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Note 6 - Segment Reporting
 12 Months Ended
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.