[ 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 ]
|
Item 1. Financial Statements
|
||||||||
ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
|
||||||||
Condensed Consolidated Balance Sheets
|
||||||||
June 30
|
September 30
|
|||||||
2016
|
2015
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
2,512,000
|
$
|
2,605,000
|
||||
Accounts receivable
|
1,000
|
7,000
|
||||||
Other
|
21,000
|
16,000
|
||||||
Total current assets
|
2,534,000
|
2,628,000
|
||||||
Property and equipment, at cost
|
||||||||
Proved oil and gas properties (successful efforts method)
|
334,000
|
334,000
|
||||||
Other
|
17,000
|
17,000
|
||||||
Total property and equipment, at cost
|
351,000
|
351,000
|
||||||
Less accumulated depreciation, depletion, and amortization
|
(218,000
|
)
|
(202,000
|
)
|
||||
Net property and equipment
|
133,000
|
149,000
|
||||||
Other assets
|
1,000
|
1,000
|
||||||
Total assets
|
2,668,000
|
2,778,000
|
||||||
Liabilities and Stockholders' Equity
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
15,000
|
18,000
|
||||||
Other accrued expenses
|
1,022,000
|
844,000
|
||||||
Total current liabilities
|
1,037,000
|
862,000
|
||||||
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; issued, 12,923,232; outstanding 12,903,232
|
129,000
|
129,000
|
||||||
Additional paid-in capital
|
13,851,000
|
13,851,000
|
||||||
Accumulated deficit
|
(12,347,000
|
)
|
(12,064,000
|
)
|
||||
Treasury stock, at cost, 20,000 shares
|
(2,000
|
)
|
-
|
|||||
Total stockholders' equity
|
1,631,000
|
1,916,000
|
||||||
Total liabilities and stockholders' equity
|
$
|
2,668,000
|
$
|
2,778,000
|
ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
|
||||||||||||||||
Condensed Consolidated Statements of Operations
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
June 30
|
June 30
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenue
|
||||||||||||||||
Oil and gas sales
|
$
|
3,000
|
$
|
4,000
|
$
|
17,000
|
$
|
32,000
|
||||||||
Other income
|
-
|
18,000
|
-
|
21,000
|
||||||||||||
Total revenue
|
3,000
|
22,000
|
17,000
|
53,000
|
||||||||||||
Costs and expenses
|
||||||||||||||||
Lease operating
|
-
|
-
|
-
|
2,000
|
||||||||||||
Production taxes
|
-
|
-
|
1,000
|
3,000
|
||||||||||||
General and administrative
|
102,000
|
97,000
|
296,000
|
291,000
|
||||||||||||
Depreciation, depletion, and amortization
|
5,000
|
5,000
|
16,000
|
14,000
|
||||||||||||
Total costs and expenses
|
107,000
|
102,000
|
313,000
|
310,000
|
||||||||||||
Other income (expense)
|
||||||||||||||||
Interest income
|
4,000
|
4,000
|
13,000
|
13,000
|
||||||||||||
Net loss
|
$
|
(100,000
|
)
|
$
|
(76,000
|
)
|
$
|
(283,000
|
)
|
$
|
(244,000
|
)
|
||||
Loss per share
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
$
|
(0.02
|
)
|
$
|
(0.02
|
)
|
||||
Weighted average shares outstanding
|
12,923,012
|
12,968,921
|
12,923,159
|
12,972,391
|
ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
|
||||||||
Condensed Consolidated Statements of Cash Flows
|
||||||||
(Unaudited)
|
||||||||
Nine months ended
|
||||||||
June 30
|
||||||||
2016
|
2015
|
|||||||
Cash flows used in operating activities
|
||||||||
Net loss
|
$
|
(283,000
|
)
|
$
|
(244,000
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities
|
||||||||
Depreciation, depletion, and amortization
|
16,000
|
14,000
|
||||||
Decrease in accounts receivable
|
6,000
|
4,000
|
||||||
Increase in other current assets
