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 UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K

 x

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 5(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the Year ended December 31, 2023

 OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 FOR THE TRANSITION PERIOD
FROM TO

 Commission File Number
 000-08187

 NEW CONCEPT ENERGY, INC.

 Nevada

 75-2399477

 (State or Other Jurisdiction of

 Incorporation or Organization)

 (I.R.S. Employer

 Identification No.)

 1603 LBJ Freeway

 Suite 800

 Dallas, Texas

 75234

 (972) 407-8400

 Securities registered pursuant to Section 12(b) of the Exchange Act:

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 Common Stock, par value $0.01

 GBR

 NYSE AMERICAN

 Securities registered pursuant to Section 12(g) of the Act: None

 Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes
 No
x

 Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes
 No
x

 Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes x No

 Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate website if any, every interactive Data File
required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months
(or for such shorter period that the registrant was required to submit and post such files) Yes x
 No

 Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a non-accelerated filer, or a smaller reporting company.
See definition of "large, accelerated filer," accelerated filer" and "smaller reporting company" in Rule
12b-2 of the Exchange Act. (Check one):

 Large accelerated
filer

 Accelerated filer

 Non-accelerated filer
 (Do not check if a smaller reporting Company)

 Smaller reporting company x

 Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying

 with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 Indicate by
check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public
accounting fi rm that prepared or issued its audit report.

 If securities
are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included
in the filing reflect the correction of an error to previously issued financial statements.

 Indicate by
check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received
by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 Indicate by
check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No
x

 The aggregate market value of the shares of voting
and non-voting common equity held by non-affiliates of the Registrant, computed by reference to the closing price at which the common
equity was last sold which was the sales price of the Common Stock on the NYSE American as of June 30, 2023 (the last business day of
the Registrant's most recently completed second fiscal quarter) was $ 4,559,000 based upon a total of 3,736,999 shares held as of
June 30, 2023 by persons believed to be non-affiliates of the Registrant. The basis of the calculation does not constitute
a determination by the Registrant as defined in Rule 405 of the Securities Act of 1933, as amended, such calculation, if made as of a
date within sixty days of this filing, would yield a different value.

 As of March 29, 2024, there were 5,131,934 shares
of common stock outstanding.

 DOCUMENTS INCORPORATED BY REFERENCE: NONE

 NEW CONCEPT ENERGY, INC.

 Index to Annual Report on Form 10-K

 Fiscal year ended December 31, 2023

 Forward-Looking Statements

 Item 1. Business

 Item 1A. Risk Factors

 Item 1B. Unresolved Staff Comments

 Item 1C. Cybersecurity

 Item 2. Properties

 Item 3. Legal Proceedings

 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6. Selected Financial Data

 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation

 Item 7a: Quantitative and Qualitative Disclosures About Market Risk

 Item 8. Financial Statements

 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9a. Controls and Procedures

 Item 9b. Other Information

 Item 10. Directors, Executive Officers and Corporate Governance

 Item 11. Executive Compensation

 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13. Certain Relationships and Related Transactions, and Director Independence

 Item 14. Principal Accounting Fees and Services

 Item 15. Exhibits and Financial Statement Schedules

 Item 16. Form 10-K Summary

 SIGNATURES

 NEW CONCEPT ENERGY, INC.

 Forward-Looking Statements

 Certain statements in this Form 10-K are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934. The words "estimate," "plan," "intend,"
"expect," "anticipate," "and believe" and similar expressions are intended to identify forward-looking
statements. These forward-looking statements are found at various places throughout this Report and in the documents incorporated
herein by reference. New Concept Energy, Inc. disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise. Although we believe that our expectations are
based upon reasonable assumptions, we can give no assurance that our goals will be achieved. Important factors that could cause
our actual results to differ from estimates or projections contained in any forward-looking statements are described under Item 1A. Risk
Factors beginning on page 5.

 Item 1. Business

 New Concept Energy, Inc. ("New Concept,"
"NCE" or the "Company" or "we" or "us") was incorporated in Nevada on May 31, 1991, under
the name Medical Resource Companies of America, Inc. The Company is the successor-by-merger to Wespac Investors Trust, a California
business trust that began operating in 1982. On March 26, 1996, the name was changed to Greenbriar Corporation. On
February 8, 2005, the name of the Company was changed to CabelTel International Corporation. On May 21, 2008, the name of
the company was changed to New Concept Energy, Inc.

 Real Estate Operations

 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 $100,000 per annum.

 Oil and Gas Operations

 In August 2020, the Company sold its oil and gas
wells and mineral leases which were located in Ohio and West Virginia.

 Effective 1/1/2022 the company entered into a
Consulting Management Agreement with the current owner of the oil and gas wells whereby the Company will receive 10% of the revenue received
from these wells in exchange for providing advisory, accounting and management services. The agreement can be terminated by either party
after providing 60 days' notice to the other party.

 Business Strategy

 The Company is a Nevada corporation.

 The Company intends to continue to operate and
or sell its West Virginia property. The Company is providing advisory and management services for an independent West Virginia oil and
gas company. The Company seeks to establish or acquire new business operations.

 Insurance

 The Company currently maintains property and liability
insurance intended to cover claims for its real estate and corporate operations.

 Employees

 At December 31, 2023, the Company employed the
services of 3 people with the remainder of the work contracted to third parties. The Company believes it maintains good relationships
with its employees. None of the Company's employees are represented by a collective bargaining group.

 Management is not aware of any non-compliance
by the Company as regards applicable regulatory requirements that would have a material adverse effect on the Company's financial
condition or results of operations.

 Available Information

 The Company maintains an internet website at
 www.newconceptenergy.com. The Company has available through the website, free of charge, Annual Reports on Form
10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, reports filed pursuant to Section 16 of the Securities Exchange Act
of 1934 (the "Exchange Act") and amendments to those reports as soon as reasonably practicable after we electronically file
or furnish such materials to the Securities and Exchange Commission. In addition, the Company has posted the charters for
our Audit Committee, Compensation Committee and Governance and Nominating Committee, as well as our Code of Business Conduct and Ethics,
Corporate Governance Guidelines on Director Independence and other information on the website. These charters and principles
are not incorporated in this Report by reference. The Company will also provide a copy of these documents free of charge to
stockholders upon request. The Company issues Annual Reports containing audited financial statements to its common stockholders.

