— Cemtrex Inc. (NASDAQ: CETX, CETXP, CETXW), a technology
company driving innovation in Internet of Things (IoT), security,
machine vision & artificial intelligence, and augmented &
virtual reality, has reported its financial and operational results
for the fourth quarter and year ended September 30, 2020.
Key Fourth Quarter 2020 and Subsequent
Operational Highlights
- Received a $1 million order for a security technology system
through its Advanced Technology Segment for a state-of-the-art
video surveillance security system, including its Valerus software
solution as well as cameras and related storage hardware, for a
large correctional facility in the United Kingdom.
- Vicon subsidiary released highly advanced updated Thermal
Sensor models, a 360-degree surveillance solution that combines
powerful high-end thermal technology with high-resolution PTZs
(pan/tilt/zoom) for unparalleled perimeter protection in wide-open
spaces like power stations, airports, corrections facilities,
construction sites, and other secure facilities.
- Engaged international investor relations specialists MZ Group
to lead a comprehensive strategic investor relations and financial
communications program across all key markets.
- Subsidiary Vicon awarded a $500,000 contract from a major
Pacific Northwest school district for its V1110 series Thermal Body
Temperature Measurement Camera.
- Received a $500,000 order to upgrade a security technology
system through the Advanced Technology Segment for a large
Tennessee based corrections facility.
- Completed acquisition of training simulation technology company
Virtual Driver Interactive (VDI) to enhance the Company’s Augmented
& Virtual Reality Growth Segment and VR Training product
line.
- Subsidiary VDI now offering the Driving EssentialsXE program on
the newly released Sony PS5 and Microsoft Xbox Series X platforms,
in addition to their full line of simulation training products for
schools and public safety organizations.
- Made a strategic investment into MasterpieceVR, the developer
of a professional desktop and VR application suite that offers 3D
content creation tools, primarily for virtual reality.
- Unveiled the SmartDesk Connect, an advanced workstation that
includes 4K UHD monitors, a sit-stand desk, ergonomic tabletop,
with built-in wireless phone charger, all powered by a user’s
laptop when connected to the SmartDesk.
Full Year 2020 Operational
Highlights
- WordPress VIP, the leading provider of enterprise WordPress,
added CemtrexLabs to its prestigious Featured Agency Partner
program, one of only 30 partners in this prestigious group and the
first agency partner with full stack virtual and augmented reality
(VR, AR & MR) capabilities.
- Acquired two properties the Company had been leasing for its
industrial segment business located in the York, PA area including
a 48,000 sq ft and 25,000 sq ft facility, used for office,
manufacturing, and warehousing needs.
- Received over $300,000 in new orders for the development of
virtual reality (VR) and augmented reality (AR) applications from 3
different customers, representing a 500% increase in the quarter
from the prior year.
- Received orders totaling over $2 million in its Advanced
Technology segment for several security surveillance systems for
government and commercial buildings including correctional
facilities, including software development services for web,
mobile, enterprise, and virtual reality applications.
- Granted first patent for Cemtrex’s revolutionary and
groundbreaking IoT product, the SmartDesk, which increases
productivity and modernizes the personal workspace.
- Vicon subsidiary released new Thermal Body Temperature
Measurement Camera, the V1100B-THM-TEMP, designed to help
organizations of all types to minimize the risk of reopening their
facilities during the COVID-19 global pandemic.
- Closed two registered direct offering priced at-the-market of
$5.5 million and $5.4 million.
- Vicon subsidiary released advanced edge-based analytics for
select camera lines, including the new V980 series which can
proactively alert security operators to critical events such as
theft, suspicious objects, crowds gathering and more.
Management Commentary
Cemtrex’s Chairman and CEO, Saagar Govil,
commented on the results: “2020 has been a milestone year for our
company as we continued to innovate, grow and expand Cemtrex.
Despite the challenges of a global pandemic, we increased revenues
by 11% for the year, a testament to our team’s hard work and our
focus on product development and strategic acquisition
opportunities. We anticipate top line growth to continue in the
coming year as our market returns to normal and customers reopen
for business and resume purchasing.
