Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 01, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001672909 | |
Entity Registrant Name | Canterbury Park Holding Corp | |
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 | 001-37858 | |
Entity Incorporation, State or Country Code | MN | |
Entity Tax Identification Number | 47-5349765 | |
Entity Address, Address Line One | 1100 Canterbury Road | |
Entity Address, City or Town | Shakopee | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55379 | |
Title of 12(b) Security | Common Stock Common stock, $.01 par value | |
Trading Symbol | CPHC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,786,173 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 6,903,593 | $ 0 |
Restricted cash | 9,631,259 | 4,471,712 |
Accounts receivable, net of allowance of $19,250 for both periods | 1,850,169 | 231,255 |
Inventory | 331,456 | 218,791 |
Prepaid expenses | 874,693 | 498,642 |
Income taxes receivable | 3,049,319 | 4,031,621 |
Total current assets | 22,640,489 | 9,452,021 |
LONG-TERM ASSETS | ||
Deposits | 49,500 | 49,500 |
Other prepaid expenses | 69,748 | 0 |
TIF receivable | 12,202,609 | 11,888,570 |
Related party receivable | 1,809,479 | 1,541,910 |
Operating lease right-of-use assets | 36,208 | 45,057 |
Equity investment | 6,236,529 | 7,515,108 |
Land held for development | 2,797,283 | 4,805,417 |
Property, plant, and equipment, net | 34,033,616 | 33,507,204 |
TOTAL ASSETS | 79,875,461 | 68,804,787 |
CURRENT LIABILITIES | ||
Accounts payable | 3,733,893 | 2,953,586 |
Card Casino accruals | 2,519,324 | 2,327,994 |
Accrued wages and payroll taxes | 3,359,700 | 1,150,102 |
Accrued property taxes | 783,317 | 804,817 |
Deferred revenue | 1,326,911 | 435,866 |
Payable to horsepersons | 6,428,040 | 2,374,696 |
Current portion of finance lease obligations | 26,397 | 25,749 |
Current portion of operating lease obligations | 22,475 | 22,271 |
Total current liabilities | 18,200,057 | 10,095,081 |
LONG-TERM LIABILITIES | ||
Deferred income taxes | 7,347,700 | 7,347,700 |
Finance lease obligations, net of current portion | 32,671 | 46,035 |
Operating lease obligations, net of current portion | 13,733 | 22,786 |
Total long-term liabilities | 7,394,104 | 7,416,521 |
TOTAL LIABILITIES | 25,594,161 | 17,511,602 |
STOCKHOLDERS’ EQUITY | ||
Common stock, $.01 par value, 10,000,000 shares authorized, 4,786,173 and 4,748,012 respectively, shares issued and outstanding | 47,861 | 47,480 |
Additional paid-in capital | 24,200,481 | 23,631,618 |
Retained earnings | 30,032,958 | 27,614,087 |
Total stockholders’ equity | 54,281,300 | 51,293,185 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 79,875,461 | $ 68,804,787 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
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) | 4,786,173 | 4,748,012 |
Common stock, shares outstanding (in shares) | 4,786,173 | 4,748,012 |
Condensed Consolidated Statemen
Condensed 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: | ||||
Net Revenues | $ 15,871,818 | $ 2,767,855 | $ 25,097,360 | $ 13,716,814 |
OPERATING EXPENSES: | ||||
Purse expense | 2,463,587 | 601,674 | 3,439,947 | 1,705,068 |
Minnesota Breeders’ Fund | 314,018 | 123,427 | 489,158 | 313,171 |
Salaries and benefits | 5,687,514 | 1,893,309 | 9,654,864 | 7,471,202 |
Depreciation and amortization | 694,168 | 693,640 | 1,383,753 | 1,410,493 |
Advertising and marketing | 373,604 | 38,176 | 430,056 | 222,164 |
Professional and Contracted Services | 1,102,487 | 610,405 | 1,838,334 | 1,582,729 |
Other operating expenses | 1,123,444 | 794,203 | 1,809,478 | 1,781,660 |
Total Operating Expenses | 13,042,932 | 5,086,434 | 20,996,363 | 15,893,698 |
Gain on sale of land | 263,581 | 0 | 263,581 | 0 |
INCOME (LOSS) FROM OPERATIONS | 3,092,467 | (2,318,579) | 4,364,578 | (2,176,884) |
OTHER (LOSS) INCOME | ||||
Loss from equity investment | (640,876) | (149,639) | (1,278,580) | (149,639) |
Interest income, net | 175,090 | 169,358 | 344,400 | 333,048 |
Net Other (Loss) Income | (465,786) | 19,719 | (934,180) | 183,409 |
INCOME (LOSS) BEFORE INCOME TAXES | 2,626,681 | (2,298,860) | 3,430,398 | (1,993,475) |
INCOME TAX (EXPENSE) BENEFIT | (757,597) | 1,117,663 | (1,009,821) | 1,067,499 |
NET INCOME (LOSS) | $ 1,869,084 | $ (1,181,197) | $ 2,420,577 | $ (925,976) |
Basic earnings (loss) per share (in dollars per share) | $ 0.39 | $ (0.25) | $ 0.51 | $ (0.20) |
Diluted earnings (loss) per share (in dollars per share) | $ 0.39 | $ (0.25) | $ 0.51 | $ (0.20) |
Weighted Average Basic Shares Outstanding (in shares) | 4,766,824 | 4,679,122 | 4,760,660 | 4,669,350 |
Weighted Average Diluted Shares (in shares) | 4,766,824 | 4,679,122 | 4,760,668 | 4,672,447 |
Pari-mutuel [Member] | ||||
OPERATING REVENUES: | ||||
Net Revenues | $ 3,544,740 | $ 1,420,583 | $ 4,698,584 | $ 2,716,609 |
Casino [Member] | ||||
OPERATING REVENUES: | ||||
Net Revenues | 9,890,588 | 795,195 | 16,754,882 | 8,356,367 |
Food and Beverage [Member] | ||||
OPERATING REVENUES: | ||||
Net Revenues | 1,270,090 | 111,137 | 1,644,561 | 1,230,132 |
OPERATING EXPENSES: | ||||
Cost of goods and services sold | 554,694 | 70,888 | 760,332 | 635,039 |
Product and Service, Other [Member] | ||||
OPERATING REVENUES: | ||||
Net Revenues | 1,166,400 | 440,940 | 1,999,333 | 1,413,706 |
Other Pari-mutuel Expenses [Member] | ||||
OPERATING EXPENSES: | ||||
Cost of goods and services sold | 338,467 | 58,691 | 523,762 | 279,540 |
Public Utilities [Member] | ||||
OPERATING EXPENSES: | ||||
Cost of goods and services sold | $ 390,949 | $ 202,021 | $ 666,679 | $ 492,632 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
