New Concept Energy, Inc. Reports Second Quarter 2022 Results

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, 2022.

During the three months ended June 30, 2022, the Company reported net income of $137,000 compared to net income of $49,000 for the three months ended June 30, 2021.

For the three months ended June 30, 2022 the Company had revenue of $47,000 including $26,000 for rental income and $21,000 for management fees as compared to rental income of $26,000 for the comparable period in 2021.

For the three months ended June 30, 2022, corporate general & administrative expenses were $80,000 as compared to $111,000 for the comparable periods in 2021. The decrease was due to an overall reduction of administrative expenses.

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 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)

June 30,

2022

December 31,

2021

(Unaudited)

(Audited)

Assets

Current assets

Cash and cash equivalents

$

372

$

252

Note receivable - related party

 

3,542

 

3,560

Other current assets

 

43

 

-

Total current assets

$

3,957

$

3,812

Property and equipment, net of depreciation

Land, buildings and equipment

 

637

 

643

Total assets

$

4,594

$

4,455

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(unaudited)

(dollars in thousands, except par value amount)

June 30,

2022

December 31,

2021

Liabilities and stockholders' equity

Current liabilities

Accounts payable

$

19

 

$

28

 

Accrued expenses

 

37

 

 

32

 

Total current liabilities

 

56

 

 

60

 

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, 2022 and December 31, 2021

 

51

 

 

51

 

Additional paid-in capital

 

63,579

 

 

63,579

 

Accumulated deficit

 

(59,093

)

 

(59,236

)

Total shareholder equity

 

4,538

 

 

4,395

 

Total liabilities & equity

$

4,594

 

$

4,455

 

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,

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenue

Rent

$

26

 

$

26

 

$

51

 

$

52

 

Management Fee

 

21

 

 

-

 

 

41

 

$

-

 

 


Total Revenues

 

47

 

 

26

 

 

92

 

 

52

 

Operating expenses

Operating Expenses

 

13

 

 

20

 

 

25

 

 

38

 

Corporate general and administrative

 

80

 

 

111

 

 

160

 

 

185

 

Total Operating Expenses

 

93

 

 

131

 

 

185

 

 

223

 

Operating earnings (loss)

 

(46

)

 

(105

)

 

(93

)

 

(223

)

Other income (expense)

Interest income

 

53

 

 

56

 

 

106

 

 

112

 

Interest expense

 

-

 

 

(2

)

 

-

 

 

(4

)

Other income, net

 

130

 

 

100

 

 

130

 

 

191

 

 

183

 

 

154

 

 

236

 

 

299

 

 


Net income (loss) applicable to common shares

 

137

 

 

49

 

 

143

 

 

128

 

 


Net income per common share-basic and diluted

$

0.02

 

$

0.01

 

$

0.03

 

$

0.02

 

 


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/20220810005620/en/

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