“In our 2020 fiscal first quarter we made
significant progress in restructuring our businesses for the
future, improving both EBITDA and gross margins, and saw a return
to generating an operating profit. In the second quarter, we
continued to see improvement in our businesses despite the
short-term effects of COVID-19. We remained focused on executing
our development roadmap of high tech products in IoT, AR & VR,
as well as in Artificial Intelligence and Machine Vision. We
received new orders across all our business segments, including a
500% increase in new orders for development of AR/VR applications
and $2 million in new orders in our Advanced Technologies
segment.
“During our third quarter we received a major
cash infusion of over $10 million from institutional investors
which bolstered the balance sheet and fueled the Company for
growth. With the financings completed, we have substantial cash to
meet and accelerate the release of several exciting and innovative
products we plan to deliver over the next twelve months.
“Highlights from the fourth quarter included new
contracts and upgraded products under our security technology
brand, Vicon. This included a first of its kind order of its
Thermal Body Temperature Measurement Cameras to assist in the
detection and mitigation of COVID-19 risk at a major school
district in the Pacific Northwest. Vicon also began offering an
upgraded Thermal Sensor model for clients like airports and
correctional facilities looking for cost-effective and
comprehensive solutions to enhance their perimeter surveillance
systems. During the fourth quarter we also expanded our commitment
to the capital markets and to shareholders through enhanced
investor relations initiatives with our new partner MZ Group.
“More recently, in our first quarter of 2021, we
announced the next generation SmartDesk, the SmartDesk Connect. The
product is an evolution of original patented SmartDesk, providing
may of the same features but also allowing users to use their own
laptop instead of a built-in PC. Finally, our strategic
acquisitions efforts paid off with the completion of our
acquisition of Virtual Driver Interactive, a training simulation
technology company, to enhance our Augmented & Virtual Reality
growth segment & VR Training product line. Our investment in
MasterpieceVR further complemented this segment, allowing us to
capture more upside as the VR market continues to accelerate.
“Throughout the year, we have striven to drive
forward our business, achieving several key milestones in our
internal roadmap with a focus on innovation and product
development. 2020 was marked by our significant achievements across
business segments, and our fortified our balance sheet. This is an
exciting time for Cemtrex, and I believe we are well positioned to
create sustainable value for our shareholders,” concluded
Govil.
Fourth Quarter and Full Year 2020
Financial Results
Revenue for the full year of 2020 totaled $43.5
million, compared to revenue of $39.3 million for the full year of
2019, an 11% increase year over year. Revenues for the fourth
quarter of 2020 were $10.7 million, compared to $10.9 million in
the fourth quarter of 2019. The increase in revenues for the year
were due to sales increases in the Advanced Technology Segment,
with segment revenues for the years ended September 30, 2020 and
2019 of $25.8 million and $19.3 million respectively, an increase
of 34%. Industrial Services segment revenues for the full year 2020
decreased by 11%, to $17.8 million, primarily due to the decrease
in demand for services due to the COVID-19 crisis.
Gross profit for the full year of 2020 was $19.4
million, or 44% of revenues, of which the fourth quarter
contributed $5.4 million. The Company's 2020 gross margin increase
was a result of the sale of products and services with higher
profit margins.
Total operating expenses for 2020 were $23.4
million, of which $6.1 million were incurred in the fourth quarter.
Total operating expenses for 2019 totaled $23.0 million. The
increase in total operating expenses was primarily driven by
increases in personnel costs, insurance and research and
development, offset by savings measures enacted during the fiscal
year.
Operating activities for continuing operations
used $2.2 million for the year ended September 30, 2020 compared to
using $3.6 million of cash for the year ended September 30,
2019.
The Adjusted EBITDA loss decreased by 87%, with
$1.063 million loss in the year ended September 30, 2020, compared
to $8.035 million loss for the year ended September 30, 2019. For
the fourth quarter the Adjusted EBITDA increased by 108%, with a
positive Adjusted EBITDA of $311 thousand in 2020, compared to a
negative Adjusted EBITDA of $3.990 million for the same period in
2019. A reconciliation table of the adjusted EBITDA is provided
below.
Net loss for the full year of 2020 was $13.1
million, as compared to a net loss of $24.3 million in 2019. Net
loss in the fourth quarter of 2020 totaled $4.4 million compared to
a net loss of $16.3 million in the fourth quarter of 2019.
Cash and cash equivalents totaled $19.7 million
at September 30, 2020, as compared to $12.9 million at June 30,
2020 and $1.8 million at September 30, 2019.
