GBR 10-K & 10-Q changes, risk factors and insider trading

At December 31, 202431,2025 and 2023,2024, the Company had current assets of $372,000$396,000 and $459,000$372,000 and current liabilities of $57,000$69,000 and $75,000,$57,000, respectively.

Cash and cash equivalents totaled $363,000$383,000 at December 31, 2024 31,2025 and $447,000$363,000 at December 31, 2023.2024. 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.

Revenues: Revenues from rent for the leased property propertywas was$103,000 and $101,000 in 20242025 and 2023.2024. Revenues from managing the oil and gas operations for a third party was $44,000$52,000 and $51,000$45,000 in in 20242025 and 2023.2024. The management agreement has the Company receiving a management fee of 10% of oil and gas revenue. The decreaseincrease in management fees is due to aan decreaseincrease in revenue due to aan declineincrease in oil and gas prices.sales.

Interest Income: Interest Income was $169,000 wasin 2025 and $213,000 in 20242024. andThe $222,000reduction in 2023.interest was due to lower interest rates

Significant management judgment is required in determining the provision for income taxes, deferred tax assets and liabilities and any valuation allowance recorded against net deferred tax assets. The future recoverability of the Company’s net deferred tax assets is dependent upon the generation of future taxable income prior to the expiration of the loss carry forwards. At MarchJune 31,30, 2026, the Company had a deferred tax asset due to tax deductions available to it in future years. However, as management could not determine that it was more likely than not that the benefit of the deferred tax asset would be realized, a 100% valuation allowance was established.

At MarchJune 31,30, 2026, the Company had current assets of $380,000$369,000 and current liabilities of $64,000.$116,000 Atas compared to $396,000 and $69,000, respectively at December 31, 2025, the Company had current assets of $396,000 and current liabilities of $69,000.2025.

Cash and cash equivalents at MarchJune 31,202630, 2026, were $318,000$304,000 as compared to $383,000 at December 31, 2025.

Comparison of the three months ended MarchJune 31,202630, 2026 to the same period in 2025

The Company reported a netNet Income (loss) fromapplicable continuingto operationscommon shares on the Statement of Operations of ($14,000$66,000) for the three months ended MarchJune 31,30, 2026, as compared to a net loss of ($20,000$18,000) for the similar period in 2025.

For the three months ended MarchJune 31,202630, 2026 the Company had total revenue of of $39,000$41,000 including $26,000 for rental income and $13,000$15,000 in management fees. For the three months ended MarchJune 31,30, 2025 the Company had total revenue of $38,000$40,000 including $26,000 for rental income and $12,000$14,000 in management fees.

For the three months ended MarchJune 31,30, 2026, corporate general and administrative expenses were $77,000$129,000 as compared to $89,000$85,000 for the comparable period in 2025.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: A number of the matters and subject areas discussed in this filing that are not historical or current facts deal with potential future circumstances, operationsoperations, and prospects. The discussion of such matters and subject areas is qualified by the inherent inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from the Company’s actual future future experience involving any one or more of such matters and subject areas relating to interest rate fluctuations, the ability to obtain adequate adequate debt and equity financing, demand, pricing, competition, construction, licensing, permitting, construction delays on new developments, contractual and licensure, and other delays on the disposition, transition, or restructuring of currently or previously owned, leased or managed properties in the Company’s portfolio, and the ability of the Company to continue managing its costs and cash flow while maintaining high occupancy rates and market rate charges in its retirement community. Thecommunity.The Company has attempted to identify, in context, certain of the factors that it currently believes may cause actual future experience and results to differ from the Company’s current current expectations regarding the relevant matter of subject area. These and other risks and uncertainties are detailed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

The Company has conducted environmental assessments on most of its existing owned or leased properties. These assessments have not revealed any environmental liability that the Company believes would have a material adverse effect on the Company’s business, assetsassets, or results of operations. The Company is not aware of any such environmental liability. The Company believes that all of its properties are in compliance in all material respects with all federal, statestate, and local laws, ordinancesordinances, and regulations regarding hazardous or toxic substances or petroleum products. The Company has not been notified by any any governmental authority and is not otherwise aware of any material non-compliance, liability or claim relating to hazardous or toxic substances substances or petroleum products in connection with any of its communities.