New Concept Energy, Inc. Reports First Quarter 2024 Results

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, 2024.

During the three months ended March 31, 2024, the Company reported net income applicable to common shares of $2,000, compared to net income of $17,000 for the three months ended March 31, 2023.

For the three months ended March 31,2024 the Company had revenue of $36,000 including $25,000 for rental income and $11,000 in management fees. Revenue for the three months ended March 31,2023 was $45,000.

For the three months ended March 31, 2024, corporate general & administrative expenses were $78,000 as compared to $68,000 for the comparable periods in 2023.

For the three months ended March 31, 2024 and 2023 interest income was $57,000 and $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

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

March 31, 2024

December 31, 2023

Assets

(Unaudited)

(Audited)

Current assets

Cash and cash equivalents

$

395

$

447

Other current assets

 

61

 

12

Total current assets

 

456

 

459

Property and equipment, net of depreciation

Land, buildings and equipment

 

626

 

629

Note Receivable - Related Party

 

3,542

 

3,542

Total assets

$

4,624

$

4,630

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED

(dollars in thousands, except par value amount)

March 31, 2024

December 31, 2023

(Unaudited)

(Audited)

Liabilities and stockholders' equity

Current liabilities

Accounts payable - (including $8 due to related parties in 2024 and 2023)

$

25

 

$

36

 

Accrued expenses

 

42

 

 

39

 

Total current liabilities

 

67

 

 

75

 

Stockholders' equity

Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and

 

1

 

 

1

 

outstanding at March 31, 2024 and December 31, 2023





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





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





at March 31, 2024 and December 31, 2023

 

51

 

 

51

 

Additional paid-in capital

 

63,579

 

 

63,579

 

Accumulated deficit

 

(59,074

)

 

(59,076

)

 


Total shareholders' equity

 

4,557

 

 

4,555

 

Total liabilities & equity

$

4,624

 

$

4,630

 

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(amounts in thousands, except per share data)

For the Three Months ended March 31,

 

2024

 

 

2023

 

Revenue

Rent

$

25

 

$

25

 

Management fees

 

11

 

 

20

 

Total Revenues

 

36

 

 

45

 

Operating Expenses

Operating expenses

 

13

 

 

12

 

Corporate general and administrative

 

78

 

 

68

 

Total Operating Expenses

 

91

 

 

80

 

Operating loss

 

(55

)

 

(35

)

Other Income

Interest income from related parties

 

57

 

 

52

 

Total Other Income

 

57

 

 

52

 

 


Net Income applicable to common shares

 

2

 

 

17

 

 


Net income per common share-basic and diluted

$

0.01

 

$

0.01

 

 


Weighted average common and equivalent shares outstanding - basic and diluted

 

5,132

 

 

5,132

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240509511654/en/

New Concept Energy, Inc. Gene Bertcher, [phone] [e-mail]