Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 23, 2021 | Mar. 31, 2021 | |
Details | |||
Registrant CIK | 0000775057 | ||
Fiscal Year End | --09-30 | ||
Registrant Name | ALTEX INDUSTRIES INC | ||
SEC Form | 10-K | ||
Period End date | Sep. 30, 2021 | ||
Tax Identification Number (TIN) | 84-0989164 | ||
Number of common stock shares outstanding | 12,011,401 | ||
Public Float | $ 508,000 | ||
Filer Category | Non-accelerated Filer | ||
Current with reporting | Yes | ||
Interactive Data Current | Yes | ||
Voluntary filer | No | ||
Well-known Seasoned Issuer | No | ||
Shell Company | false | ||
Small Business | true | ||
Emerging Growth Company | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 1-9030 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 700 Colorado Blvd | ||
Entity Address, Address Line Two | #273 | ||
Entity Address, City or Town | Denver | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80206-4084 | ||
Entity Address, Address Description | (Address of principal executive offices) | ||
City Area Code | 303 | ||
Local Phone Number | 265-9312 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Current assets | ||
Cash and cash equivalents | $ 2,037,000 | $ 2,141,000 |
Accounts receivable | 3,000 | 0 |
Other | 21,000 | 20,000 |
Total current assets | 2,061,000 | 2,161,000 |
Property and equipment, at cost | ||
Proved oil and gas properties (successful efforts method) | 333,000 | 333,000 |
Less accumulated depreciation, depletion, and amortization | (290,000) | (283,000) |
Net property and equipment | 43,000 | 50,000 |
Total assets | 2,199,000 | 2,329,000 |
Right-of-Use Asset | 95,000 | 118,000 |
Current liabilities: | ||
Accounts payable | 2,000 | 9,000 |
Operating lease liability | 23,000 | 21,000 |
Accrued expenses, related party | 1,073,000 | 1,073,000 |
Other accrued expenses | 11,000 | 10,000 |
Total current liabilities | 1,109,000 | 1,113,000 |
Long-term operating lease liability | 72,000 | 97,000 |
Total liabilitites | 1,181,000 | 1,210,000 |
Commitments and Contingencies | 0 | 0 |
Stockholders' equity: | ||
Preferred stock | 0 | 0 |
Common stock | 121,000 | 122,000 |
Additional paid-in capital | 13,776,000 | 13,794,000 |
Accumulated deficit | (12,879,000) | (12,797,000) |
Total stockholders’ equity | 1,018,000 | 1,119,000 |
Total liabilities and stockholders' equity | $ 2,199,000 | $ 2,329,000 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - $ / shares | Sep. 30, 2021 | Sep. 30, 2020 |
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 | 12,011,401 | 12,141,401 |
Common Stock, Shares, Outstanding | 12,011,401 | 12,141,401 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | ||
Oil and gas sales | $ 44,000 | $ 31,000 |
Total revenue | 44,000 | 31,000 |
Costs and expenses | ||
Production taxes | 3,000 | 1,000 |
General and administrative | 173,000 | 170,000 |
Depreciation, depletion, amortization and valuation provision | 7,000 | 8,000 |
Total costs and expenses | 183,000 | 179,000 |
Other Nonoperating Income (Expense) | ||
Interest income | 0 | 17,000 |
Other income | 57,000 | 1,000 |
Total other income | 57,000 | 18,000 |
Net loss | $ (82,000) | $ (130,000) |
Gain (loss) per share | $ (0.01) | $ (0.01) |
Weighted-average shares outstanding | 12,140,689 | 12,184,567 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Total |
Stockholders' Equity Attributable to Parent, Beginning Balance at Sep. 30, 2019 | $ 122,000 | $ 13,798,000 | $ (12,667,000) | $ 0 | $ 1,253,000 |
Shares, Outstanding, Beginning Balance at Sep. 30, 2019 | 12,185,409 | ||||
Net loss | (130,000) | (130,000) | |||
Treasury Stock, Value, Acquired, Cost Method | (4,000) | (4,000) | |||
Treasury Stock, Retired, Cost Method, Amount | $ 0 | (4,000) | 4,000 | $ 0 | |
Treasury Stock, Shares, Retired | (44,008) | (44,008) | |||
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2020 | $ 122,000 | 13,794,000 | (12,797,000) | 0 | $ 1,119,000 |
Shares, Outstanding, Ending Balance at Sep. 30, 2020 | 12,141,401 | ||||
Net loss | (82,000) | (82,000) | |||
Treasury Stock, Value, Acquired, Cost Method | (19,000) | (19,000) | |||
Treasury Stock, Retired, Cost Method, Amount | $ (1,000) | (18,000) | 19,000 | $ 0 | |
Treasury Stock, Shares, Retired | (130,000) | (130,000) | |||
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2021 | $ 121,000 | $ 13,776,000 | $ (12,879,000) | $ 0 | $ 1,018,000 |
