CKX LANDS, INC.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
CKX$10.37-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0001437749-25-025633
Item 2. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001437749-25-034052
Item 2. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 67 previous paragraphs and 69 current paragraphs.
39 unchanged; 25 reworded; 4 added; 3 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
As disclosed in the Company’s Current Report on Form 8-K filed on August 15, 2025, and as discussed below, the Company entered into an Agreement of Purchase and Sale on August 14, 2025, for the sale, subject to the terms and conditions set forth in the agreement, of approximately 7,014 acres of land wholly-owned by the Company in several parishes of the State of Louisiana.
Current report
In August 2025, the Company entered into an Agreement of Purchase and Sale to sell approximately 7,014 acres of land located in multiple Louisiana parishes for $9.2 million in cash. The transaction is expected to close in the fourth quarter of 2025, subject to customary conditions. The land has been reclassified as “Assets Held for Sale” as of the agreement date. We anticipate using the proceeds to strengthen our balance sheet and evaluate strategic opportunities. Until closing, we retain timber harvesting rights under the agreement. We do not expect the transaction to materially impact ongoing operations. The sale may result in a gain or loss depending on final closing adjustments and costs.
Current report
Revenue–*** Nine Months Ended September 30, 2025***
Current report
Oil and gas costs decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 by $7,301. Oil and gas costs increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 by $3,071. Oil and gas costs fluctuated proportionately with increased or decreased production.
Removed paragraphs (3)
Previous report
Timber revenue was $0 for the three months ended June 30, 2025 and 2024.
Previous report
Revenue–*** Six Months Ended June 30, 2025***
Previous report
Oil and gas costs increased for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 by $26 and $10,370. This variance is due to the normal variations in year to year costs.
Reworded paragraphs (25)
Previous wording
Since the April 18, 2024 update, management and the Board subcommittee, together with the Company’s financial advisors, have continued working with interested parties and have advanced discussions with a potential counterparty.
Current wording
Since the April 18, 2024 update, management and the Board subcommittee, together with the Company’s financial advisors, have continued working with interested parties.
Previous wording
During 2024, the Company closed on the sale of one 25-acre ranchette lot in which it had a 100% ownership interest for net proceeds to the Company of $140,582. During the six months ended June 2025, the Company closed on the sale of one 25-acre lot and one 53-acre lot in Calcasieu parish in which it had a 100% ownership interest for net proceeds to the Company of $358,123, inclusive of a gain on the sale of $189,210.
Current wording
During 2024, the Company closed on the sale of one 25-acre ranchette lot in which it had a 100% ownership interest for net proceeds to the Company of $140,582. During the nine months ended September 2025, the Company closed on the sale of two 25-acre lots and one 53-acre lot in Calcasieu parish in which it had a 100% ownership interest for net proceeds to the Company of $499,228, inclusive of a gain on the sales of $275,399.
Previous wording
The Company’s results of operations for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 were driven primarily by an increase in oil and gas revenue along with a decrease in general and administrative expenses, offset by a decrease in surface revenues. The decrease in general and administrative expenses is primarily due to a decrease in professional expenses and stock-based compensation expense.
Current wording
The Company’s results of operations for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 were driven primarily by increases in oil and gas and timber revenues as well as a decrease in general and administrative expenses, offset by a decrease in surface revenues. The decrease in general and administrative expenses is primarily due to a decrease in professional expenses and salaries and wages, while the decrease in surface revenues is primarily due to lower right of way income during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.
Previous wording
Total revenues for the three months ended June 30, 2025 were $135,936, a decrease of approximately 86.8% when compared with the same period in 2024. Total revenue consists of oil and gas, timber, and surface revenues. Components of revenues for the three months ended June 30, 2025 as compared to 2024, are as follows:
Current wording
Total revenues for the three months ended September 30, 2025 were $232,639, a decrease of approximately 35.8% when compared with the same period in 2024. Total revenue consists of oil and gas, timber, and surface revenues. Components of revenues for the three months ended September 30, 2025 as compared to 2024, are as follows:
Previous wording
Oil and gas revenues were 42% and 16% of total revenues for the three months ended June 30, 2025 and 2024, respectively.
