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DISCONTINUED OPERATIONS (Tables) | 12 Months Ended
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Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
SUMMARY OF LOSS ON SALE | The following table summarizes the loss on the sale recorded during fiscal year 2023, included in Income/(loss) from discontinued operations, net of tax in the accompanying condensed consolidated statement of Operations: SUMMARY OF LOSS ON SALE
Purchase Price |  | $ | 745,621 |
Less cash and cash equivalents transferred |  |  | (699,423 | )
Less liabilities assumed |  |  | (10,924 | )
Net purchase price |  | $ | 35,274 |
Assets Sold |  |  |  |
Accounts receivable, net |  | $ | 625,638 |
Inventory, net |  |  | 980,730 |
Prepaid expenses and other assets |  |  | 502,577 |
Property and equipment, net |  |  | 837,808 |
Goodwill |  |  | 598,392 |
Total assets sold |  |  | 3,545,145 |
Liabilities Transferred |  |  |  |
Accounts payable |  |  | 370,774 |
Short-term liabilities |  |  | 364,775 |
Long-term liabilities |  |  | 318,981 |
Total liabilities transferred |  |  | 1,054,530 |
Net assets sold |  | $ | 2,490,615 |
Pretax loss on sale of Cemtrex Advanced Technologies, Inc, and Cemtrex XR, Inc.Companies |  | $ | (2,455,341 | )
SCHEDULE OF FINANCIAL STATEMENTS INCLUDED WITHIN DISCONTINUED OPERATIONS | Assets and liabilities included within discontinued operations on the Company’s Condensed Consolidated Balance Sheets at September 30, 2023, and September 30, 2022, are as follows; SCHEDULE OF FINANCIAL STATEMENTS INCLUDED WITHIN DISCONTINUED OPERATIONS
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |
Assets |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |
Cash and equivalents |  | $ | - |  |  | $ | 714,420 |
Trade receivables, net |  |  | - |  |  |  | 561,470 |
Inventory –net of allowance for inventory obsolescence |  |  | - |  |  |  | 1,043,865 |
Prepaid expenses and other assets |  |  | - |  |  |  | 153,461 |
Total current assets |  |  | - |  |  |  | 2,473,216 |
Property and equipment, net |  |  | - |  |  |  | 825,850 |
Other |  |  | - |  |  |  | 672,627 |
Total Assets |  | $ | - |  |  | $ | 3,971,693 |
Liabilities |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
Accounts payable |  | $ | - |  |  | $ | 205,622 |
Short-term liabilities |  |  | - |  |  |  | 464,429 |
Deposits from customers |  |  | - |  |  |  | 125,032 |
Accrued expenses |  |  | - |  |  |  | 10,136 |
Total current liabilities |  |  | - |  |  |  | 805,219 |
Long-term liabilities |  |  |  |  |  |  |  |
Deferred revenue |  |  |  |  |  |  | 6,273 |
Total long-term liabilities |  |  | - |  |  |  | 6,273 |
Total liabilities |  | $ | - |  |  | $ | 811,492 |
|  | Year ended September 30, |
|  | 2023 |  |  | 2022 |
Total net sales |  | $ | 649,061 |  |  | $ | 5,248,143 |
Cost of sales |  |  | 57,429 |  |  |  | 2,758,553 |
Operating, selling, general and administrative expenses |  |  | 1,104,506 |  |  |  | 5,228,836 |
Other (income)/expenses |  |  | 3,195 |  |  |  | 65,539 |
Income (loss) from discontinued operations |  |  | (516,069 | ) |  |  | (2,673,707 | )
Amortization of discounted royalties |  |  | 44,272 |  |  |  | - |
Loss on sale of discontinued operations |  |  | (2,455,341 | ) |  |  | - |
Adjustment of benefit obligation |  |  | 89,085 |  |  |  | - |
Income tax provision |  |  | - |  |  |  | 800 |
Discontinued operations, net of tax |  | $ | (2,838,053 | ) |  | $ | (2,674,507 | )

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