UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition period from ______ to ______ Commission File Number: 001-37858 CANTERBURY PARK HOLDING CORPORATION | --- | --- | --- | --- | --- | |-----------------------------------|------- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2020. OR ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____ TO _____. Commission File Number: 001-37858 CANTERBURY PARK HOLDING CORPORATION (Exact Name of Registrant as Specified in Its Cha ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020. OR ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____ TO _____. Commission File Number: 001-37858 CANTERBURY PARK HOLDING CORPORATION (Exact Name of Registrant as Specified in Its Charter) ...

Part I [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The company's Q1 2020 financial statements show a slight decrease in total assets and liabilities, a decline in net revenues due to COVID-19, but a significant increase in net income [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2020, total assets were $65.1 million, a slight decrease from $65.4 million at December 31, 2019, with total liabilities decreasing to $15.2 million and equity increasing to $49.9 million Condensed Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2020 ($) | December 31, 2019 ($) | | :--- | :--- | :--- | | **Total Current Assets** | $4,350,379 | $3,961,888 | | **Total Assets** | **$65,097,832** | **$65,413,082** | | **Total Current Liabilities** | $10,429,693 | $11,475,832 | | **Total Liabilities** | **$15,203,715** | **$15,996,972** | | **Total Stockholders' Equity** | $49,894,117 | $49,416,110 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2020, total net revenues decreased 5.5% to $10.95 million due to the COVID-19 shutdown, yet net income significantly rose to $255,221 from $56,572 year-over-year Q1 2020 vs Q1 2019 Statement of Operations (Unaudited) | Metric | Three Months Ended March 31, 2020 ($) | Three Months Ended March 31, 2019 ($) | | :--- | :--- | :--- | | **Total Net Revenues** | $10,948,959 | $11,590,798 | | **Total Operating Expenses** | $10,807,264 | $11,613,559 | | **Income (Loss) from Operations** | $141,695 | ($22,761) | | **Net Income** | **$255,221** | **$56,572** | | **Diluted Earnings Per Share** | $0.05 | $0.01 | - Cash dividends declared per share were **$0.00** in Q1 2020, compared to **$0.07** in Q1 2019, reflecting the suspension of dividends due to the pandemic[6](index=6&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) For Q1 2020, total stockholders' equity increased from $49.42 million to $49.89 million, primarily driven by net income and stock-based compensation, with no dividend distributions Changes in Stockholders' Equity (Q1 2020) | Description | Amount ($) | | :--- | :--- | | Balance at December 31, 2019 | $49,416,110 | | Net Income | $255,221 | | Exercise of stock options | $200,790 | | 401(K) stock match | $160,967 | | Other share retirements | ($124,198) | | **Balance at March 31, 2020** | **$49,894,117** | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly decreased to $350,820 in Q1 2020 from $1.46 million in Q1 2019, with total cash balance falling to $3.08 million Cash Flow Summary (Unaudited) | Activity | Three Months Ended March 31, 2020 ($) | Three Months Ended March 31, 2019 ($) | | :--- | :--- | :--- | | Net cash provided by operating activities | $350,820 | $1,460,719 | | Net cash used in investing activities | ($870,608) | ($4,801,419) | | Net cash used in financing activities | ($326,237) | ($227,795) | | **Net decrease in cash** | **($846,025)** | **($3,568,495)** | | **Cash at end of period** | **$3,081,073** | **$7,635,503** | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail COVID-19's impact, segment performance, key agreements like the CMA and TIF, and subsequent land sales totaling approximately $3.5 million - On **March 16, 2020**, the Company suspended all card casino, simulcast, and special events operations in response to the COVID-19 Pandemic, significantly impacting financial results for the quarter[10](index=10&type=chunk) - The company has **four** reportable operating segments: horse racing, **Card Casino**, food and beverage, and development, with the Card Casino being the largest revenue source[16](index=16&type=chunk) - The company has a Cooperative Marketing Agreement (CMA) with the Shakopee Mdewakanton Sioux Community (SMSC) to enhance