Revenue and Income - The Company reported revenues from rent for the leased property of $101,000 in both 2024 and 2023[36] - Total revenue for 2024 was $146,000, a decrease of 3.9% compared to $152,000 in 2023[113] - Interest income was $213,000 in 2024, compared to $222,000 in 2023[38] - Interest income from a related party was $196,000 in 2024, down from $213,000 in 2023[113] - The company recognized operating revenue of $146,000 for the year ended December 31, 2024, a slight decrease from $152,000 in 2023[148] Expenses - Management fees from oil and gas operations decreased to $44,000 in 2024 from $51,000 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 $57,000 in 2023[37] - General and administrative expenses were $334,000 in 2024, slightly down from $338,000 in 2023[37] - Operating expenses for 2024 totaled $383,000, a slight decrease from $395,000 in 2023[113] - Operating expenses for 2024 totaled $370,000, compared to $395,000 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, down from $459,000 in 2023[35] - Cash and cash equivalents totaled $363,000 at December 31, 2024, compared to $447,000 at the end of 2023[35] - Total assets decreased to $4,594,000 in 2024 from $4,630,000 in 2023, a reduction of 0.8%[107] - Total liabilities decreased to $57,000 in 2024 from $75,000 in 2023, a decrease of 24%[110] - Stockholders' equity decreased to $4,537,000 in 2024 from $4,555,000 in 2023, a decline of 0.4%[110] - The company had a note receivable of $3.542 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 $243,000 in 2023[113] - Net loss applicable to common shares for 2024 was $18,000, compared to a net loss of $21,000 in 2023[113] - The company reported a net operating loss carryforward of approximately $6.5 million, with $4.8 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 $56,500 in 2023[72] - The Company pays non-employee directors a fee of $2,500 per year, plus $2,000 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]
New Concept Energy(GBR) - 2024 Q4 - Annual Report