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What changed in New Concept Energy, Inc.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of New Concept Energy, Inc.'s 2024 and 2025 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 2025 report.

+14 added−14 removedSource: 10-K (2026-03-31) vs 10-K (2025-03-24)

Top changes in New Concept Energy, Inc.'s 2025 10-K

14 paragraphs added · 14 removed · 13 edited across 4 sections

Item 1. Business

Business — how the company describes what it does

3 edited+0 added−0 removed8 unchanged
Biggest changeBusiness 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.
Biggest changeBusiness 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 to 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, 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.
Insurance The Company currently maintains property and liability insurance intended to cover claims for its real estate and corporate operations. Employees At December 31, 2025, 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.
Located 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.
Located 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, 2025 approximately 16,000 square feet is leased for $103,000 per annum.

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. 5 We do not believe we are reasonably likely to be materially affected from cybersecurity threats.
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

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

3 edited+0 added−0 removed2 unchanged
Biggest changeMarket 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.
Biggest changeMarket 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. 2025 2024 High Low High Low First Quarter $ 1.37 $ 0.73 $ 1.08 $ 1.00 Second Quarter $ 1.75 $ 0.68 $ 1.70 $ 1.08 Third Quarter $ 1.21 $ 0.84 $ 1.78 $ 1.43 Fourth Quarter $ 1.05 $ 0.75 $ 1.30 $ 1.24 On March 23, 2026, the closing price of the Company’s Common Stock was $0.94 per share.
However, 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.
However, 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 2025 or 2024. Item 6. Selected Financial Data Optional and not included.
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 Company’s Common Stock was held by approximately 3,500 stockholders. Dividends The Company paid no dividends on its common stock in 2025 or 2024.

Item 7. Management's Discussion & Analysis

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

6 edited+1 added−1 removed4 unchanged
Biggest changeThe 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.
Biggest changeThe management agreement has the Company receiving a management fee of 10% of oil and gas revenue. The increase in management fees is due to an increase in revenue due to an increase in oil and gas sales. 7 Operating Expenses : Operating expenses for the real estate property was $56,000 in 2025 and $48,000 in 2024.
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.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation Overview The Company’s operations during 2025 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, 2024, 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, 2025, the Company had a deferred tax asset due to tax deductions available to it in future years.
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.
Cash and cash equivalents totaled $383,000 at December 31,2025 and $363,000 at December 31, 2024. 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.
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.
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 31,2025 and 2024, the Company had current assets of $396,000 and $372,000 and current liabilities of $69,000 and $57,000, respectively.
Results 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.
Results of Operations Fiscal 2025 as compared to 2024 Revenues: Revenues from rent for the leased property was $103,000 and $101,000 in 2025 and 2024. Revenues from managing the oil and gas operations for a third party was $52,000 and $45,000 in 2025 and 2024.
Removed
Interest Income : Interest Income was $213,000 in 2024 and $222,000 in 2023.
Added
General and administrative expenses were $364,000 in 2025 and $335,000 in 2024. Interest Income : Interest Income was $169,000 in 2025 and $213,000 in 2024. The reduction in interest was due to lower interest rates

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