0001144204-16-102522.txt : 20160516 0001144204-16-102522.hdr.sgml : 20160516 20160516155646 ACCESSION NUMBER: 0001144204-16-102522 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 61 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160516 DATE AS OF CHANGE: 20160516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CEMTREX INC CENTRAL INDEX KEY: 0001435064 STANDARD INDUSTRIAL CLASSIFICATION: MEASURING & CONTROLLING DEVICES, NEC [3829] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37464 FILM NUMBER: 161653457 BUSINESS ADDRESS: STREET 1: 19 ENGINEERS LANE CITY: FARMINDALE STATE: NY ZIP: 11735 BUSINESS PHONE: 631 756 9116 MAIL ADDRESS: STREET 1: 19 ENGINEERS LANE CITY: FARMINDALE STATE: NY ZIP: 11735 10-Q 1 v439432_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES ACT OF 1934

For the quarterly period ended March 31, 2016

¨ 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 small business issuer as specified in its charter)

Delaware	30-0399914
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

19 Engineers Lane

Farmingdale, New York 11735

(Address, including zip code, of principal executive offices)

631-756-9116

(Issuer’s telephone number)

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨	Accelerated filer ¨
Non-accelerated filer ¨	Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of May 9, 2016 the issuer had 8,538,701 shares of common stock issued and outstanding.

Table of Contents

CEMTREX, INC. AND SUBSIDIARIES

INDEX

		Page

PART I. FINANCIAL INFORMATION		3

Item 1. Consolidated Financial Statements		3

	Consolidated Balance Sheets as of March 31, 2016 (Unaudited) and September 30, 2015	3

	Consolidated Statements of Operations and Comprehensive Income/(Loss) for the three and six months Ended March 31, 2016 and March 31, 2015 (Unaudited)	4

	Consolidated Statements of Cash Flow the six months Ended March 31, 2016 and March 31, 2015 (Unaudited)	5

	Notes to Unaudited Consolidated Financial Statements	6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		13

Item 4. Controls and Procedures		17

PART II. OTHER INFORMATION		18

Item 6. Exhibits		18

SIGNATURES		19

Part I. Financial Information

Item 1. Financial Statements

Cemtrex, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

	March 31,			September 30,
	2016			2015
Assets
Current assets
Cash and equivalents	$	3,281,703		$	1,486,737
Restricted cash		883,538			-
Accounts receivable, net		10,986,777			4,771,044
Inventory, net		6,446,374			6,369,516
Prepaid expenses and other current assets		974,606			893,792
Total current assets		22,572,998			13,521,089

Property and equipment, net		14,267,269			8,142,523
Goodwill		854,205			845,000
Notes receivable		-			-
Other assets		334,652			35,630
Total Assets	$	38,029,124		$	22,544,242

Liabilities & Stockholders' Equity (Deficit)
Current liabilities
Accounts payable	$	5,790,012		$	4,386,578
Revolving line of credit		3,515,889			2,129,711
Accrued expenses		1,944,265			309,130
Accrued income taxes		16,558			73,746
Convertible notes payable		1,951,500			1,274,000
Current portion of long-term liabilities		2,167,075			654,020
Total current liabilities		15,385,299			8,827,185

Long-term liabilities
Notes payable		949,880			-
Notes payable - related party		228,357			119,055
Loans payable to bank		7,193,204			2,383,815
Mortgage payable		3,786,353			4,088,618
Total liabilities		27,543,093			15,418,673

Commitments and contingencies		-			-

Shareholders' equity
Preferred stock series A, $0.001 par value, 10,000,000 shares authorized, 1,000,000 shares issued and outstanding, respectively		1,000			1,000
Common stock, $0.001 par value, 20,000,000 shares authorized, 8,456,148 shares issued and outstanding at March 31, 2016 and 7,158,087 shares issued and outstanding at September 30, 2015		8,456			7,158
Additional paid-in capital		3,271,418			1,020,444
Retained earnings		7,953,146			6,430,855
Accumulated other comprehensive loss		(747,989	)		(333,888	)
Total shareholders' equity		10,486,031			7,125,569
Total liabilities and shareholders' equity	$	38,029,124		$	22,544,242

The accompanying notes are an integral part of these financial statements

Cemtrex, Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Income/(Loss)

(Unaudited)

	For the three months ended						For the six months ended
	March 31,						March 31,
	2016			2015			2016			2015

Revenues	$	18,908,100		$	14,330,940		$	32,222,793		$	28,173,729

Cost of revenues		13,075,372			10,086,432			22,517,167			19,906,164

Gross profit		5,832,728			4,244,508			9,705,626			8,267,565

Operating expenses
General and administrative		4,937,642			3,446,935			8,343,554			7,068,757
Total operating expenses		4,937,642			3,446,935			8,343,554			7,068,757
Operating income (loss)		895,086			797,573			1,362,072			1,198,808

Other income (expense)
Other Income (expense)		113,853			452,060			464,506			509,609
Interest Expense		(184,743	)		(189,460	)		(360,161	)		(330,072	)
Total other income (expense)		(70,890	)		262,600			104,345			179,537

Net income (loss) before income taxes		824,196			1,060,173			1,466,417			1,378,345
Provision for income taxes		(5,700	)		(21,400	)		(55,874	)		(100,100	)
Net income (loss)		829,896			1,081,573			1,522,291			1,478,445

Other comprehensive income/(loss)
Foreign currency translation gain/(loss)		49,108			(182,659	)		(414,101	)		(268,602	)
Comprehensive income/(loss)	$	879,004		$	898,914		$	1,108,190		$	1,209,843

Income (Loss) Per Share-Basic	$	0.10		$	0.16		$	0.20		$	0.22
Income (Loss) Per Share-Diluted	$	0.10		$	0.16		$	0.19		$	0.22

Weighted Average Number of Shares-Basic		8,137,476			6,766,587			7,774,090			6,771,833
Weighted Average Number of Shares-Diluted		8,201,842			6,766,587			7,842,254			6,784,007

The accompanying notes are an integral part of these financial statements

Cemtrex, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

	For the six months ended
	March 31,
Cash Flows from Operating Activities	2016			2015

Net income	$	1,522,291		$	1,478,445
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		666,782			370,981
Share-based compensation		51,272			63,273
Shares issued for acquisition		1,000,000			-
Discounts on convertible debt		(74,000	)		-
Interest expense on convertible debt		37,500			-
Changes in operating assets and liabilities net of effects from acquisition of subsidiaries:
Restricted cash		(275,111	)		-
Accounts receivable		(3,003,736	)		123,279
Inventory		389,019			40,888
Prepaid expenses and other assets		507,978			(1,132,348	)
Others		(255,814	)		17,823
Accounts payable		655,123			807,206
Revolving line of credit		(98,384	)		-
Accrued expenses		806,628			166,175
Income taxes payable		(64,338	)		(5,032	)
Net cash provided by (used by) operating activities		1,865,210			1,930,690

Cash Flows from Investing Activities
Purchase of property and equipment		(116,515	)		(150,037	)
Redemption of short-term investments		-			559,815
Investment in subsidiary, net of cash received		(7,387,414	)		-
Net cash provided by (used by) investing activities		(7,503,929	)		409,778

Cash Flows from Financing Activities
Proceeds from Notes Payable		1,500,000			-
Payments on notes payable		(76,914	)		-
Proceeds/(payments) on affiliated loan		109,302			(659,206	)
Proceeds from bank loans		5,000,000			-
Payments on bank loans		(976,203	)		(2,181,569	)
Proceeds from convertible notes		1,877,500			858,000
Net cash provided by (used by) financing activities		7,433,685			(1,982,775	)

Net increase (decrease) in cash		1,794,966			357,693
Cash beginning of period		1,486,737			146,095
Cash end of period	$	3,281,703		$	503,788

Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest	$	292,173		$	96,737

Cash paid during the period for income taxes	$	-		$	5,032

The accompanying notes are an integral part of these financial statements

Cemtrex Inc. and Subsidiaries

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 – ORGANIZATION AND PLAN OF OPERATIONS

The Company was incorporated on April 27, 1998, in the state of Delaware under the name "Diversified American Holdings, Inc." The Company subsequently changed its name to "Cemtrex Inc." on December 16, 2004. Unless the context requires otherwise, all references to “we”, “our”, “us”, “Company”, “registrant”, “Cemtrex” or “management” refer to Cemtrex, Inc. and its subsidiaries. Cemtrex is a leading diversified technology company that operates in a wide array of business segments and provides solutions to meet today's industrial and manufacturing challenges. The Company provides manufacturing services of advanced electronic system assemblies, provides broad-based industrial services, instruments & emission monitors for industrial processes, and provides industrial air filtration & environmental control systems.

Through our Electronics Manufacturing Services (“EMS”) group, we provide end to end electronic manufacturing services, which include product design and sustaining engineering services, printed circuit board assembly and production, cabling and wire harnessing, systems integration, comprehensive testing services and completely assembled electronic products. Our EMS group offers fully integrated contract manufacturing services to global original equipment manufacturers (OEMs) and technology companies that operate primarily in the medical, industrial, automation, automotive, and renewable markets.

Through our Industrial Products and Services (“IPS”) group, we provide a complete line of air filtration and environmental control products to a wide variety of industrial and manufacturing industries worldwide. The group also manufactures, sells, and services monitoring instruments, software and systems for measurement of emissions of Greenhouse gases, hazardous gases, particulate and other regulated pollutants used in emissions trading globally as well as for industrial processes. We also market monitoring and analysis equipment for gas and liquid measurement for various downstream oil & gas applications as well as various industrial process applications. In addition we, through our newly acquired business, offer one-source expertise and capabilities in plant and equipment erection, relocation, and disassembly in a wide variety of industrial markets like automotive, printing & graphics, industrial automation, packaging, and chemicals among others.

On December 15, 2015 we acquired Advanced Industrial Services Inc. (“AIS”) and its affiliate subsidiary company based in York, Pennsylvania for a purchase price of approximately $7,500,000, and acquisition related expenses of $476,340. The purchase price was paid with $5,000,000 in cash, $1,500,000 in a seller's note, and $1,000,000 in the form of 315,458 shares of Cemtrex restricted Common Stock. AIS averaged approximately $23 million in annual revenue and $2.4 million in annual normalized EBITDA over the two calendar years 2013 and 2014. We worked with a local bank to finance the $5.25 million self-amortizing, seven (7) year term loan and $3.5 million working capital credit line for the transaction. The loans carry annual interest rates of 30 day LIBOR plus 2.25 and 2.0 respectively. The seller’s note is for 3 years at 6% (see NOTE 11).

