Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2018 | May 04, 2018 | |
Document and Entity Information: | ||
Registrant Name | ALTEX INDUSTRIES INC | |
SEC Form | 10-Q | |
Period End date | Mar. 31, 2018 | |
Trading Symbol | altx | |
Amendment Flag | false | |
Registrant CIK | 775,057 | |
Fiscal Year End | --09-30 | |
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 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2018 | Sep. 30, 2017 |
Current assets | ||
Cash and cash equivalents | $ 2,318,000 | $ 2,349,000 |
Accounts receivable | 4,000 | |
Other | 7,000 | 17,000 |
Total current assets | 2,329,000 | 2,366,000 |
Property and equipment, at cost | ||
Proved oil and gas properties (successful efforts method) | 333,000 | 333,000 |
Other | 3,000 | |
Total property and equipment, at cost | 333,000 | 336,000 |
Less accumulated depreciation, depletion, and amortization | (233,000) | (227,000) |
Net property and equipment | 100,000 | 109,000 |
Total assets | 2,429,000 | 2,475,000 |
Current liabilities | ||
Accounts payable | 7,000 | 4,000 |
Other accrued expenses | 1,077,000 | 1,080,000 |
Total current liabilities | 1,084,000 | 1,084,000 |
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; 12,597,631 shares issued; 12,555,131 and 12,597,631 shares outstanding in March and September, respectively | 126,000 | 126,000 |
Additional paid-in capital | 13,827,000 | 13,827,000 |
Accumulated deficit | (12,604,000) | (12,562,000) |
Treasury stock, at cost, 42,500 shares | (4,000) | |
Total stockholders' equity | 1,345,000 | 1,391,000 |
Total liabilities and stockholders' equity | $ 2,429,000 | $ 2,475,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets Parenthetical - $ / shares | Mar. 31, 2018 | Sep. 30, 2017 |
Condensed 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 | 12,597,631 |
Common stock shares outstanding | 12,555,131 | 12,597,631 |
Treasury stock shares | 42,500 | 42,500 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue | ||||
Oil and gas sales | $ 27,000 | $ 16,000 | $ 39,000 | $ 37,000 |
Total revenue | 27,000 | 16,000 | 39,000 | 37,000 |
Costs and expenses | ||||
Production taxes | 3,000 | 2,000 | 3,000 | 3,000 |
General and administrative | 45,000 | 61,000 | 83,000 | 103,000 |
Depreciation, depletion, and amortization | 4,000 | 6,000 | 9,000 | 12,000 |
Total costs and expenses | 52,000 | 69,000 | 95,000 | 118,000 |
Loss from operations | (25,000) | (53,000) | (56,000) | (81,000) |
Other income | ||||
Interest income | 5,000 | 4,000 | 9,000 | 9,000 |
Other income | 5,000 | 3,000 | 5,000 | 3,000 |
Total other income | 10,000 | 7,000 | 14,000 | 12,000 |
Net loss | $ (15,000) | $ (46,000) | $ (42,000) | $ (69,000) |
Loss per share | $ 0 | $ 0 | $ 0 | $ (0.01) |
Weighted average shares outstanding | 12,555,131 | 12,644,452 | 12,564,279 | 12,666,540 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows used in operating activities | ||
Net loss | $ (42,000) | $ (69,000) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation, depletion, and amortization | 9,000 | 12,000 |
Increase in accounts receivable | (4,000) | 2,000 |
Decrease in other current assets | 10,000 | 10,000 |
Increase in accounts payable | 3,000 | 2,000 |
Decrease in other accrued expenses | (3,000) | (2,000) |
Net cash used in operating activities | (27,000) | (45,000) |
Cash flows from financing activities | ||
Acquisition of treasury stock | (4,000) | (8,000) |
Net cash flows from financing activities | (4,000) | (8,000) |
Net decrease in cash and cash equivalents | (31,000) | (53,000) |
Cash and cash equivalents at beginning of period | 2,349,000 | 2,472,000 |
Cash and cash equivalents at end of period | 2,318,000 | 2,419,000 |
Noncash Investing and Financing Activities | ||
Retirement of property plant and equipment | 3,000 | |
Supplemental disclosures | ||
Cash paid for interest | ||
Cash paid for income taxes |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 1 - Basis of Presentation | Note 1 Basis of Presentation. Adoption of New Accounting Standards. ASU 2014-09, Revenue |
Note 2 - Income Taxes
Note 2 - Income Taxes | 6 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 2 - Income Taxes | Note 2 Income Taxes. |
Note 1 - Basis of Presentation_
Note 1 - Basis of Presentation: New Accounting Pronouncements, Policy (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Policies | |
New Accounting Pronouncements, Policy | Adoption of New Accounting Standards. ASU 2014-09, Revenue |