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These terms and conditions govern your use of the website alphaminr.com and its related services.
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| [ 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 ]
|
|
Emerging growth company [ ]
|
|
Item 1. Financial Statements
|
||||||||
|
ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
|
||||||||
|
Condensed Consolidated Balance Sheets
|
||||||||
|
(Unaudited)
|
||||||||
|
June 30
|
September 30
|
|||||||
|
2019
|
2018
|
|||||||
|
Assets
|
||||||||
|
Current assets
|
||||||||
|
Cash and cash equivalents
|
$
|
2,280,000
|
$
|
2,274,000
|
||||
|
Accounts receivable
|
2,000
|
-
|
||||||
|
Other
|
24,000
|
18,000
|
||||||
|
Total current assets
|
2,306,000
|
2,292,000
|
||||||
|
Property and equipment, at cost
|
||||||||
|
Proved oil and gas properties (successful efforts method)
|
333,000
|
333,000
|
||||||
|
Less accumulated depreciation, depletion, and amortization
|
(245,000
|
)
|
(236,000
|
)
|
||||
|
Net property and equipment
|
88,000
|
97,000
|
||||||
|
Total assets
|
2,394,000
|
2,389,000
|
||||||
|
Liabilities and Stockholders’ Equity
|
||||||||
|
Current liabilities
|
||||||||
|
Accounts payable
|
4,000
|
11,000
|
||||||
|
Other accrued expenses
|
1,080,000
|
1,080,000
|
||||||
|
Total current liabilities
|
1,084,000
|
1,091,000
|
||||||
|
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; 12,351,731 shares issued; 12,262,376 and 12,351,731 shares outstanding in June and September, respectively
|
124,000
|
124,000
|
||||||
|
Additional paid-in capital
|
13,809,000
|
13,809,000
|
||||||
|
Accumulated deficit
|
(12,616,000
|
)
|
(12,635,000
|
)
|
||||
|
Treasury stock, at cost, 89,355 shares
|
(7,000
|
)
|
-
|
|||||
|
Total stockholders' equity
|
1,310,000
|
1,298,000
|
||||||
|
Total liabilities and stockholders' equity
|
$
|
2,394,000
|
$
|
2,389,000
|
||||
|
ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
|
||||||||||||||||
|
Condensed Consolidated Statements of Operations
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
June 30
|
June 30
|
|||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
|||||||||||||
|
Revenue
|
||||||||||||||||
|
Oil and gas sales
|
$
|
12,000
|
$
|
14,000
|
$
|
43,000
|
$
|
53,000
|
||||||||
|
Total revenue
|
12,000
|
14,000
|
43,000
|
53,000
|
||||||||||||
|
Costs and expenses
|
||||||||||||||||
|
Production taxes
|
-
|
1,000
|
3,000
|
4,000
|
||||||||||||
|
General and administrative
|
35,000
|
35,000
|
115,000
|
118,000
|
||||||||||||
|
Depreciation, depletion, and amortization
|
3,000
|
4,000
|
9,000
|
13,000
|
||||||||||||
|
Total costs and expenses
|
38,000
|
40,000
|
127,000
|
135,000
|
||||||||||||
|
Loss from operations
|
(26,000
|
)
|
(26,000
|
)
|
(84,000
|
)
|
(82,000
|
)
|
||||||||
|
Other income
|
||||||||||||||||
|
Interest income
|
12,000
|
10,000
|
38,000
|
19,000
|
||||||||||||
|
Other income
|
41,000
|
1,000
|
65,000
|
6,000
|
||||||||||||
|
Total other income
|
53,000
|
11,000
|
103,000
|
25,000
|
||||||||||||
|
Net gain (loss)
|
$
|
27,000
|
$
|
(15,000
|
)
|
$
|
19,000
|
$
|
(57,000
|
)
|
||||||
|
Gain (loss) per share
|
$
|
0.00
|
$
|
(0.00
|
)
|
$
|
0.00
|
$
|
(0.00
|
)
|
||||||
|
Weighted average shares outstanding
|
12,262,596
|
12,555,131
|
12,318,973
|
12,561,230
|
||||||||||||
|
ALTEX INDUSTRIES, INC. AND SUBSIDIARIES
|
||||||||
|
Condensed Consolidated Statements of Cash Flows
|
||||||||
|
(Unaudited)
|
||||||||
|
Nine months ended
|
||||||||
|
June 30
|
||||||||
|
2019
|
2018
|
|||||||
|
Cash flows used in operating activities
|
||||||||
|
Net gain (loss)
|
$
|
19,000
|
$
|
(57,000
|
)
|
|||
|
Adjustments to reconcile net loss to net cash used in operating activities
|
||||||||
|
Depreciation, depletion, and amortization
|
9,000
|
13,000
|
||||||
|
Increase in accounts receivable
|
(2,000
|
)
|
(5,000
|
)
|
||||
|
Increase in other current assets
|
(6,000
|
)
|
(6,000
|
)
|
||||
|
Decrease in accounts payable
|
(7,000
|
)
|
(1,000
|
)
|
||||
|
Decrease in other accrued expenses
|
-
|
(2,000
|
)
|
|||||
|
Net cash provided by (used in) operating activities
|
13,000
|
(58,000
|
)
|
|||||
|
Cash flows from financing activities
|
||||||||
|
Acquisition of treasury stock
|
(7,000
|
)
|
(4,000
|
)
|
||||
|
Net cash used in financing activities
|
(7,000
|
)
|
(4,000
|
)
|
||||
|
Net increase (decrease) in cash and cash equivalents
|
6,000
|
(62,000
|
)
|
|||||
|
Cash and cash equivalents at beginning of period
|
2,274,000
|
2,349,000
|
||||||
|
Cash and cash equivalents at end of period
|
$
|
2,280,000
|
$
|
2,287,000
|
||||
|
Noncash investing and financing activities
|
||||||||
|
Retirement of property plant and equipment
|
$
|
-
|
$
|
3,000
|
||||
|
Supplemental disclosures
|
||||||||
|
Cash paid for interest
|
$
|
-
|
$
|
-
|
||||
|
Cash paid for income taxes
|
$
|
-
|
$
|
-
|
||||
|
ALTEX INDUSTRIES, INC.