|
(5,000
|
)
|
(5,000
|
)
|
||||
Increase (decrease) in accounts payable
|
(3,000
|
)
|
2,000
|
|||||
Increase in other accrued expenses
|
178,000
|
170,000
|
||||||
Net cash used in operating activities
|
(91,000
|
)
|
(59,000
|
)
|
||||
Cash flows from financing activities
|
||||||||
Acquisition of treasury stock
|
(2,000
|
)
|
(1,000
|
)
|
||||
Net cash used in financing activities
|
(2,000
|
)
|
(1,000
|
)
|
||||
Net decrease in cash and cash equivalents
|
(93,000
|
)
|
(60,000
|
)
|
||||
Cash and cash equivalents at beginning of period
|
2,605,000
|
2,699,000
|
||||||
Cash and cash equivalents at end of period
|
$
|
2,512,000
|
$
|
2,639,000
|
Period
|
(a)
Total number of shares
(or units)
purchased
|
(b)
Average price paid
per share
(or unit)
|
(c)
Total number of shares
(or units)
purchased as
part of
publicly
announced
plans or
programs
|
(d)
Maximum number (or approximate
dollar value)
of shares
(or units) that
may yet be
purchased
under the
plans or
programs
|
||||||||||||
April 1, 2016 through April 30, 2016
|
--
|
--
|
--
|
--
|
||||||||||||
May 1, 2016 through May 31, 2016
|
--
|
--
|
--
|
--
|
||||||||||||
June 1, 2016 through June 30, 2016
|
20,000
|
$
|
0.08
|
--
|
--
|
|||||||||||
Total
|
20,000
|
$
|
0.08
|
--
|
--
|
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.
|
Date: August 12, 2016
|
By: /s/ STEVEN H. CARDIN
|
Steven H. Cardin
|
|
Chief Executive Officer and
Principal Financial Officer
|
/s/ STEVEN H. CARDIN
|
August 12, 2016
|
|
Steven H. Cardin
|
Date
|
|
Principal Executive Officer and
Principal Financial Officer
|
Date: August 12, 2016
|
By: /s/ STEVEN H. CARDIN
|
Steven H. Cardin
|
|
Chief Executive Officer and Principal Financial Officer
|
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Aug. 12, 2016 |
|
Document and Entity Information: | ||
Entity Registrant Name | ALTEX INDUSTRIES INC | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Trading Symbol | altx | |
Amendment Flag | false | |
Entity Central Index Key | 0000775057 | |
Current Fiscal Year End Date | --09-30 | |
Entity Common Stock, Shares Outstanding | 12,903,232 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets Parenthetical - $ / shares |
Jun. 30, 2016 |
Sep. 30, 2015 |
---|---|---|
Consolidated Balance Sheets Parenthetical | ||
Preferred stock par value | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Preferred stock shares issued | ||
Common stock par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 50,000,000 | 50,000,000 |
Common stock shares issued | 12,923,232 | 12,923,232 |
Common stock shares outstanding | 12,903,232 | 12,923,232 |
Treasury stock shares | 20,000 |
Consolidated Statement of Operations - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Revenue | ||||
Oil and gas sales | $ 3,000 | $ 4,000 | $ 17,000 | $ 32,000 |
Other income | 18,000 | 21,000 | ||
Total revenue | 3,000 | 22,000 | 17,000 | 53,000 |
Costs and expenses | ||||
Lease operating | 2,000 | |||
Production taxes | 1,000 | 3,000 | ||
General and administrative | 102,000 | 97,000 | 296,000 | 291,000 |
Depreciation, depletion, and amortization | 5,000 | 5,000 | 16,000 | 14,000 |
Total costs and expenses | 107,000 | 102,000 | 313,000 | 310,000 |
Other income (expense) | ||||
Interest income | 4,000 | 4,000 | 13,000 | 13,000 |
Net loss | $ (100,000) | $ (76,000) | $ (283,000) | $ (244,000) |
Loss per share | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