About Cemtrex
Cemtrex, Inc. (CETX) is a leading multi-industry
technology company that is driving innovation in markets such as
Internet of Things (IoT), Augmented and Virtual Reality (AR &
VR), and Artificial Intelligence and Computer Vision (AI & CV)
in a wide range of sectors, including consumer products, industrial
manufacturing, digital applications, and intelligent security &
surveillance systems.www.cemtrex.com.
Non-GAAP Adjusted EBITDA Reconciliation
Table
Following is a reconciliation of income from continuing
operations attributable to the Company for the three months and
year ended September 30, 2020 as presented in accordance with
United States generally accepted accounting principles (GAAP) to
EBITDA.
|
Three Months Ended September 30, |
|
Year EndedSeptember 30, 2020 |
In Thousands |
2020 |
|
2019 |
|
|
2020 |
|
|
2019 |
|
Net loss from continuing
operations (GAAP measure) |
$ |
2,387 |
|
$ |
5,665 |
|
|
$ |
8,894 |
|
|
$ |
11,303 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense paid in equity
shares |
|
96 |
|
|
302 |
|
|
|
2,859 |
|
|
|
1,590 |
|
Income Tax Benefits |
|
1,877 |
|
|
619 |
|
|
|
2,074 |
|
|
|
(1,336 |
) |
Depreciation and
amortization |
|
725 |
|
|
754 |
|
|
|
2,898 |
|
|
|
3,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income/ (Loss) |
$ |
311 |
|
$ |
(3,990 |
) |
|
$ |
(1,063 |
) |
|
$ |
(8,035 |
) |
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.
Cemtrex Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
|
|
September 30, |
|
|
September 30, |
|
Assets |
|
2020 |
|
|
2019 |
|
Current assets |
|
|
|
|
|
|
|
|
Cash and equivalents |
|
$ |
19,490,061 |
|
|
$ |
1,769,994 |
|
Restricted cash |
|
|
1,582,798 |
|
|
|
1,088,091 |
|
Short-term investments |
|
|
887,746 |
|
|
|
412,730 |
|
Accounts receivables, net |
|
|
6,686,797 |
|
|
|
6,458,984 |
|
Accounts receivables - related party |
|
|
1,432,209 |
|
|
|
771,519 |
|
Notes receivable - short-term |
|
|
- |
|
|
|
1,713,371 |
|
Inventory –net of allowance for inventory obsolescence |
|
|
6,793,806 |
|
|
|
5,207,155 |
|
Prepaid expenses and other assets |
|
|
1,188,317 |
|
|
|
1,455,765 |
|
Total current assets |
|
|
38,061,734 |
|
|
|
18,877,609 |
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
9,558,936 |
|
|
|
16,776,552 |
|
Right-of-use assets |
|
|
2,728,380 |
|
|
|
- |
|
Assets held for sale |
|
|
8,323,321 |
|
|
|
- |
|
Goodwill |
|
|
4,370,894 |
|
|
|
4,370,894 |
|
Notes receivable -
long-term |
|
|
- |
|
|
|
1,586,918 |
|
Deferred tax asset |
|
|
- |
|
|
|
2,282,867 |
|
Other |
|
|
744,207 |
|
|
|
497,857 |
|
Total Assets |
|
$ |
63,787,472 |
|
|
$ |
44,392,697 |
|
|
|
|
|
|
|
|
|
|
Liabilities & Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,857,817 |
|
|
$ |
4,236,945 |
|
Current portion of long-term liabilities |
|
|
7,034,510 |
|
|
|
6,817,534 |
|
Lease liabilities - short-term |
|
|
721,036 |
|
|
|
22,718 |
|
Deposits from customers |
|
|
29,660 |
|
|
|
33,074 |
|
Accrued expenses |
|
|
2,392,487 |
|
|
|
2,673,646 |
|
Deferred revenue |
|
|
1,651,784 |
|
|
|
1,433,803 |
|
Accrued income taxes |
|
|
89,318 |
|
|
|
419,541 |
|
Total current liabilities |
|
|
14,776,612 |
|
|
|
15,637,261 |
|
|
|
|
|
|
|
|
|
|
Long-term liabilities |
|
|
|
|
|
|
|
|
Loans payable to bank, net of current portion |
|
|
