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