Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 28, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000352955 | ||
Entity Registrant Name | CKX LANDS, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-31905 | ||
Entity Incorporation, State or Country Code | LA | ||
Entity Tax Identification Number | 72-0144530 | ||
Entity Address, Address Line One | 2417 Shell Beach Drive | ||
Entity Address, City or Town | Lake Charles | ||
Entity Address, State or Province | LA | ||
Entity Address, Postal Zip Code | 70601 | ||
City Area Code | 337 | ||
Local Phone Number | 493-2399 | ||
Title of 12(b) Security | Common Stock with no par value | ||
Trading Symbol | CKX | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 17,094,488 | ||
Entity Common Stock, Shares Outstanding | 1,942,495 | ||
Auditor Name | MaloneBailey, LLP | ||
Auditor Location | Houston, Texas | ||
Auditor Firm ID | 206 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 7,409,873 | $ 6,463,255 |
Equity investment in mutual funds | 502,832 | 502,595 |
Accounts receivable | 50,739 | 98,515 |
Prepaid expense and other assets | 35,405 | 8,711 |
Total current assets | 7,998,849 | 7,073,076 |
Property and equipment, net | 9,056,238 | 9,243,621 |
Total assets | 17,055,087 | 16,316,697 |
Current liabilities: | ||
Trade payables and accrued expenses | 111,123 | 110,786 |
Unearned revenue | 150,113 | 231,409 |
Total current liabilities | 261,236 | 342,195 |
Deferred income tax payable | 187,664 | 187,664 |
Total liabilities | 448,900 | 529,859 |
Stockholders' equity: | ||
Common stock, 3,000,000 shares authorized, no par value, 1,942,495 shares issued and outstanding as of December 31, 2021 and 2020 | 59,335 | 59,335 |
Retained earnings | 16,546,852 | 15,727,503 |
Total stockholders' equity | 16,606,187 | 15,786,838 |
Total liabilities and stockholders' equity | $ 17,055,087 | $ 16,316,697 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
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, 2021 | Dec. 31, 2020 | |
Revenues: | ||
Total revenue | $ 744,545 | $ 671,944 |
Costs, expenses and (gains): | ||
General and administrative expense | 651,574 | 605,223 |
Depreciation expense | 2,027 | 2,303 |
Gain on sale of land | (1,025,735) | (354,577) |
Total costs, expenses and (gains) | (318,765) | 292,891 |
Income from operations | 1,063,310 | 379,053 |
Interest income | 15,625 | 44,179 |
Miscellaneous income | 4,384 | 14,992 |
Income before income taxes | 1,083,319 | 438,224 |
Federal and state income tax expense: | ||
Current | 263,970 | 98,841 |
Total income taxes | 263,970 | 98,841 |
Net income | $ 819,349 | $ 339,383 |
Earnings per share, basic and diluted (in dollars per share) | $ 0.42 | $ 0.17 |
Weighted average shares outstanding, basic and diluted (in shares) | 1,942,495 | 1,942,495 |
Oil and Gas [Member] | ||
Revenues: | ||
Oil and gas | $ 364,907 | $ 257,247 |
Costs, expenses and (gains): | ||
Cost of goods and services sold | 41,685 | 29,379 |
Timber [Member] | ||
Revenues: | ||
Oil and gas | 151,102 | 134,720 |
Costs, expenses and (gains): | ||
Cost of goods and services sold | 11,684 | 9,409 |
Surface Leases, Unrelated Parties [Member] | ||
Revenues: | ||
Revenues, leases | 190,203 | 241,644 |
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 | $ 0 | $ 1,154 |
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, 2019 | 1,942,495 | ||
Balances at Dec. 31, 2019 | $ 59,335 | $ 15,388,120 | $ 15,447,455 |
Net income | $ 0 | 339,383 | 339,383 |
Balances (in shares) at Dec. 31, 2020 | 1,942,495 | ||
Balances at Dec. 31, 2020 | $ 59,335 | 15,727,503 | 15,786,838 |
Net income | $ 0 | 819,349 | 819,349 |
Balances (in shares) at Dec. 31, 2021 | 1,942,495 | ||
Balances at Dec. 31, 2021 | $ 59,335 | $ 16,546,852 | $ 16,606,187 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 819,349 | $ 339,383 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation expense | 2,027 | 2,303 |
Depletion expense | 563 | 974 |
Gain on sale of land | (1,025,735) | (354,577) |
Unrealized loss on equity investment in mutual funds | 0 | 2,007 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in current assets | 21,082 | 35,291 |
Increase (decrease) in current liabilities | (80,959) | 114,784 |
Net cash provided by (used in) operating activities | (263,673) | 140,165 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of certificates of deposit | 0 | (1,985,920) |
