Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 24, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Registrant Name | Canterbury Park Holding Corp | ||
Entity Central Index Key | 0001672909 | ||
Trading Symbol | cphc | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 4,758,367 | ||
Entity Public Float | $ 27,547,073 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, $.01 par value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 355,399 | |
Restricted cash | 4,471,712 | 2,308,955 |
Short-term investments | 0 | 103,886 |
Accounts receivable, net of allowance of $19,250 for both periods | 231,255 | 302,037 |
Inventory | 218,791 | 390,118 |
Prepaid expenses | 498,642 | 501,493 |
Income taxes receivable | 4,031,621 | |
Total current assets | 9,452,021 | 3,961,888 |
LONG-TERM ASSETS | ||
Deposits | 49,500 | 49,500 |
Restricted cash - long-term portion | 1,262,744 | |
TIF receivable | 11,888,570 | 9,708,856 |
Related party receivable (Note 13) | 1,541,910 | 3,528,927 |
Operating lease right-of-use assets | 45,057 | 74,832 |
Equity investment (Note 12) | 7,515,108 | 2,992,633 |
Land held for development | 4,805,417 | 9,191,107 |
Land, buildings and equipment, net (Note 3) | 33,507,204 | 34,642,595 |
TOTAL ASSETS | 68,804,787 | 65,413,082 |
CURRENT LIABILITIES | ||
Accounts payable | 2,953,586 | 3,495,238 |
Card Casino accruals | 2,327,994 | 2,167,056 |
Accrued wages and payroll taxes | 1,150,102 | 2,254,379 |
Cash dividend payable | 324,439 | |
Accrued property taxes | 804,817 | 1,019,658 |
Deferred revenue | 435,866 | 1,482,130 |
Payable to horsepersons | 2,374,696 | 557,696 |
Income taxes payable | 120,960 | |
Current portion of finance lease obligations | 25,749 | 24,500 |
Current portion of operating lease obligations | 22,271 | 29,776 |
Total current liabilities | 10,095,081 | 11,475,832 |
LONG-TERM LIABILITIES | ||
Deferred income taxes (Note 4) | 7,347,700 | 4,404,300 |
Finance lease obligations, net of current portion | 46,035 | 71,784 |
Lease obligations, net of current portion, operating lease | 22,786 | 45,056 |
Total long-term liabilities | 7,416,521 | 4,521,140 |
TOTAL LIABILITIES | 17,511,602 | 15,996,972 |
STOCKHOLDERS’ EQUITY (Note 5) | ||
Common stock, $.01 par value, 10,000,000 shares authorized, 4,748,012 and 4,644,522, respectively, shares issued and outstanding | 47,480 | 46,445 |
Additional paid-in capital | 23,631,618 | 22,733,933 |
Retained earnings | 27,614,087 | 26,635,732 |
Total stockholders’ equity | 51,293,185 | 49,416,110 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 68,804,787 | $ 65,413,082 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts receivable, allowance | $ 19,250 | $ 19,250 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 4,748,012 | 4,644,522 |
Common stock, shares outstanding (in shares) | 4,748,012 | 4,644,522 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING REVENUES: | ||
Net Revenues | $ 33,140,272 | $ 59,226,857 |
OPERATING EXPENSES: | ||
Purse expense | 4,946,799 | 6,979,508 |
Minnesota Breeders’ Fund | 742,052 | 1,052,682 |
Salaries and benefits | 15,926,727 | 25,527,560 |
Depreciation | 2,748,514 | 2,679,728 |
Advertising and marketing | 377,412 | 2,152,260 |
Professional and contracted services | 3,340,116 | 4,983,587 |
Loss on disposal of assets | 13,407 | 261,728 |
Gain on insurance recoveries | (198,874) | |
Gain on sale of assets | (12,141) | |
Other operating expenses | 3,652,265 | 5,226,392 |
Total Operating Expenses | 34,881,989 | 55,591,093 |
Gain on transfer of land (Note 12) | 2,367,514 | |
INCOME FROM OPERATIONS | 625,797 | 3,635,764 |
OTHER INCOME (LOSS) | ||
Loss from equity investment | (1,478,199) | (2,377) |
Interest income, net | 663,571 | 329,150 |
Net Other (Loss) Income | (814,628) | 326,773 |
(LOSS) INCOME BEFORE INCOME TAXES | (188,831) | 3,962,537 |
INCOME TAX BENEFIT (EXPENSE) (Note 4) | 1,250,845 | (1,244,263) |
NET INCOME | $ 1,062,014 | $ 2,718,274 |
Basic earnings per share (in dollars per share) | $ 0.23 | $ 0.59 |
Diluted earnings per share (in dollars per share) | $ 0.23 | $ 0.59 |
Weighted Average Basic Shares Outstanding (in shares) | 4,697,021 | 4,594,118 |
Weighted Average Diluted Shares (in shares) | 4,697,791 | 4,607,809 |
Cash dividends declared per share (in dollars per share) | $ 0.28 | |
Pari-mutuel [Member] | ||
OPERATING REVENUES: | ||
Net Revenues | $ 7,979,336 | $ 9,832,945 |
Casino [Member] | ||
OPERATING REVENUES: | ||
Net Revenues | 19,885,862 | 34,406,195 |
Food and Beverage [Member] | ||
OPERATING REVENUES: | ||
Net Revenues | 2,372,716 | 8,894,985 |
OPERATING EXPENSES: | ||
Cost of goods and services sold | 1,230,633 | 4,075,313 |
Product and Service, Other [Member] | ||
OPERATING REVENUES: | ||
Net Revenues | 2,902,358 | 6,092,732 |
Other Pari-mutuel Expenses [Member] | ||
OPERATING EXPENSES: | ||
Cost of goods and services sold | 692,060 | 1,332,321 |
Public Utilities [Member] | ||
OPERATING EXPENSES: | ||
Cost of goods and services sold | $ 1,212,004 | $ 1,531,029 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 4,527,685 | |||
Balance at Dec. 31, 2018 | $ 45,277 | $ 21,420,886 | $ 25,268,187 | $ 46,734,350 |
Exercise of stock options (in shares) | 41,310 | 41,310 | ||
Exercise of stock options | $ 413 | 272,869 | $ 273,282 | |
Other share retirements (in shares) | (5,863) | |||
Other share retirements | $ (59) | (27,915) | (62,048) | (90,022) |
Stock-based compensation | 235,105 | 235,105 | ||
Dividend distribution | (1,288,681) | (1,288,681) | ||
401(K) stock match (in shares) | 52,089 | |||
401(K) stock match | $ 521 | 687,979 | 688,500 | |
Issuance of deferred stock awards (in shares) | 10,968 | |||
Issuance of deferred stock awards | $ 110 | (55,044) | $ (54,934) | |
Shares issued under Employee Stock Purchase Plan (in shares) | 18,333 | 18,333 | ||
Shares issued under Employee Stock Purchase Plan | $ 183 | 200,053 | $ 200,236 | |
Net income | 2,718,274 | 2,718,274 | ||
Balance (in shares) at Dec. 31, 2019 | 4,644,522 | |||
Balance at Dec. 31, 2019 | $ 46,445 | 22,733,933 | 26,635,732 | $ 49,416,110 |
Exercise of stock options (in shares) | 24,250 | 24,250 | ||
Exercise of stock options | $ 242 | 200,548 | $ 200,790 | |
Other share retirements (in shares) | (9,920) | |||
Other share retirements | $ (99) | (44,587) | (79,512) | (124,198) |
Stock-based compensation | 468,832 | 468,832 | ||
Dividend distribution | (4,147) | (4,147) | ||
401(K) stock match (in shares) | 34,625 | |||
401(K) stock match | $ 346 | 371,086 | 371,432 | |
Issuance of deferred stock awards (in shares) | 45,865 | |||
Issuance of deferred stock awards | $ 459 | (177,960) | $ (177,501) | |
Shares issued under Employee Stock Purchase Plan (in shares) | 8,670 | 8,670 | ||
Shares issued under Employee Stock Purchase Plan | $ 87 | 79,766 | $ 79,853 | |
Net income | 1,062,014 | 1,062,014 | ||
Balance (in shares) at Dec. 31, 2020 | 4,748,012 | |||
Balance at Dec. 31, 2020 | $ 47,480 | $ 23,631,618 | $ 27,614,087 | $ 51,293,185 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities: | ||
Net income | $ 1,062,014 | $ 2,718,274 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 2,748,514 | 2,679,728 |
Stock-based compensation expense | 468,832 | 235,105 |
Stock-based employee match contribution | 371,432 | 688,500 |
Deferred income taxes | 2,943,400 | 434,300 |
Loss on disposal of assets | 13,407 | 261,728 |
Loss from equity investment | 1,478,199 | 2,377 |
Gain on insurance recoveries | (198,874) | |
Gain on sale of assets | (12,141) | |
Gain on transfer of land | (2,367,514) | |
Changes in operating assets and liabilities: | ||
Decrease (increase) in accounts receivable | 70,782 | (60,294) |
Decrease in other current assets | 174,178 | 30,623 |
(Increase) decrease in income taxes receivable/payable | (4,152,581) | 537,963 |
Decrease in operating lease right-of-use assets | 29,775 | 28,914 |
Decrease in operating lease liabilities | (29,775) | (28,914) |
Decrease in accounts payable | (886,060) | (1,364,430) |
(Decrease) increase in deferred revenue | (1,046,264) | 502,772 |
Increase in Card Casino accruals | 160,938 | 426,130 |
Decrease in accrued wages and payroll taxes | (1,104,277) | (13,972) |
(Decrease) increase in accrued property taxes | (75,292) | 18,458 |
Increase (decrease) in payable to horsepersons | 1,817,000 | (148,426) |
