[ X ] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ALTEX INDUSTRIES, INC. |
(Exact name of registrant as specified in its charter) |
Delaware | 84-0989164 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
PO Box 1057 Breckenridge CO 80424-1057 |
(Address of principal executive offices) (Zip Code) |
(303) 265-9312 |
(Registrant's telephone number, including area code) |
Large accelerated filer [ ] | Accelerated filer [ ] |
Non-accelerated filer [ ] | Smaller reporting company [ X ] |
Item 1. Financial Statements | ||||||||
ALTEX INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
June 30 | September 30 | |||||||
2016 | 2015 | |||||||
(Unaudited) | (Audited) | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 2,512,000 | $ | 2,605,000 | ||||
Accounts receivable | 1,000 | 7,000 | ||||||
Other | 21,000 | 16,000 | ||||||
Total current assets | 2,534,000 | 2,628,000 | ||||||
Property and equipment, at cost | ||||||||
Proved oil and gas properties (successful efforts method) | 334,000 | 334,000 | ||||||
Other | 17,000 | 17,000 | ||||||
Total property and equipment, at cost | 351,000 | 351,000 | ||||||
Less accumulated depreciation, depletion, and amortization | (218,000 | ) | (202,000 | ) | ||||
Net property and equipment | 133,000 | 149,000 | ||||||
Other assets | 1,000 | 1,000 | ||||||
Total assets | 2,668,000 | 2,778,000 | ||||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | 15,000 | 18,000 | ||||||
Other accrued expenses | 1,022,000 | 844,000 | ||||||
Total current liabilities | 1,037,000 | 862,000 | ||||||
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, 12,923,232; outstanding 12,903,232 | 129,000 | 129,000 | ||||||
Additional paid-in capital | 13,851,000 | 13,851,000 | ||||||
Accumulated deficit | (12,347,000 | ) | (12,064,000 | ) | ||||
Treasury stock, at cost, 20,000 shares | (2,000 | ) | - | |||||
Total stockholders' equity | 1,631,000 | 1,916,000 | ||||||
Total liabilities and stockholders' equity | $ | 2,668,000 | $ | 2,778,000 |
ALTEX INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Operations | Condensed Consolidated Statements of Operations | (Unaudited) | ||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
March 31 | March 31 | June 30 | June 30 | |||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||
Oil and gas sales | $ | 9,000 | $ | 7,000 | $ | 14,000 | $ | 28,000 | $ | 3,000 | $ | 4,000 | $ | 17,000 | $ | 32,000 | ||||||||||||||||
Other income | - | - | - | 3,000 | - | 18,000 | - | 21,000 | ||||||||||||||||||||||||
Total revenue | 9,000 | 7,000 | 14,000 | 31,000 | 3,000 | 22,000 | 17,000 | 53,000 | ||||||||||||||||||||||||
Costs and expenses | ||||||||||||||||||||||||||||||||
Lease operating | - | 1,000 | - | 2,000 | - | - | - | 2,000 | ||||||||||||||||||||||||
Production taxes | 1,000 | 1,000 | 1,000 | 3,000 | - | - | 1,000 | 3,000 | ||||||||||||||||||||||||
General and administrative | 101,000 | 102,000 | 194,000 | 194,000 | 102,000 | 97,000 | 296,000 | 291,000 | ||||||||||||||||||||||||
Depreciation, depletion, and amortization | 5,000 | 4,000 | 11,000 | 9,000 | 5,000 | 5,000 | 16,000 | 14,000 | ||||||||||||||||||||||||
Total costs and expenses | 107,000 | 108,000 | 206,000 | 208,000 | 107,000 | 102,000 | 313,000 | 310,000 | ||||||||||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||||||||
Interest income | 5,000 | 4,000 | 9,000 | 9,000 | 4,000 | 4,000 | 13,000 | 13,000 | ||||||||||||||||||||||||
Net loss | $ | (93,000 | ) | $ | (97,000 | ) | $ | (183,000 | ) | $ | (168,000 | ) | $ | (100,000 | ) | $ | (76,000 | ) | $ | (283,000 | ) | $ | (244,000 | ) | ||||||||
Loss per share | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.02 | ) | ||||||||
Weighted average shares outstanding | 12,923,232 | 12,972,903 | 12,923,232 | 12,974,125 | 12,923,012 | 12,968,921 | 12,923,159 | 12,972,391 |
ALTEX INDUSTRIES, INC. AND SUBSIDIARIES | ALTEX INDUSTRIES, INC. AND SUBSIDIARIES | ALTEX INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||
Consolidated Statements of Cash Flow | ||||||||||||||||
Condensed Consolidated Statements of Cash Flows | Condensed Consolidated Statements of Cash Flows | |||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
Six months ended | Nine months ended | |||||||||||||||
March | June 30 | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Cash flows used in operating activities | ||||||||||||||||
Net loss | $ | (183,000 | ) | $ | (168,000 | ) | $ | (283,000 | ) | $ | (244,000 | ) | ||||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||||||||||||
Depreciation, depletion, and amortization | 11,000 | 9,000 | 16,000 | 14,000 | ||||||||||||
Decrease in accounts receivable | 3,000 | 1,000 | 6,000 | 4,000 | ||||||||||||
Decrease in other current assets | 11,000 | 10,000 | ||||||||||||||
Decrease in accounts payable | (6,000 | ) | (1,000 | ) | ||||||||||||
Increase in other current assets | (5,000 | ) | (5,000 | ) | ||||||||||||
Increase (decrease) in accounts payable | (3,000 | ) | 2,000 | |||||||||||||
Increase in other accrued expenses | 116,000 | 111,000 | 178,000 | 170,000 | ||||||||||||
Net cash used in operating activities | (48,000 | ) | (38,000 | ) | (91,000 | ) | (59,000 | ) | ||||||||
Cash flows from financing activities | ||||||||||||||||
Acquisition of treasury stock | - | (1,000 | ) | (2,000 | ) | (1,000 | ) | |||||||||
Net cash used in financing activities | - | (1,000 | ) | (2,000 | ) | (1,000 | ) | |||||||||
Net decrease in cash and cash equivalents | (48,000 | ) | (39,000 | (93,000 | ) | (60,000 | ) | |||||||||
Cash and cash equivalents at beginning of period | 2,605,000 | 2,699,000 | 2,605,000 | 2,699,000 | ||||||||||||
Cash and cash equivalents at end of period | $ | 2,557,000 | $ | 2,660,000 | $ | 2,512,000 | $ | 2,639,000 |
Period | (a) Total number of shares (or units) purchased | (b) Average price paid per share (or unit) | (c) Total number of shares (or units) purchased as part of publicly announced plans or programs | (d) Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs | ||||||||||||
April 1, 2016 through April 30, 2016 | -- | -- | -- | -- | ||||||||||||
May 1, 2016 through May 31, 2016 | -- | -- | -- | -- | ||||||||||||
June 1, 2016 through June 30, 2016 | 20,000 | $ | 0.08 | -- | -- | |||||||||||
Total | 20,000 | $ | 0.08 | -- | -- |
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. |
Date: | By: /s/ STEVEN H. CARDIN |
Steven H. Cardin | |
Chief Executive Officer and Principal Financial Officer |