Revenue Performance - For the three months ended March 31, 2023, total revenues were $165,762, a decrease of $16,156 or 8.9% compared to $181,918 in the same period of 2022[82]. - Oil and gas revenue decreased by $33,234 or 40.3%, from $82,429 in Q1 2022 to $49,195 in Q1 2023[82]. - Timber sales revenue dropped significantly by $19,842 or 91.3%, from $21,743 in Q1 2022 to $1,901 in Q1 2023[82]. - Surface revenue increased by $36,920 or 47.5%, rising from $77,746 in Q1 2022 to $114,666 in Q1 2023[82]. Expenses - General and administrative expenses rose by $474,954, primarily due to share-based compensation awarded to officers[86]. Real Estate Transactions - The company closed on the sale of two 40-acre parcels for proceeds of $149,992 during Q1 2023[80]. - The company actively seeks additional real estate purchases in Louisiana, focusing on timberland and agricultural land[79]. Dividends and Operations - No dividends were declared during the three months ended March 31, 2023 and 2022[87]. - The company does not explore for oil and gas or operate wells, relying on unrelated third parties for production[76]. Wells and Production - The company received oil and/or gas revenues from 62 wells during both the three months ended March 31, 2023 and 2022[83].

Revenue Performance - The company's total revenues for 2022 were $1,105,494, an increase of approximately 48% compared to 2021 revenues of $744,545[98]. - Oil and gas revenues accounted for 54% of total revenues in 2022, with a significant increase of 63.5% from $364,907 in 2021 to $596,755 in 2022[100]. - Timber revenues increased by $68,872, totaling $219,974 in 2022, driven by improved demand in the regional market[107]. - Surface revenues rose by $60,229, reaching $288,765 in 2022, reflecting increased economic activity in the region[108]. Financial Position - As of December 31, 2022, the company had current assets of $8,307,928 and current liabilities of $267,176, with no outstanding debt[118][119]. - The company has small royalty interests in 20 different producing oil and gas fields, with royalty interests ranging from 0.0045% to 7.62%[87]. Net Income and Loss - The company's net loss for 2022 was $2,137,067, a decrease from net income of $819,349 in 2021, primarily due to lower gains on land sales and stock compensation expenses[97]. Cash Flow - Net cash provided by operating activities increased by $677,364 to $413,691 for the year ended December 31, 2022, compared to a net cash used of ($263,673) in 2021, primarily due to an increase in sales of $360,949 and a decrease in operating expenses[122]. - Net cash used in investing activities was $(498,765) for the year ended December 31, 2022, compared to $1,210,291 in 2021, with significant purchases including $1,000,000 in certificates of deposit and $12,835 in property and equipment[123]. - Net cash used in financing activities was $(176,592) for the year ended December 31, 2022, attributed to repurchases of common stock[124]. Strategic Development - The company is actively developing ranchette-style subdivisions on its lands, having completed plats for three subdivisions on approximately 575 acres[95]. - The company plans to continue evaluating commercial, agricultural, and timber lands for acquisitions and developing properties for commercial or residential purposes[114]. - Management is optimistic about the improvement of stumpage prices and aims to enter into additional stumpage agreements[116]. - The Board of Directors is evaluating strategic alternatives to increase shareholder value, including growth through acquisitions and asset dispositions[121]. Off-Balance Sheet Arrangements - The company does not have any off-balance sheet arrangements or relationships with unconsolidated entities[126].

