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Note 6 - Segment Reporting
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
Note
6
:     
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 tables below present financial information for the Company’s
three
operating business segments:
 
   
Three Months Ended
   
Nine Months Ended
 
   
September 30,
   
September 30,
 
   
2018
   
2017
   
2018
   
2017
 
Revenues:
                               
Oil and gas
  $
178,640
    $
132,348
    $
464,895
    $
465,710
 
Timber sales
   
56,929
     
-
     
411,936
     
8,966
 
Surface revenue
   
22,127
     
64,975
     
121,592
     
318,423
 
Total segment revenues
   
257,695
     
197,323
     
998,423
     
793,099
 
                                 
Cost and expenses:
                               
Oil and gas costs
   
18,435
     
13,668
     
48,378
     
46,717
 
Timber costs
   
15,212
     
2,776
     
50,591
     
8,883
 
Surface costs
   
10,717
     
12,429
     
25,220
     
37,277
 
Total segment costs and expenses
   
44,363
     
28,873
     
124,188
     
92,877
 
                                 
Income from operations:
                               
Oil and gas
   
160,205
     
118,680
     
416,517
     
418,993
 
Timber
   
41,717
     
(2,776
)    
361,345
     
83
 
Surface
   
11,410
     
52,546
     
96,372
     
281,146
 
Total segment income from operations
   
213,332
     
168,450
     
874,234
     
700,222
 
Other income (expenses) before income taxes
   
(111,115
)    
(76,443
)    
529,639
     
(303,676
)
Income before income taxes
  $
102,217
    $
92,008
    $
1,403,873
    $
396,546
 
 
   
Three Months Ended
   
Nine Months Ended
 
   
September 30,
   
September 30,
 
   
2018
   
2017
   
2018
   
2017
 
Identifiable Assets, net of accumulated depreciation
                               
Oil and gas
  $
-
    $
-
    $
-
    $
-
 
Timber
   
2,134,230
     
2,111,302
     
2,134,230
     
2,111,302
 
Surface
   
-
     
-
     
-
     
-
 
General corporate assets
   
13,388,113
     
12,537,150
     
13,388,113
     
12,537,150
 
Total
   
15,522,343
     
14,648,452
     
15,522,343
     
14,648,452
 
                                 
Capital expenditures:
                               
Oil and gas
   
-
     
-
     
-
     
-
 
Timber
   
-
     
27,894
     
29,763
     
38,934
 
Surface
   
-
     
-
     
-
     
-
 
General corporate assets
   
-
     
88,788
     
9,554
     
88,788
 
Total segment costs and expenses
   
-
     
116,682
     
39,317
     
127,722
 
                                 
Depreciation and depletion
                               
Oil and gas
   
-
     
-
     
13,896
     
-
 
Timber
   
-
     
-
     
-
     
-
 
Surface
   
-
     
-
     
-
     
-
 
General corporate assets
   
1,050
     
233
     
1,517
     
701
 
Total
  $
1,050
    $
233
    $
15,413
    $
701
 
 
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, 2017.
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.