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Discontinued Operations | 12 Months Ended
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Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | NOTE 4 – DISCONTINUED OPERATIONS EXIT FROM ENVIRONMENTAL BUSINESS During fiscal 2019, the Company also reached a strategic decision to exit the environmental products business, which was part of Industrial Services group. Accordingly, the Company has reported the results of the environmental control products business as discontinued operations in the Consolidated Statements of Operations and in the Consolidated Balance Sheets. Assets and liabilities included within discontinued operations on the Company’s Consolidated Balance Sheets at September 30, 2020 and 2019 are as follows;
|  | September 30, |  |  | September 30, |
Assets |  | 2020 |  |  | 2019 |
Current assets |  |  |  |  |  |  |  |
Trade receivables - related party |  |  | 544,500 |  |  |  | 555,600 |
Total current assets |  |  | 544,500 |  |  |  | 555,600 |
Property and equipment, net |  |  |  |  |  |  | 8,761,677 |
Assetss held for sale |  |  | 8,323,321 |  |  |  | - |
Total Assets |  | $ | 8,867,821 |  |  | $ | 9,317,277 |
Liabilities |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
Accounts payable |  | $ | - |  |  | $ | 263,832 |
Total liabilities |  | $ | - |  |  | $ | 263,832 |
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, sold during fiscal year 2019, 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:
|  | Year ended September 30, |
|  | 2020 |  |  | 2019 |
Total net sales |  | $ | - |  |  | $ | 42,614,107 |
Cost of sales |  |  | - |  |  |  | 25,788,268 |
Operating, selling, general and administrative expenses |  |  | 812,895 |  |  |  | 20,374,141 |
Other expenses |  |  | - |  |  |  | 264,505 |
Income (loss) from discontinued operations |  |  | (812,895 | ) |  |  | (3,812,807 | )
Loss on sale of discontinued operations |  |  | - |  |  |  | (6,374,563 | )
Income tax provision |  |  | - |  |  |  | 372,593 |
Discontinued operations, net of tax |  | $ | (812,895 | ) |  | $ | (10,559,963 | )

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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