Canterbury Park Holding (CPHC) 10-Q 13 Nov 19 2019 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	CANTERBURY PARK HOLDING CORPORATION
Entity Central Index Key	0001672909
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		4,625,421
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2019	Dec. 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 1,269,243	$ 4,895,359
Restricted cash	1,791,592	5,058,639
Short-term investments	103,886	206,545
Accounts receivable, net of allowance of $19,250 for both periods	611,999	241,743
Current portion of notes receivable	1,084,003	1,063,650
Inventory	399,311	297,209
Prepaid expenses	468,553	625,024
Income taxes receivable	280,038	417,004
Due from Minnesota horsemen associations	1,093,742
Total current assets	7,102,367	12,805,173
LONG-TERM ASSETS
Deposits	49,500	49,500
Restricted cash - long-term portion	1,259,567	1,250,000
TIF receivable	7,921,847	1,908,065
Notes receivable - long-term portion		1,078,861
Related party receivable	3,386,500	3,208,400
Operating lease right-of-use assets	76,816
Equity investment	2,992,633	2,995,010
Land, buildings and equipment, net	43,049,675	38,131,052
TOTAL ASSETS	65,838,905	61,426,061
CURRENT LIABILITIES
Accounts payable	3,736,940	3,587,328
Card Casino accruals	2,189,768	1,740,926
Accrued wages and payroll taxes	1,515,237	2,268,351
Cash dividend payable	322,863	316,938
Accrued property taxes	1,236,906	1,001,200
Deferred revenue	1,632,318	979,358
Payable to horsepersons		706,122
Line of credit	1,671,990	0
Current portion of finance lease obligations	24,097	23,216
Current portion of operating lease obligations	29,697
Total current liabilities	12,359,816	10,623,439
LONG-TERM LIABILITIES
Deferred income taxes	4,456,200	3,970,000
Finance lease obligations, net of current portion	80,087	98,272
Operating lease obligations, net of current portion	47,119
Total long-term liabilities	4,583,406	4,068,272
TOTAL LIABILITIES	16,943,222	14,691,711
STOCKHOLDERS’ EQUITY
Common stock, $.01 par value, 10,000,000 shares authorized, 4,619,421 and 4,527,685 respectively, shares issued and outstanding	46,194	45,277
Additional paid-in capital	22,442,735	21,420,886
Retained earnings	26,406,754	25,268,187
Total stockholders' equity	48,895,683	46,734,350
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 65,838,905	$ 61,426,061

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance	$ 19,250	$ 19,250
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	4,619,421	4,527,685
Common stock, shares outstanding	4,619,421	4,527,685

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
OPERATING REVENUES:
Operating revenues	$ 18,600,641	$ 18,370,511	$ 46,624,515	$ 47,103,183
OPERATING EXPENSES:
Purse expense	2,085,277	2,339,588	5,441,449	5,687,347
Minnesota Breeders' Fund	290,104	301,713	813,906	806,274
Other pari-mutuel expenses	293,742	325,680	1,013,793	1,088,956
Salaries and benefits	7,147,203	6,605,051	19,829,175	18,801,475
Cost of food and beverage and other sales	1,571,048	1,320,792	3,398,220	3,010,323
Depreciation and amortization	785,327	659,498	1,987,067	1,895,723
Utilities	567,763	575,912	1,266,681	1,276,138
Advertising and marketing	947,377	1,034,612	1,894,898	2,273,831
Professional and Contracted Services	1,773,826	1,674,958	4,078,565	3,695,176
Loss on disposal of assets	6,376		114,413	99,934
Gain on insurance recoveries			(198,874)	(21,064)
Other operating expenses	1,659,236	1,501,062	4,229,849	4,101,203
Total Operating Expenses	17,127,279	16,338,866	43,869,142	42,715,316
INCOME FROM OPERATIONS	1,473,362	2,031,645	2,755,373	4,387,867
OTHER INCOME
Interest income, net	96,065	8,567	204,623	26,023
Net Other Income	96,065	8,567	204,623	26,023
INCOME BEFORE INCOME TAXES	1,569,427	2,040,212	2,959,996	4,413,890
INCOME TAX EXPENSE	(418,942)	(407,367)	(795,164)	(1,066,000)
NET INCOME	$ 1,150,485	$ 1,632,845	$ 2,164,832	$ 3,347,890
Basic earnings per share	$ 0.25	$ 0.36	$ 0.47	$ 0.75
Diluted earnings per share	$ 0.25	$ 0.36	$ 0.47	$ 0.74
Weighted Average Basic Shares Outstanding	4,604,562	4,497,072	4,583,591	4,467,897
Weighted Average Diluted Shares	4,608,987	4,533,514	4,596,314	4,514,015
Cash dividends declared per share	$ 0.07	$ 0.07	$ 0.21	$ 0.21
Pari-mutuel
OPERATING REVENUES:
Operating revenues	$ 3,578,841	$ 3,955,613	$ 8,277,727	$ 9,001,324
Card Casino
OPERATING REVENUES:
Operating revenues	8,559,935	8,639,310	25,350,903	25,396,780
Food and beverage
OPERATING REVENUES:
Operating revenues	3,838,792	3,256,566	7,735,986	6,960,917
Other
OPERATING REVENUES:
Operating revenues	$ 2,623,073	$ 2,519,021	$ 5,259,899	$ 5,744,162

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2017	$ 44,145	$ 19,865,273	$ 20,807,679	$ 40,717,097
Balance, shares at Dec. 31, 2017	4,414,492
Exercise of stock options	$ 555	485,989		486,544
Exercise of stock options, shares	55,500
Stock-based compensation		268,816		268,816
Dividend distribution			(941,006)	(941,006)
401(K) stock match	$ 250	404,075		404,325
401(K) stock match, shares	24,992
Issuance of deferred stock awards	$ 28	28		56
Issuance of deferred stock awards, shares	2,788
Shares issued under Employee Stock Purchase Plan	$ 86	113,496		113,582
Shares issued under Employee Stock Purchase Plan, shares	8,582
Net income			3,347,890	3,347,890
Balance at Sep. 30, 2018	$ 45,064	21,137,677	23,214,563	44,397,304
Balance, shares at Sep. 30, 2018	4,506,354
Balance at Jun. 30, 2018	$ 44,826	20,816,671	21,897,162	42,758,659
Balance, shares at Jun. 30, 2018	4,482,567
Exercise of stock options	$ 110	71,383		71,493
Exercise of stock options, shares	10,975
Stock-based compensation		64,950		64,950
Dividend distribution			(315,444)	(315,444)
401(K) stock match	$ 83	127,122		127,205
401(K) stock match, shares	8,284
Shares issued under Employee Stock Purchase Plan	$ 45	57,551		57,596
Shares issued under Employee Stock Purchase Plan, shares	4,528
Net income			1,632,845	1,632,845
Balance at Sep. 30, 2018	$ 45,064	21,137,677	23,214,563	44,397,304
Balance, shares at Sep. 30, 2018	4,506,354
Balance at Dec. 31, 2018	$ 45,277	21,420,886	25,268,187	46,734,350
Balance, shares at Dec. 31, 2018	4,527,685
Exercise of stock options	$ 328	206,264		206,592
Exercise of stock options, shares	32,810
Other share retirements	$ (59)	(27,915)	(62,023)	(89,997)
Other share retirements, shares	(5,863)
Stock-based compensation		203,333		203,333
Dividend distribution			(964,242)	(964,242)
401(K) stock match	$ 424	567,994		568,418
401(K) stock match, shares	42,405
Issuance of deferred stock awards	$ 110	(55,044)		(54,934)
Issuance of deferred stock awards, shares	10,968
Shares issued under Employee Stock Purchase Plan	$ 114	127,217		127,331
Shares issued under Employee Stock Purchase Plan, shares	11,416
Net income			2,164,832	2,164,832
Balance at Sep. 30, 2019	$ 46,194	22,442,735	26,406,754	48,895,683
Balance, shares at Sep. 30, 2019	4,619,421
Balance at Jun. 30, 2019	$ 46,041	22,223,470	25,579,114	47,848,625
Balance, shares at Jun. 30, 2019	4,604,107
Exercise of stock options	$ 25	20,675		20,700
Exercise of stock options, shares	2,500
Stock-based compensation		39,825		39,825
Dividend distribution			(322,845)	(322,845)
401(K) stock match	$ 128	158,765		158,893
401(K) stock match, shares	12,814
Net income			1,150,485	1,150,485
Balance at Sep. 30, 2019	$ 46,194	$ 22,442,735	$ 26,406,754	$ 48,895,683
Balance, shares at Sep. 30, 2019	4,619,421

