0001493152-18-011846.txt : 20180814 0001493152-18-011846.hdr.sgml : 20180814 20180814164156 ACCESSION NUMBER: 0001493152-18-011846 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 64 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180814 DATE AS OF CHANGE: 20180814 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: 181018315 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 form10q.htm

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 June 30, 2018

[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934

For the transition period from ___________to ____________

Commission File Number 001-37464

CEMTREX, INC.

(Exact name of registrant as specified in its charter)

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

19 Engineers Lane, Farmingdale, New York		11735
(Address of principal executive offices)		(Zip Code)

631-756-9116

(Registrant’s telephone number, including area code)

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.

[X] Yes [ ] No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

[X] Yes [ ] No

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]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

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

[ ] Yes [X] No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

As of August 8, 2018, the issuer had 11,893,889 shares of common stock issued and outstanding.

Table of Contents

CEMTREX, INC. AND SUBSIDIARIES

INDEX

		Page

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	3

	Consolidated Balance Sheets as of June 30, 2018 (Unaudited) and September 30, 2017	3

	Consolidated Statements of Operations and Comprehensive Income/(Loss) for the three and nine months Ended June 30, 2018 and June 30, 2017 (Unaudited)	4

	Consolidated Statements of Cash Flow for the nine months Ended June 30, 2018 and June 30, 2017 (Unaudited)	5

	Notes to Unaudited Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

Item 4.	Controls and Procedures	23

PART II. OTHER INFORMATION

Item 1	Legal Proceedings	24

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24

Item 6.	Exhibits	25

SIGNATURES		26

Part I. Financial Information

Item 1. Financial Statements

Cemtrex, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

	June 30, 2018			September 30, 2017
Assets
Current assets
Cash and equivalents	$	4,603,979		$	10,442,857
Restricted Cash		1,592,121			1,531,895
Accounts receivable, net		11,710,189			15,461,139
Inventory, net		11,482,299			17,271,882
Prepaid expenses and other current assets		3,846,632			1,720,864
Total current assets		33,235,220			46,428,637

Property and equipment, net		29,918,296			20,118,311
Goodwill		3,322,818			3,322,818
Investment in Vicon Technologies		2,135,107			-
Other assets		100,087			311,607
Total Assets	$	68,711,528		$	70,181,373

Liabilities & Stockholders’ Equity (Deficit)
Current liabilities
Accounts payable	$	6,624,992		$	6,945,153
Credit card payable		271,438			165,111
Sales tax payable		521,671			550,532
Revolving line of credit		1,370,176			4,466,218
Accrued expenses		2,550,978			3,614,415
Deferred revenue		636,209			463,022
Accrued income taxes		698,724			1,553,665
Notes payable - short term		3,400,000			-
Convertible notes payable		-			220,000
Current portion of long-term liabilities		1,911,722			2,084,084
Total current liabilities		17,985,910			20,062,200

Long-term liabilities
Loans payable to bank		4,568,697			5,175,276
Notes payable		451,639			241,200
Mortgage payable		3,627,574			3,819,392
Deferred tax liabilities		1,893,870			1,891,000
Total long-term liabilities		10,541,780			11,126,868
Total liabilities		28,527,690			31,189,068

Commitments and contingencies		-			-

Shareholders’ equity
Preferred stock , $0.001 par value, 10,000,000 shares authorized, Series A, 1,000,000 shares authorized, issued and outstanding at June 30, 2018 and September 30, 2017		1,000			1,000
Series 1, 3,000,000 shares authorized, 1,914,168 shares issued and outstanding as of June 30, 2018 and 1,822,660 shares issued and outstanding as of September 30, 2017		1,914			1,823
Common stock, $0.001 par value, 20,000,000 shares authorized, 11,675,744 shares issued and outstanding at June 30, 2018 and 10,404,434 shares issued and outstanding at September 30, 2017		11,676			10,404
Additional paid-in capital		29,076,116			24,694,325
Retained earnings		12,075,416			14,418,245
Accumulated other comprehensive income/(loss)		(982,284	)		(133,492	)
Total shareholders’ equity		40,183,838			38,992,305
Total liabilities and shareholders’ equity	$	68,711,528		$	70,181,373

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 June 30,						For the nine months ended June 30,
	2018			2017			2018			2017
Revenues
Advanced Technologies Revenue	$	300,338		$	-		$	931,009		$	-
Electronics Manufacturing Revenue		11,216,531			14,339,173			41,874,472			45,684,285
Industrial Technology Revenue		7,647,445			13,467,483			29,154,029			42,024,611
Total revenues		19,164,314			27,806,656			71,959,510			87,708,896

Cost of revenues
Cost of Sales, Advanced Technologies		236,799			-			385,911			-
Cost of Sales, Electronics Manufacturing		6,522,074			8,437,194			25,935,969			28,393,397
Cost of Sales, Industrial Technology		5,142,026			9,437,556			20,342,393			30,327,245
Total cost of revenues		11,900,899			17,874,750			46,664,273			58,720,642
Gross profit		7,263,415			9,931,906			25,295,237			28,988,254

Operating expenses
General and administrative		6,248,113			8,526,625			23,041,623			24,833,985
Research and development		2,246,085			-			2,453,183			-
Total operating expenses		8,494,198			8,526,625			25,494,806			24,833,985
Operating income/(loss)		(1,230,783	)		1,405,281			(199,569	)		4,154,269

Other income (expense)
Other Income (expense)		(197,880	)		154,579			600,833			(81,969	)
Interest Expense		(375,543	)		(204,992	)		(948,371	)		(948,360	)
Total other income (expense)		(573,423	)		(50,413	)		(347,538	)		(1,030,329	)

Net income before income taxes and equity interest		(1,804,206	)		1,354,868			(547,107	)		3,123,940
Provision for income taxes		182			172,286			101,819			122,197
Loss on equity interests		(778,823	)		-			(778,823	)		-
Net income/(loss)		(2,583,211	)		1,182,582			(1,427,749	)		3,001,743

Preferred dividends paid		915,080			-			915,080			332,938
Net income/(loss) available to common shareholders		(3,498,291	)		1,182,582			(2,342,829	)		2,668,805

Other comprehensive income/(loss)
Foreign currency translation gain/(loss)		(622,068	)		891,215			(848,792	)		573,398
Comprehensive income/(loss) available to common shareholders	$	(4,120,359	)	$	2,073,797		$	(3,191,621	)	$	3,242,203

Income/(loss) Per Common Share-Basic	$	(0.30	)	$	0.12		$	(0.22	)	$	0.27
Income/(loss) Per Common Share-Diluted	$	(0.30	)	$	0.11		$	(0.22	)	$	0.26

Weighted Average Number of Common Shares-Basic		11,596,134			10,033,060			10,894,786			9,932,894
Weighted Average Number of Common Shares-Diluted		11,596,134			10,300,022			10,894,786			10,214,020

The accompanying notes are an integral part of these financial statements

Cemtrex, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

	For the nine months ended
	June 30,
	2018			2017
Cash Flows from Operating Activities

Net income/(loss)	$	(1,427,749	)	$	3,001,743
Adjustments to reconcile net income/(loss) to net cash used in operating activities:
Depreciation and amortization		2,583,645			1,741,818
Deferred revenue		173,187			(822,238	)
Change in allowance for inventory obsolescence		599,847			-
Change in allowance for doubtful accounts		1,197			-
Interest expense on convertible debt		109,144			163,628
Deferred taxes		2,870			-
Loss in equity interests		778,823			-
Changes in operating assets and liabilities net of effects from acquisition of subsidiaries:
Accounts receivable		3,749,753			(1,007,854	)
Inventory		5,189,736			(2,494,051	)
Prepaid expenses and other assets		(2,125,768	)		372,960
Others		211,520			454,861
Accounts payable		(320,161	)		292,916
Credit card payable		106,327			(75,965	)
Sales tax payable		(28,861	)		(15,576	)
Accrued expenses		(1,063,437	)		(2,164,408	)
Income taxes payable		(854,941	)		137,091
Net cash provided/(used) by operating activities		7,685,132			(415,075	)

Cash Flows from Investing Activities
Purchase of property and equipment		(12,845,859	)		(642,064	)
Loss on disposal of Property & Equipment		-			(24,785	)
Net cash used by investing activities		(12,845,859	)		(666,849	)

Cash Flows from Financing Activities
Proceeds from notes payable		4,025,000			-
Payments on notes payable		(302,419	)		(824,690	)
Payments on affiliated loan		-			(120,061	)
Payments on bank loans		(1,244,464	)		(976,572	)
Net proceeds from subscription rights offering		-			12,817,300
Dividends paid in cash		-			(528,637	)
Purchase and retirement of common stock		-			(1,344,593	)
Revolving line of credit		(3,096,042	)		(631,866	)
Net cash provided/(used) by financing activities		(617,925	)		8,390,881

Net increase (decrease) in cash		(5,778,652	)		7,308,957
Cash beginning of period		11,974,752			6,743,980
Cash end of period	$	6,196,100		$	14,052,937

Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest	$	259,317		$	711,270

Cash paid during the period for income taxes	$	852,071		$	-

Supplemental Schedule of Non-Cash Investing and Financing Activities
Investment in Vicon Technologies	$	2,913,930		$	-
Payment of convertible notes in common stock	$	220,000		$	3,228,000
Payment of short-term notes payable in common stock	$	225,000		$	-
Dividends paid in equity shares	$	915,080		$	-

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

Cemtrex was incorporated in 1998, in the state of Delaware and has evolved through strategic acquisitions and internal growth from a small environmental monitoring instruments company into a world leading multi-industry technology company that provides a wide array of solutions to meet today’s consumer, commercial, and industrial challenges. Cemtrex manufactures advanced custom engineered electronics, including SmartDesk, extensive industrial services, integrated hardware and software solutions, proprietary IoT and wearable devices, and systems for controlling particulates and other regulated pollutants. Unless the context requires otherwise, all references to “we”, “our”, “us”, “Company”, “registrant”, “Cemtrex” or “management” refer to Cemtrex, Inc. and its subsidiaries.

Advanced Technologies (AT)

Cemtrex’s Advanced Technologies segment delivers cutting-edge technologies in the IoT, Wearables and Smart Devices, such as SmartDesk. Through our advanced engineering and product design, we deliver progressive design and development solutions to create impactful experiences for mobile, web, virtual and augmented reality, wearables and television as well as providing cutting edge, mission critical security and video surveillance. Through its Cemtrex VR division, the Company is developing a wide variety of applications for virtual and augmented reality markets.

Electronics Manufacturing (EM)

Cemtrex’s Electronics Manufacturing (EM) segment, provides end to end electronic manufacturing services, which includes 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.

Cemtrex works with industry leading OEMs in their outsourcing of advanced manufacturing services by forming a long-term relationship as an electronics manufacturing partner. We work in close relationships with our customers throughout the entire electronic lifecycle of a product, from design, manufacturing, and distribution. We seek to grow our business through the addition of new, high quality customers, the expansion of our share of business with existing customers and participating in the growth of existing customers.

Using our manufacturing capabilities, we provide our customers with advanced product assembly and system level integration combined with test services to meet the highest standards of quality. Through our agile manufacturing environment, we can deliver low and medium volume and mix services to our clients. Additionally, we design, develop, and manufacture various interconnects and cable assemblies that often are sold in conjunction with our PCBAs to enhance our value to our customers. The Company also provides engineering services from new product introductions and prototyping, related testing equipment, to product redesigns.

Industrial Technology (IT)

Cemtrex’s Industrial Technology (IT) segment, offers single-source expertise and services for rigging, millwrighting, in plant maintenance, equipment erection, relocation, and disassembly to diversified customers in USA. The segment also sells a complete line of air filtration, environmental control products and emission monitors to a wide variety of customers in industries such as: chemical, cement, steel, food, construction, mining, & petrochemical worldwide.

We believe our ability to attract and retain new customers comes from our ongoing commitment to understanding our customers’ business performance requirements and our expertise in meeting or exceeding these requirements and enhancing their competitive edge. We work closely with our customers from an operational and senior executive level to achieve a deep understanding of our customer’s goals, challenges, strategies, operations, and products to ultimately build a long lasting successful relationship.

Recent Developments

In July 2017, Company set up a subsidiary named Cemtrex Advanced Technologies Inc. to leverage its existing design and engineering experience by directly developing and manufacturing its own proprietary advanced electronic products and for third parties for IoT applications. In April, 2018 the Company launched SmartDesk, an innovative advanced workstation which combines futuristic hardware and groundbreaking productivity software to deliver the next generation desktop experience in a luxurious package, The Company plans to pursue other collaborative partnerships with OEMs that are looking to incorporate intelligence and connectivity into their everyday products such as: furniture, consumer wearables, industrial safety wearables, and other enterprise and consumer devices. Cemtrex will look to focus on developing systems, hardware and software solutions for both consumer, business and industrial applications.

The Company began taking reservations for the SmartDesk on May 22, 2018 with customers receiving delivery of the SmartDesk in the first quarter of fiscal 2019. The Company received the following number of reservations: May: 9 units, June: 128 units, July: 165 units, August: 355 units for a total number of 657 reservations as of August 10, 2018. The Company expects to convert these reservations in to orders in its first quarter of fiscal 2019. The Company anticipates that demand will continue to rise for the SmartDesk as the Company increases its marketing efforts and deliveries start taking place.

In December 2017, Company set up a subsidiary named Cemtrex Technologies Pvt. Ltd., by acquiring certain fix assets consisting of computers, hardware and proprietary software from a private third party located in Pune, India, to carry out software and prototype development work related to new Virtual & Augmented Reality applications and Smart Technology products to be produced by Cemtrex Advanced Technologies Inc., located in New York.

In January 2018, the Company completed the consolidation of its two German EM factories into one location in Neulingen, Germany to create economies of scale. Following the consolidation, the Company sold its subsidiary, ROB Cemtrex Automotive GmbH for a loss of approximately $157,000. The Company lost two customers in Paderborn going into 2018, one as result of consolidation and other due to obsolescence of their product. The Company expects this will reduce its EM revenues for the next few quarters; however, the Company remains optimistic about the long-term growth potential of this business across the different markets as it continues to win new business.

The Company continues to experience weakness in new orders in its environmental instruments and control products markets both domestically and internationally. Revenues in that segment continue to be down as fewer number of projects are being decided and awarded due to relaxation of numerous environmental regulations under the current administration. Company has shifted its focus into smart devices and virtual reality applications, and hence the Company will continue to reduce its presence in the environmental instruments and control products markets in the coming year.

On March 23, 2018, in a private resale transaction, Cemtrex purchased 7,284,824 shares of common stock and a warrant to purchase an additional 1,500,000 shares of common stock of Vicon Industries, Inc. (OTCMKTS: VCON), a global producer of video management systems for use in security, surveillance, safety and communication applications, from former Vicon Industries shareholder NIL Funding Corporation, pursuant to the terms of a Securities Purchase Agreement. Cemtrex’s purchase of the Vicon Industries common stock and warrant resulted in its beneficial ownership of approximately 46% of the outstanding shares of common stock of Vicon Industries. Cemtrex purchased the shares of common stock and warrant of Vicon Industries in exchange for 1,012,625 shares of Cemtrex common stock. The Company’s investment Vicon Industries will be accounted for using the equity method of accounting. Following the closing of the transaction, Saagar Govil, Cemtrex’s Chairman and Chief Executive Officer, and Aron Govil, Cemtrex’s Executive Director, joined the Vicon Industries Board of Directors and Saagar Govil assumed the position of Chief Executive Officer of Vicon Industries.

