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Discontinued Operations

9 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

NOTE 19 – DISCONTINUED OPERATIONS

During fiscal 2019, the Company reached a strategic decision to exit the environmental products business, which was part of Industrial Services group. Additionally, the Company sold its Electronics Manufacturing segment. Accordingly, the Company has reported the results of the environmental control products business and the Electronics Manufacturing segment as discontinued operations in the Consolidated Statements of Operations and in the Consolidated Balance Sheets.

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 the environmental products business which are presented in total as discontinued operations, net of tax in the Company’s Consolidated Statements of Operations for the three and nine months ended June 30, 2020 and 2019, are as follows:

		Three months ended June 30,								Nine months ended June 30,
		2020				2019				2020				2019

Total net sales		$	-			$	11,523,119			$	-			$	34,972,164
Cost of sales			-				7,009,550				-				21,008,465
Operating, selling, general and administrative expenses			-				4,811,870				-				14,576,012
Other expenses			-				(341,366	)			-				(43,615	)
Income (loss) from discontinued operations			-				43,065				-				(568,698	)
Loss on sale of discontinued operations			-				-				-				-
Income tax provision			-				264,988				-				198,328
Discontinued operations, net of tax		$	-			$	(221,923	)		$	-			$	(767,026	)