Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 01, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000352955 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-31905 | |
Entity Registrant Name | CKX Lands, Inc. | |
Entity Incorporation, State or Country Code | LA | |
Entity Tax Identification Number | 72-0144530 | |
Entity Address, Address Line One | 2417 Shell Beach Drive | |
Entity Address, City or Town | Lake Charles | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 70601 | |
City Area Code | 337 | |
Local Phone Number | 493-2399 | |
Title of 12(b) Security | Common Stock with no par value | |
Trading Symbol | CKX | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,974,427 |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 7,382,956 | $ 7,409,873 |
Equity investment in mutual funds | 505,119 | 502,832 |
Accounts receivable | 97,439 | 50,739 |
Prepaid expense and other assets | 136,908 | 35,405 |
Total current assets | 8,122,422 | 7,998,849 |
Property and equipment, net | 9,082,897 | 9,056,238 |
Total assets | 17,205,319 | 17,055,087 |
Current liabilities: | ||
Trade payables and accrued expenses | 82,488 | 111,123 |
Unearned revenue | 121,438 | 150,113 |
Total current liabilities | 203,926 | 261,236 |
Deferred income tax payable | 187,664 | 187,664 |
Total liabilities | 391,590 | 448,900 |
Stockholders' equity: | ||
Common stock, 3,000,000 shares authorized, no par value, 1,988,701 and 1,974,427 shares issued and outstanding, respectively as of September 30, 2022, and 1,942,495 shares issued and outstanding as of December 31, 2021 | 59,335 | 59,335 |
Additional paid in capital | 707,788 | 0 |
Treasury stock, 14,274 shares, at cost | 176,592 | 0 |
Retained earnings | 16,223,198 | 16,546,852 |
Total stockholders' equity | 16,813,729 | 16,606,187 |
Total liabilities and stockholders' equity | $ 17,205,319 | $ 17,055,087 |
Balance Sheets (Current Perio_2
Balance Sheets (Current Period Unaudited)-parentheticals (Parentheticals) - shares | Sep. 30, 2022 | Dec. 31, 2021 |
Common Stock, Shares Authorized (in shares) | 3,000,000 | 3,000,000 |
Common Stock, Shares, Issued (in shares) | 1,988,701 | 1,942,495 |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 1,974,427 | 1,942,495 |
Treasury Stock, Shares, Total (in shares) | 14,274 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues: | ||||
Total revenue | $ 330,232 | $ 173,546 | $ 822,362 | $ 539,729 |
Costs, expenses and (gains): | ||||
General and administrative expense | 411,189 | 141,136 | 1,180,832 | 392,538 |
Depreciation expense | 711 | 507 | 1,901 | 1,517 |
Gain on sale of land | (5,667) | (5,667) | (851,582) | |
Total costs, expenses and (gains) | 427,593 | (104,154) | 1,227,090 | (419,129) |
Income (loss) from operations | (97,361) | 277,700 | (404,728) | 958,858 |
Interest income | 9,107 | 3,622 | 15,563 | 13,075 |
Miscellaneous income | 0 | 0 | 3,282 | 0 |
Income (loss) before income taxes | (88,254) | 281,322 | (385,883) | 971,933 |
Federal and state income tax expense: | ||||
Income tax expense (benefit) | (36,551) | 92,813 | (62,229) | 182,269 |
Total income tax expense (benefit) | (36,551) | 92,813 | (62,229) | 182,269 |
Net income (loss) | $ (51,703) | $ 188,509 | $ (323,654) | $ 789,664 |
Basic and diluted earnings per share (in dollars per share) | $ (0.03) | $ 0.10 | $ (0.17) | $ 0.41 |
Weighted average shares outstanding, basic and diluted (in shares) | 1,972,714 | 1,942,495 | 1,954,012 | 1,942,495 |
Oil and Gas [Member] | ||||
Revenues: | ||||
Oil and gas | $ 188,233 | $ 108,208 | $ 412,375 | $ 257,555 |
Costs, expenses and (gains): | ||||
Cost of goods and services sold | 17,844 | 12,264 | 38,194 | 29,930 |
Timber [Member] | ||||
Revenues: | ||||
Oil and gas | 87,904 | 11,936 | 198,283 | 114,877 |
Costs, expenses and (gains): | ||||
Cost of goods and services sold | 3,516 | 3,255 | 6,701 | 8,468 |
Surface Leases, Unrelated Parties [Member] | ||||
Revenues: | ||||
Revenues, leases | 44,511 | 43,819 | 182,953 | 138,548 |
Surface Leases, Related Parties [Member] | ||||
Revenues: | ||||
Revenues, leases | 9,584 | 9,583 | 28,751 | 28,749 |
