Financial Performance - For Q1 2024, New Concept Energy reported a net income applicable to common shares of $2,000, a decrease from $17,000 in Q1 2023[1]. - Total revenue for Q1 2024 was $36,000, down 20% from $45,000 in Q1 2023, with rental income contributing $25,000 and management fees $11,000[2]. - Corporate general and administrative expenses increased to $78,000 in Q1 2024 from $68,000 in Q1 2023, reflecting a 14.7% rise[2]. - Interest income for both Q1 2024 and Q1 2023 was $57,000 and $52,000 respectively, indicating a 9.6% increase year-over-year[2]. - The net income per common share for Q1 2024 remained at $0.01, consistent with Q1 2023[11]. Assets and Liabilities - Total assets as of March 31, 2024, were $4,624,000, slightly down from $4,630,000 as of December 31, 2023[5]. - Current liabilities decreased to $67,000 in Q1 2024 from $75,000 in Q4 2023, a reduction of 10.7%[8]. - Total shareholders' equity increased to $4,557,000 as of March 31, 2024, compared to $4,555,000 at the end of 2023[9]. Shareholder Information - The company maintained a weighted average of 5,132,000 common shares outstanding for both Q1 2024 and Q1 2023[11]. Business Operations - New Concept Energy continues to own real estate in West Virginia and provide management services for a third-party oil and gas company[3].
New Concept Energy(GBR) - 2024 Q1 - Quarterly Results