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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Altex Industries Inc (PK) | USOTC:ALTX | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0142 | 5.92% | 0.2542 | 0.235 | 0.299 | 0.2542 | 0.2542 | 0.2542 | 2,500 | 18:26:06 |
[ 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)
|
Large accelerated filer [ ]
|
Accelerated filer [ ]
|
Non-accelerated filer [ ]
|
Smaller reporting company [ X ]
|
ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
|
||||||||
Condensed Consolidated Balance Sheets
|
||||||||
(Unaudited)
|
||||||||
March 31,
|
September 30,
|
|||||||
2018
|
2017
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
2,318,000
|
$
|
2,349,000
|
||||
Accounts receivable
|
4,000
|
-
|
||||||
Other
|
7,000
|
17,000
|
||||||
Total current assets
|
2,329,000
|
2,366,000
|
||||||
Property and equipment, at cost
|
||||||||
Proved oil and gas properties (successful efforts method)
|
333,000
|
333,000
|
||||||
Other
|
-
|
3,000
|
||||||
Total property and equipment, at cost
|
333,000
|
336,000
|
||||||
Less accumulated depreciation, depletion, and amortization
|
(233,000
|
)
|
(227,000
|
)
|
||||
Net property and equipment
|
100,000
|
109,000
|
||||||
Total assets
|
2,429,000
|
2,475,000
|
||||||
Liabilities and Stockholders' Equity
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
7,000
|
4,000
|
||||||
Other accrued expenses
|
1,077,000
|
1,080,000
|
||||||
Total current liabilities
|
1,084,000
|
1,084,000
|
||||||
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; 12,597,631 shares issued; 12,555,131 and 12,597,631 shares outstanding in March and September, respectively
|
126,000
|
126,000
|
||||||
Additional paid-in capital
|
13,827,000
|
13,827,000
|
||||||
Accumulated deficit
|
(12,604,000
|
)
|
(12,562,000
|
)
|
||||
Treasury stock, at cost, 42,500 shares
|
(4,000
|
)
|
-
|
|||||
Total stockholders' equity
|
1,345,000
|
1,391,000
|
||||||
Total liabilities and stockholders' equity
|
$
|
2,429,000
|
$
|
2,475,000
|
ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
|
||||||||||||||||
Condensed Consolidated Statements of Operations
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
March 31
|
March 31
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Revenue
|
||||||||||||||||
Oil and gas sales
|
$
|
27,000
|
$
|
16,000
|
$
|
39,000
|
$
|
37,000
|
||||||||
Total revenue
|
27,000
|
16,000
|
39,000
|
37,000
|
||||||||||||
Costs and expenses
|
||||||||||||||||
Production taxes
|
3,000
|
2,000
|
3,000
|
3,000
|
||||||||||||
General and administrative
|
45,000
|
61,000
|
83,000
|
103,000
|
||||||||||||
Depreciation, depletion, and amortization
|
4,000
|
6,000
|
9,000
|
12,000
|
||||||||||||
Total costs and expenses
|
52,000
|
69,000
|
95,000
|
118,000
|
||||||||||||
Loss from operations
|
(25,000
|
)
|
(53,000
|
)
|
(56,000
|
)
|
(81,000
|
)
|
||||||||
Other income
|
||||||||||||||||
Interest income
|
5,000
|
4,000
|
9,000
|
9,000
|
||||||||||||
Other income
|
5,000
|
3,000
|
5,000
|
3,000
|
||||||||||||
Total other income
|
10,000
|
7,000
|
14,000
|
12,000
|
||||||||||||
Net loss
|
$
|
(15,000
|
)
|
$
|
(46,000
|
)
|
$
|
(42,000
|
)
|
$
|
(69,000
|
)
|
||||
Loss per share
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
$
|
(0.01
|
)
|
||||
Weighted average shares outstanding
|
12,555,131
|
12,644,452
|
12,564,279
|
12,666,540
|
ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
|
||||||||
Condensed Consolidated Statements of Cash Flows
|
||||||||
(Unaudited)
|
||||||||
Six months ended
|
||||||||
March 31
|
||||||||
2018
|
2017
|
|||||||
Cash flows used in operating activities
|
||||||||
Net loss
|
$
|
(42,000
|
)
|
$
|
(69,000
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities
|
||||||||
Depreciation, depletion, and amortization
|
9,000
|
12,000
|
||||||
Increase in accounts receivable
|
(4,000
|
)
|
2,000
|
|||||
Decrease in other current assets
|
10,000
|
10,000
|
||||||
Increase in accounts payable
|
3,000
|
2,000
|
||||||
Decrease in other accrued expenses
|
(3,000
|
)
|
(2,000
|
)
|
||||
Net cash used in operating activities
|
(27,000
|
)
|
(45,000
|
)
|
||||
Cash flows from financing activities
|
||||||||
Acquisition of treasury stock
|
(4,000
|
)
|
(8,000
|
)
|
||||
Net cash used in financing activities
|
(4,000
|
)
|
(8,000
|
)
|
||||
Net decrease in cash and cash equivalents
|
(31,000
|
)
|
(53,000
|
)
|
||||
Cash and cash equivalents at beginning of period
|
2,349,000
|
2,472,000
|
||||||
Cash and cash equivalents at end of period
|
$
|
2,318,000
|
$
|
2,419,000
|
||||
Noncash investing and financing activities
|
||||||||
Retirement of property plant and equipment
|
$
|
3,000
|
$
|
-
|
||||
Supplemental disclosures
|
||||||||
Cash paid for interest
|
$
|
-
|
$
|
-
|
||||
Cash paid for income taxes
|
$
|
-
|
$
|
-
|
Date: May 4, 2018
|
By:
/s/ STEVEN H. CARDIN
|
Steven H. Cardin
|
|
Chief Executive Officer and Principal Financial Officer
|
1 Year Altex Industries (PK) Chart |
1 Month Altex Industries (PK) Chart |
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