Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 04, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | CKX LANDS, INC. | ||
Entity Central Index Key | 0000352955 | ||
Trading Symbol | ckx | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,942,495 | ||
Entity Public Float | $ 13,398,011 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock with no par value |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash | $ 3,280,289 | $ 1,860,736 |
Certificates of deposit | 2,697,000 | 3,370,000 |
Equity investment in mutual funds | 500,642 | 244,825 |
Accounts receivable | 102,786 | 118,463 |
Prepaid expense and other assets | 39,731 | 36,989 |
Total current assets | 6,620,448 | 5,631,013 |
Long-term certificate of deposit | 725,000 | |
Property and equipment, net | 9,242,082 | 9,245,988 |
Total assets | 15,862,530 | 15,602,001 |
Current liabilities: | ||
Trade payables and accrued expenses | 62,253 | 91,968 |
Unearned revenue | 165,158 | 113,193 |
Income tax payable | 11,654 | |
Total current liabilities | 227,411 | 216,815 |
Deferred income tax payable | 187,664 | 187,664 |
Total liabilities | 415,075 | 404,479 |
Stockholders' equity: | ||
Common stock, 3,000,000 authorized, no par value, 1,942,495 issued and outstanding as of December 31, 2019 and 2018 | 59,335 | 59,335 |
Retained earnings | 15,388,120 | 15,138,187 |
Total stockholders' equity | 15,447,455 | 15,197,522 |
Total liabilities and stockholders' equity | $ 15,862,530 | $ 15,602,001 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Common Stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common Stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Common stock, shares issued (in shares) | 1,942,495 | 1,942,495 |
Common Stock, shares outstanding (in shares) | 1,942,495 | 1,942,495 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | ||
Total revenue | $ 811,271 | $ 1,194,763 |
Costs, expenses and (gains): | ||
General and administrative expense | 618,919 | 573,532 |
Depreciation expense | 1,750 | 2,027 |
Gain on sale of land | (80,876) | (881,654) |
Total costs, expenses and (gains) | 619,665 | (173,588) |
Income from operations | 191,606 | 1,368,351 |
Interest income | 109,582 | 97,502 |
Income before income taxes | 301,188 | 1,465,853 |
Federal and state income tax expense: | ||
Current | 51,255 | 350,793 |
Deferred | ||
Total income taxes | 51,255 | 350,793 |
Net income | 249,933 | 1,115,060 |
Dividends paid | (233,099) | |
Net income available to common shareholders | $ 249,933 | $ 881,961 |
Per common stock, basic and diluted | ||
Net income (in dollars per share) | $ 0.13 | $ 0.57 |
Dividends (in dollars per share) | $ 0.12 | |
Weighted average shares outstanding, basic and diluted (in shares) | 1,942,495 | 1,942,495 |
Oil and Gas [Member] | ||
Revenues: | ||
Revenues from customers | $ 500,426 | $ 576,976 |
Costs, expenses and (gains): | ||
Cost of goods and services sold | 57,454 | 63,231 |
Timber [Member] | ||
Revenues: | ||
Revenues from customers | 72,847 | 454,177 |
Costs, expenses and (gains): | ||
Cost of goods and services sold | 21,144 | 45,640 |
Surface Leases, Unrelated Parties [Member] | ||
Revenues: | ||
Revenues, leases | 199,665 | 125,277 |
Surface Leases, Related Parties [Member] | ||
Revenues: | ||
Revenues, leases | 38,333 | 38,333 |
Surface Leases [Member] | ||
Costs, expenses and (gains): | ||
Cost of goods and services sold | $ 1,274 | $ 23,636 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Dec. 31, 2017 | 1,942,495 | ||
Balances at Dec. 31, 2017 | $ 59,335 | $ 14,256,226 | $ 14,315,561 |
Net income | 1,115,060 | 1,115,060 | |
Dividends paid | (233,099) | (233,099) | |
Balances (in shares) at Dec. 31, 2018 | 1,942,495 | ||
Balances at Dec. 31, 2018 | $ 59,335 | 15,138,187 | 15,197,522 |
Net income | 249,933 | 249,933 | |
Balances (in shares) at Dec. 31, 2019 | 1,942,495 | ||
Balances at Dec. 31, 2019 | $ 59,335 | $ 15,388,120 | $ 15,447,455 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 249,933 | $ 1,115,060 |
Less non-cash expenses included in net income: | ||
Depreciation expense | 1,750 | 2,027 |
Depletion expense | 611 | 1,858 |
Gain on sale of land | (80,876) | (881,654) |
Unrealized gain on equity investment in mutual funds | (240) | |
Changes in operating assets and liabilities: | ||
Increase (decrease) in current assets | 12,937 | 7,968 |
Increase (decrease) in current liabilities | 10,596 | (3,697) |
Net cash provided by operating activities | 194,711 | 241,562 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of certificates of deposit | (2,456,000) | (3,145,000) |
Proceeds from maturity of certificates of deposit | 3,854,000 | 2,662,890 |
Purchases of mutual funds | (255,578) | (244,825) |
Costs of reforesting timber | (26,815) | (55,438) |
Proceeds from the sale of fixed assets | 109,235 | 982,242 |
Net cash provided by investing activities | 1,224,842 | 199,869 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends paid | 0 | (233,099) |
