Cemtrex Reports Fourth Quarter and Full Fiscal Year 2024 Financial Results

GlobeNewswire Inc.

December 30, 2024 9:15PM GMT

Q4’24 Revenue Increased 9% to $18.1M, Fiscal Year 2024 Revenue Increased 13% to $66.9M

Brooklyn, NY, Dec. 30, 2024 (GLOBE NEWSWIRE) --  Cemtrex Inc. (NASDAQ: CETX, CETXP), an advanced security technology and industrial services company, has reported its financial and operational results for the fiscal fourth quarter and year ended September 30, 2024.

Key Highlights for Fiscal Year 2024

  • Revenue for the year ended September 30, 2024, increased 13% to $66.9 million, compared to revenue in the prior year of $59.4 million.
  • Revenue for Q4’24 increased 9% to $18.1 million, compared to revenue of $16.6 million for Q4’23.
  • AIS Revenue: Surged 39% to $34.8 million, capitalizing on strategic acquisitions and growing market demand.
  • Vicon Innovations: Launched NEXT™ Modular Camera System, integrating groundbreaking AI analytics and Hailo-15 edge AI processing, poised to redefine the surveillance industry.
  • Strategic Momentum: Secured a record-breaking $10.4 million order for Valerus surveillance system expansion

Management Commentary

Cemtrex Chairman and CEO, Saagar Govil, commented on the results: “Fourth quarter revenue grew 9% to $18.1 million, year over year, and for the full year increased 13% to $66.9 million, primarily driven by record demand for AIS products and services. Continued high demand for AIS products and services drove a 39% increase in revenue for fiscal 2024 to $34.8 million, offset by a 7% decrease in Vicon revenue due to the delay of multiple projects and a weaker industrywide demand for security solutions. Operating loss for the fiscal year 2024 was $5.3 million, compared to $1.5 million a year ago, mainly due to an increase in selling, general, and administrative costs.

“Our Security segment revenue in the fourth quarter grew 2% to $8.6 million despite the softening we’ve seen across the industry for the last several months. The team at Vicon is highly focused on the launch of new security technologies and products to expand its exciting portfolio and grow market share. Recently, Vicon unveiled NEXT™, a next generation modular camera platform that transforms how security integrators and end-users install, interact, and support their camera systems, primed for release in first calendar quarter of 2025. NEXT completely rethinks the traditional camera experience by reducing installation time from hours to minutes, leveraging the most powerful AI processing capabilities on the market, and deploying advanced onboard technologies and integrations.

“NEXT represents a strategic shift for Vicon. By integrating with other major video management systems, we’re expanding beyond our own ecosystem to deliver broader value in the security market. We have also integrated a disruptive AI analytic for detecting armed persons in surveillance footage to be included in NEXT Cameras. This novel detection feature is designed to function on edge devices, offering a low-cost, high-efficiency solution for assistance in the detection of armed persons in surveillance footage and enhancing the capabilities of video management systems to initiate specific responses upon detection.

“We believe that these investments in new technologies and products will enable Vicon to ramp sales in the coming year. We expect with the launch the NEXT Camera and the innovative new cloud security platform Anavio, along with new technologies and continued improvements to our core software platform Valerus, there is significant further opportunity to grow revenue and gross margin over the next several quarters including our most recent announcement of a record breaking $10.4 million order for a state government corrections facility to expand the customer’s Valerus surveillance security system with additional hardware, including enhanced storage infrastructure.

“For our Industrial services segment, AIS, the year was highlighted by new orders and record revenue growth of 39% to $34.8 million. A recent $6.7 million contract highlighted the success of AIS’s strategic entry into the wastewater infrastructure market through its acquisition of Heisey Mechanical in 2023 that significantly broadened its capabilities and expanded the markets we serve. Other projects set for completion in 2025 included several large-scale infrastructure contracts. These orders from leading companies reaffirm AIS’s optimistic growth outlook, building a pipeline of growth for 2025.