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 | |||
Exercise of stock options | $ 242 | 200,548 | 0 | 200,790 |
Stock-based compensation | 0 | 67,664 | 0 | 67,664 |
Dividend distribution | $ 0 | 0 | (3,653) | (3,653) |
401(K) stock match (in shares) | 18,497 | |||
401(K) stock match | $ 185 | 175,491 | 0 | 175,676 |
Issuance of deferred stock awards (in shares) | 25,563 | |||
Issuance of deferred stock awards | $ 256 | (72,635) | 0 | (72,379) |
Shares issued under Employee Stock Purchase Plan (in shares) | 3,902 | |||
Shares issued under Employee Stock Purchase Plan | $ 39 | 36,246 | 0 | 36,285 |
Net income (loss) | $ 0 | 0 | (925,976) | (925,976) |
Other share retirements (in shares) | (9,920) | |||
Other share retirements | $ (99) | (44,587) | (79,512) | (124,198) |
Balance (in shares) at Jun. 30, 2020 | 4,706,814 | |||
Balance at Jun. 30, 2020 | $ 47,068 | 23,096,660 | 25,626,591 | 48,770,319 |
Balance (in shares) at Mar. 31, 2020 | 4,694,138 | |||
Balance at Mar. 31, 2020 | $ 46,941 | 23,035,735 | 26,811,441 | 49,894,117 |
Stock-based compensation | 0 | 10,058 | 0 | 10,058 |
Dividend distribution | $ 0 | 0 | (3,653) | (3,653) |
401(K) stock match (in shares) | 1,318 | |||
401(K) stock match | $ 13 | 14,696 | 0 | 14,709 |
Issuance of deferred stock awards (in shares) | 7,456 | |||
Issuance of deferred stock awards | $ 75 | (75) | 0 | 0 |
Shares issued under Employee Stock Purchase Plan (in shares) | 3,902 | |||
Shares issued under Employee Stock Purchase Plan | $ 39 | 36,246 | 36,285 | |
Net income (loss) | $ 0 | 0 | (1,181,197) | (1,181,197) |
Balance (in shares) at Jun. 30, 2020 | 4,706,814 | |||
Balance at Jun. 30, 2020 | $ 47,068 | 23,096,660 | 25,626,591 | 48,770,319 |
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 |
Exercise of stock options (in shares) | 3,654 | 3,654 | ||
Exercise of stock options | $ 36 | 48,562 | 0 | $ 48,598 |
Stock-based compensation | 0 | 269,593 | 0 | 269,593 |
Dividend distribution | $ 0 | 0 | (1,706) | (1,706) |
401(K) stock match (in shares) | 14,620 | |||
401(K) stock match | $ 146 | 223,003 | 0 | 223,149 |
Issuance of deferred stock awards (in shares) | 14,597 | |||
Issuance of deferred stock awards | $ 146 | (26,094) | 0 | (25,948) |
Shares issued under Employee Stock Purchase Plan (in shares) | 5,290 | |||
Shares issued under Employee Stock Purchase Plan | $ 53 | 53,799 | 0 | 53,852 |
Net income (loss) | $ 0 | 0 | 2,420,577 | 2,420,577 |
Balance (in shares) at Jun. 30, 2021 | 4,786,173 | |||
Balance at Jun. 30, 2021 | $ 47,861 | 24,200,481 | 30,032,958 | 54,281,300 |
Balance (in shares) at Mar. 31, 2021 | 4,764,942 | |||
Balance at Mar. 31, 2021 | $ 47,649 | 23,847,636 | 28,165,086 | 52,060,371 |
Exercise of stock options (in shares) | 0 | |||
Exercise of stock options | $ 0 | 0 | 0 | 0 |
Stock-based compensation | 0 | 166,463 | 0 | 166,463 |
Dividend distribution | $ 0 | 0 | (1,212) | (1,212) |
401(K) stock match (in shares) | 8,045 | |||
401(K) stock match | $ 80 | 132,662 | 0 | 132,742 |
Issuance of deferred stock awards (in shares) | 7,896 | |||
Issuance of deferred stock awards | $ 79 | (79) | 0 | 0 |
Shares issued under Employee Stock Purchase Plan (in shares) | 5,290 | |||
Shares issued under Employee Stock Purchase Plan | $ 53 | 53,799 | 0 | 53,852 |
Net income (loss) | $ 0 | 0 | 1,869,084 | 1,869,084 |
Balance (in shares) at Jun. 30, 2021 | 4,786,173 | |||
Balance at Jun. 30, 2021 | $ 47,861 | $ 24,200,481 | $ 30,032,958 | $ 54,281,300 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities: | ||
Net income (loss) | $ 2,420,577 | $ (925,976) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 1,383,753 | 1,410,493 |
Stock-based compensation expense | 269,593 | 67,664 |
Stock-based employee match contribution | 223,149 | 175,676 |
Deferred income taxes | 0 | 921,400 |
Gain on sale of land | (263,581) | 0 |
Loss from equity investment | 1,278,580 | 149,639 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,618,914) | (1,008,121) |
Other current assets | (558,464) | 51,632 |
Income taxes receivable/payable | 982,302 | (2,505,635) |
Operating lease right-of-use assets | 8,849 | 12,557 |
Operating lease liabilities | (8,849) | (12,557) |
Accounts payable | 196,062 | 206,665 |
Deferred revenue | 891,045 | (420,808) |
Card Casino accruals | 191,330 | (467,059) |
Accrued wages and payroll taxes | 2,209,598 | (788,257) |
Accrued property taxes | (21,500) | (1) |
Payable to horsepersons | 4,053,344 | 2,753,348 |
Net cash provided by (used in) operating activities | 11,636,874 | (379,340) |
Investing Activities: | ||
Additions to property, plant, and equipment | (1,343,158) | (1,349,849) |
Proceeds from sale of land | 2,288,952 | 0 |
Increase in TIF receivable | (314,039) | (518,042) |
Increase in related party receivable | (267,569) | 0 |
Proceeds from sale of investments | 0 | 103,886 |
Net cash provided by (used in) investing activities | 364,186 | (1,764,005) |
Financing Activities: | ||
Proceeds from issuance of common stock | 102,450 | 112,877 |
Payments against line of credit | 0 | (2,044,668) |
Borrowings on line of credit | 0 | 4,909,988 |
Cash dividend paid to shareholders | (1,706) | (328,092) |
Payments for taxes related to net share settlement of equity awards | (25,948) | (72,379) |
Principal payments on finance lease | (12,716) | (12,098) |
Net cash provided by financing activities | 62,080 | 2,565,628 |
Net increase in cash, cash equivalents, and restricted cash | 12,063,140 | 422,283 |
Cash, cash equivalents, and restricted cash at beginning of period | 4,471,712 | 3,927,098 |