Net cash provided by operating activities | 1,676,708 | 6,737,821 |
Investing Activities: | ||
Additions to land, buildings, and equipment | (1,536,948) | (7,364,925) |
Additions for TIF eligible improvements | (1,311,907) | (7,800,791) |
Decrease (increase) in related party receivable | 1,987,017 | (320,527) |
Decrease in notes receivable | 2,142,511 | |
Proceeds from insurance recoveries | 204,174 | |
Sale of investments | 103,886 | 102,659 |
Net cash used in investing activities | (757,952) | (13,036,899) |
Financing Activities | ||
Proceeds from issuance of common stock | 156,446 | 383,496 |
Borrowings on line of credit | 5,866,416 | 5,932,532 |
Payments against line of credit | (5,866,416) | (5,932,532) |
Cash dividend paid to shareholders | (328,587) | (1,281,180) |
Payments for taxes related to net share settlement of equity awards | (177,501) | (54,934) |
Principal payments on finance lease | (24,500) | (25,204) |
Net cash used in financing activities | (374,142) | (977,822) |
Net decrease in cash, cash equivalents, and restricted cash | 544,614 | (7,276,900) |
Cash, cash equivalents, and restricted cash at beginning of year | 3,927,098 | 11,203,998 |
Cash, cash equivalents, and restricted cash at end of year | 4,471,712 | 3,927,098 |
Schedule of non-cash investing and financing activities | ||
Additions to buildings and equipment funded through accounts payable | 344,000 | 1,272,000 |
Transfer of future TIF reimbursed costs from PP&E | 2,180,000 | 7,801,000 |
Dividend declared | 324,000 | |
ROU assets obtained in exchange for operating lease obligations | 104,000 | |
Supplemental disclosure of cash flow information: | ||
Income taxes paid | 80,000 | 740,000 |
Interest paid | 40,000 | 42,000 |
Doran Canterbury II [Member] | ||
Schedule of non-cash investing and financing activities | ||
Transfer of assets | 1,633,299 | |
Canterbury DBSV [Member] | ||
Schedule of non-cash investing and financing activities | ||
Transfer of assets | $ 2,195,260 |
Note 1 - Overview and Basis of
Note 1 - Overview and Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Business 25 May 1994, first 1995. May September. 24 seven 80 three 140 In January 2020, 19 March 12, 2020. 19 On March 16, 2020, 19 June 10, 2020, June 15, 2020 July 9, 2020, On November 18, 2020, 19. November 21, 2020 January 10, 2021. Despite a strong start to the year, the disruptions arising from the COVID- 19 December 31, 2020. 2020 19 As of December 31, 2020, no $6.0 $10.0 February 28, 2021. 19 19. 19 Basis of Presentation Estimates Reclassifications December 31, 2019 |
Note 2 - Accounting Standards a
Note 2 - Accounting Standards and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Revenue Recognition – ● Identification of the contract, or contracts, with a customer ● Identification of the performance obligations in the contract ● Determination of the transaction price ● Allocation of the transaction price to the performance obligation in the contract ● Recognition of revenue when, or as, we satisfy a performance obligation The transaction price for a Card Casino contract is a set percentage of wagers and is recognized at the time that the wagering process is complete. The transaction price for pari-mutuel wagering is the commission received on a wager, exclusive of any track fees and is recognized upon occurrence of the live race that is presented for wagering and after that live race is made official by the respective state's racing regulatory body. The transaction price for food and beverage contracts is the net amount collected from the customer for these goods. Food and beverage services have been determined to be separate, stand-alone performance obligations and the transaction price is recorded as revenue as the good is transferred to the customer when delivery is made. Contracts for Card Casino operations and pari-mutuel wagering involve two not not We have two 1 2 The Company offers certain promotional allowances at no We evaluate our on-track revenue, export revenue, and import revenue contracts to determine whether we are acting as the principal or as the agent when providing services, which we consider in determining if revenue should be reported gross or net. An entity is a principal if it controls the specified service before that service is transferred to a customer. The revenue we recognize for on-track revenue and import revenue is the commission we are entitled to retain for providing a wagering service to our customers. For these arrangements, we are the principal as we control the wagering service; therefore, any charges, including simulcast fees, we incur for delivering the wagering service are presented as operating expenses. For export revenue, our customer is the third third Cash and Cash Equivalents three not not not Restricted Cash Short-term Investments December 31, 2020 2019 not December 31, 2020. December 31, 2019, December 31, 2019. Accounts Receivable Property Tax Increment Financing (TIF) Receivable August 2018, 6%. Inventory – first first Unredeemed Pari-mutuel Tickets may no may Deferred Revenue – Due to Minnesota Horsemen's Benevolent and Protective Association, Inc. (“MHBPA”) $2,885,000 $6,314,000 December 31, 2020 2019 not Checks Written in Excess of Cash Balance - December 31, 2020, $970,000 no December 31, 2019. Impairment of Long-Lived Assets – may not may 2020 2019 no Advertising and Marketing Land, Buildings, and Equipment $2,000 5 7 15 39 Pre-development costs are incurred prior to vertical construction and for certain land held for development during the due diligence phase. This includes legal, engineering, architecture, and other professional fees incurred in pursuit of new development opportunities for which we believe future development is probable. Future development is dependent upon various factors, including zoning and regulatory approval, rental market conditions, construction costs and availability of capital. Pre-development costs incurred for which future development is not The Company capitalizes property taxes incurred on its land held for development during periods in which activities necessary to get the property ready for its intended use are in progress. Costs incurred after the property is substantially complete and ready for its intended use are charged to expense as incurred. Land Held for Development Card Casino Accruals Income Taxes – The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not not 50% Interest and penalties associated with uncertain income tax positions are presented in income tax expense. For the years ended December 31, 2020 2019 not Net Income Per Share Fair Values of Financial Instruments – Stock-Based Employee Compensation 5. |
Note 3 - Land, Buildings and Eq
Note 3 - Land, Buildings and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 3. Land, buildings and equipment, at cost, consist of the following at December 31, 2020 2019 2020 2019 Land $ 2,680,158 $ 2,507,298 Buildings and building improvements 41,081,689 38,858,798 Furniture and equipment 23,515,215 22,821,447 Construction in progress 1,677,547 3,174,664 68,954,609 67,362,207 Accumulated depreciation (35,447,405 ) (32,719,612 ) $ 33,507,204 $ 34,642,595 The Company has included land held for development as a separate line on the consolidated balance sheet. This amount represents land owned for potential real estate development and totaled approximately $4,805,000 $9,191,000 December 31, 2020 2019, |
Note 4 - Income Taxes
