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What changed in New Concept Energy, Inc.'s 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of New Concept Energy, Inc.'s 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+18 added−23 removedSource: 10-K (2025-03-24) vs 10-K (2024-04-01)

Top changes in New Concept Energy, Inc.'s 2024 10-K

18 paragraphs added · 23 removed · 17 edited across 5 sections

Item 1. Business

Business — how the company describes what it does

4 edited+0 added−0 removed7 unchanged
Biggest changeLocated on the land are four structures totaling approximately 53,000 square feet. Of this total area the main industrial / office building contains approximately 24,800 square feet of which as of December 31, 2023 approximately 16,000 of industrial area is leased for $100,000 per annum.
Biggest changeLocated on the land are four structures totaling approximately 53,000 square feet. Of this total area the main industrial / office building contains approximately 24,800 square feet of which as of December 31, 2024 approximately 16,000 square feet is leased for $101,000 per annum.
None of the Company’s employees are represented by a collective bargaining group. Management is not aware of any non-compliance by the Company as regards applicable regulatory requirements that would have a material adverse effect on the Company’s financial condition or results of operations. 4 Table of Contents Available Information The Company maintains an internet website at www.newconceptenergy.com .
None of the Company’s employees are represented by a collective bargaining group. Management is not aware of any non-compliance by the Company as regards applicable regulatory requirements that would have a material adverse effect on the Company’s financial condition or results of operations. 4 Available Information The Company maintains an internet website at www.newconceptenergy.com .
Business Strategy The Company is a Nevada corporation. The Company intends to continue to operate and or sell its West Virginia property. The Company is providing advisory and management services for an independent West Virginia oil and gas company. The Company seeks to establish or acquire new business operations.
Business Strategy The Company is a Nevada corporation. The Company intends to continue to operate and or sell its West Virginia property. The Company provides advisory and management services for an independent West Virginia oil and gas company. The Company seeks to establish or acquire new business operations.
Insurance The Company currently maintains property and liability insurance intended to cover claims for its real estate and corporate operations. Employees At December 31, 2023, the Company employed the services of 3 people with the remainder of the work contracted to third parties. The Company believes it maintains good relationships with its employees.
Insurance The Company currently maintains property and liability insurance intended to cover claims for its real estate and corporate operations. Employees At December 31, 2024, the Company employed 2 people with the remainder of the work contracted to third parties. The Company believes it maintains good relationships with its employees.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

1 edited+0 added−0 removed5 unchanged
Biggest changeRecognizing the complexity and evolving nature of cybersecurity risk, we engage with a range of external support in evaluating, monitoring and testing our cybersecurity management systems and related cyber risks. We do not believe we are reasonably likely to be materially affected from cybersecurity threats. 5 Table of Contents
Biggest changeRecognizing the complexity and evolving nature of cybersecurity risk, we engage with a range of external support in evaluating, monitoring and testing our cybersecurity management systems and related cyber risks. 5 We do not believe we are reasonably likely to be materially affected from cybersecurity threats.

Item 2. Properties

Properties — owned and leased real estate

1 edited+0 added−0 removed1 unchanged
Biggest changeLocated on the land are four structures totaling approximately 53,000 square feet. Of this total area the main industrial / office building contains approximately 24,800 square feet. Item 3. Legal Proceedings Currently the Company is not involved in any material legal proceedings. PART II
Biggest changeLocated on the land are four structures totaling approximately 53,000 square feet. Of this total area the main office building contains approximately 24,800 square feet. Item 3. Legal Proceedings Currently the Company is not involved in any material legal proceedings. PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

4 edited+0 added−1 removed1 unchanged
Biggest changePurchases of Equity Securities The Board of Directors has not authorized the repurchase of any shares of its Common Stock under any share repurchase program. However, from time to time in the past, the Company has purchased from stockholders less than 100 shares on request of such persons to save the cost of commissions.
Biggest changeHowever, from time to time in the past, the Company has purchased from stockholders less than 100 shares on the request of such persons to save the cost of commissions. No such purchases were made in 2024 or 2023. Item 6. Selected Financial Data Optional and not included.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information The common stock of the Company is listed and traded on the NYSE American using the symbol “GBR.” The following table sets forth the high and low sales prices as reported in the reporting system of the NYSE American and other published financial sources. 2023 2022 High Low High Low First Quarter $ 1.40 $ 0.99 $ 6.25 $ 2.22 Second Quarter $ 1.26 $ 1.02 $ 3.47 $ 1.54 Third Quarter $ 1.24 $ 0.92 $ 2.34 $ 1.05 Fourth Quarter $ 1.37 $ 1.02 $ 2.00 $ 1.06 On March 29, 2024, the closing price of the Company’s Common Stock was $1.06 per share.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information The common stock of the Company is listed and traded on the NYSE American using the symbol “GBR.” The following table sets forth the high and low sales prices as reported in the reporting system of the NYSE American and other published financial sources. 2024 2023 High Low High Low First Quarter $ 1.08 $ 1.00 $ 1.40 $ 0.99 Second Quarter $ 1.70 $ 1.08 $ 1.26 $ 1.02 Third Quarter $ 1.78 $ 1.43 $ 1.24 $ 0.92 Fourth Quarter $ 1.30 $ 1.24 $ 1.37 $ 1.02 On March 14, 2025, the closing price of the Company’s Common Stock was $0.86 per share.
The Company’s Common Stock was held by approximately 3,500 stockholders. 6 Table of Contents Dividends The Company paid no dividends on its Common Stock in 2023 or 2022.
The Company’s Common Stock was held by approximately 3,500 stockholders. Dividends The Company paid no dividends on its Common Stock in 2024 or 2023.
The payment of dividends, if any, will be determined by the Board of Directors in the future in light of conditions then existing, including the Company’s financial condition and requirements, future prospects, restrictions in financing agreements, business conditions and other factors deemed relevant by the Board of Directors.
The payment of dividends, if any, will be determined by the Board of Directors in the future in light of conditions then existing, including the Company’s financial condition and requirements, future prospects, restrictions in financing agreements, business conditions and other factors deemed relevant by the Board of Directors. 6 Purchases of Equity Securities The Board of Directors has not authorized the repurchase of any shares of its Common Stock under any share repurchase program.
Removed
No such purchases were made in 2023 or 2022.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

