Financial Performance - Total revenue for September 2023 was $259,031, a decrease of 21.5% compared to $330,232 in September 2022[41]. - Net loss for September 2023 was $98,679, an improvement from a net loss of $323,654 in September 2022[44]. - Oil and gas revenue decreased to $47,924 in September 2023 from $188,233 in September 2022, representing a decline of 74.5%[41]. - Timber sales increased to $118,365 in September 2023, up 34.5% from $87,904 in September 2022[41]. - Basic earnings per share for September 2023 was $0.02, compared to a loss of $0.03 in September 2022[41]. - Total segment revenues for the nine months ended September 30, 2023, were $795,173, a decrease of approximately 3.3% from $822,362 in the same period of 2022[80]. - Net income from operations for the nine months ended September 30, 2023, was $763,872, compared to $772,338 for the same period in 2022, indicating a slight decline[80]. - Oil and gas income for the nine months ended September 30, 2023, was $198,480, down from $412,375 in the same period of 2022, reflecting a significant decrease[80]. - Timber sales revenue for the nine months ended September 30, 2023, was $131,048, compared to $198,283 for the same period in 2022, showing a decline[80]. Expenses and Liabilities - General and administrative expenses were $246,268 in September 2023, down 40.1% from $411,189 in September 2022[41]. - Total current liabilities decreased to $118,064 in September 2023 from $267,176 in September 2022, a reduction of 55.9%[40]. - General and administrative expenses decreased by $164,921 for the three months ended September 30, 2023, primarily due to a decrease in stock compensation expense[126]. - Oil and gas costs decreased by $10,801 and $11,923 for the three and nine months ended September 30, 2023, respectively, due to normal year-to-year variations[114]. Cash Flow and Assets - Cash and cash equivalents at the end of September 2023 were $7,026,443, a decrease from $7,382,956 at the end of September 2022[44]. - Net cash provided by operating activities was $252,420 in September 2023, compared to $176,096 in September 2022, an increase of 43.3%[44]. - Net cash provided by operating activities was $252,420 for the nine months ended September 30, 2023, an increase from $176,096 in 2022, primarily due to a decrease in net loss[115]. - Current assets totaled $8,746,578 and current liabilities equaled $118,064 at September 30, 2023[128]. - Identifiable assets as of September 30, 2023, totaled $18,176,133, an increase from $17,687,590 as of December 31, 2022[70]. Strategic Initiatives - The Company announced on August 21, 2023, the initiation of a formal process to evaluate strategic alternatives to enhance shareholder value[140]. - The exploration of strategic alternatives may not lead to a successful transaction, which could adversely affect the company's business and stockholders[152]. Other Financial Metrics - The company reported a gain on the sale of land of $149,992 in September 2023, compared to $5,667 in September 2022[57]. - Gain on sale of land was $149,992 for the nine months ended September 30, 2023, compared to $5,667 in the same period in 2022[127]. - The total fair value of share-based awards was $3,374,002, with $329,131 unrecognized stock-based compensation expense as of September 30, 2023[72]. - Share-based compensation expense recognized for restricted stock units was $315,369 and for performance shares was $420,965 for the nine months ended September 30, 2023[88]. - Depreciation expense for the nine months ended September 30, 2023, was $3,196, compared to $1,901 for the same period in 2022, representing an increase of approximately 68%[68]. - The company has not identified any material changes to the risk factors previously disclosed in its Annual Report for the year ended December 31, 2022[152]. - The report includes certifications from the President and Chief Financial Officer in compliance with the Sarbanes-Oxley Act[153][154].
CKX(CKX) - 2023 Q3 - Quarterly Report