Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-08157 | |
Entity Registrant Name | RESERVE PETROLEUM CO | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 73-0237060 | |
Entity Address, Address Line One | 6801 BROADWAY EXT., | |
Entity Address, Address Line Two | SUITE 300 | |
Entity Address, City or Town | OKLAHOMA CITY | |
Entity Address, State or Province | OK | |
Entity Address, Postal Zip Code | 73116-9037 | |
City Area Code | 405 | |
Local Phone Number | 848-7551 | |
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 | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 154,779 | |
Entity Central Index Key | 0000083350 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | |
Current Assets: | |||
Cash and Cash Equivalents | [1] | $ 5,813,110 | $ 5,218,474 |
Available-for-Sale Debt Securities | [1] | 0 | 2,220,901 |
Equity Securities | [1] | 2,764,073 | 2,664,066 |
Refundable Income Taxes | [1] | 614,025 | 317,755 |
Accounts Receivable | [1] | 2,184,635 | 2,366,663 |
Total Current Assets | [1] | 11,375,843 | 12,787,859 |
Investments: | |||
Equity Method Investments | [1] | 2,810,745 | 2,818,790 |
Other Investments | [1] | 5,553,553 | 5,332,553 |
Total Investments | [1] | 8,364,298 | 8,151,343 |
Property, Plant and Equipment: | |||
Unproved Properties | [1] | 4,906,773 | 3,403,051 |
Proved Properties | [1] | 70,976,987 | 69,152,923 |
Oil and Gas Properties, Gross | [1] | 75,883,760 | 72,555,974 |
Less – Accumulated Depreciation, Depletion, Amortization and Valuation Allowance | [1] | (58,070,746) | (57,622,564) |
Oil and Gas Properties, Net | [1] | 17,813,014 | 14,933,410 |
Other Property and Equipment, at Cost | [1] | 833,681 | 820,965 |
Less – Accumulated Depreciation | [1] | (339,502) | (306,587) |
Other Property and Equipment, Net | [1] | 494,179 | 514,378 |
Total Property, Plant and Equipment, Net | [1] | 18,307,193 | 15,447,788 |
Total Assets | [1] | 38,047,334 | 36,386,990 |
Current Liabilities: | |||
Accounts Payable | [1] | 1,182,001 | 537,796 |
Other Current Liabilities | [1] | 59,147 | 12,839 |
Note Payable, Current Portion | [1] | 143,704 | 142,136 |
Total Current Liabilities | [1] | 1,384,852 | 692,771 |
Long-Term Liabilities: | |||
Asset Retirement Obligation | [1] | 2,220,023 | 2,566,368 |
Deferred Tax Liability, Net | [1] | 1,966,506 | 1,219,511 |
Note Payable, Less Current Portion | [1] | 1,122,104 | 1,158,736 |
Total Long-Term Liabilities | [1] | 5,308,633 | 4,944,615 |
Total Liabilities | [1] | 6,693,485 | 5,637,386 |
Equity: | |||
Common Stock | [1] | 92,368 | 92,368 |
Additional Paid-in Capital | [1] | 65,000 | 65,000 |
Retained Earnings | [1] | 32,949,074 | 32,212,066 |
Equity Before Treasury Stock | [1] | 33,106,442 | 32,369,434 |
Less – Treasury Stock, at Cost | [1] | (1,946,547) | (1,820,527) |
Total Equity Applicable to The Reserve Petroleum Company | [1] | 31,159,895 | 30,548,907 |
Non-Controlling Interests | [1] | 193,954 | 200,697 |
Total Equity | [1] | 31,353,849 | 30,749,604 |
Total Liabilities and Equity | [1] | $ 38,047,334 | $ 36,386,990 |
[1]At March 31, 2024 and December 31, 2023, includes approximately $3,130,642 and $2,768,756, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and approximately $1,310,615 and $1,301,270, respectively, of liabilities of consolidated variable interest entities for which creditors do have partial recourse to the general credit of the Company. For more information, see Note 5 – Non-Controlling Interest and Variable Interest Entities. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | |
Assets | [1] | $ 38,047,334 | $ 36,386,990 |
Liabilities | [1] | 6,693,485 | 5,637,386 |
Variable Interest Entity, Primary Beneficiary | |||
Assets | 3,130,642 | 2,768,756 | |
Liabilities | $ 1,310,615 | $ 1,301,270 | |
[1]At March 31, 2024 and December 31, 2023, includes approximately $3,130,642 and $2,768,756, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and approximately $1,310,615 and $1,301,270, respectively, of liabilities of consolidated variable interest entities for which creditors do have partial recourse to the general credit of the Company. For more information, see Note 5 – Non-Controlling Interest and Variable Interest Entities. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Revenues: | ||
Total Operating Revenues | $ 3,627,122 | $ 3,099,641 |
Operating Costs and Expenses: | ||
Depreciation, Depletion, Amortization and Valuation Provision | 509,169 | 934,733 |
General, Administrative and Other | 674,136 | 595,435 |
Total Operating Costs and Expenses | 2,687,244 | 3,145,992 |
Income/(Loss) from Operations | 939,878 | (46,351) |
Equity Income in Investees | 23,541 | 31,656 |
Interest Expense | (16,788) | (16,953) |
Other Income, Net | 219,609 | 568,833 |
Income Before Income Taxes and Non-Controlling Interests | 1,166,240 | 537,185 |
Income Tax Provision/(Benefit): | ||
Current | (307,271) | 11,534 |
Deferred | 746,995 | 121,913 |
Total Income Tax Provision | 439,724 | 133,447 |
Net Income | 726,516 | 403,738 |
Less: Net Loss Attributable to Non-Controlling Interests | (10,492) | (8,921) |
Net Income Attributable to Common Stockholders | $ 737,008 | $ 412,659 |
Per Share Data | ||
Net Income Attributable to Common Stockholders, Basic (in dollars per share) | $ 4.75 | $ 2.64 |
Cash Dividends Declared and/or Paid (in dollars per share) | $ 0 | $ 0 |
Weighted Average Shares Outstanding, Basic (in shares) | 155,151 | 156,157 |
Oil and Gas Sales | ||
Operating Revenues: | ||
Total Operating Revenues | $ 3,011,642 | $ 2,935,441 |
Water Well Drilling Services | ||
Operating Revenues: | ||
Total Operating Revenues | 615,480 | 164,200 |
Operating Costs and Expenses: | ||
Operating Costs and Expenses: | 378,589 | 184,727 |
Production | ||
Operating Costs and Expenses: | ||
Operating Costs and Expenses: | 966,151 | 1,056,749 |
Exploration | ||
Operating Costs and Expenses: | ||
Operating Costs and Expenses: | $ 159,199 | $ 374,348 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Non- Controlling Interests | |
Beginning balance at Dec. 31, 2022 | $ 32,385,362 | $ 92,368 | $ 65,000 | $ 33,828,418 | $ (1,749,858) | $ 149,434 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income/(Loss) | 403,738 | 412,659 | (8,921) | ||||
Contributions | 23,298 | 23,298 | |||||
Ending balance at Mar. 31, 2023 | 32,812,398 | 92,368 | 65,000 | 34,241,077 | (1,749,858) | 163,811 | |
Beginning balance at Dec. 31, 2023 | 30,749,604 | [1] | 92,368 | 65,000 | 32,212,066 | (1,820,527) | 200,697 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income/(Loss) | 726,516 | 737,008 | (10,492) | ||||
Purchase of Treasury Stock | (126,020) | (126,020) | |||||
Contributions | 3,749 | 3,749 | |||||
Ending balance at Mar. 31, 2024 | $ 31,353,849 | [1] | $ 92,368 | $ 65,000 | $ 32,949,074 | $ (1,946,547) | $ 193,954 |
[1]At March 31, 2024 and December 31, 2023, includes approximately $3,130,642 and $2,768,756, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and approximately $1,310,615 and $1,301,270, respectively, of liabilities of consolidated variable interest entities for which creditors do have partial recourse to the general credit of the Company. For more information, see Note 5 – Non-Controlling Interest and Variable Interest Entities. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Provided by/(Applied to) Operating Activities: | ||
Net Income | $ 726,516 | $ 403,738 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation, Depletion, Amortization and Valuation Provision | 509,169 | 934,733 |
Depreciation Attributable to TWS | 18,973 | 18,154 |
Accretion of Asset Retirement Obligation | 41,029 | 18,221 |
Expired Leases | 6,265 | (1,440) |
Cash Distributions from Equity Method Investees | 20,000 | 0 |
Gain on Equity Method and Other Investments | (6,905) | (256,966) |
Net (Gain)/Loss on Equity Securities | (133,691) | (82,634) |
Deferred Income Tax Expense | 746,995 | 121,913 |
Change in Receivables | (114,242) | 663,415 |
Change in Accounts Payable and Other Current Liabilities | (209,911) | (233,667) |
Net Cash Provided by Operating Activities | 1,604,198 | 1,585,467 |
Cash Provided by/(Applied to) Investing Activities: | ||
Maturity of Available-for-Sale Debt Securities | 2,534,727 | 1,151,965 |
Purchase of Available-for-Sale Debt Securities | (313,826) | (2,312,854) |
Purchase of Property, Plant and Equipment | (2,880,762) | (847,636) |
Purchase of Investments | (230,050) | (110,232) |
Cash Distributions from Equity Method and Other Investments | 4,000 | 320,998 |
Sale of Equity Securities | 2,361,375 | 151,518 |
Purchase of Equity Securities | (2,327,691) | (556,029) |
Net Cash Applied to Investing Activities | (852,227) | (2,202,270) |
Cash Provided by/(Applied to) Financing Activities: | ||
Purchase of Treasury Stock | (126,020) | 0 |
Principal Payments on Note Payable | (35,064) | (33,835) |