 Item 1A. Risk Factors

 Risks Related to the Company

 An investment in our securities involves certain
risks. An investor should carefully consider the following risk factors in conjunction with the other information in this
report before trading our securities.

 Our governing documents contain anti-takeover
provisions that may make it more difficult for a third party to acquire control of us. Our Articles of Incorporation contain
provisions designed to discourage attempts to acquire control of the Company by a merger, tender offer, proxy contest or removal of incumbent
management without the approval of our Board of Directors. As a result, a transaction which otherwise might appear to be in
your best interests as a stockholder could be delayed, deferred or prevented altogether, and you may be deprived of an opportunity to
receive a premium for your shares over prevailing market rates. The provisions contained in our Articles of Incorporation include:

 the requirement of an 80% vote to make, adopt, alter, amend, change or repeal our Bylaws or certain key provisions of the Articles
of Incorporation that embody, among other things, the anti-takeover provisions;

 the so-called business combination "control act" requirements involving the Company and a person that beneficially owns
10% or more of the outstanding common stock except under certain circumstances; and

 the requirement of holders of at least 80% of the outstanding Common Stock to join together to request a special meeting of stockholders.

 Item 1B. Unresolved Staff Comments

 Not applicable.

 Item 1C. Cybersecurity

 We rely on the information technology and systems
maintained by Pillar Income Asset Management, Inc. ("Pillar"), an entity which provides a number of services to the Company,
and we rely on Pillar and its' personnel to identify and manage material risks from cybersecurity threats. Pillar takes various
actions, and incurs significant costs, to maintain and manage the operation and security of information technology and systems, including
the data maintained in those systems. We believe that Pillar's Director of Information Technology and his associates endeavor to
evaluate and address cyber risks in alignment with our business objectives, operational needs and industry-accepted standards, such as
the National Institute of Standards and Technology ("NIST") and CIS Critical Security Controls frameworks. Since we rely
on accounting, financial, operational, management and other information systems, including the Internet and third-party hosted services
to conduct our operations, store personal and sensitive data, process financial information and results of operations for internal reporting
purposes and comply with financial reporting, legal and tax requirements, we have processes and procedures in place to monitor the prevention,
detection, mitigation and remediation of cybersecurity risks. These include, but are not limited to (i) maintaining a defined and practiced
incident response plan; (ii) employing appropriate incident prevention and detection safeguards; (iii) maintaining a defined disaster
recovery policy and employing disaster recovery software, where appropriate; (iv) educating, training and testing our user community
on information security practices and identification of potential cybersecurity risks and threats; and (v) reviewing and evaluating new
developments in the cyber threat landscape. Recognizing the complexity and evolving nature of cybersecurity risk, we engage with a range
of external support in evaluating, monitoring and testing our cybersecurity management systems and related cyber risks.

 We do not believe we are reasonably likely to be materially affected
from cybersecurity threats.

 Item 2. Properties

 The Company's principal offices are located
at 1603 LBJ Freeway Suite 800, Dallas, Texas 75234. The Company believes this space is presently suitable, fully utilized and
will be adequate for the foreseeable future.

 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.

 Item 3. Legal Proceedings

 Currently the Company is not involved in any
material legal proceedings.

 Item 5. Market for Registrant's Common Equity,
Related Stockholder Matters and Issuer Purchases of Equity Securities

 Market Information

 The common stock of the Company is listed and
traded on the NYSE American using the symbol "GBR." The following table sets forth the high and low sales prices
as reported in the reporting system of the NYSE American and other published financial sources.

 2023

 2022

 High

 Low

 High

 Low

 First Quarter

 $
 1.40

 $
 0.99

 $
 6.25

 $
 2.22

 Second Quarter

 $
 1.26

 $
 1.02

 $
 3.47

 $
 1.54

 Third Quarter

 $
 1.24

 $
 0.92

 $
 2.34

 $
 1.05

 Fourth Quarter

 $
 1.37

 $
 1.02

 $
 2.00

 $
 1.06

 On March 29, 2024, the closing price of the Company's
Common Stock was $1.06 per share. The Company's Common Stock was held by approximately 3,500 stockholders.

 Dividends

 The Company paid no dividends on its Common Stock
in 2023 or 2022. The Company has not paid cash dividends on its Common stock during at least the last ten fiscal years and
it has been the policy of the Board of Directors of the Company to retain all earnings to pay down debt and finance future expansion and
development of its businesses. The payment of dividends, if any, will be determined by the Board of Directors in the future
in light of conditions then existing, including the Company's financial condition and requirements, future prospects, restrictions
in financing agreements, business conditions and other factors deemed relevant by the Board of Directors.

 Purchases of Equity Securities

 The Board of Directors has not authorized the
repurchase of any shares of its Common Stock under any share repurchase program. However, from time to time in the past, the Company has
purchased from stockholders less than 100 shares on request of such persons to save the cost of commissions. No such purchases were made
in 2023 or 2022.

 Item 6. Selected Financial Data

 Optional and not included.

 Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operation

 Overview

 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.

 Critical Accounting Policies and Estimates

 The Company's discussion and analysis of
its financial condition and results of operations are based upon the Company's consolidated financial statements, which have been
prepared in accordance with accounting principles generally accepted in the United States. Certain of the Company's
accounting policies require the application of judgment in selecting the appropriate assumptions for calculating financial estimates. By
their nature, these judgments are subject to an inherent degree of uncertainty. These judgments and estimates are based upon
the Company's historical experience, current trends and information available from other sources that are believed to be reasonable
under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities
that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions
or conditions.

 Deferred Tax Assets

 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 December 31, 2023, 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.

 Liquidity and Capital Resources

 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.

 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.

 Results of Operations

 Fiscal 2023 as compared to 2022

 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.

 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.

 Interest Income: Interest Income
was $222,000 in 2023 and $212,000 in 2022.

 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.

 Fiscal 2022 as compared to 2021

 Revenues: Total revenues from rent for
the leased property was $101,000 in 2022 and 2021.

 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.

 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.

 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.

 Item 7a: Quantitative and Qualitative Disclosures about
Market Risk

 As of December 31, 2023 the Company has no outstanding
long term debt, therefore, the Company has no risk from exposure to changes in interest rates.

 Item 8. Financial Statements

 The consolidated financial statements required
by this Item begin at page 16 of this Report.