Net cash used in financing activities | (233,099) | |
NET INCREASE IN CASH AND RESTRICTED CASH | 1,419,553 | 208,332 |
Cash and restricted cash, beginning of the period | 1,860,736 | 1,652,404 |
Cash and restricted cash, end of the period | 3,280,289 | 1,860,736 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash paid for interest | ||
Cash paid for income taxes | $ 67,107 | $ 355,387 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1: Nature of Business and Significant Accounting Policies Nature of Business The Company was incorporated in the State of Louisiana on June 27, 1930. Significant Accounting Policies Basis of Presentation and Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no Concentration of Credit Risk The Company maintains its cash balances in six $250,000. Cash Equivalents Cash equivalents are highly liquid debt instruments with original maturities of three Certificate of Deposits Certificates of deposit have maturities greater than three not $250,000. 2020. Equity Investment In January 2016, 2016 01, “Financial Instruments – Overall (Subtopic 825 10 2016 01 2016 01 December 31, 2019, 2018, $500,642 $244,825, not fourth 2018, no 2016 01. Accounts Receivable The Company’s accounts receivable consist of incomes received after quarter-end for royalties produced, timber harvested, and surface revenue earned prior to quarter-end. When there are royalties that have not 12 not not not no Property, Building and Equipment Property, building, and equipment is stated at cost. Major additions are capitalized. Maintenance and repairs are charged to income as incurred. Depreciation is computed on the straight-line and accelerated methods over the following estimated useful lives of the assets: Furniture and equipment (years) 5 - 7 Land improvements (years) 15 Impairment of Long-lived Assets Long-lived assets, such as land, timber and property, buildings, and equipment, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not first not third no 2019 2018. Revenue Recognition Effective January 1, 2018, 2014 09, 606 not 606. 9 Oil and Gas Oil and gas revenue is generated through customer contracts, where we provide the customer access to a designated tract of land upon which the customer performs exploration, extraction, production and ultimate sale of the oil and gas. The Company receives royalties on all oil and gas produced by the customer. The performance obligation identified in oil and gas related contracts is the oil and gas produced on the designated tract of land. The performance obligation is satisfied at a point in time, which is when the customer produces oil and gas. The transaction price is comprised of fixed fees (royalties) on all oil and gas produced The Company accrues monthly royalty revenues based upon estimates and adjusts to actual as the Company receives payments. Accrued royalty income was $84,880 $93,594 December 31, 2019 2018, no 606. Timber Timber revenue is generated through customer contracts executed as a pay-as-cut arrangement, where the customer acquires the right to harvest specified timber on a designated tract for a set period of time at agreed-upon unit prices. The performance obligation identified in timber related contracts is the severing of a single tree. We satisfy our performance obligation when timber is severed, at which time revenue is recognized. The transaction price for timber sales is determined using contractual rates applied to harvest volumes. The Company may $87,300 $54,300 December 31, 2019 2018, $10,407 $9,466 December 31, 2019 2018, 606. Surface Surface revenue is earned through annual leases for agricultural and hunting activities and the Company records revenues evenly over the term of these leases. Surface revenues from these sources are recurring on an annual basis. Unearned revenues were $77,857 $58,893 December 31, 2019 2018, $7,499 $15,403 December 31, 2019 2018, Surface revenue is also earned through right of way and related temporary work-space leases, both of which are not not thirty Other sources of surface revenue can be commercial activities leases and sales of surface minerals, such as dirt. Basic and Diluted Earnings per share Net earnings per share is provided in accordance with FASB ASC 260 10, December 31, 2019, 2018 no Dividends The Company does not Pursuant to a dividend reversion clause in the Company’s Articles of Incorporation, dividends not one Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. In accordance with generally accepted accounting principles, the Company has analyzed its filing positions in federal and state income tax returns for the tax returns that remain subject to examination. Generally, returns are subject to examination for three no No none Other Taxes Taxes, other than income taxes, which consisted of property, payroll, franchise and oil and gas production taxes were $151,204 $159,573, December 31, 2019 2018, Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 ), first 2018 not no January 1, 2018. In November 2016, 2016 18, Statement of Cash Flows (Topic 230 first 2018. no In January 2016, 2016 01, “Financial Instruments – Overall (Subtopic 825 10 2016 01 2016 01 December 31, 2018, $244,831 In February 2016, 2016 02, not may not July 2018, 2018 10 2018 11. 2018 10 2016 02 2018 11 December 15, 2018, January 1, 2019. 2016 02. no There are various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not |