NOTE 2 – BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES

Basis of Presentation and Use of Estimates

The accompanying unaudited financial information should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Annual Report on Form 10-K for the year ended September 30, 2015 (“2015 Annual Report”) of Cemtrex Inc. (“Cemtrex” or the “Company”). A summary of the Company’s significant accounting policies is identified in Note 1 of the notes to the consolidated financial statements included in the Company’s 2015 Annual Report. There have been no changes in the Company’s significant accounting policies subsequent to September 30, 2015.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the Unites States (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X pursuant to the requirements of the U.S. Securities and Exchange Commission (‘SEC”). Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The results of operations for the interim periods are not necessarily indicative of the results of operations for the entire year.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, the disclosure of contingent assets and liabilities in the consolidated financial statements and the accompanying notes, and the reported amounts of revenues, expenses and cash flows during the periods presented. Actual amounts and results could differ from those estimates. The estimates and assumptions the Company makes are based on historical factors, current circumstances and the experience and judgment of the Company's management. The Company evaluates its estimates and assumptions on an ongoing basis.

The consolidated financial statements of the Company include the accounts of its 100% owned subsidiaries, Griffin Filters LLC, Cemtrex Ltd., ROB Cemtrex GmbH, and Advanced Industrial Services, Inc. All significant intercompany balances and transactions have been eliminated.

Significant Accounting Policies

Note 2 of the Notes to Consolidated Financial Statements, included in the annual report on Form 10-K for the year ended September 30, 2015, includes a summary of the significant accounting policies used in the preparation of the consolidated financial statements.

Reclassifications

Certain reclassifications have been made to prior period amounts to conform to the current period presentation.

NOTE 3 – LIQUIDITY

Our current strategic plan includes the expansion of the Company both organically and through acquisitions if market conditions and competitive conditions allow. Due to the long-term nature of investments in acquisitions and other financial needs to support organic growth, including working capital, we expect our long-term and working capital needs to periodically exceed the short-term fluctuations in cash flow from operations. Accordingly, we anticipate that we will likely raise additional external capital from the sale of common stock, preferred stock, and debt instruments as market conditions may allow in addition to cash flow from operations to fund our growth and working capital needs.

To the extent that our internally-generated cash flow is insufficient to meet our needs, we are subject to uncertain and ever-changing debt and equity capital market conditions over which we have no control. The magnitude and the timing of the funds that we need to raise from external sources also cannot be easily predicted.

In the event that we need to raise significant amounts of external capital at any time or over an extended period, we face a clear risk that we may need to do so under adverse capital market conditions with the result that persons who acquire our common stock may incur significant and immediate dilution should we raise capital from the sale of our common or preferred stock. Similarly, we may need to meet our external capital needs from the sale of secured or unsecured debt instruments at interest rates and with such other debt covenants and conditions as the market then requires. In all of these transactions we anticipate that we will likely need to raise significant amounts of additional external capital to support our growth. However, there can be no guarantee that we will be able to raise external capital on terms that are reasonable in light of current market conditions. In the event that we are not able to do so, persons who acquire our common stock may face significant and immediate dilution and other adverse consequences. Further, debt covenants contained in debt instruments that we issue may limit our financial and operating flexibility with consequent adverse impact on our common stock market price.

There is no guarantee that cash flow from operations and/or debt and equity vehicles will provide sufficient capital to meet our expansion goals and working capital needs.

NOTE 4 – FAIR VALUE MEASUREMENTS

The Company complies with the provisions of ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”). Under ASC 820, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.

The Company had no assets reportable under ASC 820 at March 31, 2016 and 2015.

NOTE 5 – ACCOUNTS RECEIVABLE, NET

Trade receivables, net consist of the following:

	March 31,			September 30,
	2016			2015
Accounts receivable	$	11,052,088		$	4,836,046
Allowance for doubtful accounts		(65,311	)		(65,002	)
	$	10,986,777		$	4,771,044

Accounts receivable include amounts due for shipped products and services rendered.

Allowance for doubtful accounts include estimated losses resulting from the inability of our customers to make required payments.

NOTE 6 – INVENTORY, NET

Inventory, net, consist of the following:

	March 31,			September 30,
	2016			2015
Raw materials	$	3,956,288		$	3,345,432
Work in progress		1,060,322			1,306,906
Finished goods		1,491,558			1,866,145
		6,508,168			6,518,483

Less: Allowance for inventory obsolescence		(61,794	)	$	(148,967	)
Inventory –net of allowance for inventory obsolescence	$	6,446,374		$	6,369,516

NOTE 7 – PROPERTY AND EQUIPMENT

Property and equipment are summarized as follows:

	March 31,			September 30,
	2016			2015
Land		1,207,075		$	1,194,979
Building		5,049,035			3,938,544
Furniture and office equipment		614,621			576,741
Computer software		295,621			286,638
Machinery and equipment		9,402,464			3,663,526
		16,568,816			9,660,428

Less: Accumulated depreciation		(2,301,547	)		(1,517,905	)
Property and equipment, net		14,267,269		$	8,142,523

NOTE 8 – PREPAID AND OTHER CURRENT ASSETS

On March 31, 2016 the Company had prepaid and other current assets consisting of prepayments on inventory purchases of $946,621, the current year income tax benefit of $26,485 and other current assets of $1,500. On March 31, 2015 the company had prepaid and other current assets consisting of prepayments on inventory purchases of $1,093,270, an income tax benefit of $100,100, and other current assets of $470,240.

NOTE 9 – CONVERTIBLE NOTES PAYABLE

As of March 31, 2016 the Company has the following unsecured convertible notes, issued on the dates listed, to various unrelated third parties outstanding.

Column1

Column2

Column3

Column4

Column5

Column6

Date

Amount

Maturity period

Interest rate

Conversion price

Conversion period

August 21, 2015

30,000

12 Months

75% of market

6 Months

October 19, 2015

515,000

12 Months

75% of market

6 Months

November 3, 2015

500,000

12 Months

75% of market

6 Months

December 18, 2015

250,000

12 Months

75% of market

6 Months

January 7, 2016

213,500

12 Months

75% of market

6 Months

February 29, 2016

215,000

12 Months

75% of market

6 Months

March 16, 2016

258,000

12 Months

75% of market

6 Months

Total

1,981,500

The use of the proceeds from the notes issued is for growth capital and planned acquisitions. As per the terms of these convertible notes the Company has reserved 4,000,000 shares (post reverse split basis) representing approximately three times the actual shares that would be issued upon conversion of all the notes.

For the six months ended March 31, 2016, 934,357 shares of the Company’s common stock have been issued to satisfy $1,244,000 of convertible notes payable.

NOTE 10 – LONG-TERM LIABILITIES

Loans payable to bank

On October 31, 2013, the company acquired a loan from Sparkasse Bank of Germany in the amount of €3,000,000 ($4,006,500, based upon exchange rate on October 31, 2013) in order to fund the purchase of ROB Cemtrex GmbH. $2,799,411 of the proceeds went to direct purchase of ROB Cemtrex GmbH and $1,207,089 funded beginning operations. This loan carries interest of 4.95% per annum and is payable on October 30, 2021.

On May 28, 2014 the Company financed an upgrade of the information technology infrastructure for ROB Cemtrex GmbH. The purchase was fully financed through Sparkasse Bank of Germany for €200,000 ($272,840 based upon the exchange rate on May 28, 2014). This loan carries interest of 4.50% and is payable over 4 years.

On December15, 2015, the company acquired a loan from Fulton Bank in the amount of $5,250,000 in order to fund the purchase of Advanced Industrial Services, Inc. $5,000,000 of the proceeds went to direct purchase of AIS. This loan carries interest of LIBOR plus 2.25% per annum and is payable on December 15, 2022.

On December15, 2015, the company acquired a loan from Fulton Bank in the amount of $800,000 in order to fund the operations of Advanced Industrial Services, Inc. $620,000 of the proceeds was drawn upon closing. This loan carries interest of LIBOR plus 2.00% per annum and is payable on December 15, 2020.

Mortgage payable

On March 1, 2014 the Company completed the purchase of the building that ROB Cemtrex GmbH occupies in Neulingen, Germany. The purchase was fully financed through Sparkasse Bank of Germany for €4,000,000 ($5,500,400 based upon the exchange rate on March 1, 2014). This mortgage carries interest of 3.00% and is payable over 17 years.

Notes payable

On December 15, 2015 the Company issued notes payable to the sellers of Advanced Industrial Services, Inc. for $1,500,000 to fund the purchase of AIS. These notes carry interest of 6% and are payable over 3 years.

Notes payable – related party

Please see Note 11 – Related Party Transactions for details on notes payable to Ducon Technologies, Inc.

NOTE 11 – BUSINESS COMBINATION

On December 15, 2015 the Company acquired Advanced Industrial Services, Inc. (“AIS”) and its affiliate subsidiary company based in York Pennsylvania. Advanced Industrial Services Inc. is a well-known broad based industrial services provider that offers one-source expertise and capabilities in plant and equipment erection, relocation, and disassembly. Over the years it has been one of the market leaders in installing high precision equipment in a wide variety of industrial markets like automotive, printing & graphics, industrial automation, packaging, and chemicals among others. In addition, AIS has experience in installing industrial air filtration equipment, similar to the equipment sold by Cemtrex through its existing business operations.

The acquisition date fair value of the total consideration transferred was $7.5 million, which consisted of the following:

Cemtrex, Inc. common stock		1,000,000
Loan from bank		5,000,000
Note payable		1,500,000
Total Purchase Price	$	7,500,000

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 December 15, 2015 (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 table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:

Cash	$	112,586
Short-term investments		608,427
Accounts receivable, net		3,211,997
Prepaid expenses		551,292
Inventory, net		465,877
Deferred costs		43,208
Property, plant, and equipment, net		6,620,079
Goodwill		9,205
Other		121,000
Total Liabilities		(4,243,671	)
Net assets acquired	$	7,500,000

The following supplemental pro forma information presents the financial results as if the acquisition of AIS had occurred October 1, 2014:

	For the three months ended				For the six months ended
	March 31,				March 31,
	2016		2015		2016		2015

Revenues	$	18,908,100	$	19,805,679	$	34,208,605	$	38,414,928

Net income	$	829,896	$	1,105,246		922,893	$	1,250,439

Income (Loss) Per Share-Basic	$	0.10	$	0.16	$	0.11	$	0.18

Income (Loss) Per Share-Diluted	$	0.10	$	0.16	$	0.11	$	0.18

NOTE 12 – RELATED PARTY TRANSACTIONS

The Company has Notes payable to Ducon Technologies Inc., totaling $228,357 and $119,055 at March 31, 2016 and September 30, 2015, respectively. These notes are unsecured and carry 5% interest per annum.

NOTE 13 – STOCKHOLDERS’ EQUITY

Series A Preferred Stock

The Company is authorized to issue 10,000,000 shares of Series A Preferred Stock, $0.001 par value. As of March 31, 2016 and September 30, 2014, there were 1,000,000 shares issued and outstanding, respectively.