Surface Leases [Member] | ||||
Costs, expenses and (gains): | ||||
Cost of goods and services sold | $ 0 | $ 0 | $ 5,129 | $ 0 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Dec. 31, 2020 | 1,942,495 | ||||
Balances at Dec. 31, 2020 | $ 59,335 | $ 0 | $ 0 | $ 15,727,503 | $ 15,786,838 |
Net income (loss) | $ 0 | 0 | 0 | 789,664 | 789,664 |
Balances (in shares) at Sep. 30, 2021 | 1,942,495 | ||||
Balances at Sep. 30, 2021 | $ 59,335 | 0 | 0 | 16,517,167 | 16,576,502 |
Balances (in shares) at Jun. 30, 2021 | 1,942,495 | ||||
Balances at Jun. 30, 2021 | $ 59,335 | 0 | 0 | 16,328,658 | 16,387,993 |
Share-based compensation | 0 | ||||
Net income (loss) | $ 0 | 0 | 188,509 | 188,509 | |
Balances (in shares) at Sep. 30, 2021 | 1,942,495 | ||||
Balances at Sep. 30, 2021 | $ 59,335 | 0 | 0 | 16,517,167 | 16,576,502 |
Balances (in shares) at Dec. 31, 2021 | 1,942,495 | ||||
Balances at Dec. 31, 2021 | $ 59,335 | 0 | 0 | 16,546,852 | 16,606,187 |
Issuances under share-based compensation (in shares) | 46,206 | ||||
Issuances under share-based compensation | $ 0 | 0 | 0 | 0 | 0 |
Share-based compensation | 0 | 0 | 707,788 | 0 | 707,788 |
Repurchases of common stock | 0 | (176,592) | 0 | 0 | (176,592) |
Net income (loss) | $ 0 | 0 | 0 | (323,654) | (323,654) |
Balances (in shares) at Sep. 30, 2022 | 1,988,701 | ||||
Balances at Sep. 30, 2022 | $ 59,335 | (176,592) | 707,788 | 16,223,198 | 16,813,729 |
Balances (in shares) at Jun. 30, 2022 | 1,974,079 | ||||
Balances at Jun. 30, 2022 | $ 59,335 | (131,335) | 414,291 | 16,274,901 | 16,617,192 |
Issuances under share-based compensation (in shares) | 14,622 | ||||
Issuances under share-based compensation | 0 | 0 | 0 | 0 | |
Share-based compensation | $ 0 | 0 | 293,497 | 0 | 293,497 |
Repurchases of common stock | 0 | (45,257) | 0 | 0 | (45,257) |
Net income (loss) | $ 0 | 0 | 0 | (51,703) | (51,703) |
Balances (in shares) at Sep. 30, 2022 | 1,988,701 | ||||
Balances at Sep. 30, 2022 | $ 59,335 | $ (176,592) | $ 707,788 | $ 16,223,198 | $ 16,813,729 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ (323,654) | $ 789,664 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation expense | 1,901 | 1,517 |
Depletion expense | 737 | 534 |
Gain on sale of land | (5,667) | (851,582) |
Unrealized (gain) loss on equity investment in mutual funds | 504 | 0 |
Share-based compensation | 707,788 | 0 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in current assets | (148,203) | 14,204 |
Increase (decrease) in current liabilities | (57,310) | (18,230) |
Net cash provided by (used in) operating activities | 176,096 | (63,893) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of mutual funds | (2,791) | (199) |
Purchase of property and equipment | (12,835) | 0 |
Costs of reforesting timber | (16,462) | (17,650) |
Purchases of land | 0 | (4,063) |
Proceeds from the sale of fixed assets | 5,667 | 1,010,482 |
Net cash (used in) provided by investing activities | (26,421) | 988,570 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repurchases of common stock | (176,592) | 0 |
Net cash used in investing activities | (176,592) | 0 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (26,917) | 924,677 |
Cash and cash equivalents, beginning of the period | 7,409,873 | 6,463,255 |
Cash and cash equivalents, end of the period | 7,382,956 | 7,387,932 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | 16,947 | 171,423 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITIES | ||