Proceeds from maturity of certificates of deposit | 0 | 4,682,920 |
Purchases of mutual funds | (237) | (3,960) |
Costs of reforesting timber | (18,606) | |
Purchases of land | (4,063) | 0 |
Proceeds from the sale of fixed assets | 1,233,197 | 359,082 |
Net cash provided by investing activities | 1,210,291 | 3,042,801 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 946,618 | 3,182,966 |
Cash and cash equivalents, beginning of the period | 6,463,255 | 3,280,289 |
Cash and cash equivalents, end of the period | 7,409,873 | 6,463,255 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 289,423 | $ 92,770 |
Note 1 - Nature of Business and
Note 1 - Nature of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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 Risks and Uncertainties On March 11, 2020, 19 not 2020 2021 19, 19 Concentration of Credit Risk The Company maintains its cash balances in seven may $250,000. not not Cash Equivalents Cash equivalents are highly liquid debt instruments with original maturities of three Equity Investment In January 2016, 2016 01, Financial Instruments Overall (Subtopic 825 10 (ASU 2016 01 2016 01 December 31, 2021 2020, Accounts Receivable The Company’s accounts receivable consists of incomes received after quarter-end for royalties produced prior to quarter-end. When there are royalties that have not 12 not not 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 may third December 31, 2021, zero no December 31, 2021 2020. On August 27, 2020, 4 11 no December 31, 2021, no no Revenue Recognition The Company accounts for revenue under ASU 2014 09, 606 606, not 606 842. 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. Net accrued royalty income was $50,379 and $49,113 as of December 31, 2021 2020, 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 December 31, 2021 2020. no No first no 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. 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, 2021, 2020 Dividends The Company does not December 31, 2021 2020. 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 none Other Taxes Taxes, other than income taxes, which consisted of property, franchise and oil and gas production taxes were $146,095 and $125,124, for the years ended December 31, 2021 2020, Leases The Company leases its lands to individuals and entities for various purposes. The Company accounts for these types of leases in accordance with ASC 842 , Leases, no December 31, 2021, 2020. Recent Accounting Pronouncements In December 2019, No. 2019 12, Income Taxes 740 740 December 15, 2020. 2019 12 not In March 2020, 2020 03, Codification Improvements to Financial Instruments 2020 03” 2020 03 2020 03 seven 2020 03 not 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 - Fair Value of Financia
Note 2 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 2: 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. 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, 2021 December 31, 2020 Financial Assets: Level Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents 1 $ 7,409,873 $ 7,409,873 $ 6,463,255 $ 6,463,255 Equity investment in mutual funds 1 504,606 502,832 504,369 502,595 Total $ 7,914,479 $ 7,912,705 $ 6,967,624 $ 6,965,850 |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3: Property and Equipment Property and equipment consisted of the following: December 31, 2021 2020 Land $ 6,815,147 $ 7,018,547 Timber 2,214,985 2,196,942 Equipment 108,602 108,602 9,138,734 9,324,091 Accumulated depreciation (82,496 ) (80,470 ) Total $ 9,056,238 $ 9,243,621 Depreciation expense was $2,027 and $2,303 for the years ended December 31, 2021 2020, Depletion expense was $563 and $974 for the years ended December 31, 2021 2020, |
Note 4 - Land Purchases and Sal
