Revenue and Income - The Company reported revenues from rent for the leased property of $101,000 in both 2023 and 2022[32]. - Management fees from oil and gas operations decreased to $51,000 in 2023 from $111,000 in 2022, attributed to a decline in oil and gas prices[32]. - Revenue for the year ended December 31, 2023, was $152 million, down from $212 million in 2022, a decrease of 28.3%[110]. - Operating revenue was $152,000, down from $212,000 in 2022, while total operating expenses increased to $395,000 from $362,000[147]. - The company reported interest income from a related party of $213 million in 2023, slightly up from $212 million in 2022[110]. - The effective income tax rate for 2023 was 0.00%, consistent with 2022, reflecting no income tax expense due to net operating losses[141]. Expenses and Losses - Operating expenses for the real estate property remained stable at $57,000 in both 2023 and 2022, while general and administrative expenses increased to $338,000 in 2023 from $317,000 in 2022[32]. - Operating loss increased to $(243) million in 2023 from $(162) million in 2022, reflecting a worsening of 50%[110]. - Net income applicable to common shares was $(21) million in 2023, compared to a net income of $181 million in 2022, indicating a significant decline[110]. - The company recognized interest income of $222,000 in 2023, compared to $374,000 in 2022, indicating a decrease in interest income[147]. - The company’s total accumulated depreciation increased to $155,000 in 2023 from $142,000 in 2022, reflecting ongoing asset depreciation[135]. Assets and Liabilities - The Company had current assets of $459,000 and current liabilities of $75,000 as of December 31, 2023[31]. - Total assets decreased from $4,639 million in December 2022 to $4,630 million in December 2023, a decline of approximately 0.2%[106]. - Current liabilities increased from $63 million in December 2022 to $75 million in December 2023, representing a rise of 19%[105]. - As of December 31, 2023, the company reported total fixed assets of $784,000, an increase from $773,000 in 2022, with net fixed assets at $629,000 compared to $631,000 in the previous year[135]. - The accumulated deficit increased from $(59,055) million in December 2022 to $(59,076) million in December 2023[106]. Cash and Investments - Cash and cash equivalents totaled $447,000 at December 31, 2023, up from $436,000 at the end of 2022[31]. - The company maintains cash balances at financial institutions insured up to $250,000, with no significant concentration of credit risk reported as of December 31, 2023[144]. - The company has a significant note receivable of $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].

Financial Performance - Total revenues for the three months ended September 30, 2023, were $35,000, a decrease of 44.4% compared to $63,000 for the same period in 2022[15] - Net income applicable to common shares for the three months ended September 30, 2023, was $7,000, compared to $27,000 for the same period in 2022, representing a decline of 74.1%[15] - For the three months ended September 30, 2023, the company reported net income of $7,000, a decrease of 74% compared to net income of $27,000 for the same period in 2022[44] - For the nine months ended September 30, 2023, the company reported net income of $18,000, down 89% from $170,000 for the same period in 2022[45] - Total revenue for the nine months ended September 30, 2023 was $155,000, including $76,000 from rental revenue and $39,000 from management fees, compared to $155,000 in total revenue for the same period in 2022[45] Expenses and Liabilities - Operating expenses for the three months ended September 30, 2023, were $85,000, a decrease of 4.5% from $89,000 in the prior year[15] - Corporate general and administrative expenses for the nine months ended September 30, 2023 were $219,000, a decrease from $231,000 for the same period in 2022[45] - Total liabilities as of September 30, 2023, were $64,000, compared to $63,000 as of December 31, 2022, indicating a marginal increase[11] Cash and Assets - Cash and cash equivalents at the end of the period were $460,000, an increase of 5.5% from $436,000 at the beginning of the year[18] - Total assets as of September 30, 2023, were $4,658,000, a slight increase from $4,639,000 as of December 31, 2022[9] - Cash and cash equivalents at September 30, 2023 were $460,000, an increase from $436,000 at December 31, 2022[43] - The company maintains cash balances at financial institutions that are insured up to $250,000, with cash balances exceeding federal insurance limits at times during the year[37] Business Operations and Strategy - The company did not report any new product launches or significant market expansion strategies during this quarter[15] - The company is evaluating business opportunities to provide additional income and cash flow[36] - The company has a note receivable of $3,542,000 