Revenue Growth - Total revenues for the three months ended September 30, 2022, were $330,232, an increase of approximately 90% compared to the same period in 2021[78]. - Oil and gas revenues for the nine months ended September 30, 2022, were $412,375, representing a 60.1% increase from $257,555 in 2021[85]. - Timber sales for the nine months ended September 30, 2022, were $198,283, a 72.6% increase from $114,877 in 2021[85]. - Surface revenue for the nine months ended September 30, 2022, was $211,704, an increase of 26.5% compared to $167,297 in 2021[85]. - Oil revenues for the three months ended September 30, 2022, were $170,376, a 69.2% increase from $100,715 in 2021[79]. - Gas revenues for the three months ended September 30, 2022, were $17,199, a 163.3% increase from $6,532 in 2021[79]. Pricing Information - The average oil sales price per barrel for the three months ended September 30, 2022, was $107.49, compared to $60.94 in 2021[80]. - The average gas sales price per MCF for the three months ended September 30, 2022, was $8.25, up from $3.28 in 2021[80]. Production Data - Net oil production decreased from 3,975 Bbl in 2021 to 3,734 Bbl in 2022, while average oil sales price increased from $56.90 to $98.34 per Bbl, resulting in an increase in oil revenues by $141,047[88]. - Net gas production decreased from 9,275 MCF in 2021 to 6,692 MCF in 2022, with average gas sales price rising from $3.04 to $6.22 per MCF, leading to an increase in gas revenues by $13,431[88]. - Timber revenue increased from $114,877 in 2021 to $198,283 in 2022, attributed to normal business variations in timber customers' harvesting[90]. Expenses and Cash Flow - General and administrative expenses increased by $788,294 for the nine months ended September 30, 2022, primarily due to share-based compensation and increased payroll expenses[94]. - Net cash provided by operating activities improved from ($63,893) in 2021 to $176,096 in 2022, driven by higher revenues from oil, gas, timber, and surface operations[100]. - Net cash used in investing activities was ($26,421) in 2022, compared to $988,570 in 2021, primarily due to purchases of mutual funds and property, plant, and equipment[101]. Assets and Liabilities - The company had no outstanding debt as of September 30, 2022, and current assets totaled $8,122,422 against current liabilities of $203,926[96][97]. Strategic Initiatives - The company is exploring strategic alternatives for growth, including land acquisitions and business combinations, to enhance shareholder value[99]. - The company is actively searching for additional undeveloped acres in Southwest Louisiana suitable for residential subdivisions[76]. - The company has closed on the sale of 21 out of 39 lots in its ranchette-style subdivisions as of September 30, 2022[74]. Land Sale Performance - Gain on sale of land decreased from $851,582 in 2021 to $261,316 in 2022 for the nine months ended September 30[95]. - Surface revenues rose by $44,407 for the nine months ended September 30, 2022, due to one-time oil and gas delay rentals and new surface leases[91].

Financial Performance - Total revenue for the three months ended June 30, 2022, was $310,214, an increase of 46.9% compared to $211,306 for the same period in 2021[12] - Net loss for the three months ended June 30, 2022, was $(276,691), compared to a net income of $174,348 for the same period in 2021, representing a significant decline[12] - Basic and diluted earnings per share for the three months ended June 30, 2022, were $(0.14), compared to $0.09 for the same period in 2021[12] - Net income for the six months ended June 30, 2022, was a loss of $271,951 compared to a profit of $601,155 in the same period of 2021[1] - Total revenues for the six months ended June 30, 2022, were $492,130, an increase of approximately $125,948 (34.4%) compared to the same period in 2021[81] - Net income from operations for the six months ended June 30, 2022, was $463,466, up from $343,303 in 2021, indicating a growth of 35.0%[47] Assets and Liabilities - Total current assets as of June 30, 2022, were $7,902,572, a slight decrease from $7,998,849 as of December 31, 2021[10] - Total liabilities decreased to $369,551 as of June 30, 2022, from $448,900 as of December 31, 2021, reflecting a reduction of 17.6%[10] - Cash and cash equivalents as of June 30, 2022, were $7,109,424, a decrease from $7,409,873 as of December 31, 2021[10] - Total financial assets as of June 30, 2022, were valued at $7,614,568, compared to $7,914,479 at the end of 2021[1] - The company had no outstanding debt as of June 30, 2022, and current