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New Concept Energy Inc (GBR+3.84%). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, including leasing its office building in Parkersburg, West Virginia, and managing oil and gas operations sold in 2020. The company reported revenue of $146,000 in 2024, compared to $152,000 in 2023.
Operating expenses for 2024 were $383,000, down from $395,000 in 2023. The company recorded an operating loss of $237,000 in 2024, compared to $243,000 in 2023.
Interest income from related parties was $196,000 in 2024, with total interest income amounting to $213,000. The company reported a net loss applicable to common shares of $18,000 in 2024.
As of December 31, 2024, New Concept Energy had current assets of $372,000 and current liabilities of $57,000. Cash and cash equivalents were $363,000 at year-end.
The company holds a note receivable from a related party, American Realty Investors, Inc., amounting to $3.5 million, maturing on September 30, 2027.
New Concept Energy's principal sources of cash include rent from its leased property and management fees. The company had no long-term debt as of December 31, 2024.
The filing also outlines the company's business strategy, which includes operating and potentially selling its West Virginia property and providing advisory services to an independent oil and gas company.
The company maintains property and liability insurance for its operations and employs two people, with additional work contracted to third parties.
New Concept Energy's common stock is traded on the NYSE American under the symbol 'GBR'. The company did not pay dividends in 2024 or 2023 and has no plans to pay cash dividends in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the New Concept Energy Inc annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.