Note 7 - Segment Reporting

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note

7:

   

Segment Reporting

The Company's operations are classified into

three

principal operating segments that are all located in the United States: oil and gas, surface and timber. 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:

	Years Ended December 31,
	2020		2019
Identifiable Assets, net of accumulated depreciation
Timber	$	2,196,942	$	2,188,594
General corporate assets		14,119,755		13,673,936
Total		16,316,697		15,862,530
Capital expenditures:
Timber		9,321		26,815
Surface		-		-
General corporate assets		-		-
Total segment costs and expenses	$	9,321	$	26,815
Depreciation and depletion
Oil and gas		-		-
Timber		974		611
General corporate assets		2,303		1,751
Total	$	3,277	$	2,362

	Years Ended December 31,
	2020			2019
Revenues:
Oil and gas	$	257,247		$	500,426
Timber sales		134,720			72,847
Surface revenue		279,977			237,998
Total segment revenues		671,944			811,271
Cost and expenses:
Oil and gas costs		29,379			57,454
Timber costs		9,409			21,144
Surface costs		1,154			1,274
Total segment costs and expenses		39,942			79,872
Net income from operations:
Oil and gas		227,868			442,972
Timber		125,311			51,703
Surface		278,823			236,724
Total segment net income from operations		632,002			731,399
Unallocated other income (expense) before income taxes		(193,778	)		(430,211	)
Income before income taxes	$	438,224		$	301,188

There are

no

intersegment sales reported in the accompanying statements of operations. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on income or loss from operations before income taxes excluding nonrecurring gains and losses on equity investment. 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.