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SUBSEQUENT EVENTS | 12 Months Ended
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Sep. 30, 2024
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | NOTE 24 – SUBSEQUENT EVENTS Cemtrex has evaluated subsequent events up to the date the consolidated financial statements were issued. The Company concluded that the following subsequent events have occurred and require recognition or disclosure in the consolidated financial statements. Preferred shares issued for dividend On October 7, 2024, the Company issued 123,167 shares of its Series 1 Preferred Stock to for dividends. The dividend was paid to shareholders of record as of September 30, 2024. Common shares issued subsequent to financial statements date On various dates subsequent to September 30, 2024, 1,324,503 shares of common stock were issued to satisfy Series A Warrants with an aggregate strike price value of $9,998,205 and a fair market value of $21,515,777. On various dates subsequent to September 30, 2024, 333,650 shares of common stock were issued to satisfy Series B Warrants with an aggregate strike price value of $1,050,597 and a fair market value of $1,095,731. On various dates during November and December 2024, 51,833 shares of common stock were issued to make up for fractional shares from the November 26, 2024 reverse stock split. Strategic Investment On October 17, 2024, and November 18, 2024, the Company made an additional $50,000 investment, on each date 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. Common Stock Reverse Stock Split On October 2, 2024 and November 26, 2024, the Company completed a 60:1 and 35:1, respectively, reverse stock split of its common stock. All share and per share data have been retroactively adjusted for the reverse splits. Issuance of Note payable On November 21, 2024, the Company issued a note payable to Streeterville Capital, LLC, in the amount of $580,000. This note carries interest of 8% and matures on May 21, 2026. After deduction of an original issue discount of $75,000 and legal fees of $5,000, the Company received $500,000 in cash.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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