Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 08, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001672909 | |
Entity Registrant Name | Canterbury Park Holding Corp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 | |
City Area Code | 952 | |
Local Phone Number | 445-7223 | |
Title of 12(b) Security | Common Stock Common stock, $.01 par value | |
Trading Symbol | CPHC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,007,921 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 18,768,132 | $ 21,936,210 |
Restricted cash | 6,698,340 | 3,905,544 |
Short-term investments | 5,000,000 | 5,000,000 |
Accounts receivable, net of allowance of $7,670 for both periods | 1,278,840 | 484,092 |
Inventory | 348,898 | 249,370 |
Prepaid expenses | 654,304 | 645,422 |
Income taxes receivable and prepaid income taxes | 3,491,364 | 4,083,364 |
Total Current Assets | 36,239,878 | 36,304,002 |
LONG-TERM ASSETS | ||
Other prepaid expenses | 26,103 | 10,978 |
TIF receivable | 14,720,899 | 13,972,875 |
Operating lease right-of-use asset | 42,986 | 53,026 |
Equity investment | 6,185,617 | 6,612,712 |
Land held for development | 1,229,475 | 1,229,475 |
Land, buildings, and equipment, net | 48,591,363 | 42,969,529 |
Total Long-term Assets | 75,168,180 | 68,374,666 |
TOTAL ASSETS | 111,408,058 | 104,678,668 |
CURRENT LIABILITIES | ||
Accounts payable | 4,723,626 | 4,599,391 |
Casino accruals | 2,364,518 | 2,667,499 |
Accrued wages and payroll taxes | 1,893,011 | 1,662,927 |
Cash dividend payable | 353,108 | 346,125 |
Accrued property taxes | 743,861 | 741,215 |
Deferred revenue | 934,779 | 274,898 |
Payable to horsepersons | 3,650,596 | 763,383 |
Current portion of finance lease obligations | 31,583 | 1,604 |
Current portion of operating lease obligations | 26,255 | 25,352 |
Total Current Liabilities | 14,721,337 | 11,082,394 |
LONG-TERM LIABILITIES | ||
Deferred income taxes | 10,300,015 | 10,300,015 |
Investee losses in excess of equity investment | 3,076,641 | 1,464,218 |
Finance lease obligations, net of current portion | 134,005 | 7,770 |
Operating lease obligations, net of current portion | 16,731 | 27,674 |
Total Long-term Liabilities | 13,527,392 | 11,799,677 |
TOTAL LIABILITIES | 28,248,729 | 22,882,071 |
STOCKHOLDERS’ EQUITY | ||
Common stock, $.01 par value, 10,000,000 shares authorized, 5,007,921 and 4,962,573 respectively, shares issued and outstanding | 50,079 | 49,626 |
Additional paid-in capital | 28,086,304 | 27,351,509 |
Retained earnings | 55,022,946 | 54,395,462 |
Total Stockholders’ Equity | 83,159,329 | 81,796,597 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 111,408,058 | 104,678,668 |
Related Party [Member] | ||
CURRENT ASSETS | ||
Accounts receivable, net of allowance of $7,670 for both periods | 8,000 | 47,000 |
LONG-TERM ASSETS | ||
Related party receivable | $ 4,371,737 | $ 3,526,071 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts receivable, allowance | $ 7,670 | $ 7,670 |
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) | 5,007,921 | 4,962,573 |
Common stock, shares outstanding (in shares) | 5,007,921 | 4,962,573 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
OPERATING REVENUES: | ||||
Net Revenues | $ 16,202,395 | $ 16,341,688 | $ 30,300,384 | $ 29,641,246 |
OPERATING EXPENSES: | ||||
Purse expense | 2,304,648 | 2,105,265 | 3,677,405 | 3,440,238 |
Minnesota Breeders’ Fund | 301,017 | 303,854 | 517,401 | 514,759 |
Salaries and benefits | 6,838,335 | 6,802,273 | 12,990,175 | 12,677,078 |
Depreciation and amortization | 889,073 | 741,632 | 1,740,059 | 1,476,893 |
Advertising and marketing | 403,758 | 631,476 | 546,216 | 929,983 |
Professional and contracted services | 1,445,486 | 1,568,821 | 2,697,928 | 2,573,046 |
Other operating expenses | 1,329,636 | 1,603,499 | 2,500,556 | 2,727,048 |
Total Operating Expenses | 15,080,180 | 15,279,233 | 27,416,295 | 27,024,968 |
Gain on sale of land | 0 | 6,489,976 | 0 | 6,489,976 |
INCOME FROM OPERATIONS | 1,122,215 | 7,552,431 | 2,884,089 | 9,106,254 |
OTHER INCOME (LOSS) | ||||
(Loss) gain from equity investment | (1,174,499) | (622,180) | (2,026,746) | 1,236,332 |
Interest income, net | 532,570 | 497,274 | 1,071,097 | 896,449 |
Net Other (Loss) Income | (641,929) | (124,906) | (955,649) | 2,132,781 |
INCOME BEFORE INCOME TAXES | 480,286 | 7,427,525 | 1,928,440 | 11,239,035 |
INCOME TAX EXPENSE | (142,000) | (2,135,000) | (592,000) | (3,176,000) |
NET INCOME | $ 338,286 | $ 5,292,525 | $ 1,336,440 | $ 8,063,035 |
Basic earnings per share (in dollars per share) | $ 0.07 | $ 1.08 | $ 0.27 | $ 1.64 |
Diluted earnings per share (in dollars per share) | $ 0.07 | $ 1.07 | $ 0.27 | $ 1.64 |
Weighted average basic shares outstanding (in shares) | 4,984,953 | 4,913,396 | 4,975,889 | 4,903,360 |
Weighted average diluted shares (in shares) | 5,011,548 | 4,930,713 | 5,009,221 | 4,929,531 |
Cash dividends declared per share (in dollars per share) | $ 0.07 | $ 0.07 | $ 0.14 | $ 0.14 |
Casino [Member] | ||||
OPERATING REVENUES: | ||||
Net Revenues | $ 9,845,371 | $ 10,383,578 | $ 19,901,399 | $ 20,097,933 |
Pari-mutuel [Member] | ||||
OPERATING REVENUES: | ||||
Net Revenues | 2,598,716 | 2,471,366 | 3,772,984 | 3,604,700 |
Food and Beverage [Member] | ||||
OPERATING REVENUES: | ||||
