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/