Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2017 | Feb. 09, 2018 | |
Details | ||
Registrant Name | ALTEX INDUSTRIES INC | |
Registrant CIK | 775,057 | |
SEC Form | 10-Q | |
Period End date | Dec. 31, 2017 | |
Fiscal Year End | --09-30 | |
Trading Symbol | altx | |
Tax Identification Number (TIN) | 840,989,164 | |
Number of common stock shares outstanding | 12,555,131 | |
Filer Category | Smaller Reporting Company | |
Current with reporting | Yes | |
Voluntary filer | No | |
Well-known Seasoned Issuer | No | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Incorporation, State Country Name | Delaware | |
Entity Address, Address Line One | PO Box 1057 | |
Entity Address, City or Town | Breckenridge | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80424-1057 | |
City Area Code | (303) | |
Local Phone Number | 265-9312 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Sep. 30, 2017 |
Current assets | ||
Cash and cash equivalents | $ 2,327,000 | $ 2,349,000 |
Accounts receivable | 1,000 | 0 |
Other | 12,000 | 17,000 |
Total current assets | 2,340,000 | 2,366,000 |
Property and equipment, at cost | ||
Proved oil and gas properties (successful efforts method) | 333,000 | 333,000 |
Other | 0 | 3,000 |
Total property and equipment, at cost | 333,000 | 336,000 |
Less accumulated depreciation, depletion, and amortization | (229,000) | (227,000) |
Net property and equipment | 104,000 | 109,000 |
Total assets | 2,444,000 | 2,475,000 |
Current liabilities: | ||
Accounts payable | 8,000 | 4,000 |
Other accrued expenses | 1,076,000 | 1,080,000 |
Total current liabilities | 1,084,000 | 1,084,000 |
Commitments and Contingencies | 0 | 0 |
Stockholders' equity: | ||
Preferred stock | 0 | 0 |
Common stock | 126,000 | 126,000 |
Additional paid-in capital | 13,827,000 | 13,827,000 |
Accumulated deficit | (12,589,000) | (12,562,000) |
Treasury stock | (4,000) | 0 |
Total stockholders' equity | 1,360,000 | 1,391,000 |
Total liabilities and stockholders' equity | $ 2,444,000 | $ 2,475,000 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - $ / shares | Dec. 31, 2017 | Sep. 30, 2017 |
Details | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 12,597,631 | 12,597,631 |
Common Stock, Shares, Outstanding | 12,555,131 | 12,597,631 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue | ||
Oil and gas sales | $ 12,000 | $ 21,000 |
Total revenue | 12,000 | 21,000 |
Costs and expenses | ||
Production taxes | 0 | 1,000 |
General and administrative | 38,000 | 42,000 |
Depreciation, depletion, and amortization | 5,000 | 6,000 |
Total costs and expenses | 43,000 | 49,000 |
Loss from operations | (31,000) | (28,000) |
Other Nonoperating Income (Expense) | ||
Interest income | 4,000 | 5,000 |
Other income | 4,000 | 5,000 |
Net Loss | $ (27,000) | $ (23,000) |
Basic and diluted net loss per common share | $ 0 | $ 0 |
Basic and diluted weighted-average common shares outstanding | 12,573,229 | 12,688,148 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Loss | $ (27,000) | $ (23,000) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Depreciation, depletion, and amortization | 5,000 | 6,000 |
Increase in accounts receivable | (1,000) | (1,000) |
Decrease in other current assets | 5,000 | 4,000 |
Increase (decrease) in accounts payable | 4,000 | (2,000) |
Decrease in other accrued expenses | (4,000) | (4,000) |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (18,000) | (20,000) |
Net Cash Provided by (Used in) Financing Activities | ||
Payments for Repurchase of Common Stock | (4,000) | (8,000) |
Net Cash Provided by (Used in) Financing Activities | (4,000) | (8,000) |
Cash and Cash Equivalents, Period Increase (Decrease) | (22,000) | (28,000) |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 2,349,000 | 2,472,000 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 2,327,000 | 2,444,000 |
Noncash investing and financing activities | ||
Retirement of property plant and equipment | 3,000 | 0 |
Supplemental Cash Flow Information | ||
Interest Paid | 0 | 0 |
Income Taxes Paid, Net | $ 0 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 1 - Basis of Presentation | Note 1 Basis of Presentation. |
Note 2 - Income Taxes
Note 2 - Income Taxes | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 2 - Income Taxes | Note 2 Income Taxes. SAFE HARBOR STATEMENT UNDER THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 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 of oil and gas; 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 Companys filings with the Securities and Exchange Commission. |