Net Revenues | 2,100,231 | 2,027,652 | 3,827,380 | 3,497,483 |
OPERATING EXPENSES: | ||||
Cost of goods and services sold | 857,607 | 820,844 | 1,494,711 | 1,405,896 |
Product and Service, Other [Member] | ||||
OPERATING REVENUES: | ||||
Net Revenues | 1,658,077 | 1,459,092 | 2,798,621 | 2,441,130 |
Other Pari-mutuel Expenses [Member] | ||||
OPERATING EXPENSES: | ||||
Cost of goods and services sold | 323,777 | 291,698 | 522,166 | 481,307 |
Public Utilities [Member] | ||||
OPERATING EXPENSES: | ||||
Cost of goods and services sold | $ 386,843 | $ 409,871 | $ 729,678 | $ 798,720 |
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, 2022 | 4,888,975 | |||
Balance at Dec. 31, 2022 | $ 48,890 | $ 25,914,644 | $ 45,221,509 | $ 71,185,043 |
Stock-based compensation | 0 | 265,833 | 0 | 265,833 |
Dividend | $ 0 | 0 | (697,802) | (697,802) |
401(k) stock match (in shares) | 17,799 | |||
401(k) stock match | $ 178 | 434,914 | 0 | 435,092 |
Issuance of deferred stock awards (in shares) | 22,197 | |||
Issuance of deferred stock awards | $ 221 | (171,970) | 0 | (171,749) |
Shares issued under Employee Stock Purchase Plan (in shares) | 4,873 | |||
Shares issued under Employee Stock Purchase Plan | $ 49 | 94,584 | 0 | 94,633 |
Net income | $ 0 | 0 | 8,063,035 | 8,063,035 |
Balance (in shares) at Jun. 30, 2023 | 4,933,844 | |||
Balance at Jun. 30, 2023 | $ 49,338 | 26,538,005 | 52,586,742 | 79,174,085 |
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 |
Stock-based compensation | 0 | 136,356 | 0 | 136,356 |
Dividend | $ 0 | 0 | (347,923) | (347,923) |
401(k) stock match (in shares) | 9,995 | |||
401(k) stock match | $ 100 | 228,186 | 0 | 228,286 |
Issuance of deferred stock awards (in shares) | 8,568 | |||
Issuance of deferred stock awards | $ 85 | (5,129) | 0 | (5,044) |
Shares issued under Employee Stock Purchase Plan (in shares) | 4,873 | |||
Shares issued under Employee Stock Purchase Plan | $ 49 | 94,584 | 0 | 94,633 |
Net income | $ 0 | 0 | 5,292,525 | 5,292,525 |
Balance (in shares) at Jun. 30, 2023 | 4,933,844 | |||
Balance at Jun. 30, 2023 | $ 49,338 | 26,538,005 | 52,586,742 | 79,174,085 |
Balance (in shares) at Dec. 31, 2023 | 4,962,573 | |||
Balance at Dec. 31, 2023 | $ 49,626 | 27,351,509 | 54,395,462 | 81,796,597 |
Stock-based compensation | 0 | 271,121 | 0 | 271,121 |
Dividend | $ 0 | 0 | (708,956) | (708,956) |
401(k) stock match (in shares) | 20,336 | |||
401(k) stock match | $ 203 | 444,035 | 0 | 444,238 |
Issuance of deferred stock awards (in shares) | 17,475 | |||
Issuance of deferred stock awards | $ 175 | (109,062) | 0 | (108,887) |
Shares issued under Employee Stock Purchase Plan (in shares) | 7,537 | |||
Shares issued under Employee Stock Purchase Plan | $ 75 | 128,702 | 0 | 128,777 |
Net income | $ 0 | 0 | 1,336,440 | 1,336,440 |
Balance (in shares) at Jun. 30, 2024 | 5,007,921 | |||
Balance at Jun. 30, 2024 | $ 50,079 | 28,086,304 | 55,022,946 | 83,159,329 |
Balance (in shares) at Mar. 31, 2024 | 4,982,770 | |||
Balance at Mar. 31, 2024 | $ 49,828 | 27,588,885 | 55,037,768 | 82,676,481 |
Stock-based compensation | 0 | 142,107 | 0 | 142,107 |
Dividend | $ 0 | 0 | (353,108) | (353,108) |
401(k) stock match (in shares) | 10,384 | |||
401(k) stock match | $ 104 | 226,683 | 0 | 226,787 |
Issuance of deferred stock awards (in shares) | 7,230 | |||
Issuance of deferred stock awards | $ 72 | (72) | 0 | 0 |
Shares issued under Employee Stock Purchase Plan (in shares) | 7,537 | |||
Shares issued under Employee Stock Purchase Plan | $ 75 | 128,702 | 0 | 128,777 |
Net income | $ 0 | 0 | 338,286 | 338,286 |
Balance (in shares) at Jun. 30, 2024 | 5,007,921 | |||
Balance at Jun. 30, 2024 | $ 50,079 | $ 28,086,304 | $ 55,022,946 | $ 83,159,329 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities: | ||
Net income | $ 1,336,440 | $ 8,063,035 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,740,059 | 1,476,893 |
Stock-based compensation expense | 271,121 | 265,833 |
Stock-based employee match contribution | 444,238 | 435,092 |
Gain on sale of land | 0 | (6,489,976) |
Deferred income taxes | 0 | 727,000 |
Loss (gain) from equity investment | 2,026,746 | (1,236,332) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (794,748) | (1,150,784) |
Employee retention credit | 0 | 6,103,236 |
Increase in TIF receivable | (702,219) | (336,530) |
Inventory, prepaid expenses and deposits | (123,535) | (167,281) |
Income taxes receivable and prepaid income taxes | 592,000 | 872,000 |
Operating lease right-of-use asset | 10,040 | 9,712 |
Operating lease liabilities | (10,040) | (9,712) |
Accounts payable | (1,256,481) | (146,824) |
Deferred revenue | 659,881 | 562,410 |
Casino accruals | (302,981) | (443,421) |
Accrued wages and payroll taxes | 230,084 | (224,026) |
Accrued property taxes | 2,646 | (420,737) |
Payable to horsepersons | 2,887,213 | 2,910,785 |
Net cash provided by operating activities | 7,010,463 | 10,800,373 |
Investing Activities: | ||
Additions to land, buildings, and equipment | (5,810,147) | (4,591,936) |
Proceeds from sale of land | 0 | 8,336,359 |
Additions for TIF eligible improvements | (45,805) | 0 |
Increase in related party receivable | (845,666) | (198,342) |
Proceeds from sale of short-term investments | 5,000,000 | 0 |
Purchase of short-term investments | (5,000,000) | 0 |
