Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 03, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | CKX LANDS, INC. | |
Entity Central Index Key | 352,955 | |
Trading Symbol | ckx | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 1,942,495 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash | $ 1,585,950 | $ 1,618,583 |
Cash-restricted | 993,160 | 33,821 |
Certificates of deposit | 2,392,890 | 2,662,890 |
Accounts receivable | 64,022 | 113,067 |
Prepaid expense and other assets | 140,964 | 50,354 |
Total current assets | 5,176,986 | 4,478,715 |
Non-current Assets | ||
Certificates of deposit | 1,205,000 | 950,000 |
Property and equipment: | ||
Land | 7,051,412 | 7,147,100 |
Property, plant, and equipment, net | 9,223,442 | 9,295,022 |
Total assets | 15,605,428 | 14,723,737 |
Current Liabilities | ||
Trade payables and accrued expenses | 210,954 | 207,166 |
Dividends payable | 233,099 | |
Income tax payable | 53,888 | 13,346 |
Total current liabilities | 497,941 | 220,512 |
Non-current Liabilities | ||
Deferred income tax payable | 187,664 | 187,664 |
Total liabilities | 685,605 | 408,176 |
Stockholders’ Equity | ||
Common stock, no par value: 3,000,000 shares authorized; 1,942,495 and 1,942,495 shares issued, respectively | 59,335 | 59,335 |
Retained earnings | 14,860,488 | 14,256,226 |
Total stockholders’ equity | 14,919,823 | 14,315,561 |
Total liabilities and stockholders’ equity | 15,605,428 | 14,723,737 |
Timber Properties [Member] | ||
Property and equipment: | ||
Property, plant, and equipment, net | 2,138,051 | 2,119,180 |
Building and Equipment [Member] | ||
Property and equipment: | ||
Property, plant, and equipment, net | $ 33,979 | $ 28,742 |
Balance Sheets (Current Period3
Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Common stock, shares issued (in shares) | 1,942,495 | 1,942,495 |
Building and Equipment [Member] | ||
Accumulated depreciation | $ 74,623 | $ 74,565 |
Statements of Income (Unaudited
Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues | ||
Total revenues | $ 346,695 | $ 198,771 |
Costs, Expenses and (Gains) | ||
General and administrative | 132,561 | 134,857 |
Depreciation | 233 | 234 |
Gain on sale of land | (878,320) | (2,891) |
Total cost, expenses and (gains) | (701,286) | 169,563 |
Income from operations | 1,047,981 | 29,208 |
Other Income | ||
Interest income | 12,922 | 10,212 |
Net other income | 12,922 | 10,212 |
Income before income taxes | 1,060,903 | 39,420 |
Federal and State Income Taxes | ||
Current | 223,542 | (5,200) |
Total income taxes | 223,542 | (5,200) |
Net Income | $ 837,361 | $ 44,620 |
Per Common Stock, basic and diluted | ||
Net Income (in dollars per share) | $ 0.43 | $ 0.02 |
Dividends (in dollars per share) | $ 0.12 | $ 0.10 |
Weighted Average Common Shares Outstanding, basic and diluted (in shares) | 1,942,495 | 1,942,495 |
Oil and Gas [Member] | ||
Revenues | ||
Revenues from customers | $ 124,577 | $ 181,669 |
Costs, Expenses and (Gains) | ||
Cost of goods and services sold | 16,656 | 17,565 |
Timber [Member] | ||
Revenues | ||
Revenues from customers | 178,449 | |
Costs, Expenses and (Gains) | ||
Cost of goods and services sold | 20,594 | 2,940 |
Surface Leases, Unrelated Parties [Member] | ||
Revenues | ||
Revenues, leases | 34,513 | 17,102 |
Surface Leases, Related Parties [Member] | ||
Revenues | ||
Revenues, leases | 9,156 | |
Surface Leases [Member] | ||
Costs, Expenses and (Gains) | ||
Cost of goods and services sold | $ 6,990 | $ 16,858 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Retained Earnings [Member] | Common Stock [Member] | Total |
Balance at Dec. 31, 2016 | $ 13,927,613 | $ 59,335 | $ 13,986,948 |
Net income | 44,620 | 44,620 | |