Note 2 - Certificates of Deposi
Note 2 - Certificates of Deposit | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Certificates Of Deposit Disclosure[Text Block] | Note 2 : Certificates of Deposit The Company has certificates of deposit for investment purposes. Certificates of deposit have maturities greater than three not $250,000. August 2020. $2,697,000 $4,095,000 December 31, 2019 2018, $2,456,000 $3,145,000 December 31, 2019 2018, $3,854,000 $2,662,890 December 31, 2019 2018, |
Note 3 - Fair Value of Financia
Note 3 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 3 : Fair Value of Financial Instruments ASC 820 820” 820 three may Level 1: Level 2: not may third Level 3: The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it was practical to estimate that value: Class Methods and/or Assumptions Cash and cash equivalents: Carrying value approximates fair value due to its readily convertible characteristic. Certificate of Deposit: Held until maturity and recorded at amortized cost which approximates fair value. Equity Investment in mutual funds: Carrying value adjusted to and presented at fair market value. The estimated fair value of the Company's financial instruments are as follows: December 31, 2019 December 31, 2018 Financial Assets: Level Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents 1 $ 3,280,289 $ 3,280,289 $ 1,860,736 $ 1,860,736 Certificate of deposit - short term 1 2,697,000 2,697,000 3,370,000 3,370,000 Certificate of deposit - long term 1 - - 725,000 725,000 Equity investment in mutual funds 1 500,410 500,642 244,832 244,825 Total $ 6,477,699 $ 6,477,931 $ 6,200,568 $ 6,200,561 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4 : Property and Equipment Property and equipment consisted of the following: December 31, 2019 2018 Land $ 7,023,053 $ 7,051,412 Timber 2,188,594 2,162,390 Building and equipment 108,602 108,602 9,320,249 9,322,404 Accumulated depreciation (78,167 ) (76,416 ) Total $ 9,242,082 $ 9,245,988 Depreciation, depletion and amortization expense was $2,361 $3,885 December 31, 2019 2018, |
Note 5 - Land Purchases and Sal
Note 5 - Land Purchases and Sales | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | Note 5 : Land Purchases and Sales Land Purchases The Company did not December 31, 2019 2018. Land Sales During the year ended December 31, 2019, +/- Louisiana Mineral Quarter Acres Parish Ownership Land Timber Rights % 1st 16.26 Calcasieu 100.00 % $ 112,500 - 0 % 2nd 20 Calcasieu 16.67 % $ 5,000 - 0 % During the year ended December 31, 2018, +/- Louisiana Mineral Quarter Acres Parish Ownership Land Timber Rights % 1st 17 Calcasieu 100 % $ 128,000 - 0 % 1st 20 Calcasieu 16.7 % $ 147,625 - 0 % 1st 211 Calcasieu 16.7 % $ 536,572 - 100 % 1st 76 Calcasieu 16.7 % $ 189,167 - 0 % For the years ended December 31, 2019 2018, $80,876 $881,654, |
Note 6 - Dividends
Note 6 - Dividends | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Dividends [Text Block] | Note 6 : Dividends No 2019. March 22, 2018, $0.12 April 5, 2018 . $233,099 April 12, 2018. |
Note 7 - Oil and Gas Leases
Note 7 - Oil and Gas Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | Note 7 : Oil and Gas Leases Results of oil and gas leasing activities for the year ending December 31, 2019 2018 2019 2018 Gross revenues Royalty interests $ 500,426 $ 576,976 Lease fees 22,901 4,487 523,327 581,463 Production costs 57,454 63,231 Results before income tax expense 465,873 518,232 Estimated income tax expense 135,103 150,287 Results of operations from producing activities excluding corporate overhead $ 330,770 $ 367,945 There were no December 31, 2019 2018. Reserve information relating to estimated quantities of the Company's interest in proved reserves of natural gas and crude including condensate and natural gas liquids is not not The Company’s royalty and working interests share of oil and gas, exclusive of plant products, produced from leased properties were: 2019 2018 Net gas produced (MCF) 32,107 25,776 Net oil produced (Bbl) 6,272 6,956 |
Note 8 - Segment Reporting
