Altex Industries (ALTX) 10-K 15 Dec 17 2017 FY Annual report Financial data

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 Company’s 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