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, 2017 (“2017 Annual Report”) of Cemtrex Inc. (“Cemtrex” or the “Company”). A summary of the Company’s significant accounting policies is identified in Note 2 of the notes to the consolidated financial statements included in the Company’s 2017 Annual Report. There have been no changes in the Company’s significant accounting policies subsequent to September 30, 2017.

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, MIP Cemtrex Inc., Cemtrex Advanced Technologies Inc., Cemtrex Technologies Pvt. Ltd., Cemtrex Ltd., ROB Cemtrex GmbH, ROB Systems Srl, ROB Cemtrex Assets UG, ROB Cemtrex Logistics 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, 2017, includes a summary of the significant accounting policies used in the preparation of the consolidated financial statements.

Investment in Associated Companies

Associated companies over which Cemtrex exercises significant influence are accounted for using the equity method, which involves recognizing in the Consolidated Statements of Operations and Comprehensive Income/(Loss) the Company’s share of the equity accounted investment profit or loss for the year. The Company’s interest in an associated company is carried in the Consolidated Balance Sheet at an amount that reflects its share of the net assets of the associate.

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 January and February 2017, the Company received aggregate gross proceeds of $14,018,750 through the issuance of 1,401,875 shares of its series 1 preferred stock, paying cumulative dividends at the rate of 10% of the purchase price per year, and 2,803,750 series 1 warrants to purchase shares of common stock at $6.31 per share for five years.

NOTE 4 – SEGMENT INFORMATION

The Company reports and evaluates financial information for three segments: Advanced Technologies (AT) segment, the Electronics Manufacturing (EM) segment and the Industrial Technology (IT) segment. The AT segment develops smart devices and provides progressive design and development solutions to create impactful experiences for mobile, web, virtual and augmented reality, wearables and television as well as providing cutting edge, mission critical security and video surveillance. The EM segment provides end to end electronic manufacturing services, which includes 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. This segment also sells software development services for mobile, web, virtual reality, and PC applications. The IT segment offers single-source expertise and services for rigging, millwrighting, in plant maintenance, equipment erection, relocation, and disassembly to diversified customers in USA. The segment also sells a complete line of air filtration and environmental control instruments & products to a wide variety of customers in industries such as: chemical, cement, steel, food, construction, mining, & petrochemical worldwide.

The following tables summarize the Company’s segment information:

	For the three months ended June 30,						For the nine months ended June 30,
	2018			2017			2018			2017
Revenues form external customers
Advanced Technologies		300,338			-			931,009			-
Electronics Manufacturing		11,216,531			14,339,173			41,874,472			45,684,285
Industrial Technology		7,647,445			13,467,483			29,154,029			42,024,611
Total revenues		19,164,314			27,806,656			71,959,510			87,708,896

Gross profit
Advanced Technologies		63,539			-			545,098			-
Electronics Manufacturing		4,694,457			5,901,979			15,938,503			17,290,888
Industrial Technology		2,505,419			4,029,927			8,811,636			11,697,366
Total gross profit		7,263,415			9,931,906			25,295,237			28,988,254

Operating (loss) income
Advanced Technologies		(1,344,211	)		-			(1,154,348	)		-
Electronics Manufacturing		370,696			202,627			644,845			1,258,435
Industrial Technology		(257,268	)		1,202,654			309,934			2,895,834
Total operating (loss) income		(1,230,783	)		1,405,281			(199,569	)		4,154,269

Other income (expense)
Advanced Technologies		18			-			8,061			-
Electronics Manufacturing		(310,296	)		(926,242	)		(39,127	)		(912,918	)
Industrial Technology		(263,145	)		875,829			(316,472	)		(117,411	)
Total other income (expense)		(573,423	)		(50,413	)		(347,538	)		(1,030,329	)

Depreciation and Amortization
Advanced Technologies		-			-			-
Electronics Manufacturing		425,904			114,550			1,300,828			603,613
Industrial Technology		473,029			383,512			1,282,817			1,138,205
Total depreciation and amortization		898,933			498,062			2,583,645			1,741,818

	June 30, 2018		September 30, 2017
Identifiable Assets
Advanced Technologies	$	7,177,862	$	-
Electronics Manufacturing		23,054,231	$	39,115,299
Industrial Technology		38,479,435		31,066,074
Total Assets	$	68,711,528	$	70,181,373

NOTE 5 – 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 June 30, 2018 and 2017.

NOTE 6 – RESTRICTED CASH

A subsidiary of the Company participates in a consortium in order to self-insure group care coverage for its employees. The plan is administrated by Benecon Group and the Company makes monthly deposits in a trust account to cover medical claims and any administrative costs associated with the plan. These funds, as required by the plan are restricted in nature and amounted to $1,592,121 as of June 30, 2018. The Company also records a liability for claims that have been incurred but not recorded at the end of each year. The amount of the liability is determined by Benecon Group. The liability recorded in accrued expenses amounted to $100,534 as of June 30, 2018.

NOTE 7 – ACCOUNTS RECEIVABLE, NET

Trade receivables, net consist of the following:

	June 30, 2018			September 30, 2017
Accounts receivable	$	12,010,094		$	15,759,847
Allowance for doubtful accounts		(299,905	)		(298,708	)
	$	11,710,189		$	15,461,139

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 8 – INVENTORY, NET

Inventory, net, consist of the following:

	June 30, 2018			September 30, 2017
Raw materials	$	8,520,763		$	10,653,963
Work in progress		1,549,539			2,600,229
Finished goods		2,422,945			4,428,791
		12,493,247			17,682,983

Less: Allowance for inventory obsolescence		(1,010,948	)		(411,101	)
Inventory –net of allowance for inventory obsolescence	$	11,482,299		$	17,271,882

NOTE 9 – PROPERTY AND EQUIPMENT

Property and equipment are summarized as follows:

	June 30, 2018			September 30, 2016
Land	$	1,237,701		$	1,241,720
Building		5,147,806			5,229,075
Furniture and office equipment		3,626,226			1,678,936
Computers and software		5,546,861			1,723,408
Machinery and equipment		23,760,203			17,176,599
		39,318,797			27,049,738

Less: Accumulated depreciation		(9,400,501	)		(6,931,427	)
Property and equipment, net	$	29,918,296		$	20,118,311

Depreciation expense for the nine months ended June 30, 2018 and 2017 were $2,583,645 and $1,741,818 respectively.

NOTE 10 – PREPAID AND OTHER CURRENT ASSETS

On June 30, 2018, the Company had prepaid and other current assets consisting of prepayments on inventory purchases of $1,294,146 and other current assets of $2,552,486. On June 30, 2017 the company had prepaid and other current assets consisting of prepayments on inventory purchases of $1,192,148 and other current assets of $910,296.

NOTE 11 – NOTES PAYABLE - SHORT-TERM

On November 15, 2017, the Company issued a note payable to an unrelated third party, for $2,300,000. This note carries interest of 8% and is due after 18 months. As of June 30, 2018, 109,597 shares of the Company’s common stock have been issued to satisfy $225,000 of this note. Subsequent to June 30, 2018, $400,000 of this note was paid with common stock and was reclassed to the long-term liability Notes Payable in accordance with U.S. GAAP.

On May 11, 2018, the Company issued a note payable to an unrelated third party, for $1,725,000. This note carries interest of 8% and is due after 6 months.

NOTE 12 – CONVERTIBLE NOTES PAYABLE

As of June 30, 2018, the Company has satisfied all outstanding convertible notes payable, to various unrelated third parties.

For the nine months ended June 30, 2018, 149,088 shares of the Company’s common stock were issued to satisfy $220,000 of convertible notes payable.

NOTE 13 – LONG-TERM LIABILITIES

Loans payable to bank

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

On December 15, 2015, the Company obtained 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.

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.

Subsequent to June 30, 2018, $400,000 a Short-Term Note Payable (see Note 11) was paid with common stock and was reclassed to the long-term liability Notes Payable in accordance with U.S. GAAP.

NOTE 14 – RELATED PARTY TRANSACTIONS

On February 9, 2017, the outstanding principal and accrued interest owed on notes payable to Ducon Technologies, Inc., of $3,339,833 were exchanged for 333,983 shares of the Company’s series 1 preferred stock and 667,967 series 1 warrants.

The Company leases its principal office at Farmingdale, New York, 8,000 square feet of office and warehouse/assembly space on a month to month lease in a building owned by Aron Govil, Executive Director of the Company, at a monthly rental of $10,000.

During the nine months ended June 30, 2017, Cemtrex had sales to Vicon Technologies, Inc. of 122,559. At June 30, 2018 Cemtrex has receivables due from Vicon Technologies, Inc. of $62,865.

NOTE 15 – STOCKHOLDERS’ EQUITY

Preferred Stock

The Company is authorized to issue 10,000,000 shares of Preferred Stock, $0.001 par value. As of June 30, 2018, and September 30, 2017, there were 2,914,168 and 2,822,660 shares issued and outstanding, respectively.

Series A Preferred stock

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 nine-month periods ended June 30, 2018 and 2017, the Company did not issue any Series A Preferred Stock.

As of June 30, 2018, and September 30, 2017, there were 1,000,000 shares of Series A Preferred Stock issued and outstanding.

Series 1 Preferred Stock

Dividends

Holders of the Series 1 Preferred will be entitled to receive cumulative cash dividends at the rate of 10% of the purchase price per year, payable semiannually on the last day of March and September in each year. Dividends may also be paid, at our option, in additional shares of Series 1 Preferred, valued at their liquidation preference. The Series 1 Preferred will rank senior to the common stock with respect to dividends. Dividends will be entitled to be paid prior to any dividend to the holders of our common stock.

Liquidation Preference

The Series 1 Preferred will have a liquidation preference of $10.00 per share, equal to its purchase price. In the event of any liquidation, dissolution or winding up of our company, any amounts remaining available for distribution to stockholders after payment of all liabilities of our company will be distributed first to the holders of Series 1 Preferred, and then pari passu to the holders of the series A preferred stock and our common stock. The holders of Series 1 Preferred will have preference over the holders of our common stock on any liquidation, dissolution or winding up of our company. The holders of Series 1 Preferred will also have preference over the holders of our series A preferred stock.

Voting Rights

Except as otherwise provided in the certificate of designation, preferences and rights or as required by law, the Series 1 Preferred will vote together with the shares of our common stock (and not as a separate class) at any annual or special meeting of stockholders. Except as required by law, each holder of shares of Series 1 Preferred will be entitled to two votes for each share of Series 1 Preferred held on the record date as though each share of Series 1 Preferred were 2 shares of our common stock. Holders of the Series 1 Preferred will vote as a class on any amendment altering or changing the powers, preferences or special rights of the Series 1 Preferred so as to affect them adversely.

No Conversion

The Series 1 Preferred will not be convertible into or exchangeable for shares of our common stock or any other security.

Rank

The Series 1 Preferred will rank with respect to distribution rights upon our liquidation, winding-up or dissolution and dividend rights, as applicable:

	●	senior to our series A preferred stock, common stock and any other class of capital stock we issue in the future unless the terms of that stock provide that it ranks senior to any or all of the Series 1 Preferred;

	●	on a parity with any class of capital stock we issue in the future the terms of which provide that it will rank on a parity with any or all of the Series 1 Preferred;

	●	junior to each class of capital stock issued in the future the terms of which expressly provide that such capital stock will rank senior to the Series 1 Preferred and the common stock; and

	●	junior to all of our existing and future indebtedness.

As of June 30, 2018, and September 30, 2017, there were 1,914,168 shares of Series 1 Preferred Stock issued and outstanding.

For the nine months ended June 30, 2018, 91,508 shares of Series 1 Preferred Stock were issued to pay $915,080 worth of dividends to holders of Series 1 Preferred Stock.

For the fiscal year ended September 30, 2017, $1,200,871 worth of dividends have been paid to holders of Series 1 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 Market 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 June 30, 2018, there were 11,675,744 shares issued and outstanding and at September 30, 2017, there were 10,404,434 shares issued and outstanding.

During the nine-month period ended June 30, 2018, the Company issued 1,271,310 shares of common stock.

On February 12, 2016, the Company granted a stock option for 200,000 shares to Saagar Govil, the Company’s Chairman and CEO. These options have an exercise price of $1.70 per share, 50% of the options vest each year and they expire after six years. As of June 30, 2018, none of these options have been exercised.

On December 5, 2016, the Company granted a stock option for 200,000 shares to Saagar Govil, the Company’s Chairman and CEO. These options have an exercise price of $4.24 per share, 50% of the options vest each year and they expire after six years. As of June 30, 2018, none of these options have been exercised.

On December 18, 2017, the Company granted a stock option for 200,000 shares to Saagar Govil, the Company’s Chairman and CEO. These options have an exercise price of $2.64 per share, 50% of the options vest each year and they expire after six years. As of June 30, 2018. none of these options have been exercised.

On April 19, 2017 the Company’s Board of Directors declared a cash dividend on common stock to shareholders of record on March 31, 2017.

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 June 30, 2018, options to purchase 62,500 shares have been exercised and none have expired or have been cancelled.

During the fiscal year ended September 30, 2017 the Company acquired and retired 363,528 shares of its common stock at a cost of $1,344,593 purchased under the share repurchase authorization that Cemtrex’s board of directors approved in 2016 for the repurchase of up to one million outstanding shares over a 12-month period, depending on market conditions.

For the nine months ended June 30, 2018, 149,088 shares of the Company’s common stock have been issued to satisfy $220,000 of convertible notes payable (see NOTE 12).

For the nine months ended June 30, 2018, 109,597 shares of the Company’s common stock have been issued to satisfy $225,000 of short-term notes payable (see NOTE 11).

Subscription Rights Offering

In December 2016, we commenced a subscription rights offering to our stockholders to raise up to $15.0 million through the sale of units, each consisting of one share of our series 1 preferred stock, paying cumulative dividends at the rate of 10% of the purchase price per year, and two five-year series 1 warrants, upon the exercise of subscription rights at $10.00 per unit. On February 2, 2017, Cemtrex, Inc. (the “Company”) completed the final closing of its rights offering. With the final closing, the total subscription proceeds received by the Company in its rights offering and related standby placement amounted to $14,018,750, before payment of the dealer-manager fee and other offering expenses.

NOTE 16 – COMMITMENTS AND CONTINGENCIES

Our IT segment leases (i) approx. 5,000 square feet 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 25,000 square feet 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, (iii) approximately 43,000 square feet 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, (iv) approximately 15,500 square feet 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, 2018.

Our EM segment owns a 70,000 square-foot manufacturing building in Neulingen. The EM segment also leases (i) a 10,000 square foot 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, (ii) approximately 86,000 square feet of office, warehouse and manufacturing space in Paderborn, Germany at monthly rental of €29,470 which expires on June 30, 2018.

NOTE 17 – RECENTLY ISSUED ACCOUNTING STANDARDS

In February 2016, The FASB issued ASU 2016-02 (Topic 842), “Leases”. ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This new standard would be effective for the Company beginning January 1, 2019 with early adoption permitted. The Company is currently evaluating the effect of adoption of this standard on the Consolidated Financial Statements.