Cash, cash equivalents, and restricted cash at end of period | 16,534,852 | 4,349,381 |
Schedule of non-cash investing and financing activities | ||
Additions to buildings and equipment funded through accounts payable | 584,000 | 427,000 |
Transfer of future TIF reimbursed costs from PP&E | 314,000 | 666,000 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid | 350,000 | 0 |
Interest paid | $ 2,000 | $ 16,000 |
Note 1 - Overview and Summary o
Note 1 - Overview and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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 TM 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. Upon the reopening of operations on January 10, 2021, six June 30, 2021, May 27, 2021. May 28, 2021, 19 May 28, 2021, 2020 19 The disruptions arising from the COVID- 19 six June 30, 2021 2020. not 19 19 The Company has no long-term debt and a $10,000,000 credit line, of which $8,750,000 is available as of June 30, 2021. June 30, 2021, 19 2021 19 Basis of Presentation and Preparation These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2020 10 2020 10 The condensed consolidated balance sheets and the related condensed consolidated statements of operations, stockholders’ equity, and the cash flows for the periods ended June 30, 2021 2020 June 30, 2021 2020 Summary of Significant Accounting Policies 2020 10 no three six June 30, 2021 Restricted Cash Deferred Revenue Payable to Horsepersons - $4,226,000 six June 30, 2021 2020 not not 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 no We have two 1 2 The Company offers certain promotional allowances at no We evaluate our on-track revenue, export revenue (as described below), and import revenue (as described below) contracts to determine whether we are acting as the principal or as the agent when providing services, to determine if we should report revenue on a gross or net basis. An entity acts as a principal if it controls a specified service before that service is transferred to a customer. For on-track revenue and “import revenue,” that is revenue we generate for racing held elsewhere that our patrons wager on, we are entitled to retain a commission for providing a wagering service to our customers. For these arrangements, we are the principal because 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,” when the wagering occurs outside our premises, our customer is the third third For the six June 30, 2021, 19 six June 30, 2020. |
Note 2 - Stock-based Compensati
Note 2 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 2. Long Term Incentive Plan and Award of Deferred Stock The Long Term Incentive Plan (the “LTI Plan”) authorizes the grant of Long Term Incentive Awards that provide an opportunity to Named Executive Officers (“NEOs”) and other Senior Executives to receive a payment in cash or shares of the Company’s common stock to the extent of achievement at the end of a period greater than one one three December 31, 2021. 2020, 19 2020 2021. Board of Directors Stock Option, Deferred Stock Awards, and Restricted Stock Grants The Company’s Stock Plan currently authorizes 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. Deferred stock awards represent the right to receive shares of the Company's common stock upon vesting. Options granted under the Plan generally expire 10 one June 30, 2021 June 30, 2021 Employee Deferred Stock Awards The Company's Stock Plan permits its Compensation Committee to grant stock-based awards, including deferred stock awards, to key employees and non-employee directors. The Company has made deferred stock grants that vest over one three During the six June 30, 2021, three six June 30, 2020, December 2020, ( March 2022, March 2023. Employee deferred stock transactions during the six June 30, 2021 Weighted Average Deferred Fair Value Stock Per Share Non-Vested Balance, December 31, 2020 18,800 $ 11.07 Granted 27,900 13.33 Vested — — Forfeited (3,300 ) 11.69 Non-Vested Balance, June 30, 2021 43,400 $ 12.48 Stock-based compensation expense related to the LTI Plan, deferred stock awards, and restricted stock awards is included on the Condensed Consolidated Statements of Operations six June 30, 2021 2020 three June 30, 2021 2020, Stock Option Grants The Company has granted incentive stock options to employees pursuant to the Company’s Stock Plan with an exercise price equal to the market price on the date of grant. The options vest over a 42-month period and expire in 10 years. A summary of stock option activity as of June 30, 2021 six Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Grant Date Stock Options Options Price Term (in years) Fair Value Outstanding at January 1, 2021 9,000 $ 13.30 Granted - - Exercised (3,654 ) 13.30 Expired/Forfeited (5,346 ) 13.30 Outstanding at June 30, 2021 - $ - - $ - Exercisable at June 30, 2021 - $ - - $ - |
Note 3 - Net Income (Loss) Per
Note 3 - Net Income (Loss) Per Share Computations | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. The following is a reconciliation of the numerator and denominator of the earnings (loss) per common share computations for the three six June 30, 2021 2020 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) (numerator) amounts used for basic and diluted per share computations: $ 1,869,084 $ (1,181,197 ) $ 2,420,577 $ (925,976 ) Weighted average shares (denominator) of common stock outstanding: Basic 4,766,824 4,679,122 4,760,660 4,669,350 Plus dilutive effect of stock options — — 8 3,097 Diluted 4,766,824 4,679,122 4,760,668 4,672,447 Net income (loss) per common share: Basic $ 0.39 $ (0.25 ) $ 0.51 $ (0.20 ) Diluted 0.39 (0.25 ) 0.51 (0.20 ) Options to purchase 9,000 shares of common stock at an average price of $13.30 per share were outstanding but not three June 30, 2020 June 30, 2020. June 30, 2021. |
