Altex Industries (ALTX) 10-K 29 Nov 24 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2024	Nov. 29, 2024	Mar. 31, 2024
Details
Registrant CIK	0000775057
Fiscal Year End	--09-30
Registrant Name	ALTEX INDUSTRIES INC
SEC Form	10-K
Period End date	Sep. 30, 2024
Tax Identification Number (TIN)	84-0989164
Number of common stock shares outstanding		11,229,520
Public Float			$ 1,058,000
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 Financial Statement Error Correction	false
Document Annual Report	true
Document Transition Report	false
Securities Act 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	2024
Document Fiscal Period Focus	FY
Auditor Name	M&K CPAS, PLLC
Auditor Firm ID	2738
Auditor Location	The Woodlands, TX

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Current assets
Cash and cash equivalents	$ 2,656,000	$ 2,232,000
Accounts receivable	3,000	4,000
Other	21,000	22,000
Total current assets	2,680,000	2,258,000
Property and equipment, at cost
Proved oil and gas properties (successful efforts method)	311,000	326,000
Less accumulated depreciation, depletion, and amortization	(285,000)	(297,000)
Net property and equipment	26,000	29,000
Right-of-Use Asset	20,000	47,000
Total assets	2,726,000	2,334,000
Current liabilities:
Accounts payable	5,000	4,000
Operating lease liability	21,000	27,000
Accrued expenses, related party	1,141,000	1,140,000
Other accrued expenses	13,000	11,000
Total current liabilities	1,180,000	1,182,000
Long-term operating lease liability	0	20,000
Total liabilities	1,180,000	1,202,000
Commitments and Contingencies	0	0
Stockholders' equity:
Preferred stock	0	0
Common stock	113,000	114,000
Additional paid-in capital	13,693,000	13,715,000
Accumulated deficit	(12,260,000)	(12,697,000)
Total stockholders’ equity	1,546,000	1,132,000
Total liabilities and stockholders' equity	$ 2,726,000	$ 2,334,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets - Parenthetical - $ / shares	Sep. 30, 2024	Sep. 30, 2023
Condensed Consolidated Balance Sheets
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	11,229,520	11,348,021
Common Stock, Shares, Outstanding	11,229,520	11,348,021

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revenue
Oil and gas sales	$ 23,000	$ 32,000
Total revenue	23,000	32,000
Operating expense
Production taxes	3,000	4,000
General and administrative	233,000	263,000
Depreciation, depletion, amortization and valuation provision	4,000	6,000
Total operating expense	240,000	273,000
Other Nonoperating Income (Expense)
Gain on sale of assets	525,000	0
Interest income	128,000	101,000
Other income	1,000	9,000
Total other income	654,000	110,000
Net income (loss)	$ 437,000	$ (131,000)
Basic and diluted income (loss) per share	$ 0.04	$ (0.01)
Basic and diluted weighted average shares outstanding	11,343,812	11,549,403

