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OTHER ASSETS | 3 Months Ended
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Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
OTHER ASSETS | NOTE 12 – OTHER ASSETS As of December 31, 2022, the Company had other assets of $1,546,101which was comprised of rent security of $62,041, a strategic investment in MasterpieceVR of $1,000,000 (see below), and other assets of $484,060. As of September 30, 2022, the Company had other assets of $1,399,745 which was comprised of rent security deposits of $204,388, Investment in Masterpiece VR valued at $1,000,000, and other assets of $195,357. 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 quarter ended December 31, 2022.

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- Definition The entire disclosure for other assets. This disclosure includes other current assets and other noncurrent assets. + References No definition available. + Details
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