Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 15, 2017 | Mar. 31, 2017 | |
Document and Entity Information: | |||
Entity Registrant Name | ALTEX INDUSTRIES INC | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2017 | ||
Trading Symbol | altx | ||
Amendment Flag | false | ||
Entity Central Index Key | 775,057 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Common Stock, Shares Outstanding | 12,555,131 | ||
Entity Public Float | $ 387,000 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Current assets | ||
Cash and cash equivalents | $ 2,349,000 | $ 2,472,000 |
Accounts receivable | 3,000 | |
Other | 17,000 | 16,000 |
Total current assets | 2,366,000 | 2,491,000 |
Property and equipment, at cost | ||
Proved oil and gas properties (successful efforts method) (Notes 6 and 7) | 333,000 | 334,000 |
Other | 3,000 | 17,000 |
Total property and equipment, at cost | 336,000 | 351,000 |
Less accumulated depreciation, depletion, and amortization | (227,000) | (224,000) |
Net property and equipment | 109,000 | 127,000 |
Total assets | 2,475,000 | 2,618,000 |
Current liabilities | ||
Accounts payable | 4,000 | 7,000 |
Other accrued expenses | 1,080,000 | 1,080,000 |
Total current liabilities | 1,084,000 | 1,087,000 |
Commitments and Contingencies (Notes 3, 5 and 6) | ||
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, 12,597,631 and 12,734,452, respectively | 126,000 | 127,000 |
Additional paid-in capital | 13,827,000 | 13,837,000 |
Accumulated deficit | (12,562,000) | (12,433,000) |
Total stockholders' equity | 1,391,000 | 1,531,000 |
Total stockholders' equity and liabilities | $ 2,475,000 | $ 2,618,000 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical - $ / shares | Sep. 30, 2017 | Sep. 30, 2016 |
Consolidated Balance Sheets Parenthetical | ||
Preferred stock par value | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Preferred stock shares issued | ||
Common stock par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 50,000,000 | 50,000,000 |
Common stock shares issued | 12,597,631 | 12,734,452 |
Common stock shares outstanding | 12,597,631 | 12,734,452 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Revenue | ||
Oil and gas sales | $ 61,000 | $ 28,000 |
Total revenue | 61,000 | 28,000 |
Costs and expenses | ||
Production taxes | 5,000 | 2,000 |
General and administrative | 188,000 | 390,000 |
Depreciation, depletion, and amortization | 18,000 | 22,000 |
Total costs and expenses | 211,000 | 414,000 |
Other income | ||
Interest income | 18,000 | 17,000 |
Other income | 3,000 | |
Net loss | $ (129,000) | $ (369,000) |
Basic and diluted loss per share | $ (0.01) | $ (0.03) |
Basic and diluted weighted average shares outstanding | 12,658,843 | 12,739,991 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) | Common Stock | Additional paid-in capital | Accumulated deficit | Treasury stock | Total |
Balance at Sep. 30, 2015 | $ 129,000 | $ 13,851,000 | $ (12,064,000) | $ 1,916,000 | |
Balance - shares at Sep. 30, 2015 | 12,923,232 | ||||
Net loss | (369,000) | (369,000) | |||
Acquisition of treasury stock | $ (16,000) | (16,000) | |||
Retirement of treasury stock | $ (2,000) | (14,000) | 16,000 | ||
Retirement of treasury stock - shares | (188,780) | ||||
Balance at Sep. 30, 2016 | $ 127,000 | 13,837,000 | (12,433,000) | 1,531,000 | |
Balance - shares at Sep. 30, 2016 | 12,734,452 | ||||
Net loss | (129,000) | (129,000) | |||
Acquisition of treasury stock | (11,000) | (11,000) | |||
Retirement of treasury stock | $ (1,000) | (10,000) | $ 11,000 | ||
Retirement of treasury stock - shares | (136,821) | ||||
Balance at Sep. 30, 2017 | $ 126,000 | $ 13,827,000 | $ (12,562,000) | $ 1,391,000 | |
Balance - shares at Sep. 30, 2017 | 12,597,631 |
Consolidated Statement of Stoc6
Consolidated Statement of Stockholders' Equity Parenthetical - $ / shares | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Consolidated Statement of Stockholders' Equity Parenthetical | ||
Treasury stock shares acquired | 136,821 | 188,780 |
Treasury stock price per share | $ 0.080 | $ 0.080 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows used in operating activities | ||
Net loss | $ (129,000) | $ (369,000) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation, depletion, and amortization | 18,000 | 22,000 |
Decrease in accounts receivable | 3,000 | 4,000 |
(Increase) decrease in other assets | (1,000) | 1,000 |
Decrease in accounts payable | (3,000) | (11,000) |
Increase in other accrued expenses | 236,000 | |
Net cash used in operating activities | (112,000) | (117,000) |
Cash flows from investing activities | ||
Cash flows from financing activities | ||
Acquisition of treasury stock | (11,000) | (16,000) |
Net cash flows from financing activities | (11,000) | (16,000) |
Net decrease in cash and cash equivalents | (123,000) | (133,000) |
Cash and cash equivalents at beginning of year | 2,472,000 | 2,605,000 |
