Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 12, 2023 | |
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 | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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, $.01 par value | |
Trading Symbol | CPHC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,910,408 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 16,732,959 | $ 12,989,087 |
Restricted cash | 3,620,234 | 3,116,916 |
Short-term investments | 5,000,000 | 5,000,000 |
Accounts receivable, net of allowance of $19,250 for both periods | 963,371 | 618,365 |
Employee retention credit receivable | 2,505,601 | 6,103,236 |
Inventory | 268,350 | 262,073 |
Prepaid expenses | 620,665 | 557,520 |
Income taxes receivable and prepaid income taxes | 1,738,364 | 2,052,364 |
Total current assets | 31,449,544 | 30,699,561 |
LONG-TERM ASSETS | ||
Deposits | 27,000 | 27,000 |
Other prepaid expenses | 21,034 | 41,774 |
TIF receivable | 13,499,248 | 13,294,337 |
Equity investment | 6,840,285 | 6,863,517 |
Land held for development | 2,303,010 | 2,303,010 |
Land, buildings, and equipment, net | 37,011,180 | 36,491,660 |
Total long-term assets | 62,302,933 | 61,576,618 |
TOTAL ASSETS | 93,752,477 | 92,276,179 |
CURRENT LIABILITIES | ||
Accounts payable | 2,094,734 | 3,368,683 |
Casino accruals | 2,964,798 | 2,684,444 |
Accrued wages and payroll taxes | 2,036,595 | 1,814,879 |
Cash dividend payable | 346,052 | 341,602 |
Accrued property taxes | 993,234 | 795,646 |
Deferred revenue | 846,795 | 413,442 |
Payable to horsepersons | 1,177,828 | 993,529 |
Current portion of finance lease obligations | 11,994 | 18,973 |
Total current liabilities | 10,472,031 | 10,431,198 |
LONG-TERM LIABILITIES | ||
Deferred income taxes | 8,201,015 | 7,474,015 |
Investee losses in excess of equity investment | 1,304,179 | 3,185,923 |
Total long-term liabilities | 9,505,194 | 10,659,938 |
TOTAL LIABILITIES | 19,977,225 | 21,091,136 |
STOCKHOLDERS’ EQUITY | ||
Common stock, $.01 par value, 10,000,000 shares authorized, 4,910,408 and 4,888,975 respectively, shares issued and outstanding | 49,104 | 48,890 |
Additional paid-in capital | 26,084,008 | 25,914,644 |
Retained earnings | 47,642,140 | 45,221,509 |
Total stockholders’ equity | 73,775,252 | 71,185,043 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 93,752,477 | 92,276,179 |
Related Party [Member] | ||
CURRENT ASSETS | ||
Accounts receivable, net of allowance of $19,250 for both periods | 2,000 | 11,000 |
LONG-TERM ASSETS | ||
Related party receivable | $ 2,601,176 | $ 2,555,320 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
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) | 4,910,408 | 4,888,975 |
Common stock, shares outstanding (in shares) | 4,910,408 | 4,888,975 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
OPERATING REVENUES: | ||
Net Revenues | $ 13,299,558 | $ 13,637,972 |
OPERATING EXPENSES: | ||
Purse expense | 1,334,973 | 1,437,641 |
Minnesota Breeders’ Fund | 210,905 | 229,057 |
Salaries and benefits | 5,874,805 | 5,507,957 |
Depreciation and amortization | 735,261 | 745,949 |
Advertising and marketing | 298,507 | 301,432 |
Professional and contracted services | 1,004,228 | 940,479 |
Other operating expenses | 1,123,549 | 989,086 |
Total Operating Expenses | 11,745,737 | 11,211,736 |
INCOME FROM OPERATIONS | 1,553,821 | 2,426,236 |
OTHER INCOME (LOSS) | ||
Gain (Loss) from equity investment | 1,858,512 | (239,522) |
Interest income, net | 399,175 | 192,840 |
Net Other Income (Loss) | 2,257,687 | (46,682) |
INCOME BEFORE INCOME TAXES | 3,811,508 | 2,379,554 |
INCOME TAX EXPENSE | (1,041,000) | (605,641) |
NET INCOME | $ 2,770,508 | $ 1,773,913 |
Basic earnings per share (in dollars per share) | $ 0.57 | $ 0.37 |
Diluted earnings per share (in dollars per share) | $ 0.56 | $ 0.36 |
Weighted average basic shares outstanding (in shares) | 4,893,324 | 4,818,339 |
Weighted average diluted shares (in shares) | 4,923,132 | 4,864,247 |
Cash dividends declared per share (in dollars per share) | $ 0.07 | $ 0.14 |
Casino [Member] | ||
OPERATING REVENUES: | ||
Net Revenues | $ 9,714,355 | $ 10,360,427 |
Pari-mutuel [Member] | ||
OPERATING REVENUES: | ||
Net Revenues | 1,133,334 | 1,246,687 |
Food and Beverage [Member] | ||
OPERATING REVENUES: | ||
Net Revenues | 1,469,831 | 1,088,722 |
OPERATING EXPENSES: | ||
Cost of goods and services sold | 585,052 | 497,053 |
Product and Service, Other [Member] | ||
OPERATING REVENUES: | ||
Net Revenues | 982,038 | 942,136 |
Other Pari-mutuel Expenses [Member] | ||
OPERATING EXPENSES: | ||
Cost of goods and services sold | 189,609 | 204,698 |
Public Utilities [Member] | ||
OPERATING EXPENSES: | ||
Cost of goods and services sold | $ 388,848 | $ 358,384 |