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock, Common	Total
Equity, Attributable to Parent, Beginning Balance at Sep. 30, 2022	$ 121,000	$ 13,776,000	$ (12,566,000)	$ 0	$ 1,331,000
Shares, Outstanding, Beginning Balance at Sep. 30, 2022	12,011,401
Net income (loss)			(131,000)		$ (131,000)
Treasury Stock, Shares, Retired					(663,380)
Equity, Attributable to Parent, Ending Balance at Sep. 30, 2023	$ 114,000	13,715,000	(12,697,000)	0	$ 1,132,000
Shares, Outstanding, Ending Balance at Sep. 30, 2023	11,348,021
Acquisition of treasury stock				(68,000)	(68,000)
Retirement of treasury stock, Value	$ (7,000)	(61,000)		68,000	0
Retirement of treasury stock, Shares	(663,380)
Net income (loss)			437,000		$ 437,000
Treasury Stock, Shares, Retired					(118,501)
Equity, Attributable to Parent, Ending Balance at Sep. 30, 2024	$ 113,000	13,693,000	$ (12,260,000)	0	$ 1,546,000
Shares, Outstanding, Ending Balance at Sep. 30, 2024	11,229,520
Acquisition of treasury stock				(23,000)	(23,000)
Retirement of treasury stock, Value	$ (1,000)	$ (22,000)		$ 23,000	$ 0
Retirement of treasury stock, Shares	(118,501)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows used in operating activities
Net income (loss)	$ 437,000	$ (131,000)
Adjustments to reconcile net loss to net cash used in operating activities
Gain on sale of assets	(525,000)	0
Depreciation, depletion, amortization and valuation provision	4,000	6,000
Decrease (increase) in accounts receivable	1,000	(3,000)
Decrease in other assets	1,000	4,000
Increase in accounts payable	1,000	0
Increase in other accrued expenses	3,000	67,000
Operating lease	0	(1,000)
Net cash used in operating activities	(78,000)	(58,000)
Cash flows from investing activities
Proceeds from sale of assets	525,000	0
Net cash provided by investing activities	525,000	0
Cash flows from financing activities
Acquisition of treasury stock	(23,000)	(68,000)
Net cash used in financing activities	(23,000)	(68,000)
Net increase (decrease) in cash and cash equivalents	424,000	(126,000)
Cash and cash equivalents at beginning of year	2,232,000	2,358,000
Cash and cash equivalents at end of year	2,656,000	2,232,000
Noncash Investing and Financing Activities
Retirement of treasury stock	$ 23,000	$ 68,000

Note 1 - Nature of Operations a

Note 1 - Nature of Operations and Summary of Significant Accounting Policies.	12 Months Ended
	Sep. 30, 2024
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 Fair value measurements fair value estimation, based on the observability of inputs: Level 1 . Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2 . Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 . Valuations based on inputs that are unobservable and significant to the overall fair value measurement. As of September 30, 2024 and 2023, the Company believes the amounts reported for the carrying value of cash, other current assets, accounts payable, accrued expenses (related parties), and other accrued expenses, as reflected in the consolidated balance sheets, approximate fair value, due to the short maturity of these instruments. 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 adopted this Update effective October 1, 2021.

Note 2 - Income Tax Disclosure

Note 2 - Income Tax Disclosure	12 Months Ended
	Sep. 30, 2024
Notes
Note 2 - Income Tax Disclosure	Note 2 - Income Taxes. Deferred Tax Assets 2024 2023 Depletion carryforward $ 181,000 $ 181,000 Net operating loss carryforward 395,000 487,000 Accrued shareholder salary 228,000 228,000 Deletion and amortization 2,000 2,000 Total Net Deferred Tax Assets 806,000 898,000 Less valuation allowance (806,000) (898,000) 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: 2024 2023 Tax expense (benefit) at 21% of net earnings (loss) $ 92,000 (28,000) Impact of rate change effective January 1, 2018 - - Change in valuation allowance for net deferred tax assets (92,000) 28,000 Income tax expense $ - - As of September 30, 2024, the Company has no unrecognized tax benefit as a result of uncertain tax positions. As of September 30, 2024, the Company’s tax years that remain subject to examination are 2021 - 2024 (Federal jurisdiction) and 2020 - 2024 (state jurisdictions).

Note 3 - Related Party Transact

Note 3 - Related Party Transactions Disclosure	12 Months Ended
	Sep. 30, 2024
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, 2024
Notes
Note 4 - Major Customers	Note 4 - Major Customers.

Note 5 - Leases

Note 5 - Leases	12 Months Ended
	Sep. 30, 2024
Notes
Note 5 - Leases	Note 5 - Leases. method. Under this transition method, the Company did not recast the prior period financial statements. The adoption of ASC 842 resulted in the recognition of a right-of-use asset and a corresponding lease liability of $118,000 at September 30, 2020. Future minimum lease payments as of September 30 2025 22,000 Total 22,000

Note 6 - Oil and Natural Gas Pr

Note 6 - Oil and Natural Gas Properties	12 Months Ended
	Sep. 30, 2024
Notes
Note 6 - Oil and Natural Gas Properties	Note 6 - Oil and Natural Gas Properties. September 30, 2024 2023 Oil and natural gas properties Proved, developed properties $ 311,000 $ 326,000 Less: accumulated depreciation, depletion and impairment (285,000) (297,000) Total oil and natural gas properties $ 26,000 $ 29,000 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, 2024 and 2023. In the year ended September 30, 2024, the Company realized a net gain of $525,000 from the sale of certain oil, gas, and mineral interests in Utah. As the Company had no basis in these assets, $525,000 was recorded as gain on sale of assets in the year ended September 30, 2024.