NOTE 18 – PROVISION FOR INCOME TAX

While the Company had consolidated net losses for the three and six months ended June 30, 2018 we have recorded a provision for income taxes due to foreign subsidiaries with income in those respective periods. 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.

NOTE 19 - SUBSEQUENT EVENTS

Cemtrex has evaluated subsequent events up to the date the consolidated financial statements were issued. Centrex concluded that the following subsequent events have occurred and require recognition or disclosure in the consolidated financial statements.

In July and August of 2018, the Company issued 218,145 shares of common stock to satisfy $400,000 worth of notes payable.

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

Advanced Technologies (AT)

Electronics Manufacturing (EM)

Cemtrex works with industry leading OEMs in their outsourcing of non-core manufacturing services by forming a long-term relationship as an electronics manufacturing partner. We work in close relationships with our customers throughout the entire electronic lifecycle of a product, from design, manufacturing, and distribution. We seek to grow our business through the addition of new, high quality customers, the expansion of our share of business with existing customers and participating in the growth of existing customers.

Industrial Technology (IT)

Cemtrex’s Industrial Technology (IT) segment, offers single-source expertise and services for rigging, millwrighting, in plant maintenance, equipment erection, relocation, and disassembly to diversified customers in USA. The segment also sells a complete line of air filtration and environmental instruments and control products to a wide variety of customers in industries such as: chemical, cement, steel, food, construction, mining, & petrochemical worldwide.

Recent Developments

The Company began taking reservations for the SmartDesk on May 22, 2018 with customers receiving delivery of the SmartDesk in the first quarter of fiscal year 2019. The Company received the following number of reservations: May: 9 units, June: 128 units, July: 165 units, August: 355 units for a total number of 657 reservations. The Company expects to convert these reservations in to orders in its first quarter of fiscal year 2019. The Company anticipates that demand will continue to rise for the SmartDesk as the Company increases its marketing efforts and deliveries start taking place.

In January 2018, the Company completed the consolidation of its two German EM factories into one location in Neulingen, Germany to create economies of scale. Following the consolidation, the Company sold its subsidiary, ROB Cemtrex Automotive GmbH for a loss of approximately $157,00. The Company lost two customers in Paderborn going into 2018, one as result of consolidation and other due to obsolescence of their product. The Company expects this will reduce its EM revenues for the next few quarters; however, the Company remains optimistic about the long-term growth potential of this business across the different markets as it continues to win new business.

Following the closing of the transaction, Saagar Govil, Cemtrex’s Chairman and Chief Executive Officer, and Aron Govil, Cemtrex’s Executive Director, joined the Vicon Industries Board of Directors and Saagar Govil assumed the position of Chief Executive Officer of Vicon Industries.

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, 2017.

Results of Operations - For the three months ending June 30, 2018 and 2017

Total revenue for the three months ended June 30, 2018 and 2017 was $19,164,314 and $27,806,656, respectively, a decrease of $8,642,342, or 31%. Net income for the three months ended June 30, 2018 and 2017 was a loss of $2,583,211 and income of $1,182,582, respectively, a decrease of $3,765,793, or 318%. Total revenue in the third quarter decreased, as compared to total revenue in the same period last year, due to the loss of two customers in the Electronics Manufacturing segment going into 2018, one as result of consolidation and other due to obsolescence of their product and lower sales in the Industrial Technology segment due to the softening demand for environmental products. Net income decreased in the second quarter due to lower expenses as a result of the consolidation of two German factories into one location in Neulingen, Germany to create economies of scale and lower expenses in the Industrial Technology segment in response the decline in demand for environmental products and increased expenses in research and development and increased sales & marketing expenses related to the development of SmartDesk and VR applications the Advanced Technologies segment.

Revenues

Our Advanced Technologies segment revenues for the three months ended June 30, 2018 was $300,338. This is a new segment for the company and we anticipate revenues to grow with development and investment in this division.

Our Electronics Manufacturing segment revenues for the three months ended June 30, 2018 decreased by $3,122,642 or 22% to $11,216,531 from $14,339,173 for the three months ended June 30, 2017. The primary reason for decreased sales was due to due to the loss of two customers in the EM segment going into 2018, one as result of consolidation and other due to obsolescence of their product.

Our Industrial Technology segment revenues for the three months ended June 30, 2018 decreased by $5,820,038 or 43%, to $7,647,445 from $13,467,483 for the three months ended June 30, 2017. The decrease was primarily due to decreased demand for environmental products globally and as result of relaxation of environmental regulations by the current administration.

Gross Profit

Gross Profit for the three months ended June 30, 2018 was $7,263,415 or 38% of revenues as compared to gross profit of $9,931,906 or 36% of revenues for the three months ended June 30, 2017. Gross profit as a percentage of revenues in the three months ended June 30, 2018 increased as compared to the three months ended June 30, 2017 as the Company works to achieve economies of scale, lower expenses, and shift to products and services with higher margins. The Company’s gross profit margins vary from product to product and from customer to customer.

General and Administrative Expenses

General and administrative expenses for the three months ended June 30, 2018 decreased $2,278,512or 27% to $6,248,113 from $8,526,625 for the three months ended June 30, 2017. General and administrative expenses as a percentage of revenue was 33% and 31% of revenues for the three-month periods ended June 30, 2018 and June 30, 2017. The dollar for dollar decrease in operating expenses was due to the Company’s work on achieving economies of scale and lower expenses, while the percentage of revenues increase was due to the decrease in the Company’s revenues for the three months ended June 30, 2018 as compared to the same period in the prior year.

Research and Development Expenses

Research and Development expenses for the three months ended June 30, 2018 was $2,246,085. Research and Development expenses have developed due to the development of SmartDesk and VR applications by the Company’s Advanced Technologies segment through the recently formed subsidiaries Cemtrex Advanced Technologies, Inc. and Cemtrex Technologies Pvt, Ltd.

Other Income/(Expense)

Interest and other income/(expense) for the third quarter of fiscal 2018 was $(573,423) as compared to $(50,413) for the third quarter of fiscal 2017. Other income/(Expense) for the three months ended June 30, 2018 was primarily due to a one-time expense related to the short-term note payable acquired in the quarter.

Provision for Income Taxes

During the third quarter of fiscal 2018 we recorded an income tax provision of $182 compared to a provision of $172,286 for the third quarter of fiscal 2017. 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.

Equity Interests

During the third quarter of fiscal 2018 the company recorded a loss on its equity interest in Vicon Technologies, Inc. of $778,823.

Net Income/Loss

The Company had net loss of $2,583,211 or 13% of revenues, for the three-month period ended June 30, 2018 as compared to net income of $1,182,582 or 4% of revenues, for the three months ended June 30, 2017. Net income in the third quarter decreased, as compared to net income in the same period last year, due the higher expenses related to the research & development and marketing in the Advanced Technologies segment.

Results of Operations - For the nine months ending June 30, 2018 and 2017

Total revenue for the nine months ended June 30, 2018 and 2017 was $71,959,510 and $87,708,896, respectively, a decrease of $15,749,386, or 18%. Net income for the nine months ended June 30, 2018 and 2017 was a loss of $1,427,749 and income of $3,001,743, respectively, a decrease of $4,429,492, or 148%. Total revenue in the first three quarters decreased, as compared to total revenue in the same period last year, due to lower sales in the Industrial Technologies segment due to the weakening of environmental regulations by the current administration and demand globally. Net income decreased in the first three quarters due to lower Industrial Technologies segment sales, increased expenses in research and development and increased sales & marketing expenses related to the development of the Advanced Technologies segment.

Revenues

Our Advanced Technologies segment revenues for the nine months ended June 30, 2018 was $931,009. This is a new segment for the company and we anticipate revenues to grow with development and investment in this division.

Our Electronics Manufacturing segment revenues for the nine months ended June 30, 2018 decreased by $3,809,813 or 8% to $41,874,472 from $45,684,285 for the nine months ended June 30, 2017. The primary reason for decreased sales was due to due to the loss of two customers in the EM segment going into 2018, one as result of consolidation and other due to obsolescence of their product.

Our Industrial Technology segment revenues for the nine months ended June 30, 2018 decreased by $12,870,582 or 31%, to $29,154,029 from $42,024,611 for the nine months ended June 30, 2017. The decrease was primarily due to decreased demand for environmental products as result of deregulation of emission standards by the current administration and weakening demand for environmental products globally.

Gross Profit

Gross Profit for the nine months ended June 30, 2018 was $25,295,237 or 35% of revenues as compared to gross profit of $28,988,254 or 33% of revenues for the nine months ended June 30, 2017. Gross profit as a percentage of revenues in the nine months ended June 30, 2018 increased as compared to the nine months ended June 30, 2017 as the Company works to achieve economies of scale and lower expenses. The Company’s gross profit margins vary from product to product and from customer to customer.

General and Administrative Expenses

General and administrative expenses for the nine months ended June 30, 2018 decreased $1,792,362 or 7% to $23,041,623 from $24,833,985 for the nine months ended June 30, 2017. General and administrative expenses as a percentage of revenue was 32% and 28% of revenues for the nine-month periods ended June 30, 2018 and June 30, 2017. The increase in operating expenses as a percentage of revenues and on a dollar basis was due to increased expenses in sales and marketing activities related to the development of the Advanced Technologies segment.

Research and Development Expenses

Research and Development expenses for the nine months ended June 30, 2018 was $2,453,183. Research and Development expenses have developed due to the development of the Company’s Advanced Technologies segment by the recently formed subsidiaries Cemtrex Advanced Technologies, Inc. and Cemtrex Technologies Pvt Ltd.

Other Income/(Expense)

Interest and other income/(expense) for the first three quarters of fiscal 2018 was $(347,538) as compared to $(1,030,329) for the first three quarters of fiscal 2017. Other income/(Expense) was due was primarily due to a one-time income on debt forgiveness as a result of the consolidation of the manufacturing facilities in Germany and one-time expenses related to the short-term note payable acquired.

Provision for Income Taxes

During the first three quarters of fiscal 2018 we recorded an income tax provision of $101,819 compared to a provision of $122,197 for the first three quarters of fiscal 2017. 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.

Equity Interests

During the first three quarters of fiscal 2018 the company recorded a loss on its equity interest in Vicon Technologies, Inc. of $778,823.

Net Income/Loss

The Company had net loss of $1,427,749 or 2% of revenues, for the nine-month period ended June 30, 2018 as compared to net income of $3,001,743 or 3% of revenues, for the nine months ended June 30, 2017. Net income in the first and second quarters decreased, as compared to net income in the same period last year, due to increased expenses in research and development and sales and marketing activities to develop the Advanced Technologies segment and reduced revenues in both the Electronics Manufacturing and Industrial Technology segments.

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 $15,249,310 at June 30, 2018 compared to $26,366,437 at September 30, 2017. This includes cash and equivalents and restricted cash of $6,196,100 at June 30, 2018 and $11,974,752 at September 30, 2017, respectively. The decrease in working capital was primarily due to increased research & development expenses and net decreases in our current assets of $13,193,417 and net decreases in our current liabilities of $2,076,290.

Accounts receivable decreased $3,750,950 or 24% to $11,710,189 at June 30, 2018 from $15,461,139 at September 30, 2017. The decrease in accounts receivable is largely attributable to decreased sales.

Inventories decreased $5,789,583 or 34% to $11,482,299 at June 30, 2018 from $17,271,882 at September 30, 2017. The decrease in inventories is attributable to an increase in the allowance for inventory obsolescence of $599,847, the execution of in-house orders, and reductions in purchases of raw materials during the period.

Operating activities provided $7,685,132 of cash for the nine months ended June 30, 2018 compared to using cash of $415,075 of cash for the nine months ended June 30, 2017. The increase in operating cash flows was primarily due to the execution of in-house orders, and decreases in expenditures, as compared to the same period a year ago.

Investment activities used $12,845,859 of cash for the nine months ended June 31, 2018 compared to using cash of $666,849 during the nine-month period ended June 30, 2017. Investing activities for the first three quarters of 2018 were primarily driven by the Company’s investment in fixed assets for Cemtrex Advanced Technologies and Cemtrex Technologies Pvt. Ltd.

Financing activities used $617,925 of cash in the nine-month period ended June 30, 2018 as compared to providing cash of $8,390,881 in the nine-month period ended June 30, 2017. Financing activities were primarily driven by payments on bank loans, notes payable, and revolving line of credit offset by proceeds from the short-term notes payable issued for $4,025,000 (See Note 11).

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. Company anticipates that it will likely raise additional external capital from the sale of common stock, preferred stock, and debt instruments as market conditions may allow to fund our growth and working capital needs. 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.

In January and February 2017, the Company received aggregate gross proceeds of $14,018,750 through the issuance of 1,401,875 shares of its Series 1 Preferred Stock, paying cumulative dividends at the rate of 10% of the purchase price per year, and 2,803,750 series 1 warrants to purchase shares of common stock at $6.31 per share for five years. For the fiscal year ended September 30, 2017, $1,200,871 worth of dividends have been paid to holders of Series 1 Preferred Stock. In April 2018 the Company issued 91,508 shares of its Series 1 Preferred Stock to pay $915,080 worth of dividends in the form of Series 1 Preferred Stock.

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 June 30, 2018 and have concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2018.

In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. The company is currently working to add additional accounting staff for review and recording of such complex transactions.

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 1. Legal Proceedings.

Three alleged securities class action complaints were filed against the Company and certain of its executive officers in the U.S. District Court for the Eastern District of New York on February 24, 2017. Under the requirements of the Private Securities Litigation Reform Act of 1995, these three alleged class actions, as well as any further related actions, were consolidated into a single lawsuit on March 9, 2018. A follow-on, related derivative complaint also was filed against the Company and its executive officers and directors in New York State court on April 10, 2017. That derivative action has been stayed by agreement of the parties until after the motion to dismiss process in the consolidated alleged class actions has run its course. Pursuant to a stipulated Court schedule, plaintiffs filed an Amended Consolidated Class Action Complaint on May 7, 2018. The Company has filed a motion to dismiss this class action with the Court on July 6, 2018.

The allegations in the complaint are based on the assertions contained in a blog post published on an internet website that challenged various aspects of the Company’s stock trading and relationships. The Company denies these assertions, and filed a lawsuit seeking damages in the amount of $170 million, against the blogger who published that report on March 4, 2017 in the U.S. District Court for the Eastern District of New York. The Company voluntarily dismissed that lawsuit on June 12, 2017, because in spite of considerable effort, the Company was unable to serve the defendant blogger within the required time, but the Company has reserved the right to re-file its claims against him at a later date.

The Company believes the alleged class action and derivative litigations are without merit and intends to defend itself vigorously. The Company has retained Doug Green of Baker Hostetler, a nationally renowned law firm with no previous relationship to the Company, to defend the litigations, and intends to seek dismissal of the litigations at the earliest possible stage. The Company has to abide by the timeline set by the Court and hence cannot predict the time table of this litigation. Regardless of the merit of the claims, litigation is inherently unpredictable and may be costly, time consuming and disruptive to the Company’s business. Although the Company has an insurance policy with a $150,000 deductible in place, which covers this class action lawsuit, the Company could incur judgments or enter into settlements of claims that could adversely affect its business, operating results or cash flows

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

During the nine months ended June 30, 2018, the Company issued an aggregate of 258,685 shares of common stock in exchange for aggregate consideration of $445,000, which was used for working capital. Such shares were issued pursuant to the exemption contained under Section 4(a)(2) of the Securities Act of 1933, as amended.

