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Note 3 - Company Operations
9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
Note 3.
Company Operations
 
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 all of which are derived from the Company lands. They are managed separately due to the unique aspects of each area.
 
Following is a summary of segmented operations information for the nine months ended September 30, 2016 and 2015, respectively:
 
   
2016
   
2015
 
Revenues:
               
Oil and Gas
  $ 359,951     $ 672,986  
Timber
    125,860       19,447  
Surface
    152,188       189,034  
Total
    637,999       881,467  
Cost and Expenses:
               
Oil and Gas
    36,059       58,570  
Timber
    10,978       670  
Surface
    2,459       4,266  
Total
    49,496       63,506  
Income from Operations:
               
Oil and Gas
    323,892       614,416  
Timber
    114,882       18,777  
Surface
    149,729       184,768  
Total
    588,503       817,961  
Other Expense before Income Taxes:
    (426,769 )     (195,505 )
Income before Income Taxes
    161,734       622,456  
 
Identifiable Assets, net of accumulated depreciation:
               
Oil and Gas
  $ --     $ --  
Timber
    2,064,058       1,546,088  
Surface
    --       --  
General Corporate Assets
    12,314,402       12,610,848  
Total
    14,378,460       14,156,936  
                 
Capital Expenditures:
               
Oil and Gas
    --       --  
Timber
    519,721       21,535  
Surface
    --       --  
General Corporate Assets:
    1,881,319       265,982  
Total
    2,401,040       287,517  
                 
Depreciation and Depletion:
               
Oil and Gas
    --       --  
Timber
    1,751       --  
Surface
    236       --  
General Corporate Assets
    --       --  
Total
  $ 1,987     $ --  
 
There are no intersegment sales reported in the accompanying income statements. 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, 2015. The Company evaluates performance based on income or loss from operations before income taxes excluding any nonrecurring gains and losses on securities held available-for-sale. 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.
 
Revenue from customers representing 5% or more of total revenue for the nine months ended September 30, 2016 and 2015, respectively are:
 
Count
   
2016
   
2015
 
1     $ 112,835     $ 137,065  
2       97,135       96,728  
3       63,449       93,755  
4       52,063       73,616  
5       51,020       63,890  
6       47,666       63,826  
7       --       56,487  
8       --       45,195