Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 06, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000083350 | |
Entity Registrant Name | RESERVE PETROLEUM CO | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-08157 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 73-0237060 | |
Entity Address, Address Line One | 6801 BROADWAY EXT., 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 | 156,561 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and Cash Equivalents | $ 3,380,512 | $ 16,187,085 |
Available-for-Sale Debt Securities | 1,515,234 | |
Equity Securities | 15,456,539 | 2,536,482 |
Refundable Income Taxes | 87,404 | 218,204 |
Accounts Receivable | 816,708 | 794,162 |
Notes Receivable | 344,326 | 278,569 |
Total Current Assets | 20,085,489 | 21,529,736 |
Investments: | ||
Equity Method Investments | 1,604,976 | 604,991 |
Other Investments | 2,375,053 | 2,415,399 |
Total Investments | 3,980,029 | 3,020,390 |
Property, Plant and Equipment: | ||
Unproved Properties | 1,975,737 | 1,883,055 |
Proved Properties | 56,062,159 | 55,095,961 |
Oil and Gas Properties, Gross | 58,037,896 | 56,979,016 |
Less – Accumulated Depreciation, Depletion, Amortization and Valuation Allowance | (50,590,461) | (49,684,584) |
Oil and Gas Properties, Net | 7,447,435 | 7,294,432 |
Other Property and Equipment, at Cost | 657,820 | 279,240 |
Less – Accumulated Depreciation | (98,894) | (96,532) |
Other Property and Equipment, Net | 558,926 | 182,708 |
Total Property, Plant and Equipment | 8,006,361 | 7,477,140 |
Other Assets | 549,053 | 120,445 |
Total Assets | 32,620,932 | 32,147,711 |
Current Liabilities: | ||
Accounts Payable | 126,445 | 248,054 |
Other Current Liabilities | 48,467 | 15,443 |
Total Current Liabilities | 174,912 | 263,497 |
Long-Term Liabilities: | ||
Asset Retirement Obligation | 1,833,038 | 1,810,729 |
Dividends Payable | 549,053 | 119,546 |
Deferred Tax Liability, Net | 563,317 | 568,627 |
Total Long-Term Liabilities | 2,945,408 | 2,498,902 |
Total Liabilities | 3,120,320 | 2,762,399 |
Stockholders’ Equity: | ||
Common Stock | 92,368 | 92,368 |
Additional Paid-in Capital | 65,000 | 65,000 |
Retained Earnings | 31,040,582 | 30,920,837 |
Stockholders’ Equity Before Treasury Stock | 31,197,950 | 31,078,205 |
Less – Treasury Stock, at Cost | (1,697,338) | (1,692,893) |
Total Stockholders’ Equity | 29,500,612 | 29,385,312 |
Total Liabilities and Stockholders’ Equity | $ 32,620,932 | $ 32,147,711 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Revenues: | ||||
Revenue | $ 1,486,844 | $ 600,631 | $ 3,087,298 | $ 1,796,893 |
Lease Bonuses and Other | 9,000 | 9,000 | 82,221 | |
Total Operating Revenues | 1,571,321 | 600,631 | 3,171,775 | 1,879,114 |
Operating Costs and Expenses: | ||||
Production | 487,414 | 387,729 | 1,013,973 | 938,296 |
Exploration | 12,957 | 31,705 | 29,147 | 75,170 |
Depreciation, Depletion, Amortization and Valuation Provisions | 148,389 | 90,920 | 393,514 | 1,616,924 |
General, Administrative and Other | 617,255 | 436,878 | 1,190,926 | 889,003 |
Total Operating Costs and Expenses | 1,266,015 | 947,232 | 2,627,560 | 3,519,393 |
Income/(Loss) from Operations | 305,306 | (346,601) | 544,215 | (1,640,279) |
Equity Loss in Investees | (1,100) | (3,314) | (15) | (38,514) |
Other Income, Net | 389,291 | 271,691 | 476,235 | 292,502 |
Income/(Loss) Before Income Taxes | 693,497 | (78,224) | 1,020,435 | (1,386,291) |
Income Tax Provision/(Benefit): | ||||
Current | 219,311 | (166,101) | 123,108 | 14,209 |
Deferred | (168,985) | 16,009 | (5,310) | (330,412) |
Total Income Tax Provision/(Benefit) | 50,326 | (150,092) | 117,798 | (316,203) |
Net Income/(Loss) | $ 643,171 | $ 71,868 | $ 902,637 | $ (1,070,088) |
Per Share Data | ||||
Net Income/(Loss), Basic and Diluted (in dollars per share) | $ 4.11 | $ 0.46 | $ 5.77 | $ (6.83) |
Cash Dividends Declared and/or Paid (in dollars per share) | $ 5 | $ 5 | $ 5 | $ 5 |
Weighted Average Shares Outstanding, Basic and Diluted (in shares) | 156,567 | 156,615 | 156,567 | 156,615 |
Oil and Gas [Member] | ||||
Operating Revenues: | ||||
Revenue | $ 1,486,844 | $ 600,631 | $ 3,087,298 | $ 1,796,893 |
Service [Member] | ||||
Operating Revenues: | ||||
