New Concept Energy, Inc. Files 10-Q for Quarter Ended March 31, 2024

TL;DR

<b>New Concept Energy, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

New Concept Energy, Inc. (GBR) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. New Concept Energy, Inc. filed a 10-Q report for the quarter ended March 31, 2024. The company is incorporated in Nevada and its fiscal year ends on December 31. Its principal business address is 1603 LBJ Freeway, Suite 800, Dallas, Texas. The company's common stock is registered on an unnamed exchange. The filing covers the period from January 1, 2024, to March 31, 2024.

Why It Matters

For investors and stakeholders tracking New Concept Energy, Inc., this filing contains several important signals. This filing provides investors with an update on the company's financial performance and operational status for the first quarter of 2024. As a publicly traded company, New Concept Energy, Inc. is required to disclose this information to maintain transparency and comply with SEC regulations.

Risk Assessment

Risk Level: low — New Concept Energy, Inc. shows low risk based on this filing. The filing is a standard 10-Q report with no immediate indicators of significant financial distress or positive catalysts, suggesting a neutral outlook based solely on this document.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand the company's performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (The 10-Q report is for the quarter ended on this date.)
• 2024-01-01 — Reporting Period Start Date (The 10-Q report covers the period starting from this date.)
• 000-08187 — Commission File Number (SEC file number for New Concept Energy, Inc.)
• 75-2399477 — IRS Employer Identification No. (Tax identification number for the company.)

Key Players & Entities

• New Concept Energy, Inc. (company) — Filer of the 10-Q report.
• March 31, 2024 (date) — End of the reporting period for the 10-Q.
• 1603 LBJ Freeway Suite 800 (address) — Business address of New Concept Energy, Inc.
• Dallas, Texas (address) — City and State of the company's business address.
• 75234 (postal_code) — ZIP code for the company's business address.
• 9724078400 (phone_number) — Business phone number for New Concept Energy, Inc.
• 1934 Act (regulation) — Securities Exchange Act under which the report is filed.
• 000-08187 (other) — Commission File Number for New Concept Energy, Inc.

FAQ

Industry Context

New Concept Energy, Inc. operates within the Crude Petroleum & Natural Gas industry.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, including the filing of quarterly reports (Form 10-Q).

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the quarter ended March 31, 2024.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-03-31: Quarter End Date — The end of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the quarter ended March 31, 2024. Specific comparative financial data from the prior year's quarter or the preceding quarter is not detailed in this header information.

Key Financial Figures

• $0.01 — registered Common Stock, par value $0.01 GBR NYSE AMERICAN Indicate by check
• $456,000 — 2024, the Company had current assets of $456,000 and current liabilities of $67,000. Ca
• $67,000 — of $456,000 and current liabilities of $67,000. Cash and cash equivalents at March 31
• $395,000 — cash equivalents at March 31, 2024 were $395,000 as compared to $447,000 at December 31,
• $447,000 — h 31, 2024 were $395,000 as compared to $447,000 at December 31, 2023. Results of Opera
• $2,000 — et income from continuing operations of $2,000 for three months ended March 31, 2024,
• $17,000 — 31, 2024, as compared to net income of $17,000 for the similar period in 2023. For th
• $36,000 — 024 and 2023 the Company had revenue of $36,000 including $25,000 for rental income and
• $25,000 — ompany had revenue of $36,000 including $25,000 for rental income and $11,000 in manage
• $11,000 — including $25,000 for rental income and $11,000 in management fees. For the three mont
• $78,000 — general & administrative expenses were $78,000 as compared to $68,000 for the comparab
• $68,000 — ve expenses were $78,000 as compared to $68,000 for the comparable period in 2023. 9

Filing Documents

• d5724310q.htm (10-Q) — 193KB
• ex31_1.htm (EX-31.1) — 8KB
• ex32_1.htm (EX-32.1) — 4KB
• 0001214659-24-008656.txt (&nbsp;) — 1049KB
• gbr-20240331.xsd (EX-101.SCH) — 10KB
• gbr-20240331_cal.xml (EX-101.CAL) — 17KB
• gbr-20240331_def.xml (EX-101.DEF) — 19KB
• gbr-20240331_lab.xml (EX-101.LAB) — 88KB
• gbr-20240331_pre.xml (EX-101.PRE) — 64KB
• d5724310q_htm.xml (XML) — 52KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Changes in Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes To Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 10

Controls and Procedures

Item 4. Controls and Procedures 10

Exhibits

Item 5. Exhibits 11

Signatures

Signatures 12 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands) March 31, 2024 December 31, 2023 Assets (Unaudited) (Audited) Current assets Cash and cash equivalents $ 395 $ 447 Other current assets 61 12 Total current assets 456 459 Property and equipment, net of depreciation Land, buildings and equipment 626 629 Note Receivable - Related Party 3,542 3,542 Total assets $ 4,624 $ 4,630 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED (dollars in thousands, except par value amount) March 31, 2024 December 31, 2023 (Unaudited) (Audited) Liabilities and stockholders' equity Current liabilities Accounts payable - (including $ 8 due to related parties in 2024 and 2023) $ 25 $ 36 Accrued expenses 42 39 Total current liabilities 67 75 Stockholders' equity Preferred stock, Series B, $ 10 par value; authorized 100,000 shares, 1 issued and outstanding at March 31, 2024 and December 31, 2023 1 1 Common stock, $ .01 par value; authorized, 100,000,000 shares; issued and outstanding, 5,131,934 shares at March 31, 2024 and December 31, 2023 51 51 Additional paid-in capital 63,579 63,579 Accumulated deficit ( 59,074 ) ( 59,076 ) Total shareholders' equity 4,557 4,555 Total liabilities & equity $ 4,624 $ 4,630 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of Contents NEW CONCEPT ENERGY, INC AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (amounts in thousands, except per share data) For the Three Months ended March 31, 2024 2023 Revenue Rent $ 25 $ 25 Management fees 11 20 Total Revenues 36 45 Operating Expenses Operating expen

