Altex Industries Inc Liquidation Value

ALTEX INDUSTRIES INC (ALTX) is a micro-cap E&P shell-like entity with a September 30 fiscal year-end, operating through subsidiary Altex Oil Corporation (AOC). As of March 31, 2026, total assets are $2.65M against total liabilities of $1.39M, yielding GAAP book equity of $1.27M. Under a liquidation lens, estimated recovery to equity is modestly positive but thin. Cash of $2.48M recovers at 100% ($2.48M). AR of $3K at 90-95% is negligible. Net PP&E of $22K consists of proved oil and gas properties carried at $300K gross with $278K accumulated DD&A; at a 50-70% recovery rate on net book value, realized proceeds would be $11K-$15K. The ROU asset of $140K receives zero recovery under liquidation. Against those haircutted assets of approximately $2.50M-$2.51M, liabilities stay at face value: $1.39M total, of which $1.24M (89% of total liabilities) is the frozen related-party accrued salary/bonus/payroll tax owed to the company president. This single liability is the dominant risk factor: the MD&A confirms the president can demand payment at any time in cash, which would consume approximately half of the liquidatable cash. The operating lease liability totals $140K ($27K current, $113K noncurrent), which does not extinguish on windup. Estimated net recovery to equity under liquidation: approximately $2.50M assets (haircutted) minus $1.39M liabilities (face) = roughly $1.1M, consistent with MFFAIS CLV/LLV/OLV of $1.09M. Recovery is positive but fragile; a single cash demand from the president under the employment agreement would reduce recovery by $1.24M, creating a negative recovery outcome. Compared to the prior filing (December 31, 2025: total assets $2.70M, liabilities $1.39M), the balance sheet has deteriorated by approximately $50K in cash burn ($2.51M to $2.48M cash), with no change in the related-party accrual or lease structure. Operating cash burn for the six months ended March 31, 2026 was $67K versus $49K in the prior-year period. No new debt, no new leases (noncash ROU obtained was $0 vs. $183K in the prior-year comparative period), and no capital expenditures. The filing does not separately XBRL-tag the asset retirement obligation or environmental contingency exposure noted in the MD&A, both of which could reduce recovery if crystallized.