Note 4 - Land Purchases and Sales | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | Note 4: Land Purchases and Sales Land Purchases During the year ended December 31, 2021, +/- Louisiana Mineral Quarter Acres Parish Ownership Land Rights % 3rd 10.84 Jefferson Davis 16.67% $ 4,063 0% The Company did not December 31, 2020. Land Sales During the year ended December 31, 2021, +/- Louisiana Mineral Quarter Acres Parish Ownership Land Rights % 1st 3.38 Beauregard 100.00% $ 31,018 0% 1st 10.00 Calcasieu 100.00% $ 70,500 0% 1st 10.00 Calcasieu 100.00% $ 68,500 0% 1st 5.40 Beauregard 100.00% $ 51,520 0% 1st 10.00 Calcasieu 100.00% $ 65,295 0% 1st 3.36 Beauregard 100.00% $ 31,610 0% 1st 10.00 Calcasieu 100.00% $ 68,620 0% 1st 20.98 Calcasieu 16.67% $ 16,408 0% 1st 10.00 Calcasieu 100.00% $ 68,090 0% 1st 10.00 Calcasieu 100.00% $ 65,800 0% 2nd 10.00 Calcasieu 100.00% $ 68,315 0% 2nd 6.62 Beauregard 100.00% $ 63,415 0% 2nd 70.44 St. Landry 40.00% $ 50,688 0% 2nd 32.52 Calcasieu 16.67% $ 25,458 0% 3rd 51.89 Calcasieu 16.67% $ 233,483 0% 3rd 3.38 Beauregard 100.00% $ 31,730 0% 3rd 40.00 Calcasieu 50.00% $ 19,200 0% 4th 138.57 Allen 40.00% $ 62,992 0% 4th 25.34 Calcasieu 100.00% $ 140,555 0% During the year ended December 31, 2020, +/- Louisiana Mineral Quarter Acres Parish Ownership Land Rights % 1st 3.17 Calcasieu 100.00% $ 35,500 0% 2nd 2.62 Calcasieu 16.67% $ 128,140 0% 2nd 6.75 Beauregard 100.00% $ 64,000 0% 2nd 5 Beauregard 100.00% $ 35,000 0% 3rd 3.14 Calcasieu 100.00% $ 34,195 0% 3rd 40 Calcasieu 16.67% $ 13,333 0% 4th 2.88 Calcasieu 100.00% $ 28,800 0% 4th 3.17 Calcasieu 100.00% $ 35,190 0% For the years ended December 31, 2021 2020, |
Note 5 - Oil and Gas Leases
Note 5 - Oil and Gas Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | Note 5: Oil and Gas Leases Results of oil and gas leasing activities for the years ended December 31, 2021 2020 2021 2020 Gross revenues Royalty interests $ 364,907 $ 257,247 Lease fees - 5,882 364,907 263,129 Production costs (41,685 ) (29,379 ) Results before income tax expense 323,222 233,750 Estimated income tax expense (93,734 ) (67,788 ) Results of operations from producing activities excluding corporate overhead $ 229,488 $ 165,962 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: 2021 2020 Net gas produced (MCF) 10,410 12,376 Net oil produced (Bbl) 5,072 5,043 |
Note 6 - Segment Reporting
Note 6 - Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 6: 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, 2021 2020 Identifiable Assets, net of accumulated depreciation Timber $ 2,214,985 $ 2,196,942 General corporate assets 14,840,102 14,119,755 Total $ 17,055,087 $ 16,316,697 Capital expenditures: Timber $ 18,606 $ 9,321 Surface 4,063 - General corporate assets - - Total segment costs and expenses $ 22,669 $ 9,321 Depreciation and depletion Oil and gas $ - $ - Timber 563 974 General corporate assets 2,027 2,303 Total $ 2,590 $ 3,277 Years Ended December 31, 2021 2020 Revenues: Oil and gas $ 364,907 $ 257,247 Timber sales 151,102 134,720 Surface revenue 228,536 279,977 Total segment revenues $ 744,545 $ 671,944 Cost and expenses: Oil and gas costs $ 41,685 $ 29,379 Timber costs 11,684 9,409 Surface costs - 1,154 Total segment costs and expenses $ 53,369 $ 39,942 Net income from operations: Oil and gas $ 323,222 $ 227,868 Timber 139,418 125,311 Surface 228,536 278,823 Total segment net income from operations $ 691,176 $ 632,002 Unallocated other income (expense) before income taxes 392,143 (193,778 ) Income before income taxes $ 1,083,319 $ 438,224 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. |
Note 7 - Concentrations
Note 7 - Concentrations | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 7: Concentrations Revenues from customers representing 5% December 31, 2021 2020, Years Ended December 31, Count 2021 2020 1 $ 68,404 $ 87,871 2 64,575 67,416 3 59,420 47,452 4 56,951 45,520 5 54,300 40,289 6 53,625 38,333 7 45,183 - 8 38,333 - |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8: 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, 2021 2020: 2021 2020 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%, and the Company’s provision for income taxes at December 31, 2021 2020 2021 2020 Income tax on income before extraordinary item: Tax at statutory rates $ 310,412 $ 123,335 Tax effect of the following: Federal statutory depletion (11,495 ) (8,103 ) State statutory depletion (6,130 ) (4,322 ) State income tax deduction (12,751 ) (3,740 ) Federal income tax deduction (18,200 ) (7,362 ) Other 2,134 (967 ) Income tax on income $ 263,970 $ 98,841 Deferred income taxes payable result 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, 2021 2020 2021 2020 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 December 31, 2018. |