Note 4 - General Credit Agreeme
Note 4 - General Credit Agreement | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. The Company has a general credit and security agreement with a financial institution, which provides a revolving credit line up to $10,000,000 and allows for letters of credit in the aggregate amount of up to $2,000,000 to be issued under the credit agreement. As of June 30, 2021 June 30, 2021 $0. |
Note 5 - Operating Segments
Note 5 - Operating Segments | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 5. The Company has four reportable operating segments: horse racing, Card Casino, food and beverage, and development. The horse racing segment primarily represents simulcast and live horse racing operations. The Card Casino segment represents operations of Canterbury Park’s Card Casino. The food and beverage segment represents food and beverage operations provided during simulcast and live racing, in the Card Casino, and during special events. The development segment represents our real estate development operations. The Company’s reportable operating segments are strategic business units that offer different products and services. They are managed separately because the segments differ in the nature of the products and services provided as well as process to produce those products and services. The Minnesota Racing Commission regulates the horse racing and Card Casino segments. Depreciation, interest, and income taxes are allocated to the segments, but no 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 Six Months Ended June 30, 2021 Horse Racing Card Casino Food and Beverage Development Total Net revenues from external customers $ 6,622 $ 16,755 $ 1,720 $ — $ 25,097 Intersegment revenues 1 — 286 — 287 Net interest (expense) income 1 — — 343 344 Depreciation 1,207 75 102 — 1,384 Segment (loss) income before income taxes (686 ) 3,948 49 (775 ) 2,536 Segment tax expense (benefit) 61 1,162 15 (228 ) 1,010 June 30, 2021 Segment Assets $ 47,765 $ 2,876 $ 25,384 $ 27,138 $ 103,163 Six Months Ended June 30, 2020 Horse Racing Card Casino Food and Beverage Development Total Net revenues from external customers $ 4,056 $ 8,356 $ 1,293 $ 12 $ 13,717 Intersegment revenues 74 — 274 — 348 Net interest (expense) income (16 ) — — 199 183 Depreciation 1,038 261 111 — 1,410 Segment (loss) income before income taxes (2,167 ) (167 ) (419 ) 61 (2,692 ) Segment tax expense (benefit) (786 ) (89 ) (224 ) 33 (1,066 ) December 31, 2020 Segment Assets $ 35,620 $ 3,027 $ 24,862 $ 29,475 $ 92,984 The following are reconciliations of reportable segment revenues, income before income taxes, and assets, to the Company’s consolidated totals (in 000’s Six Months Ended June 30, 2021 2021 2020 Revenues Total net revenue for reportable segments $ 25,384 $ 14,065 Elimination of intersegment revenues (287 ) (348 ) Total consolidated net revenues $ 25,097 $ 13,717 Income (loss) before income taxes Total segment income (loss) before income taxes $ 2,536 $ (2,692 ) Elimination of intersegment loss before income taxes 894 699 Total consolidated income before income taxes $ 3,430 $ (1,993 ) June 30, December 31, 2021 2020 Assets Total assets for reportable segments $ 103,163 $ 92,984 Elimination of intercompany balances (23,288 ) (24,179 ) Total consolidated assets $ 79,875 $ 68,805 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6. In accordance with an Earn Out Promissory Note given to the prior owner of the Racetrack as part of the consideration paid by the Company to acquire the Racetrack in 1994, 20% five two two five “ 20% first 90 third 90 four The Company entered into a Cooperative Marketing Agreement (the “CMA”) with the Shakopee Mdewakanton Sioux Community (“SMSC”), which became effective March 4, 2012, first 2015, 2016, 2017, 2018, June 2020 ( 7 December 31, 2022. 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 June 30, 2021 not In August 2018, not |
Note 7 - Cooperative Marketing
Note 7 - Cooperative Marketing Agreement | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | 7. As discussed above in Note 6, March 4, 2012, no Because the Company conducted a more limited 2020 19 June 8, 2020. 2020. 2021 2022 not 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. As noted above and affirmed in the Fifth Amendment, SMSC is obligated to make an annual purse enhancement of $7,380,000 and annual marketing payment of $1,620,000 for 2022. 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 three six June 30, 2021, three six June 30, 2020, Under the CMA, the Company agreed for the term of the CMA, which is currently scheduled to terminate on December 31, 2022, not |
Note 8 - Real Estate Developmen
Note 8 - Real Estate Development | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 8. Equity Investments On April 2, 2018, two 300 On September 27, 2018, December 20, 2018, not In connection with the execution of the Amended Doran Canterbury I Agreement, on August 18, 2018, two 300 July 30, 2020. not On June 16, 2020, two 13 July 1, 2020. not Tax Increment Financing On August 8, 2018, April 2018. August 10, 2018. 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. A detailed Schedule of the Public Improvements under the Redevelopment Agreement, the timeline for their construction and the source and amount of funding is set forth on Exhibit C of the Redevelopment Agreement, which was filed as Exhibit 10.1 10 June 30, 2018. not June 30, 2021, no December 31, 2020, 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 Development Agreements On April 7, 2020, third first April 2021, two 2022. On April 15, 2020, third April 2021. As a result of these two Condensed Consolidated Statements of Operations three six June 30, 2021. |
