Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 06, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | CKX LANDS, INC. | |
Entity Central Index Key | 0000352955 | |
Trading Symbol | ckx | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 1,942,495 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock with no par value |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 5,255,957 | $ 3,280,289 |
Certificates of deposit | 1,193,604 | 2,697,000 |
Equity investment in mutual funds | 502,847 | 500,642 |
Accounts receivable | 80,210 | 102,786 |
Prepaid expense and other assets | 53,852 | 39,731 |
Total current assets | 7,086,470 | 6,620,448 |
Property and equipment, net | 9,235,403 | 9,242,082 |
Total assets | 16,321,873 | 15,862,530 |
Current liabilities: | ||
Trade payables and accrued expenses | 86,367 | 62,253 |
Unearned revenue | 248,611 | 165,158 |
Income tax payable | 31,550 | |
Total current liabilities | 366,528 | 227,411 |
Deferred income tax payable | 187,664 | 187,664 |
Total liabilities | 554,192 | 415,075 |
Stockholders' equity: | ||
Common stock, 3,000,000 authorized, no par value, 1,942,495 issued and outstanding as of September 30, 2020 and December 31, 2019 | 59,335 | 59,335 |
Retained earnings | 15,708,346 | 15,388,120 |
Total stockholders' equity | 15,767,681 | 15,447,455 |
Total liabilities and stockholders' equity | $ 16,321,873 | $ 15,862,530 |
Balance Sheets (Current Perio_2
Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Common Stock, no 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 |
Common Stock, shares outstanding (in shares) | 1,942,495 | 1,942,495 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues: | ||||
Total revenue | $ 160,842 | $ 228,337 | $ 529,930 | $ 598,620 |
Costs, expenses and (gains): | ||||
General and administrative expense | 121,426 | 143,198 | 457,637 | 471,668 |
Depreciation expense | 1,326 | 507 | 1,793 | 1,517 |
Gain on sale of land | (41,331) | (295,238) | (80,876) | |
Total costs, expenses and (gains) | 87,511 | 173,774 | 196,552 | 456,323 |
Income from operations | 73,331 | 54,563 | 333,378 | 142,297 |
Interest income | 6,914 | 28,512 | 55,170 | 84,524 |
Income before income taxes | 80,245 | 83,075 | 388,548 | 226,821 |
Federal and state income tax expense: | ||||
Current | 30,191 | 25,105 | 68,322 | 39,859 |
Deferred | ||||
Total income taxes | 30,191 | 25,105 | 68,322 | 39,859 |
Net income | $ 50,054 | $ 57,970 | $ 320,226 | $ 186,962 |
Earnings per share, basic and diluted (in dollars per share) | $ 0.03 | $ 0.03 | $ 0.16 | $ 0.10 |
Weighted average shares outstanding, basic and diluted (in shares) | 1,942,495 | 1,942,495 | 1,942,495 | 1,942,495 |
Oil and Gas [Member] | ||||
Revenues: | ||||
Revenues from customers | $ 50,811 | $ 174,097 | $ 233,789 | $ 408,029 |
Costs, expenses and (gains): | ||||
Cost of goods and services sold | 5,226 | 20,196 | 28,034 | 48,364 |
Timber [Member] | ||||
Revenues: | ||||
Revenues from customers | 59,416 | 16,717 | 71,052 | 31,198 |
Costs, expenses and (gains): | ||||
Cost of goods and services sold | 666 | 9,292 | 3,870 | 14,376 |
Surface Leases, Unrelated Parties [Member] | ||||
Revenues: | ||||
Revenues, leases | 41,032 | 27,940 | 196,340 | 130,644 |
Surface Leases, Related Parties [Member] | ||||
Revenues: | ||||
Revenues, leases | 9,583 | 9,583 | 28,749 | 28,749 |
Surface Leases [Member] | ||||
Costs, expenses and (gains): | ||||
Cost of goods and services sold | $ 198 | $ 581 | $ 456 | $ 1,274 |
Statements of Changes in Stockh
Statements of Changes in Stockholders Equity (Unaudited) - USD ($) | Common Stock [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Dec. 31, 2018 | 1,942,495 | ||
Balances at Dec. 31, 2018 | $ 59,335 | $ 15,138,187 | $ 15,197,522 |
Net income | 186,962 | 186,962 | |
Balances (in shares) at Sep. 30, 2019 | 1,942,495 | ||
Balances at Sep. 30, 2019 | $ 59,335 | 15,325,149 | 15,384,484 |
Balances (in shares) at Jun. 30, 2019 | 1,942,495 | ||
Balances at Jun. 30, 2019 | $ 59,335 | 15,267,179 | 15,326,514 |
Net income | 57,970 | 57,970 | |
