Altex Industries Inc 10-Q for FY2020 Q2

Altex Industries Inc (ALTX)

10-Q 2020-05-08 For: 2020-03-31

Added on April 09, 2026

About this 10-Q

Altex Industries Inc filed this 10-Q on May 8, 2020, covering the quarter ended March 31, 2020 (FY2020 Q2).

Quarter ended March 31, 2020, 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.)

ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
	March 31	September 30,
	2020	2019
Assets
Current assets
Cash and cash equivalents	$ 2,226,000	$ 2,266,000
Accounts receivable	-	-
Other	8,000	20,000
Total current assets	2,234,000	2,286,000

Property and equipment, at cost
Proved oil and gas properties (successful efforts method)	333,000	333,000
Less accumulated depreciation, depletion, and amortization	(279,000)	(275,000)
Net property and equipment	54,000	58,000

Total assets	2,288,000	2,344,000

Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	1,000	10,000
Other accrued expenses	1,078,000	1,081,000
Total current liabilities	1,079,000	1,091,000

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; 12,185,409 shares issued and outstanding	122,000	122,000
Additional paid-in capital	13,798,000	13,798,000
Accumulated deficit	(12,711,000)	(12,667,000)
Total stockholders' equity	1,209,000	1,253,000

Total liabilities and stockholders' equity	$ 2,288,000	$ 2,344,000

See notes to unaudited condensed consolidated financial statements

ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)

	Three Months Ended		Six Months Ended
	March 31		March 31
	2020	2019	2020	2019
Revenue
Oil and gas sales	$ 8,000	$ 9,000	$ 24,000	$ 31,000
Total revenue	8,000	9,000	24,000	31,000

Costs and expenses
Production taxes	-	1,000	1,000	3,000
General and administrative	47,000	48,000	79,000	80,000
Depreciation, depletion, and amortization	2,000	3,000	4,000	6,000
Total costs and expenses	49,000	52,000	84,000	89,000

Loss from operations	(41,000)	(43,000)	(60,000)	(58,000)

Other income
Interest income	7,000	13,000	16,000	26,000
Other income	-	24,000	-	24,000
Total other income	7,000	37,000	16,000	50,000

Net loss	$ (34,000)	$ (6,000)	$ (44,000)	$ (8,000)

Loss per share	$ (0.00)	$ (0.00)	$ (0.00)	$ (0.00)

Weighted average shares outstanding	12,185,409	12,342,713	12,185,409	12,347,272

See notes to unaudited condensed consolidated financial statements

ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
	Six months ended
	March 31
	2020	2019
Cash flows used in operating activities
Net loss	$ (44,000)	$ (8,000)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation, depletion, and amortization	4,000	6,000
Increase in accounts receivable	-	(1,000)
Decrease in other current assets	12,000	10,000
Decrease in accounts payable	(9,000)	(2,000)
Decrease in other accrued expenses	(3,000)	(4,000)
Net cash provided by (used in) operating activities	(40,000)	1,000

Cash flows from financing activities
Acquisition of treasury stock	-	(5,000)
Net cash used in financing activities	-	(5,000)

Net decrease in cash and cash equivalents	(40,000)	(4,000)
Cash and cash equivalents at beginning of period	2,266,000	2,274,000
Cash and cash equivalents at end of period	$ 2,226,000	$ 2,270,000

Supplemental disclosures
Cash paid for interest	$ -	$ -
Cash paid for income taxes	$ -	$ -

See notes to unaudited condensed consolidated financial statements

ALTEX INDUSTRIES, INC.
Condensed Consolidated Statements of Stockholders' Equity
(Unaudited)

For the six months ended March 31, 2020	Preferred Stock		Common Stock		Additional	Accumulated	Treasury	Total
	Shares	Amount	Shares	Amount	paid-in capital	deficit	stock	stockholders' equity
Balance at September 30, 2019			12,185,409	$ 122,000	$ 13,798,000	$ (12,667,000)	$ -	$ 1,253,000
Net loss						(44,000)		(44,000)
Dividends declared
Preferred stock, none
Common stock, none
Balance at March 31, 2020			12,185,409	$ 122,000	$ 13,798,000	$ (12,711,000)	$ -	$ 1,209,000

For the three months ended March 31, 2020	Preferred Stock		Common Stock		Additional	Accumulated	Treasury	Total
	Shares	Amount	Shares	Amount	paid-in capital	deficit	stock	stockholders' equity
Balance at December 31, 2019			12,185,409	$ 122,000	$ 13,798,000	$ (12,677,000)	$ -	$ 1,243,000
Net loss						(34,000)		(34,000)
Dividends declared
Preferred stock, none
Common stock, none
Balance at March 31, 2020			12,185,409	$ 122,000	$ 13,798,000	$ (12,711,000)	$ -	$ 1,209,000

See notes to unaudited condensed consolidated financial statements

31.	Rule 13a-14(a)/15d-14(a) Certifications
32.*	Section 1350 Certifications
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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.