- Cemtrex Inc. (NASDAQ: CETX, CETXP), an
advanced security technology and industrial services company, has
reported its unaudited financial and operational results for the
fourth quarter and fiscal year ended September 30, 2023.
Cemtrex expects to file its Form 10-K with the
Securities and Exchange Commission (“SEC”) after the market close
on Wednesday, December 27, 2023.
Key Full Fiscal Year 2023, Fourth
Quarter and Subsequent Highlights
- Revenue for
FY’23 increased 33% to $59.7 million, compared to revenue of $45.0
million for FY’22.
- Security segment
revenues increased 46% to $34.7 million in FY’23 as border
protection vertical drives new order volumes for Vicon.
- Industrial
Services segment revenues for FY’23 increased by 18% to $25.0
million, on increased demand and additional revenue from Heisey
Mechanical acquisition.
- Revenues for
Q4’23 increased 44% to $16.9 million, compared to $11.8 million for
Q4’22.
- Gross margin up
680 basis points to 44% in FY’23 from 37% in the prior year.
- Operating income
of $0.2 million for Q4’23 compared to operating loss of $3.1
million in Q4’22, and third consecutive positive quarter, up from
$0.1 million in Q3’23.
- Vicon Industries
subsidiary:
- Launched a new
cloud security platform, called Anavio (www.anavio.ai), that
integrates video, access, and intercom in one easy-to-use system,
powered by AI and face-based authentication.
- Received a $1.5
million order subsidiary for a large correctional facility, and
current end-customer, in Maryland to upgrade its security
technology system with new Valerus software and hardware.
- Advanced
Industrial Services (“AIS”) subsidiary:
- Received a $1.0
million order for the Pennsylvania Stewartstown Borough Authority,
Stewartstown WWTP Sludge Dewatering improvements project.
- Closed the
acquisition of Heisey Mechanical Ltd., a leading service contractor
and steel fabricator that specializes in industrial and water
treatment markets, on July 1st, 2023, adding approximately $11
million in revenue, positive cash flow and expands capabilities and
customers into new markets.
- Authorized a
share repurchase program under which the Company may repurchase up
2,300,000 shares of its outstanding Series 1 Preferred Stock from
time-to-time.
- Cash, cash
equivalents and restricted cash as of September 30, 2023 was $6.3
million.
Management Commentary
Cemtrex Chairman and CEO, Saagar Govil,
commented on the results: “The fourth quarter was a strong finish
to a transformational year for Cemtrex, capped by significant
growth in our Security and Industrial segments. We ended the year
with substantial revenue growth and improved gross margins,
contributing to our third consecutive quarter of positive operating
income. For the fourth quarter, revenue grew 44% to $16.9 million,
and for the full year increased 33% to $59.7 million, driven by
continued sales execution by Vicon with multiple large orders, and
strong demand for AIS products and services. For the full year, our
gross margin improved 680 basis points to 44%, supported by
operational improvements. We believe there is runway for additional
gains in gross margin as we make further enhancements in our
business. Operating income for the fourth quarter increased to $0.2
million, compared to an operating loss of $3.1 million a year ago,
and was our third quarter of consecutive positive operating income.
Taken together, our efforts on building Vicon’s dominant security
technology brand, capitalizing on the increasing demand for
security solutions, and our monetization efforts for AIS, including
the acquisition of Heisey Mechanical, combined to deliver a record
fiscal 2023.
“Turning to our Security segment, Vicon full
year revenues improved 46% to $34.7 million, driven by orders from
border protection, correction facilities and other customers for
its award-winning Roughneck cameras and Valerus video management
software solutions. During the fourth quarter, a large correctional
facility, and current end-customer, upgraded its security
technology system with new Valerus software and hardware with a
$1.5 million order. As customers seek to modernize their current
security infrastructure, Vicon continues to stand out with its
advanced technologies and products. Recently Vicon launched a new
cloud security platform, called Anavio, that integrates video,
access, and intercom in one easy-to-use system, powered by AI and
face-based authentication. This new cloud platform allows us to
create more value in our business by evolving Vicon into a
recurring revenue business model. Additionally, with AI at the core
of our roadmap for Anavio, we’re excited to layer in new
capabilities and benefits for our customers to deliver the most
cutting-edge security solutions over the months and years to come.