1,871,201 |
|
|
|
2,240,526 |
|
Long-term lease liabilities, net of current portion |
|
|
2,027,406 |
|
|
|
20,061 |
|
Notes payable, net of current portion |
|
|
6,029,999 |
|
|
|
2,817,661 |
|
Mortgage payable, net of current portion |
|
|
2,355,542 |
|
|
|
- |
|
Other long-term liabilities |
|
|
1,063,733 |
|
|
|
1,221,549 |
|
Series 1 preferred stock dividends payable |
|
|
1,081,690 |
|
|
|
- |
|
Paycheck Protection Program Loans |
|
|
2,169,437 |
|
|
|
- |
|
Deferred revenue - long-term |
|
|
467,329 |
|
|
|
489,535 |
|
Total long-term liabilities |
|
|
17,066,337 |
|
|
|
6,789,332 |
|
Total liabilities |
|
|
31,842,949 |
|
|
|
22,426,593 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Preferred stock , $0.001 par value, 10,000,000 shares
authorized, |
|
|
|
|
|
|
|
|
Series 1, 3,000,000 shares authorized, 2,156,784 shares issued and
outstanding as of September 30, 2020 and 2,110,718 shares issued
and outstanding as of September 30, 2019 (liquidation value of $10
per share) |
|
|
2,157 |
|
|
|
2,111 |
|
Series A, 1,000,000 shares authorized, issued and outstanding at
September 30, 2020 and September 30, 2019 |
|
|
1,000 |
|
|
|
1,000 |
|
Series C, 100,000 shares authorized, issued and outstanding at
September 30, 2020 |
|
|
100 |
|
|
|
- |
|
Common stock, $0.001 par value, 40,000,000 shares authorized,
17,622,539 shares issued and outstanding at September 30, 2020 and
3,962,790 shares issued and outstanding at September 30, 2019 |
|
|
17,623 |
|
|
|
3,963 |
|
Additional paid-in capital |
|
|
63,313,336 |
|
|
|
40,344,837 |
|
Accumulated deficit |
|
|
(33,172,690 |
) |
|
|
(20,067,685 |
) |
Treasury stock at cost |
|
|
(148,291 |
) |
|
|
- |
|
Accumulated other comprehensive income |
|
|
853,643 |
|
|
|
796,004 |
|
Cemtrex stockholders’ equity |
|
|
30,866,878 |
|
|
|
21,080,230 |
|
Non-controlling interest |
|
|
1,077,645 |
|
|
|
885,874 |
|
Total liabilities and
stockholders’ equity |
|
$ |
63,787,472 |
|
|
$ |
44,392,697 |
|
Cemtrex Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
|
|
For the year ended |
|
|
|
September 30, 2020 |
|
|
September 30, 2019 |
|
|
|
|
|
|
|
|
Revenues |
|
$ |
43,518,384 |
|
|
$ |
39,265,041 |
|
Cost of revenues |
|
|
24,153,937 |
|
|
|
23,702,367 |
|
Gross profit |
|
|
19,364,447 |
|
|
|
15,562,674 |
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
General and administrative |
|
|
21,570,666 |
|
|
|
21,528,145 |
|
Research and development |
|
|
1,827,286 |
|
|
|
1,481,879 |
|
Total operating expenses |
|
|
23,397,952 |
|
|
|
23,010,024 |
|
Operating loss |
|
|
(4,033,505 |
) |
|
|
(7,447,350 |
) |
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
Other Income |
|
|
1,821,029 |
|
|
|
(62,705 |
) |
Loss on equity interests |
|
|
- |
|
|
|
(342,776 |
) |
Interest expense |
|
|
(4,607,453 |
) |
|
|
(4,785,506 |
) |
Total other expense, net |
|
|
(2,786,424 |
) |
|
|
(5,190,987 |
) |
|
|
|
|
|
|
|
|
|
Net loss before income taxes |
|
|
(6,819,929 |
) |
|
|
(12,638,337 |
) |
Income tax benefit/(expense) |
|
|
(2,073,835 |
) |
|
|
1,335,584 |
|
Loss from continuing
operations |
|
|
(8,893,764 |
) |
|
|
(11,302,753 |
) |
|
|
|
|
|
|
|
|
|
Loss from discontinued
operations, net of tax |
|
|
(812,895 |
) |
|
|
(10,559,963 |
) |
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(9,706,659 |