Management's Discussion and Analysis of Financial

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 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 condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. Certain of the Company's accounting policies require the application of judgment in selecting the appropriate assumptions for calculating financial estimates. By their nature, these judgments are subject to an inherent degree of uncertainty. These judgments and estimates are based upon the Company's historical experience, current trends and information available from other sources that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The Company's significant accounting policies are summarized in Note C to our consolidated financial statements in our annual report on Form 10-K. The Company believes the following critical accounting policies are more significant to the judgments and estimates used in the preparation of its consolidated financial statements. Revisions in such estimates are recorded in the period in which the facts that give rise to the revisions become known. Doubtful Accounts The Company's allowance for doubtful accounts receivable and notes receivable is based on an analysis of the risk of loss on specific accounts. The analysis places particular emphasis on past due accounts. Management considers such information as the nature and age of the receivable, the payment history of the tenant, customer or other debtor and the financial condition of the tenant or other debtor. Management's estimat

Forward Looking Statements

Forward Looking Statements "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: A number of the matters and subject areas discussed in this filing that are not historical or current facts deal with potential future circumstances, operations and prospects. The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from the Company's actual future experience involving any one or more of such matters and subject areas relating to interest rate fluctuations, the ability to obtain adequate debt and equity financing, demand, pricing, competition, construction, licensing, permitting, construction delays on new developments, contractual and licensure, and other delays on the disposition, transition, or restructuring of currently or previously owned, leased or managed properties in the Company's portfolio, and the ability of the Company to continue managing its costs and cash flow while maintaining high occupancy rates and market rate charges in its retirement community. The Company has attempted to identify, in context, certain of the factors that it currently believes may cause actual future experience and results to differ from the Company's current expectations regarding the relevant matter of subject area. These and other risks and uncertainties are detailed in the Company's reports filed with the Securities and Exchange Commission ("SEC"), including the Company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Inflation The Company's principal source of revenue is rent fees for services rendered and interest income. Although the Company has not historically experienced any adverse effects of inflation on salaries or other operating expenses, there can be no assurance that such trends will continue. Environmental Matters The Company has conducted environmental assessments on most of its existing owned

Quantitative and Qualitative Disclosures

Item 3. Quantitative and Qualitative Disclosures about Market Risk Interest Rate Risk The Company has extinguished all its outstanding debt therefore, the Company has minimal risk from exposure to changes in interest rates.

CONTROLS AND PROCEDURES

Item 4. CONTROLS AND PROCEDURES (a) Based on an evaluation by our management (with the participation of our Principal Executive Officer and Principal Financial Officer), as of the end of the period covered by this report, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") were effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosures. (b) There has been no change in our internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)) during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. 10 Table of Contents

Exhibits

Item 5. Exhibits The following exhibits are filed herewith or incorporated by reference as indicated below. Exhibit Designation Exhibit Description 3.1 Articles of Incorporation of Medical Resource Companies of America (incorporated by reference to Exhibit 3.1 to Registrant's Form S-4 Registration Statement No. 333-55968 dated December 21, 1992) 3.2 Amendment to the Articles of Incorporation of Medical Resource Companies of America (incorporated by reference to Exhibit 3.5 to Registrant's Form 8-K dated April 1, 1993) 3.3 Restated Articles of Incorporation of Greenbriar Corporation (incorporated by reference to Exhibit 3.1.1 to Registrant's Form 10-K dated December 31, 1995) 3.4 Amendment to the Articles of Incorporation of Medical Resource Companies of America (incorporated by reference to Exhibit to Registrant's PRES 14-C dated February 27, 1996) 3.5 Bylaws of Registrant (incorporated by reference to Exhibit 3.2 to Registrant's Form S-4 Registration Statement No. 333-55968 dated December 21, 1992) 3.6 Amendment to Section 3.1 of Bylaws of Registrant adopted October 9, 2003 (incorporated by reference to Exhibit 3.2.1 to Registrant's Form S-4 Registration Statement No. 333-55968 dated December 21, 1992) 3.7 Certificate of Decrease in Authorized and Issued Shares effective November 30, 2001 (incorporated by reference to Exhibit 2.1.7 to Registrant's Form 10-K dated December 31, 2002) 3.8 Certificate of Designations, Preferences and Rights of Preferred Stock dated May 7, 1993 relating to Registrant's Series B Preferred Stock (incorporated by reference to Exhibit 4.1.2 to Registrant's Form S-3 Registration Statement No. 333-64840 dated June 22, 1993) 3.9 Certificate of Voting Powers, Designations, Preferences and Rights of Registrant's Series F Senior Convertible Preferred Stock dated December 31, 1997 (incorporated by reference to Exhibit 2.2.2 of Registrant's Form 10-KSB for the fiscal year ended December 31, 1997) 3.10 Ce

Signatures

Signatures Pursuant to the requirements of the Securities and Exchange Act of 1934, Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. New Concept Energy, Inc. Date: May 8, 2024 By: /s/ Gene Bertcher Gene S. Bertcher, Principal Executive Officer, President and Chief Financial Officer 12