CKX Lands (CKX) 10-K 21 Mar 19 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 15, 2019	Jun. 29, 2018
Document Information [Line Items]
Entity Registrant Name	CKX LANDS, INC.
Entity Central Index Key	0000352955
Trading Symbol	ckx
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		1,942,495
Entity Public Float			$ 15,311,948
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash	$ 1,860,736	$ 1,618,583
Restricted cash		33,821
Certificates of deposit	3,370,000	2,662,890
Equity investment in mutual funds	244,825
Accounts receivable	118,463	113,067
Prepaid expense and other assets	36,989	50,354
Total current assets	5,631,013	4,478,715
Long-term certificate of deposit	725,000	950,000
Property and equipment, net	9,245,988	9,295,022
Total assets	15,602,001	14,723,737
Current liabilities:
Trade payables and accrued expenses	205,161	207,166
Income tax payable	11,654	13,346
Total current liabilities	216,815	220,512
Deferred income tax payable	187,664	187,664
Total liabilities	404,479	408,176
Stockholders' equity:
Common stock, 3,000,000 authorized, no par value, 1,942,495 issued and outstanding as of December 31, 2018 and 2017	59,335	59,335
Retained earnings	15,138,187	14,256,226
Total stockholders' equity	15,197,522	14,315,561
Total liabilities and stockholders' equity	$ 15,602,001	$ 14,723,737

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands	Dec. 31, 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
Common Stock, shares outstanding (in shares)	1,942,495	1,942,495

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Total revenue	$ 1,194,763	$ 1,144,585
Costs, expenses and (gains):
General and administrative expense	573,532	495,040
Depreciation expense	2,027	1,191
Gain on sale of land and equipment	(881,654)	(34,711)
Total costs, expenses and (gains)	(173,588)	603,456
Income from operations	1,368,351	541,129
Interest income	97,502	44,958
Income before income taxes	1,465,853	586,087
Federal and state income tax expense:
Current	350,793	174,479
Deferred		(111,255)
Total income taxes	350,793	63,224
Net income	$ 1,115,060	$ 522,863
Per common stock, basic and diluted
Net income (in dollars per share)	$ 0.57	$ 0.27
Dividends (in dollars per share)	$ 0.12	$ 0.10
Weighted average shares outstanding, basic and diluted (in shares)	1,942,495	1,942,495
Oil and Gas [Member]
Revenues:
Revenues from customers	$ 581,463	$ 609,122
Costs, expenses and (gains):
Cost of goods and services sold	63,231	62,315
Timber [Member]
Revenues:
Revenues from customers	454,177	224,111
Costs, expenses and (gains):
Cost of goods and services sold	45,640	35,692
Surface Leases, Unrelated Parties [Member]
Revenues:
Revenues, leases	120,790	273,019
Surface Leases, Related Parties [Member]
Revenues:
Revenues, leases	38,333	38,333
Surface Leases [Member]
Costs, expenses and (gains):
Cost of goods and services sold	$ 23,636	$ 43,929

Statements of Changes in Stockh

Statements of Changes in Stockholders' Equity - USD ($)	Common Stock [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2016	1,942,495
Balance at Dec. 31, 2016	$ 59,335	$ 13,927,613	$ 13,986,948
Dividends paid		(194,250)	(194,250)
Net income		522,863	522,863
Balance (in shares) at Dec. 31, 2017	1,942,495
Balance at Dec. 31, 2017	$ 59,335	14,256,226	14,315,561
Dividends paid		(233,099)	(233,099)
Net income		1,115,060	1,115,060
Balance (in shares) at Dec. 31, 2018	1,942,495
Balance at Dec. 31, 2018	$ 59,335	$ 15,138,187	$ 15,197,522

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 1,115,060	$ 522,863
Less non-cash expenses included in net income:
Depreciation, depletion and amortization expense	3,885	16,852
Deferred income tax expense		(111,255)
Gain on sale of land	(881,654)	(34,711)
Changes in operating assets and liabilities:
Increase (decrease) in current assets	7,968	(77,551)
Increase (decrease) in current liabilities	(3,697)	88,055
Net cash provided by operating activities	241,562	404,253
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of certificates of deposit	(3,145,000)	(3,132,890)
Proceeds from maturity of certificates of deposit	2,662,890	3,610,000
Purchases of mutual funds	(244,825)
Purchases of fixed assets	(55,438)	(155,285)
Proceeds from the sale of fixed assets	982,242	39,388
Net cash provided by investing activities	199,869	361,213
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(233,099)	(194,250)
Net cash used in financing activities	(233,099)	(194,250)
NET INCREASE IN CASH AND RESTRICTED CASH	208,332	571,216
Cash and restricted cash, beginning of the period	1,652,404	1,081,188
Cash and restricted cash, end of the period	1,860,736	1,652,404
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest
Cash paid for income taxes	$ 355,387	$ 169,500