) |
|
|
(21,862,716 |
) |
|
|
|
|
|
|
|
|
|
Less income in noncontrolling
interest |
|
|
227,116 |
|
|
|
502,225 |
|
Net loss |
|
$ |
(9,933,775 |
) |
|
$ |
(22,364,941 |
) |
Preferred dividends |
|
|
(3,171,230 |
) |
|
|
(1,965,500 |
) |
Net loss available to Cemtrex, Inc. shareholders |
|
$ |
(13,105,005 |
) |
|
$ |
(24,330,441 |
) |
|
|
|
|
|
|
|
|
|
Other comprehensive
income |
|
|
|
|
|
|
|
|
Foreign currency translation gain |
|
|
57,639 |
|
|
|
1,624,253 |
|
Other comprehensive income attributable to noncontrolling
interest |
|
|
(35,345 |
) |
|
|
(344,952 |
) |
Comprehensive income |
|
|
22,294 |
|
|
|
1,279,301 |
|
|
|
|
|
|
|
|
|
|
Comprehensive loss |
|
$ |
(13,082,711 |
) |
|
$ |
(23,051,140 |
) |
|
|
|
|
|
|
|
|
|
Loss Per Share-Basic |
|
|
|
|
|
|
|
|
Continuing Operations |
|
$ |
(1.28 |
) |
|
$ |
(6.07 |
) |
Discontinued Operations |
|
$ |
(0.08 |
) |
|
$ |
(4.66 |
) |
Loss Per Share-Diluted |
|
|
|
|
|
|
|
|
Continuing Operations |
|
$ |
(1.28 |
) |
|
$ |
(6.07 |
) |
Discontinued Operations |
|
$ |
(0.08 |
) |
|
$ |
(4.66 |
) |
|
|
|
|
|
|
|
|
|
Weighted Average Number of
Shares-Basic |
|
|
9,611,516 |
|
|
|
2,267,501 |
|
Weighted Average Number of
Shares-Diluted |
|
|
9,611,516 |
|
|
|
2,267,501 |
|
Cemtrex Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
For the year ended |
|
|
|
September 30, |
|
Cash Flows from Operating Activities |
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(9,706,659 |
) |
|
$ |
(21,862,716 |
) |
Net loss from discontinued
operations |
|
|
(812,895 |
) |
|
|
(10,559,963 |
) |
Net loss from continuing
operations |
|
|
(8,893,764 |
) |
|
|
(11,302,753 |
) |
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net
loss to net cash provided/(used) by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,898,399 |
|
|
|
3,013,986 |
|
Gain/(loss) on disposal of property & equipment |
|
|
37,910 |
|
|
|
471,019 |
|
Amortization of right-of-use assets |
|
|
816,550 |
|
|
|
- |
|
Change in allowance for inventory obsolescence |
|
|
636,981 |
|
|
|
- |
|
Change in allowance for doubtful accounts |
|
|
(265,203 |
) |
|
|
- |
|
Amortization of original issue discounts on notes payable |
|
|
944,778 |
|
|
|
108,222 |
|
Share-based compensation |
|
|
191,416 |
|
|
|
622,232 |
|
Interest expense paid in equity shares |
|
|
2,859,125 |
|
|
|
1,590,374 |
|
Income tax expense/(benefit) |
|
|
2,073,835 |
|
|
|
(1,335,584 |
) |
Loss on equity interests |
|
|
- |
|
|
|
342,776 |
|
Changes in operating assets
and liabilities net of effects from acquisition of
subsidiaries: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
37,390 |
|
|
|
3,082,635 |
|
Accounts receivable - related party |
|
|
(660,690 |
) |
|
|
(61,799 |
) |
Inventory |
|
|
(2,223,632 |
) |
|
|
1,341,569 |
|
Prepaid expenses and other current assets |
|
|
267,448 |
|
|
|
(240,732 |
) |
Other assets |
|
|
(246,350 |
) |
|
|
(27,418 |
) |
Other liabilities |
|
|
(157,816 |
) |
|
|
1,221,549 |
|
Accounts payable |
|
|
(846,340 |
) |
|
|
(2,114,250 |
) |
Operating lease liabilities |
|
|
(816,549 |
) |
|
|
- |
|
Deposits from customers |
|
|
(3,414 |
) |
|
|
(17,545 |
) |
Accrued expenses |
|
|
(4,820 |
) |
|
|
(493,921 |
) |
Deferred revenue |
|
|
195,775 |
|
|
|
228,024 |
|
Income taxes payable |
|
|
(121,191 |
) |