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, 2021 | 4,812,085 | |||
Balance at Dec. 31, 2021 | $ 48,121 | $ 24,894,571 | $ 39,410,534 | $ 64,353,226 |
Stock-based compensation | 0 | 104,927 | 0 | 104,927 |
Dividend declared | $ 0 | 0 | (675,872) | (675,872) |
401(k) stock match (in shares) | 7,611 | |||
401(k) stock match | $ 76 | 156,634 | 0 | 156,710 |
Issuance of deferred stock awards (in shares) | 19,601 | |||
Issuance of deferred stock awards | $ 196 | (212,055) | 0 | (211,859) |
Net income | $ 0 | 0 | 1,773,913 | 1,773,913 |
Balance (in shares) at Mar. 31, 2022 | 4,839,297 | |||
Balance at Mar. 31, 2022 | $ 48,393 | 24,944,077 | 40,508,575 | 65,501,045 |
Balance (in shares) at Dec. 31, 2022 | 4,888,975 | |||
Balance at Dec. 31, 2022 | $ 48,890 | 25,914,644 | 45,221,509 | 71,185,043 |
Stock-based compensation | 0 | 129,477 | 0 | 129,477 |
Dividend declared | $ 0 | 0 | (349,877) | (349,877) |
401(k) stock match (in shares) | 7,804 | |||
401(k) stock match | $ 78 | 206,728 | 0 | 206,806 |
Issuance of deferred stock awards (in shares) | 13,629 | |||
Issuance of deferred stock awards | $ 136 | (166,841) | 0 | (166,705) |
Net income | $ 0 | 0 | 2,770,508 | 2,770,508 |
Balance (in shares) at Mar. 31, 2023 | 4,910,408 | |||
Balance at Mar. 31, 2023 | $ 49,104 | $ 26,084,008 | $ 47,642,140 | $ 73,775,252 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Operating Activities: | |||
Net income | $ 2,770,508 | $ 1,773,913 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 735,261 | 745,949 | |
Stock-based compensation expense | 129,477 | 104,927 | |
Stock-based employee match contribution | 206,806 | 156,710 | |
Deferred income taxes | 727,000 | 0 | |
(Gain) Loss from equity investment | (1,858,512) | 239,522 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (345,006) | (237,486) | |
Employee retention credit receivable | 3,597,635 | 0 | |
Increase in TIF receivable | (204,911) | (165,266) | |
Inventory, prepaid expenses and deposits | (48,682) | (70,963) | |
Income taxes receivable/payable and prepaid income taxes | 314,000 | (212,228) | |
Accounts payable | (1,518,416) | 237,324 | |
Deferred revenue | 433,353 | 212,386 | |
Casino accruals | 280,355 | (201,651) | |
Accrued wages and payroll taxes | 221,716 | 5,249 | |
Accrued property taxes | 197,588 | 202,168 | |
Payable to horsepersons | 184,299 | 146,264 | |
Net cash provided by operating activities | 5,822,471 | 2,936,818 | |
Investing Activities: | |||
Additions to land, buildings, and equipment | (1,010,314) | (778,041) | |
Equity investment contributions | 0 | (340,026) | |
Increase in related party receivable | (45,856) | (5,554) | |
Net cash used in investing activities | (1,056,170) | (1,123,621) | |
Financing Activities: | |||
Cash dividend paid to shareholders | (345,427) | (336,198) | |
Payments for taxes related to net share settlement of equity awards | (166,705) | (211,859) | |
Principal payments on finance lease | (6,979) | (6,641) | |
Net cash used in financing activities | (519,111) | (554,698) | |
Net increase in cash, cash equivalents, and restricted cash | 4,247,190 | 1,258,499 | |
Cash, cash equivalents, and restricted cash at beginning of period | 16,106,003 | 15,598,753 | $ 15,598,753 |
Cash, cash equivalents, and restricted cash at end of period | 20,353,193 | 16,857,252 | $ 16,106,003 |
Schedule of non-cash investing and financing activities | |||
Additions to land, buildings, and equipment funded through accounts payable | 244,000 | 119,000 | |
Dividend declared but not yet paid | 346,000 | 340,000 | |
Change in investee losses in excess of equity investments | (1,882,000) | 515,000 | |
Supplemental disclosure of cash flow information: | |||
Income taxes paid, net of refunds | 0 | 818,000 | |
Interest paid | $ 0 | $ 1,000 |
Note 1 - Overview and Basis of
Note 1 - Overview and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Business 25 May 1994, first 1995. May September. 24 seven 80 three 140 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, 2022, 10 2022 Form 10 The condensed consolidated balance sheets and the related condensed consolidated statements of operations, stockholders’ equity, and the cash flows for the periods ended March 31, 2023 2022 have been prepared by Company management. In the opinion of management, all adjustments (which include only normal recurring adjustments, except where noted) necessary to present fairly the financial position, results of operations, statement of stockholders’ equity, and cash flows at March 31, 2023 2022 and for the periods then ended have been made. Summary of Significant Accounting Policies 2022 Form 10 no three March 31, 2023 . Restricted Cash Employee Retention Credit ("ERC") 2020, 2020 fourth 2021 first second not March 31, 2023 December 31, 2022, one ng $2,505,601 and $6,103,236, respectively, 2021 fourth Deferred Revenue Payable to Horsepersons - PA, $1,234,000 and $1,298,000 fo three March 31, 2023 2022 , respectively, related to thoroughbred races. Minnesota Statutes provide that amounts transferred into the trust account are the property of the trust and 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 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 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 |