Revenue | $ 75,477 | $ 75,477 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2019 | $ 92,368 | $ 65,000 | $ 33,660,169 | $ (1,690,293) | $ 32,127,244 |
Net income (loss) | (1,070,088) | (1,070,088) | |||
Dividends Declared | (783,077) | (783,077) | |||
Balance at Jun. 30, 2020 | 92,368 | 65,000 | 31,807,004 | (1,690,293) | 30,274,079 |
Balance at Mar. 31, 2020 | 92,368 | 65,000 | 32,518,213 | (1,690,293) | 30,985,288 |
Net income (loss) | 71,868 | 71,868 | |||
Dividends Declared | (783,077) | (783,077) | |||
Balance at Jun. 30, 2020 | 92,368 | 65,000 | 31,807,004 | (1,690,293) | 30,274,079 |
Balance at Dec. 31, 2020 | 92,368 | 65,000 | 30,920,837 | (1,692,893) | 29,385,312 |
Net income (loss) | 902,637 | 902,637 | |||
Dividends Declared | (782,892) | (782,892) | |||
Purchase of Treasury Stock | (4,445) | (4,445) | |||
Balance at Jun. 30, 2021 | 92,368 | 65,000 | 31,040,582 | (1,697,338) | 29,500,612 |
Balance at Mar. 31, 2021 | 92,368 | 65,000 | 31,180,303 | (1,694,478) | 29,643,193 |
Net income (loss) | 643,171 | 643,171 | |||
Dividends Declared | (782,892) | (782,892) | |||
Purchase of Treasury Stock | (2,860) | (2,860) | |||
Balance at Jun. 30, 2021 | $ 92,368 | $ 65,000 | $ 31,040,582 | $ (1,697,338) | $ 29,500,612 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Net Cash Provided by Operating Activities | $ 874,504 | $ 793,023 |
Cash Provided by/(Applied to) Investing Activities: | ||
Maturity of Available-for-Sale Debt Securities | 1,515,234 | 18,517,910 |
Purchase of Available-for-Sale Debt Securities | (6,564,302) | |
Proceeds from Disposal of Property, Plant and Equipment | 22,000 | 10,898 |
Purchase of Property, Plant and Equipment | (903,903) | (164,641) |
Purchase of Equity Method and Other Investments | (1,200,337) | (12,415) |
Sale of Equity Securities | 1,063,813 | 973,112 |
Purchase of Equity Securities | (13,390,547) | (926,170) |
Net Cash Provided by/(Applied to) Investing Activities | (12,893,740) | 11,834,392 |
Cash Applied to Financing Activities: | ||
Dividends Paid to Stockholders | (782,892) | (783,077) |
Purchase of Treasury Stock | (4,445) | |
Total Cash Applied to Financing Activities | (787,337) | (783,077) |
Net Change in Cash and Cash Equivalents | (12,806,573) | 11,844,338 |
Cash and Cash Equivalents, Beginning of Period | 16,187,085 | 2,738,338 |
Cash and Cash Equivalents, End of Period | $ 3,380,512 | $ 14,582,676 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 1 In these notes the term “Company” refers to The Reserve Petroleum Company and its consolidated wholly owned subsidiary, Trinity Water Services, LLC, an Oklahoma limited liability company formed in March 2021 The accompanying balance sheet as of December 31, 2020, 10 December 31, 2020 “2020 10 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 Reclassifications Certain amounts in the 2020 2021 not no |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 2 A portion of oil and gas sales recorded in the consolidated statements of operations are the result of estimated volumes and pricing for oil and gas product not six June 30, 2021 2020, The Company’s disaggregated revenue has two Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Oil Sales $ 1,028,216 $ 352,231 $ 2,017,443 $ 1,186,824 Natural Gas Sales 405,809 229,176 956,645 550,030 Miscellaneous Oil and Gas Product Sales 52,819 19,224 113,210 60,039 $ 1,486,844 $ 600,631 $ 3,087,298 $ 1,796,893 |
Note 3 - Other Income, Net
Note 3 - Other Income, Net | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | Note 3 The following is an analysis of the components of Other Income, Net: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net Realized and Unrealized Gain on Equity Securities $ 527,439 $ 219,357 $ 598,160 $ 149,389 Gain/(Loss) on Asset Sales (193,055 ) 7,269 (193,055 ) 13,953 Interest Income 6,061 55,785 13,158 135,902 Agricultural Rental Income 5,600 --- 5,600 --- Dividend Income 62,774 107 82,426 236 Income from Other Investments --- --- --- 13,548 Interest and Other Expenses (19,528 ) (10,827 ) (30,054 ) (20,526 ) Other Income, Net $ 389,291 $ 271,691 $ 476,235 $ 292,502 |
Note 4 - Equity Method and Othe