Note 8 - Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 8 : Segment Reporting The Company’s operations are classified into three The tables below present financial information for the Company’s three Years Ended December 31, 2019 2018 Revenues: Oil and gas $ 500,426 $ 576,976 Timber sales 72,847 454,177 Surface revenue 237,998 163,610 Total segment revenues 811,271 1,194,763 Cost and expenses: Oil and gas costs 57,454 63,231 Timber costs 21,144 45,640 Surface costs 1,274 23,636 Total segment costs and expenses 79,872 132,507 Income from operations: Oil and gas 442,972 513,745 Timber 51,703 408,537 Surface 236,724 139,974 Total segment income from operations 731,399 1,062,256 Other income (expense) before income taxes (430,211 ) 403,597 Income before income taxes $ 301,188 $ 1,465,853 Years Ended December 31, 2019 2018 Identifiable Assets, net of accumulated depreciation Timber $ 2,188,594 $ 2,162,390 General corporate assets 13,673,936 13,439,611 Total 15,862,530 15,602,001 Capital expenditures: Timber 26,815 45,067 Surface - 4,900 General corporate assets - 5,471 Total segment costs and expenses 26,815 55,438 Depreciation and depletion Oil and gas - - Timber 611 1,858 General corporate assets 1,751 2,027 Total $ 2,362 $ 3,885 There are no |
Note 9 - Concentrations
Note 9 - Concentrations | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 9 : Concentrations Revenue from customers representing 5% December 31, 2019 2018, Years Ended December 31, Count 2019 2018 1 $ 102,265 $ 254,018 2 69,106 156,854 3 51,683 93,575 4 51,480 93,563 5 43,954 - |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 1 0 : Income Taxes The Company files federal and state income tax returns on a calendar year basis. The net deferred tax liability in the accompanying balance sheets includes the following components at December 31, 2019 2018: 2019 2018 Deferred tax assets - - Deferred tax liabilities (187,664 ) (187,664 ) $ (187,664 ) $ (187,664 ) Reconciliations between the United States Federal statutory income tax provision, using the statutory rate of 21% December 31, 2019 2018 2019 2018 Income tax on income before extraordinary item: Tax at statutory rates $ 61,481 $ 307,830 Tax effect of the following: Statutory depletion (15,763 ) (18,175 ) Section 179 deduction - (1,149 ) State income tax 3,109 62,137 Other (2,081 ) - Income tax on income $ 46,746 $ 350,643 The income tax on income for 2018 Deferred income taxes payable results from timing differences in the recognition of revenue and expenses for tax and financial statement purposes. The effect of these timing differences at December 31, 2019 2018 2019 2018 Casualty loss $ (77,714 ) $ (77,714 ) Deferred gain (109,950 ) (109,950 ) $ (187,664 ) $ (187,664 ) The Company files income tax returns for federal and state purposes. Generally, the Company’s tax returns remain open for three not not may no December31, 2016. |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 1 1 : Related Party Transactions The Company and Stream Wetlands Services, LLC (“Stream Wetlands”) are parties to an option to lease agreement dated April 17, 2017 ( February 28, 2020, $38,333 $38,333 March 31, 2018 2019. may one $38,333 first 2020. The Company’s President is a partner in Stockwell, Sievert, Viccellio, Clements, LLP (“Stockwell”). Beginning in August 2018, $750 $2,000 December 31, 2019, $33,914 $9,000 December 31, 2018, $14,920 $2,800 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 1 2 : Subsequent Events On January 8, 2020 1/6th $50,000 1/6th 3 $1,200,000, $150,000 1/6th not $50,000 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Basis of Presentation and Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company maintains its cash balances in six $250,000. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents Cash equivalents are highly liquid debt instruments with original maturities of three |
Certificates of Deposit [Policy Text Block] | Certificate of Deposits Certificates of deposit have maturities greater than three not $250,000. 2020. |
Investment, Policy [Policy Text Block] | Equity Investment In January 2016, 2016 01, “Financial Instruments – Overall (Subtopic 825 10 2016 01 2016 01 December 31, 2019, 2018, $500,642 $244,825, not fourth 2018, no 2016 01. |
Receivable [Policy Text Block] | Accounts Receivable The Company’s accounts receivable consist of incomes received after quarter-end for royalties produced, timber harvested, and surface revenue earned prior to quarter-end. When there are royalties that have not 12 not not not no |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Building and Equipment Property, building, and equipment is stated at cost. Major additions are capitalized. Maintenance and repairs are charged to income as incurred. Depreciation is computed on the straight-line and accelerated methods over the following estimated useful lives of the assets: Furniture and equipment (years) 5 - 7 Land improvements (years) 15 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets Long-lived assets, such as land, timber and property, buildings, and equipment, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not first not third no 2019 2018. |