assets totaled $7,902,572[93] Expenses - General and administrative expenses for the three months ended June 30, 2022, were $597,295, significantly higher than $148,316 for the same period in 2021[12] - Oil and gas costs for the three months ended June 30, 2022, were $14,615, up from $9,445 in the same period of 2021, reflecting a 55.5% increase[12] - Total segment costs and expenses for the six months ended June 30, 2022, were $28,664, compared to $22,879 in 2021, an increase of 25.3%[47] - Share-based compensation expense for the period included $414,291, reflecting the company's incentive compensation plan[1] - General and administrative expenses increased by $448,979 for the three months ended June 30, 2022, primarily due to higher officer compensation and payroll expenses[89] Revenue Breakdown - Oil and gas revenues for the six months ended June 30, 2022, were $224,142, up from $149,347 in 2021, reflecting a 50.1% increase[47] - Oil and gas revenues for the six months ended June 30, 2022, were $224,142, representing 46% of total revenues, with oil revenues increasing by $71,386 (56.9%) compared to the same period in 2021[82] - Timber sales for the same period rose to $110,379 from $102,941, marking a 7.0% increase[47] - Oil and gas revenues accounted for 46% of total revenues for the three months ended June 30, 2022, with oil revenues increasing by $40,930 (46.0%) and gas revenues increasing by $1,903 (21.8%) compared to the same period in 2021[75] - Timber revenue increased to $88,637 for the three months ended June 30, 2022, up 79.4% from $49,414 in 2021, due to normal business variations in timber customers' harvesting[79] Cash Flow - Net cash used in operating activities for the six months ended June 30, 2022, was $(139,279), an increase from $(64,018) in 2021[1] - Cash paid for income taxes in the six months ended June 30, 2022, was $16,947, down from $51,423 in 2021[1] - Cash and cash equivalents at the end of the period were $7,109,424, a decrease from $7,130,236 at the end of the previous period[1] Shareholder Actions - During the second quarter of fiscal 2022, the company repurchased a total of 10,166 shares of common stock at an average price of $12.92 per share[106] - The company did not declare any dividends during the six months ended June 30, 2022, or 2021[1] Company Operations - The company has identified demand for ranchette-style lots and has completed plats for three subdivisions, closing on the sale of 21 out of 39 lots as of June 30, 2022[71] - The company is actively searching for additional real estate for purchase in Louisiana, focusing on timberland and agricultural land[68] - The company reported unallocated other income (expense) before income taxes of $(761,096) for the year ended December 31, 2021, compared to $40,013 in 2021[47] Internal Controls - As of June 30, 2022, the company's disclosure controls and procedures were evaluated as effective by management[104] - There were no changes in the company's internal control over financial reporting that materially affected its effectiveness during the fiscal quarter ended June 30, 2022[105]

Revenue Performance - Total revenues for the three months ended March 31, 2022, were $181,918, an increase of approximately 17.5% compared to the same period in 2021[64]. - Oil and gas revenues increased by 64.4% to $82,429 for the three months ended March 31, 2022, compared to $50,145 in 2021[65]. - Timber sales decreased by 59.4% to $21,743 for the three months ended March 31, 2022, down from $53,527 in 2021[65]. - Surface revenue increased by 51.8% to $77,746 for the three months ended March 31, 2022, compared to $51,204 in 2021[65]. Expenses and Financial Position - General and administrative expenses increased by $69,266 for the three months ended March 31, 2022, primarily due to higher audit and legal fees[73]. - The company had no outstanding debt as of March 31, 2022, with current assets totaling $8,001,801 and current liabilities of $263,308[76][77]. - Net cash used in operating activities was $48,127 for the three months ended March 31, 2022, compared to $150,975 in the same period in 2021[80]. Strategic Initiatives - The company is actively searching for additional real estate for purchase in Louisiana, focusing on timberland and agricultural land[60]. - The company has completed and recorded plats for three subdivisions, totaling approximately 575 acres and containing 39 lots, with 21 lots sold as of March 31, 2022[62]. - The company is evaluating strategic alternatives to increase shareholder value, including land acquisitions and business combinations[61].

