Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-31905

CKX Lands, Inc.

(Exact name of registrant as specified in its charter)

Louisiana		72-0144530
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)


2417 Shell Beach Drive
Lake Charles, LA		70601
(Address of principal executive offices)		(Zip Code)

	(337) 493-2399
	(Registrant’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock with no par value	CKX	NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 2,027,032 shares of common stock are issued and outstanding as of May 6, 2024.

TABLE OF CONTENTS

		Page

PART I.	FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS
	BALANCE SHEETS AS OF MARCH 31, 2024 AND DECEMBER 31, 2023 (UNAUDITED)
	STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (UNAUDITED)
	STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (UNAUDITED)
	STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (UNAUDITED)
	NOTES TO FINANCIAL STATEMENTS AS OF MARCH 31, 2024 (UNAUDITED)	1

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	6

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	9

ITEM 4.	CONTROLS AND PROCEDURES	9

PART II.	OTHER INFORMATION

ITEM 1	LEGAL PROCEEDINGS	10

ITEM 1A.	RISK FACTORS	10

ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	11

ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	11

ITEM 4.	MINE SAFETY DISCLOSURES	11

ITEM 5.	OTHER INFORMATION	11

ITEM 6.	EXHIBITS	11

SIGNATURES		12

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CKX LANDS, INC.

BALANCE SHEETS

(unaudited)

	March 31,			December 31,
	2024			2023
ASSETS
Current assets:
Cash and cash equivalents	$	7,243,336		$	7,546,689
Certificates of deposit		1,507,455			1,525,173
Accrued accounts receivable		95,085			104,741
Prepaid expense and other assets		136,255			212,279
Total current assets		8,982,131			9,388,882
Property and equipment, net		9,094,317			9,095,403
Deferred tax asset		314,180			329,121
Total assets	$	18,390,628		$	18,813,406

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Trade payables and accrued expenses	$	63,744		$	159,159
Income tax payable		151,404			151,404
Unearned revenue		153,246			184,785
Total current liabilities		368,394			495,348
Total liabilities		368,394			495,348

Stockholders' equity:
Common stock, 3,000,000 shares authorized, no par value, 2,014,283 and 1,991,337 shares issued and outstanding, respectively, as of March 31, 2024 and December 31, 2023		59,335			59,335
Additional paid in capital		3,255,881			3,150,376
Treasury stock, 22,496 shares, at cost, as of March 31, 2024 and December 31, 2023		(263,748	)		(263,748	)
Retained earnings		14,970,766			15,372,095
Total stockholders' equity		18,022,234			18,318,058
Total liabilities and stockholders' equity	$	18,390,628		$	18,813,406

The accompanying notes are an integral part of these unaudited financial statements.

CKX LANDS, INC.

STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended March 31,
	2024			2023

Revenues:
Oil and gas	$	82,500		$	49,195
Timber sales		2,275			1,901
Surface revenue		57,074			114,666
Total revenue		141,849			165,762
Costs, expenses and (gains):
Oil and gas costs		10,366			8,938
Timber costs		3,983			1,257
General and administrative expense		563,040			647,303
Depreciation expense		1,066			1,065
Gain on sale of land		-			(149,992	)
Total costs, expenses and (gains)		578,455			508,571
Loss from operations		(436,606	)		(342,809	)

Interest income		50,218			25,958
Loss before income taxes		(386,388	)		(316,851	)
Federal and state income tax expense (benefit):
Current		-			-
Deferred		14,941			(79,212	)
Total income taxes		14,941			(79,212	)
Net loss	$	(401,329	)	$	(237,639	)

Net loss per share:
Basic and diluted	$	(0.20	)	$	(0.12	)

Weighted-average shares used in per share calculation:
Basic and diluted		1,991,337			1,974,427

The accompanying notes are an integral part of these unaudited financial statements.

CKX LANDS, INC.

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(Unaudited)

	Common Stock							Additional Paid-In		Retained			Total
	Shares		Amount		Treasury Stock			Capital		Earnings			Equity
Balances, December 31, 2023		2,014,283	$	59,335	$	(263,748	)	$	3,150,376	$	15,372,095		$	18,318,058
Share-based compensation		-		-		-			105,505		-			105,505
Net loss		-		-		-			-		(401,329	)		(401,329	)
Balances, March 31, 2024		2,014,283	$	59,335	$	(263,748	)	$	3,255,881	$	14,970,766		$	18,022,234

	Common Stock							Additional Paid-In		Retained			Total
	Shares		Amount		Treasury Stock			Capital		Earnings			Equity
Balances, December 31, 2022		1,988,701	$	59,335	$	(176,592	)	$	2,308,537	$	15,229,134		$	17,420,414
Share-based compensation		-		-		-			526,470		-			526,470
Net loss		-		-		-			-		(237,639	)		(237,639	)
Balances, March 31, 2023		1,988,701	$	59,335	$	(176,592	)	$	2,835,007	$	14,991,495		$	17,709,245

The accompanying notes are an integral part of these unaudited financial statements.

CKX LANDS, INC.

STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended
	March 31,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(401,329	)	$	(237,639	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation expense		1,066			1,065
Depletion expense		20			-
Deferred income tax expense (benefit)		14,941			(79,212	)
Gain on sale of land		-			(149,992	)
Share-based compensation		105,505			526,470
Changes in operating assets and liabilities:
Decrease (increase) in current assets		68,913			(63,544	)
Decrease in current liabilities		(126,954	)		(87,539	)
Net cash used in operating activities		(337,838	)		(90,391	)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of certificates of deposit		(1,500,000	)		-
Maturity of certificates of deposit		1,534,485			-
Costs of reforesting timber		-			(17,358	)
Proceeds from the sale of fixed assets		-			149,992
Net cash provided by investing activities		34,485			132,634

NET CHANGE IN CASH AND CASH EQUIVALENTS		(303,353	)		42,243
Cash and cash equivalents, beginning of the period		7,546,689			7,148,207
Cash and cash equivalents, end of the period	$	7,243,336		$	7,190,450

SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest	$	-		$	-
Cash paid for income taxes	$	-		$	-

The accompanying notes are an integral part of these unaudited financial statements.

CKX LANDS, INC.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

The “Company,” “we,” “us,” and “our,” refer to CKX Lands, Inc.

Note 1:

Significant Accounting Policies and Recent Accounting Pronouncements

Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures have been omitted pursuant to such rules and regulations. In the opinion of management, the accompanying financial statements include normal recurring adjustments that are necessary for a fair presentation of the results for the interim periods presented. These financial statements should be read in conjunction with our audited financial statements and notes thereto for the fiscal year ended December 31, 2023 included in our Annual Report on Form 10-K. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of results to be expected for the full fiscal year or any other periods.

The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make a number of estimates and judgments that affect the reported amounts of assets, liabilities, expenses, and related disclosures. Actual results may differ from these estimates.

Concentration of Credit Risk

The Company maintains its cash balances in nine financial institutions. At times, cash balances may exceed the Federal Deposit Insurance Corporation’s insured limit of $250,000. The Company has not experienced any losses in such accounts and management believes the Company is not exposed to any significant credit risk on its cash balances.

