ALTEX INDUSTRIES INC Files Quarterly Report on Form 10-Q for Period Ended December 31, 2023

TL;DR

<b>ALTEX INDUSTRIES INC filed its quarterly report (10-Q) for the period ending December 31, 2023, detailing its financial performance and operational status.</b>

AI Summary

ALTEX INDUSTRIES INC (ALTX) filed a Quarterly Report (10-Q) with the SEC on February 2, 2024. ALTEX INDUSTRIES INC filed a Form 10-Q for the quarterly period ended December 31, 2023. The filing covers the period from October 1, 2023, to December 31, 2023. The company is incorporated in Delaware and has an IRS Employer Identification Number of 84-0989164. ALTEX INDUSTRIES INC's principal executive offices are located at 700 Colorado Blvd #273, Denver, CO 80206. The company has submitted all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days.

Why It Matters

For investors and stakeholders tracking ALTEX INDUSTRIES INC, this filing contains several important signals. This 10-Q filing provides investors with an update on ALTEX INDUSTRIES INC's financial health and operational progress during the last fiscal quarter. The report is crucial for understanding the company's current standing in the crude petroleum & natural gas sector and its adherence to regulatory filing requirements.

Risk Assessment

Risk Level: low — ALTEX INDUSTRIES INC shows low risk based on this filing. The risk is low as the filing is a standard quarterly report (10-Q) and indicates the company has met its filing obligations for the past 12 months and 90 days.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to assess ALTEX INDUSTRIES INC's performance and outlook.

Key Numbers

• 20231231 — Quarterly Period End Date (Form 10-Q filing)
• 20240202 — Filing Date (Form 10-Q filing)
• 0000775057 — Central Index Key (Company identifier)
• 1-9030 — Commission File Number (SEC registration)

Key Players & Entities

• ALTEX INDUSTRIES INC (company) — Registrant name
• 20231231 (date) — Quarterly period ended
• 20240202 (date) — Filed as of date
• 0000775057 (company) — Central Index Key
• 1311 (industry_code) — Standard Industrial Classification for Crude Petroleum & Natural Gas
• DE (jurisdiction) — State of incorporation
• 840989164 (identifier) — IRS Employer Identification No.
• 700 Colorado Blvd #273, Denver, CO 80206 (address) — Business address

FAQ

Risk Factors

• Filing Requirements [low — regulatory]: The company has filed all required reports for the preceding 12 months and has been subject to such filing requirements for the past 90 days.

Industry Context

ALTEX INDUSTRIES INC operates in the Crude Petroleum & Natural Gas industry, as indicated by its SIC code 1311. This sector is subject to significant market volatility and regulatory oversight.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, including the filing of quarterly reports (Form 10-Q).

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, expenses, and profitability trends.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Verify compliance with SEC filing regulations and deadlines.

Key Dates

• 2023-12-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-02-02: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is a standard quarterly report (10-Q) for the period ended December 31, 2023, indicating ongoing compliance with SEC reporting obligations.

Key Financial Figures

• $13,000 — Financial Condition The Company used $13,000 cash in operating activities in the thr
• $9,000 — onths ended December 31, 2023, and used $9,000 cash in operating activities in the thr
• $44,556 — 493,975 shares of its common stock for $44,556.55, and on November 9, 2022, the Compan
• $1,140,000 — shares. At December 31, 2023 and 2022, $1,140,000 of accrued expenses is accrued but unpa
• $113,000 — d administrative expense decreased from $113,000 in the three months ended December 31,
• $50,000 — hree months ended December 31, 2022, to $50,000 in the three months ended December 31,
• $68,000 — se and related payroll tax liability of $68,000 pursuant to the president's employment
• $19,000 — reement. Interest income increased from $19,000 in the three months ended December 31,
• $30,000 — hree months ended December 31, 2022, to $30,000 in the three months ended December 31,

Filing Documents

• altx-20231231.htm (10-Q) — 122KB
• altx_ex31.htm (EX-31) — 7KB
• altx_ex32.htm (EX-32) — 3KB
• 0001096906-24-000154.txt (&nbsp;) — 862KB
• altx-20231231_cal.xml (EX-101.CAL) — 20KB
• altx-20231231_def.xml (EX-101.DEF) — 10KB
• altx-20231231_lab.xml (EX-101.LAB) — 80KB
• altx-20231231_pre.xml (EX-101.PRE) — 56KB
• altx-20231231.xsd (EX-101.SCH) — 6KB
• altx-20231231_htm.xml (XML) — 33KB

