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New Concept Energy, Inc. Reports Second Quarter 2023 Results

DALLAS, August 07, 2023--(BUSINESS WIRE)--New Concept Energy, Inc. (NYSE American: GBR), (the "Company" or "NCE") a Dallas-based company, today reported Results of Operations for the second quarter ended June 30, 2023.

During the three months ended June 30, 2023, the Company reported a net loss of $6,000 compared to a net income of 138,000 for the three months ended June 30, 2022.

For the three months ended June 30, 2023 the Company had revenue of $35,000 including $26,000 for rental income and $9,000 for management fees as compared to rental income of $26,000 and management fee of $21,000 for the comparable period in 2022.

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For the three months ended June 30, 2023, corporate general & administrative expenses were $81,000 as compared to $80,000 for the comparable periods in 2022.

Included in other income for the three months ended June 30, 2022 is $62,000 which represents the collection of an investment that had previously been fully reserved. In addition, during the three months ended June 30, 2022 the company sold equipment and recorded a gain of $68,000.

New Concept Energy, Inc. is a Dallas-based company which owns real estate West Virginia and provides management services for a third party oil and gas company. For more information, visit the Company’s website at www.newconceptenergy.com.

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

June 30,
2023

December 31,
2022

(Unaudited)

(Audited)

Assets

Current assets

Cash and cash equivalents

$

432

$

436

Note receivable - related party

3,542

3,542

Other current assets

45

30

Total current assets

$

4,019

$

4,008

Property and equipment, net of depreciation

Land, buildings and equipment

625

631

Total assets

$

4,644

$

4,639

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(unaudited)

(dollars in thousands, except par value amount)

June 30,
2023

December 31,
2022

Liabilities and stockholders' equity

Current liabilities

Accounts payable

$

20

$

23

Accrued expenses

37

40

Total current liabilities

57

63

Stockholders' equity

Preferred stock, Series B

1

1

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

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

at June 30, 2023 and December 31, 2022

51

51

Additional paid-in capital

63,579

63,579

Accumulated deficit

(59,044

)

(59,055

)

Total shareholder equity

4,587

4,576

Total liabilities & equity

$

4,644

$

4,639

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

(amounts in thousands, except per share data)

For the Three Months ended June 30,

For the Six Months ended June 30,

2023

2022

2023

2022

Revenue

Rent

$

26

$

26

$

51

$

51

Management Fee

9

$

21

29

$

41

Total Revenues

35

47

80

92

Operating expenses

Operating Expenses

14

13

26

25

Corporate general and administrative

81

80

149

160

Total Operating Expenses

95

93

175

185

Operating earnings (loss)

(60

)

(46

)

(95

)

(93

)

Other income (expense)

Interest income - related party

54

54

106

106

Other income, net

-

130

-

130

54

184

106

236

Net income (loss) applicable to common shares

(6

)

138

11

143

Net income per common share-basic and diluted

$

(0.01

)

$

0.02

$

0.01

$

0.03

Weighted average common and equivalent shares outstanding - basic

5,132

5,132

5,132

5,132

View source version on businesswire.com: https://www.businesswire.com/news/home/20230807977612/en/

Contacts

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