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Note 3 - Company Operations

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 3.   Company Operations

The Company’s operations are classified into

three

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

Following is a summary of segmented operations information for the

six

months ended

June 30, 2017

and

2016,

respectively:

		2017				2016
Revenues:
Oil and Gas		$	333,362			$	208,199
Timber			8,966				120,868
Surface			253,448				98,889
Total			595,776				427,956
Cost and Expenses:
Oil and Gas			33,049				25,254
Timber			6,107				18,662
Surface			24,848				38,525
Total			64,004				82,441
Income from Operations:
Oil and Gas			300,313				182,945
Timber			2,859				102,206
Surface			228,600				60,364
Total			531,772				345,515

Other Expense before Income Taxes:		$	(227,234	)		$	(213,015	)
Income before Income Taxes			304,538				132,500
Identifiable Assets, net of accumulated depreciation:
Oil and Gas			--				--
Timber			2,083,408				1,598,058
Surface			--				--
General Corporate Assets			12,410,044				12,765,073
Total			14,493,452				14,363,131
Capital Expenditures:
Oil and Gas			--				--
Timber			11,040				53,721
Surface			--				--
General Corporate Assets:			--				272,533
Total			11,040				326,254
Depreciation and Depletion:
Oil and Gas			--				--
Timber			--				1,751
Surface			--				--
General Corporate Assets			467				--
Total		$	467			$	1,751

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 in the Company’s Form

10

-K for the year ended

December 31, 2016.

The Company evaluates performance based on income or loss from operations before income taxes excluding any 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 for the

six

months ended

June 30, 2017

and

2016,

respectively are:

Count			2017				2016
1			$	179,292			$	112,835
2				80,210				97,135
3				54,154				63,449
4				42,513				52,063
5				38,333				51,020
6				--				47,666

X

- References

No definition available.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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