Note 9 - Leases
Note 9 - Leases | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Leases of Lessee and Commitments Disclosure [Text Block] | 9. The Company determines if an arrangement is a lease or contains a lease at inception. The Company leases some 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 $8,998 and $13,440 for the six June 30, 2021 2020 twelve not six June 30, 2021 2020 Lease costs included in depreciation and amortization related to our finance leases were $11,898 for the six June 30, 2021 2020 The following table shows the classification of the right of use assets on our consolidated balance sheets: June 30, December 31, Balance Sheet Location 2021 2020 Assets Finance Land, buildings and equipment, net (1) $ 59,068 $ 71,784 Operating Operating lease right-of-use assets 36,208 45,057 Total Leased Assets $ 95,276 $ 116,841 1 June 30, 2021 December 31, 2020, The following table shows the lease terms and discount rates related to our leases: June 30, December 31, 2021 2020 Weighted average remaining lease term (in years): Finance 2.2 2.7 Operating 0.7 0.8 Weighted average discount rate (%): Finance 5.0 % 5.0 % Operating 5.5 % 5.5 % The maturity of operating leases and finance leases as of June 30, 2021 Six Months Ended June 30, 2021 Operating leases Finance leases 2021 remaining $ 13,860 $ 14,371 2022 23,100 28,743 2023 — 19,332 Total minimum lease obligations 36,960 62,446 Less: amounts representing interest (752 ) (3,378 ) Present value of minimum lease payments 36,208 59,068 Less: current portion (22,475 ) (26,397 ) Lease obligations, net of current portion $ 13,733 $ 32,671 |
Note 10 - Related Party Receiva
Note 10 - Related Party Receivables | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 10. In 2019, 2020, first six 2021, two June 30, 2021. The Company has also recorded related party receivables of approximately $31,000 as of June 30, 2021, 2021. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Preparation These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2020 10 2020 10 The condensed consolidated balance sheets and the related condensed consolidated statements of operations, stockholders’ equity, and the cash flows for the periods ended June 30, 2021 2020 June 30, 2021 2020 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash |
Deferred Revenue [Policy Text Block]. | Deferred Revenue |
Due To Organization [Policy Text Block] | Payable to Horsepersons - $4,226,000 six June 30, 2021 2020 not not |
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 no We have two 1 2 The Company offers certain promotional allowances at no We evaluate our on-track revenue, export revenue (as described below), and import revenue (as described below) contracts to determine whether we are acting as the principal or as the agent when providing services, to determine if we should report revenue on a gross or net basis. An entity acts as a principal if it controls a specified service before that service is transferred to a customer. For on-track revenue and “import revenue,” that is revenue we generate for racing held elsewhere that our patrons wager on, we are entitled to retain a commission for providing a wagering service to our customers. For these arrangements, we are the principal because 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,” when the wagering occurs outside our premises, our customer is the third third For the six June 30, 2021, 19 six June 30, 2020. |
Note 2 - Stock-based Compensa_2
Note 2 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Average Deferred Fair Value Stock Per Share Non-Vested Balance, December 31, 2020 18,800 $ 11.07 Granted 27,900 13.33 Vested — — Forfeited (3,300 ) 11.69 Non-Vested Balance, June 30, 2021 43,400 $ 12.48 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Grant Date Stock Options Options Price Term (in years) Fair Value Outstanding at January 1, 2021 9,000 $ 13.30 Granted - - Exercised (3,654 ) 13.30 Expired/Forfeited (5,346 ) 13.30 Outstanding at June 30, 2021 - $ - - $ - Exercisable at June 30, 2021 - $ - - $ - |
Note 3 - Net Income (Loss) Pe_2
Note 3 - Net Income (Loss) Per Share Computations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) (numerator) amounts used for basic and diluted per share computations: $ 1,869,084 $ (1,181,197 ) $ 2,420,577 $ (925,976 ) Weighted average shares (denominator) of common stock outstanding: Basic 4,766,824 4,679,122 4,760,660 4,669,350 Plus dilutive effect of stock options — — 8 3,097 Diluted 4,766,824 4,679,122 4,760,668 4,672,447 Net income (loss) per common share: Basic $ 0.39 $ (0.25 ) $ 0.51 $ (0.20 ) Diluted 0.39 (0.25 ) 0.51 (0.20 ) |
Note 5 - Operating Segments (Ta