Note 1 - Nature of Business and

Note 1 - Nature of Business and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	Note 1 : Nature of Business and Significant Accounting Policies Nature of B usiness The Company was incorporated in the State of Louisiana on June 27, 1930. Significant A ccounting P olicies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Concentration of Credit Risk The Company maintains its cash balances in four $250,000. Cash E quivalents Cash equivalents are highly liquid debt instruments with original maturities of three Certificate of D eposits Certificates of deposit have maturities greater than three not $250,000. 2020. Equity Investment In January 2016, 2016 01, “Financial Instruments – Overall (Subtopic 825 10 2016 01 2016 01 December 31, 2018, $244,831 not fourth 2018, no 2016 01.” Accounts Receivable The Company’s accounts receivable consists of incomes received after year end for royalties produced prior to year-end. When there are royalties that have not not not no Property, Building and Equipment Property, building, and equipment is stated at cost. Major additions are capitalized. Maintenance and repairs are charged to income as incurred. Depreciation is computed on the straight-line and accelerated methods over the following estimated useful lives of the assets: Furniture and equipment (years) 5 - 7 Land improvements (years) 15 Impairment of L ong-lived Assets Long-lived assets, such as land, timber and property, buildings, and equipment, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not first not third no 2018 2017. Revenue Recognition Effective January 1, 2018, 2014 09, 606 not 606. 9 Oil and Gas Oil and gas revenue is generated through customer contracts, where we provide the customer access to a designated tract of land upon which the customer performs exploration, extraction, production and ultimate sale of the oil and gas. The Company receives royalties on all oil and gas produced by the customer. The performance obligation identified in oil and gas related contracts is the oil and gas produced on the designated tract of land. The performance obligation is satisfied at a point in time, which is when the customer produces oil and gas. The transaction price is comprised of fixed fees (royalties) on all oil and gas produced The Company accrues monthly royalty revenues based upon estimates and adjusts to actual as the Company receives payments. Accrued royalty income was $93,594 $84,333 December 31, 2018 2017, no 606. Timber Timber revenue is generated through customer contracts executed as a pay-as-cut arrangement, where the customer acquires the right to harvest specified timber on a designated tract for a set period of time at agreed-upon unit prices. The performance obligation identified in timber related contracts is a single tree severed. We satisfy our performance obligation when timber is severed, at which time revenue is recognized. The transaction price for timber sales is determined using contractual rates applied to harvest volumes. The Company may $30,600 $94,600 December 31, 2018 2017, no 606. Surface Surface revenue is earned through annual leases for agricultural and hunting activities and the Company records revenues evenly over the term of these leases. Surface revenues from these sources are recurring on an annual basis. Unearned surface revenues are recorded in trade payables and accrued expenses and were $58,893 $45,651 December 31, 2018 2017, Surface revenue is also earned through right of way and related temporary work space leases, both of which are not not thirty Other sources of surface revenue can be commercial activities leases and sales of surface minerals, such as dirt. Basic and Diluted Earnings per share Net earnings per share is provided in accordance with FASB ASC 260 10, December 31, 2018, 2017 no Dividends The Company has changed the manner in which it determines whether a dividend will be declared. The Company will no Pursuant to a dividend reversion clause in the Company’s Articles of Incorporation, dividends not one In come Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. In accordance with generally accepted accounting principles, the Company has analyzed its filing positions in federal and state income tax returns for the tax returns that remain subject to examination, generally 3 no No none Other T axes Taxes, other than income taxes, of $159,573 $154,167, 2018 2017, Recent Accounting Pronouncements 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 In January 2016, 2016 01, “Financial Instruments – Overall (Subtopic 825 10 2016 01 2016 01 December 31, 2018, $244,831 In February 2016, 2016 02, not may not July 2018, 2018 10 2018 11. 2018 10 2016 02 2018 11 December 15, 2018, 2016 02 may There are various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not

Note 2 - Restricted Cash

Note 2 - Restricted Cash	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Restricted Assets Disclosure [Text Block]	Note 2: The following table provides a reconciliation of cash and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. December 31, December 31, 2018 2017 Cash $ 1,860,736 $ 1,618,583 Restricted cash - 33,821 Total $ 1,860,736 $ 1,652,404 The restricted cash as of December 31, 2017 $33,821 1031 2018, 1031 not 1031 not

Note 3 - Certificates of Deposi

Note 3 - Certificates of Deposit	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Certificates Of Deposit Disclosure[Text Block]	Note 3: The Company has certificates of deposit for investment purposes. Certificates of deposit have maturities greater than three not $250,000. August 2020. $4,095,000 $3,612,890 December 31, 2018 2017, $3,145,000 $3,132,890 December 31, 2018 2017, $2,662,890 $3,610,000 December 31, 2018 2017,

