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Note 4 - Segment Reporting
 9 Months Ended
Sep. 30, 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:

 

   

Nine Months

Ended

September 30,

   

Year Ended

December 31,

 
   

2025

    

2024

  

Identifiable Assets, net of accumulated depreciation

                

Timber

   $ 661,589       2,250,525  

Surface

     -       -  

General corporate assets

     18,497,868       16,596,712  

Total

     19,159,457       18,847,237  
                 

Depreciation and depletion

                

Oil and gas

   $ -     $ -  

Timber

     126       91  

General corporate assets

     2,398       4,261  

Total

   $ 2,524     $ 4,352  

 

   

Three Months Ended

September 30, 2025

  
   

Oil and Gas

    

Timber

    

Surface

    

Consolidated

  

Revenues

   $ 47,135       94,825       90,679       232,639  

Cost of goods sold

     5,657       4,833       7,390       17,880  

Gross profit

     41,478       89,992       83,289       214,759  

 

   

Three Months Ended

September 30, 2024

  
   

Oil and Gas

    

Timber

    

Surface

    

Consolidated

  

Revenues

   $ 73,340       18,883       79,046       171,269  

Cost of goods sold

     12,958       6,885       240       20,083  

Gross profit

     60,382       11,998       78,806       151,186  

 

 

   

Nine Months Ended

September 30, 2025

  
   

Oil and Gas

    

Timber

    

Surface

    

Consolidated

  

Revenues

   $ 373,131       94,825       248,803       716,759  

Cost of goods sold

     39,260       9,579       7,390       56,229  

Gross profit

     333,871       85,246       241,413       660,530  

 

   

Nine Months Ended

September 30, 2024

  
   

Oil and Gas

    

Timber

    

Surface

    

Consolidated

  

Revenues

   $ 316,986       21,158       1,002,406       1,340,550  

Cost of goods sold

     36,189       15,706       240       52,135  

Gross profit

     280,797       5,452       1,002,166       1,288,415  

 

 

   

Three Months Ended

September 30,

    

Nine Months Ended

September 30,

  

Reconciliation

  

2025

    

2024

    

2025

    

2024

  

Total gross profit

   $ 214,759     $ 151,186     $ 660,530     $ 1,288,415  

Less:

                                

General & administrative expense

     186,883       167,051       548,359       1,233,209  

Depreciation expense

     711       1,065       2,398       3,196  

Gain on sale of land

     (86,188 )     -       (275,399 )     (140,582 )

Income (loss) from operations

     113,353       (16,930 )     385,172       192,592  

Miscellaneous income

     -       38       66       13,785  

Interest income

     50,401       54,097       218,480       155,196  

Income before income taxes

     163,754       37,205       603,718       361,573  

 

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.