Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 29, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 000-08187 | ||
Entity Registrant Name | NEW CONCEPT ENERGY, INC. | ||
Entity Central Index Key | 0000105744 | ||
Entity Tax Identification Number | 75-2399477 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | 1603 LBJ Freeway | ||
Entity Address, Address Line Two | Suite 800 | ||
Entity Address, City or Town | Dallas | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75234 | ||
City Area Code | (972) | ||
Local Phone Number | 407-8400 | ||
Title of 12(b) Security | Common Stock, par value $0.01 | ||
Trading Symbol | GBR | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,559,000 | ||
Entity Common Stock, Shares Outstanding | 5,131,934 | ||
Documents Incorporated by Reference [Text Block] | NONE | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 1820 | ||
Auditor Name | Swalm & Associates, P.C. | ||
Auditor Location | Richardson, Texas |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 447 | $ 436 |
Other current assets | 12 | 30 |
Total current assets | 459 | 466 |
Property and equipment, net | ||
Land, buildings and equipment | 629 | 631 |
Note Receivable - related party | 3,542 | 3,542 |
Total assets | 4,630 | 4,639 |
Current liabilities | ||
Accounts payable - trade (including $8 in 2023 and 2022 due to related parties) | 36 | 23 |
Accrued expenses | 39 | 40 |
Total current liabilities | 75 | 63 |
Stockholders' equity | ||
Series B convertible preferred stock, $10 par value, liquidation value of $100 authorized 100 shares, issued and outstanding one share | 1 | 1 |
Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 5,131,934 shares at December 31, 2023 and 2022 | 51 | 51 |
Additional paid-in capital | 63,579 | 63,579 |
Accumulated deficit | (59,076) | (59,055) |
4,555 | 4,576 | |
Total liabilities & stockholders' equity | $ 4,630 | $ 4,639 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Due to related parties | $ 8 | $ 8 |
Preferred stock, par or stated value per share | $ 10 | $ 10 |
Preferred stock, liquidation preference, value | $ 100 | $ 100 |
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 5,131,934 | 5,131,934 |
Common stock, shares outstanding | 5,131,934 | 5,131,934 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | |||
Total Revenues | $ 152 | $ 212 | $ 101 |
Operating Expenses | |||
Operating Expenses | 57 | 57 | 77 |
Corporate general and administrative | 338 | 317 | 360 |
Total Operating Expenses | 395 | 374 | 437 |
Operating loss | (243) | (162) | (336) |
Other Income (Expense) | |||
Interest income from a related party | 213 | 212 | 212 |
Interest income | 9 | 8 | |
Interest expense | (5) | ||
Other income | 131 | 191 | |
Total Other income (Expense) | 222 | 343 | 406 |
Net income (loss) applicable to common shares | $ (21) | $ 181 | $ 70 |
Net income (loss) per common share-basic | $ (0.01) | $ 0.04 | $ 0.01 |
Net income (loss) per common share-diluted | $ (0.01) | $ 0.04 | $ 0.01 |
Weighted average common and equivalent shares outstanding - basic | 5,132 | 5,132 | 5,132 |
Weighted average common and equivalent shares outstanding - diluted | 5,132 | 5,132 | 5,132 |
Rent [Member] | |||
Revenue | |||
Total Revenues | $ 101 | $ 101 | $ 101 |
Management Fee [Member] | |||
Revenue | |||
Total Revenues | $ 51 | $ 111 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKERS' EQUITY - USD ($) $ in Thousands | Preferred Series B [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 1 | $ 51 | $ 63,579 | $ (59,306) | $ 4,325 |
Beginning balance, Shares at Dec. 31, 2020 | 1 | 5,132 | |||
Net Loss | 70 | 70 | |||
Ending balance, value at Dec. 31, 2021 | $ 1 | $ 51 | 63,579 | (59,236) | 4,395 |
Ending balance, Shares at Dec. 31, 2021 | 1 | 5,132 | |||
Net Loss | 181 | 181 | |||
Ending balance, value at Dec. 31, 2022 | $ 1 | $ 51 | 63,579 | (59,055) | 4,576 |
Ending balance, Shares at Dec. 31, 2022 | 1 | 5,132 | |||
Net Loss | (21) | (21) | |||
Ending balance, value at Dec. 31, 2023 | $ 1 | $ 51 | $ 63,579 | $ (59,076) | $ 4,555 |
Ending balance, Shares at Dec. 31, 2023 | 1 | 5,132 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net income (loss) | $ (21) | $ 181 | $ 70 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||
Depreciation | 13 | 12 | 13 |
Changes in operating assets and liabilities | |||
Other current assets | 18 | (12) | 92 |
Accounts payable and other liabilities | 12 | 3 | (52) |
Net cash provided by operating activities | 22 | 184 | 123 |
Cash flows from financing activities | |||
Payment on notes payable | (174) | ||
Net cash used in financing activities | (174) | ||
Cash flows from investing activities | |||
Fixed asset addition | (11) | ||