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating Activities:
Net income	$ 2,164,832	$ 3,347,890
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,987,067	1,895,723
Stock-based compensation expense	203,333	268,816
Stock-based employee match contribution	567,994	401,850
Deferred income taxes	486,200	518,170
Loss from equity investment	2,377
Loss on disposal of assets	114,413	99,934
Gain on insurance recoveries	(198,874)	(21,064)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(166,082)	326,970
Decrease in other current assets	54,370	44,969
Increase (decrease) in income taxes receivable/payable	136,965	(242,196)
Increase in due from Minnesota horsemen associations	(1,093,742)	(387,964)
Decrease in operating lease right-of-use assets	26,296
Decrease in operating lease liabilities	(26,296)
(Decrease) increase in accounts payable	(189,665)	233,265
Increase in deferred revenue	652,960	379,938
Increase (decrease) in Card Casino accruals	448,842	(1,101,194)
Decrease in accrued wages and payroll taxes	(753,114)	(943,580)
Increase (decrease) in accrued property taxes	235,706	(23,604)
Decrease in payable to horsepersons	(706,122)	(521,613)
Net cash provided by operating activities	3,947,460	4,276,310
Investing Activities:
Additions to land, buildings, and equipment	(12,699,908)	(3,548,124)
Issuance of related party receivable	(178,100)
Decrease in notes receivable	1,058,508	1,038,443
Proceeds from sale of investments	102,659	61
Net cash used in investing activities	(11,716,841)	(2,509,620)
Financing Activities:
Proceeds from issuance of common stock	244,350	602,649
Borrowings on line of credit	5,592,246
Payments against line of credit	(3,920,256)
Cash dividend paid to shareholders	(958,317)	(890,666)
Payments for taxes related to net share settlement of equity awards	(54,934)
Principal payments on finance lease	(17,304)
Net cash provided by (used in) financing activities	885,785	(288,017)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(6,883,596)	1,478,672
Cash, cash equivalents, and restricted cash at beginning of period	11,203,998	12,025,553
Cash, cash equivalents, and restricted cash at end of period	4,320,402	13,504,225
Schedule of non-cash investing and financing activities
Additions to buildings and equipment funded through accounts payable	339,000	178,000
Transfer of future TIF reimbursed costs from PP&E	6,014,000
ROU assets obtained in exchange for operating lease obligations	103,000
Dividend declared	323,000	315,000
Supplemental disclosure of cash flow information:
Income taxes paid	640,000	$ 575,000
Interest paid	$ 30,000

OVERVIEW AND BASIS OF PRESENTAT

OVERVIEW AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2019
OVERVIEW AND BASIS OF PRESENTATION
OVERVIEW AND BASIS OF PRESENTATION	1. OVERVIEW AND BASIS OF PRESENTATION Business – The Company’s Racetrack operations are conducted at facilities located in Shakopee, Minnesota, approximately 25 miles southwest of downtown Minneapolis. In May 1994, the Company commenced year-round horse racing simulcast operations and hosted the first annual live race meet during the summer of 1995. The Company’s live racing operations are a seasonal business as it hosts live race meets each year from May until September. The Company earns additional pari-mutuel revenue by televising its live racing to out-of-state racetracks around the country. Canterbury Park’s Card Casino operates 24 hours a day, seven days a week and is limited by Minnesota State law to conducting card play on a maximum of 80 tables. The Card Casino currently offers a variety of poker and table games. The Company’s three largest sources of revenues include: Card Casino operations, pari-mutuel operations and food and beverage sales. The Company also derives revenues from related services and activities, such as admissions, advertising signage, publication sales, and from other entertainment events and activities held at the Racetrack. Additionally, the Company is developing approximately 140 acres of underutilized land surrounding the Racetrack in a project known as Canterbury Commons. The Company is pursuing several mixed-use development opportunities for this land, directly and through joint ventures. Basis of Presentation and Preparation – The accompanying condensed consolidated financial statements include the accounts of the Company (Canterbury Park Holding Corporation and its subsidiaries Canterbury Park Entertainment, LLC; Canterbury Park Concession, Inc.; and Canterbury Development, LLC). Intercompany accounts and transactions have been eliminated. The preparation of these condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. 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, 2018, included in its Annual Report on Form 10‑K (the “2018 Form 10‑K”). The condensed consolidated balance sheets and the related condensed consolidated statements of operations, stockholders’ equity, and the cash flows for the periods ended September 30, 2019 and 2018 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 September 30, 2019 and 2018 and for the periods then ended have been made. Effective January 1, 2019, we adopted the requirements of Accounting Standards Update (“ASU”) No 2016‑02, Leases as discussed in Note 2. All amounts and disclosures set forth in this Form 10‑Q have been updated to comply with the new standards. Restricted Cash – Restricted cash represents refundable deposits and amounts due to horsemen for purses, stakes and awards, and amounts accumulated in card game progressive jackpot pools, the player pool and poker promotional fund to be used to repay card players in the form of promotions, giveaways, prizes, or by other means. Restricted cash also includes a deposit related to its development operations. The Company deposited $1.2 million with a bank in December 2018 to assist Doran Canterbury I to complete financing for a construction loan. The bank will release the deposit back to the Company when the construction loan is repaid by Doran Canterbury I and converted into a term loan. Because the Company expects this to occur in 2021 or 2022, the Company classified this as long term restricted cash on its consolidated balance sheet. Deferred Revenue – Deferred revenue includes advance sales related to racing, events and corporate partnerships. Revenue from these advance billings is recognized when the related event occurs or services have been performed. Deferred revenue also includes advanced Cooperative Marketing Agreement (“CMA”) promotional funds, for which revenue is recognized when expenses are incurred. Payable to Horsepersons - The Minnesota Pari-mutuel Horse Racing Act requires the Company to segregate a portion of funds (recorded as purse expense in the statements of operations) received from Card Casino operations and wagering on simulcast and live horse races, for future payment as purses for live horse races or other uses of the horsepersons’ association. Pursuant to an agreement with the Minnesota Horsemen’s Benevolent and Protective Association (“MHBPA”), the Company transferred into a trust account or paid directly to the MHBPA, $6,299,000 and $5,861,000 for the nine months ended September 30, 2019 and 2018, respectively, related to thoroughbred races. Minnesota Statutes provide that amounts transferred into the trust account are the property of the trust and not of the Company, and therefore these amounts are not recorded on the Company’s Consolidated Balance Sheet. Revenue Recognition – The Company’s primary revenues with customers consist of Card Casino operations, pari-mutuel wagering on simulcast and live horse races, and food and beverage transactions. We determine revenue recognition through the following steps:  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 Card 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 Card Casino operations and pari-mutuel wagering involve two performance obligations for those customers earning points under the Company’s loyalty program and a single performance obligation for customers who do not participate in the program. The Company applies a practical expedient by accounting for its gaming contracts on a portfolio basis as these wagers have similar characteristics and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio would not differ materially from what would result if the guidance were applied on an individual wagering contract. For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the loyalty point contract liability based on the stand-alone redemption value of the points earned, which is determined by the value of a point that can be redeemed for a cash voucher, food and beverage voucher, racing admission, valet parking, or racing forms. Based on past experience, the majority of customers redeem their points for cash vouchers. Therefore, there are no further performance obligations by the Company. We have two general types of liabilities related to contracts with customers: (1) our MVP Loyalty Program and (2) outstanding chip liability. These are included in the line item Card Casino accruals on the consolidated balance sheet. We defer the full retail value of these complimentary reward items until the future revenue transaction occurs. The Company offers certain promotional allowances at no charge to patrons who participate in its player rewards program. We evaluate our on-track revenue, export revenue, and import revenue contracts to determine whether we are acting as the principal or as the agent when providing services, which we consider in determining if revenue should be reported gross or net. An entity is a principal if it controls the specified service before that service is transferred to a customer. The revenue we recognize for on-track revenue and import revenue is the commission we are entitled to retain for providing a wagering service to our customers. For these arrangements, we are the principal as 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, our customer is the third party wagering site such as a racetrack, OTB, or advance deposit wagering provider. Therefore, the revenue we recognize for export revenue is the simulcast host fee we earn for exporting our racing signal to the third party wagering site.