 Item 9. Changes In and Disagreements with Accountants
on Accounting and Financial Disclosure

 None.

 Item 9A. Controls and Procedures

 Evaluation of Disclosure Controls and Procedures

 Based on an evaluation by our management (with
the participation of our Principal Executive Officer and Principal Financial Officer), as of the end of the period covered by this report,
our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures (as defined in Rules
13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) were effective to provide
reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and
communicated to our management, including our Principal Executive Officer and Principal Financial Officer, to allow timely decisions regarding
required disclosures.

 There has been no change in our internal control
over financial reporting (as defined in Exchange Act Rule 13a-15(f)) during the most recent fiscal quarter that has materially affected,
or is reasonably likely to materially affect, our internal control over financial reporting.

 Management's Report on Internal Control
over Financial Reporting

 Our management is responsible for establishing
and maintaining adequate internal control over financial reporting for the Company. Our internal control over financial reporting
is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
in accordance with generally accepted accounting principles. There are inherent limitations to the effectiveness of any system
of internal control over financial reporting. These limitations include the possibility of human error, the circumvention of
overriding of the system and reasonable resource constraints. Because of its inherent limitations, our internal control over
financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with policies
or procedures may deteriorate.

 Management assessed the effectiveness of the Company's
internal control over financial reporting. In making this assessment, management used the criteria set forth in Internal
Control - Integrated Framework -2013 issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based
on management's assessments and those criteria, management has concluded that Company's internal control over financial reporting
was effective as of December 31, 2023.

 This annual report does not include an attestation
report of the Company's registered public accounting firm regarding internal control over financial report. Management's
report was not subject to attestation by the Company's registered public accounting firm pursuant to rules of the Securities and
Exchange Commission that permit the Company to provide only management's report in this annual report.

 Changes in Internal Control over Financial
Reporting

 In preparation for management's report
on internal control over financial reporting, we documented and tested the design and operating effectiveness of our internal control
over financial reporting. There were no changes in our internal controls over financial reporting (as such term is defined
in Exchange Act Rule 13a-15(f)) that occurred during the quarter ended December 31, 2023 that have materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting.

 Item 9B. Other Information

 Not applicable.

 Item 10. Directors, Executive Officers and Corporate
Governance

 Directors

 The affairs of the Company are managed by the
Board of Directors. The directors are elected at the Annual Meeting of Stockholders or appointed by the incumbent Board and
serve until the next Annual Meeting of Stockholders, until a successor has been elected or approved, or until earlier resignation, removal
or death.

 It is the Board's objective that a majority
of the Board consists of independent directors. For a director to be considered "independent," the Board must determine
that the director does not have any direct or indirect material relationship with the Company. The Board has established guidelines
to assist it in determining director independence, which conform to, or are more exacting than, the independence requirements in the NYSE
American Stock Exchange listing rules. The independence guidelines are set forth in the Company's "Corporate Governance
Guidelines." The text of this document has been posted on the Company's internet website at
and is available in print to any stockholder who requests it. In addition to applying these guidelines, the Board will consider
all relevant facts and circumstances in making an independent determination.

 The Company has adopted a code of conduct that
applies to all directors, officers and employees, including our principal executive officer, principal financial officer and principal
accounting officer. Stockholders may find our Code of Conduct on our internet website address at  We
will post any amendments to the Code of Conduct as well as any waivers that are required to be disclosed by the rules of the SEC or the
NYSE AMERICAN on our website.

 Our Board of Directors has adopted charters for
our Audit, Compensation and Governance and Nominating Committees of the Board of Directors. Stockholders may find these documents
on our website by going to the website address  Stockholders may also obtain a printed copy
of the materials referred to by contacting us at the following address:

 New Concept Energy, Inc.

 Attn: Investor Relations

 1603 LBJ Freeway, Suite 800

 Dallas, Texas 75234

 972-407-8400 (Telephone)

 The Audit Committee of the Board of Directors
is an "audit committee" for the purposes of Section 3(a) (58) of the Exchange Act. The members of that Committee
are Dan Locklear (Chairman), Raymond D. Roberts, Cecilia Maynard and Richard W. Humphrey. Mr. Locklear is qualified as an "audit
committee financial expert" within the meaning of SEC regulations and the Board has determined that he has the accounting and related
financial management expertise within the meaning of the listing standards of the NYSE American. All of the members of the
Audit Committee meet the independence and experience requirements of the listing standards of the NYSE American.

 All members of the Audit Committee, Compensation
Committee and the Governance and Nominating Committee must be independent directors. Members of the Audit Committee must also
satisfy additional independence requirements which provide (i) that they may not accept, directly or indirectly, any consulting, advisory
or compensatory fee from the Company or any of its subsidiaries other than their director's compensation (other than in their capacity
as a member of the Audit Committee, the Board of Directors or any other Committee of the Board), and (ii) no member of the Audit Committee
may be an "affiliated person" of the Company or any of its subsidiaries, as defined by the Securities and Exchange Commission.

 The current directors of the Company are listed
below, together with their ages, terms of service, all positions and offices with the Company, their principal occupations, business
experience and directorships with other companies during the last five years or more. The designation "affiliated,"
when used below with respect to a director, means that the director is an officer or employee of the Company or one of its subsidiaries. The
designation "independent," when used below with respect to a director, means that the director is neither an officer of the
Company nor a director, officer or employee of a subsidiary of the Company, although the Company may have certain business or professional
relationships with the director as discussed in Item 13. Certain Relationships and Related Transactions. No family relationship exists
between any executive officer and any of the directors of the company.

 Raymond D. Roberts, age 92, (Independent) Director
since June 2015

 Mr. Roberts is currently retired. He was also
a director of American Realty Investors, Inc. ("ARL"), Transcontinental Realty Investors, Inc. ("TCI") and Income
Opportunity Realty Investors, Inc. (IOR") from June 2, 2016 to October 10, 2023, ARL and TCI common stock are listed and traded
on the New York Stock Exchange and IOR common stock is listed and traded on the NYSE American Exchange. These Companies are affiliated
with both Realty Advisors, Inc. and Pillar Income Asset Management. Mr. Roberts is a member of the Governance and Nominating Committee
of the Board of Directors of the Registrant.