Balances (in shares) at Sep. 30, 2019 | 1,942,495 | ||
Balances at Sep. 30, 2019 | $ 59,335 | 15,325,149 | 15,384,484 |
Balances (in shares) at Dec. 31, 2019 | 1,942,495 | ||
Balances at Dec. 31, 2019 | $ 59,335 | 15,388,120 | 15,447,455 |
Net income | 320,226 | 320,226 | |
Balances (in shares) at Sep. 30, 2020 | 1,942,495 | ||
Balances at Sep. 30, 2020 | $ 59,335 | 15,708,346 | 15,767,681 |
Balances (in shares) at Jun. 30, 2020 | 1,942,495 | ||
Balances at Jun. 30, 2020 | $ 59,335 | 15,658,292 | 15,717,627 |
Net income | 50,054 | 50,054 | |
Balances (in shares) at Sep. 30, 2020 | 1,942,495 | ||
Balances at Sep. 30, 2020 | $ 59,335 | $ 15,708,346 | $ 15,767,681 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 320,226 | $ 186,962 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 1,793 | 1,517 |
Depletion expense | 683 | 288 |
Gain on sale of land | (295,238) | (80,876) |
Unrealized loss (gain) on equity investment in mutual funds | 1,503 | (246) |
Changes in operating assets and liabilities: | ||
(Increase) decrease in current assets | 8,455 | (42,297) |
Increase (decrease) in current liabilities | 139,117 | 9,966 |
Net cash provided by operating activities | 176,539 | 75,314 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of certificates of deposit | (1,985,767) | (1,468,000) |
Proceeds from maturity of certificates of deposit | 3,489,163 | 2,390,000 |
Purchases of mutual funds | (3,708) | (4,365) |
Costs of reforesting timber | (22,560) | |
Proceeds from the sale of fixed assets | 299,441 | 109,235 |
Net cash provided by investing activities | 1,799,129 | 1,004,310 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,975,668 | 1,079,624 |
Cash and cash equivalents, beginning of the period | 3,280,289 | 1,860,736 |
Cash and cash equivalents, end of the period | 5,255,957 | 2,940,360 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash paid for interest | ||
Cash paid for income taxes | $ 30,000 | $ 67,107 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies and Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1: Significant Accounting Policies Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures have been omitted pursuant to such rules and regulations. In the opinion of management, the accompanying financial statements include normal recurring adjustments that are necessary for a fair presentation of the results for the interim periods presented. These financial statements should be read in conjunction with our audited financial statements and notes thereto for the fiscal year ended December 31, 2019 10 three nine September 30, 2020 not The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make a number of estimates and judgments that affect the reported amounts of assets, liabilities, expenses, and related disclosures. Actual results may Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no Risks and Uncertainties In December 2019, 19” January 2020, February 28, 2020, 19 March 11, 2020, 19 not first nine 2020 19, 19 Concentration of Credit Risk The Company maintains its cash balances in seven may $250,000. not not Cash Equivalents Cash equivalents are highly liquid debt instruments with original maturities of three Certificate of Deposits Certificates of deposit have maturities greater than three not $250,000. 4th 2020. one one Equity Investment In January 2016, 2016 01, “Financial Instruments – Overall (Subtopic 825 10 2016 01 2016 01 September 30, 2020, December 31, 2019, $502,847 $500,642, not fourth 2018, no 2016 01. Accounts Receivable The Company's accounts receivable consists of incomes received after quarter-end for royalties produced prior to quarter-end. When there are royalties that have not 12 not not no Property, Building and Equipment Property, building, and equipment is stated at cost. Major additions are capitalized. Maintenance and repairs are charged to income as incurred. Depreciation is computed on the straight-line and accelerated methods over the following estimated useful lives of the assets: Furniture and equipment (in years) 5 - 7 Land improvements (in years) 15 Impairment of Long-lived Assets Long-lived assets, such as land, timber and property, buildings, and equipment, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not first not may third On August 27, 2020, 4 13,944 11 10,522 one third September 30, 2020. No nine September 30, 2020 2019. Revenue Recognition Effective January 1, 2018, 2014 09, 606 not 606. 