Capital Contributions from Non-Controlling Interests | 3,749 | 23,298 |
Total Cash Applied to Financing Activities | (157,335) | (10,537) |
Net Change in Cash and Cash Equivalents | 594,636 | (627,340) |
Cash and Cash Equivalents, Beginning of Period | 5,218,474 | 7,299,224 |
Cash and Cash Equivalents, End of Period | 5,813,110 | 6,671,884 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest Paid | 13,039 | 14,268 |
Income Taxes Paid (Net of Refunds Received) | (11,201) | 100 |
Supplemental Schedule of Noncash Investing and Financing Activities: | ||
Net Increase in Accounts Payable for Property, Plant and Equipment Additions | (900,424) | (102,166) |
Net Decreases in Asset Retirement Obligation | $ 387,374 | $ 5,763 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | Note 1 – BASIS OF PRESENTATION The Reserve Petroleum Company, a Delaware corporation, is an independent oil and gas company engaged in oil and natural gas exploration, development and minerals management with areas of concentration in Arkansas, Kansas, Oklahoma, South Dakota, Texas and Wyoming, a single business segment. The Company is also engaged in investments and joint ventures that are not significant business segments. The Company’s consolidated subsidiaries consist of Grand Woods Development, LLC (“Grand Woods”), an Oklahoma limited liability company and wholly owned Trinity Water Services, LLC ("TWS"), an Oklahoma limited liability company. Unless otherwise specified or the context otherwise requires, all references in these notes to “the Company,” “its,” “our,” and “we” are to The Reserve Petroleum Company and its consolidated subsidiaries. The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of The Reserve Petroleum Company and its subsidiaries in which the Company holds a controlling interest, reflecting ownership of a majority of the voting interest, as of the financial statement date. Additionally, the Company consolidates Variable Interest Entities (“VIEs”) under certain criteria discussed further below. All intercompany accounts and transactions have been eliminated in consolidation. In 2023, the Company changed its presentation method on the statement of cash flows from the direct method to the indirect method. The indirect method is predominantly used in practice, provides a useful link to income statements and balance sheets, is more familiar to financial statement users and is the less costly approach to prepare. The Company has recast the Consolidated Statements of Cash Flows and related disclosures for the period ended March 31, 2023, to conform to the indirect presentation method in the current period. When necessary, reclassifications that are not material to the consolidated financial statements are made to prior period financial information to conform to the current year presentation. These reclassifications had no impact on net income or retained earnings. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (hereinafter the “2023 Form 10-K”). In the opinion of management, the accompanying consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals), which are necessary for a fair statement of the results of the interim periods presented. The results of operations for the current interim periods are not necessarily indicative of the operating results for the full year. Variable Interest Entities The Company decides at the inception of each arrangement whether an entity in which an investment is made or in which we have other variable interests is considered a VIE. Generally, an entity is a VIE if (1) the entity does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties, (2) the entity’s investors lack any characteristics of a controlling financial interest or (3) the entity was established with non-substantive voting rights. The Company consolidates VIEs when the Company is deemed to be the primary beneficiary. The primary beneficiary of a VIE is generally the party that both: (1) has the power to make decisions that most significantly affect the economic performance of the VIE and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. If the Company is not deemed to be the primary beneficiary of a VIE, the Company accounts for the investment or other variable interests in a VIE in accordance with applicable GAAP. Non-Controlling Interests When the Company consolidates an entity, 100% of the assets, liabilities, revenues and expenses of the subsidiary are included in the consolidated financial statements. For those consolidated entities in which the Company’s ownership is less than 100%, the Company records a non-controlling interest as a component of equity on the consolidated balance sheets, which represents the third-party ownership in the net assets of the respective consolidated subsidiary. Additionally, the portion of the net income or loss attributable to the non-controlling interest is reported as net income (loss) attributable to non-controlling interest on the consolidated statements of income. Changes in ownership interests in an entity that do not result in deconsolidation are generally recognized within equity. See Note 5 for additional details on non-controlling interests. New Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. ASU 2023-09 intends to provide investors with enhanced information about an entity’s income taxes by requiring disclosure of items such as disaggregation of the effective tax rate reconciliation as well as information regarding income taxes paid. This ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued. The Company does not anticipate the adoption of this update to have a material impact on the Company’s financial position, results of operations or cash flow. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segments Disclosures. Under this ASU, the scope and frequency of segment disclosures is increased to provide investors with additional detail about information utilized by an entity’s “Chief Operating Decision Maker.” This ASU is effective for the Company beginning with our 2024 annual reporting and interim periods beginning in 2025. The Company does not anticipate the adoption of this update to have a material impact on the Company’s financial position, results of operations or cash flow. In August 2023, the FASB issued ASU 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. This ASU is effective for all entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued (or made available for issuance). If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. This ASU applies to the formation of entities that meet the definition of a joint venture (or a corporate joint venture) as defined in the FASB Accounting Standards Codification Master Glossary. While joint ventures are defined in the Master Glossary, there has been no specific guidance in the Codification that applies to the formation accounting by a joint venture in its separate financial statements. The amendments in the ASU require that a joint venture apply a new basis of accounting upon formation. As a result, a newly formed joint venture, upon formation, would initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). The Company does not anticipate the adoption of this update to have a material impact on the Company’s financial position, results of operations or cash flow. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2024 | |
Revenue Recognition [Abstract] | |
REVENUE RECOGNITION | Note 2 – REVENUE RECOGNITION A portion of oil and natural gas sales recorded in the consolidated statements of income are the result of estimated volumes and pricing for oil and natural gas payments not yet received for the period. For the three months ended March 31, 2024 and 2023, that estimate represented $1,702,565 and $1,580,027, respectively, of oil and natural gas sales included in the consolidated statements of income. The Company’s disaggregated revenue has two primary revenue sources, which are oil sales and natural gas sales. The following is an analysis of the components of oil and natural gas sales: Three Months Ended 2024 2023 Oil Sales $ 2,450,164 $ 2,344,037 Natural Gas Sales 514,345 535,401 Miscellaneous Oil and Gas Product Sales 47,133 56,003 $ 3,011,642 $ 2,935,441 |
Other Income, Net
Other Income, Net | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME, NET | Note 3 – OTHER INCOME, NET The following is an analysis of the components of Other Income, Net: Three Months Ended 2024 2023 Net Realized and Unrealized Gain, Equity Securities $ 133,692 $ 82,635 Interest Income 70,000 113,818 Dividend Income 23,358 10,300 Income from Other Investments 14,284 309,697 Miscellaneous Income/(Expenses) (21,725) 52,383 Other Income, Net $ 219,609 $ 568,833 |
Investments and Related Commitm