Sale of land accrued in accounts receivable | $ 0 | $ 19,170 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies and Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1: Significant Accounting Policies and Recent Accounting Pronouncements Significant Accounting Policies Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures have been omitted pursuant to such rules and regulations. In the opinion of management, the accompanying financial statements include normal recurring adjustments that are necessary for a fair presentation of the results for the interim periods presented. These financial statements should be read in conjunction with our audited financial statements and notes thereto for the fiscal year ended December 31, 2021 included in our Annual Report on Form 10-K. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of results to be expected for the full fiscal year or any other periods. The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make a number of estimates and judgments that affect the reported amounts of assets, liabilities, expenses, and related disclosures. Actual results may differ from these estimates. Risks and Uncertainties On March 11, 2020, the WHO declared COVID-19 a pandemic. While the Company did not incur significant disruptions to its operations during 2021 and in 2022 to date from COVID-19, it is unable at this time to predict the impact that COVID-19 or new variants of the novel coronavirus will have on its business, financial position and operating results in future periods due to numerous uncertainties and is closely monitoring the impact of the pandemic on all aspects of its business. Concentration of Credit Risk The Company maintains its cash balances in seven financial institutions. At times, cash balances may exceed the Federal Deposit Insurance Corporation’s insured limit of $250,000. The Company has not experienced any losses in such accounts and management believes the Company is not exposed to any significant credit risk on its cash balances. Impairment of Long-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 be recoverable. If events or circumstances arise that require a long-lived asset to be tested for potential impairment, the Company first compares undiscounted cash flows expected to be generated by the asset to its carrying value. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment charge is recognized to the extent that the carrying value exceeds the fair value. Fair value may be determined through various valuation techniques including quoted market prices, third-party independent appraisals and discounted cash flow models. During the year ended December 31, 2021, the Company performed a step zero impairment analysis on furniture and fixtures and land improvements and determined there were no qualitative factors that would indicate impairment. No Share-Based Compensation We maintain one active incentive compensation plan: the 2021 Stock Incentive Plan (the Plan). The Plan provides for the issuance of restricted stock units (RSUs) and performance-based restricted stock units (PSUs) to certain of our employees, non-employee directors and consultants. For awards that are subject to market conditions, we utilize a binomial-lattice model (i.e., Monte Carlo simulation model), to determine the fair value. The Monte Carlo simulation model utilizes multiple input variables to determine the share-based compensation expense. For grants with market conditions made during the nine months ended September 30, 2022, we utilized an annualized volatility of 39.6%, a 0% dividend yield and an annual risk-free interest rate of 3.5% each determined over a period consistent with the performance period associated with the awards with market conditions. The volatility was based on the last five-year Share-based compensation expense related to RSUs and PSUs are expensed over the grant date to the end of the requisite service period using the straight-line method. The RSUs and PSUs do not have voting rights. We calculate the fair value of our share-based awards on the date of grant. Basic and Diluted Earnings per Share Net earnings per share is provided in accordance with FASB ASC 260-10, "Earnings per Share". Basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive income per share excludes all potential common shares if their effect is anti-dilutive. For the three and nine months ended September 30, 2022, potentially dilutive shares totaling to 310,794 RSU and PSU shares were excluded in the calculation of earnings per share as their effect is anti-dilutive due to the Company's net loss for such periods. There were no dilutive shares outstanding for the three and