6 Oil and Gas Oil and gas revenue is generated through customer contracts, where we provide the customer access to a designated tract of land upon which the customer performs exploration, extraction, production and ultimate sale of the oil and gas. The Company receives royalties on all oil and gas produced by the customer. The performance obligation identified in oil and gas related contracts is the production of oil and gas on the designated tract of land. The performance obligation is satisfied at a point in time, which is when the customer produces oil and gas. The transaction price is comprised of fixed fees (royalties) on all oil and gas produced. The Company accrues monthly royalty revenues based upon estimates and adjusts to actual as the Company receives payments. Net accrued royalty income was $77,651 $84,880 September 30, 2020 December 31, 2019, no 606. Timber Timber revenue is generated through customer contracts executed as a pay-as-cut arrangement, where the customer acquires the right to harvest specified timber on a designated tract for a set period of time at agreed-upon unit prices. The performance obligation identified in timber related contracts is the severing of a single tree. We satisfy our performance obligation when timber is severed, at which time revenue is recognized. The transaction price for timber sales is determined using contractual rates applied to harvest volumes. The Company may $137,300 $87,300 September 30, 2020 December 31, 2019, no 606. No first no 606. Surface Surface revenue is earned through annual leases for agricultural and hunting activities and the Company records revenues evenly over the term of these leases. Surface revenues from these sources are recurring on an annual basis. Unearned surface revenues and accrued expenses were $111,311 $77,857 September 30, 2020, December 31, 2019, Surface revenue is also earned through right of way and related temporary workspace leases, both of which are not not thirty Other sources of surface revenue can be commercial activities leases and sales of surface minerals, such as dirt. Basic and Diluted Earnings per share Net earnings per share is provided in accordance with FASB ASC 260 10, September 30, 2020, 2019 no Dividends In determining whether a dividend will be declared, the Board of Directors will take into account the Company's prior fiscal year's cash flows from operations and the current economic conditions among other information deemed relevant. Dividends paid per common share are based on the weighted average number of shares of common stock outstanding during the period. No nine September 30, 2020 2019. Pursuant to a dividend reversion clause in the Company's Articles of Incorporation, dividends not one Recent Accounting Pronouncements There are various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not |
Note 2 - Certificates of Deposi
Note 2 - Certificates of Deposit | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Certificates Of Deposit Disclosure[Text Block] | Note 2: three not $250,000. fourth 2020. $1,193,604 $2,697,000 September 30, 2020 December 31, 2019, $1,985,767 $1,468,000 nine September 30, 2020 2019, $3,489,163 $2,390,000 nine September 30, 2020 2019, |
Note 3 - Fair Value of Financia