Revenue [Policy Text Block] | Revenue Recognition Effective January 1, 2018, 2014 09, 606 not 606. 9 Oil and Gas Oil and gas revenue is generated through customer contracts, where we provide the customer access to a designated tract of land upon which the customer performs exploration, extraction, production and ultimate sale of the oil and gas. The Company receives royalties on all oil and gas produced by the customer. The performance obligation identified in oil and gas related contracts is the oil and gas produced on the designated tract of land. The performance obligation is satisfied at a point in time, which is when the customer produces oil and gas. The transaction price is comprised of fixed fees (royalties) on all oil and gas produced The Company accrues monthly royalty revenues based upon estimates and adjusts to actual as the Company receives payments. Accrued royalty income was $84,880 $93,594 December 31, 2019 2018, no 606. Timber Timber revenue is generated through customer contracts executed as a pay-as-cut arrangement, where the customer acquires the right to harvest specified timber on a designated tract for a set period of time at agreed-upon unit prices. The performance obligation identified in timber related contracts is the severing of a single tree. We satisfy our performance obligation when timber is severed, at which time revenue is recognized. The transaction price for timber sales is determined using contractual rates applied to harvest volumes. The Company may $87,300 $54,300 December 31, 2019 2018, $10,407 $9,466 December 31, 2019 2018, 606. Surface Surface revenue is earned through annual leases for agricultural and hunting activities and the Company records revenues evenly over the term of these leases. Surface revenues from these sources are recurring on an annual basis. Unearned revenues were $77,857 $58,893 December 31, 2019 2018, $7,499 $15,403 December 31, 2019 2018, Surface revenue is also earned through right of way and related temporary work-space leases, both of which are not not thirty Other sources of surface revenue can be commercial activities leases and sales of surface minerals, such as dirt. |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Earnings per share Net earnings per share is provided in accordance with FASB ASC 260 10, December 31, 2019, 2018 no |
Stockholders' Equity, Policy [Policy Text Block] | Dividends The Company does not Pursuant to a dividend reversion clause in the Company’s Articles of Incorporation, dividends not one |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. In accordance with generally accepted accounting principles, the Company has analyzed its filing positions in federal and state income tax returns for the tax returns that remain subject to examination. Generally, returns are subject to examination for three no No none Other Taxes Taxes, other than income taxes, which consisted of property, payroll, franchise and oil and gas production taxes were $151,204 $159,573, December 31, 2019 2018, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 ), first 2018 not no January 1, 2018. In November 2016, 2016 18, Statement of Cash Flows (Topic 230 first 2018. no In January 2016, 2016 01, “Financial Instruments – Overall (Subtopic 825 10 2016 01 2016 01 December 31, 2018, $244,831 In February 2016, 2016 02, not may not July 2018, 2018 10 2018 11. 2018 10 2016 02 2018 11 December 15, 2018, January 1, 2019. 2016 02. no There are various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies and Recent Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Furniture and equipment (years) 5 - 7 Land improvements (years) 15 |
Note 3 - Fair Value of Financ_2
Note 3 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2019 December 31, 2018 Financial Assets: Level Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents 1 $ 3,280,289 $ 3,280,289 $ 1,860,736 $ 1,860,736 Certificate of deposit - short term 1 2,697,000 2,697,000 3,370,000 3,370,000 Certificate of deposit - long term 1 - - 725,000 725,000 Equity investment in mutual funds 1 500,410 500,642 244,832 244,825 Total $ 6,477,699 $ 6,477,931 $ 6,200,568 $ 6,200,561 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2019 2018 Land $ 7,023,053 $ 7,051,412 Timber 2,188,594 2,162,390 Building and equipment 108,602 108,602 9,320,249 9,322,404 Accumulated depreciation (78,167 ) (76,416 ) Total $ 9,242,082 $ 9,245,988 |
Note 5 - Land Purchases and S_2
Note 5 - Land Purchases and Sales (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Land Property Sales [Table Text Block] | +/- Louisiana Mineral Quarter Acres Parish Ownership Land Timber Rights % 1st 16.26 Calcasieu 100.00 % $ 112,500 - 0 % 2nd 20 Calcasieu 16.67 % $ 5,000 - 0 % +/- Louisiana Mineral Quarter Acres Parish Ownership Land Timber Rights % 1st 17 Calcasieu 100 % $ 128,000 - 0 % 1st 20 Calcasieu 16.7 % $ 147,625 - 0 % 1st 211 Calcasieu 16.7 % $ 536,572 - 100 % 1st 76 Calcasieu 16.7 % $ 189,167 - 0 % |
Note 7 - Oil and Gas Leases (Ta