Shares, Outstanding, Ending Balance at Sep. 30, 2021 | 12,011,401 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows used in operating activities | ||
Net loss | $ (82,000) | $ (130,000) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation, depletion, amortization, and valuation provision | 7,000 | 8,000 |
Increase in accounts receivable | (3,000) | 0 |
Increase in other assets | (1,000) | 0 |
Decrease in accounts payable | (7,000) | (1,000) |
Decrease in other accrued expenses | 1,000 | 2,000 |
Net cash used in operating activities | (85,000) | (121,000) |
Cash flows from investing activities | 0 | 0 |
Cash flows from financing activities | ||
Acquisition of treasury stock | (19,000) | (4,000) |
Net cash used in financing activities | (19,000) | (4,000) |
Net decrease in cash and cash equivalents | (104,000) | (125,000) |
Cash and cash equivalents at beginning of year | 2,141,000 | 2,266,000 |
Cash and cash equivalents at end of year | 2,037,000 | 2,141,000 |
Noncash Investing and Financing Activities | ||
Retirement of treasury stock | 19,000 | 4,000 |
Recognition of right-of-use asset and operating lease liability | $ 0 | $ 118,000 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Summary of Significant Accounting Policies. | 12 Months Ended |
Sep. 30, 2021 | |
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 Asset retirement obligations Earnings (loss) per share share are the same in the periods presented as there are no such outstanding instruments at September 30, 2021, or September 30, 2020. Fair value measurements Level 1 Level 2 Level 3 Cash Equivalents Income Taxes Concentrations of credit risk : Revenue recognition : Revenue from Contracts with Customers Extractive Activities – Oil and Gas Other Income Recent Accounting Pronouncements: In February 2016 the FASB issued ASU 2016-2, Leases (Topic 842), which requires lessees to recognize a lease liability and right-of-use asset for all leases, including operating leases, with a term greater than 12 months. The provisions of ASU 2016-2 also modify the definition of a lease and outline the requirements for recognition, measurement, presentation, and disclosure of leasing arrangements. ASU 2016-2 is effective for annual periods beginning after December 15, 2018. The Company adopted the provisions of ASU 2016-2 effective October 1, 2019. In December 2019 the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740). The amendments in this Update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company does not believe the adoption of ASU-2019-12 will have a material impact on the Company’s financial statements. |
Note 2 - Income Tax Disclosure
Note 2 - Income Tax Disclosure | 12 Months Ended |
Sep. 30, 2021 | |
Notes | |
Note 2 - Income Tax Disclosure | Note 2 - Income Taxes. Deferred Tax Assets 2021 2020 Depletion carryforward $ 181,000 181,000 Net operating loss carryforward 537,000 519,000 Accrued shareholder salary 215,000 215,000 Deletion and amortization 4,000 4,000 Total Net Deferred Tax Assets 937,000 919,000 Less valuation allowance (937,000) (919,000) 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: 2021 2020 Tax benefit at 21% of net earnings $ (17,000) (27,000) Impact of rate change effective January 1, 2018 - - Change in valuation allowance for net deferred tax assets (17,000) (27,000) Income tax expense $ - - As of September 30, 2021, the Company has no unrecognized tax benefit as a result of uncertain tax positions. As of September 30, 2021, the Company’s tax years that remain subject to examination are 2018 - 2021 (Federal jurisdiction) and 2017 - 2021 (state jurisdictions). |
Note 3 - Related Party Transact
Note 3 - Related Party Transactions Disclosure | 12 Months Ended |
Sep. 30, 2021 | |
Notes | |