Note 5 - Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Six Months Ended June 30, 2021 Horse Racing Card Casino Food and Beverage Development Total Net revenues from external customers $ 6,622 $ 16,755 $ 1,720 $ — $ 25,097 Intersegment revenues 1 — 286 — 287 Net interest (expense) income 1 — — 343 344 Depreciation 1,207 75 102 — 1,384 Segment (loss) income before income taxes (686 ) 3,948 49 (775 ) 2,536 Segment tax expense (benefit) 61 1,162 15 (228 ) 1,010 June 30, 2021 Segment Assets $ 47,765 $ 2,876 $ 25,384 $ 27,138 $ 103,163 Six Months Ended June 30, 2020 Horse Racing Card Casino Food and Beverage Development Total Net revenues from external customers $ 4,056 $ 8,356 $ 1,293 $ 12 $ 13,717 Intersegment revenues 74 — 274 — 348 Net interest (expense) income (16 ) — — 199 183 Depreciation 1,038 261 111 — 1,410 Segment (loss) income before income taxes (2,167 ) (167 ) (419 ) 61 (2,692 ) Segment tax expense (benefit) (786 ) (89 ) (224 ) 33 (1,066 ) December 31, 2020 Segment Assets $ 35,620 $ 3,027 $ 24,862 $ 29,475 $ 92,984 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Six Months Ended June 30, 2021 2021 2020 Revenues Total net revenue for reportable segments $ 25,384 $ 14,065 Elimination of intersegment revenues (287 ) (348 ) Total consolidated net revenues $ 25,097 $ 13,717 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Income (loss) before income taxes Total segment income (loss) before income taxes $ 2,536 $ (2,692 ) Elimination of intersegment loss before income taxes 894 699 Total consolidated income before income taxes $ 3,430 $ (1,993 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, December 31, 2021 2020 Assets Total assets for reportable segments $ 103,163 $ 92,984 Elimination of intercompany balances (23,288 ) (24,179 ) Total consolidated assets $ 79,875 $ 68,805 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Assets, Lessee [Table Text Block] | June 30, December 31, Balance Sheet Location 2021 2020 Assets Finance Land, buildings and equipment, net (1) $ 59,068 $ 71,784 Operating Operating lease right-of-use assets 36,208 45,057 Total Leased Assets $ 95,276 $ 116,841 |
Lease, Cost [Table Text Block] | June 30, December 31, 2021 2020 Weighted average remaining lease term (in years): Finance 2.2 2.7 Operating 0.7 0.8 Weighted average discount rate (%): Finance 5.0 % 5.0 % Operating 5.5 % 5.5 % |
Lessee, Operating and Financing, Lease Liability Maturity [Table Text Block] | Six Months Ended June 30, 2021 Operating leases Finance leases 2021 remaining $ 13,860 $ 14,371 2022 23,100 28,743 2023 — 19,332 Total minimum lease obligations 36,960 62,446 Less: amounts representing interest (752 ) (3,378 ) Present value of minimum lease payments 36,208 59,068 Less: current portion (22,475 ) (26,397 ) Lease obligations, net of current portion $ 13,733 $ 32,671 |
Note 1 - Overview and Summary_2
Note 1 - Overview and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Long-term Debt, Total | $ 0 | |
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 8,750,000 | |
Long-term Line of Credit, Total | 0 | |
Funds Due To Organization | 4,226,000 | $ 1,185,000 |
Other Income [Member] | COVID-19 Relief Grants [Member] | ||
Revenue from Grant | 515,000 | $ 0 |
Other Income [Member] | Convention Center Relief Grant Program [Member] | ||
Revenue from Grant | $ 500,000 |
Note 2 - Stock-based Compensa_3
Note 2 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
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) | 10,710 | ||||
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) | $ 14 | ||||
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% | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 0 | 0 | |||
Employee Deferred Stock Award [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 27,900 | 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) | $ 13.33 | $ 11.07 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 43,400 | 43,400 | 18,800 | ||
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% | ||||
Employee Deferred Stock Award [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 1 year | ||||
Employee Deferred Stock Award [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 3 years | ||||
Deferred Stock Awards [Member] | |||||
Share-based Payment Arrangement, Expense | $ 166,000 | $ 10,000 | $ 270,000 | $ 68,000 | |
Share-based Payment Arrangement, Option [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 Period (Month) | 42 months |
Note 2 - Stock-based Compensa_4
Note 2 - Stock-based Compensation - Unvested Restricted Stock and Deferred Stock (Details) - Employee Deferred Stock Award [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Non-Vested Balance (in shares) | 18,800 | |
Non-Vested Balance, weighted average fair value per share (in dollars per share) | $ 11.07 | |
Granted (in shares) | 27,900 | 47,000 |
Granted, weighted average fair value per share (in dollars per share) | $ 13.33 | $ 11.07 |
Vested (in shares) | 0 | |
Vested, weighted average fair value per share (in dollars per share) | $ 0 | |
Forfeited (in shares) | (3,300) | |
Forfeited, weighted average fair value per share (in dollars per share) | $ 11.69 | |
Non-Vested Balance (in shares) | 43,400 | |
Non-Vested Balance, weighted average fair value per share (in dollars per share) | $ 12.48 |
Note 2 - Stock-based Compensa_5
Note 2 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) | 6 Months Ended |
Jun. 30, 2021 | |
Outstanding (in shares) | 9,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ 13.30 |
Granted (in shares) | 0 |
Granted, weighted average exercise price (in dollars per share) | $ 0 |
Exercised (in shares) | (3,654) |
Exercised, weighted average exercise price (in dollars per share) | $ 13.30 |
Expired/Forfeited (in shares) | (5,346) |
Expired/Forfeited, weighted average exercise price (in dollars per share) | $ 13.30 |
Outstanding (in shares) | 0 |
Outstanding, weighted average exercise price (in dollars per share) | $ 0 |
Outstanding, weighted average remaining contractual term (Year) | 0 years |
Outstanding, aggregate grant date fair value | $ 0 |
Exercisable at June 30, 2021 (in shares) | 0 |
ExercisableOutstanding, weighted average exercise price (in dollars per share) | $ 0 |
