CKX Lands (CKX) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 06, 2015
Entity Registrant Name	CKX LANDS, INC.
Entity Central Index Key	352,955
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		1,942,495
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Short Term [Member]
Current Assets:
Certificates of deposit	$ 1,440,000	$ 1,680,000
Non-current Assets:
Certificates of deposit	1,440,000	1,680,000
Other Long-term Investments [Member]
Current Assets:
Certificates of deposit	444,000	240,000
Non-current Assets:
Certificates of deposit	444,000	240,000
Timber Properties [Member]
Non-current Assets:
Property, plant, and equipment,net	$ 1,548,960	1,527,425
Building and Equipment [Member]
Non-current Assets:
Property, plant, and equipment,net
Cash and cash equivalents	$ 5,241,929	5,225,594
1031 trust account – restricted	187,500
Accounts receivable	133,911	146,413
Prepaid expense and other assets	76,918	50,085
Total current assets	7,080,258	7,102,092
Land	4,943,864	4,957,135
Property, plant, and equipment,net	6,492,824	6,484,560
Total assets	14,017,082	13,826,652
Current Liabilities:
Trade payables and accrued expenses	73,628	61,237
Income tax payable	18,550
Total current liabilities	92,178	61,237
Non-current Liabilities:
Deferred income tax payable	292,767	224,426
Total liabilities	384,945	285,663
Stockholders’ Equity:
Common stock, no par value: 3,000,000 shares authorized; 2,100,000 shares issued	72,256	72,256
Retained earnings	13,935,397	13,844,249
Less cost of treasury stock (157,505 shares)	(375,516)	(375,516)
Total stockholders’ equity	13,632,137	13,540,989
Total liabilities and stockholders’ equity	$ 14,017,082	$ 13,826,652

Balance Sheets (Unaudited) (Par

Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Timber Properties [Member]
Accumulated depreciation and depletion	$ 803,189	$ 803,189
Building and Equipment [Member]
Accumulated depreciation and depletion	$ 90,432	$ 90,432
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	3,000,000	3,000,000
Common stock, shares issued (in shares)	2,100,000	2,100,000
Treasury stock, shares (in shares)	157,505	157,505

Statements of Income (Unaudited

Statements of Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Oil and gas	$ 242,300	$ 437,865	$ 472,522	$ 857,437
Timber	0	15,089	0	15,089
Surface	32,995	16,779	55,714	215,519
Total revenues	275,295	469,733	528,236	1,088,045
Costs and Expenses:
Oil and gas production	22,312	25,197	38,448	50,101
Timber	55	870	391	870
Surface	861	781	1,436	794
General and administrative	130,846	148,341	251,638	267,948
Depreciation, depletion and amortization		13,813		15,484
Total cost and expenses	154,074	189,002	291,913	335,197
Income from operations	121,221	280,731	236,323	752,848
Other Income (Expense):
Interest income	5,032	3,762	9,329	7,833
Gain on sale of land	170,854		172,352
Net other income (expense)	175,886	3,762	181,681	7,833
Income before income taxes	297,107	284,493	418,004	760,681
Federal and State Income Taxes:
Current	32,382	83,784	64,265	238,813
Deferred	68,341		68,341
Total income taxes	100,723	83,784	132,606	238,813
Net Income	$ 196,384	$ 200,709	$ 285,398	$ 521,868
Per Common Stock (1,942,495 shares):
Net Income (in dollars per share)	$ 0.10	$ 0.10	$ 0.15	$ 0.27
Dividends (in dollars per share)	$ 0.03	$ 0.07	$ 0.10	$ 0.14

Statements of Income (Unaudite5

Statements of Income (Unaudited) (Parentheticals) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Weighted Average Number of Shares Outstanding (in shares)	1,942,495	1,942,495	1,942,495	1,942,495

Statements of Changes in Stockh

Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Retained Earnings [Member]	Common Stock [Member]	Treasury Stock [Member]	Total
Balance at Jun. 30, 2014	$ 13,341,779	$ 72,256	$ 375,516	$ 13,038,519
Net income	521,868	0	0	521,868
Dividends	(271,949)	0	0	(271,949)
Balance at Jun. 30, 2015	13,935,397	72,256	375,516	13,632,137
Net income	285,398	0	0	285,398
Dividends	$ (194,250)	$ 0	$ 0	$ (194,250)

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows From Operating Activities:
Net Income	$ 285,398	$ 521,868
Less non-cash (income) expenses included in net income:
Depreciation, depletion and amortization		15,484
Deferred income tax expense	68,341
Gain on sale of assets	(172,352)
Change in operating assets and liabilities:
Increase in current assets	(14,331)	(43,975)
Increase (decrease) in current liabilities	30,941	(13,443)
Net cash provided from operating activities	197,997	479,934
Cash Flows From Investing Activities:
Maturity proceeds	1,440,000	1,941,000
Purchases	(1,404,000)	(1,910,000)
Purchases	(21,535)	(417,280)
Sale proceeds	185,623
Proceeds held in 1031 trust account	(187,500)
Net cash provided from (used in) investing activities	12,588	(386,280)
Cash Flows From Financing Activities:
Dividends paid, net of reversion	(194,250)	(271,949)
Net cash used in financing activities	(194,250)	(271,949)
Net increase (decrease) in cash and cash equivalents	16,335	(178,295)
Cash and cash equivalents:
Beginning	5,225,594	4,529,051
Ending	5,241,929	4,350,756
Supplemental disclosures of cash flow information:
Interest	0	0
Income taxes	$ 13,577	$ 276,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note Basis of Presentation The accompanying unaudited financial statements of CKX Lands, Inc. (“Company”) have been prepared in accordance with United States generally accepted accounting principles for interim financial information. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. Except as described herein, there has been no material change in the information disclosed in the notes to the financial statements included in our financial statements as of and for the year ended December 31, 2014. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included in the accompanying financial statements. Interim results are not necessarily indicative of results for a full year. These financial statements and accompanying notes should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2014 and Form 10-Q for the quarter period ended June 30, 2014.

Note 2 - Income Taxes

Note 2 - Income Taxes	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note Income Taxes In accordance with generally accepted accounting principles, the Company has analyzed its filing positions in federal and state income tax returns for the tax years that remain subject to examination, generally three years after filing. The Company believes that all filing positions are highly certain and that all income tax filing positions and deductions would be sustained upon a taxing jurisdiction’s audit. Therefore, no reserve for uncertain tax positions is required. No interest or penalties have been levied against the Company and none are anticipated.

Note 3 - Land Sale

Note 3 - Land Sale	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Retail Land Sales, Description [Text Block]	Note 3: Land Sale During the second quarter of 2015, the Company sold its 1/6 th

Note 2 - Income Taxes (Details

Note 2 - Income Taxes (Details Textual)	Jun. 30, 2015USD ($)
Unrecognized Tax Benefits	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 0

Note 3 - Land Sale (Details Tex

Note 3 - Land Sale (Details Textual) - Jun. 30, 2015 - USD ($)	Total	Total
One-Sixth Interest in Approximately 155 Acres of Land in Jefferson Davis Parish [Member]
Proceeds from Sale of Land Held-for-use	$ 187,500
Gain (Loss) on Disposition of Property Plant Equipment	170,853
Section 1031 Exchange, Gain Deferred for Income Tax Purposes	170,853	$ 170,853
Restricted Cash and Cash Equivalents, Current	187,500	187,500
Proceeds from Sale of Land Held-for-use		185,623
Gain (Loss) on Disposition of Property Plant Equipment	170,854	172,352
Restricted Cash and Cash Equivalents, Current	$ 187,500	$ 187,500

Uncategorized Items - ckx-20150

Label	Element	Value
Common Stock [Member]
us-gaap_StockholdersEquity	us-gaap_StockholdersEquity	$ 72,256
us-gaap_StockholdersEquity	us-gaap_StockholdersEquity	72,256
Retained Earnings [Member]
us-gaap_StockholdersEquity	us-gaap_StockholdersEquity	13,091,860
us-gaap_StockholdersEquity	us-gaap_StockholdersEquity	13,844,249
Treasury Stock [Member]
us-gaap_StockholdersEquity	us-gaap_StockholdersEquity	375,516
us-gaap_StockholdersEquity	us-gaap_StockholdersEquity	$ 375,516