Financial Performance - Total revenues for the three months ended September 30, 2024, were $37,000, compared to $35,000 for the same period in 2023, representing a 5.7% increase[12] - Operating loss for the three months ended September 30, 2024, was $(56,000), compared to $(50,000) for the same period in 2023, indicating a decline in operational performance[12] - Net loss applicable to common shares for the three months ended September 30, 2024, was $(4,000), compared to net income of $7,000 for the same period in 2023[12] - For the three months ended September 30, 2024, the company reported a net loss of $59,075,000 compared to a net income of $7,000 for the same period in 2023[14] - For the nine months ended September 30, 2024, the company recorded a net income of $1,000, down from $18,000 in the same period in 2023[15] - The company reported a net income (loss) per common share of $(0.01) for the three months ended September 30, 2024, compared to $0.01 for the same period in 2023[12] - The company reported a net loss of $4,000 for the three months ended September 30, 2024, compared to a net income of $7,000 for the same period in 2023[37] - For the nine months ended September 30, 2024, total revenue was $110,000, down from $115,000 in the same period of 2023, with rental revenue remaining constant at $76,000 but management fees decreasing from $39,000 to $34,000[40] Assets and Liabilities - Total current assets as of September 30, 2024, were $456,000, slightly down from $459,000 as of December 31, 2023[7] - Total assets decreased to $4,617,000 as of September 30, 2024, from $4,630,000 as of December 31, 2023[9] - Total stockholders' equity increased to $4,556,000 as of September 30, 2024, compared to $4,555,000 as of December 31, 2023[9] - As of September 30, 2024, the company reported current assets of $456,000 and current liabilities of $61,000, with cash and cash equivalents decreasing from $447,000 at December 31, 2023 to $430,000[37] Cash Flow and Income - Cash and cash equivalents at the end of the period for September 30, 2024, were $430,000, a decrease from $460,000 at the end of September 30, 2023[15] - Interest income from related parties for the three months ended September 30, 2024, was $50,000, down from $53,000 for the same period in 2023[12] Operating Expenses - Operating expenses for the three months ended September 30, 2024, totaled $93,000, compared to $85,000 for the same period in 2023, reflecting a 9.4% increase[12] - The company incurred corporate general and administrative expenses of $79,000 for the three months ended September 30, 2024, compared to $70,000 for the same period in 2023[38] - For the nine months ended September 30, 2024, corporate general and administrative expenses totaled $235,000, an increase from $219,000 in the comparable period of 2023[40] Business Operations - The company has entered into a formal agreement with Pillar Income Asset Management for management services, with a fee of $3,000 for September 2024[26] - The company is evaluating business opportunities to provide additional income and cash flow[18] - The company recognized revenue from rental income and consulting management fees, with performance obligations satisfied upon the transfer of risk of loss to the customer[23] Tax and Valuation - The company established a 100% valuation allowance against its deferred tax assets due to uncertainty in realizing the benefits[36] - The company has net operating loss carryforwards of approximately $7.5 million, expiring between 2024 and 2039[31] Environmental and Debt Status - The company has extinguished all outstanding debt, resulting in minimal exposure to interest rate risk[44] - The company has conducted environmental assessments on its properties, finding no material adverse environmental liabilities[43] Shareholder Information - The company had 5,131,934 shares of common stock outstanding as of November 13, 2024[4] - The company owns approximately 190 acres of land in Parkersburg, West Virginia, with four structures totaling approximately 53,000 square feet[20] - The company has a note receivable from American Realty Investors, Inc. amounting to $3,542,000, with an interest rate of 5.33% as of September 30, 2024[28]
New Concept Energy(GBR) - 2024 Q3 - Quarterly Report