Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 02, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | CKX LANDS, INC. | |
Entity Central Index Key | 352,955 | |
Trading Symbol | ckx | |
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, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash | $ 795,332 | $ 1,618,583 |
Cash-Restricted | 873,355 | 33,821 |
Certificates of deposit | 2,140,000 | 2,662,890 |
Accounts receivable | 93,177 | 113,067 |
Prepaid expense and other assets | 114,495 | 50,354 |
Total current assets | 4,016,359 | 4,478,715 |
Non-current Assets | ||
Certificates of deposit | 2,185,000 | 950,000 |
Property and equipment: | ||
Land | 7,051,412 | 7,147,100 |
Property, plant, and equipment, net | 9,219,388 | 9,295,022 |
Total assets | 15,420,747 | 14,723,737 |
Current Liabilities | ||
Trade payables and accrued expenses | 140,735 | 207,166 |
Income tax payable | 20,821 | 13,346 |
Total current liabilities | 161,556 | 220,512 |
Non-current Liabilities | ||
Deferred income tax payable | 187,664 | 187,664 |
Total liabilities | 349,220 | 408,176 |
Stockholders’ Equity | ||
Common stock, no par value: 3,000,000 shares authorized;1,942,495 and 1,942,495 shares issued, respectively | 59,335 | 59,335 |
Retained earnings | 15,012,192 | 14,256,226 |
Total stockholders’ equity | 15,071,527 | 14,315,561 |
Total liabilities and stockholders’ equity | 15,420,747 | 14,723,737 |
Timber Properties [Member] | ||
Property and equipment: | ||
Property, plant, and equipment, net | 2,134,230 | 2,119,180 |
Building and Equipment [Member] | ||
Property and equipment: | ||
Property, plant, and equipment, net | $ 33,746 | $ 28,742 |
Balance Sheets (Current Period3
Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
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) | 1,942,495 | 1,942,495 |
Building and Equipment [Member] | ||
Accumulated depreciation | $ 74,601 | $ 74,565 |
Statements of Income (Unaudited
Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Revenue by Customer | $ 394,033 | $ 397,005 | $ 740,728 | $ 595,776 |
Costs, Expenses and (Gains): | ||||
General and administrative | 133,748 | 100,590 | 266,309 | 250,233 |
Depreciation | 234 | 233 | 467 | 467 |
Gain on sale of land and equipment | (3,334) | (881,654) | (2,891) | |
Total cost, expenses and (gains) | 166,232 | 142,250 | (535,054) | 311,813 |
Income from operations | 227,801 | 254,755 | 1,275,782 | 283,963 |
Other Income: | ||||
Interest income | 12,954 | 10,363 | 25,876 | 20,575 |
Net other income | 12,954 | 10,363 | 25,876 | 20,575 |
Income before income taxes | 240,755 | 265,118 | 1,301,658 | 304,538 |
Federal and State Income Taxes: | ||||
Current | 89,051 | 51,638 | 312,593 | 46,438 |
Deferred | ||||
Total income taxes | 89,051 | 51,638 | 312,593 | 46,438 |
Net Income | $ 151,704 | $ 213,480 | $ 989,065 | $ 258,100 |
Per Common Stock, basic and diluted | ||||
Net Income (in dollars per share) | $ 0.08 | $ 0.11 | $ 0.51 | $ 0.13 |
Dividends (in dollars per share) | $ 0 | $ 0 | $ 0.12 | $ 0.10 |
Weighted Average Common Shares Outstanding, basic and diluted (in shares) | 1,942,495 | 1,942,495 | 1,942,495 | 1,942,495 |
Oil and Gas [Member] | ||||
Revenues: | ||||
Revenues from customers | $ 161,678 | $ 151,693 | $ 286,255 | $ 333,362 |
Costs, Expenses and (Gains): | ||||
Cost of goods and services sold | 13,287 | 20,083 | 29,943 | 33,049 |
Timber [Member] | ||||
Revenues: | ||||
Revenues from customers | 176,559 | 8,966 | 355,008 | 8,966 |
Costs, Expenses and (Gains): | ||||
Cost of goods and services sold | 14,784 | 6,107 | 35,378 | 6,107 |
Surface Leases, Unrelated Parties [Member] | ||||
Revenues: | ||||
Revenues, leases | 52,493 | 198,013 | 87,006 | 215,115 |
Surface Leases, Related Parties [Member] | ||||
Revenues: | ||||
Revenues, leases | 3,303 | 38,333 | 12,459 | 38,333 |
