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DISCONTINUED OPERATIONS (Tables) | 9 Months Ended
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Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
SUMMARY OF LOSS ON SALE | The following table summarizes the loss on the sale recorded during the three months ended December 31, 2022, 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 ASSETS AND LIABILITIES INCLUDED WITHIN DISCONTINUED OPERATIONS | Assets and liabilities included within discontinued operations on the Company’s Condensed Consolidated Balance Sheets at June 30, 2023, and September 30, 2022, are as follows; SCHEDULE OF ASSETS AND LIABILITIES INCLUDED WITHIN DISCONTINUED OPERATIONS
|  | June 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 |
During the first quarter of fiscal 2023, Vicon completed the closure of its discontinued operating entity Vicon Systems, Ltd. located in Israel. The Company received funds related to benefit obligations of $96,095, which at the time of operational closure were not guaranteed to be retrievable. The company paid $7,010 in consulting fees for assistance in retrieving these funds. The net amount of $89,085 is recognized on the Company’s Condensed Consolidated Income Statement as part of the Loss on Discontinued Operations. Gain/(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 and nine month periods ended June 30, 2023 and 2022, are as follows:
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | Three months ended June 30, |  |  | Nine months ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Total net sales |  | $ | - |  |  | $ | 1,521,942 |  |  | $ | 649,061 |  |  | $ | 3,763,234 |
Cost of sales |  |  | - |  |  |  | 685,693 |  |  |  | 228,086 |  |  |  | 1,997,211 |
Operating, selling, general and administrative expenses |  |  | 1,443 |  |  |  | 1,425,801 |  |  |  | 1,297,507 |  |  |  | 4,036,614 |
Other (income)/expenses |  |  | - |  |  |  | 248,749 |  |  |  | 3,195 |  |  |  | 11,808 |
Income (loss) from discontinued operations |  |  | (1,443 | ) |  |  | (838,301 | ) |  |  | (879,727 | ) |  |  | (2,282,399 | )
Amortization of discounted royalties |  |  | 14,724 |  |  |  | - |  |  |  | 33,875 |  |  |  | - |
Loss on sale of discontinued operations |  |  | - |  |  |  | - |  |  |  | (2,455,341 | ) |  |  | - |
Adjustment of benefit obligation |  |  | - |  |  |  | - |  |  |  | 89,085 |  |  |  | - |
Income tax provision |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Discontinued operations, net of tax |  | $ | 13,281 |  |  | $ | (838,301 | ) |  | $ | (3,212,108 | ) |  | $ | (2,282,399 | )

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