 Gene S. Bertcher, age 75, (Affiliated) Director
November 1989 to September 1996 and since June 1999

 Mr. Bertcher was elected President and Chief Financial
Officer effective November 1, 2004. He was elected Chairman and Chief Executive Officer in December 2006. Mr. Bertcher
has been Chief Financial Officer and Treasurer of the Company since November 1989 and Executive Vice President from November 1989 until
he was elected President. Mr. Bertcher was until June 30, 2019 Executive Vice-President and Chief Financial Officer of American Realty
Investors, Inc. and Transcontinental Realty Investors, Inc., both of which are traded on the NYSE. Mr. Bertcher was until December 16,
2021 Executive Vice-President and Chief Financial Officer of Income Opportunity Realty Investors, Inc., which is traded on the NYSE American
Exchange. He had occupied these positions since February 2008. Further Mr. Bertcher as of August 2020 is a Director of Pillar Income Asset
Management. He has been a certified public accountant since 1973.

 Dan Locklear, age 70, (Independent) Director
since December 2003

 Mr. Locklear has been Chief Financial Officer
of Sunridge Management Group, a real estate management company, for more than five years. Mr. Locklear was formerly employed
by Johnstown Management Company, Inc. and Trammel Crow Company. Mr. Locklear has been a certified public accountant since 1981
and a licensed real estate broker in the State of Texas since 1978.

 Richard W. Humphrey, age 76, (Affiliated) Director
since October 2020

 Mr. Humphrey has been, for more than the
past five years, Vice President of Regis Realty Prime, LLC, involved in sales and acquisitions of real estate properties. Mr. Humphrey
received from Southern Methodist University Cox School of Business both a Bachelor of Business Administration and Master of Business Administration
degree with emphasis in real estate. From 1976 to 1979, he was also a part-time faculty member at Southern Methodist University Cox School
of Business in Dallas, teaching real estate classes in undergraduate and graduate school. Regis Realty Prime, LLC and its predecessors
are affiliated with Realty Advisors, Inc. ("RAI").

 Cecilia Maynard, age 71, (Independent) Director since January 2019

 Ms. Maynard was employed by Pillar Income
Asset Management, Inc. ("Pillar") from January 2011 through December 31, 2018. Pillar is a Nevada corporation which provides
management services to other entities. Ms. Maynard was also (May 31, 2018 to June 2021) a director, Vice President and Secretary of First
Equity Properties, Inc., a Nevada corporation, the common stock of which is registered under Section 12(g) of the Securities Exchange
Act of 1934.

 Board Committees

 The Board of Directors held five meetings during
2023. For such year, no incumbent director attended fewer than 75% of the aggregate of (i) the total number of meetings held
by the Board during the period for which he or she had been a director, and (ii) the total number of meetings held by all Committees of
the Board on which he or she served during the period that he or she served.

 The Board of Directors has standing Audit, Compensation
and Governance and Nominating Committees. The Audit Committee was formed on December 12, 2003, and its function is to review
the Company's operating and accounting procedures. A Charter of the Audit Committee has been adopted by the Board. The
current members of the Audit Committee, all of whom are independent within the SEC regulations, the listing standards of the NYSE American
and the Company's Corporate Governance Guidelines are Messrs. Locklear (Chairman), Roberts and Ms. Maynard. Mr. Dan Locklear
is qualified as an Audit Committee financial expert within the meaning of SEC regulations, and the Board has determined that he has the
accounting and related financial management expertise within the meaning of the listing standards of the NYSE American. The Audit
Committee met five times in 2023.

 The Governance and Nominating Committee is responsible
for developing and implementing policies and practices relating to corporate governance, including reviewing and monitoring implementation
of the Company's Corporate Governance Guidelines. In addition, the Committee develops and reviews background information
on candidates for the Board and makes recommendations to the Board regarding such candidates. The Committee also prepares and
supervises the Board's annual review of director independence and the Board's performance and self-evaluation. The members
of the Committee are Messrs. Locklear, Roberts and Ms. Maynard (Chairman).

 The Board has also formed a Compensation Committee
of the Board of Directors, adopted a Charter for the Compensation Committee on October 20, 2004, the committee members are Mr. Roberts
(Chairman) and Messrs. Locklear and Ms. Maynard.

 The members of the Board of Directors at the date
of this Report and the Committees of the Board on which they serve are identified below:

 Audit Committee

 Governance and Nominating Committee

 Compensation Committee

 Raymond D. Roberts

 Chairman

 Gene S. Bertcher

 Cecilia Maynard

 Chairman

 Dan Locklear

 Chairman

 Richard W. Humphrey

 Executive Officers

 The following person currently serves as the sole
executive officer of the Company: Gene S. Bertcher, Chairman of the Board, President, Chief Executive Officer and Treasurer. His
position with the Company is not subject to a vote of stockholders. His age, term of service and all positions and offices
with the Company, other principal occupations, business experience and directorships with other companies during the last five years or
more are listed under the caption "Directors" above.

 In addition to the foregoing officer, the Company
has other officers not listed herein who are not considered executive officers.

 Code of Ethics

 The Board of Directors has adopted a code of ethics
entitled "Code of Business Conduct and Ethics" that applies to all directors, officers and employees of the Company and its
subsidiaries. In addition, the Company has adopted a code of ethics entitled "Code of Ethics for Senior Financial Officers"
that applies to the principal executive officer, president, principal financial officer, chief financial officer, principal accounting
officer and controller. The text of these documents is posted on the Company's internet website address at
and is available in print to any stockholder who requests them.

 Section 16(a) Beneficial Ownership Reporting Compliance

 Based solely upon a review of Forms 3, 4 and
5 available to the Company pursuant to Rule 16a-3(e) promulgated under the Securities Exchange Act of 1934 (the "Exchange Act "),
upon written representations received by the Company, the Company is not aware of any failure by any director, officer or beneficial
owner of more than 10% of the Company's common stock to file with the Securities and Exchange Commission on a timely basis.

 Item 11. Executive Compensation

 The following tables set forth the compensation
in all categories paid by the Company for services rendered during the fiscal years ended December 31, 2023, 2022 and 2021 by the Chief
Executive Officer of the Company and to the other executive officers and Directors of the Company whose total annual salary in 2023 exceeded
$50,000.

