UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[ X ] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended MarchDecember 31, 2018
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to .
Commission file number 1-9030
|
(Exact name of registrant as specified in its charter) |
Delaware | | 84-0989164 |
(State or other jurisdiction of | | (I.R.S. Employer |
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) |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ X ] No [ ]
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ X ] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company.
Large accelerated filer [ ] | | Accelerated filer [ ] |
Non-accelerated filer [ ] | | Smaller reporting company [ X ] |
| | Emerging growth company [ ] |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [ X ]
Number of shares outstanding of issuer's Common Stock as of May 4, 2018: 12,555,131February 8, 2019: 12,351,731
PART I - FINANCIAL INFORMATION | |
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Item 1. Financial Statements | |
| |
ALTEX INDUSTRIES, INC. AND SUBSIDIARIES | |
Condensed Consolidated Balance Sheets | |
(Unaudited) | |
| | December 31, | | | September 30, | |
| | 2018 | | | 2018 | |
Assets | | | | | | |
Current assets | | | | | | |
Cash and cash equivalents | | $ | 2,266,000 | | | $ | 2,274,000 | |
Accounts receivable | | | 3,000 | | | | - | |
Other | | | 14,000 | | | | 18,000 | |
Total current assets | | | 2,283,000 | | | | 2,292,000 | |
| | | | | | | | |
Property and equipment, at cost | | | | | | | | |
Proved oil and gas properties (successful efforts method) | | | 333,000 | | | | 333,000 | |
Less accumulated depreciation, depletion, and amortization | | | (239,000 | ) | | | (236,000 | ) |
Net property and equipment | | | 94,000 | | | | 97,000 | |
| | | | | | | | |
Total assets | | | 2,377,000 | | | | 2,389,000 | |
| | | | | | | | |
Liabilities and Stockholders’ Equity | | | | | | | | |
Current liabilities | | | | | | | | |
Accounts payable | | | 6,000 | | | | 11,000 | |
Other accrued expenses | | | 1,075,000 | | | | 1,080,000 | |
Total current liabilities | | | 1,081,000 | | | | 1,091,000 | |
| | | | | | | | |
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; 12,351,731 shares issued and outstanding | | | 124,000 | | | | 124,000 | |
Additional paid-in capital | | | 13,809,000 | | | | 13,809,000 | |
Accumulated deficit | | | (12,637,000 | ) | | | (12,635,000 | ) |
Total stockholders' equity | | | 1,296,000 | | | | 1,298,000 | |
| | | | | | | | |
Total liabilities and stockholders' equity | | $ | 2,377,000 | | | $ | 2,389,000 | |
| | | | | | | | |
See notes to unaudited condensed consolidated financial statements | |
PART I - FINANCIAL INFORMATION