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Note 3 - Company Operations

9 Months Ended

Sep. 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 segment

ed operations information for the

nine

months ended

September 30, 2017

and

2016,

respectively:

		201 7				20 16
Revenues :
Oil and Gas		$	465,710			$	359,951
Timber			8,966				125,860
Surface			318,423				152,188
Total			793,099				637,999
Cost and Expenses :
Oil and Gas			46,717				43,009
Timber			8,883				23,018
Surface			37,277				55,501
Total			92,877				121,528
Income from Operations :
Oil and Gas			418,993				316,942
Timber			83				102,842
Surface			281,146				96,687
Total			700,222				516,471

Other Expense before Income Taxes:		$	(303,676	)		$	(354,737	)
Income before Income Taxes			396,546				161,734
Identifiable Assets , net of accumulated depreciation:
Oil and Gas			--				--
Timber			2,111,302				2,064,058
Surface			--				--
General Corporate Assets			12,537,150				12,314,402
Total			14,648,452				14,378,460
Capital Expenditures :
Oil and Gas			--				--
Timber			38,934				519,721
Surface			--				--
General Corporate Assets :			88,788				1,881,319
Total			127,722				2,401,040
Depreciation and Depletion:
Oil and Gas			--				--
Timber			--				1,751
Surface			--				--
General Corporate Assets			701				236
Total		$	701			$	1,987

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

nine

months ended

September 30, 2017

and

2016,

respectively are:

Count		201 7				201 6
1		$	179,292			$	112,835
2			100,322				97,135
3			88,284				63,449
4			56,008				52,063
5			45,443				51,020
6			40,655				47,666

X

- References

No definition available.

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X

- 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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