ACCOUNTING STANDARDS AND SIGNIF

ACCOUNTING STANDARDS AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2019
OVERVIEW AND BASIS OF PRESENTATION
ACCOUNTING STANDARDS AND SIGNIFICANT ACCOUNTING POLICIES	2. ACCOUNTING STANDARDS AND SIGNIFICANT ACCOUNTING POLICIES Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02 codified as Accounting Standards Codification (“ASC”) 842, Leases, (“ASC 842”) which addresses the recognition and measurement of leases. Under the new guidance, for all leases (with the exception of short-term leases), at the commencement date, lessees will be required to recognize a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and a right-of-use (“ROU”) asset, which is an asset that represents the lessee’s right to control the use of a specified asset for the lease term. The effective date for this update is for the annual and interim periods beginning after December 15, 2018 with early adoption permitted. ASC 842 requires a transition adoption election using either (1) a modified retrospective approach with periods prior to the adoption date being recast or (2) a prospective adoption approach with a cumulative-effect adjustment recognized to the opening balance of retained earnings on the adoption date with prior periods continuing to be reported under previous lease accounting guidance. The Company adopted ASC 842 on January 1, 2019 using the prospective adoption approach, and therefore, comparative periods will continue to be reported under previous lease accounting guidance consistent with previously issued financial statements. The Company also elected to adopt the package of practical expedients permitted under the transition guidance within ASC 842, which among other things, allows us to carry forward the historical lease identification, lease classification and treatment of initial direct costs for leases entered into prior to January 1, 2019. We have also made an accounting policy election to not record short-term leases with an initial term of 12 months or less on the balance sheet for all classes of underlying assets. The adoption of ASC 842 did not have a material impact on our consolidated financial statements. Refer to Note 11 for further detail. Summary of Significant Accounting Policies Except for the accounting policies for leases that were updated as a result of our recently adopted accounting pronouncements, there have been no changes to our significant accounting policies described in the Annual Report on Form 10‑K for the year ended December 31, 2018 filed with the SEC on March 29, 2019, that have had a material impact on our condensed consolidated financial statements and related notes.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2019
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	3. STOCK-BASED COMPENSATION 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 year (the “Performance Period”) as compared to Performance Goals established at the beginning of the Performance Period. Currently, there are three awards outstanding that are for three-year periods ending December 31, 2019, 2020, and 2021. Board of Directors Stock Option, 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. Options granted under the Plan generally expire 10 years after the grant date. Restricted stock and deferred stock grants generally vest 100% one year after the date of the annual meeting at which they were granted, are subject to restrictions on resale for an additional year, and are subject to forfeiture if a board member terminates his or her board service prior to the shares vesting. The Board of Directors’ unvested deferred stock awards as of September 30, 2019 consisted of 9,416 shares with a weighted average fair value per share of $12.74. There were no unvested restricted stock or stock options outstanding at September 30, 2019. Stock-based compensation expense related to the LTI Plan, deferred stock awards and restricted stock awards is included on the Condensed Consolidated Statements of Operations and totaled $203,000 and $269,000 for the nine months ended September 30, 2019 and 2018, respectively, and $40,000 and $65,000 for the three months ended September 30, 2019 and 2018, respectively. Employee Stock Option Grants The Company has granted incentive stock options to employees pursuant to the Company’s Stock Plan with an exercise price equal to the market price on the date of grant. The options vest over a 42‑month period and expire in 10 years. A summary of stock option activity as of September 30, 2019 and changes during the nine months then ended is presented below: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Grant Date Stock Options Price Term Fair Value Outstanding at January 1, 2019 75,062 $ Granted - - Exercised (32,810) 6.30 Expired/Forfeited (502) 6.00 Outstanding at September 30, 2019 41,750 $ 0.6 Years $ 387,180 Exercisable at September 30, 2019 41,750 $ 0.6 Years $ 387,180

NET INCOME PER SHARE COMPUTATIO

NET INCOME PER SHARE COMPUTATIONS	9 Months Ended
	Sep. 30, 2019
NET INCOME PER SHARE COMPUTATIONS
NET INCOME PER SHARE COMPUTATIONS	4. NET INCOME PER SHARE COMPUTATIONS The following is a reconciliation of the numerator and denominator of the earnings per common share computations for the three and nine months ended September 30, 2019 and 2018: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income (numerator) amounts used for basic and diluted per share computations: $ 1,150,485 $ 1,632,845 $ 2,164,832 $ 3,347,890 Weighted average shares (denominator) of common stock outstanding: Basic 4,604,562 4,497,072 4,583,591 4,467,897 Plus dilutive effect of stock options 4,425 36,442 12,723 46,118 Diluted 4,608,987 4,533,514 4,596,314 4,514,015 Net income per common share: Basic $ 0.25 $ 0.36 $ 0.47 $ 0.75 Diluted 0.25 0.36 0.47 0.74 Options to purchase 9,000 shares of common stock at an average price of $13.30 per share were outstanding but not included in the computation of diluted net income per share for the nine months ended September 30, 2019 because the exercise price of the options exceeded the market price of the Company’s common stock at September 30, 2019. There were no out-of-the money options at September 30, 2018; thus, all outstanding options to purchase shares of common stock were included in the computation of diluted net income per share.

PROMISSORY NOTES RECEIVABLE

PROMISSORY NOTES RECEIVABLE	9 Months Ended
	Sep. 30, 2019
PROMISSORY NOTES RECEIVABLE
PROMISSORY NOTES RECEIVABLE	5. PROMISSORY NOTES RECEIVABLE In May 2016, the Company sold approximately 24 acres of land adjacent to the Racetrack for a total consideration of approximately $4.3 million. Promissory notes receivable consists of two promissory notes totaling $1,080,000 bearing interest at 1.43%. On May 31, 2017, the Company signed an amendment extending the maturity date of the notes to May 2020. Payments totaling $1,094,000 are due annually on May 13 until the notes mature. The promissory notes are secured by the mortgage on approximately 24 acres of land and management believes no allowance for collectability is necessary. See Note 13 for further details.

GENERAL CREDIT AGREEMENT

GENERAL CREDIT AGREEMENT	9 Months Ended
	Sep. 30, 2019
GENERAL CREDIT AGREEMENT
GENERAL CREDIT AGREEMENT	6. GENERAL CREDIT AGREEMENT The Company has a general credit and security agreement with a financial institution, which provides a revolving credit line up to $8,000,000 and allows for letters of credit in the aggregate amount of up to $2,000,000 to be issued under the credit agreement. The line of credit is collateralized by all receivables, inventory, equipment, and general intangibles of the Company. This agreement was amended as of September 30, 2019 to extend the maturity date to September 30, 2020. As of September 30, 2019, the outstanding balance on the line of credit was $1,671,990. The Company had no borrowings under the credit line as of December 31, 2018.

