Financial Performance - Total revenue for the three months ended June 30, 2024, was $1,027,434, a significant increase of 177.6% compared to $370,380 for the same period in 2023[6] - Net income for the three months ended June 30, 2024, was $565,278, compared to a net income of $103,228 for the same period in 2023, representing a year-over-year increase of 448.5%[6] - Basic net income per share for the three months ended June 30, 2024, was $0.28, compared to $0.05 for the same period in 2023, indicating a year-over-year increase of 460%[6] - Net income for the six months ended June 30, 2024, was $163,949, compared to a net loss of $134,411 for the same period in 2023[10] - The company’s income before income taxes for the first half of 2024 was $710,756, a significant increase from $137,637 in 2023, reflecting a growth of 417%[26] Revenue Breakdown - Oil and gas revenues reached $161,148 for the three months ended June 30, 2024, up 58.8% from $101,361 in the same period last year[6] - Surface revenue increased to $866,286 for the three months ended June 30, 2024, compared to $258,237 for the same period in 2023, marking a growth of 235.5%[6] - Oil and gas revenues for the first half of 2024 were $161,148, compared to $101,361 in 2023, marking a 59% increase[26] - Oil and gas revenues accounted for 21% of total revenues for the six months ended June 30, 2024, compared to 28% in the same period of 2023[49] - The company’s five largest customers generated revenues of $536,615 and $175,020 for the six months ended June 30, 2024, and 2023, respectively, showing a substantial increase of 206%[29] Expenses and Liabilities - General and administrative expenses rose to $503,118 for the three months ended June 30, 2024, compared to $253,991 in the same period last year, reflecting an increase of 97.8%[6] - The company reported total segment costs and expenses of $17,705 for the first half of 2024, compared to $13,222 in 2023, indicating a rise of 34%[26] - Cash and cash equivalents at the end of the period were $7,866,811, down from $8,386,252 at the end of the previous year[10] - The company had no outstanding debt as of June 30, 2024, with current assets totaling $9,688,496[54] Asset Management - Total stockholders' equity as of June 30, 2024, was $18,484,163, an increase from $18,318,058 as of December 31, 2023[5] - The total liabilities and stockholders' equity as of June 30, 2024, amounted to $18,950,450, compared to $18,813,406 as of December 31, 2023[5] - Total identifiable assets as of June 30, 2024, were $18,950,450, compared to $18,813,406 at the end of 2023[25] Shareholder Activities - The company repurchased 39,012 shares of treasury stock at a cost of $472,602 as of June 30, 2024, compared to 22,946 shares at a cost of $263,748 as of December 31, 2023[5] - Share-based compensation expense recognized for the six months ended June 30, 2024, was $211,010 for restricted stock units, compared to $209,864 in the same period of 2023[31] Strategic Initiatives - The company actively searches for additional real estate for purchase, focusing on southwest Louisiana, with an emphasis on timberland and agricultural land[40] - The company is actively seeking additional undeveloped acres in Southwest Louisiana for potential residential subdivisions[43] - The company has received preliminary indications of interest from multiple parties regarding the potential acquisition of the company or its assets, as part of a strategic evaluation process initiated on August 21, 2023[41] Other Information - The company did not declare any dividends during the six months ended June 30, 2024, and 2023[17] - Depreciation expense remained consistent at $2,130 for both the six months ended June 30, 2024, and 2023[24] - No impairment charges were recorded during the six months ended June 30, 2024, and 2023, indicating stable asset valuations[14] - The company has not made any further awards under the 2021 Stock Incentive Plan during the six months ended June 30, 2024[15] - The company has restated its Articles of Incorporation and amended its By-Laws as of August 10, 2023[63] - The certifications of the President and Chief Financial Officer were filed pursuant to the Sarbanes-Oxley Act of 2002[63] - The report was signed on behalf of CKX Lands, Inc. by W. Gray Stream, the President and Principal Executive Officer[64]
CKX(CKX) - 2024 Q2 - Quarterly Report