Cash and cash equivalents at end of year | 2,349,000 | 2,472,000 |
Noncash Investing and Financing Activities | ||
Retirement of treasury stock | $ 11,000 | $ 16,000 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Summary of Significant Accounting Policies. | 12 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 1 - Nature of Operations and Summary of Significant Accounting Policies. | Note 1 - Nature of Operations and Summary of Significant Accounting Policies. Nature of Operations: Principles of Consolidation Estimates Property and Equipment Impairment of Long-Lived Assets Cash Equivalents and Fair Values of Financial Instruments Income Taxes Earnings Per Share Concentrations of credit risk : Revenue recognition : Recent Accounting Pronouncements: There are no recent accounting pronouncements that have a material impact on the consolidated financial statements. |
Note 2 - Income Tax Disclosure
Note 2 - Income Tax Disclosure | 12 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 2 - Income Tax Disclosure | Note 2 - Income Taxes. Deferred Tax Assets 2017 2016 Depletion carryforward $ 301,000 301,000 Net operating loss carryforward 790,000 740,000 Accrued shareholder salary 359,000 359,000 Other - 5,000 Total Net Deferred Tax Assets 1,450,000 1,405,000 Less valuation allowance (1,450,000) (1,405,000) Net Deferred Tax Asset $ - - A valuation allowance has been provided because of the uncertainty of future realization. Income tax expense is different from amounts computed by applying the statutory Federal income tax rate for the following reasons: 2017 2016 Tax benefit at 35% of net earnings $ (45,000) (129,000) State income tax, net of Federal benefit - - Change in valuation allowance for net deferred tax assets 45,000 129,000 Income tax expense $ - - As of September 30, 2017, the Company has no unrecognized tax benefit as a result of uncertain tax positions. As of September 30, 2017, the Companys tax years that remain subject to examination are 2014 - 2017 (Federal jurisdiction) and 2013 - 2017 (state jurisdictions). |
Note 3 - Related Party Transact
Note 3 - Related Party Transactions Disclosure | 12 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 3 - Related Party Transactions Disclosure | Note 3 - Related Party Transactions. |
Note 4 - Major Customers
Note 4 - Major Customers | 12 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 4 - Major Customers | Note 4 - Major Customers. |
Note 5 - Leases
Note 5 - Leases | 12 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 5 - Leases | Note 5 - Leases. |
Note 6 - Reclamation, Restorati
Note 6 - Reclamation, Restoration, and Dismantlement | 12 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 6 - Reclamation, Restoration, and Dismantlement | Note 6 - Reclamation, Restoration, and Dismantlement (RR&D). |
Note 7 - Oil and Gas Exploratio
Note 7 - Oil and Gas Exploration and Production Industries Disclosures | 12 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 7 - Oil and Gas Exploration and Production Industries Disclosures | Note 7 - Supplemental Financial Data - Oil and Gas Producing Activities (Unaudited). I. Capitalized Costs Relating to Oil and Gas Producing Activities September 30, 2017 Proved properties $ 333,000 Accumulated depreciation, depletion, amortization and valuation allowance (224,000) Net capitalized cost $ 109,000 II. Estimated Quantities of Proved Oil and Gas Reserves Oil in Barrels Balance at September 30, 2015 4,200 Revisions of previous estimates (300) Production (700) Balance at September 30, 2016 3,200 Revisions of previous estimates 1,100 Production (600) Balance at September 30, 2017 3,700 III. Present Value of Estimated Future Net Revenue At September 30 2017 2016 Estimated future revenue $ 130,000 $ 85,000 Estimated future expenditures (15,000) (10,000) Estimated future net revenue 115,000 75,000 10% annual discount of estimated future net revenue (44,000) (26,000) Present value of estimated future net revenue $ 71,000 $ 49,000 IV. Summary of Changes in Present Value of Estimated Future Net Revenue Year ended September 30 2017 2016 Present value of estimated future net revenue, beginning of year $ 49,000 $ 103,000 Sales, net of production costs (56,000) (28,000) Net change in prices and cost of future production 35,000 (45,000) Revisions of quantity estimates 24,000 (5,000) Accretion of discount 5,000 10,000 Change in production rates and other 14,000 14,000 Present value of estimated future net revenue, end of year $ 71,000 $ 49,000 |
Note 1 - Nature of Operations15
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Nature of Operations (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Policies | |
Nature of Operations | Nature of Operations: |
Note 1 - Nature of Operations16
