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DISCONTINUED OPERATIONS (Tables)
 3 Months Ended
Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
SUMMARY OF LOSS ON SALE

The following table summarizes the loss on the 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;

 

   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)