Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2017 | Jul. 21, 2017 | |
Document and Entity Information: | ||
Entity Registrant Name | ALTEX INDUSTRIES INC | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Trading Symbol | altx | |
Amendment Flag | false | |
Entity Central Index Key | 775,057 | |
Current Fiscal Year End Date | --09-30 | |
Entity Common Stock, Shares Outstanding | 12,644,452 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2017 | Sep. 30, 2016 |
Current assets | ||
Cash and cash equivalents | $ 2,379,000 | $ 2,472,000 |
Accounts receivable | 2,000 | 3,000 |
Other | 22,000 | 16,000 |
Total current assets | 2,403,000 | 2,491,000 |
Property and equipment, at cost | ||
Proved oil and gas properties (successful efforts method) | 334,000 | 334,000 |
Other | 3,000 | 17,000 |
Total property and equipment, at cost | 337,000 | 351,000 |
Less accumulated depreciation, depletion, and amortization | (227,000) | (224,000) |
Net property and equipment | 110,000 | 127,000 |
Total assets | 2,513,000 | 2,618,000 |
Current liabilities | ||
Accounts payable | 3,000 | 7,000 |
Other accrued expenses | 1,081,000 | 1,080,000 |
Total current liabilities | 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 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 |
Accumulated deficit | (12,527,000) | (12,433,000) |
Treasury stock, at cost, 90,000 shares | (8,000) | |
Total stockholders' equity | 1,429,000 | 1,531,000 |
Total liabilities and stockholders' equity | $ 2,513,000 | $ 2,618,000 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical - $ / shares | Jun. 30, 2017 | Sep. 30, 2016 |
Consolidated Balance Sheets Parenthetical | ||
Preferred stock par value | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Preferred stock shares issued | ||
Common stock par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 50,000,000 | 50,000,000 |
Common stock shares issued | 12,734,452 | 12,734,452 |
Common stock shares outstanding | 12,644,452 | 12,644,452 |
Treasury stock shares | 90,000 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 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 | $ (0.01) | $ (0.01) | $ (0.02) |
Weighted average shares outstanding | 12,644,452 | 12,923,012 | 12,659,177 | 12,923,159 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Jun. 30, 2017 | Jun. 30, 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 flows from 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 |
Supplemental disclosures | ||
Cash paid for interest | ||
Cash paid for income taxes |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 1 - Basis of Presentation | Note 1 Basis of Presentation. |
Note 2 - Acquisition of Treasur
Note 2 - Acquisition of Treasury Stock | 9 Months Ended |
Jun. 30, 2017 | |
Notes | |
Note 2 - Acquisition of Treasury Stock | Note 2 Acquisition of Treasury Shares. SAFE HARBOR STATEMENT UNDER THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 Statements that are not historical facts contained in this Form 10 Q are forward looking statements that involve risks and uncertainties that could cause actual results to differ from projected results. Factors that could cause actual results to differ materially include, among others: general economic conditions; movements in interest rates; the market price of oil and natural gas; the risks associated with exploration and production of oil and gas; the Company's ability, or the ability of its operating subsidiary, Altex Oil Corporation ("AOC"), to find, acquire, market, develop, and produce new properties; operating hazards attendant to the oil and natural gas business; uncertainties in the estimation of proved reserves and in the projection of future rates of production and timing of development expenditures; the strength and financial resources of the Company's competitors; the Company's ability and AOC's ability to find and retain skilled personnel; climatic conditions; availability and cost of material and equipment; delays in anticipated start up dates; environmental risks; the results of financing efforts; and other uncertainties detailed elsewhere herein and in the Companys filings with the Securities and Exchange Commission. |
Note 2 - Acquisition of Treasu8
Note 2 - Acquisition of Treasury Stock (Details) | Jun. 30, 2017USD ($)shares |
Details | |
Treasury Stock, Common, Shares | shares | 90,000 |
Treasury stock, at cost, 90,000 shares | $ | $ 8,000 |