Note 4 - Equity Method and Other Investments and Related Commitments and Contingent Liabilities, Including Guarantees | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Note 4 The Company’s Equity Method Investments include: Broadway Sixty-Eight, LLC (“Broadway”), an Oklahoma limited liability company, with a 33% ownership. Broadway owns and operates an office building in Oklahoma City, Oklahoma. The Company leases its corporate office from Broadway on a month-to-month basis under the terms of the modified lease agreement. Rent expense for lease of the corporate office from Broadway was approximately $17,400 during the six June 30, 2021 2020. June 30, 2021 December 31, 2020, Broadway Seventy-Two, LLC (“Broadway 72” March 29, 2021. 72 72 June 30, 2021. Grand Woods Development, LLC (“Grand Woods”), an Oklahoma limited liability company, with a 47% ownership, was acquired in 2015. November 23, 2021. June 30, 2021 December 31, 2020, QSN Office Park, LLC (“QSN”), an Oklahoma limited liability company, with a 20% ownership, was acquired in 2016. 20% July 15, 2023 20% March 9, 2027. June 30, 2021 December 31, 2020, The Company’s Other Investments primarily include: Bailey Hilltop Pipeline, LLC (“Bailey”), with a 10% ownership, was acquired in 2008. June 30, 2021 December 31, 2020. Cloudburst International, Inc. (“Cloudburst”), with a 12.99% ownership, was acquired in 2019. June 30, 2021 December 31, 2020, Genlith, Inc. (“Genlith”), with a 1.8% ownership, was acquired in July 2020. June 30, 2021 December 31, 2020. Ocean’s NG (“Ocean”), with a 12.44% ownership, was acquired in 2015. May 2021, June 30, 2021 December 31, 2020, OKC Industrial Properties, LC (“OKC”), with a 10% ownership, was acquired in 1992. June 30, 2021 December 31, 2020. VCC Smarter Firms Investment, LLC (“VCC Smarter Firms”), with a 5.63% ownership, was acquired in May 2021. June 30, 2021. VCC Homebase Investment, LLC (“VCC Homebase”), with a 7.29% ownership, was acquired in June 2021. June 30, 2021. |
Note 5 - Provision for Income T
Note 5 - Provision for Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 5 In 2021 2020, 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 may |
Note 6 - Asset Retirement Oblig
Note 6 - Asset Retirement Obligation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | Note 6 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 first A reconciliation of the Company’s asset retirement obligation liability is as follows: Balance at December 31, 2020 $ 1,810,729 Liabilities incurred for new wells (net of revisions) --- Liabilities settled (wells sold or plugged) --- Revision to estimate 402 Accretion expense 21,907 Balance at June 30, 2021 $ 1,833,038 |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 7 The Company uses a three three Level 1 Level 2 not Level 3 Recurring Fair Value Measurements Certain of the Company’s assets 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, and where applicable, securities with similar maturity dates and interest rates. At June 30, 2021 December 31, 2020, June 30, 2021 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Equity Securities: Domestic Equities $ 13,212,319 $ --- $ --- International Equities 1,660,430 --- --- Others 583,790 --- --- $ 15,456,539 $ --- $ --- December 31, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Available-for-Sale Debt Securities – U.S. Treasury Bills Maturing in 2021 $ --- $ 1,515,234 $ --- Equity Securities: Domestic Equities 1,506,514 --- --- International Equities 630,494 --- --- Others 399,474 --- --- $ 2,536,482 $ 1,515,234 $ --- Non-Recurring Fair Value Measurements The Company’s asset retirement obligation annually represents a non-recurring fair value liability. The fair value of the non-financial liability incurred in the six June 30, 2020 none 2021 3 6 The impairment loss in the six June 30, 2020 none 2021. 3 8 Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash and cash equivalents, trade receivables, marketable securities, trade payables and dividends payable. At June 30, 2021 December 31, 2020, |
Note 8 - Long-lived Assets Impa
Note 8 - Long-lived Assets Impairment Loss | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Long Lived Assets Impairment Loss [Text Block] | Note 8 Certain oil and gas producing properties have been deemed to be impaired because the assets, evaluated on a property-by-property basis, are not three June 30, 2021 2020. six June 30, 2020, none 2021, |
