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Share Name | Share Symbol | Market | Type |
---|---|---|---|
New Concept Energy Inc | AMEX:GBR | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.02 | -1.54% | 1.28 | 1.35 | 1.272 | 1.30 | 5,638 | 19:40:58 |
New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the first quarter ended March 31, 2023.
During the three months ended March 31, 2023, the Company reported a net income applicable to common shares for the three months ended March 31,2022 of $17,000, compared to net income of $5,000 for the three months ended March 31, 2022.
For the three months ended March 31, 2023 and 2022 the Company had revenue of $45,000 including $25,000 for rental income and $20,000 in management fees.
For the three months ended March 31, 2023, corporate general & administrative expenses were $68,000 as compared to $80,000 for the comparable periods in 2022.
For the three months ended March 31, 2023 and 2022 interest income was $52,000.
About New Concept Energy, Inc.
New Concept Energy, Inc. is a Dallas-based company which owns real estate in West Virginia and provides management services for a third party oil and gas company. For more information, visit the Company’s website at www.newconceptenergy.com.
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (amounts in thousands) March 31, 2023 December 31, 2022 Assets(Unaudited)
(Audited)
Current assets Cash and cash equivalents$
437
$
436
Note receivable and accrued interest from related party
3,542
3,542
Other current assets
62
30
Total current assets
4,041
4,008
Property and equipment, net of depreciation Land, buildings and equipment
628
631
Total assets$
4,669
$
4,639
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED (dollars in thousands, except par value amount) March 31, 2023 December 31, 2022 (Unaudited) (Audited) Liabilities and stockholders' equity Current liabilities Accounts payable - (including $8 due to related parties in 2023 and 2022)$
55
$
23
Accrued expenses
21
40
Total current liabilities
76
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 March 31, 2023 and December 31, 2022
51
51
Additional paid-in capital
63,579
63,579
Accumulated deficit
(59,038
)
(59,055
)
Total shareholders' equity
4,593
4,576
Total liabilities & equity
$
4,669
$
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 March 31,
2023
2022
Revenue Rent
$
25
$
25
Management fees
20
20
Total Revenues
45
45
Operating expenses Operating expenses
12
12
Corporate general and administrative
68
80
Total Operating Expenses
80
92
Operating (loss)
(35
)
(47
)
Other income (expense) Interest income from related parties
52
52
Earnings (loss) applicable to common shares
17
5
Net income (loss) per common share-basic and diluted
$
0.01
$
0.01
Weighted average common and equivalent shares outstanding - basic
5,132
5,132
View source version on businesswire.com: https://www.businesswire.com/news/home/20230510006048/en/
New Concept Energy Inc. Investor Relations Gene Bertcher, (800) 400-6407 info@newconceptenergy.com
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