New Concept Energy, Inc. (GBR): History, Ownership, Mission, How It Works & Makes Money

When you look at a company like New Concept Energy, Inc. (GBR), which trades near $0.781 per share as of November 2025, do you really understand how a firm primarily focused on real estate rental and management fees navigates the energy sector? This Dallas-based company, founded in 1978, generated total revenue of just $117,000 across the first three quarters of 2025, with a cumulative net loss of $58,000, showing a business model that is defintely complex and asset-heavy. We'll break down how its dual-pronged mission-owning property in West Virginia and providing management services for a third-party oil and gas operation-actually works and where its limited revenue comes from.

New Concept Energy, Inc. (GBR) History

You're looking for the origin story of New Concept Energy, Inc., and honestly, it's a winding path of corporate evolution. The direct takeaway is that the company, in its current form, is the result of a series of name changes and strategic pivots, culminating in its current structure as a real estate holding and asset management entity, not a traditional energy producer. Its history is less about a single founding vision and more about a long-term corporate vehicle that has shifted focus dramatically over the decades.

Given Company's Founding Timeline

Year established

The company's corporate lineage traces back to an initial incorporation in Delaware in 1975. However, the entity that became New Concept Energy, Inc. was incorporated in Nevada on May 31, 1991, under the name Medical Resource Companies of America, Inc., succeeding a California business trust that began operating in 1982. The current name, New Concept Energy, Inc., was adopted much later, in May 2008.

Original location

The current corporate headquarters are located in Dallas, Texas.

Founding team members

While the company's early history involves a complex series of mergers and name changes, specific details on the original 1975 or 1982 founding team members are not publicly detailed. The current leadership is anchored by Gene S. Bertcher, C.P.A., who serves as the Chairman, Chief Executive Officer, President, and Chief Financial Officer.

Initial capital/funding

Details on the precise initial capital or funding for the company's earliest predecessor entities are not readily available. What we do know is that as of September 30, 2025, the company's financial structure is defined by its primary asset: an unsecured related-party note receivable of $3,542,000.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory is a case study in corporate reinvention, but the most transformative moments are centered on two major pivots that redefined its core business.

The first major shift was the series of name changes and business focus adjustments, moving from a California real estate trust in the 1980s to a company focused on nutritional supplements in the early 2000s, and then back toward energy. Honestly, this history shows a willingness to chase different markets, but it also means the company lacks a single, consistent core competency over its lifetime.

• The 2008 acquisition of the Carl E. Smith Companies was the definitive turn toward the energy and real estate model. This move gave them ownership of approximately 191 acres of land in Parkersburg, West Virginia, plus oil and gas assets.
• The most critical moment defining the company's current financial reality is the transition into an asset-holding entity. As of September 30, 2025, a massive 78% of the company's total assets (approximately $4.5 million) is concentrated in the $3,542,000 related-party note receivable.

This means the company's financial health hinges not on operational performance-where it reported a net loss of ($58,000) for the first nine months of 2025-but on the successful repayment of that single, large note due in September 2027. If you want to dive deeper into the current financial reality, you should look at Breaking Down New Concept Energy, Inc. (GBR) Financial Health: Key Insights for Investors.

Here's the quick math: Nine-month revenue for 2025 was $117,000, but Corporate General and Administrative expenses hit $262,000. That structural deficit shows why the note repayment is defintely the most important factor for shareholders.

New Concept Energy, Inc. (GBR) Ownership Structure

The ownership of New Concept Energy, Inc. (GBR) is highly concentrated, with insiders holding a dominant stake, which means strategic decisions are largely controlled by a small group of related-party entities and executives. This structure is critical to understand because it ties the company's financial trajectory, particularly the recovery of its significant related-party note receivable, directly to the interests of its core management.

New Concept Energy, Inc.'s Current Status

New Concept Energy, Inc. is a publicly-traded company, listed on the NYSE American exchange under the ticker symbol GBR. As a public entity, it must adhere to Securities and Exchange Commission (SEC) reporting requirements, which provides investors with transparency into its operations and financial health. For the nine months ended September 30, 2025, the company reported total revenue of just $117,000 and a net loss of $58,000, indicating a structurally unprofitable operation in the near-term.