Note 3 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 3: ASC 820 820” 820 three may Level 1: Level 2: not may third Level 3: The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it was practical to estimate that value: Class Methods and/or Assumptions Cash and cash equivalents: Carrying value approximates fair value due to its readily convertible characteristic. Certificate of Deposit: Held until maturity and recorded at amortized cost which approximates fair value. Equity Investment in mutual funds: Carrying value adjusted to and presented at fair market value. The estimated fair value of the Company's financial instruments are as follows: September 30, 2020 December 31, 2019 Financial Assets: Level Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents 1 $ 5,255,957 $ 5,255,957 $ 3,280,289 $ 3,280,289 Certificate of deposit - short term 1 1,193,604 1,195,009 2,697,000 2,697,000 Equity investment in mutual funds 1 502,847 504,117 500,410 500,642 Total $ 6,952,408 $ 6,955,083 $ 6,477,699 $ 6,477,931 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4: Property and equipment consisted of the following: September 30, December 31, 2020 2019 Land $ 7,018,850 $ 7,023,053 Timber 2,187,911 2,188,594 Building and equipment 108,602 108,602 9,315,363 9,320,249 Accumulated depreciation (79,960 ) (78,167 ) Total $ 9,235,403 $ 9,242,082 During the nine September 30, 2020 2019, $295,238 $80,876, Depreciation expense was $1,793 $1,517 nine September 30, 2020 2019, Depletion expense was $683 $288 nine September 30, 2020 2019, |
Note 5 - Segment Reporting
Note 5 - Segment Reporting | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 5: The Company's operations are classified into three The tables below present financial information for the Company's three Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenues: Oil and gas $ 50,811 $ 174,097 $ 233,789 $ 408,029 Timber sales 59,416 16,717 71,052 31,198 Surface revenue 50,615 37,523 225,089 159,393 Total segment revenues 160,842 228,337 529,930 598,620 Cost and expenses: Oil and gas costs 5,226 20,196 28,034 48,364 Timber costs 666 9,292 3,870 14,376 Surface costs 198 581 456 1,274 Total segment costs and expenses 6,090 30,069 32,360 64,014 Net income from operations: Oil and gas 45,585 153,901 205,755 359,665 Timber 58,750 7,425 67,182 16,822 Surface 50,417 36,942 224,633 158,119 Total segment net income from operations 154,752 198,268 497,570 534,606 Other income (expense) before income taxes (74,507 ) (115,193 ) (109,022 ) (307,785 ) Income before income taxes $ 80,245 $ 83,075 $ 388,548 $ 226,821 Nine Months Ended September 30, Year Ended December 31, 2020 2019 Identifiable Assets, net of accumulated depreciation Timber $ 2,187,911 $ 2,188,594 General corporate assets 14,133,962 13,673,936 Total 16,321,873 15,862,530 Capital expenditures: Timber - 26,815 Surface - - General corporate assets - - Total segment costs and expenses - 26,815 Depreciation and depletion Oil and gas - - Timber 683 611 General corporate assets 1,793 1,751 Total $ 2,476 $ 2,362 There are no 10 December 31, 2019. |
Note 6 - Income Taxes
Note 6 - Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 6: 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 those filed in the last three no No none |
Note 7 - Related Party Transact
Note 7 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 7: The Company and Stream Wetlands Services, LLC (“Stream Wetlands”) are parties to an option to lease agreement dated April 17, 2017 ( February 28, 2021, $38,333 $38,333 first 2020. July 15, 2020, The Company's immediate past President and current Secretary and director is a partner in Stockwell, Sievert, Viccellio, Clements, LLP (“Stockwell”). Beginning in August 2018, $750 $2,000 nine September 30, 2020, $22,407 $6,000 July 31, 2020 no July 31, 2020. Gray Stream is President of Matilda Stream Management (“MSM”). MSM currently provides administrative and accounting services and provides office space to the Company at no Surface revenue-related party was $9,583 $28,749 three nine September 30, 2020, |
Note 8 - Concentrations