Impairment of Long-lived Assets

Long-lived assets, such as land, timber and property, buildings, and equipment, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If events or circumstances arise that require a long-lived asset to be tested for potential impairment, the Company first compares undiscounted cash flows expected to be generated by the asset to its carrying value. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment charge is recognized to the extent that the carrying value exceeds the fair value. Fair value may be determined through various valuation techniques including quoted market prices, third-party independent appraisals and discounted cash flow models. During the year ended December 31, 2023, the Company performed a step zero impairment analysis on its long-lived assets and determined there were no qualitative factors that would indicate impairment. No impairment charges were recorded during the three months ended March 31, 2024 and 2023, respectively.

Share-Based Compensation

We maintain one active incentive compensation plan: the 2021 Stock Incentive Plan (the Plan). The Plan provides for the issuance of restricted stock units (RSUs) and performance-based restricted stock units (PSUs) to certain of our employees, non-employee directors and consultants.

For awards that are subject to market conditions, we utilize a binomial-lattice model (i.e., Monte Carlo simulation model), to determine the fair value. The Monte Carlo simulation model utilizes multiple input variables to determine the share-based compensation expense. Awards for the maximum number of shares issuable under the Plan were made on June 13, 2022. Therefore, no further awards were made under the Plan during the three months ended March 31, 2024.

Share-based compensation expense related to RSUs are expensed over the grant date to the end of the requisite service period using the straight-line method. PSUs are expensed over the grant date to the end of the requisite service period using a model-driven derived service period based upon the median of the price projection scenarios for each performance trigger. The RSUs and PSUs do not have voting rights. We calculate the fair value of our share-based awards on the date of grant.

Basic and Diluted Earnings per Share

Net earnings per share is provided in accordance with FASB ASC 260-10, "Earnings per Share". Basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive income per share excludes all potential common shares if their effect is anti-dilutive. For the three months ended March 31, 2024, potentially dilutive shares attributable to 36,551 restricted stock units were excluded in the calculation of earnings per share as their effect is anti-dilutive due to the Company’s net loss for such period. For the three months ended March 31, 2023, potentially dilutive shares attributable to 310,794 restricted stock units and performance shares were excluded in the calculation of earnings per share as their effect is anti-dilutive due to the Company's net loss for such period.

Dividends

The Company does not currently pay dividends on a regular basis. In determining whether to declare a dividend, the Board of Directors takes into account the Company’s prior fiscal year’s cash flows from operations and the current economic conditions, among other information deemed relevant. Dividends paid per common stock are based on the weighted average number of common stock shares outstanding during the period. No dividends were declared during the three months ended March 31, 2024 and 2023, respectively.

Pursuant to a dividend reversion clause in the Company’s Articles of Incorporation, dividends not claimed within one year after the dividend becomes payable will expire and revert in full ownership to the Company and the Company’s obligation to pay such dividend will cease. Any dividend reversions are recorded in equity upon receipt.

Recent Accounting Pronouncements

There are various updates recently issued to the accounting literature and these are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

Note 2: Fair Value of Financial Instruments

ASC 820 Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measurements. It defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; and model-driven valuations whose inputs are observable or whose significant value drivers are observable. Valuations may be obtained from, or corroborated by, third-party pricing services.

Level 3: Unobservable inputs to measure fair value of assets and liabilities for which there is little, if any market activity at the measurement date, using reasonable inputs and assumptions based upon the best information at the time, to the extent that inputs are available without undue cost and effort.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it was practical to estimate that value:

Class and Methods and/or Assumptions

Cash and cash equivalents: Carrying value approximates fair value due to its readily convertible characteristic.

Certificates of deposit: Carrying value adjusted to and presented at fair market value.

The estimated fair values of the Company's financial instruments are as follows:

			March 31, 2024				December 31, 2023
Financial Assets:	Level		Carrying Value		Fair Value		Carrying Value		Fair Value

Cash and cash equivalents		2	$	7,243,336	$	7,243,336	$	7,546,689	$	7,546,689
Certificates of deposit		2		1,507,455		1,499,030		1,525,173		1,499,675
Total			$	8,750,791	$	8,742,366	$	9,071,862	$	9,046,364

Note 3:

Property and Equipment

Property and equipment consisted of the following:

	March 31,			December 31,
	2024			2023

Land	$	6,815,711		$	6,815,711
Timber		2,250,596			2,250,616
Equipment		120,873			120,873
		9,187,180			9,187,200
Accumulated depreciation		(92,863	)		(91,797	)
Total	$	9,094,317		$	9,095,403

During the three months ended March 31, 2024 and 2023, the Company had a gain on sale of land of $0 and $149,992, respectively.

Depreciation expense was $1,066 and $1,065 for the three months ended March 31, 2024 and 2023, respectively.

Depletion expense was $20 and $0 and for the three months ended March 31, 2024 and 2023, respectively.

Note 4:

Segment Reporting

The Company’s operations are classified into three principal operating segments that are all located in the United States: oil and gas, timber and surface. The Company’s reportable business segments are strategic business units that offer income from different products. They are managed separately due to the unique aspects of each area.

The tables below present financial information for the Company’s three operating business segments:

	Three Months Ended March 31,		Year Ended December 31,
	2024		2023
Identifiable Assets, net of accumulated depreciation
Timber	$	2,250,596	$	2,250,616
General corporate assets		16,140,032		16,562,790
Total		18,390,628		18,813,406

Capital expenditures:
Timber	$	-	$	20,737
Surface		-		-
General corporate assets		-		-
Total segment costs and expenses	$	-	$	20,737

Depreciation and depletion
Oil and gas	$	-	$	-
Timber		20		685
General corporate assets		1,066		4,261
Total	$	1,086	$	4,946

	Three Months Ended March 31,
	2024			2023
Revenues:
Oil and gas	$	82,500		$	49,195
Timber sales		2,275			1,901
Surface revenue		57,074			114,666
Total segment revenues		141,849			165,762

Cost and expenses:
Oil and gas costs	$	10,366		$	8,938
Timber costs		3,983			1,257
Surface costs		-			-
Total segment costs and expenses		14,349			10,195

Net income (loss) from operations:
Oil and gas	$	72,134		$	40,257
Timber		(1,708	)		644
Surface		57,074			114,666
Total segment net income from operations		127,500			155,567
Unallocated other expense before income taxes		(513,889	)		(472,418	)
Loss before income taxes	$	(386,389	)	$	(316,851	)

There are no intersegment sales reported in the accompanying statements of operations. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in the Company’s Form 10-K for the year ended December 31, 2023. The Company evaluates performance based on income or loss from operations before income taxes excluding any nonrecurring gains and losses. Income before income tax represents net revenues less costs and expenses less other income and expenses of a general corporate nature. Identifiable assets by segment are those assets used solely in the Company's operations within that segment.

