v3.25.2
Note 4 - Segment Reporting
 6 Months Ended
Jun. 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:

 

   

June 30,

    

December 31,

  
   

2025

    

2024

  

Identifiable Assets, net of accumulated depreciation

                

Timber

     2,250,525       2,250,525  

General corporate assets

     16,636,236       16,596,712  

Total

     18,886,761       18,847,237  
                 

Depreciation and depletion

                

Oil and gas

   $ -     $ -  

Timber

     -       91  

Surface

     -       -  

General corporate assets

     1,687       4,261  

Total

   $ 1,687     $ 4,352  

 

 

   

Three Months Ended June 30, 2025

  
   

Oil and Gas

    

Timber

    

Surface

    

Consolidated

  

Revenues

     57,488       -       78,448       135,936  

Cost of Goods Sold

     12,893       972       -       13,865  

Gross Profit

     44,595       (972 )     78,448       122,071  

 

   

Three Months Ended June 30, 2024

  
   

Oil and Gas

    

Timber

    

Surface

    

Consolidated

  

Revenues

     161,148       -       866,286       1,027,434  

Cost of Goods Sold

     12,867       4,838       -       17,705  

Gross Profit

     148,281       (4,838 )     866,286       1,009,729  

 

 

   

Six Months Ended June 30, 2025

  
   

Oil and Gas

    

Timber

    

Surface

    

Consolidated

  

Revenues

     325,996       -       158,123       484,119  

Cost of Goods Sold

     33,603       4,745       -       38,348  

Gross Profit

     292,393       (4,745 )     158,123       445,771  

 

   

Six Months Ended June 30, 2024

  
   

Oil and Gas

    

Timber

    

Surface

    

Consolidated

  

Revenues

     243,648       2,275       923,360       1,169,283  

Cost of Goods Sold

     23,233       8,821       -       32,054  

Gross Profit

     220,415       (6,546 )     923,360       1,137,229  

 

Reconciliation

  

Three Months

Ended
June 30,
2025

    

Three Months

Ended
June 30,
2024

    

Six Months

Ended
June 30,
2025

    

Six Months

Ended
June 30,
2024

  

Total Gross Profit

     122,071       1,009,729       445,771       1,137,229  

Less:

                                

General & administrative expense

     150,795       503,118       361,476       1,066,159  

Depreciation Expense

     817       1,065       1,687       2,130  

Gain on Sale of Land

     (189,210 )     (140,582 )     (189,210 )     (140,582 )

Income from operations

     159,669       646,128       271,818       209,522  
                                 

Less:

                                

Miscellaneous Income

     67       13,747       68       13,747  

Interest Income

     74,481       50,881       168,078       101,099  

Income before income taxes

     234,217       710,756       439,964       324,368  

 

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.