Note 3 - Related Party Transactions Disclosure | Note 3 - Related Party Transactions. Effective October 1, 2016, the Company renewed its employment agreement with its president. The agreement had an initial term of five years and provided an annual base salary equal to the maximum annual contribution to a Health Flexible Spending Arrangement (FSA) and an annual bonus of no less than 20% of the Company's earnings before tax, payable, at the president’s election, in either cash or common stock of the Company at then fair market value. The Company matched the contributions that the president made to the Company’s FSA. The agreement contained provisions providing for payments to the president in the event of his disability or termination of his employment. At September 30, 2020, accrued expense, related party, includes $1,024,000 in salary payable to the Company’s president, pursuant to his employment agreement, that the president has elected to defer, as well as $49,000 in related accrued payroll tax. The Company’s president may require the Company to pay the unpaid salary and payroll tax liability at any time. |
Note 4 - Major Customers
Note 4 - Major Customers | 12 Months Ended |
Sep. 30, 2021 | |
Notes | |
Note 4 - Major Customers | Note 4 - Major Customers. |
Note 5 - Leases
Note 5 - Leases | 12 Months Ended |
Sep. 30, 2021 | |
Notes | |
Note 5 - Leases | Note 5 - Leases. Future minimum lease payments as of September 30 2022 27,000 2023 28,000 2024 28,000 2025 22,000 Total 105,000 |
Note 6 - Oil and Natural Gas Pr
Note 6 - Oil and Natural Gas Properties | 12 Months Ended |
Sep. 30, 2021 | |
Notes | |
Note 6 - Oil and Natural Gas Properties | Note 6 - Oil and Natural Gas Properties. September 30 2021 2020 Oil and natural gas properties Proved, developed properties $ 333,000 $ 333,000 Less: accumulated depreciation, depletion and impairment (290,000) (283,000) Total oil and natural gas properties $ 43,000 $ 50,000 As the Company does not own working interests, it is not liable for the cost of well abandonment or surface restoration, so no ARO liability was recorded at September 30, 2021 and 2020. |
Note 7 - Equity and treasury st
Note 7 - Equity and treasury stock transactions | 12 Months Ended |
Sep. 30, 2021 | |
Notes | |
Note 7 - Equity and treasury stock transactions | Note 7 - Equity and treasury stock transactions. |
Note 8 - Other Income.
Note 8 - Other Income. | 12 Months Ended |
Sep. 30, 2021 | |
Notes | |
Note 8 - Other Income. | Note 8 – Other Income. |
Note 9 - Subsequent events
Note 9 - Subsequent events | 12 Months Ended |
Sep. 30, 2021 | |
Notes | |
Note 9 - Subsequent events | Note 9 – Subsequent events. |
Note 10 - Supplemental Financia
Note 10 - Supplemental Financial Data - Oil and Gas Producing Activities (Unaudited) | 12 Months Ended |
Sep. 30, 2021 | |
Notes | |
Note 10 - Supplemental Financial Data - Oil and Gas Producing Activities (Unaudited) | Note 10 - Supplemental Financial Data - Oil and Gas Producing Activities (Unaudited). I. Capitalized Costs. September 30, 2021 Proved properties $ 333,000 Accumulated depreciation, depletion, amortization and valuation allowance (290,000) Net capitalized cost $ 43,000 II. Estimated Quantities of Reserves Oil in Barrels Balance at September 30, 2019 2,400 Revisions of previous estimates (700) Production (600) Balance at September 30, 2020 1,100 Revisions of previous estimates 700 Production (800) Balance at September 30, 2021 1,000 III. Standardized Measure of Discounted Cash Flows At September 30 2021 2020 Estimated future revenue $ 51,000 $ 33,000 Estimated future expenditures (6,000) (2,000) Estimated future net revenue 45,000 31,000 10% annual discount of estimated future net revenue (12,000) (8,000) Present value of estimated future net revenue $ 33,000 $ 23,000 IV. Summary of Changes in Standardized Measure of Discounted Future Net Cash Flows Year ended September 30 2021 2020 Present value of estimated future net revenue, beginning of year $ 23,000 $ 58,000 Sales, net of production costs (41,000) (30,000) Net change in prices and cost of future production 18,000 (7,000) Revisions of quantity estimates 27,000 (16,000) Accretion of discount 3,000 6,000 Change in production rates and other 3,000 12,000 Present value of estimated future net revenue, end of year $ 33,000 $ 23,000 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Nature of Operations (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Policies | |
Nature of Operations | Nature of operations: |
Note 1 - Nature of Operations_3
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Principles of Consolidation (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Policies | |
Principles of Consolidation | Principles of consolidation |
Note 1 - Nature of Operations_4