Note 9 - New Accounting Pronoun
Note 9 - New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 9 See the “New Accounting Pronouncements” disclosures on page 25 2020 10 no December 31, 2020. |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Oil Sales $ 1,028,216 $ 352,231 $ 2,017,443 $ 1,186,824 Natural Gas Sales 405,809 229,176 956,645 550,030 Miscellaneous Oil and Gas Product Sales 52,819 19,224 113,210 60,039 $ 1,486,844 $ 600,631 $ 3,087,298 $ 1,796,893 |
Note 3 - Other Income, Net (Tab
Note 3 - Other Income, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Interest and Other Income [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net Realized and Unrealized Gain on Equity Securities $ 527,439 $ 219,357 $ 598,160 $ 149,389 Gain/(Loss) on Asset Sales (193,055 ) 7,269 (193,055 ) 13,953 Interest Income 6,061 55,785 13,158 135,902 Agricultural Rental Income 5,600 --- 5,600 --- Dividend Income 62,774 107 82,426 236 Income from Other Investments --- --- --- 13,548 Interest and Other Expenses (19,528 ) (10,827 ) (30,054 ) (20,526 ) Other Income, Net $ 389,291 $ 271,691 $ 476,235 $ 292,502 |
Note 6 - Asset Retirement Obl_2
Note 6 - Asset Retirement Obligation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Asset Retirement Obligations [Table Text Block] | Balance at December 31, 2020 $ 1,810,729 Liabilities incurred for new wells (net of revisions) --- Liabilities settled (wells sold or plugged) --- Revision to estimate 402 Accretion expense 21,907 Balance at June 30, 2021 $ 1,833,038 |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | June 30, 2021 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Equity Securities: Domestic Equities $ 13,212,319 $ --- $ --- International Equities 1,660,430 --- --- Others 583,790 --- --- $ 15,456,539 $ --- $ --- December 31, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Available-for-Sale Debt Securities – U.S. Treasury Bills Maturing in 2021 $ --- $ 1,515,234 $ --- Equity Securities: Domestic Equities 1,506,514 --- --- International Equities 630,494 --- --- Others 399,474 --- --- $ 2,536,482 $ 1,515,234 $ --- |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 395,331 | $ 82,497 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue | $ 1,486,844 | $ 600,631 | $ 3,087,298 | $ 1,796,893 |
Oil and Condensate [Member] | ||||
Revenue | 1,028,216 | 352,231 | 2,017,443 | 1,186,824 |
Natural Gas, Production [Member] | ||||
Revenue | 405,809 | 229,176 | 956,645 | 550,030 |
Miscellaneous Oil and Gas Sales [Member] | ||||
Revenue | $ 52,819 | $ 19,224 | $ 113,210 | $ 60,039 |
Note 3 - Other Income, Net - Sc
Note 3 - Other Income, Net - Schedule of Components of Other Income, Net (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net Realized and Unrealized Gain on Equity Securities | $ 527,439 | $ 219,357 | $ 598,160 | $ 149,389 |
Gain/(Loss) on Asset Sales | (193,055) | 7,269 | (193,055) | 13,953 |
Interest Income | 6,061 | 55,785 | 13,158 | 135,902 |
Agricultural Rental Income | 5,600 | 5,600 | ||
Dividend Income | 62,774 | 107 | 82,426 | 236 |
Income from Other Investments | 13,548 | |||
Interest and Other Expenses | (19,528) | (10,827) | (30,054) | (20,526) |
Other Income, Net | $ 389,291 | $ 271,691 | $ 476,235 | $ 292,502 |
Note 4 - Equity Method and Ot_2
Note 4 - Equity Method and Other Investments and Related Commitments and Contingent Liabilities, Including Guarantees (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
May 31, 2021USD ($) | Jun. 30, 2021USD ($)a | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)a | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 1992a | |
Equity Method Investments | $ 1,604,976 | $ 1,604,976 | $ 604,991 | ||||
Other Long-term Investments | 2,375,053 | 2,375,053 | 2,415,399 | ||||
Income (Loss) from Equity Method Investments, Total | $ (1,100) | $ (3,314) | (15) | $ (38,514) | |||
Corporate Office from Broadway [Member] | |||||||
Operating Lease, Expense | $ 17,400 | $ 17,400 | |||||
Broadway Sixty-Eight Partnership [Member] | |||||||
Equity Method Investment, Ownership Percentage | 33.00% | 33.00% | |||||
