A 10'x12' space with concrete walls will be a problem; you'll have bass issues. The insulation I see in the picture may help some, depending on how thick it is.
If money is an issue, you can try tricks like rolled up sleeping bags in the corners, or matresses leaned against the corners of the two rear walls, angled. If you can build or buy traps, they will help more. You'd want not less than six. Other than that, just go for the standard set up, surround speakers to your sides, rear speaker behind your head and slightly to one side.