Item 6. Exhibits

Exhibit No.		Description
2.1		Securities Purchase Agreement, dated March 23, 2018, by and between Cemtrex, Inc. and NIL Funding Corporation (10)
3.1		Certificate of Incorporation of the company.(1)
3.2		By Laws of the company.(1)
3.3		Certificate of Amendment of Certificate of Incorporation, dated September 29, 2006.(1)
3.4		Certificate of Amendment of Certificate of Incorporation, dated March 30, 2007.(1)
3.5		Certificate of Amendment of Certificate of Incorporation, dated May 16, 2007.(1)
3.6		Certificate of Amendment of Certificate of Incorporation, dated August 21, 2007.(1)
3.7		Certificate of Amendment of Certificate of Incorporation, dated April 3, 2015.(3)
3.8		Certificate of Designation of the Series A Preferred Shares, dated September 8, 2009.(2)
3.9		Certificate of Designation of the Series 1 Preferred Stock.(6)
3.10		Certificate of Amendment of Certificate of Incorporation, dated September 7, 2017 (8)
4.1		Form of Subscription Rights Certificate. (5)
4.2		Form of Series 1 Preferred Stock Certificate. (5)
4.3		Form of Series 1 Warrant. (5)
10.1		Nonstatutory Stock Option Agreement entered into as of December 5, 2016 between Cemtrex, Inc. and Saagar Govil (7)
10.2		Exchange Agreement dated as of February 1, 2017 and effective February 9, 2017 by and between Cemtrex Inc. and Ducon Technologies, Inc.(6)
10.3		Nonstatutory Stock Option Agreement entered into as of December 18, 2017 between Cemtrex, Inc. and Saagar Govil (11)
14.1		Corporate Code of Business Ethics.(4)
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 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.
99.1		Letter from Bharat Parikh & Associates regarding securities class action complaints. (9)
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

	*	Filed herewith
	(1)	Incorporated by reference from Form 10-12G filed on May 22, 2008.
	(2)	Incorporated by reference from Form 8-K filed on September 10, 2009.
	(3)	Incorporated by reference from Form 8-K filed on August 22, 2016.
	(4)	Incorporated by reference from Form 8-K filed on July 1, 2016.
	(5)	Incorporated by reference from Form 8-K filed on January 24, 2017.
	(6)	Incorporated by reference from Form 8-K filed on February 10, 2017.
	(7)	Incorporated by reference from Form 10-Q filed on February 14, 2017.
	(8)	Incorporated by reference from Form 8-K filed on September 8, 2017.
	(9)	Incorporated by reference from Form 10-K filed on December 13, 2017
	(10)	Incorporated by reference from Form 8-K filed on March 27, 2018.
	(11)	Incorporated by reference from Form 10-Q filed on February 14, 2018.

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: August 14, 2018	By:	/s/ Saagar Govil.
		Saagar Govil
		Chief Executive Officer

Dated: August 14, 2018		/s/ Renato Dela Rama.
		Renato Dela Rama
		Vice President of Finance and Principal Financial Officer

EX-31.1 2 ex31-1.htm

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:

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

	2.	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;

	3.	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;

	4.	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:

	a.	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;

	b.	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;

	c.	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

	d.	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):

	a.	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

	b.	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: August 14, 2018

EX-31.2 3 ex31-2.htm

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:

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

	2.	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;

	3.	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;

	4.	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:

	a.	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;

	b.	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;

	c.	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

	d.	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

	a.	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

	b.	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: August 14, 2018

EX-32.1 4 ex32-1.htm

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 June 30, 2018, 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: August 14, 2018

EX-32.2 5 ex32-2.htm

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 June 30, 2018, 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: August 14, 2018

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NOTE 16 – COMMITMENTS AND CONTINGENCIES   Our IT segment leases (i) approx. 5,000 square feet 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 25,000 square feet 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, (iii) approximately 43,000 square feet 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, (iv) approximately 15,500 square feet 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, 2018.   Our EM segment owns a 70,000 square-foot manufacturing building in Neulingen. The EM segment also leases (i) a 10,000 square foot 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, (ii) approximately 86,000 square feet of  office, warehouse and manufacturing space in Paderborn, Germany at monthly rental of €29,470 which expires on June 30, 2018.

Property and equipment are summarized as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2016</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Land</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,237,701</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,241,720</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Building</td> <td> </td> <td> </td> <td style="text-align: right">5,147,806</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,229,075</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Furniture and office equipment</td> <td> </td> <td> </td> <td style="text-align: right">3,626,226</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,678,936</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Computers and software</td> <td> </td> <td> </td> <td style="text-align: right">5,546,861</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,723,408</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Machinery and equipment</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">23,760,203</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">17,176,599</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">39,318,797</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">27,049,738</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Less: Accumulated depreciation</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(9,400,501</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(6,931,427</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Property and equipment, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">29,918,296</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">20,118,311</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

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NOTE 1 – ORGANIZATION AND PLAN OF OPERATIONS   Cemtrex was incorporated in 1998, in the state of Delaware and has evolved through strategic acquisitions and internal growth from a small environmental monitoring instruments company into a world leading multi-industry technology company that provides a wide array of solutions to meet today’s consumer, commercial, and industrial challenges. Cemtrex manufactures advanced custom engineered electronics, including SmartDesk, extensive industrial services, integrated hardware and software solutions, proprietary IoT and wearable devices, and systems for controlling particulates and other regulated pollutants. Unless the context requires otherwise, all references to “we”, “our”, “us”, “Company”, “registrant”, “Cemtrex” or “management” refer to Cemtrex, Inc. and its subsidiaries.   Advanced Technologies (AT)   Cemtrex’s Advanced Technologies segment delivers cutting-edge technologies in the IoT, Wearables and Smart Devices, such as SmartDesk. Through our advanced engineering and product design, we deliver progressive design and development solutions to create impactful experiences for mobile, web, virtual and augmented reality, wearables and television as well as providing cutting edge, mission critical security and video surveillance. Through its Cemtrex VR division, the Company is developing a wide variety of applications for virtual and augmented reality markets.   Electronics Manufacturing (EM)   Cemtrex’s Electronics Manufacturing (EM) segment, provides end to end electronic manufacturing services, which includes 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.   Cemtrex works with industry leading OEMs in their outsourcing of advanced manufacturing services by forming a long-term relationship as an electronics manufacturing partner. We work in close relationships with our customers throughout the entire electronic lifecycle of a product, from design, manufacturing, and distribution. We seek to grow our business through the addition of new, high quality customers, the expansion of our share of business with existing customers and participating in the growth of existing customers.   Using our manufacturing capabilities, we provide our customers with advanced product assembly and system level integration combined with test services to meet the highest standards of quality. Through our agile manufacturing environment, we can deliver low and medium volume and mix services to our clients. Additionally, we design, develop, and manufacture various interconnects and cable assemblies that often are sold in conjunction with our PCBAs to enhance our value to our customers. The Company also provides engineering services from new product introductions and prototyping, related testing equipment, to product redesigns.   Industrial Technology (IT)   Cemtrex’s Industrial Technology (IT) segment, offers single-source expertise and services for rigging, millwrighting, in plant maintenance, equipment erection, relocation, and disassembly to diversified customers in USA. The segment also sells a complete line of air filtration, environmental control products and emission monitors to a wide variety of customers in industries such as: chemical, cement, steel, food, construction, mining, & petrochemical worldwide.   We believe our ability to attract and retain new customers comes from our ongoing commitment to understanding our customers’ business performance requirements and our expertise in meeting or exceeding these requirements and enhancing their competitive edge. We work closely with our customers from an operational and senior executive level to achieve a deep understanding of our customer’s goals, challenges, strategies, operations, and products to ultimately build a long lasting successful relationship.   Recent Developments   In July 2017, Company set up a subsidiary named Cemtrex Advanced Technologies Inc. to leverage its existing design and engineering experience by directly developing and manufacturing its own proprietary advanced electronic products and for third parties for IoT applications. In April, 2018 the Company launched SmartDesk, an innovative advanced workstation which combines futuristic hardware and groundbreaking productivity software to deliver the next generation desktop experience in a luxurious package, The Company plans to pursue other collaborative partnerships with OEMs that are looking to incorporate intelligence and connectivity into their everyday products such as: furniture, consumer wearables, industrial safety wearables, and other enterprise and consumer devices. Cemtrex will look to focus on developing systems, hardware and software solutions for both consumer, business and industrial applications.   The Company began taking reservations for the SmartDesk on May 22, 2018 with customers receiving delivery of the SmartDesk in the first quarter of fiscal 2019. The Company received the following number of reservations: May: 9 units, June: 128 units, July: 165 units, August: 355 units for a total number of 657 reservations as of August 10, 2018. The Company expects to convert these reservations in to orders in its first quarter of fiscal 2019. The Company anticipates that demand will continue to rise for the SmartDesk as the Company increases its marketing efforts and deliveries start taking place.   In December 2017, Company set up a subsidiary named Cemtrex Technologies Pvt. Ltd., by acquiring certain fix assets consisting of computers, hardware and proprietary software from a private third party located in Pune, India, to carry out software and prototype development work related to new Virtual & Augmented Reality applications and Smart Technology products to be produced by Cemtrex Advanced Technologies Inc., located in New York.   In January 2018, the Company completed the consolidation of its two German EM factories into one location in Neulingen, Germany to create economies of scale. Following the consolidation, the Company sold its subsidiary, ROB Cemtrex Automotive GmbH for a loss of approximately $157,000. The Company lost two customers in Paderborn going into 2018, one as result of consolidation and other due to obsolescence of their product. The Company expects this will reduce its EM revenues for the next few quarters; however, the Company remains optimistic about the long-term growth potential of this business across the different markets as it continues to win new business.   The Company continues to experience weakness in new orders in its environmental instruments and control products markets both domestically and internationally. Revenues in that segment continue to be down as fewer number of projects are being decided and awarded due to relaxation of numerous environmental regulations under the current administration. Company has shifted its focus into smart devices and virtual reality applications, and hence the Company will continue to reduce its presence in the environmental instruments and control products markets in the coming year.   On March 23, 2018, in a private resale transaction, Cemtrex purchased 7,284,824 shares of common stock and a warrant to purchase an additional 1,500,000 shares of common stock of Vicon Industries, Inc. (OTCMKTS: VCON), a global producer of video management systems for use in security, surveillance, safety and communication applications, from former Vicon Industries shareholder NIL Funding Corporation, pursuant to the terms of a Securities Purchase Agreement. Cemtrex’s purchase of the Vicon Industries common stock and warrant resulted in its beneficial ownership of approximately 46% of the outstanding shares of common stock of Vicon Industries. Cemtrex purchased the shares of common stock and warrant of Vicon Industries in exchange for 1,012,625 shares of Cemtrex common stock. The Company’s investment Vicon Industries will be accounted for using the equity method of accounting. Following the closing of the transaction, Saagar Govil, Cemtrex’s Chairman and Chief Executive Officer, and Aron Govil, Cemtrex’s Executive Director, joined the Vicon Industries Board of Directors and Saagar Govil assumed the position of Chief Executive Officer of Vicon Industries.

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, 2017 (“2017 Annual Report”) of Cemtrex Inc. (“Cemtrex” or the “Company”). A summary of the Company’s significant accounting policies is identified in Note 2 of the notes to the consolidated financial statements included in the Company’s 2017 Annual Report. There have been no changes in the Company’s significant accounting policies subsequent to September 30, 2017.   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, MIP Cemtrex Inc., Cemtrex Advanced Technologies Inc., Cemtrex Technologies Pvt. Ltd., Cemtrex Ltd., ROB Cemtrex GmbH, ROB Systems Srl, ROB Cemtrex Assets UG, ROB Cemtrex Logistics 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, 2017, includes a summary of the significant accounting policies used in the preparation of the consolidated financial statements.   Investment in Associated Companies   Associated companies over which Cemtrex exercises significant influence are accounted for using the equity method, which involves recognizing in the Consolidated Statements of Operations and Comprehensive Income/(Loss) the Company’s share of the equity accounted investment profit or loss for the year. The Company’s interest in an associated company is carried in the Consolidated Balance Sheet at an amount that reflects its share of the net assets of the associate.   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 January and February 2017, the Company received aggregate gross proceeds of $14,018,750 through the issuance of 1,401,875 shares of its series 1 preferred stock, paying cumulative dividends at the rate of 10% of the purchase price per year, and 2,803,750 series 1 warrants to purchase shares of common stock at $6.31 per share for five years.

NOTE 4 – SEGMENT INFORMATION   The Company reports and evaluates financial information for three segments: Advanced Technologies (AT) segment, the Electronics Manufacturing (EM) segment and the Industrial Technology (IT) segment. The AT segment develops smart devices and provides progressive design and development solutions to create impactful experiences for mobile, web, virtual and augmented reality, wearables and television as well as providing cutting edge, mission critical security and video surveillance. The EM segment provides end to end electronic manufacturing services, which includes 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. This segment also sells software development services for mobile, web, virtual reality, and PC applications. The IT segment offers single-source expertise and services for rigging, millwrighting, in plant maintenance, equipment erection, relocation, and disassembly to diversified customers in USA. The segment also sells a complete line of air filtration and environmental control instruments & products to a wide variety of customers in industries such as: chemical, cement, steel, food, construction, mining, & petrochemical worldwide.   The following tables summarize the Company’s segment information:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">For the three months ended June 30,</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">For the nine months ended June 30,</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Revenues form external customers</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 40%; padding-left: 10pt">Advanced Technologies</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">300,338</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">-</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">931,009</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">-</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Electronics Manufacturing</td> <td> </td> <td> </td> <td style="text-align: right">11,216,531</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">14,339,173</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">41,874,472</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">45,684,285</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Industrial Technology</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">7,647,445</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">13,467,483</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">29,154,029</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">42,024,611</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt">Total revenues</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">19,164,314</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">27,806,656</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">71,959,510</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">87,708,896</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Gross profit</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Advanced Technologies</td> <td> </td> <td> </td> <td style="text-align: right">63,539</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">545,098</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Electronics Manufacturing</td> <td> </td> <td> </td> <td style="text-align: right">4,694,457</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,901,979</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">15,938,503</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">17,290,888</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Industrial Technology</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,505,419</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,029,927</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">8,811,636</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">11,697,366</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt">Total gross profit</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">7,263,415</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">9,931,906</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">25,295,237</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">28,988,254</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Operating (loss) income</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Advanced Technologies</td> <td> </td> <td> </td> <td style="text-align: right">(1,344,211</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(1,154,348</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Electronics Manufacturing</td> <td> </td> <td> </td> <td style="text-align: right">370,696</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">202,627</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">644,845</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,258,435</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Industrial Technology</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(257,268</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,202,654</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">309,934</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,895,834</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt">Total operating (loss) income</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,230,783</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,405,281</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(199,569</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,154,269</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Other income (expense)</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Advanced Technologies</td> <td> </td> <td> </td> <td style="text-align: right">18</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8,061</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Electronics Manufacturing</td> <td> </td> <td> </td> <td style="text-align: right">(310,296</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(926,242)</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(39,127</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(912,918</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Industrial Technology</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(263,145</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">875,829</td> <td style="padding-bottom: 1.5pt"></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(316,472</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(117,411</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt">Total other income (expense)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(573,423</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(50,413)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(347,538</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,030,329</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Depreciation and Amortization</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Advanced Technologies</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Electronics Manufacturing</td> <td> </td> <td> </td> <td style="text-align: right">425,904</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">114,550</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,300,828</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">603,613</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Industrial Technology</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">473,029</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">383,512</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,282,817</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,138,205</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt">Total depreciation and amortization</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">898,933</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">498,062</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,583,645</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,741,818</td> <td style="padding-bottom: 1.5pt"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2017</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Identifiable Assets</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 52%; padding-left: 10pt">Advanced Technologies</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">7,177,862</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">-</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Electronics Manufacturing</td> <td> </td> <td> </td> <td style="text-align: right">23,054,231</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">39,115,299</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Industrial Technology</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">38,479,435</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">31,066,074</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total Assets</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">68,711,528</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">70,181,373</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

NOTE 5 – 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 June 30, 2018 and 2017.