 SUMMARY COMPENSATION TABLE

 Change in

 Non-

 Pension

 Equity

 Value and

 Name

 Incentive

 Nonqualified

 All

 and

 Plan

 Deferred

 Other

 Principal

 Stock

 Option

 Compen-

 Compensation

 Compen-

 Position

 Year

 Salary

 Bonus

 Awards

 Awards

 sation

 Earnings

 sation

 Total

 Gene S. Bertcher (1)

 2023

 $

 $

 Chairman, President &

 2022

 $

 $

 Chief Financial
 Officer

 2021

 $

 $

 (1)
 The salary in the above table represents Mr. Bertcher's compensation paid by the Company; he also receives additional compensation
for services to other entities which are related to the Company.

 GRANTS OF PLAN-BASED AWARDS

 None

 OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

 None

 OPTION EXERCISES AND STOCK VESTED

 None

 PENSION BENEFITS

 None

 NONQUALIFIED DEFERRED COMPENSATION

 None

 DIRECTOR COMPENSATION

 Name

 Fees Earned

 Or Paid in

 Cash

 Stock
 Awards

 Option
 Awards

 Non-Equity
 Incentive Plan
 Compensation

 Change in
 Pension
 Value and
 Nonqualified
 Deferred
 Compensation
 Earnings

 All Other
 Compensation

 Total

 Gene S. Bertcher

 $
 —

 $
 —

 Raymond D. Roberts

 $

 $

 Dan Locklear

 $

 $

 Richard W. Humphrey

 $

 $

 Cecilia Maynard

 $

 $

 MANAGEMENT AND CERTAIN SECURITY HOLDERS

 None

 Compensation of Directors

 The Company pays each non-employee director a
fee of $2,500 per year, plus a meeting fee of $2,000 for each board meeting attended. Employee directors serve without compensation.

 Item 12. Security Ownership of Certain Beneficial Owners

 The following table sets forth
the ownership of the Company's Common Stock, both beneficially and of record, both individually and in the aggregate, for those
persons or entities known by the Company to be the beneficial owners of more than 5% of its outstanding Common Stock as of the close of
business on March 29, 2023.

 Name and Address of

 Beneficial Owner

 Amount and
Nature of

 Beneficial Ownership

 Approximate

 Percent of Class
*

 Realty Advisors, Inc.

 1,394,934 shares

 27.18%

 based on 5,131,934 shares outstanding on March 28, 2024.

 Security Ownership of Management

 The following table sets forth
the ownership of the Company's Common Stock, both beneficially and of record, both individually and in the aggregate for the directors
and executive officers of the Company, as of the close of business on March 29, 2024.

 Name and Address of Beneficial Owner

 Amount and Nature of Beneficial

Ownership*

 Approximate Percent of

Class* *

 Gene S. Bertcher

 -

 0%

 Raymond Roberts

 -

 0%

 Dan Locklear

 -

 0%

 Richard Humphrey

 -

 0%

 Cecilia Maynard

 -

 0%

 All directors and executive officers as a group (5 people)

 -

 0%

 * Beneficial Ownership means the sole or shared
power to vote, or to direct the voting of, a security or investment power with respect to a security, or any combination thereof.

 ** Percentages are based upon 5,131, 934 shares
of Common Stock outstanding at March 28, 2024.

 Item 13. Certain Relationships and Related Transactions,
and Director Independence

 Beginning in 2011 Pillar became the contractual
advisor to three other publicly traded entities which are related to Realty Advisors, Inc. ("RAI") through stock ownership
by RAI. In addition, the relationship with Mr. Bertcher New Concept conducts business with Pillar whereby Pillar provided the Company
with services including processing payroll, acquiring insurance 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. Pillar is a wholly owned subsidiary of Realty Advisors, Inc.

 Except as set forth above, the Reporting Persons
do not have any contracts, arrangements, understandings or relationships, legal or otherwise, with any person with respect to any securities
of the Issuer, including but not limited to, transfer or voting of any of the securities, finders' fees, joint ventures, loan or
option arrangements, puts or calls, guarantees of profits, divisions of profits or losses, or the giving or withholding of proxies.

 It is the policy of the Company that all transactions
between the Company and any officer or director, or any of their affiliates, must be approved by independent members of the Board of Directors
of the Company. All of the transactions described above were so approved.

 See Item 10. Directors, Executive Officers and
Corporate Governance for information on the independence of Directors and the standards of the NYSE American Exchange.

 Item 14. Principal Accounting Fees and Services

 The following table sets forth the aggregate fees for professional
services rendered to the Company for the years 2023, 2022 and 2021 by the Company's principal accounting firm.

 Type of Fees

 2023

 2022

 2021

 Audit Fees

 $
 44,250

 $
 42,750

 $
 71,525

 Tax Fees

 3,750

 2,750

 12,530

 Total Fees

 $
 48,000

 $
 45,500

 $
 84,055

 All services rendered by the principal auditors
are permissible under applicable laws and regulations and were pre-approved by either of the Board of Directors or the Audit Committee,
as required by law. The fees paid to principal auditors for services described in the above table fall under the categories
listed below:

 Audit Fees: These are fees for professional
services performed by the principal auditor for the audit of the Company's annual financial statements and review of financial statements
included in the Company's Form 10-Q filings and services that are normally provided in connection with statutory and regulatory
filings or engagements.

 Audit-Related Fees: These are fees
for assurance and related services performed by the principal auditor that are reasonably related to the performance of the audit or review
of the Company's financial statements. These services include attestation by the principal auditor that is not required
by statute or regulation and consulting on financial accounting/reporting standards.

 Tax Fees: These are fees for professional
services performed by the principal auditor with respect to tax compliance, tax planning, tax consultation, returns preparation and reviews
of returns. The review of tax returns includes the Company and its consolidated subsidiaries.

 All Other Fees: These are fees for
other permissible work performed by the principal auditor that does not meet the above category descriptions.

 These services are actively monitored (as to both
spending level and work content) by the Audit Committee to maintain the appropriate objectivity and independence in the principal auditor's
core work, which is the audit of the Company's consolidated financial statements.