nine months ended September 30, 2021. Dividends The Company does not currently pay dividends on a regular basis. In determining whether to declare a dividend, the Board of Directors takes into account the Company’s prior fiscal year’s cash flows from operations and the current economic conditions, among other information deemed relevant. Dividends paid per common stock are based on the weighted average number of common stock shares outstanding during the period. No Pursuant to a dividend reversion clause in the Company’s Articles of Incorporation, dividends not claimed within one year after the dividend becomes payable will expire and revert in full ownership to the Company and the Company’s obligation to pay such dividend will cease. Any dividend reversions are recorded in equity upon receipt. Recent Accounting Pronouncements There are various updates recently issued to the accounting literature and these are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Note 2 - Fair Value of Financia
Note 2 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 2: Fair Value of Financial Instruments ASC 820 Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measurements. It defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; and model-driven valuations whose inputs are observable or whose significant value drivers are observable. Valuations may be obtained from, or corroborated by, third-party pricing services. Level 3: Unobservable inputs to measure fair value of assets and liabilities for which there is little, if any market activity at the measurement date, using reasonable inputs and assumptions based upon the best information at the time, to the extent that inputs are available without undue cost and effort. 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. Equity Investment in mutual funds: Carrying value adjusted to and presented at fair market value. The estimated fair values of the Company's financial instruments are as follows: September 30, 2022 December 31, 2021 Financial Assets: Level Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents 1 $ 7,382,956 $ 7,382,956 $ 7,409,873 $ 7,409,873 Equity investment in mutual funds 1 507,406 505,119 504,606 502,832 Total $ 7,890,362 $ 7,888,075 $ 7,914,479 $ 7,912,705 |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3: Property and Equipment Property and equipment consisted of the following: September 30, December 31, 2022 2021 Land $ 6,815,711 $ 6,815,147 Timber 2,230,710 2,214,985 Equipment 120,873 108,602 9,167,294 9,138,734 Accumulated depreciation (84,397 ) (82,496 ) Total $ 9,082,897 $ 9,056,238 During the nine months ended September 30, 2022 and 2021, the Company had a gain on sale of land of $5,667 and $851,582, respectively. Depreciation expense was $1,901 and $1,517 for the nine months ended September 30, 2022 and 2021, respectively. Depletion expense was $737 and $534 for the nine months ended September 30, 2022 and 2021, respectively. |
Note 4 - Segment Reporting
Note 4 - Segment Reporting | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 4: Segment Reporting The Company’s operations are classified into three The tables below present financial information for the Company’s three operating business segments: Nine Months Ended Year Ended 2022 2021 Identifiable Assets, net of accumulated depreciation Timber $ 2,230,710 $ 2,214,985 General corporate assets 14,974,609 14,840,102 Total 17,205,319 17,055,087 Capital expenditures: Timber $ 16,462 $ 18,606 Surface 564 4,063 General corporate assets 12,271 - Total segment costs and expenses $ 29,297 $ 22,669 Depreciation and depletion Oil and gas $ - $ - Timber 737 563 General corporate assets 1,901 2,027 Total $ 2,638 $ 2,590 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenues: Oil and gas $ 188,233 $ 108,208 $ 412,375 $ 257,555 Timber sales 87,904 11,936 198,283 114,877 Surface revenue 54,095 53,402 211,704 167,297 Total segment revenues 330,232 173,546 822,362 539,729 Cost and expenses: Oil and gas costs 17,844 12,264 $ 38,194 $ 29,930 Timber costs 3,516 3,255 6,701 8,468 Surface costs - 5,129 - Total segment costs and expenses 21,360 15,519 50,024 38,398 Net income from operations: Oil and gas 170,389 95,944 $ 374,181 $ 227,625 Timber 84,388 8,681 191,582 106,409 Surface 54,095 53,402 206,575 167,297 Total segment net income from operations 308,872 158,027 772,338 501,331 Unallocated other income (expense) before income taxes (397,126 ) 123,295 (1,158,221 ) 470,602 Income (loss) before income taxes $ (88,254 ) $ 281,322 $ (385,883 ) $ 971,933 There are no |