Investments and Related Commitments and Contingent Liabilities, Including Guaranties | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS AND RELATED COMMITMENTS AND CONTINGENT LIABILITIES, INCLUDING GUARANTIES | Note 4 – INVESTMENTS AND RELATED COMMITMENTS AND CONTINGENT LIABILITIES, INCLUDING GUARANTIES The Company’s Equity Method Investments include: Broadway Sixty-Eight, LLC (“Broadway 68”), an Oklahoma limited liability company, with a 33% ownership, owns and operates an office building in Oklahoma City, Oklahoma. The Company leases its corporate office from Broadway 68 on a month-to-month basis under the terms of the modified lease agreement. Rent expense for lease of the corporate office from Broadway 68 was $11,179 and $11,200 during the three months ended March 31, 2024 and 2023, respectively. The Company’s investment in Broadway 68 totaled $141,146 and $123,901 at March 31, 2024, and December 31, 2023, respectively. Broadway Seventy-Two, LLC (“Broadway 72”), an Oklahoma limited liability company, with a 40% ownership, was acquired in 2022. Broadway 72 owns and operates a commercial building in Oklahoma City, Oklahoma. The Company’s investment in Broadway 72 totaled $1,071,571 and $1,075,782 at March 31, 2024, and December 31, 2023, respectively. QSN Office Park, LLC (“QSN”), an Oklahoma limited liability company, with a 20% ownership, was acquired in 2016. QSN is constructing and selling office buildings in a new office park. The Company has guarantied 20% of a $860,000 development loan that matures July 15, 2025, and 20% of a construction loan of $585,000 that matures July 25, 2024. The Company’s investment in QSN totaled $285,996 and $307,325 at March 31, 2024, and December 31, 2023, respectively. The Company does not anticipate the need to perform on the guaranties of the loans. Stott's Mill, with a 50% ownership, was acquired in May 2023. Stott's Mill consists of two residential lots in a developing subdivision located in Basalt, Colorado. The Company’s investment in Stott's Mill totaled $708,429 and $708,179 at March 31, 2024, and December 31, 2023, respectively. Victorum BRH2 Investment, LLC (“BRH2”), with a 16.3% ownership, was acquired in August 2021. BRH2 serves as a special purpose investment vehicle to hold an investment in Berry-Rock Capital, LP (“Berry-Rock”). Berry-Rock is a provider of a rent-to-own program for individuals unable to qualify for a mortgage. The Company receives quarterly distributions on an 11% annualized return on investment. The Company’s investment in BRH2 totaled $301,442 at March 31, 2024, and December 31, 2023. Victorum BRH3 Investment, LLC (“BRH3”), with a 27.27% ownership, was acquired in November 2023. BRH3 serves as a special purpose investment vehicle to hold an investment in Berry-Rock. The Company receives quarterly distributions on an 11% annualized return on investment. The Company’s investment in BRH3 totaled $302,161 at March 31, 2024, and December 31, 2023. The Company’s Other Investments primarily include: Bailey Hilltop Pipeline, LLC (“Bailey”), with a 10% ownership, was acquired in 2008. Bailey is a gas gathering system pipeline for the Bailey Hilltop Prospect oil and gas properties in Grady County, Oklahoma. The Company’s investment in Bailey totaled $73,377 and $77,377 at March 31, 2024, and December 31, 2023, respectively. Cloudburst International, Inc. (“Cloudburst”), with a 12.99% ownership, was acquired in 2020. Cloudburst owns exclusive rights to a water purification process technology that is being developed and currently tested. The Company’s investment in Cloudburst totaled $1,596,007 at March 31, 2024, and December 31, 2023. Genlith, Inc. (“Genlith”), with a 5.15% ownership, was acquired in July 2021. Genlith identifies and structures investments in the new energy economy through corporate ventures, advisory and fund management. The Company’s investment in Genlith totaled $311,958 at March 31, 2024, and December 31, 2023. Chilean Cobalt Corp. ("C3") is a publicly traded spin-off from Genlith. The Company owns 740,211 of S-1 Registered Shares of C3, representing less than 2% of outstanding shares, and entered into a twelve month lock-up agreement on May 11, 2023, whereby the Company agreed that it will not attempt to sell, transfer, or otherwise dispose of the Registered Shares, subject to a "trickle" into market, except at a rate not to exceed 30,000 shares per month on a non-cumulative basis. The Company's investment in C3 totaled $148,042 at March 31, 2024 and December 31, 2023. OKC Industrial Properties, LC (“OKC”), with a 10% ownership, was acquired in 1992. OKC originally owned approximately 260 acres of undeveloped land in north Oklahoma City, and there is approximately 13 acres of land remaining. The Company’s investment in OKC totaled $67,482 at March 31, 2024, and December 31, 2023. Grand Woods holds approximately 26.56 acres of undeveloped real estate in northeast Oklahoma City. The accumulated costs of the land totaled $2,171,828 at March 31, 2024, and December 31, 2023. See Note 5 for information related to Grand Woods. Victorum Capital Club (“VCC”) invests in and manages special purpose investment vehicles that hold investments in various startup companies. The Company participates with minority ownership in an assortment of investments held with VCC. The Company’s investment in VCC special purpose investment vehicles totaled $357,259 at March 31, 2024, and December 31, 2023. VCC Venture Fund I, LP (“VCC Venture”), with less than 2% ownership, acquired in 2022, serves as a limited partnership to be used for investments in start-up entities and is managed by Victorum Capital Club. The Company committed to a $250,000 investment in VCC Venture. The Company’s investment in VCC Venture totaled $93,750 at March 31, 2024, and December 31, 2023. The balance at March 31, 2024, represents 37.50% of the Company's capital commitment. Cortado Ventures Fund II-A, LP (“Cortado II-A”), with less than 2% ownership, acquired in 2023, serves as a limited partnership to be used for investments in start-up entities and is managed by Cortado Capital II, LLC. The Company committed to a $1,000,000 investment in Cortado II-A. The Company’s investment in Cortado II-A totaled $500,000 at March 31, 2024, and December 31, 2023, which represents 50.00% of the Company's capital commitment. Cypress MWC, LLC ("Cypress"), with 15% ownership, acquired in 2024, is a town home development in Midwest City, Oklahoma. The Company committed to a $750,000 investment in Cypress. The Company’s investment in Cypress totaled $225,000 at March 31, 2024, which represents 30.00% of the Company's capital commitment. |
Non-Controlling Interest and Va
Non-Controlling Interest and Variable Interest Entities | 3 Months Ended |
Mar. 31, 2024 | |
Noncontrolling Interest [Abstract] | |
NON-CONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES | Note 5 – NON-CONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES Grand Woods is accounted for as a consolidated VIE. The Company owns an 80.37% interest in Grand Woods in the form of 47.08 Class A units and 546,735 Class C units, with the remaining non-controlling interests held by other members, including 8.72% owned by executive officers of the Company. Grand Woods holds approximately 26.56 acres of undeveloped real estate in northeast Oklahoma City. The Company is the only guarantor of $1,200,000 of a note payable held by Grand Woods. See Note 6 for terms and guaranty of debt held by Grand Woods, which is included in the consolidated balance sheets. As a result of the Company’s guaranty of $1,200,000 of Grand Woods debt, the note holder has partial recourse to the Company for the consolidated VIE’s liabilities. TWS is accounted for as a consolidated VIE. The Company entered into a Joint Venture Agreement ("the Agreement") with TWS South, LLC, a Texas limited liability company, on March 19, 2021, to form a water well drilling company where the Company would provide funding for equipment and operations, with TWS South, LLC providing industry expertise for operations and securing customers in the central Texas region. Equipment and vehicles totaling $330,000 were purchased by the Company and operating cash of $70,000 was made available to begin operations. The Agreement provided that the Company receive all net profits until a total of $300,000 plus 1.2 times any additional funding was reached. Since the effective date of the Agreement, the Company has contributed $1,160,000 toward the joint venture with losses totaling $315,269 as of March 31, 2024. Subsequent Event: The Agreement states that if net profits received by the Company do not reach $300,000 plus 1.2 times any additional funding within twelve months of the effective date, the Company has the right to terminate the Agreement. The Agreement also states that TWS South, LLC would devote substantially all time and attention to this joint venture. Following the