Note 9 - Related Party Transact
Note 9 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 9: 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, 2021, 12 February 28, 2022 may one February 28, 2023 $38,333. The Company’s President and Treasurer is also the President of Matilda Stream Management, Inc. Matilda Stream Management provides administrative and accounting services to the Company for no The Company’s immediate past President and current Secretary and director is a partner in Stockwell, Sievert, Viccellio, Clements, LLP (“Stockwell”). Beginning in August 2018, December 31, 2020, August 31, 2020 August 31, 2020. Surface revenue-related party was $38,333 for each of the years ended December 31, 2021 2020. |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 10: On February 28, 2022 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, 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 |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties On March 11, 2020, 19 not 2020 2021 19, 19 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company maintains its cash balances in seven may $250,000. not not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents Cash equivalents are highly liquid debt instruments with original maturities of three |
Investment, Policy [Policy Text Block] | Equity Investment In January 2016, 2016 01, Financial Instruments Overall (Subtopic 825 10 (ASU 2016 01 2016 01 December 31, 2021 2020, |
Receivable [Policy Text Block] | Accounts Receivable The Company’s accounts receivable consists of incomes received after quarter-end for royalties produced prior to quarter-end. When there are royalties that have not 12 not not |
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 may third December 31, 2021, zero no December 31, 2021 2020. On August 27, 2020, 4 11 no December 31, 2021, no no |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company accounts for revenue under ASU 2014 09, 606 606, not 606 842. 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. Net accrued royalty income was $50,379 and $49,113 as of December 31, 2021 2020, 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 December 31, 2021 2020. no No first no 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. 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, 2021, 2020 |
Stockholders' Equity, Policy [Policy Text Block] | Dividends The Company does not December 31, 2021 2020. 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 none Other Taxes Taxes, other than income taxes, which consisted of property, franchise and oil and gas production taxes were $146,095 and $125,124, for the years ended December 31, 2021 2020, |
Lessee, Leases [Policy Text Block] | Leases The Company leases its lands to individuals and entities for various purposes. The Company accounts for these types of leases in accordance with ASC 842 , Leases, no December 31, 2021, 2020. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In December 2019, No. 2019 12, Income Taxes 740 740 December 15, 2020. 2019 12 not In March 2020, 2020 03, Codification Improvements to Financial Instruments 2020 03” 2020 03 2020 03 seven 2020 03 not 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 - Nature of Business a_2
Note 1 - Nature of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Furniture and equipment (years) 5 - 7 Land improvements (years) 15 |
Note 2 - Fair Value of Financ_2
Note 2 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2021 December 31, 2020 Financial Assets: Level Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents 1 $ 7,409,873 $ 7,409,873 $ 6,463,255 $ 6,463,255 Equity investment in mutual funds 1 504,606 502,832 504,369 502,595 Total $ 7,914,479 $ 7,912,705 $ 6,967,624 $ 6,965,850 |
Note 3 - Property and Equipme_2
Note 3 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2021 2020 Land $ 6,815,147 $ 7,018,547 Timber 2,214,985 2,196,942 Equipment 108,602 108,602 9,138,734 9,324,091 Accumulated depreciation (82,496 ) (80,470 ) Total $ 9,056,238 $ 9,243,621 |
Note 4 - Land Purchases and S_2
Note 4 - Land Purchases and Sales (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Land Property Purchase [Table Text Block] | +/- Louisiana Mineral Quarter Acres Parish Ownership Land Rights % 3rd 10.84 Jefferson Davis 16.67% $ 4,063 0% |