Note 4 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 4. A reconciliation between income taxes computed at the statutory federal income tax rate and the effective tax rate for the years ended December 31, 2020 2019 2020 2019 Federal tax (benefit) expense at statutory rates $ (40,000 ) $ 928,000 Nondeductible lobbying expense 13,000 15,100 State expense, net of federal impact 3,000 316,000 Stock option expense — (14,200 ) Long term incentive and restricted stock unit expense (14,000 ) — Federal rate difference on NOL carrybacks (1,213,000 ) — Other 155 (637 ) $ (1,250,845 ) $ 1,244,263 Income tax (benefit) expense for the years ended December 31, 2020 2019 2020 2019 Current Federal $ (4,110,000 ) $ 449,000 State (84,000 ) 361,000 (4,194,000 ) 810,000 Deferred, Federal 2,860,155 479,263 Deferred, State 83,000 (45,000 ) $ (1,250,845 ) $ 1,244,263 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities as of December 31, 2020 2019 2020 2019 Deferred tax assets (liabilities) Vacation accrual $ 55,700 $ 72,800 Player rewards program accrual 166,900 143,200 Stock options 86,200 75,100 Long-Term Incentive Plan 32,500 114,300 Land, building and equipment - cost and depreciation (4,381,600 ) (4,062,800 ) Investment in joint ventures (3,387,200 ) (729,000 ) Prepaid Expenses (144,900 ) (7,700 ) TIF receivable accrued interest (200,700 ) (43,600 ) Lease obligations 20,600 27,900 Charitable contribution carryovers 15,300 — State net operating loss 374,000 — Other 15,500 5,500 Net long-term deferred tax liabilities $ (7,347,700 ) $ (4,404,300 ) The Company is subject to U.S. and Minnesota taxation. The Company is no 2017. |
Note 5 - Stockholders' Equity a
Note 5 - Stockholders' Equity and Stock-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | 5. Stockholders' Equity Employee Stock Purchase Plan: The Company offers an Employee Stock Purchase Plan (the “ESPP”) that is open to all employees working more than 15 may six 85% six 8,670 18,333 2020 2019 December 31, 2020 333,174 350,000 KSOP: The Company offers a KSOP Plan (the “KSOP”) that includes the Employee Stock Ownership Plan (the “ESOP”) and the 401 six January 1, 2016, December 31, 2020 2019 $371,000 $688,000, Stock Repurchase Plan: In 2007, 250,000 216,543 2008 2012, 100,000 No 2020 2019 128,871 Stock-Based Compensation Stock-based compensation is recorded at fair value as of the date of grant, is included in the salaries and benefits expense line item on the consolidated statements of operations and amounted to approximately $469,000 $235,000 December 31, 2020 2019 Stock Options: The Company's 1994 1,650,000 263,810 The Plan provides that payment of the exercise price may Stock option activity related to the Plan during the years ended December 31, 2020 2019 2020 2019 Weighted Weighted Average Average Number of Exercise Number of Exercise Options Price Shares Price Outstanding at beginning of year 33,250 $ 9.64 75,062 $ 7.95 Granted — — — — Exercised (24,250 ) 8.28 (41,310 ) 6.62 Expired/Forfeited — — (502 ) 6.00 Outstanding at end of year 9,000 $ 13.30 33,250 $ 9.64 Options exercisable at end of year 9,000 $ 13.30 33,250 $ 9.64 The grant-date fair value of options outstanding and exercisable at December 31, 2020 2019 $56,000 $148,000, 0.1 There were no 2020 2019 December 31, 2020 2019 $92,000 $75,000, 2020 2019 $104,000 $313,000, The following table summarizes information concerning all options outstanding and options exercisable as of December 31, 2020 Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Aggregate Average Aggregate Range of Number Life (Years) Exercise Intrinsic Number Exercise Intrinsic Exercise Price Outstanding Remaining Price Value Exercisable Price Value $ 11.01 14.00 9,000 0.1 $ 13.30 — 9,000 $ 13.30 — Total 9,000 0.1 $ 13.30 $ — 9,000 $ 13.30 $ — Long Term Incentive Plan and Award of Deferred Stock In 2016, one three The Board has approved granting opportunities in 2018 2019 three 6,241 2021 first December 31, 2020 December 31, 2021 As a result of the COVID- 19 The Company recorded a Compensation benefit of $32,000 $100,000 2020 2019 Board of Directors Stock Option, Deferred Stock Awards, and Restricted Stock Grants The Company's Stock Plan was amended to authorize annual grants of restricted stock, deferred stock, stock options, or any combination of the three, to non-employee members of the Board of Directors at the time of the Company's annual shareholders' meeting as determined by the Board prior to each such meeting. Options granted under the Plan generally expire 10 100% one Below is a summary of changes in Board of Directors unvested deferred stock: Weighted Average Deferred Fair Value Stock Per Share Non-Vested Balance, December 31, 2019 12,604 $ 12.69 Granted 20,073 11.17 Vested (12,604 ) 12.69 Forfeited — — Non-Vested Balance, December 31, 2020 20,073 $ 11.17 Employee Deferred Stock Awards On June 25, 2020, 47,000 $11.07. 60% December 2020, ( 20% March 2022, 20% March 2023. 2020 2020 2022 2023 2020 A summary of the changes in employee unvested deferred stock award grants as of December 31, 2020, Weighted Average Deferred Fair Value Stock Per Share Non-Vested Balance, December 31, 2019 — $ — Granted 47,000 11.07 Vested (26,400 ) 12.43 Forfeited (1,800 ) 12.43 Non-Vested Balance, December 31, 2020 18,800 $ 11.07 At December 31, 2020 $297,000 2023. |
Note 6 - Net Income Per Share C
Note 6 - Net Income Per Share Computations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. The following is a reconciliation of the numerator and denominator of the net income per common share computations for the years ended December 31, 2020 2019 Year Ended December 31, 2020 2019 Net income (numerator) amounts used for basic and diluted per share computations: $ 1,062,014 $ 2,718,274 Weighted average shares (denominator) of common stock outstanding: Basic 4,697,021 4,594,118 Plus dilutive effect of stock options 770 13,691 Diluted 4,697,791 4,607,809 Net income per common share: Basic $ 0.23 $ 0.59 Diluted 0.23 0.59 Options to purchase 9,000 $13.30 not December 31, 2020 2019 December 31, 2020 2019. |
Note 7 - General Credit Agreeme
Note 7 - General Credit Agreement | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. The Company has a general credit and security agreement with a financial institution, which provides a revolving credit line of up to $6,000,000 $2,000,000 December 31, 2020, $1,250,000 $4,750,000. December 23, 2020 February 28, 2021. February 28, 2021 January 31, 2024. 14 $5,866,000 December 31, 2020 December 31, 2020 $0. December 31, 2020 |
Note 8 - Leases and Commitments
Note 8 - Leases and Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Leases of Lessee and Commitments Disclosure [Text Block] | 8. The Company determines if an arrangement is a lease or contains a lease at inception. The Company leases certain office equipment under finance leases. We also lease equipment related to our horse racing operations under operating leases. For lease accounting purposes, we do not As our leases do not not Lease costs related to operating leases were $31,333 $33,519 December 31, 2020 2019, twelve not $360,902 $558,233 December 31, 2020 2019 Lease costs included in depreciation and amortization related to our finance leases were $23,795 December 31, 2020 2019 The following table shows the classification of the right of use assets on our consolidated balance sheets: Year Ended December 31, Balance Sheet Location 2020 2019 Assets Finance Land, buildings and equipment, net (1) $ 71,784 $ 96,284 Operating Operating lease right-of-use assets 45,057 74,832 Total Leased Assets $ 116,841 $ 171,116 1 $53,853 $23,795 December 31, 2020 2019 The following table shows the lease terms and discount rates related to our leases: Year Ended December 31, 2020 2019 Weighted average remaining lease term (in years): Finance 2.7 3.7 Operating 0.8 1.3 Weighted average discount rate (%): Finance 5.0 % 5.0 % Operating 5.5 % 5.5 % The maturity of operating leases and finance leases for the year ended December 31, 2020 Year Ended December 31, 2020 Operating leases Finance leases 2021 23,100 28,743 2022 23,100 28,743 2023 — 19,332 Total minimum lease obligations 46,200 76,817 Less: amounts representing interest (1,143 ) (5,033 ) Present value of minimum lease payments 45,057 71,784 Less: current portion (22,271 ) (25,749 ) Lease obligations, net of current portion $ 22,786 $ 46,035 Purchase Obligations In March 2014, seven December 31, 2020 2019 $181,000 $233,000, Future minimum purchase obligations are $235,000 2021. |
Note 9 - Contingencies
Note 9 - Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Canterbury Park Holding Corporation was incorporated on March 24, 1994. March 29, 1994, 325 On May 20, 1994, 198,888 August 1994 $4,847,000, In connection with the purchase of the Racetrack, the Company entered into an Earn Out Promissory Note dated March 29, 1994. $700,000 20% five two two five “20% first 90 third 90 four Effective on June 15, 2012, January 2015, 2016, 2017, 2018, June 2020 ( 12 The Company is periodically involved in various claims and legal actions arising in the normal course of business. Management believes that the resolution of any pending claims and legal actions at December 31, 2020 not The Company has committed to payment of statutory distributions under a $500,000 not 2020 2019 no December 31, 2020 |