Exercisable, weighted average remaining contractual term (Year) | 0 years |
Exercisable, aggregate grant date fair value | $ 0 |
Note 3 - Net Income (Loss) Pe_3
Note 3 - Net Income (Loss) Per Share Computations (Details Textual) - $ / shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 0 | ||
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 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 3 - Net Income (Loss) Pe_4
Note 3 - Net Income (Loss) Per Share Computations - Reconciliation of Net Common Share Computation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income (loss) | $ 1,869,084 | $ (1,181,197) | $ 2,420,577 | $ (925,976) |
Basic (in shares) | 4,766,824 | 4,679,122 | 4,760,660 | 4,669,350 |
Plus dilutive effect of stock options (in shares) | 0 | 0 | 8 | 3,097 |
Weighted Average Diluted Shares (in shares) | 4,766,824 | 4,679,122 | 4,760,668 | 4,672,447 |
Basic earnings (loss) per share (in dollars per share) | $ 0.39 | $ (0.25) | $ 0.51 | $ (0.20) |
Diluted earnings (loss) per share (in dollars per share) | $ 0.39 | $ (0.25) | $ 0.51 | $ (0.20) |
Note 4 - General Credit Agree_2
Note 4 - General Credit Agreement (Details Textual) | Jun. 30, 2021USD ($) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 8,750,000 |
Long-term Line of Credit, Total | 0 |
Revolving Credit Facility [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 |
Letter of Credit [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 2,000,000 |
Line of Credit, Current | $ 1,250,000 |
Note 5 - Operating Segments (De
Note 5 - Operating Segments (Details Textual) | 6 Months Ended |
Jun. 30, 2021 | |
Number of Reportable Segments | 4 |
Source of Revenues of Horse Racing Segment | 25.00% |
Note 5 - Operating Segments - D
Note 5 - Operating Segments - Disaggregation of Revenue from Contracts with Customers (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Net Revenues | $ 15,871,818 | $ 2,767,855 | $ 25,097,360 | $ 13,716,814 | |
Interest income, net | 175,090 | 169,358 | 344,400 | 333,048 | |
Depreciation | 1,383,753 | 1,410,493 | |||
Segment (loss) income before income taxes | 2,626,681 | (2,298,860) | 3,430,398 | (1,993,475) | |
Segment tax expense (benefit) | 757,597 | $ (1,117,663) | 1,009,821 | (1,067,499) | |
Segment Assets | 79,875,461 | 79,875,461 | $ 68,804,787 | ||
Operating Segments [Member] | |||||
Net Revenues | 25,097,000 | 13,717,000 | |||
Interest income, net | 344,000 | 183,000 | |||
Depreciation | 1,384,000 | 1,410,000 | |||
Segment (loss) income before income taxes | 2,536,000 | (2,692,000) | |||
Segment tax expense (benefit) | (1,066,000) | ||||
Segment Assets | 103,163,000 | 103,163,000 | 92,984,000 | ||
Intersegment Eliminations [Member] | |||||
Net Revenues | 287,000 | 348,000 | |||
Segment (loss) income before income taxes | 894,000 | 699,000 | |||
Segment Assets | (23,288,000) | (23,288,000) | (24,179,000) | ||
Horse Racing [Member] | |||||
Segment tax expense (benefit) | 61,000 | ||||
Horse Racing [Member] | Operating Segments [Member] | |||||
Net Revenues | 6,622,000 | 4,056,000 | |||
Interest income, net | 1,000 | (16,000) | |||
Depreciation | 1,207,000 | 1,038,000 | |||
Segment (loss) income before income taxes | (686,000) | (2,167,000) | |||
Segment tax expense (benefit) | (786,000) | ||||
Segment Assets | 47,765,000 | 47,765,000 | 35,620,000 | ||
Horse Racing [Member] | Intersegment Eliminations [Member] | |||||
Net Revenues | 1,000 | 74,000 | |||
Card Casino [Member] | |||||
Segment tax expense (benefit) | 1,162,000 | ||||
Card Casino [Member] | Operating Segments [Member] | |||||
Net Revenues | 16,755,000 | 8,356,000 | |||
Interest income, net | 0 | 0 | |||
Depreciation | 75,000 | 261,000 | |||
Segment (loss) income before income taxes | 3,948,000 | (167,000) | |||
Segment tax expense (benefit) | (89,000) | ||||
Segment Assets | 2,876,000 | 2,876,000 | 3,027,000 | ||
Card Casino [Member] | Intersegment Eliminations [Member] | |||||
Net Revenues | 0 | 0 | |||
Food and Beverage Segment [Member] | |||||
Segment tax expense (benefit) | 15,000 | ||||
Food and Beverage Segment [Member] | Operating Segments [Member] | |||||
Net Revenues | 1,720,000 | 1,293,000 | |||
Interest income, net | 0 | 0 | |||
Depreciation | 102,000 | 111,000 | |||
Segment (loss) income before income taxes | 49,000 | (419,000) | |||
Segment tax expense (benefit) | (224,000) | ||||
Segment Assets | 25,384,000 | 25,384,000 | 24,862,000 | ||
Food and Beverage Segment [Member] | Intersegment Eliminations [Member] | |||||
Net Revenues | 286,000 | 274,000 | |||
Development [Member] | |||||
Segment tax expense (benefit) | (228,000) | ||||
Development [Member] | Operating Segments [Member] | |||||
Net Revenues | 0 | 12,000 | |||
Interest income, net | 343,000 | 199,000 | |||
Depreciation | 0 | 0 | |||
Segment (loss) income before income taxes | (775,000) | 61,000 | |||
Segment tax expense (benefit) | 33,000 | ||||
Segment Assets | $ 27,138,000 | 27,138,000 | $ 29,475,000 | ||
Development [Member] | Intersegment Eliminations [Member] | |||||
Net Revenues | $ 0 | $ 0 |
Note 5 - Operating Segments - R
Note 5 - Operating Segments - Reconciliation of Segment Revenues, Income Before Income Taxes, and Assets (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 15,871,818 | $ 2,767,855 | $ 25,097,360 | $ 13,716,814 |
Reportable Legal Entities [Member] | ||||
Revenues | 25,384,000 | 14,065,000 | ||
Intersegment Eliminations [Member] | ||||
Revenues | $ 287,000 | $ 348,000 |
Note 5 - Operating Segments- In
Note 5 - Operating Segments- Income Before Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income before income taxes | $ 2,626,681 | $ (2,298,860) | $ 3,430,398 | $ (1,993,475) |
