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Note 3 - Company Operations

3 Months Ended

Mar. 31, 2018

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. They are managed separately due to the unique aspects of each area.

Following is a summary of segmented operations information for the quarter ended

March 31, 2018

and

2017,

respectively:

		2018				2017
Revenues
Oil and Gas		$	124,577			$	181,669
Timber			178,449				--
Surface			43,669				17,102
Total			346,695				198,771
Cost and Expenses
Oil and Gas			16,656				17,565
Timber			20,594				2,940
Surface			6,990				16,858
Total			44,240				37,363
Income from Operations
Oil and Gas			107,921				164,104
Timber			157,855				(2,940	)
Surface			36,679				244
Total			302,455				161,408
Other Income (Expense) before Income Taxes			758,448				(121,988	)
Income before Income Taxes			1,060,903				39,420
Identifiable Assets, net of accumulated depreciation and depletion
Oil and Gas			--				--
Timber			2,138,051				2,083,408
Surface			--				--
General Corporate Assets			13,467,377				12,414,659
Total			15,605,428				14,498,067
Capital Expenditures
Oil and Gas			--				--
Timber			27,373				11,040
Surface			--				--
General Corporate Assets			10,370				--
Total			37,743				11,040
Depreciation and Depletion
Oil and Gas			--				--
Timber			8,502				--
Surface			--				--
General Corporate Assets			233				234
Total		$	8,735			$	234

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, 2017.

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 quarter ended

March 31, 2018

and

2017,

respectively are:

Count			2018				2017
1			$	138,519			$	41,884
2				39,899				34,137
3				34,723				23,215
4				24,193				13,039
5				19,764				13,028
6				--				12,795

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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