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Note 6 - Segment Reporting
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 6:      Segment Reporting

 

The Company’s operations are classified into three principal operating segments that are all located in the United States: oil and gas, surface and timber. 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:

 

   

Year Ended December 31,

 
   

2022

    

2021

  

Identifiable Assets, net of accumulated depreciation

                

Timber

   $ 2,230,564     $ 2,214,985  

General corporate assets

     15,457,026       14,840,102  

Total

     17,687,590       17,055,087  
                 

Capital expenditures:

                

Timber

   $ 16,461     $ 18,606  

Surface

     564       4,063  

General corporate assets

     12,271       -  

Total segment costs and expenses

   $ 29,296     $ 22,669  
                 

Depreciation and depletion

                

Oil and gas

   $ -     $ -  

Timber

     883       563  

General corporate assets

     5,039       2,027  

Total

   $ 5,922     $ 2,590  

 

   

Years Ended December 31,

 
   

2022

    

2021

  
Revenues:                

Oil and gas

   $ 596,755     $ 364,907  

Timber sales

     219,974       151,102  

Surface revenue

     288,765       228,536  

Total segment revenues

     1,105,494       744,545  
                 
Cost and expenses:                

Oil and gas costs

   $ 50,312     $ 41,685  

Timber costs

     28,664       11,684  

Surface costs

     7,273       -  

Total segment costs and expenses

     86,249       53,369  
                 
Net income from operations:                

Oil and gas

   $ 546,443     $ 323,222  

Timber

     191,310       139,418  

Surface

     281,492       228,536  

Total segment net income from operations

     1,019,245       691,176  

Unallocated other income (expense) before income taxes

     (2,824,676 )     392,143  

Income (loss) before income taxes

   $ (1,805,431 )   $ 1,083,319  

 

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. The Company evaluates performance based on income or loss from operations before income taxes excluding nonrecurring gains and losses on equity investment. 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.