Fri, Nov 29, 10:04 PM (3 days ago)
**Altex Industries, Inc. (ALTX) - 2024 10-K Summary** For the fiscal year ending September 30, 2024, Altex Industries, Inc. reported revenue of $23,000, down from $32,000 in FY23. The net income was $437,000 compared to a net loss of $131,000 in the prior year. Operating expenses decreased to $240,000 from $273,000, primarily due to lower general and administrative costs. The company realized a significant gain of $525,000 from the sale of oil and gas interests. Cash flow from operations showed a net outflow of $78,000, but overall cash increased by $424,000, totaling $2,656,000 at year-end. The company has no immediate capital commitments and continues to face liquidity challenges, reliant on future investments in oil and gas properties. Strategically, Altex maintains a focus on its non-working interests in oil and gas, with estimated reserves of 2,000 barrels as of September 30, 2024. Risk factors include reliance on one major customer for 80% of oil sales and market volatility in oil prices. The company’s financial condition improved with an increase in stockholders' equity to $1,546,000 from $1,132,000, driven by the gain on asset sales. The future outlook remains cautious, emphasizing the need for strategic investments to generate ongoing revenue.