XML 48 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 7 - Company Operations
 12 Months Ended
Dec. 31, 2012
Segment Reporting Disclosure [Text Block]
Note 7.       Company Operations

The Company’s operations are classified into three principal operating segments that are all located in the United States: oil and gas, agricultural and timber.  The Company’s reportable business segments are strategic business units that offer income from different products.  They are managed separately due to the unique aspects of each area.

Following is a summary of segmented operations information for 2012 and 2011:

   
2012
   
2011
 
Revenues
           
Oil and Gas
  $ 2,817,606     $ 1,802,205  
Agricultural
    345,267       82,324  
Timber
    100,114       100,385  
Total
    3,262,987       1,984,914  
Cost and Expenses
               
Oil and Gas
    219,224       138,801  
Agricultural
    5,302       12,834  
Timber
    40,018       101,968  
Total
    264,544       253,603  
Income from Operations
               
Oil and Gas
    2,598,382       1,663,404  
Agricultural
    339,965       69,490  
Timber
    60,096       (1,583 )
Total
    2,998,443       1,731,311  
Other Income (Expense) before Income Taxes
    (348,608 )     (354,599 )
Income before Income Taxes
    2,649,835       1,376,712  
                 
Identifiable Assets, net of accumulated depreciation and depletion
               
Oil and Gas
    -       -  
Agricultural
    -       -  
Timber
    1,235,790       1,146,743  
General Corporate Assets
    11,349,630       9,848,226  
Total
    12,585,420       10,994,969  
                 
Capital Expenditures
               
Oil and Gas
    -       -  
Agricultural
    -       -  
Timber
    98,174       648,361  
General Corporate Assets
    38,047       1,188,957  
Total
    136,221       1,837,318  
                 
Depreciation and Depletion
               
Oil and Gas
    -       -  
Agricultural
    -       4,137  
Timber
    9,128       58,871  
General Corporate Assets
    6,686       3,329  
Total
  $ 15,814     $ 66,337  

There are no intersegment sales reported in the accompanying income statements.  The accounting policies of the segments are the same as those described in the summary of significant accounting policies.  The Company evaluates performance based on income or loss from operations before income taxes excluding nonrecurring gains and losses on securities held available-for-sale.  Income before income tax represents net revenues less costs and expenses less other income and expenses of a general corporate nature.  Identifiable assets by segment are those assets used solely in the Company's operations within that segment.

Revenue from four customers of the Company’s oil and gas segment represented approximately $1,324,000, $286,000, $216,000, and $179,000, respectively, of the Company’s 2012 total revenue.  In 2011, five oil and gas segment customers represented approximately $301,000, $279,000, $228,000, $117,000, and $110,000 respectively, of the Company’s total revenue.