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Short-Term Liabilities
3 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Short-Term Liabilities

NOTE 13 – SHORT-TERM LIABILITIES

 

The Company’s subsidiaries have revolving lines of credit with various banks in order to fund operations. As of December 31, 2018, and September 30, 2018, the balances of these accounts were $342,825 and $2,639,542, 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 (1.133% as of December 31, 2018) and is payable on January 1, 2020. ROB Cemtrex GmbH has pledged its receivables to secure this loan. As of December 31, 2018, the loan had a balance of $1,336,690, 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. At September 30, 2018 1,475,000 of this note was outstanding with $225,000 classified as long-term. During the three months ended December 31, 2018, 210,736 shares of the Company’s common stock have been issued to satisfy $225,000 of this note. As of December 31, 2018, $1,250,000 of this note remains outstanding with $275,000 classified as long-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 18 months.

 

As of December 31, 2018, and September 30, 2018 there were $1,589,672 and $1,807,910 in current portion of long-term liabilities, respectively.