CKX(US:CKX)2022-08-10 16:00Financial Performance - Total revenue for the three months ended June 30, 2022, was $310,214, an increase of 46.9% compared to $211,306 for the same period in 2021[12] - Net loss for the three months ended June 30, 2022, was $(276,691), compared to a net income of $174,348 for the same period in 2021, representing a significant decline[12] - Basic and diluted earnings per share for the three months ended June 30, 2022, were $(0.14), compared to $0.09 for the same period in 2021[12] - Net income for the six months ended June 30, 2022, was a loss of $271,951 compared to a profit of $601,155 in the same period of 2021[1] - Total revenues for the six months ended June 30, 2022, were $492,130, an increase of approximately $125,948 (34.4%) compared to the same period in 2021[81] - Net income from operations for the six months ended June 30, 2022, was $463,466, up from $343,303 in 2021, indicating a growth of 35.0%[47] Assets and Liabilities - Total current assets as of June 30, 2022, were $7,902,572, a slight decrease from $7,998,849 as of December 31, 2021[10] - Total liabilities decreased to $369,551 as of June 30, 2022, from $448,900 as of December 31, 2021, reflecting a reduction of 17.6%[10] - Cash and cash equivalents as of June 30, 2022, were $7,109,424, a decrease from $7,409,873 as of December 31, 2021[10] - Total financial assets as of June 30, 2022, were valued at $7,614,568, compared to $7,914,479 at the end of 2021[1] - The company had no outstanding debt as of June 30, 2022, and current assets totaled $7,902,572[93] Expenses - General and administrative expenses for the three months ended June 30, 2022, were $597,295, significantly higher than $148,316 for the same period in 2021[12] - Oil and gas costs for the three months ended June 30, 2022, were $14,615, up from $9,445 in the same period of 2021, reflecting a 55.5% increase[12] - Total segment costs and expenses for the six months ended June 30, 2022, were $28,664, compared to $22,879 in 2021, an increase of 25.3%[47] - Share-based compensation expense for the period included $414,291, reflecting the company's incentive compensation plan[1] - General and administrative expenses increased by $448,979 for the three months ended June 30, 2022, primarily due to higher officer compensation and payroll expenses[89] Revenue Breakdown - Oil and gas revenues for the six months ended June 30, 2022, were $224,142, up from $149,347 in 2021, reflecting a 50.1% increase[47] - Oil and gas revenues for the six months ended June 30, 2022, were $224,142, representing 46% of total revenues, with oil revenues increasing by $71,386 (56.9%) compared to the same period in 2021[82] - Timber sales for the same period rose to $110,379 from $102,941, marking a 7.0% increase[47] - Oil and gas revenues accounted for 46% of total revenues for the three months ended June 30, 2022, with oil revenues increasing by $40,930 (46.0%) and gas revenues increasing by $1,903 (21.8%) compared to the same period in 2021[75] - Timber revenue increased to $88,637 for the three months ended June 30, 2022, up 79.4% from $49,414 in 2021, due to normal business variations in timber customers' harvesting[79] Cash Flow - Net cash used in operating activities for the six months ended June 30, 2022, was $(139,279), an increase from $(64,018) in 2021[1] - Cash paid for income taxes in the six months ended June 30, 2022, was $16,947, down from $51,423 in 2021[1] - Cash and cash equivalents at the end of the period were $7,109,424, a decrease from $7,130,236 at the end of the previous period[1] Shareholder Actions - During the second quarter of fiscal 2022, the company repurchased a total of 10,166 shares of common stock at an average price of $12.92 per share[106] - The company did not declare any dividends during the six months ended June 30, 2022, or 2021[1] Company Operations - The company has identified demand for ranchette-style lots and has completed plats for three subdivisions, closing on the sale of 21 out of 39 lots as of June 30, 2022[71] - The company is actively searching for additional real estate for purchase in Louisiana, focusing on timberland and agricultural land[68] - The company reported unallocated other income (expense) before income taxes of $(761,096) for the year ended December 31, 2021, compared to $40,013 in 2021[47] Internal Controls - As of June 30, 2022, the company's disclosure controls and procedures were evaluated as effective by management[104] - There were no changes in the company's internal control over financial reporting that materially affected its effectiveness during the fiscal quarter ended June 30, 2022[105]