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Principles of Consolidation (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Policies | |
Principles of Consolidation | Principles of Consolidation |
Note 1 - Nature of Operations17
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Use of Estimates, Policy (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Policies | |
Use of Estimates, Policy | Estimates |
Note 1 - Nature of Operations18
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Property, Plant and Equipment, Policy (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Policies | |
Property, Plant and Equipment, Policy | Property and Equipment |
Note 1 - Nature of Operations19
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Impairment or Disposal of Long-Lived Assets, Policy (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Policies | |
Impairment or Disposal of Long-Lived Assets, Policy | Impairment of Long-Lived Assets |
Note 1 - Nature of Operations20
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Cash and Cash Equivalents, Policy (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Policies | |
Cash and Cash Equivalents, Policy | Cash Equivalents and Fair Values of Financial Instruments |
Note 1 - Nature of Operations21
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Regulatory Income Taxes, Policy (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Policies | |
Regulatory Income Taxes, Policy | Income Taxes |
Note 1 - Nature of Operations22
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Earnings Per Share Policy (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Policies | |
Earnings Per Share Policy | Earnings Per Share |
Note 1 - Nature of Operations23
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Concentrations of Credit Risk Policy (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Policies | |
Concentrations of Credit Risk Policy | Concentrations of credit risk : |
Note 1 - Nature of Operations24
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Revenue Recognition Policy (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Policies | |
Revenue Recognition Policy | Revenue recognition : |
Note 1 - Nature of Operations25
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Policies | |
Recent Accounting Pronouncements: | Recent Accounting Pronouncements: There are no recent accounting pronouncements that have a material impact on the consolidated financial statements. |
Note 2 - Income Tax Disclosure_
Note 2 - Income Tax Disclosure: Schedule of Deferred Tax Assets (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets | Deferred Tax Assets 2017 2016 Depletion carryforward $ 301,000 301,000 Net operating loss carryforward 790,000 740,000 Accrued shareholder salary 359,000 359,000 Other - 5,000 Total Net Deferred Tax Assets 1,450,000 1,405,000 Less valuation allowance (1,450,000) (1,405,000) Net Deferred Tax Asset $ - - |
Note 2 - Income Tax Disclosur27
Note 2 - Income Tax Disclosure: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | 2017 2016 Tax benefit at 35% of net earnings $ (45,000) (129,000) State income tax, net of Federal benefit - - Change in valuation allowance for net deferred tax assets 45,000 129,000 Income tax expense $ - - |
Note 7 - Oil and Gas Explorat28
Note 7 - Oil and Gas Exploration and Production Industries Disclosures: Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Tables/Schedules | |
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure | September 30, 2017 Proved properties $ 333,000 Accumulated depreciation, depletion, amortization and valuation allowance (224,000) Net capitalized cost $ 109,000 |
Note 7 - Oil and Gas Explorat29
Note 7 - Oil and Gas Exploration and Production Industries Disclosures: Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Tables/Schedules | |
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities | Oil in Barrels Balance at September 30, 2015 4,200 Revisions of previous estimates (300) Production (700) Balance at September 30, 2016 3,200 Revisions of previous estimates 1,100 Production (600) Balance at September 30, 2017 3,700 |
Note 7 - Oil and Gas Explorat30
Note 7 - Oil and Gas Exploration and Production Industries Disclosures: Present Value of Estimated Future Net Revenue (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Tables/Schedules | |
Present Value of Estimated Future Net Revenue | At September 30 2017 2016 Estimated future revenue $ 130,000 $ 85,000 Estimated future expenditures (15,000) (10,000) Estimated future net revenue 115,000 75,000 10% annual discount of estimated future net revenue (44,000) (26,000) Present value of estimated future net revenue $ 71,000 $ 49,000 |
Note 7 - Oil and Gas Explorat31
Note 7 - Oil and Gas Exploration and Production Industries Disclosures: Summary of Changes Present Value of Estimated Future Net Revenue (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Tables/Schedules | |