Equity Method Investments | $ 163,315 | $ 163,315 | 142,917 | ||||
Broadway 72 Partnership [Member] | |||||||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | |||||
Equity Method Investments | $ 994,572 | $ 994,572 | |||||
Grand Woods Development, LLC [Member] | |||||||
Equity Method Investment, Ownership Percentage | 47.00% | 47.00% | |||||
Equity Method Investments | $ 159,663 | $ 159,663 | 179,615 | ||||
Area of Real Estate Property (Acre) | a | 26.56 | 26.56 | |||||
Loan Guaranteed | $ 1,200,000 | $ 1,200,000 | |||||
Loans Payable, Total | 1,579,500 | 1,579,500 | |||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 344,255 | $ 344,255 | |||||
QSN Office Park [Member] | |||||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | |||||
Equity Method Investments | $ 287,426 | $ 287,426 | 282,459 | ||||
QSN Office Park [Member] | Development Loan [Member] | |||||||
Loan Guaranteed | 1,100,000 | 1,100,000 | |||||
QSN Office Park [Member] | Construction Loan [Member] | |||||||
Loan Guaranteed | $ 550,000 | $ 550,000 | |||||
OKC Industrial Properties [Member] | |||||||
Other Investment, Ownership Percentage | 10.00% | 10.00% | |||||
Other Long-term Investments | $ 69,482 | $ 69,482 | 69,482 | ||||
Area of Land (Acre) | a | 23 | 23 | 260 | ||||
Bailey [Member] | |||||||
Other Long-term Investments | $ 80,377 | $ 80,377 | 80,377 | ||||
Cloudburst Solutions [Member] | |||||||
Other Investment, Ownership Percentage | 12.99% | 12.99% | |||||
Other Long-term Investments | $ 1,596,007 | $ 1,596,007 | 1,496,007 | ||||
Genlith [Member] | |||||||
Other Investment, Ownership Percentage | 1.80% | 1.80% | |||||
Other Long-term Investments | $ 500,000 | $ 500,000 | 500,000 | ||||
Ocean [Member] | |||||||
Other Investment, Ownership Percentage | 12.44% | 12.44% | |||||
Other Long-term Investments | $ 0 | $ 0 | $ 229,218 | ||||
Proceeds From Sale of Patents | $ 5,520 | ||||||
Income (Loss) from Equity Method Investments, Total | $ (223,698) | ||||||
VCC Smarter Firms [Member] | |||||||
Other Investment, Ownership Percentage | 5.63% | 5.63% | |||||
Other Long-term Investments | $ 20,000 | $ 20,000 | |||||
VCC Homebase [Member] | |||||||
Other Investment, Ownership Percentage | 7.29% | 7.29% | |||||
Other Long-term Investments | $ 100,337 | $ 100,337 |
Note 6 - Asset Retirement Obl_3
Note 6 - Asset Retirement Obligation (Details Textual) | 6 Months Ended |
Jun. 30, 2021 | |
Current Year Inflation Rate | 4.08% |
Change In Present Value, Percent | 3.25% |
Note 6 - Asset Retirement Obl_4
Note 6 - Asset Retirement Obligation - Schedule of Asset Retirement Obligation (Details) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Balance, asset retirement obligation | $ 1,810,729 |
Revision to estimate | 402 |
Accretion expense | 21,907 |
Balance, asset retirement obligation | $ 1,833,038 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurements (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Impairment Of Oil And Gas Cost Properties | $ 0 | $ 0 | $ 0 | $ 1,312,328 |
Fair Value, Inputs, Level 3 [Member] | ||||
Asset Retirement Obligation, Liabilities Incurred | 0 | 4,206 | ||
Impairment Of Oil And Gas Cost Properties | $ 0 | $ 1,312,328 |
Note 7 - Fair Value Measureme_4
Note 7 - Fair Value Measurements - Schedule of Fair Value Reported on a Recurring Basis (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Equity Securities | $ 15,456,539 | $ 2,536,482 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity Securities | 15,456,539 | 2,536,482 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity Securities | 1,515,234 | |
Domestic Equities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity Securities | 13,212,319 | 1,506,514 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-Sale Securities | 1,515,234 | |
International Equities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity Securities | 1,660,430 | 630,494 |
Other [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity Securities | $ 583,790 | $ 399,474 |
Note 8 - Long-lived Assets Im_2
Note 8 - Long-lived Assets Impairment Loss (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Impairment Of Oil And Gas Cost Properties | $ 0 | $ 0 | $ 0 | $ 1,312,328 |