 Financial Information Systems Design and Implementation
Fees

 Under the Sarbanes-Oxley Act of 2002 (the "SO
Act"), and the rules of the Securities and Exchange Commission (the "SEC"), the Audit Committee of the Board of Directors
is responsible for the appointment, compensation and oversight of the work of the independent auditor. The purpose of the provisions
of the SO Act and the SEC rules for the Audit Committee's role in retaining the independent auditor is two-fold. First,
the authority and responsibility for the appointment, compensation and oversight of the auditors should be with directors who are independent
of management. Second, any non-audit work performed by the auditors should be reviewed and approved by these same independent
directors to ensure that any non-audit services performed by the auditor do not impair the independence of the independent auditor. To
implement the provisions of the SO Act, the SEC issued rules specifying the types of services that an independent auditor may not provide
to its audit client and governing the Audit Committee's administration of the engagement of the independent auditor. As
part of this responsibility, the Audit Committee is required to pre-approve the audit and non-audit services performed by the independent
auditor in order to assure that they do not impair the auditor's independence. Accordingly, the Audit Committee has adopted
a pre-approval policy of audit and non-audit services (the "Policy"), which sets forth the procedures and conditions pursuant
to which services to be performed by the independent auditor are to be pre-approved. Consistent with the SEC rules establishing
two different approaches to pre-approving non-prohibited services, the Policy of the Audit Committee covers pre-approval of audit services,
audit-related services, international administration tax services, non-U.S. income tax compliance services, pension and benefit plan consulting
and compliance services, and U.S. tax compliance and planning. At the beginning of each fiscal year, the Audit Committee will
evaluate other known potential engagements of the independent auditor, including the scope of work proposed to be performed and the proposed
fees, and the approve or reject each service, taking into account whether services are permissible under applicable law and the possible
impact of each non-audit service on the independent auditor's independence from management. Typically, in addition to
the pre-approved services, other services would include due diligence for an acquisition that may or may not have been known at the beginning
of the year. The Audit Committee has also delegated to any member of the Audit Committee designated by the Board or the financial
expert member of the Audit Committee responsibilities to pre-approve services to be performed by the independent auditor not exceeding
$25,000 in value or cost per engagement of audit and non-audit services, and such authority may only be exercised when the Audit Committee
is not in session.

 Item 15. Exhibits, Financial Statement and Supplementary
Schedules

 INDEX TO FINANCIAL STATEMENTS

 Page

 FINANCIAL STATEMENTS

 Report of Turner & Stone Company, LLC (PCAOB ID Number 76)

 Report of Swalm & Associates, P.C. (PCAOB ID Number 1820)

 Consolidated Balance Sheets

 Consolidated Statements of Operations

 Consolidated Statements of Changes in Stockholders' Equity

 Consolidated Statements of Changes in Cash Flows

 Notes to Consolidated Financial Statements

 FINANCIAL STATEMENT SCHEDULES: Other
 financial statement schedules have been omitted because they are not required, are not applicable, or the information required is included
 in the Consolidated Financial Statements or the notes thereto.

 ITEM 16.

 FORM 10-K SUMMARY

 Optional and not included herein.

 Your Vision
Our Focus

 Report of Independent Registered Public Accounting
Firm

 Board of Directors and Shareholders

 New Concept Energy, Inc. & Subsidiaries

 Opinion on the Financial Statements

 We have audited the accompanying consolidated
balance sheets of New Concept Energy, Inc. & Subsidiaries as of December 31, 2023, and the related consolidated statements of operations,
changes in stockholders' equity, and cash flows for the year then ended, and the related notes (collectively referred to as the
"financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial
position of New Concept Energy, Inc. & Subsidiaries as of December 31, 2023, and the results of its operations and its cash flows
for the year then ended in conformity with accounting principles generally accepted in the United States of America.

 The financial statements of New Concept Energy, Inc. & Subsidiaries
as of December 31, 2022, were audited by other auditors whose report dated March 20, 2023, expressed an unqualified opinion on those statements.

 Basis for Opinion

 These financial statements are the responsibility of the entity's management. Our responsibility
is to express an opinion on the entity's financial statements based on our audit. We are a public accounting firm registered with
the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to New
Concept Energy, Inc. & Subsidiaries in accordance with the U.S. federal securities laws and the applicable rules and regulations of
the Securities and Exchange Commission and the PCAOB.

 We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. New Concept Energy, Inc. & Subsidiaries is not required
to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required
to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness
of the entity's internal control over financial reporting. Accordingly, we express no such opinion.

 Our audit included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

 Critical Audit Matters

 Critical audit matters are matters arising from
the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and
that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. We determined that there are no critical audit matters.

 /s/ Turner, Stone & Company, L.L.P.

 We have served as New Concept Energy, Inc. & Subsidiaries'
auditor since 2024.

 Dallas, Texas

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

 To the shareholders and the board of directors of

 New Concept Energy, Inc.

 Dallas, Texas

 Opinion on the Financial Statements

 We have audited the accompanying consolidated
balance sheets of New Concept Energy, Inc., and Subsidiaries (the Company) as of December 31, 2022, and the related consolidated statements
of operations, stockholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2022, and the
related notes and schedules collectively referred to as the financial statements. In our opinion, the financial statements present fairly,
in all material respects, the financial position of the Company as of December 31, 2022, and the results of its operations and its cash
flows for each of the years in the two-year period ended December 31, 2022, in conformity with accounting principles generally accepted
in the United States of America.

 Basis for Opinion

 These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCOAB")
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express no such opinion.

 Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 Critical Audit Matters

 The critical audit matters communicated below are matters arising from
audit of the December 31, 2022, financial statements that were communicated or required to be communicated to the audit committee and
that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements,
taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit
matters or on the accounts or disclosures to which they relate.

 Transactions with and Balances Due from Related Parties

 Description of the Matter - The Company
has significant transactions with and balances due from related parties. The Company performs an assessment as to whether substantially
all the amounts due under these receivables are deemed probable of collection. When the Company concludes that it is not probable that
it will collect amounts, the Company creates an allowance for the amount not probable of the collection.

 Auditing the Company's collectability assessment
is complex due to the judgment involved in the Company's determination of the collectability of these receivables. The determination
involves consideration of the terms of the receivable, whether the receivable is currently performing, and any security for the receivable.

 How We addressed the Matter in Our Audit
- We obtained an understanding of the Company's controls over related party receivables and their collectability assessment. Our
testing included, among other things, confirmation of the receivables, reviewing selected financial information of the related parties,
reviewing subsequent collections and evaluating transaction documentation. The relevant financial statement accounts are notes and interest
receivable from related parties, and accounts payable to related parties and interest income from related parties.

