CKX(CKX) - 2024 Q3 - Quarterly Report

Revenue Performance - Total revenues for the three months ended September 30, 2024, were $171,269, a decrease of approximately 33.9$25,416 to $73,340 for the three months ended September 30, 2024, representing a 53.0$18,883 for the three months ended September 30, 2024, due to normal business variations in timber customers' harvesting[58] - Surface revenues decreased by 14.8% to $79,046 for the three months ended September 30, 2024, attributed to lower oil and gas delay rental income[59] - Total revenues for the nine months ended September 30, 2024, were$1,340,550, an increase of approximately 68.6% compared to the same period in 2023[60] - Oil and gas revenues for the nine months ended September 30, 2024, increased by $118,506 to$316,986, driven by increased net oil and gas production[61] - Surface revenues increased by 115.3% to $1,002,406 for the nine months ended September 30, 2024, due to three natural gas pipeline right of way agreements[62] Expenses and Cash Flow - General and administrative expenses increased by$85,647 for the nine months ended September 30, 2024, primarily due to increased land research advisory fees[65] - Net cash provided by operating activities decreased to $107,406 for the nine months ended September 30, 2024, down from$252,420 in 2023, primarily due to a decrease in share-based compensation[69] - Net cash used in investing activities increased significantly to $4,126,604 for the nine months ended September 30, 2024, compared to$374,184 in 2023, driven by purchases of certificates of deposits totaling $7,340,723[70] - Net cash used in financing activities was$208,854 for the nine months ended September 30, 2024, attributed to repurchases of common stock, whereas there were no financing activities in 2023[71] Financial Position - Current assets totaled $9,460,950 with current liabilities of$174,134 as of September 30, 2024, indicating a strong liquidity position[67] - The company did not have any off-balance sheet arrangements or relationships with special purpose entities during the nine months ended September 30, 2024[73] - There were no changes in significant accounting policies and estimates during the nine months ended September 30, 2024, compared to the previous year[72] Strategic Initiatives - The Company has initiated a formal process to evaluate strategic alternatives to enhance shareholder value, including potential acquisitions and asset sales[49]