Cash dividends received from investments | 12,772 | 0 |
Net cash (used in) provided by investing activities | (6,688,846) | 3,546,081 |
Financing Activities: | ||
Proceeds from issuance of common stock | 128,777 | 94,633 |
Cash dividend paid to shareholders | (701,973) | (695,075) |
Payments for taxes related to net share settlement of equity awards | (108,887) | (171,749) |
Principal payments on finance leases | (14,816) | (14,044) |
Net cash used in financing activities | (696,899) | (786,235) |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (375,282) | 13,560,219 |
Cash, cash equivalents, and restricted cash at beginning of period | 25,841,754 | 16,106,003 |
Cash, cash equivalents, and restricted cash at end of period | 25,466,472 | 29,666,222 |
Schedule of non-cash investing and financing activities | ||
Additions to land, buildings, and equipment funded through accounts payable | 1,381,000 | 164,000 |
Dividend declared but not yet paid | 353,000 | 344,000 |
Change in investee losses in excess of equity investments | 1,612,000 | (1,286,000) |
ROU assets obtained in exchange for lease obligations | 171,000 | 77,550 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid, net of refunds | 0 | 1,577,000 |
Interest paid | $ 7,000 | $ 0 |
Note 1 - Overview and Summary o
Note 1 - Overview and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Business 20 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, 2023, 10 2023 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 June 30, 2024 2023 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 June 30, 2024 2023 and for the periods then ended have been made. Summary of Significant Accounting Policies 2023 Form 10 no three six June 30, 2024 . Reclassifications Restricted Cash Accounts Receivable not one June 30, 2024 December 31, 2023 not Deferred Revenue Payable to Horsepersons - PA, $2,909,000 and $2,974,000 fo six June 30, 2024 2023 , 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 | 6 Months Ended |
Jun. 30, 2024 | |
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 2020, 2020 2024. February 2022, 2021 2019 2021 2019 2021 no 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. Restricted stock and deferred stock grants to non-employee directors generally vest 100% one June 30, 2024 to our non-employee directors consists only of the grants of deferred stock on June 6, 2024 June 30, 2024 . Board of Directors deferred stock transactions during the six June 30, 2024 are summarized as follows: Weighted Average Deferred Fair Value Stock Per Share Non-Vested Balance, December 31, 2023 7,818 $ 23.01 Granted 10,734 22.35 Vested (7,818 ) 23.01 Forfeited — — Non-Vested Balance, June 30, 2024 10,734 $ 22.35 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 to key employees that vest over one four During the six June 30 , 2024 , the Company granted employees deferred stock awards totaling 22,100 shares of common stock, with a vesting term of approximately four six June 30 , 2023 , the Company granted employees deferred stock awards totaling 19,020 shares of common stock, with a vesting term of approximately four Employee deferred stock transactions during the six June 30, 2024 are summarized as follows: Weighted Average Deferred Fair Value Stock Per Share Non-Vested Balance, December 31, 2023 36,920 $ 22.00 Granted 22,100 21.08 Vested (15,230 ) 19.15 Forfeited — — Non-Vested Balance, June 30, 2024 43,790 $ 22.52 There were no stock options outstanding to any employee or other person at June 30, 2024. ely $271,000 six June 30, 2024 2023 . At June 30, 2024, y $1,040,000 o |
Note 3 - Net Income Per Share C
Note 3 - Net Income Per Share Computations | 6 Months Ended |
Jun. 30, 2024 | |
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 six June 30, 2024 2023 : Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income (numerator) amounts used for basic and diluted per share computations: $ 338,286 $ 5,292,525 $ 1,336,440 $ 8,063,035 Weighted average shares (denominator) of common stock outstanding: Basic 4,984,953 4,913,396 4,975,889 4,903,360 Plus dilutive effect of deferred stock awards 26,594 17,317 33,331 26,171 Diluted 5,011,548 4,930,713 5,009,221 4,929,531 Net income per common share: Basic $ 0.07 $ 1.08 $ 0.27 $ 1.64 Diluted 0.07 1.07 0.27 1.64 |
Note 4 - General Credit Agreeme
Note 4 - General Credit Agreement | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. The Company has a general credit and security agreement with a financial institution. The agreement was amended as of February 28, 2021 January 31, 2024 January 31, 2024 January 31, 2027 not June 30, 2024 December 31, 2023. |
Note 5 - Operating Segments
Note 5 - Operating Segments | 6 Months Ended |
Jun. 30, 2024 | |
