ALTEX INDUSTRIES INC Files Quarterly Report on Form 10-Q

TL;DR

<b>ALTEX INDUSTRIES INC has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial activities and operational status.</b>

AI Summary

ALTEX INDUSTRIES INC (ALTX) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. ALTEX INDUSTRIES INC filed a Form 10-Q for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal executive offices are located at 700 Colorado Blvd #273, Denver, CO 80206. ALTEX INDUSTRIES INC is incorporated in Delaware and has an IRS Employer Identification Number of 84-0989164. 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 and stakeholders with the latest financial performance data for ALTEX INDUSTRIES INC, crucial for evaluating the company's current health and future prospects in the crude petroleum & natural gas sector. The report confirms the company's compliance with SEC filing requirements, indicating ongoing transparency and adherence to regulatory standards for publicly traded entities.

Risk Assessment

Risk Level: low — ALTEX INDUSTRIES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain specific financial results or forward-looking statements that would indicate significant risk or opportunity at this stage.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion, and risk factors to assess ALTEX INDUSTRIES INC's performance and outlook.

Key Numbers

• 2024-03-31 — Quarterly Period End Date (Form 10-Q)
• 2024-05-03 — Filing Date (Form 10-Q)
• 1311 — SIC Code (Crude Petroleum & Natural Gas)

Key Players & Entities

• ALTEX INDUSTRIES INC (company) — Filer name
• March 31, 2024 (date) — Quarterly period ended
• 700 Colorado Blvd #273, Denver CO 80206 (address) — Principal executive offices
• Delaware (jurisdiction) — State of incorporation
• 84-0989164 (identifier) — IRS Employer Identification No.
• 1-9030 (identifier) — Commission file number
• Crude Petroleum & Natural Gas (industry) — Standard Industrial Classification

FAQ

Industry Context

ALTEX INDUSTRIES INC operates within the Crude Petroleum & Natural Gas industry, a sector characterized by exploration, extraction, and production of oil and gas resources.

Regulatory Implications

The company is subject to regulations governed by the Securities Exchange Act of 1934, requiring regular filings such as this Form 10-Q to ensure transparency for investors.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, expenses, and profitability trends.
2. Review the Management's Discussion and Analysis section for insights into operational performance and strategic initiatives.
3. Examine any disclosed risk factors to understand potential challenges and their impact on the company.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the standard quarterly report for the period ending March 31, 2024, following the company's previous filings.

Key Financial Figures

• $525,000 — dollar basis in the interests sold, the $525,000 will be recorded as a gain on sale of a
• $38,000 — tah for $525,000 cash. The Company used $38,000 cash in operating activities in the six
• $23,000 — x months ended March 31, 2024, and used $23,000 cash in operating activities in the six
• $44,556 — 493,975 shares of its common stock for $44,556.55, and on November 9, 2022, the Compan
• $1,140,000 — 975 shares. At March 31, 2024 and 2023, $1,140,000 of accrued expenses is accrued but unpa
• $52,000 — d administrative expense increased from $52,000 in the three months ended March 31, 202
• $64,000 — e three months ended March 31, 2023, to $64,000 in the three months ended March 31, 202
• $165,000 — d administrative expense decreased from $165,000 in the six months ended March 31, 2023,
• $114,000 — the six months ended March 31, 2023, to $114,000 in the six months ended March 31, 2024,
• $68,000 — se and related payroll tax liability of $68,000 pursuant to the president's employment
• $25,000 — reement. Interest income increased from $25,000 in the three months ended March 31, 202
• $29,000 — e three months ended March 31, 2023, to $29,000 in the three months ended March 31, 202
• $44,000 — e months ended March 31, 2024, and from $44,000 in the six months ended March 31, 2023,
• $59,000 — the six months ended March 31, 2023, to $59,000 in the six months ended March 31, 2024,

Filing Documents

• altx-20240331.htm (10-Q) — 166KB
• altx_ex31.htm (EX-31) — 7KB
• altx_ex32.htm (EX-32) — 3KB
• 0001096906-24-001021.txt (&nbsp;) — 948KB
• altx-20240331_cal.xml (EX-101.CAL) — 21KB
• altx-20240331_def.xml (EX-101.DEF) — 11KB
• altx-20240331_lab.xml (EX-101.LAB) — 81KB
• altx-20240331_pre.xml (EX-101.PRE) — 58KB
• altx-20240331.xsd (EX-101.SCH) — 7KB
• altx-20240331_htm.xml (XML) — 44KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ALTEX INDUSTRIES, INC. Condensed Consolidated Balance Sheets (Unaudited) March 31 September 30 2024 2023 Assets Current assets Cash and cash equivalents $ 2,194,000 $ 2,232,000 Accounts receivable 3,000 4,000 Other 10,000 22,000 Total current assets 2,207,000 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 ( 299,000 ) ( 297,000 ) Net property and equipment 27,000 29,000 Right-of-Use Asset 34,000 47,000 Total assets 2,268,000 $ 2,334,000 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 1,000 $ 4,000 Operating lease liability 28,000 27,000 Accrued expenses, related party 1,140,000 1,140,000 Other accrued expenses 7,000 11,000 Total current liabilities 1,176,000 1,182,000 Long-term operating lease liability 6,000 20,000 Total Liabilities 1,182,000 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 ( 12,743,000 ) ( 12,697,000 ) Total stockholders' equity 1,086,000 1,132,000 Total liabilities and stockholders' equity $ 2,268,000 $ 2,334,000 See notes to unaudited condensed consolidated financial statements ALTEX INDUSTRIES, INC. Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended March 31 Six Months Ended March 31 2024 2023 2024 2023 Revenue Oil and gas sales $ 6,000 $ 7,000 $ 12,000 $ 20,000 Total revenue 6,000 7,000 12,000 20,000 Operating expense Production taxes - - 1,000 1,000 General and administrat

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 Effective April 1, 2024, the Company sold certain oil, gas, and mineral interests in Utah for $525,000 cash. The Company used $38,000 cash in operating activities in the six months ended March 31, 2024, and used $23,000 cash in operating activities in the six months ended March 31, 2023. 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 March 31, 2024 and 2023, $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 May 3, 2024,

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) re quired 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: May 3, 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