Revenue Performance - Total revenues for 2021 were $744,545, an increase of approximately 11% compared to 2020 revenues of $671,944[86] - Oil and gas revenues accounted for 49% of total revenues in 2021, with oil revenues increasing by $95,627 (41.8%) and gas revenues increasing by $10,596 (40.2%) compared to 2020[87] - Timber revenues increased by $16,382 (12.2%) in 2021, representing 20% of total revenues[94] - Surface revenues decreased by $51,441 (18.4%) in 2021, accounting for 31% of total revenues[95] - The gain on the sale of land was $1,025,735 in 2021, significantly higher than $354,577 in 2020[98] Assets and Liabilities - Current assets totaled $7,998,849 and current liabilities equaled $261,236 at December 31, 2021[102] - As of December 31, 2021, the Company had no outstanding debt, maintaining a strong balance sheet position[103] - Cash and cash equivalents are deemed adequate for projected operations and potential land acquisitions[104] Cash Flow - Net cash provided by operating activities decreased by $403,838 to ($263,673) for the year ended December 31, 2021, compared to $140,165 for 2020, primarily due to changes in net income and land sale gains[107] - Net cash provided by investing activities was $1,210,291 for 2021, down from $3,042,801 in 2020, with significant proceeds from the sale of fixed assets[108] - The Company reported no cash used in financing activities for both 2021 and 2020, indicating no reliance on external financing[110] Strategic Initiatives - The Company is actively searching for additional real estate for purchase in Louisiana, focusing on timberland and agricultural land[80] - The Company plans to continue evaluating commercial, agricultural, and timber lands for acquisitions and developing properties for commercial or residential purposes[99] - The Company will seek to enter into additional stumpage agreements to improve timber revenue[100] - The Board of Directors is actively evaluating strategic alternatives to enhance shareholder value, including potential acquisitions and asset dispositions[105] Compliance and Governance - The Company has no off-balance sheet arrangements or relationships with unconsolidated entities[112] - Financial statements have been audited by MaloneBailey, LLP, ensuring compliance with accounting principles generally accepted in the United States[112]

Revenue Performance - Total revenues for the three months ended September 30, 2021, were $173,546, an increase of approximately 7.9% compared to the same period in 2020[68]. - Oil and gas revenues for the three months ended September 30, 2021, were $108,208, representing a 113.0% increase from $50,811 in the same period in 2020[68]. - Timber revenue decreased to $11,936 for the three months ended September 30, 2021, down 79.9% from $59,416 in the same period in 2020[73]. - Surface revenues increased by $2,787 to $53,402 for the three months ended September 30, 2021, a 5.5% increase from $50,615 in the same period in 2020[68]. - For the nine months ended September 30, 2021, total revenues were $539,729, an increase of approximately $9,799 or 1.8% compared to the same period in 2020[76]. - Oil and gas revenues for the nine months ended September 30, 2021, were $257,555, a 10.2% increase from $233,789 in the same period in 2020[77]. - Timber sales for the nine months ended September 30, 2021, were $114,877, a significant increase of 61.7% from $71,052 in the same period in 2020[76]. - Surface revenue for the nine months ended September 30, 2021, decreased by $57,792 to $167,297, a 25.7% decline from $225,089 in the same period in 2020[76]. Production and Pricing - Net oil production decreased to 3,975 Bbl for the nine months ended September 30, 2021, down from 4,380 Bbl in the same period of 2020, representing a decline of approximately 9.2%[78]. - Average oil sales price increased to $56.90 per Bbl for the nine months ended September 30, 2021, compared to $46.67 per Bbl in 2020, reflecting a rise of approximately 21.5%[78]. - Net gas production decreased to 9,275 MCF for the nine months ended September 30, 2021, down from 13,066 MCF in 2020, a decline of about 29.0%[78]. - Average gas sales price increased to $3.04 per MCF for the nine months ended September 30, 2021, compared to $2.11 per MCF in 2020, an increase of approximately 43.9%[78]. - Oil revenues increased by $21,735 for the nine months ended September 30, 2021, compared to the same period in 2020, while gas revenues increased by $624[78]. Asset and Cash Flow - Current assets totaled $8,002,918 with current liabilities of $323,965 as of September 30, 2021, indicating a strong liquidity position[87]. - Net cash provided by operating activities was ($63,893) for the nine months ended September 30, 2021, compared to $176,539 in 2020, reflecting a significant decrease[90]. Land and Real Estate - The company has small royalty interests in 20 different producing oil and gas fields, with interests ranging from 0.0045% to 7.62%[57]. - The company is actively searching for additional real estate for purchase in Louisiana, focusing on timberland and agricultural land[62]. - Gain on sale of land was $851,582 for the nine months ended September 30, 2021, compared to $295,238 in 2020, an increase of approximately 187.5%[86]. Timber Revenue - Timber revenue rose to $114,877 for the nine months ended September 30, 2021, up from $71,052 in 2020, marking an increase of approximately 61.5%[81]. - Surface revenues decreased by $57,792 for the nine months ended September 30, 2021, due to a reduction in one-time right of way income[82].