With the launch of Anavio along with continued improvements to our
core software platform Valerus, we expect to drive further growth
and see additional opportunity to grow gross margin in 2024.
“For our Industrial services segment, AIS, the
fourth quarter was highlighted by the closing of our acquisition of
Heisey Mechanical Ltd., which contributed to our 18% revenue growth
to $25.0 million for the full year, along with increased demand for
AIS services. Heisey Mechanical is an established contractor in a
growth market that is highly synergistic with AIS, focused on steel
fabrication and contracting primarily to the commercial and
industrial water treatment industry, as well as other service
industries. Beginning in the fourth quarter, the acquisition
brought over approximately $11 million in immediately accretive
annual revenue. With the acquisition enabling AIS to expand into
new markets, including government and industrial verticals, during
the quarter AIS received a $1.0 million order for the Pennsylvania
Stewartstown Borough Authority’s WWTP Sludge Dewatering
improvements project. Looking ahead, we believe that continued
reshoring of manufacturing to the US as well investments in US
infrastructure will play a key role in AIS’ long-term growth.
“2023 has shown continued growth in our customer
roster and revenue for our segments’ products and services,
demonstrating momentum that positions Cemtrex for an even stronger
2024. Vicon’s next generation version of state-of-the-art
surveillance cameras and VMS software, and evolution into a
recurring revenue business model, will help drive additional market
share gains. Combined with expanded services from the Heisey
Mechanical acquisition, AIS is also well positioned for ongoing
growth.
“Looking ahead, after achieving operating profit
consecutively for the most recent three quarters, we are committed
to achieving positive operating income in fiscal year 2024 on a
full year basis. We continue to drive attractive top line and
bottom line growth, combined with tight expense control. We also
believe that there is room within our inventory and asset base to
draw extra liquidity in order to continue to maintain a healthy
cash position. Taken together, we are confident that will deliver
strong long-term value to our shareholders and drive sustainable
growth for years to come,” concluded Govil.
Fourth Quarter and Full Year 2023
Financial Results
Revenue for the full year of 2023 totaled $59.7
million, compared to revenue of $45.0 million for the full year of
2022, a 33% increase year over year. Revenues for the fourth
quarter of 2023 were $16.9 million, compared to $11.8 million in
the fourth quarter of 2022, an increase of 44%. The increase in
revenue for the year was due to increased demand for the Company’s
products and services as well as additional revenue due to the
Heisey acquisition.
The Security segment revenues for the years
ended September 30, 2023, and 2022 were $34.7 million and $23.8
million, respectively, an increase of 46%. The increase was due to
an increased demand for security technology products under the
Vicon brand. Industrial Services segment revenues for the full year
2023 increased by 18% to $25.0 million, up from $21.2 million in
2022, primarily due to the increase in demand for its products and
services, and the additional revenue from the business related to
the acquisition of Heisey Mechanical.
Gross profit for the full year of 2023 was $26.0
million, or 44% of revenues, compared to gross profit of $16.6
million, or 37% of revenues for the year ago period, mainly
attributed to increased demand for products and services along with
increased prices and lower subcontractor costs. Fourth quarter
gross profit of $7.2 million increased 58% from $4.5 million in the
prior year quarter.
Total operating expenses for 2023 were $27.3
million compared to $30.7 million in 2022. Total operating expenses
for the fourth quarter of 2023 were $6.9 compared to $7.6 in the
fourth quarter of 2022. The decrease in total operating expenses
was primarily driven by decreases in depreciation, legal,
accounting fees, and research and development expenses related
to the Security Segment’s development of proprietary technology and
next generation solutions associated with security and surveillance
systems software.
