[ X ] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ALTEX INDUSTRIES, INC. |
(Exact name of registrant as specified in its charter) |
Delaware | 84-0989164 | |
(State or other jurisdiction of | ||
incorporation or organization) | (I.R.S. Employer Identification No.) |
PO Box 1057 Breckenridge CO 80424-1057 |
(Address of principal executive offices) (Zip Code) |
(303) 265-9312 |
(Registrant's telephone number, including area code) |
Accelerated filer [ ] |
Non-accelerated filer [ ] | Smaller reporting company [ X ] |
PART I - FINANCIAL INFORMATION | PART I - FINANCIAL INFORMATION | |||||||||||||||
Item 1. Financial Statements | ||||||||||||||||
ALTEX INDUSTRIES, INC. AND SUBSIDIARIES | ALTEX INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||
Consolidated Balance Sheets | Consolidated Balance Sheets | |||||||||||||||
June 30, | September 30, | |||||||||||||||
December 31, | September 30, | 2017 | 2016 | |||||||||||||
2016 | 2016 | (Unaudited) | ||||||||||||||
Assets | ||||||||||||||||
Current assets | ||||||||||||||||
Cash and cash equivalents | $ | 2,444,000 | $ | 2,472,000 | $ | 2,379,000 | $ | 2,472,000 | ||||||||
Accounts receivable | 4,000 | 3,000 | 2,000 | 3,000 | ||||||||||||
Other | 12,000 | 16,000 | 22,000 | 16,000 | ||||||||||||
Total current assets | 2,460,000 | 2,491,000 | 2,403,000 | 2,491,000 | ||||||||||||
Property and equipment, at cost | ||||||||||||||||
Proved oil and gas properties (successful efforts method) | 334,000 | 334,000 | 334,000 | 334,000 | ||||||||||||
Other | 17,000 | 17,000 | 3,000 | 17,000 | ||||||||||||
Total property and equipment, at cost | 351,000 | 351,000 | 337,000 | 351,000 | ||||||||||||
Less accumulated depreciation, depletion, and amortization | (230,000 | ) | (224,000 | ) | (227,000 | ) | (224,000 | ) | ||||||||
Net property and equipment | 121,000 | 127,000 | 110,000 | 127,000 | ||||||||||||
Other assets | ||||||||||||||||
Total assets | 2,581,000 | 2,618,000 | $ | 2,513,000 | $ | 2,618,000 | ||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Current liabilities | ||||||||||||||||
Accounts payable | 5,000 | 7,000 | $ | 3,000 | $ | 7,000 | ||||||||||
Other accrued expenses | 1,076,000 | 1,080,000 | 1,081,000 | 1,080,000 | ||||||||||||
Total current liabilities | 1,081,000 | 1,087,000 | 1,084,000 | 1,087,000 | ||||||||||||
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; issued, 12,734,452; outstanding 12,644,452, at December 31, 2016 | 127,000 | 127,000 | ||||||||||||||
Common stock, $.01 par value. Authorized 50,000,000 shares; issued, 12,734,452; outstanding 12,644,452 at June 30, 2017 and 12,734,452 at September 30, 2016 | 127,000 | 127,000 | ||||||||||||||
Additional paid-in capital | 13,837,000 | 13,837,000 | 13,837,000 | 13,837,000 | ||||||||||||
Accumulated deficit | (12,456,000 | ) | (12,433,000 | ) | (12,527,000 | ) | (12,433,000 | ) | ||||||||
Treasury stock, at cost, 90,000 shares | (8,000 | ) | - | (8,000 | ) | - | ||||||||||
Total stockholders' equity | 1,500,000 | 1,531,000 | 1,429,000 | 1,531,000 | ||||||||||||
Total liabilities and stockholders' equity | $ | 2,581,000 | $ | 2,618,000 | $ | 2,513,000 | $ | 2,618,000 | ||||||||
ALTEX INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | NIne Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenue | ||||||||||||||||
Oil and gas sales | $ | 14,000 | $ | 3,000 | $ | 51,000 | $ | 17,000 | ||||||||
Total revenue | 14,000 | 3,000 | 51,000 | 17,000 | ||||||||||||
Costs and expenses | ||||||||||||||||
Production taxes | - | - | 3,000 | 1,000 | ||||||||||||
General and administrative | 39,000 | 102,000 | 142,000 | 296,000 | ||||||||||||
Depreciation, depletion, and amortization | 5,000 | 5,000 | 17,000 | 16,000 | ||||||||||||
Total costs and expenses | 44,000 | 107,000 | 162,000 | 313,000 | ||||||||||||
Other income | ||||||||||||||||
Interest income | 5,000 | 4,000 | 14,000 | 13,000 | ||||||||||||
Other income | - | - | 3,000 | - | ||||||||||||
Total other income | 5,000 | 4,000 | 17,000 | 13,000 | ||||||||||||
Net loss | $ | (25,000 | ) | $ | (100,000 | ) | $ | (94,000 | ) | $ | (283,000 | ) | ||||
Loss per share | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | ||||
Weighted average shares outstanding | 12,644,452 | 12,923,012 | 12,659,177 | 12,923,159 |
