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DISCONTINUED OPERATIONS

12 Months Ended

Sep. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 5 – DISCONTINUED OPERATIONS

During fiscal 2019, the Company 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.

During fiscal 2021, the Company made the final determination on it inactive entities and have written off all assets and liabilities of these entities

Assets and liabilities included within discontinued operations on the Company’s Consolidated Balance Sheets at September 30, 2021 and 2020 are as follows;

 SCHEDULE OF DISPOSAL GROUPS, INCLUDING DISCONTINUED OPERATIONS

		September 30,				September 30,
		2021				2020
Assets
Current assets
Trade receivables - related party			-				544,500
Total current assets			-				544,500
Property and equipment, net
Assetss held for sale			-				8,323,321
Total Assets		$	-			$	8,867,821
Liabilities
Current liabilities
Accounts payable		$	-			$	-
Total liabilities		$	-			$	263,832

Cemtrex Inc. and Subsidiaries

Loss from discontinued operations, net of tax and the loss on sale of discontinued operations, net of tax, of Centrex, LTD, IQInVision, Vicon Deutschland GmbH, Vicon Systems Ltd., and Griffin Filters 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:

		2021				2020
		Year ended September 30,
		2021				2020
Total net sales		$	-			$	-
Cost of sales			-				-
Operating, selling, general and administrative expenses			8,280,047				812,895
Other expenses			-				-
Income (loss) from discontinued operations			(8,280,047	)			(812,895	)
Loss on sale of discontinued operations			-				-
Income tax provision			-				-
Discontinued operations, net of tax		$	(8,280,047	)		$	(812,895	)

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- References

No definition available.

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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

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