Inventories decreased to $7.0 million at September 30, 2024, from $8.7 million at September 30, 2023.
About Cemtrex
Cemtrex Inc. (CETX) is a company that owns two operating subsidiaries: Vicon Industries Inc and Advanced Industrial Services Inc.
Vicon Industries, a subsidiary of Cemtrex Inc., is a global leader in advanced security and surveillance technology to safeguard businesses, schools, municipalities, hospitals and cities. Since 1967, Vicon delivers mission-critical security surveillance systems, specializing in engineering complete security solutions that simplify deployment, operation and ongoing maintenance. Vicon provides security solutions for some of the largest municipalities and businesses in the U.S. and around the world, offering a wide range of cutting-edge and compliant security technologies, from AI-driven video analytics to fully integrated access control solutions. For more information visit www.vicon-security.com
AIS -- Advanced Industrial Services, a subsidiary of Cemtrex, Inc., is a premier provider of industrial contracting services including millwrighting, rigging, piping, electrical, welding. AIS Installs high precision equipment in a wide variety of industrial markets including automotive, printing & graphics, industrial automation, packaging, and chemicals. AIS owns and operates a modern fleet of custom designed specialty equipment to assure safe and quick installation of your production equipment. Our talented staff participates in recurring instructional training, provided to ensure that the most current industry methods are being utilized to provide an efficient and safe working environment. For more information visit www.ais-york.com
For more information visit www.cemtrex.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the closing of the offering, gross proceeds from the offering, our new product offerings, expected use of proceeds, or any proposed fundraising activities. These forward-looking statements are based on management's current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward looking statements. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. These risks and uncertainties are discussed under the heading "Risk Factors" contained in our Form 10-K filed with the Securities and Exchange Commission. All information in this press release is as of the date of the release and we undertake no duty to update this information unless required by law.
Investor Relations
Chris Tyson
Executive Vice President -- MZ North America
Direct: 949-491-8235
CETX@mzgroup.us
www.mzgroup.us
Cemtrex, Inc. and Subsidiaries
Consolidated Balance Sheets
September 30, September 30,
Assets 2024 2023
----------------------------------- ----------- -----------
Current assets
Cash and cash equivalents $ 3,897,511 $ 5,329,910
Restricted cash 1,522,881 1,019,652
Trade receivables, net 11,159,676 9,209,695
Trade receivables, net -
related party 685,788 1,143,342
Inventory, net 6,988,529 8,739,219
Contract assets, net 985,207 1,739,201
Prepaid expenses and other
current assets 1,456,687 2,112,022
Total current assets 26,696,279 29,293,041
Property and equipment, net 9,133,578 9,218,701
Right-of-use operating lease assets 1,933,378 2,287,623
Royalties receivable, net - related
party 456,611 674,893
Note receivable, net - related party - 761,585
Goodwill 3,708,347 4,381,891
Other 2,187,265 1,836,009
----------- -----------
Total Assets $ 44,115,458 $ 48,453,743
=========== ===========
Liabilities & Stockholders' Equity
-----------------------------------
Current liabilities
Accounts payable $ 4,520,173 $ 6,196,406
Accounts payable - related
party - 68,509
Sales tax payable 73,024 35,829
Revolving line of credit 3,125,011 -
Current maturities of long-term
liabilities 4,732,377 14,507,711
Operating lease liabilities -
short-term 832,823 741,487
Deposits from customers 408,415 57,434
Accrued expenses 2,034,352 2,784,390
Contract liabilities 1,254,204 980,319
Deferred revenue 1,297,616 1,583,406
Accrued income taxes 314,827 388,627
Total current liabilities 18,592,822 27,344,118
Long-term liabilities
Long-term debt 13,270,178 9,929,348
Long-term operating lease
liabilities 1,159,204 1,607,202
Other long-term liabilities 274,957 501,354
Deferred Revenue - long-term 658,019 727,928
Warrant liabilities 5,199,436 -
Total long-term liabilities 20,561,794 12,765,832
Total liabilities 39,154,616 40,109,950
----------- -----------
Commitments and contingencies - -
Stockholders' equity
Preferred stock , $0.001 par
value, 10,000,000 shares
authorized,
Series 1, 3,000,000 shares
authorized, 2,456,827 shares
issued and
2,392,727 shares outstanding
as of September 30, 2024 and
2,293,016 shares issued and
2,228,916 shares outstanding
as of September 30, 2023
(liquidation value of $10 per
share) 2,457 2,293
Series C, 100,000 shares
authorized, 50,000 shares
issued and outstanding at
September 30, 2024 and
September 30, 2023 50 50
Common stock, $0.001 par
value, 70,000,000 shares
authorized,
14,176 shares issued and
outstanding at September 30,
2024 and
50,000,000 shares authorized,
498 shares issued and
outstanding at September 30,
2023 14 1
Additional paid-in capital 73,262,536 68,882,750
Accumulated deficit (71,355,386) (64,125,895)
Treasury stock, 64,100 shares
of Series 1 Preferred Stock at
September 30, 2024,
and September 30, 2023 (148,291) (148,291)
Accumulated other comprehensive
income 2,949,297 3,076,706
----------- -----------
Total Cemtrex stockholders'
equity 4,710,677 7,687,614
----------- -----------
Non-controlling interest 250,165 656,179
Total liabilities and stockholders'
equity $ 44,115,458 $ 48,453,743
=========== ===========
Cemtrex, Inc. and Subsidiaries
Consolidated Statements of Operations
For the year ended
September 30, September 30,
2024 2023
---------------- -----------------
Revenues
Security Revenue $ 32,021,899 $ 34,359,470
Industrial Services
Revenue 34,841,985 25,009,092
----------- ------------
Revenues 66,863,884 59,368,562
Cost of revenues
Cost of revenues,
Security 15,854,560 17,253,170
Cost of revenues,
Industrial Services 23,531,120 16,429,566
----------- ------------
Cost of revenues 39,385,680 33,682,736
Gross profit 27,478,204 25,685,826
----------- ------------
Operating expenses
General and
administrative 28,860,019 23,929,340
Research and development 3,357,455 3,267,994
Goodwill impairment 530,475 -
Total operating
expenses 32,747,949 27,197,334
----------- ------------
Operating loss (5,269,745) (1,511,508)
----------- ------------
Other (expense)/income
Other(expense)/income,
net (622,558) 476,693
Interest expense (2,169,469) (4,966,298)
Loss on excess fair
value of warrants (7,255,528) -
Changes in fair value of
warrant liability 7,840,951 -
Total other expense,
net (2,206,604) (4,489,605)
(MORE TO FOLLOW) Dow Jones Newswires
December 30, 2024 16:15 ET (21:15 GMT)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.