Note 7 - Equity and treasury st

Note 7 - Equity and treasury stock transactions	12 Months Ended
	Sep. 30, 2024
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, 2024
Notes
Note 8 - Other Income	Note 8 – Other Income.

Note 9 - Subsequent events

Note 9 - Subsequent events	12 Months Ended
	Sep. 30, 2024
Notes
Note 9 - Subsequent events	Note 9 – Subsequent events.

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	12 Months Ended
	Sep. 30, 2024
Notes
Note 10 - Commitments and Contingencies	Note 10 – Commitments and Contingencies Operating Lease Commitments. Purchase Commitments. Significant Risks and Uncertainties. Legal Matters. financial position or results of operations. There are no known legal proceedings against the Company or its officers and directors in their capacity as officers and directors of the Company.

Note 10 - Supplemental Financia

Note 10 - Supplemental Financial Data - Oil and Gas Producing Activities (Unaudited)	12 Months Ended
	Sep. 30, 2024
Notes
Note 10 - Supplemental Financial Data - Oil and Gas Producing Activities (Unaudited)	Note 11 - Supplemental Financial Data - Oil and Gas Producing Activities (Unaudited). I. Capitalized Costs. Capitalized Costs September 30, 2024 Proved properties $ 311,000 Accumulated depreciation, depletion, amortization and valuation allowance (285,000) Net capitalized cost $ 26,000 II. Estimated Quantities of Reserves Estimated Quantities of Reserves Oil in Barrels Balance at September 30, 2022 1,300 Revisions of previous estimates 700 Production (400) Balance at September 30, 2023 1,600 Revisions of previous estimates 700 Production (300) Balance at September 30, 2024 2,000 III. Standardized Measure of Discounted Cash Flows Standardized Measure of Discounted Cash Flows At September 30, 2024 2023 Estimated future revenue $ 130,000 $ 105,000 Estimated future expenditures (15,000) (12,000) Estimated future net revenue 115,000 93,000 10% annual discount of estimated future net revenue (43,000) (27,000) Present value of estimated future net revenue $ 72,000 $ 66,000 IV. Summary of Changes in Standardized Measure of Discounted Future Net Cash Flows Summary of Changes in Standardized Measure of Discounted Future Net Cash Flows Year ended September 30, 2024 2023 Present value of estimated future net revenue, beginning of year $ 66,000 $ 68,000 Sales, net of production costs (20,000) (28,000) Net change in prices and cost of future production - (14,000) Revisions of quantity estimates 29,000 33,000 Accretion of discount 7,000 7,000 Change in production rates and other (10,000) - Present value of estimated future net revenue, end of year $ 72,000 $ 66,000

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, 2024
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, 2024
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, 2024
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, 2024
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, 2024
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, 2024
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, 2024
Policies
Earnings (Loss) Per Share Policy	Earnings (loss) per share

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, 2024
Policies
Fair Value Measurements	Fair value measurements fair value estimation, based on the observability of inputs: Level 1 . Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2 . Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 . Valuations based on inputs that are unobservable and significant to the overall fair value measurement. As of September 30, 2024 and 2023, the Company believes the amounts reported for the carrying value of cash, other current assets, accounts payable, accrued expenses (related parties), and other accrued expenses, as reflected in the consolidated balance sheets, approximate fair value, due to the short maturity of these instruments.

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, 2024
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, 2024
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, 2024
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, 2024
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, 2024
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 adopted this Update effective October 1, 2021.