Three Months Ended | ||||||||
December 31, | ||||||||
2016 | 2015 | |||||||
Revenue | ||||||||
Oil and gas sales | $ | 21,000 | $ | 5,000 | ||||
Other income | - | |||||||
Total revenue | 21,000 | 5,000 | ||||||
Costs and expenses | ||||||||
Lease operating | - | - | ||||||
Production taxes | 1,000 | - | ||||||
General and administrative | 42,000 | 93,000 | ||||||
Depreciation, depletion, and amortization | 6,000 | 6,000 | ||||||
Total costs and expenses | 49,000 | 99,000 | ||||||
Other income (expense) | ||||||||
Interest income | 5,000 | 4,000 | ||||||
Net loss | $ | (23,000 | ) | $ | (90,000 | ) | ||
Loss per share | $ | (0.00 | ) | $ | (0.01 | ) | ||
Weighted average shares outstanding | 12,688,148 | 12,923,232 | ||||||
ALTEX INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||
Consolidated Statements of Cash Flow | ||||||||
(Unaudited) | ||||||||
Nine months ended | ||||||||
June 30 | ||||||||
2017 | 2016 | |||||||
Cash flows used in operating activities | ||||||||
Net loss | $ | (94,000 | ) | $ | (283,000 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation, depletion, and amortization | 17,000 | 16,000 | ||||||
Changes in operating assets and liabilities: | ||||||||
Decrease in accounts receivable | 1,000 | 6,000 | ||||||
Increase in other current assets | (6,000 | ) | (5,000 | ) | ||||
Decrease in accounts payable | (4,000 | ) | (3,000 | ) | ||||
Increase in other accrued expenses | 1,000 | 178,000 | ||||||
Net cash used in operating activities | (85,000 | ) | (91,000 | ) | ||||
Cash flows from financing activities | ||||||||
Acquisition of treasury stock | (8,000 | ) | (2,000 | ) | ||||
Net cash used in financing activities | (8,000 | ) | (2,000 | ) | ||||
Net decrease in cash and cash equivalents | (93,000 | ) | (93,000 | ) | ||||
Cash and cash equivalents at beginning of period | 2,472,000 | 2,605,000 | ||||||
Cash and cash equivalents at end of period | $ | 2,379,000 | $ | 2,512,000 | ||||
Supplmental disclosures | ||||||||
Cash paid for interest | - | - | ||||||
Cash paid for income taxes | - | - |
Three months ended | ||||||||
December 31, | ||||||||
2016 | 2015 | |||||||
Cash flows used in operating activities | ||||||||
Net loss | $ | (23,000 | ) | $ | (90,000 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
Depreciation, depletion, and amortization | 6,000 | 6,000 | ||||||
(Increase) decrease in accounts receivable | (1,000 | ) | 3,000 | |||||
Decrease in other current assets | 4,000 | 5,000 | ||||||
Decrease in accounts payable | (2,000 | ) | (6,000 | ) | ||||
Increase (decrease) in other accrued expenses | (4,000 | ) | 55,000 | |||||
Net cash used in operating activities | (20,000 | ) | (27,000 | ) | ||||
Cash flows from financing activities | ||||||||
Acquisition of treasury stock | (8,000 | ) | - | |||||
Net cash used in financing activities | (8,000 | ) | - | |||||
Net decrease in cash and cash equivalents | (28,000 | ) | (27,000 | ) | ||||
Cash and cash equivalents at beginning of period | 2,472,000 | 2,605,000 | ||||||
Cash and cash equivalents at end of period | $ | 2,444,000 | $ | 2,578,000 | ||||
Period | (a) Total number of shares (or units) purchased | (b) Average price paid per share (or unit) | (c) Total number of shares (or units) purchased as part of publicly announced plans or programs | (d) Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs |
October 1, 2016 through October 31, 2016 | 20,000 | $0.09 | -- | -- |
November 1, 2016 through November 30, 2016 | 70,000 | $0.09 | -- | -- |
December 1, 2016 through December 31, 2016 | -- | -- | -- | -- |
Total | 90,000 | $0.09 | -- | -- |
31. | Rule 13a-14(a)/15d-14(a) Certifications |
32.* | Section 1350 Certifications |
101.xml | XBRL Instance Document |
101.xsd | XBRL Taxonomy Extension Schema Document |
101.cal | XBRL Taxonomy Extension Calculation Linkbase Document |
101.def | XBRL Taxonomy Extension Definition Linkbase Document |
101.lab | XBRL Taxonomy Extension Label Linkbase Document |
101.pre | XBRL Taxonomy Extension Presentation Linkbase Document |
___________________________ | |
* Furnished. Not Filed. Not incorporated by reference. Not subject to liability. |
Date: | By: /s/ STEVEN H. CARDIN |
Steven H. Cardin | |
Chief Executive Officer and Principal Financial Officer |