discovery that TWS South, LLC breached the Agreement by assuming ownership and operating another drilling company, the Company terminated the Agreement on April 19, 2024. The Company is in the initial stages of determining treatment of the assets, and is evaluating all available information to determine the impact of the termination of the Agreement on the consolidated financial statements. As of March 31, 2024, TWS South, LLC assets consisted of a drilling rig, various equipment and vehicles with net book value of $296,687 and accounts receivable of $536,568. The Company has contractual rights to those assets, or the proceeds from the sale of the assets per the Agreement. Management has performed an assessment of the assets and did not identify any indicators of impairment which would suggest that the recorded value of the TWS assets were potentially impaired. The following table presents the summarized assets and liabilities of Grand Woods and TWS included in the consolidated balance sheets as of March 31, 2024, and December 31, 2023. The assets of Grand Woods and TWS in the table below may only be used to settle obligations of Grand Woods or TWS, respectively. The assets and liabilities in the table below include third party assets and liabilities only and exclude intercompany balances that eliminate in consolidation. March 31, 2024 Grand Woods TWS Total Assets: Cash $ 69,276 $ 56,283 $ 125,559 Accounts Receivable — 536,568 536,568 Total Current Assets 69,276 592,851 662,127 Other Investments (Land) 2,171,828 — 2,171,828 Other Property and Equipment, at Cost — 483,934 483,934 Less – Accumulated Depreciation — (187,247) (187,247) Other Property and Equipment, Net — 296,687 296,687 Total Assets $ 2,241,104 $ 889,538 $ 3,130,642 Liabilities: Accounts Payable $ — $ 44,807 $ 44,807 Note Payable, Current Portion 143,704 — 143,704 Total Current Liabilities 143,704 44,807 188,511 Note Payable, Less Current Portion 1,122,104 — 1,122,104 Total Liabilities $ 1,265,808 $ 44,807 $ 1,310,615 December 31, 2023 Grand Woods TWS Total Assets: Cash $ 138,690 $ 154,653 $ 293,343 Accounts Receivable — 640 640 Total Current Assets 138,690 155,293 293,983 Other Investments (Land) 2,171,828 — 2,171,828 Other Property and Equipment, at Cost — 471,219 471,219 Less – Accumulated Depreciation — (168,274) (168,274) Other Property and Equipment, Net — 302,945 302,945 Total Assets $ 2,310,518 $ 458,238 $ 2,768,756 Liabilities: Accounts Payable $ — $ 398 $ 398 Note Payable, Current Portion 142,136 — 142,136 Total Current Liabilities 142,136 398 142,534 Note Payable, Less Current Portion 1,158,736 — 1,158,736 Total Liabilities $ 1,300,872 $ 398 $ 1,301,270 |
Note Payable
Note Payable | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
NOTE PAYABLE | Note 6 – NOTE PAYABLE Grand Woods has a note payable (“the Note”) that was used for the purchase and development of property. The Note has a 4% interest rate and matures November 23, 2026. The Note has scheduled payments of principal and interest in the amount of $16,034 per month, with a balloon payment of any unpaid principal balance due on November 23, 2026. The balance of the Note at March 31, 2024, and December 31, 2023, is $1,265,808 and $1,300,872, respectively, of which $143,704 is classified as current at March 31, 2024. Interest paid on the Note, in the three months ended March 31, 2024, and 2023 totaled $13,039 and $14,268, respectively. The Note is secured by the underlying property and a $1,200,000 guaranty issued by the Company. Covenants of the Note include a pay down requirement that states that sales of parcels will require a pay down on the loan of 90% of the net proceeds received from the purchaser less capital gains tax obligation. The remaining 10% shall be held in an operating reserve account for operating expenses and the use in payment of taxes. No distributions to partners, except for taxes, are permitted throughout the term of the loan. The intent of the Grand Woods investment manager and members is that proceeds from the sale of all, or part of, the property will be used to reduce or eliminate the Note. The Company does not anticipate the need to perform on the guaranty of the Note. Below is a schedule of future principal payments on the outstanding Note at March 31, 2024: Years Ending December 31, Principal Payments 2024 107,072 2025 148,155 2026 1,010,581 Total $ 1,265,808 |
Provision for Income Taxes
Provision for Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
PRROVISION FOR INCOME TAXES | Note 7 – PROVISION FOR INCOME TAXES In 2024 and 2023, the effective tax rate differed from the statutory rate, primarily as a result of allowable depletion for tax purposes in excess of the cost basis in oil and natural gas properties. Excess federal percentage depletion, which is limited to certain production volumes and by certain income levels, reduces estimated taxable income projected for any year. The federal excess percentage depletion estimates will be updated throughout the year until finalized with the detail well-by-well calculations at year-end. When a provision for income taxes is recorded, federal excess percentage depletion benefits decrease the effective tax rate. When a benefit for income taxes is recorded, federal excess percentage depletion benefits increase the effective tax rate. The benefit of federal excess percentage depletion is not directly related to the amount of pre-tax income recorded in a period. Accordingly, in periods where a recorded pre-tax income is relatively small, the proportional effect of these items on the effective tax rate may be significant. |
Asset Retirement Obligation
Asset Retirement Obligation | 3 Months Ended |
Mar. 31, 2024 | |
Asset Retirement Obligation [Abstract] | |
ASSET RETIREMENT OBLIGATION | Note 8 – ASSET RETIREMENT OBLIGATION The Company records the fair value of its estimated liability to retire its oil and natural gas producing properties in the period in which it is incurred (typically the date of first sale). The estimated liability is calculated by obtaining current estimated plugging costs from the well operators and inflating it over the life of the property. Current year inflation rate used is 2.50%. When the liability is first recorded, a corresponding increase in the carrying amount of the related long-lived asset is also recorded. Subsequently, the asset is amortized to expense over the life of the property and the liability is increased annually for the change in its present value which is currently 7.50%. A reconciliation of the Company’s asset retirement obligation liability is as follows: Balance at December 31, 2023 $ 2,566,368 Revision to estimate (387,374) Accretion expense 41,029 Balance at March 31, 2024 $ 2,220,023 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | Note 9 – FAIR VALUE MEASUREMENTS The Company uses a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs or significant value drivers are observable. Level 3 – These assets include investments for which there is little, if any, market activity. These inputs require significant management judgement or estimation. Recurring Fair Value Measurements Certain assets of the Company are reported at fair value in the accompanying consolidated balance sheets on a recurring basis. The Company determined the fair value of equity securities and available-for-sale debt securities using quoted market prices, public Net Asset Values ("NAV") and where applicable, securities with similar maturity dates and interest rates. Level 3 assets use NAV as fair value. At March 31, 2024, and December 31, 2023, the Company’s assets reported at fair value on a recurring basis using the three level valuation hierarchy are summarized as follows: March 31, 2024 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Equity Securities: Domestic Equities 1,840,193 — — International Equities 83,082 — — Others — — 750,000 $ 1,923,275 $ — $ 750,000 December 31, 2023 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Available-for-Sale Debt Securities – U.S. Treasury Bills Maturing within 1 Year $ — $ 2,220,901 $ — Equity Securities: Domestic Equities 2,321,275 — — International Equities 130,005 — — Others 212,786 — — $ 2,664,066 $ 2,220,901 $ — The fair value hierarchy tables do not include investments that the Company has elected to use the NAV as a practical expedient to determine the fair value. These assets consist of a private business development fund classified under section 3(c)(7) of the Investment Company Act of 1940. Liquidity of is only attained through sales on the secondary market. A reconciliation to the balance sheet equity securities is as follows: March 31, 2024 December 31, 2023 Level 1 Assets 1,923,275 2,664,066 Level 2 Assets — 2,220,901 Level 3 Assets 750,000 — Assets using NAV as a practical expedient, with a remaining