Note 4 - Fair Value of Financia

Note 4 - Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 4: Fair Value of Financial Instruments ASC 820 820” 820 three may Level 1: Level 2: not may third Level 3: The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it was practical to estimate that value: Class Methods and/or Assumptions Cash and cash equivalents: Carrying value approximates fair value due to its readily convertible characteristic. Certificate of Deposit: Held until maturity and recorded at amortized cost which approximates fair value. The estimated fair value of the Company's financial instruments at December 31, 2018 2017 2018 2017 Financial Assets: Level Carrying Value Fair Value Carrying V alue Fair Value Cash and cash equivalents 1 $ 1,860,736 $ 1,860,736 $ 1,618,583 $ 1,618,583 Certificate of deposit - short term 1 3,370,000 3,370,000 2,662,890 2,662,890 Certificate of deposit - long term 1 725,000 725,000 950,000 950,000 Total $ 5,955,736 $ 5,955,736 $ 5,231,473 $ 5,231,473

Note 5 - Property and Equipment

Note 5 - Property and Equipment	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	Note 5 : Property and Equipment Property and equipment consisted of the following: December 31, December 31, 2018 2017 Land $ 7,051,412 $ 7,147,100 Timber 2,162,390 2,119,180 Building and equipment 108,602 103,307 9,322,404 9,369,587 Accumulated depreciation (76,416 ) (74,565 ) Total $ 9,245,988 $ 9,295,022 Depreciation, depletion and amortization expense was $3,885 $16,852 December 31, 2018 2017

Note 6 - Land Purchases and Sal

Note 6 - Land Purchases and Sales	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Real Estate Disclosure [Text Block]	Note 6 : Land Purchases and Sales Land Purchases The Company did not December 31, 2018 2017. 2017 $76,432 not Land Sales During the year ended December 31, 2018, +/- Louisiana Mineral Quarter Acres Parish Ownership Land Timber Rights % 1st 17 Calcasieu 100 % $ 128,000 - 0 % 1st 20 Calcasieu 16.7 % $ 147,625 - 0 % 1st 211 Calcasieu 16.7 % $ 536,572 - 100 % 1st 76 Calcasieu 16.7 % $ 189,167 - 0 % During the year ended December 31, 2017, +/- Louisiana Mineral Quarter Acres Parish Ownership Land Timber Rights % 1st 1 Calcasieu 100 % $ 3,390 - 0 % 3rd 2 Calcasieu 16.7 % $ 888 - 0 % 3rd 44 Calcasieu 16.7 % $ 31,196 - 50 % 4th 0.4 Calcasieu 100 % $ 3,914 - 0 % The 3rd 44 1031 2 December 31, 2018 2017, $881,654 $34,711,

Note 7 - Dividends

Note 7 - Dividends	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Dividends [Text Block]	Note 7 : Dividends On March 22, 2018, $0.12 April 5, 2018 $233,099 April 12, 2018. first 2017, $0.10 $194,250 2017.

Note 8 - Oil and Gas Leases

Note 8 - Oil and Gas Leases	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Lessor, Operating Leases [Text Block]	Note 8 : Oil and Gas Leases Results of oil and gas leasing activities for the year ending December 31, 2018 2017 2018 2017 Gross revenues Royalty interests $ 4,487 $ 588,121 Lease fees 576,976 21,001 581,463 609,122 Production costs 63,231 62,315 Results before income tax expense 518,232 546,807 Estimated income tax expense 150,287 169,510 Results of operations from producing activities excluding corporate overhead $ 367,945 $ 377,297 There were no December 31, 2018 2017. Reserve information relating to estimated quantities of the Company's interest in proved reserves of natural gas and crude including condensate and natural gas liquids is not not The Company’s royalty and working interests share of oil and gas, exclusive of plant products, produced from leased properties were: 2018 2017 Net gas produced (MCF) 25,776 42,927 Net oil produced (Bbl) 6,956 8,169

Note 9 - Segment Reporting

Note 9 - Segment Reporting	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 9 : Segment Reporting The Company’s operations are classified into three The tables below present financial information for the Company’s three Year Ended December 31, 2018 2017 Revenues: Oil and gas $ 581,463 $ 609,122 Timber sales 454,177 224,111 Surface revenue 159,123 311,352 Total segment revenues 1,194,763 1,144,585 Cost and expenses: Oil and gas costs 63,231 62,315 Timber costs 45,640 35,692 Surface costs 23,636 43,929 Total segment costs and expenses 132,507 141,936 Income from operations: Oil and gas 518,232 546,807 Timber 408,537 188,419 Surface 135,487 267,423 Total segment income from operations 1,062,256 1,002,649 Other income (expense) before income taxes 403,597 (416,562 ) Income before income taxes $ 1,465,853 $ 586,087 Year Ended December 31, 2018 2017 Identifiable Assets, net of accumulated depreciation Timber $ 2,162,390 $ 2,119,180 General corporate assets 13,439,611 12,604,557 Total 15,602,001 14,723,737 Capital expenditures: Timber 45,067 62,473 Surface 4,900 - General corporate assets 5,471 92,157 Total segment costs and expenses 55,438 154,630 Depreciation and depletion Oil and gas 1,858 - Timber - 15,661 General corporate assets 2,027 1,191 Total $ 3,885 $ 16,852 There are no

