[ X ] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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ALTEX INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
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Delaware
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84-0989164
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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PO Box 1057 Breckenridge CO 80424-1057
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(Address of principal executive offices) (Zip Code)
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(303) 265-9312
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(Registrant's telephone number, including area code)
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Large accelerated filer [ ]
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Accelerated filer [ ] |
Non-accelerated filer [ ]
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Smaller reporting company [ X ]
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Item 1. Financial Statements
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||||||||
ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
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||||||||
Condensed Consolidated Balance Sheets
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||||||||
(Unaudited)
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||||||||
December 31,
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September 30,
|
|||||||
2017
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2017
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|||||||
Assets
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||||||||
Current assets
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||||||||
Cash and cash equivalents
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$
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2,327,000
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$
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2,349,000
|
||||
Accounts receivable
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1,000
|
-
|
||||||
Other
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12,000
|
17,000
|
||||||
Total current assets
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2,340,000
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2,366,000
|
||||||
Property and equipment, at cost
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||||||||
Proved oil and gas properties (successful efforts method)
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333,000
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333,000
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||||||
Other
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-
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3,000
|
||||||
Total property and equipment, at cost
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333,000
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336,000
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||||||
Less accumulated depreciation, depletion, and amortization
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(229,000
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)
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(227,000
|
)
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||||
Net property and equipment
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104,000
|
109,000
|
||||||
Total assets
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2,444,000
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2,475,000
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||||||
Liabilities and Stockholders' Equity
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||||||||
Current liabilities
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||||||||
Accounts payable
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8,000
|
4,000
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||||||
Other accrued expenses
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1,076,000
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1,080,000
|
||||||
Total current liabilities
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1,084,000
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1,084,000
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||||||
Commitments and Contingencies
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-
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-
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||||||
Stockholders' equity
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||||||||
Preferred stock, $.01 par value. Authorized 5,000,000 shares, none issued
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-
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-
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||||||
Common stock, $.01 par value. Authorized 50,000,000 shares; 12,597,631 shares issued; 12,555,131 and 12,597,631 shares outstanding in December and September, respectively
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126,000
|
126,000
|
||||||
Additional paid-in capital
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13,827,000
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13,827,000
|
||||||
Accumulated deficit
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(12,589,000
|
)
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(12,562,000
|
)
|
||||
Treasury stock, at cost, 42,500 shares
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(4,000
|
)
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-
|
|||||
Total stockholders' equity
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1,360,000
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1,391,000
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||||||
Total liabilities and stockholders' equity
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$
|
2,444,000
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$
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2,475,000
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ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
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||||||||
Condensed Consolidated Statements of Operations
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||||||||
(Unaudited)
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||||||||
Three Months Ended
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||||||||
December 31,
|
||||||||
2017
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2016
|
|||||||
Revenue
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||||||||
Oil and gas sales
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$
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12,000
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$
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21,000
|
||||
Total revenue
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12,000
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21,000
|
||||||
Costs and expenses
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||||||||
Production taxes
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-
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1,000
|
||||||
General and administrative
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38,000
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42,000
|
||||||
Depreciation, depletion, and amortization
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5,000
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6,000
|
||||||
Total costs and expenses
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43,000
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49,000
|
||||||
Loss from operations
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(31,000
|
)
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(28,000
|
)
|
||||
Other income
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||||||||
Interest income
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4,000
|
5,000
|
||||||
Total other income
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4,000
|
5,000
|
||||||
Net loss
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$
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(27,000
|
)
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$
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(23,000
|
)
|
||
Loss per share
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$
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(0.00
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)
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$
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(0.00
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)
|
||
Weighted average shares outstanding
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12,573,229
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12,688,148
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ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
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||||||||
Condensed Consolidated Statements of Cash Flows
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||||||||
(Unaudited)
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||||||||
Three months ended
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||||||||
December 31,
|
||||||||
2017
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2016
|
|||||||
Cash flows used in operating activities
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||||||||
Net loss
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$
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(27,000
|
)
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$
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(23,000
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities
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||||||||
Depreciation, depletion, and amortization
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5,000
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6,000
|
||||||
Increase in accounts receivable
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(1,000
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)
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(1,000
|
)
|
||||
Decrease in other current assets
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5,000
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4,000
|
||||||
Increase (decrease) in accounts payable
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4,000
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(2,000
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)
|
|||||
Decrease in other accrued expenses
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(4,000
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)
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(4,000
|
)
|
||||
Net cash used in operating activities
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(18,000
|
)
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(20,000
|
)
|
||||
Cash flows from financing activities
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||||||||
Acquisition of treasury stock
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(4,000
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)
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(8,000
|
)
|
||||
Net cash used in financing activities
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(4,000
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)
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(8,000
|
)
|
||||
Net decrease in cash and cash equivalents
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(22,000
|
)
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(28,000
|
)
|
||||
Cash and cash equivalents at beginning of period
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2,349,000
|
2,472,000
|
||||||
Cash and cash equivalents at end of period
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$
|
2,327,000
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$
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2,444,000
|
||||
Noncash investing and financing activities
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||||||||
Retirement of property plant and equipment
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$
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3,000
|
$
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-
|
||||
Supplemental disclosures
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||||||||
Cash paid for interest
|
$
|
-
|
$
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-
|
||||
Cash paid for income taxes
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$
|
-
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$
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-
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Period
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(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 2017
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22,500
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$
|
0.08
|
--
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--
|
|||||||||||
November 2017
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--
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--
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--
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--
|
||||||||||||
December 2017
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20,000
|
$
|
0.09
|
--
|
--
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|||||||||||
Total
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42,500
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$
|
0.08
|
--
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--
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31.