Note 5 - Income Taxes
Note 5 - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 5: 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 returns that remain subject to examination. Generally, returns are subject to examination for 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 6 - Related Party Transact
Note 6 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 6: Related Party Transactions The Company and Stream Wetlands Services, LLC (“Stream Wetlands”) were parties to an option to lease agreement dated April 17, 2017 (the “OTL”). The OTL provided Stream Wetlands an option to lease certain lands from the Company, subject to the negotiation and execution of a mutually acceptable lease form. On February 28, 2022, the Company exercised the OTL and entered into a lease in exchange for a payment by Stream Wetlands of $38,333. William Gray Stream, the President and a director of the Company, is the president of Stream Wetlands. The Company’s President is also the President of Matilda Stream Management, Inc. Matilda Stream Management provides administrative and accounting services to the Company for no compensation. Surface revenue-related party was $28,751 and $28,749 for the nine months ended September 30, 2022 and 2021, respectively. All of these amounts were attributable to the OTL with Stream Wetlands described above. |
Note 7 - Concentrations
Note 7 - Concentrations | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 7: Concentrations Revenue from the Company's five largest customers for the nine months ended September 30, 2022 and 2021, respectively were: Nine Months Ended September 30, Count 2022 2021 1 $ 106,373 $ 61,350 2 86,854 54,300 3 63,302 50,095 4 58,662 42,294 5 48,450 40,821 |
Note 8 - Share-based Compensati
Note 8 - Share-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 8: Share-Based Compensation During the nine months ended September 30, 2022, the Company issued to certain employees an aggregate of 76,755 RSUs that vest over a three-year The share-based compensation expense recognized is included in general and administrative expense in the statements of operations. The total fair value of the awards was $2,794,169 of which $2,086,381 was unrecognized stock-based compensation expense as of September 30, 2022. The plan participants elected to have the Company withhold 4,108 shares of the 14,622 shares earned to cover the employee payroll tax withholdings for the vested shares earned during the three-month period ended September 30, 2022. The plan participants elected to have the Company withhold 14,274 shares of the 46,206 shares earned to cover the employee payroll tax withholdings for the vested shares earned during the nine-month period ended September 30, 2022. These shares are reported as treasury stock on the balance sheet. The share-based compensation expense recognized by award type was $125,001 and $582,787 for RSUs and PSUs, respectively, for the nine months ended September 30, 2022. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets No |
Share-Based Payment Arrangement [Policy Text Block] | Share-Based Compensation five-year |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Earnings per Share |
Stockholders' Equity, Policy [Policy Text Block] | Dividends No |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements |
Note 2 - Fair Value of Financ_2
Note 2 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2022 December 31, 2021 Financial Assets: Level Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents 1 $ 7,382,956 $ 7,382,956 $ 7,409,873 $ 7,409,873 Equity investment in mutual funds 1 507,406 505,119 504,606 502,832 Total $ 7,890,362 $ 7,888,075 $ 7,914,479 $ 7,912,705 |