Dividends declared | (194,250) | (194,250) | |
Balance at Mar. 31, 2017 | 13,777,983 | 59,335 | 13,837,318 |
Balance at Dec. 31, 2017 | 14,256,226 | 59,335 | 14,315,561 |
Net income | 837,361 | 837,361 | |
Dividends declared | (233,099) | (233,099) | |
Balance at Mar. 31, 2018 | $ 14,860,488 | $ 59,335 | $ 14,919,823 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash Flows Used In Operating Activities: | ||
Net Income | $ 837,361 | $ 44,620 |
Less non-cash and non-operating (income) expenses included in net income: | ||
Depreciation, depletion and amortization | 8,735 | 234 |
Gain on sale of land | (878,320) | (2,891) |
Change in operating assets and liabilities: | ||
Increase in current assets | (55,817) | (129,832) |
Increase in current liabilities | 44,330 | 35,122 |
Net cash used in operating activities | (43,711) | (52,747) |
Cash Flows Provided From (Used In) Investing Activities: | ||
Purchases, certificates of deposit | (965,000) | (720,000) |
Maturity proceeds | 980,000 | 720,000 |
Purchases, land, timber, equipment, and other assets | (10,370) | |
Sales proceeds | 993,160 | 3,390 |
Purchases, timber | (27,373) | (11,040) |
Net cash provided from (used in) investing activities | 970,417 | (7,650) |
Net increase (decrease) in cash and cash-restricted | 926,706 | (60,397) |
Beginning | 1,652,404 | 1,081,188 |
Ending | 2,579,110 | 1,020,791 |
Supplemental disclosures of cash flow information: | ||
Interest | ||
Income taxes | $ 183,000 | $ 11,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1. The accompanying unaudited financial statements of CKX Lands, Inc. (“Company”) have been prepared in accordance with United States generally accepted accounting principles for interim financial information. They do not no December 31, 2017. In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 first 2018 not no January 1, 2018. Interim results are not 10 December 31, 2017 10 March 31, 2018. |
Note 2 - Income Taxes
Note 2 - Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 2. In accordance with generally accepted accounting principles, the Company has analyzed its filing positions in federal and state income tax returns that remain subject to examination, generally 3 no No none |
Note 3 - Company Operations
Note 3 - Company Operations | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 3. The Company’s operations are classified into three Following is a summary of segmented operations information for the quarter ended March 31, 2018 2017, 2018 2017 Revenues Oil and Gas $ 124,577 $ 181,669 Timber 178,449 -- Surface 43,669 17,102 Total 346,695 198,771 Cost and Expenses Oil and Gas 16,656 17,565 Timber 20,594 2,940 Surface 6,990 16,858 Total 44,240 37,363 Income from Operations Oil and Gas 107,921 164,104 Timber 157,855 (2,940 ) Surface 36,679 244 Total 302,455 161,408 Other Income (Expense) before Income Taxes 758,448 (121,988 ) Income before Income Taxes 1,060,903 39,420 Identifiable Assets, net of accumulated depreciation and depletion Oil and Gas -- -- Timber 2,138,051 2,083,408 Surface -- -- General Corporate Assets 13,467,377 12,414,659 Total 15,605,428 14,498,067 Capital Expenditures Oil and Gas -- -- Timber 27,373 11,040 Surface -- -- General Corporate Assets 10,370 -- Total 37,743 11,040 Depreciation and Depletion Oil and Gas -- -- Timber 8,502 -- Surface -- -- General Corporate Assets 233 234 Total $ 8,735 $ 234 There are no 10 December 31, 2017. Revenue from customers representing 5% March 31, 2018 2017, Count 2018 2017 1 $ 138,519 $ 41,884 2 39,899 34,137 3 34,723 23,215 4 24,193 13,039 5 19,764 13,028 6 -- 12,795 |
Note 4 - Cash - Restricted