Note 5:

Income Taxes

In accordance with generally accepted accounting principles, the Company has analyzed its filing positions in federal and state income tax returns for the tax returns that remain subject to examination. Generally, returns are subject to examination for three years after filing. The Company believes that all filing positions are highly certain and that all income tax filing positions and deductions would be sustained upon a taxing jurisdiction’s audit. Therefore, no reserve for uncertain tax positions is required. No interest or penalties have been levied against the Company and none are anticipated.

Note 6:

Related Party Transactions

The Company and Stream Wetlands Services, LLC (“Stream Wetlands”) were parties to an option to lease agreement dated April 17, 2017 (the “OTL”). The OTL provided Stream Wetlands an option to lease certain lands from the Company, subject to the negotiation and execution of a mutually acceptable lease form. On February 28, 2022, Stream Wetlands exercised the OTL and entered into a 25-year lease in exchange for a one-time payment by Stream Wetlands of $38,333. The terms of the lease provide for formulaic contingent payments to the Company based on the amount of revenue generated from activities on the subject property by a third party, with a guaranteed minimum payment of $500,000 in the event that revenue does not meet a minimum threshold. No minimum payment is due unless and until the third party engages in activity on the subject lands, and neither the Company nor Stream Wetlands is able to determine whether that will occur. William Gray Stream, the President and a director of the Company, is the president of Stream Wetlands.

The Company’s President is also the President of Matilda Stream Management Inc. (“MSM”) and the Chief Financial Officer is the Chief Investment Officer of MSM. MSM provides administrative services to the Company for no compensation.

Note 7:

Concentrations

Revenue from the Company's five largest customers for the three months ended March 31, 2024 and 2023, respectively were:

	Three Months Ended March 31,
Count	2024		2023
1	$	25,130	$	13,269
2		18,721		10,893
3		10,389		8,361
4		8,570		8,095
5		6,619		7,403

Note 8:

Share-Based Compensation

During the year ended December 31, 2022, the Company granted to certain employees an aggregate of 76,755 restricted stock units that vest over a three-year period through July 15, 2024 and 280,245 performance shares that vest upon achievement of certain stock price hurdles as measured during the period from July 15, 2020 through July 15, 2024. Each of the time-based and market-condition awards are subject to the recipient’s continued service with us, the terms and conditions of our stock incentive plan and the applicable award agreement. As of December 31, 2023, 40,204 restricted stock units and 31,584 performance shares had vested, representing a total of 71,788 issuable shares under the Plan. As of December 31, 2023, a total of 71,788 of the issuable shares had been issued to employees. During three months ended March 31, 2024, 51,761 performance shares have been vested upon achievement of certain stock price. The shares were issued on April 1, 2024. As of March 31, 2024, 40,204 restricted stock units and 83,345 performance shares had vested, representing a total of 123,549 issuable shares under the Plan.

The share-based compensation expense recognized is included in general and administrative expense in the statements of operations. The total fair value of the awards was $3,374,002 of which $118,121 was unrecognized stock-based compensation expense as of March 31, 2024.

The plan participants elected to have the Company withhold shares to cover the employee payroll tax withholdings for the shares issued. As of March 31, 2024, the Company withheld 22,946 shares of the 71,788 shares issued to the employees.

The share-based compensation expense recognized by award type was $105,505 and $0 for restricted stock units and performance shares, respectively, for the three months ended March 31, 2024. The share-based compensation expense recognized by award type was $105,505 and $420,965 for restricted stock units and performance shares, respectively, for the three months ended March 31, 2023.

Note 9:

Subsequent Events

On April 1, 2024, underlying shares for the 51,761 performance shares that vested during the quarter ended March 31, 2024 were issued to employees. The plan participants elected to have the Company withhold 16,066 of the shares earned to cover the employee payroll tax withholdings for the vested shares, resulting in a net issuance to plan participants of 35,695 shares.

ITEM 2. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited financial statements and related notes included in this Quarterly Report on Form 10-Q and the audited financial statements and notes thereto as of and for the year ended December 31, 2023 and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations, both of which are contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed on March 27, 2024.

Cautionary Statement

This Management’s Discussion and Analysis includes a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like “believe,” “expect,” “plan,” “estimate,” “anticipate,” “intend,” “project,” “will,” “predicts,” “seeks,” “may,” “would,” “could,” “potential,” “continue,” “ongoing,” “should” and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this Form 10-Q. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or from our predictions, including those risks described in our Annual Report on Form 10-K, this Form 10-Q and in our other public filings. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.

Overview

CKX Lands, Inc., a Louisiana corporation, began operations in 1930 under the name Calcasieu Real Estate & Oil Co., Inc. It was originally organized as a spin-off by a bank operating in southwest Louisiana. The purpose of the spin-off was to form an entity to hold non-producing mineral interests which regulatory authorities required the bank to charge off. Over the years, as some of the mineral interests began producing, the Company used part of the proceeds to acquire land. In 1990, the Company made its largest acquisition when it was one of four purchasers who bought a fifty percent undivided interest in approximately 35,575 acres in southwest Louisiana.

Today the Company’s income is derived from mineral royalties, timber sales and surface payments from its lands. CKX receives income from royalty interests and mineral leases related to oil and gas production, timber sales, land sales and surface rents. Although CKX is active in the management of its land and planting and harvesting its timber, CKX is passive in the production of income from oil and gas production in that CKX does not explore for oil and gas or operate wells. These oil and gas activities are performed by unrelated third parties.

CKX leases its property to oil and gas operators and collects income through its land ownership in the form of oil and gas royalties and lease rentals and geophysical revenues. The Company’s oil and gas income fluctuates as new oil and gas production is discovered on Company land and then ultimately depletes or becomes commercially uneconomical to produce. The volatility in the daily commodity pricing of a barrel of oil or a thousand cubic feet, or “MCF,” of gas will also cause fluctuations in the Company’s oil and gas income. These commodity prices are affected by numerous factors and uncertainties external to CKX’s business and over which it has no control, including the global supply and demand for oil and gas, the effect of the COVID-19 pandemic and government responses to the pandemic on supply and demand, geopolitical conditions and domestic and global economic conditions, among other factors.

CKX has small royalty interests in 20 different producing oil and gas fields. The size of each royalty interest is determined by the Company’s net ownership in the acreage unit for the well. CKX’s royalty interests range from 0.0045% for the smallest to 7.62% for the largest. As the Company does not own or operate the wells, it does not have access to any reserve information. Eventually, the oil and gas reserves under the Company’s current land holdings will be depleted.

Timber income is derived from sales of timber on Company lands. The Company’s timber income will fluctuate depending on our ability to secure stumpage agreements in the regional markets, timber stand age, and/or stumpage commodity prices. Timber is a renewable resource that the Company actively manages.

Surface income is earned from various recurring and non-recurring sources. Recurring surface income is earned from lease arrangements for farming, recreational and commercial uses. Non-recurring surface income can include such activities as pipeline right of ways, and temporary worksite rentals.

In managing its lands, the Company relies on and has established relationships with real estate, forestry, environmental and agriculture consultants as well as attorneys with legal expertise in general corporate matters, real estate, and minerals.

