Altex Industries Inc 10-Q for FY2025 Q2

Altex Industries Inc (ALTX)

10-Q 2025-05-02 For: 2025-03-31

Added on April 09, 2026

About this 10-Q

Altex Industries Inc filed this 10-Q on May 2, 2025, covering the quarter ended March 31, 2025 (FY2025 Q2).

Headline figures

Quarter ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $4000; down 33.3% from $6000 a year earlier
Net loss: $32K; compared with a net loss of $30K a year earlier

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

Large accelerated filer [ ]	Accelerated filer [ ]
Non-accelerated filer [ ]	Smaller reporting company ☒
	Emerging growth company ☐

ALTEX INDUSTRIES, INC.
Condensed Consolidated Balance Sheets

	(Unaudited)
	March 31	September 30
	2025	2024
Assets
Current assets
Cash and cash equivalents	`$2,607,000`	`$2,656,000`
Accounts receivable	`3,000`	`3,000`
Other	`7,000`	`21,000`
Total current assets	`2,617,000`	`2,680,000`

Property and equipment, at cost
Proved oil and gas properties (successful efforts method)	`311,000`	`311,000`
Less accumulated depreciation, depletion, and amortization	`(287,000)`	`(285,000)`
Net property and equipment	`24,000`	`26,000`

Right-of-Use Asset	`181,000`	`20,000`

Total assets	`2,822,000`	`$2,726,000`

Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	`$2,000`	`$5,000`
Operating lease liability	`35,000`	`21,000`
Accrued expense, related party	`1,235,000`	`1,141,000`
Other accrued expense	`6,000`	`13,000`
Total current liabilities	`1,278,000`	`1,180,000`

Long-term operating lease liability	`146,000`	`-`

Total Liabilities	`1,424,000`	`1,180,000`

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, 11,229,520	`113,000`	`113,000`
Additional paid-in capital	`13,693,000`	`13,693,000`
Accumulated deficit	`(12,408,000)`	`(12,260,000)`
Total stockholders' equity	`1,398,000`	`1,546,000`

Total liabilities and stockholders' equity	`$2,822,000`	`$2,726,000`

See notes to unaudited condensed consolidated financial statements

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

	Three Months Ended		Six Months Ended
	March 31		March 31
	2025	2024	2025	2024
Revenue
Oil and gas sales	`$4,000`	`$6,000`	`$9,000`	`$12,000`
Total revenue	`4,000`	`6,000`	`9,000`	`12,000`

Operating expense
Production taxes	`1,000`	`-`	`1,000`	`1,000`
General and administrative	`61,000`	`64,000`	`211,000`	`114,000`
Depreciation, depletion, and amortization	`1,000`	`1,000`	`2,000`	`2,000`
Total operating expense	`63,000`	`65,000`	`214,000`	`117,000`

Other income
Interest income	`27,000`	`29,000`	`57,000`	`59,000`
Total other income	`27,000`	`29,000`	`57,000`	`59,000`

Net loss	`$(32,000)`	`$(30,000)`	`$(148,000)`	`$(46,000)`

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

Basic and diluted weighted average shares outstanding	`11,229,520`	`11,348,021`	`11,229,520`	`11,348,021`

See notes to unaudited condensed consolidated financial statements

Condensed Consolidated Statements of Stockholders' Equity
(Unaudited)

For the six months ended March 31, 2024	Common Stock		Additional paid-in capital	Accumulated deficit	Total stockholders' equity
	Shares	Amount
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-in capital	Accumulated deficit	Total stockholders' equity
	Shares	Amount
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`


For the six months ended March 31, 2025	Common Stock		Additional paid-in capital	Accumulated deficit	Total stockholders' equity
	Shares	Amount
Balance at September 30, 2024	`11,229,520`	`$113,000`	`$13,693,000`	`$(12,260,000)`	`$1,546,000`
Net loss				`(148,000)`	`(148,000)`
Balance at March 31, 2025	`11,229,520`	`$113,000`	`$13,693,000`	`$(12,408,000)`	`$1,398,000`


For the three months ended March 31, 2025	Common Stock		Additional paid-in capital	Accumulated deficit	Total stockholders' equity
	Shares	Amount
Balance at December 31, 2024	`11,229,520`	`$113,000`	`$13,693,000`	`$(12,376,000)`	`$1,430,000`
Net loss				`(32,000)`	`(32,000)`
Balance at March 31, 2025	`11,229,520`	`$113,000`	`$13,693,000`	`$(12,408,000)`	`$1,398,000`

See notes to unaudited condensed consolidated financial statements

ALTEX INDUSTRIES, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
	Six months ended
	March 31
	2025	2024
Cash flows used in operating activities
Net loss	`$(148,000)`	`$(46,000)`
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation, depletion, and amortization	`2,000`	`2,000`
Changes in assets and liabilities
Decrease in accounts receivable	`-`	`1,000`
Decrease in other current assets	`14,000`	`12,000`
Decrease in accounts payable	`(3,000)`	`(3,000)`
Increase in accrued expenses related party	`-`	`-`
Increase (decrease) in other accrued expenses	`87,000`	`(4,000)`
Operating lease	`(1,000)`	`-`
Net cash used in operating activities	`(49,000)`	`(38,000)`

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

Cash flows from financing activities
Net cash used in financing activities	`-`	`-`

Net decrease in cash and cash equivalents	`(49,000)`	`(38,000)`
Cash and cash equivalents at beginning of period	`2,656,000`	`2,232,000`
Cash and cash equivalents at end of period	`$2,607,000`	`$2,194,000`

Noncash Investing and Financing Activities
Recognition of right-of-use asset and operating lease liability	`$183,000`	`$-`


See notes to unaudited condensed consolidated financial statements

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