XML 62 R50.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

LINES OF CREDIT AND LONG-TERM LIABILITIES (Tables) | 6 Months Ended
--- | ---
Mar. 31, 2024
Debt Disclosure [Abstract] |
SCHEDULE OF LINES OF CREDIT AND LIABILITIES | The following table outlines the Company’s secured liabilities: SCHEDULE OF LINES OF CREDIT AND LIABILITIES
|  |  |  |  |  | March 31, |  |  | September 30, |
|  | Interest Rate |  | Maturity |  | 2024 |  |  | 2023 |
Fulton Bank - $360,000 fund equipment for AIS. The Company was in compliance with loan covenants as of March 31, 2024. This loan is secured by certain assets of the Company. |  | SOFR plus 2.37% (7.71% as of March 31, 2024 and 7.68% as of September 30, 2023). |  | 1/31/2025 |  |  | 69,164 |  |  |  | 108,700 |
Fulton Bank - $360,000 fund equipment for AIS. The Company was in compliance with loan covenants as of March 31, 2024. This loan is secured by certain assets of the Company. |  | SOFR plus 2.37% (7.71% as of March 31, 2024 and 7.68% as of September 30, 2023). |  | 01/31/2025 |  |  | 69,164 |  |  |  | 108,700 |
Fulton Bank mortgage $2,476,000. The Company was in compliance with loan covenants as of March 31, 2024. This loan is secured by the underlying asset. |  | SOFR plus 2.62% (7.96% on March 31, 2024 and (7.93% on September 30, 2023). |  | 01/28/2040 |  |  | 2,146,939 |  |  |  | 2,180,115 |
Fulton Bank (HEISEY) - $1,200,000 mortgage loan; requires monthly principal and interest payments through August 1, 2043 with a final payment of remaining principal on September 1, 2043; The loan is collateralized by 615 Florence Street and 740 Barber Street and guaranteed by AIS and Cemtrex. |  | SOFR plus 2.80% per annum (8.14% as of March 31, 2024 and 8.11% as of September 30, 2023). |  | 09/30/2043 |  |  | 1,188,315 |  |  |  | 1,200,000 |
Fulton Bank (HEISEY) - $2,160,000. promissory note related to purchase of Heisey; requires 84 monthly principal and interest payments; The note is collateralized by the Heisey assets and guaranteed by the Parent; matures in 2030. |  | SOFR plus 2.80% per annum (8.14% as of March 31, 2024 and 8.11% as of September 30, 2023). |  | 07/01/2030 |  |  | 2,004,136 |  |  |  | 2,122,565 |
Note payable - $5,755,000 - Less original issue discount $750,000 and legal fees $5,000, net cash received $5,000,000 Unamortized original issue discount balance of $0, as of March 31, 2024 and September 30, 2023. |  | 8% |  | 06/30/2025 |  |  | 4,787,348 |  |  |  | 4,596,589 |
Note payable - $9,205,000. Less original issue discount $1,200,000 and legal fees $5,000,net cash received $8,000,000. 28,572 shares of common stock valued at $700,400 recognized as additional original issue discount. Unamortized original issue discount balance of $0 as of March 31, 2024 and September 30, 2023. |  | 8% |  | 02/22/2026 |  |  | 11,709,830 |  |  |  | 11,243,233 |
Note Payable - $240,000 For the purchase of Heisey Mechanical, Ltd. |  | 6% |  | 07/01/2024 |  |  | 240,000 |  |  |  | 240,000 |
Term Loan Agreement with NIL Funding Corporation (“NIL”) - $5,600,000 The Company was in compliance with loan covenants as of September 30, 2023. |  | 11.50% |  | 12/31/2024 |  |  | - |  |  |  | 1,979,743 |
Paycheck Protection Program loan - $121,400 - The issuing bank determined that this loan qualifies for loan forgiveness; however the Company is awaiting final approval from the Small Business Administration. |  | 1% |  | 05/05/2025 |  |  | 70,872 |  |  |  | 91,114 |
Software License Agreement - $1,125,000, for the purchase of software source code for use in our Security segment products |  | N/A |  | 06/03/2024 |  |  | 225,000 |  |  |  | 675,000 |
HDFC Bank Auto Loan - $28,331, for the purchase of automobile at India office. Monthly payments of ₹65,179 ($784.89 as translated as of March 31, 2024). Automobile is collateral for this loan. |  | 8.70% |  | 06/05/2027 |  |  | 26,486 |  |  |  | - |
Total debt |  |  |  |  |  | $ | 22,468,090 |  |  | $ | 24,437,059 |
Less: Current maturities |  |  |  |  |  |  | (914,170 | ) |  |  | (14,507,711 | )
Long-term debt |  |  |  |  |  | $ | 21,553,920 |  |  | $ | 9,929,348 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration