Hey guys! Can I get some info on what it means when I'm conquered

When you are conquered, your conqueror gains resources from capturing your colony. It doesn't effect your income in any way at all and you can still play the game just as well. The only negative effect it has on you is you're not able to conquer other colonies till you have liberated. But while conquered, you'll find that a lot less people will attack you. So you can use it to your advantage to build up quietly (and take outposts to raze to compete with players with conquers) till you feel ready enough to try liberate yourself

In a word, someone has attacked you and conquered you. However you will not have any negative effects, except that you can't conquer others (you can still attack them though), lose all the conquers you had, and people won't able to gate to your colony (you can still gate out though).

When you're conquered it means that someone has attacked your colony and was successful on sizing control of it. If you are brand new and just started playing then most likely once you get out of protection you will get conquered.
Seeing that you are brand new from your joining date, I recommeded you to fill in an application in the "Adopt A Newb Center" thread viewtopic.php?f=94&t=1036 A mentor will be assigned to you and help you throughout the game until you won't need it anymore.
Welcome anyway.

This means that someone from another colony has attacked you and successfully won the battle, killed all of your defensive units, and ultimately "conquered" you.

Pros to being conquered vary from you being attacked less frequently (giving you time to build forces off the grid for awhile), to the Cons being as simple as you wearing a foreign flag over your colony exemplifying you as a conquered colony, having to wait up to 72 ticks for liberation, and not being able to conquer other free colonies.