Note 2 - Income Tax Disclosure_

Note 2 - Income Tax Disclosure: Schedule of Deferred Tax Assets (Tables)	12 Months Ended
	Sep. 30, 2024
Tables/Schedules
Schedule of Deferred Tax Assets	Deferred Tax Assets 2024 2023 Depletion carryforward $ 181,000 $ 181,000 Net operating loss carryforward 395,000 487,000 Accrued shareholder salary 228,000 228,000 Deletion and amortization 2,000 2,000 Total Net Deferred Tax Assets 806,000 898,000 Less valuation allowance (806,000) (898,000) 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, 2024
Tables/Schedules
Schedule of Effective Income Tax Rate Reconciliation	2024 2023 Tax expense (benefit) at 21% of net earnings (loss) $ 92,000 (28,000) Impact of rate change effective January 1, 2018 - - Change in valuation allowance for net deferred tax assets (92,000) 28,000 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, 2024
Tables/Schedules
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum lease payments as of September 30 2025 22,000 Total 22,000

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, 2024
Tables/Schedules
Schedule of Oil and Natural Gas Properties	September 30, 2024 2023 Oil and natural gas properties Proved, developed properties $ 311,000 $ 326,000 Less: accumulated depreciation, depletion and impairment (285,000) (297,000) Total oil and natural gas properties $ 26,000 $ 29,000

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, 2024
Tables/Schedules
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure	Capitalized Costs September 30, 2024 Proved properties $ 311,000 Accumulated depreciation, depletion, amortization and valuation allowance (285,000) Net capitalized cost $ 26,000

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, 2024
Tables/Schedules
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities	Estimated Quantities of Reserves Oil in Barrels Balance at September 30, 2022 1,300 Revisions of previous estimates 700 Production (400) Balance at September 30, 2023 1,600 Revisions of previous estimates 700 Production (300) Balance at September 30, 2024 2,000

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, 2024
Tables/Schedules
Standardized Measure of Discounted Cash Flows	Standardized Measure of Discounted Cash Flows At September 30, 2024 2023 Estimated future revenue $ 130,000 $ 105,000 Estimated future expenditures (15,000) (12,000) Estimated future net revenue 115,000 93,000 10% annual discount of estimated future net revenue (43,000) (27,000) Present value of estimated future net revenue $ 72,000 $ 66,000

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, 2024
Tables/Schedules
Summary of Changes Present Value of Estimated Future Net Revenue	Summary of Changes in Standardized Measure of Discounted Future Net Cash Flows Year ended September 30, 2024 2023 Present value of estimated future net revenue, beginning of year $ 66,000 $ 68,000 Sales, net of production costs (20,000) (28,000) Net change in prices and cost of future production - (14,000) Revisions of quantity estimates 29,000 33,000 Accretion of discount 7,000 7,000 Change in production rates and other (10,000) - Present value of estimated future net revenue, end of year $ 72,000 $ 66,000

Note 2 - Income Tax Disclosure

Note 2 - Income Tax Disclosure (Details)	12 Months Ended
	Sep. 30, 2024 USD ($)
Details
Depletion	$ 860,000
Operating Loss Carryforwards	$ 1,883,000

Note 2 - Income Tax Disclosur_3

Note 2 - Income Tax Disclosure: Schedule of Deferred Tax Assets (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Details
Deferred Tax Assets - Depletion Carryforward	$ 181,000	$ 181,000
Deferred Tax Assets, Operating Loss Carryforwards	395,000	487,000
Deferred Tax Assets - Accrued Shareholder Salary	228,000	228,000
Deferred Tax Assets - Deletion and Amortizations	2,000	2,000
Deferred Tax Assets, Gross	806,000	898,000
Deferred Tax Assets, Valuation Allowance	(806,000)	(898,000)
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, 2024	Sep. 30, 2023
Details
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	$ 92,000	$ (28,000)
Impact of rate change effective January 1, 2018	0	0
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	(92,000)	28,000
Income Tax Expense (Benefit)	$ 0	$ 0

