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Altex Industries Inc. (ALTX-9.72%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports a net loss of $116,000 for the quarter, compared to a net loss of $16,000 in the same quarter of the previous year. The increase in net loss is primarily due to higher general and administrative expenses.
Total revenue for the quarter was $5,000, down from $6,000 in the same quarter of the previous year. The decrease is attributed to lower oil and gas sales.
General and administrative expenses increased to $150,000 from $50,000, largely due to recognized bonus expenses and related payroll tax liabilities.
Cash used in operating activities was $28,000 for the quarter, compared to $13,000 in the previous year. The company had cash and cash equivalents of $2,628,000 as of December 31, 2024.
The company reported total assets of $2,684,000 and total liabilities of $1,254,000 as of December 31, 2024. Stockholders' equity was $1,430,000, down from $1,546,000 at the end of the previous quarter.
Altex Industries does not anticipate any material impact from climate change regulations on its financial condition or results of operations.
The company maintains that its disclosure controls and procedures are effective in ensuring timely reporting of material information.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Altex Industries Inc. quarterly 10-Q report dated January 31, 2025. To report an error, please email earnings@qz.com.