Note 10 - Concentrations

Note 10 - Concentrations	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	Note 1 0 : Concentration s Revenue from customers representing 5% December 31, 2018 2017, Count 2018 2017 1 $ 254,018 $ 179,292 2 156,854 163,483 3 93,575 131,837 4 93,563 113,280 5 - 70,760 6 - 61,677 7 - 51,814

Note 11 - Income Taxes

Note 11 - Income Taxes	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 1 1 : Income Taxes The Company files federal and state income tax returns on a calendar year basis. The net deferred tax liability in the accompanying balance sheets includes the following components at December 31, 2018 2017: 2018 2017 Deferred tax assets - - Deferred tax liabilities (187,664 ) (187,664 ) $ (187,664 ) $ (187,664 ) Reconciliations between the United States Federal statutory income tax provision, using the statutory rate of 21% 34%, December 31, 2018 2017 2018 2017 Income tax on income before extraordinary item: Tax at statutory rates $ 307,830 $ 199,270 Tax effect of the following: Statutory depletion (18,175 ) (29,994 ) Section 179 deduction (1,149 ) - State income tax 62,137 12,475 Other - (7,272 ) Income tax on income $ 350,643 $ 174,479 The income tax on income for 2018 Deferred income taxes payable results from timing differences in the recognition of revenue and expenses for tax and financial statement purposes. The effect of these timing differences at December 31, 2018 2017 2018 2017 Casualty loss $ (77,714 ) $ (77,714 ) Deferred gain (109,950 ) (109,950 ) $ (187,664 ) $ (187,664 ) On December 22, 2017, 1, “2017 35% 21% The Company files income tax returns for federal and state purposes. Generally, the Company’s tax returns remain open for three not not may no December 31, 2018.

Note 12 - Related Party Transac

Note 12 - Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 1 2 : Related Party Transactions The Company and Stream Wetlands Services, LLC (“Stream Wetlands”) are parties to an option to lease agreement dated April 17, 2017 ( February 28, 2019, $38,333 $38,333 March 31, 2018. may two 2 twelve 12 $38,333 twelve The Company’s President is a partner in Stockwell, Sievert, Viccellio, Clements, LLP (“Stockwell”). Beginning in August 2018, $750 $2,000 December 31, 2018, $14,920 During the years ended December 31, 2018 2017, $2,800 $4,800, During the year ended December 31, 2017, $12,243

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk The Company maintains its cash balances in four $250,000.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash E quivalents Cash equivalents are highly liquid debt instruments with original maturities of three
Certificates of Deposit [Policy Text Block]	Certificate of D eposits Certificates of deposit have maturities greater than three not $250,000. 2020.
Investment, Policy [Policy Text Block]	Equity Investment In January 2016, 2016 01, “Financial Instruments – Overall (Subtopic 825 10 2016 01 2016 01 December 31, 2018, $244,831 not fourth 2018, no 2016 01.”
Receivables, Policy [Policy Text Block]	Accounts Receivable The Company’s accounts receivable consists of incomes received after year end for royalties produced prior to year-end. When there are royalties that have not not not no
Property, Plant and Equipment, Policy [Policy Text Block]	Property, Building and Equipment Property, building, and equipment is stated at cost. Major additions are capitalized. Maintenance and repairs are charged to income as incurred. Depreciation is computed on the straight-line and accelerated methods over the following estimated useful lives of the assets: Furniture and equipment (years) 5 - 7 Land improvements (years) 15
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of L ong-lived Assets Long-lived assets, such as land, timber and property, buildings, and equipment, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not first not third no 2018 2017.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Effective January 1, 2018, 2014 09, 606 not 606. 9 Oil and Gas Oil and gas revenue is generated through customer contracts, where we provide the customer access to a designated tract of land upon which the customer performs exploration, extraction, production and ultimate sale of the oil and gas. The Company receives royalties on all oil and gas produced by the customer. The performance obligation identified in oil and gas related contracts is the oil and gas produced on the designated tract of land. The performance obligation is satisfied at a point in time, which is when the customer produces oil and gas. The transaction price is comprised of fixed fees (royalties) on all oil and gas produced The Company accrues monthly royalty revenues based upon estimates and adjusts to actual as the Company receives payments. Accrued royalty income was $93,594 $84,333 December 31, 2018 2017, no 606. Timber Timber revenue is generated through customer contracts executed as a pay-as-cut arrangement, where the customer acquires the right to harvest specified timber on a designated tract for a set period of time at agreed-upon unit prices. The performance obligation identified in timber related contracts is a single tree severed. We satisfy our performance obligation when timber is severed, at which time revenue is recognized. The transaction price for timber sales is determined using contractual rates applied to harvest volumes. The Company may $30,600 $94,600 December 31, 2018 2017, no 606. Surface Surface revenue is earned through annual leases for agricultural and hunting activities and the Company records revenues evenly over the term of these leases. Surface revenues from these sources are recurring on an annual basis. Unearned surface revenues are recorded in trade payables and accrued expenses and were $58,893 $45,651 December 31, 2018 2017, Surface revenue is also earned through right of way and related temporary work space leases, both of which are not not thirty Other sources of surface revenue can be commercial activities leases and sales of surface minerals, such as dirt.
Earnings Per Share, Policy [Policy Text Block]	Basic and Diluted Earnings per share Net earnings per share is provided in accordance with FASB ASC 260 10, December 31, 2018, 2017 no
Stockholders' Equity, Policy [Policy Text Block]	Dividends The Company has changed the manner in which it determines whether a dividend will be declared. The Company will no Pursuant to a dividend reversion clause in the Company’s Articles of Incorporation, dividends not one
Income Tax, Policy [Policy Text Block]	In come Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. In accordance with generally accepted accounting principles, the Company has analyzed its filing positions in federal and state income tax returns for the tax returns that remain subject to examination, generally 3 no No none Other T axes Taxes, other than income taxes, of $159,573 $154,167, 2018 2017,
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements 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 In January 2016, 2016 01, “Financial Instruments – Overall (Subtopic 825 10 2016 01 2016 01 December 31, 2018, $244,831 In February 2016, 2016 02, not may not July 2018, 2018 10 2018 11. 2018 10 2016 02 2018 11 December 15, 2018, 2016 02 may There are various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not

