XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.2.2
Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Total revenue $ 330,232 $ 173,546 $ 822,362 $ 539,729
Costs, expenses and (gains):        
General and administrative expense 411,189 141,136 1,180,832 392,538
Depreciation expense 711 507 1,901 1,517
Gain on sale of land (5,667)   (5,667) (851,582)
Total costs, expenses and (gains) 427,593 (104,154) 1,227,090 (419,129)
Income (loss) from operations (97,361) 277,700 (404,728) 958,858
Interest income 9,107 3,622 15,563 13,075
Miscellaneous income 0 0 3,282 0
Income (loss) before income taxes (88,254) 281,322 (385,883) 971,933
Federal and state income tax expense:        
Income tax expense (benefit) (36,551) 92,813 (62,229) 182,269
Total income tax expense (benefit) (36,551) 92,813 (62,229) 182,269
Net income (loss) $ (51,703) $ 188,509 $ (323,654) $ 789,664
Basic and diluted earnings per share (in dollars per share) $ (0.03) $ 0.10 $ (0.17) $ 0.41
Weighted average shares outstanding, basic and diluted (in shares) 1,972,714 1,942,495 1,954,012 1,942,495
Oil and Gas [Member]        
Revenues:        
Oil and gas $ 188,233 $ 108,208 $ 412,375 $ 257,555
Costs, expenses and (gains):        
Cost of goods and services sold 17,844 12,264 38,194 29,930
Timber [Member]        
Revenues:        
Oil and gas 87,904 11,936 198,283 114,877
Costs, expenses and (gains):        
Cost of goods and services sold 3,516 3,255 6,701 8,468
Surface Leases, Unrelated Parties [Member]        
Revenues:        
Revenues, leases 44,511 43,819 182,953 138,548
Surface Leases, Related Parties [Member]        
Revenues:        
Revenues, leases 9,584 9,583 28,751 28,749
Surface Leases [Member]        
Costs, expenses and (gains):        
Cost of goods and services sold $ 0 $ 0 $ 5,129 $ 0