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Note 5 - Income taxes | 12 Months Ended
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Dec. 31, 2013
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | Note 5. Income Taxes The Company files federal and state income tax returns on a calendar year basis. The net deferred tax liability in the accompanying balance sheets includes the following components at December 31, 2013 and 2012:
|  | 2013 |  |  | 2012 |
|  | Current |  |  | Non-Current |  |  | Current |  |  | Non-Current |
Deferred tax assets |  | $ | -- |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |
Deferred tax liabilities |  |  | -- |  |  |  | (181,818 | ) |  |  | -- |  |  |  | (181,818 | )
|  | $ | -- |  |  | $ | (181,818 | ) |  | $ | -- |  |  | $ | (181,818 | )
Note 5. Income Taxes (continued) Reconciliations between the United States Federal statutory income tax provision, using the statutory rate of 34%, and the Company’s provision for income taxes at December 31, 2013 and 2012 are as follows:
|  | 2013 |  |  | 2012 |
Income tax on income before extraordinary item: |  |  |  |  |  |  |  |
Tax at statutory rates |  | $ | 471,109 |  |  | $ | 900,944 |
Tax effect of the following: |  |  |  |  |  |  |  |
Statutory depletion |  |  | (87,526 | ) |  |  | (130,489 | )
Dividend exclusion |  |  | -- |  |  |  | -- |
State income tax |  |  | 33,576 |  |  |  | 71,525 |
Other |  |  | (1,282 | ) |  |  | 40 |
Income tax on income before extraordinary item |  | $ | 415,877 |  |  | $ | 842,020 |
Income tax on extraordinary item: |  |  |  |  |  |  |  |
Tax at statutory rates |  | $ | -- |  |  | $ | 233,762 |
Tax effect of the following: |  |  |  |  |  |  |  |
State income tax |  |  | -- |  |  | $ | 22,085 |
Other |  |  | -- |  |  | $ | 153 |
Income tax on extraordinary item |  | $ | -- |  |  | $ | 256,000 |
Deferred income taxes result from timing differences in the recognition of revenue and expenses for tax and financial statement purposes. The effect of these timing differences at December 31, 2013 and 2012 is as follows:
|  | 2013 |  |  | 2012 |
|  | Current |  |  | Non-Current |  |  | Current |  |  | Non-Current |
Conversion of investment from tax cash basis to accrual basis for financial reporting |  | $ | -- |  |  |  | -- |  |  | $ | -- |  |  |  | -- |
Unrealized net loss (gain) on marketable securities |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |
Casualty loss |  |  | -- |  |  |  | (121,239 | ) |  |  | -- |  |  |  | (121,239 | )
Deferred gain |  |  | -- |  |  |  | (60,579 | ) |  |  | -- |  |  |  | (60,579 | )
|  | $ | -- |  |  |  | (181,818 | ) |  | $ | -- |  |  |  | (181,818 | )

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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