OPERATING SEGMENTS

OPERATING SEGMENTS	9 Months Ended
	Sep. 30, 2019
OPERATING SEGMENTS
OPERATING SEGMENTS	7. OPERATING SEGMENTS The Company has four reportable operating segments: horse racing, Card Casino, food and beverage, and development. The horse racing segment primarily represents simulcast and live horse racing operations. The Card Casino segment represents operations of Canterbury Park’s Card Casino, the food and beverage segment represents food and beverage operations provided during simulcast and live racing, in the Card Casino, and during special events. The development segment represents our real estate development operations. The Company’s reportable operating segments are strategic business units that offer different products and services. They are managed separately because the segments differ in the nature of the products and services provided as well as process to produce those products and services. The Minnesota Racing Commission regulates the horse racing and Card Casino segments. Depreciation, interest and income taxes are allocated to the segments, but no allocation is made to the food and beverage segment for shared facilities. However, the food and beverage segment pays approximately 25% of gross revenues earned on live racing and special event days to the horse racing segment for use of the facilities. The following tables represent a disaggregation of revenues from contracts with customers along with the Company’s operating segments (in 000’s): Nine Months Ended September 30, 2019 Horse Racing Card Casino Food and Beverage Development Total Net revenues from external customers $ 13,018 $ 25,351 $ 8,244 $ 12 $ 46,625 Intersegment revenues 909 — 1,088 — 1,997 Net interest (expense) income (20) — — 225 205 Depreciation 1,702 111 174 — 1,987 Segment (loss) income before income taxes (1,863) 4,765 855 80 3,837 Segment tax expense (benefit) (736) 1,280 230 21 795 September 30, 2019 Segment Assets $ 33,223 $ 3,425 $ 25,486 $ 28,097 $ 90,231 Nine Months Ended September 30, 2018 Horse Racing Card Casino Food and Beverage Development Total Net revenues from external customers $ 14,333 $ 25,397 $ 7,373 $ - $ 47,103 Intersegment revenues 746 - 1,054 - 1,800 Net interest income (3) - - 29 26 Depreciation 1,758 5 133 - 1,896 Segment (loss) income before income taxes (766) 5,772 739 (8) 5,737 Segment tax expense (benefit) (504) 1,394 178 (2) 1,066 December 31, 2018 Segment Assets $ 35,992 $ 623 $ 23,680 $ 24,647 $ 84,942 The following are reconciliations of reportable segment revenues, income before income taxes, and assets, to the Company’s consolidated totals (in 000’s): Nine Months Ended September 30, 2019 2019 2018 Revenues Total net revenue for reportable segments $ 48,622 $ 48,903 Elimination of intersegment revenues (1,997) (1,800) Total consolidated net revenues $ 46,625 $ 47,103 Income before income taxes Total segment income before income taxes $ 3,837 $ 5,737 Elimination of intersegment income before income taxes (877) (1,323) Total consolidated income before income taxes $ 2,960 $ 4,414 September 30, December 31, 2019 2018 Assets Total assets for reportable segments $ 90,231 $ 84,942 Elimination of intercompany balances (24,392) (23,516) Total consolidated assets $ 65,839 $ 61,426

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2019
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES In accordance with an Earn Out Promissory Note given to the prior owner of the Racetrack as part of the consideration paid by the Company to acquire the Racetrack in 1994, if (i) off-track betting becomes legally permissible in the State of Minnesota and (ii) the Company begins to conduct off-track betting with respect to or in connection with its operations, the Company will be required to pay to the IMR Fund, L.P. the greater of (a) $700,000 per Operating Year, as defined, or (b) 20% of the Net Pretax Profit, as defined for each of five operating years. At this time, management believes that the likelihood that these two conditions will be met and that the Company would be required to pay these amounts is remote. At the date (if any) that these two conditions are met, the five minimum payments would be discounted back to their present value and the sum of those discounted payments would be capitalized as part of the purchase price in accordance with GAAP. The purchase price will be further increased if payments become due under the “20% of Net Pretax Profit” calculation. The first payment would be due 90 days after the end of the third Operating Year in which off-track betting is conducted by the Company. Remaining payments would be made within 90 days of the end of each of the next four Operating Years. The Company entered into a Cooperative Marketing Agreement (the “CMA”) with the Shakopee Mdewakanton Sioux Community (“SMSC”), which became effective September 4, 2012, was amended in the first quarter of each of 2015, 2016, 2017, and 2018, and will expire on December 31, 2022. The CMA contains certain covenants which, if breached, would trigger an obligation to repay a specified amount related to such covenant. At this time, management believes it unlikely that any breach of a covenant will occur, and that therefore the possibility that the Company will be required to pay the specified amount related to any covenant breach is remote. 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 September 30, 2019 and as of the date of this report, will not have a material impact on the Company’s consolidated financial positions or results of operations. In August 2018, the Company entered into a Contract for Private Redevelopment with the City of Shakopee in connection with a Tax Increment Financing District (“TIF District”). The Company is obligated to construct certain infrastructure improvements within the TIF District, and will be reimbursed by the City of Shakopee by future tax increment revenue generated from the developed property. The total amount of funding that Canterbury will be paid as reimbursement under the TIF program for these improvements is not guaranteed and will depend on future tax revenues generated from the developed property.

COOPERATIVE MARKETING AGREEMENT

COOPERATIVE MARKETING AGREEMENT	9 Months Ended
	Sep. 30, 2019
COOPERATIVE MARKETING AGREEMENT
COOPERATIVE MARKETING AGREEMENT	9. COOPERATIVE MARKETING AGREEMENT As discussed above in Note 8, on September 4, 2012, the Company entered into the CMA with the SMSC. The primary purpose of the CMA is to increase purses paid during live horse racing at Canterbury Park’s Racetrack in order to strengthen Minnesota’s thoroughbred and quarter horse industry. Under the CMA, as amended, this is achieved through “Purse Enhancement Payments to Horsemen” paid directly to the MHBPA. These payments have no direct impact on the Company’s consolidated financial statements or operations. Under the terms of the CMA, as amended, the SMSC made payments of $7.4 million during the first nine months of 2019 and 2018, primarily for purse enhancements for the live race meets in the respective years. Under the CMA, as amended, SMSC also agreed to make “Marketing Payments” to the Company relating to joint marketing efforts for the mutual benefit of the Company and SMSC, including signage, joint promotions, player benefits, and events. The SMSC paid the Company $1,620,000 for marketing purposes during each of the nine month periods ended September 30, 2019 and 2018. In the respective first quarters of 2015, 2016, 2017, and 2018, the CMA was amended to adjust the payment amounts between the “Purse Enhancement Payments to Horsemen” and “Marketing Payments to Canterbury Park.” SMSC is currently obligated to make the following purse enhancement and marketing payments for 2020 through 2022: Purse Enhancement Payments to Marketing Payments to Year Horsemen (1) Canterbury Park 2020 7,380,000 1,620,000 2021 7,380,000 1,620,000 2022 7,380,000 1,620,000 1 Includes $100,000 each year payable to various horsemen associations The amounts earned from the marketing payments are recorded as a component of other revenue and the related expenses are recorded as a component of advertising and marketing expense and depreciation in the Company’s condensed consolidated statements of operations. For the three and nine months ended September 30, 2019, the Company recorded $569,000 and $1,031,000 in other revenue, respectively, incurred $512,000 and $861,000 in advertising and marketing expense, respectively, and incurred $57,000 and $170,000 in depreciation, respectively, related to the SMSC marketing funds. For the three and nine months ended September 30, 2018, the Company recorded $491,000 and $1,169,000 in other revenue and incurred $434,000 and $999,000 in advertising and marketing expense and $57,000 and $170,000 in depreciation related to the SMSC marketing funds. Under the CMA, the Company agreed for the term of the CMA, which is currently scheduled to terminate on December 31, 2022, that it would not promote or lobby the Minnesota legislature for expanded gambling authority and will support the SMSC’s lobbying efforts against expanding gambling authority.

REAL ESTATE DEVELOPMENT

REAL ESTATE DEVELOPMENT	9 Months Ended
	Sep. 30, 2019
REAL ESTATE DEVELOPMENT
REAL ESTATE DEVELOPMENT	10. REAL ESTATE DEVELOPMENT Equity Investment On April 2, 2018, the Company’s subsidiary Canterbury Development LLC, entered into an Operating Agreement (“Operating Agreement”) with an affiliate of Doran Companies (“Doran”), a national commercial and residential real estate developer, as the two members of a Minnesota limited liability company named Doran Canterbury I, LLC (Doran Canterbury I). Doran Canterbury I was formed as part of a joint venture between Doran and Canterbury Development LLC to construct an upscale apartment complex on land adjacent to the Company’s Racetrack (the “Project”). Doran Canterbury I is developing Phase I of the Project, which will include approximately 300 units, a heated parking ramp, and a clubhouse. On September 27, 2018, Canterbury Development LLC contributed approximately 13 acres of land as its equity contribution in the Doran Canterbury I joint venture and became a 27.4% equity member. On December 20, 2018, financing for Doran Canterbury I was secured. As the Company is able to assert significant influence, but not control, over Doran Canterbury I’s operational and financial policies, the Company accounts for the joint venture as an equity method investment. In connection with the execution of the Amended Doran Canterbury I Agreement, on August 18, 2018, Canterbury Development LLC entered into an Operating Agreement with Doran Shakopee, LLC as the two members of a Minnesota limited liability company entitled Doran Canterbury II, LLC (“Doran Canterbury II”). Under the Doran Canterbury II Operating Agreement, Doran Canterbury II will pursue development of Phase II of the Project, which is expected to begin upon rental stabilization of Phase I. Phase II will include an additional 300 apartment units. Canterbury Development’s equity contribution to Doran Canterbury II for Phase II will be approximately 10 acres of land. In connection with its contribution, Canterbury Development became a 27.4% equity member in Doran Canterbury II with Doran owning the remaining 72.6%. Tax Increment Financing On August 8, 2018, the City Council of the City of Shakopee, Minnesota approved a Contract for Private Redevelopment (“Redevelopment Agreement”) between the City of Shakopee Economic Development Authority (“Shakopee EDA”) and Canterbury Park Holding Corporation and its subsidiary Canterbury Development LLC in connection with a Tax Increment Financing District (“TIF District”) that the City had approved in April 2018. The City of Shakopee, the Shakopee EDA and the Company entered into the Redevelopment Agreement on August 10, 2018. Under the Redevelopment Agreement, the Company has agreed to undertake a number of specific infrastructure improvements within the TIF District, including the development of public streets, utilities, sidewalks, and other public infrastructure. More specifically, the Company is obligated to construct improvements on Shenandoah Drive and Barenscheer Boulevard with these improvements required to be substantially complete on or before December 31, 2019 and December 31, 2020, respectively. The Redevelopment Agreement provides that if the Company does not proceed with the improvements to Shenandoah Drive on or before December 15, 2018 or the improvements to Barenscheer Boulevard on or before December 15, 2019, the City of Shakopee has the right to construct the improvements itself and assess the Company for the costs of these improvements. As of December 2018, the Company was proceeding with the improvements to Shenandoah Drive. Under the Redevelopment Agreement, the City of Shakopee has agreed that a portion of the tax increment revenue generated from the developed property will be paid to the Company to reimburse it for its expense in constructing infrastructure improvements. The total estimated cost of TIF eligible improvements to be borne by the Company is $23,336,500. A detailed Schedule of the Public Improvements under the Redevelopment Agreement, the timeline for their construction and the source and amount of funding is set forth on Exhibit C of the Redevelopment Agreement, which was filed as Exhibit 10.1 to the Company’s Form 10-Q for the quarter ended September 30, 2018. The total amount of funding that Canterbury will be paid as reimbursement under the TIF program for these improvements is not guaranteed, however, and will depend on future tax revenues generated from the developed property. As of September 30, 2019, the Company recorded a TIF receivable of $7,922,000, which represents $7,861,000 of principal and $61,000 of interest. 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-party financing sources.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2019
LEASES
LEASES	11. LEASES The Company determines if an arrangement is a lease or contains a lease at inception. The Company leases certain 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 separate lease and nonlease components, nor do we record operating or finance lease assets and liabilities for short term leases. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments. We recognize expense for operating leases on a straight-line basis over the lease term. The Company’s lease agreements do not contain any variable lease payments, material residual value guarantees or any restrictive covenants. Lease costs related to operating leases were $31,463 for the nine months ended September 30, 2019. The total lease expenses for leases with a term of twelve months or less for which the Company elected not to recognize a lease asset or liability was $434,332 for the nine months ended September 30, 2019. Lease costs included in depreciation and amortization related to our finance leases were $18,701 for the nine months ended September 30, 2019. 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: Balance Sheet Location September 30, 2019 Assets Finance Land, buildings and equipment, net (1) 104,184 Operating Operating lease right-of-use assets 76,816 Total Leased Assets $ 181,000 1 – Finance lease assets are net of accumulated amortization of $18,701 as of September 30, 2019 The following table shows the lease terms and discount rates related to our leases: September 30, 2019 Weighted average remaining lease term (in years): Finance Operating Weighted average discount rate (%): Finance Operating The maturity of operating leases and finance leases as of September 30, 2019 are as follows: Nine Months Ended September 30, 2019 Operating leases Finance leases 2019 remaining $ 2,079 $ 7,185 2020 31,349 28,743 2021 23,100 28,743 2022 23,100 28,743 2023 — 21,685 Total minimum lease obligations 79,628 115,099 Less: amounts representing interest (2,812) (10,915) Present value of minimum lease payments 76,816 104,184 Less: current portion (29,697) (24,097) Lease obligations, net of current portion $ 47,119 $ 80,087

RELATED PARTY RECEIVABLES

RELATED PARTY RECEIVABLES	9 Months Ended
	Sep. 30, 2019
RELATED PARTY RECEIVABLES
RELATED PARTY RECEIVABLES	12. RELATED PARTY RECEIVABLES On December 20, 2018, the Company entered into a loan agreement with Doran Family Holdings, which is the controlling partner in the Doran Canterbury I joint venture. The Company loaned Doran Family Holdings $2,910,000 net of loan origination fees, and received a promissory note totaling $2,940,000 bearing interest at 5%. The note will mature at the earliest of (i) the date of closing by Doran Canterbury II, LLC on Phase II Project Financing; (ii) the closing on any purchase of the Phase II Land by Doran Shakopee, LLC pursuant to its option under Section 3.9(a) of the Doran Canterbury II Operating Agreement; (iii) the date of final determination that the Phase II Project will not be developed by Doran Canterbury II, LLC; or (iv) three (3) years following the date of the note. Management believes no allowance for doubtful accounts is necessary. In 2018, the Company incurred $268,000 of costs for preliminary grading work on parcels of land the Company has designated for Doran Canterbury II. The Company will be fully reimbursed for these costs upon the commencement of the Doran Canterbury II project and thus, recorded the amount as a receivable. Although there is a possibility Doran Canterbury II will not materialize, the Company currently believes this likelihood is remote. In July 2019, the Company contributed a member loan of $178,100 to the Doran Canterbury I joint venture. The member loan bears interest at the rate equal to the Prime Rate plus two percent annum. The Company expects to be fully reimbursed for the member loan upon positive cash flow from the joint venture.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENTS As described in Note 5, the Company has a promissory note receivable related to a 2016 land sale with a maturity date of May 2020. On November 1, 2019, the Company received a payment of $982,639, which represented $975,363 of principal and $7,276 in interest related to the note receivable. This resulted in an increase to Cash and cash equivalents of $982,639 and a decrease to our Current portion of notes receivable for the same amount. The remaining difference between the Current portion of notes receivable balance and payment received will be recorded as a loss on sale of asset in the 2019 fourth quarter.

OVERVIEW AND SUMMARY OF SIGNIFI

OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2019
OVERVIEW AND BASIS OF PRESENTATION
Basis of Presentation and Preparation	Basis of Presentation and Preparation – The accompanying condensed consolidated financial statements include the accounts of the Company (Canterbury Park Holding Corporation and its subsidiaries Canterbury Park Entertainment, LLC; Canterbury Park Concession, Inc.; and Canterbury Development, LLC). Intercompany accounts and transactions have been eliminated. The preparation of these condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. 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, 2018, included in its Annual Report on Form 10‑K (the “2018 Form 10‑K”). The condensed consolidated balance sheets and the related condensed consolidated statements of operations, stockholders’ equity, and the cash flows for the periods ended September 30, 2019 and 2018 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 September 30, 2019 and 2018 and for the periods then ended have been made. Effective January 1, 2019, we adopted the requirements of Accounting Standards Update (“ASU”) No 2016‑02, Leases as discussed in Note 2. All amounts and disclosures set forth in this Form 10‑Q have been updated to comply with the new standards.
Restricted Cash	Restricted Cash – Restricted cash represents refundable deposits and amounts due to horsemen for purses, stakes and awards, and amounts accumulated in card game progressive jackpot pools, the player pool and poker promotional fund to be used to repay card players in the form of promotions, giveaways, prizes, or by other means. Restricted cash also includes a deposit related to its development operations. The Company deposited $1.2 million with a bank in December 2018 to assist Doran Canterbury I to complete financing for a construction loan. The bank will release the deposit back to the Company when the construction loan is repaid by Doran Canterbury I and converted into a term loan. Because the Company expects this to occur in 2021 or 2022, the Company classified this as long term restricted cash on its consolidated balance sheet.
Deferred Revenue	Deferred Revenue – Deferred revenue includes advance sales related to racing, events and corporate partnerships. Revenue from these advance billings is recognized when the related event occurs or services have been performed. Deferred revenue also includes advanced Cooperative Marketing Agreement (“CMA”) promotional funds, for which revenue is recognized when expenses are incurred.
Due to Minnesota Horsemen's Benevolent and Protective Association, Inc. ("MHBPA")	Payable to Horsepersons - The Minnesota Pari-mutuel Horse Racing Act requires the Company to segregate a portion of funds (recorded as purse expense in the statements of operations) received from Card Casino operations and wagering on simulcast and live horse races, for future payment as purses for live horse races or other uses of the horsepersons’ association. Pursuant to an agreement with the Minnesota Horsemen’s Benevolent and Protective Association (“MHBPA”), the Company transferred into a trust account or paid directly to the MHBPA, $6,299,000 and $5,861,000 for the nine months ended September 30, 2019 and 2018, respectively, related to thoroughbred races. Minnesota Statutes provide that amounts transferred into the trust account are the property of the trust and not of the Company, and therefore these amounts are not recorded on the Company’s Consolidated Balance Sheet.
Revenue Recognition	Revenue Recognition – The Company’s primary revenues with customers consist of Card Casino operations, pari-mutuel wagering on simulcast and live horse races, and food and beverage transactions. We determine revenue recognition through the following steps:  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 Card 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 Card Casino operations and pari-mutuel wagering involve two performance obligations for those customers earning points under the Company’s loyalty program and a single performance obligation for customers who do not participate in the program. The Company applies a practical expedient by accounting for its gaming contracts on a portfolio basis as these wagers have similar characteristics and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio would not differ materially from what would result if the guidance were applied on an individual wagering contract. For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the loyalty point contract liability based on the stand-alone redemption value of the points earned, which is determined by the value of a point that can be redeemed for a cash voucher, food and beverage voucher, racing admission, valet parking, or racing forms. Based on past experience, the majority of customers redeem their points for cash vouchers. Therefore, there are no further performance obligations by the Company. We have two general types of liabilities related to contracts with customers: (1) our MVP Loyalty Program and (2) outstanding chip liability. These are included in the line item Card Casino accruals on the consolidated balance sheet. We defer the full retail value of these complimentary reward items until the future revenue transaction occurs. The Company offers certain promotional allowances at no charge to patrons who participate in its player rewards program. We evaluate our on-track revenue, export revenue, and import revenue contracts to determine whether we are acting as the principal or as the agent when providing services, which we consider in determining if revenue should be reported gross or net. An entity is a principal if it controls the specified service before that service is transferred to a customer. The revenue we recognize for on-track revenue and import revenue is the commission we are entitled to retain for providing a wagering service to our customers. For these arrangements, we are the principal as 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, our customer is the third party wagering site such as a racetrack, OTB, or advance deposit wagering provider. Therefore, the revenue we recognize for export revenue is the simulcast host fee we earn for exporting our racing signal to the third party wagering site.

ACCOUNTING STANDARDS AND SIGN_2

ACCOUNTING STANDARDS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2019
OVERVIEW AND BASIS OF PRESENTATION
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02 codified as Accounting Standards Codification (“ASC”) 842, Leases, (“ASC 842”) which addresses the recognition and measurement of leases. Under the new guidance, for all leases (with the exception of short-term leases), at the commencement date, lessees will be required to recognize a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and a right-of-use (“ROU”) asset, which is an asset that represents the lessee’s right to control the use of a specified asset for the lease term. The effective date for this update is for the annual and interim periods beginning after December 15, 2018 with early adoption permitted. ASC 842 requires a transition adoption election using either (1) a modified retrospective approach with periods prior to the adoption date being recast or (2) a prospective adoption approach with a cumulative-effect adjustment recognized to the opening balance of retained earnings on the adoption date with prior periods continuing to be reported under previous lease accounting guidance. The Company adopted ASC 842 on January 1, 2019 using the prospective adoption approach, and therefore, comparative periods will continue to be reported under previous lease accounting guidance consistent with previously issued financial statements. The Company also elected to adopt the package of practical expedients permitted under the transition guidance within ASC 842, which among other things, allows us to carry forward the historical lease identification, lease classification and treatment of initial direct costs for leases entered into prior to January 1, 2019. We have also made an accounting policy election to not record short-term leases with an initial term of 12 months or less on the balance sheet for all classes of underlying assets. The adoption of ASC 842 did not have a material impact on our consolidated financial statements. Refer to Note 11 for further detail.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2019
STOCK-BASED COMPENSATION
Schedule of Stock Option Activity	A summary of stock option activity as of September 30, 2019 and changes during the nine months then ended is presented below: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Grant Date Stock Options Price Term Fair Value Outstanding at January 1, 2019 75,062 $ Granted - - Exercised (32,810) 6.30 Expired/Forfeited (502) 6.00 Outstanding at September 30, 2019 41,750 $ 0.6 Years $ 387,180 Exercisable at September 30, 2019 41,750 $ 0.6 Years $ 387,180

NET INCOME PER SHARE COMPUTAT_2

NET INCOME PER SHARE COMPUTATIONS (Tables)	9 Months Ended
	Sep. 30, 2019
NET INCOME PER SHARE COMPUTATIONS
Schedule Of Earnings Per Share Reconciliation	Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income (numerator) amounts used for basic and diluted per share computations: $ 1,150,485 $ 1,632,845 $ 2,164,832 $ 3,347,890 Weighted average shares (denominator) of common stock outstanding: Basic 4,604,562 4,497,072 4,583,591 4,467,897 Plus dilutive effect of stock options 4,425 36,442 12,723 46,118 Diluted 4,608,987 4,533,514 4,596,314 4,514,015 Net income per common share: Basic $ 0.25 $ 0.36 $ 0.47 $ 0.75 Diluted 0.25 0.36 0.47 0.74

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2019
OPERATING SEGMENTS
Schedule of the Company's Operating Segments	The following tables represent a disaggregation of revenues from contracts with customers along with the Company’s operating segments (in 000’s): Nine Months Ended September 30, 2019 Horse Racing Card Casino Food and Beverage Development Total Net revenues from external customers $ 13,018 $ 25,351 $ 8,244 $ 12 $ 46,625 Intersegment revenues 909 — 1,088 — 1,997 Net interest (expense) income (20) — — 225 205 Depreciation 1,702 111 174 — 1,987 Segment (loss) income before income taxes (1,863) 4,765 855 80 3,837 Segment tax expense (benefit) (736) 1,280 230 21 795 September 30, 2019 Segment Assets $ 33,223 $ 3,425 $ 25,486 $ 28,097 $ 90,231 Nine Months Ended September 30, 2018 Horse Racing Card Casino Food and Beverage Development Total Net revenues from external customers $ 14,333 $ 25,397 $ 7,373 $ - $ 47,103 Intersegment revenues 746 - 1,054 - 1,800 Net interest income (3) - - 29 26 Depreciation 1,758 5 133 - 1,896 Segment (loss) income before income taxes (766) 5,772 739 (8) 5,737 Segment tax expense (benefit) (504) 1,394 178 (2) 1,066 December 31, 2018 Segment Assets $ 35,992 $ 623 $ 23,680 $ 24,647 $ 84,942
Reconciliation of Revenues	Nine Months Ended September 30, 2019 2019 2018 Revenues Total net revenue for reportable segments $ 48,622 $ 48,903 Elimination of intersegment revenues (1,997) (1,800) Total consolidated net revenues $ 46,625 $ 47,103
Reconciliation of Income Before Income Taxes	Income before income taxes Total segment income before income taxes $ 3,837 $ 5,737 Elimination of intersegment income before income taxes (877) (1,323) Total consolidated income before income taxes $ 2,960 $ 4,414
Reconciliation of Assets	September 30, December 31, 2019 2018 Assets Total assets for reportable segments $ 90,231 $ 84,942 Elimination of intercompany balances (24,392) (23,516) Total consolidated assets $ 65,839 $ 61,426

COOPERATIVE MARKETING AGREEME_2

COOPERATIVE MARKETING AGREEMENT (Tables)	9 Months Ended
	Sep. 30, 2019
COOPERATIVE MARKETING AGREEMENT
Purse Enhancement and Marketing Payments	SMSC is currently obligated to make the following purse enhancement and marketing payments for 2020 through 2022: Purse Enhancement Payments to Marketing Payments to Year Horsemen (1) Canterbury Park 2020 7,380,000 1,620,000 2021 7,380,000 1,620,000 2022 7,380,000 1,620,000 1 Includes $100,000 each year payable to various horsemen associations

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2019
LEASES
Schedule of classification of right of use assets	Balance Sheet Location September 30, 2019 Assets Finance Land, buildings and equipment, net (1) 104,184 Operating Operating lease right-of-use assets 76,816 Total Leased Assets $ 181,000 1 – Finance lease assets are net of accumulated amortization of $18,701 as of September 30, 2019
Schedule of lease terms and discount rates	September 30, 2019 Weighted average remaining lease term (in years): Finance Operating Weighted average discount rate (%): Finance Operating
Schedule of maturities of finance leases	The maturity of operating leases and finance leases as of September 30, 2019 are as follows: Nine Months Ended September 30, 2019 Operating leases Finance leases 2019 remaining $ 2,079 $ 7,185 2020 31,349 28,743 2021 23,100 28,743 2022 23,100 28,743 2023 — 21,685 Total minimum lease obligations 79,628 115,099 Less: amounts representing interest (2,812) (10,915) Present value of minimum lease payments 76,816 104,184 Less: current portion (29,697) (24,097) Lease obligations, net of current portion $ 47,119 $ 80,087

OVERVIEW AND BASIS OF PRESENT_2

OVERVIEW AND BASIS OF PRESENTATION (Narrative) (Details)	9 Months Ended
	Sep. 30, 2019USD ($)aitem	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Schedule of Equity Method Investments [Line Items]
Casino open, number of hours daily	24 hours
Casino open, number of days weekly	7 days
Minnesota State law, maximum number of game tables | item	80
Numbers of acres to be developed | a	140
Funds Due To Organization	$ 6,299,000	$ 5,861,000
Restricted Cash, Noncurrent	$ 1,259,567		$ 1,250,000
Doran Canterbury I [Member]
Schedule of Equity Method Investments [Line Items]
Restricted Cash, Noncurrent			$ 1,200,000

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 40,000	$ 65,000	$ 203,333	$ 268,816
Minimum [Member] | CPHC Long Term Incentive Plan (LTI Plan) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTI Plan performance period			1 year
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, expiration period			10 years
Share-based compensation, vesting period			42 months
Non-Employee Board Member Stock Options [Member] | Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, expiration period			10 years
Share-based compensation, nonvested number of shares	9,416		9,416
Non-Employee Board Member stock option and Restricted Stock [Member] | Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage			100.00%
Share-based compensation, vesting period			1 year
Non-Employee Board Member Deferred Stock [Member] | Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation, nonvested, weighted average grant date fair value	$ 12.74		$ 12.74
Restricted Stock [Member] | Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, nonvested number of shares	0		0

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Options Activity (Details)	9 Months Ended
	Sep. 30, 2019USD ($)$ / sharesshares
Number of Options
Outstanding, Beginning Balance, Number of Options | shares	75,062
Granted, Number of Options | shares
Exercised, Number of Options | shares	(32,810)
Expired/Forfeited, Number of Options | shares	(502)
Outstanding, Ending Balance, Number of Options | shares	41,750
Weighted Average Exercise Price
Outstanding, Beginning Balance, Weighted Average Exercise Price | $ / shares	$ 7.95
Granted, Weighted Average Exercise Price | $ / shares
Exercised, Weighted Average Exercise Price | $ / shares	6.30
Expired/Forfeited, Weighted Average Exercise Price | $ / shares	6
Outstanding, Ending Balance, Weighted Average Exercise Price | $ / shares	$ 9.27
Additional information
Options Outstanding, Weighted Average Remaining Contractual Term	7 months 6 days
Options outstanding at end of year, Aggregate grant date fair value | $	$ 387,180
Options exercisable at end of year (in shares) | shares	41,750
Options exercisable at end of year, Weighted Average Exercise Price | $ / shares	$ 9.27
Weighted average remaining contractual term	7 months 6 days
Intrinsic value of options exercisable | $	$ 387,180

NET INCOME PER SHARE COMPUTAT_3

NET INCOME PER SHARE COMPUTATIONS (Narrative ) (Details)	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Granted, Weighted Average Exercise Price
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares	9,000
Granted, Weighted Average Exercise Price	$ 13.30

NET INCOME PER SHARE COMPUTAT_4

NET INCOME PER SHARE COMPUTATIONS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
NET INCOME PER SHARE COMPUTATIONS
Net income (numerator) amounts used for basic and diluted per share computations:	$ 1,150,485	$ 1,632,845	$ 2,164,832	$ 3,347,890
Weighted average shares (denominator) of common stock outstanding:
Basic	4,604,562	4,497,072	4,583,591	4,467,897
Plus dilutive effect of stock options	4,425	36,442	12,723	46,118
Diluted	4,608,987	4,533,514	4,596,314	4,514,015
Net income per common share:
Basic	$ 0.25	$ 0.36	$ 0.47	$ 0.75
Diluted	$ 0.25	$ 0.36	$ 0.47	$ 0.74

PROMISSORY NOTES RECEIVABLE (Na

PROMISSORY NOTES RECEIVABLE (Narrative) (Details)	May 13, 2016USD ($)a	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)aitem	Sep. 30, 2018USD ($)
Number of acres sold | a	24			24
Land revenue		$ 18,600,641	$ 18,370,511	$ 46,624,515	$ 47,103,183
Number of promissory notes | item				2
Total amount of promissory notes		1,080,000		$ 1,080,000
Interest rate on promissory notes receivable				1.43%
Notes issued Maturity Date				May 1, 2020
Annual payments due on promissory notes				$ 1,094,000
Allowance for doubtful accounts		$ 0		$ 0
Real Estate Development [Member]
Land revenue	$ 4,300,000

GENERAL CREDIT AGREEMENT (Narra

GENERAL CREDIT AGREEMENT (Narrative) (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Short-term Debt [Line Items]
Line of Credit, Current	$ 1,671,990	$ 0
Revolving Credit Facility
Short-term Debt [Line Items]
Credit line maximum borrowing amount	8,000,000
Letter of Credit
Short-term Debt [Line Items]
Credit line maximum borrowing amount	$ 2,000,000

OPERATING SEGMENTS (Narrative)

OPERATING SEGMENTS (Narrative) (Details)	9 Months Ended
	Sep. 30, 2019segment
OPERATING SEGMENTS
Number of reportable segments	4
Number of operating segments	4
Percent of gross concession segment revenue paid to horse racing segment	25.00%

OPERATING SEGMENTS (Schedule of

OPERATING SEGMENTS (Schedule of Operating Segments) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net revenues			$ 46,625,000	$ 47,103,000
Net interest (expense) income	$ (96,065)	$ (8,567)	(204,623)	(26,023)
Depreciation	785,327	659,498	1,987,067	1,895,723
Segment (loss) income before income taxes	1,569,427	2,040,212	2,959,996	4,413,890
Segment tax expense (benefit)	418,942	407,367	795,164	1,066,000
Segment Assets	65,838,905		65,838,905		$ 61,426,061
External Customers [Member]
Segment Reporting Information [Line Items]
Net revenues			46,625,000	47,103,000
Reportable Segment [Member]
Segment Reporting Information [Line Items]
Net revenues			48,622,000	48,903,000
Net interest (expense) income			205,000	26,000
Depreciation			1,987,000	1,896,000
Segment (loss) income before income taxes			3,837,000	5,737,000
Segment tax expense (benefit)			795,000	1,066,000
Segment Assets	90,231,000	84,942,000	90,231,000	84,942,000	$ 84,942,000
Intersegment [Member]
Segment Reporting Information [Line Items]
Net revenues			1,997,000	1,800,000
Horse Racing [Member] | External Customers [Member]
Segment Reporting Information [Line Items]
Net revenues			13,018,000	14,333,000
Horse Racing [Member] | Reportable Segment [Member]
Segment Reporting Information [Line Items]
Net interest (expense) income			(20,000)	(3,000)
Depreciation			1,702,000	1,758,000
Segment (loss) income before income taxes			(1,863,000)	(766,000)
Segment tax expense (benefit)			(736,000)	(504,000)
Segment Assets	33,223,000	35,992,000	33,223,000	35,992,000
Horse Racing [Member] | Intersegment [Member]
Segment Reporting Information [Line Items]
Net revenues			909,000	746,000
Card Casino [Member] | External Customers [Member]
Segment Reporting Information [Line Items]
Net revenues			25,351,000	25,397,000
Card Casino [Member] | Reportable Segment [Member]
Segment Reporting Information [Line Items]
Depreciation			111,000	5,000
Segment (loss) income before income taxes			4,765,000	5,772,000
Segment tax expense (benefit)			1,280,000	1,394,000
Segment Assets	3,425,000	623,000	3,425,000	623,000
Food and beverage | External Customers [Member]
Segment Reporting Information [Line Items]
Net revenues			8,244,000	7,373,000
Food and beverage | Reportable Segment [Member]
Segment Reporting Information [Line Items]
Depreciation			174,000	133,000
Segment (loss) income before income taxes			855,000	739,000
Segment tax expense (benefit)			230,000	178,000
Segment Assets	25,486,000	23,680,000	25,486,000	23,680,000
Food and beverage | Intersegment [Member]
Segment Reporting Information [Line Items]
Net revenues			1,088,000	1,054,000
Development [Member] | External Customers [Member]
Segment Reporting Information [Line Items]
Net revenues			12,000
Development [Member] | Reportable Segment [Member]
Segment Reporting Information [Line Items]
Net interest (expense) income			225,000	29,000
Segment (loss) income before income taxes			80,000	(8,000)
Segment tax expense (benefit)			21,000	(2,000)
Segment Assets	$ 28,097,000	$ 24,647,000	$ 28,097,000	$ 24,647,000

