XML 13 R4.htm IDEA: XBRL DOCUMENT v3.21.1
Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Revenues:    
Total revenue $ 671,944 $ 811,271
Costs, expenses and (gains):    
General and administrative expense 605,223 618,919
Depreciation expense 2,303 1,750
Gain on sale of land (354,577) (80,876)
Total costs, expenses and (gains) 292,891 619,665
Income from operations 379,053 191,606
Interest income 44,179 109,582
Miscellaneous income from timber damage 14,992
Income before income taxes 438,224 301,188
Federal and state income tax expense:    
Current 98,841 51,255
Deferred
Total income taxes 98,841 51,255
Net income $ 339,383 $ 249,933
Earnings per share, basic and diluted (in dollars per share) $ 0.17 $ 0.13
Weighted average shares outstanding, basic and diluted (in shares) 1,942,495 1,942,495
Oil and Gas [Member]    
Revenues:    
Revenues from customers $ 257,247 $ 500,426
Costs, expenses and (gains):    
Cost of goods and services sold 29,379 57,454
Timber [Member]    
Revenues:    
Revenues from customers 134,720 72,847
Costs, expenses and (gains):    
Cost of goods and services sold 9,409 21,144
Surface Leases, Unrelated Parties [Member]    
Revenues:    
Revenues, leases 241,644 199,665
Surface Leases, Related Parties [Member]    
Revenues:    
Revenues, leases 38,333 38,333
Surface Leases [Member]    
Costs, expenses and (gains):    
Cost of goods and services sold $ 1,154 $ 1,274