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Note 4 - Segment Reporting
 3 Months Ended
Mar. 31, 2022
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,

   

Year Ended
December 31,

 
   

2022

    

2021

  

Identifiable Assets, net of accumulated depreciation

                

Timber

   $ 2,219,352     $ 2,214,985  

General corporate assets

     14,842,547       14,840,102  

Total

     17,061,899       17,055,087  
                 

Capital expenditures:

                

Timber

   $ 4,505     $ 18,606  

Surface

     -       4,063  

General corporate assets

     -       -  

Total segment costs and expenses

   $ 4,505     $ 22,669  
                 

Depreciation and depletion

                

Oil and gas

   $ -     $ -  

Timber

     138       563  

General corporate assets

     507       2,027  

Total

   $ 645     $ 2,590  

 

   

Three Months Ended March 31,

 
   

2022

    

2021

  

Revenues:

                

Oil and gas

   $ 82,429     $ 50,145  

Timber sales

     21,743       53,527  

Surface revenue

     77,746       51,204  

Total segment revenues

     181,918       154,876  
                 

Cost and expenses:

                

Oil and gas costs

   $ 5,736     $ 8,221  

Timber costs

     234       958  

Surface costs

     5,129       -  

Total segment costs and expenses

     11,099       9,179  
                 

Net income from operations:

                

Oil and gas

   $ 76,693     $ 41,924  

Timber

     21,509       52,569  

Surface

     72,617       51,204  

Total segment net income from operations

     170,819       145,697  

Unallocated other income (expense) before income taxes

     (167,226 )     307,296  

Income before income taxes

   $ 3,593     $ 452,993  

 

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, 2021. 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.