commitment of $204,424 90,798 — Total $ 2,764,073 $ 4,884,967 The $750,000 in Level 3 assets in the fair value hierarchy tables using NAV that is published and used for current transactions as fair value consist of a private perpetual business development fund. Redemption terms include expected quarterly repurchase offers pursuant to a unit repurchase program of up to 5% of outstanding units, either by number of units or aggregate net asset value as of such quarter end. A roll forward of the Company’s level 3 investments is as follows: Balance Three Months Ended March 31, 2024 Balance as of December 31, 2023 — Purchases 750,000 Changes in unrealized gains included in Other Income, net $ — Balance as of March 31, 2024 $ 750,000 Remaining Unfunded Commitments $ — Non-Recurring Fair Value Measurements The Company’s asset retirement obligation annually represents a non-recurring fair value liability, for which there were no liabilities incurred in the three months ended March 31, 2024 or 2023. See Note 8 above for more information about this liability and the inputs used for calculating fair value. There were no impairment losses recorded on oil and gas assets in the three months ended March 31, 2024. Impairment losses recorded on oil and gas assets in the three months ended March 31, 2023 were $443,456. This also relates to non-recurring fair value measurements calculated using Level 3 inputs. Certain oil and natural gas producing properties have been deemed to be impaired because the assets, evaluated on a property-by-property basis, are not expected to recover their entire carrying value through future cash flows. Impairment losses, when recorded, are included in the consolidated statements of income in the line-item Depreciation, Depletion, Amortization and Valuation Provision. Impairments are calculated by reducing the carrying value of the individual properties to an estimated fair value equal to the discounted present value of the future cash flow from these properties. Forward pricing is used for calculating future revenue and cash flow. Fair Value of Financial Instruments The Company’s other financial instruments consist primarily of cash and cash equivalents, trade receivables, and trade payables. At March 31, 2024, and December 31, 2023, the historical cost of cash and cash equivalents, trade receivables and trade payables are considered to be representative of their respective fair values due to the short-term maturities of these items. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income/(Loss) | $ 726,516 | $ 403,738 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The Reserve Petroleum Company, a Delaware corporation, is an independent oil and gas company engaged in oil and natural gas exploration, development and minerals management with areas of concentration in Arkansas, Kansas, Oklahoma, South Dakota, Texas and Wyoming, a single business segment. The Company is also engaged in investments and joint ventures that are not significant business segments. The Company’s consolidated subsidiaries consist of Grand Woods Development, LLC (“Grand Woods”), an Oklahoma limited liability company and wholly owned Trinity Water Services, LLC ("TWS"), an Oklahoma limited liability company. Unless otherwise specified or the context otherwise requires, all references in these notes to “the Company,” “its,” “our,” and “we” are to The Reserve Petroleum Company and its consolidated subsidiaries. The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of The Reserve Petroleum Company and its subsidiaries in which the Company holds a controlling interest, reflecting ownership of a majority of the voting interest, as of the financial statement date. Additionally, the Company consolidates Variable Interest Entities (“VIEs”) under certain criteria discussed further below. All intercompany accounts and transactions have been eliminated in consolidation. In 2023, the Company changed its presentation method on the statement of cash flows from the direct method to the indirect method. The indirect method is predominantly used in practice, provides a useful link to income statements and balance sheets, is more familiar to financial statement users and is the less costly approach to prepare. The Company has recast the Consolidated Statements of Cash Flows and related disclosures for the period ended March 31, 2023, to conform to the indirect presentation method in the current period. When necessary, reclassifications that are not material to the consolidated financial statements are made to prior period financial information to conform to the current year presentation. These reclassifications had no impact on net income or retained earnings. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (hereinafter the “2023 Form 10-K”). In the opinion of management, the accompanying consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals), which are necessary for a fair statement of the results of the interim periods presented. The results of operations for the current interim periods are not necessarily indicative of the operating results for the full year. |
Variable Interest Entities | Variable Interest Entities The Company decides at the inception of each arrangement whether an entity in which an investment is made or in which we have other variable interests is considered a VIE. Generally, an entity is a VIE if (1) the entity does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties, (2) the entity’s investors lack any characteristics of a controlling financial interest or (3) the entity was established with non-substantive voting rights. The Company consolidates VIEs when the Company is deemed to be the primary beneficiary. The primary beneficiary of a VIE is generally the party that both: (1) has the power to make decisions that most significantly affect the economic performance of the VIE and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. If the Company is not deemed to be the primary beneficiary of a VIE, the Company accounts for the investment or other variable interests in a VIE in accordance with applicable GAAP. |
Non-Controlling Interests | Non-Controlling Interests When the Company consolidates an entity, 100% of the assets, liabilities, revenues and expenses of the subsidiary are included in the consolidated financial statements. For those consolidated entities in which the Company’s ownership is less than 100%, the Company records a non-controlling interest as a component of equity on the consolidated balance sheets, which represents the third-party ownership in the net assets of the respective consolidated subsidiary. Additionally, the portion of the net income or loss attributable to the non-controlling interest is reported as net income (loss) attributable to non-controlling interest on the consolidated statements of income. Changes in ownership interests in an entity that do not result in deconsolidation are generally recognized within equity. See Note 5 for additional details on non-controlling interests. |
New Accounting Pronouncements | New Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. ASU 2023-09 intends to provide investors with enhanced information about an entity’s income taxes by requiring disclosure of items such as disaggregation of the effective tax rate reconciliation as well as information regarding income taxes paid. This ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued. The Company does not anticipate the adoption of this update to have a material impact on the Company’s financial position, results of operations or cash flow. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segments Disclosures. Under this ASU, the scope and frequency of segment disclosures is increased to provide investors with additional detail about information utilized by an entity’s “Chief Operating Decision Maker.” This ASU is effective for the Company beginning with our 2024 annual reporting and interim periods beginning in 2025. The Company does not anticipate the adoption of this update to have a material impact on the Company’s financial position, results of operations or cash flow. In August 2023, the FASB issued ASU 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. This ASU is effective for all entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued (or made available for issuance). If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. This ASU applies to the formation of entities that meet the definition of a joint venture (or a corporate joint venture) as defined in the FASB Accounting Standards Codification Master Glossary. While joint ventures are defined in the Master Glossary, there has been no specific guidance in the Codification that applies to the formation accounting by a joint venture in its separate financial statements. The amendments in the ASU require that a joint venture apply a new basis of accounting upon formation. As a result, a newly formed joint venture, upon formation, would initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). The Company does not anticipate the adoption of this update to have a material impact on the Company’s financial position, results of operations or cash flow. |