Note 7 - Oil and Gas Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Results of Operations for Oil and Gas Producing Activities Disclosure [Table Text Block] | 2019 2018 Gross revenues Royalty interests $ 500,426 $ 576,976 Lease fees 22,901 4,487 523,327 581,463 Production costs 57,454 63,231 Results before income tax expense 465,873 518,232 Estimated income tax expense 135,103 150,287 Results of operations from producing activities excluding corporate overhead $ 330,770 $ 367,945 |
Oil and Gas, Average Sale Price and Production Cost [Table Text Block] | 2019 2018 Net gas produced (MCF) 32,107 25,776 Net oil produced (Bbl) 6,272 6,956 |
Note 8 - Segment Reporting (Tab
Note 8 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years Ended December 31, 2019 2018 Revenues: Oil and gas $ 500,426 $ 576,976 Timber sales 72,847 454,177 Surface revenue 237,998 163,610 Total segment revenues 811,271 1,194,763 Cost and expenses: Oil and gas costs 57,454 63,231 Timber costs 21,144 45,640 Surface costs 1,274 23,636 Total segment costs and expenses 79,872 132,507 Income from operations: Oil and gas 442,972 513,745 Timber 51,703 408,537 Surface 236,724 139,974 Total segment income from operations 731,399 1,062,256 Other income (expense) before income taxes (430,211 ) 403,597 Income before income taxes $ 301,188 $ 1,465,853 Years Ended December 31, 2019 2018 Identifiable Assets, net of accumulated depreciation Timber $ 2,188,594 $ 2,162,390 General corporate assets 13,673,936 13,439,611 Total 15,862,530 15,602,001 Capital expenditures: Timber 26,815 45,067 Surface - 4,900 General corporate assets - 5,471 Total segment costs and expenses 26,815 55,438 Depreciation and depletion Oil and gas - - Timber 611 1,858 General corporate assets 1,751 2,027 Total $ 2,362 $ 3,885 |
Note 9 - Concentrations (Tables
Note 9 - Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Years Ended December 31, Count 2019 2018 1 $ 102,265 $ 254,018 2 69,106 156,854 3 51,683 93,575 4 51,480 93,563 5 43,954 - |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2019 2018 Deferred tax assets - - Deferred tax liabilities (187,664 ) (187,664 ) $ (187,664 ) $ (187,664 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2019 2018 Income tax on income before extraordinary item: Tax at statutory rates $ 61,481 $ 307,830 Tax effect of the following: Statutory depletion (15,763 ) (18,175 ) Section 179 deduction - (1,149 ) State income tax 3,109 62,137 Other (2,081 ) - Income tax on income $ 46,746 $ 350,643 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2019 2018 Casualty loss $ (77,714 ) $ (77,714 ) Deferred gain (109,950 ) (109,950 ) $ (187,664 ) $ (187,664 ) |
Note 1 - Significant Accounti_3
Note 1 - Significant Accounting Policies and Recent Accounting Pronouncements (Details Textual) - USD ($) $ / shares in Thousands | Apr. 12, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Equity Securities, FV-NI | $ 500,642 | $ 244,825 | |
Accounts Receivable, Allowance for Credit Loss, Current | 0 | ||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | |
Accrued Royalty Income | 84,880 | 93,594 | |
Deposit Assets, Stumpage Agreements | $ 87,300 | $ 54,300 | |
Earnings Per Share, Diluted, Total | $ 0 | $ 0 | |
Payments of Ordinary Dividends, Common Stock | $ 233,099 | $ 0 | $ 233,099 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0 | ||
Taxes, Other | 151,204 | 159,573 | |
Oil and Gas [Member] | |||
Capitalized Contract Cost, Net, Total | 0 | ||
Timber [Member] | |||
Contract with Customer, Liability, Total | 10,407 | 9,466 | |
Surface Leases [Member] | |||
Contract with Customer, Liability, Total | 7,499 | 15,403 | |
Surface Leases [Member] | Accounts Payable and Accrued Liabilities [Member] | |||
Contract with Customer, Liability, Total | 77,857 | 58,893 | |
Mutual Fund [Member] | |||
Equity Securities, FV-NI | $ 500,642 | $ 244,825 |
Note 1 - Significant Accounti_4
Note 1 - Significant Accounting Policies and Recent Accounting Pronouncements - Useful Life of Property, Plant, and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Furniture and Equipment [Member] | Minimum [Member] | |
Useful life (Year) | 5 years |
Furniture and Equipment [Member] | Maximum [Member] | |
Useful life (Year) | 7 years |
Land and Land Improvements [Member] | |
Useful life (Year) | 15 years |
Note 2 - Certificates of Depo_2
Note 2 - Certificates of Deposit (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Certificates Of Deposit Maximum Value Per Deposit | $ 250,000 | |||
Certificates of Deposit, at Carrying Value, Current and Noncurrent | $ 2,697,000 | $ 4,095,000 | ||
Payments to Acquire Investments, Total | 255,578 | $ 244,825 | ||
Certificates of Deposit [Member] | ||||
Payments to Acquire Investments, Total | $ 3,145,000 | 2,456,000 | ||
Proceeds from Sale, Maturity and Collection of Investments, Total | $ 2,662,890 | $ 3,854,000 |
Note 3 - Fair Value of Financ_3
Note 3 - Fair Value of Financial Instruments - Financial Instruments (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Reported Value Measurement [Member] | ||
Total | $ 6,477,699 | $ 6,200,568 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 3,280,289 | 1,860,736 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit, Short-term [Member] | ||