Each issued and outstanding Series A Preferred Share shall be entitled to the number of votes equal to the result of: (i) the number of shares of common stock of the Company issued and outstanding at the time of such vote multiplied by 1.01; divided by (ii) the total number of Series A Preferred Shares issued and outstanding at the time of such vote, at each meeting of shareholders of the Company with respect to any and all matters presented to the shareholders of the Company for their action or consideration, including the election of directors. Holders of Series A Preferred Shares shall vote together with the holders of Common Shares as a single class.

During the six-month periods ending March 31, 2016 and 2015, the Company did not issue any Series A Preferred Stock.

Reverse Stock Split

On April 3, 2015, our Board of Directors approved a reverse split of our common stock, par value $0.001, at a ratio of one-for-six. This reverse stock split became effective on April 15, 2015 and, unless otherwise indicated, all share amounts. Per share data, share prices, exercise prices and conversion rates set forth in this Report and the accompanying consolidated financial statements have, where applicable, been adjusted retroactively to reflect this reverse stock split.

Listing on NASDAQ Capital Markets

On June 25, 2015 the Company’s common stock commenced trading on the NASDAQ Capital Markets under the symbol “CETX”.

Common Stock

The Company is authorized to issue 20,000,000 shares of common stock, $0.001 par value. As of March 31, 2016 there were 8,456,148 shares issued and outstanding and at September 30, 2015, there were 7,158,087 shares issued and outstanding.

During the six-month period ended March 31, 2016 the Company issued 1,298,061 shares of common stock. During the six-month period ended March 31, 2015, the Company issued 24,596 shares of common stock.

On February 12, 2016, the Company granted a stock option for 200,000 shares to Saagar Govil, Company’s Chairman and CEO. These options have a call price of $1.70 per share, and expire after six years. As of March 31, 2016 no shares under this option have been exercised.

During the fiscal year ended September 30, 2014 the company granted stock options for 100,000 shares to employees of the Company. These options have a call price of $1.80 per share, vest over four years, and expire after six years. As of March 31, 2016, 16,264 shares have been exercised and none have expired or have been cancelled.

For the six months ended March 31, 2016, 934,357 shares of the Company’s common stock have been issued to satisfy $774,000 of convertible notes payable (see NOTE 9).

NOTE 14 – COMMITMENTS AND CONTIGENCIES

Our IPS group leases (i) approx. 5,000 sq. ft. of office and warehouse space in Liverpool, New York from a third party in a five year lease at a monthly rent of $2,200 expiring on March 31, 2018, (ii) approximately 2000 square feet of office on a month to month rental from a third party in Hong Kong at a monthly rental of $4,133.00, (iii) approximately 1500 square feet of office on a month to month rental from a third party in Navi Mumbai, India at a monthly rental of $600.00, (iv) approximately 25,000 sq. ft. of warehouse space in Manchester, PA from a third party in a seven year lease at a monthly rent of $7,300 expiring on December 13, 2020, (v) approximately 43,000 sq. ft. of office and warehouse space in York, PA from a third party in a ten year lease at a monthly rent of $22,625 expiring on March 23, 2026, and (vi) approximately 15,500 sq. ft. of warehouse space in Emigsville, PA from a third party in a one year lease at a monthly rent of $4,337 expiring on August 31, 2016.

Our EMS group owns a 70,000 sq. ft. manufacturing building in Neulingen, Germany which has a 17 year 3.00% interest mortgage with monthly mortgage payments of €25,000, through March 2031. The EMS group also rents a 10,000 sq. ft. manufacturing facility in Sibiu, Romania from a third party in a ten year lease at a monthly rent of €8,000 expiring on May 31, 2019.

NOTE 15 – RECENTLY ISSUED ACCOUNTING STANDARDS

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the consolidated financial statements unless otherwise disclosed, and we do not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on our financial position or results of operations.

NOTE 16 – SUBSEQUENT EVENTS

On April 22, 2016, the Company issued a convertible note to an unrelated party in the amount of $525,000. The twelve (12) month maturity note carries an interest rate of 10% per annum, and can be converted into Company’s common stock at a conversion price equaling 80% of the market price only after six months from the date of issuance at the holder’s option.

On April 11, 2016, we entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Chardan Capital Markets, LLC (“Chardan”), pursuant to which we may issue and sell shares of our common stock from time to time through Chardan as our sales agent. The issuance and sale of shares by the Company under the Equity Distribution Agreement, if any, is subject to the effectiveness of the Company’s shelf registration statement on Form S-3, as filed with the Securities and Exchange Commission on April 11, 2016 and not yet declared effective by the Securities and Exchange Commission. The Company makes no assurance as to the effectiveness of its shelf registration statement.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Except for historical information contained in this report, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this report, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “plans”, “potential” and “intends” and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and their pricing; unexpected manufacturing or supplier problems; the Company’s ability to maintain sufficient credit arrangements; changes in governmental standards by which our environmental control products are evaluated and the risk factors reported from time to time in the Company’s SEC reports, including its recent report on Form 10-K. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.

General Overview

Through our Industrial Products and Services (“IPS) group, we sell a complete line of air filtration and environmental control products to a wide variety of industrial and manufacturing industries worldwide. The group also manufactures, sells, and services monitoring instruments, software and systems for measurement of emissions of Greenhouse gases, hazardous gases, particulate and other regulated pollutants used in emissions trading globally as well as for industrial processes. We also market monitoring and analysis equipment for gas and liquid measurement for various downstream oil & gas applications as well as various industrial process applications. In addition through our newly acquired business offers one-source expertise and capabilities in plant and equipment erection, relocation, and disassembly in a wide variety of industrial markets like automotive, printing & graphics, industrial automation, packaging, and chemicals among others.

On December 15, 2015 we acquired Advanced Industrial Services, Inc. (“AIS”) and its affiliate subsidiary company based in York Pennsylvania. Advanced Industrial Services Inc. is a well-known broad based industrial services provider that offers one-source expertise and capabilities in plant and equipment erection, relocation, and disassembly. Over the years it has been one of the market leaders in installing high precision equipment in a wide variety of industrial markets like automotive, printing & graphics, industrial automation, packaging, and chemicals among others. In addition, AIS has experience in installing industrial air filtration equipment, similar to the equipment sold by Cemtrex through its existing business operations (see NOTE 11).

Liquidity

There is no guarantee that cash flow from operations and/or debt and equity vehicles will provide sufficient capital to meet our expansion goals and working capital needs.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations are based upon the accompanying unaudited condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Although these estimates are based on our knowledge of current events, our actual amounts and results could differ from those estimates. The estimates made are based on historical factors, current circumstances, and the experience and judgment of our management, who continually evaluate the judgments, estimates and assumptions and may employ outside experts to assist in the evaluations.

Certain of our accounting policies are deemed “critical”, as they are both most important to the financial statement presentation and require management’s most difficult, subjective or complex judgments as a result of the need to make estimates about the effect of matters that are inherently uncertain. For a discussion of our critical accounting policies, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended September 30, 2015.

Results of Operations - For the three months ending March 31, 2016 and 2015

Total revenue for the three months ended March 31, 2016 and 2015 was $18,908,100 and $14,330,940, respectively, an increase of $4,577,160, or 32%. Net income for the three months ended March 31, 2016 and 2015 was $829,896 and $1,081,573, respectively, a decrease of $251,677, or 23%. Net income in the second quarter decreased, as compared to net income in the same period last year, due to one-time expenses related to certain planned and uncompleted acquisitions and other corporate marketing expenses.

Revenues

Our IPS group’s revenues for three months ended March 31, 2016 increased by $5,727,531 or 80%, to $12,872,775 from $7,145,244 for the three months ended March 31, 2015. The increase was primarily due to the acquisition of AIS on December 15, 2015.

Our EMS group’s revenues for the three months ended March 31, 2016 decreased by $1,150,371 or 16% to $6,035,325 from $7,185,696 for the three months ended March 31, 2015. The primary reason for decreased sales was due to the postponement of the execution of in-house orders during this quarter as compared to the same quarter a year ago.

Gross Profit

Gross Profit for the three months ended March 31, 2016 was $5,832,728 or 31% of revenues as compared to gross profit of $4,244,508 or 30% of revenues for the three months ended March 31, 2015. The gross profit percentage has increased slightly in the three months ended March 31, 2016 compared to the same period in the prior year due to the mix of products shipped and services offered during the respective quarters.

Operating Expenses

Operating expenses for the three months ended March 31, 2016 increased $1,490,707 or 43% to $4,937,642 from $3,446,935 for the three months ended March 31, 2015. Operating expenses as a percentage of revenue increased to 26% of revenues for the three month period ended March 31, 2016 compared to 24% for the three month period ended March 31, 2015. The increases in operating expenses as a percentage were primarily due to one-time expenses related to certain planned and uncompleted acquisitions and other corporate marketing expenses.

Other Income/(Expense)

Interest and other income/(expense) for the second quarter of fiscal 2016 was $(70,890) as compared to $262,600 for the second quarter of fiscal 2015. The expense was due primarily to interest on the acquisition loans for AIS.

Provision for Income Taxes

During the Second quarter of fiscal 2016 we recorded an income tax benefit of $5,700 compared to an income tax benefit of $21,400 for the second quarter of fiscal 2015. The provision for income tax is based upon the projected income tax from the Company’s various U.S. and international subsidiaries that are subject to their respective income tax jurisdictions.

Net Income/Loss

The Company had net income of $829,896 or 4% of revenues, for the three month period ended March 31, 2016 as compared to a net income of $1,081,573 or 8% of revenues, for the three months ended March 31, 2015. Net income in the second quarter decreased, as compared to net income in the same period last year, due largely to one-time expenses related to certain planned and uncompleted acquisitions and other corporate marketing expenses.

Results of Operations - For the six months ending March 31, 2016 and 2015

Total revenue for the six months ended March 31, 2016 and 2015 was $32,222,793 and $28,173,129, respectively, an increase of $4,049,064, or 14%. Net income for the six months ended March 31, 2016 and 2015 was $1,552,291 and $1,478,445, respectively, an increase of $43,846, or 3%. Net income in the first and second quarters increased, as compared to net income in the same period last year, due largely to an improved gross profit compared to the same period in the prior year.

Revenues

Our IPS group’s revenues for the six months ended March 31, 2016 increased by $6,253,333 or 43%, to $20,738,216 from $14,484,833 for the six months ended March 31, 2015. The increase was primarily due to the acquisition of AIS on December 15, 2015.

Our EMS group’s revenues for the six months ended March 31, 2016 decreased by $2,204,269 or 16% to $11,484,577 from $13,688,846 for the six months ended March 31, 2015. The primary reason for decreased sales was due to the postponement of the executing of in-house orders during this quarter as compared to the same period a year ago.

Gross Profit

Gross Profit for the six months ended March 31, 2016 was $9,705,626 or 30% of revenues as compared to gross profit of $8,267,565 or 29% of revenues for the six months ended March 31, 2015. The gross profit percentage has increased slightly in the six months ended March 31, 2016 compared to the same period in the prior year due to the mix of products shipped and services offered during the respective periods.