Note 3 - Property and Equipme_2
Note 3 - Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, 2022 2021 Land $ 6,815,711 $ 6,815,147 Timber 2,230,710 2,214,985 Equipment 120,873 108,602 9,167,294 9,138,734 Accumulated depreciation (84,397 ) (82,496 ) Total $ 9,082,897 $ 9,056,238 |
Note 4 - Segment Reporting (Tab
Note 4 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Nine Months Ended Year Ended 2022 2021 Identifiable Assets, net of accumulated depreciation Timber $ 2,230,710 $ 2,214,985 General corporate assets 14,974,609 14,840,102 Total 17,205,319 17,055,087 Capital expenditures: Timber $ 16,462 $ 18,606 Surface 564 4,063 General corporate assets 12,271 - Total segment costs and expenses $ 29,297 $ 22,669 Depreciation and depletion Oil and gas $ - $ - Timber 737 563 General corporate assets 1,901 2,027 Total $ 2,638 $ 2,590 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenues: Oil and gas $ 188,233 $ 108,208 $ 412,375 $ 257,555 Timber sales 87,904 11,936 198,283 114,877 Surface revenue 54,095 53,402 211,704 167,297 Total segment revenues 330,232 173,546 822,362 539,729 Cost and expenses: Oil and gas costs 17,844 12,264 $ 38,194 $ 29,930 Timber costs 3,516 3,255 6,701 8,468 Surface costs - 5,129 - Total segment costs and expenses 21,360 15,519 50,024 38,398 Net income from operations: Oil and gas 170,389 95,944 $ 374,181 $ 227,625 Timber 84,388 8,681 191,582 106,409 Surface 54,095 53,402 206,575 167,297 Total segment net income from operations 308,872 158,027 772,338 501,331 Unallocated other income (expense) before income taxes (397,126 ) 123,295 (1,158,221 ) 470,602 Income (loss) before income taxes $ (88,254 ) $ 281,322 $ (385,883 ) $ 971,933 |
Note 7 - Concentrations (Tables
Note 7 - Concentrations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Nine Months Ended September 30, Count 2022 2021 1 $ 106,373 $ 61,350 2 86,854 54,300 3 63,302 50,095 4 58,662 42,294 5 48,450 40,821 |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies and Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Impairment, Long-Lived Asset, Held-for-Use, Total | $ 0 | $ 0 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 39.60% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 310,794 | 0 | 310,794 | 0 |
Payments of Ordinary Dividends, Common Stock | $ 0 | $ 0 | ||
Weighted Average [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.50% |
Note 2 - Fair Value of Financ_3
Note 2 - Fair Value of Financial Instruments - Financial Instruments (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Reported Value Measurement [Member] | ||
Total | $ 7,890,362 | $ 7,914,479 |
Estimate of Fair Value Measurement [Member] | ||
Total | 7,888,075 | 7,912,705 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||
Cash and cash equivalents | 7,382,956 | 7,409,873 |
Equity investment in mutual funds | 507,406 | 504,606 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 7,382,956 | 7,409,873 |
Equity investment in mutual funds | $ 505,119 | $ 502,832 |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Gain (Loss) on Sale of Properties | $ 5,667 | $ 851,582 | ||
Depreciation, Total | $ 711 | $ 507 | 1,901 | 1,517 |
Depletion, Total | $ 737 | $ 534 |
Note 3 - Property and Equipme_4
Note 3 - Property and Equipment - Property and Equipment (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Property and equipment, gross | $ 9,167,294 | $ 9,138,734 |
Accumulated depreciation | (84,397) | (82,496) |
Total | 9,082,897 | 9,056,238 |
Land [Member] | ||
Property and equipment, gross | 6,815,711 | 6,815,147 |
Timber Properties [Member] | ||
Property and equipment, gross | 2,230,710 | 2,214,985 |
Equipment [Member] | ||
Property and equipment, gross | $ 120,873 | $ 108,602 |
Note 4 - Segment Reporting (Det
Note 4 - Segment Reporting (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Number of Operating Segments | 3 | |||
Total segment revenues | $ 330,232 | $ 173,546 | $ 822,362 | $ 539,729 |
Intersegment Eliminations [Member] | ||||