Investment | 2,697,000 | 3,370,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit, Long-term [Member] | ||
Investment | 725,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | ||
Investment | 500,410 | 244,832 |
Estimate of Fair Value Measurement [Member] | ||
Total | 6,477,931 | 6,200,561 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 3,280,289 | 1,860,736 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit, Short-term [Member] | ||
Investment | 2,697,000 | 3,370,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit, Long-term [Member] | ||
Investment | 725,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | ||
Investment | $ 500,642 | $ 244,825 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Depletion and Amortization, Total | $ 2,361 | $ 3,885 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Property and Equipment (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Land | $ 7,023,053 | $ 7,051,412 |
Timber | 2,188,594 | 2,162,390 |
Building and equipment | 108,602 | 108,602 |
Total, before accumulated depreciation | 9,320,249 | 9,322,404 |
Accumulated depreciation | (78,167) | (76,416) |
Total | $ 9,242,082 | $ 9,245,988 |
Note 5 - Land Purchases and S_3
Note 5 - Land Purchases and Sales (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Payments to Acquire Land | $ 0 | $ 0 |
Gain (Loss) on Sale of Properties | $ 80,876 | $ 881,654 |
Note 5 - Land Purchases and S_4
Note 5 - Land Purchases and Sales - Company Interest in Acres, Land, Timber, and Mineral Rights (Details) | 3 Months Ended | ||
Jun. 30, 2019USD ($)a | Mar. 31, 2019USD ($)a | Mar. 31, 2018USD ($)a | |
Land Located in Calcasieu, Louisiana [Member] | |||
Acres (Acre) | a | 20 | 16.26 | 17 |
Land Sold, Ownership Percentage | 16.67% | 100.00% | 100.00% |
Mineral Rights, Percent | 0.00% | 0.00% | 0.00% |
Land Located in Calcasieu, Louisiana [Member] | Land [Member] | |||
Sold property | $ 5,000 | $ 112,500 | $ 128,000 |
Land Located in Calcasieu, Louisiana [Member] | Timber Properties [Member] | |||
Sold property | |||
Second Land Located in Calcasieu Louisiana [Member] | |||
Acres (Acre) | a | 20 | ||
Land Sold, Ownership Percentage | 16.70% | ||
Mineral Rights, Percent | 0.00% | ||
Second Land Located in Calcasieu Louisiana [Member] | Land [Member] | |||
Sold property | $ 147,625 | ||
Second Land Located in Calcasieu Louisiana [Member] | Timber Properties [Member] | |||
Sold property | |||
Third Land Located in Calcasieu Louisiana [Member] | |||
Acres (Acre) | a | 211 | ||
Land Sold, Ownership Percentage | 16.70% | ||
Mineral Rights, Percent | 100.00% | ||
Third Land Located in Calcasieu Louisiana [Member] | Land [Member] | |||
Sold property | $ 536,572 | ||
Third Land Located in Calcasieu Louisiana [Member] | Timber Properties [Member] | |||
Sold property | |||
Fourth Land Located in Calcasieu Louisiana [Member] | |||
Acres (Acre) | a | 76 | ||
Land Sold, Ownership Percentage | 16.70% | ||
Mineral Rights, Percent | 0.00% | ||
Fourth Land Located in Calcasieu Louisiana [Member] | Land [Member] | |||
Sold property | $ 189,167 | ||
Fourth Land Located in Calcasieu Louisiana [Member] | Timber Properties [Member] | |||
Sold property |
Note 6 - Dividends (Details Tex
Note 6 - Dividends (Details Textual) - USD ($) | Apr. 12, 2018 | Mar. 22, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Dividends Payable, Amount Per Share | $ 0.12 | $ 0 | ||
Dividends Payable, Date of Record | Apr. 5, 2018 | |||
Payments of Ordinary Dividends, Common Stock | $ 233,099 | $ 0 | $ 233,099 |
Note 7 - Oil and Gas Leases - O
Note 7 - Oil and Gas Leases - Oil and Gas Leasing Activities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Gross revenues | ||
Royalty interests | $ 500,426 | $ 576,976 |
Lease fees | 22,901 | 4,487 |
Gross Revenue | 523,327 | 581,463 |
Production costs | 57,454 | 63,231 |
Results before income tax expense | 465,873 | 518,232 |
Estimated income tax expense | 135,103 | 150,287 |
Results of operations from producing activities excluding corporate overhead | $ 330,770 | $ 367,945 |
Note 7 - Oil and Gas Leases - C
Note 7 - Oil and Gas Leases - Company's Royalty and Working Interests Share (Details) | 12 Months Ended | |
Dec. 31, 2019BoeMcfe | Dec. 31, 2018BoeMcfe | |
Natural Gas and Natural Gas Liquids [Member] | ||
Net oil or gas produced (Thousand Cubic Foot Equivalent) | Mcfe | 32,107 | 25,776 |
Crude Oil and Natural Gas Liquids (NGL) [Member] | ||
Net oil or gas produced (Thousand Cubic Foot Equivalent) | Boe | 6,272 | 6,956 |
Note 8 - Segment Reporting (Det
Note 8 - Segment Reporting (Details Textual) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Operating Segments | 3 | |
Revenues, Total | $ 811,271 | $ 1,194,763 |
Intersegment Eliminations [Member] | ||
Revenues, Total | $ 0 | $ 0 |
Note 8 - Segment Reporting - Se
Note 8 - Segment Reporting - Segmented Operations Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues, Total | $ 811,271 | $ 1,194,763 |
