New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the first quarter ended March 31, 2024.
During the three months ended March 31, 2024, the Company reported net income applicable to common shares of $2,000, compared to net income of $17,000 for the three months ended March 31, 2023.
For the three months ended March 31,2024 the Company had revenue of $36,000 including $25,000 for rental income and $11,000 in management fees. Revenue for the three months ended March 31,2023 was $45,000.
For the three months ended March 31, 2024, corporate general & administrative expenses were $78,000 as compared to $68,000 for the comparable periods in 2023.
For the three months ended March 31, 2024 and 2023 interest income was $57,000 and $52,000.
About New Concept Energy, Inc.
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 | |||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| (amounts in thousands) | |||||
| March 31, 2024 | December 31, 2023 | ||||
| Assets | (Unaudited) |
(Audited) |
|||
| Current assets | |||||
| Cash and cash equivalents | $ |
395 |
$ |
447 |
|
| Other current assets |
|
61 |
|
12 |
|
| Total current assets |
|
456 |
|
459 |
|
| Property and equipment, net of depreciation | |||||
| Land, buildings and equipment |
|
626 |
|
629 |
|
| Note Receivable - Related Party |
|
3,542 |
|
3,542 |
|
| Total assets | $ |
4,624 |
$ |
4,630 |
|
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED | |||||||
| (dollars in thousands, except par value amount) | |||||||
| March 31, 2024 | December 31, 2023 | ||||||
| (Unaudited) | (Audited) | ||||||
| Liabilities and stockholders' equity | |||||||
| Current liabilities | |||||||
| Accounts payable - (including $8 due to related parties in 2024 and 2023) | $ |
25 |
|
$ |
36 |
|
|
| Accrued expenses |
|
42 |
|
|
39 |
|
|
| Total current liabilities |
|
67 |
|
|
75 |
|
|
| Stockholders' equity | |||||||
| Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and |
|
1 |
|
|
1 |
|
|
| outstanding at March 31, 2024 and December 31, 2023 | |||||||
| Common stock, $.01 par value; authorized, 100,000,000 | |||||||
| shares; issued and outstanding, 5,131,934 shares | |||||||
| at March 31, 2024 and December 31, 2023 |
|
51 |
|
|
51 |
|
|
| Additional paid-in capital |
|
63,579 |
|
|
63,579 |
|
|
| Accumulated deficit |
|
(59,074 |
) |
|
(59,076 |
) |
|
| Total shareholders' equity |
|
4,557 |
|
|
4,555 |
|
|
| Total liabilities & equity | $ |
4,624 |
|
$ |
4,630 |
|
|
| NEW CONCEPT ENERGY, INC AND SUBSIDIARIES | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(unaudited) |
|||||||
| (amounts in thousands, except per share data) | |||||||
| For the Three Months ended March 31, | |||||||
|
2024 |
|
|
2023 |
|
||
| Revenue | |||||||
| Rent | $ |
25 |
|
$ |
25 |
|
|
| Management fees |
|
11 |
|
|
20 |
|
|
| Total Revenues |
|
36 |
|
|
45 |
|
|
| Operating Expenses | |||||||
| Operating expenses |
|
13 |
|
|
12 |
|
|
| Corporate general and administrative |
|
78 |
|
|
68 |
|
|
| Total Operating Expenses |
|
91 |
|
|
80 |
|
|
| Operating loss |
|
(55 |
) |
|
(35 |
) |
|
| Other Income | |||||||
| Interest income from related parties |
|
57 |
|
|
52 |
|
|
| Total Other Income |
|
57 |
|
|
52 |
|
|
| Net Income applicable to common shares |
|
2 |
|
|
17 |
|
|
| Net income per common share-basic and diluted | $ |
0.01 |
|
$ |
0.01 |
|
|
| Weighted average common and equivalent shares outstanding - basic and diluted |
|
5,132 |
|
|
5,132 |
|
|
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Contacts
New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
