New Concept Energy, Inc. reported its financial results for the fiscal year ending December 31, 2024, revealing a total revenue of $146,000, a decrease from $152,000 in 2023. The company's revenue primarily stemmed from $101,000 in rental income from its property in Parkersburg, West Virginia, which remained unchanged from the previous year. However, management fees from oil and gas operations fell to $45,000 from $51,000, attributed to a decline in oil and gas prices affecting the revenue generated by the third-party operator of the wells.
The company's operating expenses decreased slightly to $383,000 in 2024 from $395,000 in 2023. This included a reduction in operating expenses related to the real estate property, which dropped to $48,000 from $57,000, and general and administrative expenses, which were $335,000 compared to $338,000 in the prior year. Despite these reductions, New Concept Energy reported a net loss applicable to common shares of $18,000, an improvement from a loss of $21,000 in 2023, resulting in a loss per share of $0.01 for both years.
In terms of operational developments, New Concept Energy continues to manage its real estate and provide advisory services for oil and gas operations. The company has maintained a stable employee count, employing two individuals as of December 31, 2024, with the remainder of its workforce contracted through third parties. The company’s total assets were reported at $4.594 million, a slight decrease from $4.630 million in 2023, while total liabilities decreased to $57,000 from $75,000.
Looking ahead, New Concept Energy aims to continue its strategy of managing its West Virginia property and exploring opportunities for new business operations. The company has established a formal agreement with Pillar Income Asset Management for administrative and advisory services, which is expected to enhance operational efficiency. The management remains cautious about future revenue generation, particularly in light of fluctuating oil and gas prices, and has established a 100% valuation allowance against its deferred tax assets due to uncertainty regarding their realization. The company has not paid dividends in the past ten years and plans to retain earnings for debt reduction and future expansion.
About New Concept Energy, Inc.
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