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.
| 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 | |||||||||||
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 | |||||||||||
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 | |||||||||||
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