New Concept Energy, Inc. Reports Third 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 third quarter ended September 30, 2024.

The Company reported a net loss of ($4,000) for the three months ended September 30, 2024, as compared to net income of $7,000 for the similar period in 2023.

For the three months ended September 30, 2024 the Company had revenue of $37,000 including $26,000 for rental revenue and $11,000 for management fees as compared to revenue of $35,000 including $25,000 for rental revenue and $10,000 for management fees for the comparative period in 2023.

For the three months ended September 30, 2024, corporate general & administrative expenses were $79,000 as compared to $70,000 for the comparable periods in 2023.

For the three months ended September 30, 2024, interest income was $52,000 as compared to $57,000 for the comparable periods in 2023.

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 SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

September 30,2024

December 31,2023

(Unaudited)

(Audited)

Assets

Current assets

Cash and cash equivalents

$

430

$

447

Other current assets

 

26

 

12

Total current assets

 

456

 

459

Property and equipment, net of depreciation

Land, buildings and equipment

 

619

 

629

Note receivable - related party

 

3,542

 

3,542

Total assets

$

4,617

$

4,630

NEW CONCEPT ENERGY, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED

(dollars in thousands, except par value amount)

September 30,2024

December 31,2023

(Unaudited)

(Audited)

Liabilities and stockholders' equity

Current liabilities

Accounts payable

$

22

 

$

36

 

Accrued expenses

 

39

 

 

39

 

Total current liabilities

 

61

 

 

75

 

Stockholders' equity

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

 

1

 

 

1

 

outstanding at September 30, 2024 and December 31, 2023






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






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






at September 30, 2024 and December 31, 2023

 

51

 

 

51

 

Additional paid-in capital

 

63,579

 

 

63,579

 

Accumulated deficit

 

(59,075

)

 

(59,076

)

Total stockholders' equity

 

4,556

 

 

4,555

 

Total liabilities & equity

$

4,617

 

$

4,630

 

NEW CONCEPT ENERGY, INC AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(amounts in thousands, except per share data)

For the Three Months

ended September 30,

 

For the Nine Months

ended September 30,

 

 

 

 

 

 

 

2024

 

2023

 

2024

 

2023

Revenue

Rent

$

26

 

$

25

 

$

76

 

$

76

 

Management Fee

 

11

 

 

10

 

 

34

 

 

39

 

Total Revenues

 

37

 

 

35

 

 

110

 

 

115

 

Operating Expenses

Operating Expenses

 

14

 

 

15

 

 

39

 

 

41

 

Corporate general and administrative

 

79

 

 

70

 

 

235

 

 

219

 

Total Operating Expenses

 

93

 

 

85

 

 

274

 

 

260

 

Operating loss

 

(56

)

 

(50

)

 

(164

)

 

(145

)

Other Income

Interest income from related parties

 

50

 

 

53

 

 

160

 

 

158

 

Interest income from a third party

 

2

 

 

4

 

 

5

 

 

5

 

Total Other Income

 

52

 

 

57

 

 

165

 

 

163

 

 


Net income (loss) applicable to common shares

$

(4

)

$

7

 

$

1

 

$

18

 

 


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

$

(0.01

)

$

0.01

 

$

0.01

 

$

0.03

 

 


Weighted average common and equivalent shares outstanding - basic and diluted

 

5,132

 

 

5,132

 

 

5,132

 

 

5,132

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241113616375/en/

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