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 The following tables represent a disaggregation of revenues from contracts with customers along with the Company’s operating segments (in 000’s Six Months Ended June 30, 2024 Horse Racing Casino Food and Beverage Development Total Net revenues from external customers $ 6,211 $ 19,901 $ 4,188 $ — $ 30,300 Intersegment revenues 177 — 633 — 810 Net interest income 558 — — 513 1,071 Depreciation 1,508 150 82 — 1,740 Segment income (loss) before income taxes (120 ) 3,967 920 (1,625 ) 3,142 Segment tax expense (benefit) (409 ) 1,218 282 (499 ) 592 June 30, 2024 Segment Assets $ 102,649 $ 1,974 $ 34,675 $ 34,574 $ 173,872 Six Months Ended June 30, 2023 Horse Racing Casino Food and Beverage Development Total Net revenues from external customers $ 5,789 $ 20,098 $ 3,754 $ — $ 29,641 Intersegment revenues 158 — 568 — 726 Net interest income 451 — — 445 896 Depreciation 1,313 75 89 — 1,477 Segment income (loss) before income taxes (676 ) 4,088 916 8,052 12,380 Segment tax expense (benefit) (513 ) 1,155 259 2,275 3,176 December 31, 2023 Segment Assets $ 92,970 $ 2,125 $ 33,175 $ 34,892 $ 163,162 The following are reconciliations of reportable segment revenues, income before income taxes, and assets, to the Company’s consolidated totals (in 000’s Six Months Ended June 30, 2024 2023 Revenues Total net revenue for reportable segments $ 31,110 $ 30,367 Elimination of intersegment revenues (810 ) (726 ) Total consolidated net revenues $ 30,300 $ 29,641 Income before income taxes Total segment income (loss) before income taxes $ 3,142 $ 12,380 Elimination of intersegment (income) loss before income taxes (1,214 ) (1,141 ) Total consolidated income before income taxes $ 1,928 $ 11,239 June 30, December 31, 2024 2023 Assets Total assets for reportable segments $ 173,872 $ 163,162 Elimination of intercompany balances (62,464 ) (58,483 ) Total consolidated assets $ 111,408 $ 104,679 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6. COMMITMENTS AND CONTINGENCIES Effective on December 21, 2021, October 27, 2022, December 12, 2023, Effective December 21, 2023, 2024 2024 2024 may five 2024 2024 three six June 30, 2024, The Company is periodically involved in various claims and legal actions arising in the normal course of business. Management believes that the resolution of any pending claims and legal actions at June 30, 2024 and as of the date of this report, will not In August 2018, January 25, 2022, September 7, 2021. not |
Note 7 - Real Estate Developmen
Note 7 - Real Estate Development | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 7. Equity Investments Doran Canterbury I, LLC On April 2, 2018, two On September 27, 2018, December 20, 2018, 321 not three six June 30, 2024, three six June 30, 2023, first 2023 June 30, 2024 December 31, 2023, 9 We are a party to a contribution and indemnity agreement with affiliates of Doran relating to debt financing by Doran Canterbury I as borrower, which is guaranteed by Doran affiliates. Under the contribution and indemnity agreement, as amended, the Company is obligated to reimburse and indemnify each loan guarantor for any amounts paid by such loan guarantor to the lender on debt financing by Doran Canterbury I, up to a maximum of $7,000,000 as of June 30, 2024. 6. Doran Canterbury II, LLC In connection with the execution of the Amended Doran Canterbury I Agreement, on August 18, 2018, two July 30, 2020. September 30, 2020, 300 not three six June 30 , 2024, June 30 , 2023, not January 2024. 9 Canterbury DBSV Development, LLC On June 16, 2020, two 13 July 1, 2020. not 13 three six months ended June 30, 2024, three six months ended June 30, 2023, three six June 30, 2024, 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 six months ended June 30, 2024: Equity investment Investee losses in excess of equity investment Equity investment, net Net Equity Investment Balance at 12/31/23 $ 6,612,712 $ (1,464,218 ) $ 5,148,494 Q1 Equity investment loss (87,841 ) (764,406 ) (852,247 ) Q2 Equity investment loss (326,482 ) (848,017 ) (1,174,499 ) Dividends received from investments (12,772 ) — (12,772 ) Net Equity Investment Balance at 6/30/24 $ 6,185,617 $ (3,076,641 ) $ 3,108,976 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 the First Amendment, which is filed as Exhibit 10.1 8 January 31, 2022. July 17, 2027 no July 17, 2027. not As of June 30, 2024, no December 31, 2023, 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 8 - Leases
Note 8 - Leases | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Leases of Lessee and Commitments Disclosure [Text Block] | 8. The Company determines if an arrangement is a lease or contains a lease at inception. The Company leases 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 $10,714 for both the six June 30, 2024 2023 . The total lease expenses for leases with a term of twelve not six June 30, 2024 2023 , respectively. Lease costs included in depreciation and amortization related to our finance leases were $10,666 and $11,945 for the six June 30, 2024 2023 , respectively. Interest expense related to our finance leases was immaterial. The following table shows the classification of the right of use assets on our consolidated balance sheets: June 30, December 31, Balance Sheet Location 2024 2023 Assets Finance Land, buildings and equipment, net (1) $ 165,588 $ 9,374 Operating Operating lease right-of-use assets 42,986 53,026 Total Leased Assets $ 208,574 $ 62,400 1 June 30, 2024 December 31, 2023, The following table shows the lease terms and discount rates related to our leases: June 30, December 31, 2024 2023 Weighted average remaining lease term (in years): Finance 4.5 4.9 Operating 0.7 0.8 Weighted average discount rate (%): Finance 8.5 % 4.8 % Operating 8.0 % 8.0 % The maturity of operating leases and finance leases as of June 30, 2024 are as follows: Six Months Ended June 30, 2024 Operating leases Finance leases 2024 remaining $ 16,071 $ 22,223 2025 28,229 44,447 2026 — 44,447 2027 — 44,447 2028 and beyond — 44,251 Total minimum lease obligations 44,300 199,815 Less: amounts representing interest (1,314 ) (34,227 ) Present value of minimum lease payments 42,986 165,588 Less: current portion (26,255 ) (31,583 ) Lease obligations, net of current portion $ 16,731 $ 134,005 |
