CKX(CKX) - 2021 Q1 - Quarterly Report

Financial Performance - Total revenue for the three months ended March 31, 2021, was $154,876, a decrease of 14.1% compared to $180,391 for the same period in 2020[12] - Net income for the three months ended March 31, 2021, was $426,807, significantly up from $58,382 in the same period of 2020, representing a year-over-year increase of 631.5%[12] - Earnings per share for the three months ended March 31, 2021, was $0.22, compared to $0.03 for the same period in 2020[12] Assets and Liabilities - Total assets as of March 31, 2021, were $16,696,499, an increase from $16,316,697 as of December 31, 2020[9] - Total liabilities decreased to $482,854 as of March 31, 2021, from $529,859 as of December 31, 2020, reflecting a reduction of 8.9%[8] - Current liabilities decreased to $295,190 as of March 31, 2021, from $342,195 as of December 31, 2020, a decrease of 13.7%[8] - The company’s total stockholders' equity increased to $16,213,645 as of March 31, 2021, from $15,786,838 as of December 31, 2020, an increase of 2.7%[9] - Retained earnings increased to $16,154,310 as of March 31, 2021, from $15,727,503 as of December 31, 2020, an increase of 2.7%[9] Cash and Cash Equivalents - Cash and cash equivalents increased to $6,835,402 as of March 31, 2021, compared to $6,463,255 at the end of 2020, marking a growth of 5.8%[16] - Cash and cash equivalents as of March 31, 2021, were $6,835,402, an increase from $6,463,255 as of December 31, 2020[33] Expenses - General and administrative expenses decreased to $103,083 for the three months ended March 31, 2021, down from $143,121 in the same period of 2020, a reduction of 28%[12] - Total segment costs and expenses decreased to $9,179 in Q1 2021 from $14,188 in Q1 2020, a reduction of 35.3%[40] Segment Performance - Oil and gas segment revenue was $50,145 for the three months ended March 31, 2021, down 56.4% from $115,050 in the prior year[40] - Timber sales increased significantly to $53,527 in Q1 2021 from $7,888 in Q1 2020, representing a growth of 577.5%[40] - Net income from operations for the oil and gas segment was $41,924 in Q1 2021, down 59.4% from $103,313 in Q1 2020[40] - Net income from operations for the three months ended March 31, 2021, was $145,697, down from $166,203, a decrease of 12.3%[40] Gains and Dividends - The company reported a gain on the sale of land of $(406,220) for the three months ended March 31, 2021, compared to $(33,107) for the same period in 2020[12] - The company recorded a gain on the sale of land of $406,220 for the three months ended March 31, 2021, compared to $33,107 in Q1 2020[36] - The company did not declare any dividends during the three months ended March 31, 2021, and 2020[26] Other Financial Metrics - The fair value of total financial assets as of March 31, 2021, was $7,338,121, compared to $6,965,850 as of December 31, 2020[33] - Identifiable assets net of accumulated depreciation totaled $16,696,499 as of March 31, 2021, up from $16,316,697 at the end of 2020[42] - The carrying value of property and equipment decreased to $9,126,011 as of March 31, 2021, from $9,243,621 as of December 31, 2020[36] - There were no impairment charges recorded during the three months ended March 31, 2021, and 2020[23]