|
|
Condensed Consolidated Statements of Stockholders' Equity
|
|
(Unaudited)
|
|
For the nine months ended
June 30, 2019
|
Preferred Stock
|
Common Stock
|
Additional
paid-in
|
Accumulated
|
Treasury
|
Total
stockholders'
|
||||||||||||||||||||
|
|
Amount
|
Shares
|
Shares
|
Amount
|
capital | deficit | stock | equity | ||||||||||||||||||
|
Balance at September 30, 2018
|
|
12,351,731
|
$
|
124,000
|
$
|
13,809,000
|
$
|
(12,635,000
|
)
|
$
|
-
|
$
|
1,298,000
|
|||||||||||||
|
Net gain
|
19,000
|
19,000
|
||||||||||||||||||||||||
|
Dividends declared
|
||||||||||||||||||||||||||
|
Preferred stock, none
|
||||||||||||||||||||||||||
|
Common stock, none
|
||||||||||||||||||||||||||
|
Acquisition of treasury stock, 89,355 shares at $0.08 per share
|
(89,355
|
)
|
(7,000
|
)
|
(7,000
|
)
|
||||||||||||||||||||
|
Balance at June 30, 2019
|
|
12,262,376
|
$
|
124,000
|
$
|
13,809,000
|
$
|
(12,616,000
|
)
|
$
|
(7,000
|
)
|
$
|
1,310,000
|
||||||||||||
|
For the three months ended
June 30, 2019
|
Preferred Stock
|
Common Stock
|
Additional
paid-in
|
Accumulated
|
Treasury
|
Total
stockholders'
|
||||||||||||||||||||
|
|
Amount
|
Shares
|
Shares
|
Amount
|
capital
|
deficit
|
stock
|
equity
|
||||||||||||||||||
|
Balance at March 31, 2019
|
|
12,282,376
|
$
|
124,000
|
$
|
13,809,000
|
$
|
(12,643,000
|
)
|
$
|
(5,000
|
)
|
$
|
1,285,000
|
||||||||||||
|
Net gain
|
27,000
|
27,000
|
||||||||||||||||||||||||
|
Dividends declared
|
||||||||||||||||||||||||||
|
Preferred stock, none
|
||||||||||||||||||||||||||
|
Common stock, none
|
||||||||||||||||||||||||||
|
Acquisition of treasury stock, 20,000 shares at $0.10 per share
|
(20,000
|
)
|
(2,000
|
)
|
(2,000
|
)
|
||||||||||||||||||||
|
Balance at June 30, 2019
|
|
12,262,376
|
$
|
124,000
|
$
|
13,809,000
|
$
|
(12,616,000
|
)
|
$
|
(7,000
|
)
|
$
|
1,310,000
|
||||||||||||
| (a) | (b) | (c) | (d) | |||||||||||||
|
Period
|
Total
number of
shares
(or units)
purchased
|
Average
price paid
per share
(or unit)
|
Total number
of shares
(or units)
purchased as
part of
publicly
announced
plans or
programs
|
Maximum
number (or approximate
dollar value)
of shares
(or units) that
may yet be
purchased
under the
plans or
programs
|
||||||||||||
|
April
2019
|
20,000
|
$
|
0.10
|
--
|
--
|
|||||||||||
|
May
2019
|
--
|
--
|
--
|
--
|
||||||||||||
|
June
2019
|
--
|
--
|
--
|
--
|
||||||||||||
|
Total
|
20,000
|
$
|
0.10
|
--
|
--
|
|||||||||||
|
31.
|
|
|
32.
*
|
|
|
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 9, 2019
|
By:
/s/ STEVEN H. CARDIN
|
|
Steven H. Cardin
|
|
|
Chief Executive Officer and
Principal Financial Officer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|