Note 9 - Related Party Receivab
Note 9 - Related Party Receivables | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 9. Since 2019, June 30, 2024 December 31, 2023, Prime two June 30, 2024 December 31, 2023, The Company has also recorded related party receivables of approximately $8,000 and $47,000 as of June 30, 2024 December 31, 2023, 2024. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 5. Other Information During the three June 30, 2024, no 10b5 1 10b5 1 408 | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023, 10 2023 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 June 30, 2024 2023 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 June 30, 2024 2023 and for the periods then ended have been made. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash |
Accounts Receivable [Policy Text Block] | Accounts Receivable not one June 30, 2024 December 31, 2023 not |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Deferred Revenue |
Due To Organization [Policy Text Block] | Payable to Horsepersons - PA, $2,909,000 and $2,974,000 fo six June 30, 2024 2023 , 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) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Average Deferred Fair Value Stock Per Share Non-Vested Balance, December 31, 2023 7,818 $ 23.01 Granted 10,734 22.35 Vested (7,818 ) 23.01 Forfeited — — Non-Vested Balance, June 30, 2024 10,734 $ 22.35 Weighted Average Deferred Fair Value Stock Per Share Non-Vested Balance, December 31, 2023 36,920 $ 22.00 Granted 22,100 21.08 Vested (15,230 ) 19.15 Forfeited — — Non-Vested Balance, June 30, 2024 43,790 $ 22.52 |
Note 3 - Net Income Per Share_2
Note 3 - Net Income Per Share Computations (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income (numerator) amounts used for basic and diluted per share computations: $ 338,286 $ 5,292,525 $ 1,336,440 $ 8,063,035 Weighted average shares (denominator) of common stock outstanding: Basic 4,984,953 4,913,396 4,975,889 4,903,360 Plus dilutive effect of deferred stock awards 26,594 17,317 33,331 26,171 Diluted 5,011,548 4,930,713 5,009,221 4,929,531 Net income per common share: Basic $ 0.07 $ 1.08 $ 0.27 $ 1.64 Diluted 0.07 1.07 0.27 1.64 |
Note 5 - Operating Segments (Ta
Note 5 - Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Six Months Ended June 30, 2024 Horse Racing Casino Food and Beverage Development Total Net revenues from external customers $ 6,211 $ 19,901 $ 4,188 $ — $ 30,300 Intersegment revenues 177 — 633 — 810 Net interest income 558 — — 513 1,071 Depreciation 1,508 150 82 — 1,740 Segment income (loss) before income taxes (120 ) 3,967 920 (1,625 ) 3,142 Segment tax expense (benefit) (409 ) 1,218 282 (499 ) 592 June 30, 2024 Segment Assets $ 102,649 $ 1,974 $ 34,675 $ 34,574 $ 173,872 Six Months Ended June 30, 2023 Horse Racing Casino Food and Beverage Development Total Net revenues from external customers $ 5,789 $ 20,098 $ 3,754 $ — $ 29,641 Intersegment revenues 158 — 568 — 726 Net interest income 451 — — 445 896 Depreciation 1,313 75 89 — 1,477 Segment income (loss) before income taxes (676 ) 4,088 916 8,052 12,380 Segment tax expense (benefit) (513 ) 1,155 259 2,275 3,176 December 31, 2023 Segment Assets $ 92,970 $ 2,125 $ 33,175 $ 34,892 $ 163,162 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Six Months Ended June 30, 2024 2023 Revenues Total net revenue for reportable segments $ 31,110 $ 30,367 Elimination of intersegment revenues (810 ) (726 ) Total consolidated net revenues $ 30,300 $ 29,641 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Income before income taxes Total segment income (loss) before income taxes $ 3,142 $ 12,380 Elimination of intersegment (income) loss before income taxes (1,214 ) (1,141 ) Total consolidated income before income taxes $ 1,928 $ 11,239 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, December 31, 2024 2023 Assets Total assets for reportable segments $ 173,872 $ 163,162 Elimination of intercompany balances (62,464 ) (58,483 ) Total consolidated assets $ 111,408 $ 104,679 |
Note 7 - Real Estate Developm_2
Note 7 - Real Estate Development (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Equity investment Investee losses in excess of equity investment Equity investment, net Net Equity Investment Balance at 12/31/23 $ 6,612,712 $ (1,464,218 ) $ 5,148,494 Q1 Equity investment loss (87,841 ) (764,406 ) (852,247 ) Q2 Equity investment loss (326,482 ) (848,017 ) (1,174,499 ) Dividends received from investments (12,772 ) — (12,772 ) Net Equity Investment Balance at 6/30/24 $ 6,185,617 $ (3,076,641 ) $ 3,108,976 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Assets, Lessee [Table Text Block] | June 30, December 31, Balance Sheet Location 2024 2023 Assets Finance Land, buildings and equipment, net (1) $ 165,588 $ 9,374 Operating Operating lease right-of-use assets 42,986 53,026 Total Leased Assets $ 208,574 $ 62,400 |