Collections of note receivable | 276 | ||
Net cash (used) in investing activities | (11) | 276 | |
Net increase in cash and cash equivalents | 11 | 184 | 225 |
Cash and cash equivalents at beginning of year | 436 | 252 | 27 |
Cash and cash equivalents at end of year | 447 | 436 | 252 |
Supplemental disclosures of cash flow information | |||
Cash paid for interest on notes payable: | 5 | ||
Cash paid for principal on notes payable: | $ 174 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure [Table] | |||
Net Income (Loss) Attributable to Parent | $ (21) | $ 181 | $ 70 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BUSINESS DESCRIPTION AND PRESEN
BUSINESS DESCRIPTION AND PRESENTATION | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
BUSINESS DESCRIPTION AND PRESENTATION | NOTE A – BUSINESS DESCRIPTION AND PRESENTATION The Company owns approximately 190 acres of land located in Parkersburg, West Virginia. 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, 2023 approximately 16,000 of industrial area is leased for $101,000 per annum In August 2020, the Company sold its oil and gas wells and mineral leases which were located in Ohio and West Virginia. The oil and operations for the periods included in this report are reflected as discontinued operations. The Company’s ability to meet current cash obligations relies on cash received from operations and the collection of notes receivable, including a $ 3.5 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies applied in the preparation of the accompanying consolidated financial statements follows: Principles of Consolidation The consolidated financial statements include the accounts of New Concept Energy, Inc. and its majority-owned subsidiaries (collectively, the “Company,” New Concept or “NCE”) and are prepared on the basis of accounting principles generally accepted in the United States of America “GAAP.” All significant intercompany transactions and accounts have been eliminated. Certain accounting balances have been reclassified to conform to the current year presentation. Property and equipment net Property and equipment are recorded at cost. Depreciation is provided over the estimated useful lives of the related assets using the straight-line method of financial statement purposes. Depreciation expense, which is included in operating expenses, was $ 13,000 12,000 13,000 Revenue Recognition The Company recognizes revenues in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers. Under this guidance, the Company recognizes revenue when performance obligations under the terms of a contract with a customer are satisfied by analyzing exchanges with its customers using a five-step approach (1) identify the contract(s) with a customer; (2) identify the performance obligation in the contract(s); (3) determine the transaction price; (4) allocate the transaction price to the performance obligation(s) in the contract(s); and (5) recognize the revenue when (or as) the Company satisfies a performance obligation. The Company derives revenue from rental income from property leases and consulting management fees. The Company’s contracted transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s contracts have a single performance obligation which are not separately identifiable from other promises in the contracts and is, therefore, not distinct. The Company’s performance obligation is satisfied upon the transfer of risk of loss to the customer. Revenue related to rental income from property leases are recognized monthly and consulting management fees are recognized quarterly as they are earned over a period of time. Use of Estimates In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash Equivalents The Company considers all short-term deposits and money market investments with a maturity of less than three months to be cash equivalents. Impairment of Notes Receivable Notes receivable are identified as impaired when it is probable that interest and principal will not be collected according to the contractual terms of the note agreements. The accrual of interest is discontinued on such notes, and no income is recognized until all past due amounts of principal and interest are recovered in full. Impairment of Long-Lived Assets The Company reviews its long-lived assets and certain identifiable intangibles for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In reviewing recoverability, the Company estimates the future cash flows expected to result from the use of the assets and eventually disposing of them. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is recognized based on the asset’s fair value. The Company determines the fair value of assets to be disposed of and records the asset at the lower of fair value less disposal costs or carrying value. Assets are not depreciated while held for disposal. Sales of Real Estate Gains on sales of real estate are recognized to the extent permitted by Accounting Standards Codification Topic 360-20, “Real Estate Sales – Real Estate Sales”, (“ASC 360-20”). Until the requirements of ASC 360-20 have been met for full profit recognition, sales are accounted for by the installment or cost recovery method, whichever is appropriate. Income Taxes The Company accounts for income taxes in accordance with Accounting Standards Codification, (“ASC”) No. 740, “Accounting for Income Taxes”. ASC 740 requires an asset and liability approach to financial accounting for income taxes. In the event differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities result in deferred tax assets, ASC 740 requires an evaluation of the probability of being able to realize the future benefits indicated by such assets. A valuation allowance is provided for a portion or all of the deferred tax assets when there is uncertainty regarding the Company’s ability to recognize the benefits of the assets in future years. Recognition of the benefits of deferred tax assets will require the Company to generate future taxable income. There is no assurance that the Company will generate earnings in future years. Since management could not determine the likelihood that the benefit of the deferred tax asset would be realized, no deferred tax asset was recognized by the Company. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | NOTE C – RELATED PARTIES Commencing in February 2008, three publicly traded entities needed a chief financial officer, American Realty Investors, Inc. (“ARL”), Transcontinental Realty Investors, Inc. (“TCI”) and Income Opportunity Realty Investors, Inc. (“IOR”), Mr. Bertcher, is a certified public accountant and has a long history in their industry. New Concept made arrangements with the three entities whereby, in addition to his responsibilities to New Concept, Mr. Bertcher would be Chief Financial Officer for the three entities. Mr. Bertcher was paid directly for such services by the contractual advisor for the three companies. Mr. Bertcher resigned as an officer of American Realty Investors, Inc. (“ARI”) and Transcontinental Realty Investors, Inc. (“TCI”) on June 30, 2019, but continued on as an officer of Income Opportunity Realty Investors, Inc. (“IOR”) until he resigned December 16, 2021. Realty Advisors, Inc., (“RAI”) is a privately owned investment company and by virtue of its stock ownership, the controlling shareholder for ARI, which in turn is the controlling stockholder of TCI, which is the controlling stockholder of IOR. Mr. Bertcher was an officer of RAI until June 30, 2019. Beginning in 2011 Pillar Income Asset Management (“Pillar”) became the contractual advisor to the three publicly traded entities. Pillar is a wholly owned subsidiary of RAI and Mr. Bertcher serves as a director of Pillar. In addition to the relationship with Mr. Bertcher, the Company conducts business with Pillar whereby Pillar provides the Company with services including processing payroll, acquiring insurance, Information Technology, Cybersecurity and other administrative matters. The Company believes that by purchasing these services through certain large entities it can get lower costs and better service. Pillar does not charge the Company a fee for providing these services. The Company reimburses Pillar for the direct cost for such services. |
NOTE RECEIVABLE
NOTE RECEIVABLE | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
NOTE RECEIVABLE | NOTE D - NOTE RECEIVABLE Note Receivable is comprised of the following at December 31, (in thousands): Schedule of notes receivable Interest Rate 2023 2022 American Realty Investors, Inc. (a related party) receivable upon maturity in September 2025 6% $ 3,542 $ 3,542 |
FIXED ASSETS
FIXED ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
FIXED ASSETS | NOTE E – FIXED ASSETS Land, building and furniture, fixtures and equipment are recorded at cost incurred to acquire the assets. At December 31, 2023 and 2022, fixed assets are as follows: Schedule of property, plant and equipment 2023 2022 Land and improvements $ 432 $ 432 Buildings and improvements 352 341 Total fixed assets 784 773 Less: Accumulated depreciation (155 ) (142 ) Net Fixed Assets $ 629 $ 631 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE F – INCOME TAXES We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax basis of liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of the change in tax rates on deferred tax assets are liabilities recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent that we believe these assets are more likely than not to be realized. If we determine that we would be able to release our deferred tax asset in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. At December 31, 2023, the Company had net operating loss carry forwards of approximately $ 7.5 The Company has no assurance as to if and when the benefit of NOL carryforwards will be realized, therefore, a valuation allowance on the related deferred tax assets has been recorded. Forms 1120, U.S, Corporation Income Tax Returns, The following table presents the principal reasons for the difference between the Company's effective tax rate and the United States statutory income tax rate. Schedule of effective income tax rate 2023 2022 2021 Earned income tax at statutory rate of 21% $ - $ 39 $ 15 Net operating loss utilization $ - (39 ) (15 ) Deferred tax asset from NOL carry forwards $ - 1,583 1,735 Valuation allowance $ - (1,583 ) (1,735 ) Reported income tax expense (benefit) $ - $ - $ - Effective income tax rate 0.00 % 0.00 % 0.00 % |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE G – STOCKHOLDERS’ EQUITY Outstanding Preferred Stock Preferred stock consists of the following (amounts in thousands): Schedule of stockholders equity Year Ended December 31, 2023 2022 Series B convertible preferred stock, $10 par value, liquidation value of $100, authorized 100 shares, issued and outstanding one share 1 1 The Series B preferred stock has a liquidation value of $100 per share. The right to convert expired April 30, 2003. Dividends at a rate of 6% |
CONCENTRATIONS
CONCENTRATIONS | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONCENTRATIONS | NOTE H - CONCENTRATIONS The Company maintains its cash balances at financial institutions that participate in the Federal Deposit Insurance Corporation’s Transaction Account Guarantee Program which insures depositors up to $ 250,000 |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENTS | NOTE I – OPERATING SEGMENTS The following table reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations: Schedule of segment reporting information Year ended December 31, 2023 Current Corporate Total Operating revenue $ 152 $ - $ 152 Operating expenses 44 338 382 Depreciation 13 - 13 Total Operating Expenses 57 338 395 Interest income - 222 222 Segment operating income (loss) $ 95 $ (116 ) $ (21 ) Year ended December 31, 2022 Current Corporate Total Operating revenue $ 212 $ - $ 212 Operating expenses Depreciation 45 317 362 Impairment of oil and gas properties 12 - 12 Interest income 57 317 374 Interest expense - 212 212 Segment operating income - 131 131 $ 155 $ 26 $ 181 Year ended December 31, 2021 Current Corporate Total Operating revenue 101 $ - $ 101 Operating expenses 65 360 $ 425 Depreciation 12 - $ 12 Total Operating Expenses 77 360 $ 437 Interest income - 220 $ 220 Interest expense - (5 ) $ (5 ) Other income - 191 $ 191 Segment operating income $ 24 $ 46 $ 70 |
QUARTERLY DATA (UNAUDITED)
QUARTERLY DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY DATA (UNAUDITED) | NOTE J - QUARTERLY DATA (UNAUDITED) The table below reflects the Company’s selected quarterly information for the years ended December 31, 2023, 2022 and 2021. Amounts shown are in thousands except per share amounts. Schedule of quarterly financial information First Second Third Fourth Year ended December 31, 2023 Quarter Quarter Quarter Quarter Revenue $ 45 $ 35 $ 35 $ 37 Operating expense (12 ) (14 ) (15 ) (16 ) Corporate general and administrative expense (68 ) (81 ) (70 ) (119 ) Other income 52 54 57 59 Income (loss) allocable to common shareholders 17 (6 ) 7 (39 ) Income (loss) per common share – basic and diluted $ 0.01 $ (0.01 ) $ 0.01 $ 0.01 First Second Third Fourth Year ended December 31, 2022 Quarter Quarter Quarter Quarter Revenue $ 45 $ 47 $ 63 $ 57 Operating expense (12 ) (13 ) (18 ) (14 ) Corporate general and administrative expense (80 ) (80 ) (71 ) (86 ) Other income 52 184 53 54 Income allocable to common shareholders 5 138 27 11 Income per common share – basic and diluted $ 0.01 $ 0.02 $ 0.01 $ 0.01 First Second Third Fourth Year ended December 31, 2021 Quarter Quarter Quarter Quarter Revenue $ 26 $ 26 $ 25 $ 25 Operating expense (18 ) (20 ) (34 ) (5 ) Corporate general and administrative expense (74 ) (111 ) (53 ) (122 ) Other income 145 154 54 53 Income (loss) allocable to common shareholders 79 49 (8 ) (49 ) Income (loss) per common share – basic and diluted $ 0.01 $ 0.01 $ (0.01 ) $ 0.00 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE K – SUBSEQUENT EVENTS The date to which events occurring after December 31, 2023, the date of the most recent balance sheet, have been evaluated for possible adjustments to the financial statements or disclosure is March 28, 2024, which is the date of which the financial statements were available to be issued. There are no subsequent events that would require an adjustment to the financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of New Concept Energy, Inc. and its majority-owned subsidiaries (collectively, the “Company,” New Concept or “NCE”) and are prepared on the basis of accounting principles generally accepted in the United States of America “GAAP.” All significant intercompany transactions and accounts have been eliminated. Certain accounting balances have been reclassified to conform to the current year presentation. |