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Estimates (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Policies | |
Estimates | Estimates |
Note 1 - Nature of Operations_5
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Property, Plant and Equipment, Policy (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Policies | |
Property, Plant and Equipment, Policy | Property and equipment |
Note 1 - Nature of Operations_6
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, 2021 | |
Policies | |
Impairment or Disposal of Long-Lived Assets, Policy | Impairment of long-lived assets |
Note 1 - Nature of Operations_7
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Asset Retirement Obligations (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Policies | |
Asset Retirement Obligations | Asset retirement obligations |
Note 1 - Nature of Operations_8
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Earnings (Loss) Per Share Policy (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Policies | |
Earnings (Loss) Per Share Policy | Earnings (loss) per share share are the same in the periods presented as there are no such outstanding instruments at September 30, 2021, or September 30, 2020. |
Note 1 - Nature of Operations_9
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Fair Value Measurements (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Policies | |
Fair Value Measurements | Fair value measurements Level 1 Level 2 Level 3 |
Note 1 - Nature of Operation_10
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Cash Equivalents, Policy (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Policies | |
Cash Equivalents, Policy | Cash Equivalents |
Note 1 - Nature of Operation_11
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Regulatory Income Taxes, Policy (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Policies | |
Regulatory Income Taxes, Policy | Income Taxes |
Note 1 - Nature of Operation_12
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Concentrations of Credit Risk Policy (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Policies | |
Concentrations of Credit Risk Policy | Concentrations of credit risk : |
Note 1 - Nature of Operation_13
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Revenue Recognition Policy (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Policies | |
Revenue Recognition Policy | Revenue recognition : Revenue from Contracts with Customers Extractive Activities – Oil and Gas Other Income |
Note 1 - Nature of Operation_14
Note 1 - Nature of Operations and Summary of Significant Accounting Policies.: Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Policies | |
Recent Accounting Pronouncements: | Recent Accounting Pronouncements: In February 2016 the FASB issued ASU 2016-2, Leases (Topic 842), which requires lessees to recognize a lease liability and right-of-use asset for all leases, including operating leases, with a term greater than 12 months. The provisions of ASU 2016-2 also modify the definition of a lease and outline the requirements for recognition, measurement, presentation, and disclosure of leasing arrangements. ASU 2016-2 is effective for annual periods beginning after December 15, 2018. The Company adopted the provisions of ASU 2016-2 effective October 1, 2019. In December 2019 the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740). The amendments in this Update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company does not believe the adoption of ASU-2019-12 will have a material impact on the Company’s financial statements. |
Note 2 - Income Tax Disclosure_
Note 2 - Income Tax Disclosure: Schedule of Deferred Tax Assets (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets | Deferred Tax Assets 2021 2020 Depletion carryforward $ 181,000 181,000 Net operating loss carryforward 537,000 519,000 Accrued shareholder salary 215,000 215,000 Deletion and amortization 4,000 4,000 Total Net Deferred Tax Assets 937,000 919,000 Less valuation allowance (937,000) (919,000) Net Deferred Tax Asset $ - - |
Note 2 - Income Tax Disclosur_2
Note 2 - Income Tax Disclosure: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | 2021 2020 Tax benefit at 21% of net earnings $ (17,000) (27,000) Impact of rate change effective January 1, 2018 - - Change in valuation allowance for net deferred tax assets (17,000) (27,000) Income tax expense $ - - |