Note 3 - Related Party Transa_2

Note 3 - Related Party Transactions Disclosure (Details)	Sep. 30, 2024 USD ($)
Details
Accrued Salaries, Current	$ 1,087,000
Accrued Payroll Taxes, Current	$ 54,000

Note 4 - Major Customers (Detai

Note 4 - Major Customers (Details)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Details
Concentration Risk, Additional Characteristic	the Company had only one customer who individually accounted for 10% or more of the Company's oil and gas sales. The customer accounted for 80% of oil and gas sales	the Company had only one customer who individually accounted for 10% or more of the Company's oil and gas sales. The customer accounted for 83% of the Company's oil and gas sales

Note 5 - Leases (Details)

Note 5 - Leases (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2020
Details
Termination Fee	$ 4,000
Operating Lease, Cost	32,000	$ 30,000
Right-of-Use Asset	$ 20,000	$ 47,000	$ 118,000

Note 5 - Leases_ Schedule of _2

Note 5 - Leases: Schedule of Future Minimum Rental Payments for Operating Leases (Details)	Sep. 30, 2024 USD ($)
Details
2025	$ 22,000
Operating Lease, Liability	$ 22,000

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, 2024	Sep. 30, 2023
Details
Proved, developed properties	$ 311,000	$ 326,000
Less: accumulated depreciation, depletion and impairment	(285,000)	(297,000)
Oil and Gas, Capitalized Cost, after Accumulated Depreciation, Depletion, Amortization, and Valuation Allowance	$ 26,000	$ 29,000

Note 6 - Oil and Natural Gas _4

Note 6 - Oil and Natural Gas Properties (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Details
Gain on sale of assets	$ 525,000	$ 0

Note 7 - Equity and treasury _2

Note 7 - Equity and treasury stock transactions (Details) - shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Details
Treasury Stock, Shares, Retired	118,501	663,380

Note 8 - Other Income (Details)

Note 8 - Other Income (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Details
Other income	$ 1,000	$ 9,000

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, 2024	Sep. 30, 2023
Details
Proved, developed properties	$ 311,000	$ 326,000
Less: accumulated depreciation, depletion and impairment	(285,000)	(297,000)
Oil and Gas, Capitalized Cost, after Accumulated Depreciation, Depletion, Amortization, and Valuation Allowance	$ 26,000	$ 29,000

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, 2024	Sep. 30, 2023	Sep. 30, 2020
Details
Net Proved Developed And Undeveloped Reserves	2,000	1,600	1,300
Proved Developed And Undeveloped Reserves, Revisions of previous estimates	700	700
Proved Developed And Undeveloped Reserve, Production	(300)	(400)

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, 2024	Sep. 30, 2023
Details
Oil and Gas, Standardized Measure, Discounted Future Net Cash Flow, Future Cash Inflow	$ 130,000	$ 105,000
Oil and Gas, Standardized Measure, Discounted Future Net Cash Flow, Production Cost	(15,000)	(12,000)
Oil and Gas, Standardized Measure, Discounted Future Net Cash Flow, Future Net Cash Flow, before Discount	115,000	93,000
Oil and Gas, Standardized Measure, Discounted Future Net Cash Flow, Discount	(43,000)	(27,000)
Oil and Gas, Standardized Measure, Discounted Future Net Cash Flow, Future Net Cash Flow, after Discount	$ 72,000	$ 66,000

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, 2024	Sep. 30, 2023
Details
Present value of estimated future net revenue, beginning of year	$ 66,000	$ 68,000
Oil and Gas, Standardized Measure, Discounted Future Net Cash Flow, Sale and Transfer of Oil and Gas Produced	(20,000)	(28,000)
Oil and Gas, Standardized Measure, Discounted Future Net Cash Flow, Sale and Transfer Prices and Production Cost, Increase (Decrease)	0	(14,000)
Revisions of quantity estimates	29,000	33,000
Accretion Expense	7,000	7,000
Oil and Gas, Standardized Measure, Discounted Future Net Cash Flow, Other	(10,000)	0
Oil and Gas, Standardized Measure, Discounted Future Net Cash Flow, Future Net Cash Flow, after Discount	$ 72,000	$ 66,000