$CKX
CKX Lands Inc

2017 Q4 Form 10-K Financial Statement

#000143774918005340 Filed on March 23, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 2016 Q4
Revenue $350.0K $1.145M $230.0K
YoY Change 52.17% 32.57% 27.78%
Cost Of Revenue $50.00K $141.9K $10.00K
YoY Change 400.0% 130.53% -50.0%
Gross Profit $300.0K $1.003M $210.0K
YoY Change 42.86% 25.05% 31.25%
Gross Profit Margin 85.71% 87.6% 91.3%
Selling, General & Admin $130.0K $495.0K $160.0K
YoY Change -18.75% -19.37% 33.33%
% of Gross Profit 43.33% 49.37% 76.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.00K $16.85K $0.00
YoY Change 3508.57%
% of Gross Profit 6.67% 1.68% 0.0%
Operating Expenses $120.0K $496.2K $160.0K
YoY Change -25.0% -19.24% 33.33%
Operating Profit $180.0K $541.1K $50.00K
YoY Change 260.0% 188.82% 25.0%
Interest Expense $10.00K $44.96K $0.00
YoY Change 28.64% -100.0%
% of Operating Profit 5.56% 8.31% 0.0%
Other Income/Expense, Net $44.96K
YoY Change 28.63%
Pretax Income $190.0K $586.1K $60.00K
YoY Change 216.67% 163.63% 20.0%
Income Tax $90.00K $63.22K $10.00K
% Of Pretax Income 47.37% 10.79% 16.67%
Net Earnings $210.0K $522.9K $50.00K
YoY Change 320.0% 206.35% 25.0%
Net Earnings / Revenue 60.0% 45.68% 21.74%
Basic Earnings Per Share $0.27
Diluted Earnings Per Share $108.2K $0.00 $25.77K
COMMON SHARES
Basic Shares Outstanding 1.942M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2017 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.280M $4.281M $4.450M
YoY Change -3.82% -3.81% -26.93%
Cash & Equivalents $1.652M $1.081M
Short-Term Investments $2.660M $2.663M $3.370M
Other Short-Term Assets $80.00K $84.17K $20.00K
YoY Change 300.0% 258.63% -50.0%
Inventory
Prepaid Expenses
Receivables $113.1K $113.1K $62.40K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.479M $4.479M $4.537M
YoY Change -1.29% -1.29% -26.83%
LONG-TERM ASSETS
Property, Plant & Equipment $9.295M $9.295M $9.161M
YoY Change 1.46% 1.46% 35.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $950.0K $950.0K $720.0K
YoY Change 31.94% 31.94% -40.0%
Other Assets
YoY Change
Total Long-Term Assets $10.25M $10.25M $9.881M
YoY Change 3.68% 3.68% 24.2%
TOTAL ASSETS
Total Short-Term Assets $4.479M $4.479M $4.537M
Total Long-Term Assets $10.25M $10.25M $9.881M
Total Assets $14.72M $14.72M $14.42M
YoY Change 2.12% 2.12% 1.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $210.0K $207.2K $120.0K
YoY Change 75.0% 69.17% 140.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $220.5K $220.5K $132.5K
YoY Change 66.48% 66.47% 143.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $220.5K $220.5K $132.5K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $408.2K $408.2K $431.4K
YoY Change -5.38% -5.38% 24.26%
SHAREHOLDERS EQUITY
Retained Earnings $14.26M $13.93M
YoY Change 2.36% 1.29%
Common Stock $59.34K $59.34K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.32M $14.32M $13.99M
YoY Change
Total Liabilities & Shareholders Equity $14.72M $14.72M $14.42M
YoY Change 2.12% 2.12% 1.85%