Its primary business is real estate rental and providing advisory services to an independent oil and gas company, but the company's valuation hinges on a single, unsecured related-party note receivable of $3,542,000, which represents 78% of its total assets.

New Concept Energy, Inc.'s Ownership Breakdown

The ownership structure is heavily skewed toward insiders, a common characteristic of micro-cap companies. This high insider ownership, totaling over 96%, means that institutional and retail investors have minimal influence on corporate governance matters. For instance, the number of shares outstanding was 5,131,934 as of November 11, 2025.

Arcadian Energy Inc. controls the majority stake, so they defintely drive the strategic direction. You can dive deeper into the market's perspective here: Exploring New Concept Energy, Inc. (GBR) Investor Profile: Who's Buying and Why?

New Concept Energy, Inc.'s Leadership

The company operates with a lean management structure, where a single individual holds multiple key executive roles, centralizing control over both operations and finance. This structure is common in smaller, asset-holding entities but concentrates decision-making risk.

The core leadership team as of November 2025 includes:

• Gene S. Bertcher: Chairman of the Board, President, Chief Executive Officer (CEO), Chief Financial Officer (CFO), and Treasurer.
• Richard Humphrey: Independent Director.
• Dan Locklear: Independent Presiding Director.
• Cecilia Maynard: Independent Director.
• Robert Canham: Independent Director.

Here's the quick math: Mr. Bertcher's total compensation for 2024 was $56,500, which is significantly below the average for similar-sized companies, reflecting the company's minimal operating activity and focus on asset preservation. The board has an average tenure of 5.3 years, showing experience, but the high concentration of power in the CEO/CFO role is a governance factor you must weigh.

New Concept Energy, Inc. (GBR) Mission and Values

New Concept Energy, Inc. (GBR) operates with a highly focused, capital-preservation mindset, which effectively serves as its cultural DNA, given the lack of a formally published mission statement. The company's core purpose is defintely rooted in maximizing value from its existing, low-risk assets-namely real estate and a related-party note-while maintaining a debt-free balance sheet.

For a deeper dive into who is backing this strategy, you should check out Exploring New Concept Energy, Inc. (GBR) Investor Profile: Who's Buying and Why?

New Concept Energy, Inc.'s Core Purpose

As a seasoned analyst, I look past marketing fluff and instead analyze the company's actions and financials to determine its true mission. For New Concept Energy, Inc., a company with a total asset base of $4.54 million as of September 30, 2025, and a year-to-date net loss of $58,000, the mission is clearly about asset management and financial stability, not aggressive growth.

Here's the quick math: the company's Q3 2025 revenue was only $39,000, with the majority, $26,000, coming from real estate rental, so operational efficiency is paramount just to manage the corporate overhead.

Official Mission Statement (Inferred)

Since New Concept Energy, Inc. does not publish a formal mission statement, we must infer its core purpose from its business structure and financial reports. This inferred mission is a commitment to capital preservation and generating stable, albeit small, returns from its core holdings.

• Acquire and manage low-risk, income-producing real estate and energy-related assets.
• Maintain a pristine balance sheet, evidenced by $0.0 in total debt as of September 30, 2025.
• Prioritize shareholder value through prudent financial management and strategic asset deployment.

Vision Statement (Inferred)

The company's vision is less about becoming a market leader and more about sustaining a durable, low-volatility enterprise. The focus remains on leveraging their primary assets, like the long-term lease on their West Virginia property, which provides predictable rental revenue.

• To be a financially resilient, debt-free holding company recognized for its stability.
• Generate sustainable, positive returns primarily through real estate and interest income from its $3.542 million related-party note receivable.

Honesty, the vision is simply to stay solvent and generate a return on that note receivable.

New Concept Energy, Inc. Slogan/Tagline

The company does not use a public-facing slogan or tagline, which is typical for a micro-cap entity focused on asset management over brand building. Their actions speak louder than any marketing phrase.