NOTE 6 – RESTRICTED CASH   A subsidiary of the Company participates in a consortium in order to self-insure group care coverage for its employees. The plan is administrated by Benecon Group and the Company makes monthly deposits in a trust account to cover medical claims and any administrative costs associated with the plan. These funds, as required by the plan are restricted in nature and amounted to $1,592,121 as of June 30, 2018. The Company also records a liability for claims that have been incurred but not recorded at the end of each year. The amount of the liability is determined by Benecon Group. The liability recorded in accrued expenses amounted to $100,534 as of June 30, 2018.

NOTE 7 – ACCOUNTS RECEIVABLE, NET   Trade receivables, net consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Accounts receivable</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">12,010,094</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">15,759,847</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Allowance for doubtful accounts</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(299,905</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(298,708</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">11,710,189</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">15,461,139</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   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 8 – INVENTORY, NET   Inventory, net, consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Raw materials</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">8,520,763</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">10,653,963</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Work in progress</td> <td> </td> <td> </td> <td style="text-align: right">1,549,539</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,600,229</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Finished goods</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,422,945</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,428,791</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">12,493,247</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">17,682,983</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Less: Allowance for inventory obsolescence</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,010,948</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(411,101</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Inventory –net of allowance for inventory obsolescence</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">11,482,299</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">17,271,882</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

NOTE 9 – PROPERTY AND EQUIPMENT   Property and equipment are summarized as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2016</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Land</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,237,701</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,241,720</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Building</td> <td> </td> <td> </td> <td style="text-align: right">5,147,806</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,229,075</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Furniture and office equipment</td> <td> </td> <td> </td> <td style="text-align: right">3,626,226</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,678,936</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Computers and software</td> <td> </td> <td> </td> <td style="text-align: right">5,546,861</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,723,408</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Machinery and equipment</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">23,760,203</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">17,176,599</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">39,318,797</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">27,049,738</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Less: Accumulated depreciation</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(9,400,501</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(6,931,427</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Property and equipment, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">29,918,296</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">20,118,311</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Depreciation expense for the nine months ended June 30, 2018 and 2017 were $2,583,645 and $1,741,818 respectively.

NOTE 10 – PREPAID AND OTHER CURRENT ASSETS   On June 30, 2018, the Company had prepaid and other current assets consisting of prepayments on inventory purchases of $1,294,146 and other current assets of $2,552,486. On June 30, 2017 the company had prepaid and other current assets consisting of prepayments on inventory purchases of $1,192,148 and other current assets of $910,296.

NOTE 12 – CONVERTIBLE NOTES PAYABLE   As of June 30, 2018, the Company has satisfied all outstanding convertible notes payable, to various unrelated third parties.   For the nine months ended June 30, 2018, 149,088 shares of the Company’s common stock were issued to satisfy $220,000 of convertible notes payable.

NOTE 13 – LONG-TERM LIABILITIES   Loans payable to bank   On October 31, 2013, the Company obtained a loan from Sparkasse Bank of Germany in the amount of €3,000,000 ($4,006,500, based upon the exchange rate on October 31, 2013) in order to fund the purchase of ROB Cemtrex GmbH. Of these proceeds, $2,799,411 was used to purchase ROB Cemtrex GmbH and $1,207,089 funded operations. This loan carries interest of 4.95% per annum and is payable on October 30, 2021.   On December 15, 2015, the Company obtained 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.   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.   Subsequent to June 30, 2018, $400,000 a Short-Term Note Payable (see Note 11) was paid with common stock and was reclassed to the long-term liability Notes Payable in accordance with U.S. GAAP.

NOTE 14 – RELATED PARTY TRANSACTIONS   On February 9, 2017, the outstanding principal and accrued interest owed on notes payable to Ducon Technologies, Inc., of $3,339,833 were exchanged for 333,983 shares of the Company’s series 1 preferred stock and 667,967 series 1 warrants.   The Company leases its principal office at Farmingdale, New York, 8,000 square feet of office and warehouse/assembly space on a month to month lease in a building owned by Aron Govil, Executive Director of the Company, at a monthly rental of $10,000.   During the nine months ended June 30, 2017, Cemtrex had sales to Vicon Technologies, Inc. of 122,559. At June 30, 2018 Cemtrex has receivables due from Vicon Technologies, Inc. of $62,865.

NOTE 15 – STOCKHOLDERS’ EQUITY   Preferred Stock   The Company is authorized to issue 10,000,000 shares of Preferred Stock, $0.001 par value. As of June 30, 2018, and September 30, 2017, there were 2,914,168 and 2,822,660 shares issued and outstanding, respectively.   Series A Preferred stock   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 nine-month periods ended June 30, 2018 and 2017, the Company did not issue any Series A Preferred Stock.   As of June 30, 2018, and September 30, 2017, there were 1,000,000 shares of Series A Preferred Stock issued and outstanding.   Series 1 Preferred Stock   Dividends   Holders of the Series 1 Preferred will be entitled to receive cumulative cash dividends at the rate of 10% of the purchase price per year, payable semiannually on the last day of March and September in each year. Dividends may also be paid, at our option, in additional shares of Series 1 Preferred, valued at their liquidation preference. The Series 1 Preferred will rank senior to the common stock with respect to dividends. Dividends will be entitled to be paid prior to any dividend to the holders of our common stock.   Liquidation Preference   The Series 1 Preferred will have a liquidation preference of $10.00 per share, equal to its purchase price. In the event of any liquidation, dissolution or winding up of our company, any amounts remaining available for distribution to stockholders after payment of all liabilities of our company will be distributed first to the holders of Series 1 Preferred, and then pari passu to the holders of the series A preferred stock and our common stock. The holders of Series 1 Preferred will have preference over the holders of our common stock on any liquidation, dissolution or winding up of our company. The holders of Series 1 Preferred will also have preference over the holders of our series A preferred stock.   Voting Rights   Except as otherwise provided in the certificate of designation, preferences and rights or as required by law, the Series 1 Preferred will vote together with the shares of our common stock (and not as a separate class) at any annual or special meeting of stockholders. Except as required by law, each holder of shares of Series 1 Preferred will be entitled to two votes for each share of Series 1 Preferred held on the record date as though each share of Series 1 Preferred were 2 shares of our common stock. Holders of the Series 1 Preferred will vote as a class on any amendment altering or changing the powers, preferences or special rights of the Series 1 Preferred so as to affect them adversely.   No Conversion   The Series 1 Preferred will not be convertible into or exchangeable for shares of our common stock or any other security.   Rank   The Series 1 Preferred will rank with respect to distribution rights upon our liquidation, winding-up or dissolution and dividend rights, as applicable:   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif">●</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">senior to our series A preferred stock, common stock and any other class of capital stock we issue in the future unless the terms of that stock provide that it ranks senior to any or all of the Series 1 Preferred;</td></tr> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif">●</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify">on a parity with any class of capital stock we issue in the future the terms of which provide that it will rank on a parity with any or all of the Series 1 Preferred;</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">junior to each class of capital stock issued in the future the terms of which expressly provide that such capital stock will rank senior to the Series 1 Preferred and the common stock; and</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>●</td> <td style="text-align: justify">junior to all of our existing and future indebtedness.</td></tr> </table>   As of June 30, 2018, and September 30, 2017, there were 1,914,168 shares of Series 1 Preferred Stock issued and outstanding.   For the nine months ended June 30, 2018, 91,508 shares of Series 1 Preferred Stock were issued to pay $915,080 worth of dividends to holders of Series 1 Preferred Stock.   For the fiscal year ended September 30, 2017, $1,200,871 worth of dividends have been paid to holders of Series 1 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 Market 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 June 30, 2018, there were 11,675,744 shares issued and outstanding and at September 30, 2017, there were 10,404,434 shares issued and outstanding.   During the nine-month period ended June 30, 2018, the Company issued 1,271,310 shares of common stock.   On February 12, 2016, the Company granted a stock option for 200,000 shares to Saagar Govil, the Company’s Chairman and CEO. These options have an exercise price of $1.70 per share, 50% of the options vest each year and they expire after six years. As of June 30, 2018, none of these options have been exercised.   On December 5, 2016, the Company granted a stock option for 200,000 shares to Saagar Govil, the Company’s Chairman and CEO. These options have an exercise price of $4.24 per share, 50% of the options vest each year and they expire after six years. As of June 30, 2018, none of these options have been exercised.   On December 18, 2017, the Company granted a stock option for 200,000 shares to Saagar Govil, the Company’s Chairman and CEO. These options have an exercise price of $2.64 per share, 50% of the options vest each year and they expire after six years. As of June 30, 2018. none of these options have been exercised.   On April 19, 2017 the Company’s Board of Directors declared a cash dividend on common stock to shareholders of record on March 31, 2017.   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 June 30, 2018, options to purchase 62,500 shares have been exercised and none have expired or have been cancelled.   During the fiscal year ended September 30, 2017 the Company acquired and retired 363,528 shares of its common stock at a cost of $1,344,593 purchased under the share repurchase authorization that Cemtrex’s board of directors approved in 2016 for the repurchase of up to one million outstanding shares over a 12-month period, depending on market conditions.   For the nine months ended June 30, 2018, 149,088 shares of the Company’s common stock have been issued to satisfy $220,000 of convertible notes payable (see NOTE 12).   For the nine months ended June 30, 2018, 109,597 shares of the Company’s common stock have been issued to satisfy $225,000 of short-term notes payable (see NOTE 11).   On March 23, 2018, in a private resale transaction, Cemtrex purchased 7,284,824 shares of common stock and a warrant to purchase an additional 1,500,000 shares of common stock of Vicon Industries, Inc. in exchange for 1,012,625 shares of Cemtrex common stock (see NOTE 1).   Subscription Rights Offering   In December 2016, we commenced a subscription rights offering to our stockholders to raise up to $15.0 million through the sale of units, each consisting of one share of our series 1 preferred stock, paying cumulative dividends at the rate of 10% of the purchase price per year, and two five-year series 1 warrants, upon the exercise of subscription rights at $10.00 per unit. On February 2, 2017, Cemtrex, Inc. (the “Company”) completed the final closing of its rights offering. With the final closing, the total subscription proceeds received by the Company in its rights offering and related standby placement amounted to $14,018,750, before payment of the dealer-manager fee and other offering expenses.

NOTE 17 – RECENTLY ISSUED ACCOUNTING STANDARDS   In February 2016, The FASB issued ASU 2016-02 (Topic 842), “Leases”. ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This new standard would be effective for the Company beginning January 1, 2019 with early adoption permitted. The Company is currently evaluating the effect of adoption of this standard on the Consolidated Financial Statements.

NOTE 19 - SUBSEQUENT EVENTS   Cemtrex has evaluated subsequent events up to the date the consolidated financial statements were issued. Centrex concluded that the following subsequent events have occurred and require recognition or disclosure in the consolidated financial statements.   In July and August of 2018, the Company issued 218,145 shares of common stock to satisfy $400,000 worth of notes payable.

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, 2017 (“2017 Annual Report”) of Cemtrex Inc. (“Cemtrex” or the “Company”). A summary of the Company’s significant accounting policies is identified in Note 2 of the notes to the consolidated financial statements included in the Company’s 2017 Annual Report. There have been no changes in the Company’s significant accounting policies subsequent to September 30, 2017.   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, MIP Cemtrex Inc., Cemtrex Advanced Technologies Inc., Cemtrex Technologies Pvt. Ltd., Cemtrex Ltd., ROB Cemtrex GmbH, ROB Systems Srl, ROB Cemtrex Assets UG, ROB Cemtrex Logistics GmbH, and Advanced Industrial Services, Inc. All significant intercompany balances and transactions have been eliminated.

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

The following tables summarize the Company’s segment information:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">For the three months ended June 30,</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">For the nine months ended June 30,</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Revenues form external customers</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 40%; padding-left: 10pt">Advanced Technologies</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">300,338</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">-</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">931,009</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right">-</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Electronics Manufacturing</td> <td> </td> <td> </td> <td style="text-align: right">11,216,531</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">14,339,173</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">41,874,472</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">45,684,285</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Industrial Technology</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">7,647,445</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">13,467,483</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">29,154,029</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">42,024,611</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt">Total revenues</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">19,164,314</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">27,806,656</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">71,959,510</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">87,708,896</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Gross profit</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Advanced Technologies</td> <td> </td> <td> </td> <td style="text-align: right">63,539</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">545,098</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Electronics Manufacturing</td> <td> </td> <td> </td> <td style="text-align: right">4,694,457</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,901,979</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">15,938,503</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">17,290,888</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Industrial Technology</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,505,419</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,029,927</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">8,811,636</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">11,697,366</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt">Total gross profit</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">7,263,415</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">9,931,906</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">25,295,237</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">28,988,254</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Operating (loss) income</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Advanced Technologies</td> <td> </td> <td> </td> <td style="text-align: right">(1,344,211</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(1,154,348</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Electronics Manufacturing</td> <td> </td> <td> </td> <td style="text-align: right">370,696</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">202,627</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">644,845</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,258,435</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Industrial Technology</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(257,268</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,202,654</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">309,934</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,895,834</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt">Total operating (loss) income</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,230,783</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,405,281</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(199,569</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,154,269</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Other income (expense)</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Advanced Technologies</td> <td> </td> <td> </td> <td style="text-align: right">18</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8,061</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Electronics Manufacturing</td> <td> </td> <td> </td> <td style="text-align: right">(310,296</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(926,242)</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(39,127</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(912,918</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Industrial Technology</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(263,145</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">875,829</td> <td style="padding-bottom: 1.5pt"></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(316,472</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(117,411</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt">Total other income (expense)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(573,423</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(50,413)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(347,538</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,030,329</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Depreciation and Amortization</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Advanced Technologies</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Electronics Manufacturing</td> <td> </td> <td> </td> <td style="text-align: right">425,904</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">114,550</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,300,828</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">603,613</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Industrial Technology</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">473,029</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">383,512</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,282,817</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,138,205</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; padding-left: 20pt">Total depreciation and amortization</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">898,933</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">498,062</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,583,645</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,741,818</td> <td style="padding-bottom: 1.5pt"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2017</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Identifiable Assets</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 52%; padding-left: 10pt">Advanced Technologies</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">7,177,862</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">-</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Electronics Manufacturing</td> <td> </td> <td> </td> <td style="text-align: right">23,054,231</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">39,115,299</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt">Industrial Technology</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">38,479,435</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">31,066,074</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total Assets</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">68,711,528</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">70,181,373</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Trade receivables, net consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Accounts receivable</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">12,010,094</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">15,759,847</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Allowance for doubtful accounts</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(299,905</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(298,708</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">11,710,189</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">15,461,139</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Inventory, net, consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%">Raw materials</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">8,520,763</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">10,653,963</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Work in progress</td> <td> </td> <td> </td> <td style="text-align: right">1,549,539</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,600,229</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Finished goods</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,422,945</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,428,791</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">12,493,247</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">17,682,983</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Less: Allowance for inventory obsolescence</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,010,948</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(411,101</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Inventory –net of allowance for inventory obsolescence</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">11,482,299</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">17,271,882</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

39318797

27049738

1237701

5147806

3626226

5546861

23760203

1241720

5229075

1678936

1723408

17176599

2018

157000

46664273

58720642

11900899

17874750

236799

385911

6522074

8437194

25935969

28393397

5142026

9437556

20342393

30327245

-778823

120061

915080 NOTE 11 – NOTES PAYABLE - SHORT-TERM   On November 15, 2017, the Company issued a note payable to an unrelated third party, for $2,300,000. This note carries interest of 8% and is due after 18 months. As of June 30, 2018, 109,597 shares of the Company’s common stock have been issued to satisfy $225,000 of this note. Subsequent to June 30, 2018, $400,000 of this note was paid with common stock and was reclassed to the long-term liability Notes Payable in accordance with U.S. GAAP.   On May 11, 2018, the Company issued a note payable to an unrelated third party, for $1,725,000. This note carries interest of 8% and is due after 6 months.

