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DISCONTINUED OPERATIONS (Tables) | 3 Months Ended
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Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
SUMMARY OF LOSS ON SALE | The following table summarizes the loss on the sale: 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 ASSETS AND LIABILITIES INCLUDED WITHIN DISCONTINUED OPERATIONS | Assets and liabilities included within discontinued operations on the Company’s Condensed Consolidated Balance Sheets at December 31, 2022 and September 30, 2022 are as follows; SCHEDULE OF ASSETS AND LIABILITIES INCLUDED WITHIN DISCONTINUED OPERATIONS
|  | December 31, |  |  | September 30, |
|  | 2022 |  |  | 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 |
Loss from discontinued operations, net of tax and the loss on sale of discontinued operations, net of tax, of Cemtrex Advanced Technologies, Inc. and Cemtrex XR, Inc., sold during the first quarter of fiscal year 2023, which are presented in total as discontinued operations, net of tax in the Company’s Condensed Consolidated Statements of Operations for the three-month periods ended December 31, 2022 and 2021, are as follows:
|  | 2022 |  |  | 2021 |
|  | Three months ended December 31, |
|  | 2022 |  |  | 2021 |
Total net sales |  | $ | 649,061 |  |  | $ | 1,259,904 |
Cost of sales |  |  | 228,086 |  |  |  | 612,150 |
Operating, selling, general and administrative expenses |  |  | 1,295,572 |  |  |  | 1,402,961 |
Other expenses |  |  | 3,195 |  |  |  | 3,034 |
Income (loss) from discontinued operations |  |  | (877,792 | ) |  |  | (758,241 | )
Amortization of discounted royalties |  |  | 4,427 |  |  |  | - |
Loss on sale of discontinued operations |  |  | (2,455,341 | ) |  |  | - |
Income tax provision |  |  | - |  |  |  | - |
Discontinued operations, net of tax |  |  | (3,328,706 | ) |  |  | (758,241 | )

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