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RESTATEMENTS OF FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Sep. 30, 2021
Restatements Of Financial Statements |
SCHEDULE OF CONDENSED CONSOLIDATED BALANCE SHEETS | Condensed Consolidated Balance Sheets SCHEDULE OF CONDENSED CONSOLIDATED BALANCE SHEETS
|  | Balance as reported on September 30, 2020 |  |  | Adjustment of net value of intangible assets |  |  | Adjustment resulting from reaudit of Fiscal Year 2020 Financial Statements |  |  | Adjustment of net value of inventory |  |  | Adjustment of net value of fixed assets |  |  | Cumulative effect of restatement adjustments |  |  | Loss on amounts transferred to First Commercial |  |  | Restatement on Dividends |  |  | Cumulative effect of currency translation |  |  | Adjusted balance at September 30, 2020
Cash and equivalents |  | $ | 19,490,061 |  |  |  |  |  |  | $ | (3,038 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 19,487,023
Prepaid expenses and other assets |  | $ | 1,188,317 |  |  |  |  |  |  | $ | (12,542 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,175,775
Other Assets |  | $ | 744,207 |  |  |  |  |  |  | $ | (362,307 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 381,900
Property and equipment, net |  | $ | 9,558,936 |  |  | $ | (2,597,185 | ) |  |  |  |  |  |  |  |  |  | $ | (987,901 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,973,850
Inventory –net of allowance for inventory obsolescence |  | $ | 6,793,806 |  |  |  |  |  |  |  |  |  |  | $ | (1,847,349 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,946,457
Goodwill |  | $ | 4,370,894 |  |  |  |  |  |  | $ | 2,851,998 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,222,892
Accounts payable |  | $ | 2,857,817 |  |  |  |  |  |  | $ | 1,953,400 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,811,217
Accrued expenses |  | $ | 2,392,487 |  |  |  |  |  |  | $ | (285,460 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,107,027
Deferred revenue |  | $ | 1,651,784 |  |  |  |  |  |  | $ | (153,958 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,497,826
Other long-term liabilities |  | $ | 1,063,733 |  |  |  |  |  |  | $ | (295,138 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 768,595
Series 1 preferred stock dividends payable |  | $ | 1,081,690 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,081,690 | ) |  |  |  |  |  | $ | -
Additional paid-in capital |  | $ | 63,313,336 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,091,570 | ) |  |  |  |  |  | $ | 60,221,766
Retained earnings (accumulated deficit) |  | $ | (33,172,690 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,999,363 |  |  | $ | (7,100,000 | ) |  | $ | 4,173,260 |  |  |  |  |  |  | $ | $(34,100,067)
Accumulated other comprehensive income |  | $ | 853,643 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 958,814 |  |  | $ | 1,812,457
SCHEDULE OF CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) | Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) SCHEDULE OF CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
|  |  |  |  | For the year ended |  |  |  |
|  | September 30, 2020 |
|  | Previously reported |  |  | Adjustments |  |  | Adjusted |
Net loss available to Cemtrex, Inc. shareholders |  | $ | (13,105,005 | ) |  | $ | 2,634,924 |  |  | $ | (10,470,081 | )
Cost of revenues |  | $ | 24,153,937 |  |  | $ | 1,743,244 |  |  | $ | 25,897,181 |
General and administrative |  | $ | 21,570,666 |  |  | $ | (1,206,938 | ) |  | $ | 20,363,728 |
Preferred dividends |  | $ | 3,171,230 |  |  | $ | (3,171,230 | ) |  | $ | - |
Loss Per Share-Basic |  | $ | (1.28 | ) |  | $ | 0.27 |  |  | $ | (1.01 | )
Loss Per Share-Diluted |  | $ | (1.28 | ) |  | $ | 0.27 |  |  | $ | (1.01 | )
SCHEDULE OF CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY | Condensed Consolidated Statement of Stockholders’ Equity SCHEDULE OF CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
|  |  |  |  | For the year ended |  |  |  |
|  |  |  |  | September 30, 2020 |  |  |  |
|  | Previously reported |  |  | Adjustments |  |  | Adjusted |
Retained earnings (accumulated deficit) at September 30, 2019 |  | $ | (20,067,685 | ) |  | $ | (3,562,301 | ) |  | $ | (23,629,986 | )
Dividends pad in series preferred shares |  | $ | (2,089,540 | ) |  | $ | 2,089,540 |  |  | $ | - |
Accrued dividends |  | $ | (1,081,690 | ) |  | $ | 1,081,690 |  |  | $ | - |
Net income/(loss) |  | $ | (9,706,659 | ) |  | $ | (763,422 | ) |  | $ | (10,470,081 | )
Retained earnings (accumulated deficit) at September 30, 2020 |  | $ | (33,172,690 | ) |  | $ | (927,377 | ) |  | $ | (34,100,067 | )
Accumulated other comprehensive income/(loss)at September 30, 2019 |  | $ | 796,004 |  |  | $ | 958,814 |  |  | $ | 1,754,818 |
Foreign currency translation gain |  | $ | 22,294 |  |  | $ | 35,345 |  |  | $ | 57,639 |
Income in noncontrolling interest |  | $ | 35,345 |  |  | $ | (35,345 | ) |  | $ | - |
Accumulated other comprehensive income/(loss) at September 30, 2020 |  | $ | 853,643 |  |  | $ | 958,814 |  |  | $ | 1,812,457 |
Additional paid-in capital at September 30, 2019 |  | $ | 40,344,837 |  |  | $ | (1,002,030 | ) |  | $ | 39,342,807 |
Additional paid-in capital at September 30, 2020 |  | $ | 63,313,336 |  |  | $ | (3,091,570 | ) |  | $ | 60,221,766 |
Non-controlling interst of Vicon at September 30, 2019 |  | $ | 885,874 |  |  | $ | (70,690 | ) |  | $ | 815,184 |
Income in noncontrolling interest |  | $ | 191,771 |  |  | $ | 35,345 |  |  | $ | 227,116 |
Non-controlling interst of Vicon at September 30, 2020 |  | $ | 1,077,645 |  |  | $ | (35,345 | ) |  | $ | 1,042,300 |
SCHEDULE OF CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | Condensed Consolidated Statements of Cash Flows SCHEDULE OF CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|  |  |  |  | For the year ended |  |  |  |
|  |  |  |  | September 30, 2020 |  |  |  |
|  | Previously reported |  |  | Adjustments |  |  | Adjusted |
Net loss |  | $ | (9,706,659 | ) |  | $ | (536,306 | ) |  | $ | (10,242,965 | )
Depreciation and amortization |  | $ | 2,460,043 |  |  | $ | (594,317 | ) |  | $ | 1,865,726 |
Inventory |  | $ | (1,586,651 | ) |  | $ | 1,743,244 |  |  | $ | 156,593 |
Accrued expenses |  | $ | (499,527 | ) |  | $ | (174,265 | ) |  | $ | (673,792 | )
Net cash used by operating activities - continuing operations |  | $ | (3,786,202 | ) |  | $ | 438,356 |  |  | $ | (3,347,846 | )

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