Schedule of Land Property Sales [Table Text Block] | +/- Louisiana Mineral Quarter Acres Parish Ownership Land Rights % 1st 3.38 Beauregard 100.00% $ 31,018 0% 1st 10.00 Calcasieu 100.00% $ 70,500 0% 1st 10.00 Calcasieu 100.00% $ 68,500 0% 1st 5.40 Beauregard 100.00% $ 51,520 0% 1st 10.00 Calcasieu 100.00% $ 65,295 0% 1st 3.36 Beauregard 100.00% $ 31,610 0% 1st 10.00 Calcasieu 100.00% $ 68,620 0% 1st 20.98 Calcasieu 16.67% $ 16,408 0% 1st 10.00 Calcasieu 100.00% $ 68,090 0% 1st 10.00 Calcasieu 100.00% $ 65,800 0% 2nd 10.00 Calcasieu 100.00% $ 68,315 0% 2nd 6.62 Beauregard 100.00% $ 63,415 0% 2nd 70.44 St. Landry 40.00% $ 50,688 0% 2nd 32.52 Calcasieu 16.67% $ 25,458 0% 3rd 51.89 Calcasieu 16.67% $ 233,483 0% 3rd 3.38 Beauregard 100.00% $ 31,730 0% 3rd 40.00 Calcasieu 50.00% $ 19,200 0% 4th 138.57 Allen 40.00% $ 62,992 0% 4th 25.34 Calcasieu 100.00% $ 140,555 0% +/- Louisiana Mineral Quarter Acres Parish Ownership Land Rights % 1st 3.17 Calcasieu 100.00% $ 35,500 0% 2nd 2.62 Calcasieu 16.67% $ 128,140 0% 2nd 6.75 Beauregard 100.00% $ 64,000 0% 2nd 5 Beauregard 100.00% $ 35,000 0% 3rd 3.14 Calcasieu 100.00% $ 34,195 0% 3rd 40 Calcasieu 16.67% $ 13,333 0% 4th 2.88 Calcasieu 100.00% $ 28,800 0% 4th 3.17 Calcasieu 100.00% $ 35,190 0% |
Note 5 - Oil and Gas Leases (Ta
Note 5 - Oil and Gas Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Results of Operations for Oil and Gas Producing Activities Disclosure [Table Text Block] | 2021 2020 Gross revenues Royalty interests $ 364,907 $ 257,247 Lease fees - 5,882 364,907 263,129 Production costs (41,685 ) (29,379 ) Results before income tax expense 323,222 233,750 Estimated income tax expense (93,734 ) (67,788 ) Results of operations from producing activities excluding corporate overhead $ 229,488 $ 165,962 |
Oil and Gas, Average Sale Price and Production Cost [Table Text Block] | 2021 2020 Net gas produced (MCF) 10,410 12,376 Net oil produced (Bbl) 5,072 5,043 |
Note 6 - Segment Reporting (Tab
Note 6 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years Ended December 31, 2021 2020 Identifiable Assets, net of accumulated depreciation Timber $ 2,214,985 $ 2,196,942 General corporate assets 14,840,102 14,119,755 Total $ 17,055,087 $ 16,316,697 Capital expenditures: Timber $ 18,606 $ 9,321 Surface 4,063 - General corporate assets - - Total segment costs and expenses $ 22,669 $ 9,321 Depreciation and depletion Oil and gas $ - $ - Timber 563 974 General corporate assets 2,027 2,303 Total $ 2,590 $ 3,277 Years Ended December 31, 2021 2020 Revenues: Oil and gas $ 364,907 $ 257,247 Timber sales 151,102 134,720 Surface revenue 228,536 279,977 Total segment revenues $ 744,545 $ 671,944 Cost and expenses: Oil and gas costs $ 41,685 $ 29,379 Timber costs 11,684 9,409 Surface costs - 1,154 Total segment costs and expenses $ 53,369 $ 39,942 Net income from operations: Oil and gas $ 323,222 $ 227,868 Timber 139,418 125,311 Surface 228,536 278,823 Total segment net income from operations $ 691,176 $ 632,002 Unallocated other income (expense) before income taxes 392,143 (193,778 ) Income before income taxes $ 1,083,319 $ 438,224 |
Note 7 - Concentrations (Tables
Note 7 - Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Years Ended December 31, Count 2021 2020 1 $ 68,404 $ 87,871 2 64,575 67,416 3 59,420 47,452 4 56,951 45,520 5 54,300 40,289 6 53,625 38,333 7 45,183 - 8 38,333 - |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2021 2020 Deferred tax assets $ - $ - Deferred tax liabilities (187,664 ) (187,664 ) $ (187,664 ) $ (187,664 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2021 2020 Income tax on income before extraordinary item: Tax at statutory rates $ 310,412 $ 123,335 Tax effect of the following: Federal statutory depletion (11,495 ) (8,103 ) State statutory depletion (6,130 ) (4,322 ) State income tax deduction (12,751 ) (3,740 ) Federal income tax deduction (18,200 ) (7,362 ) Other 2,134 (967 ) Income tax on income $ 263,970 $ 98,841 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2021 2020 Casualty loss $ (77,714 ) $ (77,714 ) Deferred gain (109,950 ) (109,950 ) $ (187,664 ) $ (187,664 ) |
Note 1 - Nature of Business a_3
Note 1 - Nature of Business and Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Aug. 27, 2020a | |
