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Short-Term Liabilities
9 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Short-Term Liabilities

NOTE 12 – SHORT-TERM LIABILITES

 

The Company’s subsidiaries have revolving lines of credit with various banks in order to fund operations. As of June 30, 2019, the balance of these accounts were $2,762,460.

 

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 (1.033% as of June 30, 2018) and is payable on January 1, 2020. ROB Cemtrex GmbH has pledged its receivables to secure this loan. As of June 30, 2019, the loan had a balance of $3,293,156, based on the exchange rate at the time.

 

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. During the nine months ended June 30, 2019, 205,039 shares of the Company’s common stock have been issued to satisfy $373,763 of this note. As of June 30, 2019, $1,553,994 of this note remains outstanding including $202,757 in accrued interest and fees. Subsequent to June 30, 2019 $745,352 of this loan was paid with the Company’s Common Stock and reclassified as long-term.

 

On September 21, 2018, the Company’s subsidiary, Vicon, entered into a $5,600,000 Term Loan Agreement with NIL Funding Corporation. This note carries interest of 8.95% and has a maturity date of March 30, 2020. As of June 30, 2019, $5,500,000 of this note remains outstanding.

 

As of June 30, 2019, there were $1,644,020 in current portion of long-term liabilities.