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New Concept Energy(GBR) - 2024 Q4 - Annual Report
GBRNew Concept Energy(GBR)2025-03-24 19:11

Revenue and Income - The Company reported revenues from rent for the leased property of 101,000inboth2024and2023[36]−Totalrevenuefor2024was101,000 in both 2024 and 2023[36] - Total revenue for 2024 was 146,000, a decrease of 3.9% compared to 152,000in2023[113]−Interestincomewas152,000 in 2023[113] - Interest income was 213,000 in 2024, compared to 222,000in2023[38]−Interestincomefromarelatedpartywas222,000 in 2023[38] - Interest income from a related party was 196,000 in 2024, down from 213,000in2023[113]−Thecompanyrecognizedoperatingrevenueof213,000 in 2023[113] - The company recognized operating revenue of 146,000 for the year ended December 31, 2024, a slight decrease from 152,000in2023[148]Expenses−Managementfeesfromoilandgasoperationsdecreasedto152,000 in 2023[148] Expenses - Management fees from oil and gas operations decreased to 44,000 in 2024 from 51,000in2023,attributedtoadeclineinoilandgasprices[36]−Operatingexpensesfortherealestatepropertywere51,000 in 2023, attributed to a decline in oil and gas prices[36] - Operating expenses for the real estate property were 48,000 in 2024, down from 57,000in2023[37]−Generalandadministrativeexpenseswere57,000 in 2023[37] - General and administrative expenses were 334,000 in 2024, slightly down from 338,000in2023[37]−Operatingexpensesfor2024totaled338,000 in 2023[37] - Operating expenses for 2024 totaled 383,000, a slight decrease from 395,000in2023[113]−Operatingexpensesfor2024totaled395,000 in 2023[113] - Operating expenses for 2024 totaled 370,000, compared to 395,000in2023,indicatingareductionincosts[148]−Depreciationexpenseremainedconsistentat395,000 in 2023, indicating a reduction in costs[148] - Depreciation expense remained consistent at 13,000 for both 2024 and 2023[126] Assets and Liabilities - Current assets as of December 31, 2024, were 372,000,downfrom372,000, down from 459,000 in 2023[35] - Cash and cash equivalents totaled 363,000atDecember31,2024,comparedto363,000 at December 31, 2024, compared to 447,000 at the end of 2023[35] - Total assets decreased to 4,594,000in2024from4,594,000 in 2024 from 4,630,000 in 2023, a reduction of 0.8%[107] - Total liabilities decreased to 57,000in2024from57,000 in 2024 from 75,000 in 2023, a decrease of 24%[110] - Stockholders' equity decreased to 4,537,000in2024from4,537,000 in 2024 from 4,555,000 in 2023, a decline of 0.4%[110] - The company had a note receivable of 3.542millionfromarelatedparty,withaninterestrateof4.963.542 million from a related party, with an interest rate of 4.96% as of December 31, 2024[138] Losses - Operating loss for 2024 was 237,000, slightly improved from a loss of 243,000in2023[113]−Netlossapplicabletocommonsharesfor2024was243,000 in 2023[113] - Net loss applicable to common shares for 2024 was 18,000, compared to a net loss of 21,000in2023[113]−Thecompanyreportedanetoperatinglosscarryforwardofapproximately21,000 in 2023[113] - The company reported a net operating loss carryforward of approximately 6.5 million, with 4.8millionexpiringbetween2025and2036[142]GovernanceandCompliance−TheCompanyhasamajorityofindependentdirectorsonitsBoard,ensuringcompliancewithNYSEAmericanStockExchangelistingrules[51]−TheAuditCommitteeconsistsofindependentmembers,includingDanLocklear,whoisqualifiedasan"auditcommitteefinancialexpert"[54]−AllmembersoftheAudit,Compensation,andGovernanceCommitteesareindependentdirectors,adheringtoSECregulations[55]−TheBoardhasestablishedguidelinesfordirectorindependence,whicharemorestringentthantheNYSEAmericanrequirements[51]−TheCompanyhasadoptedacodeofethicsapplicabletoalldirectors,officers,andemployees,ensuringethicalconduct[68]Compensation−GeneS.Bertcher,theChairmanandCEO,receivedasalaryof4.8 million expiring between 2025 and 2036[142] Governance and Compliance - The Company has a majority of independent directors on its Board, ensuring compliance with NYSE American Stock Exchange listing rules[51] - The Audit Committee consists of independent members, including Dan Locklear, who is qualified as an "audit committee financial expert"[54] - All members of the Audit, Compensation, and Governance Committees are independent directors, adhering to SEC regulations[55] - The Board has established guidelines for director independence, which are more stringent than the NYSE American requirements[51] - The Company has adopted a code of ethics applicable to all directors, officers, and employees, ensuring ethical conduct[68] Compensation - Gene S. Bertcher, the Chairman and CEO, received a salary of 60,000 in 2024, an increase from 56,500in2023[72]−TheCompanypaysnon−employeedirectorsafeeof56,500 in 2023[72] - The Company pays non-employee directors a fee of 2,500 per year, plus 2,000foreachboardmeetingattended[76]Taxation−Theeffectiveincometaxrateforthecompanywas0.002,000 for each board meeting attended[76] Taxation - The effective income tax rate for the company was 0.00% for both 2024 and 2023, with no reported income tax expense[144] - The Company maintains a 100% valuation allowance against its deferred tax assets due to uncertainty in future taxable income[34] Dividends and Retained Earnings - The Company has not paid dividends on its common stock during the last ten fiscal years, retaining earnings for debt reduction and future expansion[28] Audit and Management Services - The company maintained its audit fees at 48,000 for both 2024 and 2023[87] - The company entered into a formal agreement with Pillar Income Asset Management for management services, with fees totaling $12,000 for the year ended December 31, 2024[137] - The Company utilizes services from Pillar Income Asset Management without incurring fees, aiming for cost efficiency[83] Shareholder Information - Realty Advisors, Inc. holds 646,254 shares, representing approximately 12.59% of the Company's outstanding common stock as of March 17, 2025[78] - No director or executive officer holds beneficial ownership of the Company's common stock as of March 17, 2025[80] Miscellaneous - The report includes various exhibits related to the Articles of Incorporation and amendments of Medical Resource Companies of America and Greenbriar Corporation[153] - The advisory agreement between Pillar Income Asset Management, Inc. and New Concept Energy, Inc. is dated September 1, 2024[153] - The report is signed by Gene S. Bertcher, who serves as the Principal Executive Officer, President, and Chief Financial Officer[158] - The signatures of the board of directors, including Raymond D Roberts, Richard W Humphrey, Dan Locklear, Robert C. Canham, and Cecilia Maynard, are dated March 17, 2025[159]