Lease, Cost [Table Text Block] | June 30, December 31, 2024 2023 Weighted average remaining lease term (in years): Finance 4.5 4.9 Operating 0.7 0.8 Weighted average discount rate (%): Finance 8.5 % 4.8 % Operating 8.0 % 8.0 % |
Lessee, Operating and Financing, Lease Liability Maturity [Table Text Block] | Six Months Ended June 30, 2024 Operating leases Finance leases 2024 remaining $ 16,071 $ 22,223 2025 28,229 44,447 2026 — 44,447 2027 — 44,447 2028 and beyond — 44,251 Total minimum lease obligations 44,300 199,815 Less: amounts representing interest (1,314 ) (34,227 ) Present value of minimum lease payments 42,986 165,588 Less: current portion (26,255 ) (31,583 ) Lease obligations, net of current portion $ 16,731 $ 134,005 |
Note 1 - Overview and Summary_2
Note 1 - Overview and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Funds Due To Organization | $ 2,909,000 | $ 2,974,000 |
Note 2 - Stock-based Compensa_3
Note 2 - Stock-based Compensation (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares (in shares) | 0 | ||
CPHC Long Term Incentive Plan (LTI Plan) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 0 | ||
Non-Employee Board Member Stock Option and Restricted Stock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 10,734 | ||
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) | $ 22.35 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 10,734 | 7,818 | |
Non-Employee Board Member Stock Option and Restricted Stock [Member] | Director [Member] | |||
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) | 22,100 | 19,020 | |
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) | $ 21.08 | $ 25.52 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 43,790 | 36,920 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,040,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 9 months 18 days | ||
Employee Deferred Stock Award [Member] | CPHC Long Term Incentive Plan (LTI Plan) [Member] | |||
Share-Based Payment Arrangement, Expense | $ 271,000 | $ 266,000 | |
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 |
Note 2 - Stock-based Compensa_4
Note 2 - Stock-based Compensation - Unvested Restricted Stock and Deferred Stock (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Non-Employee Board Member Stock Option and Restricted Stock [Member] | ||
Non-Vested Balance (in shares) | 7,818 | |
Non-Vested Balance, weighted average fair value per share (in dollars per share) | $ 23.01 | |
Granted (in shares) | 10,734 | |
Granted, weighted average fair value per share (in dollars per share) | $ 22.35 | |
Vested (in shares) | (7,818) | |
Vested, weighted average fair value per share (in dollars per share) | $ 23.01 | |
Forfeited (in shares) | 0 | |
Forfeited, weighted average fair value per share (in dollars per share) | $ 0 | |
Non-Vested Balance (in shares) | 10,734 | |
Non-Vested Balance, weighted average fair value per share (in dollars per share) | $ 22.35 | |
Employee Deferred Stock Award [Member] | ||
Non-Vested Balance (in shares) | 36,920 | |
Non-Vested Balance, weighted average fair value per share (in dollars per share) | $ 22 | |
Granted (in shares) | 22,100 | 19,020 |
Granted, weighted average fair value per share (in dollars per share) | $ 21.08 | $ 25.52 |
Vested (in shares) | (15,230) | |
Vested, weighted average fair value per share (in dollars per share) | $ 19.15 | |
Forfeited (in shares) | 0 | |
Forfeited, weighted average fair value per share (in dollars per share) | $ 0 | |
Non-Vested Balance (in shares) | 43,790 | |
Non-Vested Balance, weighted average fair value per share (in dollars per share) | $ 22.52 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | $ 338,286 | $ 5,292,525 | $ 1,336,440 | $ 8,063,035 |
Basic (in shares) | 4,984,953 | 4,913,396 | 4,975,889 | 4,903,360 |
Plus dilutive effect of deferred stock awards (in shares) | 26,594 | 17,317 | 33,331 | 26,171 |
Diluted (in shares) | 5,011,548 | 4,930,713 | 5,009,221 | 4,929,531 |
Basic earnings per share (in dollars per share) | $ 0.07 | $ 1.08 | $ 0.27 | $ 1.64 |
Diluted earnings per share (in dollars per share) | $ 0.07 | $ 1.07 | $ 0.27 | $ 1.64 |
Note 4 - General Credit Agree_2
Note 4 - General Credit Agreement (Details Textual) - USD ($) | Jun. 30, 2024 | Jan. 31, 2024 | Dec. 31, 2023 |
Long-Term Line of Credit | $ 0 | $ 0 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | $ 10,000,000 |
Note 5 - Operating Segments (De
Note 5 - Operating Segments (Details Textual) | 6 Months Ended |
Jun. 30, 2024 | |
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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Net revenues from external customers | $ 16,202,395 | $ 16,341,688 | $ 30,300,384 | $ 29,641,246 | |
Net interest income | 532,570 | 497,274 | 1,071,097 | 896,449 | |
Depreciation | 1,740,059 | 1,476,893 | |||
Income before income taxes | 480,286 | 7,427,525 | 1,928,440 | 11,239,035 | |
Segment tax expense (benefit) | 142,000 | $ 2,135,000 | 592,000 | 3,176,000 | |
Segment Assets | 111,408,058 | 111,408,058 | $ 104,678,668 | ||
Operating Segments [Member] | |||||
Net revenues from external customers | 30,300,000 | 29,641,000 | |||
Net interest income | 1,071,000 | 896,000 | |||