Operating Expenses

Operating expenses for the six months ended March 31, 2016 increased $1,274,797 or 18% to $8,343,554 from $7,068,757 for the six months ended March 31, 2015. Operating expenses as a percentage of revenue increased slightly to 26 % for the six month period ended March 31, 2016 as compared to 25% for the six month period ended March 31, 2015. The increases in operating expenses were primarily due to one-time expenses related to certain planned and uncompleted acquisitions and other corporate marketing expenses.

Other Income/(Expense)

Interest and other income/(expense) for the first and second quarters of fiscal 2016 was $104,345 as compared to $179,573 for the first and second quarters of fiscal 2015. The decrease in income was due primarily to interest on the acquisition loans for AIS.

Provision for Income Taxes

During the first and second quarters of fiscal 2016 we recorded an income tax benefit of $55,874 compared to an income tax benefit of $100,100 for the first and second quarters of fiscal 2015. The provision for income tax is based upon the projected income tax from the Company’s various U.S. and international subsidiaries that are subject to their respective income tax jurisdictions.

Net Income/Loss

The Company had net income of $1,522,291 or 5% of revenues, for the six month period ended March 31, 2016 as compared to a net income of $1,478,445 or 5% of revenues, for the six months ended March 31, 2015. Net income in the first and second quarters increased, as compared to net income in the same period last year, due largely to an increased gross profit compared to the some period in the prior year.

Effects of Inflation

The Company’s business and operations have not been materially affected by inflation during the periods for which financial information is presented.

Liquidity and Capital Resources

Working capital was $7,187,699 at March 31, 2016 compared to $4,693,904 at September 30, 2015. This includes cash and cash equivalents of $3,281,703 at March 31, 2016 and $1,486,737 at September 30, 2015, respectively. The increase in working capital was primarily due to increases in cash and equivalents, restricted cash, accounts receivable, inventory, prepaid expenses and other current assets, and a decrease in accrued income taxes, offset by increases in accounts payable, revolving line of credit, and accrued expenses, current portion of long-term liabilities, and the issuance of convertible notes.

Accounts receivable increased $6,215,733 or 130% to $10,986,777 at March 31, 2016 from $4,771,044 at September 30, 2015. The increase in accounts receivable is attributable to the acquisition of Advanced Industrial Services, Inc.

Inventories increased $76,858 or 1% to $6,446,374 at March 31, 2016 from $6,369,516 at September 30, 2015. The increase in inventories is attributable to the acquisition of Advanced Industrial Services, Inc.

Operating activities provided $1,865,210 of cash for the six months ended March 31, 2016 compared to providing cash of $1,930,690 of cash for the six months ended March 31, 2015. The decrease in operating cash flows was primarily due to the increase in accounts receivable for the six months ended March 31, 2016

Investment activities used $7,503,929 of cash for the six months ended March 31, 2016 compared to providing cash of $409,778 during the six month period ended March 31, 2015. Investing activities were primarily driven by the acquisition of AIS.

Financing activities provided $7,433,685 of cash for the six month period ended March 31, 2016 as compared to using cash of $1,982,775 in the six month period ended March 31, 2015. Financing activities were primarily driven by proceeds of bank loans for the acquisition of AIS.

In the event that we raise significant external capital from the issuance of our common stock, preferred stock, or any one or more debt instruments, we remain subject to the uncertainties and the volatility of the capital markets over which we have no control. In all of these transactions we may be forced to raise capital on adverse terms or terms that are not reasonable in light of current market conditions. As a result, persons who acquire our common stock may incur immediate and substantial dilution and, in the case of our issuance of preferred stock or any debt instrument, we may issue preferred stock with rights and privileges that adversely impact common stockholder rights, and, in the case of the issuance of any debt instrument, the affirmative and negative covenants that we may be required to accept, could adversely impact our financial and operating flexibility with consequent adverse impact on the rights of our common stockholders and our common stock market price.

Overall, there is no guarantee that cash flow from our existing or future operations and any external capital that we may be able to raise will be sufficient to meet our expansion goals and working capital needs.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures reporting as promulgated under the Exchange Act is defined as controls and procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms. Disclosure controls and procedures include without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Vice President of Finance (“VPF”), or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Our CEO and our VPF have evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2016 and have concluded that the Company’s disclosure controls and procedures were effective as of March 31, 2016.

Changes in Internal Control Over Financial Reporting

There was no change in the Company’s internal control over financial reporting during the Company’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II Other Information

Item 6. Exhibits

10.1	Equity Distribution Agreement, dated April 11. 2016, between the Registrant and Chardan Capital Markets, LLC (incorporated by reference to Exhibit 1.2 to the Company’s registration statement on Form S-3 filed on April 11, 2016, File No. 333-210700 ).

31.1	Certification of Chief Executive Officer as required by Rule 13a-14 or 15d-14 of the Exchange Act, as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2	Certification of Vice President of Finance and Principal Financial Officer as required by Rule 13a-14 or 15d-14 of the Exchange Act, as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act 0f of 2002.

32.2	Certification of Vice President of Finance and Principal Financial Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act 0f of 2002.

101.INS	XBRL Instance Document

101.SCH	XBRL Taxonomy Extension Schema

101.CAL	XBRL Taxonomy Extension Calculation Linkbase

101.DEF	XBRL Taxonomy Extension Definition Linkbase

101.LAB	XBRL Taxonomy Extension Label Linkbase

101.PRE	XBRL Taxonomy Extension Presentation Linkbase

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		Cemtrex, Inc.

Dated: May 16, 2016	By:	/s/ Saagar Govil
		Saagar Govil
		Chief Executive Officer

Dated: May 16, 2016		/s/ Renato Dela Rama
		Renato Dela Rama
		Vice President of Finance
		and Principal Financial Officer

EX-31.1 2 v439432_ex31-1.htm EXHIBIT 31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO RULE 13a/15d OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Saagar Govil, certify that:

I have reviewed this report on Form 10-Q of Cemtrex, Inc. and subsidiaries (the “registrant);

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Saagar Govil .
	Saagar Govil
	Chief Executive Officer

Dated: May 16, 2016

EX-31.2 3 v439432_ex31-2.htm EXHIBIT 31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO RULE 13a/15d OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Renato Dela Rama, certify that:

I have reviewed this report on Form 10-Q of Cemtrex, Inc. and subsidiaries (the “registrant);

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Renato Dela Rama .
	Renato Dela Rama
	Vice President of Finance
	and Principal Financial Officer

Dated: May 16, 2016

EX-32.1 4 v439432_ex32-1.htm EXHIBIT 32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Cemtrex, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Saagar Govil, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1)

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

	/s/ Saagar Govil.
	Saagar Govil
	Chief Executive Officer

Dated: May 16, 2016

EX-32.2 5 v439432_ex32-2.htm EXHIBIT 32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Cemtrex, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Renato Dela Rama, Vice President of Finance and Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1)

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

	/s/ Renato Dela Rama.
	Renato Dela Rama
	Vice President of Finance
	and Principal Financial Officer

Dated: May 16, 2016

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0.08

0.1

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Trade receivables, net consist of the following:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 90%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>March 31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>September 30,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div>Accounts receivable</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>11,052,088</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>4,836,046</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div>Allowance for doubtful accounts</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(65,311)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(65,002)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="65%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>10,986,777</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>4,771,044</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

0.75

6 Months

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Cash</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>112,586</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Short-term investments</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>608,427</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Accounts receivable, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>3,211,997</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Prepaid expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>551,292</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Inventory, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>465,877</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Deferred costs</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>43,208</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Property, plant, and equipment, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>6,620,079</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Goodwill</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>9,205</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>121,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Total Liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>(4,243,671)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 27px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Net assets acquired</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="17%"> <div>7,500,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

6 Months

4006500

LIBOR plus 2.25%

LIBOR plus 2.00%

5500400

1000000

112586

0.05

On April 3, 2015, our Board of Directors approved a reverse split of our common stock, par value $0.001, at a ratio of one-for-six. This reverse stock split became effective on April 15, 2015

1298061

24596

0.001

4133

525000

0.1

-74000

76914

976203

2181569

200000

1.70

P6Y

16264

18908100

19805679

34208605

38414928

829896

1105246

922893

1250439

0.10 0.16 0.11 0.18

0.10

0.16

0.11

0.18

7500000

476340

5000000

1500000

1000000

315458

23000000 2400000

5250000

P3Y

3500000

0.06

The loans carry annual interest rates of 30 day LIBOR plus 2.25 and 2.0 respectively.

P7Y

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> NOTE 11  BUSINESS COMBINATION</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size:10pt;">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="BACKGROUND-COLOR: transparent">On December 15, 2015 the Company acquired Advanced Industrial Services, Inc. (“AIS”) and its affiliate subsidiary company based in York Pennsylvania. Advanced Industrial Services Inc. is a well-known broad based industrial services provider that offers one-source expertise and capabilities in plant and equipment erection, relocation, and disassembly. Over the years it has been one of the market leaders in installing high precision equipment in a wide variety of industrial markets like automotive, printing & graphics, industrial automation, packaging, and chemicals among others. In addition, AIS has experience in installing industrial air filtration equipment, similar to the equipment sold by Cemtrex through its existing business operations.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The acquisition date fair value of the total consideration transferred was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7.5</font> million, which consisted of the following:</div>  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Cemtrex, Inc. common stock</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>1,000,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Loan from bank</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>5,000,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Note payable</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>1,500,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 29px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Total Purchase Price</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="17%"> <div>7,500,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> </table> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">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 December 15, 2015 (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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Cash</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>112,586</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Short-term investments</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>608,427</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Accounts receivable, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>3,211,997</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Prepaid expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>551,292</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Inventory, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>465,877</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Deferred costs</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>43,208</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Property, plant, and equipment, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>6,620,079</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Goodwill</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>9,205</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>121,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Total Liabilities</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>(4,243,671)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 27px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="80%"> <div>Net assets acquired</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="17%"> <div>7,500,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>The following supplemental pro forma information presents the financial results as if the acquisition of AIS had occurred October 1, 2014:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>For the three months ended</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>For the six months ended</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>March 31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>March 31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Revenues</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>18,908,100</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>19,805,679</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>34,208,605</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>38,414,928</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Net income</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>829,896</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,105,246</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>922,893</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,250,439</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Income (Loss) Per Share-Basic</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.10</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.16</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.11</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.18</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Income (Loss) Per Share-Diluted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.10</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.16</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.11</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>0.18</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

P12M

2015-08-21

2015-10-19

2015-11-03

2015-12-18

2016-01-07

2016-02-29

2016-03-16

4 years

P4Y

P6Y

2031-03-31

converted into Company’s common stock at a conversion price equaling 80% of the market price only after six months from the date of issuance at the holder’s option.