Reportable Legal Entities [Member] | ||||
Income before income taxes | 2,536,000 | (2,692,000) | ||
Intersegment Eliminations [Member] | ||||
Income before income taxes | $ 894,000 | $ 699,000 |
Note 5 - Operating Segments- As
Note 5 - Operating Segments- Assets (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Total consolidated assets | $ 79,875,461 | $ 68,804,787 |
Reportable Legal Entities [Member] | ||
Total consolidated assets | 103,163,000 | 92,984,000 |
Intersegment Eliminations [Member] | ||
Total consolidated assets | $ (23,288,000) | $ (24,179,000) |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Details Textual) | 6 Months Ended |
Jun. 30, 2021USD ($)yr | |
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% |
Note 7 - Cooperative Marketin_2
Note 7 - Cooperative Marketing Agreement (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 08, 2020 | |
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 | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 15,871,818 | $ 2,767,855 | $ 25,097,360 | $ 13,716,814 | |
Marketing and Advertising Expense, Total | 373,604 | 38,176 | 430,056 | 222,164 | |
Depreciation, Total | 1,383,753 | 1,410,493 | |||
Product and Service, Other [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 1,166,400 | 440,940 | 1,999,333 | 1,413,706 | |
Cooperative Marketing Agreement (CMA)1 [Member] | |||||
Marketing Agreement, Purse Enhancement Obligation, to be Paid, Year One | 7,380,000 | 7,380,000 | |||
Marketing Agreement, Marketing Payment Obligation, to be Paid, Year One | 1,620,000 | 1,620,000 | |||
Marketing and Advertising Expense, Total | 342,000 | 215,000 | 365,000 | 245,000 | |
Depreciation, Total | 24,000 | 38,000 | 48,000 | 76,000 | |
Cooperative Marketing Agreement (CMA)1 [Member] | Product and Service, Other [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 366,000 | $ 253,000 | $ 413,000 | $ 321,000 |
Note 8 - Real Estate Developm_2
Note 8 - Real Estate Development (Details Textual) | Apr. 15, 2020USD ($)a | Apr. 07, 2020USD ($)a | Apr. 30, 2021USD ($)a | Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Jul. 30, 2020 | Jun. 30, 2020a | Jun. 16, 2020a | Sep. 27, 2018a |
Area of Land (Acre) | a | 2.4 | 11.3 | 7.4 | |||||||
TIF Improvement Costs | $ 23,336,500 | $ 23,336,500 | ||||||||
Income Taxes Receivable, Noncurrent | 12,202,609 | 12,202,609 | $ 11,888,570 | |||||||
Income Tax Receivable Interest | 1,004,000 | 1,004,000 | ||||||||
Estimated Cost of Tax Increment Financing Eligible Improvements, Expected Reduction | 7,670,000 | |||||||||
Proceeds from Sale of Land Held-for-investment | $ 1,100,000 | $ 2,400,000 | $ 1,200,000 | |||||||
Land [Member] | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 264,000 | 264,000 | ||||||||
State and Local Jurisdiction [Member] | ||||||||||
Income Taxes Receivable, Noncurrent | 12,203,000 | 12,203,000 | 11,889,000 | |||||||
Income Tax Receivable Principal | $ 11,199,000 | $ 11,199,000 | 11,191,000 | |||||||
Income Tax Receivable Interest | $ 698,000 | |||||||||
Doran Canterbury II [Member] | ||||||||||
Area of Land (Acre) | a | 10 | 13 | ||||||||
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 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Operating Lease, Cost | $ 8,998 | $ 13,440 | |
Operating Lease, Expense | 191,074 | $ 147,119 | |
Finance Lease, Right-of-Use Asset, Amortization | 11,898 | ||
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 66,491 | $ 53,853 |
Note 9 - Leases - Classificatio
Note 9 - Leases - Classification of Right of Use Assets (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | |
Finance | [1] | $ 59,068 | $ 71,784 |
Operating | 36,208 | 45,057 | |
Total Leased Assets | $ 95,276 | $ 116,841 | |
[1] | Finance lease assets are net of accumulated amortization of $66,491 and $53,853 as of June 30, 2021 and December 31, 2020, respectively. |
Note 9 - Leases - Lease Terms a
Note 9 - Leases - Lease Terms and Discount (Details) | Jun. 30, 2021 | Dec. 31, 2020 |
Finance (Year) | 2 years 2 months 12 days | 2 years 8 months 12 days |
Operating (Year) | 8 months 12 days | 9 months 18 days |
Finance | 5.00% | 5.00% |
Operating | 5.50% | 5.50% |
Note 9 - Leases - Operating and
Note 9 - Leases - Operating and Finance Lease (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
2021 remaining, operating lease | $ 13,860 | |
2021 remaining, finance lease | 14,371 | |
2022, operating lease | 23,100 | |
2022, finance lease | 28,743 | |
2023, operating lease | 0 | |
2023, finance lease | 19,332 | |
Total minimum lease obligations, operating lease | 36,960 | |
Total minimum, finance lease | 62,446 | |
Less: amounts representing interest, operating lease | (752) | |
Less: amounts representing interest, finance lease | (3,378) | |
Present value of minimum lease payments, operating lease | 36,208 | |
Present value of minimum lease payments, finance lease | 59,068 | |
Less: current portion, operating lease | (22,475) | $ (22,271) |
Less: current portion, finance lease | (26,397) | (25,749) |
Lease obligations, net of current portion, operating lease | 13,733 | 22,786 |
Lease obligations, net of current portion, finance lease | $ 32,671 | $ 46,035 |
Note 10 - Related Party Recei_2
Note 10 - Related Party Receivables (Details Textual) | Jun. 30, 2021USD ($) |
Accounts Receivable, Related Parties, Current | $ 31,000 |
Doran Canterbury I and II Joint Ventures [Member] | |
Notes Receivable, Related Parties | 1,699,000 |
Interest Receivable | $ 79,000 |
Doran Canterbury I and II Joint Ventures [Member] | Prime Rate [Member] | |
Financing Receivable, Interest Rate | 2.00% |