The Company actively searches for additional real estate for purchase in Louisiana with a focus on southwest Louisiana and on timberland and agricultural land. When evaluating unimproved real estate for purchase, the Company will consider numerous characteristics including but not limited to, timber fitness, agriculture fitness, future development opportunities and/or mineral potential. When evaluating improved real estate for purchase, the Company will consider characteristics including, but not limited to, geographic location, quality of existing revenue streams, and/or quality of the improvements.

The Company’s Board of Directors regularly evaluates a range of strategic alternatives that could increase shareholder value, and the Board and management conduct due diligence activities in connection with such alternatives. These include opportunities for growth though the acquisitions of land or other assets, business combinations, dispositions of assets and reinvestment of the proceeds, and other alternatives. On August 21, 2023, the Company announced that the Board had determined to initiate a formal process to evaluate strategic alternatives for the Company to enhance value for stockholders and had retained a financial advisor in connection with the process. On April 18, 2024, the Company provided an update on the process, noting that it had received preliminary indications of interest from multiple parties related to the potential acquisition of the Company or its assets, and that the Company and its advisors are working with a select group of these parties to provide them with additional information. The Board has formed a subcommittee to provide oversight and management of the process. A sale of the Company or all or substantially all of its assets would be subject to a number of conditions and contingencies, including the approval of the Company’s shareholders. There can be no assurance that this process will result in the successful negotiation of a definitive agreement for a transaction or any other strategic outcome, or that the Board will recommend that CKX’s shareholders approve any transaction.

Recent Developments

In 2019, the Company began developing several ranchette-style subdivisions on certain of its lands in Calcasieu and Beauregard Parishes using existing road rights of way. The Company has identified demand in those areas for ranchette-style lots, which consist of more than three acres each, and the Board of Directors and management believe this project will allow the Company to realize a return on its investment in the applicable lands after payment of expenses. The Company has completed and recorded plans for three subdivisions. The three subdivisions are located on approximately 415 acres in Calcasieu Parish and approximately 160 acres in Beauregard Parish and contain an aggregate of 39 lots. As of March 31, 2024, the Company has closed on the sale of 21 of the 39 lots. As of the date of this report one sale was pending, and the Company is actively marketing the remaining lots.

The Company is working to identify additional undeveloped acres owned by the Company in Southwest Louisiana that would likewise be suitable for residential subdivisions.

During 2023, the Company closed on the sale of two 40-acre parcels located in Jefferson Davis Parish in which it had a 16.67% ownership interest (13.3 net acres) for proceeds to the Company of $149,992.

Results of Operations

Summary of Results

The Company’s results of operations for the three months ended March 31, 2024 were driven primarily by decreases in surface revenues, gain on sale of land and general and administrative expenses offset by increases in oil and gas, and timber revenue. The decrease in general and administrative expenses is primarily due to a decrease in share-based compensation expense, offset by an increase in land research advisory fees.

Revenue – Three Months Ended March 31, 2024

Total revenues for the three months ended March 31, 2024 were $141,849, a decrease of approximately 14.4% when compared with the same period in 2023. Total revenue consists of oil and gas, timber, and surface revenues. Components of revenues for the three months ended March 31, 2024 as compared to 2023, are as follows:

	Three Months Ended March 31,
	2024		2023		Change from Prior Year			Percent Change from Prior Year
Revenues:
Oil and gas	$	82,500	$	49,195	$	33,305			67.7	%
Timber sales		2,275		1,901		374			19.7	%
Surface revenue		57,074		114,666		(57,592	)		(50.2	)%
Total revenues	$	141,849	$	165,762	$	(23,913	)		(14.4	)%

Oil and Gas

Oil and gas revenues were 58% and 30% of total revenues for the three months ended March 31, 2024 and 2023, respectively.

CKX received oil and/or gas revenues from 58 and 62 wells during the three months ended March 31, 2024 and 2023, respectively.

Oil and gas revenues increased for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023, by $33,305. The increase was due to an increase in the net oil and gas produced partially offset by a decrease in the average sales price.

Timber

Timber revenue was $2,275 and $1,901 for the three months ended March 31, 2024 and 2023, respectively. The increase in timber revenues was due to normal business variations in timber customers’ harvesting.

Surface

Surface revenues decreased for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023, by $57,592. The decrease in surface revenue versus the first quarter of last year was primarily attributable to lower right-of-way payments as well as the fact that in the first quarter of 2023, the Company recognized non-recurring surface revenue from the expiration of a three year deposit made by one of its customers.

Costs and Expenses – Three Months Ended March 31, 2024

Oil and gas costs increased for the three months ended March 31, 2024 as compared to the three months ended March 31, 2023 by $1,428. This variance is due to the normal variations in year to year costs.

Timber costs increased for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023, by $2,726. The increase is primarily due to increased timber management costs.

General and administrative expenses decreased for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023, by $84,262. This is primarily due to a decrease in share based compensation expense, offset by an increase in land research advisory fees.

Gain on Sale of Land – Three Months Ended March 31, 2023

Gain on sale of land was $0 and $149,992 for the three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2023, this consisted of a gain on sale of two parcels of land.

Liquidity and Capital Resources

Sources of Liquidity

Current assets totaled $8,982,131 and current liabilities equaled $368,394 at March 31, 2024.

As of March 31, 2024 and December 31, 2023, the Company had no outstanding debt.

In the opinion of management, cash and cash equivalents are adequate for projected operations and possible land acquisitions.

Analysis of Cash Flows

Net cash used in operating activities was $337,838 and $90,391 for the three months ended March 31, 2024 and 2023, respectively. The increase in cash used in operating activities was attributable to a decrease in current liabilities.

Net cash provided by investing activities was $34,485 and $132,634 for the three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024, this resulted from purchases of certificates of deposit of $1,500,000, offset by maturity of certificates of deposit of $1,534,485. For the three months ended March 31, 2023, this primarily resulted from proceeds of the sale of fixed assets offset by costs of reforesting timber of $17,358.

Significant Accounting Polices and Estimates

There were no changes in our significant accounting policies and estimates during the three months ended March 31, 2024 from those set forth in “Significant Accounting Policies and Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2023.

Recent Accounting Pronouncements

See Note 1, Basis of Presentation and Recent Accounting Pronouncements, to our condensed financial statements included in this report for information regarding recently issued accounting pronouncements that may impact our financial statements.

Off-Balance Sheet Arrangements

During the three months ended March 31, 2024, we did not have any off-balance sheet arrangements, financings, or other relationships with unconsolidated entities or other persons, also known as “special purpose entities” (SPEs).

ITEM 3. NOT APPLICABLE

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Pursuant to Rule 13a-15(b) and Rule 15d-15(b) under the Exchange Act, the Company’s principal executive officer and principal financial officer carried out an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as defined under Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act) as of the end of the period covered by this Report. Disclosure controls and procedures mean controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based on its evaluation, management concluded that as of March 31, 2024 the Company’s disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

Under the supervision and with the participation of our principal executive and financial officers, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2023. Based on our assessment, our principal executive and financial officers concluded that our internal control over financial reporting was not effective as of December 31, 2023, due to a material weakness that occurred as we did not design and maintain adequate control activities related to the accounting and disclosure for stock-based compensation for vesting and issued shares.

