
| (2,108,384 | ) |
Trade receivables - related
party | |
| (136,277 | ) | |
| (578,388 | ) |
Inventory | |
| 1,350,333 | | |
| (231,923 | ) |
Contract assets | |
| 624,141 | | |
| 215,304 | |
Prepaid expenses and other
current assets | |
| 548,129 | | |
| (883,018 | ) |
Other assets | |
| (274,081 | ) | |
| (246,658 | ) |
Accounts payable | |
| (1,588,439 | ) | |
| 674,168 | |
Accounts payable - related
party | |
| (5,009 | ) | |
| (15,761 | ) |
Sales tax payable | |
| 2,036 | | |
| 66,121 | |
Operating lease liabilities | |
| (646,595 | ) | |
| (550,019 | ) |
Deposits from customers | |
| 189,331 | | |
| (38,863 | ) |
Accrued expenses | |
| (496,932 | ) | |
| 1,198,788 | |
Contract liabilities | |
| 921,287 | | |
| 369,072 | |
Deferred revenue | |
| (395,065 | ) | |
| 156,108 | |
Income taxes payable | |
| 11,942 | | |
| (45,773 | ) |
Other
liabilities | |
| (201,366 | ) | |
| (278,946 | ) |
Net cash used by operating
activities - continuing operations | |
| (2,076,477 | ) | |
| (5,394,048 | ) |
Net
cash provided by operating activities - discontinued operations | |
| - | | |
| 2,474,863 | |
Net
cash used by operating activities | |
| (2,076,477 | ) | |
| (2,919,185 | ) |
| |
| | | |
| | |
Cash Flows from Investing
Activities | |
| | | |
| | |
Purchase of property and equipment | |
| (429,334 | ) | |
| (761,470 | ) |
Proceeds from sale of property and equipment | |
| 77,110 | | |
| 26,205 | |
Royalties on related party revenues | |
| 46,000 | | |
| - | |
Investment in MasterpieceVR | |
| (100,000 | ) | |
| - | |
Net
cash used by investing activities | |
| (406,224 | ) | |
| (735,265 | ) |
| |
| | | |
| | |
Cash Flows from Financing
Activities | |
| | | |
| | |
Proceeds on revolving line of credit | |
| 26,682,873 | | |
| - | |
Payments on revolving line of credit | |
| (24,025,081 | ) | |
| - | |
Payments on debt | |
| (7,818,405 | ) | |
| (1,260,837 | ) |
Payments on Paycheck Protection Program Loans | |
| (30,365 | ) | |
| (20,154 | ) |
Proceeds on bank loans | |
| 28,267 | | |
| - | |
Purchases of treasury stock | |
| (69,705 | ) | |
| - | |
Proceeds from offerings | |
| 10,035,293 | | |
| - | |
Expenses on offerings | |
| (935,333 | ) | |
| - | |
Net
cash provided by/(used by) financing activities | |
| 3,867,544 | | |
| (1,280,991 | ) |
| |
| | | |
| | |
Effect of currency translation | |
| (114,180 | ) | |
| (104,123 | ) |
Net increase/(decrease) in cash, cash equivalents,
and restricted cash | |
| 1,384,843 | | |
| (4,935,441 | ) |
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 | |
$ | 7,620,225 | | |
$ | 6,434,112 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.