Business 1 Item 1A. Risk Factors 2 Item 1B. Unresolved Staff Comments 5 Item 2. Principal Accountant Fees and Services 12 & & & PART IV & & Item 15. Exhibits, Financial Statement Schedules 12 Item 16. These oil and gas activities are performed by unrelated third parties. & CKX has small royalty interests in 20 different producing oil and gas fields. Timber income is derived from sales of timber on Company lands. Timber is a renewable resource that the Company actively manages. & Surface income is earned from various recurring and non-recurring sources. The Company does not spend any money on research and development. & This is primarily due to decreased timber management costs. & The Company will continue to actively market its timber. 001-31905) for year ended December 31, 2018 filed on March 21, 2019). & & & & Accordingly, we express no such opinion. & Actual results could differ from those estimates. & These reclassifications had no effect on the reported results of operations. & Certificates of deposit with a maturity of one year or less are classified as short-term. Property, Building and Equipment & Property, building, and equipment is stated at cost. Major additions are capitalized. Maintenance and repairs are charged to income as incurred. No impairment charges were recorded during the years ended December 31, 2020 and 2019. & A percentage of the Company\'s timber assets were damaged during the storm. Surface leases are not within the scope of ASC 606 and are accounted for under ASC 842. The Company receives royalties on all oil and gas produced by the customer. The transaction price is comprised of fixed fees (royalties) on all oil and gas produced. There are no capitalized contract costs associated with oil and gas contracts. The Company held stumpage agreement deposits of $87,300 as of December 31, 2020 and 2019. Surface revenues from these sources are recurring on an annual basis.& & As of December 31, 2020, and 2019 there were no dilutive shares outstanding. & Dividends & The Company does not currently pay dividends on a regular basis.& Therefore, no reserve for uncertain tax positions is required. No interest or penalties have been levied against the Company and none are anticipated. & Lessees and lessors may not apply a full retrospective transition approach. In July 2018, the FASB issued ASU& 2018-10& and ASU& 2018-11.& The adoption of this standard had no impact on its financial statements. & Certificates of deposit matured through& the fourth quarter of 2020. Valuations may be obtained from, or corroborated by, third-party pricing services. & Such reserves are located entirely within the United States. A schedule indicating such reserve quantities is, therefore, not presented. They are managed separately due to the unique aspects of each area. & Beginning in August 2018, the Company began renting office space from Stockwell. All of this amount was attributable to the OTL with Stream Wetlands described above. & Revenue is recorded at the time of the agreement\'s execution date. Major Customers 6 [Member] The customer that makes up a certain percentage of revenue. + ReferencesNo definition available. The format of the date is CCYY-MM-DD. This excludes temporary equity and is sometimes called permanent equity. Common stock represent the ownership interest in a corporation. Includes production and non-production related depreciation. The Company\'s business is the ownership and management of land. See Note 9 for more detai