Fair Value Measuremens | The Company uses a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs or significant value drivers are observable. Level 3 – These assets include investments for which there is little, if any, market activity. These inputs require significant management judgement or estimation. Recurring Fair Value Measurements Certain assets of the Company are reported at fair value in the accompanying consolidated balance sheets on a recurring basis. The Company determined the fair value of equity securities and available-for-sale debt securities using quoted market prices, public Net Asset Values ("NAV") and where applicable, securities with similar maturity dates and interest rates. Level 3 assets use NAV as fair value. Non-Recurring Fair Value Measurements The Company’s asset retirement obligation annually represents a non-recurring fair value liability, for which there were no liabilities incurred in the three months ended March 31, 2024 or 2023. See Note 8 above for more information about this liability and the inputs used for calculating fair value. There were no impairment losses recorded on oil and gas assets in the three months ended March 31, 2024. Impairment losses recorded on oil and gas assets in the three months ended March 31, 2023 were $443,456. This also relates to non-recurring fair value measurements calculated using Level 3 inputs. Certain oil and natural gas producing properties have been deemed to be impaired because the assets, evaluated on a property-by-property basis, are not expected to recover their entire carrying value through future cash flows. Impairment losses, when recorded, are included in the consolidated statements of income in the line-item Depreciation, Depletion, Amortization and Valuation Provision. Impairments are calculated by reducing the carrying value of the individual properties to an estimated fair value equal to the discounted present value of the future cash flow from these properties. Forward pricing is used for calculating future revenue and cash flow. Fair Value of Financial Instruments The Company’s other financial instruments consist primarily of cash and cash equivalents, trade receivables, and trade payables. At March 31, 2024, and December 31, 2023, the historical cost of cash and cash equivalents, trade receivables and trade payables are considered to be representative of their respective fair values due to the short-term maturities of these items. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue Recognition [Abstract] | |
Schedule of Disaggregation of Revenue | The following is an analysis of the components of oil and natural gas sales: Three Months Ended 2024 2023 Oil Sales $ 2,450,164 $ 2,344,037 Natural Gas Sales 514,345 535,401 Miscellaneous Oil and Gas Product Sales 47,133 56,003 $ 3,011,642 $ 2,935,441 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income, Net | The following is an analysis of the components of Other Income, Net: Three Months Ended 2024 2023 Net Realized and Unrealized Gain, Equity Securities $ 133,692 $ 82,635 Interest Income 70,000 113,818 Dividend Income 23,358 10,300 Income from Other Investments 14,284 309,697 Miscellaneous Income/(Expenses) (21,725) 52,383 Other Income, Net $ 219,609 $ 568,833 |
Non-Controlling Interest and _2
Non-Controlling Interest and Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Noncontrolling Interest [Abstract] | |
Schedule of Variable Interest Entities | The assets and liabilities in the table below include third party assets and liabilities only and exclude intercompany balances that eliminate in consolidation. March 31, 2024 Grand Woods TWS Total Assets: Cash $ 69,276 $ 56,283 $ 125,559 Accounts Receivable — 536,568 536,568 Total Current Assets 69,276 592,851 662,127 Other Investments (Land) 2,171,828 — 2,171,828 Other Property and Equipment, at Cost — 483,934 483,934 Less – Accumulated Depreciation — (187,247) (187,247) Other Property and Equipment, Net — 296,687 296,687 Total Assets $ 2,241,104 $ 889,538 $ 3,130,642 Liabilities: Accounts Payable $ — $ 44,807 $ 44,807 Note Payable, Current Portion 143,704 — 143,704 Total Current Liabilities 143,704 44,807 188,511 Note Payable, Less Current Portion 1,122,104 — 1,122,104 Total Liabilities $ 1,265,808 $ 44,807 $ 1,310,615 December 31, 2023 Grand Woods TWS Total Assets: Cash $ 138,690 $ 154,653 $ 293,343 Accounts Receivable — 640 640 Total Current Assets 138,690 155,293 293,983 Other Investments (Land) 2,171,828 — 2,171,828 Other Property and Equipment, at Cost — 471,219 471,219 Less – Accumulated Depreciation — (168,274) (168,274) Other Property and Equipment, Net — 302,945 302,945 Total Assets $ 2,310,518 $ 458,238 $ 2,768,756 Liabilities: Accounts Payable $ — $ 398 $ 398 Note Payable, Current Portion 142,136 — 142,136 Total Current Liabilities 142,136 398 142,534 Note Payable, Less Current Portion 1,158,736 — 1,158,736 Total Liabilities $ 1,300,872 $ 398 $ 1,301,270 |
Note Payable (Tables)
Note Payable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Note Payable | Below is a schedule of future principal payments on the outstanding Note at March 31, 2024: Years Ending December 31, Principal Payments 2024 107,072 2025 148,155 2026 1,010,581 Total $ 1,265,808 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Asset Retirement Obligation [Abstract] | |
Schedule of Asset Retirement Obligations | A reconciliation of the Company’s asset retirement obligation liability is as follows: Balance at December 31, 2023 $ 2,566,368 Revision to estimate (387,374) Accretion expense 41,029 Balance at March 31, 2024 $ 2,220,023 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets Measured on Recurring Basis | At March 31, 2024, and December 31, 2023, the Company’s assets reported at fair value on a recurring basis using the three level valuation hierarchy are summarized as follows: March 31, 2024 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Equity Securities: Domestic Equities 1,840,193 — — International Equities 83,082 — — Others — — 750,000 $ 1,923,275 $ — $ 750,000 December 31, 2023 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Available-for-Sale Debt Securities – U.S. Treasury Bills Maturing within 1 Year $ — $ 2,220,901 $ — Equity Securities: Domestic Equities 2,321,275 — — International Equities 130,005 — — Others 212,786 — — $ 2,664,066 $ 2,220,901 $ — A reconciliation to the balance sheet equity securities is as follows: March 31, 2024 December 31, 2023 Level 1 Assets 1,923,275 2,664,066 Level 2 Assets — 2,220,901 Level 3 Assets 750,000 — Assets using NAV as a practical expedient, with a remaining commitment of $204,424 90,798 — Total $ 2,764,073 $ 4,884,967 A roll forward of the Company’s level 3 investments is as follows: Balance Three Months Ended March 31, 2024 Balance as of December 31, 2023 — Purchases 750,000 Changes in unrealized gains included in Other Income, net $ — Balance as of March 31, 2024 $ 750,000 Remaining Unfunded Commitments $ — |
Schedule of Fair Value, Liabilities Measured on Recurring Basis | A roll forward of the Company’s level 3 investments is as follows: Balance Three Months Ended March 31, 2024 Balance as of December 31, 2023 — Purchases 750,000 Changes in unrealized gains included in Other Income, net $ — Balance as of March 31, 2024 $ 750,000 Remaining Unfunded Commitments $ — |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) | Mar. 31, 2024 USD ($) source | Mar. 31, 2023 USD ($) |
Revenue Recognition [Abstract] | ||
Estimate of oil and natural gas payments not yet received | $ | $ 1,702,565 | $ 1,580,027 |
Number of revenue sources | source | 2 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregated Revenue (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 3,011,642 | $ 2,935,441 |
Oil Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,450,164 | 2,344,037 |
Natural Gas Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 514,345 | 535,401 |
Miscellaneous Oil and Gas Product Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 47,133 | $ 56,003 |
Other Income, Net - Schedule of
Other Income, Net - Schedule of Components of Other Income, Net (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | ||
Net Realized and Unrealized Gain, Equity Securities | $ 133,692 | $ 82,635 |
Interest Income | 70,000 | 113,818 |
Dividend Income | 23,358 | 10,300 |
Income from Other Investments | 14,284 | 309,697 |
Miscellaneous Income/(Expenses) | (21,725) | 52,383 |
