Revenue and Income - The Company reported revenues from rent for the leased property of 51,000 in 2023 from 152 million, down from 152,000, down from 395,000 from 213 million in 2023, slightly up from 57,000 in both 2023 and 2022, while general and administrative expenses increased to 317,000 in 2022[32]. - Operating loss increased to (162) million in 2022, reflecting a worsening of 50%[110]. - Net income applicable to common shares was 181 million in 2022, indicating a significant decline[110]. - The company recognized interest income of 374,000 in 2022, indicating a decrease in interest income[147]. - The company’s total accumulated depreciation increased to 142,000 in 2022, reflecting ongoing asset depreciation[135]. Assets and Liabilities - The Company had current assets of 75,000 as of December 31, 2023[31]. - Total assets decreased from 4,630 million in December 2023, a decline of approximately 0.2%[106]. - Current liabilities increased from 75 million in December 2023, representing a rise of 19%[105]. - As of December 31, 2023, the company reported total fixed assets of 773,000 in 2022, with net fixed assets at 631,000 in the previous year[135]. - The accumulated deficit increased from (59,076) million in December 2023[106]. Cash and Investments - Cash and cash equivalents totaled 436,000 at the end of 2022[31]. - The company maintains cash balances at financial institutions insured up to 3.5 million from a related party, which is crucial for meeting current cash obligations[119]. Corporate Governance - The Audit Committee met five times in 2023, with all members meeting independence requirements as per SEC regulations[52]. - The Audit Committee is chaired by Dan Locklear, who is qualified as an "audit committee financial expert" under SEC regulations[52]. - The Company has adopted a code of ethics applicable to all directors, officers, and employees, which is available on its website[58]. - The Board of Directors held five meetings in 2023, with no director attending fewer than 75% of the meetings[51]. - All directors and executive officers collectively own 0% of the Company's common stock as of March 29, 2024[69]. Audit and Compliance - The Company’s internal control over financial reporting was assessed as effective as of December 31, 2023[37]. - The Audit Committee actively monitors spending levels and work content to maintain auditor independence[78]. - The Audit Committee is responsible for pre-approving audit and non-audit services to ensure auditor independence[79]. - The Company has adopted a pre-approval policy for audit and non-audit services to comply with SEC rules[79]. - There were no critical audit matters identified during the audit of the financial statements for the year ended December 31, 2022[89]. Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[153]. - The financial statements were made available for issuance on March 28, 2024, indicating ongoing financial health and operational readiness[155].
New Concept Energy(GBR) - 2023 Q4 - Annual Report