Note 10 - Operating Segments
Note 10 - Operating Segments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10. The Company has four Depreciation, interest expense, and income taxes are allocated to the segments but no 25% 2020, not first March 16, 2020. The following tables represent a disaggregation of revenues from contracts with customers along with the Company's operating segments (in 000's Year Ended December 31, 2020 Horse Racing Card Casino Food and Beverage Development Total Net revenues from external customers $ 10,722 $ 19,886 $ 2,489 $ 43 $ 33,140 Intersegment revenues 74 — 430 — 504 Net interest (expense) income (37 ) — — 701 664 Depreciation 2,309 226 214 — 2,749 Segment (loss) income before income taxes (1,610 ) 953 (709 ) 1,319 (47 ) Segment tax benefit (253 ) (108 ) (3 ) (887 ) (1,251 ) At December 31, 2020 Segment Assets $ 35,620 $ 3,027 $ 24,862 $ 29,475 $ 92,984 Year Ended December 31, 2019 Horse Racing Card Casino Food and Beverage Development Total Net revenues from external customers $ 15,370 $ 34,406 $ 9,430 $ 21 $ 59,227 Intersegment revenues 999 — 1,425 — 2,424 Net interest (expense) income (38 ) — — 365 327 Depreciation 2,262 186 232 — 2,680 Segment (loss) income before income taxes (2,695 ) 6,400 715 65 4,485 Segment tax (benefit) expense (1,011 ) 2,009 225 21 1,244 At December 31, 2019 Segment Assets $ 31,618 $ 3,327 $ 25,430 $ 29,074 $ 89,449 The following are reconciliations of reportable segment revenues, income before income taxes, and assets, to the Company's consolidated totals for the years ended December 31, 2020 2019 000's Year Ended December 31, 2020 2019 Revenues Total net revenue for reportable segments $ 33,644 $ 61,651 Elimination of intersegment revenues (504 ) (2,424 ) Total consolidated net revenues $ 33,140 $ 59,227 (Loss) income before income taxes Total segment (loss) income before income taxes $ (47 ) $ 4,485 Elimination of intersegment loss before income taxes (142 ) (522 ) Total consolidated (loss) income before income taxes $ (189 ) $ 3,963 December 31, December 31, 2020 2019 Assets Total assets for reportable segments $ 92,984 $ 89,449 Elimination of intercompany balances (24,179 ) (24,036 ) Total consolidated assets $ 68,805 $ 65,413 |
Note 11 - Cooperative Marketing
Note 11 - Cooperative Marketing Agreement | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | 11. On June 4, 2012, no Because the Company conducted a more limited 2020 19 June 8, 2020. $5,620,000 2020. 2021 2022 not $7,380,000 Under the terms of the CMA, as amended, the SMSC made payments of $5.6 $7.4 2020 2019, Under the CMA, as amended, SMSC also agreed to make “Marketing Payments” to the Company relating to joint marketing efforts for the mutual benefit of the Company and SMSC, including signage, joint promotions, player benefits, and events. Under the Fifth Amendment, the SMSC was not 2020 As noted above and affirmed in the Fifth Amendment, the SMSC is obligated to make the following purse enhancement and marketing payments for 2021 2022: Purse Enhancement Payments to Marketing Payments to Year Horsemen (1) Canterbury Park 2021 $ 7,380,000 $ 1,620,000 2022 7,380,000 1,620,000 ( 1 - $100,000 The amounts earned from the marketing payments are recorded as a component of other revenue and the related expenses are recorded as a component of advertising and marketing expense and depreciation in the Company's condensed consolidated statements of operations. For the year ended December 31, 2020 $900,000 $740,000 $160,000 December 31, 2019 $1,114,000 $888,000 $226,000 Under the CMA, the Company agreed for the term of the CMA that it would not |
Note 12 - Real Estate Developme
Note 12 - Real Estate Development | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 12. Equity Investment On April 2, 2018, two 300 On September 27, 2018, 13 27.4% December 20, 2018, not In connection with the execution of the amended operating agreement for Doran Canterbury I, on August 18, 2018, two 300 10 July 30, 2020. 27.4% 72.6%. not On June 16, 2020, two 13 13 July 1, 2020. 61.87% not In accordance with ASC 610 20, not $2,368,000 Tax Increment Financing On August 8, 2018, April 2018. August 10, 2018. Under the Redevelopment Agreement, the Company has agreed to undertake a number of specific public infrastructure improvements within the TIF District, including the development of public streets, utilities, sidewalks, and other public infrastructure. More specifically, the Company is obligated to construct improvements on Shenandoah Drive and Unbridled Avenue (formerly Barenscheer Boulevard) with these improvements required to be substantially complete on or before December 31, 2019 December 31, 2020, December 31, 2020 Under the Redevelopment Agreement, the City of Shakopee has agreed that a portion of the tax increment revenue generated from the developed property will be paid to the Company to reimburse it for its expense in constructing public infrastructure improvements. The total estimated cost of TIF eligible improvements to be borne by the Company is $23,336,500. 10.1 10 June 30, 2018. not December 31, 2020 $11,889,000, $11,191,000 $698,000 no December 31, 2019 $9,709,000, $9,557,000 $152,000 The Company expects to finance its improvements under the Redevelopment Agreement with funds from its current operating resources and existing credit facility and, potentially, third The City of Shakopee has authorized changes to the Redevelopment Agreement and the responsibilities of the Company, but the Company, the City of Shakopee and other parties have not $7,670,000. Development Agreements On April 7, 2020, 11.3 third $2,400,000. one 2021 two 2022. On April 15, 2020, 2.4 third $1,100,000. 2021. |
Note 13 - Related Party Receiva
Note 13 - Related Party Receivables | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. On December 20, 2018, $2,910,000 $2,940,000 5%. August 3, 2020, $2,940,000. In 2018, $268,000 August 3, 2020, $268,000. In 2019 2020, eight $1,277,000 two December 31, 2020, $41,000. In 2020, $22,000 2021. In 2020, $169,000 January 2021. $20,000 2021. |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. On February 28, 2021, January 31, 2024 $10,000,000. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition – ● Identification of the contract, or contracts, with a customer ● Identification of the performance obligations in the contract ● Determination of the transaction price ● Allocation of the transaction price to the performance obligation in the contract ● Recognition of revenue when, or as, we satisfy a performance obligation The transaction price for a Card Casino contract is a set percentage of wagers and is recognized at the time that the wagering process is complete. The transaction price for pari-mutuel wagering is the commission received on a wager, exclusive of any track fees and is recognized upon occurrence of the live race that is presented for wagering and after that live race is made official by the respective state's racing regulatory body. The transaction price for food and beverage contracts is the net amount collected from the customer for these goods. Food and beverage services have been determined to be separate, stand-alone performance obligations and the transaction price is recorded as revenue as the good is transferred to the customer when delivery is made. Contracts for Card Casino operations and pari-mutuel wagering involve two not not We have two 1 2 The Company offers certain promotional allowances at no We evaluate our on-track revenue, export revenue, and import revenue contracts to determine whether we are acting as the principal or as the agent when providing services, which we consider in determining if revenue should be reported gross or net. An entity is a principal if it controls the specified service before that service is transferred to a customer. The revenue we recognize for on-track revenue and import revenue is the commission we are entitled to retain for providing a wagering service to our customers. For these arrangements, we are the principal as we control the wagering service; therefore, any charges, including simulcast fees, we incur for delivering the wagering service are presented as operating expenses. For export revenue, our customer is the third third |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three not not not |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash |
Investment, Policy [Policy Text Block] | Short-term Investments December 31, 2020 2019 not December 31, 2020. December 31, 2019, December 31, 2019. |
Accounts Receivable [Policy Text Block] | Accounts Receivable |
Financing Receivable [Policy Text Block] | Property Tax Increment Financing (TIF) Receivable August 2018, 6%. |
Inventory, Policy [Policy Text Block] | Inventory – first first |
Unredeemed Pari-Mutuel Tickets [Policy Text Block] | Unredeemed Pari-mutuel Tickets may no may |
Deferred Revenue [Policy Text Block]. | Deferred Revenue – |
Due To Organization [Policy Text Block] | Due to Minnesota Horsemen's Benevolent and Protective Association, Inc. (“MHBPA”) $2,885,000 $6,314,000 December 31, 2020 2019 not |
Checks Written in Excess of Cash Balance [Policy Text Block] | Checks Written in Excess of Cash Balance - December 31, 2020, $970,000 no December 31, 2019. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets – may not may 2020 2019 no |
Advertising Cost [Policy Text Block] | Advertising and Marketing |
Property, Plant and Equipment, Policy [Policy Text Block] | Land, Buildings, and Equipment $2,000 5 7 15 39 Pre-development costs are incurred prior to vertical construction and for certain land held for development during the due diligence phase. This includes legal, engineering, architecture, and other professional fees incurred in pursuit of new development opportunities for which we believe future development is probable. Future development is dependent upon various factors, including zoning and regulatory approval, rental market conditions, construction costs and availability of capital. Pre-development costs incurred for which future development is not The Company capitalizes property taxes incurred on its land held for development during periods in which activities necessary to get the property ready for its intended use are in progress. Costs incurred after the property is substantially complete and ready for its intended use are charged to expense as incurred. |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | Land Held for Development |
Card Casino Accruals, Policy [Policy Text Block] | Card Casino Accruals |
Income Tax, Policy [Policy Text Block] | Income Taxes – The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not not 50% Interest and penalties associated with uncertain income tax positions are presented in income tax expense. For the years ended December 31, 2020 2019 not |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Share |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Values of Financial Instruments – |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Employee Compensation 5. |
Note 3 - Land, Buildings and _2
Note 3 - Land, Buildings and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2020 2019 Land $ 2,680,158 $ 2,507,298 Buildings and building improvements 41,081,689 38,858,798 Furniture and equipment 23,515,215 22,821,447 Construction in progress 1,677,547 3,174,664 68,954,609 67,362,207 Accumulated depreciation (35,447,405 ) (32,719,612 ) $ 33,507,204 $ 34,642,595 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 Federal tax (benefit) expense at statutory rates $ (40,000 ) $ 928,000 Nondeductible lobbying expense 13,000 15,100 State expense, net of federal impact 3,000 316,000 Stock option expense — (14,200 ) Long term incentive and restricted stock unit expense (14,000 ) — Federal rate difference on NOL carrybacks (1,213,000 ) — Other 155 (637 ) $ (1,250,845 ) $ 1,244,263 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2020 2019 Current Federal $ (4,110,000 ) $ 449,000 State (84,000 ) 361,000 (4,194,000 ) 810,000 Deferred, Federal 2,860,155 479,263 Deferred, State 83,000 (45,000 ) $ (1,250,845 ) $ 1,244,263 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 Deferred tax assets (liabilities) Vacation accrual $ 55,700 $ 72,800 Player rewards program accrual 166,900 143,200 Stock options 86,200 75,100 Long-Term Incentive Plan 32,500 114,300 Land, building and equipment - cost and depreciation (4,381,600 ) (4,062,800 ) Investment in joint ventures (3,387,200 ) (729,000 ) Prepaid Expenses (144,900 ) (7,700 ) TIF receivable accrued interest (200,700 ) (43,600 ) Lease obligations 20,600 27,900 Charitable contribution carryovers 15,300 — State net operating loss 374,000 — Other 15,500 5,500 Net long-term deferred tax liabilities $ (7,347,700 ) $ (4,404,300 ) |
Note 5 - Stockholders' Equity_2
Note 5 - Stockholders' Equity and Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2020 2019 Weighted Weighted Average Average Number of Exercise Number of Exercise Options Price Shares Price Outstanding at beginning of year 33,250 $ 9.64 75,062 $ 7.95 Granted — — — — Exercised (24,250 ) 8.28 (41,310 ) 6.62 Expired/Forfeited — — (502 ) 6.00 Outstanding at end of year 9,000 $ 13.30 33,250 $ 9.64 Options exercisable at end of year 9,000 $ 13.30 33,250 $ 9.64 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Aggregate Average Aggregate Range of Number Life (Years) Exercise Intrinsic Number Exercise Intrinsic Exercise Price Outstanding Remaining Price Value Exercisable Price Value $ 11.01 14.00 9,000 0.1 $ 13.30 — 9,000 $ 13.30 — Total 9,000 0.1 $ 13.30 $ — 9,000 $ 13.30 $ — |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Average Deferred Fair Value Stock Per Share Non-Vested Balance, December 31, 2019 12,604 $ 12.69 Granted 20,073 11.17 Vested (12,604 ) 12.69 Forfeited — — Non-Vested Balance, December 31, 2020 20,073 $ 11.17 Weighted Average Deferred Fair Value Stock Per Share Non-Vested Balance, December 31, 2019 — $ — Granted 47,000 11.07 Vested (26,400 ) 12.43 Forfeited (1,800 ) 12.43 Non-Vested Balance, December 31, 2020 18,800 $ 11.07 |
Note 6 - Net Income Per Share_2
Note 6 - Net Income Per Share Computations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2020 2019 Net income (numerator) amounts used for basic and diluted per share computations: $ 1,062,014 $ 2,718,274 Weighted average shares (denominator) of common stock outstanding: Basic 4,697,021 4,594,118 Plus dilutive effect of stock options 770 13,691 Diluted 4,697,791 4,607,809 Net income per common share: Basic $ 0.23 $ 0.59 Diluted 0.23 0.59 |
Note 8 - Leases and Commitmen_2
Note 8 - Leases and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Assets, Lessee [Table Text Block] | Year Ended December 31, Balance Sheet Location 2020 2019 Assets Finance Land, buildings and equipment, net (1) $ 71,784 $ 96,284 Operating Operating lease right-of-use assets 45,057 74,832 Total Leased Assets $ 116,841 $ 171,116 |
Lease, Cost [Table Text Block] | Year Ended December 31, 2020 2019 Weighted average remaining lease term (in years): Finance 2.7 3.7 Operating 0.8 1.3 Weighted average discount rate (%): Finance 5.0 % 5.0 % Operating 5.5 % 5.5 % |
Lessee, Operating and Financing, Lease Liability Maturity [Table Text Block] | Year Ended December 31, 2020 Operating leases Finance leases 2021 23,100 28,743 2022 23,100 28,743 2023 — 19,332 Total minimum lease obligations 46,200 76,817 Less: amounts representing interest (1,143 ) (5,033 ) Present value of minimum lease payments 45,057 71,784 Less: current portion (22,271 ) (25,749 ) Lease obligations, net of current portion $ 22,786 $ 46,035 |
Note 10 - Operating Segments (T
