Financial Performance - Total revenues for the three months ended June 30, 2024, were $37,000, compared to $35,000 for the same period in 2023, representing a 5.7% increase[20] - Net income applicable to common shares for the three months ended June 30, 2024, was $3,000, compared to a net loss of $6,000 for the same period in 2023[20] - For the six months ended June 30, 2024, the Company reported revenue of $73,000, a decrease of 8.8% from $80,000 in the same period of 2023, with rental income at $50,000 and management fees at $23,000[54] - The Company achieved net income from continuing operations of $3,000 for the three months ended June 30, 2024, compared to a net loss of $6,000 for the same period in 2023[52] - Interest income for the three months ended June 30, 2024 was $56,000, up from $54,000 in the comparable period of 2023[53] - Corporate general & administrative expenses for the three months ended June 30, 2024 were $78,000, slightly lower than $81,000 for the same period in 2023[52] Assets and Liabilities - Cash and cash equivalents at the end of the period on June 30, 2024, were $416,000, down from $432,000 at the end of June 30, 2023[27] - Total assets as of June 30, 2024, were $4,620,000, slightly down from $4,630,000 as of December 31, 2023[16] - Total current liabilities decreased to $60,000 as of June 30, 2024, from $75,000 as of December 31, 2023, a reduction of 20%[15] - The Company had current assets of $456,000 and current liabilities of $60,000 as of June 30, 2024, with cash and cash equivalents decreasing from $447,000 at December 31, 2023 to $416,000[52] Accumulated Deficit and Tax Assets - The accumulated deficit as of June 30, 2024, was $(59,071,000), a slight improvement from $(59,076,000) as of December 31, 2023[16] - The Company reported net operating loss carryforwards of approximately $7.5 million, which expire between 2024 and 2039, with a 100% valuation allowance established due to uncertainty in realizing the deferred tax asset benefits[43] Business Operations and Opportunities - The company is evaluating business opportunities to provide additional income and cash flow[32] - The company owns approximately 190 acres of land in Parkersburg, West Virginia, with four structures totaling approximately 53,000 square feet[33] - The company reported interest income from related parties of $56,000 for the three months ended June 30, 2024, compared to $54,000 for the same period in 2023[20] Debt and Risk Management - The Company has extinguished all outstanding debt, resulting in minimal risk from exposure to changes in interest rates[58] - The Company has not experienced losses with respect to its bank balances in excess of government-provided insurance as of June 30, 2024[40] Missing Information - No relevant financial performance or user data was provided in the documents[63] - There are no future outlook or performance guidance details available in the content[63] - No information regarding new products or technology development was found in the documents[63] - There are no mentions of market expansion or acquisitions in the provided content[63] - No new strategies or initiatives were discussed in the documents[63]
New Concept Energy(GBR) - 2024 Q2 - Quarterly Report