Operating loss for the full year of 2023
improved to $1.3 million as compared to an operating loss of $14.1
million for the full year of 2022, due to increased revenues,
increased gross profit and reduced operating expenses. Operating
income for the fourth quarter of 2023 was $0.2 million as compared
to an operating loss of $3.1 million for the fourth quarter of
2022. The increase was primarily due to an increase in gross profit
for the period.
Comprehensive Net loss for the full year of 2023
was $8.5 million, as compared to a net loss of $13.5 million in
2022. Comprehensive Net loss in the fourth quarter of 2023 totaled
$0.5 million compared to a net loss of $0.5 million in the fourth
quarter of 2022.
Cash, cash equivalents and restricted cash
totaled $6.3 million at September 30, 2023, as compared to $11.5
million at September 30, 2022.
Inventories increased to $8.7 million at
September 30, 2023, from $8.5 million at September 30, 2022.
Fourth Quarter and Full Fiscal Year 2023
Results Conference Call
Cemtrex Chief Executive Officer Saagar Govil and
Chief Financial Officer Paul Wyckoff will host the conference call,
followed by a question-and-answer period.
To access the call, please use the following
information:
Date: |
Thursday, December 21, 2023 |
Time: |
5:00 p.m. Eastern time, 2:00 p.m. Pacific time |
Toll-free dial-in number: |
1-877-407-0792 |
International dial-in number: |
1-201-689-8263 |
Conference ID: |
13742072 |
Please call the conference telephone number 5-10
minutes prior to the start time. An operator will register your
name and organization. If you have any difficulty connecting with
the conference call, please contact MZ Group at 1-949-491-8235.
The conference call will be broadcast live and
available for replay at
https://viavid.webcasts.com/starthere.jsp?ei=1639169&tp_key=6bd720168c
and via the investor relations section of the Company's website at
www.cemtrex.com.
A replay of the conference call will be
available after 8:00 p.m. Eastern time through January 04,
2024.
Toll-free replay number: |
1-844-512-2921 |
International replay number: |
1-412-317-6671 |
Replay ID: |
13742072 |
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.
Cemtrex, Inc. and
SubsidiariesConsolidated Balance
Sheets
|
|
|
|
|
|
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and equivalents |
|
$ |
5,329,910 |
|
|
$ |
9,895,761 |
|
Restricted cash |
|
|
1,019,652 |
|
|
|
1,577,915 |
|
Short-term investments |
|
|
13,663 |
|
|
|
13,721 |
|
Trade receivables, net |
|
|
9,209,695 |
|
|
|
5,399,216 |
|
Trade receivables - related party |
|
|
1,143,342 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Inventory –net of allowance for inventory obsolescence |
|
|
8,739,219 |
|
|
|
8,487,817 |
|
Contract assets |
|
|
1,739,201 |
|
|
|
781,819 |
|
Prepaid expenses and other assets |
|
|
2,057,940 |
|
|
|
1,639,825 |
|
Assets of discontinued operations |
|
|
- |
|
|
|
3,971,693 |
|
Total current assets |
|
|
29,252,622 |
|
|
|
31,767,767 |
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
9,218,701 |
|
|
|
5,280,442 |
|
Right-of-use assets |
|
|
2,287,623 |
|
|
|