Note 2 - Stock-based Compensati
Note 2 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023. 2020, 19 2020, 2021, 2022 2023. Board of Directors Stock Options, 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 years after the grant date. Restricted stock and deferred stock grants to non-employee directors generally vest 100% one March 31, 2023 to our non-employee directors consiste d of 7,230 shares with a weighted average fair value per share of $22.12. T March 31, 2023 . 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 four During the three March 31, 2023 , the Company granted employees deferred stock awards totaling 19,020 shares of common stock, with a vesting term of approximately four three March 31, 2022 , the Company granted employees deferred stock awards totaling 18,600 shares of common stock, with a vesting term of approximately four Employee deferred stock transactions during the three March 31, 2023 are summarized as follows: Weighted Average Deferred Fair Value Stock Per Share Non-Vested Balance, December 31, 2022 41,200 $ 16.62 Granted 19,020 25.52 Vested (20,050 ) 14.33 Forfeited (1,950 ) 19.07 Non-Vested Balance, March 31, 2023 38,220 $ 22.13 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 and totaled approximat ely $118,000 three March 31, 2023 2022 . At March 31, 2023, y $801,000 o |
Note 3 - Net Income Per Share C
Note 3 - Net Income Per Share Computations | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. The following is a reconciliation of the numerator and denominator of the earnings per common share computations for the three March 31, 2023 2022 : Three Months Ended March 31, 2023 2022 Net income (numerator) amounts used for basic and diluted per share computations: $ 2,770,508 $ 1,773,913 Weighted average shares (denominator) of common stock outstanding: Basic 4,893,324 4,818,339 Plus dilutive effect of stock options 29,808 45,907 Diluted 4,923,132 4,864,247 Net income per common share: Basic $ 0.57 $ 0.37 Diluted 0.56 0.36 |
Note 4 - General Credit Agreeme
Note 4 - General Credit Agreement | 3 Months Ended |
Mar. 31, 2023 | |
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. The line of credit is collateralized by all receivables, inventory, equipment, and general intangibles of the Company. The line of credit also includes collateral in the form of a Mortgage, Security Agreement, Fixture Financing Statement and Assignment of Leases and Rents. The maturity date of the revolving line of credit is January 31, 2024. March 31, 2023 , the outstanding balance on the line of credit was $0. |
Note 5 - Operating Segments
Note 5 - Operating Segments | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 5. The Company has four 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 Three Months Ended March 31, 2023 Horse Racing Casino Food and Beverage Development Total Net revenues from external customers $ 2,042 $ 9,714 $ 1,544 $ — $ 13,300 Intersegment revenues 128 — 273 — 401 Net interest income 180 — — 219 399 Depreciation 612 75 48 — 735 Segment income (loss) before income taxes (105 ) 3,944 349 2,006 6,194 Segment tax expense (benefit) (679 ) 1,077 95 548 1,041 March 31, 2023 Segment Assets $ 74,802 $ 2,350 $ 30,705 $ 28,768 $ 136,625 Three Months Ended March 31, 2022 Horse Racing Casino Food and Beverage Development Total Net revenues from external customers $ 2,112 $ 10,360 $ 1,166 $ — $ 13,638 Intersegment revenues 64 — 244 — 308 Net interest income 1 — — 192 193 Depreciation 621 75 50 — 746 Segment income (loss) before income taxes (14 ) 2,447 171 (119 ) 2,485 Segment tax expense (benefit) (31 ) 624 43 (30 ) 606 December 31, 2022 Segment Assets $ 71,338 $ 2,425 $ 30,341 $ 26,475 $ 130,579 The following are reconciliations of reportable segment revenues, income before income taxes, and assets, to the Company’s consolidated totals (in 000’s Three Months Ended March 31, 2023 2022 Revenues Total net revenue for reportable segments $ 13,700 $ 13,946 Elimination of intersegment revenues (400 ) (308 ) Total consolidated net revenues $ 13,300 $ 13,638 Income before income taxes Total segment income (loss) before income taxes $ 6,194 $ 2,485 Elimination of intersegment (income) loss before income taxes (2,382 ) (105 ) Total consolidated income before income taxes $ 3,812 $ 2,380 March 31, December 31, 2023 2022 Assets Total assets for reportable segments $ 136,625 $ 130,579 Elimination of intercompany balances (42,873 ) (38,303 ) Total consolidated assets $ 93,752 $ 92,276 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6. COMMITMENTS AND CONTINGENCIES Effective on December 21, 2021, October 27, 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 March 31, 2023 and as of the date of this report, will not In August 2018, January 25, 2022, September 7, 2021. not |
