Wednesday, November 15, 2017 3:13:47 PM
1. Under Generally Accepted Accounting Principles SFAS No. 128, a company is REQUIRED to subtract preferred stock dividends declared in the period from Net Income to arrive at Net Income Available to Common Stockholders and in determining Earnings Per Share for that period.
http://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1218220124421&acceptedDisclaimer=true
2. Cemtrex Inc. (CETX) issued and filed with the SEC its 10Q for the period ending March 31, 2017 on Thursday, May 11, 2017:
https://www.sec.gov/Archives/edgar/data/1435064/000149315217005013/form10-q.htm
3. CETX stated in the March 31, 2017 10Q that:
"Series 1 Preferred Stock
Dividends
Holders of the Series 1 Preferred will be entitled to receive cumulative cash dividends at the rate of 10% of the purchase price per year, payable semiannually on the last day of March and September in each year.
As of March 31, 2017, there were 1,735,858 shares of Series 1 Preferred Stock issued and outstanding.
As of March 31, 2017 $332,938 worth of dividends have been paid to holders of Series 1 Preferred Stock."
4. Therefore CETX was REQUIRED to subtract the $332,938 from the Comprehensive Income of $385,396 in determining Earnings Per Share (EPS) for the quarter ending March 31, 2017.
5. A review of the CETX March 31, 2017 10Q shows that CETX FAILED to adjust the Income for the Preferred Stock Dividends declared and paid during the quarter, resulting in an overstatement of the EPS for the quarter for CETX. In fact, the subtraction of the preferred stock dividends would have almost entirely wiped out most of the EPS for the quarter.
6. As shown in paragraphs 1 to 5 above, in an attempted to mislead current stockholders of CETX and potential investors of CETX, CETX issued FALSE AND MISLEADING FINANCIALS for the quarter ending March 31, 2017 by violating Generally Accepted Accounting Principles in the treatment of preferred stock dividends in arriving at the calculation of EPS for the quarter.
7. Additionally, CETX issued a FALSE AND MISLEADING press release on May 11, 2017 detailing the false EPS of the company for the quarter ending March 31, 2017:
https://globenewswire.com/news-release/2017/05/11/982478/0/en/Cemtrex-Reports-Fiscal-Year-2017-Second-Quarter-Results.html
Recent CETX News
- Cemtrex’s Vicon Industries to Attend ISC West 2024 • GlobeNewswire Inc. • 04/09/2024 12:30:00 PM
- Vicon to Showcase Their New Unified Cloud Solution with Groundbreaking Face Authentication and Person of Interest Tracking at ISC West 2024 • PR Newswire (US) • 04/07/2024 11:25:00 PM
- Cemtrex’s Advanced Industrial Services Secures New Orders Totaling $2.1 Million • GlobeNewswire Inc. • 03/11/2024 12:45:00 PM
- Cemtrex Announces Beta Release of Pioneering AI Gun Detection Feature • GlobeNewswire Inc. • 03/06/2024 01:45:00 PM
- Cemtrex Issues Shareholder Letter and Provides Corporate Update • GlobeNewswire Inc. • 02/28/2024 01:30:00 PM
- Cemtrex Reports First Quarter 2024 Financial Results • GlobeNewswire Inc. • 02/12/2024 09:20:00 PM
- Cemtrex to Host First Quarter 2024 Financial Results Conference Call on Monday, February 12, 2024 • GlobeNewswire Inc. • 02/09/2024 01:30:00 PM
- Cemtrex Receives $0.8 Million Additional Vicon Industries Order from School District Customer • GlobeNewswire Inc. • 02/01/2024 01:30:00 PM
- Cemtrex Receives $3.8 Million for Two Advanced Industrial Services Projects • GlobeNewswire Inc. • 01/31/2024 01:30:00 PM
- Cemtrex Inc. to Reconvene Special Meeting Of Series 1 Preferred Stock Shareholders on Friday December 29, 2023 at 12:00 pm. Eastern Time • GlobeNewswire Inc. • 12/28/2023 02:15:00 PM
- Cemtrex Reports Unaudited Fourth Quarter and Full Fiscal Year 2023 Financial Results • GlobeNewswire Inc. • 12/21/2023 09:35:00 PM
- Vicon Boosts its Unified VMS Platform by Integrating with Omnilert's AI Visual Gun Detection System • PR Newswire (US) • 12/19/2023 09:11:00 PM
- Cemtrex to Host Fourth Quarter and Full Fiscal Year 2023 Financial Results Conference Call on Thursday, December 21, 2023 • GlobeNewswire Inc. • 12/07/2023 09:15:00 PM
- Cemtrex Subsidiary, Vicon Industries, Launches Anavio, A New Cloud Based, Security Software-as-a-Service Platform For Safer, Smarter Schools • GlobeNewswire Inc. • 10/10/2023 01:00:00 PM
- Cemtrex Receives $1.0 Million Contract from Pennsylvania Borough Stewartstown • GlobeNewswire Inc. • 09/26/2023 12:30:00 PM
- Cemtrex Receives to Present at LD Micro Main Event XVI Conference on October 3, 2023 • GlobeNewswire Inc. • 09/20/2023 12:30:00 PM
- Cemtrex Receives $1.5 Million Upgrade Order for Vicon Valerus System from Correctional Facility in Maryland • GlobeNewswire Inc. • 08/29/2023 12:30:00 PM
- Cemtrex Announces Share Repurchase Program for Series 1 Preferred • GlobeNewswire Inc. • 08/23/2023 01:00:00 PM
- Cemtrex Reports Third Quarter 2023 Financial Results • GlobeNewswire Inc. • 08/10/2023 08:15:00 PM
- Cemtrex to Host Third Quarter 2023 Financial Results Conference Call on August 10, 2023 • GlobeNewswire Inc. • 07/26/2023 12:30:00 PM
- Cemtrex Closes Acquisition of Heisey Mechanical Ltd. to Expand AIS Industrial Segment • GlobeNewswire Inc. • 07/07/2023 12:30:00 PM
- Cemtrex to Acquire Mechanical Contracting and Steel Fabrication Company to Expand AIS Industrial Segment • GlobeNewswire Inc. • 06/08/2023 12:30:00 PM
- Cemtrex to Present at LD Micro Invitational XIII Conference on June 6, 2023 • GlobeNewswire Inc. • 05/23/2023 12:30:00 PM
- Cemtrex Reports Second Quarter 2023 Financial Results • GlobeNewswire Inc. • 05/11/2023 08:15:00 PM
- Cemtrex Secures Additional $1.1 Million Vicon Industries Order from Border Protection Customer in Texas • GlobeNewswire Inc. • 05/04/2023 01:00:00 PM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • BLO • Apr 22, 2024 8:49 AM