Property and equipment net | Property and equipment net Property and equipment are recorded at cost. Depreciation is provided over the estimated useful lives of the related assets using the straight-line method of financial statement purposes. Depreciation expense, which is included in operating expenses, was $ 13,000 12,000 13,000 |
Revenue Recognition | Revenue Recognition The Company recognizes revenues in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers. Under this guidance, the Company recognizes revenue when performance obligations under the terms of a contract with a customer are satisfied by analyzing exchanges with its customers using a five-step approach (1) identify the contract(s) with a customer; (2) identify the performance obligation in the contract(s); (3) determine the transaction price; (4) allocate the transaction price to the performance obligation(s) in the contract(s); and (5) recognize the revenue when (or as) the Company satisfies a performance obligation. The Company derives revenue from rental income from property leases and consulting management fees. The Company’s contracted transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s contracts have a single performance obligation which are not separately identifiable from other promises in the contracts and is, therefore, not distinct. The Company’s performance obligation is satisfied upon the transfer of risk of loss to the customer. Revenue related to rental income from property leases are recognized monthly and consulting management fees are recognized quarterly as they are earned over a period of time. |
Use of Estimates | Use of Estimates In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash Equivalents | Cash Equivalents The Company considers all short-term deposits and money market investments with a maturity of less than three months to be cash equivalents. |
Impairment of Notes Receivable | Impairment of Notes Receivable Notes receivable are identified as impaired when it is probable that interest and principal will not be collected according to the contractual terms of the note agreements. The accrual of interest is discontinued on such notes, and no income is recognized until all past due amounts of principal and interest are recovered in full. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews its long-lived assets and certain identifiable intangibles for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In reviewing recoverability, the Company estimates the future cash flows expected to result from the use of the assets and eventually disposing of them. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is recognized based on the asset’s fair value. The Company determines the fair value of assets to be disposed of and records the asset at the lower of fair value less disposal costs or carrying value. Assets are not depreciated while held for disposal. |
Sales of Real Estate | Sales of Real Estate Gains on sales of real estate are recognized to the extent permitted by Accounting Standards Codification Topic 360-20, “Real Estate Sales – Real Estate Sales”, (“ASC 360-20”). Until the requirements of ASC 360-20 have been met for full profit recognition, sales are accounted for by the installment or cost recovery method, whichever is appropriate. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with Accounting Standards Codification, (“ASC”) No. 740, “Accounting for Income Taxes”. ASC 740 requires an asset and liability approach to financial accounting for income taxes. In the event differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities result in deferred tax assets, ASC 740 requires an evaluation of the probability of being able to realize the future benefits indicated by such assets. A valuation allowance is provided for a portion or all of the deferred tax assets when there is uncertainty regarding the Company’s ability to recognize the benefits of the assets in future years. Recognition of the benefits of deferred tax assets will require the Company to generate future taxable income. There is no assurance that the Company will generate earnings in future years. Since management could not determine the likelihood that the benefit of the deferred tax asset would be realized, no deferred tax asset was recognized by the Company. |