In response to the above, management adopted during the fiscal quarter ended March 31, 2024, a policy under which management must approve quarter-end closing journal entries submitted by third party providers. Management believes that the adoption and implementation of this policy will remediate the material weakness.

There were no other changes in the Company’s internal control over financial reporting during the fiscal quarter ended March 31, 2024 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEMS 1. NOT APPLICABLE

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the following risks, which could materially affect our business, financial condition, or results of operations in future periods. The risks described below are not the only risks facing our Company. Additional risks not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, or results of operations in future periods.

There were no material changes during the period covered in this report to the risk factors previously disclosed in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2023, except as follows:

We cannot assure you that our exploration of strategic alternatives will result in us pursuing a transaction or that any such transaction would be successfully completed. The process of reviewing strategic alternatives or its conclusion could adversely affect our business and our stockholders.

In August 2023, we announced that our Board of Directors had determined to initiate a formal process to evaluate strategic alternatives for the Company to enhance value for stockholders. We are actively working with financial and legal advisors in this process.

On April 18, 2024, we provided an update on the process, noting that we have received preliminary indications of interest from multiple parties related to the potential acquisition of the Company or its assets, and that we and our advisors are working with a select group of these parties to provide them with additional information. Our Board of Directors has formed a subcommittee to provide oversight and management of the process. A sale of the Company or all or substantially all of its assets would be subject to a number of conditions and contingencies, including the approval of the Company’s shareholders.

We cannot make any assurances about the timing or outcome of the process, including whether the process will result in a transaction; what the terms, structure, benefits and costs of any transaction will be; or that any transaction that is agreed to will be completed. Entry into or completion of any potential transaction or other strategic alternatives would depend on a number of factors that may be beyond our control, including, among other things, general economic and market conditions, industry trends, regulatory approvals and the availability of financing for a potential transaction on reasonable terms. Even if a transaction is entered into, we cannot assure you that it will be successful, achieve our objectives or have a positive effect on stockholder value. Our Board of Directors may also determine that no transaction is in the best interest of our stockholders.

We expect to incur expenses, which could be substantial, associated with identifying, evaluating and negotiating potential strategic alternatives. The process of reviewing potential strategic alternatives may be time-consuming, distracting and disruptive to our business and our management team. We may also incur additional unanticipated expenses in connection with this process. In addition, we may be subject to costly and time-consuming litigation related to the process. Further, the process may result in the loss of potential business opportunities and have a negative effect on the market price and volatility of our common stock, as well as our ability to retain customers, recruit and retain qualified personnel, and maintain other business relationships.

In addition, speculation regarding any developments related to the review of strategic alternatives and perceived uncertainties related to the future of the Company could cause our stock price to fluctuate significantly.

ITEMS 2 – 5. NOT APPLICABLE

ITEM 6. EXHIBITS

3.1	Restated Articles of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to Form 10-K (File No. 001-31905) for the year ended December 31, 2018 filed on March 21, 2019).

3.2	Amendment to Articles of Incorporation of the Registrant (incorporated by reference to Exhibit 3.2 to Form 10-K (File No. 001-31905) for the year ended December 31, 2003 filed on March 19, 2004).

3.3	Articles of Amendment to the Restated Articles of Incorporation of the Registrant (incorporated by reference to Exhibit 3.3 to Form 10-K (File No. 001-31905) for the year ended December 31, 2018 filed on March 21, 2019).

3.4	Amended and Restated By-Laws of the Registrant (adopted as of August 10, 2023) (incorporated by reference to Exhibit 3.1 to Form 8-K (File No. 001-31905) filed on August 14, 2023).

31.1*	Certification of W. Gray Stream, President, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*	Certification of Scott A. Stepp, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1**	Certification of W. Gray Stream, President, pursuant to 18 U.S.C. Section 1350 and Section 906 of the Sarbanes-Oxley Act of 2002.

32.2**	Certification of Scott Stepp, Chief Financial Officer, pursuant to 18 U.S.C. Section 1320 and Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS	Inline XBRL Instance

101.SCH	Inline XBRL Taxonomy Extension Schema

101.CAL	Inline XBRL Taxonomy Extension Calculation

101.DEF	Inline XBRL Taxonomy Extension Definition

101.LAB	Inline XBRL Taxonomy Extension Labels

101.PRE	Inline XBRL Taxonomy Extension Presentation

104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*	Filed herewith
**	Furnished herewith

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: May 13, 2024

CKX LANDS, INC.

By:

*/s/ W. Gray Stream*
W. Gray Stream
President
(Principal executive officer)

Exhibit 31.1

CERTIFICATION

I, W. Gray Stream, certify that:

1.	I have reviewed this Form 10-Q for the quarter ended March 31, 2024 of CKX Lands, Inc. (the “registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 13, 2024

*/s/ W. Gray Stream*
W. Gray Stream
President
(Principal executive officer)

Exhibit 31.2

CERTIFICATION

I, Scott A. Stepp, certify that:

1.	I have reviewed this Form 10-Q for the quarter ended March 31, 2024 of CKX Lands, Inc. (the “registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 13, 2024

*/s/ Scott A. Stepp*
Scott A. Stepp
Chief Financial Officer
(Principal financial officer)

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350 AND

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the filing by CKX Lands, Inc. (the “Company”) of this Form 10-Q for the quarter ended March 31, 2024 (the “Report”), the undersigned hereby certifies, to the best of my knowledge, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 13, 2024

*/s/ W. Gray Stream*
W. Gray Stream
President
(Principal executive officer)

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350 AND

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 13, 2024

*/s/ Scott A. Stepp*
Scott A. Stepp
Chief Financial Officer
(Principal financial officer)

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2024	May 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-31905
Entity Registrant Name	CKX Lands, Inc.
Entity Incorporation, State or Country Code	LA
Entity Tax Identification Number	72-0144530
Entity Address, Address Line One	2417 Shell Beach Drive
Entity Address, City or Town	Lake Charles
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70601
City Area Code	337
Local Phone Number	493-2399
Title of 12(b) Security	Common Stock with no par value
Trading Symbol	CKX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		2,027,032
Entity Central Index Key	0000352955
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Accrued accounts receivable	$ 95,085	$ 104,741
Prepaid expense and other assets	136,255	212,279
Total current assets	8,982,131	9,388,882
Property and equipment, net	9,094,317	9,095,403
Deferred tax asset	314,180	329,121
Total assets	18,390,628	18,813,406
Current liabilities:
Trade payables and accrued expenses	63,744	159,159
Income tax payable	151,404	151,404
Unearned revenue	153,246	184,785
Total current liabilities	368,394	495,348
Total liabilities	368,394	495,348
Stockholders' equity:
Common stock, 3,000,000 shares authorized, no par value, 2,014,283 and 1,991,337 shares issued and outstanding, respectively, as of March 31, 2024 and December 31, 2023	59,335	59,335
Additional paid in capital	3,255,881	3,150,376
Treasury stock, 22,496 shares, at cost, as of March 31, 2024 and December 31, 2023	(263,748)	(263,748)
Retained earnings	14,970,766	15,372,095
Total stockholders' equity	18,022,234	18,318,058
Total liabilities and stockholders' equity	18,390,628	18,813,406
Cash and Cash Equivalents Excluding Certificates of Deposit [Member]
Current assets:
Cash and cash equivalents	7,243,336	7,546,689
Certificates of Deposit [Member]
Current assets:
Cash and cash equivalents	$ 1,507,455	$ 1,525,173

Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	Mar. 31, 2024	Dec. 31, 2023
Common Stock, shares authorized (in shares)	3,000,000	3,000,000
Common Stock, no par value (in dollars per share)	$ 0	$ 0
Common Stock, Shares, Issued (in shares)	2,014,283	2,014,283
Common Stock, shares outstanding (in shares)	1,991,337	1,991,337
Treasury stock, shares (in shares)	22,496	22,496

Statements of Operations (Unaudited) - USD ($)	3 Months Ended
Statements of Operations (Unaudited) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Costs, expenses and (gains):
General and administrative expense	$ 563,040	$ 647,303
Depreciation expense	1,066	1,065
Gain on sale of land	0
Total costs, expenses and (gains)	578,455	508,571
Loss from operations	(436,606)	(342,809)
Interest income	50,218	25,958
Loss before income taxes	(386,388)	(316,851)
Federal and state income tax expense (benefit):
Current	0	0
Deferred	14,941	(79,212)
Total income taxes	14,941	(79,212)
Net loss	$ (401,329)	$ (237,639)
Net income (loss) per share:
Basic and diluted (in dollars per share)	$ (0.2)	$ (0.12)
us-gaap_WeightedAverageNumberOfSharesOutstandingBasicAbstract
Basic and diluted (in shares)	1,991,337	1,974,427
Oil and Gas [Member]
Revenues:
Revenue	$ 82,500	$ 49,195
Costs, expenses and (gains):
Cost of goods and services sold	10,366	8,938
Timber [Member]
Revenues:
Revenue	2,275	1,901
Costs, expenses and (gains):
Cost of goods and services sold	3,983	1,257
Surface Leases, Unrelated Parties [Member]
Revenues:
Revenues, leases	57,074	114,666
Surface Leases, Related Parties [Member]
Revenues:
Total revenue	$ 141,849	$ 165,762

Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balances (in shares) at Dec. 31, 2022	1,988,701
Balances at Dec. 31, 2022	$ 59,335	$ (176,592)	$ 2,308,537	$ 15,229,134	$ 17,420,414
Share-based compensation			0	0
Net loss	$ 0	0	0	(237,639)	(237,639)
Balances (in shares) at Mar. 31, 2023	1,988,701
Balances at Mar. 31, 2023	$ 59,335	(176,592)	2,835,007	14,991,495	17,709,245
Balances (in shares) at Dec. 31, 2023	2,014,283
Balances at Dec. 31, 2023	$ 59,335	(263,748)	3,150,376	15,372,095	18,318,058
Share-based compensation	0	0	105,505	0	105,505
Net loss	$ 0	0	0	(401,329)	(401,329)
Balances (in shares) at Mar. 31, 2024	2,014,283
Balances at Mar. 31, 2024	$ 59,335	$ (263,748)	$ 3,255,881	$ 14,970,766	$ 18,022,234

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
Statements of Cash Flows (Unaudited) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (401,329)	$ (237,639)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation expense	1,066	1,065
Depletion expense	20	0
Deferred income tax expense (benefit)	14,941	(79,212)
Gain on sale of land	0	(149,992)
Share-based compensation	105,505	526,470
Changes in operating assets and liabilities:
Decrease (increase) in current assets	68,913	(63,544)
Decrease in current liabilities	(126,954)	(87,539)
Net cash used in operating activities	(337,838)	(90,391)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of certificates of deposit	(1,500,000)	0
Maturity of certificates of deposit	1,534,485	0
Costs of reforesting timber	0	(17,358)
Proceeds from the sale of fixed assets	0	149,992
Net cash provided by investing activities	34,485	132,634
NET CHANGE IN CASH AND CASH EQUIVALENTS	(303,353)	42,243
Cash and cash equivalents, beginning of the period	7,546,689	7,148,207
Cash and cash equivalents, end of the period	7,243,336	7,190,450
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest	0	0
Cash paid for income taxes	$ 0	$ 0

Note 1 - Significant Accounting Policies and Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

Note 1:

Significant Accounting Policies and Recent Accounting Pronouncements

Significant Accounting Policies

Basis of Presentation

Concentration of Credit Risk

Impairment of Long-lived Assets

Share-Based Compensation

Basic and Diluted Earnings per Share

Dividends

Recent Accounting Pronouncements

There are various updates recently issued to the accounting literature and these are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

Note 2 - Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Fair Value Disclosures [Text Block]

Note 2: Fair Value of Financial Instruments

Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it was practical to estimate that value:

Class and Methods and/or Assumptions

Cash and cash equivalents: Carrying value approximates fair value due to its readily convertible characteristic.

Certificates of deposit: Carrying value adjusted to and presented at fair market value.

The estimated fair values of the Company's financial instruments are as follows:

			March 31, 2024				December 31, 2023
Financial Assets:	Level		Carrying Value		Fair Value		Carrying Value		Fair Value

Cash and cash equivalents		2	$	7,243,336	$	7,243,336	$	7,546,689	$	7,546,689
Certificates of deposit		2		1,507,455		1,499,030		1,525,173		1,499,675
Total			$	8,750,791	$	8,742,366	$	9,071,862	$	9,046,364

Note 3 - Property and Equipment

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note 3:

Property and Equipment

Property and equipment consisted of the following:

	March 31,			December 31,
	2024			2023

Land	$	6,815,711		$	6,815,711
Timber		2,250,596			2,250,616
Equipment		120,873			120,873
		9,187,180			9,187,200
Accumulated depreciation		(92,863	)		(91,797	)
Total	$	9,094,317		$	9,095,403

During the three months ended March 31, 2024 and 2023, the Company had a gain on sale of land of $0 and $149,992, respectively.

Depreciation expense was $1,066 and $1,065 for the three months ended March 31, 2024 and 2023, respectively.

Depletion expense was $20 and $0 and for the three months ended March 31, 2024 and 2023, respectively.