Other Income, Net | $ 219,609 | $ 568,833 |
Investments and Related Commi_2
Investments and Related Commitments and Contingent Liabilities, Including Guaranties (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Nov. 30, 2023 | Aug. 31, 2021 | Mar. 31, 2024 USD ($) a | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | May 31, 2023 property | May 11, 2023 shares | Jul. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2016 USD ($) | Dec. 31, 2008 | Dec. 31, 1992 a | ||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method investments | [1] | $ 2,810,745 | $ 2,818,790 | |||||||||||
Other Investments | [1] | 5,553,553 | 5,332,553 | |||||||||||
Corporate Office from Broadway | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Rent expense | 11,179 | $ 11,200 | ||||||||||||
Equity method investments | $ 141,146 | 123,901 | ||||||||||||
Broadway 68 | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership percentage (as a percent) | 33% | |||||||||||||
Broadway 72 | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership percentage (as a percent) | 40% | |||||||||||||
Equity method investments | $ 1,071,571 | 1,075,782 | ||||||||||||
QSN | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership percentage (as a percent) | 20% | |||||||||||||
Equity method investments | 285,996 | 307,325 | ||||||||||||
QSN | Development Loan | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Value of guaranteed loans | $ 860,000 | |||||||||||||
QSN | Construction Loan | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Value of guaranteed loans | $ 585,000 | |||||||||||||
Stott's Mill | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership percentage (as a percent) | 50% | |||||||||||||
Number of residential lots | property | 2 | |||||||||||||
Other Investments | 708,429 | 708,179 | ||||||||||||
BHR2 | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership percentage (as a percent) | 16.30% | |||||||||||||
Other Investments | 301,442 | 301,442 | ||||||||||||
Annual return on investment (as a percent) | 11% | |||||||||||||
BRH3 | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership percentage (as a percent) | 27.27% | |||||||||||||
Other Investments | 302,161 | 302,161 | ||||||||||||
Annual return on investment (as a percent) | 11% | |||||||||||||
Bailey | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership percentage (as a percent) | 10% | |||||||||||||
Other Investments | 73,377 | 77,377 | ||||||||||||
Cloudburst | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership percentage (as a percent) | 12.99% | |||||||||||||
Other Investments | 1,596,007 | 1,596,007 | ||||||||||||
Genlith | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership percentage (as a percent) | 5.15% | |||||||||||||
Other Investments | 311,958 | 311,958 | ||||||||||||
C3 | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Investment owned (in shares) | shares | 740,211 | |||||||||||||
Percentage of shares owned (as a percent) (less than) | 2% | |||||||||||||
Number of shares allowed to be sold, transferred, or disposed of per month (in shares) | shares | 30,000 | |||||||||||||
Value of investment owned | 148,042 | 148,042 | ||||||||||||
OKC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership percentage (as a percent) | 10% | |||||||||||||
Other Investments | $ 67,482 | 67,482 | ||||||||||||
Area of land (Acre) | a | 13 | 260 | ||||||||||||
Grand Woods | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Area of land (Acre) | a | 26.56 | |||||||||||||
Land | $ 2,171,828 | 2,171,828 | ||||||||||||
VCC | Oil and Gas, Special Investment Vehicles | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Special investment vehicles | 357,259 | 357,259 | ||||||||||||
VCC Venture | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership percentage (as a percent) | 2% | |||||||||||||
Other Investments | $ 93,750 | $ 93,750 | ||||||||||||
Committed investment | $ 250,000 | |||||||||||||
Committed investment ratio (as a percent) | 37.50% | |||||||||||||
Cortado II-A | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership percentage (as a percent) | 2% | |||||||||||||
Other Investments | $ 500,000 | $ 500,000 | ||||||||||||
Committed investment | $ 1,000,000 | |||||||||||||
Committed investment ratio (as a percent) | 50% | |||||||||||||
Cypress | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership percentage (as a percent) | 15% | |||||||||||||
Other Investments | $ 225,000 | |||||||||||||
Committed investment | $ 750,000 | |||||||||||||
Committed investment ratio (as a percent) | 30% | |||||||||||||
[1]At March 31, 2024 and December 31, 2023, includes approximately $3,130,642 and $2,768,756, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and approximately $1,310,615 and $1,301,270, respectively, of liabilities of consolidated variable interest entities for which creditors do have partial recourse to the general credit of the Company. For more information, see Note 5 – Non-Controlling Interest and Variable Interest Entities. |
Non-Controlling Interest and _3
Non-Controlling Interest and Variable Interest Entities - Narrative (Details) | 3 Months Ended | 36 Months Ended | ||||
Mar. 19, 2021 USD ($) | Mar. 31, 2024 USD ($) a shares | Mar. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) a shares | Dec. 31, 2023 USD ($) | ||
Variable Interest Entity [Line Items] | ||||||
Property, plant, and equipment, other, net | [1] | $ 494,179 | $ 494,179 | $ 514,378 | ||
Net Income/(Loss) | 726,516 | $ 403,738 | ||||
Accounts Receivable | [1] | $ 2,184,635 | $ 2,184,635 | 2,366,663 | ||
Common Class A | ||||||
Variable Interest Entity [Line Items] | ||||||
Units owned (in shares) | shares | 47.08 | 47.08 | ||||
Common Class C | ||||||
Variable Interest Entity [Line Items] | ||||||
Units owned (in shares) | shares | 546,735 | 546,735 | ||||
Grand Woods | ||||||
Variable Interest Entity [Line Items] | ||||||
Area of land (Acre) | a | 26.56 | 26.56 | ||||
Variable Interest Entity, Primary Beneficiary | TWS | ||||||
Variable Interest Entity [Line Items] | ||||||
Property, plant, and equipment, other, net | $ 330,000 | $ 296,687 | $ 296,687 | 302,945 | ||
Cash | 70,000 | 56,283 | 56,283 | 154,653 | ||
Total net profits from agreement | $ 300,000 | |||||
Multiplier, net profits | 1.2 | |||||
Net Income/(Loss) | 315,269 | |||||
Contributions to joint ventures | 1,160,000 | 1,160,000 | ||||
Accounts Receivable | 536,568 | 536,568 | $ 640 | |||
Variable Interest Entity, Primary Beneficiary | Partial recourse | Secured Debt | ||||||
Variable Interest Entity [Line Items] | ||||||
Guaranty issued by company | $ 1,200,000 | $ 1,200,000 | ||||
Variable Interest Entity, Primary Beneficiary | Grand Woods | ||||||
Variable Interest Entity [Line Items] | ||||||
Ownership (as a percent) | 80.37% | |||||
Variable Interest Entity, Primary Beneficiary | Grand Woods | Executive Officer | ||||||
Variable Interest Entity [Line Items] | ||||||
Ownership (as a percent) | 8.72% | |||||
[1]At March 31, 2024 and December 31, 2023, includes approximately $3,130,642 and $2,768,756, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and approximately $1,310,615 and $1,301,270, respectively, of liabilities of consolidated variable interest entities for which creditors do have partial recourse to the general credit of the Company. For more information, see Note 5 – Non-Controlling Interest and Variable Interest Entities. |
Non-Controlling Interest and _4
Non-Controlling Interest and Variable Interest Entities - Schedule of Balance Sheet Information (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 19, 2021 | |
Assets: | ||||
Accounts Receivable | [1] | $ 2,184,635 | $ 2,366,663 | |
Total Current Assets | [1] | 11,375,843 | 12,787,859 | |
Other Property and Equipment, at Cost | [1] | 833,681 | 820,965 | |
Less – Accumulated Depreciation | [1] | (339,502) | (306,587) | |
Other Property and Equipment, Net | [1] | 494,179 | 514,378 | |
Total Property, Plant and Equipment, Net | [1] | 18,307,193 | 15,447,788 | |
Total Assets | [1] | 38,047,334 | 36,386,990 | |
Liabilities: | ||||
Accounts Payable | [1] | 1,182,001 | 537,796 | |
Note Payable, Current Portion | [1] | 143,704 | 142,136 | |
Total Current Liabilities | [1] | 1,384,852 | 692,771 | |
Note Payable, Less Current Portion | [1] | 1,122,104 | 1,158,736 | |
Total Liabilities | [1] | 6,693,485 | 5,637,386 | |
Variable Interest Entity, Primary Beneficiary | ||||
Assets: | ||||
Total Assets | 3,130,642 | 2,768,756 | ||
Liabilities: | ||||
Total Liabilities | 1,310,615 | 1,301,270 | ||
Variable Interest Entity, Primary Beneficiary | Total | ||||
Assets: | ||||
Cash | 125,559 | 293,343 | ||
Accounts Receivable | 536,568 | 640 | ||
Total Current Assets | 662,127 | 293,983 | ||
Other Investments (Land) | 2,171,828 | 2,171,828 | ||
Other Property and Equipment, at Cost | 483,934 | 471,219 | ||
