Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

Note 17 – Segment Information

Continuing Operations

The Company is an operating, acquisition, and investment business. Subsidiaries in which the Company has a controlling financial interest are consolidated. The Company generally has two reportable segments: 1) the historic residual operations segment, which included the cost basis of our former membership interests of Electrum, the former contractual interest in the Electrum legal recovery, the settlement payments receivable from G Farma and its co-defendants, the former finance lease payments receivable from Pueblo West to Partner II, the operation of subsidiaries Mentor IP and Partner I, and 2) its classic energy segment which will consist of the Company’s operations and investment in the classic energy space. The classic energy segment includes the fair value of securities investments in (i) oil and gas through Exxon Mobil Corp. (XOM) stock, Occidental Petroleum Corp. (OXY) stock, and Chevron Corp. (CVX) stock, (ii) uranium through Cameco Corp. (CCJ) stock, and (iii) coal through Arch Resources, Inc. (ARCH) stock. Additionally, the Company formerly had small investments in securities listed on the NYSE and NASDAQ, an investment in note receivable from a non-affiliated party, the fair value of convertible notes receivable and accrued interest from NeuCourt, which on July 15, 2022, was exchanged for a NeuCourt SAFE security investment that will be carried at cost, and the investment in NeuCourt that is included in the Corporate, Other, and Eliminations section below. Segment information for our current operating segments is as follows:

	Energy Segment		Historic Segment			Corporate and Eliminations			Consolidated
Three months ended June 30, 2024
Net revenue	$	-	$	-		$	-		$	-
Operating income (loss)		-		(442	)		(211,585	)		(212,027	)
Interest and dividend income		5,981		-			43,428			49,409
Interest expense		-		-			-			-
Property additions		-		-			-			-
Depreciation and amortization		-		-			269			269
Three months ended June 30, 2023
Net revenue	$	-	$	-		$	(291	)	$	(291	)
Operating income (loss)		-		(238	)		(118,549	)		(118,787	)
Interest and dividend income		-		-			10,174			10,174
Interest expense		-		-			6,254			6,254
Property additions		-		-			2,291			2,291
Depreciation and amortization		-		-			427			427
Six months ended June 30, 2024
Net revenue	$	-	$	-		$	-		$	-
Operating income (loss)		-		(630	)		(482,660	)		(483,290	)
Interest and dividend income		11,555		-			84,954			96,509
Interest expense		-		-			-			-
Property additions		-		-			-			-
Depreciation and amortization		-		-			538			538
Total assets		670,000		2,104			3,041,850			3,713,954
Six months ended June 30, 2023
Net revenue	$	-	$	-		$	(291	)	$	(291	)
Operating income (loss)		-		(943	)		(289,285	)		(290,228	)
Interest and dividend income		-		-			16,834			16,834
Interest expense		-		-			9,051			9,051
Property additions		-		-			2,291			2,291
Depreciation and amortization		-		-			665			665
Total assets		-		632			1,486,070			1,486,702

Note 17 – Segment Information (continued)

The following table reconciles operating segments and corporate-unallocated operating income (loss) to consolidated income before income taxes for the three and six months ended June 30, 2024 and 2023, as presented in the unaudited condensed consolidated income statements:

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Operating income (loss)	$	(212,027	)	$	(118,787	)	$	(483,290	)		(290,228	)
Gain (loss) on investments		(259,058	)		(224	)		(227,571	)		(224	)
Interest income		49,409			10,174			96,509			16,834
Interest expense		-			(6,254	)		-			(9,051	)
Other income		-			1,291			-			1,291
Income before income taxes	$	(421,676	)	$	(113,800	)	$	(614,352	)		(281,378	)

Discontinued Operation – Facilities Operations Segment

As disclosed in Note 3 of the consolidated financial statements, we sold our entire 51% ownership interest in WCI on October 4, 2023 for $6,000,000. Following our sale of WCI, we received no new income from WCI and had no further involvement or continuing influence over its operations. Consequently, our facilities operations segment was eliminated at the time of sale. Additionally, the results of operations associated with our facilities operations segment were excluded from our continuing operations and presented as a discontinued operation in our consolidated financial statements. WCI worked with business park owners, governmental centers, and apartment complexes to reduce their facility-related operating costs. The WCI segment is now reported as a discontinued operation. See Note 3 of the consolidated financial statements for detailed financial information on our former facilities operations segment.