Note 4 - Segment Reporting

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 4:

Segment Reporting

The tables below present financial information for the Company’s three operating business segments:

	Three Months Ended March 31,		Year Ended December 31,
	2024		2023
Identifiable Assets, net of accumulated depreciation
Timber	$	2,250,596	$	2,250,616
General corporate assets		16,140,032		16,562,790
Total		18,390,628		18,813,406

Capital expenditures:
Timber	$	-	$	20,737
Surface		-		-
General corporate assets		-		-
Total segment costs and expenses	$	-	$	20,737

Depreciation and depletion
Oil and gas	$	-	$	-
Timber		20		685
General corporate assets		1,066		4,261
Total	$	1,086	$	4,946

	Three Months Ended March 31,
	2024			2023
Revenues:
Oil and gas	$	82,500		$	49,195
Timber sales		2,275			1,901
Surface revenue		57,074			114,666
Total segment revenues		141,849			165,762

Cost and expenses:
Oil and gas costs	$	10,366		$	8,938
Timber costs		3,983			1,257
Surface costs		-			-
Total segment costs and expenses		14,349			10,195

Net income (loss) from operations:
Oil and gas	$	72,134		$	40,257
Timber		(1,708	)		644
Surface		57,074			114,666
Total segment net income from operations		127,500			155,567
Unallocated other expense before income taxes		(513,889	)		(472,418	)
Loss before income taxes	$	(386,389	)	$	(316,851	)

Note 5 - Income Taxes

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 5:

Income Taxes

Note 6 - Related Party Transactions

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Note 6:

Related Party Transactions

Note 7 - Concentrations

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

Note 7:

Concentrations

Revenue from the Company's five largest customers for the three months ended March 31, 2024 and 2023, respectively were:

	Three Months Ended March 31,
Count	2024		2023
1	$	25,130	$	13,269
2		18,721		10,893
3		10,389		8,361
4		8,570		8,095
5		6,619		7,403

Note 8 - Share-based Compensation

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

Note 8:

Share-Based Compensation

Note 9 - Subsequent Events

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Subsequent Events [Text Block]

Note 9:

Subsequent Events

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	ITEMS 2 – 5. NOT APPLICABLE
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures have been omitted pursuant to such rules and regulations. In the opinion of management, the accompanying financial statements include normal recurring adjustments that are necessary for a fair presentation of the results for the interim periods presented. These financial statements should be read in conjunction with our audited financial statements and notes thereto for the fiscal year ended December 31, 2023 included in our Annual Report on Form 10-K. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of results to be expected for the full fiscal year or any other periods. The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make a number of estimates and judgments that affect the reported amounts of assets, liabilities, expenses, and related disclosures. Actual results may differ from these estimates.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk The Company maintains its cash balances in nine financial institutions. At times, cash balances may exceed the Federal Deposit Insurance Corporation’s insured limit of $250,000. The Company has not experienced any losses in such accounts and management believes the Company is not exposed to any significant credit risk on its cash balances.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of Long-lived Assets Long-lived assets, such as land, timber and property, buildings, and equipment, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If events or circumstances arise that require a long-lived asset to be tested for potential impairment, the Company first compares undiscounted cash flows expected to be generated by the asset to its carrying value. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment charge is recognized to the extent that the carrying value exceeds the fair value. Fair value may be determined through various valuation techniques including quoted market prices, third-party independent appraisals and discounted cash flow models. During the year ended December 31, 2023, the Company performed a step zero impairment analysis on its long-lived assets and determined there were no qualitative factors that would indicate impairment. No impairment charges were recorded during the three months ended March 31, 2024 and 2023, respectively.
Share-Based Payment Arrangement [Policy Text Block]	Share-Based Compensation We maintain one active incentive compensation plan: the 2021 Stock Incentive Plan (the Plan). The Plan provides for the issuance of restricted stock units (RSUs) and performance-based restricted stock units (PSUs) to certain of our employees, non-employee directors and consultants. For awards that are subject to market conditions, we utilize a binomial-lattice model (i.e., Monte Carlo simulation model), to determine the fair value. The Monte Carlo simulation model utilizes multiple input variables to determine the share-based compensation expense. Awards for the maximum number of shares issuable under the Plan were made on June 13, 2022. Therefore, no further awards were made under the Plan during the three months ended March 31, 2024. Share-based compensation expense related to RSUs are expensed over the grant date to the end of the requisite service period using the straight-line method. PSUs are expensed over the grant date to the end of the requisite service period using a model-driven derived service period based upon the median of the price projection scenarios for each performance trigger. The RSUs and PSUs do not have voting rights. We calculate the fair value of our share-based awards on the date of grant.
Earnings Per Share, Policy [Policy Text Block]	Basic and Diluted Earnings per Share Net earnings per share is provided in accordance with FASB ASC 260-10, "Earnings per Share". Basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive income per share excludes all potential common shares if their effect is anti-dilutive. For the three months ended March 31, 2024, potentially dilutive shares attributable to 36,551 restricted stock units were excluded in the calculation of earnings per share as their effect is anti-dilutive due to the Company’s net loss for such period. For the three months ended March 31, 2023, potentially dilutive shares attributable to 310,794 restricted stock units and performance shares were excluded in the calculation of earnings per share as their effect is anti-dilutive due to the Company's net loss for such period.
Stockholders' Equity, Policy [Policy Text Block]	Dividends The Company does not currently pay dividends on a regular basis. In determining whether to declare a dividend, the Board of Directors takes into account the Company’s prior fiscal year’s cash flows from operations and the current economic conditions, among other information deemed relevant. Dividends paid per common stock are based on the weighted average number of common stock shares outstanding during the period. No dividends were declared during the three months ended March 31, 2024 and 2023, respectively. Pursuant to a dividend reversion clause in the Company’s Articles of Incorporation, dividends not claimed within one year after the dividend becomes payable will expire and revert in full ownership to the Company and the Company’s obligation to pay such dividend will cease. Any dividend reversions are recorded in equity upon receipt.
New Accounting Pronouncements, Policy [Policy Text Block]	*Recent Accounting Pronouncements* There are various updates recently issued to the accounting literature and these are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

Note 2 - Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Fair Value, by Balance Sheet Grouping [Table Text Block]

			March 31, 2024				December 31, 2023
Financial Assets:	Level		Carrying Value		Fair Value		Carrying Value		Fair Value

Cash and cash equivalents		2	$	7,243,336	$	7,243,336	$	7,546,689	$	7,546,689
Certificates of deposit		2		1,507,455		1,499,030		1,525,173		1,499,675
Total			$	8,750,791	$	8,742,366	$	9,071,862	$	9,046,364

Note 3 - Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Property, Plant and Equipment [Table Text Block]

	March 31,			December 31,
	2024			2023

Land	$	6,815,711		$	6,815,711
Timber		2,250,596			2,250,616
Equipment		120,873			120,873
		9,187,180			9,187,200
Accumulated depreciation		(92,863	)		(91,797	)
Total	$	9,094,317		$	9,095,403

Note 4 - Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Three Months Ended March 31,		Year Ended December 31,
	2024		2023
Identifiable Assets, net of accumulated depreciation
Timber	$	2,250,596	$	2,250,616
General corporate assets		16,140,032		16,562,790
Total		18,390,628		18,813,406

Capital expenditures:
Timber	$	-	$	20,737
Surface		-		-
General corporate assets		-		-
Total segment costs and expenses	$	-	$	20,737