Depreciation | 1,740,000 | 1,477,000 | |||
Income before income taxes | 3,142,000 | 12,380,000 | |||
Segment tax expense (benefit) | 592,000 | 3,176,000 | |||
Segment Assets | 173,872,000 | 173,872,000 | 163,162,000 | ||
Intersegment Eliminations [Member] | |||||
Net revenues from external customers | 810,000 | 726,000 | |||
Income before income taxes | (1,214,000) | (1,141,000) | |||
Segment Assets | (62,464,000) | (62,464,000) | (58,483,000) | ||
Horse Racing [Member] | Operating Segments [Member] | |||||
Net revenues from external customers | 6,211,000 | 5,789,000 | |||
Net interest income | 558,000 | 451,000 | |||
Depreciation | 1,508,000 | 1,313,000 | |||
Income before income taxes | (120,000) | (676,000) | |||
Segment tax expense (benefit) | (409,000) | (513,000) | |||
Segment Assets | 102,649,000 | 102,649,000 | 92,970,000 | ||
Horse Racing [Member] | Intersegment Eliminations [Member] | |||||
Net revenues from external customers | 177,000 | 158,000 | |||
Card Casino [Member] | Operating Segments [Member] | |||||
Net revenues from external customers | 19,901,000 | 20,098,000 | |||
Net interest income | 0 | 0 | |||
Depreciation | 150,000 | 75,000 | |||
Income before income taxes | 3,967,000 | 4,088,000 | |||
Segment tax expense (benefit) | 1,218,000 | 1,155,000 | |||
Segment Assets | 1,974,000 | 1,974,000 | 2,125,000 | ||
Card Casino [Member] | Intersegment Eliminations [Member] | |||||
Net revenues from external customers | 0 | 0 | |||
Food and Beverage Segment [Member] | Operating Segments [Member] | |||||
Net revenues from external customers | 4,188,000 | 3,754,000 | |||
Net interest income | 0 | 0 | |||
Depreciation | 82,000 | 89,000 | |||
Income before income taxes | 920,000 | 916,000 | |||
Segment tax expense (benefit) | 282,000 | 259,000 | |||
Segment Assets | 34,675,000 | 34,675,000 | 33,175,000 | ||
Food and Beverage Segment [Member] | Intersegment Eliminations [Member] | |||||
Net revenues from external customers | 633,000 | 568,000 | |||
Development [Member] | Operating Segments [Member] | |||||
Net revenues from external customers | 0 | 0 | |||
Net interest income | 513,000 | 445,000 | |||
Depreciation | 0 | 0 | |||
Income before income taxes | (1,625,000) | 8,052,000 | |||
Segment tax expense (benefit) | (499,000) | 2,275,000 | |||
Segment Assets | $ 34,574,000 | 34,574,000 | $ 34,892,000 | ||
Development [Member] | Intersegment Eliminations [Member] | |||||
Net revenues from external customers | $ 0 | $ 0 |
Note 5 - Operating Segments - R
Note 5 - Operating Segments - Reconciliation of Segment Revenues, Income Before Income Taxes, and Assets (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | $ 16,202,395 | $ 16,341,688 | $ 30,300,384 | $ 29,641,246 |
Reportable Legal Entities [Member] | ||||
Revenues | 31,110,000 | 30,367,000 | ||
Intersegment Eliminations [Member] | ||||
Revenues | $ 810,000 | $ 726,000 |
Note 5 - Operating Segments- In
Note 5 - Operating Segments- Income Before Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income before income taxes | $ 480,286 | $ 7,427,525 | $ 1,928,440 | $ 11,239,035 |
Income before income taxes | $ 480,286 | $ 7,427,525 | 1,928,440 | 11,239,035 |
Reportable Legal Entities [Member] | ||||
Income before income taxes | 3,142,000 | 12,380,000 | ||
Income before income taxes | 3,142,000 | 12,380,000 | ||
Intersegment Eliminations [Member] | ||||
Income before income taxes | (1,214,000) | (1,141,000) | ||
Income before income taxes | $ (1,214,000) | $ (1,141,000) |
Note 5 - Operating Segments- As
Note 5 - Operating Segments- Assets (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Segment Assets | $ 111,408,058 | $ 104,678,668 |
Reportable Legal Entities [Member] | ||
Segment Assets | 173,872,000 | 163,162,000 |
Intersegment Eliminations [Member] | ||
Segment Assets | $ (62,464,000) | $ (58,483,000) |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Dec. 21, 2023 | Jun. 30, 2024 | Jun. 30, 2024 | Dec. 12, 2023 | Oct. 27, 2022 | Dec. 21, 2021 | |
Overnight Racing Expense, Price Per Race | $ 23,000 | |||||
Overnight Racing Expense, Price Per Race | 23,000 | |||||
Recruiting and Participation Incentives [Member] | ||||||
Other Expenses | $ 400,000 | $ 161,000 | $ 161,000 | |||
Indemnity Agreement [Member] | ||||||
Debt Instrument, Maximum Reimbursement and Indemnification Amount | $ 7,000,000 | $ 7,000,000 | $ 7,000,000 | $ 5,000,000 | ||
Debt Instrument, Additional Reimbursement and Indemnification Amount | $ 1,300,000 | $ 700,000 |
Note 7 - Real Estate Developm_3
Note 7 - Real Estate Development (Details Textual) | 3 Months Ended | 6 Months Ended | ||||||||||||
Jan. 25, 2022 USD ($) | Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 12, 2023 USD ($) | Dec. 31, 2021 USD ($) | Dec. 21, 2021 USD ($) | Sep. 30, 2020 a | Jul. 01, 2020 | Jun. 16, 2020 a | Sep. 27, 2018 a | |
Income (Loss) from Equity Method Investments | $ (1,174,499) | $ (852,247) | $ (622,180) | $ (2,026,746) | $ 1,236,332 | |||||||||
Investee Losses in Excess of Equity Investment | 3,076,641 | 3,076,641 | $ 1,464,218 | |||||||||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | 12,772 | 0 | ||||||||||||
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 | 14,720,899 | 14,720,899 | 13,972,875 | |||||||||||