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Rule 13a-14(a)/15d-14(a) Certifications
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32.*
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Section 1350 Certifications
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101.xml
|
XBRL Instance Document
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101.xsd
|
XBRL Taxonomy Extension Schema Document
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101.cal
|
XBRL Taxonomy Extension Calculation Linkbase Document
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101.def
|
XBRL Taxonomy Extension Definition Linkbase Document
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101.lab
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.pre
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
___________________________
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|
* Furnished. Not Filed. Not incorporated by reference. Not subject to liability.
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Date: February 9, 2018
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By: /s/ STEVEN H. CARDIN
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Steven H. Cardin
|
|
Chief Executive Officer and
Principal Financial Officer
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/s/ STEVEN H. CARDIN
|
February 9, 2018
|
|
Steven H. Cardin
|
Date
|
|
Principal Executive Officer and
Principal Financial Officer
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Date: February 9, 2018
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By: /s/ STEVEN H. CARDIN
|
Steven H. Cardin
|
|
Chief Executive Officer and
Principal Financial Officer
|
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Feb. 09, 2018 |
|
Details | ||
Registrant Name | ALTEX INDUSTRIES INC | |
Registrant CIK | 0000775057 | |
SEC Form | 10-Q | |
Period End date | Dec. 31, 2017 | |
Fiscal Year End | --09-30 | |
Trading Symbol | altx | |
Tax Identification Number (TIN) | 840989164 | |
Number of common stock shares outstanding | 12,555,131 | |
Filer Category | Smaller Reporting Company | |
Current with reporting | Yes | |
Voluntary filer | No | |
Well-known Seasoned Issuer | No | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q1 | |
Entity Incorporation, State Country Name | Delaware | |
Entity Address, Address Line One | PO Box 1057 | |
Entity Address, City or Town | Breckenridge | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80424-1057 | |
City Area Code | (303) | |
Local Phone Number | 265-9312 |
Consolidated Balance Sheets - Parenthetical - $ / shares |
Dec. 31, 2017 |
Sep. 30, 2017 |
---|---|---|
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 | 12,597,631 | 12,597,631 |
Common Stock, Shares, Outstanding | 12,555,131 | 12,597,631 |
Consolidated Statement of Operations - USD ($) |
3 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Revenue | ||
Oil and gas sales | $ 12,000 | $ 21,000 |
Total revenue | 12,000 | 21,000 |
Costs and expenses | ||
Production taxes | 0 | 1,000 |
General and administrative | 38,000 | 42,000 |
Depreciation, depletion, and amortization | 5,000 | 6,000 |
Total costs and expenses | 43,000 | 49,000 |
Loss from operations | (31,000) | (28,000) |
Other Nonoperating Income (Expense) | ||
Interest income | 4,000 | 5,000 |
Other income | 4,000 | 5,000 |
Net Loss | $ (27,000) | $ (23,000) |
Basic and diluted net loss per common share | $ (0.00) | $ (0.00) |
Basic and diluted weighted-average common shares outstanding | 12,573,229 | 12,688,148 |
Note 1 - Basis of Presentation |
3 Months Ended |
---|---|
Dec. 31, 2017 | |
Notes | |
Note 1 - Basis of Presentation | Note 1 Basis of Presentation. The accompanying Condensed Consolidated Balance Sheet as of September 30, 2017, which was derived from audited financial statements, and the unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the accompanying unaudited, consolidated, condensed financial statements contain all adjustments necessary to present fairly the financial position of the Company as of December 31, 2017, and the cash flows and results of operations for the three months then ended. Such adjustments consisted only of normal recurring items. The results of operations for the three months ended December 31 are not necessarily indicative of the results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The accounting policies followed by the Company are set forth in Note 1 to the Company's consolidated financial statements contained in the Company's 2017 Annual Report on Form 10 K, and it is suggested that these condensed consolidated financial statements be read in conjunction therewith. |
Note 2 - Income Taxes |
3 Months Ended |
---|---|
Dec. 31, 2017 | |
Notes | |
Note 2 - Income Taxes | Note 2 Income Taxes. The Company does not anticipate that the Tax Cuts and Jobs Act will have a material effect on the Company.
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. |
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