Current wording
Oil and gas revenues were 20% and 43% of total revenues for the three months ended September 30, 2025 and 2024, respectively.
Previous wording
CKX received oil and/or gas revenues from 76 and 62 wells during the three months ended June 30, 2025 and 2024, respectively.
Current wording
CKX received oil and/or gas revenues from 78 and 64 wells during the three months ended September 30, 2025 and 2024, respectively.
Previous wording
Oil and gas revenues decreased for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, by $103,660. The decrease was primarily due to a reduction in net oil and gas produced from wells in which the Company maintains a royalty interest.
Current wording
Oil and gas revenues decreased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, by $26,205. The decrease was due to a decrease in the average oil sales and average gas sales prices as well as a decrease in net oil and gas produced.
Previous wording
Timber revenue was $0 and $2,275 for the six months ended June 30, 2025 and 2024, respectively. The decrease in timber revenues was due to normal business variations in timber customers’ harvesting.
Current wording
Timber revenue was $94,825 and $18,883 for the three months ended September 30, 2025 and 2024, respectively. The increase in timber revenues was due to normal business variations in timber customers’ harvesting.
Previous wording
Surface revenues decreased for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, by $765,237. The decrease in surface revenue was due to lower right of way income, partially offset by higher surface lease income.
Current wording
Surface revenues increased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, by $11,633. The increase in surface revenue was due to higher oil and gas delay rental income and higher surface lease income, as well as one small right of way payment received in the current quarter.
Previous wording
Total revenues for the six months ended June 30, 2025 were $484,119, a decrease of approximately 58.6% when compared with the same period in 2024. Total revenue consists of oil and gas, timber, and surface revenues. Components of revenues for the six months ended June 30, 2025 as compared to 2024, are as follows:
Current wording
Total revenues for the nine months ended September 30, 2025 were $716,759, a decrease of approximately 46.5% when compared with the same period in 2024. Total revenue consists of oil and gas, timber, and surface revenues. Components of revenues for the nine months ended September 30, 2025 as compared to 2024, are as follows:
Previous wording
Oil and gas revenues were 67% and 21% of total revenues for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Oil and gas revenues were 52% and 24% of total revenues for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
CKX received oil and/or gas revenues from 76 and 62 wells during the six months ended June 30, 2025 and 2024, respectively.
Current wording
CKX received oil and/or gas revenues from 78 and 64 wells during the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Oil and gas revenues increased for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, by $82,348. The increase was due to an increase in the net oil and gas produced partially offset by a decrease in the average sales price.
Current wording
Oil and gas revenues increased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, by $56,145. The increase was due to an increase in the net oil and gas produced as well as an increase in the average gas sales price, slightly offset by a decrease in the average oil sales price.
Previous wording
Surface revenues decreased for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, by $787,838. The decrease in surface revenue was due to a lower right of way income versus the same period in the prior year, partially offset by higher surface lease income.
Current wording
Surface revenues decreased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, by $753,603. The decrease in surface revenue was due to lower right of way income during the nine month current period versus the prior year.
Previous wording
Costs and Expenses –Three and Six Months Ended June 30, 2025
Current wording
Costs and Expenses –Three and Nine Months Ended September 30, 2025
Previous wording
Timber costs decreased for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024 by $3,866. Timber costs decreased for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, by $4,076. Timber costs are related to general management of the Company’s timberland. The decrease is primarily due to decreased timber management costs.
Current wording
Timber costs decreased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, by $2,052. Timber costs decreased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, by $6,127. Timber costs are related to general management of the Company’s timberland. The decrease is primarily due to decreased timber management costs.
Previous wording
General and administrative expenses decreased for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, by $352,323. This is primarily due to a decrease in professional fees. General and administrative expenses decreased for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, by $704,683. This is primarily due to a decrease in professional fees as well as a decrease in share-based compensation expense.
