New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the second quarter ended June 30, 2023.
During the three months ended June 30, 2023, the Company reported a net loss of $6,000 compared to a net income of 138,000 for the three months ended June 30, 2022.
For the three months ended June 30, 2023 the Company had revenue of $35,000 including $26,000 for rental income and $9,000 for management fees as compared to rental income of $26,000 and management fee of $21,000 for the comparable period in 2022.
For the three months ended June 30, 2023, corporate general & administrative expenses were $81,000 as compared to $80,000 for the comparable periods in 2022.
Included in other income for the three months ended June 30, 2022 is $62,000 which represents the collection of an investment that had previously been fully reserved. In addition, during the three months ended June 30, 2022 the company sold equipment and recorded a gain of $68,000.
New Concept Energy, Inc. is a Dallas-based company which owns real estate 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) | ||||||
June 30, 2023 | December 31, 2022 | |||||
(Unaudited) | (Audited) | |||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 432 | $ | 436 | ||
Note receivable - related party |
| 3,542 |
| 3,542 | ||
Other current assets |
| 45 |
| 30 | ||
Total current assets | $ | 4,019 | $ | 4,008 | ||
Property and equipment, net of depreciation | ||||||
Land, buildings and equipment |
| 625 |
| 631 | ||
Total assets | $ | 4,644 | $ | 4,639 |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | |||||||
CONSOLIDATED BALANCE SHEETS - CONTINUED | |||||||
(unaudited) | |||||||
(dollars in thousands, except par value amount) | |||||||
June 30, 2023 | December 31, 2022 | ||||||
Liabilities and stockholders' equity | |||||||
Current liabilities | |||||||
Accounts payable | $ | 20 |
| $ | 23 |
| |
Accrued expenses |
| 37 |
|
| 40 |
| |
Total current liabilities |
| 57 |
|
| 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 June 30, 2023 and December 31, 2022 |
| 51 |
|
| 51 |
| |
Additional paid-in capital |
| 63,579 |
|
| 63,579 |
| |
Accumulated deficit |
| (59,044 | ) |
| (59,055 | ) | |
Total shareholder equity |
| 4,587 |
|
| 4,576 |
| |
Total liabilities & equity | $ | 4,644 |
| $ | 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 June 30, | For the Six Months ended June 30, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenue | |||||||||||||||
Rent | $ | 26 |
| $ | 26 |
| $ | 51 |
| $ | 51 |
| |||
Management Fee |
| 9 |
| $ | 21 |
|
| 29 |
| $ | 41 |
| |||
Total Revenues |
| 35 |
|
| 47 |
|
| 80 |
|
| 92 |
| |||
Operating expenses | |||||||||||||||
Operating Expenses |
| 14 |
|
| 13 |
|
| 26 |
|
| 25 |
| |||
Corporate general and administrative |
| 81 |
|
| 80 |
|
| 149 |
|
| 160 |
| |||
Total Operating Expenses |
| 95 |
|
| 93 |
|
| 175 |
|
| 185 |
| |||
Operating earnings (loss) |
| (60 | ) |
| (46 | ) |
| (95 | ) |
| (93 | ) | |||
Other income (expense) | |||||||||||||||
Interest income - related party |
| 54 |
|
| 54 |
|
| 106 |
|
| 106 |
| |||
Other income, net |
| - |
|
| 130 |
|
| - |
|
| 130 |
| |||
| 54 |
|
| 184 |
|
| 106 |
|
| 236 |
| ||||
Net income (loss) applicable to common shares |
| (6 | ) |
| 138 |
|
| 11 |
|
| 143 |
| |||
Net income per common share-basic and diluted | $ | (0.01 | ) | $ | 0.02 |
| $ | 0.01 |
| $ | 0.03 |
| |||
Weighted average common and equivalent shares outstanding - basic |
| 5,132 |
|
| 5,132 |
|
| 5,132 |
|
| 5,132 |
|
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