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, 2022.
The Company reported net income of $27,000 for three months ended September 30, 2022, as compared to net a net loss of $8,000 for the similar period in 2021.
For the three months ended September 30, 2022 the Company had revenue of $63,000 including $25,000 for rental revenue and $38,000 for management fees as compared to $25,000 for rental revenue for the comparative period in 2021.
For the three months ended September 30, 2022 the Company had interest income of $53,000 as compared to $53,000 for the comparative period in 2021.
For the three months ended September 30, 2022, corporate general & administrative expenses were $71,000 as compared to $53,000 for the comparable periods in 2021.
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | ||||||
| CONSOLIDATED BALANCE SHEETS | ||||||
| (amounts in thousands) | ||||||
| September 30, 2022 | December 31, 2021 | |||||
| (Unaudited) | (Audited) | |||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 399 | $ | 252 | ||
| Note receivable -related parties | 3,542 | 3,560 | ||||
| Other current assets | 47 | - | ||||
| Total current assets | 3,988 | 3,812 | ||||
| Property and equipment, net of depreciation | ||||||
| Land, buildings and equipment | 634 | 643 | ||||
| Total assets | $ | 4,622 | $ | 4,455 | ||
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | |||||||
| CONSOLIDATED BALANCE SHEETS - CONTINUED | |||||||
| (dollars in thousands, except par value amount) | |||||||
| September 30, 2022 | December 31, 2021 | ||||||
| (Unaudited) | (Audited) | ||||||
| Liabilities and stockholders' equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 21 | $ | 28 | |||
| Accrued expenses | 36 | 32 | |||||
| Total current liabilities | 57 | 60 | |||||
| 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, 2022 and December 31, 2021 | 51 | 51 | |||||
| Additional paid-in capital | 63,579 | 63,579 | |||||
| Accumulated deficit | (59,066 | ) | (59,236 | ) | |||
| Total shareholder equity | 4,565 | 4,395 | |||||
| Total liabilities & equity | $ | 4,622 | $ | 4,455 | |||
| NEW CONCEPT ENERGY, INC AND SUBSIDIARIES | ||||||||||||||||
| CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||
(unaudited) | ||||||||||||||||
| (amounts in thousands, except per share data) | ||||||||||||||||
For the Three Months ended
|
For the Nine Months ended
| |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
| Revenue | ||||||||||||||||
| Rent | $ | 25 | $ | 25 | $ | 76 | $ | 76 | ||||||||
| Management Fee | 38 | - | 79 | - | ||||||||||||
63 | 25 | 155 | 76 | |||||||||||||
| Operating expenses | ||||||||||||||||
| Operating Expenses | 18 | 34 | 43 | 71 | ||||||||||||
| Corporate general and administrative | 71 | 53 | 231 | 238 | ||||||||||||
| Total operating expenses | 89 | 87 | 274 | 309 | ||||||||||||
| Operating earnings (loss) | (26 | ) | (62 | ) | (119 | ) | (233 | ) | ||||||||
| Other income (expense) | ||||||||||||||||
| Interest income from a related party | 53 | 53 | 159 | 159 | ||||||||||||
| Interest income from a third party | - | 2 | - | 8 | ||||||||||||
| Interest expense | - | (1 | ) | - | (5 | ) | ||||||||||
| Other income (expense), net | - | - | 130 | 191 | ||||||||||||
53 | 54 | 289 | 353 | |||||||||||||
| Net income (loss) applicable to common shares | $ | 27 | $ | (8 | ) | $ | 170 | $ | 120 | |||||||
| Net income (loss) per common share-basic and diluted | $ | 0.01 | $ | (0.01 | ) | $ | 0.03 | $ | 0.02 | |||||||
| Weighted average common and equivalent shares outstanding - basic | 5,132 | 5,132 | 5,132 | 5,132 | ||||||||||||
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