|
|
- |
|
Net cash used by operating activities - continuing operations |
|
|
(3,280,162 |
) |
|
|
(3,571,616 |
) |
Net cash provided/(used) by operating activities - discontinued
operations |
|
|
(812,895 |
) |
|
|
7,507,090 |
|
Net cash provided/(used) by operating
activities |
|
|
(4,093,057 |
) |
|
|
3,935,474 |
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
|
|
Net change in self-insured
benefit deposits |
|
|
(494,707 |
) |
|
|
(1,659,480 |
) |
Purchase of property and
equipment |
|
|
(1,566,014 |
) |
|
|
14,000 |
|
Purchase of marketable
securities |
|
|
(475,016 |
) |
|
|
(398,291 |
) |
Payments received on notes
receivable |
|
|
3,300,289 |
|
|
|
|
|
Net cash provided/(used) by investing activities - continuing
operations |
|
|
764,552 |
|
|
|
(2,043,771 |
) |
Net cash provided by investing activities - discontinued
operations |
|
|
- |
|
|
|
8,883,541 |
|
Net cash provided/(used) by investing
activities |
|
|
764,552 |
|
|
|
6,839,770 |
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
|
Proceeds from notes
payable |
|
|
8,485,000 |
|
|
|
2,595,000 |
|
Payments on notes payable |
|
|
(851,640 |
) |
|
|
(414,859 |
) |
Issuance of notes
receivable |
|
|
- |
|
|
|
(3,300,289 |
) |
Proceeds on bank loans |
|
|
3,831,100 |
|
|
|
- |
|
Payments on bank loans |
|
|
(778,090 |
) |
|
|
(1,440,535 |
) |
Proceeds from securities
purchase agreements |
|
|
12,462,648 |
|
|
|
- |
|
Expenses on securities
purchase agreements |
|
|
(840,728 |
) |
|
|
- |
|
Proceeds from at-the-market
offerings |
|
|
- |
|
|
|
957,784 |
|
Expenses on at-the-market
offerings |
|
|
- |
|
|
|
(41,438 |
) |
Proceeds from the issuance of
Series B Preferred Stock |
|
|
- |
|
|
|
500,000 |
|
Expenses from the issuance of
Series B Preferred Stock |
|
|
- |
|
|
|
(25,000 |
) |
Settlement of Series B
Preferred Stock in cash |
|
|
- |
|
|
|
(273,092 |
) |
Revolving line of credit |
|
|
(425,812 |
) |
|
|
(925,124 |
) |
Purchases of treasury
stock |
|
|
(338,775 |
) |
|
|
- |
|
Payments on capital lease
liabilities |
|
|
(22,718 |
) |
|
|
(24,286 |
) |
Net cash provided/used by financing activities - continuing
operations |
|
|
21,520,985 |
|
|
|
(2,391,839 |
) |
Net cash used by financing activities - discontinued
operations |
|
|
- |
|
|
|
(9,465,508 |
) |
Net cash provided/(used) by financing
activities |
|
|
21,520,985 |
|
|
|
(11,857,347 |
) |
|
|
|
|
|
|
|
|
|
Effect of currency
translation |
|
|
22,294 |
|
|
|
1,624,253 |
|
Net increase in cash, cash
equivalents, and restricted cash |
|
|
18,192,480 |
|
|
|
(1,082,103 |
) |
Cash, cash equivalents, and
restricted cash at beginning of period |
|
|
2,858,085 |
|
|
|
2,315,935 |
|
Cash, cash equivalents, and restricted cash at end of
period |
|
$ |
21,072,859 |
|
|
$ |
2,858,085 |
|
|
|
|
|
|
|
|
|
|
Balance Sheet Accounts Included in Cash, Cash Equivalents,
and Restricted Cash |
|
|
|
|
|
|
|
|
Cash and equivalents |
|
$ |
19,490,061 |
|
|
$ |
1,769,994 |
|
Restricted cash |
|
|
1,582,798 |
|
|
|
1,088,091 |
|
Total cash, cash equivalents, and restricted
cash |
|
$ |
21,072,859 |
|
|
$ |
2,858,085 |
|
|
|
|
|
|
|
|
|
|
Investor Relations
Chris Tyson
Executive Vice President – MZ North America
Direct: 949-491-8235
CETX@mzgroup.us
www.mzgroup.us
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