Note 7 - Cooperative Marketing
Note 7 - Cooperative Marketing Agreement | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | 7. On March 4, 2012, no 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 was obligated to make an annual purse enhancement of $7,380,000 and an annual marketing payment of $1,620,000 for 2022. The amounts earned from the marketing payments were recorded as a component of other revenue and the related expenses were recorded as a component of advertising and marketing expense and depreciation in the Company’s condensed consolidated statements of operations. three March 31, 2022, Under the CMA, the Company agreed for the term of the CMA that it would not The CMA expired by its terms on December 31, 2022. |
Note 8 - Real Estate Developmen
Note 8 - Real Estate Development | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 8. Equity Investments Doran Canterbury I, LLC On April 2, 2018, two 321 On September 27, 2018, December 20, 2018, not three March 31, 2023 2022, f $1,882,000 and a loss of $515,000, respectively, on equity method investment related to this joint venture. The increased income for the first 2023 March 31, 2023 December 31, 2022, Doran Canterbury II, LLC In connection with the execution of the Amended Doran Canterbury I Agreement, on August 18, 2018, two 300 September 30, 2020. not March 31, 2023, three March 31, 2023 2022, Canterbury DBSV Development, LLC On June 16, 2020, two 13 July 1, 2020. not three March 31, 2023 2022, The following table summarizes changes to the Equity investment and Investee losses in excess of equity investment lines on our consolidated balance sheets for the three March 31, 2023: Equity Investment Investee losses in excess of equity investment Net Equity Investment Net Equity Investment Balance at 12/31/22 $ 6,863,517 $ (3,185,923) $ 3,677,594 Equity investment income (loss) (23,232) 1,881,744 1,858,512 Net Equity Investment Balance at 3/31/23 $ 6,840,285 $ (1,304,179) $ 5,536,106 Tax Increment Financing On August 8, 2018, April 2018. August 10, 2018. Under the Original Agreement, the Company agreed to undertake a number of specific infrastructure improvements within the TIF District, and the City agreed that a portion of the tax revenue generated from the developed property will be paid to the Company to reimburse it for its expense in constructing these improvements. Under the Original Agreement, the total estimated cost of TIF eligible improvements to be borne by the Company was $23,336,500. On January 25, 2022, September 7, 2021. not December 31, 2019. A detailed Schedule of the Public Improvements under the First Amendment, the timeline for their construction and the source and amount of funding is set forth in Exhibit 10.1 8 January 31, 2022. July 17, 2027 no July 17, 2027. not As of March 31, 2023, no December 31, 2022, 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 |
Note 9 - Leases
Note 9 - Leases | 3 Months Ended |
Mar. 31, 2023 | |
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 $0 for the three March 31, 2023 2022 as the Company has no twelve not three March 31, 2023 2022 , respectively. Lease costs included in depreciation and amortization related to our finance leases were $6,715 and $6,471 for the three March 31, 2023 2022, The following table shows the classification of the right of use assets on our consolidated balance sheets: March 31, December 31, Balance Sheet Location 2023 2022 Assets Finance Land, buildings and equipment, net (1) $ 11,994 $ 18,973 Total Leased Assets $ 11,994 $ 18,973 1 March 31, 2023 December 31, 2022, The following table shows the lease terms and discount rates related to our leases: March 31, December 31, 2023 2022 Weighted average remaining lease term (in years): Finance 0.4 0.7 Weighted average discount rate (%): Finance 5.0 % 5.0 % Operating 0.0 % 0.0 % The maturity of operating leases and finance leases as of March 31, 2023 are as follows: Three Months Ended March 31, 2023 Finance leases 2023 remaining $ 12,146 2024 — Total minimum lease obligations 12,146 Less: amounts representing interest (152 ) Present value of minimum lease payments 11,994 Less: current portion (11,994 ) Lease obligations, net of current portion $ — |
