CKX(US:CKX)2021-03-24 16:00Revenue Performance - Total revenues for 2020 were $671,944, a decrease of approximately 17% compared to 2019 revenues of $811,271[83] - Oil and gas revenues decreased by 48.6% to $257,247 in 2020 from $500,426 in 2019, primarily due to decreased production and lower average sale prices[83] - Timber sales increased by 84.9% to $134,720 in 2020 from $72,847 in 2019, driven by favorable harvesting conditions[83] - Surface revenue increased by 17.6% to $279,977 in 2020 from $237,998 in 2019, attributed to higher lease prices[83] - The company experienced a gain on the sale of land and equipment of $354,577 in 2020, significantly higher than $80,876 in 2019[95] - Oil revenues decreased by $155,007, with net oil produced dropping to 5,043 barrels in 2020 from 6,272 barrels in 2019[85] - Gas revenues decreased by $82,803, with net gas produced falling to 12,376 MCF in 2020 from 32,107 MCF in 2019[85] Land and Timber Management - The company holds 13,941 acres of land in Southwest Louisiana, with 10,495 acres classified as timber lands[78] - The company plans to continue evaluating commercial, agricultural, and timber lands for potential acquisitions and development opportunities[96] - The company aims to actively market its timber and seek additional stumpage agreements despite depressed prices[97] - The Company believes direct land management will be a catalyst for increased surface revenue in southwest Louisiana[98] Financial Position - The Company's current assets totaled $7,073,076 and current liabilities equaled $342,195 as of December 31, 2020[99] - The Company had no outstanding debt as of December 31, 2020, and 2019[100] - Cash and cash equivalents are considered adequate for projected operations and possible land acquisitions[101] Cash Flow Analysis - Net cash provided by operating activities decreased by $54,546 to $140,165 for the year ended December 31, 2020, compared to $194,711 for the year ended December 31, 2019[102] - The decrease in cash provided by operating activities was primarily due to changes in the gain on the sale of land[102] - Net cash provided by investing activities was $3,042,801 for the year ended December 31, 2020, compared to $1,224,842 for the year ended December 31, 2019[103] - The Company purchased certificates of deposit totaling $1,985,920 in 2020, with proceeds from maturity amounting to $4,682,920[103] - Net cash used in financing activities was $0 for both the years ended December 31, 2020, and 2019[104] - There were no off-balance sheet arrangements or financing relationships with unconsolidated entities[106]