XML 21 R10.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Note 4 - Segment Reporting
 3 Months Ended
Mar. 31, 2024
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,

 
   

2024

    

2023

  

Identifiable Assets, net of accumulated depreciation

                

Timber

   $ 2,250,596     $ 2,250,616  

General corporate assets

     16,140,032       16,562,790  

Total

     18,390,628       18,813,406  
                 

Capital expenditures:

                

Timber

   $ -     $ 20,737  

Surface

     -       -  

General corporate assets

     -       -  

Total segment costs and expenses

   $ -     $ 20,737  
                 

Depreciation and depletion

                

Oil and gas

   $ -     $ -  

Timber

     20       685  

General corporate assets

     1,066       4,261  

Total

   $ 1,086     $ 4,946  

 

 

   

Three Months Ended March 31,

 
   

2024

    

2023

  

Revenues:

                

Oil and gas

   $ 82,500     $ 49,195  

Timber sales

     2,275       1,901  

Surface revenue

     57,074       114,666  

Total segment revenues

     141,849       165,762  
                 

Cost and expenses:

                

Oil and gas costs

   $ 10,366     $ 8,938  

Timber costs

     3,983       1,257  

Surface costs

     -       -  

Total segment costs and expenses

     14,349       10,195  
                 

Net income (loss) from operations:

                

Oil and gas

   $ 72,134     $ 40,257  

Timber

     (1,708 )     644  

Surface

     57,074       114,666  

Total segment net income from operations

     127,500       155,567  

Unallocated other expense before income taxes

     (513,889 )     (472,418 )

Loss before income taxes

   $ (386,389 )   $ (316,851 )

 

 

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, 2023. 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.