Equity Securities, FV-NI, Current | $ 502,832 | $ 502,595 | |
Accounts Receivable, Allowance for Credit Loss, Current | 0 | ||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | |
Accrued Royalty Income | 50,379 | 49,113 | |
Deposit Assets, Stumpage Agreements | 0 | 87,300 | |
Dilutive Securities, Effect on Basic Earnings Per Share, Total | 0 | 0 | |
Payments of Ordinary Dividends, Common Stock | 0 | 0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0 | 0 | |
Taxes, Other | 146,095 | 125,124 | |
Oil and Gas [Member] | |||
Capitalized Contract Cost, Net, Total | 0 | 0 | |
Southwest Louisiana [Member] | |||
Area of Land (Acre) | a | 13,941 | ||
Southwest Louisiana [Member] | Timber Properties [Member] | |||
Area of Land (Acre) | a | 10,495 | ||
Mutual Fund [Member] | |||
Equity Securities, FV-NI, Current | $ 502,832 | $ 502,595 |
Note 1 - Nature of Business a_4
Note 1 - Nature of Business and Significant Accounting Policies - Useful Life of Property, Plant, and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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 - Fair Value of Financ_3
Note 2 - Fair Value of Financial Instruments - Financial Instruments (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Reported Value Measurement [Member] | ||
Total | $ 7,914,479 | $ 6,967,624 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 7,409,873 | 6,463,255 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | ||
Investment | 504,606 | 504,369 |
Estimate of Fair Value Measurement [Member] | ||
Total | 7,912,705 | 6,965,850 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 7,409,873 | 6,463,255 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | ||
Investment | $ 502,832 | $ 502,595 |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 2,027 | $ 2,303 |
Depletion, Total | $ 563 | $ 974 |
Note 3 - Property and Equipme_4
Note 3 - Property and Equipment - Property and Equipment (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Property and equipment, gross | $ 9,138,734 | $ 9,324,091 |
Accumulated depreciation | (82,496) | (80,470) |
Total | 9,056,238 | 9,243,621 |
Land [Member] | ||
Property and equipment, gross | 6,815,147 | 7,018,547 |
Timber Properties [Member] | ||
Property and equipment, gross | 2,214,985 | 2,196,942 |
Equipment [Member] | ||
Property and equipment, gross | $ 108,602 | $ 108,602 |
Note 4 - Land Purchases and S_3
Note 4 - Land Purchases and Sales (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Payments to Acquire Land | $ 4,063 | $ 0 |
Gain (Loss) on Sale of Properties | $ 1,025,735 | $ 354,577 |
Note 4 - Land Purchases and S_4
Note 4 - Land Purchases and Sales - Land Purchase (Details) - Land Located in Jefferson Davis Parish, Louisiana [Member] | 3 Months Ended |
Sep. 30, 2021USD ($)a | |
Acres (Acre) | a | 10.84 |
Land purchase, ownership | 16.67% |
Land purchase | $ | $ 4,063 |
Mineral Rights, Percent | 0.00% |
Note 4 - Land Purchases and S_5
Note 4 - Land Purchases and Sales - Land Sales (Details) | 3 Months Ended | |||||||
Dec. 31, 2021USD ($)a | Sep. 30, 2021USD ($)a | Jun. 30, 2021USD ($)a | Mar. 31, 2021USD ($)a | Dec. 31, 2020USD ($)a | Sep. 30, 2020USD ($)a | Jun. 30, 2020USD ($)a | Mar. 31, 2020USD ($)a | |
Land Located in Beauregard Parish, Louisiana [Member] | ||||||||
Acres (Acre) | a | 3.38 | 6.62 | 3.38 | 6.75 | ||||
Land Sold, Ownership Percentage | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Sold property | $ 31,730 | $ 63,415 | $ 31,018 | |||||
Mineral Rights, Percent | 0.00% | 0.00% | 0.00% | |||||
Land Located in Beauregard Parish, Louisiana [Member] | Land [Member] | ||||||||
Sold property | $ 64,000 | |||||||
Land Located in Beauregard Parish, Louisiana [Member] | Timber Properties [Member] | ||||||||
Mineral Rights, Percent | 0.00% | |||||||
Land Located in Calcasieu, Louisiana [Member] | ||||||||
Acres (Acre) | a | 25.34 | 51.89 | 10 | 2.88 | 3.14 | 2.62 | 3.17 | |
Land Sold, Ownership Percentage | 100.00% | 16.67% | 100.00% | 100.00% | 100.00% | 100.00% | 16.67% | 100.00% |
Sold property | $ 140,555 | $ 233,483 | $ 68,315 | $ 70,500 | ||||
Mineral Rights, Percent | 0.00% | 0.00% | 0.00% | 0.00% | ||||
Land Located in Calcasieu, Louisiana [Member] | Land [Member] | ||||||||
Sold property | $ 28,800 | $ 34,195 | $ 128,140 | $ 35,500 | ||||
Land Located in Calcasieu, Louisiana [Member] | Timber Properties [Member] | ||||||||
