Altex Industries Inc. Files 10-Q for Q3 2024

TL;DR

Altex 10-Q filed. Energy sector update. Check financials.

AI Summary

Altex Industries Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers financial performance and operational details for the company, which is involved in the crude petroleum and natural gas sector. Specific financial figures and operational highlights for the quarter and year-to-date periods are detailed within the report.

Why It Matters

This 10-Q filing provides investors and stakeholders with a crucial update on Altex Industries Inc.'s financial health and operational status in the volatile energy market.

Risk Assessment

Risk Level: medium — The company operates in the crude petroleum and natural gas industry, which is inherently subject to significant price volatility and regulatory changes.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 20240726 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• ALTEX INDUSTRIES INC (company) — Filer of the 10-Q report
• 0000775057 (company) — Central Index Key for Altex Industries Inc.
• 20240630 (date) — End of the reporting period for the 10-Q
• 20240726 (date) — Filing date of the 10-Q
• CRUDE PETROLEUM & NATURAL GAS [1311] (industry) — Standard Industrial Classification for Altex Industries Inc.

FAQ

Key Financial Figures

• $525,000 — dollar basis in the interests sold, the $525,000 was recorded as a gain on sale of asset
• $68,000 — tah for $525,000 cash. The Company used $68,000 cash in operating activities in the nin
• $55,000 — ne months ended June 30, 2024, and used $55,000 cash in operating activities in the nin
• $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 June 30, 2024 and 2023, $1,140,000 of accrued expenses is accrued but unpa
• $214,000 — d administrative expense decreased from $214,000 in the nine months ended June 30, 2023,
• $171,000 — the nine months ended June 30, 2023, to $171,000 in the nine months ended June 30, 2024,
• $27,000 — reement. Interest income increased from $27,000 in the three months ended June 30, 2023
• $34,000 — he three months ended June 30, 2023, to $34,000 in the three months ended June 30, 2024
• $71,000 — ee months ended June 30, 2024, and from $71,000 in the nine months ended June 30, 2023,
• $93,000 — the nine months ended June 30, 2023, to $93,000 in the nine months ended June 30, 2024,

Filing Documents

• altx-20240630.htm (10-Q) — 158KB
• altx_ex31.htm (EX-31) — 7KB
• altx_ex32.htm (EX-32) — 3KB
• 0001096906-24-001599.txt ( ) — 960KB
• altx-20240630_cal.xml (EX-101.CAL) — 22KB
• altx-20240630_def.xml (EX-101.DEF) — 11KB
• altx-20240630_lab.xml (EX-101.LAB) — 83KB
• altx-20240630_pre.xml (EX-101.PRE) — 60KB
• altx-20240630.xsd (EX-101.SCH) — 7KB
• altx-20240630_htm.xml (XML) — 46KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ALTEX INDUSTRIES, INC. Condensed Consolidated Balance Sheets (Unaudited) June 30 September 30 2024 2023 Assets Current assets Cash and cash equivalents $ 2,689,000 $ 2,232,000 Accounts receivable 3,000 4,000 Other 29,000 22,000 Total current assets 2,721,000 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 ( 300,000 ) ( 297,000 ) Net property and equipment 26,000 29,000 Right-of-Use Asset 27,000 47,000 Total assets 2,774,000 $ 2,334,000 Liabilities and Stockholders' Equity Current liabilities Accounts payable 4,000 $ 4,000 Operating lease liability 28,000 27,000 Accrued expenses, related party 1,140,000 1,140,000 Other accrued expenses 11,000 11,000 Total current liabilities 1,183,000 1,182,000 Long-term operating lease liability - 20,000 Total Liabilities 1,183,000 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 ( 12,238,000 ) ( 12,697,000 ) Total stockholders' equity 1,591,000 1,132,000 Total liabilities and stockholders' equity $ 2,774,000 $ 2,334,000 See notes to unaudited condensed consolidated financial statements ALTEX INDUSTRIES, INC. Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended Nine Months Ended June 30 June 30 2024 2023 2024 2023 Revenue Oil and gas sales $ 4,000 $ 6,000 $ 16,000 $ 26,000 Total revenue 4,000 6,000 16,000 26,000 Operating expense Production taxes 1,000 2,000 2,000

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 $68,000 cash in operating activities in the nine months ended June 30, 2024, and used $55,000 cash in operating activities in the nine months ended June 30, 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 June 30, 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 July 26, 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) 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: July 26, 2024 By: /s/ STEVEN H. CARDIN Steven H. Cardin Chief Executive Officer and Principal Financial Officer

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View this 10-Q filing on SEC EDGAR