State and Local Jurisdiction [Member] | ||||||||||||||
Income Taxes Receivable, Noncurrent | 14,721,000 | 14,721,000 | 13,973,000 | |||||||||||
Income Tax Receivable Principal | 11,717,000 | 11,717,000 | 11,307,000 | |||||||||||
Income Tax Receivable Interest | 3,004,000 | 3,004,000 | 2,666,000 | |||||||||||
Indemnity Agreement [Member] | ||||||||||||||
Debt Instrument, Maximum Reimbursement and Indemnification Amount | 7,000,000 | 7,000,000 | $ 7,000,000 | $ 5,000,000 | ||||||||||
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 | (848,000) | (596,000) | (1,612,000) | (1,286,000) | ||||||||||
Investee Losses in Excess of Equity Investment | 3,077,000 | 3,077,000 | $ 1,464,000 | |||||||||||
Doran Canterbury II [Member] | ||||||||||||||
Area of Land (Acre) | a | 10 | |||||||||||||
Equity Method Investment, Ownership Percentage | 27.40% | |||||||||||||
Income (Loss) from Equity Method Investments | (232,000) | (417,000) | ||||||||||||
Canterbury DBSV [Member] | ||||||||||||||
Area of Land (Acre) | a | 13 | |||||||||||||
Equity Method Investment, Ownership Percentage | 61.87% | |||||||||||||
Income (Loss) from Equity Method Investments | (94,000) | $ (26,000) | $ (3,000) | $ (52,000) | ||||||||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 13,000 |
Note 7 - Real Estate Developm_4
Note 7 - Real Estate Development - Changes to Equity Method Investments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Equity Investment Balance | $ 6,185,617 | $ 6,185,617 | $ 6,185,617 | $ 6,612,712 | ||
Investee losses in excess of equity investment | 3,076,641 | 3,076,641 | 1,464,218 | |||
Net Equity Investment Balance | 3,108,976 | 3,108,976 | $ 5,148,494 | |||
Equity investment income (loss), equity investment | (326,482) | (87,841) | ||||
Equity investment income (loss), investee losses in excess of equity investment | (848,017) | (764,406) | ||||
Equity investment income (loss), net equity investment | (1,174,499) | (852,247) | $ (622,180) | (2,026,746) | $ 1,236,332 | |
Equity investment income (loss), investee losses in excess of equity investment | $ (848,017) | $ (764,406) | ||||
Dividends received from investments, gross | (12,772) | |||||
Dividends received from investments, net | $ (12,772) | $ 0 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Operating Lease, Cost | $ 10,714 | $ 10,714 | |
Operating Lease, Expense | 227,886 | 249,793 | |
Finance Lease, Right-of-Use Asset, Amortization | 10,666 | $ 11,945 | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 15,322 | $ 118,424 |
Note 8 - Leases - Classificatio
Note 8 - Leases - Classification of Right of Use Assets (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | |
Assets [Abstract] | |||
Property, Plant and Equipment, Net | $ 48,591,363 | $ 42,969,529 | |
Finance | [1],[2] | Property, Plant and Equipment, Net | |
Finance | [1],[2] | $ 165,588 | 9,374 |
Operating | 42,986 | 53,026 | |
Total Leased Assets | $ 208,574 | $ 62,400 | |
[1]Finance lease assets are net of accumulated amortization of $15,322 and $118,424 as of June 30, 2024 and December 31, 2023, respectively.[2]Finance lease assets are net of accumulated amortization of $7,835 and $118,424 as of March 31, 2024 and December 31, 2023, respectively. |
Note 8 - Leases - Lease Terms a
Note 8 - Leases - Lease Terms and Discount (Details) | Jun. 30, 2024 | Dec. 31, 2023 |
Finance (Year) | 4 years 6 months | 4 years 10 months 24 days |
Operating (Year) | 8 months 12 days | 9 months 18 days |
Finance | 8.50% | 4.80% |
Operating | 8% | 8% |
Note 8 - Leases - Operating and
Note 8 - Leases - Operating and Finance Lease (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
2024 remaining, operating lease | $ 16,071 | |
2024 remaining, finance lease | 22,223 | |
2025, operating lease | 28,229 | |
2025, finance lease | 44,447 | |
2026, operating lease | 0 | |
2026, finance lease | 44,447 | |
2027, operating lease | 0 | |
2027, finance lease | 44,447 | |
2027 and beyond, operating lease | 0 | |
2027 and beyond, finance lease | 44,251 | |
Total minimum lease obligations, operating lease | 44,300 | |
Total minimum, finance lease | 199,815 | |
Less: amounts representing interest, operating lease | (1,314) | |
Less: amounts representing interest, finance lease | (34,227) | |
Present value of minimum lease payments, operating lease | 42,986 | |
Present value of minimum lease payments, finance lease | 165,588 | |
Less: current portion, operating lease | (26,255) | $ (25,352) |
Less: current portion, finance lease | (31,583) | (1,604) |
Lease obligations, net of current portion, operating lease | 16,731 | 27,674 |
Lease obligations, net of current portion, finance lease | $ 134,005 | $ 7,770 |
Note 9 - Related Party Receiv_2
Note 9 - Related Party Receivables (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Accounts Receivable, after Allowance for Credit Loss, Current | $ 1,278,840 | $ 484,092 | |
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Prime Rate [Member] | ||
Doran Canterbury I and II Joint Ventures [Member] | |||
Financing Receivable, after Allowance for Credit Loss | 3,667,000 | 2,957,000 | |
Financing Receivable, Interest Rate | 2% | ||
Interest Receivable | 697,000 | 522,000 | |
Related Party [Member] | |||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 8,000 | $ 47,000 |