“Looking ahead, we believe 2024 has demonstrated the long-term potential of our two segments’ products and services that will drive further momentum in 2025. Vicon’s next generation cameras and software will continue to capture orders in the video surveillance market, which is expected to expand to $88.7 billion globally by 2030, according to Markets & Markets. AIS is set for another breakout year with strong order flow and an expanded market opportunity of leading companies and governmental departments. 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.

Segment Highlights:

Vicon Industries:

  • Revenues for the year ended September 30, 2024, decreased 7% to $32.0 million compared to $34.4 million for the year ended September 30, 2023.
  • Revenues increased 2% to $8.6 million in Q4’24 compared to Q4’23.
  • Announced a record breaking $10.4 million order for a state government corrections facility in the mid-Atlantic region, expanding the customer’s Valerus surveillance security system with additional hardware, including enhanced storage infrastructure.
  • Secured a partnership with Hailo, an AI chip manufacturer known for its high-performance edge AI processors, to integrate the groundbreaking Hailo-15 System-on-a-Chip (SoC) into Vicon’s NEXT™ Modular Camera System.
  • Announced integration of an innovative Artificial Intelligence (AI) gun detection feature in its NEXT Cameras, which will be released in the first calendar quarter of 2025, marking a significant milestone in public safety and security technology.
  • Unveiled NEXT a next generation modular camera platform that transforms how security integrators and end-users install, interact, and support their camera systems.

Advanced Industrial Services:

  • Industrial Services segment revenues for the year ended September 30, 2024, increased 39% to $34.8 million compared to $25.0 million for the year ended September 30, 2023.
  • Industrial Services segment revenues for Q4’24 increased 17% to $9.6 million, on increased demand.
  • Awarded two project contracts totaling $6.7 million for upgrades at the Clearwater Road Wastewater Treatment Facility in Derry Township, Pennsylvania.
  • Awarded a $4.7 million contract for Trade in Services Agreement (TiSA) energy upgrades at Fort Indiantown Gap in Lebanon County, PA.
  • Received a $4.5 million contract for both Phase 1 and Phase 2 of the Department of General Services’ Elizabethtown Training Academy project.

Fourth Quarter and Full Year 2023 Financial Results Overview

Revenue for the full year of 2024 totaled $66.9 million, compared to revenue of $59.4 million for the full year of 2023, a 13% increase year over year. Revenues for the fourth quarter of 2024 were $18.1 million, compared to $16.6 million in the fourth quarter of 2023, an increase of 9%. The increase in revenue for the year was due to increased demand for the Company’s AIS products and services, offset by a decrease in security technology products under our Vicon brand.

The Security segment revenues for the years ended September 30, 2024, and 2023 were $32.0 million and $34.4 million, respectively, a decrease of 7%, due to decreased demand for security technology products under the Vicon brand. Industrial Services segment revenues for the full year 2024 increased by 39% to $34.8 million, up from $25.0 million in 2023, 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 year ended September 30, 2024, was $27.5 million, or 41% of revenues, as compared to gross profit of $25.7 million, or 43% of revenues, for the year ended September 30, 2023, mainly attributed to a decrease in gross margin percent at AIS due the Heisey acquisition. Fourth quarter gross profit of $7.6 million increased 11% from $6.8 million in the prior year quarter.

Total operating expenses for 2024 were $32.8 million compared to $27.2 million in 2023. Total operating expenses for the fourth quarter of 2024 were $7.9 compared to $6.8 in the fourth quarter of 2023. The increase in total operating expenses was primarily driven by increases in salaries and wages, general and administrative expenses, 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 2024 was $5.3 million as compared to an operating loss of $1.5 million for the full year of 2023. Operating loss for the fourth quarter of 2024 was $0.3 million as compared to an operating income of $.3 million for the fourth quarter of 2023. The operating loss was primarily due to overall increased general and administration expenses.

Net loss for the full year of 2024 was $7.7 million, as compared to a net loss of $9.2 million in 2023. Net income in the fourth quarter of 2024 totaled $4.4 million compared to a net loss of $1.2 million in the fourth quarter of 2023.

Cash, cash equivalents and restricted cash as of September 30, 2024 was $5.4 million, compared to $6.3 million as of September 30, 2023.

