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, 2023.
During the three months ended March 31, 2023, the Company reported a net income applicable to common shares for the three months ended March 31,2022 of $17,000, compared to net income of $5,000 for the three months ended March 31, 2022.
For the three months ended March 31, 2023 and 2022 the Company had revenue of $45,000 including $25,000 for rental income and $20,000 in management fees.
For the three months ended March 31, 2023, corporate general & administrative expenses were $68,000 as compared to $80,000 for the comparable periods in 2022.
For the three months ended March 31, 2023 and 2022 interest income was $52,000.
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 | |||||
CONSOLIDATED BALANCE SHEETS | |||||
(amounts in thousands) | |||||
March 31, 2023 | December 31, 2022 | ||||
Assets | (Unaudited) | (Audited) | |||
Current assets | |||||
Cash and cash equivalents | $ | 437 | $ | 436 | |
Note receivable and accrued interest from related party |
| 3,542 |
| 3,542 | |
Other current assets |
| 62 |
| 30 | |
Total current assets |
| 4,041 |
| 4,008 | |
Property and equipment, net of depreciation | |||||
Land, buildings and equipment |
| 628 |
| 631 | |
Total assets | $ | 4,669 | $ | 4,639 |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | |||||||
CONSOLIDATED BALANCE SHEETS - CONTINUED | |||||||
(dollars in thousands, except par value amount) | |||||||
March 31, 2023 | December 31, 2022 | ||||||
(Unaudited) | (Audited) | ||||||
Liabilities and stockholders' equity | |||||||
Current liabilities | |||||||
Accounts payable - (including $8 due to related parties in 2023 and 2022) | $ | 55 |
| $ | 23 |
| |
Accrued expenses |
| 21 |
|
| 40 |
| |
Total current liabilities |
| 76 |
|
| 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 March 31, 2023 and December 31, 2022 |
| 51 |
|
| 51 |
| |
Additional paid-in capital |
| 63,579 |
|
| 63,579 |
| |
Accumulated deficit |
| (59,038 | ) |
| (59,055 | ) | |
Total shareholders' equity |
| 4,593 |
|
| 4,576 |
| |
Total liabilities & equity | $ | 4,669 |
| $ | 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 March 31, | ||||||||
| 2023 |
|
| 2022 |
| |||
Revenue | ||||||||
Rent | $ | 25 |
| $ | 25 |
| ||
Management fees |
| 20 |
|
| 20 |
| ||
Total Revenues |
| 45 |
|
| 45 |
| ||
Operating expenses | ||||||||
Operating expenses |
| 12 |
|
| 12 |
| ||
Corporate general and administrative |
| 68 |
|
| 80 |
| ||
Total Operating Expenses |
| 80 |
|
| 92 |
| ||
Operating (loss) |
| (35 | ) |
| (47 | ) | ||
Other income (expense) | ||||||||
Interest income from related parties |
| 52 |
|
| 52 |
| ||
Earnings (loss) applicable to common shares |
| 17 |
|
| 5 |
| ||
Net income (loss) per common share-basic and diluted | $ | 0.01 |
| $ | 0.01 |
| ||
Weighted average common and equivalent shares outstanding - basic |
| 5,132 |
|
| 5,132 |
|
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