Weighted average shares outstanding | 12,923,012 | 12,968,921 | 12,923,159 | 12,972,391 |
Consolidated Statements of Cash Flows - USD ($) |
9 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Cash flows used in operating activities | ||
Net loss | $ (283,000) | $ (244,000) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation, depletion, and amortization | 16,000 | 14,000 |
Decrease in accounts receivable | 6,000 | 4,000 |
Increase in other current assets | (5,000) | (5,000) |
Increase (decrease) in accounts payable | (3,000) | 2,000 |
Increase in other accrued expenses | 178,000 | 170,000 |
Net cash used in operating activities | (91,000) | (59,000) |
Cash flows from financing activities | ||
Acquisition of treasury stock | (2,000) | (1,000) |
Net cash flows from financing activities | (2,000) | (1,000) |
Net decrease in cash and cash equivalents | (93,000) | (60,000) |
Cash and cash equivalents at beginning of period | 2,605,000 | 2,699,000 |
Cash and cash equivalents at end of period | $ 2,512,000 | $ 2,639,000 |
Note 1 - Financial Statements |
9 Months Ended |
---|---|
Jun. 30, 2016 | |
Notes | |
Note 1 - Financial Statements | Note 1 - Basis of Presentation. The accompanying Condensed Consolidated Balance Sheet as of September 30, 2015, which was de-rived from audited financial statements, and the unaudited interim condensed consolidated financial statements of the Company. have been prepared in accordance with U.S. GAAP for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the accompanying unaudited, consolidated, condensed financial statements contain all adjustments necessary to present fairly the financial position of the Company as of June 30, 2016, and the cash flows and results of operations for the three and nine months then ended. Such adjustments consisted only of normal recurring items. The results of operations for the three and nine months ended June 30 are not necessarily indicative of the results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The accounting policies followed by the Company are set forth in Note 1 to the Company's consolidated financial statements contained in the Company's 2015 Annual Report on Form 10 K, and it is suggested that these condensed consolidated financial statements be read in conjunction therewith. |
0MN
M,4E\"3W)Y<7'X;WTN6)$NF/U1#UV2(;V@@KL>N[.YKYB'KD6PEU0!:+E(?RP
M&H=P;[[T^&2JR#_._TG:K=:QT6Z9??+ON[MOYS=FQ[SYY>C\MYO/YNBRW_]/
M@SP]/368/:&>EM:PW!DQ#.#Z_.@Y!'03\OW!5*GY2;.)3?%RP_4F34#N-+F0
M"BD=!"U/?&E,*)VO>XRI?-2M5S>:2,5HF4;'#+L@H,W7/:+X_69P,VQJLT0[
MR:S&Q%TTX08B=^/(8^ZLFU-'/6-K4$]S:/4[K34#AXL_8TH^=30% M9I,D?!:_7'Z7'?B==9"-IO!\)=L"
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M=CHZA&F5W[%+J)1P,Y/& ,PNY$$,VV4LA-F4*9KFL(:L+<<@42EG1?2+1+5=.HFTG4-[< K9,X_;
MR'+;>U[;EY+'II^YYDRNVEUZ9WUMJEI%05/.)U$#W;$RT'4[47UCWXKF
MJ>M?V_J)3UT?VM91W.V+NJSZM=>Z+3)^68UHKX'5,^91;L9\Y64-'.CK'1ZE
M&RG]&6_(3VY"$,OSF[LX4I
5P' ZZSX8OCX:8D
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MT^+7Z=UJPM:=>1S=TMC[E%$5TKXY:%!QD).(
M5]Z2"2,2LUJHT#S[\;$Y;T+'!S4ZY@0.^/K&:/$E&T7]GV\/WHZ]/Y8!"?@J
M!.()H!A!LL0K0#B!UX,-
*=@[OX!G$A@Q!MK4QWL9VHWKV0
M,M\3[4]^LUW4FB] 8YX8DG &HM3@X=]&7^#M%OM4>'F?MF?$=95;G3@Z-IG'
MDA%74\ENQK6,)XO)UYG;"JZ). 9N/8VH\ZN5W=2N/S1(Q@Z_M#".^'! ; I
MG.?R&C;\HC7
1GUC+HV+[ND E!T;1
M*5^,$U;/A6'S:L"&&6L)Y1NTX/-K-.667&4$BK*XA?PU)1\VTMA2R*PI@(2$
M(^#1U41%4EM]E^P90OJA<9J5+,!IS^%Q&:B2*+G;Y.+]A!*X