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New Concept Energy, Inc. Reports Third Quarter 2023 Results

DALLAS, November 09, 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 third quarter ended September 30, 2023.

The Company reported net income of $7,000 for the three months ended September 30, 2023, as compared to net income of $27,000 for the similar period in 2022.

For the three months ended September 30, 2023 the Company had revenue of $35,000 including $25,000 for rental revenue and $10,000 for management fees as compared to $25,000 for rental revenue and $38,000 for the comparative period in 2022. The reduction in revenue for management fees is due to a lower selling price for oil and gas.

ADVERTISEMENT

For the three months ended September 30, 2023, corporate general & administrative expenses were $70,000 as compared to $71,000 for the comparable periods in 2022.

New Concept Energy, Inc. is a Dallas-based company which owns real estate in 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)

September 30,
2023

December 31,
2022

(Unaudited)

(Audited)

Assets

Current assets

Cash and cash equivalents

$

460

$

436

Other current assets

24

30

Total current assets

484

466

Property and equipment, net of depreciation

Land, buildings and equipment

632

631

Note receivable -related parties

3,542

3,542

Total assets

$

4,658

$

4,639

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(dollars in thousands, except par value amount)

September 30,
2023

December 31,
2022

(Unaudited)

(Audited)

Liabilities and stockholders' equity

Current liabilities

Accounts payable

$

25

$

23

Accrued expenses

39

40

Total current liabilities

64

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 September 30, 2023 and December 31, 2022

51

51

Additional paid-in capital

63,579

63,579

Accumulated deficit

(59,037

)

(59,055

)

Total shareholder equity

4,594

4,576

Total liabilities & equity

$

4,658

$

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
September 30,

For the Nine Months ended
September 30,

2023

2022

2023

2022

Revenue

Rent

$

25

$

25

$

76

$

76

Management Fee

10

38

39

79

35

63

115

155

Operating expenses

Operating Expenses

15

18

41

43

Corporate general and administrative

70

71

219

231

Total operating expenses

85

89

260

274

Operating earnings (loss)

(50

)

(26

)

(145

)

(119

)

Other income (expense)

Interest income from a related party

53

53

163

159

Interest Income

4

Other income, net

-

-

-

130

57

53

163

289

Net income (loss) applicable to common shares

$

7

$

27

$

18

$

170

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

$

0.01

$

0.01

$

0.03

$

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/20231109886938/en/

Contacts

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