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DALLAS, May 15, 2025--(BUSINESS WIRE)--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, 2025.
The Company reported a net loss from continuing operations of ($20,000) for three months ended March 31, 2025, as compared to net income of $2,000 for the similar period in 2024.
For the three months ended March 31,2025 and 2024 the Company had revenue of $38,000 including $26,000 for rental income and $12,000 in management fees.
For the three months ended March 31, 2025, corporate general & administrative expenses were $89,000 as compared to $78,000 for the comparable period in 2024.
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 | |||||||
(unaudited) | |||||||
(amounts in thousands) | |||||||
| |||||||
| March 31, |
| December 31, | ||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 333 | $ | 363 | |||
Other current assets |
| 57 |
|
| 9 |
| |
Total current assets |
| 390 |
|
| 372 |
| |
| |||||||
Property and equipment, net of depreciation | |||||||
Land, buildings and equipment |
| 633 |
|
| 636 |
| |
| |||||||
Note and Interest Receivable - related party | |||||||
Note receivable |
| 3,542 |
|
| 3,542 |
| |
Interest receivable |
| - |
|
| 44 |
| |
| 3,542 |
|
| 3,586 |
| ||
| |||||||
| |||||||
Total assets | $ | 4,565 |
| $ | 4,594 |
| |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED | |||||||
(dollars in thousands, except par value amount) | |||||||
| |||||||
|
|
|
| ||||
| March 31, |
| December 31, | ||||
| (Unaudited) |
| (Audited) | ||||
Liabilities and stockholders' equity | |||||||
| |||||||
Current liabilities | |||||||
Accounts payable (including $8 due to related parties in 2025 and 2024) | $ | 20 |
| $ | 20 |
| |
Accrued expenses |
| 28 |
|
| 37 |
| |
Total current liabilities |
| 48 |
|
| 57 |
| |
| |||||||
| |||||||
Stockholders' equity | |||||||
Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and |
| 1 |
|
| 1 |
| |
outstanding at March 31, 2025 and December 31, 2024 |
| ||||||
Common stock, $.01 par value; authorized, 100,000,000 |
| ||||||
shares; issued and outstanding, 5,131,934 shares |
| ||||||
at March 31, 2025 and December 31, 2024 |
| 51 |
|
| 51 |
| |
Additional paid-in capital |
| 63,579 |
|
| 63,579 |
| |
Accumulated deficit |
| (59,114 | ) |
| (59,094 | ) | |
| |||||||
Total shareholders' equity |
| 4,517 |
|
| 4,537 |
| |
| |||||||
Total liabilities & equity | $ | 4,565 |
| $ | 4,594 |
| |
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(unaudited) | |||||||
(amounts in thousands, except per share data) | |||||||
|
|
|
| ||||
| Three Months ended March 31, | ||||||
|
| 2025 |
|
|
| 2024 |
|
Revenue | |||||||
Rent | $ | 26 |
| $ | 25 |
| |
Management fees |
| 12 |
|
| 11 |
| |
Total Revenues |
| 38 |
|
| 36 |
| |
| |||||||
Operating Expenses | |||||||
Operating expenses |
| 12 |
|
| 13 |
| |
Corporate general and administrative |
| 89 |
|
| 78 |
| |
Total Operating Expenses |
| 101 |
|
| 91 |
| |
Loss from operations |
| (63 | ) |
| (55 | ) | |
| |||||||
Other Income | |||||||
Interest income ($39 and $53 from related parties in 2025 and 2024) |
| 43 |
|
| 57 |
| |
Total Other Income |
| 43 |
|
| 57 |
| |
| |||||||
Net income (loss) applicable to common shares | $ | (20 | ) | $ | 2 |
| |
| |||||||
Net income (loss) per common share-basic and diluted | $ | (0.01 | ) | $ | 0.01 |
| |
| |||||||
Weighted average common and equivalent shares outstanding - basic and diluted |
| 5,132 |
|
| 5,132 |
| |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250515345761/en/
Contacts
New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