Note 10 - Related Party Receiva
Note 10 - Related Party Receivables | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 10. Since 2019, March 31, 2023 December 31, 2022, two March 31, 2023 December 31, 2022, The Company has also recorded related party receivables of approximately $2,000 and $11,000 as of March 31, 2023 December 31, 2022, 2023. |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. On May 1, 2023, 83 19,000 2025. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022, 10 2022 Form 10 The condensed consolidated balance sheets and the related condensed consolidated statements of operations, stockholders’ equity, and the cash flows for the periods ended March 31, 2023 2022 have been prepared by Company management. In the opinion of management, all adjustments (which include only normal recurring adjustments, except where noted) necessary to present fairly the financial position, results of operations, statement of stockholders’ equity, and cash flows at March 31, 2023 2022 and for the periods then ended have been made. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash |
Employee Retention Credit ("ERC") [Policy Text Block] | Employee Retention Credit ("ERC") 2020, 2020 fourth 2021 first second not March 31, 2023 December 31, 2022, one ng $2,505,601 and $6,103,236, respectively, 2021 fourth |
Deferred Revenue [Policy Text Block]. | Deferred Revenue Payable to Horsepersons - PA, $1,234,000 and $1,298,000 fo three March 31, 2023 2022 , respectively, related to thoroughbred races. Minnesota Statutes provide that amounts transferred into the trust account are the property of the trust and 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 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 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 |
Note 2 - Stock-based Compensa_2
Note 2 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Average Deferred Fair Value Stock Per Share Non-Vested Balance, December 31, 2022 41,200 $ 16.62 Granted 19,020 25.52 Vested (20,050 ) 14.33 Forfeited (1,950 ) 19.07 Non-Vested Balance, March 31, 2023 38,220 $ 22.13 |
Note 3 - Net Income Per Share_2
Note 3 - Net Income Per Share Computations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2023 2022 Net income (numerator) amounts used for basic and diluted per share computations: $ 2,770,508 $ 1,773,913 Weighted average shares (denominator) of common stock outstanding: Basic 4,893,324 4,818,339 Plus dilutive effect of stock options 29,808 45,907 Diluted 4,923,132 4,864,247 Net income per common share: Basic $ 0.57 $ 0.37 Diluted 0.56 0.36 |
Note 5 - Operating Segments (Ta
Note 5 - Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2023 Horse Racing Casino Food and Beverage Development Total Net revenues from external customers $ 2,042 $ 9,714 $ 1,544 $ — $ 13,300 Intersegment revenues 128 — 273 — 401 Net interest income 180 — — 219 399 Depreciation 612 75 48 — 735 Segment income (loss) before income taxes (105 ) 3,944 349 2,006 6,194 Segment tax expense (benefit) (679 ) 1,077 95 548 1,041 March 31, 2023 Segment Assets $ 74,802 $ 2,350 $ 30,705 $ 28,768 $ 136,625 Three Months Ended March 31, 2022 Horse Racing Casino Food and Beverage Development Total Net revenues from external customers $ 2,112 $ 10,360 $ 1,166 $ — $ 13,638 Intersegment revenues 64 — 244 — 308 Net interest income 1 — — 192 193 Depreciation 621 75 50 — 746 Segment income (loss) before income taxes (14 ) 2,447 171 (119 ) 2,485 Segment tax expense (benefit) (31 ) 624 43 (30 ) 606 December 31, 2022 Segment Assets $ 71,338 $ 2,425 $ 30,341 $ 26,475 $ 130,579 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2023 2022 Revenues Total net revenue for reportable segments $ 13,700 $ 13,946 Elimination of intersegment revenues (400 ) (308 ) Total consolidated net revenues $ 13,300 $ 13,638 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Income before income taxes Total segment income (loss) before income taxes $ 6,194 $ 2,485 Elimination of intersegment (income) loss before income taxes (2,382 ) (105 ) Total consolidated income before income taxes $ 3,812 $ 2,380 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, December 31, 2023 2022 Assets Total assets for reportable segments $ 136,625 $ 130,579 Elimination of intercompany balances (42,873 ) (38,303 ) Total consolidated assets $ 93,752 $ 92,276 |
Note 8 - Real Estate Developm_2