Note 10 - Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 2020 Horse Racing Card Casino Food and Beverage Development Total Net revenues from external customers $ 10,722 $ 19,886 $ 2,489 $ 43 $ 33,140 Intersegment revenues 74 — 430 — 504 Net interest (expense) income (37 ) — — 701 664 Depreciation 2,309 226 214 — 2,749 Segment (loss) income before income taxes (1,610 ) 953 (709 ) 1,319 (47 ) Segment tax benefit (253 ) (108 ) (3 ) (887 ) (1,251 ) At December 31, 2020 Segment Assets $ 35,620 $ 3,027 $ 24,862 $ 29,475 $ 92,984 Year Ended December 31, 2019 Horse Racing Card Casino Food and Beverage Development Total Net revenues from external customers $ 15,370 $ 34,406 $ 9,430 $ 21 $ 59,227 Intersegment revenues 999 — 1,425 — 2,424 Net interest (expense) income (38 ) — — 365 327 Depreciation 2,262 186 232 — 2,680 Segment (loss) income before income taxes (2,695 ) 6,400 715 65 4,485 Segment tax (benefit) expense (1,011 ) 2,009 225 21 1,244 At December 31, 2019 Segment Assets $ 31,618 $ 3,327 $ 25,430 $ 29,074 $ 89,449 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Year Ended December 31, 2020 2019 Revenues Total net revenue for reportable segments $ 33,644 $ 61,651 Elimination of intersegment revenues (504 ) (2,424 ) Total consolidated net revenues $ 33,140 $ 59,227 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | (Loss) income before income taxes Total segment (loss) income before income taxes $ (47 ) $ 4,485 Elimination of intersegment loss before income taxes (142 ) (522 ) Total consolidated (loss) income before income taxes $ (189 ) $ 3,963 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, December 31, 2020 2019 Assets Total assets for reportable segments $ 92,984 $ 89,449 Elimination of intercompany balances (24,179 ) (24,036 ) Total consolidated assets $ 68,805 $ 65,413 |
Note 11 - Cooperative Marketi_2
Note 11 - Cooperative Marketing Agreement (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Collaborative Arrangement and Arrangement Other than Collaborative [Table Text Block] | Purse Enhancement Payments to Marketing Payments to Year Horsemen (1) Canterbury Park 2021 $ 7,380,000 $ 1,620,000 2022 7,380,000 1,620,000 |
Note 1 - Overview and Basis o_2
Note 1 - Overview and Basis of Presentation (Details Textual) - USD ($) $ in Thousands | Feb. 28, 2021 | Dec. 31, 2020 |
Long-term Debt, Total | $ 0 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,000 | |
Revolving Credit Facility [Member] | Subsequent Event [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 |
Note 2 - Accounting Standards_2
Note 2 - Accounting Standards and Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Short-term Investments, Total | $ 0 | $ 103,886 |
Interest Rate on Financing Receivable | 6.00% | |
Funds Due To Organization | $ 2,885,000 | 6,314,000 |
Checks Written in Excess of Cash | 970,000 | 0 |
Property, Plant and Equipment, Minimum Cost Capitalization | 2,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 0 | $ 0 |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |
Minimum [Member] | Building [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 15 years | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |
Maximum [Member] | Building [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 39 years |
Note 3 - Land, Buildings and _3
Note 3 - Land, Buildings and Equipment (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Land Available for Development | $ 4,805,417 | $ 9,191,107 |
Note 3 - Land, Buildings and _4
Note 3 - Land, Buildings and Equipment - Land, Building, and Equipment (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment | $ 68,954,609 | $ 67,362,207 |
Accumulated depreciation | (35,447,405) | (32,719,612) |
Property, Plant and Equipment, Net, Ending Balance | 33,507,204 | 34,642,595 |
Land [Member] | ||
Property, plant and equipment | 2,680,158 | 2,507,298 |
Building and Building Improvements [Member] | ||
Property, plant and equipment | 41,081,689 | 38,858,798 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment | 23,515,215 | 22,821,447 |
Construction in Progress [Member] | ||
Property, plant and equipment | $ 1,677,547 | $ 3,174,664 |
Note 4 - Income Taxes - Reconci
Note 4 - Income Taxes - Reconciliation of Income Taxes Computed at Statutory Federal Income Tax Rate (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal tax (benefit) expense at statutory rates | $ (40,000) | $ 928,000 |
Nondeductible lobbying expense | 13,000 | 15,100 |
State expense, net of federal impact | 3,000 | 316,000 |
Federal rate difference on NOL carrybacks | (1,213,000) | |
Other | 155 | (637) |
Income Tax Expense (Benefit), Total | (1,250,845) | 1,244,263 |
Share-based Payment Arrangement, Option [Member] | ||
Share-based payment arrangement expense | (14,200) | |
Long Term Incentive and Restricted Stock Unit [Member] | ||
Share-based payment arrangement expense | $ (14,000) |
Note 4 - Income Taxes - Income
Note 4 - Income Taxes - Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal | $ (4,110,000) | $ 449,000 |
State | (84,000) | 361,000 |
Current Income Tax Expense (Benefit), Total | (4,194,000) | 810,000 |
Deferred, Federal | 2,860,155 | 479,263 |
Deferred, State | 83,000 | (45,000) |
Income Tax Expense (Benefit), Total | $ (1,250,845) | $ 1,244,263 |
Note 4 - Income Taxes - Signifi
Note 4 - Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Vacation accrual | $ 55,700 | $ 72,800 |
Player rewards program accrual | 166,900 | 143,200 |
Stock options | 86,200 | 75,100 |
Long-Term Incentive Plan | 32,500 | 114,300 |
Land, building and equipment - cost and depreciation | (4,381,600) | (4,062,800) |
Investment in joint ventures | (3,387,200) | (729,000) |
Prepaid Expenses | (144,900) | (7,700) |
TIF receivable accrued interest | (200,700) | (43,600) |
Lease obligations | 20,600 | 27,900 |
Charitable contribution carryovers | 15,300 | |
State net operating loss | 374,000 | |
Other | 15,500 | 5,500 |
Net long-term deferred tax liabilities | $ (7,347,700) | $ (4,404,300) |
Note 5 - Stockholders' Equity_3
Note 5 - Stockholders' Equity and Stock-based Compensation (Details Textual) - USD ($) | Jun. 25, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2007 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 8,670 | 18,333 | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 371,000 | $ 688,000 | ||||
Share-based Compensation Arrangement By Share-based Payment Award, Options, Outstanding and Exercisable, Grant Date Fair Value | $ 56,000 | $ 148,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 36 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total (in shares) | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercised in Period, Fair Value | $ 92,000 | $ 75,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 104,000 | 313,000 | ||||
Employee Deferred Stock Award [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 47,000 | 47,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 11.07 | $ 11.07 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 297,000 | |||||
Employee Deferred Stock Award [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 60.00% | |||||
Employee Deferred Stock Award [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||||
Employee Deferred Stock Award [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||||
Non-Employee Board Member Stock Option and Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,073 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 11.17 | |||||
Non-Employee Board Member Stock Option and Restricted Stock [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||
Salaries and Benefits [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 469,000 | $ 235,000 | ||||
Stock Repurchase Program [Member] | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 100,000 | 250,000 | ||||
Stock Repurchased During Period, Shares (in shares) | 0 | 0 | 216,543 | |||
Stock Repurchase Program [Member] | Maximum [Member] | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 128,871 | |||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 128,871 | |||||
Employee Stock Purchase Plan [Member] | ||||||
Percentage Of Fair Market Value Of Common Stock Purchased At By Employees | 85.00% | |||||
Period After Which Common Stock May Be Purchased By Employees (Month) | 180 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 333,174 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 350,000 | |||||
KSOP [Member] | ||||||
Period Of Service Required To Be Eligible For KSOP (Month) | 180 days | |||||
Stock Plan 1994 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,650,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 263,810 | |||||
CPHC Long Term Incentive Plan (LTI Plan) [Member] | ||||||
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Payout (in shares) | 6,241 | |||||
CPHC Long Term Incentive Plan (LTI Plan) [Member] | Employee Deferred Stock Award [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 32,000 | $ 100,000 |