NOTE RECEIVABLE (Tables)
NOTE RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of notes receivable | Schedule of notes receivable Interest Rate 2023 2022 American Realty Investors, Inc. (a related party) receivable upon maturity in September 2025 6% $ 3,542 $ 3,542 |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Schedule of property, plant and equipment 2023 2022 Land and improvements $ 432 $ 432 Buildings and improvements 352 341 Total fixed assets 784 773 Less: Accumulated depreciation (155 ) (142 ) Net Fixed Assets $ 629 $ 631 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of effective income tax rate | Schedule of effective income tax rate 2023 2022 2021 Earned income tax at statutory rate of 21% $ - $ 39 $ 15 Net operating loss utilization $ - (39 ) (15 ) Deferred tax asset from NOL carry forwards $ - 1,583 1,735 Valuation allowance $ - (1,583 ) (1,735 ) Reported income tax expense (benefit) $ - $ - $ - Effective income tax rate 0.00 % 0.00 % 0.00 % |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of stockholders equity | Schedule of stockholders equity Year Ended December 31, 2023 2022 Series B convertible preferred stock, $10 par value, liquidation value of $100, authorized 100 shares, issued and outstanding one share 1 1 |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | Schedule of segment reporting information Year ended December 31, 2023 Current Corporate Total Operating revenue $ 152 $ - $ 152 Operating expenses 44 338 382 Depreciation 13 - 13 Total Operating Expenses 57 338 395 Interest income - 222 222 Segment operating income (loss) $ 95 $ (116 ) $ (21 ) Year ended December 31, 2022 Current Corporate Total Operating revenue $ 212 $ - $ 212 Operating expenses Depreciation 45 317 362 Impairment of oil and gas properties 12 - 12 Interest income 57 317 374 Interest expense - 212 212 Segment operating income - 131 131 $ 155 $ 26 $ 181 Year ended December 31, 2021 Current Corporate Total Operating revenue 101 $ - $ 101 Operating expenses 65 360 $ 425 Depreciation 12 - $ 12 Total Operating Expenses 77 360 $ 437 Interest income - 220 $ 220 Interest expense - (5 ) $ (5 ) Other income - 191 $ 191 Segment operating income $ 24 $ 46 $ 70 |
QUARTERLY DATA (UNAUDITED) (Tab
QUARTERLY DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | Schedule of quarterly financial information First Second Third Fourth Year ended December 31, 2023 Quarter Quarter Quarter Quarter Revenue $ 45 $ 35 $ 35 $ 37 Operating expense (12 ) (14 ) (15 ) (16 ) Corporate general and administrative expense (68 ) (81 ) (70 ) (119 ) Other income 52 54 57 59 Income (loss) allocable to common shareholders 17 (6 ) 7 (39 ) Income (loss) per common share – basic and diluted $ 0.01 $ (0.01 ) $ 0.01 $ 0.01 First Second Third Fourth Year ended December 31, 2022 Quarter Quarter Quarter Quarter Revenue $ 45 $ 47 $ 63 $ 57 Operating expense (12 ) (13 ) (18 ) (14 ) Corporate general and administrative expense (80 ) (80 ) (71 ) (86 ) Other income 52 184 53 54 Income allocable to common shareholders 5 138 27 11 Income per common share – basic and diluted $ 0.01 $ 0.02 $ 0.01 $ 0.01 First Second Third Fourth Year ended December 31, 2021 Quarter Quarter Quarter Quarter Revenue $ 26 $ 26 $ 25 $ 25 Operating expense (18 ) (20 ) (34 ) (5 ) Corporate general and administrative expense (74 ) (111 ) (53 ) (122 ) Other income 145 154 54 53 Income (loss) allocable to common shareholders 79 49 (8 ) (49 ) Income (loss) per common share – basic and diluted $ 0.01 $ 0.01 $ (0.01 ) $ 0.00 |
BUSINESS DESCRIPTION AND PRES_2
BUSINESS DESCRIPTION AND PRESENTATION (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Accounting Policies [Abstract] | |
Lease revenue per annum | $101,000 per annum |
Cash received from operations and notes receivables from related parties | $ 3,500 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Depreciation expense | $ 13,000 | $ 12,000 | $ 13,000 |
NOTE RECEIVABLE (Details)
NOTE RECEIVABLE (Details) - American Realty Investors [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivable interest rate | 6% | |
Note receivable | $ 3,542 | $ 3,542 |
FIXED ASSETS (Details)
FIXED ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Land and improvements | $ 432 | $ 432 |
Buildings and improvements | 352 | 341 |
Total fixed assets | 784 | 773 |
Less: Accumulated depreciation | (155) | (142) |