Less – Accumulated Depreciation | (187,247) | (168,274) | ||
Other Property and Equipment, Net | 296,687 | 302,945 | ||
Liabilities: | ||||
Accounts Payable | 44,807 | 398 | ||
Note Payable, Current Portion | 143,704 | 142,136 | ||
Total Current Liabilities | 188,511 | 142,534 | ||
Note Payable, Less Current Portion | 1,122,104 | 1,158,736 | ||
Variable Interest Entity, Primary Beneficiary | Grand Woods | ||||
Assets: | ||||
Cash | 69,276 | 138,690 | ||
Accounts Receivable | 0 | 0 | ||
Total Current Assets | 69,276 | 138,690 | ||
Other Investments (Land) | 2,171,828 | 2,171,828 | ||
Other Property and Equipment, at Cost | 0 | 0 | ||
Less – Accumulated Depreciation | 0 | 0 | ||
Other Property and Equipment, Net | 0 | 0 | ||
Total Assets | 2,241,104 | 2,310,518 | ||
Liabilities: | ||||
Accounts Payable | 0 | 0 | ||
Note Payable, Current Portion | 143,704 | 142,136 | ||
Total Current Liabilities | 143,704 | 142,136 | ||
Note Payable, Less Current Portion | 1,122,104 | 1,158,736 | ||
Total Liabilities | 1,265,808 | 1,300,872 | ||
Variable Interest Entity, Primary Beneficiary | TWS | ||||
Assets: | ||||
Cash | 56,283 | 154,653 | $ 70,000 | |
Accounts Receivable | 536,568 | 640 | ||
Total Current Assets | 592,851 | 155,293 | ||
Other Investments (Land) | 0 | 0 | ||
Other Property and Equipment, at Cost | 483,934 | 471,219 | ||
Less – Accumulated Depreciation | (187,247) | (168,274) | ||
Other Property and Equipment, Net | 296,687 | 302,945 | $ 330,000 | |
Total Assets | 889,538 | 458,238 | ||
Liabilities: | ||||
Accounts Payable | 44,807 | 398 | ||
Note Payable, Current Portion | 0 | 0 | ||
Total Current Liabilities | 44,807 | 398 | ||
Note Payable, Less Current Portion | 0 | 0 | ||
Total Liabilities | $ 44,807 | $ 398 | ||
[1]At March 31, 2024 and December 31, 2023, includes approximately $3,130,642 and $2,768,756, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and approximately $1,310,615 and $1,301,270, respectively, of liabilities of consolidated variable interest entities for which creditors do have partial recourse to the general credit of the Company. For more information, see Note 5 – Non-Controlling Interest and Variable Interest Entities. |
Note Payable - Narrative (Detai
Note Payable - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | ||
Debt Instrument [Line Items] | |||
Notes payable, current | [1] | $ 143,704 | $ 142,136 |
Notes Payable | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 4% | ||
Monthly principal payment | $ 16,034 | ||
Note payable | 1,265,808 | 1,300,872 | |
Interest paid | $ 13,039 | $ 14,268 | |
Pay down requirement included in covenant (as a percent) | 90% | ||
Remaining portion of pay down covenant (as a percent) | 10% | ||
Secured Debt | Variable Interest Entity, Primary Beneficiary | Partial recourse | |||
Debt Instrument [Line Items] | |||
Guaranty issued by company | $ 1,200,000 | ||
[1]At March 31, 2024 and December 31, 2023, includes approximately $3,130,642 and $2,768,756, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and approximately $1,310,615 and $1,301,270, respectively, of liabilities of consolidated variable interest entities for which creditors do have partial recourse to the general credit of the Company. For more information, see Note 5 – Non-Controlling Interest and Variable Interest Entities. |
Note Payable - Schedule of Futu
Note Payable - Schedule of Future Principal Payments (Details) - Notes Payable - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
2024 | $ 107,072 | |
2025 | 148,155 | |
2026 | 1,010,581 | |
Total | $ 1,265,808 | $ 1,300,872 |
Asset Retirement Obligation - N
Asset Retirement Obligation - Narrative (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Asset Retirement Obligation [Abstract] | |
Current year inflation (as a percent) | 2.50% |
Change in net present value (as a percent) | 7.50% |
Asset Retirement Obligation - S
Asset Retirement Obligation - Schedule of Asset Retirement Obligation (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning balance | $ 2,566,368 | |
Revision to estimate | (387,374) | $ (5,763) |
Accretion expense | 41,029 | $ 18,221 |
Ending balance | $ 2,220,023 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Reported on a Recurring Basis (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Equity Securities | [1] | $ 2,764,073 | $ 2,664,066 |
Treasury Bills Maturing within 1 Year | [1] | 0 | 2,220,901 |
Total assets measured at fair value | 2,764,073 | 4,884,967 | |
Level 1 Inputs | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets measured at fair value | 1,923,275 | 2,664,066 | |
Level 2 Inputs | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets measured at fair value | 0 | 2,220,901 | |
Level 3 Inputs | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets measured at fair value | 750,000 | 0 | |
Fair Value, Recurring | Level 1 Inputs | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets measured at fair value | 1,923,275 | 2,664,066 | |
Fair Value, Recurring | Level 1 Inputs | Domestic Equities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Equity Securities | 1,840,193 | 2,321,275 | |
Fair Value, Recurring | Level 1 Inputs | International Equities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Equity Securities | 83,082 | 130,005 | |
Fair Value, Recurring | Level 1 Inputs | Others | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Equity Securities | 0 | 212,786 | |
Fair Value, Recurring | Level 1 Inputs | Treasury Bills Maturing within 1 Year | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Treasury Bills Maturing within 1 Year | 0 | ||
Fair Value, Recurring | Level 2 Inputs | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets measured at fair value | 0 | 2,220,901 | |
Fair Value, Recurring | Level 2 Inputs | Domestic Equities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Equity Securities | 0 | 0 | |
Fair Value, Recurring | Level 2 Inputs | International Equities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Equity Securities | 0 | 0 | |
Fair Value, Recurring | Level 2 Inputs | Others | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Equity Securities | 0 | 0 | |
Fair Value, Recurring | Level 2 Inputs | Treasury Bills Maturing within 1 Year | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Treasury Bills Maturing within 1 Year | 2,220,901 | ||
Fair Value, Recurring | Level 3 Inputs | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets measured at fair value | 750,000 | 0 | |
Fair Value, Recurring | Level 3 Inputs | Domestic Equities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Equity Securities | 0 | 0 | |
Fair Value, Recurring | Level 3 Inputs | International Equities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Equity Securities | 0 | 0 | |
Fair Value, Recurring | Level 3 Inputs | Others | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Equity Securities | $ 750,000 | 0 | |
Fair Value, Recurring | Level 3 Inputs | Treasury Bills Maturing within 1 Year | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Treasury Bills Maturing within 1 Year | $ 0 | ||
[1]At March 31, 2024 and December 31, 2023, includes approximately $3,130,642 and $2,768,756, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and approximately $1,310,615 and $1,301,270, respectively, of liabilities of consolidated variable interest entities for which creditors do have partial recourse to the general credit of the Company. For more information, see Note 5 – Non-Controlling Interest and Variable Interest Entities. |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Balance Sheet Equity Securities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 2,764,073 | $ 4,884,967 |
Level 1 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 1,923,275 | 2,664,066 |
Level 2 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 2,220,901 |
Level 3 Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 750,000 | 0 |
Fair Value Measured at Net Asset Value Per Share | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets using NAV as a practical expedient, with a remaining commitment of $204,424 | 204,424 | |
Total | $ 90,798 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | 3 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Portion of shares authorized to be repurchased, limit | 0.05 | |
Liabilities incurred | $ 0 | $ 0 |
Fair Value, Nonrecurring | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Impairment of oil and natural gas producing properties | $ 0 | $ 443,456 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 Investments (Details) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance as of December 31, 2023 | $ 0 |
Purchases | 750,000 |
Changes in unrealized gains included in Other Income, net | 0 |
Balance as of March 31, 2024 | 750,000 |
Remaining Unfunded Commitments | $ 0 |