2,641,198 |
|
Royalties receivable - related
party |
|
|
674,893 |
|
|
|
- |
|
Note receivable - related
party |
|
|
761,585 |
|
|
|
761,585 |
|
Goodwill |
|
|
4,381,891 |
|
|
|
3,906,891 |
|
Other |
|
|
1,836,009 |
|
|
|
1,399,745 |
|
Total Assets |
|
$ |
48,413,324 |
|
|
$ |
45,757,628 |
|
|
|
|
|
|
|
|
|
|
Liabilities & Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
6,196,406 |
|
|
$ |
3,050,937 |
|
Accounts payable - related party |
|
|
68,509 |
|
|
|
19,133 |
|
|
|
|
|
|
|
|
|
|
Sales tax payable |
|
|
35,829 |
|
|
|
20,095 |
|
Short-term liabilities, net of unamortized original issue
discounts |
|
|
14,507,711 |
|
|
|
16,894,743 |
|
Lease liabilities - short-term |
|
|
741,487 |
|
|
|
754,495 |
|
Deposits from customers |
|
|
57,434 |
|
|
|
73,144 |
|
Accrued expenses |
|
|
2,861,540 |
|
|
|
2,251,093 |
|
Contract liabilities |
|
|
980,319 |
|
|
|
369,890 |
|
Deferred revenue |
|
|
1,583,406 |
|
|
|
1,181,198 |
|
Accrued income taxes |
|
|
304,110 |
|
|
|
94,848 |
|
Liabilities of discontinued operations |
|
|
- |
|
|
|
805,219 |
|
Total current liabilities |
|
|
27,336,751 |
|
|
|
25,514,795 |
|
Long-term liabilities |
|
|
|
|
|
|
|
|
Loans payable to bank |
|
|
1,909,739 |
|
|
|
110,331 |
|
Long-term lease liabilities |
|
|
1,607,202 |
|
|
|
1,822,468 |
|
Notes payable |
|
|
4,679,743 |
|
|
|
- |
|
Mortgage payable |
|
|
3,289,303 |
|
|
|
2,160,169 |
|
Other long-term liabilities |
|
|
501,354 |
|
|
|
807,898 |
|
Paycheck Protection Program Loans |
|
|
50,563 |
|
|
|
97,120 |
|
Deferred Revenue - long-term |
|
|
727,928 |
|
|
|
607,309 |
|
Total long-term liabilities |
|
|
12,765,832 |
|
|
|
5,605,295 |
|
Total liabilities |
|
|
40,102,583 |
|
|
|
31,120,090 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Preferred stock , $0.001 par value, 10,000,000 shares authorized,
Series 1, 3,000,000 shares authorized, 2,293,016 shares issued and
2,228,916 shares outstanding as of September 30, 2023 and 2,079,122
shares issued and 2,015,022 shares outstanding as of September 30,
2022 (liquidation value of $10 per share) |
|
|
2,293 |
|
|
|
2,079 |
|
Series C, 100,000 shares authorized, 50,000 shares issued and
outstanding at September 30, 2023 and September 30, 2022 |
|
|
50 |
|
|
|
50 |
|
|
|
|
|
|
|
|
|
|
Common stock, $0.001 par value, 50,000,000 shares authorized,
1,045,789 shares issued and outstanding at September 30, 2023 and
754,711 shares issued and outstanding at September 30, 2022 |
|
|
1,046 |
|
|
|
755 |
|
Additional paid-in capital |
|
|
68,881,705 |
|
|
|
66,641,698 |
|
Accumulated deficit |
|
|
(64,181,949 |
) |
|
|
(54,929,020 |
) |
Treasury stock, 64,100 shares of Series 1 Preferred Stock at
September 30, 2023 and September 30, 2022 |
|
|
(148,291 |
) |
|
|
(148,291 |
) |
Accumulated other comprehensive income |
|
|
3,099,708 |
|
|
|
2,377,525 |
|
Total Cemtrex stockholders’ equity |
|
|
7,654,562 |
|
|
|
13,944,796 |
|
Non-controlling interest |
|
|
656,179 |
|
|
|
692,742 |
|
Total liabilities and
stockholders’ equity |
|
$ |
48,413,324 |
|
|
$ |
45,757,628 |
|
Cemtrex, Inc. and
SubsidiariesConsolidated Statements of
Operations (Unaudited)
|