Financial Statements

Item 1. Financial Statements ALTEX INDUSTRIES, INC. Condensed Consolidated Balance Sheets (Unaudited) December 31 September 30 2023 2023 Assets Current assets Cash and cash equivalents $ 2,219,000 $ 2,232,000 Accounts receivable 2,000 4,000 Other 15,000 22,000 Total current assets 2,236,000 2,258,000 Property and equipment, at cost Proved oil and gas properties (successful efforts method) 326,000 326,000 Less accumulated depreciation, depletion, and amortization ( 298,000 ) ( 297,000 ) Net property and equipment 28,000 29,000 Right-of-Use Asset 40,000 47,000 Total assets 2,304,000 $ 2,334,000 Liabilities and Stockholders' Equity Current liabilities Accounts payable 1,000 $ 4,000 Operating lease liability 27,000 27,000 Accrued expenses, related party 1,140,000 1,140,000 Other accrued expenses 7,000 11,000 Total current liabilities 1,175,000 1,182,000 Long-term operating lease liability 13,000 20,000 Total Liabilities 1,188,000 1,202,000 Commitments and Contingencies - - Stockholders' equity Preferred stock, $ 0.01 par value. Authorized 5,000,000 shares, none issued - - Common stock, $ 0.01 par value. Authorized 50,000,000 shares; issued and outstanding, 11,348,021 114,000 114,000 Additional paid-in capital 13,715,000 13,715,000 Accumulated deficit ( 12,713,000 ) ( 12,697,000 ) Total stockholders' equity 1,116,000 1,132,000 Total liabilities and stockholders' equity $ 2,304,000 $ 2,334,000 See notes to unaudited condensed consolidated financial statements ALTEX INDUSTRIES, INC. Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended December 31 2023 2022 Revenue Oil and gas sales $ 6,000 $ 13,000 Total revenue 6,000 13,000 Operating expense Production taxes 1,000 1,000 General and administrative 50,000 113,000 Depreciation, depletion, and a

Management's Discussion and Analysis of Financial Condition and Results of Operation

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation. Financial Condition The Company used $13,000 cash in operating activities in the three months ended December 31, 2023, and used $9,000 cash in operating activities in the three months ended December 31, 2022. On October 26, 2022, the Company acquired 493,975 shares of its common stock for $44,556.55, and on November 9, 2022, the Company retired the 493,975 shares. At December 31, 2023 and 2022, $1,140,000 of accrued expenses is accrued but unpaid salary and bonus, and related accrued payroll tax liability, due to the Company's president that the Company's president has elected to defer. The Company's president may cause the Company to pay the unpaid salary and bonus and payroll tax liability at any time. The Company is likely to experience negative cash flow from operations unless the Company invests in interests in producing oil and gas wells or in another venture that produces sufficient cash flow from operations. With the exception of capital expenditures related to production acquisitions or drilling or recompletion activities or an investment in another venture that produces cash flow from operations, none of which are currently planned, the cash flows that could result from such acquisitions, activities, or investments, and the possibility of a material change in the current level of interest rates or of oil and gas prices, the Company knows of no trends or demands, commitments, events or uncertainties that will result in or that are reasonably likely to result in the Company's liquidity increasing or decreasing in any material way. Except for cash generated by the operation of the Company's producing oil and gas properties, asset sales, and interest income, the Company has no internal or external sources of liquidity other than its working capital. At February 2, 2024, the Company had no material commitments for capital expenditures. Results of Operations

Controls and Procedures

Item 4. Controls and Procedures. The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company's Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including its Principal Executive Officer and Principal Financial Officer as appropriate, to allow timely decisions regarding required disclosure. Management necessarily applied its judgment in assessing the costs and benefits of such controls and procedures which, by their nature, can provide only reasonable assurance regarding management's control objectives. As of the end of the period covered by the report, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including the Company's Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to Exchange Act Rule 13a-14. Based upon the foregoing, the Company's Principal Executive Officer and Principal Financial Officer concluded that the Company's disclosure controls and procedures are effective in timely alerting them to material information relating to the Company (including its consolidated subsidiary) required to be included in the Company's Exchange Act reports. There have been no significant changes in the Company's internal controls or in other factors that could significantly affect internal controls subsequent to the date the Company carried out its evaluation.

- OTHER INFORMATION

PART II - OTHER INFORMATION

Exhibits

Item 6. Exhibits 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.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ALTEX INDUSTRIES, INC. Date: February 2, 2024 By: /s/ STEVEN H. CARDIN Steven H. Cardin Chief Executive Officer and Principal Financial Officer

View Full Filing

View this 10-Q filing on SEC EDGAR