Note 1 - Nature of Business a_2

Note 1 - Nature of Business and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Property, Plant and Equipment, Useful Life [Table Text Block]	Furniture and equipment (years) 5 - 7 Land improvements (years) 15

Note 2 - Restricted Cash (Table

Note 2 - Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Cash and Cash Equivalents [Table Text Block]	December 31, December 31, 2018 2017 Cash $ 1,860,736 $ 1,618,583 Restricted cash - 33,821 Total $ 1,860,736 $ 1,652,404

Note 4 - Fair Value of Financ_2

Note 4 - Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	2018 2017 Financial Assets: Level Carrying Value Fair Value Carrying V alue Fair Value Cash and cash equivalents 1 $ 1,860,736 $ 1,860,736 $ 1,618,583 $ 1,618,583 Certificate of deposit - short term 1 3,370,000 3,370,000 2,662,890 2,662,890 Certificate of deposit - long term 1 725,000 725,000 950,000 950,000 Total $ 5,955,736 $ 5,955,736 $ 5,231,473 $ 5,231,473

Note 5 - Property and Equipme_2

Note 5 - Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Property, Plant and Equipment [Table Text Block]	December 31, December 31, 2018 2017 Land $ 7,051,412 $ 7,147,100 Timber 2,162,390 2,119,180 Building and equipment 108,602 103,307 9,322,404 9,369,587 Accumulated depreciation (76,416 ) (74,565 ) Total $ 9,245,988 $ 9,295,022

Note 6 - Land Purchases and S_2

Note 6 - Land Purchases and Sales (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Land Property Sales [Table Text Block]	+/- Louisiana Mineral Quarter Acres Parish Ownership Land Timber Rights % 1st 17 Calcasieu 100 % $ 128,000 - 0 % 1st 20 Calcasieu 16.7 % $ 147,625 - 0 % 1st 211 Calcasieu 16.7 % $ 536,572 - 100 % 1st 76 Calcasieu 16.7 % $ 189,167 - 0 % +/- Louisiana Mineral Quarter Acres Parish Ownership Land Timber Rights % 1st 1 Calcasieu 100 % $ 3,390 - 0 % 3rd 2 Calcasieu 16.7 % $ 888 - 0 % 3rd 44 Calcasieu 16.7 % $ 31,196 - 50 % 4th 0.4 Calcasieu 100 % $ 3,914 - 0 %

Note 8 - Oil and Gas Leases (Ta

Note 8 - Oil and Gas Leases (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Results of Operations for Oil and Gas Producing Activities Disclosure [Table Text Block]	2018 2017 Gross revenues Royalty interests $ 4,487 $ 588,121 Lease fees 576,976 21,001 581,463 609,122 Production costs 63,231 62,315 Results before income tax expense 518,232 546,807 Estimated income tax expense 150,287 169,510 Results of operations from producing activities excluding corporate overhead $ 367,945 $ 377,297
Oil and Gas Net Production, Average Sales Price and Average Production Costs Disclosure [Table Text Block]	2018 2017 Net gas produced (MCF) 25,776 42,927 Net oil produced (Bbl) 6,956 8,169