Note 8 - Concentrations | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 8: Revenue from the Company's five nine September 30, 2020 2019, Nine Months Ended September 30, Count 2020 2019 1 $ 74,326 $ 82,644 2 47,452 46,267 3 40,289 41,213 4 38,333 38,333 5 32,108 38,246 |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 9: On October 9, 2020, 2 four |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures have been omitted pursuant to such rules and regulations. In the opinion of management, the accompanying financial statements include normal recurring adjustments that are necessary for a fair presentation of the results for the interim periods presented. These financial statements should be read in conjunction with our audited financial statements and notes thereto for the fiscal year ended December 31, 2019 10 three nine September 30, 2020 not The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make a number of estimates and judgments that affect the reported amounts of assets, liabilities, expenses, and related disclosures. Actual results may Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties In December 2019, 19” January 2020, February 28, 2020, 19 March 11, 2020, 19 not first nine 2020 19, 19 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company maintains its cash balances in seven may $250,000. not not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents Cash equivalents are highly liquid debt instruments with original maturities of three |
Certificates of Deposit [Policy Text Block] | Certificate of Deposits Certificates of deposit have maturities greater than three not $250,000. 4th 2020. one one |
Investment, Policy [Policy Text Block] | Equity Investment In January 2016, 2016 01, “Financial Instruments – Overall (Subtopic 825 10 2016 01 2016 01 September 30, 2020, December 31, 2019, $502,847 $500,642, not fourth 2018, no 2016 01. |
Receivable [Policy Text Block] | Accounts Receivable The Company's accounts receivable consists of incomes received after quarter-end for royalties produced prior to quarter-end. When there are royalties that have not 12 not not no |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Building and Equipment Property, building, and equipment is stated at cost. Major additions are capitalized. Maintenance and repairs are charged to income as incurred. Depreciation is computed on the straight-line and accelerated methods over the following estimated useful lives of the assets: Furniture and equipment (in years) 5 - 7 Land improvements (in years) 15 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets Long-lived assets, such as land, timber and property, buildings, and equipment, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not first not may third On August 27, 2020, 4 13,944 11 10,522 one third September 30, 2020. No nine September 30, 2020 2019. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Effective January 1, 2018, 2014 09, 606 not 606. 6 Oil and Gas Oil and gas revenue is generated through customer contracts, where we provide the customer access to a designated tract of land upon which the customer performs exploration, extraction, production and ultimate sale of the oil and gas. The Company receives royalties on all oil and gas produced by the customer. The performance obligation identified in oil and gas related contracts is the production of oil and gas on the designated tract of land. The performance obligation is satisfied at a point in time, which is when the customer produces oil and gas. The transaction price is comprised of fixed fees (royalties) on all oil and gas produced. The Company accrues monthly royalty revenues based upon estimates and adjusts to actual as the Company receives payments. Net accrued royalty income was $77,651 $84,880 September 30, 2020 December 31, 2019, no 606. Timber Timber revenue is generated through customer contracts executed as a pay-as-cut arrangement, where the customer acquires the right to harvest specified timber on a designated tract for a set period of time at agreed-upon unit prices. The performance obligation identified in timber related contracts is the severing of a single tree. We satisfy our performance obligation when timber is severed, at which time revenue is recognized. The transaction price for timber sales is determined using contractual rates applied to harvest volumes. The Company may $137,300 $87,300 September 30, 2020 December 31, 2019, no 606. No first no 606. Surface Surface revenue is earned