Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2018 | Jul. 20, 2018 | |
Details | ||
Registrant Name | ALTEX INDUSTRIES INC | |
Registrant CIK | 775,057 | |
SEC Form | 10-Q | |
Period End date | Jun. 30, 2018 | |
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 | |
Emerging Growth Company | false | |
Ex Transition Period | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
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 ($) | Jun. 30, 2018 | Sep. 30, 2017 |
Current assets | ||
Cash and cash equivalents | $ 2,287,000 | $ 2,349,000 |
Accounts receivable | 5,000 | 0 |
Other | 23,000 | 17,000 |
Total current assets | 2,315,000 | 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 | (237,000) | (227,000) |
Net property and equipment | 96,000 | 109,000 |
Total assets | 2,411,000 | 2,475,000 |
Current liabilities: | ||
Accounts payable | 3,000 | 4,000 |
Other accrued expenses | 1,078,000 | 1,080,000 |
Total current liabilities | 1,081,000 | 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 | (12,619,000) | (12,562,000) |
Treasury stock | (4,000) | 0 |
Total stockholders' equity | 1,330,000 | 1,391,000 |
Total liabilities and stockholders' equity | $ 2,411,000 | $ 2,475,000 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - $ / shares | Jun. 30, 2018 | 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 |
Treasury Stock, Shares | 42,500 | 42,500 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue | ||||
Oil and gas sales | $ 14,000 | $ 14,000 | $ 53,000 | $ 51,000 |
Total revenue | 14,000 | 14,000 | 53,000 | 51,000 |
Costs and expenses | ||||
Production taxes | 1,000 | 0 | 4,000 | 3,000 |
General and administrative | 35,000 | 39,000 | 118,000 | 142,000 |
Depreciation, depletion, and amortization | 4,000 | 5,000 | 13,000 | 17,000 |
Total costs and expenses | 40,000 | 44,000 | 135,000 | 162,000 |
Loss from operations | (26,000) | (30,000) | (82,000) | (111,000) |
Other Nonoperating Income (Expense) | ||||
Interest income | 10,000 | 5,000 | 19,000 | 14,000 |
Interest income | 1,000 | 0 | 6,000 | 3,000 |
Total other income | 11,000 | 5,000 | 25,000 | 17,000 |
Net Loss | $ (15,000) | $ (25,000) | $ (57,000) | $ (94,000) |
Basic and diluted net loss per common share | $ 0 | $ 0 | $ 0 | $ (0.01) |
Basic and diluted weighted-average common shares outstanding | 12,561,230 | 12,644,452 | 12,564,279 | 12,659,177 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Loss | $ (57,000) | $ (94,000) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Depreciation, depletion, and amortization | 13,000 | 17,000 |
Increase in accounts receivable | (5,000) | 1,000 |
Decrease in other current assets | (6,000) | (6,000) |
Increase (decrease) in accounts payable | (1,000) | (4,000) |
Decrease in other accrued expenses | (2,000) | 1,000 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (58,000) | (85,000) |
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) | (62,000) | (93,000) |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 2,349,000 | 2,472,000 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 2,287,000 | 2,379,000 |
Noncash investing and financing activities | ||
Retirement of property plant and equipment | 3,000 | 0 |
Supplemental Cash Flow Information | ||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 0 | 0 |
Income Taxes Paid, Net | $ 0 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Jun. 30, 2018 | |
Notes | |
Note 1 - Basis of Presentation | Note 1 Basis of Presentation. Adoption of New Accounting Standards. ASU 2014-09, Revenue - Revenue from Contracts with Customers. The new standard, as amended, requires that we recognize revenue in the amount to which we expect to be entitled for delivery of promised goods and services to our customers. The new standard also resulted in enhanced revenue-related disclosures, including any significant judgments and changes in judgments. Additionally, the new standard requires the deferral of incremental direct selling costs to the period in which the related revenue is recognized. We adopted the standard as of January 1, 2018 using the modified retrospective approach applied to all contracts that were not completed at adoption based on the contract terms in existence at adoption. No adjustment was required to beginning retained earnings as a result of this adoption and none of the enhanced revenue-related disclosures were required. |
Note 2 - Income Taxes
Note 2 - Income Taxes | 9 Months Ended |
Jun. 30, 2018 | |
Notes | |
Note 2 - Income Taxes | Note 2 Income Taxes. |
Note 1 - Basis of Presentation_
Note 1 - Basis of Presentation: Adoption of New Accounting Standards (Policies) | 9 Months Ended |
Jun. 30, 2018 | |
Policies | |
Adoption of New Accounting Standards | Adoption of New Accounting Standards. ASU 2014-09, Revenue - Revenue from Contracts with Customers. The new standard, as amended, requires that we recognize revenue in the amount to which we expect to be entitled for delivery of promised goods and services to our customers. The new standard also resulted in enhanced revenue-related disclosures, including any significant judgments and changes in judgments. Additionally, the new standard requires the deferral of incremental direct selling costs to the period in which the related revenue is recognized. We adopted the standard as of January 1, 2018 using the modified retrospective approach applied to all contracts that were not completed at adoption based on the contract terms in existence at adoption. No adjustment was required to beginning retained earnings as a result of this adoption and none of the enhanced revenue-related disclosures were required. |