Note 9 - Segment Reporting (Tab

Note 9 - Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Year Ended December 31, 2018 2017 Revenues: Oil and gas $ 581,463 $ 609,122 Timber sales 454,177 224,111 Surface revenue 159,123 311,352 Total segment revenues 1,194,763 1,144,585 Cost and expenses: Oil and gas costs 63,231 62,315 Timber costs 45,640 35,692 Surface costs 23,636 43,929 Total segment costs and expenses 132,507 141,936 Income from operations: Oil and gas 518,232 546,807 Timber 408,537 188,419 Surface 135,487 267,423 Total segment income from operations 1,062,256 1,002,649 Other income (expense) before income taxes 403,597 (416,562 ) Income before income taxes $ 1,465,853 $ 586,087 Year Ended December 31, 2018 2017 Identifiable Assets, net of accumulated depreciation Timber $ 2,162,390 $ 2,119,180 General corporate assets 13,439,611 12,604,557 Total 15,602,001 14,723,737 Capital expenditures: Timber 45,067 62,473 Surface 4,900 - General corporate assets 5,471 92,157 Total segment costs and expenses 55,438 154,630 Depreciation and depletion Oil and gas 1,858 - Timber - 15,661 General corporate assets 2,027 1,191 Total $ 3,885 $ 16,852

Note 10 - Concentrations (Table

Note 10 - Concentrations (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]	Count 2018 2017 1 $ 254,018 $ 179,292 2 156,854 163,483 3 93,575 131,837 4 93,563 113,280 5 - 70,760 6 - 61,677 7 - 51,814

Note 11 - Income Taxes (Tables)

Note 11 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2018 2017 Deferred tax assets - - Deferred tax liabilities (187,664 ) (187,664 ) $ (187,664 ) $ (187,664 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2018 2017 Income tax on income before extraordinary item: Tax at statutory rates $ 307,830 $ 199,270 Tax effect of the following: Statutory depletion (18,175 ) (29,994 ) Section 179 deduction (1,149 ) - State income tax 62,137 12,475 Other - (7,272 ) Income tax on income $ 350,643 $ 174,479
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	2018 2017 Casualty loss $ (77,714 ) $ (77,714 ) Deferred gain (109,950 ) (109,950 ) $ (187,664 ) $ (187,664 )

Note 1 - Nature of Business a_3

Note 1 - Nature of Business and Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Equity Securities, FV-NI	$ 244,825
Allowance for Doubtful Accounts Receivable, Current, Ending Balance	0	0
Impairment of Long-Lived Assets Held-for-use	0	0
Accrued Royalty Income	93,594	84,333
Deposit Assets, Stumpage Agreements	$ 30,600	$ 94,600
Earnings Per Share, Diluted, Total	$ 0	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total	$ 0
Taxes, Other	159,573	$ 154,167
Oil and Gas [Member]
Capitalized Contract Cost, Net, Total	0
Timber [Member]
Capitalized Contract Cost, Net, Total	0
Surface Leases [Member] | Accounts Payable and Accrued Liabilities [Member]
Contract with Customer, Liability, Total	58,893	$ 45,651
Mutual Fund [Member]
Equity Securities, FV-NI	$ 244,831

Note 1 - Nature of Business a_4

Note 1 - Nature of Business and Significant Accounting Policies - Property, Building and Equipment Useful Life (Details)	12 Months Ended
	Dec. 31, 2018
Furniture and Equipment [Member] | Minimum [Member]
Useful life (Year)	5 years
Furniture and Equipment [Member] | Maximum [Member]
Useful life (Year)	7 years
Land Improvements [Member]
Useful life (Year)	15 years

Note 2 - Restricted Cash (Detai

Note 2 - Restricted Cash (Details Textual) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Restricted Cash and Cash Equivalents, Current, Total		$ 33,821

Note 2 - Restricted Cash - Cash

Note 2 - Restricted Cash - Cash and Cash-restricted (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash	$ 1,860,736	$ 1,618,583
Restricted cash		33,821
Total	$ 1,860,736	$ 1,652,404	$ 1,081,188

Note 3 - Certificates of Depo_2

Note 3 - Certificates of Deposit (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Certificates Of Deposit Maximum Value Per Deposit	$ 250,000
Certificates of Deposit, at Carrying Value, Current and Noncurrent	4,095,000	$ 3,612,890
Payments to Acquire Investments, Total	244,825
Certificates of Deposit [Member]
Payments to Acquire Investments, Total	3,145,000	3,132,890
Proceeds from Sale, Maturity and Collection of Investments, Total	$ 2,662,890	$ 3,610,000

Note 4 - Fair Value of Financ_3

Note 4 - Fair Value of Financial Instruments - Financial Instruments (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Reported Value Measurement [Member]
Total	$ 5,955,736	$ 5,231,473
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	1,860,736	1,618,583
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit, Short-term [Member]
Certificate of deposit	3,370,000	2,662,890
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit, Long-term [Member]
Certificate of deposit	725,000	950,000
Estimate of Fair Value Measurement [Member]
Total	5,955,736	5,231,473
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	1,860,736	1,618,583
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit, Short-term [Member]
Certificate of deposit	3,370,000	2,662,890
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit, Long-term [Member]
Certificate of deposit	$ 725,000	$ 950,000

