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Subsequent Events
3 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events

NOTE 19 – SUBSEQUENT EVENTS

 

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

 

In January and February of 2019, the Company issued 461,693 shares of common stock to satisfy $275,000 worth of notes payable.

 

In January 2019, the Company entered into an At-the-Market (ATM) Offering Agreement (the “Sales Agreement”) with Advisory Group Equity Services, Ltd. doing business as RHK Capital (the “Manager”) relating to shares of our common stock, par value $0.001 per share. Under the Sales Agreement, we may offer and sell shares of our common stock having an aggregate offering price of up to $2,000,000 from time to time through the Manager, as our sales agent. Under the terms of the Sales Agreement, we may also sell shares to the Manager as principal for its own account. During January of 2019, 500,000 shares of common stock were issued and placed in escrow for this agreement and are included in the issued and outstanding count on the cover of this report. As of February 13, 2019, the company issued 88,150 of those shares in escrow and has received gross proceeds of $75,496. After deducting offering expenses of $2,265 the Company received $73,231 in net proceeds.

 

On January 14, 2018 two members of the Board of Directors of Vicon Industries, Inc. had resigned. With these resignations the only two remaining members of Vicon’s Board were Saagar Govil and Aron Govil. Starting on this date the Company will use the consolidation method with regard to the financial results of Vicon.