Net Fixed Assets | $ 629 | $ 631 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Earned income tax at statutory rate of 21% | $ 39 | $ 15 | |
Net operating loss utilization | (39) | (15) | |
Deferred tax asset from NOL carry forwards | 1,583 | 1,735 | |
Valuation allowance | (1,583) | (1,735) | |
Reported income tax expense (benefit) | |||
Effective income tax rate | 0% | 0% | 0% |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) $ in Thousands | Dec. 31, 2023 USD ($) |
Income Tax Disclosure [Abstract] | |
Operating loss carryforwards | $ 7,500 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Equity [Abstract] | ||
Series B convertible preferred stock, $10 par value, liquidation value of $100, authorized 100 shares, issued and outstanding one share | $ 1 | $ 1 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Dividend rate | 6% |
CONCENTRATIONS (Details Narrati
CONCENTRATIONS (Details Narrative) $ in Thousands | Dec. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Federal deposit insurance corporation | $ 250,000 |
OPERATING SEGMENTS (Details)
OPERATING SEGMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Operating revenue | $ 152 | $ 212 | $ 101 |
Depreciation | 13 | 12 | 13 |
Other income | 131 | 191 | |
Total Operating Expenses | 395 | 374 | 437 |
Current Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenue | 152 | 212 | 101 |
Operating expenses | 44 | 65 | |
Depreciation | 13 | 45 | 12 |
Impairment of oil and gas properties | 12 | ||
Interest expense | |||
Other income | |||
Total Operating Expenses | 57 | 155 | 77 |
Interest income | 57 | ||
Segment operating income (loss) | 95 | 24 | |
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenue | |||
Operating expenses | 338 | 360 | |
Depreciation | 317 | ||
Impairment of oil and gas properties | |||
Interest expense | 212 | (5) | |
Other income | 191 | ||
Total Operating Expenses | 338 | 26 | 360 |
Interest income | 222 | 317 | 220 |
Segment operating income (loss) | (116) | 131 | 46 |
Total Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenue | 152 | 212 | 101 |
Operating expenses | 382 | 425 | |
Depreciation | 13 | 362 | 12 |
Impairment of oil and gas properties | 12 | ||
Interest expense | 212 | (5) | |
Other income | 191 | ||
Total Operating Expenses | 395 | 181 | 437 |
Interest income | 222 | 374 | 220 |
Segment operating income (loss) | $ (21) | $ 131 | $ 70 |
QUARTERLY DATA (UNAUDITED) (Det
QUARTERLY DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effect of Fourth Quarter Events [Line Items] | |||
Revenue | $ 152 | $ 212 | $ 101 |
Operating (expense) | (57) | (57) | (77) |
Corporate general and administrative expense | (338) | (317) | (360) |
Income (loss) allocable to common shareholders | $ (21) | $ 181 | $ 70 |
Income (loss) per common share - basic | $ (0.01) | $ 0.04 | $ 0.01 |
Income (loss) per common share - diluted | $ (0.01) | $ 0.04 | $ 0.01 |
First Quarter [Member] | |||
Effect of Fourth Quarter Events [Line Items] | |||
Revenue | $ 45 | $ 45 | $ 26 |
Operating (expense) | (12) | (12) | (18) |
Corporate general and administrative expense | (68) | (80) | (74) |
Other income | 52 | 52 | 145 |
Income (loss) allocable to common shareholders | $ 17 | $ 5 | $ 79 |
Income (loss) per common share - basic | $ 0.01 | $ 0.01 | $ 0.01 |
Income (loss) per common share - diluted | $ 0.01 | $ 0.01 | $ 0.01 |
Second Quarter [Member] | |||
Effect of Fourth Quarter Events [Line Items] | |||
Revenue | $ 35 | $ 47 | $ 26 |
Operating (expense) | (14) | (13) | (20) |
Corporate general and administrative expense | (81) | (80) | (111) |
Other income | 54 | 184 | 154 |
Income (loss) allocable to common shareholders | $ (6) | $ 138 | $ 49 |
Income (loss) per common share - basic | $ (0.01) | $ 0.02 | $ 0.01 |
Income (loss) per common share - diluted | $ (0.01) | $ 0.02 | $ 0.01 |
Third Quarter [Member] | |||
Effect of Fourth Quarter Events [Line Items] | |||
Revenue | $ 35 | $ 63 | $ 25 |
Operating (expense) | (15) | (18) | (34) |
Corporate general and administrative expense | (70) | (71) | (53) |
Other income | 57 | 53 | 54 |
Income (loss) allocable to common shareholders | $ 7 | $ 27 | $ (8) |
Income (loss) per common share - basic | $ 0.01 | $ 0.01 | $ (0.01) |
Income (loss) per common share - diluted | $ 0.01 | $ 0.01 | $ (0.01) |
Fourth Quarter [Member] | |||
Effect of Fourth Quarter Events [Line Items] | |||
Revenue | $ 37 | $ 57 | $ 25 |
Operating (expense) | (16) | (14) | (5) |
Corporate general and administrative expense | (119) | (86) | (122) |
Other income | 59 | 54 | 53 |
Income (loss) allocable to common shareholders | $ (39) | $ 11 | $ (49) |
Income (loss) per common share - basic | $ 0.01 | $ 0.01 | $ 0 |
Income (loss) per common share - diluted | $ 0.01 | $ 0.01 | $ 0 |