• No formal slogan is published.
• The operational tagline is implied: 'Prudent Asset Management, Zero Debt.'

New Concept Energy, Inc. (GBR) How It Works

New Concept Energy, Inc. (GBR) operates less like a dynamic energy company and more like a micro-cap asset holding entity, generating revenue primarily through two passive income streams: commercial real estate leasing and advisory services for a single, related-party oil and gas operation.

Honestly, the company's financial viability hinges less on energy and more on the recoverability of a single, large related-party note receivable, which makes up about 78% of its total assets as of September 30, 2025.

Given Company's Product/Service Portfolio

The company's revenue for the first nine months of the 2025 fiscal year totaled just $117,000, split between real estate rental and management fees.

Given Company's Operational Framework

The operational framework is straightforward and heavily weighted toward asset management rather than complex energy development. New Concept Energy, Inc.'s value creation is driven by three key mechanisms, but the main one is passive income from a note. You can dive deeper into its financial position by reading Breaking Down New Concept Energy, Inc. (GBR) Financial Health: Key Insights for Investors.

• Passive Interest Income: The primary earnings driver is the interest from an unsecured related-party note receivable of $3,542,000, which is due in September 2027. This note generated $128,000 in interest income through the first nine months of 2025, which is the largest single source of cash flow.
• Fixed Rental Income: The company maintains a predictable, high-margin revenue stream from its leased real estate holdings in West Virginia, which contributed $78,000 in rental revenue for the nine months ended September 30, 2025.
• Minimal Corporate Overhead: Operations are lean, but rising; corporate General and Administrative (G&A) expenses climbed to $262,000 for the first nine months of 2025, which significantly outpaced the total operating revenue of $117,000, resulting in a structural net loss of $58,000 for the period.

Given Company's Strategic Advantages

For a micro-cap company, New Concept Energy, Inc. has a few defintely compelling structural advantages, but also a major concentration risk you need to be aware of. The biggest advantage is its clean balance sheet.

• Debt-Free Balance Sheet: The company has no debt outstanding, which eliminates interest rate and leverage risk and provides strategic flexibility in a rising-rate environment.
• Strong Short-Term Liquidity: As of September 30, 2025, current assets of $334,000 were over five times greater than current liabilities of $63,000, indicating minimal near-term solvency risk.
• Asset Concentration: The entire valuation is substantially defined by the recoverability of the $3.54 million related-party note. Its full recovery by the September 2027 maturity date is the single most critical factor for shareholder equity.

New Concept Energy, Inc. (GBR) How It Makes Money

New Concept Energy, Inc. (GBR) operates primarily as a micro-cap asset holding entity, generating its minimal operating revenue from real estate rental income and management fees for a third-party oil and gas company. The company's financial health, however, is overwhelmingly dependent on passive income from a single, significant related-party note receivable, which is the primary driver of its total income, not its core operations.

Given Company's Revenue Breakdown

For the nine months ended September 30, 2025, New Concept Energy, Inc.'s total operating revenue was $117,000, a modest increase from the prior year. This revenue comes from two distinct operating streams, with the real estate rentals providing the majority of the income.

Here's the quick math: Rental Revenue of $78,000 and Management Fees of $39,000 make up the $117,000 in total operating revenue for the nine-month period. The rental income is locked in by a long-term lease, so it is defintely the most stable component.

Business Economics

The core economic reality for New Concept Energy, Inc. is that its valuation hinges on a single, non-operating asset, making it less a diversified corporation and more a specialized financial instrument. The company's true financial engine is the interest income from an unsecured related-party Note Receivable of $3,542,000 from American Realty Investors, Inc., a note that constitutes 78% of the company's total assets.

