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]
New Concept Energy(GBR) - 2023 Q2 - Quarterly Report