D. DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

DISCONTINUED OPERATIONS

NOTE D – DISCONTINUED OPERATIONS

On August 31, 2020, the Company sold its entire oil and gas operation for $85,000 to an independent third party. In prior years the Company accrued a liability of $2,745,000 to plug and abandon the existing wells. This obligation was assumed by the buyer. Upon the sale of the wells the Company recorded a gain on sale of $2,138,000.

Also included in discontinued operations are net operating expenses the Company incurred during the period presented. For the years ended December 31, 2020, 2019 and 2018 the Company recorded operating losses of $170,000, $2,412,000 and $219,000. In September 2019 the Company wrote down the accounting value of its oil and gas reserves by $2,285,000.