Consolidated Balance Sheets (Parenthetical) - USD ($)

Mar. 31, 2024

Dec. 31, 2023

^[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.

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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RESERVE PETROLEUM CO 10-Q