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, 2024.
During the three months ended June 30, 2024, the Company reported a net income of $3,000 compared to a net loss of $6,000 for the similar period in 2023.
For the three months ended June 30, 2024 the Company had revenue of $37,000 including $25,000 for rental income and $12,000 in management fees. For the three months ended June 30, 2023 the Company had revenue of $35,00 including $26,000 for rental income and $9,000 in management fees.
For the three months ended June 30, 2024, corporate general & administrative expenses were $78,000 as compared to $81,000 for the comparable period in 2023.
For the three months ended June 30, 2024, interest income was $56,000 as compared to $54,000 for the comparable period in 2023.
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 SUBSIDIARY |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| (amounts in thousands) |
|
|
|
June 30,
2024 |
|
December 31,
2023 |
|
|
(Unaudited) |
|
(Audited) |
| Assets |
|
|
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
| Cash and cash equivalents |
|
$
|
416
|
|
|
$
|
447
|
|
| Other current assets |
|
|
40
|
|
|
|
12
|
|
| Total current assets |
|
$
|
456
|
|
|
$
|
459
|
|
|
|
|
|
|
| Property and equipment, net of depreciation |
|
|
|
|
| Land, buildings and equipment |
|
|
622
|
|
|
|
629
|
|
|
|
|
|
|
| Note receivable - related party |
|
|
3,542
|
|
|
|
3,542
|
|
|
|
|
|
|
| Total assets |
|
$
|
4,620
|
|
|
$
|
4,630
|
|
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARY |
| CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED |
| (dollars in thousands, except par value amount) |
|
|
|
|
|
|
|
June 30,
2024 |
|
December 31, 2023 |
|
|
(Unaudited) |
|
(Audited) |
| Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
| Accounts payable |
|
$
|
21
|
|
|
$
|
36
|
|
| Accrued expenses |
|
|
39
|
|
|
|
39
|
|
| Total current liabilities |
|
|
60
|
|
|
|
75
|
|
|
|
|
|
|
|
|
|
|
|
| Stockholders' equity |
|
|
|
|
| Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and outstanding at June 30, 2024 and December 31, 2023 |
|
|
1
|
|
|
|
1
|
|
| Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 5,131,934 shares at June 30, 2024 and December 31, 2023 |
|
|
51
|
|
|
|
51
|
|
| Additional paid-in capital |
|
|
63,579
|
|
|
|
63,579
|
|
| Accumulated deficit |
|
|
(59,071
|
)
|
|
|
(59,076
|
)
|
|
|
|
|
|
| Total shareholders' equity |
|
|
4,560
|
|
|
|
4,555
|
|
|
|
|
|
|
| Total liabilities & equity |
|
$
|
4,620
|
|
|
$
|
4,630
|
|
| NEW CONCEPT ENERGY, INC AND SUBSIDIARY |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(Unaudited)
|
| (amounts in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
ended June 30, |
|
For the Six Months
ended June 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
|
|
2023
|
|
|
|
2024
|
|
|
|
2023
|
|
| Revenue |
|
|
|
|
|
|
|
|
| Rent |
|
$
|
25
|
|
|
$
|
26
|
|
|
$
|
50
|
|
|
$
|
51
|
|
| Management Fee |
|
|
12
|
|
|
|
9
|
|
|
|
23
|
|
|
|
29
|
|
| Total Revenues |
|
|
37
|
|
|
|
35
|
|
|
|
73
|
|
|
|
80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Expenses |
|
|
|
|
|
|
|
|
| Operating Expenses |
|
|
12
|
|
|
|
14
|
|
|
|
25
|
|
|
|
26
|
|
| Corporate general and administrative |
|
|
78
|
|
|
|
81
|
|
|
|
156
|
|
|
|
149
|
|
| Total Operating Expenses |
|
|
90
|
|
|
|
95
|
|
|
|
181
|
|
|
|
175
|
|
| Operating loss |
|
|
(53
|
)
|
|
|
(60
|
)
|
|
|
(108
|
)
|
|
|
(95
|
)
|
| Other Income |
|
|
|
|
|
|
|
|
| Interest income from related parties |
|
|
56
|
|
|
|
54
|
|
|
|
113
|
|
|
|
106
|
|
| Total Other Income |
|
|
56
|
|
|
|
54
|
|
|
|
113
|
|
|
|
106
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) applicable to common shares |
|
$
|
3
|
|
|
$
|
(6
|
)
|
|
$
|
5
|
|
|
$
|
11
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) per common share-basic and diluted |
|
$
|
0.01
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common and equivalent shares outstanding - basic and diluted |
|
|
5,132
|
|
|
|
5,132
|
|
|
|
5,132
|
|
|
|
5,132
|
|
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