Revenue Performance - The company's total revenues for 2022 were $1,105,494, an increase of approximately 48% compared to 2021 revenues of $744,545[98]. - Oil and gas revenues accounted for 54% of total revenues in 2022, with a significant increase of 63.5% from $364,907 in 2021 to $596,755 in 2022[100]. - Timber revenues increased by $68,872, totaling $219,974 in 2022, driven by improved demand in the regional market[107]. - Surface revenues rose by $60,229, reaching $288,765 in 2022, reflecting increased economic activity in the region[108]. Financial Position - As of December 31, 2022, the company had current assets of $8,307,928 and current liabilities of $267,176, with no outstanding debt[118][119]. - The company has small royalty interests in 20 different producing oil and gas fields, with royalty interests ranging from 0.0045% to 7.62%[87]. Net Income and Loss - The company's net loss for 2022 was $2,137,067, a decrease from net income of $819,349 in 2021, primarily due to lower gains on land sales and stock compensation expenses[97]. Cash Flow - Net cash provided by operating activities increased by $677,364 to $413,691 for the year ended December 31, 2022, compared to a net cash used of ($263,673) in 2021, primarily due to an increase in sales of $360,949 and a decrease in operating expenses[122]. - Net cash used in investing activities was $(498,765) for the year ended December 31, 2022, compared to $1,210,291 in 2021, with significant purchases including $1,000,000 in certificates of deposit and $12,835 in property and equipment[123]. - Net cash used in financing activities was $(176,592) for the year ended December 31, 2022, attributed to repurchases of common stock[124]. Strategic Development - The company is actively developing ranchette-style subdivisions on its lands, having completed plats for three subdivisions on approximately 575 acres[95]. - The company plans to continue evaluating commercial, agricultural, and timber lands for acquisitions and developing properties for commercial or residential purposes[114]. - Management is optimistic about the improvement of stumpage prices and aims to enter into additional stumpage agreements[116]. - The Board of Directors is evaluating strategic alternatives to increase shareholder value, including growth through acquisitions and asset dispositions[121]. Off-Balance Sheet Arrangements - The company does not have any off-balance sheet arrangements or relationships with unconsolidated entities[126].
CKX(CKX) - 2022 Q4 - Annual Report