Note 4 - Cash - Restricted | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | Note 4. Cash – Restricted During the first 2018, four 1031 1031 $993,160 March 31, 2018. March 31, 2018, 1031 not 1031 not March 31, 2018. The following table provides a reconciliation of cash and cash-restricted reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. March 31, 2018 Cash $ 1,585.950 Cash-restricted 993,160 Cash and cash-restricted $ 2.579,110 |
Note 5 - Dividend Declaration
Note 5 - Dividend Declaration | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Dividends [Text Block] | Note 5. Dividend Declaration On March 22, 2018 twelve $0.12 April 5, 2018 April 12, 2018 |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 6. Related Party Transactions On April 17, 2017, $38,333 March 31, 2018 February 28, 2019. may two 2 twelve 12 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The accompanying unaudited financial statements of CKX Lands, Inc. (“Company”) have been prepared in accordance with United States generally accepted accounting principles for interim financial information. They do not no December 31, 2017. Interim results are not 10 December 31, 2017 10 March 31, 2018. |
Note 3 - Company Operations (Ta
Note 3 - Company Operations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2018 2017 Revenues Oil and Gas $ 124,577 $ 181,669 Timber 178,449 -- Surface 43,669 17,102 Total 346,695 198,771 Cost and Expenses Oil and Gas 16,656 17,565 Timber 20,594 2,940 Surface 6,990 16,858 Total 44,240 37,363 Income from Operations Oil and Gas 107,921 164,104 Timber 157,855 (2,940 ) Surface 36,679 244 Total 302,455 161,408 Other Income (Expense) before Income Taxes 758,448 (121,988 ) Income before Income Taxes 1,060,903 39,420 Identifiable Assets, net of accumulated depreciation and depletion Oil and Gas -- -- Timber 2,138,051 2,083,408 Surface -- -- General Corporate Assets 13,467,377 12,414,659 Total 15,605,428 14,498,067 Capital Expenditures Oil and Gas -- -- Timber 27,373 11,040 Surface -- -- General Corporate Assets 10,370 -- Total 37,743 11,040 Depreciation and Depletion Oil and Gas -- -- Timber 8,502 -- Surface -- -- General Corporate Assets 233 234 Total $ 8,735 $ 234 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Count 2018 2017 1 $ 138,519 $ 41,884 2 39,899 34,137 3 34,723 23,215 4 24,193 13,039 5 19,764 13,028 6 -- 12,795 |
Note 4 - Cash - Restricted (Tab
Note 4 - Cash - Restricted (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | March 31, 2018 Cash $ 1,585.950 Cash-restricted 993,160 Cash and cash-restricted $ 2.579,110 |
Note 2 - Income Taxes (Details
Note 2 - Income Taxes (Details Textual) $ in Thousands | Mar. 31, 2018USD ($) |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 |
Unrecognized Tax Benefits, Ending Balance | $ 0 |
Note 3 - Company Operations (De
Note 3 - Company Operations (Details Textual) | 3 Months Ended | |
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Number of Operating Segments | 3 | |
Revenues, Total | $ 346,695 | $ 198,771 |
Intersegment Eliminations [Member] | ||
Revenues, Total | $ 0 |
Note 3 - Company Operations - S
Note 3 - Company Operations - Segmented Operations Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Total revenues | $ 346,695 | $ 198,771 | |
Total cost, expenses and (gains) | (701,286) | 169,563 | |
Income from operations | 1,047,981 | 29,208 | |
Other Income (Expense) before income Taxes | 12,922 | 10,212 | |
Income before income Taxes | 1,060,903 | 39,420 | |
Total assets | 15,605,428 | $ 14,723,737 | |
Depreciation, depletion and amortization | 8,735 | 234 | |
Oil and Gas [Member] | |||
Revenues from customers | 124,577 | 181,669 | |
Timber [Member] | |||
Revenues from customers | 178,449 | ||
Operating Segments [Member] | |||