• Passive Income Driver: This note generated $128,000 in interest income for the first nine months of 2025, which is actually more than the total operating revenue of $117,000.
• Interest Rate Risk: The note's interest rate is tied to the Secured Overnight Financing Rate (SOFR), which was 4.24% as of September 30, 2025. This linkage means interest income is volatile, dropping from $165,000 in 2024 as SOFR rates declined.
• Operating Costs vs. Revenue: Corporate General and Administrative (G&A) expenses for 9M 2025 were $262,000, which is more than double the total operating revenue of $117,000. This creates a structural deficit that must be covered by the passive interest income, or it depletes retained capital.
• Real Estate Base: The company owns about 190 acres of land in West Virginia. The rental revenue comes from leasing approximately 16,000 square feet of its four structures, secured by a lease generating an annual $104,000 through October 1, 2029.

The maturity of the $3.54 million note in September 2027 is the single most consequential event for shareholder equity. You need to focus on that.

Given Company's Financial Performance

The nine-month financial results ending September 30, 2025, show a widening structural deficit, reversing the prior year's marginal profit. The company is debt-free, which is a positive, but it is burning cash to cover overhead.

• Net Loss: The net loss for the first nine months of 2025 was $58,000, a significant reversal from the $1,000 net income reported in the same period of 2024.
• Cash Position: Cash and cash equivalents stood at $307,000 as of September 30, 2025, down from $363,000 at the end of 2024, reflecting net cash used in operating activities of $(56,000) for the nine-month period.
• Liquidity: The balance sheet is strong in terms of short-term solvency, with current assets of $334,000 and low current liabilities of only $63,000, giving a current ratio of 5.3x.
• Shares Outstanding: As of November 11, 2025, the company had 5,131,934 shares outstanding.

The decline in interest income combined with the 12% rise in G&A expenses is the critical factor accelerating the operational deficit. For a deeper dive into who holds this stock and why, you should be Exploring New Concept Energy, Inc. (GBR) Investor Profile: Who's Buying and Why?

New Concept Energy, Inc. (GBR) Market Position & Future Outlook

New Concept Energy, Inc. (GBR) operates as a highly specialized, Nano-Cap holding company, with its future trajectory less dependent on industry-wide energy or real estate trends and almost entirely tied to the recovery of a single, large related-party note receivable.

As of November 2025, the company's financial stability rests on its $3.542 million unsecured Note Receivable from a related party, American Realty Investors, which constitutes about 78% of its total assets of $4.542 million [cite: 3, 12, 1 from previous step]. This asset-heavy, operationally light model means its near-term outlook hinges on capital allocation decisions and the note's September 2027 maturity, not its minimal rental and management fee revenue, which totaled only $117,000 for the first nine months of 2025.

Competitive Landscape

For a company with a market capitalization of approximately $4.28 million and minimal operating revenue, traditional market share metrics are essentially zero against the $1.5 trillion U.S. Real Estate and Rental and Leasing industry. Its competition is not with major integrated energy or real estate firms, but with other micro-cap holding companies and investment vehicles vying for capital in the nano-cap space (companies under $50 million market cap).

Opportunities & Challenges

The company's future is a binary bet on its primary asset and its ability to execute an acquisition strategy, plus its ability to manage its rising corporate overhead.

Industry Position

New Concept Energy, Inc. is not a major energy producer or a diversified real estate entity; it is a passive holding company. Honestly, its market position is defined by its nano-cap status and asset concentration.

• Asset Concentration: The company's financial health is overwhelmingly dependent on the single $3.542 million related-party note, making it a highly concentrated investment [cite: 12 from previous step].
• Operational Footprint: Core operations are minimal, generating only $117,000 in revenue for 9M 2025 from real estate rental and management fees.
• Liquidity: Short-term liquidity is strong, with current assets of $334,000 being 5.3 times greater than current liabilities of $63,000 [cite: 3, 12 from previous step]. That's a defintely solid current ratio.
• Strategic Pivot: Management is actively seeking acquisitions in the $10M to $30M range to transition back toward a more active oil and gas exploration and production focus [cite: 15 from previous step].

For a deeper dive into the shareholder base and who is betting on this asset-heavy structure, you should read Exploring New Concept Energy, Inc. (GBR) Investor Profile: Who's Buying and Why?