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Discontinued Operations (Tables)
 12 Months Ended
Sep. 30, 2019
Schedule of Pretax Loss on Disposition
Schedule of Disposal Groups, Including Discontinued Operations

Assets and liabilities included within discontinued operations on the Company’s Consolidated Balance Sheets at September 30, 2019 and 2018 are as follows;

 

      September 30,       September 30,  
Assets     2019       2018  
Current assets                
Trade receivables, net     -       6,365,459  
Trade receivables - related party     55,600       -  
Inventory –net of allowance for inventory obsolescence     -       10,808,356  
Prepaid expenses and other assets     -       1,317,987  
Total current assets     55,600       18,491,802  
                 
Property and equipment, net     8,761,677       10,605,387  
Other     -       74,125  
Total Assets   $ 8,817,277     $ 29,171,314  
                 
Liabilities                
Current liabilities                
Accounts payable   $ 263,832     $ 4,950,650  
Short-term liabilities     -       5,539,191  
Accrued expenses     -       906,103  
Accrued income taxes     -       243,646  
Total current liabilities     263,832       11,639,590  
                 
Long-term liabilities                
Loans payable to bank, net of current portion     -       1,054,961  
Mortgage payable, net of current portion     -       3,568,545  
Total long-term liabilities     -       4,623,506  
Total liabilities   $ 263,832     $ 16,263,096  

 

Income (loss) from discontinued operations, net of tax and the loss on sale of discontinued operations, net of tax, of the ROB Cemtrex Companies and Griffin Filters business which are presented in total as discontinued operations, net of tax in the Company’s Consolidated Statements of Operations for the years ended September 30, are as follows:

 

    Years Ended September 30,  
    2019     2018  
             
Total net sales   $ 42,614,107     $ 67,295,102  
Cost of sales     25,788,268       44,125,799  
Operating, selling, general and administrative expenses     20,374,141       21,519,660  
Other expenses     264,505       (398,898 )
Income (loss) from discontinued operations     (3,812,807 )     2,048,541  
Loss on sale of discontinued operations     (6,374,563 )     -  
Income tax provision     372,593       261,804  
Discontinued operations, net of tax     (10,559,963 )     1,786,737  
ROB Cemtrex GmbH and Subsidiaries [Member]  
Schedule of Pretax Loss on Disposition

The calculation of the pretax loss on the disposition is as follows;

 

Purchase Price     7,061,224  
Less Liabilities assumed     (1,362,679 )
Net purchase price     5,698,545  
         
Assets Sold        
Accounts receivable, net     5,434,894  
Inventory, net     9,676,746  
Prepaid expenses and other current assets     48,674  
Property and equipment, net     6,594,945  
      21,755,259  
Liabilities Transferred        
Accounts payable     4,113,274  
Short-term liabilities     991,518  
Accrued expenses     1,421,833  
Bank loans and and mortgage     3,942,348  
      10,468,973  
Net assets sold     11,286,286  
         
Pretax loss on sale of ROB Cemtrex Companies     (5,587,741 )
Griffin Filters, LLC [Member]  
Schedule of Pretax Loss on Disposition

The calculation of the pretax loss on the sale is as follows;

 

Purchase Price     550,000  
         
Assets Sold        
Accounts receivable, net     166,393  
Inventory, net     213,289  
Prepaid expenses and other assets     1,197,235  
      1,576,917  
Liabilities Transferred        
Accounts payable     240,095  
      240,095  
Net assets sold     1,336,822  
         
Pretax loss on sale of ROB Cemtrex Companies     (786,822 )