Note 5 - Property and Equipme_3

Note 5 - Property and Equipment (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Depreciation, Depletion and Amortization, Total	$ 3,885	$ 16,852

Note 5 - Property and Equipme_4

Note 5 - Property and Equipment - Property and Equipment (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Land	$ 7,051,412	$ 7,147,100
Timber	2,162,390	2,119,180
Building and equipment	108,602	103,307
	9,322,404	9,369,587
Accumulated depreciation	(76,416)	(74,565)
Total	$ 9,245,988	$ 9,295,022

Note 6 - Land Purchases and S_3

Note 6 - Land Purchases and Sales (Details Textual)	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2018a	Mar. 31, 2018a	Sep. 30, 2017a
Payments to Acquire Land	$ 0	$ 0
Payments for Capital Improvements		76,432
Gain (Loss) on Sale of Properties	$ 881,654	$ 34,711
Second Land Located in Calcasieu Louisiana [Member]
Area of Land | a			44	20	44

Note 6 - Land Purchases and S_4

Note 6 - Land Purchases and Sales - Company Interest in Acres, Land, Timber, and Mineral Rights (Details)	3 Months Ended
	Mar. 31, 2018USD ($)a	Dec. 31, 2017USD ($)a	Sep. 30, 2017USD ($)a	Mar. 31, 2017USD ($)a	Sep. 30, 2018a
Land Located in Calcasieu, Louisiana [Member]
Acres (Acre) | a	17	0.4	2	1
Land Sold, Ownership Percentage	100.00%	100.00%	16.70%	100.00%
Mineral Rights, Percent	0.00%	0.00%	0.00%	0.00%
Land Located in Calcasieu, Louisiana [Member] | Land [Member]
Sold property | $	$ 128,000	$ 3,914	$ 888	$ 3,390
Second Land Located in Calcasieu Louisiana [Member]
Acres (Acre) | a	20		44		44
Land Sold, Ownership Percentage	16.70%		16.70%
Mineral Rights, Percent	0.00%		50.00%
Second Land Located in Calcasieu Louisiana [Member] | Land [Member]
Sold property | $	$ 147,625		$ 31,196
Third Land Located in Calcasieu Louisiana [Member]
Acres (Acre) | a	211
Land Sold, Ownership Percentage	16.70%
Mineral Rights, Percent	100.00%
Third Land Located in Calcasieu Louisiana [Member] | Land [Member]
Sold property | $	$ 536,572
Fourth Land Located in Calcasieu Louisiana [Member]
Acres (Acre) | a	76
Land Sold, Ownership Percentage	16.70%
Mineral Rights, Percent	0.00%
Fourth Land Located in Calcasieu Louisiana [Member] | Land [Member]
Sold property | $	$ 189,167

Note 7 - Dividends (Details Tex

Note 7 - Dividends (Details Textual) - USD ($)	Apr. 12, 2018	Mar. 22, 2018	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Dividends Payable, Amount Per Share		$ 0.12			$ 0.10
Payments of Ordinary Dividends, Common Stock	$ 233,099		$ 233,099	$ 194,250
Dividends Payable, Date Declared		Mar. 22, 2018
Dividends Payable, Date of Record		Apr. 5, 2018

Note 8 - Oil and Gas Leases - O

Note 8 - Oil and Gas Leases - Oil and Gas Leasing Activities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Gross revenues
Royalty interests	$ 4,487	$ 588,121
Lease fees	576,976	21,001
Gross Revenue	581,463	609,122
Production costs	63,231	62,315
Results before income tax expense	518,232	546,807
Estimated income tax expense	150,287	169,510
Results of operations from producing activities excluding corporate overhead	$ 367,945	$ 377,297

Note 8 - Oil and Gas Leases - C

Note 8 - Oil and Gas Leases - Company's Royalty and Working Interests Share (Details)	12 Months Ended
	Dec. 31, 2018BoeMcfe	Dec. 31, 2017BoeMcfe
Natural Gas, Per Thousand Cubic Feet [Member]
Net oil or gas produced (Thousand Cubic Foot Equivalent) | Mcfe	25,776	42,927
Crude Oil and NGL [Member]
Net oil or gas produced (Thousand Cubic Foot Equivalent) | Boe	6,956	8,169

Note 9 - Segment Reporting (Det

Note 9 - Segment Reporting (Details Textual)	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Number of Operating Segments	3
Revenues, Total	$ 1,194,763	$ 1,144,585
Intersegment Eliminations [Member]
Revenues, Total	$ 0	$ 0