Note 5 - Stockholders' Equity_4
Note 5 - Stockholders' Equity and Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Outstanding at beginning of year (in shares) | 33,250 | 75,062 |
Outstanding, weighted average exercise price (in dollars per share) | $ 9.64 | $ 7.95 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total (in shares) | 0 | 0 |
Granted, weighted average exercise price (in dollars per share) | ||
Exercised (in shares) | (24,250) | (41,310) |
Exercised, weighted average exercise price (in dollars per share) | $ 8.28 | $ 6.62 |
Expired/Forfeited (in shares) | (502) | |
Expired/Forfeited, weighted average exercise price (in dollars per share) | $ 6 | |
Outstanding at end of year (in shares) | 9,000 | 33,250 |
Outstanding, weighted average exercise price (in dollars per share) | $ 13.30 | $ 9.64 |
Options exercisable at end of year (in shares) | 9,000 | 33,250 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 13.30 | $ 9.64 |
Note 5 - Stockholders' Equity_5
Note 5 - Stockholders' Equity and Stock-based Compensation - Options Outstanding and Options Exercisable (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Options Outstanding, Number Outstanding (in shares) | 9,000 | |
Options Outstanding, Weighted Average Remaining Contractual Term (Year) | 36 days | |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 13.30 | |
Options Outstanding, Aggregate Intrinsic Value | ||
Options Exercisable, Number Exercisable (in shares) | 9,000 | |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 13.30 | $ 9.64 |
Options Exercisable, Aggregate Intrinsic Value | ||
Exercise Price Range One [Member] | ||
Exercise Price Range, Lower Range Limit (in dollars per share) | $ 11.01 | |
Exercise Price Range, Upper Range Limit (in dollars per share) | $ 14 | |
Options Outstanding, Number Outstanding (in shares) | 9,000 | |
Options Outstanding, Weighted Average Remaining Contractual Term (Year) | 36 days | |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 13.30 | |
Options Outstanding, Aggregate Intrinsic Value | ||
Options Exercisable, Number Exercisable (in shares) | 9,000 | |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 13.30 | |
Options Exercisable, Aggregate Intrinsic Value |
Note 5 - Stockholders' Equity_6
Note 5 - Stockholders' Equity and Stock-based Compensation - Unvested Restricted Stock and Deferred Stock (Details) - $ / shares | Jun. 25, 2020 | Dec. 31, 2020 |
Non-Employee Board Member Stock Option and Restricted Stock [Member] | ||
Non-Vested Balance (in shares) | 12,604 | |
Non-Vested Balance, weighted average fair value per share (in dollars per share) | $ 12.69 | |
Granted (in shares) | 20,073 | |
Granted, weighted average fair value per share (in dollars per share) | $ 11.17 | |
Vested (in shares) | (12,604) | |
Vested, weighted average fair value per share (in dollars per share) | $ 12.69 | |
Forfeited (in shares) | ||
Forfeited, weighted average fair value per share (in dollars per share) | ||
Non-Vested Balance (in shares) | 20,073 | |
Non-Vested Balance, weighted average fair value per share (in dollars per share) | $ 11.17 | |
Employee Deferred Stock Award [Member] | ||
Non-Vested Balance (in shares) | ||
Non-Vested Balance, weighted average fair value per share (in dollars per share) | ||
Granted (in shares) | 47,000 | 47,000 |
Granted, weighted average fair value per share (in dollars per share) | $ 11.07 | $ 11.07 |
Vested (in shares) | (26,400) | |
Vested, weighted average fair value per share (in dollars per share) | $ 12.43 | |
Forfeited (in shares) | (1,800) | |
Forfeited, weighted average fair value per share (in dollars per share) | $ 12.43 | |
Non-Vested Balance (in shares) | 18,800 | |
Non-Vested Balance, weighted average fair value per share (in dollars per share) | $ 11.07 |
Note 6 - Net Income Per Share_3
Note 6 - Net Income Per Share Computations (Details Textual) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | ||
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 9,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 13.30 |
Note 6 - Net Income Per Share_4
Note 6 - Net Income Per Share Computations - Reconciliation of Net Common Share Computation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 1,062,014 | $ 2,718,274 |
Basic (in shares) | 4,697,021 | 4,594,118 |
Plus dilutive effect of stock options (in shares) | 770 | 13,691 |
Weighted Average Diluted Shares (in shares) | 4,697,791 | 4,607,809 |
Basic earnings per share (in dollars per share) | $ 0.23 | $ 0.59 |
Diluted earnings per share (in dollars per share) | $ 0.23 | $ 0.59 |
Note 7 - General Credit Agree_2
Note 7 - General Credit Agreement (Details Textual) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 4,750,000 |
Line of Credit Facility, Maximum Amount Outstanding During Period | 5,866,000 |
Long-term Line of Credit, Total | 0 |
Revolving Credit Facility [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 6,000,000 |
Letter of Credit [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 2,000,000 |
Line of Credit, Current | $ 1,250,000 |
Note 8 - Leases and Commitmen_3
Note 8 - Leases and Commitments (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Lease, Cost | $ 31,333 | $ 33,519 |
Operating Lease, Expense | 360,902 | 558,233 |
Finance Lease, Interest Expense | 23,795 | 23,795 |
Finance Lease, Right-of-Use Asset, Amortization | $ 53,853 | 23,795 |
Long-term Purchase Commitment, Period (Year) | 7 years | |
Long-term Purchase Commitment, Expenses | $ 181,000 | $ 233,000 |
Purchase Obligation, Total | $ 235,000 |
Note 8 - Leases and Commitmen_4
Note 8 - Leases and Commitments - Classification of Right of Use Assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | |
Finance | [1] | $ 71,784 | $ 96,284 |
Operating | 45,057 | 74,832 | |
Total Leased Assets | $ 116,841 | $ 171,116 | |
[1] | Finance lease assets are net of accumulated amortization of $53,853 and $23,795 for the years ended December 31, 2020 and 2019, respectively. |
Note 8 - Leases and Commitmen_5
Note 8 - Leases and Commitments - Lease Terms and Discount (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Finance (Year) | 2 years 255 days | 3 years 255 days |
Operating (Year) | 292 days | 1 year 109 days |
Finance | 5.00% | 5.00% |
Operating | 5.50% | 5.50% |
Note 8 - Leases and Commitmen_6
Note 8 - Leases and Commitments - Operating and Finance Lease (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
2021, operating lease | $ 23,100 | |
2021, finance lease | 28,743 | |
2022, operating lease | 23,100 | |
2022, finance lease | 28,743 | |
2023, operating lease | ||
2023, finance lease | 19,332 | |
Total minimum lease obligations, operating lease | 46,200 | |
Total minimum, finance lease | 76,817 | |
Less: amounts representing interest, operating lease | (1,143) | |
Less: amounts representing interest, finance lease | (5,033) | |
Present value of minimum lease payments, operating lease | 45,057 | |
Present value of minimum lease payments, finance lease | 71,784 | |
Less: current portion, operating lease | (22,271) | $ (29,776) |
Less: current portion, finance lease | (25,749) | (24,500) |
Lease obligations, net of current portion, operating lease | 22,786 | 45,056 |
Lease obligations, net of current portion, finance lease | $ 46,035 | $ 71,784 |
Note 9 - Contingencies (Details
Note 9 - Contingencies (Details Textual) | 12 Months Ended | ||
Dec. 31, 2020USD ($)ayrshares | Apr. 15, 2020a | Apr. 07, 2020a | |
Area of Land (Acre) | a | 325 | 2.4 | 11.3 |
Number of Shares Agreed to Exchange (in shares) | shares | 198,888 | ||
Proceeds from Issuance Initial Public Offering | $ 4,847,000 | ||
Off Track Betting Payment Per Operating Year | $ 700,000 | ||
Minimum Number Of Payments Provided Conditions Are Met. (Year) | yr | 5 | ||
Off-track Betting Payment Per Operating Year Percentage Of Net Pretax Profit Payment | 20.00% | ||
Minnesota Racing Commission Bond [Member] | |||
Debt Instrument, Face Amount | $ 500,000 |
Note 10 - Operating Segments (D
Note 10 - Operating Segments (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Number of Reportable Segments | 4 |
Source of Revenues of Horse Racing Segment | 25.00% |
Note 10 - Operating Segments -