horse racing purses, which expires in **2022**[20](index=20&type=chunk)[21](index=21&type=chunk) - Subsequent to quarter end, the company entered into **two** land sale agreements in **April 2020** for a total consideration of approximately **$3.5 million**, expected to close in **2020**[35](index=35&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses COVID-19's impact, Q1 revenue decline, increased adjusted EBITDA due to cost cuts, liquidity measures, and forward-looking risks [COVID-19 Pandemic Impact and Response](index=18&type=section&id=COVID-19%20Pandemic) The COVID-19 pandemic led to the temporary suspension of operations on March 16, 2020, prompting cost-saving measures including employee furloughs and dividend suspension - Operations were temporarily suspended on **March 16, 2020**, due to the COVID-19 pandemic[39](index=39&type=chunk) - Mitigation measures included placing most employees on unpaid furlough, implementing salary reductions for remaining staff, suspending the quarterly cash dividend, and reducing discretionary spending[39](index=39&type=chunk)[41](index=41&type=chunk) [Operations Review for the Three Months Ended March 31, 2020](index=19&type=section&id=Operations%20Review%20for%20the%20Three%20Months%20Ended%20March%2031,%202020) Q1 2020 total net revenues decreased 5.5% to $10.9 million due to the March shutdown, but adjusted EBITDA increased 19.9% to $858,548 due to a 6.9% reduction in operating expenses EBITDA Reconciliation (Non-GAAP) | Metric | Three Months Ended March 31, 2020 ($) | Three Months Ended March 31, 2019 ($) | | :--- | :--- | :--- | | Net Income | $255,221 | $56,572 | | EBITDA | $858,548 | $602,759 | | **Adjusted EBITDA** | **$858,548** | **$716,196** | Revenue by Source (YoY Change) | Revenue Source | Q1 2020 Revenue ($) | YoY Change | | :--- | :--- | :--- | | Pari-Mutuel | $1,296,000 | -13.1% | | Card Casino | $7,561,000 | -4.3% | | Food and Beverage | $1,119,000 (approx) | -17.3% | | Other Revenue | $973,000 (approx) | +14.8% | | **Total Net Revenues** | **$10,949,000** | **-5.5%** | - Total operating expenses decreased by **$806,000** (**6.9%**) YoY, primarily due to a **$292,000** decrease in purse expense and a **$167,000** decrease in salaries and benefits[48](index=48&type=chunk) [Liquidity and Capital Resources](index=21&type=section&id=Liquidity%20and%20Capital%20Resources) The company has an undrawn $8 million revolving credit line and $3.1 million in cash, expecting future land sales to support liquidity, but does not qualify for CARES Act federal lending assistance - The company has an **$8 million** revolving credit line, with a **$0** balance as of **March 31, 2020**, maturing on **September 30, 2020**[50](index=50&type=chunk) - Cash, cash equivalents, and restricted cash balance was **$3.08 million** at **March 31, 2020**[52](index=52&type=chunk) - The Company does **not currently qualify** for federal lending assistance offered by the CARES Act, including the Paycheck Protection Program[52](index=52&type=chunk) [Forward-Looking Statements](index=24&type=section&id=Forward-Looking%20Statements) The company outlines key risks including the ongoing impact of the COVID-19 pandemic, competition, legislative changes, and the success of its real estate development - Key risks include the short-term and long-term effects of the COVID-19 pandemic, uncertainty about reopening dates, and potential reluctance from customers to visit[65](index=65&type=chunk) - Risks related to the Canterbury Commons real estate development include reliance on joint venture partners and the fact that TIF reimbursement is not guaranteed[67](index=67&type=chunk) - The company notes risks from competition, potential increases in operating costs, and legislative or regulatory changes, including those related to sports betting[67](index=67&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=26&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This item is not applicable for the reporting period - Not applicable[69](index=69&type=chunk) [Item 4. Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective, with no significant changes in internal control over financial reporting during the quarter - The CEO and CFO have concluded that the Company's disclosure controls and procedures are **effective**[70](index=70&type=chunk) - **No significant changes** in internal control over financial reporting occurred during the fiscal quarter ended March 31, 2020[71](index=71&type=chunk) Part II [Item 1. Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) This item is not applicable for the reporting period - Not Applicable[73](index=73&type=chunk) [Item 1A. Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) There have been no changes to the Risk Factors as listed in the company's Form 10-K for the year ended December 31, 2019 - There have been **no changes** to the Risk Factors listed in the Form 10-K for the year ended December 31, 2019[73](index=73&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any shares during Q1 2020, with 128,781 shares remaining authorized for future repurchase as of March 31, 2020 - The Company **did not repurchase any shares** during the first quarter of 2020[73](index=73&type=chunk) - As of **March 31, 2020**, the maximum number of shares that may yet be purchased under the stock repurchase plan is **128,781**[73](index=73&type=chunk) [Item 6. Exhibits](index=28&type=section&id=Item%206.%20Exhibits) The report includes several exhibits, notably amended corporate bylaws, CEO and CFO certifications, a press release for Q1 2020 results, and XBRL formatted financial statements - Filed exhibits include amended Bylaws, CEO/CFO certifications (Section 302 and 906), a press release for Q1 2020 results, and XBRL data[77](index=77&type=chunk)[78](index=78&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition period from ______ to ______ Commission File Number: 001‑37858 CANTERBURY PARK HOLDING CORPORATION (Exact Name of Registrant as Specified in its Charter) Min ...

PART I. FINANCIAL INFORMATION This section covers unaudited financial statements, management's analysis, market risk, and internal controls [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2019, including balance sheets, statements of operations, equity, and cash flows Condensed Consolidated Balance Sheets (Unaudited) | Account | September 30, 2019 (in millions) | December 31, 2018 (in millions) | | :--- | :--- | :--- | | **Total Current Assets** | $7.10 | $12.81 | | **Total Assets** | **$65.84** | **$61.43** | | **Total Current Liabilities** | $12.36 | $10.62 | | **Total Liabilities** | $16.94 | $14.69 | | **Total Stockholders' Equity** | $48.90 | $46.73 | Condensed Consolidated Statements of Operations (Unaudited) | Metric | Three Months Ended Sep 30, 2019 (in millions) | Three Months Ended Sep 30, 2018 (in millions) | Nine Months Ended Sep 30, 2019 (in millions) | Nine Months Ended Sep 30, 2018 (in millions) | | :--- | :--- | :--- | :--- | :--- | | **Total Net Revenues** | $18.60 | $18.37 | $46.62 | $47.10 | | **Income from Operations** | $1.47 | $2.03 | $2.76 | $4.39 | | **Net Income** | **$1.15** | **$1.63** | **$2.16** | **$3.35** | | **Diluted EPS** | $0.25 | $0.36 | $0.47 | $0.74 | Condensed Consolidated Statements of Cash Flows (Unaudited, Nine Months Ended) | Activity | September 30, 2019 (in millions) | September 30, 2018 (in millions) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $3.95 | $4.28 | | **Net cash used in investing activities** | ($11.72) | ($2.51) | | **Net cash provided by (used in) financing activities** | $0.89 | ($0.29) | | **Net (decrease) increase in cash** | ($6.88) | $1.48 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section details the company's business operations, accounting policies, segment reporting, and key agreements - Primary revenue sources include Card Casino, pari-mutuel, and food and beverage operations, with ongoing **Canterbury Commons** real estate development[12](index=12&type=chunk) - The company adopted the new lease accounting standard **ASC 842** on January 1, 2019, with no material impact on financial statements[17](index=17&type=chunk) Segment Revenues (Nine Months Ended Sep 30, 2019, in thousands) | Segment | Net Revenues from External Customers | | :--- | :--- | | Horse Racing | $13,018 | | Card Casino | $25,351 | | Food and Beverage | $8,244 | | Development | $12 | | **Total** | **$46,625** | - A **Cooperative Marketing Agreement (CMA)** with **SMSC**, expiring in 2022, provides annual payments for purse enhancements and joint marketing[25](index=25&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - A joint venture with **Doran Companies** is developing an apartment complex, supported by a **TIF Redevelopment Agreement** with the City of Shakopee[31](index=31&type=chunk)[32](index=32&type=chunk)[34](index=34&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 