Note 8 - Real Estate Development (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Equity Investment Investee losses in excess of equity investment Net Equity Investment Net Equity Investment Balance at 12/31/22 $ 6,863,517 $ (3,185,923) $ 3,677,594 Equity investment income (loss) (23,232) 1,881,744 1,858,512 Net Equity Investment Balance at 3/31/23 $ 6,840,285 $ (1,304,179) $ 5,536,106 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Assets, Lessee [Table Text Block] | March 31, December 31, Balance Sheet Location 2023 2022 Assets Finance Land, buildings and equipment, net (1) $ 11,994 $ 18,973 Total Leased Assets $ 11,994 $ 18,973 |
Lease, Cost [Table Text Block] | March 31, December 31, 2023 2022 Weighted average remaining lease term (in years): Finance 0.4 0.7 Weighted average discount rate (%): Finance 5.0 % 5.0 % Operating 0.0 % 0.0 % |
Lessee, Operating and Financing, Lease Liability Maturity [Table Text Block] | Three Months Ended March 31, 2023 Finance leases 2023 remaining $ 12,146 2024 — Total minimum lease obligations 12,146 Less: amounts representing interest (152 ) Present value of minimum lease payments 11,994 Less: current portion (11,994 ) Lease obligations, net of current portion $ — |
Note 1 - Overview and Basis o_2
Note 1 - Overview and Basis of Presentation (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |
Employee Retention Credit Receivable | $ 2,505,601 | $ 6,103,236 | ||
Labor and Related Expense | 5,874,805 | $ 5,507,957 | $ 6,103,236 | |
Funds Due To Organization | $ 1,234,000 | $ 1,298,000 |
Note 2 - Stock-based Compensa_3
Note 2 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
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) | 7,230 | ||
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) | $ 22.12 | ||
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% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||
Restricted Stock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 0 | ||
Employee Deferred Stock Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | 4 years | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 19,020 | 18,600 | |
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) | $ 25.52 | $ 21.62 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 38,220 | 41,200 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 801,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years | ||
Employee Deferred Stock Award [Member] | CPHC Long Term Incentive Plan (LTI Plan) [Member] | |||
Share-Based Payment Arrangement, Expense | $ 118,000 | $ 105,000 | |
Employee Deferred Stock Award [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||
Employee Deferred Stock Award [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||
Stock Repurchase Program [Member] | |||
Stock Repurchased During Period, Shares (in shares) | 0 |
Note 2 - Stockholders' Equity a
Note 2 - Stockholders' Equity and Stock-based Compensation - Unvested Restricted Stock and Deferred Stock (Details) - Employee Deferred Stock Award [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Non-Vested Balance (in shares) | 41,200 | |
Non-Vested Balance, weighted average fair value per share (in dollars per share) | $ 16.62 | |
Granted (in shares) | 19,020 | 18,600 |
Granted, weighted average fair value per share (in dollars per share) | $ 25.52 | $ 21.62 |
Vested (in shares) | (20,050) | |
Vested, weighted average fair value per share (in dollars per share) | $ 14.33 | |
Forfeited (in shares) | (1,950) | |
Forfeited, weighted average fair value per share (in dollars per share) | $ 19.07 | |
Non-Vested Balance (in shares) | 38,220 | 41,200 |
Non-Vested Balance, weighted average fair value per share (in dollars per share) | $ 22.13 | $ 16.62 |
Note 3 - Net Income Per Share_3
Note 3 - Net Income Per Share Computations - Reconciliation of Net Common Share Computation (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income | $ 2,770,508 | $ 1,773,913 |
Basic (in shares) | 4,893,324 | 4,818,339 |
Plus dilutive effect of stock options (in shares) | 29,808 | 45,907 |
Weighted average diluted shares (in shares) | 4,923,132 | 4,864,247 |
Basic earnings per share (in dollars per share) | $ 0.57 | $ 0.37 |
Diluted earnings per share (in dollars per share) | $ 0.56 | $ 0.36 |
Note 4 - General Credit Agree_2
Note 4 - General Credit Agreement (Details Textual) | Mar. 31, 2023 USD ($) |
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 |
Note 5 - Operating Segments (De
Note 5 - Operating Segments (Details Textual) | 3 Months Ended |
Mar. 31, 2023 | |
Number of Reportable Segments | 4 |
Source of Revenues of Horse Racing Segment | 25% |
Note 5 - Operating Segments - D
Note 5 - Operating Segments - Disaggregation of Revenue from Contracts with Customers (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Net Revenues | $ 13,299,558 | $ 13,637,972 | |
Interest income, net | 399,175 | 192,840 | |
Depreciation | 735,261 | 745,949 | |
Segment income (loss) before income taxes | 3,811,508 | 2,379,554 | |