Total segment revenues | $ 0 | $ 0 |
Note 4 - Segment Reporting - Se
Note 4 - Segment Reporting - Segmented Operations Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Timber | $ 17,205,319 | $ 17,205,319 | $ 17,055,087 | ||
Total segment revenues | 330,232 | $ 173,546 | 822,362 | $ 539,729 | |
Cost and expenses | 427,593 | (104,154) | 1,227,090 | (419,129) | |
Income from operations | (97,361) | 277,700 | (404,728) | 958,858 | |
Oil and Gas [Member] | |||||
Oil and gas | 188,233 | 108,208 | 412,375 | 257,555 | |
Timber [Member] | |||||
Oil and gas | 87,904 | 11,936 | 198,283 | 114,877 | |
Operating Segments [Member] | |||||
Timber | 17,205,319 | 17,205,319 | 17,055,087 | ||
Timber | 29,297 | 22,669 | |||
Total segment revenues | 330,232 | 173,546 | 822,362 | 539,729 | |
Oil and gas | 2,638 | 2,590 | |||
Cost and expenses | 21,360 | 15,519 | 50,024 | 38,398 | |
Income from operations | 308,872 | 158,027 | 772,338 | 501,331 | |
Unallocated other income (expense) before income taxes | (397,126) | 123,295 | (1,158,221) | 470,602 | |
Income (loss) before income taxes | (88,254) | 281,322 | (385,883) | 971,933 | |
Timber Segment [Member] | Operating Segments [Member] | |||||
Timber | 2,230,710 | 2,230,710 | 2,214,985 | ||
Timber | 16,462 | 18,606 | |||
Oil and gas | 737 | 563 | |||
Cost and expenses | 3,516 | 3,255 | 6,701 | 8,468 | |
Income from operations | 84,388 | 8,681 | 191,582 | 106,409 | |
Timber Segment [Member] | Operating Segments [Member] | Timber [Member] | |||||
Oil and gas | 87,904 | 11,936 | 198,283 | 114,877 | |
Oil And Gas Segment [Member] | Operating Segments [Member] | |||||
Oil and gas | 0 | 0 | |||
Cost and expenses | 17,844 | 12,264 | 38,194 | 29,930 | |
Income from operations | 170,389 | 95,944 | 374,181 | 227,625 | |
Oil And Gas Segment [Member] | Operating Segments [Member] | Oil and Gas [Member] | |||||
Oil and gas | 188,233 | 108,208 | 412,375 | 257,555 | |
Corporate Segment [Member] | Operating Segments [Member] | |||||
Timber | 14,974,609 | 14,974,609 | 14,840,102 | ||
Timber | 12,271 | 0 | |||
Oil and gas | 1,901 | 2,027 | |||
Surface Segment [Member] | Operating Segments [Member] | |||||
Timber | 564 | $ 4,063 | |||
Cost and expenses | 0 | 5,129 | 0 | ||
Income from operations | 54,095 | 53,402 | 206,575 | 167,297 | |
Surface Segment [Member] | Operating Segments [Member] | Surface Leases [Member] | |||||
Surface revenue | $ 54,095 | $ 53,402 | $ 211,704 | $ 167,297 |
Note 6 - Related Party Transa_2
Note 6 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Feb. 28, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Surface Leases, Related Parties [Member] | |||||
Surface revenue | $ 9,584 | $ 9,583 | $ 28,751 | $ 28,749 | |
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 |
Note 7 - Concentrations - Custo
Note 7 - Concentrations - Customers Representing 5% or More of Total Revenue (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Major Customers 1 [Member] | ||
Revenue by customer | $ 106,373 | $ 61,350 |
Major Customers 2 [Member] | ||
Revenue by customer | 86,854 | 54,300 |
Major Customers 3 [Member] | ||
Revenue by customer | 63,302 | 50,095 |
Major Customers 4 [Member] | ||
Revenue by customer | 58,662 | 42,294 |
Major Customers 5 [Member] | ||
Revenue by customer | $ 48,450 | $ 40,821 |
Note 8 - Share-based Compensa_2
Note 8 - Share-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 2,794,169 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,086,381 | 2,086,381 | |
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture, Total | $ 0 | $ 0 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 76,755 | 0 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 14,622 | ||
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture, Total | $ 46,206 | ||
Share-Based Payment Arrangement, Expense | $ 125,001 | ||
Phantom Share Units (PSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 280,245 | 0 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 31,584 | ||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 4,108 | 14,274 | |
Share-Based Payment Arrangement, Expense | $ 582,787 |