Note 10 - Operating Segments - Disaggregation of Revenue from Contracts with Customers (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net Revenues | $ 33,140,272 | $ 59,226,857 |
Interest income, net | 663,571 | 329,150 |
Depreciation | 2,748,514 | 2,679,728 |
Segment (loss) income before income taxes | (188,831) | 3,962,537 |
Segment tax (benefit) expense | (1,250,845) | 1,244,263 |
Segment Assets | 68,804,787 | 65,413,082 |
Operating Segments [Member] | ||
Net Revenues | 33,140,000 | 59,227,000 |
Interest income, net | 664,000 | 327,000 |
Depreciation | 2,749,000 | 2,680,000 |
Segment (loss) income before income taxes | (47,000) | 4,485,000 |
Segment tax (benefit) expense | (1,251,000) | 1,244,000 |
Segment Assets | 92,984,000 | 89,449,000 |
Intersegment Eliminations [Member] | ||
Net Revenues | 504,000 | 2,424,000 |
Segment (loss) income before income taxes | (142,000) | (522,000) |
Segment Assets | (24,179,000) | (24,036,000) |
Horse Racing [Member] | Operating Segments [Member] | ||
Net Revenues | 10,722,000 | 15,370,000 |
Interest income, net | (37,000) | (38,000) |
Depreciation | 2,309,000 | 2,262,000 |
Segment (loss) income before income taxes | (1,610,000) | (2,695,000) |
Segment tax (benefit) expense | (253,000) | (1,011,000) |
Segment Assets | 35,620,000 | 31,618,000 |
Horse Racing [Member] | Intersegment Eliminations [Member] | ||
Net Revenues | 74,000 | 999,000 |
Card Casino [Member] | Operating Segments [Member] | ||
Net Revenues | 19,886,000 | 34,406,000 |
Interest income, net | ||
Depreciation | 226,000 | 186,000 |
Segment (loss) income before income taxes | 953,000 | 6,400,000 |
Segment tax (benefit) expense | (108,000) | 2,009,000 |
Segment Assets | 3,027,000 | 3,327,000 |
Card Casino [Member] | Intersegment Eliminations [Member] | ||
Net Revenues | ||
Food and Beverage Segment [Member] | Operating Segments [Member] | ||
Net Revenues | 2,489,000 | 9,430,000 |
Interest income, net | ||
Depreciation | 214,000 | 232,000 |
Segment (loss) income before income taxes | (709,000) | 715,000 |
Segment tax (benefit) expense | (3,000) | 225,000 |
Segment Assets | 24,862,000 | 25,430,000 |
Food and Beverage Segment [Member] | Intersegment Eliminations [Member] | ||
Net Revenues | 430,000 | 1,425,000 |
Development [Member] | Operating Segments [Member] | ||
Net Revenues | 43,000 | 21,000 |
Interest income, net | 701,000 | 365,000 |
Depreciation | ||
Segment (loss) income before income taxes | 1,319,000 | 65,000 |
Segment tax (benefit) expense | (887,000) | 21,000 |
Segment Assets | 29,475,000 | 29,074,000 |
Development [Member] | Intersegment Eliminations [Member] | ||
Net Revenues |
Note 10 - Operating Segments _2
Note 10 - Operating Segments - Reconciliation of Segment Revenues, Income Before Income Taxes, and Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 33,140,272 | $ 59,226,857 |
Reportable Legal Entities [Member] | ||
Revenues | 33,644,000 | 61,651,000 |
Intersegment Eliminations [Member] | ||
Revenues | $ 504,000 | $ 2,424,000 |
Note 10 - Operating Segments- I
Note 10 - Operating Segments- Income Before Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income before income taxes | $ (188,831) | $ 3,962,537 |
Reportable Legal Entities [Member] | ||
Income before income taxes | (47,000) | 4,485,000 |
Intersegment Eliminations [Member] | ||
Income before income taxes | $ (142,000) | $ (522,000) |
Note 10 - Operating Segments- A
Note 10 - Operating Segments- Assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Total consolidated assets | $ 68,804,787 | $ 65,413,082 |
Reportable Legal Entities [Member] | ||
Total consolidated assets | 92,984,000 | 89,449,000 |
Intersegment Eliminations [Member] | ||
Total consolidated assets | $ (24,179,000) | $ (24,036,000) |
Note 11 - Cooperative Marketi_3
Note 11 - Cooperative Marketing Agreement (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Obligation by Third Party Per Agreement Due In Next Twelve Months | $ 5,620,000 | |
Obligation by Third Party Per Agreement, Due Remainder of Fiscal Year | 7,380,000 | |
Purse Enhancements Paid Directly To Horsemen By Third Party | 5,600,000 | $ 7,400,000 |
Revenue from Contract with Customer, Including Assessed Tax | 33,140,272 | 59,226,857 |
Marketing and Advertising Expense, Total | 377,412 | 2,152,260 |
Depreciation, Total | 2,748,514 | 2,679,728 |
Obligation by Third Party Per Agreement Due in Two Years | 7,380,000 | |
Product and Service, Other [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 2,902,358 | 6,092,732 |
Cooperative Marketing Agreement (CMA)1 [Member] | ||
Obligation Under Agreement To Various Horsemen Associations Included In Purse Enhancement Payments To Horsemen | 100,000 | |
Marketing and Advertising Expense, Total | 740,000 | 888,000 |
Depreciation, Total | 160,000 | 226,000 |
Cooperative Marketing Agreement (CMA)1 [Member] | Product and Service, Other [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 900,000 | $ 1,114,000 |
Note 11 - Cooperative Marketi_4
Note 11 - Cooperative Marketing Agreement - Purse Enhancement and Marketing Payments (Details) | Dec. 31, 2020USD ($) | |
2021, purse enhancement payments to horsemen | $ 5,620,000 | |
2022, purse enhancement payments to horsemen | 7,380,000 | |
SMSC [Member] | Purse Enhancement Payments To Horsemen [Member] | ||
2021, purse enhancement payments to horsemen | 7,380,000 | [1] |
2022, purse enhancement payments to horsemen | 7,380,000 | [1] |
SMSC [Member] | Marketing Payments To Canterbury Park [Member] | ||
2021, marketing payments to Canterbury Park | 1,620,000 | |
2022, marketing payments to Canterbury Park | $ 1,620,000 | |
[1] | Includes $100,000 each year payable to various horsemen associations |
Note 12 - Real Estate Develop_2
Note 12 - Real Estate Development (Details Textual) | Apr. 15, 2020USD ($)a | Apr. 07, 2020USD ($)a | Dec. 31, 2020USD ($)a | Dec. 31, 2019USD ($) | Jul. 30, 2020 | Jun. 16, 2020a | Sep. 27, 2018a | Aug. 18, 2018a |
Area of Land (Acre) | a | 2.4 | 11.3 | 325 | |||||
Gain (Loss) On Transfer Of Land | $ 2,367,514 | |||||||
TIF Improvement Costs | 23,336,500 | |||||||
Income Taxes Receivable, Noncurrent | 11,888,570 | 9,708,856 | ||||||
TIF Improvement Costs, Increase (Decrease) | 7,670,000 | |||||||
Proceeds from Sale of Land Held-for-investment | $ 1,100,000 | $ 2,400,000 | ||||||
State and Local Jurisdiction [Member] | ||||||||
Income Taxes Receivable, Noncurrent | 11,889,000 | 9,709,000 | ||||||
Income Tax Receivable Principal | 11,191,000 | 9,557,000 | ||||||
Income Tax Receivable Interest | $ 698,000 | $ 152,000 | ||||||
Doran Canterbury II [Member] | ||||||||
Area of Land (Acre) | a | 13 | 10 | ||||||
Equity Method Investment, Ownership Percentage | 27.40% | 27.40% | ||||||
Doran Canterbury II [Member] | Doran Canterbury II, LLC [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 72.60% | |||||||
Canterbury DBSV [Member] | ||||||||
Area of Land (Acre) | a | 13 | |||||||
Equity Method Investment, Ownership Percentage | 61.87% |
Note 13 - Related Party Recei_2
Note 13 - Related Party Receivables (Details Textual) - USD ($) | Aug. 03, 2020 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 20, 2018 |
Doran Canterbury I Joint Venture [Member] | |||||
Loans and Leases Receivable, Related Parties, Ending Balance | $ 1,277,000 | $ 1,277,000 | |||
Interest Receivable | 41,000 | ||||
Doran Canterbury I Joint Venture [Member] | Doran Family Holding [Member] | |||||
Notes Receivable, Related Parties | $ 2,910,000 | ||||
Due to Related Parties, Total | $ 2,940,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||
Proceeds from Related Party Debt | $ 2,940,000 | ||||
Doran Canterbury II [Member] | |||||
Loans and Leases Receivable, Related Parties, Ending Balance | 169,000 | ||||
Doran Canterbury II [Member] | Doran Family Holding [Member] | |||||
Proceeds from Related Party Debt | $ 268,000 | ||||
Related Party Costs | $ 268,000 | ||||
Canterbury DBSV [Member] | |||||
Loans and Leases Receivable, Related Parties, Ending Balance | 22,000 | ||||
Doran Canterbury I and II [Member] | |||||
Loans and Leases Receivable, Related Parties, Ending Balance | $ 20,000 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | Feb. 28, 2021 | Dec. 31, 2020 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,000 | |
Subsequent Event [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 |