 Emphasis of Related Party Transactions

 As described in the notes to the consolidated financial statements,
New Concept Energy, Inc. and Subsidiaries has significant transactions with and balances due from related parties.

 Swalm & Associates, P.C.

 Richardson, Texas

 March 20, 2023

 We have served as the Company's auditor for the years 2008 through
2023.

 NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

 CONSOLIDATED BALANCE SHEETS

 (amounts in thousands)

 At December
 31,

 2023

 2022

 Assets

 Current assets

 Cash and cash equivalents

 $

 $

 Other current assets

 Total current assets

 Property and equipment, net

 Land, buildings and equipment

 Note Receivable - related party

 3,542

 3,542

 Total assets

 $
 4,630

 $
 4,639

 The accompanying notes are an integral
part of these consolidated financial statements.

 NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

 CONSOLIDATED BALANCE SHEETS - CONTINUED

 (amounts in thousands, except share amounts)

 At December
 31,

 2023

 2022

 Liabilities and stockholders' equity

 Current liabilities

 Accounts payable - trade (including $ 8 in 2023 and 2022 due to related parties)

 $

 $

 Accrued expenses

 Total current liabilities

 Stockholders' equity

 Series B convertible preferred stock, $ 10 par value, liquidation value

 of $ 100,
 authorized 100,000
 shares, issued and outstanding one 1 share

 Common stock, $.01 par value; authorized 100,000,000

 shares; issued and outstanding, 5,131,934 shares

 at December 31, 2023 and 2022

 Additional paid-in capital

 Accumulated deficit

 ( 59,076
)

 ( 59,055
)

 4,555

 4,576

 Total liabilities & stockholders' equity

 $
 4,630

 $
 4,639

 The accompanying notes are an integral part of these consolidated financial
statements.

 NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

 CONSOLIDATED STATEMENTS
OF OPERATIONS

 (amounts in thousands,
except per share data)

 Year Ended December 31,

 2023

 2022

 2021

 Revenue

 Rent

 $

 $

 $

 Management Fee

 -

 Operating Expenses

 Operating Expenses

 Corporate general and administrative

 Total Operating Expenses

 Operating loss

 ( 243
)

 ( 162
)

 ( 336
)

 Other Income (Expense)

 Interest income from a related party

 Interest income

 -

 Interest expense

 -

 -

 ( 5
)

 -

 Total Other income (Expense)

 Net income (loss) applicable to common shares

 $
 ( 21
)

 $

 $

 Net income (loss) per common share-basic and diluted

 $
 ( 0.01
)

 $
 0.04

 $
 0.01

 Weighted average common and equivalent shares outstanding - basic and diluted

 5,132

 5,132

 5,132

 The accompanying notes are an integral part of
these consolidated financial statements.

 NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

 CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS'
EQUITY

 (amounts in thousands)

 Series B

 Common Stock

 Additional paid

 Accumulated

 in capital

 deficit

 Total

 Shares

 Amount

 Shares

 Amount

 Balance at December 31, 2020

 $

 5,132

 $

 $

 $
 ( 59,306
)

 $
 4,325

 Issuance of Common Stock

 Net Income

 -

 -

 -

 Balance at December 31, 2021

 5,132

 $

 ( 59,236
)

 4,395

 Issuance of Common Stock

 Net Income

 -

 -

 -

 Balance at December 31, 2022

 5,132

 ( 59,055
)

 4,576

 Issuance of Common Stock

 Net Loss

 -

 -

 -

 ( 21
)

 ( 21
)

 Balance at December 31, 2023

 $

 5,132

 $

 $

 $
 ( 59,076
)

 $
 4,555

 The accompanying notes are an integral part of
these consolidated financial statements.

 NEW CONCEPT ENERGY, INC AND SUBSIDIARIES

 CONSOLIDATED STATEMENTS OF CASH FLOWS

 (amounts in thousands)

 Year ended December 31,

 2023

 2022

 2021

 Cash flows from operating activities

 Net income (loss)

 $
 ( 21
)

 $

 $

 Adjustments to reconcile net income (loss) to net cash provided by operating activities

 Depreciation

 Changes in operating assets and liabilities

 Other current assets

 ( 12
)

 Accounts payable and other liabilities

 ( 52
)

 Net cash provided by operating activities

 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

 -

 -

 Net cash (used) in investing activities

 ( 11
)

 -

 Net increase in cash and cash equivalents

 Cash and cash equivalents at beginning of year

 Cash and cash equivalents at end of year

 $

 $

 $

 Supplemental disclosures of cash flow information

 Cash paid for interest on notes payable:

 $
 -

 $
 -

 $

 Cash paid for principal on notes payable:

 $
 -

 $
 -

 $

 The accompanying notes are
an integral part of these consolidated financial statements.

 New Concept Energy Inc. and Subsidiaries

 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 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 million dollar receivable from a related party.

 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 and $ 13,000 for 2023, 2022 and 2021, respectively.

 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.

 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 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

 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

 $

 $

 Buildings and improvements

 Total fixed assets

 Less: Accumulated depreciation

 ( 155
)

 ( 142
)

 Net Fixed Assets

 $

 $

 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 million, which expire between 2024 and 2039.

 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, for the years
ending December 31, 2023, 2022, 2021 are subject to examination, by the IRS, generally for three years after they are filed.

 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%

 $
 -

 $

 $

 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
 %

 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

 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 % are payable in cash or preferred
shares at the option of the Company.

 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. At December 31, 2023, the Company has not experienced losses with respect to its bank balances in excess of
government provided insurance. Management believes that no significant concentration of credit risk exists with respect to these cash
balances at December 31, 2023.

