Altex Industries is a holding company with passive, non-working interests in onshore oil and gas properties in Utah and Wyoming. Its primary oil and gas asset is a 4.4% overriding royalty interest in the Glo Field in Campbell County, Wyoming, plus minor mineral interests in Utah. As a non-working interest owner, Altex receives royalty payments based on production and commodity prices but bears none of the operating costs or capex — all operational decisions rest with third-party operators. In practice, Altex's oil and gas operations are negligible, generating only around $18,000 in annual royalty revenue. The more meaningful income source is interest earned on its cash balance, which generated roughly $115,000 in FY25. Altex functions primarily as a cash-holding vehicle, with approximately $2.5M in cash making up the bulk of its assets. The company's cost base is dominated by G&A, which runs around $320,000 annually, driven largely by CEO compensation accruals. The CEO has accumulated $1.2M in deferred salary and bonus on the balance sheet, payable at his request, representing a meaningful contingent claim on the company's cash. The CEO, Steven Cardin, also controls approximately 64.7% of outstanding shares. Altex acknowledges that at current production levels, oil and gas revenue is unlikely to cover expenses, and that reversing negative operating cash flow would require deploying capital into producing properties or another income-generating venture.