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obsolescence Prepaid Expense and Other Assets, Current Prepaid expenses and other current assets Property, Plant and Equipment, Net, Total Property and equipment, net Property and equipment, net Goodwill Goodwill Notes, Loans and Financing Receivable, Net, Noncurrent, Total Notes receivable Other Assets Noncurrent Other assets Liabilities and Equity [Abstract] Liabilities & Stockholders' Equity (Deficit) Liabilities, Current [Abstract] Current liabilities Accounts Payable Current Accounts payable Line of Credit, Current Revolving line of credit Accrued Liabilities Current Accrued expenses Accrued Income Taxes, Current Accrued income taxes Liabilities Noncurrent [Abstract] Long-term liabilities Notes Payable, Noncurrent, Total Notes payable Notes payable - related party Notes Payable, Related Parties, Noncurrent Notes payable - related party Loans Payable to Bank, Noncurrent Loans payable to bank Liabilities, Total Total liabilities Commitments and Contingencies Commitments and contingencies Stockholders Equity [Abstract] Shareholders' equity Preferred Stock Value Preferred stock series A, $0.001 par value, 10,000,000 shares authorized, 1,000,000 shares issued and outstanding, respectively Common Stock Value Common stock, $0.001 par value, 20,000,000 shares authorized, 8,456,148 shares issued and outstanding at March 31, 2016 and 7,158,087 shares issued and outstanding at September 30, 2015 Additional Paid In Capital Additional paid-in capital Retained Earnings Accumulated Deficit Retained earnings Accumulated Other Comprehensive Income (Loss), Net of Tax, Total Accumulated other comprehensive loss Stockholders' Equity Attributable To Parent Total shareholders' equity Balance Balance Liabilities and Stockholders Equity Total liabilities and shareholders' equity Subsequent Events [Abstract] Subsequent Events [Text Block] Accounting Policies [Abstract] Basis of Accounting, Policy [Policy Text Block] Reclassification, Policy [Policy Text Block] Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] Schedule of Inventory, Current [Table Text Block] Property, Plant and Equipment [Table Text Block] Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] Preferred Stock, Par Or Stated Value Per Share Preferred Stock Series A, par value (in dollars per share) Preferred Stock, Shares Authorized Preferred Stock Series A, shares authorized Preferred Stock, Shares Issued Preferred Stock Series A, shares issued Preferred Stock, Shares Outstanding Preferred Stock Series A, shares outstanding Common Stock, Par Or Stated Value Per Share Common Stock, par value (in dollars per share) Common Stock, Shares Authorized Common Stock, shares authorized Common Stock, Shares, Issued Common Stock, shares issued Common Stock, Shares, Outstanding Common Stock, shares outstanding Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization and Operations [Table] Legal Entity [Axis] Related Party [Axis] Entity [Domain] Related Party [Domain] Cemtrex Inc [Member] Short-term Debt, Type [Axis] Entity Incorporation, Date of Incorporation Entity Incorporation, Date Of Incorporation Business Acquisition, Name of Acquired Entity Name of consolidated subsidiary or entity Business Acquisition, Effective Date Of Acquisition Date of acquisition Date of acquisition Basis Of Presentation And Critical Accounting Policies [Table] Adjustments For New Accounting Pronouncements [Axis] Adjustments for New Accounting Pronouncements [Axis] Type Of Adoption [Domain] Type of Adoption [Domain] Range [Axis] Range [Axis] Range [Domain] Range [Domain] Schedule of Accounts, Notes, Loans and Financing Receivable [Table] Class Of Stock [Domain] Class of Stock [Domain] Accounts, Notes, Loans and Financing Receivable [Line Items] Accounts Receivable, Gross Accounts receivable Allowance for Doubtful Accounts Receivable Allowance for doubtful accounts Accounts Receivable, Net, Total Accounts Receivables, Net, Total Inventory, Current [Table] Inventory [Line Items] Inventory, Raw Materials, Gross Raw materials Inventory, Work in Process, Gross Work in progress Inventory, Finished Goods, Gross Finished goods Inventory, Gross, Total Inventory, Gross, Total Inventory Adjustments, Total Less: Allowance for inventory obsolescence Property, Plant and Equipment [Table] Property, Plant and Equipment [Line Items] Land and Land Improvements, Total Land Buildings and Improvements, Gross Building Furniture and Fixtures, Gross Furniture and office equipment Capitalized Computer Software, Gross Computer software Machinery and Equipment, Gross Machinery and equipment Property, Plant and Equipment, Gross, Total Property, Plant and Equipment, Gross, Total Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Less: Accumulated depreciation Prepaid And Other Current Assets [Table] Prepaid And Other Current Assets [Line Items] Prepaid Supplies Schedule of Long-term Debt Instruments [Table] Long-term Debt, Type [Axis] Long-term Debt, Type [Domain] Loan payable to bank One [Member] Loan payable to bank Two [Member] Loan Payable To Bank Three [Member] Business Acquisition [Axis] Business Acquisition, Acquiree [Domain] ROB Cemtrex GmbH Acquisition [Member] ROB Cemtrex GmbH Funded Operations [Member] Related Party [Axis] Related Party [Axis] Debt Instrument, Interest Rate, Stated Percentage Debt Instrument, Maturity Date Debt Instrument, Term Income Statement [Abstract] Revenues Revenues Cost of Revenue, Total Cost of revenues Gross Profit Gross profit Operating Expenses [Abstract] Operating expenses General and Administrative Expense General and administrative Operating Expenses Total operating expenses Operating Income (Loss) Operating income (loss) Nonoperating Income Expense [Abstract] Other income (expense) Other Nonoperating Income Other Income (expense) Interest Expense Interest Expense Nonoperating Income (Expense) Total other income (expense) Income Loss From Continuing Operations Before Income Taxes Minority Interest and Income Loss From Equity Method Investments Net income (loss) before income taxes Income Tax Expense (Benefit) Provision for income taxes Total Net Income (Loss) Attributable To Parent Net income (loss) Net income Net income Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] Other comprehensive income/(loss) Earnings Per Share, Basic, Total Income (Loss) Per Share-Basic Earnings Per Share, Diluted Income (Loss) Per Share-Diluted Weighted Average Number of Shares Outstanding, Basic Weighted Average Number of Shares-Basic Weighted Average Number of Shares Outstanding, Diluted Weighted Average Number of Shares-Diluted Earnings Per Share [Abstract] Net income per common share: Schedule of Business Acquisitions, by Acquisition [Table] Contingent Consideration by Type [Axis] Debt Instrument, Name [Domain] Loan From Bank [Member] Debt Instrument [Axis] Business Combination, Consideration Transferred, Total Business Combination, Consideration Transferred, Total Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents Cash Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities Short-term investments Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables Accounts receivable, net Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets Prepaid expenses Business Acquisition [Line Items] Business Acquisition, Pro Forma Revenue Revenues Business Acquisition, Pro Forma Net Income (Loss) Net income Business Acquisition Pro Forma Earnings Per Share Basic and Diluted Income (Loss) Per Share-Basic The pro form basic and diluted net income per share for a period as if the business combination or combinations had been completed at the beginning of a period. Schedule of Related Party Transactions, by Related Party [Table] Geographical [Axis] Geographical [Axis] Segment, Geographical [Domain] Segment, Geographical [Domain] Related Party [Domain] Related Party [Domain] Ducon Technologies, Inc [Member] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Domain] Title of Individual [Axis] Relationship to Entity [Domain] Equity Components [Axis] Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Related Party Transaction [Line Items] Related Party Transaction [Line Items] Schedule of Equity Method Investments [Table] Common Stock [Member] Common Stock [Member] Preferred Stock, Voting Rights Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price EX-101.PRE 12 cetx-20160331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 13 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Mar. 31, 2016	May. 09, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Entity Registrant Name	CEMTREX INC
Entity Central Index Key	0001435064
Current Fiscal Year End Date	--09-30
Entity Filer Category	Smaller Reporting Company
Trading Symbol	CETX
Entity Common Stock, Shares Outstanding		8,538,701

XML 14 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($)	Mar. 31, 2016	Sep. 30, 2015
Current assets
Cash and equivalents	$ 3,281,703	$ 1,486,737
Restricted cash	883,538	0
Accounts receivable, net	10,986,777	4,771,044
Inventory, net	6,446,374	6,369,516
Prepaid expenses and other current assets	974,606	893,792
Total current assets	22,572,998	13,521,089
Property and equipment, net	14,267,269	8,142,523
Goodwill	854,205	845,000
Notes receivable	0	0
Other assets	334,652	35,630
Total Assets	38,029,124	22,544,242
Current liabilities
Accounts payable	5,790,012	4,386,578
Revolving line of credit	3,515,889	2,129,711
Accrued expenses	1,944,265	309,130
Accrued income taxes	16,558	73,746
Convertible notes payable	1,951,500	1,274,000
Current portion of long-term liabilities	2,167,075	654,020
Total current liabilities	15,385,299	8,827,185
Long-term liabilities
Notes payable	949,880	0
Notes payable - related party	228,357	119,055
Loans payable to bank	7,193,204	2,383,815
Mortgage payable	3,786,353	4,088,618
Total liabilities	27,543,093	15,418,673
Commitments and contingencies	0	0
Shareholders' equity
Preferred stock series A, $0.001 par value, 10,000,000 shares authorized, 1,000,000 shares issued and outstanding, respectively	1,000	1,000
Common stock, $0.001 par value, 20,000,000 shares authorized, 8,456,148 shares issued and outstanding at March 31, 2016 and 7,158,087 shares issued and outstanding at September 30, 2015	8,456	7,158
Additional paid-in capital	3,271,418	1,020,444
Retained earnings	7,953,146	6,430,855
Accumulated other comprehensive loss	(747,989)	(333,888)
Total shareholders' equity	10,486,031	7,125,569
Total liabilities and shareholders' equity	$ 38,029,124	$ 22,544,242

XML 15 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets [Parenthetical] - $ / shares	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2014
Preferred Stock Series A, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock Series A, shares authorized	10,000,000	10,000,000
Preferred Stock Series A, shares issued	1,000,000	1,000,000	1,000,000
Preferred Stock Series A, shares outstanding	1,000,000	1,000,000
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized	20,000,000	20,000,000
Common Stock, shares issued	8,456,148	7,158,087
Common Stock, shares outstanding	8,456,148	7,158,087

