Altex Industries Inc 10-Q for FY2023 Q3

Altex Industries Inc (ALTX)

10-Q 2023-08-04 For: 2023-06-30

Added on April 09, 2026

About this 10-Q

Altex Industries Inc filed this 10-Q on August 4, 2023, covering the quarter ended June 30, 2023 (FY2023 Q3).

Quarter ended June 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Delaware		84-0989164
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

	(Unaudited)
	June 30	September 30
	2023	2022
Assets
Current assets
Cash and cash equivalents	`$2,258,000`	`$2,358,000`
Accounts receivable	`5,000`	`1,000`
Other	`29,000`	`26,000`
Total current assets	`2,292,000`	`2,385,000`

Property and equipment, at cost
Proved oil and gas properties (successful efforts method)	`327,000`	`327,000`
Less accumulated depreciation, depletion, and amortization	`(296,000)`	`(292,000)`
Net property and equipment	`31,000`	`35,000`

Right-of-Use Asset	`53,000`	`71,000`

Total assets	`2,376,000`	`2,491,000`

Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	`3,000`	`4,000`
Operating lease liability	`26,000`	`25,000`
Accrued expenses, related party	`1,141,000`	`1,073,000`
Other accrued expenses	`8,000`	`11,000`
Total current liabilities	`1,178,000`	`1,113,000`

Long-term operating lease liability	`27,000`	`47,000`

Total Liabilities	`1,205,000`	`1,160,000`

Commitments and Contingencies	`-`	`-`

Stockholders’ equity
Preferred stock, $0.01 par value. Authorized 5,000,000 shares, none issued	`-`	`-`
Common stock, $0.01 par value. Authorized 50,000,000 shares; issued and outstanding, 11,517,426 and 12,011,401, respectively	`116,000`	`121,000`
Additional paid-in capital	`13,736,000`	`13,776,000`
Accumulated deficit	`(12,681,000)`	`(12,566,000)`
Total stockholders' equity	`1,171,000`	`1,331,000`

Total liabilities and stockholders' equity	`$2,376,000`	`$2,491,000`

	Three Months Ended		Nine Months Ended
	June 30		June 30
	2023	2022	2023	2022
Revenue
Oil and gas sales	`$6,000`	`$9,000`	`$26,000`	`$35,000`
Total revenue	`6,000`	`9,000`	`26,000`	`35,000`

Operating expense
Production taxes	`2,000`	`1,000`	`3,000`	`3,000`
General and administrative	`49,000`	`38,000`	`214,000`	`123,000`
Depreciation, depletion, and amortization	`1,000`	`2,000`	`4,000`	`5,000`
Total operating expense	`52,000`	`41,000`	`221,000`	`131,000`

Other income
Gain on sale of assets	`-`	`-`	`-`	`450,000`
Interest income	`27,000`	`3,000`	`71,000`	`3,000`
Other income	`1,000`	`-`	`9,000`	`4,000`
Total other income	`28,000`	`3,000`	`80,000`	`457,000`

Net earnings (loss)	`$(18,000)`	`$(29,000)`	`$(115,000)`	`$361,000`

Basic and diluted earnings (loss) per share	`$(0.00)`	`$(0.00)`	`$(0.01)`	`$0.03`

Basic and diluted weighted average shares outstanding	`11,517,426`	`12,011,401`	`11,562,662`	`12,011,401`

For the nine months ended June 30, 2023	Common Stock		Additional	Accumulated	Treasury	Total stockholders'
	Shares	Amount	paid-in capital	deficit	Stock	equity
Balance at September 30, 2022	`12,011,401`	`$121,000`	`$13,776,000`	`$(12,566,000)`	`$-`	`$1,331,000`
Net loss				`(115,000)`		`(115,000)`
Acquisition of treasury stock, 493,975 shares at $0.09 per share					`(45,000)`	`(45,000)`
Retirement of treasury stock	`(493,975)`	`(5,000)`	`(40,000)`		`45,000`	`-`
Balance at June 30, 2023	`11,517,426`	`$116,000`	`$13,736,000`	`$(12,681,000)`	`$-`	`$1,171,000`

For the three months ended June 30, 2023	Common Stock		Additional	Accumulated	Treasury	Total stockholders'
	Shares	Amount	paid-in capital	deficit	stock	equity
Balance at March 31, 2023	`11,517,426`	`$116,000`	`$13,736,000`	`$(12,663,000)`	`$-`	`$1,189,000`
Net loss				`(18,000)`		`(18,000)`
Balance at June 30, 2023	`11,517,426`	`$116,000`	`$13,736,000`	`$(12,681,000)`	`$-`	`$1,171,000`

31.	Rule 13a-14(a)/15d-14(a) Certifications
32.*	Section 1350 Certifications
101.xml	XBRL Instance Document
101.xsd	XBRL Taxonomy Extension Schema Document
101.cal	XBRL Taxonomy Extension Calculation Linkbase Document
101.def	XBRL Taxonomy Extension Definition Linkbase Document
101.lab	XBRL Taxonomy Extension Label Linkbase Document
101.pre	XBRL Taxonomy Extension Presentation Linkbase Document
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* Furnished. Not Filed. Not incorporated by reference. Not subject to liability.