Note 3 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	2016			2015
Deferred tax assets	$	--		$	--
Deferred tax liabilities		(298,919	)		(292,767	)
	$	(298,919	)	$	(292,767	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2016			2015
Income tax on income before extraordinary item:
Tax at statutory rates	$	75,586		$	229,094
Tax effect of the following:
Statutory depletion		(24,936	)		(39,383	)
Section 1033 deferred gain		--			(58,090	)
Section 179 deduction		(5,229	)		--
State income tax		808			10,481
Other		(744	)		335
Income tax on income	$	45,485		$	142,437

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	2016			2015
Casualty loss	$	(121,239	)	$	(121,239	)
Deferred gain		(171,528	)		(171,528	)
Section 179 deduction		(6,152	)		--
	$	(298,919	)	$	(292,767	)