Revenue Performance - Total revenues for the three months ended June 30, 2021, were $211,306, an increase of approximately 12% compared to the same period in 2020[70]. - Oil and gas revenues for the three months ended June 30, 2021, were $99,202, a 46.0% increase from $67,929 in 2020[70]. - Timber revenue surged to $49,414 for the three months ended June 30, 2021, compared to $3,747 in 2020, marking a 1218.8% increase[70]. - For the six months ended June 30, 2021, total revenues were $366,182, a slight decrease of 0.8% from $369,088 in 2020[78]. - Oil and gas revenues for the six months ended June 30, 2021, were $149,347, down 18.4% from $182,979 in 2020[79]. - Timber sales for the six months ended June 30, 2021, increased to $102,941 from $11,635 in 2020, representing a 784.8% increase[78]. - Surface revenue for the six months ended June 30, 2021, decreased by 34.7% to $113,894 from $174,474 in 2020[78]. - Oil revenues decreased by $32,013 for the six months ended June 30, 2021, compared to the same period in 2020[80]. - Gas revenues decreased by $2,401 for the six months ended June 30, 2021, compared to the same period in 2020[80]. - Timber revenue increased to $102,941 for the six months ended June 30, 2021, from $11,635 in 2020, an increase of approximately 786.5%[83]. Production Metrics - Net oil production decreased to 2,322 Bbl in the six months ended June 30, 2021, from 3,120 Bbl in the same period of 2020, a decline of approximately 25.6%[80]. - Net gas production decreased to 7,284 MCF in the six months ended June 30, 2021, from 10,839 MCF in the same period of 2020, a decline of approximately 32.5%[80]. - Average oil sales price increased to $54.02 per Bbl in the six months ended June 30, 2021, compared to $50.46 per Bbl in 2020, an increase of 3.1%[80]. - Average gas sales price increased to $2.97 per MCF in the six months ended June 30, 2021, compared to $2.22 per MCF in 2020, an increase of 33.8%[80]. Financial Position - Current assets totaled $7,773,832 and current liabilities equaled $299,498 at June 30, 2021, indicating a strong liquidity position[89]. - General and administrative expenses decreased by $84,810 for the six months ended June 30, 2021, compared to the same period in 2020[87]. - Net cash provided by investing activities increased to $730,999 for the six months ended June 30, 2021, from $194,818 in 2020[93]. Business Operations - The company has small royalty interests in 20 different producing oil and gas fields, with interests ranging from 0.0045% to 7.62%[58]. - The company is actively searching for additional real estate for purchase in Louisiana, focusing on timberland and agricultural land[62].

Financial Performance - Total revenue for the three months ended March 31, 2021, was $154,876, a decrease of 14.1% compared to $180,391 for the same period in 2020[12] - Net income for the three months ended March 31, 2021, was $426,807, significantly up from $58,382 in the same period of 2020, representing a year-over-year increase of 631.5%[12] - Earnings per share for the three months ended March 31, 2021, was $0.22, compared to $0.03 for the same period in 2020[12] Assets and Liabilities - Total assets as of March 31, 2021, were $16,696,499, an increase from $16,316,697 as of December 31, 2020[9] - Total liabilities decreased to $482,854 as of March 31, 2021, from $529,859 as of December 31, 2020, reflecting a reduction of 8.9%[8] - Current liabilities decreased to $295,190 as of March 31, 2021, from $342,195 as of December 31, 2020, a decrease of 13.7%[8] - The company’s total stockholders' equity increased to $16,213,645 as of March 31, 2021, from $15,786,838 as of December 31, 2020, an increase of 2.7%[9] - Retained earnings increased to $16,154,310 as of March 31, 2021, from $15,727,503 as of December 31, 2020, an increase of 2.7%[9] Cash and Cash Equivalents - Cash and cash equivalents increased to $6,835,402 as of March 31, 2021, compared to $6,463,255 at the end of 2020, marking a growth of 5.8%[16] - Cash and cash equivalents as of March 31, 2021, were $6,835,402, an increase from $6,463,255 as of December 31, 2020[33] Expenses - General and administrative expenses decreased to $103,083 for the three months ended March 31, 2021, down