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Note 6 - Segment Reporting | 12 Months Ended
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Dec. 31, 2023
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:
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |
Identifiable Assets, net of accumulated depreciation |  |  |  |  |  |  |  |
Timber |  | $ | 2,250,616 |  |  | $ | 2,230,564 |
General corporate assets |  |  | 16,562,790 |  |  |  | 15,457,026 |
Total |  | $ | 18,813,406 |  |  | $ | 17,687,590 |
Capital expenditures: |  |  |  |  |  |  |  |
Timber |  | $ | 20,737 |  |  | $ | 16,461 |
Surface |  |  | - |  |  |  | 564 |
General corporate assets |  |  | - |  |  |  | 12,271 |
Total segment costs and expenses |  | $ | 20,737 |  |  | $ | 29,296 |
Depreciation and depletion |  |  |  |  |  |  |  |
Oil and gas |  | $ | - |  |  | $ | - |
Timber |  |  | 685 |  |  |  | 883 |
General corporate assets |  |  | 4,261 |  |  |  | 5,039 |
Total |  | $ | 4,946 |  |  | $ | 5,922 |
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |
Revenues: |  |  |  |  |  |  |  |
Oil and gas |  | $ | 380,654 |  |  | $ | 596,755 |
Timber sales |  |  | 154,147 |  |  |  | 219,974 |
Surface revenue |  |  | 950,804 |  |  |  | 288,765 |
Total segment revenues |  |  | 1,485,605 |  |  |  | 1,105,494 |
Cost and expenses: |  |  |  |  |  |  |  |
Oil and gas costs |  | $ | 41,677 |  |  | $ | 50,312 |
Timber costs |  |  | 12,601 |  |  |  | 28,664 |
Surface costs |  |  | 4,926 |  |  |  | 7,273 |
Total segment costs and expenses |  |  | 59,204 |  |  |  | 86,249 |
Net income (loss) from operations: |  |  |  |  |  |  |  |
Oil and gas |  | $ | 338,977 |  |  | $ | 546,443 |
Timber |  |  | 141,546 |  |  |  | 191,310 |
Surface |  |  | 945,878 |  |  |  | 281,492 |
Total segment net income from operations |  |  | 1,426,401 |  |  |  | 1,019,245 |
Unallocated other expense before income taxes |  |  | (1,144,200 | ) |  |  | (2,824,676 | )
Income (loss) before income taxes |  | $ | 282,201 |  |  | $ | (1,805,431 | )
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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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