New Concept Energy, Inc. Reports Third 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 third quarter ended September 30, 2022.

The Company reported net income of $27,000 for three months ended September 30, 2022, as compared to net a net loss of $8,000 for the similar period in 2021.

For the three months ended September 30, 2022 the Company had revenue of $63,000 including $25,000 for rental revenue and $38,000 for management fees as compared to $25,000 for rental revenue for the comparative period in 2021.

For the three months ended September 30, 2022 the Company had interest income of $53,000 as compared to $53,000 for the comparative period in 2021.

For the three months ended September 30, 2022, corporate general & administrative expenses were $71,000 as compared to $53,000 for the comparable periods in 2021.

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

September 30,2022

December 31,2021

(Unaudited)

(Audited)

Assets

Current assets

Cash and cash equivalents

$

399

$

252

Note receivable -related parties

 

3,542

 

3,560

Other current assets

 

47

 

-

Total current assets

 

3,988

 

3,812

Property and equipment, net of depreciation

Land, buildings and equipment

 

634

 

643

Total assets

$

4,622

$

4,455

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(dollars in thousands, except par value amount)

September 30,2022

December 31,2021

(Unaudited)

(Audited)

Liabilities and stockholders' equity

Current liabilities

Accounts payable

$

21

 

$

28

 

Accrued expenses

 

36

 

 

32

 

Total current liabilities

 

57

 

 

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 September 30, 2022 and December 31, 2021

 

51

 

 

51

 

Additional paid-in capital

 

63,579

 

 

63,579

 

Accumulated deficit

 

(59,066

)

 

(59,236

)

Total shareholder equity

 

4,565

 

 

4,395

 

Total liabilities & equity

$

4,622

 

$

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 September 30,

 

For the Nine Months ended September 30,

 

 

 

 

 

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenue

 


Rent

$

25

 

$

25

 

$

76

 

$

76

 

Management Fee

 

38

 

 

-

 

 

79

 

 

-

 

 

63

 

 

25

 

 

155

 

 

76

 

Operating expenses

Operating Expenses

 

18

 

 

34

 

 

43

 

 

71

 

Corporate general and administrative

 

71

 

 

53

 

 

231

 

 

238

 

Total operating expenses

 

89

 

 

87

 

 

274

 

 

309

 

Operating earnings (loss)

 

(26

)

 

(62

)

 

(119

)

 

(233

)

Other income (expense)

Interest income from a related party

 

53

 

 

53

 

 

159

 

 

159

 

Interest income from a third party

 

-

 

 

2

 

 

-

 

 

8

 

Interest expense

 

-

 

 

(1

)

 

-

 

 

(5

)

Other income (expense), net

 

-

 

 

-

 

 

130

 

 

191

 

 

53

 

 

54

 

 

289

 

 

353

 

 


Net income (loss) applicable to common shares

$

27

 

$

(8

)

$

170

 

$

120

 

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

$

0.01

 

$

(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/20221110006056/en/

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