7 edited+1 added−5 removed3 unchanged
Biggest changeRevenues from managing the oil and gas operations for a third party was $51,000 and $111,000 in 2023 and 2022. The management agreement has the Company receiving a management fee of 10% of oil and gas revenue. The decrease in management fees is due to a decrease in the revenue due to a decline in oil and gas prices.
Biggest changeResults of Operations Fiscal 2024 as compared to 2023 Revenues: Revenues from rent for the leased property was $101,000 in 2024 and 2023. Revenues from managing the oil and gas operations for a third party was $44,000 and $51,000 in 2024 and 2023. The management agreement has the Company receiving a management fee of 10% of oil and gas revenue.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation Overview The Company’s operations during 2023 include both leasing its office building located in Parkersburg West Virginia and managing the oil and gas operations it sold in August 2020 to a third party.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation Overview The Company’s operations during 2024 include both leasing its office building located in Parkersburg West Virginia and managing the oil and gas operations it sold in August 2020 to a third party.
The future recoverability of the Company’s net deferred tax assets is dependent upon the generation of future taxable income prior to the expiration of the loss carry forwards. At December 31, 2023, the Company had a deferred tax asset due to tax deductions available to it in future years.
The future recoverability of the Company’s net deferred tax assets is dependent upon the generation of future taxable income prior to the expiration of the loss carry forwards. At December 31, 2024, the Company had a deferred tax asset due to tax deductions available to it in future years.
The Company’s principal source of cash and income was the interest it receives from notes receivables. Critical Accounting Policies and Estimates The Company’s discussion and analysis of its financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States.
A significant source of cash and income was the interest it receives from notes receivables. Critical Accounting Policies and Estimates The Company’s discussion and analysis of its financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States.
However, as management could not determine that it was more likely than not that the benefit of the deferred tax asset would be realized, a 100% valuation allowance was established. Liquidity and Capital Resources At December 31, 2023 and 2022, the Company had current assets of $459,000 and $466,000 and current liabilities of $75,000 and $63,000, respectively.
However, as management could not determine that it was more likely than not that the benefit of the deferred tax asset would be realized, a 100% valuation allowance was established. Liquidity and Capital Resources At December 31, 2024 and 2023, the Company had current assets of $372,000 and $459,000 and current liabilities of $57,000 and $75,000, respectively.
New Concept’s principal sources of cash was rent from the tenant occupying part of its building in West Virginia, management fees and interest from its notes receivable. 7 Table of Contents Results of Operations Fiscal 2023 as compared to 2022 Revenues: Revenues from rent for the leased property was $101,000 in 2023 and 2022.
Cash and cash equivalents totaled $363,000 at December 31, 2024 and $447,000 at December 31, 2023. New Concept’s principal sources of cash was rent from the tenant occupying part of its building in West Virginia, management fees and interest from its notes receivable.
Operating Expenses : Operating expenses for the real estate property was $57,000 in 2023 and 2022. General and administrative expenses were $338,000 in 2023 and $317,000 in 2022. Interest Income : Interest Income was $222,000 in 2023 and $212,000 in 2022. Other Income : Other income was $131,000 in 2022.
The decrease in management fees is due to a decrease in revenue due to a decline in oil and gas prices. 7 Operating Expenses : Operating expenses for the real estate property was $48,000 in 2024 and $57,000 in 2023. General and administrative expenses were $334,000 in 2024 and $338,000 in 2023.
Removed
Cash and cash equivalents totaled $447,000 at December 31, 2023 and $436,000 at December 31, 2022.
Added
Interest Income : Interest Income was $213,000 in 2024 and $222,000 in 2023.
Removed
Included in other income for 2022 is $63,000 which represents the collection of an investment that had previously been fully reserved and a gain of $68,000 from the sale of equipment. Fiscal 2022 as compared to 2021 Revenues: Total revenues from rent for the leased property was $101,000 in 2022 and 2021.
Removed
Operating Expenses : Operating expenses for the real estate property was $57,000 in 2022 and $77,000 in 2021. General and administrative expenses were $317,000 in 2022 and $360,000 in 2021. Interest Income : Interest Income was $212,000 in 2022 as compared to $220,000 in 2021.
Removed
The decrease was due to the reduction in the principal balance outstanding due to payments received. Other Income : Other income was $131,000 in 2022 compared to $191,000 in 2021.
Removed
Included in other income for 2022 is $63,000 which represents the collection of an investment that had previously been fully reserved and a gain of $68,000 from the sale of equipment Included in other income for 2021 is an income tax refund for prior years of $91,000 and $100,000 from the sale of a receivable that had been fully reserved in prior years.

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