Note 5 - Leases_ Schedule of Fu
Note 5 - Leases: Schedule of Future Minimum Rental Payments for Operating Leases (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments as of September 30 2022 27,000 2023 28,000 2024 28,000 2025 22,000 Total 105,000 |
Note 6 - Oil and Natural Gas _2
Note 6 - Oil and Natural Gas Properties: Schedule of Oil and Natural Gas Properties (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Schedule of Oil and Natural Gas Properties | September 30 2021 2020 Oil and natural gas properties Proved, developed properties $ 333,000 $ 333,000 Less: accumulated depreciation, depletion and impairment (290,000) (283,000) Total oil and natural gas properties $ 43,000 $ 50,000 |
Note 10 - Supplemental Financ_2
Note 10 - Supplemental Financial Data - Oil and Gas Producing Activities (Unaudited): Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure | September 30, 2021 Proved properties $ 333,000 Accumulated depreciation, depletion, amortization and valuation allowance (290,000) Net capitalized cost $ 43,000 |
Note 10 - Supplemental Financ_3
Note 10 - Supplemental Financial Data - Oil and Gas Producing Activities (Unaudited): Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities | Oil in Barrels Balance at September 30, 2019 2,400 Revisions of previous estimates (700) Production (600) Balance at September 30, 2020 1,100 Revisions of previous estimates 700 Production (800) Balance at September 30, 2021 1,000 |
Note 10 - Supplemental Financ_4
Note 10 - Supplemental Financial Data - Oil and Gas Producing Activities (Unaudited): Standardized Measure of Discounted Cash Flows (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Standardized Measure of Discounted Cash Flows | At September 30 2021 2020 Estimated future revenue $ 51,000 $ 33,000 Estimated future expenditures (6,000) (2,000) Estimated future net revenue 45,000 31,000 10% annual discount of estimated future net revenue (12,000) (8,000) Present value of estimated future net revenue $ 33,000 $ 23,000 |
Note 10 - Supplemental Financ_5
Note 10 - Supplemental Financial Data - Oil and Gas Producing Activities (Unaudited): Summary of Changes Present Value of Estimated Future Net Revenue (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Summary of Changes Present Value of Estimated Future Net Revenue | Year ended September 30 2021 2020 Present value of estimated future net revenue, beginning of year $ 23,000 $ 58,000 Sales, net of production costs (41,000) (30,000) Net change in prices and cost of future production 18,000 (7,000) Revisions of quantity estimates 27,000 (16,000) Accretion of discount 3,000 6,000 Change in production rates and other 3,000 12,000 Present value of estimated future net revenue, end of year $ 33,000 $ 23,000 |
Note 2 - Income Tax Disclosure
Note 2 - Income Tax Disclosure (Details) | 12 Months Ended |
Sep. 30, 2021USD ($) | |
Details | |
Depletion | $ 860,000 |
Operating Loss Carryforwards | $ 2,557,000 |
Note 2 - Income Tax Disclosur_3
Note 2 - Income Tax Disclosure: Schedule of Deferred Tax Assets (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Details | ||
Deferred Tax Assets - Depletion Carryforward | $ 181,000 | $ 181,000 |
Deferred Tax Assets, Operating Loss Carryforwards | 537,000 | 519,000 |
Deferred Tax Assets - Accrued Shareholder Salary | 215,000 | 215,000 |
Deferred Tax Assets - Deletion and Amortizations | 4,000 | 4,000 |
Deferred Tax Assets, Net of Valuation Allowance, Current | 937,000 | 919,000 |
Deferred Tax Assets, Valuation Allowance | (937,000) | (919,000) |
Deferred Tax Assets, Net of Valuation Allowance | $ 0 | $ 0 |
Note 2 - Income Tax Disclosur_4
Note 2 - Income Tax Disclosure: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Details | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (17,000) | $ (27,000) |
Impact of rate change effective January 1, 2018 | 0 | 0 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (17,000) | (27,000) |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Note 3 - Related Party Transa_2
Note 3 - Related Party Transactions Disclosure (Details) | Sep. 30, 2021USD ($) |
Details | |
Accrued Salaries, Current | $ 1,024,000 |
Accrued Payroll Taxes, Current | $ 49,000 |
Note 4 - Major Customers (Detai
Note 4 - Major Customers (Details) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Details | ||