through annual leases for agricultural and hunting activities and the Company records revenues evenly over the term of these leases. Surface revenues from these sources are recurring on an annual basis. Unearned surface revenues and accrued expenses were $111,311 $77,857 September 30, 2020, December 31, 2019, Surface revenue is also earned through right of way and related temporary workspace leases, both of which are not not thirty Other sources of surface revenue can be commercial activities leases and sales of surface minerals, such as dirt. |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Earnings per share Net earnings per share is provided in accordance with FASB ASC 260 10, September 30, 2020, 2019 no |
Stockholders' Equity, Policy [Policy Text Block] | Dividends In determining whether a dividend will be declared, the Board of Directors will take into account the Company's prior fiscal year's cash flows from operations and the current economic conditions among other information deemed relevant. Dividends paid per common share are based on the weighted average number of shares of common stock outstanding during the period. No nine September 30, 2020 2019. Pursuant to a dividend reversion clause in the Company's Articles of Incorporation, dividends not one |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements There are various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies and Recent Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Furniture and equipment (in years) 5 - 7 Land improvements (in years) 15 |
Note 3 - Fair Value of Financ_2
Note 3 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2020 December 31, 2019 Financial Assets: Level Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents 1 $ 5,255,957 $ 5,255,957 $ 3,280,289 $ 3,280,289 Certificate of deposit - short term 1 1,193,604 1,195,009 2,697,000 2,697,000 Equity investment in mutual funds 1 502,847 504,117 500,410 500,642 Total $ 6,952,408 $ 6,955,083 $ 6,477,699 $ 6,477,931 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, 2020 2019 Land $ 7,018,850 $ 7,023,053 Timber 2,187,911 2,188,594 Building and equipment 108,602 108,602 9,315,363 9,320,249 Accumulated depreciation (79,960 ) (78,167 ) Total $ 9,235,403 $ 9,242,082 |
Note 5 - Segment Reporting (Tab
Note 5 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenues: Oil and gas $ 50,811 $ 174,097 $ 233,789 $ 408,029 Timber sales 59,416 16,717 71,052 31,198 Surface revenue 50,615 37,523 225,089 159,393 Total segment revenues 160,842 228,337 529,930 598,620 Cost and expenses: Oil and gas costs 5,226 20,196 28,034 48,364 Timber costs 666 9,292 3,870 14,376 Surface costs 198 581 456 1,274 Total segment costs and expenses 6,090 30,069 32,360 64,014 Net income from operations: Oil and gas 45,585 153,901 205,755 359,665 Timber 58,750 7,425 67,182 16,822 Surface 50,417 36,942 224,633 158,119 Total segment net income from operations 154,752 198,268 497,570 534,606 Other income (expense) before income taxes (74,507 ) (115,193 ) (109,022 ) (307,785 ) Income before income taxes $ 80,245 $ 83,075 $ 388,548 $ 226,821 Nine Months Ended September 30, Year Ended December 31, 2020 2019 Identifiable Assets, net of accumulated depreciation Timber $ 2,187,911 $ 2,188,594 General corporate assets 14,133,962 13,673,936 Total 16,321,873 15,862,530 Capital expenditures: Timber - 26,815 Surface - - General corporate assets - - Total segment costs and expenses - 26,815 Depreciation and depletion Oil and gas - - Timber 683 611 General corporate assets 1,793 1,751 Total $ 2,476 $ 2,362 |
Note 8 - Concentrations (Tables
Note 8 - Concentrations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Nine Months Ended September 30, Count 2020 2019 1 $ 74,326 $ 82,644 2 47,452 46,267 3 40,289 41,213 4 38,333 38,333 5 32,108 38,246 |
Note 1 - Significant Accounti_3
Note 1 - Significant Accounting Policies and Recent Accounting Pronouncements (Details Textual) $ / shares in Thousands | 9 Months Ended | |||
Sep. 30, 2020USD ($)$ / shares | Sep. 30, 2019USD ($)$ / shares | Aug. 27, 2020a | Dec. 31, 2019USD ($) | |