Surface Leases [Member] | ||||
Costs, Expenses and (Gains): | ||||
Cost of goods and services sold | $ 7,513 | $ 15,237 | $ 14,503 | $ 24,848 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Retained Earnings [Member] | Common Stock [Member] | Total |
Balance at Dec. 31, 2016 | $ 13,927,613 | $ 59,335 | $ 13,986,948 |
Net income | 258,100 | 258,100 | |
Dividends declared | (194,250) | (194,250) | |
Balance at Jun. 30, 2017 | 13,991,463 | 59,335 | 14,050,798 |
Balance at Dec. 31, 2017 | 14,256,226 | 59,335 | 14,315,561 |
Net income | 989,065 | 989,065 | |
Dividends declared | (233,099) | (233,099) | |
Balance at Jun. 30, 2018 | $ 15,012,192 | $ 59,335 | $ 15,071,527 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows Provided From Operating Activities: | ||
Net Income | $ 989,065 | $ 258,100 |
Less non-cash and non-operating (income) expenses included in net income: | ||
Depreciation, depletion and amortization | 15,180 | 467 |
Gain on sale of land and equipment | (881,654) | (2,891) |
Change in operating assets and liabilities: | ||
Increase in current assets | (58,503) | (104,871) |
Increase in current liabilities | (58,956) | 11,278 |
Net cash provided from operating activities | 5,132 | 162,083 |
Cash Flows Provided From (Used In) Investing Activities: | ||
Purchases, certificates of deposit | (2,905,000) | (1,212,890) |
Maturity proceeds | 2,192,890 | 1,690,000 |
Purchases, land, timber, equipment, and other assets | (10,371) | |
Sales proceeds | 996,494 | 3,390 |
Purchases, timber | (29,763) | (11,040) |
Net cash provided from investing activities | 244,250 | 469,460 |
Cash Flows Used In Financing Activities: | ||
Dividends paid | (233,099) | (194,250) |
Net cash used in financing activities | (233,099) | (194,250) |
Net increase in cash and cash-restricted | 16,283 | 437,293 |
Beginning | 1,652,404 | 1,081,188 |
Ending | 1,668,687 | 1,518,481 |
Supplemental disclosures of cash flow information: | ||
Interest | ||
Income taxes | $ 308,387 | $ 55,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1. 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 no December 31, 2017. In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 first 2018 not no January 1, 2018. In November 2016, 2016 18, Statement of Cash Flows (Topic 230 first 2018. no Interim results are not 10 December 31, 2017 10 June 30, 2018. |
Note 2 - Income Taxes
Note 2 - Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 2. In accordance with generally accepted accounting principles, the Company has analyzed its filing positions in federal and state income tax returns that remain subject to examination, generally 3 no No none |
Note 3 - Company Operations
Note 3 - Company Operations | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 3. The Company’s operations are classified into three Following is a summary of segmented operations information for the six June 30, 2018 2017, 2018 2017 Revenues Oil and Gas $ 286,255 $ 333,362 Timber 355,008 8,966 Surface 99,465 253,448 Total 740,728 595,776 Cost and Expenses Oil and Gas 29,943 33,049 Timber 35,378 6,107 Surface 14,506 24,848 Total 79,824 64,004 Income from Operations Oil and Gas 256,312 300,313 Timber 319,630 2,859 Surface 84,962 228,600 Total 660,904 531,772 Other Income (Expense) before Income Taxes 328,161 (273,672 ) Income before Income Taxes 989,065 258,100 Identifiable Assets, net of accumulated depreciation and depletion Oil and Gas -- -- Timber 2,134,230 2,119,180 Surface -- -- General Corporate Assets 13,286,517 12,604,557 Total 15,420,747 14,723,737 Capital Expenditures Oil and Gas -- -- Timber 29,763 11,040 Surface -- -- General Corporate Assets 10,371 -- Total 40,134 11,040 Depreciation and Depletion Oil and Gas -- -- Timber 14,713 -- Surface -- -- General Corporate Assets 467 467 Total $ 15,180 $ 467 There are no 10 December 31, 2017. Revenue from customers representing 5% six June 30, 2018 2017, Count 2018 2017 1 $ 250,334 $ 179,292 2 77,137 80,210 3 73,110 54,154 4 47,567 42,513 5 38,333 38,333 |
Note 4 - Cash - Restricted
Note 4 - Cash - Restricted | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | Note 4. During the first 2018, four 1031 1031 $993,160 $873,355 June 30, 2018. March 31, 2018, 1031 not 1031 not June 30, 2018. The following table provides a reconciliation of cash and cash-restricted reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. June 30, 2018 Cash $ 795,332 Cash-restricted 873,355 Cash and cash-restricted $ 1,668,687 |
Note 5 - Dividend Declaration
Note 5 - Dividend Declaration | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Dividends [Text Block] | Note 5. On March 22, 2018 twelve $0.12 April 5, 2018 April 12, 2018 |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 6. On April 17, 2017, $38,333 March 31, 2018 February 28, 2019. may two 2 twelve 12 |
Note 3 - Company Operations (Ta
Note 3 - Company Operations (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2018 2017 Revenues Oil and Gas $ 286,255 $ 333,362 Timber 355,008 8,966 Surface 99,465 253,448 Total 740,728 595,776 Cost and Expenses Oil and Gas 29,943 33,049 Timber 35,378 6,107 Surface 14,506 24,848 Total 79,824 64,004 Income from Operations Oil and Gas 256,312 300,313 Timber 319,630 2,859 Surface 84,962 228,600 Total 660,904 531,772 Other Income (Expense) before Income Taxes 328,161 (273,672 ) Income before Income Taxes 989,065 258,100 Identifiable Assets, net of accumulated depreciation and depletion Oil and Gas -- -- Timber 2,134,230 2,119,180 Surface -- -- General Corporate Assets 13,286,517 12,604,557 Total 15,420,747 14,723,737 Capital Expenditures Oil and Gas -- -- Timber 29,763 11,040 Surface -- -- General Corporate Assets 10,371 -- Total 40,134 11,040 Depreciation and Depletion Oil and Gas -- -- Timber 14,713 -- Surface -- -- General Corporate Assets 467 467 Total $ 15,180 $ 467 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Count 2018 2017 1 $ 250,334 $ 179,292 2 77,137 80,210 3 73,110 54,154 4 47,567 42,513 5 38,333 38,333 |
Note 4 - Cash - Restricted (Tab
Note 4 - Cash - Restricted (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | June 30, 2018 Cash $ 795,332 Cash-restricted 873,355 Cash and cash-restricted $ 1,668,687 |
Note 2 - Income Taxes (Details
Note 2 - Income Taxes (Details Textual) $ in Thousands | Jun. 30, 2018USD ($) |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 |
Unrecognized Tax Benefits, Ending Balance | $ 0 |
Note 3 - Company Operations (De
Note 3 - Company Operations (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Number of Operating Segments | 3 | |||
Revenues, Total | $ 394,033 | $ 397,005 | $ 740,728 | $ 595,776 |
Intersegment Eliminations [Member] | ||||
Revenues, Total | $ 0 | $ 0 | $ 0 | $ 0 |
Note 3 - Company Operations - S
Note 3 - Company Operations - Segmented Operations Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Revenue by Customer | $ 394,033 | $ 397,005 | $ 740,728 | $ 595,776 | |
Total cost, expenses and (gains) | 166,232 | 142,250 | (535,054) | 311,813 | |
Income from operations | 227,801 | 254,755 | 1,275,782 | 283,963 | |
Other Income (Expense) before income Taxes | 12,954 | 10,363 | 25,876 | 20,575 | |
Income before income Taxes | 240,755 | 265,118 | 1,301,658 | 304,538 | |
Total assets | 15,420,747 | 15,420,747 | $ 14,723,737 | ||
Depreciation, depletion and amortization | 15,180 | 467 | |||
Oil and Gas [Member] | |||||
Revenues from customers | 161,678 | 151,693 | 286,255 | 333,362 | |
Timber [Member] | |||||
Revenues from customers | 176,559 | 8,966 | 355,008 | 8,966 | |
Operating Segments [Member] | |||||
Revenue by Customer | 740,728 | 595,776 | |||
Total cost, expenses and (gains) | 79,824 | 64,004 | |||