Segment tax expense (benefit) | 1,041,000 | 605,641 | |
Segment Assets | 93,752,477 | $ 92,276,179 | |
Operating Segments [Member] | |||
Net Revenues | 13,300,000 | 13,638,000 | |
Interest income, net | 399,000 | 193,000 | |
Depreciation | 735,000 | 746,000 | |
Segment income (loss) before income taxes | 6,194,000 | 2,485,000 | |
Segment tax expense (benefit) | 606,000 | ||
Segment Assets | 136,625,000 | 130,579,000 | |
Intersegment Eliminations [Member] | |||
Net Revenues | 401,000 | 308,000 | 308,000 |
Segment income (loss) before income taxes | (2,382,000) | $ (105,000) | |
Segment Assets | (42,873,000) | (38,303,000) | |
Horse Racing [Member] | |||
Segment tax expense (benefit) | (679,000) | ||
Horse Racing [Member] | Operating Segments [Member] | |||
Net Revenues | 2,042,000 | 2,112,000 | |
Interest income, net | 180,000 | 1,000 | |
Depreciation | 612,000 | 621,000 | |
Segment income (loss) before income taxes | (105,000) | (14,000) | |
Segment tax expense (benefit) | (31,000) | ||
Segment Assets | 74,802,000 | 71,338,000 | |
Horse Racing [Member] | Intersegment Eliminations [Member] | |||
Net Revenues | 128,000 | 64,000 | |
Card Casino [Member] | |||
Segment tax expense (benefit) | 1,077,000 | ||
Card Casino [Member] | Operating Segments [Member] | |||
Net Revenues | 9,714,000 | 10,360,000 | |
Interest income, net | 0 | 0 | |
Depreciation | 75,000 | 75,000 | |
Segment income (loss) before income taxes | 3,944,000 | 2,447,000 | |
Segment tax expense (benefit) | 624,000 | ||
Segment Assets | 2,350,000 | 2,425,000 | |
Card Casino [Member] | Intersegment Eliminations [Member] | |||
Net Revenues | 0 | 0 | |
Food and Beverage Segment [Member] | |||
Segment tax expense (benefit) | 95,000 | ||
Food and Beverage Segment [Member] | Operating Segments [Member] | |||
Net Revenues | 1,544,000 | 1,166,000 | |
Interest income, net | 0 | 0 | |
Depreciation | 48,000 | 50,000 | |
Segment income (loss) before income taxes | 349,000 | 171,000 | |
Segment tax expense (benefit) | 43,000 | ||
Segment Assets | 30,705,000 | 30,341,000 | |
Food and Beverage Segment [Member] | Intersegment Eliminations [Member] | |||
Net Revenues | 273,000 | 244,000 | |
Development [Member] | |||
Segment tax expense (benefit) | 548,000 | ||
Development [Member] | Operating Segments [Member] | |||
Net Revenues | 0 | 0 | |
Interest income, net | 219,000 | 192,000 | |
Depreciation | 0 | 0 | |
Segment income (loss) before income taxes | 2,006,000 | (119,000) | |
Segment tax expense (benefit) | (30,000) | ||
Segment Assets | 28,768,000 | 26,475,000 | |
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 | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Revenues | $ 13,299,558 | $ 13,637,972 | |
Reportable Legal Entities [Member] | |||
Revenues | 13,700,000 | 13,946,000 | |
Intersegment Eliminations [Member] | |||
Revenues | $ 401,000 | $ 308,000 | $ 308,000 |
Note 5 - Operating Segments- In
Note 5 - Operating Segments- Income Before Income Taxes (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income before income taxes | $ 3,811,508 | $ 2,379,554 |
Reportable Legal Entities [Member] | ||
Income before income taxes | 6,194,000 | 2,485,000 |
Intersegment Eliminations [Member] | ||
Income before income taxes | $ (2,382,000) | $ (105,000) |
Note 5 - Operating Segments- As
Note 5 - Operating Segments- Assets (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Total consolidated assets | $ 93,752,477 | $ 92,276,179 |
Reportable Legal Entities [Member] | ||
Total consolidated assets | 136,625,000 | 130,579,000 |
Intersegment Eliminations [Member] | ||
Total consolidated assets | $ (42,873,000) | $ (38,303,000) |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Details Textual) - Indemnity Agreement [Member] - USD ($) | Oct. 27, 2022 | Dec. 21, 2021 |
Debt Instrument, Maximum Reimbursement and Indemnification Amount | $ 5,000,000 | |
Debt Instrument, Additional Reimbursement and Indemnification Amount | $ 700,000 |
Note 7 - Cooperative Marketin_2
Note 7 - Cooperative Marketing Agreement (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Obligation by Third Party Per Agreement, Due Remainder of Fiscal Year | $ 7,380,000 | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 13,299,558 | $ 13,637,972 | |
Marketing and Advertising Expense | 298,507 | 301,432 | |
Depreciation | 735,261 | 745,949 | |
Product and Service, Other [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 982,038 | 942,136 | |
Cooperative Marketing Agreement (CMA)1 [Member] | |||
Marketing Agreement, Marketing Payment Obligation, to be Paid, Year One | $ 1,620,000 | ||
Marketing and Advertising Expense | 65,000 | ||
Depreciation | 47,000 | ||
Cooperative Marketing Agreement (CMA)1 [Member] | Product and Service, Other [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 112,000 |