OPERATING SEGMENTS (Reconciliat

OPERATING SEGMENTS (Reconciliation Of Revenues) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenues	$ 46,625	$ 47,103
Reportable Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenues	48,622	48,903
Elimination Of Intersegment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenues	$ (1,997)	$ (1,800)

OPERATING SEGMENTS (Reconcili_2

OPERATING SEGMENTS (Reconciliation Of Income Before Income Taxes) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total consolidated income before income taxes	$ 1,569,427	$ 2,040,212	$ 2,959,996	$ 4,413,890
Reportable Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total consolidated income before income taxes			3,837,000	5,737,000
Elimination Of Intersegment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total consolidated income before income taxes			$ (877,000)	$ (1,323,000)

OPERATING SEGMENTS (Reconcili_3

OPERATING SEGMENTS (Reconciliation Of Assets) (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Total consolidated assets	$ 65,838,905	$ 61,426,061
Reportable Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total consolidated assets	90,231,000	84,942,000	$ 84,942,000
Elimination Of Intersegment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total consolidated assets	$ (24,392,000)	$ (23,516,000)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Narrative) (Details)	9 Months Ended
	Sep. 30, 2019USD ($)item
COMMITMENTS AND CONTINGENCIES
Off-track betting payment to the IMR Fund, L.P., per operating year | $	$ 700,000
Off-track betting payment to the IMR Fund, L.P. as percentage of net pretax profit	20.00%
Number of years defined by off-track betting agreement	5 years
Earn out note conditions	2
Minimum number of payments to IMR Fund, L.P.	5
Maximum term for first payment to be made to IMR Fund, L.P.	90 days
Maximum term for remaining payments to be made to the IMR Fund, L.P.	90 days
Remaining years, payments to the IMR Fund, L.P.	4 years

COOPERATIVE MARKETING AGREEME_3

COOPERATIVE MARKETING AGREEMENT (Details) - USD ($)	3 Months Ended		9 Months Ended		21 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019
Cooperative Marketing Agreement
Operating revenues	$ 18,600,641	$ 18,370,511	$ 46,624,515	$ 47,103,183
Advertising and marketing expense	947,377	1,034,612	1,894,898	2,273,831
Depreciation	785,327	659,498	1,987,067	1,895,723
Cooperative Marketing Agreement (CMA)
Cooperative Marketing Agreement
Amount received under agreement for joint marketing activities					$ 1,620,000
Operating revenues		491,000	1,031,000	1,169,000
Advertising and marketing expense	512,000	434,000	861,000	999,000
Depreciation	57,000	57,000	170,000	170,000
SMSC | Cooperative Marketing Agreement (CMA)
Cooperative Marketing Agreement
Purse enhancements paid directly to horsemen			7,400,000	7,400,000
Other
Cooperative Marketing Agreement
Operating revenues	2,623,073	2,519,021	5,259,899	5,744,162
Other | Cooperative Marketing Agreement (CMA)
Cooperative Marketing Agreement
Operating revenues	569,000
Pari-mutuel
Cooperative Marketing Agreement
Operating revenues	$ 3,578,841	$ 3,955,613	$ 8,277,727	$ 9,001,324

COOPERATIVE MARKETING AGREEME_4

COOPERATIVE MARKETING AGREEMENT (Purse Enhancement And Marketing Payments) (Details) - SMSC	9 Months Ended
	Sep. 30, 2019USD ($)
Cooperative Marketing Agreement (CMA)
Obligations due per agreement
Amount to various horsemen associations included each year in purse enhancement payments to horsemen	$ 100,000
Purse Enhancement Payments To Horsemen
Obligations due per agreement
2020	7,380,000
2021	7,380,000
2022	7,380,000
Marketing Payments To Canterbury Park
Receivables due per agreement
2020	1,620,000
2021	1,620,000
2022	$ 1,620,000

REAL ESTATE DEVELOPMENT (Detail

REAL ESTATE DEVELOPMENT (Details)	9 Months Ended
	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 27, 2018a	Aug. 18, 2018a
Estimated TIF improvement costs to be borne by Company	$ 23,336,500
TIF receivable	7,921,847	$ 1,908,065
Principle portion of TIF receivables	7,861,000
Accrued Interest on TIF receivables	$ 61,000
Doran Canterbury II [Member]
Area of Land | a				10
Ownership percentage in investment project				27.40%
Doran Canterbury I joint venture
Area of Land | a			13
Ownership percentage in investment project			27.40%
Doran Canterbury II, LLC [Member] | Doran Canterbury II [Member]
Ownership percentage in investment project				72.60%

LEASES - Cost (Details)

LEASES - Cost (Details)	9 Months Ended
	Sep. 30, 2019USD ($)
LEASES
Operating lease cost	$ 31,463
Total lease cost	434,332
Amortization of finance lease	$ 18,701

LEASES - Balance Sheet Location

LEASES - Balance Sheet Location (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Land, buildings and equipment, net	$ 43,049,675	$ 38,131,052
Operating	$ 76,816
Financial position	us-gaap:OperatingLeaseRightOfUseAsset
Total Leased Assets	$ 181,000
Finance
Lessee, Lease, Description [Line Items]
Land, buildings and equipment, net	104,184
Accumulated amortization	$ 18,701

LEASES - Lease terms and discou

LEASES - Lease terms and discount rates (Details)	Sep. 30, 2019
LEASES
Finance - Weighted average remaining lease term (in years)	4 years
Operating - Weighted average remaining lease term (in years)	1 year 3 months 18 days
Finance - Weighted average discount rate (as a percent)	5.00%
Operating - Weighted average discount rate (as a percent)	5.40%

LEASES - Maturities (Details)

LEASES - Maturities (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Operating leases
2019 remaining	$ 2,079
2020	31,349
2021	23,100
2022	23,100
Total minimum lease obligations	79,628
Less: amounts representing interest	(2,812)
Present value of minimum lease payments	76,816
Less: current portion	(29,697)
Lease obligations, net of current portion	47,119
Finance leases
2019 remaining	7,185
2020	28,743
2021	28,743
2022	28,743
2023	21,685
Total minimum lease obligations	115,099
Less: amounts representing interest	(10,915)
Present value of minimum lease payments	104,184
Less: current portion	(24,097)	$ (23,216)
Lease obligations, net of current portion	$ 80,087	$ 98,272

RELATED PARTY RECEIVABLES (Deta

RELATED PARTY RECEIVABLES (Details) - USD ($)	Dec. 20, 2018	Jul. 31, 2019	Dec. 31, 2018	Sep. 30, 2019
Related Party Transaction [Line Items]
Allowance for doubtful accounts				$ 0
Doran family holding
Related Party Transaction [Line Items]
Costs incurred for preliminary grading work			$ 268,000
Doran Canterbury I joint venture
Related Party Transaction [Line Items]
Debt instrument basis rate		Prime Rate
Doran Canterbury I joint venture | Doran family holding
Related Party Transaction [Line Items]
Loan receivable	$ 2,910,000
Promissory note	$ 2,940,000
Interest rate	5.00%
Loan maturity term	3 years
Allowance for doubtful accounts	$ 0
Doran Canterbury I joint venture | Prime Rate [Member]
Related Party Transaction [Line Items]
Spread on interest rate		2.00%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member]	Nov. 01, 2019USD ($)
Subsequent Event [Line Items]
Proceeds from collection of notes receivable	$ 982,639
Principal proceeds from notes receivable	975,363
Interest proceeds from notes receivable	7,276
Increase in cash and cash equivalent	$ 982,639