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, 2022.
The Company reported net income of $27,000 for three months ended September 30, 2022, as compared to net a net loss of $8,000 for the similar period in 2021.
For the three months ended September 30, 2022 the Company had revenue of $63,000 including $25,000 for rental revenue and $38,000 for management fees as compared to $25,000 for rental revenue for the comparative period in 2021.
For the three months ended September 30, 2022 the Company had interest income of $53,000 as compared to $53,000 for the comparative period in 2021.
For the three months ended September 30, 2022, corporate general & administrative expenses were $71,000 as compared to $53,000 for the comparable periods in 2021.
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS |
| (amounts in thousands) |
|
|
|
|
|
|
|
September 30,
2022 |
|
December 31,
2021 |
|
|
(Unaudited) |
|
(Audited) |
| Assets |
|
|
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
| Cash and cash equivalents |
|
$
|
399
|
|
$
|
252
|
| Note receivable -related parties |
|
|
3,542
|
|
|
3,560
|
| Other current assets |
|
|
47
|
|
|
-
|
| Total current assets |
|
|
3,988
|
|
|
3,812
|
|
|
|
|
|
| Property and equipment, net of depreciation |
|
|
|
|
| Land, buildings and equipment |
|
|
634
|
|
|
643
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$
|
4,622
|
|
$
|
4,455
|
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS - CONTINUED |
| (dollars in thousands, except par value amount) |
|
|
|
|
|
September 30,
2022 |
|
December 31,
2021 |
|
(Unaudited) |
|
(Audited) |
| Liabilities and stockholders' equity |
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
| Accounts payable |
$
|
21
|
|
|
$
|
28
|
|
| Accrued expenses |
|
36
|
|
|
|
32
|
|
| Total current liabilities |
|
57
|
|
|
|
60
|
|
|
|
|
|
|
|
|
|
| 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, 2022 and December 31, 2021 |
|
51
|
|
|
|
51
|
|
| Additional paid-in capital |
|
63,579
|
|
|
|
63,579
|
|
| Accumulated deficit |
|
(59,066
|
)
|
|
|
(59,236
|
)
|
|
|
|
|
| Total shareholder equity |
|
4,565
|
|
|
|
4,395
|
|
|
|
|
|
| Total liabilities & equity |
$
|
4,622
|
|
|
$
|
4,455
|
|
| 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,
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
|
|
2021
|
|
|
|
2022
|
|
|
|
2021
|
|
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rent |
$
|
25
|
|
|
$
|
25
|
|
|
$
|
76
|
|
|
$
|
76
|
|
|
| Management Fee |
|
38
|
|
|
|
-
|
|
|
|
79
|
|
|
|
-
|
|
|
|
|
63
|
|
|
|
25
|
|
|
|
155
|
|
|
|
76
|
|
|
|
|
|
|
|
|
|
|
|
| Operating expenses |
|
|
|
|
|
|
|
|
| Operating Expenses |
|
18
|
|
|
|
34
|
|
|
|
43
|
|
|
|
71
|
|
|
| Corporate general and administrative |
|
71
|
|
|
|
53
|
|
|
|
231
|
|
|
|
238
|
|
|
| Total operating expenses |
|
89
|
|
|
|
87
|
|
|
|
274
|
|
|
|
309
|
|
|
| Operating earnings (loss) |
|
(26
|
)
|
|
|
(62
|
)
|
|
|
(119
|
)
|
|
|
(233
|
)
|
|
|
|
|
|
|
|
|
|
|
| Other income (expense) |
|
|
|
|
|
|
|
|
| Interest income from a related party |
|
53
|
|
|
|
53
|
|
|
|
159
|
|
|
|
159
|
|
|
| Interest income from a third party |
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
8
|
|
|
| Interest expense |
|
-
|
|
|
|
(1
|
)
|
|
|
-
|
|
|
|
(5
|
)
|
|
| Other income (expense), net |
|
-
|
|
|
|
-
|
|
|
|
130
|
|
|
|
191
|
|
|
|
|
53
|
|
|
|
54
|
|
|
|
289
|
|
|
|
353
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) applicable to common shares |
$
|
27
|
|
|
$
|
(8
|
)
|
|
$
|
170
|
|
|
$
|
120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) per common share-basic and diluted |
$
|
0.01
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.03
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common and equivalent shares outstanding - basic |
|
5,132
|
|
|
|
5,132
|
|
|
|
5,132
|
|
|
|
5,132
|
|
|
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