CKX(CKX) - 2021 Q4 - Annual Report

Revenue Performance - Total revenues for 2021 were $744,545, an increase of approximately 11% compared to 2020 revenues of $671,944[86] - Oil and gas revenues accounted for 49% of total revenues in 2021, with oil revenues increasing by $95,627 (41.8%) and gas revenues increasing by $10,596 (40.2%) compared to 2020[87] - Timber revenues increased by $16,382 (12.2%) in 2021, representing 20% of total revenues[94] - Surface revenues decreased by $51,441 (18.4%) in 2021, accounting for 31% of total revenues[95] - The gain on the sale of land was $1,025,735 in 2021, significantly higher than $354,577 in 2020[98] Assets and Liabilities - Current assets totaled $7,998,849 and current liabilities equaled $261,236 at December 31, 2021[102] - As of December 31, 2021, the Company had no outstanding debt, maintaining a strong balance sheet position[103] - Cash and cash equivalents are deemed adequate for projected operations and potential land acquisitions[104] Cash Flow - Net cash provided by operating activities decreased by $403,838 to ($263,673) for the year ended December 31, 2021, compared to $140,165 for 2020, primarily due to changes in net income and land sale gains[107] - Net cash provided by investing activities was $1,210,291 for 2021, down from $3,042,801 in 2020, with significant proceeds from the sale of fixed assets[108] - The Company reported no cash used in financing activities for both 2021 and 2020, indicating no reliance on external financing[110] Strategic Initiatives - The Company is actively searching for additional real estate for purchase in Louisiana, focusing on timberland and agricultural land[80] - The Company plans to continue evaluating commercial, agricultural, and timber lands for acquisitions and developing properties for commercial or residential purposes[99] - The Company will seek to enter into additional stumpage agreements to improve timber revenue[100] - The Board of Directors is actively evaluating strategic alternatives to enhance shareholder value, including potential acquisitions and asset dispositions[105] Compliance and Governance - The Company has no off-balance sheet arrangements or relationships with unconsolidated entities[112] - Financial statements have been audited by MaloneBailey, LLP, ensuring compliance with accounting principles generally accepted in the United States[112]