XML 16 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations and Comprehensive Income/(Loss) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Revenues	$ 18,908,100	$ 14,330,940	$ 32,222,793	$ 28,173,729
Cost of revenues	13,075,372	10,086,432	22,517,167	19,906,164
Gross profit	5,832,728	4,244,508	9,705,626	8,267,565
Operating expenses
General and administrative	4,937,642	3,446,935	8,343,554	7,068,757
Total operating expenses	4,937,642	3,446,935	8,343,554	7,068,757
Operating income (loss)	895,086	797,573	1,362,072	1,198,808
Other income (expense)
Other Income (expense)	113,853	452,060	464,506	509,609
Interest Expense	(184,743)	(189,460)	(360,161)	(330,072)
Total other income (expense)	(70,890)	262,600	104,345	179,537
Net income (loss) before income taxes	824,196	1,060,173	1,466,417	1,378,345
Provision for income taxes	(5,700)	(21,400)	(55,874)	(100,100)
Net income (loss)	829,896	1,081,573	1,522,291	1,478,445
Other comprehensive income/(loss)
Foreign currency translation gain/(loss)	49,108	(182,659)	(414,101)	(268,602)
Comprehensive income/(loss)	$ 879,004	$ 898,914	$ 1,108,190	$ 1,209,843
Income (Loss) Per Share-Basic	$ 0.10	$ 0.16	$ 0.20	$ 0.22
Income (Loss) Per Share-Diluted	$ 0.10	$ 0.16	$ 0.19	$ 0.22
Weighted Average Number of Shares-Basic	8,137,476	6,766,587	7,774,090	6,771,833
Weighted Average Number of Shares-Diluted	8,201,842	6,766,587	7,842,254	6,784,007

XML 17 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities
Net income	$ 1,522,291	$ 1,478,445
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	666,782	370,981
Share-based compensation	51,272	63,273
Shares issued for acquisition	1,000,000	0
Discounts on convertible debt	(74,000)	0
Interest expense on convertible debt	37,500	0
Changes in operating assets and liabilities net of effects from acquisition of subsidiaries:
Restricted cash	(275,111)	0
Accounts receivable	(3,003,736)	123,279
Inventory	389,019	40,888
Prepaid expenses and other assets	507,978	(1,132,348)
Others	(255,814)	17,823
Accounts payable	655,123	807,206
Revolving line of credit	(98,384)	0
Accrued expenses	806,628	166,175
Income taxes payable	(64,338)	(5,032)
Net cash provided by (used by) operating activities	1,865,210	1,930,690
Cash Flows from Investing Activities
Purchase of property and equipment	(116,515)	(150,037)
Redemption of short-term investments	0	559,815
Investment in subsidiary, net of cash received	(7,387,414)	0
Net cash provided by (used by) investing activities	(7,503,929)	409,778
Cash Flows from Financing Activities
Proceeds from Notes Payable	1,500,000	0
Payments on notes payable	(76,914)	0
Proceeds/(payments) on affiliated loan	109,302	(659,206)
Proceeds from bank loans	5,000,000	0
Payments on bank loans	(976,203)	(2,181,569)
Proceeds from convertible notes	1,877,500	858,000
Net cash provided by (used by) financing activities	7,433,685	(1,982,775)
Net increase (decrease) in cash	1,794,966	357,693
Cash beginning of period	1,486,737	146,095
Cash end of period	3,281,703	503,788
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest	292,173	96,737
Cash paid during the period for income taxes	$ 0	$ 5,032

XML 18 R6.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND PLAN OF OPERATIONS

6 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature Of Operations [Text Block]

NOTE 1 – ORGANIZATION AND PLAN OF OPERATIONS

XML 19 R7.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES

6 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE 2 – BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES

Basis of Presentation and Use of Estimates

Significant Accounting Policies

Reclassifications

Certain reclassifications have been made to prior period amounts to conform to the current period presentation.

XML 20 R8.htm IDEA: XBRL DOCUMENT

LIQUIDITY

6 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Substantial Doubt about Going Concern [Text Block]

NOTE 3 – LIQUIDITY

There is no guarantee that cash flow from operations and/or debt and equity vehicles will provide sufficient capital to meet our expansion goals and working capital needs.

XML 21 R9.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS

6 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

NOTE 4 – FAIR VALUE MEASUREMENTS

The Company had no assets reportable under ASC 820 at March 31, 2016 and 2015.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 22 R10.htm IDEA: XBRL DOCUMENT

ACCOUNTS RECEIVABLE, NET

6 Months Ended

Mar. 31, 2016

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE 5 – ACCOUNTS RECEIVABLE, NET

Trade receivables, net consist of the following:

	March 31,		September 30,
	2016		2015
Accounts receivable	$	11,052,088	$	4,836,046
Allowance for doubtful accounts		(65,311)		(65,002)
	$	10,986,777	$	4,771,044

Accounts receivable include amounts due for shipped products and services rendered.

Allowance for doubtful accounts include estimated losses resulting from the inability of our customers to make required payments.

XML 23 R11.htm IDEA: XBRL DOCUMENT

INVENTORY, NET

6 Months Ended

Mar. 31, 2016

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

NOTE 6 – INVENTORY, NET

Inventory, net, consist of the following:

	March 31,		September 30,
	2016		2015
Raw materials	$	3,956,288	$	3,345,432
Work in progress		1,060,322		1,306,906
Finished goods		1,491,558		1,866,145
		6,508,168		6,518,483

Less: Allowance for inventory obsolescence		(61,794)	$	(148,967)
Inventory –net of allowance for inventory obsolescence	$	6,446,374	$	6,369,516

XML 24 R12.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT

6 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

NOTE 7 – PROPERTY AND EQUIPMENT

Property and equipment are summarized as follows:

	March 31,		September 30,
	2016		2015
Land		1,207,075	$	1,194,979
Building		5,049,035		3,938,544
Furniture and office equipment		614,621		576,741
Computer software		295,621		286,638
Machinery and equipment		9,402,464		3,663,526
		16,568,816		9,660,428

Less: Accumulated depreciation		(2,301,547)		(1,517,905)
Property and equipment, net		14,267,269	$	8,142,523

XML 25 R13.htm IDEA: XBRL DOCUMENT

PREPAID AND OTHER CURRENT ASSETS

6 Months Ended

Mar. 31, 2016

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid, and Other Current Assets [Text Block]

NOTE 8 – PREPAID AND OTHER CURRENT ASSETS

XML 26 R14.htm IDEA: XBRL DOCUMENT

CONVERTIBLE NOTES PAYABLE

6 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTE 9 – CONVERTIBLE NOTES PAYABLE

As of March 31, 2016 the Company has the following unsecured convertible notes, issued on the dates listed, to various unrelated third parties outstanding.

Column1

Column2

Column3

Column4

Column5

Column6

Date

Amount

Maturity period

Interest rate

Conversion price

Conversion period

August 21, 2015

30,000

12 Months

75% of market

6 Months

October 19, 2015

515,000

12 Months

75% of market

6 Months

November 3, 2015

500,000

12 Months

75% of market

6 Months

December 18, 2015

250,000

12 Months

75% of market

6 Months

January 7, 2016

213,500

12 Months

75% of market

6 Months

February 29, 2016

215,000

12 Months

75% of market

6 Months

March 16, 2016

258,000

12 Months

75% of market

6 Months

Total

1,981,500

For the six months ended March 31, 2016, 934,357 shares of the Company’s common stock have been issued to satisfy $1,244,000 of convertible notes payable.

XML 27 R15.htm IDEA: XBRL DOCUMENT

LONG-TERM LIABILITIES

6 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Long-term Debt [Text Block]

NOTE 10 – LONG-TERM LIABILITIES

Loans payable to bank

Mortgage payable

Notes payable

Notes payable – related party

Please see Note 11 – Related Party Transactions for details on notes payable to Ducon Technologies, Inc.

XML 28 R16.htm IDEA: XBRL DOCUMENT

BUSINESS COMBINATION

6 Months Ended

Mar. 31, 2016

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

NOTE 11 – BUSINESS COMBINATION

The acquisition date fair value of the total consideration transferred was $7.5 million, which consisted of the following:

Cemtrex, Inc. common stock		1,000,000
Loan from bank		5,000,000
Note payable		1,500,000
Total Purchase Price	$	7,500,000

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:

Cash	$	112,586
Short-term investments		608,427
Accounts receivable, net		3,211,997
Prepaid expenses		551,292
Inventory, net		465,877
Deferred costs		43,208
Property, plant, and equipment, net		6,620,079
Goodwill		9,205
Other		121,000
Total Liabilities		(4,243,671)
Net assets acquired	$	7,500,000

The following supplemental pro forma information presents the financial results as if the acquisition of AIS had occurred October 1, 2014:

	For the three months ended				For the six months ended
	March 31,				March 31,
	2016		2015		2016		2015

Revenues	$	18,908,100	$	19,805,679	$	34,208,605	$	38,414,928

Net income	$	829,896	$	1,105,246		922,893	$	1,250,439

Income (Loss) Per Share-Basic	$	0.10	$	0.16	$	0.11	$	0.18

Income (Loss) Per Share-Diluted	$	0.10	$	0.16	$	0.11	$	0.18

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
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RELATED PARTY TRANSACTIONS

6 Months Ended

Mar. 31, 2016

Concentration Risk Disclosure [Text Block]

NOTE 12 – RELATED PARTY TRANSACTIONS

XML 30 R18.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY

6 Months Ended

Mar. 31, 2016

Stockholders' Equity Note [Abstract]

Stockholders Equity Note Disclosure [Text Block]

NOTE 13 – STOCKHOLDERS’ EQUITY

Series A Preferred Stock

During the six-month periods ending March 31, 2016 and 2015, the Company did not issue any Series A Preferred Stock.

Reverse Stock Split

Listing on NASDAQ Capital Markets

On June 25, 2015 the Company’s common stock commenced trading on the NASDAQ Capital Markets under the symbol “CETX”.

Common Stock

For the six months ended March 31, 2016, 934,357 shares of the Company’s common stock have been issued to satisfy $774,000 of convertible notes payable (see NOTE 9).

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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COMMITMENTS AND CONTIGENCIES

6 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

NOTE 14 – COMMITMENTS AND CONTIGENCIES

XML 32 R20.htm IDEA: XBRL DOCUMENT

RECENTLY ISSUED ACCOUNTING STANDARDS

6 Months Ended

Mar. 31, 2016

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

NOTE 15 – RECENTLY ISSUED ACCOUNTING STANDARDS

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

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XML 33 R21.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

6 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE 16 – SUBSEQUENT EVENTS

XML 34 R22.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES (Policies)

6 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation and Use of Estimates

Significant Accounting Policies

Reclassification, Policy [Policy Text Block]

Reclassifications

Certain reclassifications have been made to prior period amounts to conform to the current period presentation.