Equity Securities, FV-NI | $ 502,847 | $ 500,642 | ||
Accounts Receivable, Allowance for Credit Loss, Current | 0 | |||
Impairment of Long-Lived Assets Held-for-use | 0 | $ 0 | ||
Accrued Royalty Income | 77,651 | 84,880 | ||
Deposit Assets, Stumpage Agreements | $ 137,300 | 87,300 | ||
Earnings Per Share, Diluted, Total (in dollars per share) | $ / shares | $ 0 | $ 0 | ||
Payments of Ordinary Dividends, Common Stock | $ 0 | $ 0 | ||
Surface Leases [Member] | Accounts Payable and Accrued Liabilities [Member] | ||||
Contract with Customer, Liability, Total | 111,311 | 77,857 | ||
Southwest Louisiana [Member] | ||||
Area of Land (Acre) | a | 13,944 | |||
Southwest Louisiana [Member] | Timber Properties [Member] | ||||
Area of Land (Acre) | a | 10,522 | |||
Mutual Fund [Member] | ||||
Equity Securities, FV-NI | $ 502,847 | $ 500,642 |
Note 1 - Significant Accounti_4
Note 1 - Significant Accounting Policies and Recent Accounting Pronouncements - Useful Life of Property, Plant, and Equipment (Details) | 9 Months Ended |
Sep. 30, 2020 | |
Furniture and Equipment [Member] | Minimum [Member] | |
Useful life (Year) | 5 years |
Furniture and Equipment [Member] | Maximum [Member] | |
Useful life (Year) | 7 years |
Land and Land Improvements [Member] | |
Useful life (Year) | 15 years |
Note 2 - Certificates of Depo_2
Note 2 - Certificates of Deposit (Details Textual) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Certificates Of Deposit Maximum Value Per Deposit | $ 250,000 | ||
Certificates of Deposit, at Carrying Value, Current and Noncurrent | 1,193,604 | $ 2,697,000 | |
Payments to Acquire Investments, Total | 3,708 | $ 4,365 | |
Certificates of Deposit [Member] | |||
Payments to Acquire Investments, Total | 1,985,767 | 1,468,000 | |
Proceeds from Sale, Maturity and Collection of Investments, Total | $ 3,489,163 | $ 2,390,000 |
Note 3 - Fair Value of Financ_3
Note 3 - Fair Value of Financial Instruments - Financial Instruments (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Reported Value Measurement [Member] | ||
Total | $ 6,952,408 | $ 6,477,699 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 5,255,957 | 3,280,289 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit, Short-term [Member] | ||
Investment | 1,193,604 | 2,697,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | ||
Investment | 502,847 | 500,410 |
Estimate of Fair Value Measurement [Member] | ||
Total | 6,955,083 | 6,477,931 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 5,255,957 | 3,280,289 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit, Short-term [Member] | ||
Investment | 1,195,009 | 2,697,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | ||
Investment | $ 504,117 | $ 500,642 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Gain (Loss) on Disposition of Oil and Gas and Timber Property, Total | $ 41,331 | $ 295,238 | $ 80,876 | |
Depreciation, Total | $ 1,326 | $ 507 | 1,793 | 1,517 |
Depletion, Total | 683 | 288 | ||
Land [Member] | ||||
Gain (Loss) on Disposition of Oil and Gas and Timber Property, Total | $ 295,238 | $ 80,876 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Property and Equipment (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Property and equipment, gross | $ 9,315,363 | $ 9,320,249 |
Accumulated depreciation | (79,960) | (78,167) |
Total | 9,235,403 | 9,242,082 |
Land [Member] | ||
Property and equipment, gross | 7,018,850 | 7,023,053 |
Timber Properties [Member] | ||
Property and equipment, gross | 2,187,911 | 2,188,594 |
Building and Equipment [Member] | ||
Property and equipment, gross | $ 108,602 | $ 108,602 |
Note 5 - Segment Reporting (Det
Note 5 - Segment Reporting (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | |
Number of Operating Segments | 3 | |||
Revenues, Total | $ 160,842 | $ 228,337 | $ 529,930 | $ 598,620 |
Intersegment Eliminations [Member] | ||||
Revenues, Total | $ 0 | $ 0 |
Note 5 - Segment Reporting - Se
Note 5 - Segment Reporting - Segmented Operations Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Revenues, Total | $ 160,842 | $ 228,337 | $ 529,930 | $ 598,620 | |