Mineral Rights, Percent | 0.00% | 0.00% | 0.00% | 0.00% | ||||
Fourth Land Located in Calcasieu Louisiana [Member] | ||||||||
Acres (Acre) | a | 10 | |||||||
Land Sold, Ownership Percentage | 100.00% | |||||||
Sold property | $ 68,620 | |||||||
Mineral Rights, Percent | 0.00% | |||||||
Second Land Located in Calcasieu Louisiana [Member] | ||||||||
Acres (Acre) | a | 40 | 32.52 | 10 | 3.17 | 40 | |||
Land Sold, Ownership Percentage | 50.00% | 16.67% | 100.00% | 100.00% | 16.67% | |||
Sold property | $ 19,200 | $ 25,458 | $ 68,500 | |||||
Mineral Rights, Percent | 0.00% | 0.00% | 0.00% | |||||
Second Land Located in Calcasieu Louisiana [Member] | Land [Member] | ||||||||
Sold property | $ 35,190 | $ 13,333 | ||||||
Second Land Located in Calcasieu Louisiana [Member] | Timber Properties [Member] | ||||||||
Mineral Rights, Percent | 0.00% | 0.00% | ||||||
Land Located in Beauregard Parish, Louisiana 2 [Member] | ||||||||
Acres (Acre) | a | 5.40 | 5 | ||||||
Land Sold, Ownership Percentage | 100.00% | 100.00% | ||||||
Sold property | $ 51,520 | |||||||
Mineral Rights, Percent | 0.00% | |||||||
Land Located in Beauregard Parish, Louisiana 2 [Member] | Land [Member] | ||||||||
Sold property | $ 35,000 | |||||||
Land Located in Beauregard Parish, Louisiana 2 [Member] | Timber Properties [Member] | ||||||||
Mineral Rights, Percent | 0.00% | |||||||
Third Land Located in Calcasieu Louisiana [Member] | ||||||||
Acres (Acre) | a | 10 | |||||||
Land Sold, Ownership Percentage | 100.00% | |||||||
Sold property | $ 65,295 | |||||||
Mineral Rights, Percent | 0.00% | |||||||
Land Located in Beauregard Parish, Louisiana 3 [Member] | ||||||||
Acres (Acre) | a | 3.36 | |||||||
Land Sold, Ownership Percentage | 100.00% | |||||||
Sold property | $ 31,610 | |||||||
Mineral Rights, Percent | 0.00% | |||||||
Fifth Land Located in Calcasieu Louisiana [Member] | ||||||||
Acres (Acre) | a | 20.98 | |||||||
Land Sold, Ownership Percentage | 16.67% | |||||||
Sold property | $ 16,408 | |||||||
Mineral Rights, Percent | 0.00% | |||||||
Sixth Land Located in Calcasieu Louisiana [Member] | ||||||||
Acres (Acre) | a | 10 | |||||||
Land Sold, Ownership Percentage | 100.00% | |||||||
Sold property | $ 68,090 | |||||||
Mineral Rights, Percent | 0.00% | |||||||
Seventh Land Located in Calcasieu Louisiana [Member] | ||||||||
Acres (Acre) | a | 10 | |||||||
Land Sold, Ownership Percentage | 100.00% | |||||||
Sold property | $ 65,800 | |||||||
Mineral Rights, Percent | 0.00% | |||||||
Land Located in St. Landry Parish, Louisiana [Member] | ||||||||
Acres (Acre) | a | 70.44 | |||||||
Land Sold, Ownership Percentage | 40.00% | |||||||
Sold property | $ 50,688 | |||||||
Mineral Rights, Percent | 0.00% | |||||||
Allen Located in Calcasieu Louisiana [Member] | ||||||||
Acres (Acre) | a | 138.57 | |||||||
Land Sold, Ownership Percentage | 40.00% | |||||||
Sold property | $ 62,992 | |||||||
Mineral Rights, Percent | 0.00% |
Note 5 - Oil and Gas Leases - O
Note 5 - Oil and Gas Leases - Oil and Gas Leasing Activities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Gross revenues | ||
Royalty interests | $ 364,907 | $ 257,247 |
Lease fees | 0 | 5,882 |
Gross Revenue | 364,907 | 263,129 |
Production costs | (41,685) | (29,379) |
Results before income tax expense | 323,222 | 233,750 |
Estimated income tax expense | (93,734) | (67,788) |
Results of operations from producing activities excluding corporate overhead | $ 229,488 | $ 165,962 |
Note 5 - Oil and Gas Leases - C
Note 5 - Oil and Gas Leases - Company's Royalty and Working Interests Share (Details) | 12 Months Ended | |
Dec. 31, 2021McfeBoe | Dec. 31, 2020McfeBoe | |
Natural Gas and Natural Gas Liquids [Member] | ||
Net oil or gas produced (Thousand Cubic Foot Equivalent) | Mcfe | 10,410 | 12,376 |
Crude Oil and Natural Gas Liquids (NGL) [Member] | ||
Net oil or gas produced (Thousand Cubic Foot Equivalent) | Boe | 5,072 | 5,043 |
Note 6 - Segment Reporting (Det
Note 6 - Segment Reporting (Details Textual) | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Number of Operating Segments | 3 | |
Revenues, Total | $ 744,545 | $ 671,944 |
Intersegment Eliminations [Member] | ||
Revenues, Total | $ 0 | $ 0 |
Note 6 - Segment Reporting - Se