Current wording
General and administrative expenses increased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, by $19,832. This is primarily due to an increase in legal fees. General and administrative expenses decreased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, by $684,850. This is primarily due to a decrease in professional expenses and salaries and wages.
Previous wording
Gain on Sale of Land –Three and Six Months Ended June 30, 2025
Current wording
Gain on Sale of Land –Three and Nine Months Ended September 30, 2025
Previous wording
Gain on sale of land was $189,210 and $140,582 for the three and six months ended June 30, 2025 and 2024, respectively. For the three and six months ended June 30, 2025, this consisted of the sale of one 25-acre lot and one 53-acre lot in Calcasieu parish. For the three and six months ended June 30, 2024, this consisted of the sale of one 25-acre ranchette lot in Calcasieu parish.
Current wording
Gain on sale of land was $275,399 and $140,582 for the nine months ended September 30, 2025 and 2024, respectively. For the three months ended September 30, 2025, this consisted of the sale of one 25-acre lot in Calcasieu parish. There were no land sales for the three months ended September 30, 2024. For the nine months ended September 30, 2025, this consisted of the sale of two 25-acre ranchette lots and one 53-acre lot in Calcasieu parish. For the nine months ended September 30, 2024, this consisted of the sale of one 25-acre ranchette lot in Calcasieu parish.
Previous wording
Current assets totaled $9,941,535 and current liabilities equaled $174,706 at June 30, 2025.
Current wording
Current assets totaled $14,744,240 and current liabilities equaled $281,098 at September 30, 2025.
Previous wording
Net cash provided by operating activities was $94,026 and $353,909 for the six months ended June 30, 2025 and 2024, respectively. The decrease in cash provided by operating activities was attributable to an increase in net income, offset by unfavorable changes in working capital, including a greater increase in current assets and a decrease in current liabilities in 2025.
Current wording
Net cash provided by operating activities was $336,296 and $107,406 for the nine months ended September 30, 2025 and 2024, respectively. The increase in cash provided by operating activities was attributable to an increase in net income as well as a greater increase in current liabilities, which resulted in a favorable impact on operating cash flows.
Previous wording
Net cash provided by investing activities was $4,100,527 and $175,067 for the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025, this resulted from maturity of certificates of deposit of $10,493,240 and proceeds from the sale of fixed assets of $358,123, offset by purchases of certificates of deposit of $6,750,837. For the six months ended June 30, 2024, this resulted from maturity of certificates of deposit of $1,534,485 and proceeds from the sale of fixed assets of $140,582, offset by purchases of certificates of deposit of $1,500,000.
Current wording
Net cash provided by investing activities was $4,241,631 for the nine months ended September 30, 2025, while net cash used in investing activities was $4,126,604 for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, this resulted from purchases of certificates of deposits of $6,750,837, offset by the maturity of certificates of deposit of $10,493,240 and proceeds from the sale of fixed assets of $499,228. For the nine months ended September 30, 2024, this resulted from purchases of certificates of deposits of $7,340,723, offset by the maturity of certificates of deposit of $3,073,537 and proceeds from the sale of fixed assets of $140,582.
Previous wording
Net cash used in financing activities was $147,614 and $208,854 for the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and June 30, 2024, this resulted from repurchases of common stock.
Current wording
Net cash used in financing activities was $147,614 and $208,854 for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, this resulted from repurchases of common stock.
Previous wording
There were no changes in our significant accounting policies and estimates during the six months ended June 30, 2025, from those set forth in “Significant Accounting Policies and Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
There were no changes in our significant accounting policies and estimates during the nine months ended September 30, 2025 from those set forth in “Significant Accounting Policies and Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Previous wording
During the six months ended June 30, 2025, 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).
Current wording
During the nine months ended September 30, 2025, 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).
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Timber revenue was $94,825 and $21,158 for the nine months ended September 30, 2025 and 2024, respectively. The increase in timber revenues was due to normal business variations in timber customers’ harvesting.