Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ X ] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ X ] No [ ]

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
Consolidated Balance Sheet

June 30 September 30
2013 2012
(Unaudited) (Audited)
Assets
Current assets
    Cash and cash equivalents $ 2,796,000 2,852,000
    Accounts receivable 11,000 13,000
    Other 18,000 15,000
Total current assets 2,825,000 2,880,000

Property and equipment, at cost
    Proved oil and gas properties (successful efforts method) 347,000 347,000
    Other 17,000 17,000
Total property and equipment, at cost 364,000 364,000
    Less accumulated depreciation, depletion, and amortization (182,000 ) (155,000 )
Net property and equipment 182,000 209,000

Other assets 3,000 3,000

Total assets 3,010,000 3,092,000

Liabilities and Stockholders’ Equity
Current liabilities
    Accounts payable 1,000 12,000
    Other accrued expenses 348,000 195,000
Total current liabilities 349,000 207,000

Commitments and Contingencies - -

Stockholders’ equity
    Preferred stock, $.01 par value. Authorized 5,000,000 shares, none issued - -
    Common stock, $.01 par value. Authorized 50,000,000 shares; issued and outstanding, 13,288,343 133,000 133,000
    Additional paid-in capital 13,887,000 13,887,000
    Accumulated deficit (11,359,000 ) (11,135,000 )
Total stockholders' equity 2,661,000 2,885,000

Total stockholders' equity and liabilities $ 3,010,000 3,092,000

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
Consolidated Balance Sheet
	March 31			September 30
	2014			2013
	(Unaudited)			(Audited)
Assets
Current assets
Cash and cash equivalents	$	2,773,000			2,785,000
Accounts receivable		9,000			13,000
Other		3,000			15,000
Total current assets		2,785,000			2,813,000

Property and equipment, at cost
Proved oil and gas properties (successful efforts method)		347,000			347,000
Other		17,000			17,000
Total property and equipment, at cost		364,000			364,000
Less accumulated depreciation, depletion, and amortization		(186,000	)		(176,000	)
Net property and equipment		178,000			188,000

Other assets		2,000			2,000

Total assets		2,965,000			3,003,000

Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable		5,000			2,000
Other accrued expenses		507,000			399,000
Total current liabilities		512,000			401,000

Commitments and Contingencies		-			-

Stockholders’ equity
Preferred stock, $.01 par value. Authorized 5,000,000 shares, none issued		-			-
Common stock, $.01 par value. Authorized 50,000,000 shares; issued and outstanding, 13,229,888		132,000			132,000
Additional paid-in capital		13,881,000			13,881,000
Accumulated deficit		(11,560,000	)		(11,411,000	)
Total stockholders' equity		2,453,000			2,602,000

Total liabilities and stockholders' equity	$	2,965,000			3,003,000

See accompanying notes to consolidated, condensed financial statements.

~~See accompanying notes to consolidated, condensed financial statements.~~

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

Three Months Ended Nine Months Ended
June 30 June 30
2013 2012 2013 2012
Revenue
    Oil and gas sales $ 23,000 25,000 66,000 83,000
    Interest income 5,000 4,000 14,000 15,000
    Other 4,000 26,000 4,000 26,000
Total revenue 32,000 55,000 84,000 124,000

Costs and expenses
    Lease operating 1,000 1,000 4,000 5,000
    Production taxes 3,000 2,000 7,000 8,000
    General and administrative 87,000 88,000 270,000 296,000
    Depreciation, depletion, and amortization 9,000 6,000 27,000 18,000
Total costs and expenses 100,000 97,000 308,000 327,000

Net loss $ (68,000 ) (42,000 ) (224,000 ) (203,000 )

Loss per share $ (0.01 ) (0.00 ) (0.02 ) (0.01 )

Weighted average shares outstanding 13,288,343 13,619,606 13,288,343 13,619,606

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

	Three Months Ended						Six Months Ended
	March 31						March 31
	2014			2013			2014			2013
Revenue
Oil and gas sales	$	22,000			15,000			42,000			43,000
Interest income		5,000			4,000			8,000			9,000
Other income		-			-			7,000			-
Total revenue		27,000			19,000			57,000			52,000

