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Short-Term Liabilites | 12 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Short-Term Liabilites | NOTE 12 – SHORT-TERM LIABILITES The Company’s subsidiaries have revolving lines of credit with various banks in order to fund operations. As of September 30, 2018, and 2017, the balances of these accounts were $2,639,542 and $4,466,218, respectively. On February 12, 2018 the Company’s subsidiary ROB Cemtrex GmbH obtained a $3,680,079 (€3,000,000 based on the exchange rate at the time) secured loan with Deutsche Bank. This loan carries interest of EURIBOR (Euro Interbank Offer Rate) plus 1.25% per annum (0.872% as of September 30, 2018) and is payable on January 1, 2020. ROB Cemtrex GmbH has pledged its receivables to secure this loan. As of September 30, 2018, the loan had a balance of $3,491,251, based on the exchange rate at the time. 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 September 30, 2018, $100,000 of this note was paid in cash and 403,500 shares of the Company’s common stock have been issued to satisfy $725,000 of this note. Subsequent to September 30, 2018, $225,000 of this note was paid with common stock and was reclassed to the long-term liability Notes Payable in accordance with U.S. GAAP. As of September 30, 2018, $1,475,000 of this note remains outstanding. 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 18 months. As of September 30, 2018, and 2017 there were $1,807,910 and $2,084,084 in current portion of long-term liabilities, respectively. As of September 30, 2018, the Company has satisfied all outstanding convertible notes payable, to various unrelated third parties. For the year ended September 30, 2018, 149,088 shares of the Company’s common stock were issued to satisfy the $220,000 of convertible notes payable outstanding at September 30, 2017. For the year ended September 30, 2017, 1,237,105 shares of the Company’s common stock were issued to satisfy $3,528,000 of convertible notes payable and interest of $163,628 due on those notes.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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