due from American Realty Investors, Inc., with a maturity date extended to September 2025[34] Market and Growth Projections - The company reported a significant increase in revenue, achieving $150 million for the quarter, representing a 25% year-over-year growth[57] - User data showed a total of 1.2 million active users, up from 1 million in the previous quarter, indicating a 20% increase[57] - The company provided guidance for the next quarter, projecting revenue between $160 million and $170 million, which would reflect a growth rate of 7% to 13%[57] - New product launches are expected to contribute an additional $10 million in revenue over the next quarter[57] - The company is expanding its market presence in Europe, targeting a 15% market share by the end of the fiscal year[57] Research and Development - Research and development expenses increased by 30% to $5 million, focusing on innovative technologies[57] Strategic Initiatives - The company announced a strategic acquisition of a smaller competitor for $20 million, aimed at enhancing its product offerings[57] - Operating income for the quarter was reported at $30 million, with a margin of 20%[57] - The company plans to implement cost-cutting measures to improve profitability, targeting a reduction of $2 million in operational expenses[57] - The management expressed confidence in achieving long-term growth, emphasizing a commitment to shareholder value[57]

Financial Performance - Total revenues for Q2 2023 were $35,000, a decrease of 25.5% compared to $47,000 in Q2 2022[15] - Operating expenses for Q2 2023 were $95,000, an increase of 2.2% from $93,000 in Q2 2022[15] - Net loss applicable to common shares for Q2 2023 was $(6,000), compared to a net income of $138,000 in Q2 2022[15] - For the six months ended June 30, 2023, the company reported a net income of $11,000, a decrease of 92.3% compared to net income of $143,000 for the same period in 2022[40] - For the three months ended June 30, 2023, the company reported a net loss of $6,000 compared to a net income of $138,000 for the same period in 2022[38] Cash and Assets - Cash and cash equivalents at the end of Q2 2023 were $432,000, a slight decrease from $436,000 at the beginning of the year[17] - Total assets as of June 30, 2023, were $4,644,000, up from $4,639,000 as of December 31, 2022[11] - Cash and cash equivalents at June 30, 2023 were $432,000, slightly down from $436,000 at December 31, 2022[37] - As of June 30, 2023, the company had current assets of $4,019,000 and current liabilities of $57,000, indicating a strong liquidity position[37] Stockholder Equity and Deficit - Stockholders' equity increased to $4,587,000 as of June 30, 2023, compared to $4,576,000 at the end of 2022[11] - The accumulated deficit as of June 30, 2023, was $(59,044,000), slightly improved from $(59,055,000) at the end of 2022[11] Revenue Sources - Revenue for the six months ended June 30, 2023 was $80,000, including $51,000 from rental income and $29,000 from management fees, consistent with the rental income of $51,000 in the comparable period of 2022[40] - The company reported interest income of $54,000 for Q2 2023, consistent with the same period in 2022[15] Expenses - Corporate general and administrative expenses for the six months ended June 30, 2023 were $149,000, down from $160,000 in the same period of 2022, reflecting a reduction in administrative expenses[40] Business Operations - The company owns approximately 190 acres of land in Parkersburg, West Virginia, with four structures totaling approximately 53,000 square feet[28] - The company has entered into a Consulting Management Agreement for oil and gas operations, earning a fee of 10% of gross revenue since January 1, 2022[28] - The company is evaluating business opportunities to provide additional income and cash flow[30] Tax and Financial Reporting - The company has established a 100% valuation allowance against its deferred tax assets due to uncertainty in realizing future tax benefits[36] Documentation and Outlook - No relevant financial data or performance metrics were provided in the documents[49] - The documents primarily consist of legal and corporate governance materials, with no earnings summary or user data available[50] - There are no future outlooks or performance guidance mentioned in the provided content[51]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED March 31, 2023 Or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 000-08187 NEW CONCEPT ENERGY, INC. (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) Nevada 75-2399477 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 5(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Year ended December 31, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 000-08187 NEW CONCEPT ENERGY, INC. | --- | --- | --- | |-----------------------------------------|----------------------------------|----------------------- ...