Note 6 - Segment Reporting

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 6: Segment Reporting

The Company’s operations are classified into three principal operating and reportable 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 Company’s President and Treasurer is the chief operating decision maker (“CODM”) and manages and allocates resources between the Oil and Gas, Timber, and Surface segments. Consistent with this decision-making process, the CODM uses financial information disaggregated between the Oil and Gas, Timber, and Surface segment for purposes of evaluating performance, forecasting future period financial results, and allocating resources. The CODM evaluates segment business performance on a quarterly basis based on gross profit.

The tables below present financial information for the Company’s three operating and reportable business segments:

	Years Ended December 31,
	2024		2023
Identifiable Assets, net of accumulated depreciation
Oil & Gas	$	-	$	-
Surface		-		-
Timber		2,250,525		2,250,616
General corporate assets		16,596,712		16,562,790
Total	$	18,847,237	$	18,813,406
Capital expenditures:
Oil & Gas	$	-	$	-
Timber		-		20,737
Surface		-		-
General corporate assets		-		-
Total segment costs and expenses	$	-	$	20,737
Depreciation and depletion
Oil and gas	$	-	$	-
Timber		91		685
Surface		-		-
General corporate assets		4,261		4,261
Total	$	4,352	$	4,946

	December 31, 2024
	Oil and Gas		Timber		Surface		Consolidated
Revenues	$	417,846	$	22,225	$	1,081,053	$	1,521,124
Cost of Goods Sold		46,436		18,385		533		65,354
Gross Profit		371,410		3,840		1,080,520		1,455,770

	December 31, 2023
	Oil and Gas		Timber		Surface		Consolidated
Revenues	$	380,654	$	154,147	$	950,804	$	1,485,605
Cost of Goods Sold		41,677		12,601		4,926		59,204
Gross Profit		338,977		141,546		945,878		1,426,401

Reconciliation	2024			2023
Total Gross Profit		1,455,770			1,426,401
Less:
General & Administrative Expense		1,420,153			1,450,308
Depreciation Expense		4,261			4,261
Gain on Sale of Land		(85,636	)		(149,992	)
Income from Operations		116,992			121,824
Interest Income		206,949			160,303
Miscellaneous Income		13,783			74
Income before income taxes		337,724			282,201

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.