Note 6 - Segment Reporting - Segmented Operations Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Total assets | $ 17,055,087 | $ 16,316,697 |
Capital Expenditures | 22,669 | 9,321 |
Revenues, Total | 744,545 | 671,944 |
Cost and expenses | (318,765) | 292,891 |
Income from operations | 1,063,310 | 379,053 |
Oil and Gas [Member] | ||
Oil and gas | 364,907 | 257,247 |
Timber [Member] | ||
Oil and gas | 151,102 | 134,720 |
Operating Segments [Member] | ||
Total assets | 17,055,087 | 16,316,697 |
Depreciation and Depletion | 2,590 | 3,277 |
Revenues, Total | 744,545 | 671,944 |
Cost and expenses | 53,369 | 39,942 |
Income from operations | 691,176 | 632,002 |
Unallocated other income (expense) before income taxes | 392,143 | (193,778) |
Income before income taxes | 1,083,319 | 438,224 |
Timber Segment [Member] | Operating Segments [Member] | ||
Total assets | 2,214,985 | 2,196,942 |
Capital Expenditures | 18,606 | 9,321 |
Depreciation and Depletion | 563 | 974 |
Cost and expenses | 11,684 | 9,409 |
Income from operations | 139,418 | 125,311 |
Timber Segment [Member] | Operating Segments [Member] | Timber [Member] | ||
Oil and gas | 151,102 | 134,720 |
Oil And Gas Segment [Member] | Operating Segments [Member] | ||
Depreciation and Depletion | 0 | 0 |
Cost and expenses | 41,685 | 29,379 |
Income from operations | 323,222 | 227,868 |
Oil And Gas Segment [Member] | Operating Segments [Member] | Oil and Gas [Member] | ||
Oil and gas | 364,907 | 257,247 |
Corporate Segment [Member] | Operating Segments [Member] | ||
Total assets | 14,840,102 | 14,119,755 |
Capital Expenditures | 0 | 0 |
Depreciation and Depletion | 2,027 | 2,303 |
Surface Segment [Member] | Operating Segments [Member] | ||
Capital Expenditures | 4,063 | 0 |
Cost and expenses | 1,154 | |
Income from operations | 228,536 | 278,823 |
Surface Segment [Member] | Operating Segments [Member] | Surface Leases [Member] | ||
Operating Lease, Lease Income, Total | $ 228,536 | $ 279,977 |
Note 7 - Concentrations - Custo
Note 7 - Concentrations - Customers Representing 5% or More of Total Revenue (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Major Customers 1 [Member] | ||
Revenue by customer | $ 68,404 | $ 87,871 |
Major Customers 2 [Member] | ||
Revenue by customer | 64,575 | 67,416 |
Major Customers 3 [Member] | ||
Revenue by customer | 59,420 | 47,452 |
Major Customers 4 [Member] | ||
Revenue by customer | 56,951 | 45,520 |
Major Customers 5 [Member] | ||
Revenue by customer | 54,300 | 40,289 |
Major Customers 6 [Member] | ||
Revenue by customer | 53,625 | 38,333 |
Major Customers 7 [Member] | ||
Revenue by customer | 45,183 | 0 |
Major Customers 8 [Member] | ||
Revenue by customer | $ 38,333 | $ 0 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Note 8 - Income Taxes - Income
Note 8 - Income Taxes - Income Taxes - Components of Deferred Taxes (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets | $ 0 | $ 0 |
Deferred tax liabilities | (187,664) | (187,664) |
Net deferred tax liabilities | $ (187,664) | $ (187,664) |
Note 8 - Income Taxes - Incom_2
Note 8 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Tax at statutory rates | $ 310,412 | $ 123,335 |
Federal statutory depletion | (11,495) | (8,103) |
State statutory depletion | (6,130) | (4,322) |
State income tax deduction | (12,751) | (3,740) |
Federal income tax deduction | (18,200) | (7,362) |
Other | 2,134 | (967) |
Income tax on income | $ 263,970 | $ 98,841 |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Income Taxes (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
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 9 - Related Party Transa_2
Note 9 - Related Party Transactions (Details Textual) - USD ($) | Feb. 28, 2021 | Aug. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 |
Surface Leases, Related Parties [Member] | ||||
Operating Lease, Lease Income, Total | $ 38,333 | $ 38,333 | ||
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 | |||
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 | |||
Related Party Transaction, Expenses from Transactions with Related Party | 22,407 | |||
Related Party Rent Expense | $ 6,000 |
Note 10 - Subsequent Events (De
Note 10 - Subsequent Events (Details Textual) | Feb. 28, 2022USD ($) |
Stream Wetlands Services [Member] | Subsequent Event [Member] | |
Operating Lease, Lease Income, Total | $ 38,333 |