Note 9 - Company Operations - S

Note 9 - Company Operations - Segmented Operations Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Total revenue	$ 1,194,763	$ 1,144,585
Total costs, expenses and (gains)	(173,588)	603,456
Income from operations	1,368,351	541,129
Income before income Taxes	1,465,853	586,087
Total assets	15,602,001	14,723,737
Capital Expenditures	55,438	154,630
Depreciation, Depletion and Amortization, Total	3,885	16,852
Oil and Gas [Member]
Revenues from customers	581,463	609,122
Timber [Member]
Revenues from customers	454,177	224,111
Operating Segments [Member]
Total revenue	1,194,763	1,144,585
Total costs, expenses and (gains)	132,507	141,936
Income from operations	1,062,256	1,002,649
Other income (expense) before income taxes	403,597	(416,562)
Income before income Taxes	1,465,853	586,087
Total assets	15,602,001	14,723,737
Depreciation, Depletion and Amortization, Total	3,885	16,852
Operating Segments [Member] | Oil And Gas Segment [Member]
Total costs, expenses and (gains)	63,231	62,315
Income from operations	518,232	546,807
Total assets	1,858
Operating Segments [Member] | Oil And Gas Segment [Member] | Oil and Gas [Member]
Revenues from customers	581,463	609,122
Operating Segments [Member] | Timber Segment [Member]
Total costs, expenses and (gains)	45,640	35,692
Income from operations	408,537	188,419
Total assets	2,162,390	2,119,180
Capital Expenditures	45,067	62,473
Depreciation, Depletion and Amortization, Total		15,661
Operating Segments [Member] | Timber Segment [Member] | Timber [Member]
Revenues from customers	454,177	224,111
Operating Segments [Member] | Corporate Segment [Member]
Total assets	13,439,611	12,604,557
Capital Expenditures	5,471	92,157
Depreciation, Depletion and Amortization, Total	2,027	1,191
Operating Segments [Member] | Surface Segment [Member]
Revenues, leases	159,123	311,352
Total costs, expenses and (gains)	23,636	43,929
Income from operations	135,487	267,423
Total assets	$ 4,900

Note 10 - Concentrations - Cust

Note 10 - Concentrations - Customers Representing 5% or More of Total Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Revenue by customer	$ 1,194,763	$ 1,144,585
Major Customers 1 [Member]
Revenue by customer	254,018	179,292
Major Customers 2 [Member]
Revenue by customer	156,854	163,483
Major Customers 3 [Member]
Revenue by customer	93,575	131,837
Major Customers 4 [Member]
Revenue by customer	93,563	113,280
Major Customers 5 [Member]
Revenue by customer		70,760
Major Customers 6 [Member]
Revenue by customer		61,677
Major Customers 7 [Member]
Revenue by customer		$ 51,814

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	34.00%
Unrecognized Tax Benefits, Ending Balance	$ 0

Note 11 - Income Taxes - Income

Note 11 - Income Taxes - Income Taxes - Components of Deferred Taxes (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets
Deferred tax liabilities	(187,664)	(187,664)
Net deferred tax liabilities	$ (187,664)	$ (187,664)

Note 11 - Income Taxes - Inco_2

Note 11 - Income Taxes - Income Tax Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Tax at statutory rates	$ 307,830	$ 199,270
Statutory depletion	(18,175)	(29,994)
Section 179 deduction	(1,149)
State income tax	62,137	12,475
Other		(7,272)
Income tax on income	$ 350,643	$ 174,479

Note 11 - Income Taxes - Deferr

Note 11 - Income Taxes - Deferred Income Taxes (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Deferred Tax Liability	$ (187,664)	$ (187,664)
Casualty Loss [Member]
Deferred Tax Liability	(77,714)	(77,714)
Deferred Gain [Member]
Deferred Tax Liability	$ (109,950)	$ (109,950)

Note 12 - Related Party Trans_2

Note 12 - Related Party Transactions (Details Textual)	Apr. 17, 2017USD ($)	Aug. 31, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Stream Wetlands Services [Member] | Exclusive Right to Evaluate and Market Lands For Beneficial Purposes to Compensate for Impact [Member]
Related Party Transaction, Amounts of Transaction	$ 38,333		$ 38,333
Option to Lease Arrangements, Number of Renewal Periods	2
Lessee, Operating Lease, Renewal Term	1 year
Stockwell [Member] | Rent Expenses for Office Space and Associated Services [Member]
Operating Lease Monthly Rent		$ 750
Stockwell [Member] | Administrative Assistant and Miscellaneous Offices Supplies, Monthly Expense [Member]
Operating Lease Monthly Rent		$ 2,000
Stockwell [Member] | Administrative Assistant And Miscellaneous Office Supplies [Member]
Related Party Transaction, Expenses from Transactions with Related Party				$ 14,920
President [Member]
Operating Leases, Rent Expense, Net, Total				$ 2,800	$ 4,800
President's Spouse's Law Firm [Member]
Related Party Transaction, Amounts of Transaction					$ 12,243