Financial Performance - Total revenues for Q1 2024 were $36,000, a decrease of 20% compared to $45,000 in Q1 2023[19] - Operating loss for Q1 2024 was $(55,000), compared to $(35,000) in Q1 2023, indicating a worsening of operational performance[19] - Net income applicable to common shares for Q1 2024 was $2,000, down from $17,000 in Q1 2023, reflecting a decline of approximately 88.24%[19] - The Company reported net income from continuing operations of $2,000 for the three months ended March 31, 2024, compared to net income of $17,000 for the same period in 2023, representing a decrease of approximately 88.24%[41] - Revenue for the three months ended March 31, 2024 was $36,000, which included $25,000 in rental income and $11,000 in management fees[41] - Corporate general and administrative expenses increased to $78,000 for the three months ended March 31, 2024, up from $68,000 in the comparable period in 2023, reflecting a rise of approximately 14.71%[41] Cash and Liquidity - Cash and cash equivalents decreased to $395,000 as of March 31, 2024, from $447,000 at the beginning of the year[26] - Cash and cash equivalents decreased to $395,000 at March 31, 2024, down from $447,000 at December 31, 2023, a decline of approximately 11.63%[41] - As of March 31, 2024, the Company had current assets of $456,000 and current liabilities of $67,000, indicating a strong liquidity position[41] - The Company maintains cash balances at financial institutions insured up to $250,000 by the Federal Deposit Insurance Corporation, with no significant concentration of credit risk as of March 31, 2024[34] - The Company has not experienced any losses with respect to its bank balances in excess of government-provided insurance[34] Assets and Liabilities - Total assets as of March 31, 2024, were $4,624,000, slightly down from $4,630,000 at the end of 2023[10] - Total liabilities decreased to $67,000 as of March 31, 2024, from $75,000 at the end of 2023, showing a reduction of approximately 10.67%[13] - Stockholders' equity increased to $4,557,000 as of March 31, 2024, compared to $4,555,000 at the end of 2023[15] Business Strategy - The company is actively evaluating business opportunities to enhance income and cash flow[31] - The Company has established a 100% valuation allowance against its deferred tax assets due to uncertainty regarding the realization of these benefits[40] - The Company has extinguished all outstanding debt, resulting in minimal risk from exposure to changes in interest rates[46] Other Information - The company reported interest income from related parties of $57,000 in Q1 2024, up from $52,000 in Q1 2023, indicating a growth of 9.62%[19] - The Company has maintained its common stock outstanding at 5,131,934 shares since December 31, 2023[15] - The Company has evaluated subsequent events through May 8, 2024, and determined that there are none to be reported[35]
New Concept Energy(GBR) - 2024 Q1 - Quarterly Report