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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 | |
---|---|---|---|---|---|---|---|---|
-0.1462 | -8.60% | 1.5538 | 1.665 | 1.53 | 1.64 | 16,910 | 18:22:41 |
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.
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/
New Concept Energy Inc. Investor Relations Gene Bertcher, (800) 400-6407 info@newconceptenergy.com
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