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OTHER ASSETS
12 Months Ended
Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER ASSETS

NOTE 10 - OTHER ASSETS

 

As of September 30, 2022, the Company had other assets of $1,473,980 which was comprised of rent security deposits of $204,388, Investment in Masterpiece VR valued at $1,000,000 (see below), and other assets of $269,592. As of September 30, 2021, the Company had other assets of rent security deposits of $84,362, Investment in Masterpiece VR valued at $500,000 (see below), and other assets of $112,878.

 

On November 13, 2020, Cemtrex made a $500,000 investment and on January 19, 2022, made an additional $500,000 investment via a simple agreement for future equity (“SAFE”) in MasterpieceVR. The SAFE provides that the Company will automatically receive shares of the entity based on the conversion rate of future equity rounds up to a valuation cap, as defined.  MasterpieceVR is a software company that is developing software for content creation using virtual reality. The investment is included in other assets in the accompanying balance sheet and the Company accounts for this investment and recorded at cost.  No impairment has been recorded for the year ended September 30, 2022.