Cashflow Statement

Concept 2017 Q4 2017 2016 Q4
OPERATING ACTIVITIES
Net Income $210.0K $522.9K $50.00K
YoY Change 320.0% 206.35% 25.0%
Depreciation, Depletion And Amortization $20.00K $16.85K $0.00
YoY Change 3508.57%
Cash From Operating Activities $120.0K $404.3K $100.0K
YoY Change 20.0% 43.96% -1100.0%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K $155.3K $10.00K
YoY Change -600.0% 1007.6%
Acquisitions
YoY Change
Other Investing Activities $470.0K $3.133M $190.0K
YoY Change 147.37% 0.09% -107.92%
Cash From Investing Activities $420.0K $361.2K $200.0K
YoY Change 110.0% -118.3% -108.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -194.3K 0.000
YoY Change -3085.25%
NET CHANGE
Cash From Operating Activities 120.0K 404.3K 100.0K
Cash From Investing Activities 420.0K 361.2K 200.0K
Cash From Financing Activities 0.000 -194.3K 0.000
Net Change In Cash 540.0K 571.2K 300.0K
YoY Change 80.0% -133.88% -112.45%
FREE CASH FLOW
Cash From Operating Activities $120.0K $404.3K $100.0K
Capital Expenditures -$50.00K $155.3K $10.00K
Free Cash Flow $170.0K $249.0K $90.00K
YoY Change 88.89% -6.68% -1000.0%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:72pt;margin-right:0pt;margin-top:0pt;text-align:justify;">Presentation:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:90pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:90pt;margin-right:0pt;margin-top:0pt;text-align:justify;">Certain prior year amounts have been reclassified to conform to the current year<div style="display: inline; font-family:'Times New Roman', Times, serif;font-size:10pt;">&#x2019;s presentation, including oil and gas, timber, and surface, from general and administrative costs and expenses on the statements of income.</div></div></div></div></div></div></div></div></div></div>
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CY2017 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:94.5pt;margin-right:0pt;margin-top:0pt;text-align:justify;text-indent:-22.5pt;">Impairment of long-lived assets:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:94.5pt;margin-right:0pt;margin-top:0pt;text-align:justify;text-indent:-22.5pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:94.5pt;margin-right:0pt;margin-top:0pt;text-align:justify;">Long-lived assets, such as land, timber and property, building, and equipment, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable. If events or circumstances arise that require a long-lived asset to be tested for potential impairment, the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 maybe determined through various valuation techniques including quoted market prices, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-party independent appraisals and discounted cash flow models. The Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impairment charges during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div></div></div></div></div></div></div></div></div></div>
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9295022
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9161266
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
33821
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
CY2017 us-gaap Results Of Operations Expense From Oil And Gas Producing Activities
ResultsOfOperationsExpenseFromOilAndGasProducingActivities
62315
CY2016 us-gaap Results Of Operations Expense From Oil And Gas Producing Activities
ResultsOfOperationsExpenseFromOilAndGasProducingActivities
47212
CY2017 us-gaap Results Of Operations Income Before Income Taxes
ResultsOfOperationsIncomeBeforeIncomeTaxes
546807
CY2016 us-gaap Results Of Operations Income Before Income Taxes
ResultsOfOperationsIncomeBeforeIncomeTaxes
463644
CY2017 us-gaap Results Of Operations Income Tax Expense
ResultsOfOperationsIncomeTaxExpense
169510
CY2016 us-gaap Results Of Operations Income Tax Expense
ResultsOfOperationsIncomeTaxExpense
97365
CY2017 us-gaap Results Of Operations Oil And Gas Producing Activities Net Income Excluding Corporate Overhead And Interest Costs
ResultsOfOperationsOilAndGasProducingActivitiesNetIncomeExcludingCorporateOverheadAndInterestCosts
377297
CY2016 us-gaap Results Of Operations Oil And Gas Producing Activities Net Income Excluding Corporate Overhead And Interest Costs
ResultsOfOperationsOilAndGasProducingActivitiesNetIncomeExcludingCorporateOverheadAndInterestCosts
366279
CY2017 us-gaap Results Of Operations Revenue From Oil And Gas Producing Activities
ResultsOfOperationsRevenueFromOilAndGasProducingActivities
609122
CY2016 us-gaap Results Of Operations Revenue From Oil And Gas Producing Activities
ResultsOfOperationsRevenueFromOilAndGasProducingActivities
510856
CY2017 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
38333
CY2016 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
37667
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
14256226
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
13927613
CY2017 us-gaap Revenue Recognition Dividends
RevenueRecognitionDividends
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:72pt;margin-right:0pt;margin-top:0pt;text-align:justify;">Dividends:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:45pt;margin-right:0pt;margin-top:0pt;text-align:justify;text-indent:-27pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:90pt;margin-right:0pt;margin-top:0pt;text-align:justify;">Pursuant to a dividend reversion clause in the Company<div style="display: inline; font-family:'Times New Roman', Times, serif;font-size:10pt;">&#x2019;s Articles of Incorporation, dividends <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> claimed within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year after the dividend became payable will expire and revert in full ownership to the Company and the Company&#x2019;s obligation to pay such dividend will cease. Any dividend reversions are recorded in equity upon receipt.</div></div></div></div></div></div></div></div></div></div>
CY2017 us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:72pt;margin-right:0pt;margin-top:0pt;text-align:justify;">Surface:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:72pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 90pt; text-indent: 0pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); text-align: justify;">Surface revenue is earned through annual leases for agricultural and hunting activities and the Company records revenues evenly over the term of these leases.&nbsp; Surface revenues from these sources are recurring on an annual basis.&nbsp; Unearned surface revenues are recorded in trade payables and accrued expenses and are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$45,651</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">none</div> at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> respectively.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:90pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:90pt;margin-right:0pt;margin-top:0pt;text-align:justify;">Surface revenue is also earned through right of way and related temporary work space leases, both of which are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> unusual in occurrence and are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recurring sources of revenue. Generally, a right of way lease relates to either a utility or pipeline right of way that is a permanent servitude or for fixed periods of time greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">thirty</div> years. The Company retains ownership of the surface or land and is limited to the use of the surface. Revenue is recorded at the time of the agreement<div style="display: inline; font-family:'Times New Roman', Times, serif;font-size:10pt;">&#x2019;s execution date. For income tax purposes, these types of agreements are treated as sales of business assets.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:90pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:90pt;margin-right:0pt;margin-top:0pt;text-align:justify;">Other sources of surface revenue can be commercial activities leases and surface mineral sales, such as dirt.</div></div></div></div></div></div></div></div></div>
CY2017 us-gaap Revenues
Revenues
1144585
CY2016 us-gaap Revenues
Revenues
863402
CY2017 us-gaap Royalty Revenue
RoyaltyRevenue
588121
CY2016 us-gaap Royalty Revenue
RoyaltyRevenue
488947
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
13809767
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
13986948
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
14315561
CY2017 us-gaap Taxes Other
TaxesOther
154167
CY2016 us-gaap Taxes Other
TaxesOther
145245
CY2017 us-gaap Timber Operating Costs
TimberOperatingCosts
35692
CY2016 us-gaap Timber Operating Costs
TimberOperatingCosts
27957
CY2017 us-gaap Timber Revenue
TimberRevenue
224111
CY2016 us-gaap Timber Revenue
TimberRevenue
125860
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:72pt;margin-right:0pt;margin-top:0pt;text-align:justify;">Pervasiveness of estimates:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:72pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:90pt;margin-right:0pt;margin-top:0pt;text-align:justify;">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.</div></div></div></div></div></div></div></div></div>
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1942495
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1942495

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