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, 2024

 

September 30, 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

)

 

 

Net loss before income taxes

 

 

(7,476,349

)

 

 

(6,001,113

)

 

 

Income tax expense

 

 

(202,280

)

 

 

(394,272

)

 

 

Loss from Continuing operations

 

 

(7,678,629

)

 

 

(6,395,385

)

 

 

Income/(loss) from discontinued operations, net of tax

 

 

43,124

 

 

 

(2,838,053

)

 

 

Net loss

 

 

(7,635,505

)

 

 

(9,233,438

)

 

 

Less net loss in noncontrolling interest

 

 

(406,014

)

 

 

(36,563

)

 

 

Net loss attributable to Cemtrex, Inc. stockholders

 

$

(7,229,491

)

 

$

(9,196,875

)

 

 

(Loss)/income per share - Basic & Diluted

 

 

 

 

 

 

Continuing Operations

 

$

(17.96

)

 

$

(15,760.64

)

 

 

Discontinued Operations

 

$

0.11

 

 

$

(3.89

)

 

 

Weighted Average Number of Shares-Basic & Diluted

 

 

408,602

 

 

 

414

 

 

 

 

 

 

 

 

 

 

Cemtrex, Inc. and Subsidiaries
Consolidated Statements of Cash Flows

 

 

For the year ended

 

 

 

 

 September 30,

 

Cash Flows from Operating Activities

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

Net loss

 

$

(7,635,505

)

 

$

(9,233,438

)

 

 

 

 

 

 

 

Adjustments to reconcile net loss to net cash used by operating activities

 

 

 

 

 

Depreciation and amortization

 

 

1,328,741

 

 

 

1,026,075

 

 

(Gain)/loss on disposal of property and equipment

 

 

(19,133

)

 

 

69,601

 

 

Noncash lease expense

 

 

829,119

 

 

 

702,747

 

 

Goodwill impairment

 

 

530,475

 

 

 

-

 

 

Bad debt expense (recovery)

 

 

(79,006

)

 

 

(14,515

)

 

Loss on write-off of related party receivables

 

 

1,409,500

 

 

 

-

 

 

Share-based compensation

 

 

30,235

 

 

 

106,839

 

 

Shares issued to pay for services

 

 

169,000

 

 

 

215,800

 

 

Interest expense paid in equity shares

 

 

-

 

 

 

409,541

 

 

Accrued interest on notes payable

 

 

1,189,629

 

 

 

2,707,262

 

 

Non-cash royalty income

 

 

(53,126

)

 

 

(44,272

)

 

Amortization of original issue discounts on notes payable

 

 

-

 

 

 

1,264,111

 

 

Amortization of loan origination costs

 

 

72,533

 

 

 

-

 

 

Loss on excess fair value of warrants

 

 

7,255,528

 

 

 

-

 

 

Changes in fair value of warrant liability

 

 

              (7,840,951

)

 

 

                           -

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities net of effects from acquisition

 

 

 

 

 

of subsidiaries:

 

 

 

 

 

Trade receivables

 

 

(1,870,975

)

 

 

(3,795,964

)

 

Trade receivables - related party

 

 

(63,462

)

 

 

(1,099,070

)

 

Inventory

 

 

1,893,759

 

 

 

48,598

 

 

Contract assets

 

 

753,994

 

 

 

(290,123

)

 

Prepaid expenses and other current assets

 

 

733,168

 

 

 

(458,476

)

 

Other assets

 

 

(251,256

)

 

 

(336,264

)

 

Accounts payable

 

 

(818,733

)

 

 

3,145,469

 

 

Accounts payable - related party

 

 

-

 

 

 

49,376

 

 

Sales tax payable

 

 

37,195

 

 

 

15,734

 

 

Operating lease liabilities

 

 

(831,536

)

 

 

(577,446

)

 

Deposits from customers

 

 

350,981

 

 

 

(15,710

)

 

Accrued expenses

 

 

(690,038

)

 

 

475,798

 

 

Contract liabilities

 

 

273,885

 