Depreciation and depletion
Oil and gas	$	-	$	-
Timber		20		685
General corporate assets		1,066		4,261
Total	$	1,086	$	4,946

	Three Months Ended March 31,
	2024			2023
Revenues:
Oil and gas	$	82,500		$	49,195
Timber sales		2,275			1,901
Surface revenue		57,074			114,666
Total segment revenues		141,849			165,762

Cost and expenses:
Oil and gas costs	$	10,366		$	8,938
Timber costs		3,983			1,257
Surface costs		-			-
Total segment costs and expenses		14,349			10,195

Net income (loss) from operations:
Oil and gas	$	72,134		$	40,257
Timber		(1,708	)		644
Surface		57,074			114,666
Total segment net income from operations		127,500			155,567
Unallocated other expense before income taxes		(513,889	)		(472,418	)
Loss before income taxes	$	(386,389	)	$	(316,851	)

Note 7 - Concentrations (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block]

	Three Months Ended March 31,
Count	2024		2023
1	$	25,130	$	13,269
2		18,721		10,893
3		10,389		8,361
4		8,570		8,095
5		6,619		7,403

Note 1 - Significant Accounting Policies and Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Tangible Asset Impairment Charges	$ 0	$ 0
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	36,551	310,794
Payments of Ordinary Dividends, Common Stock	$ 0	$ 0

Note 2 - Fair Value of Financial Instruments - Financial Instruments (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Estimate of Fair Value Measurement [Member]
Total	$ 8,742,366	$ 9,046,364
Reported Value Measurement [Member]
Total	8,750,791	9,071,862
Fair Value, Inputs, Level 2 [Member] \| Estimate of Fair Value Measurement [Member] \| Cash and Cash Equivalents Excluding Certificates of Deposit [Member]
Cash and cash equivalents, fair value	7,243,336	7,546,689
Fair Value, Inputs, Level 2 [Member] \| Estimate of Fair Value Measurement [Member] \| Certificates of Deposit [Member]
Cash and cash equivalents, fair value	1,507,455	1,525,173
Fair Value, Inputs, Level 2 [Member] \| Reported Value Measurement [Member] \| Cash and Cash Equivalents Excluding Certificates of Deposit [Member]
Cash and cash equivalents, fair value	7,243,336	7,546,689
Fair Value, Inputs, Level 2 [Member] \| Reported Value Measurement [Member] \| Certificates of Deposit [Member]
Cash and cash equivalents, fair value	$ 1,499,030	$ 1,499,675

Note 3 - Property and Equipment (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gain (Loss) on Sale of Properties	$ (0)	$ 149,992
Depreciation, Total	1,066	1,065
Depletion, Total	$ 20	$ 0

Note 3 - Property and Equipment - Property and Equipment (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Property and equipment, gross	$ 9,187,180	$ 9,187,200
Accumulated depreciation	(92,863)	(91,797)
Total	9,094,317	9,095,403
Land [Member]
Property and equipment, gross	6,815,711	6,815,711
Timber Properties [Member]
Property and equipment, gross	2,250,596	2,250,616
Equipment [Member]
Property and equipment, gross	$ 120,873	$ 120,873

Note 4 - Segment Reporting (Details Textual) $ in Thousands	3 Months Ended
Note 4 - Segment Reporting (Details Textual) $ in Thousands	Mar. 31, 2024 USD ($)
Number of Operating Segments	3
Intersegment Eliminations [Member]
Total segment revenues	$ 0

Note 4 - Segment Reporting - Segmented Operations Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Total assets	$ 18,390,628		$ 18,813,406
Cost and expenses	578,455	$ 508,571
Income from operations	(436,606)	(342,809)
Oil and Gas [Member]
Revenue	82,500	49,195
Timber [Member]
Revenue	2,275	1,901
Operating Segments [Member]
Total assets	18,390,628		18,813,406
Total segment revenues	141,849	165,762
Capital Expenditures	0		20,737
Cost and expenses	14,349	10,195
Depreciation and Depletion	1,086		4,946
Income from operations	127,500	155,567
Unallocated other expense before income taxes	(513,889)	(472,418)
Income (loss) before income taxes	(386,389)	(316,851)
Operating Segments [Member] \| Oil And Gas Segment [Member]
Cost and expenses	10,366	8,938
Depreciation and Depletion	0		0
Income from operations	72,134	40,257
Operating Segments [Member] \| Oil And Gas Segment [Member] \| Oil and Gas [Member]
Revenue	82,500	49,195
Operating Segments [Member] \| Timber Segment [Member]
Total assets	2,250,596		2,250,616
Capital Expenditures	0		20,737
Cost and expenses	3,983	1,257
Depreciation and Depletion	20		685
Income from operations	(1,708)	644
Operating Segments [Member] \| Timber Segment [Member] \| Timber [Member]
Revenue	2,275	1,901
Operating Segments [Member] \| Surface Segment [Member]
Capital Expenditures	0		0
Cost and expenses	0	0
Income from operations	57,074	114,666
Operating Segments [Member] \| Surface Segment [Member] \| Surface Leases [Member]
Surface revenue	57,074	$ 114,666
Operating Segments [Member] \| Corporate Segment [Member]
Total assets	16,140,032		16,562,790
Capital Expenditures	0		0
Depreciation and Depletion	$ 1,066		$ 4,261

Note 6 - Related Party Transactions (Details Textual) - Stream Wetlands Services [Member] - Exclusive Right to Evaluate and Market Lands For Beneficial Purposes to Compensate for Impact [Member]	Feb. 28, 2022 USD ($)
Lessor, Operating Lease, Term of Contract (Year)	25 years
Related Party Transaction, Amounts of Transaction	$ 38,333
Related Party Transaction, Guaranteed Minimum Payment	$ 500,000

Note 7 - Concentrations - Customers Representing 5% or More of Total Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Major Customers 1 [Member]
Revenue	$ 25,130	$ 13,269
Major Customers 2 [Member]
Revenue	18,721	10,893
Major Customers 3 [Member]
Revenue	10,389	8,361
Major Customers 4 [Member]
Revenue	8,570	8,095
Major Customers 5 [Member]
Revenue	$ 6,619	$ 7,403

Note 8 - Share-based Compensation (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Vested, Number	123,549		71,788
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value	$ 3,374,002
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 118,121
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	22,946
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture	71,788
Share-Based Payment Arrangement, Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period			71,788
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted				76,755
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)				3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Vested, Number	40,204		40,204
Share-Based Payment Arrangement, Expense	$ 105,505	$ 105,505
Phantom Share Units (PSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted				280,245
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Vested, Number	83,345		31,584
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period	51,761
Share-Based Payment Arrangement, Expense	$ 0	$ 420,965

Note 9 - Subsequent Events (Details Textual) - shares		3 Months Ended
Note 9 - Subsequent Events (Details Textual) - shares	Apr. 01, 2024	Mar. 31, 2024
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation		22,946
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture		71,788
Phantom Share Units (PSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period		51,761
Phantom Share Units (PSUs) [Member] \| Subsequent Event [Member]
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	16,066
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture	35,695