NOTE 18 – PROVISION FOR INCOME TAX   While the Company had consolidated net losses for the three and six months ended June 30, 2018 we have recorded a provision for income taxes due to foreign subsidiaries with income in those respective periods. 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.

9400501

6931427

71959510

931009

41874472

45684285

87708896

19164314

27806656

300338

11216531

14339173

7647445

13467483

29154029

42027611

300338

931009

11216531

14339173

41874472

45684285

7647445

13467483

29154029

42024611

91508

225000

400000

-173187

822238

3400000

2300000

1725000

400000

1500000

62865

2017-04-19

2017-03-31

2200

7300

22625

4337

8000

29470

P5Y

P7Y

P10Y

P1Y

P10Y

Investment in Associated Companies   Associated companies over which Cemtrex exercises significant influence are accounted for using the equity method, which involves recognizing in the Consolidated Statements of Operations and Comprehensive Income/(Loss) the Company’s share of the equity accounted investment profit or loss for the year. The Company’s interest in an associated company is carried in the Consolidated Balance Sheet at an amount that reflects its share of the net assets of the associate.

3096042

631866

24785

220000 3228000 225000

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[Member] Additional Shares [Member] Land [Member] Building [Member] Furniture and Office Equipment [Member] Computers and Software [Member] Machinery and Equipment [Member] ROB Cemtrex Automotive GmbH [Member] Product and Service [Axis] SmartDesk [Member] Unrelated Third Party [Member] Electronics Manufacturing Services Group [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Note Payable[Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Trading Symbol Document Fiscal Period Focus Document Fiscal Year Focus Statement [Table] Statement [Line Items] Assets Current assets Cash and equivalents Restricted Cash Accounts receivable, net Inventory, net Prepaid expenses and other current assets Total current assets Property and equipment, net Goodwill Investment in Vicon Technologies Other assets Total Assets Liabilities & Stockholders' Equity (Deficit) Current liabilities Accounts payable Credit card payable Sales tax payable Revolving line of credit Accrued expenses Deferred revenue Accrued income taxes Notes payable - short term Convertible notes payable Current portion of long-term liabilities Total current liabilities Long-term liabilities Loans payable to bank Notes payable Mortgage payable Deferred tax liabilities Total long-term liabilities Total liabilities Commitments and contingencies Shareholders' equity Preferred stock, value Common stock, $0.001 par value, 20,000,000 shares authorized, 11,675,744 shares issued and outstanding at June 30, 2018 and 10,404,434 shares issued and outstanding at September 30, 2017 Additional paid-in capital Retained earnings Accumulated other comprehensive income/(loss) Total shareholders' equity Total liabilities and shareholders' equity Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Revenues Total revenues Cost of revenues Total cost of revenues Gross profit Operating expenses General and administrative Research and development Total operating expenses Operating income/(loss) Other income (expense) Other Income (expense) Interest Expense Total other income (expense) Net income before income taxes and equity interest Provision for income taxes Loss on equity interests Net income/(loss) Preferred dividends paid Net income/(loss) available to common shareholders Other comprehensive income/(loss) Foreign currency translation gain/(loss) Comprehensive income/(loss) available to common shareholders Income/(loss) Per Common Share-Basic Income/(loss) Per Common Share-Diluted Weighted Average Number of Common Shares-Basic Weighted Average Number of Common Shares-Diluted Statement of Cash Flows [Abstract] Cash Flows from Operating Activities Net income/(loss) Adjustments to reconcile net income/(loss) to net cash used in operating activities: Depreciation and amortization Deferred revenue Change in allowance for inventory obsolescence Change in allowance for doubtful accounts Interest expense on convertible debt Deferred taxes Loss in equity interests Changes in operating assets and liabilities net of effects from acquisition of subsidiaries: Accounts receivable Inventory Prepaid expenses and other assets Others Accounts payable Credit card payable Sales tax payable Accrued expenses Income taxes payable Net cash provided/(used) by operating activities Cash Flows from Investing Activities Purchase of property and equipment Loss on disposal of Property & Equipment Net cash used by investing activities Cash Flows from Financing Activities Proceeds from notes payable Payments on notes payable Payments on affiliated loan Payments on bank loans Net proceeds from subscription rights offering Dividends paid in cash Purchase and retirement of common stock Revolving line of credit Net cash provided/(used) by financing activities Net increase (decrease) in cash Cash beginning of period Cash end of period Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest Cash paid during the period for income taxes Supplemental Schedule of Non-Cash Investing and Financing Activities Investment in Vicon Technologies Payment of convertible notes in common stock Payment of short-term notes payable in common stock Dividends paid in equity shares Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization and Plan of Operations EX-101.PRE 12 cetx-20180630_pre.xml XBRL PRESENTATION FILE XML 13 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jun. 30, 2018	Aug. 08, 2018
Document And Entity Information
Entity Registrant Name	CEMTREX INC
Entity Central Index Key	0001435064
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		11,893,889
Trading Symbol	CETX
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2018

XML 14 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2018	Sep. 30, 2017
Current assets
Cash and equivalents	$ 4,603,979	$ 10,442,857
Restricted Cash	1,592,121	1,531,895
Accounts receivable, net	11,710,189	15,461,139
Inventory, net	11,482,299	17,271,882
Prepaid expenses and other current assets	3,846,632	1,720,864
Total current assets	33,235,220	46,428,637
Property and equipment, net	29,918,296	20,118,311
Goodwill	3,322,818	3,322,818
Investment in Vicon Technologies	2,135,107
Other assets	100,087	311,607
Total Assets	68,711,528	70,181,373
Current liabilities
Accounts payable	6,624,992	6,945,153
Credit card payable	271,438	165,111
Sales tax payable	521,671	550,532
Revolving line of credit	1,370,176	4,466,218
Accrued expenses	2,550,978	3,614,415
Deferred revenue	636,209	463,022
Accrued income taxes	698,724	1,553,665
Notes payable - short term	3,400,000
Convertible notes payable		220,000
Current portion of long-term liabilities	1,911,722	2,084,084
Total current liabilities	17,985,910	20,062,200
Long-term liabilities
Loans payable to bank	4,568,697	5,175,276
Notes payable	451,639	241,200
Mortgage payable	3,627,574	3,819,392
Deferred tax liabilities	1,893,870	1,891,000
Total long-term liabilities	10,541,780	11,126,868
Total liabilities	28,527,690	31,189,068
Commitments and contingencies
Shareholders' equity
Common stock, $0.001 par value, 20,000,000 shares authorized, 11,675,744 shares issued and outstanding at June 30, 2018 and 10,404,434 shares issued and outstanding at September 30, 2017	11,676	10,404
Additional paid-in capital	29,076,116	24,694,325
Retained earnings	12,075,416	14,418,245
Accumulated other comprehensive income/(loss)	(982,284)	(133,492)
Total shareholders' equity	40,183,838	38,992,305
Total liabilities and shareholders' equity	68,711,528	70,181,373
Series A Preferred Stock [Member]
Shareholders' equity
Preferred stock, value	1,000	1,000
Series 1 Preferred Stock [Member]
Shareholders' equity
Preferred stock, value	$ 1,914	$ 1,823

XML 15 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2018	Sep. 30, 2017
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	2,914,168	2,822,660
Preferred stock, shares outstanding	2,914,168	2,822,660
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	11,675,744	10,404,434
Common stock, shares outstanding	11,675,744	10,404,434
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	1,000,000	1,000,000
Preferred stock, shares outstanding	1,000,000	1,000,000
Series 1 Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	3,000,000	3,000,000
Preferred stock, shares issued	1,914,168	1,822,660
Preferred stock, shares outstanding	1,914,168	1,822,660

XML 16 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations and Comprehensive Income/(Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues
Total revenues	$ 19,164,314	$ 27,806,656	$ 71,959,510	$ 87,708,896
Cost of revenues
Total cost of revenues	11,900,899	17,874,750	46,664,273	58,720,642
Gross profit	7,263,415	9,931,906	25,295,237	28,988,254
Operating expenses
General and administrative	6,248,113	8,526,625	23,041,623	24,833,985
Research and development	2,246,085		2,453,183
Total operating expenses	8,494,198	8,526,625	25,494,806	24,833,985
Operating income/(loss)	(1,230,783)	1,405,281	(199,569)	4,154,269
Other income (expense)
Other Income (expense)	(197,880)	154,579	600,833	(81,969)
Interest Expense	(375,543)	(204,992)	(948,371)	(948,360)
Total other income (expense)	(573,423)	(50,413)	(347,538)	(1,030,329)
Net income before income taxes and equity interest	(1,804,206)	1,354,868	(547,107)	3,123,940
Provision for income taxes	182	172,286	101,819	122,197
Loss on equity interests	(778,823)		(778,823)
Net income/(loss)	(2,583,211)	1,182,582	(1,427,749)	3,001,743
Preferred dividends paid	915,080		915,080	332,938
Net income/(loss) available to common shareholders	(3,498,291)	1,182,582	(2,342,829)	2,668,805
Other comprehensive income/(loss)
Foreign currency translation gain/(loss)	(622,068)	891,215	(848,792)	573,398
Comprehensive income/(loss) available to common shareholders	$ (4,120,359)	$ 2,073,797	$ (3,191,621)	$ 3,242,203
Income/(loss) Per Common Share-Basic	$ (0.30)	$ 0.12	$ (0.22)	$ 0.27
Income/(loss) Per Common Share-Diluted	$ (0.30)	$ 0.11	$ (0.22)	$ 0.26
Weighted Average Number of Common Shares-Basic	11,596,134	10,033,060	10,894,786	9,932,894
Weighted Average Number of Common Shares-Diluted	11,596,134	10,300,022	10,894,786	10,214,020
Advanced Technologies [Member]
Revenues
Total revenues	$ 300,338		$ 931,009
Cost of revenues
Total cost of revenues	236,799		385,911
Electronics Manufacturing [Member]
Revenues
Total revenues	11,216,531	14,339,173	41,874,472	45,684,285
Cost of revenues
Total cost of revenues	6,522,074	8,437,194	25,935,969	28,393,397
Industrial Technology [Member]
Revenues
Total revenues	7,647,445	13,467,483	29,154,029	42,024,611
Cost of revenues
Total cost of revenues	$ 5,142,026	$ 9,437,556	$ 20,342,393	$ 30,327,245

XML 17 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows from Operating Activities
Net income/(loss)	$ (1,427,749)	$ 3,001,743
Adjustments to reconcile net income/(loss) to net cash used in operating activities:
Depreciation and amortization	2,583,645	1,741,818
Deferred revenue	173,187	(822,238)
Change in allowance for inventory obsolescence	599,847
Change in allowance for doubtful accounts	1,197
Interest expense on convertible debt	109,144	163,628
Deferred taxes	2,870
Loss in equity interests	778,823
Changes in operating assets and liabilities net of effects from acquisition of subsidiaries:
Accounts receivable	3,749,753	(1,007,854)
Inventory	5,189,736	(2,494,051)
Prepaid expenses and other assets	(2,125,768)	372,960
Others	211,520	454,861
Accounts payable	(320,161)	292,916
Credit card payable	106,327	(75,965)
Sales tax payable	(28,861)	(15,576)
Accrued expenses	(1,063,437)	(2,164,408)
Income taxes payable	(854,941)	137,091
Net cash provided/(used) by operating activities	7,685,132	(415,075)
Cash Flows from Investing Activities
Purchase of property and equipment	(12,845,859)	(642,064)
Loss on disposal of Property & Equipment		(24,785)
Net cash used by investing activities	(12,845,859)	(666,849)
Cash Flows from Financing Activities
Proceeds from notes payable	4,025,000
Payments on notes payable	(302,419)	(824,690)
Payments on affiliated loan		(120,061)
Payments on bank loans	(1,244,464)	(976,572)
Net proceeds from subscription rights offering		12,817,300
Dividends paid in cash		(528,637)
Purchase and retirement of common stock		(1,344,593)
Revolving line of credit	(3,096,042)	(631,866)
Net cash provided/(used) by financing activities	(617,925)	8,390,881
Net increase (decrease) in cash	(5,778,652)	7,308,957
Cash beginning of period	10,442,857	6,743,980
Cash end of period	4,603,979	14,052,937
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest	259,317	711,270
Cash paid during the period for income taxes	852,071
Supplemental Schedule of Non-Cash Investing and Financing Activities
Investment in Vicon Technologies	2,913,930
Payment of convertible notes in common stock	220,000	3,228,000
Payment of short-term notes payable in common stock	225,000
Dividends paid in equity shares	$ 915,080

XML 18 R6.htm IDEA: XBRL DOCUMENT

Organization and Plan of Operations

9 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Plan of Operations

NOTE 1 – ORGANIZATION AND PLAN OF OPERATIONS

Advanced Technologies (AT)

Electronics Manufacturing (EM)

Industrial Technology (IT)

Recent Developments

XML 19 R7.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Critical Accounting Policies

9 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Basis of Presentation and Critical Accounting Policies

NOTE 2 – BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES

Basis of Presentation and Use of Estimates

Significant Accounting Policies

Investment in Associated Companies

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

9 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Liquidity

NOTE 3 – LIQUIDITY

XML 21 R9.htm IDEA: XBRL DOCUMENT

Segment Information

9 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Segment Information

NOTE 4 – SEGMENT INFORMATION

The following tables summarize the Company’s segment information:

	For the three months ended June 30,					For the nine months ended June 30,
	2018			2017		2018			2017
Revenues form external customers
Advanced Technologies		300,338			-		931,009			-
Electronics Manufacturing		11,216,531			14,339,173		41,874,472			45,684,285
Industrial Technology		7,647,445			13,467,483		29,154,029			42,024,611
Total revenues		19,164,314			27,806,656		71,959,510			87,708,896

Gross profit
Advanced Technologies		63,539			-		545,098			-
Electronics Manufacturing		4,694,457			5,901,979		15,938,503			17,290,888
Industrial Technology		2,505,419			4,029,927		8,811,636			11,697,366
Total gross profit		7,263,415			9,931,906		25,295,237			28,988,254

Operating (loss) income
Advanced Technologies		(1,344,211	)		-		(1,154,348	)		-
Electronics Manufacturing		370,696			202,627		644,845			1,258,435
Industrial Technology		(257,268	)		1,202,654		309,934			2,895,834
Total operating (loss) income		(1,230,783	)		1,405,281		(199,569	)		4,154,269

Other income (expense)
Advanced Technologies		18			-		8,061			-
Electronics Manufacturing		(310,296	)		(926,242)		(39,127	)		(912,918	)
Industrial Technology		(263,145	)		875,829		(316,472	)		(117,411	)
Total other income (expense)		(573,423	)		(50,413)		(347,538	)		(1,030,329	)

Depreciation and Amortization
Advanced Technologies		-			-		-
Electronics Manufacturing		425,904			114,550		1,300,828			603,613
Industrial Technology		473,029			383,512		1,282,817			1,138,205
Total depreciation and amortization		898,933			498,062		2,583,645			1,741,818

	June 30, 2018		September 30, 2017
Identifiable Assets
Advanced Technologies	$	7,177,862	$	-
Electronics Manufacturing		23,054,231	$	39,115,299
Industrial Technology		38,479,435		31,066,074
Total Assets	$	68,711,528	$	70,181,373

XML 22 R10.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

9 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 5 – FAIR VALUE MEASUREMENTS

The Company had no assets reportable under ASC 820 at June 30, 2018 and 2017.