Costs and expenses
Lease operating		1,000			1,000			1,000			3,000
Production taxes		2,000			1,000			4,000			4,000
General and administrative		98,000			94,000			191,000			183,000
Depreciation, depletion, and amortization		5,000			9,000			10,000			18,000
Total costs and expenses		106,000			105,000			206,000			208,000

Net loss	$	(79,000	)		(86,000	)		(149,000	)		(156,000	)

Loss per share	$	(0.01	)		(0.01	)		(0.01	)		(0.01	)

Weighted average shares outstanding		13,229,888			13,288,343			13,229,888			13,288,343

See accompanying notes to consolidated, condensed financial statements.

~~See accompanying notes to consolidated, condensed financial statements.~~

ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
Consolidated Statement of Cash Flow
(Unaudited)

Nine months ended
June 30
2013 2012
Cash flows used in operating activities
    Net loss $ (224,000 ) (203,000 )
    Adjustments to reconcile net loss to net cash used in operating activities
        Depreciation, depletion, and amortization 27,000 18,000
        Decrease (increase) in accounts receivable 2,000 (2,000 )
        Increase in other current assets (3,000 ) (15,000 )
        Decrease in accounts payable (11,000 ) (13,000 )
        Increase in other accrued expenses 153,000 40,000
Net cash used in operating activities (56,000 ) (175,000 )

Cash flows provided by investing activities
  Return of deposit on potential investment subsequently terminated - 500,000
Total cash flows provided by investing activities - 500,000

Net increase (decrease) in cash and cash equivalents (56,000 ) 325,000
Cash and cash equivalents at beginning of year 2,852,000 2,584,000
Cash and cash equivalents at end of year $ 2,796,000 2,909,000

ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
Consolidated Statement of Cash Flow
(Unaudited)
	Six months ended
	March
	2014			2013
Cash flows used in operating activities
Net loss	$	(149,000	)		(156,000	)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation, depletion, and amortization		10,000			18,000
Decrease in accounts receivable		4,000			3,000
Decrease in other current assets		12,000			11,000
Increase in accounts payable		3,000			1,000
Increase in other accrued expenses		108,000			95,000
Net cash used in operating activities		(12,000	)		(28,000	)

Net decrease in cash and cash equivalents		(12,000	)		(28,000	)
Cash and cash equivalents at beginning of period		2,785,000			2,852,000
Cash and cash equivalents at end of period	$	2,773,000			2,824,000

See accompanying notes to consolidated, condensed financial statements.

~~See accompanying notes to consolidated, condensed financial statements.~~

Note 1 - Financial Statements. In the opinion of management, the accompanying unaudited, consolidated, condensed financial statements contain all adjustments necessary to present fairly the financial position of the Company as of ~~June 30, 2013,~~March 31, 2014, and the cash flows and results of operations for the three months and ~~nine~~six months then ended. Such adjustments consisted only of normal recurring items. The results of operations for the ~~three and nine~~six months ended ~~June 30~~March 31 are not necessarily indicative of the results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The accounting policies followed by the Company are set forth in Note 1 to the Company's consolidated financial statements contained in the Company's ~~2012~~2013 Annual Report on Form 10-K, and it is suggested that these consolidated, condensed financial statements be read in conjunction therewith.

Statements that are not historical facts contained in this Form 10-Q are forward-looking statements that involve risks and uncertainties that could cause actual results to differ from projected results. Factors that could cause actual results to differ materially include, among others: general economic conditions; movements in interest rates; the market price of oil and natural gas; the risks associated with exploration and production in the Rocky Mountain region; the Company's ability, or the ability of its operating subsidiary, Altex Oil Corporation ("AOC"), to find, acquire, market, develop, and produce new properties; operating hazards attendant to the oil and natural gas business; uncertainties in the estimation of proved reserves and in the projection of future rates of production and timing of development expenditures; the strength and financial resources of the Company's competitors; the Company's ability and AOC's ability to find and retain skilled personnel; climatic conditions; availability and cost of material and equipment; delays in anticipated start-up dates; environmental risks; the results of financing efforts; and other uncertainties detailed elsewhere herein and in the Company’s filings with the Securities and Exchange Commission.