 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

Operations

 Corporate

 Total

 Operating revenue

 $

 $
 -

 $

 Operating expenses

 Depreciation

 -

 Total Operating Expenses

 Interest income

 -

 Segment operating income (loss)

 $

 $
 ( 116
)

 $
 ( 21
)

 Year ended December 31, 2022

 Current

Operations

 Corporate

 Total

 Operating revenue

 $

 $
 -

 $

 Operating expenses

 Depreciation

 Impairment of oil and gas properties

 -

 Interest income

 Interest expense

 -

 Segment operating income

 -

 $

 $

 $

 Year ended December 31, 2021

 Current

 Operations

 Corporate

 Total

 Operating revenue

 $
 -

 $

 Operating expenses

 $

 Depreciation

 -

 $

 Total Operating Expenses

 $

 Interest income

 -

 $

 Interest expense

 -

 ( 5
)

 $
 ( 5
)

 -

 $

 Segment operating income

 $

 $

 $

 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

 Revenue

 $

 $

 $

 $

 Operating expense

 ( 12
)

 ( 14
)

 ( 15
)

 ( 16
)

 Corporate general and administrative expense

 ( 68
)

 ( 81
)

 ( 70
)

 ( 119
)

 Income (loss) allocable to common shareholders

 ( 6
)

 ( 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

 Revenue

 $

 $

 $

 $

 Operating expense

 ( 12
)

 ( 13
)

 ( 18
)

 ( 14
)

 Corporate general and administrative expense

 ( 80
)

 ( 80
)

 ( 71
)

 ( 86
)

 Income allocable to common shareholders

 Income per common share – basic and diluted

 $
 0.01

 $
 0.02

 $
 0.01

 $
 0.01

 First

 Second

 Third

 Fourth

 Year ended December 31, 2021

 Revenue

 $

 $

 $

 $

 Operating expense

 ( 18
)

 ( 20
)

 ( 34
)

 ( 5
)

 Corporate general and administrative expense

 ( 74
)

 ( 111
)

 ( 53
)

 ( 122
)

 Income (loss) allocable to common shareholders

 ( 8
)

 ( 49
)

 Income (loss) per common share – basic and diluted

 $
 0.01

 $
 0.01

 $
 ( 0.01
)

 $
 0.00

 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.

 The following documents are filed as exhibits
(or are incorporated by reference as indicated) into this Report:

 Exhibit

Designation

 Exhibit Description

 3.1

 Articles of Incorporation of Medical Resource Companies of America (incorporated by reference to Exhibit 3.1 to Registrant's Form S-4 Registration Statement No. 333-55968 dated December 21, 1992)

 3.2

 Amendment to the Articles of Incorporation of Medical Resource Companies of America (incorporated by reference to Exhibit 3.5 to Registrant's Form 8-K dated April 1, 1993)

 3.3

 Restated Articles of Incorporation of Greenbriar Corporation (incorporated by reference to Exhibit 3.1.1 to Registrant's Form 10-K dated December 31, 1995)

 3.4

 Amendment to the Articles of Incorporation of Medical Resource Companies of America (incorporated by reference to Exhibit to Registrant's PRES 14-C dated February 27, 1996)

 3.5

 Certificate of Decrease in Authorized and Issued Shares effective November 30, 2001 (incorporated by reference to Exhibit 2.1.7 to Registrant's Form 10-K dated December 31, 2002)

 3.6

 Certificate of Designations, Preferences and Rights of Preferred Stock dated May 7, 1993 relating to Registrant's Series B Preferred Stock (incorporated by reference to Exhibit 4.1.2 to Registrant's Form S-3 Registration Statement No. 333-64840 dated June 22, 1993)

 3.7

 Certificate of Voting Powers, Designations, Preferences and Rights of Registrant's Series F Senior Convertible Preferred Stock dated December 31, 1997 (incorporated by reference to Exhibit 2.2.2 of Registrant's Form 10-KSB for the fiscal year ended December 31, 1997)

 3.8

 Certificate of Voting Powers, Designations, Preferences and Rights of Registrant's Series G Senior Non-Voting Convertible Preferred Stock dated December 31, 1997 (incorporated by reference to Exhibit 2.2.3 of Registrant's Form 10-KSB for the fiscal year ended December 31, 1997)

 3.9

 Certificate of Designations dated October 12, 2004 as filed with the Secretary of State of Nevada on October 13, 2004 (incorporated by reference to Exhibit 3.4 of Registrant's Current Report on Form 8-K for event occurring October 12, 2004)

 3.10

 Certificate of Amendment to Articles of Incorporation effective February 8, 2005 (incorporated by reference to Exhibit 3.5 of Registrant's Current Report on Form 8-K for event occurring February 8, 2005)

 3.11

 Certificate of Amendment to Articles of Incorporation effective March 21, 2007 (incorporated by reference to Exhibit 3.13 of Registrant's Current Report on Form 8-K for event occurring March 21, 2005)

 3.12

 Amended and restated bylaws of New Concept Energy, Inc. dated November 18, 2008.

 10.1

 Registrant's 1997 Stock Option Plan (filed as Exhibit 4.1 to Registrant's Form S-8 Registration Statement, Registration No. 333-33985 and incorporated herein by this reference).

 10.2

 Registrant's 2000 Stock Option Plan (filed as Exhibit 4.1 to Registrant's Form S-8 Registration Statement, Registration No. 333-50868 and incorporated herein by this reference)

 14.0

 Code of Ethics for Senior Financial Officers (incorporated by reference to Exhibit 14.0 to Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2003)

 21.1*

 Subsidiaries of the Registrant

 31.1*

 Rule 13a-14(a) Certification by Principal Executive Officer and Chief Financial Officer

 32.1*

 Certification of Principal Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 99.1

 Reserve Study dated March 16, 2015 prepared by Lee Keeling and Associates, Inc is included as an exhibit

 99.2

 Shared Services Agreement effective December 31, 2010 (incorporated by reference to Exhibit 99.2 to Registrants Form 10K/A for the year ended December 31, 2011 filed March 21, 2013)

 Interactive data files pursuant to Rule 405 of Regulation S-T

 *Filed herewith.

 SIGNATURES

 Pursuant to the requirements
of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

 NEW CONCEPT ENERGY, INC.

 by:

 /s/ Gene S.
 Bertcher

 Gene S. Bertcher, Principal Executive

 Officer, President and Chief Financial Officer

 Pursuant to the requirements
of the Securities Exchange Act of 1934, this report has been signed below by the following persons in the capacities and on the dates
indicated.

 Signature

 Title

 Date

 /s/ Gene S. Bertcher

 Gene S. Bertcher

 Chairman, President, Principal Executive Officer, Chief Financial Officer and Director

 /s/ Raymond D Roberts

 Raymond D Roberts

 /s/ Richard W Humphrey

 Richard W Humphrey

 /s/ Dan Locklear

 Dan Locklear

 /s/ Cecilia Maynard

 Cecilia Maynard