from $143,121 in the same period of 2020, a reduction of 28%[12] - Total segment costs and expenses decreased to $9,179 in Q1 2021 from $14,188 in Q1 2020, a reduction of 35.3%[40] Segment Performance - Oil and gas segment revenue was $50,145 for the three months ended March 31, 2021, down 56.4% from $115,050 in the prior year[40] - Timber sales increased significantly to $53,527 in Q1 2021 from $7,888 in Q1 2020, representing a growth of 577.5%[40] - Net income from operations for the oil and gas segment was $41,924 in Q1 2021, down 59.4% from $103,313 in Q1 2020[40] - Net income from operations for the three months ended March 31, 2021, was $145,697, down from $166,203, a decrease of 12.3%[40] Gains and Dividends - The company reported a gain on the sale of land of $(406,220) for the three months ended March 31, 2021, compared to $(33,107) for the same period in 2020[12] - The company recorded a gain on the sale of land of $406,220 for the three months ended March 31, 2021, compared to $33,107 in Q1 2020[36] - The company did not declare any dividends during the three months ended March 31, 2021, and 2020[26] Other Financial Metrics - The fair value of total financial assets as of March 31, 2021, was $7,338,121, compared to $6,965,850 as of December 31, 2020[33] - Identifiable assets net of accumulated depreciation totaled $16,696,499 as of March 31, 2021, up from $16,316,697 at the end of 2020[42] - The carrying value of property and equipment decreased to $9,126,011 as of March 31, 2021, from $9,243,621 as of December 31, 2020[36] - There were no impairment charges recorded during the three months ended March 31, 2021, and 2020[23]

Revenue Performance - Total revenues for 2020 were $671,944, a decrease of approximately 17% compared to 2019 revenues of $811,271[83] - Oil and gas revenues decreased by 48.6% to $257,247 in 2020 from $500,426 in 2019, primarily due to decreased production and lower average sale prices[83] - Timber sales increased by 84.9% to $134,720 in 2020 from $72,847 in 2019, driven by favorable harvesting conditions[83] - Surface revenue increased by 17.6% to $279,977 in 2020 from $237,998 in 2019, attributed to higher lease prices[83] - The company experienced a gain on the sale of land and equipment of $354,577 in 2020, significantly higher than $80,876 in 2019[95] - Oil revenues decreased by $155,007, with net oil produced dropping to 5,043 barrels in 2020 from 6,272 barrels in 2019[85] - Gas revenues decreased by $82,803, with net gas produced falling to 12,376 MCF in 2020 from 32,107 MCF in 2019[85] Land and Timber Management - The company holds 13,941 acres of land in Southwest Louisiana, with 10,495 acres classified as timber lands[78] - The company plans to continue evaluating commercial, agricultural, and timber lands for potential acquisitions and development opportunities[96] - The company aims to actively market its timber and seek additional stumpage agreements despite depressed prices[97] - The Company believes direct land management will be a catalyst for increased surface revenue in southwest Louisiana[98] Financial Position - The Company's current assets totaled $7,073,076 and current liabilities equaled $342,195 as of December 31, 2020[99] - The Company had no outstanding debt as of December 31, 2020, and 2019[100] - Cash and cash equivalents are considered adequate for projected operations and possible land acquisitions[101] Cash Flow Analysis - Net cash provided by operating activities decreased by $54,546 to $140,165 for the year ended December 31, 2020, compared to $194,711 for the year ended December 31, 2019[102] - The decrease in cash provided by operating activities was primarily due to changes in the gain on the sale of land[102] - Net cash provided by investing activities was $3,042,801 for the year ended December 31, 2020, compared to $1,224,842 for the year ended December 31, 2019[103] - The Company purchased certificates of deposit totaling $1,985,920 in 2020, with proceeds from maturity amounting to $4,682,920[103] - Net cash used in financing activities was $0 for both the years ended December 31, 2020, and 2019[104] - There were no off-balance sheet arrangements or financing relationships with unconsolidated entities[106]