Total costs, expenses and (gains) | 619,665 | (173,588) |
Income from operations | 191,606 | 1,368,351 |
Income before income Taxes | 301,188 | 1,465,853 |
Total assets | 15,862,530 | 15,602,001 |
Capital Expenditures | 26,815 | 55,438 |
Depreciation, Depletion and Amortization, Total | 2,361 | 3,885 |
Oil and Gas [Member] | ||
Revenues from customers | 500,426 | 576,976 |
Timber [Member] | ||
Revenues from customers | 72,847 | 454,177 |
Operating Segments [Member] | ||
Revenues, Total | 811,271 | 1,194,763 |
Total costs, expenses and (gains) | 79,872 | 132,507 |
Income from operations | 731,399 | 1,062,256 |
Other income (expense) before income taxes | (430,211) | 403,597 |
Income before income Taxes | 301,188 | 1,465,853 |
Total assets | 15,862,530 | 15,602,001 |
Depreciation, Depletion and Amortization, Total | 2,362 | 3,885 |
Operating Segments [Member] | Oil And Gas Segment [Member] | ||
Total costs, expenses and (gains) | 57,454 | 63,231 |
Income from operations | 442,972 | 513,745 |
Depreciation, Depletion and Amortization, Total | ||
Operating Segments [Member] | Oil And Gas Segment [Member] | Oil and Gas [Member] | ||
Revenues from customers | 500,426 | 576,976 |
Operating Segments [Member] | Timber Segment [Member] | ||
Total costs, expenses and (gains) | 21,144 | 45,640 |
Income from operations | 51,703 | 408,537 |
Total assets | 2,188,594 | 2,162,390 |
Capital Expenditures | 26,815 | 45,067 |
Depreciation, Depletion and Amortization, Total | 611 | 1,858 |
Operating Segments [Member] | Timber Segment [Member] | Timber [Member] | ||
Revenues from customers | 72,847 | 454,177 |
Operating Segments [Member] | Corporate Segment [Member] | ||
Total assets | 13,673,936 | 13,439,611 |
Capital Expenditures | 5,471 | |
Depreciation, Depletion and Amortization, Total | 1,751 | 2,027 |
Operating Segments [Member] | Surface Segment [Member] | ||
Revenues, leases | 237,998 | 163,610 |
Total costs, expenses and (gains) | 1,274 | 23,636 |
Income from operations | 236,724 | 139,974 |
Capital Expenditures | $ 4,900 |
Note 9 - Concentrations - Custo
Note 9 - Concentrations - Customers Representing 5% or More of Total Revenue (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Major Customers 1 [Member] | ||
Revenue by customer | $ 102,265 | $ 254,018 |
Major Customers 2 [Member] | ||
Revenue by customer | 69,106 | 156,854 |
Major Customers 3 [Member] | ||
Revenue by customer | 51,683 | 93,575 |
Major Customers 4 [Member] | ||
Revenue by customer | 51,480 | 93,563 |
Major Customers 5 [Member] | ||
Revenue by customer | $ 43,954 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Taxes - Components of Deferred Taxes (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets | ||
Deferred tax liabilities | (187,664) | (187,664) |
Net deferred tax liabilities | $ (187,664) | $ (187,664) |
Note 10 - Income Taxes - Inco_2
Note 10 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) | 24 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Tax at statutory rates | $ 61,481 | $ 307,830 |
Statutory depletion | (15,763) | (18,175) |
Section 179 deduction | (1,149) | |
State income tax | 3,109 | 62,137 |
Other | (2,081) | |
Income tax on income | $ 46,746 | $ 350,643 |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Income Taxes (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Liability | $ (187,664) | $ (187,664) |
Casualty Loss [Member] | ||
Deferred Tax Liability | (77,714) | (77,714) |
Deferred Gain [Member] | ||
Deferred Tax Liability | $ (109,950) | $ (109,950) |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Details Textual) | Apr. 17, 2017USD ($) | Aug. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Stream Wetlands Services [Member] | Exclusive Right to Evaluate and Market Lands For Beneficial Purposes to Compensate for Impact [Member] | ||||||
Related Party Transaction, Amounts of Transaction | $ 38,333 | $ 38,333 | $ 38,333 | |||
Option to Lease Arrangements, Number of Renewal Periods | 1 | |||||
Stockwell [Member] | Rent Expenses for Office Space and Associated Services [Member] | ||||||
Operating Lease Monthly Rent | $ 750 | |||||
Stockwell [Member] | Administrative Assistant and Miscellaneous Offices Supplies, Monthly Expense [Member] | ||||||
Operating Lease Monthly Rent | $ 2,000 | |||||
Stockwell [Member] | Administrative Assistant And Miscellaneous Office Supplies [Member] | ||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 33,914 | $ 14,920 | ||||
President [Member] | ||||||
Operating Leases, Rent Expense, Net, Total | $ 9,000 | $ 2,800 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Driftwood Pipeline LLC [Member] | Jan. 08, 2020USD ($) |
Deposit Assets, Total | $ 50,000 |
Expiration of Purchase Option | 3 years |
Purchase Price from Options | $ 1,200,000 |
Additional Payment from Exercising Options | $ 150,000 |
Partially Owned Properties [Member] | Land [Member] | |
Investment Owned, Percent of Net Assets | 16.00% |