- 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 23 R11.htm IDEA: XBRL DOCUMENT

Restricted Cash

9 Months Ended

Jun. 30, 2018

Cash and Cash Equivalents [Abstract]

Restricted Cash

NOTE 6 – RESTRICTED CASH

XML 24 R12.htm IDEA: XBRL DOCUMENT

Accounts Receivable, Net

9 Months Ended

Jun. 30, 2018

Receivables [Abstract]

Accounts Receivable, Net

NOTE 7 – ACCOUNTS RECEIVABLE, NET

Trade receivables, net consist of the following:

	June 30, 2018			September 30, 2017
Accounts receivable	$	12,010,094		$	15,759,847
Allowance for doubtful accounts		(299,905	)		(298,708	)
	$	11,710,189		$	15,461,139

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.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

XML 25 R13.htm IDEA: XBRL DOCUMENT

Inventory, Net

9 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Inventory, Net

NOTE 8 – INVENTORY, NET

Inventory, net, consist of the following:

	June 30, 2018			September 30, 2017
Raw materials	$	8,520,763		$	10,653,963
Work in progress		1,549,539			2,600,229
Finished goods		2,422,945			4,428,791
		12,493,247			17,682,983

Less: Allowance for inventory obsolescence		(1,010,948	)		(411,101	)
Inventory –net of allowance for inventory obsolescence	$	11,482,299		$	17,271,882

XML 26 R14.htm IDEA: XBRL DOCUMENT

Property and Equipment

9 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 9 – PROPERTY AND EQUIPMENT

Property and equipment are summarized as follows:

	June 30, 2018			September 30, 2016
Land	$	1,237,701		$	1,241,720
Building		5,147,806			5,229,075
Furniture and office equipment		3,626,226			1,678,936
Computers and software		5,546,861			1,723,408
Machinery and equipment		23,760,203			17,176,599
		39,318,797			27,049,738

Less: Accumulated depreciation		(9,400,501	)		(6,931,427	)
Property and equipment, net	$	29,918,296		$	20,118,311

Depreciation expense for the nine months ended June 30, 2018 and 2017 were $2,583,645 and $1,741,818 respectively.

XML 27 R15.htm IDEA: XBRL DOCUMENT

Prepaid and Other Current Assets

9 Months Ended

Jun. 30, 2018

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid and Other Current Assets

NOTE 10 – PREPAID AND OTHER CURRENT ASSETS

XML 28 R16.htm IDEA: XBRL DOCUMENT

Notes Payable - Short-Term

9 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Notes Payable - Short-Term

NOTE 11 – NOTES PAYABLE - SHORT-TERM

On May 11, 2018, the Company issued a note payable to an unrelated third party, for $1,725,000. This note carries interest of 8% and is due after 6 months.

XML 29 R17.htm IDEA: XBRL DOCUMENT

Convertible Notes Payable

9 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Convertible Notes Payable

NOTE 12 – CONVERTIBLE NOTES PAYABLE

As of June 30, 2018, the Company has satisfied all outstanding convertible notes payable, to various unrelated third parties.

For the nine months ended June 30, 2018, 149,088 shares of the Company’s common stock were issued to satisfy $220,000 of convertible notes payable.

XML 30 R18.htm IDEA: XBRL DOCUMENT

Long-Term Liabilities

9 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Long-Term Liabilities

NOTE 13 – LONG-TERM LIABILITIES

Loans payable to bank

Mortgage payable

Notes payable

Subsequent to June 30, 2018, $400,000 a Short-Term Note Payable (see Note 11) was paid with common stock and was reclassed to the long-term liability Notes Payable in accordance with U.S. GAAP.

XML 31 R19.htm IDEA: XBRL DOCUMENT

Related Party Transactions

9 Months Ended

Jun. 30, 2018

Related Party Transactions

NOTE 14 – RELATED PARTY TRANSACTIONS

During the nine months ended June 30, 2017, Cemtrex had sales to Vicon Technologies, Inc. of 122,559. At June 30, 2018 Cemtrex has receivables due from Vicon Technologies, Inc. of $62,865.

XML 32 R20.htm IDEA: XBRL DOCUMENT

Stockholders' Equity

9 Months Ended

Jun. 30, 2018

Equity [Abstract]

Stockholders' Equity

NOTE 15 – STOCKHOLDERS’ EQUITY

Preferred Stock

Series A Preferred stock

During the nine-month periods ended June 30, 2018 and 2017, the Company did not issue any Series A Preferred Stock.

As of June 30, 2018, and September 30, 2017, there were 1,000,000 shares of Series A Preferred Stock issued and outstanding.

Series 1 Preferred Stock

Dividends

Liquidation Preference

Voting Rights

No Conversion

The Series 1 Preferred will not be convertible into or exchangeable for shares of our common stock or any other security.

Rank

The Series 1 Preferred will rank with respect to distribution rights upon our liquidation, winding-up or dissolution and dividend rights, as applicable:

	●	senior to our series A preferred stock, common stock and any other class of capital stock we issue in the future unless the terms of that stock provide that it ranks senior to any or all of the Series 1 Preferred;

	●	on a parity with any class of capital stock we issue in the future the terms of which provide that it will rank on a parity with any or all of the Series 1 Preferred;

	●	junior to each class of capital stock issued in the future the terms of which expressly provide that such capital stock will rank senior to the Series 1 Preferred and the common stock; and

	●	junior to all of our existing and future indebtedness.

As of June 30, 2018, and September 30, 2017, there were 1,914,168 shares of Series 1 Preferred Stock issued and outstanding.

For the nine months ended June 30, 2018, 91,508 shares of Series 1 Preferred Stock were issued to pay $915,080 worth of dividends to holders of Series 1 Preferred Stock.

For the fiscal year ended September 30, 2017, $1,200,871 worth of dividends have been paid to holders of Series 1 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 Market under the symbol “CETX”.

Common Stock

During the nine-month period ended June 30, 2018, the Company issued 1,271,310 shares of common stock.

On April 19, 2017 the Company’s Board of Directors declared a cash dividend on common stock to shareholders of record on March 31, 2017.

For the nine months ended June 30, 2018, 149,088 shares of the Company’s common stock have been issued to satisfy $220,000 of convertible notes payable (see NOTE 12).

For the nine months ended June 30, 2018, 109,597 shares of the Company’s common stock have been issued to satisfy $225,000 of short-term notes payable (see NOTE 11).

Subscription Rights Offering

XML 33 R21.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

9 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 16 – COMMITMENTS AND CONTINGENCIES

XML 34 R22.htm IDEA: XBRL DOCUMENT

Recently Issued Accounting Standards

9 Months Ended

Jun. 30, 2018

Accounting Changes and Error Corrections [Abstract]

Recently Issued Accounting Standards

NOTE 17 – RECENTLY ISSUED ACCOUNTING STANDARDS

XML 35 R23.htm IDEA: XBRL DOCUMENT

Provision for Income Tax

9 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Provision for Income Tax

NOTE 18 – PROVISION FOR INCOME TAX

XML 36 R24.htm IDEA: XBRL DOCUMENT

Subsequent Events

9 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

NOTE 19 - SUBSEQUENT EVENTS

In July and August of 2018, the Company issued 218,145 shares of common stock to satisfy $400,000 worth of notes payable.

XML 37 R25.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Critical Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation and Use of Estimates	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, 2017 (“2017 Annual Report”) of Cemtrex Inc. (“Cemtrex” or the “Company”). A summary of the Company’s significant accounting policies is identified in Note 2 of the notes to the consolidated financial statements included in the Company’s 2017 Annual Report. There have been no changes in the Company’s significant accounting policies subsequent to September 30, 2017. 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, MIP Cemtrex Inc., Cemtrex Advanced Technologies Inc., Cemtrex Technologies Pvt. Ltd., Cemtrex Ltd., ROB Cemtrex GmbH, ROB Systems Srl, ROB Cemtrex Assets UG, ROB Cemtrex Logistics GmbH, and Advanced Industrial Services, Inc. All significant intercompany balances and transactions have been eliminated.
Investment in Associated Companies	Investment in Associated Companies Associated companies over which Cemtrex exercises significant influence are accounted for using the equity method, which involves recognizing in the Consolidated Statements of Operations and Comprehensive Income/(Loss) the Company’s share of the equity accounted investment profit or loss for the year. The Company’s interest in an associated company is carried in the Consolidated Balance Sheet at an amount that reflects its share of the net assets of the associate.
Reclassifications	Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current period presentation.

- Definition

Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment.

+ References + Details

XML 38 R26.htm IDEA: XBRL DOCUMENT

Segment Information (Tables)

9 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Schedule of Segment Information

The following tables summarize the Company’s segment information:

	For the three months ended June 30,					For the nine months ended June 30,
	2018			2017		2018			2017
Revenues form external customers
Advanced Technologies		300,338			-		931,009			-
Electronics Manufacturing		11,216,531			14,339,173		41,874,472			45,684,285
Industrial Technology		7,647,445			13,467,483		29,154,029			42,024,611
Total revenues		19,164,314			27,806,656		71,959,510			87,708,896

Gross profit
Advanced Technologies		63,539			-		545,098			-
Electronics Manufacturing		4,694,457			5,901,979		15,938,503			17,290,888
Industrial Technology		2,505,419			4,029,927		8,811,636			11,697,366
Total gross profit		7,263,415			9,931,906		25,295,237			28,988,254

Operating (loss) income
Advanced Technologies		(1,344,211	)		-		(1,154,348	)		-
Electronics Manufacturing		370,696			202,627		644,845			1,258,435
Industrial Technology		(257,268	)		1,202,654		309,934			2,895,834
Total operating (loss) income		(1,230,783	)		1,405,281		(199,569	)		4,154,269

Other income (expense)
Advanced Technologies		18			-		8,061			-
Electronics Manufacturing		(310,296	)		(926,242)		(39,127	)		(912,918	)
Industrial Technology		(263,145	)		875,829		(316,472	)		(117,411	)
Total other income (expense)		(573,423	)		(50,413)		(347,538	)		(1,030,329	)

Depreciation and Amortization
Advanced Technologies		-			-		-
Electronics Manufacturing		425,904			114,550		1,300,828			603,613
Industrial Technology		473,029			383,512		1,282,817			1,138,205
Total depreciation and amortization		898,933			498,062		2,583,645			1,741,818

	June 30, 2018		September 30, 2017
Identifiable Assets
Advanced Technologies	$	7,177,862	$	-
Electronics Manufacturing		23,054,231	$	39,115,299
Industrial Technology		38,479,435		31,066,074
Total Assets	$	68,711,528	$	70,181,373

XML 39 R27.htm IDEA: XBRL DOCUMENT

Accounts Receivable, Net (Tables)

9 Months Ended

Jun. 30, 2018

Receivables [Abstract]

Schedule of Trade Receivables, Net

Trade receivables, net consist of the following:

	June 30, 2018			September 30, 2017
Accounts receivable	$	12,010,094		$	15,759,847
Allowance for doubtful accounts		(299,905	)		(298,708	)
	$	11,710,189		$	15,461,139

XML 40 R28.htm IDEA: XBRL DOCUMENT

Inventory, Net (Tables)

9 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Schedule of Inventory, Net

Inventory, net, consist of the following:

	June 30, 2018			September 30, 2017
Raw materials	$	8,520,763		$	10,653,963
Work in progress		1,549,539			2,600,229
Finished goods		2,422,945			4,428,791
		12,493,247			17,682,983

Less: Allowance for inventory obsolescence		(1,010,948	)		(411,101	)
Inventory –net of allowance for inventory obsolescence	$	11,482,299		$	17,271,882

XML 41 R29.htm IDEA: XBRL DOCUMENT

Property and Equipment (Tables)

9 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment are summarized as follows:

	June 30, 2018			September 30, 2016
Land	$	1,237,701		$	1,241,720
Building		5,147,806			5,229,075
Furniture and office equipment		3,626,226			1,678,936
Computers and software		5,546,861			1,723,408
Machinery and equipment		23,760,203			17,176,599
		39,318,797			27,049,738

Less: Accumulated depreciation		(9,400,501	)		(6,931,427	)
Property and equipment, net	$	29,918,296		$	20,118,311

XML 42 R30.htm IDEA: XBRL DOCUMENT

Organization and Plan of Operations (Details Narrative) - USD ($)		1 Months Ended	9 Months Ended
	Mar. 23, 2018	Jan. 31, 2018	Jun. 30, 2018
Ownership percentage			100.00%
ROB Cemtrex Automotive GmbH [Member]
Loss on sale of subsidiary		$ 157,000
Vicon Industries, Inc. [Member]
Warrants to purchase common stock	7,284,824
Ownership percentage	46.00%
Number of share exchanged duing period	1,012,625
Vicon Industries, Inc. [Member] \| Additional Shares [Member]
Warrants to purchase common stock	1,500,000
SmartDesk [Member]
Number of companies reservation, description			The Company began taking reservations for the SmartDesk on May 22, 2018 with customers receiving delivery of the SmartDesk in the first quarter of fiscal 2019. The Company received the following number of reservations: May: 9 units, June: 128 units, July: 165 units, August: 355 units for a total number of 657 reservations as of August 10, 2018. The Company expects to convert these reservations in to orders in its first quarter of fiscal 2019.