XML 35 R23.htm IDEA: XBRL DOCUMENT

ACCOUNTS RECEIVABLE, NET (Tables)

6 Months Ended

Mar. 31, 2016

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

Trade receivables, net consist of the following:

	March 31,		September 30,
	2016		2015
Accounts receivable	$	11,052,088	$	4,836,046
Allowance for doubtful accounts		(65,311)		(65,002)
	$	10,986,777	$	4,771,044

XML 36 R24.htm IDEA: XBRL DOCUMENT

INVENTORY, NET (Tables)

6 Months Ended

Mar. 31, 2016

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventory, net, consist of the following:

	March 31,		September 30,
	2016		2015
Raw materials	$	3,956,288	$	3,345,432
Work in progress		1,060,322		1,306,906
Finished goods		1,491,558		1,866,145
		6,508,168		6,518,483

Less: Allowance for inventory obsolescence		(61,794)	$	(148,967)
Inventory –net of allowance for inventory obsolescence	$	6,446,374	$	6,369,516

XML 37 R25.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Tables)

6 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

Property and equipment are summarized as follows:

	March 31,		September 30,
	2016		2015
Land		1,207,075	$	1,194,979
Building		5,049,035		3,938,544
Furniture and office equipment		614,621		576,741
Computer software		295,621		286,638
Machinery and equipment		9,402,464		3,663,526
		16,568,816		9,660,428

Less: Accumulated depreciation		(2,301,547)		(1,517,905)
Property and equipment, net		14,267,269	$	8,142,523

XML 38 R26.htm IDEA: XBRL DOCUMENT

CONVERTIBLE NOTES PAYABLE (Tables)

6 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Convertible Debt [Table Text Block]

As of March 31, 2016 the Company has the following unsecured convertible notes, issued on the dates listed, to various unrelated third parties outstanding.

Column1

Column2

Column3

Column4

Column5

Column6

Date

Amount

Maturity period

Interest rate

Conversion price

Conversion period

August 21, 2015

30,000

12 Months

75% of market

6 Months

October 19, 2015

515,000

12 Months

75% of market

6 Months

November 3, 2015

500,000

12 Months

75% of market

6 Months

December 18, 2015

250,000

12 Months

75% of market

6 Months

January 7, 2016

213,500

12 Months

75% of market

6 Months

February 29, 2016

215,000

12 Months

75% of market

6 Months

March 16, 2016

258,000

12 Months

75% of market

6 Months

Total

1,981,500

XML 39 R27.htm IDEA: XBRL DOCUMENT

BUSINESS COMBINATION (Tables)

6 Months Ended

Mar. 31, 2016

Business Combinations [Abstract]

Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]

The acquisition date fair value of the total consideration transferred was $7.5 million, which consisted of the following:

Cemtrex, Inc. common stock		1,000,000
Loan from bank		5,000,000
Note payable		1,500,000
Total Purchase Price	$	7,500,000

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:

Cash	$	112,586
Short-term investments		608,427
Accounts receivable, net		3,211,997
Prepaid expenses		551,292
Inventory, net		465,877
Deferred costs		43,208
Property, plant, and equipment, net		6,620,079
Goodwill		9,205
Other		121,000
Total Liabilities		(4,243,671)
Net assets acquired	$	7,500,000

Business Acquisition, Pro Forma Information [Table Text Block]

The following supplemental pro forma information presents the financial results as if the acquisition of AIS had occurred October 1, 2014:

	For the three months ended				For the six months ended
	March 31,				March 31,
	2016		2015		2016		2015

Revenues	$	18,908,100	$	19,805,679	$	34,208,605	$	38,414,928

Net income	$	829,896	$	1,105,246		922,893	$	1,250,439

Income (Loss) Per Share-Basic	$	0.10	$	0.16	$	0.11	$	0.18

Income (Loss) Per Share-Diluted	$	0.10	$	0.16	$	0.11	$	0.18

XML 40 R28.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND PLAN OF OPERATIONS (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2015	Mar. 31, 2016	Dec. 15, 2015	Sep. 30, 2015
Organization and Operations [Line Items]
Business Acquisition, Name of Acquired Entity		Advanced Industrial Services Inc.
Date of acquisition		Dec. 15, 2015
Business Combination, Consideration Transferred, Total	$ 7,500,000
Business Combination, Acquisition Related Costs	476,340
Payments to Acquire Businesses, Gross	5,000,000
Business Combination, Consideration Transferred, Other	1,500,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 1,000,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	315,458
Business Acquisition, Average Annual Revenue Of Acquiree	$ 23,000,000
Business Acquisition, Annual Normalized Earnings Before Interest, Taxation, Depreciation And Amortization Of Acquiree	$ 2,400,000
Line of Credit, Current		$ 3,515,889		$ 2,129,711
Debt Instrument, Interest Rate Terms	The loans carry annual interest rates of 30 day LIBOR plus 2.25 and 2.0 respectively.
Note Payable [Member]
Organization and Operations [Line Items]
Debt Instrument, Term	3 years
Debt Instrument, Interest Rate, Stated Percentage			6.00%
Loans Payable [Member]
Organization and Operations [Line Items]
Long-term Debt, Gross			$ 5,250,000
Debt Instrument, Term	7 years
Line of Credit [Member]
Organization and Operations [Line Items]
Line of Credit, Current			$ 3,500,000
Cemtrex Inc [Member]
Organization and Operations [Line Items]
Entity Incorporation, Date Of Incorporation		Apr. 27, 1998

XML 41 R29.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES (Details Textual)	6 Months Ended
	Mar. 31, 2016
Griffin Filters [Member]
Basis Of Presentation And Critical Accounting Policies [Line Items]
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest	100.00%
Cemtrex Ltd [Member]
Basis Of Presentation And Critical Accounting Policies [Line Items]
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest	100.00%
ROB Cemtrex GmbH [Member]
Basis Of Presentation And Critical Accounting Policies [Line Items]
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest	100.00%
Advanced Industrial Services, Inc. [Member]
Basis Of Presentation And Critical Accounting Policies [Line Items]
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest	100.00%

XML 42 R30.htm IDEA: XBRL DOCUMENT

ACCOUNTS RECEIVABLE, NET (Details) - USD ($)	Mar. 31, 2016	Sep. 30, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 11,052,088	$ 4,836,046
Allowance for doubtful accounts	(65,311)	(65,002)
Accounts Receivables, Net, Total	$ 10,986,777	$ 4,771,044

XML 43 R31.htm IDEA: XBRL DOCUMENT

INVENTORY, NET (Details) - USD ($)	Mar. 31, 2016	Sep. 30, 2015
Inventory [Line Items]
Raw materials	$ 3,956,288	$ 3,345,432
Work in progress	1,060,322	1,306,906
Finished goods	1,491,558	1,866,145
Inventory, Gross, Total	6,508,168	6,518,483
Less: Allowance for inventory obsolescence	(61,794)	(148,967)
Inventory -net of allowance for inventory obsolescence	$ 6,446,374	$ 6,369,516

XML 44 R32.htm IDEA: XBRL DOCUMENT

PROPERTY AND EQUIPMENT (Details) - USD ($)	Mar. 31, 2016	Sep. 30, 2015
Property, Plant and Equipment [Line Items]
Land	$ 1,207,075	$ 1,194,979
Building	5,049,035	3,938,544
Furniture and office equipment	614,621	576,741
Computer software	295,621	286,638
Machinery and equipment	9,402,464	3,663,526
Property, Plant and Equipment, Gross, Total	16,568,816	9,660,428
Less: Accumulated depreciation	(2,301,547)	(1,517,905)
Property and equipment, net	$ 14,267,269	$ 8,142,523

XML 45 R33.htm IDEA: XBRL DOCUMENT

PREPAID AND OTHER CURRENT ASSETS (Details Textual) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Prepaid And Other Current Assets [Line Items]
Prepaid Supplies	$ 946,621	$ 1,093,270
Prepaid Taxes	26,485	100,100
Other Assets, Current	$ 1,500	$ 470,240

XML 46 R34.htm IDEA: XBRL DOCUMENT

CONVERTIBLE NOTES PAYABLE (Details)	6 Months Ended
CONVERTIBLE NOTES PAYABLE (Details)	Mar. 31, 2016 USD ($)
Convertible Debt	$ 1,981,500
Convertible Debt Issuance Date One [Member] \| Convertible Debt [Member]
Debt Instrument, Issuance Date	Aug. 21, 2015
Convertible Debt	$ 30,000
Debt Instrument, Term	12 months
Debt Instrument, Interest Rate, Stated Percentage	10.00%
Debt Conversion, Converted Instrument, Rate	75.00%
Debt Instrument, Convertible, Terms of Conversion Feature	6 Months
Convertible Debt Issuance Date Two [Member] \| Convertible Debt [Member]
Debt Instrument, Issuance Date	Oct. 19, 2015
Convertible Debt	$ 515,000
Debt Instrument, Term	12 months
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Debt Conversion, Converted Instrument, Rate	75.00%
Debt Instrument, Convertible, Terms of Conversion Feature	6 Months
Convertible Debt Issuance Date Three [Member] \| Convertible Debt [Member]
Debt Instrument, Issuance Date	Nov. 03, 2015
Convertible Debt	$ 500,000
Debt Instrument, Term	12 months
Debt Instrument, Interest Rate, Stated Percentage	10.00%
Debt Conversion, Converted Instrument, Rate	75.00%
Debt Instrument, Convertible, Terms of Conversion Feature	6 Months
Convertible Debt Issuance Date Four [Member] \| Convertible Debt [Member]
Debt Instrument, Issuance Date	Dec. 18, 2015
Convertible Debt	$ 250,000
Debt Instrument, Term	12 months
Debt Instrument, Interest Rate, Stated Percentage	10.00%
Debt Conversion, Converted Instrument, Rate	75.00%
Debt Instrument, Convertible, Terms of Conversion Feature	6 Months
Convertible Debt Issuance Date Five [Member] \| Convertible Debt [Member]
Debt Instrument, Issuance Date	Jan. 07, 2016
Convertible Debt	$ 213,500
Debt Instrument, Term	12 months
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Debt Conversion, Converted Instrument, Rate	75.00%
Debt Instrument, Convertible, Terms of Conversion Feature	6 Months
Convertible Debt Issuance Date Six [Member] \| Convertible Debt [Member]
Debt Instrument, Issuance Date	Feb. 29, 2016
Convertible Debt	$ 215,000
Debt Instrument, Term	12 months
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Debt Conversion, Converted Instrument, Rate	75.00%
Debt Instrument, Convertible, Terms of Conversion Feature	6 Months
Convertible DebtIssuance Date Seven [Member] \| Convertible Debt [Member]
Debt Instrument, Issuance Date	Mar. 16, 2016
Convertible Debt	$ 258,000
Debt Instrument, Term	12 months
Debt Instrument, Interest Rate, Stated Percentage	10.00%
Debt Conversion, Converted Instrument, Rate	75.00%
Debt Instrument, Convertible, Terms of Conversion Feature	6 Months

XML 47 R35.htm IDEA: XBRL DOCUMENT

CONVERTIBLE NOTES PAYABLE (Details Textual)	6 Months Ended
CONVERTIBLE NOTES PAYABLE (Details Textual)	Mar. 31, 2016 USD ($) shares
Short-term Debt [Line Items]
Shares Reserved For Debt Conversion	4,000,000
Convertible Notes Payable [Member]
Short-term Debt [Line Items]
Extinguishment of Debt, Amount \| $	$ 1,244,000
Debt Conversion, Converted Instrument, Shares Issued	934,357

