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New Concept Energy, Inc. Reports Fourth Quarter and Full Year 2023 Results

DALLAS, April 01, 2024--(BUSINESS WIRE)--New Concept Energy, Inc. (NYSE American: GBR), (the "Company" or "NCE") a Dallas-based company, today reported Results of Operations for the fourth quarter and the full year ended December 31, 2023.

During the three months ended December 31,2023 the Company reported a net loss of $39,000 compared to net income of $11,000 for the same period ended December 31, 2022.

For the full year ended December 31, 2023 the Company reported a net loss of $21,000 compared to net income of $181,000 for the same period ended December 31, 2022.

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.

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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.

About New Concept Energy, Inc.

New Concept Energy, Inc. is a Dallas-based company which owns 191 acres of land located in Parkersburg, West Virginia. Located on the land are four structures totaling approximately 53,000 square feet. For more information, visit the Company’s website at www.newconceptenergy.com.

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

At December 31,

 

2023

 

 

2022

 

Assets

 

Current assets

Cash and cash equivalents

$

447

$

436

Other current assets

 

12

 

 

30

 

Total current assets

 

459

 

 

466

 

 

Property and equipment, net

Land, buildings and equipment

 

629

 

 

631

 

 

Note Receivable - related party

 

3,542

 

 

3,542

 

 

 

Total assets

$

4,630

 

$

4,639

 

 

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)

$

36

 

$

23

 

Accrued expenses

 

39

 

 

40

 

Total current liabilities

 

75

 

 

63

 

 

 

Stockholders' equity

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

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

 

1

 

 

1

 

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

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

at December 31, 2023 and 2022

 

51

 

 

51

 

Additional paid-in capital

 

63,579

 

 

63,579

 

Accumulated deficit

 

(59,076

)

 

(59,055

)

 

4,555

 

 

4,576

 

 

Total liabilities & stockholders' equity

$

4,630

 

$

4,639

 

 

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

$

101

 

$

101

 

$

101

 

Management Fee

 

51

 

 

111

 

 

-

 

 

152

 

 

212

 

 

101

 

 

Operating Expenses

Operating Expenses

 

57

 

 

57

 

 

77

 

Corporate general and administrative

 

338

 

 

317

 

 

360

 

Total Operating Expenses

 

395

 

 

374

 

 

437

 

Operating loss

 

(243

)

 

(162

)

 

(336

)

 

Other Income (Expense)

Interest income from a related party

 

213

 

 

212

 

 

212

 

Interest income

 

9

 

 

-

 

 

8

 

Interest expense

 

-

 

 

-

 

 

(5

)

Other income

 

-

 

 

131

 

 

191

 

Total Other income (Expense)

 

222

 

 

343

 

 

406

 

 

Net income (loss) applicable to common shares

$

(21

)

$

181

 

$

70

 

 

 

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

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240401334041/en/

Contacts

New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com