Summary of Changes Present Value of Estimated Future Net Revenue | Year ended September 30 2017 2016 Present value of estimated future net revenue, beginning of year $ 49,000 $ 103,000 Sales, net of production costs (56,000) (28,000) Net change in prices and cost of future production 35,000 (45,000) Revisions of quantity estimates 24,000 (5,000) Accretion of discount 5,000 10,000 Change in production rates and other 14,000 14,000 Present value of estimated future net revenue, end of year $ 71,000 $ 49,000 |
Note 2 - Income Tax Disclosure
Note 2 - Income Tax Disclosure (Details) | 12 Months Ended |
Sep. 30, 2017USD ($) | |
Details | |
Depletion | $ 860,000 |
Operating Loss Carryforwards | $ 2,259,000 |
Note 2 - Income Tax Disclosur33
Note 2 - Income Tax Disclosure: Schedule of Deferred Tax Assets (Details) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Details | ||
Deferred Tax Assets - Depletion Carryforward | $ 301,000 | $ 301,000 |
Deferred Tax Assets, Operating Loss Carryforwards | 790,000 | 740,000 |
Accrued Shareholder Salary | 359,000 | 359,000 |
Deferred Tax Assets, Other | 5,000 | |
Deferred Tax Assets, Net of Valuation Allowance, Current | 1,450,000 | 1,405,000 |
Deferred Tax Assets, Valuation Allowance | $ (1,450,000) | $ (1,405,000) |
Note 2 - Income Tax Disclosur34
Note 2 - Income Tax Disclosure: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Details | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (45,000) | $ (129,000) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 45,000 | $ 129,000 |
Note 3 - Related Party Transa35
Note 3 - Related Party Transactions Disclosure (Details) | Sep. 30, 2017USD ($) |
Details | |
Accrued Salaries, Current | $ 1,024,000 |
Note 4 - Major Customers (Detai
Note 4 - Major Customers (Details) | 12 Months Ended |
Sep. 30, 2016 | |
Details | |
Concentration Risk, Additional Characteristic | the Company had two customers who individually accounted for 10% or more of the Company's oil and gas sales and who, in aggregate, accounted for 87% of oil and gas sales. In 2016 the two customers individually accounted for 49% and 38% of oil and gas sales. |
Note 5 - Leases (Details)
Note 5 - Leases (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | ||
Details | |||
Operating Leases, Rent Expense | [1] | $ 24,000 | $ 24,000 |
[1] | The Company may cancel upon 30 days written notice and the payment of a termination fee of $4,000 |
Note 7 - Oil and Gas Explorat38
Note 7 - Oil and Gas Exploration and Production Industries Disclosures: Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure (Details) | Sep. 30, 2017USD ($) |
Details | |
Capitalized Costs, Proved Properties | $ 333,000 |
Capitalized Costs, Accumulated Depreciation, Depletion, Amortization and Valuation Allowance Relating to Oil and Gas Producing Activities | (224,000) |
Capitalized Costs, Oil and Gas Producing Activities, Net | $ 109,000 |
Note 7 - Oil and Gas Explorat39
Note 7 - Oil and Gas Exploration and Production Industries Disclosures: Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities (Details) | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Details | |||
Net Proved Developed And Undeveloped Reserves | 3,700 | 3,200 | 4,200 |
Proved Developed And Undeveloped Reserves, Revisions of previous estimates | 1,100 | (300) | |
Proved Developed And Undeveloped Reserve, Production | (600) | (700) |
Note 7 - Oil and Gas Explorat40
Note 7 - Oil and Gas Exploration and Production Industries Disclosures: Present Value of Estimated Future Net Revenue (Details) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Details | ||
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Cash Inflows | $ 130,000 | $ 85,000 |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Production Costs | (15,000) | (10,000) |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Net Cash Flows | 115,000 | 75,000 |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Ten Percent Annual Discount for Estimated Timing of Cash Flows | (44,000) | (26,000) |
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | $ 71,000 | $ 49,000 |
Note 7 - Oil and Gas Explorat41
Note 7 - Oil and Gas Exploration and Production Industries Disclosures: Summary of Changes Present Value of Estimated Future Net Revenue (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Details | ||
Changes in Estimated Future Development Costs | $ 49,000 | $ 103,000 |
Sales and Transfers of Oil and Gas Produced, Net of Production Costs | (56,000) | (28,000) |
Net Increase (Decrease) in Sales and Transfer Prices and Production Costs | 35,000 | (45,000) |
Revisions of quantity estimates | 24,000 | (5,000) |
Accretion Expense | 5,000 | 10,000 |
Standardized Measure of Discounted Future Net Cash Flow of Proved Oil and Gas Reserves, Other | 14,000 | 14,000 |
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | $ 71,000 | $ 49,000 |