Canterbury Park Holding (CPHC) 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

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