Financial News
New Concept Energy, Inc. Reports Second Quarter 2023 Results
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 |
|
|||
View source version on businesswire.com: https://www.businesswire.com/news/home/20230807977612/en/
Contacts
New Concept Energy Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
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