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Note 4 - Segment Reporting
 3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
Note
4:
 
 
 
Segment Reporting
 
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.
 
The tables below present financial information for the Company's
three
operating business segments:
 
   
Three Months Ended March 31,
  
   
2021
    
2020
  
Revenues:
                
Oil and gas
   $
50,145
     $
115,050
  
Timber sales
    
53,527
      
7,888
  
Surface revenue
    
51,204
      
57,453
  
Total segment revenues
    
154,876
      
180,391
  
                 
Cost and expenses:
                
Oil and gas costs
    
8,221
      
11,737
  
Timber costs
    
958
      
2,451
  
Surface costs
    
-
      
-
  
Total segment costs and expenses
    
9,179
      
14,188
  
                 
Net income from operations:
                
Oil and gas
    
41,924
      
103,313
  
Timber
    
52,569
      
5,437
  
Surface
    
51,204
      
57,453
  
Total segment net income from operations
    
145,697
      
166,203
  
Unallocated other income (expense) before income taxes
    
307,296
      
(92,373
 )
Income before income taxes
   $
452,993
     $
73,830
  
 
   
Three Months Ended
    
Year Ended
  
   
March 31,
    
December 31,
  
   
2021
    
2020
  
Identifiable Assets, net of accumulated depreciation
                
Timber
   $
2,210,979
     $
2,196,942
  
General corporate assets
    
14,485,521
      
14,119,755
  
Total
    
16,696,499
      
16,316,697
  
                 
Capital expenditures:
                
Timber
    
14,114
      
9,321
  
Surface
    
-
      
-
  
General corporate assets
    
-
      
-
  
Total segment costs and expenses
   $
14,114
     $
9,321
  
                 
Depreciation and depletion
                
Oil and gas
    
-
      
-
  
Timber
    
77
      
974
  
General corporate assets
    
507
      
2,303
  
Total
   $
584
     $
3,277
  
 
 
There are
no
intersegment sales reported in the accompanying statements of operations. 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, 2020.
The Company evaluates performance based on income or loss from operations before income taxes excluding any nonrecurring gains and losses. 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.