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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