Cost and expenses | 87,511 | 173,774 | 196,552 | 456,323 | |
Income from operations | 73,331 | 54,563 | 333,378 | 142,297 | |
Income before income Taxes | 80,245 | 83,075 | 388,548 | 226,821 | |
Total assets | 16,321,873 | 16,321,873 | $ 15,862,530 | ||
Capital Expenditures | 26,815 | ||||
Oil and Gas [Member] | |||||
Revenues from customers | 50,811 | 174,097 | 233,789 | 408,029 | |
Timber [Member] | |||||
Revenues from customers | 59,416 | 16,717 | 71,052 | 31,198 | |
Operating Segments [Member] | |||||
Revenues, Total | 160,842 | 228,337 | 529,930 | 598,620 | |
Cost and expenses | 6,090 | 30,069 | 32,360 | 64,014 | |
Income from operations | 154,752 | 198,268 | 497,570 | 534,606 | |
Other income (expense) before income taxes | (74,507) | (115,193) | (109,022) | (307,785) | |
Income before income Taxes | 80,245 | 83,075 | 388,548 | 226,821 | |
Total assets | 16,321,873 | 16,321,873 | 15,862,530 | ||
Depreciation and Depletion | 2,476 | 2,362 | |||
Operating Segments [Member] | Oil And Gas Segment [Member] | |||||
Cost and expenses | 5,226 | 20,196 | 28,034 | 48,364 | |
Income from operations | 45,585 | 153,901 | 205,755 | 359,665 | |
Depreciation and Depletion | |||||
Operating Segments [Member] | Oil And Gas Segment [Member] | Oil and Gas [Member] | |||||
Revenues from customers | 50,811 | 174,097 | 233,789 | 408,029 | |
Operating Segments [Member] | Timber Segment [Member] | |||||
Cost and expenses | 666 | 9,292 | 3,870 | 14,376 | |
Income from operations | 58,750 | 7,425 | 67,182 | 16,822 | |
Total assets | 2,187,911 | 2,187,911 | 2,188,594 | ||
Capital Expenditures | 26,815 | ||||
Depreciation and Depletion | 683 | 611 | |||
Operating Segments [Member] | Timber Segment [Member] | Timber [Member] | |||||
Revenues from customers | 59,416 | 16,717 | 71,052 | 31,198 | |
Operating Segments [Member] | Corporate Segment [Member] | |||||
Total assets | 14,133,962 | 14,133,962 | 13,673,936 | ||
Capital Expenditures | |||||
Depreciation and Depletion | 1,793 | 1,751 | |||
Operating Segments [Member] | Surface Segment [Member] | |||||
Operating Leases, Income Statement, Lease Revenue, Total | 50,615 | 37,523 | 225,089 | 159,393 | |
Cost and expenses | 198 | 581 | 456 | 1,274 | |
Income from operations | $ 50,417 | $ 36,942 | 224,633 | $ 158,119 | |
Capital Expenditures |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) $ in Thousands | Sep. 30, 2020USD ($) |
Unrecognized Tax Benefits, Ending Balance | $ 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 |
Note 7 - Related Party Transa_2
Note 7 - Related Party Transactions (Details Textual) - USD ($) | Apr. 17, 2017 | Aug. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 |
Surface Leases, Related Parties [Member] | |||||||
Operating Leases, Income Statement, Lease Revenue, Total | $ 9,583 | $ 9,583 | $ 28,749 | $ 28,749 | |||
Stream Wetlands Services [Member] | Exclusive Right to Evaluate and Market Lands For Beneficial Purposes to Compensate for Impact [Member] | |||||||
Related Party Transaction, Amounts of Transaction | $ 38,333 | $ 38,333 | |||||
Stockwell [Member] | Rent Expenses for Office Space and Associated Services [Member] | |||||||
Operating Lease Monthly Rent | $ 750 | ||||||
Stockwell [Member] | Administrative Assistant and Miscellaneous Offices Supplies, Monthly Expense [Member] | |||||||
Operating Lease Monthly Rent | $ 2,000 | ||||||
Related Party Transaction, Expenses from Transactions with Related Party | 22,407 | ||||||
Related Party Rent Expense | $ 6,000 |
Note 8 - Concentrations - Custo
Note 8 - Concentrations - Customers Representing 5% or More of Total Revenue (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Major Customers 1 [Member] | ||
Revenue by customer | $ 74,326 | $ 82,644 |
Major Customers 2 [Member] | ||
Revenue by customer | 47,452 | 46,267 |
Major Customers 3 [Member] | ||
Revenue by customer | 40,289 | 41,213 |
Major Customers 4 [Member] | ||
Revenue by customer | 38,333 | 38,333 |
Major Customers 5 [Member] | ||
Revenue by customer | $ 32,108 | $ 38,246 |