 

 

393,960

 

 

Deferred revenue

 

 

(355,699

)

 

 

522,827

 

 

Income taxes payable

 

 

(71,285

)

 

 

293,779

 

 

Other liabilities

 

 

(226,397

)

 

 

(306,544

)

 

Net cash used by operating activities - continuing operations

 

 

(3,949,360

)

 

 

(4,724,305

)

 

Net cash provided by operating activities -

discontinued operations

 

 

-

 

 

 

2,491,581

 

 

Net cash used by operating activities

 

 

           

(3,949,360

)

 

 

          

(2,232,724

)

 

 

 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

 

 

Purchase of property and equipment

 

 

(1,297,346

)

 

 

(2,761,314

)

 

Proceeds from sale of property and equipment

 

 

63,953

 

 

 

26,205

 

 

Royalties on related party revenues

 

 

76,000

 

 

 

-

 

 

Acquisitions, Net of Cash Acquired

 

 

-

 

 

 

(2,793,291

)

 

Investment in MasterpieceVR

 

 

(100,000

)

 

 

(100,000

)

 

Net cash used by investing activities

 

 

           

(1,257,393

)

 

 

          

(5,628,400

)

 

 

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

Proceeds on revolving line of credit

 

 

33,071,722

 

 

 

-

 

 

Payments on revolving line of credit

 

 

(30,019,244

)

 

 

-

 

 

Payments on debt

 

 

(7,923,914

)

 

 

(1,533,059

)

 

Payments on Paycheck Protection Program Loans

 

 

(40,486

)

 

 

(30,286

)

 

Proceeds on bank loans

 

 

340,267

 

 

 

3,360,000

 

 

Proceeds from notes payable

 

 

-

 

 

 

240,000

 

 

Purchases of treasury stock

 

 

(69,705

)

 

 

-

 

 

Proceeds from offerings

 

 

10,035,292

 

 

 

-

 

 

Expenses on offerings

 

 

(995,333

)

 

 

-

 

 

Net cash provided by financing activities

 

 

             

4,398,599

 

 

 

           

2,036,655

 

 

 

 

 

 

 

 

Effect of currency translation

 

 

(121,016

)

 

 

700,355

 

 

Net decrease in cash, cash equivalents, and restricted cash

 

 

(808,154

)

 

 

(5,824,469

)

 

Cash, cash equivalents, and restricted cash at beginning of period

 

 

6,349,562

 

 

 

11,473,676

 

 

Cash, cash equivalents, and restricted cash at end of period

 

$

     

5,420,392

 

 

$

    

6,349,562

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Accounts Included

in Cash, Cash Equivalents, and Restricted Cash

 

 

 

 

 

Cash and cash equivalents

 

$

3,897,511

 

 

$

5,329,910

 

 

Restricted cash

 

 

1,522,881

 

 

 

1,019,652

 

 

Total cash, cash equivalents, and restricted cash

 

$

   

5,420,392

 

 

$

   

6,349,562

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Disclosure of Cash Flow Information:

 

 

 

 

 

Cash paid during the period for interest

 

$

738,307

 

 

$

585,384

 

 

Cash paid during the period for income taxes, net of refunds

 

$

196,727

 

 

$

        293,779

 

 

 

 

 

 

 

 

Supplemental Schedule of Non-Cash Investing and

Financing Activities

 

 

 

 

 

Shares issued to pay notes payable

 

$

   -

 

 

$

1,917,873

 

 

Financing of fixed asset purchase

 

$

28,331

 

 

$

    -

 

 

Financing of building purchase

 

$

   -

 

 

$

1,200,000

 

 

Financing of acquisition

 

$

 

 

$

2,400,000

 

 

Purchase of property and equipment through vendor financing

 

$

   -

 

 

$

675,000

 

 

Noncash recognition of new leases

 

$

474,874

 

 

$

349,172

 

 

 

 

 

 

 

CONTACT: Investor Relations
Chris Tyson
Executive Vice President – MZ North America
Direct: 949-491-8235
CETX@mzgroup.us  
www.mzgroup.us