Concentration Risk, Additional Characteristic | the Company had three customers who individually accounted for 10% or more of the Company's oil and gas sales and who, in aggregate, accounted for 93% of oil and gas sales | |
Concentration Risk, Other Risk | the three customers individually accounted for 63%, 17% and 13% of oil and gas sales. In 2020 the Company had three customers who individually accounted for 10% or more of the Company's oil and gas sales and who, in aggregate, accounted for 97% of oil and gas sales | the three customers individually accounted for 43%, 41% and 13% of oil and gas sales. |
Note 5 - Leases (Details)
Note 5 - Leases (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Details | |||
Termination Fee | $ 4,000 | ||
Operating Lease, Cost | 27,000 | ||
Operating Leases, Rent Expense | [1] | 26,000 | |
Right-of-Use Asset | $ 95,000 | $ 118,000 | |
[1] | The Company may cancel upon 30 days written notice and the payment of a termination fee of $4,000 |
Note 5 - Leases_ Schedule of _2
Note 5 - Leases: Schedule of Future Minimum Rental Payments for Operating Leases (Details) | Sep. 30, 2021USD ($) |
Details | |
2022 | $ 27,000 |
2023 | 28,000 |
2024 | 28,000 |
2025 | 22,000 |
Operating Lease, Liability | $ 105,000 |
Note 6 - Oil and Natural Gas _3
Note 6 - Oil and Natural Gas Properties: Schedule of Oil and Natural Gas Properties (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Details | ||
Proved, developed properties | $ 333,000 | $ 333,000 |
Less: accumulated depreciation, depletion and impairment | (290,000) | (283,000) |
Capitalized Costs, Oil and Gas Producing Activities, Net | $ 43,000 | $ 50,000 |
Note 7 - Equity and treasury _2
Note 7 - Equity and treasury stock transactions (Details) - shares | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Details | ||
Treasury Stock, Shares, Retired | 130,000 | 44,008 |
Note 10 - Supplemental Financ_6
Note 10 - Supplemental Financial Data - Oil and Gas Producing Activities (Unaudited): Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Details | ||
Proved, developed properties | $ 333,000 | $ 333,000 |
Less: accumulated depreciation, depletion and impairment | (290,000) | (283,000) |
Capitalized Costs, Oil and Gas Producing Activities, Net | $ 43,000 | $ 50,000 |
Note 10 - Supplemental Financ_7
Note 10 - Supplemental Financial Data - Oil and Gas Producing Activities (Unaudited): Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities (Details) | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 |
Details | |||
Net Proved Developed And Undeveloped Reserves | 1,000 | 1,100 | 2,400 |
Proved Developed And Undeveloped Reserves, Revisions of previous estimates | 700 | (700) | |
Proved Developed And Undeveloped Reserve, Production | (800) | (600) |
Note 10 - Supplemental Financ_8
Note 10 - Supplemental Financial Data - Oil and Gas Producing Activities (Unaudited): Standardized Measure of Discounted Cash Flows (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Details | ||
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Cash Inflows | $ 51,000 | $ 33,000 |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Production Costs | (6,000) | (2,000) |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Net Cash Flows | 45,000 | 31,000 |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Ten Percent Annual Discount for Estimated Timing of Cash Flows | (12,000) | (8,000) |
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | $ 33,000 | $ 23,000 |
Note 10 - Supplemental Financ_9
Note 10 - Supplemental Financial Data - Oil and Gas Producing Activities (Unaudited): Summary of Changes Present Value of Estimated Future Net Revenue (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Details | ||
Present value of estimated future net revenue, beginning of year | $ 23,000 | $ 58,000 |
Sales and Transfers of Oil and Gas Produced, Net of Production Costs | (41,000) | (30,000) |
Net Increase (Decrease) in Sales and Transfer Prices and Production Costs | 18,000 | (7,000) |
Revisions of quantity estimates | 27,000 | (16,000) |
Accretion Expense | 3,000 | 6,000 |
Standardized Measure of Discounted Future Net Cash Flow of Proved Oil and Gas Reserves, Other | 3,000 | 12,000 |
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | $ 33,000 | $ 23,000 |