Cash balances decreased ~~$56,000~~$12,000 in the ~~nine~~six months ended ~~June 30, 2013, because the Company used $56,000 cash in operating activities.~~March 31, 2014. At ~~June 30, 2013, $340,000~~March 31, 2014, $503,000 of other accrued expenses is accrued but unpaid salary (and related accrued payroll tax liability) due the Company’s president pursuant to his employment agreement ~~and related accrued but unpaid payroll tax.~~that the Company’s president has elected to defer. The Company is likely to experience negative cash flow from operations unless and until the Company invests in interests in producing oil and gas wells or in another venture that produces cash flow from operations. With the exception of capital expenditures related to production acquisitions or drilling or recompletion activities or an investment in another venture that produces cash flow from operations, none of which are currently planned, the cash flows that could result from such acquisitions, activities, or investments, and the possibility of a change in the interest rates the Company realizes on cash balances, the Company knows of no other trends or any known demands, commitments, events or uncertainties that will result in or that are reasonably likely to result in the Company's liquidity increasing or decreasing in any material way.

Except for cash generated by the operation of the Company's producing oil and gas properties, asset sales, and interest income, the Company has no internal or external sources of liquidity other than its working capital. At ~~August 9, 2013,~~April 25, 2014, the Company had no material commitments for capital expenditures.

The Company regularly assesses its exposure to ~~both~~ environmental liability and reclamation, restoration, and dismantlement expense (“RR&D”). The Company does not believe that it currently has any material exposure to environmental liability or to RR&D, net of salvage value, although this cannot be assured.

In the quarter ended June 30, 2012, the Company recognized $26,000 of other income that had previously been recorded as a liability. Oil and gas sales decreased from $83,000 in the nine months ended June 30, 2012, to $66,000 in the nine months ended June 30, 2013, because of a decrease in barrels of oil sold. General and administrative expense ~~decreased~~increased $8,000 from ~~$296,000~~$183,000 in the ~~nine~~six months ended ~~June 30, 2012,~~March 31, 2013, to ~~$270,000~~$191,000 in the ~~nine~~six months ended ~~June 30, 2013,~~March 31, 2014, principally because of ~~reduced acquisition~~increased accrued payroll expense and increased insurance expense. At the current level of cash balances and at current interest rates, the Company’s revenue is unlikely to exceed its expenses. Unless and until the Company invests a substantial portion of its cash balances in interests in producing oil and gas wells or in one or more other ventures that produce revenue and net income, the Company is likely to experience net losses. With the exception of unanticipated RR&D, unanticipated environmental expense, and possible changes in interest rates, the Company is not aware of any other known trends or uncertainties that have had or that the Company reasonably expects will have a material favorable or unfavorable impact on net sales or revenues or income from continuing operations.

~~Investing~~Operating Activities. ~~Net~~The Company used $28,000 and $12,000 cash ~~provided by investing~~in operating activities in the ~~nine~~six months ended ~~June 30, 2012, consisted of a refund to the Company of a $500,000 cash deposit made in connection with a potential investment that was terminated.~~March 31, 2013 and 2014, respectively.

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company’s Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Principal Executive Officer and Principal Financial Officer as appropriate, to allow timely decisions regarding required disclosure. Management necessarily applied its judgment in assessing the costs and benefits of such controls and procedures which, by their nature, can provide only reasonable assurance regarding management’s control objectives.

As of the end of the period covered by the report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-14. Based upon the foregoing, the Company’s Principal Executive Officer and Principal Financial Officer concluded that the Company’s disclosure controls and procedures are effective in timely alerting them to material information relating to the Company (including its consolidated subsidiary) required to be included in the Company’s Exchange Act reports. There have been no significant changes in the Company’s internal controls or in other factors that could significantly affect internal controls subsequent to the date the Company carried out its evaluation.

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
___________________________
* Furnished. Not Filed. Not incorporated by reference. Not subject to liability.

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

Date: ~~August 9, 2013~~April 25, 2014		By: /s/ STEVEN H. CARDIN
		Steven H. Cardin
		Chief Executive Officer and Principal Financial Officer