|
|
|
|
|
|
|
|
For the year ended |
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
|
|
|
|
|
|
|
Revenues |
|
$ |
59,706,825 |
|
|
$ |
45,026,780 |
|
Cost of revenues |
|
|
33,682,736 |
|
|
|
28,460,852 |
|
Gross profit |
|
|
26,024,089 |
|
|
|
16,565,928 |
|
Operating expenses |
|
|
|
|
|
|
|
|
General and administrative |
|
|
24,006,490 |
|
|
|
22,934,555 |
|
Research and development |
|
|
3,267,994 |
|
|
|
4,444,488 |
|
Goodwill impairment |
|
|
- |
|
|
|
3,316,000 |
|
Total operating expenses |
|
|
27,274,484 |
|
|
|
30,695,043 |
|
Operating loss |
|
|
(1,250,395 |
) |
|
|
(14,129,115 |
) |
Other (expense)/income |
|
|
|
|
|
|
|
|
Other income, net |
|
|
476,693 |
|
|
|
7,180,738 |
|
Interest expense |
|
|
(4,966,298 |
) |
|
|
(3,878,703 |
) |
Total other (expense)/income, net |
|
|
(4,489,605 |
) |
|
|
3,302,035 |
|
Net loss before income
taxes |
|
|
(5,740,000 |
) |
|
|
(10,827,080 |
) |
Income tax (expense)/benefit |
|
|
(350,174 |
) |
|
|
209,345 |
|
Loss from Continuing
operations |
|
|
(6,090,174 |
) |
|
|
(10,617,735 |
) |
Loss from discontinued
operations, net of tax |
|
|
(3,199,318 |
) |
|
|
(2,674,507 |
) |
Net loss |
|
|
(9,289,492 |
) |
|
|
(13,292,242 |
) |
Less loss in noncontrolling
interest |
|
|
(36,563 |
) |
|
|
(271,284 |
) |
Net loss attributable to Cemtrex, Inc.
stockholders |
|
$ |
(9,252,929 |
) |
|
$ |
(13,020,958 |
) |
Loss per share - Basic &
Diluted |
|
|
|
|
|
|
|
|
Continuing Operations |
|
$ |
(7.33 |
) |
|
$ |
(14.83 |
) |
Discontinued Operations |
|
$ |
(3.68 |
) |
|
$ |
(3.77 |
) |
Weighted Average Number of
Shares-Basic & Diluted |
|
|
870,121 |
|
|
|
709,488 |
|
Cemtrex, Inc. and
SubsidiariesConsolidated Statements of Cash
Flows(Unaudited)
|
|
|
|
|
|
|
|
|
For the year ended |
|
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash Flows from Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(9,289,492 |
) |
|
$ |
(13,292,242 |
) |
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net
loss to net cash used by operating activities |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,026,075 |
|
|
|
1,752,098 |
|
Loss on disposal of property and equipment |
|
|
69,601 |
|
|
|
78,707 |
|
Noncash lease expense |
|
|
702,747 |
|
|
|
590,656 |
|
Goodwill Impairment |
|
|
- |
|
|
|
3,316,000 |
|
Bad debt expense (recovery) |
|
|
(14,515 |
) |
|
|
73,696 |
|
Loss on write off of related party receivables |
|
|
- |
|
|
|
708,512 |
|
Share-based compensation |
|
|
106,839 |
|
|
|
155,505 |
|
Income tax expense/ (benefit) |
|
|
- |
|
|
|
(208,545 |
) |
Interest expense paid in equity shares |
|
|
409,541 |
|
|
|
926,646 |
|
Accounts payable paid in equity shares |
|
|
- |
|
|
|
50,000 |
|
Accrued interest on notes payable |
|
|
2,707,262 |
|
|
|
1,043,346 |
|
Amortization of original issue discounts on notes payable |
|
|
1,264,111 |
|
|
|
1,544,622 |
|
Gain/(loss) on marketable securities |
|
|
58 |
|
|
|
(8,399,152 |
) |
Discharge of Paycheck Protection Program Loans |
|
|
- |
|
|
|
(971,500 |
) |
|
|
|
|
|
|
|
|
|
Changes in operating assets
and liabilities net of effects from acquisition of
subsidiaries: |
|
|
|
|
|
|
|
|
Trade receivables |
|
|
(3,795,964 |
) |
|
|
1,813,511 |
|
Trade receivables - related party |
|
|
(1,143,342 |
) |
|
|
- |
|
Inventory |
|
|
48,598 |
|
|
|
(3,731,742 |
) |
Contract assets |
|
|
(290,123 |
) |
|
|
|
|
Prepaid expenses and other current assets |
|
|
(418,115 |
) |
|
|
2,578 |
|
Other assets |
|
|
(336,264 |
) |
|
|
(277,308 |
) |
Accounts payable |
|
|
3,361,269 |
|
|
|
(811,678 |
) |
Accounts payable - related party |
|
|
49,376 |
|
|
|
41,205 |
|
Sales tax payable |
|
|
15,734 |
|
|
|
(4,021 |
) |
Operating lease liabilities |
|
|
(577,446 |
) |
|
|
(498,728 |
) |
Deposits from customers |
|
|
(15,710 |
) |
|
|
(400,104 |
) |
Accrued expenses |
|
|
552,948 |
|
|
|
654,184 |
|
Contract liabilities |
|
|
393,960 |
|
|
|
|
|
Deferred revenue |
|
|
522,827 |
|
|
|
(207,119 |
) |
Income taxes payable |
|
|
209,262 |
|
|
|
(180,385 |
) |
Other liabilities |
|
|
(306,544 |
) |
|
|
(31,273 |
) |
Net cash used by operating activities - continuing operations |
|
|
(4,747,307 |
) |
|
|
(16,262,531 |
) |
Net cash provided by operating activities - discontinued
operations |
|
|
2,491,581 |
|
|
|
169,027 |
|
Net cash used by operating activities |
|
|
(2,255,726 |
) |
|
|
(16,093,504 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
|
|
Purchase of property and
equipment |
|
|
(2,761,314 |
) |
|
|
(1,773,712 |
) |
Proceeds from sale of property
and equipment |
|
|
26,205 |
|
|
|
554,335 |
|
Investment in
MasterpieceVR |
|
|
(100,000 |
) |
|
|
(500,000 |
) |
Acquisitions, Net of Cash
Acquired |
|
|
(2,793,291 |
) |
|
|
- |
|
Proceeds from sale of
marketable securities |
|
|
- |
|
|
|
28,302,309 |
|
Purchase of marketable
securities |
|
|
- |
|
|
|
(19,901,897 |
) |
Net cash (used in)/provided by investing activities - continuing
operations |
|
|
(5,628,400 |
) |
|
|
6,681,035 |
|
Net cash used by investing activities - discontinued
operations |
|
|
- |
|
|
|
(70,908 |
) |
Net cash (used in)/provided by investing
activities |
|
|
(5,628,400 |
) |
|
|
6,610,127 |
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
|
Proceeds from notes
payable |
|
|
240,000 |
|
|
|
8,000,000 |
|
Proceeds on bank loans |
|
|
3,360,000 |
|
|
|
- |
|
Payments on debt |
|
|
(1,044,370 |
) |
|
|
(1,751,763 |
) |
Payments on Paycheck
Protection Program Loans |
|
|
(30,286 |
) |
|
|
- |
|
Payments on bank loans |
|
|
(488,689 |
) |
|
|
(1,225,700 |
) |
Net cash provided by financing activities |
|
|
2,036,655 |
|
|
|
5,022,537 |
|
|
|
|
|
|
|
|
|
|
Effect of currency
translation |
|
|
723,357 |
|
|
|
(537,387 |
) |
Net decrease in cash, cash
equivalents, and restricted cash |
|
|
(5,847,471 |
) |
|
|
(4,460,840 |
) |
Less cash attributed to
discontinued operations |
|
|
- |
|
|
|
(714,420 |
) |
Cash, cash equivalents, and
restricted cash at beginning of period |
|
|
11,473,676 |
|
|
|
17,186,323 |
|
Cash, cash equivalents, and restricted cash at end of
period |
|
$ |
6,349,562 |
|
|
$ |
11,473,676 |
|
Investor Relations
Chris Tyson
Executive Vice President – MZ North America
Direct: 949-491-8235
CETX@mzgroup.us
www.mzgroup.us
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