Note 8 - Real Estate Developm_3
Note 8 - Real Estate Development (Details Textual) | 3 Months Ended | ||||||||
Jan. 25, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2020 a | Jul. 01, 2020 | Jun. 16, 2020 a | Sep. 27, 2018 a | |
Income (Loss) from Equity Method Investments | $ 1,858,512 | $ (239,522) | |||||||
Investee Losses in Excess of Equity Investment | 1,304,179 | $ 3,185,923 | |||||||
Payments to Acquire Equity Method Investments | 0 | 340,026 | |||||||
TIF Improvement Costs | $ 23,336,500 | ||||||||
Estimated Cost of Tax Increment Financing Eligible Improvements, Expected Reduction | $ 5,744,000 | ||||||||
Estimated Cost of Tax Increment Financing Eligible Improvements, Maximum Principle | $ 17,592,881 | ||||||||
Income Taxes Receivable, Noncurrent | 13,499,248 | 13,294,337 | |||||||
State and Local Jurisdiction [Member] | |||||||||
Income Taxes Receivable, Noncurrent | 13,499,000 | 13,294,000 | |||||||
Income Tax Receivable Principal | 11,341,000 | 11,301,000 | |||||||
Income Tax Receivable Interest | 2,158,000 | 1,993,000 | |||||||
Doran Canterbury I Joint Venture [Member] | |||||||||
Area of Land (Acre) | a | 13 | ||||||||
Equity Method Investment, Ownership Percentage | 27.40% | ||||||||
Income (Loss) from Equity Method Investments | 1,882,000 | (515,000) | |||||||
Investee Losses in Excess of Equity Investment | 1,304,000 | $ 3,186,000 | |||||||
Doran Canterbury II [Member] | |||||||||
Area of Land (Acre) | a | 10 | ||||||||
Equity Method Investment, Ownership Percentage | 27.40% | ||||||||
Payments to Acquire Equity Method Investments | 0 | 340,000 | |||||||
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% | ||||||||
Income (Loss) from Equity Method Investments | $ 25,000 | $ 276,000 |
Note 8 - Real Estate Developm_4
Note 8 - Real Estate Development - Changes to Equity Method Investments (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Net Equity Investment Balance at 12/31/22 | $ 6,840,285 | $ 6,863,517 | |
Net Equity Investment Balance at 12/31/22 | 1,304,179 | 3,185,923 | |
Net Equity Investment Balance at 12/31/22 | 5,536,106 | $ 3,677,594 | |
Equity investment income (loss) | (23,232) | ||
Equity investment income (loss) | 1,881,744 | ||
Equity investment income (loss) | $ 1,858,512 | $ (239,522) |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Operating Lease, Cost | $ 0 | $ 0 | |
Operating Lease, Expense | 110,309 | 108,639 | |
Finance Lease, Right-of-Use Asset, Amortization | 6,715 | $ 6,471 | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 113,565 | $ 106,586 |
Note 9 - Leases and Commitments
Note 9 - Leases and Commitments - Classification of Right of Use Assets (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | |
Total Leased Assets | $ 11,994 | $ 18,973 | |
Land, Buildings and Equipment, Net [Member] | |||
Finance | [1] | $ 11,994 | $ 18,973 |
[1]Finance lease assets are net of accumulated amortization of $106,586 and $79,524 for the years ended December 31, 2022 and 2021, respectively. |
Note 9 - Leases and Commitmen_2
Note 9 - Leases and Commitments - Lease Terms and Discount (Details) | Mar. 31, 2023 | Dec. 31, 2022 |
Finance (Year) | 4 months 24 days | 8 months 12 days |
Finance | 5% | 5% |
Operating (Year) | 0 years | 0 years |
Note 9 - Leases - Operating and
Note 9 - Leases - Operating and Finance Lease (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
2023 remaining, finance lease | $ 12,146 | |
2024, finance lease | 0 | |
Total minimum finance lease obligations | 12,146 | |
Less: amounts representing interest, finance lease | (152) | |
Present value of minimum lease payments, finance lease | 11,994 | |
Less: current portion, finance lease | (11,994) | $ (18,973) |
Lease obligations, net of current portion, finance lease | $ 0 |
Note 10 - Related Party Recei_2
Note 10 - Related Party Receivables (Details Textual) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts Receivable, after Allowance for Credit Loss, Current | $ 963,371 | $ 618,365 |
Related Party [Member] | ||
Accounts Receivable, after Allowance for Credit Loss, Current | 2,000 | 11,000 |
Doran Canterbury I and II Joint Ventures [Member] | ||
Interest Receivable | $ 329,000 | 275,000 |
Doran Canterbury I and II Joint Ventures [Member] | Prime Rate [Member] | ||
Financing Receivable, Interest Rate | 2% | |
Doran Canterbury I and II Joint Ventures [Member] | Related Party [Member] | ||
Financing Receivable, after Allowance for Credit Loss | $ 2,271,000 | $ 2,269,000 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - Subsequent Event [Member] | May 01, 2023 USD ($) a |
Area of Land (Acre) | a | 37 |
Land [Member] | |
Sale of Land, Amount | $ | $ 8,800,000 |