XML 48 R36.htm IDEA: XBRL DOCUMENT

LONG-TERM LIABILITIES (Details Textual)		1 Months Ended
LONG-TERM LIABILITIES (Details Textual)	Dec. 15, 2015 USD ($)	May. 31, 2014 USD ($)	Mar. 30, 2014 USD ($)	Oct. 31, 2013 USD ($)	Mar. 31, 2016 USD ($)	Sep. 30, 2015 USD ($)	May. 31, 2014 EUR (€)	Mar. 30, 2014 EUR (€)	Oct. 31, 2013 EUR (€)
Debt Instrument [Line Items]
Loans Payable to Bank, Noncurrent					$ 7,193,204	$ 2,383,815
Advanced Industrial Services, Inc. [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Debt Instrument, Term	3 years
Proceeds from Notes Payable	$ 1,500,000
Fulton Bank Loan 1 [Member]
Debt Instrument [Line Items]
Loans Payable to Bank, Noncurrent	$ 5,250,000
Debt Instrument, Description of Variable Rate Basis	LIBOR plus 2.25%
Proceeds from Loans	$ 5,000,000
Fulton Bank Loan 2 [Member]
Debt Instrument [Line Items]
Loans Payable to Bank, Noncurrent	$ 800,000
Debt Instrument, Description of Variable Rate Basis	LIBOR plus 2.00%
Proceeds from Loans	$ 620,000
Loan payable to bank One [Member]
Debt Instrument [Line Items]
Loans Payable to Bank, Noncurrent				$ 4,006,500					€ 3,000,000
Debt Instrument, Interest Rate, Stated Percentage				4.95%					4.95%
Debt Instrument, Maturity Date				Oct. 30, 2021
Loan payable to bank One [Member] \| ROB Cemtrex GmbH Acquisition [Member]
Debt Instrument [Line Items]
Loans Payable to Bank, Noncurrent				$ 2,799,411
Loan payable to bank One [Member] \| ROB Cemtrex GmbH Funded Operations [Member]
Debt Instrument [Line Items]
Loans Payable to Bank, Noncurrent				$ 1,207,089
Loan payable to bank Two [Member]
Debt Instrument [Line Items]
Participating Mortgage Loans, Mortgage Obligations, Amount		$ 4,006,500					€ 200,000
Mortgage Loans on Real Estate, Interest Rate		4.50%
Mortgage Loans on Real Estate, Periodic Payment Terms		4 years
Loan Payable To Bank Three [Member]
Debt Instrument [Line Items]
Participating Mortgage Loans, Mortgage Obligations, Amount			$ 5,500,400					€ 4,000,000
Mortgage Loans on Real Estate, Interest Rate			3.00%

XML 49 R37.htm IDEA: XBRL DOCUMENT

BUSINESS COMBINATION (Details)	3 Months Ended
BUSINESS COMBINATION (Details)	Dec. 31, 2015 USD ($)
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	$ 7,500,000
Advanced Industrial Services, Inc. [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	7,500,000
Loan From Bank [Member] \| Advanced Industrial Services, Inc. [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	5,000,000
Parent Common Stock [Member] \| Advanced Industrial Services, Inc. [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	1,000,000
Note Payable [Member] \| Advanced Industrial Services, Inc. [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	$ 1,500,000

XML 50 R38.htm IDEA: XBRL DOCUMENT

BUSINESS COMBINATION (Details 1) - USD ($)	Mar. 31, 2016	Dec. 15, 2015	Sep. 30, 2015
Business Acquisition [Line Items]
Goodwill	$ 854,205		$ 845,000
Advanced Industrial Services, Inc. [Member]
Business Acquisition [Line Items]
Cash		$ 112,586
Short-term investments		608,427
Accounts receivable, net		3,211,997
Prepaid expenses		551,292
Inventory, net		465,877
Deferred costs		43,208
Property, plant, and equipment, net		6,620,079
Goodwill		9,205
Other		121,000
Total Liabilities		(4,243,671)
Net assets acquired		$ 7,500,000

XML 51 R39.htm IDEA: XBRL DOCUMENT

BUSINESS COMBINATION (Details 2) - USD ($)	3 Months Ended		6 Months Ended
BUSINESS COMBINATION (Details 2) - USD ($)	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Business Acquisition [Line Items]
Revenues	$ 18,908,100	$ 19,805,679	$ 34,208,605	$ 38,414,928
Net income	$ 829,896	$ 1,105,246	$ 922,893	$ 1,250,439
Income (Loss) Per Share-Basic	$ 0.10	$ 0.16	$ 0.11	$ 0.18
Income (Loss) Per Share-Diluted	$ 0.10	$ 0.16	$ 0.11	$ 0.18

XML 52 R40.htm IDEA: XBRL DOCUMENT

BUSINESS COMBINATION (Details Textual)	3 Months Ended
BUSINESS COMBINATION (Details Textual)	Dec. 31, 2015 USD ($)
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	$ 7,500,000
Advanced Industrial Services, Inc. [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	$ 7,500,000

XML 53 R41.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	Mar. 31, 2016	Sep. 30, 2015
Related Party Transaction [Line Items]
Notes Payable, Related Parties, Noncurrent	$ 228,357	$ 119,055
Ducon Technologies, Inc [Member]
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Notes Payable, Related Parties, Noncurrent	$ 228,357	$ 119,055

XML 54 R42.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY (Details Textual) - USD ($)			6 Months Ended		12 Months Ended
STOCKHOLDERS' EQUITY (Details Textual) - USD ($)	Feb. 12, 2016	Apr. 03, 2015	Mar. 31, 2016	Mar. 31, 2015	Sep. 30, 2014	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Preferred Stock, Shares Authorized			10,000,000			10,000,000
Preferred Stock, Par Or Stated Value Per Share			$ 0.001			$ 0.001
Preferred Stock, Shares Issued			1,000,000		1,000,000	1,000,000
Preferred Stock, Shares Outstanding			1,000,000			1,000,000
Preferred Stock, Voting Rights			Each issued and outstanding Series A Preferred Share shall be entitled to the number of votes equal to the result of: (i) the number of shares of common stock of the Company issued and outstanding at the time of such vote multiplied by 1.01; divided by (ii) the total number of Series A Preferred Shares issued and outstanding at the time of such vote, at each meeting of shareholders of the Company with respect to any and all matters presented to the shareholders of the Company for their action or consideration, including the election of directors. Holders of Series A Preferred Shares shall vote together with the holders of Common Shares as a single class.
Common Stock, Shares Authorized			20,000,000			20,000,000
Common Stock, Par Or Stated Value Per Share			$ 0.001			$ 0.001
Common Stock, Shares, Issued			8,456,148			7,158,087
Common Stock, Shares, Outstanding			8,456,148			7,158,087
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			1,298,061	24,596
Stockholders' Equity, Reverse Stock Split		On April 3, 2015, our Board of Directors approved a reverse split of our common stock, par value $0.001, at a ratio of one-for-six. This reverse stock split became effective on April 15, 2015
Employee Stock Option [Member]
Schedule of Equity Method Investments [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross					0.001
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price					$ 1.80
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					4 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period					6 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			16,264
Convertible Notes Payable [Member]
Schedule of Equity Method Investments [Line Items]
Debt Conversion, Converted Instrument, Shares Issued			934,357
Extinguishment of Debt, Amount			$ 1,244,000
Saagar Govil [Member]
Schedule of Equity Method Investments [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	200,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 1.70
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	6 years
Common Stock [Member] \| Convertible Notes Payable [Member]
Schedule of Equity Method Investments [Line Items]
Debt Conversion, Converted Instrument, Shares Issued			934,357
Extinguishment of Debt, Amount			$ 774,000

XML 55 R43.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Details Textual) - 6 months ended Mar. 31, 2016	USD ($) ft²	EUR (€) ft²
Industrial Products and Services Group [Member] \| Office and Warehouse Space [Member]
Commitments And Contingencies Disclosure [Line Item]
Area of Land	5,000	5,000
Lease Expiration Date	Mar. 31, 2018	Mar. 31, 2018
Lease And Rental Expense Per Month \| $	$ 2,200
Industrial Products and Services Group [Member] \| Office One [Member]
Commitments And Contingencies Disclosure [Line Item]
Area of Land	2,000	2,000
Lease And Rental Expense Per Month \| $	$ 4,133
Industrial Products and Services Group [Member] \| Office Two [Member]
Commitments And Contingencies Disclosure [Line Item]
Area of Land	1,500	1,500
Lease And Rental Expense Per Month \| $	$ 600.00
Industrial Products and Services Group [Member] \| Warehouse One [Member]
Commitments And Contingencies Disclosure [Line Item]
Area of Land	25,000	25,000
Lease Expiration Date	Dec. 13, 2020	Dec. 13, 2020
Lease And Rental Expense Per Month \| $	$ 7,300
Industrial Products and Services Group [Member] \| Warehouse Two [Member]
Commitments And Contingencies Disclosure [Line Item]
Area of Land	15,500	15,500
Lease Expiration Date	Aug. 31, 2016	Aug. 31, 2016
Lease And Rental Expense Per Month \| $	$ 4,337
Industrial Products and Services Group [Member] \| Office And Warehouse Space Two [Member]
Commitments And Contingencies Disclosure [Line Item]
Area of Land	43,000	43,000
Lease Expiration Date	Mar. 23, 2026	Mar. 23, 2026
Lease And Rental Expense Per Month \| $	$ 22,625
Electronics Manufacturing Services Group [Member] \| Mortgage [Member]
Commitments And Contingencies Disclosure [Line Item]
Area of Land	70,000	70,000
Lease Term	17 years	17 years
Lease Expiration Date	Mar. 31, 2031	Mar. 31, 2031
Mortgage Loans on Real Estate, Interest Rate	3.00%	3.00%
Mortgage Loans on Real Estate Periodic Payments \| €		€ 25,000
Electronics Manufacturing Services Group [Member] \| Manufacturing Facility [Member]
Commitments And Contingencies Disclosure [Line Item]
Area of Land	10,000	10,000
Lease Expiration Date	May 31, 2019	May 31, 2019
Lease And Rental Expense Per Month \| €		€ 8,000

XML 56 R44.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details Textual) - Subsequent Event [Member] - Convertible Note [Member]	1 Months Ended
	Apr. 22, 2016 USD ($)
Subsequent Event [Line Items]
Debt Instrument, Face Amount	$ 525,000
Debt Instrument, Interest Rate, Stated Percentage	10.00%
Debt Conversion, Description	converted into Company’s common stock at a conversion price equaling 80% of the market price only after six months from the date of issuance at the holder’s option.

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