New Concept Energy, Inc. Reports Third Quarter 2023 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, 2023.

The Company reported net income of $7,000 for the three months ended September 30, 2023, as compared to net income of $27,000 for the similar period in 2022.

For the three months ended September 30, 2023 the Company had revenue of $35,000 including $25,000 for rental revenue and $10,000 for management fees as compared to $25,000 for rental revenue and $38,000 for the comparative period in 2022. The reduction in revenue for management fees is due to a lower selling price for oil and gas.

For the three months ended September 30, 2023, corporate general & administrative expenses were $70,000 as compared to $71,000 for the comparable periods in 2022.

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)

September 30,2023

December 31,2022

(Unaudited)

(Audited)

Assets

Current assets

Cash and cash equivalents

$

460

$

436

Other current assets

 

24

 

30

Total current assets

 

484

 

466

Property and equipment, net of depreciation

Land, buildings and equipment

 

632

 

631

Note receivable -related parties

 

3,542

 

3,542

Total assets

$

4,658

$

4,639

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(dollars in thousands, except par value amount)

September 30,2023

December 31,2022

(Unaudited)

(Audited)

Liabilities and stockholders' equity

Current liabilities

Accounts payable

$

25

 

$

23

 

Accrued expenses

 

39

 

 

40

 

Total current liabilities

 

64

 

 

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 September 30, 2023 and December 31, 2022

 

51

 

 

51

 

Additional paid-in capital

 

63,579

 

 

63,579

 

Accumulated deficit

 

(59,037

)

 

(59,055

)

Total shareholder equity

 

4,594

 

 

4,576

 

Total liabilities & equity

$

4,658

 

$

4,639

 

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

(amounts in thousands, except per share data)

For the Three Months endedSeptember 30,

For the Nine Months endedSeptember 30,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 


Rent

$

25

 

$

25

 

$

76

 

$

76

 

Management Fee

 

10

 

 

38

 

 

39

 

 

79

 

 

35

 

 

63

 

 

115

 

 

155

 

Operating expenses

Operating Expenses

 

15

 

 

18

 

 

41

 

 

43

 

Corporate general and administrative

 

70

 

 

71

 

 

219

 

 

231

 

Total operating expenses

 

85

 

 

89

 

 

260

 

 

274

 

Operating earnings (loss)

 

(50

)

 

(26

)

 

(145

)

 

(119

)

Other income (expense)

Interest income from a related party

 

53

 

 

53

 

 

163

 

 

159

 

Interest Income

 

4

 

Other income, net

 

-

 

 

-

 

 

-

 

 

130

 

 

57

 

 

53

 

 

163

 

 

289

 

 


Net income (loss) applicable to common shares

$

7

 

$

27

 

$

18

 

$

170

 

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

$

0.01

 

$

0.01

 

$

0.03

 

$

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/20231109886938/en/

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