ALTX 10-Q

Altex Industries Inc (ALTX)

10-Q 2020-02-12 For: 2019-12-31

Added on April 09, 2026

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)
	December 31,	September 30,
	2019	2019
Assets
Current assets
Cash and cash equivalents	$ 2,250,000	$ 2,266,000
Accounts receivable	1,000	-
Other	15,000	20,000
Total current assets	2,266,000	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	(277,000)	(275,000)
Net property and equipment	56,000	58,000

Total assets	2,322,000	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	(12,677,000)	(12,667,000)
Total stockholders' equity	1,243,000	1,253,000

Total liabilities and stockholders' equity	$ 2,322,000	$ 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
	December 31,
	2019	2018
Revenue
Oil and gas sales	$ 16,000	$ 22,000
Total revenue	16,000	22,000

Costs and expenses
Production taxes	1,000	2,000
General and administrative	32,000	32,000
Depreciation, depletion, and amortization	2,000	3,000
Total costs and expenses	35,000	37,000

Loss from operations	(19,000)	(15,000)

Other income
Interest income	9,000	13,000
Total other income	9,000	13,000

Net loss	$ (10,000)	$ (2,000)

Loss per share	$ (0.00)	$ (0.00)

Weighted average shares outstanding	12,185,409	12,351,731

See notes to unaudited condensed consolidated financial statements

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

For the three months ended December 31, 2019	Preferred Stock		Common Stock
	Shares	Amount	Shares	Amount	Additional paid-in capital	Accumulated deficit	Treasury stock	Total stockholders' equity
Balance at September 30, 2019			12,185,409	$ 122,000	$ 13,798,000	$ (12,667,000)	$ -	$ 1,253,000
Net loss						(10,000)		(10,000)
Dividends declared
Preferred stock, none
Common stock, none
Acquisition of treasury stock								-
Balance at December 31, 2019			12,185,409	$ 122,000	$ 13,798,000	$ (12,677,000)	$ -	$ 1,243,000

See notes to unaudited condensed consolidated financial statements

ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
	Three months ended
	December 31,
	2019	2018
Cash flows used in operating activities
Net loss	$ (10,000)	$ (2,000)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation, depletion, and amortization	2,000	3,000
Increase in accounts receivable	(1,000)	(3,000)
Decrease in other current assets	5,000	4,000
Decrease in accounts payable	(9,000)	(5,000)
Decrease in other accrued expenses	(3,000)	(5,000)
Net cash used in operating activities	(16,000)	(8,000)

Cash flows from financing activities
Acquisition of treasury stock	-	-
Net cash used in financing activities	-	-

Net decrease in cash and cash equivalents	(16,000)	(8,000)
Cash and cash equivalents at beginning of period	2,266,000	2,274,000
Cash and cash equivalents at end of period	$ 2,250,000	$ 2,266,000

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

See notes to unaudited condensed consolidated financial statements

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.