New Concept Energy, Inc.
For the period ended Dec 31, 2024. Filed Mar 24, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 24, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-04-01.
0001214659-24-005800
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationCurrent report: 10-K
Period ended 2024-12-31; filed 2025-03-24.
0001214659-25-004675
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 21 previous paragraphs and 15 current paragraphs.
9 unchanged; 6 reworded; 0 added; 3 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Removed paragraphs (3)
Previous report
Other Income:* *Other income was $131,000 in 2022. 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.
Previous report
Interest Income:* *Interest Income was $212,000 in 2022 as compared to $220,000 in 2021. The decrease was due to the reduction in the principal balance outstanding due to payments received.
Previous report
Other Income:* *Other income was $131,000 in 2022 compared to $191,000 in 2021. 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.
Reworded paragraphs (6)
Previous wording
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. The Company’s principal source of cash and income was the interest it receives from notes receivables.
Current wording
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. A significant source of cash and income was the interest it receives from notes receivables.
Previous wording
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.
Current wording
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.
Previous wording
Cash and cash equivalents totaled $447,000 at December 31, 2023 and $436,000 at December 31, 2022. 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.
Current wording
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.
Previous wording
*Revenues:*Revenues from rent for the leased property was $101,000 in 2023 and 2022. Revenues 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.
Current wording
*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. The decrease in management fees is due to a decrease in revenue due to a decline in oil and gas prices.
Previous wording
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.
Current wording
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.
Previous wording
Interest Income:* *Interest Income was $222,000 in 2023 and $212,000 in 2022.
Current wording
Interest Income:* *Interest Income was $213,000 in 2024 and $222,000 in 2023.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Fiscal 2022 as compared to 2021
Previous report — wording carried elsewhere
*Revenues:*Total revenues from rent for the leased property was $101,000 in 2022 and 2021.
Previous report — wording carried elsewhere
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.