and nine-month 2019 financial results, highlighting revenue trends, **Adjusted EBITDA** decline, and liquidity changes from development investments [Operations Review](index=18&type=section&id=Operations%20Review) This section reviews operational performance, noting a decline in **Adjusted EBITDA** due to decreased revenues and increased operating expenses, partially offset by food and beverage growth Adjusted EBITDA Reconciliation (Non-GAAP) | Period | Adjusted EBITDA 2019 (in millions) | Adjusted EBITDA 2018 (in millions) | Change (%) | | :--- | :--- | :--- | :--- | | **Three Months Ended Sep 30** | $2.27 | $2.69 | (15.8%) | | **Nine Months Ended Sep 30** | $4.66 | $6.36 | (26.8%) | - **Pari-mutuel revenue** decreased **9.5%** for the quarter and **8.0%** for the nine months due to reduced wagering and fewer live racing days[44](index=44&type=chunk)[47](index=47&type=chunk) - **Food and beverage revenue** increased **17.9%** for the quarter and **11.1%** for the nine months, boosted by a music festival and new facilities[48](index=48&type=chunk) - **Salaries and benefits** increased **8.2%** for the quarter and **5.5%** for the nine months, driven by minimum wage increases and new positions[50](index=50&type=chunk) [Liquidity and Capital Resources](index=21&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity decreased, with cash and equivalents falling to **$4.3 million** due to **$11.7 million** in investing activities, supported by an **$8 million** revolving credit line - The company maintains an **$8 million** revolving credit line, with **$1.67 million** outstanding and a maturity extended to September 30, 2020[52](index=52&type=chunk) - Cash, cash equivalents, and restricted cash decreased from **$11.2 million** to **$4.3 million** by September 30, 2019[54](index=54&type=chunk) - Net cash used in investing activities totaled **$11.7 million** for the nine months, primarily for Card Casino remodel and development[56](index=56&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=26&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company has determined that this disclosure is not applicable for the reporting period - Quantitative and qualitative disclosures about market risk are deemed not applicable for this reporting period[71](index=71&type=chunk) [Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's disclosure controls and procedures were effective as of September 30, 2019, with no material changes to internal control over financial reporting - Disclosure controls and procedures were concluded to be effective by the CEO and CFO as of the reporting period end[72](index=72&type=chunk) - No significant changes in internal control over financial reporting occurred during the quarter ended September 30, 2019[73](index=73&type=chunk) PART II. OTHER INFORMATION This section covers legal proceedings, risk factors, unregistered sales of equity securities, and exhibits [Other Information (Items 1-6)](index=27&type=section&id=Items%201-6) This section confirms no material legal proceedings or changes to risk factors, no share repurchases in Q3 2019, and lists filed exhibits - No material legal proceedings are reported[76](index=76&type=chunk) - No changes to **Risk Factors** from the Form 10-K for the year ended December 31, 2018, are reported[76](index=76&type=chunk) - No shares were repurchased in Q3 2019, with **128,781 shares** remaining under the stock repurchase plan as of September 30, 2019[76](index=76&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10‑Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2019. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____ TO ____ Commission File Number: 001‑37858 CANTERBURY PARK HOLDING CORPORATION | --- | --- | --- | |----------------------------------- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10‑Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2019. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____ TO ____ Commission File Number: 001‑37858 CANTERBURY PARK HOLDING CORPORATION (Exact Name of Registrant as Specified in Its Charter) ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10‑K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition period from ______ to ______ Commission File Number: 001‑37858 CANTERBURY PARK HOLDING CORPORATION (Address of principal executive offices and zip code) Regi ...