XML 33 R19.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Long-Term Liabilities | 12 Months Ended
--- | ---
Sep. 30, 2018
Debt Disclosure [Abstract] |
Long-Term Liabilities | NOTE 13 – LONG-TERM LIABILITIES Loans payable to bank On October 31, 2013, the Company acquired a loan from Sparkasse Bank of Germany in the amount of $4,006,500 (€3,000,000, based upon exchange rate on October 31, 2013) in order to fund the purchase of ROB Cemtrex GmbH. $2,799,411 of the proceeds went to direct purchase of ROB Cemtrex GmbH and $1,207,089 funded beginning operations. This loan carries interest of 4.95% per annum and is payable on October 30, 2021. On December15, 2015, the Company acquired a loan from Fulton Bank in the amount of $5,250,000 in order to fund the purchase of Advanced Industrial Services, Inc. $5,000,000 of the proceeds went to direct purchase of AIS. This loan carries interest of LIBOR plus 2.25% per annum (4.51% as of September 30, 2018) and is payable on December 15, 2022 On December15, 2015, the Company acquired a loan from Fulton Bank in the amount of $620,000 in order to fund the operations of Advanced Industrial Services, Inc. This loan carries interest of LIBOR (4.26% as of September 30, 2018) plus 2.00% per annum and is payable on December 15, 2020. On May 1, 2018, the Company acquired a loan from Fulton Bank in the amount of $400,000 in order to fund new equipment for Advanced Industrial Services, Inc. This loan carries interest of LIBOR plus 2.00% per annum (4.26% as of September 30, 2018) and is payable on May 1, 2023. 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 $5,500,400 (€4,000,000 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. Upon acquisition of AIS, the Company assumed a promissory note related to the purchase of shares from a former shareholder in 2011. The note requires ten annual payments of principal plus interest at treasury bill rates. The note matures in 2022. Estimated maturities of our long-term debt over the next 5 years are as follows;
|  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | Thereafter |  |  | Total |
Sparkasse Bank - €3,000,000 * |  | $ | 464,426 |  |  | $ | 487,944 |  |  | $ | 512,652 |  |  | $ | 54,365 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,519,387 |
Fulton Bank - $5,250,000 |  |  | 693,292 |  |  |  | 718,141 |  |  |  | 749,519 |  |  |  | 782,269 |  |  |  | 427,758 |  |  |  | - |  |  |  | 3,370,979 |
Fulton Bank - $620,000 |  |  | 124,547 |  |  |  | 130,157 |  |  |  | 37,564 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 292,268 |
Fulton Bank - $400,000 |  |  | 74,880 |  |  |  | 78,613 |  |  |  | 82,141 |  |  |  | 85,792 |  |  |  | 59,553 |  |  |  | - |  |  |  | 380,979 |
Mortgage on Neulingen Building* |  |  | 238,486 |  |  |  | 245,739 |  |  |  | 253,214 |  |  |  | 260,916 |  |  |  | 268,851 |  |  |  | 2,539,825 |  |  |  | 3,807,031 |
Notes payable - AIS |  |  | 172,376 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 172,376 |
Promisorry Note - AIS |  |  | 17,185 |  |  |  | 17,185 |  |  |  | 17,185 |  |  |  | 17,269 |  |  |  | - |  |  |  | - |  |  |  | 68,824 |
Capital Lease Obligations |  |  | 22,718 |  |  |  | 23,104 |  |  |  | 20,977 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 66,799 |
Subsequent payment of notes payable in common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 225,000 |
TOTAL |  | $ | 1,807,910 |  |  | $ | 1,700,883 |  |  | $ | 1,673,252 |  |  | $ | 1,200,611 |  |  | $ | 756,162 |  |  | $ | 2,539,825 |  |  | $ | 9,903,643 |
* based upon exchange rate on September 30, 2018

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-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
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration