$CETX
CEMTREX INC

2013 Q3 Form 10-Q Financial Statement

#000114420413044623 Filed on August 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q3
Revenue $2.530M $5.332M $4.800M
YoY Change -47.29% 45.21%
Cost Of Revenue $2.600M $5.005M $4.910M
YoY Change -47.05% 51.11%
Gross Profit -$70.00K $327.0K -$120.0K
YoY Change -41.67% -9.12%
Gross Profit Margin -2.77% 6.13% -2.5%
Selling, General & Admin -$50.00K $300.0K -$170.0K
YoY Change -70.59% 20.0%
% of Gross Profit 91.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
% of Gross Profit 0.0%
Operating Expenses -$50.00K $303.7K -$170.0K
YoY Change -70.59% 21.11%
Operating Profit -$20.00K $23.28K $50.00K
YoY Change -140.0% -78.65%
Interest Expense -$10.00K $12.31K -$10.00K
YoY Change 0.0% 128.26%
% of Operating Profit 52.88% -20.0%
Other Income/Expense, Net $0.00 -$30.00K
YoY Change -100.0%
Pretax Income -$30.00K $10.97K $20.00K
YoY Change -250.0% -89.42%
Income Tax -$90.00K $3.300K -$260.0K
% Of Pretax Income 30.09% -1300.0%
Net Earnings $60.00K $7.668K $280.0K
YoY Change -78.57% -88.14%
Net Earnings / Revenue 2.37% 0.14% 5.83%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $67.42K $0.01 $333.3K
COMMON SHARES
Basic Shares Outstanding 40.60M shares 39.82M shares 39.82M shares
Diluted Shares Outstanding 39.82M shares

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.00K $70.00K $330.0K
YoY Change -78.79% 0.0%
Cash & Equivalents $66.96K $69.61K $333.0K
Short-Term Investments
Other Short-Term Assets $430.0K $410.0K $390.0K
YoY Change 10.26% 57.69%
Inventory $159.3K $267.8K $196.8K
Prepaid Expenses
Receivables $641.3K $514.2K $293.2K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.506M $2.358M $1.572M
YoY Change 59.46% 185.66% 24.93%
LONG-TERM ASSETS
Property, Plant & Equipment $9.323K $12.11K $20.47K
YoY Change -54.45% -47.92% -47.96%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $80.00K
YoY Change
Other Assets $4.225K $231.8K $6.270K
YoY Change -32.62% 260.88% 48.4%
Total Long-Term Assets $367.7K $243.9K $106.7K
YoY Change 244.49% -65.27% -90.89%
TOTAL ASSETS
Total Short-Term Assets $2.506M $2.358M $1.572M
Total Long-Term Assets $367.7K $243.9K $106.7K
Total Assets $2.874M $2.602M $1.678M
YoY Change 71.22% 70.32% -30.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $571.5K $212.0K $320.7K
YoY Change 78.19% -4.55% -50.69%
Accrued Expenses $63.63K $58.39K $38.52K
YoY Change 65.17% -39.55% -74.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $90.00K
YoY Change
Total Short-Term Liabilities $635.1K $468.2K $359.2K
YoY Change 76.8% -19.04% -55.89%
LONG-TERM LIABILITIES
Long-Term Debt $1.110M $1.010M $480.0K
YoY Change 131.25% 134.88%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.110M $1.006M $476.5K
YoY Change 132.97% 133.27% -68.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $635.1K $468.2K $359.2K
Total Long-Term Liabilities $1.110M $1.006M $476.5K
Total Liabilities $1.743M $1.474M $835.7K
YoY Change 108.52% 46.03% -64.2%
SHAREHOLDERS EQUITY
Retained Earnings $923.9K $920.4K $635.4K
YoY Change 45.41% 124.02% -5047.1%
Common Stock $40.60K $40.60K $40.60K
YoY Change 0.0% 1.95% 1.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.131M $1.128M $842.7K
YoY Change
Total Liabilities & Shareholders Equity $2.874M $2.602M $1.678M
YoY Change 71.22% 70.32% -30.91%

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q3
OPERATING ACTIVITIES
Net Income $60.00K $7.668K $280.0K
YoY Change -78.57% -88.14%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Operating Activities $120.0K -$160.0K $190.0K
YoY Change -36.84% -114.81%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$80.00K -$80.00K
YoY Change
Cash From Investing Activities -$80.00K -$80.00K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -260.0K 230.0K 150.0K
YoY Change -273.33% -121.1%
NET CHANGE
Cash From Operating Activities 120.0K -160.0K 190.0K
Cash From Investing Activities -80.00K -80.00K
Cash From Financing Activities -260.0K 230.0K 150.0K
Net Change In Cash -140.0K -10.00K 260.0K
YoY Change -153.85% 0.0%
FREE CASH FLOW
Cash From Operating Activities $120.0K -$160.0K $190.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Note 1 &#150; Organization, Business &amp; Operations</b></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"><font size="2">&#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"><font size="2">Cemtrex, Inc. and its wholly-owned subsidiary <font style=" ">Griffin Filters, LLC</font> (collectively the &#8220;Company&#8221;), engages in manufacturing and selling advanced instruments for emission monitoring of particulate, opacity, mercury, sulfur dioxide, nitrogen oxides, etc. Cemtrex also provides turnkey services for carbon creation projects from abatement of greenhouse gases pursuant to Kyoto protocol and assists project owners in selling of carbon credits globally. The Company's products are sold to power plants, refineries, chemical plants, cement plants and other industries including federal and state governmental agencies. Through its wholly-owned subsidiary, Griffin Filters, the Company designs, manufactures and sells air filtration equipment and systems to control particulate emissions in a variety of industries.</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"><font size="2">&#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Cemtrex, Inc. was incorporated as Diversified American Holding, Inc. on <font style=" FONT-SIZE: 10pt">April 27, 1998</font>. On December 16, 2004, the Company changed its name to Cemtrex, Inc. On <font style=" FONT-SIZE: 10pt">April 30, 2007</font>, Cemtrex, Inc. acquired Griffin Filters, LLC.</div> </div>
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us-gaap Fiscal Period
FiscalPeriod
<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Fiscal Year-End</strong></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company has elected a September 30 year-end.</div> </div>
CY2013Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
115000 USD
CY2012Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
358000 USD
us-gaap Operating Loss Carryforwards Expiration Date
OperatingLossCarryforwardsExpirationDate
2029-09-30
us-gaap Share Based Compensation
ShareBasedCompensation
0 USD
us-gaap Share Based Compensation
ShareBasedCompensation
0 USD
CY2013Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
0 USD
CY2012Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
0 USD
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Concentration of Credit Risk</strong></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and accounts receivable. The Company places its cash with high quality financial institutions and at times may exceed the FDIC insurance limit. The Company extends credit based on an evaluation of the customer&#8217;s financial condition, generally without collateral. Exposure to losses on receivables is principally dependent on each customer&#8217;s financial condition. The Company monitors its exposure for credit losses and maintains allowance for anticipated losses as required.</div> </div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Use of Estimates and Assumptions</strong></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Estimates also affect that reported amounts of revenues and expenses during the reporting period. Actual events and results could differ from those assumptions and estimates.</div> </div>
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
0 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Reclassifications</strong></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Certain items in the prior year financial statements have been reclassified for comparative purposes to conform to the presentation in the current period&#8217;s presentation. These reclassifications have no effect on the previously reported income (loss).</div> </div>
CY2012Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
40000 USD
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2013Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
83687 USD
CY2012Q3 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
83687 USD
CY2013Q2 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
4631 USD
CY2012Q3 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
4631 USD
CY2013Q2 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
78392 USD
CY2012Q3 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
78392 USD
CY2012Q2 us-gaap Share Based Compensation
ShareBasedCompensation
0 USD
CY2013Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2012Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
77500 USD
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
218280 USD
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
21500 USD
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
41000 USD
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
0 USD
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
0 USD
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
99000 USD
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
259280 USD
CY2013Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 USD
CY2012Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 USD
CY2013Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0 USD
CY2012Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0 USD
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.340 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.340 pure
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.070 pure
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.070 pure
us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0 pure
us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0 pure
ctei Effective Income Tax Rate Reconciliation Benefit Of Net Operating Loss Carry Forward
EffectiveIncomeTaxRateReconciliationBenefitOfNetOperatingLossCarryForward
0.070 pure
ctei Effective Income Tax Rate Reconciliation Benefit Of Net Operating Loss Carry Forward
EffectiveIncomeTaxRateReconciliationBenefitOfNetOperatingLossCarryForward
0.070 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.34 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.34 pure
CY2013Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
154601 USD
CY2012Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
146224 USD
us-gaap Preferred Stock Voting Rights
PreferredStockVotingRights
Each issued and outstanding Series A Preferred Share shall be entitled to the number of votes equal to the result of: (i) the number of shares of common stock of the Company issued and outstanding at the time of such vote multiplied by 1.01; divided by (ii) the total number of Series A Preferred Shares issued and outstanding at the time of such vote, at each meeting of shareholders of the Company with respect to any and all matters presented to the shareholders of the Company for their action or consideration, including the election of directors.
CY2013Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.05 pure
CY2010Q1 us-gaap Line Of Credit Facility Amount Outstanding
LineOfCreditFacilityAmountOutstanding
250000 USD
CY2010Q3 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0.0400625 pure
CY2013Q2 us-gaap Line Of Credit Facility Amount Outstanding
LineOfCreditFacilityAmountOutstanding
0 USD
CY2012Q3 us-gaap Line Of Credit Facility Amount Outstanding
LineOfCreditFacilityAmountOutstanding
0 USD
CY2010 us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
variable interest rate at 3.75% over the LIBOR rate
CY2009 us-gaap Stock Issued During Period Shares Issued For Cash
StockIssuedDuringPeriodSharesIssuedForCash
2895000 shares
CY2009 us-gaap Stock Issued During Period Value Issued For Cash
StockIssuedDuringPeriodValueIssuedForCash
8525 USD
CY2012 ctei Sale Of Common Stock Shares
SaleOfCommonStockShares
776000 shares
CY2012 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
100000 USD
CY2013Q2 us-gaap Area Of Land
AreaOfLand
4000 sqft
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
4000 USD
CY2013Q2 us-gaap Assets Net
AssetsNet
0 USD
CY2012Q2 us-gaap Assets Net
AssetsNet
0 USD

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