XML 21 R10.htm IDEA: XBRL DOCUMENT v3.25.1
Note 4 - Segment Reporting
 3 Months Ended
Mar. 31, 2025
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 Company’s President and Treasurer is the chief operating decision maker (“CODM”) and manages and allocates resources between the Oil and Gas, Timber, and Surface segments. Consistent with this decision-making process, the CODM uses financial information disaggregated between the Oil and Gas, Timber, and Surface segment for purposes of evaluating performance, forecasting future period financial results, and allocating resources. The CODM evaluates segment business performance on a quarterly basis based on gross profit.

 

The tables below present financial information for the Company’s three operating business segments:

 

   

Three Months Ended

March 31,

   

Year Ended

December 31,

 
   

2025

    

2024

  

Identifiable Assets, net of accumulated depreciation

                

Timber

   $ 2,250,525     $ 2,250,616  

General corporate assets

     16,707,898       16,596,712  

Total

     18,958,423       18,847,237  
                 
                 

Depreciation and depletion

                

Oil and gas

   $ -     $ -  

Timber

     -       91  

General corporate assets

     870       4,261  

Total

   $ 870     $ 4,352  

 

 

   

March 31, 2025

  
   

Oil and Gas

    

Timber

    

Surface

    

Consolidated

  

Revenues

   $ 268,508     $ -     $ 79,676     $ 348,184  

Cost of Goods Sold

     20,710       3,774       -       24,484  

Gross Profit

     247,798       (3,774 )     79,676       323,700  

 

   

March 31, 2024

  
   

Oil and Gas

    

Timber

    

Surface

    

Consolidated

  

Revenues

   $ 82,500     $ 2,275     $ 57,074     $ 141,849  

Cost of Goods Sold

     10,366       3,983       -       14,349  

Gross Profit

     72,134       (1,708 )     57,074       127,500  

 

 

Reconciliation

  

March 31,

2025

    

March 31,

2024

  

Total Gross Profit

     323,700       127,500  

Less:

                

General & Administrative Expense

     210,680       563,040  

Depreciation Expense

     870       1,066  

Income (Loss) from Operations

     112,150       (436,606 )
                 

Interest Income

     93,597       50,218  

Income (Loss) before income taxes

     205,747       (386,388 )

 

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, 2024. 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.