Altex Industries Inc. Files Q3 2024 10-Q

TL;DR

Altex Industries Inc. filed its 10-Q for Q3 2024, check financials.

AI Summary

Altex Industries Inc. filed its quarterly report on Form 10-Q for the period ending December 31, 2024. The company, operating in the crude petroleum & natural gas sector, is incorporated in Delaware and headquartered in Denver, Colorado. The filing covers the period from October 1, 2024, to December 31, 2024, and includes financial data for the quarter and year-to-date.

Why It Matters

This filing provides investors with an update on Altex Industries Inc.'s financial performance and operational status for the third quarter of fiscal year 2024, crucial for assessing the company's health in the energy sector.

Risk Assessment

Risk Level: medium — As a company in the volatile crude petroleum & natural gas industry, Altex Industries Inc. faces inherent market and operational risks.

Key Numbers

• 2024-12-31 — Reporting Period End (Financial reporting period for this 10-Q filing.)
• 2025-01-31 — Filing Date (Date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• ALTEX INDUSTRIES INC (company) — Filer
• 2024-12-31 (date) — Reporting Period End Date
• 2025-01-31 (date) — Filing Date
• CRUDE PETROLEUM & NATURAL GAS (industry) — Standard Industrial Classification
• DENVER (location) — Business Address City

FAQ

Key Financial Figures

• $28,000 — Financial Condition The Company used $28,000 cash in operating activities in the thr
• $13,000 — onths ended December 31, 2024, and used $13,000 cash in operating activities in the thr
• $1,235,000 — 2023. Accrued expenses, related party, $1,235,000 at December 31, 2024, and $1,141,000 at
• $1,141,000 — y, $1,235,000 at December 31, 2024, and $1,141,000 at September 30, 2024, are accrued but
• $50,000 — d administrative expense increased from $50,000 in the three months ended December 31,
• $150,000 — hree months ended December 31, 2023, to $150,000 in the three months ended December 31,
• $94,000 — se and related payroll tax liability of $94,000 pursuant to the president's employment

Filing Documents

• altx-20241231.htm (10-Q) — 120KB
• altx_ex31z1.htm (EX-31.1) — 7KB
• altx_ex32z1.htm (EX-32.1) — 3KB
• 0001096906-25-000113.txt ( ) — 865KB
• altx-20241231_cal.xml (EX-101.CAL) — 20KB
• altx-20241231_def.xml (EX-101.DEF) — 10KB
• altx-20241231_lab.xml (EX-101.LAB) — 78KB
• altx-20241231_pre.xml (EX-101.PRE) — 55KB
• altx-20241231.xsd (EX-101.SCH) — 6KB
• altx-20241231_htm.xml (XML) — 32KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ALTEX INDUSTRIES, INC. Condensed Consolidated Balance Sheets (Unaudited) December 31, September 30, 2024 2024 Assets Current assets Cash and cash equivalents $ 2,628,000 $ 2,656,000 Accounts receivable 3,000 3,000 Other 14,000 21,000 Total current assets 2,645,000 2,680,000 Property and equipment, at cost Proved oil and gas properties (successful efforts method) 311,000 311,000 Less accumulated depreciation, depletion, and amortization ( 286,000 ) ( 285,000 ) Net property and equipment 25,000 26,000 Right-of-Use Asset 14,000 20,000 Total assets 2,684,000 $ 2,726,000 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 2,000 $ 5,000 Operating lease liability 14,000 21,000 Accrued expenses, related party 1,235,000 1,141,000 Other accrued expenses 3,000 13,000 Total current liabilities 1,254,000 1,180,000 Long-term operating lease liability - - Total Liabilities 1,254,000 1,180,000 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, 11,229,520 113,000 113,000 Additional paid-in capital 13,693,000 13,693,000 Accumulated deficit ( 12,376,000 ) ( 12,260,000 ) Total stockholders' equity 1,430,000 1,546,000 Total liabilities and stockholders' equity $ 2,684,000 $ 2,726,000 See notes to unaudited condensed consolidated financial statements ALTEX INDUSTRIES, INC. Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended December 31, 2024 2023 Revenue Oil and gas sales $ 5,000 $ 6,000 Total revenue 5,000 6,000 Operating expense Production taxes - 1,000 General and administrative 150,000 50,000 Depreciation, depletion, and amortization

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 $28,000 cash in operating activities in the three months ended December 31, 2024, and used $13,000 cash in operating activities in the three months ended December 31, 2023. Accrued expenses, related party, $1,235,000 at December 31, 2024, and $1,141,000 at September 30, 2024, are 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. Pursuant to his employment agreement, the Company's president may elect to receive unpaid bonus in cash or shares of the Company's common stock at fair market 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 January 31, 2025, the Company had no material commitments for ca

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: January 31, 2025 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