Income from operations | 660,904 | 531,772 | |||
Other Income (Expense) before income Taxes | 328,161 | (273,672) | |||
Income before income Taxes | 989,065 | 258,100 | |||
Total assets | 15,420,747 | 14,723,737 | 15,420,747 | 14,723,737 | |
Capital Expenditures | 40,134 | 11,040 | |||
Depreciation, depletion and amortization | 15,180 | 467 | |||
Oil And Gas Segment [Member] | Operating Segments [Member] | |||||
Total cost, expenses and (gains) | 29,943 | 33,049 | |||
Income from operations | 256,312 | 300,313 | |||
Total assets | |||||
Capital Expenditures | |||||
Depreciation, depletion and amortization | |||||
Oil And Gas Segment [Member] | Operating Segments [Member] | Oil and Gas [Member] | |||||
Revenues from customers | 286,255 | 333,362 | |||
Timber Segment [Member] | Operating Segments [Member] | |||||
Total cost, expenses and (gains) | 35,378 | 6,107 | |||
Income from operations | 319,630 | 2,859 | |||
Total assets | 2,134,230 | 2,119,180 | 2,134,230 | 2,119,180 | |
Capital Expenditures | 29,763 | 11,040 | |||
Depreciation, depletion and amortization | 14,713 | ||||
Timber Segment [Member] | Operating Segments [Member] | Timber [Member] | |||||
Revenues from customers | 355,008 | 8,966 | |||
Surface Segment [Member] | Operating Segments [Member] | |||||
Revenues, leases | 99,465 | 253,448 | |||
Total cost, expenses and (gains) | 14,506 | 24,848 | |||
Income from operations | 84,962 | 228,600 | |||
Total assets | |||||
Capital Expenditures | |||||
Depreciation, depletion and amortization | |||||
Corporate Segment [Member] | Operating Segments [Member] | |||||
Total assets | $ 13,286,517 | $ 12,604,557 | 13,286,517 | 12,604,557 | |
Capital Expenditures | 10,371 | ||||
Depreciation, depletion and amortization | $ 467 | $ 467 |
Note 3 - Company Operations - C
Note 3 - Company Operations - Customers Representing 5% or More of Total Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue by Customer | $ 394,033 | $ 397,005 | $ 740,728 | $ 595,776 |
Major Customers 1 [Member] | ||||
Revenue by Customer | 250,334 | 179,292 | ||
Major Customers 2 [Member] | ||||
Revenue by Customer | 77,137 | 80,210 | ||
Major Customers 3 [Member] | ||||
Revenue by Customer | 73,110 | 54,154 | ||
Major Customers 4 [Member] | ||||
Revenue by Customer | 47,567 | 42,513 | ||
Major Customers 5 [Member] | ||||
Revenue by Customer | $ 38,333 | $ 38,333 |
Note 4 - Cash - Restricted (Det
Note 4 - Cash - Restricted (Details Textual) | 6 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Number of Land Parcels Sold | 4 | ||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 996,494 | $ 3,390 | |
Restricted Cash and Cash Equivalents, Current, Total | 873,355 | $ 33,821 | |
Land [Member] | |||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 993,160 |
Note 4 - Cash - Restricted - Ca
Note 4 - Cash - Restricted - Cash and Cash-restricted (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Cash | $ 795,332 | $ 1,618,583 | ||
Cash-restricted | 873,355 | 33,821 | ||
Cash and cash-restricted | $ 1,668,687 | $ 1,652,404 | $ 1,518,481 | $ 1,081,188 |
Note 5 - Dividend Declaration (
Note 5 - Dividend Declaration (Details Textual) | Mar. 22, 2018$ / shares |
Dividends Payable, Amount Per Share | $ 0.12 |
Dividends Payable, Date Declared | Mar. 22, 2018 |
Dividends Payable, Date of Record | Apr. 5, 2018 |
Dividends Payable, Date to be Paid | Apr. 12, 2018 |
Note 6 - Related Party Transa22
Note 6 - Related Party Transactions (Details Textual) - Stream Wetlands Services [Member] - Exclusive Right to Evaluate and Market Lands For Beneficial Purposes to Compensate for Impact [Member] | Apr. 17, 2017USD ($) |
Related Party Transaction, Amounts of Transaction | $ 38,333 |
Option to Lease Arrangements, Number of Renewal Periods | 2 |
Lessee, Operating Lease, Renewal Term | 1 year |