New Concept Energy, Inc. Reports Third Quarter 2023 Results
Dallas (November 9, 2023) - 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.
Contact: New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
info@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 ended September 30, | For the Nine Months ended September 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenue | ||||||||||||||||
Rent | $ | 25 | $ | 25 | $ | 76 | $ | 76 | ||||||||
Management Fee | 10 | 38 | 39 | 79 | ||||||||||||
Total Revenues | 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 | ||||||||||||
Total other income expense | 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 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
New Concept Energy Inc. published this content on 28 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 November 2023 16:24:39 UTC.