XML 43 R31.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Critical Accounting Policies (Details Narrative)	Jun. 30, 2018
Accounting Policies [Abstract]
Percentage of owned subsidiaries	100.00%

XML 44 R32.htm IDEA: XBRL DOCUMENT

Liquidity (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended
Liquidity (Details Narrative) - USD ($)	Dec. 31, 2016	Jun. 30, 2018
Cumulative dividends percentage	10.00%
Series 1 Preferred Stock [Member]
Cumulative dividends percentage		10.00%
January and February 2017 [Member] \| Series 1 Preferred Stock [Member]
Gross proceeds from issuance of shares		$ 14,018,750
Number of shares issued		1,401,875
Cumulative dividends percentage		10.00%
January and February 2017 [Member] \| Series 1 Warrants [Member]
Warrants to purchase common stock		2,803,750
Common stock purchase price per share		$ 6.31
Warrants term		5 years

XML 45 R33.htm IDEA: XBRL DOCUMENT

Segment Information (Details Narrative)	9 Months Ended
Segment Information (Details Narrative)	Jun. 30, 2018 Segments
Segment Reporting [Abstract]
Number of reportable segments	3

XML 46 R34.htm IDEA: XBRL DOCUMENT

Segment Information - Schedule of Segment Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2017
Revenue form external customers	$ 19,164,314	$ 27,806,656	$ 71,959,510	$ 87,708,896
Gross profit	7,263,415	9,931,906	25,295,237	28,988,254
Operating (loss) income	(1,230,783)	1,405,281	(199,569)	4,154,269
Other income (expense)	(573,423)	(50,413)	(347,538)	(1,030,329)
Depreciation and Amortization	898,933	498,062	2,583,645	1,741,818
Total assets	68,711,528		68,711,528		$ 70,181,373
Advanced Technologies [Member]
Revenue form external customers	300,338		931,009
Gross profit	63,539		545,098
Operating (loss) income	(1,344,211)		(1,154,348)
Other income (expense)	18		8,061
Depreciation and Amortization
Total assets	7,177,862		7,177,862
Electronics Manufacturing [Member]
Revenue form external customers	11,216,531	14,339,173	41,874,472	45,684,285
Gross profit	4,694,457	5,901,979	15,938,503	17,290,888
Operating (loss) income	370,696	202,627	644,845	1,258,435
Other income (expense)	(310,296)	(926,242)	(39,127)	(912,918)
Depreciation and Amortization	425,904	114,550	1,300,828	603,613
Total assets	23,054,231		23,054,231		39,115,299
Industrial Technology [Member]
Revenue form external customers	7,647,445	13,467,483	29,154,029	42,027,611
Gross profit	2,505,419	4,029,927	8,811,636	11,697,366
Operating (loss) income	(257,268)	1,202,654	309,934	2,895,834
Other income (expense)	(263,145)	875,829	(316,472)	(117,411)
Depreciation and Amortization	473,029	$ 383,512	1,282,817	$ 1,138,205
Total assets	$ 38,479,435		$ 38,479,435		$ 31,066,074

XML 47 R35.htm IDEA: XBRL DOCUMENT

Restricted Cash (Details Narrative) - USD ($)	Jun. 30, 2018	Sep. 30, 2017
Cash and Cash Equivalents [Abstract]
Restricted cash	$ 1,592,121	$ 1,531,895
Accrued expenses	$ 100,534

XML 48 R36.htm IDEA: XBRL DOCUMENT

Accounts Receivable, Net - Schedule of Trade Receivables, Net (Details) - USD ($)	Jun. 30, 2018	Sep. 30, 2017
Receivables [Abstract]
Accounts receivable	$ 12,010,094	$ 15,759,847
Allowance for doubtful accounts	(299,905)	(298,708)
Accounts receivables, net, total	$ 11,710,189	$ 15,461,139

XML 49 R37.htm IDEA: XBRL DOCUMENT

Inventory, Net - Schedule of Inventory, Net (Details) - USD ($)	Jun. 30, 2018	Sep. 30, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 8,520,763	$ 10,653,963
Work in progress	1,549,539	2,600,229
Finished goods	2,422,945	4,428,791
Inventory, gross	12,493,247	17,682,983
Less: Allowance for inventory obsolescence	(1,010,948)	(411,101)
Inventory - net of allowance for inventory obsolescence	$ 11,482,299	$ 17,271,882

XML 50 R38.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details Narrative) - USD ($)	9 Months Ended
Property and Equipment (Details Narrative) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2,583,645	$ 1,741,818

XML 51 R39.htm IDEA: XBRL DOCUMENT

Property and Equipment - Summary of Property and Equipment (Details) - USD ($)	Jun. 30, 2018	Sep. 30, 2017
Property and equipment, gross	$ 39,318,797	$ 27,049,738
Less: Accumulated depreciation	(9,400,501)	(6,931,427)
Property and equipment, net	29,918,296	20,118,311
Land [Member]
Property and equipment, gross	1,237,701	1,241,720
Building [Member]
Property and equipment, gross	5,147,806	5,229,075
Furniture and Office Equipment [Member]
Property and equipment, gross	3,626,226	1,678,936
Computers and Software [Member]
Property and equipment, gross	5,546,861	1,723,408
Machinery and Equipment [Member]
Property and equipment, gross	$ 23,760,203	$ 17,176,599

XML 52 R40.htm IDEA: XBRL DOCUMENT

Prepaid and Other Current Assets (Details Narrative) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepayments on inventory purchases	$ 1,294,146	$ 1,192,148
Other assets, current	$ 2,552,486	$ 910,296

XML 53 R41.htm IDEA: XBRL DOCUMENT

Notes Payable - Short-Term (Details Narrative) - USD ($)			9 Months Ended
	May 11, 2018	Nov. 15, 2017	Jun. 30, 2018	Sep. 30, 2017
Note payable			$ 3,400,000
Number of shares issued,shares			1,271,310
Reclassed to long term liability notes payable			$ 400,000
Common Stock [Member]
Number of shares issued,shares			109,597
Number of shares issued, value			$ 225,000
Unrelated Third Party [Member]
Note payable	$ 1,725,000	$ 2,300,000
Debt instrument, interest rate, stated percentage	8.00%	8.00%
Debt due description	due after 6 months	due after 18 months

XML 54 R42.htm IDEA: XBRL DOCUMENT

Convertible Notes Payable (Details Narrative) - Convertible Notes Payable [Member] - Common Stock [Member]	9 Months Ended
	Jun. 30, 2018 USD ($) shares
Short-term Debt [Line Items]
Debt conversion, converted instrument, shares issued \| shares	149,088
Debt conversion, converted instrument, shares issued value \| $	$ 220,000

XML 55 R43.htm IDEA: XBRL DOCUMENT

Long-Term Liabilities (Details Narrative)	Dec. 15, 2015 USD ($)	Mar. 02, 2014 EUR (€)	Oct. 31, 2013 USD ($)	Jun. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Oct. 31, 2013 EUR (€)
Debt Instrument [Line Items]
Loans payable to bank, noncurrent				$ 4,568,697	$ 5,175,276
Reclassed to long term liability notes payable				$ 400,000
Advanced Industrial Services, Inc [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.00%
Notes payable	$ 1,500,000
Debt instrument, term	3 years
Fulton Bank Loan [Member]
Debt Instrument [Line Items]
Loans payable to bank, noncurrent	$ 5,250,000
Proceeds from loans	$ 5,000,000
Debt instrument, maturity date	Dec. 15, 2022
Debt instrument, description of variable rate basis	LIBOR plus 2.25%
Loan payable to bank [Member]
Debt Instrument [Line Items]
Loans payable to bank, noncurrent			$ 4,006,500
Debt instrument, interest rate, stated percentage			4.95%			4.95%
Loan payable to bank [Member] \| ROB Cemtrex GmbH Acquisition [Member]
Debt Instrument [Line Items]
Proceeds from loans			$ 2,799,411
Loan payable to bank [Member] \| ROB Cemtrex GmbH Funded Operations [Member]
Debt Instrument [Line Items]
Proceeds from loans			$ 1,207,089
Loan payable to bank [Member] \| EUR [Member]
Debt Instrument [Line Items]
Loans payable to bank, noncurrent \| €						€ 3,000,000
Loan payable to bank One [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date			Oct. 30, 2021
Mortgage Payable [Member]
Debt Instrument [Line Items]
Participating mortgage loans, mortgage obligations, amount \| €		€ 5,500,400
Mortgage loans , interest rate		3.00%
Mortgage loans , periodic payment terms		payable over 17 years
Mortgage Payable [Member] \| EUR [Member]
Debt Instrument [Line Items]
Participating mortgage loans, mortgage obligations, amount \| €		€ 4,000,000

XML 56 R44.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Narrative)	Feb. 09, 2017 USD ($) ft² shares	Jun. 30, 2018 USD ($)
Area of office leases \| ft²	8,000
Monthly rental	$ 10,000
Due receivables		$ 62,865
Series 1 Preferred Stock [Member]
Notes payable exchanged for shares of preferred stock \| shares	333,983
Series 1 Preferred Stock [Member] \| Series 1 Warrants [Member]
Notes payable exchanged for shares of preferred stock and warrants value	$ 3,339,833
Series 1 Warrants [Member]
Notes payable exchanged for shares of warrants \| shares	667,967

XML 57 R45.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details Narrative) - USD ($)									1 Months Ended	9 Months Ended	12 Months Ended
Stockholders' Equity (Details Narrative) - USD ($)	Mar. 23, 2018	Dec. 18, 2017	Apr. 19, 2017	Feb. 09, 2017	Feb. 02, 2017	Dec. 05, 2016	Feb. 12, 2016	Apr. 03, 2015	Dec. 31, 2016	Jun. 30, 2018	Sep. 30, 2017	Sep. 30, 2014
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										2,914,168	2,822,660
Preferred stock, shares outstanding										2,914,168	2,822,660
Cumulative dividends percentage									10.00%
Common stock, par or stated value per share										$ 0.001	$ 0.001
Common stock, shares authorized										20,000,000	20,000,000
Common stock, shares, issued										11,675,744	10,404,434
Common stock, shares, outstanding										11,675,744	10,404,434
Number of common stock shares issued										1,271,310
Share-based compensation arrangement by share-based payment award, options, grants in period, gross												100,000
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price												$ 1.80
Stock option expiration period												6 years
Stock option vesting period												4 years
Share-based compensation arrangement by share-based payment award, options, exercises in period										62,500
Number of common stock acquired and retired, shares											363,528
Value of common stock acquired and retired											$ 1,344,593
Subscription rights offering to stockholders					$ 14,018,750				$ 15,000,000
Subscription rights offering to stockholders, Description									In December 2016, we commenced a subscription rights offering to our stockholders to raise up to $15.0 million through the sale of units, each consisting of one share of our series 1 preferred stock, paying cumulative dividends at the rate of 10% of the purchase price per year, and two five-year series 1 warrants, upon the exercise of subscription rights at $10.00 per unit
Exercise price of subscription rights									$ 10.00
Vicon Industries, Inc. [Member]
Warrants to purchase common stcok	7,284,824
Number of share exchange	1,012,625
Vicon Industries, Inc. [Member] \| Additional Shares [Member]
Warrants to purchase common stcok	1,500,000
Common Stock [Member]
Number of common stock shares issued										109,597
Number of common stock shares issued, value										$ 225,000
Convertible Notes Payable [Member] \| Common Stock [Member]
Debt conversion, converted instrument, shares issued										149,088
Debt conversion, converted instrument, shares issued value										$ 220,000
Board of Directors [Member]
Reverse stock split								One-for-Six reverse split
Common stock, par or stated value per share								$ 0.001
Dividend declared date			Apr. 19, 2017
Dividend record date			Mar. 31, 2017
Saagar Govil [Member]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross		200,000				200,000	200,000
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price		$ 2.64				$ 4.24	$ 1.70
Stock options vest each year percentage		50.00%				50.00%	50.00%
Stock option expiration period		6 years				6 years	6 years
Series A Preferred Stock [Member]
Preferred stock, shares authorized										1,000,000	1,000,000
Preferred stock, par or stated value per share										$ 0.001	$ 0.001
Preferred stock, shares issued										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.
Series 1 Preferred Stock [Member]
Preferred stock, shares authorized										3,000,000	3,000,000
Preferred stock, par or stated value per share										$ 0.001	$ 0.001
Preferred stock, shares issued										1,914,168	1,822,660
Preferred stock, shares outstanding										1,914,168	1,822,660
Preferred stock, voting rights										Except as otherwise provided in the certificate of designation, preferences and rights or as required by law, the Series 1 Preferred will vote together with the shares of our common stock (and not as a separate class) at any annual or special meeting of stockholders. Except as required by law, each holder of shares of Series 1 Preferred will be entitled to two votes for each share of Series 1 Preferred held on the record date as though each share of Series 1 Preferred were 2 shares of our common stock. Holders of the Series 1 Preferred will vote as a class on any amendment altering or changing the powers, preferences or special rights of the Series 1 Preferred so as to affect them adversely.
Cumulative dividends percentage										10.00%
Preferred stock, liquidation preference per share										$ 10.00
Shares of preferred stock for dividends										91,508
Dividends paid to preferred shareholders										$ 915,080	$ 1,200,871
Debt conversion, converted instrument, shares issued				333,983

XML 58 R46.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details Narrative)	9 Months Ended
Commitments and Contingencies (Details Narrative)	Jun. 30, 2018 USD ($) ft²
Industrial Technology [Member] \| Office and Warehouse Space [Member]
Commitments and Contingencies Disclosure [Line Items]
Area of land	5,000
Lease term	5 years
Lease and rental expense per month \| $	$ 2,200
Lease expiration date	Mar. 31, 2018
Industrial Technology [Member] \| Warehouse One [Member]
Commitments and Contingencies Disclosure [Line Items]
Area of land	25,000
Lease term	7 years
Lease and rental expense per month \| $	$ 7,300
Lease expiration date	Dec. 13, 2020
Industrial Technology [Member] \| Office and Warehouse Space One [Member]
Commitments and Contingencies Disclosure [Line Items]
Area of land	43,000
Lease term	10 years
Lease and rental expense per month \| $	$ 22,625
Lease expiration date	Mar. 23, 2026
Industrial Technology [Member] \| Warehouse Two [Member]
Commitments and Contingencies Disclosure [Line Items]
Area of land	15,500
Lease term	1 year
Lease and rental expense per month \| $	$ 4,337
Lease expiration date	Aug. 31, 2018
Electronics Manufacturing Services Group [Member]
Commitments and Contingencies Disclosure [Line Items]
Area of land	70,000
Electronics Manufacturing [Member] \| Manufacturing Facility [Member]
Commitments and Contingencies Disclosure [Line Items]
Area of land	10,000
Lease term	10 years
Lease expiration date	May 31, 2019
Electronics Manufacturing [Member] \| Manufacturing Facility [Member] \| EUR [Member]
Commitments and Contingencies Disclosure [Line Items]
Lease and rental expense per month \| $	$ 8,000
Electronics Manufacturing [Member] \| Office,Warehouse And Manufacturing Space [Member]
Commitments and Contingencies Disclosure [Line Items]
Area of land	86,000
Lease expiration date	Jun. 30, 2018
Electronics Manufacturing [Member] \| Office,Warehouse And Manufacturing Space [Member] \| EUR [Member]
Commitments and Contingencies Disclosure [Line Items]
Lease and rental expense per month \| $	$ 29,470

XML 59 R47.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details Narrative) - USD ($)	1 Months Ended		9 Months Ended
Subsequent Events (Details Narrative) - USD ($)	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2018
Number of common stock shares issued			1,271,310
Subsequent Event [Member] \| Note Payable[Member]
Number of common stock shares issued	218,145	218,145
Number of common stock shares issued, value	$ 400,000	$ 400,000

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