Business
New Concept Energy, Inc. Reports Fourth Quarter and Full Year 2024 Results
New Concept Energy, Inc. Reports Fourth Quarter and Full Year 2024
About this update from New Concept Energy, Inc
[{"type":"text","content":"\nNew Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the fourth quarter and the full year ended December 31, 2024.\n\nDuring the three months ended December 31,2024 the Company reported a net loss of $19,000 compared to a net loss of $39,000 for the same period ended December 31, 2023.\n\nFor the full year ended December 31, 2024 the Company reported a net loss of $18,000 compared to a net loss of $21,000 for the same period ended December 31, 2023.\n\nFiscal 2024 as compared to 2023\nRevenues: Revenues from rent for the leased property was $101,000 in 2024 and 2023. Revenues from managing the oil and gas operations for a third party was $45,000 and $51,000 in 2024 and 2023. The management agreement has the Company receiving a management fee of 10% of oil and gas revenue. The decrease in management fees is due to a decrease in revenue due to a decline in oil and gas prices.\n\nOperating Expenses: Operating expenses for the real estate property was $48,000 in 2024 and $57,000 in 2023. General and administrative expenses were $335,000 in 2024 and $338,000 in 2023.\n\nInterest Income: Interest Income was $213,000 in 2024 and $222,000 in 2023.\nAbout New Concept Energy, Inc.\nNew Concept Energy, Inc. is a Dallas-based company which owns 191 acres of land located in Parkersburg, West Virginia. Located on the land are four structures totaling approximately 53,000 square feet. For more information, visit the Company’s website at www.newconceptenergy.com.\n\nNEW CONCEPT ENERGY, INC. AND SUBSIDIARY\nCONSOLIDATED BALANCE SHEETS\n(amounts in thousands)\n \n\n \n\n \n\nAt December 31,\n \n\n \n\n2024\n \n\n2023Assets\n Current assets\nCash and cash equivalents\n$\n\n363\n\n$\n\n447\nOther current assets\n \n\n9\n\n \n\n12\nTotal current assets\n \n\n372\n\n \n\n459\n Property and equipment, net\nLand, buildings and equipment\n \n\n636\n\n \n\n629\n Note and Interest Receivable - related party\nNote Receivable\n \n\n3,542\n\n \n\n3,542\nInterest Receivable\n \n\n44\n\n \n\n-\n\n \n\n3,586\n\n \n\n3,542\n \n Total assets\n$\n\n4,594\n\n$\n\n4,630\n \nNEW CONCEPT ENERGY, INC. AND SUBSIDIARY\nCONSOLIDATED BALANCE SHEETS - CONTINUED\n(amounts ...