Total revenues | 346,695 | 198,771 | |
Total cost, expenses and (gains) | 44,240 | 37,363 | |
Income from operations | 302,455 | 161,408 | |
Other Income (Expense) before income Taxes | 758,448 | (121,988) | |
Income before income Taxes | 1,060,903 | 39,420 | |
Total assets | 15,605,428 | 14,498,067 | |
Capital Expenditures | 37,743 | 11,040 | |
Depreciation, depletion and amortization | 8,735 | 234 | |
Oil And Gas Segment [Member] | Operating Segments [Member] | |||
Total cost, expenses and (gains) | 16,656 | 17,565 | |
Income from operations | 107,921 | 164,104 | |
Total assets | |||
Capital Expenditures | |||
Depreciation, depletion and amortization | |||
Oil And Gas Segment [Member] | Operating Segments [Member] | Oil and Gas [Member] | |||
Revenues from customers | 124,577 | 181,669 | |
Timber Segment [Member] | Operating Segments [Member] | |||
Total cost, expenses and (gains) | 20,594 | 2,940 | |
Income from operations | 157,855 | (2,940) | |
Total assets | 2,138,051 | 2,083,408 | |
Capital Expenditures | 27,373 | 11,040 | |
Depreciation, depletion and amortization | 8,502 | ||
Timber Segment [Member] | Operating Segments [Member] | Timber [Member] | |||
Revenues from customers | 178,449 | ||
Surface Segment [Member] | Operating Segments [Member] | |||
Revenues, leases | 43,669 | 17,102 | |
Total cost, expenses and (gains) | 6,990 | 16,858 | |
Income from operations | 36,679 | 244 | |
Total assets | |||
Capital Expenditures | |||
Depreciation, depletion and amortization | |||
Corporate Segment [Member] | Operating Segments [Member] | |||
Total assets | 13,467,377 | 12,414,659 | |
Capital Expenditures | 10,370 | ||
Depreciation, depletion and amortization | $ 233 | $ 234 |
Note 3 - Company Operations - C
Note 3 - Company Operations - Customers Representing 5% or More of Total Revenue (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Total revenues | $ 346,695 | $ 198,771 |
Major Customers 1 [Member] | ||
Total revenues | 138,519 | 41,884 |
Major Customers 2 [Member] | ||
Total revenues | 39,899 | 34,137 |
Major Customers 3 [Member] | ||
Total revenues | 34,723 | 23,215 |
Major Customers 4 [Member] | ||
Total revenues | 24,193 | 13,039 |
Major Customers 5 [Member] | ||
Total revenues | 19,764 | 13,028 |
Major Customers 6 [Member] | ||
Total revenues | $ 12,795 |
Note 4 - Cash - Restricted (Det
Note 4 - Cash - Restricted (Details Textual) | 3 Months Ended | ||
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |
Number of Land Parcels Sold | 4 | ||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 993,160 | $ 3,390 | |
Restricted Cash and Cash Equivalents, Current, Total | 993,160 | $ 33,821 | |
Land [Member] | |||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 993,160 |
Note 4 - Cash - Restricted - Ca
Note 4 - Cash - Restricted - Cash and Cash-restricted (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Cash | $ 1,585,950 | $ 1,618,583 | ||
Cash-restricted | 993,160 | 33,821 | ||
Cash and cash-restricted | $ 2,579,110 | $ 1,652,404 | $ 1,020,791 | $ 1,081,188 |
Note 5 - Dividend Declaration (
Note 5 - Dividend Declaration (Details Textual) | Mar. 22, 2018$ / shares |
Dividends Payable, Amount Per Share | $ 0.12 |
Dividends Payable, Date of Record | Apr. 5, 2018 |
Dividends Payable, Date to be Paid | Apr. 12, 2018 |
Note 6 - Related Party Transa23
Note 6 - Related Party Transactions (Details Textual) - Stream Wetlands Services [Member] - Exclusive Right to Evaluate and Market Lands For Beneficial Purposes to Compensate for Impact [Member] | Apr. 17, 2017USD ($) |
Related Party Transaction, Amounts of Transaction | $ 38,333 |
Option to Lease Arrangements, Number of Renewal Periods | 2 |
Lessee, Operating Lease, Renewal Term | 1 year |