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DISCONTINUED OPERATIONS
9 Months Ended
Sep. 30, 2021
Accounting Policies [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 has 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 of $2,138,000.

 

Also included in discontinued operations are net operating expenses the company incurred during the periods presented. For the three and nine months ended September 30, 2020, the Company recorded operating losses of$38,000 and $182,000.