ALTX 10-Q

Altex Industries Inc (ALTX)

10-Q 2024-05-03 For: 2024-03-31

Added on April 09, 2026

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

	March 31	September 30
	2024	2023
Assets
Current assets
Cash and cash equivalents	`$2,194,000`	`$2,232,000`
Accounts receivable	`3,000`	`4,000`
Other	`10,000`	`22,000`
Total current assets	`2,207,000`	`2,258,000`

Property and equipment, at cost
Proved oil and gas properties (successful efforts method)	`326,000`	`326,000`
Less accumulated depreciation, depletion, and amortization	`(299,000)`	`(297,000)`
Net property and equipment	`27,000`	`29,000`

Right-of-Use Asset	`34,000`	`47,000`

Total assets	`2,268,000`	`$2,334,000`

Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	`$1,000`	`$4,000`
Operating lease liability	`28,000`	`27,000`
Accrued expenses, related party	`1,140,000`	`1,140,000`
Other accrued expenses	`7,000`	`11,000`
Total current liabilities	`1,176,000`	`1,182,000`

Long-term operating lease liability	`6,000`	`20,000`

Total Liabilities	`1,182,000`	`1,202,000`

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, 11,348,021	`114,000`	`114,000`
Additional paid-in capital	`13,715,000`	`13,715,000`
Accumulated deficit	`(12,743,000)`	`(12,697,000)`
Total stockholders' equity	`1,086,000`	`1,132,000`

Total liabilities and stockholders' equity	`$2,268,000`	`$2,334,000`

	Three Months Ended March 31		Six Months Ended March 31
	2024	2023	2024	2023
Revenue
Oil and gas sales	`$6,000`	`$7,000`	`$12,000`	`$20,000`
Total revenue	`6,000`	`7,000`	`12,000`	`20,000`

Operating expense
Production taxes	`-`	`-`	`1,000`	`1,000`
General and administrative	`64,000`	`52,000`	`114,000`	`165,000`
Depreciation, depletion, and amortization	`1,000`	`1,000`	`2,000`	`3,000`
Total operating expense	`65,000`	`53,000`	`117,000`	`169,000`

Other income
Interest income	`29,000`	`25,000`	`59,000`	`44,000`
Other income	`-`	`-`	`-`	`8,000`
Total other income	`29,000`	`25,000`	`59,000`	`52,000`

Net earnings (loss)	`$(30,000)`	`$(21,000)`	`$(46,000)`	`$(97,000)`

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

Basic and diluted weighted average shares outstanding	`11,348,021`	`11,517,426`	`11,348,021`	`11,585,280`

	Six months ended March 31
	2024	2023
Cash flows used in operating activities
Net earnings (loss)	`$(46,000)`	`$(97,000)`
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation, depletion, and amortization	`2,000`	`3,000`
Changes in assets and liabilities
(Increase) decrease in accounts receivable	`1,000`	`(4,000)`
Decrease in other current assets	`12,000`	`17,000`
Decrease in accounts payable	`(3,000)`	`(3,000)`
Increase in accrued expenses related party	`-`	`68,000`
Decrease in other accrued expenses	`(4,000)`	`(6,000)`
Operating lease	`-`	`(1,000)`
Net cash used in operating activities	`(38,000)`	`(23,000)`

Cash flows from investing activities
Net cash provided by investing activities	`-`	`-`

Cash flows from financing activities
Acquisition of treasury stock	`-`	`(45,000)`
Net cash used in financing activities	`-`	`(45,000)`

Net increase (decrease) in cash and cash equivalents	`(38,000)`	`(68,000)`
Cash and cash equivalents at beginning of period	`2,232,000`	`2,358,000`
Cash and cash equivalents at end of period	`$2,194,000`	`$2,290,000`

For the six months ended March 31, 2024	Common Stock		Additional paid-	Accumulated	Total stockholders'
	Shares	Amount	in capital	deficit	Equity
Balance at September 30, 2023	`11,348,021`	`$114,000`	`$13,715,000`	`$(12,697,000)`	`$1,132,000`
Net loss				`(46,000)`	`(46,000)`
Balance at March 31, 2024	`11,348,021`	`$114,000`	`$13,715,000`	`$(12,743,000)`	`$1,086,000`

For the three months ended March 31, 2024	Common Stock		Additional paid-	Accumulated	Total stockholders'
	Shares	Amount	in capital	deficit	equity
Balance at December 31, 2023	`11,348,021`	`$114,000`	`$13,715,000`	`$(12,713,000)`	`$1,116,000`
Net loss				`(30,000)`	`(30,000)`
Balance at March 31, 2024	`11,348,021`	`$114,000`	`$13,715,000`	`$(12,743,000)`	`$1,086,000`

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.