XML 20 R11.htm IDEA: XBRL DOCUMENT v3.3.1.900
Note 5 - Company Operations
 12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
Note 5.     Company Operations
 
The Company’s operations are classified into three principal operating segments that are all located in the United States: oil and gas, surface 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 2015 and 2014:
 
   
2015
    
20
14
  
Revenues
                
Oil and Gas
   $ 786,204     $ 1, 483,780  
Timber
     52,028       698,773  
Surface
     223,869       436,188  
Total
     1,062,101       2, 618,741  
Cost and Expenses
                
Oil and Gas
     70,240       97,702  
Timber
     8,026       84,183  
Surface
     4,330       1,325  
Total
     82,596       183,210  
Income from Operations
                
Oil and Gas
     715,964       1, 386,078  
Timber
     44,002       614,590  
Surface
     219,539       434,863  
Total
     979,505       2,435,531  
Other Income (Expense) before Income Taxes
     (305,699 )     (509,524 )
Income before Income Taxes
     673,806       1,926,007  
                 
Identifiable Assets, net of accumulated depreciation and depletion
                
Oil and Gas
     --       --  
Timber
     1,546,088       1,527,425  
Surface
     --       --  
General Corporate Assets
     12,610,848       12,299,227  
Total
     14,156,936       13,826,652  
                 
Capital Expenditures
                
Oil and Gas
     --       --  
Timber
     21,535       286,727  
Surface
     --       --  
General Corporate Assets
     265,982       425,956  
Total
     287,517       712,683  
                 
Depreciation and Depletion
                
Oil and Gas
     --       --  
Timber
     2,872       60,941  
Surface
     --       --  
General Corporate Assets
     --       6,241  
Total
   $ 2,872     $ 67,182  
 
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 customers representing 5% or more of total revenue was:
 
Count
    
2015
    
2014
  
1       $167,000       680,000  
2       115,000       624,000  
3       113,000       173,000  
4       94,000       173,000  
5       82,000       160,000  
6       76,000       138,000  
7       64,000       --  
8       57,000       116,000