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, 2024.
The Company reported a net loss of ($4,000) for the three months ended September 30, 2024, as compared to net income of $7,000 for the similar period in 2023.
For the three months ended September 30, 2024 the Company had revenue of $37,000 including $26,000 for rental revenue and $11,000 for management fees as compared to revenue of $35,000 including $25,000 for rental revenue and $10,000 for management fees for the comparative period in 2023.
For the three months ended September 30, 2024, corporate general & administrative expenses were $79,000 as compared to $70,000 for the comparable periods in 2023.
For the three months ended September 30, 2024, interest income was $52,000 as compared to $57,000 for the comparable periods 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) |
|
|
September 30,
2024 |
|
December 31,
2023 |
|
|
(Unaudited) |
|
(Audited) |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
| Cash and cash equivalents |
|
$
|
430
|
|
|
$
|
447
|
|
| Other current assets |
|
|
26
|
|
|
|
12
|
|
| Total current assets |
|
|
456
|
|
|
|
459
|
|
|
|
|
|
|
|
|
| Property and equipment, net of depreciation |
|
|
|
|
|
|
| Land, buildings and equipment |
|
|
619
|
|
|
|
629
|
|
|
|
|
|
|
|
|
| Note receivable - related party |
|
|
3,542
|
|
|
|
3,542
|
|
|
|
|
|
|
|
|
| Total assets |
|
$
|
4,617
|
|
|
$
|
4,630
|
|
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARY |
| CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED |
| (dollars in thousands, except par value amount) |
|
|
|
|
|
|
|
September 30,
2024 |
|
December 31,
2023 |
|
|
(Unaudited) |
|
(Audited) |
| Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
| Accounts payable |
|
$
|
22
|
|
|
$
|
36
|
|
| Accrued expenses |
|
|
39
|
|
|
|
39
|
|
| Total current liabilities |
|
|
61
|
|
|
|
75
|
|
|
|
|
|
|
|
|
|
|
|
| Stockholders' equity |
|
|
|
|
| Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and |
|
|
1
|
|
|
|
1
|
|
| outstanding at September 30, 2024 and December 31, 2023 |
|
|
|
|
| Common stock, $.01 par value; authorized, 100,000,000 |
|
|
|
|
| shares; issued and outstanding, 5,131,934 shares |
|
|
|
|
| at September 30, 2024 and December 31, 2023 |
|
|
51
|
|
|
|
51
|
|
| Additional paid-in capital |
|
|
63,579
|
|
|
|
63,579
|
|
| Accumulated deficit |
|
|
(59,075
|
)
|
|
|
(59,076
|
)
|
|
|
|
|
|
| Total stockholders' equity |
|
|
4,556
|
|
|
|
4,555
|
|
|
|
|
|
|
| Total liabilities & equity |
|
$
|
4,617
|
|
|
$
|
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 September 30,
|
|
For the Nine Months
ended September 30,
|
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
| Revenue |
|
|
|
|
|
|
|
| Rent |
$
|
26
|
|
|
$
|
25
|
|
|
$
|
76
|
|
|
$
|
76
|
|
| Management Fee |
|
11
|
|
|
|
10
|
|
|
|
34
|
|
|
|
39
|
|
| Total Revenues |
|
37
|
|
|
|
35
|
|
|
|
110
|
|
|
|
115
|
|
|
|
|
|
|
|
|
|
| Operating Expenses |
|
|
|
|
|
|
|
| Operating Expenses |
|
14
|
|
|
|
15
|
|
|
|
39
|
|
|
|
41
|
|
| Corporate general and administrative |
|
79
|
|
|
|
70
|
|
|
|
235
|
|
|
|
219
|
|
| Total Operating Expenses |
|
93
|
|
|
|
85
|
|
|
|
274
|
|
|
|
260
|
|
| Operating loss |
|
(56
|
)
|
|
|
(50
|
)
|
|
|
(164
|
)
|
|
|
(145
|
)
|
| Other Income |
|
|
|
|
|
|
|
| Interest income from related parties |
|
50
|
|
|
|
53
|
|
|
|
160
|
|
|
|
158
|
|
| Interest income from a third party |
|
2
|
|
|
|
4
|
|
|
|
5
|
|
|
|
5
|
|
| Total Other Income |
|
52
|
|
|
|
57
|
|
|
|
165
|
|
|
|
163
|
|
|
|
|
|
|
|
|
|
| Net income (loss) applicable to common shares |
$
|
(4
|
)
|
|
$
|
7
|
|
|
$
|
1
|
|
|
$
|
18
|
|
|
|
|
|
|
|
|
|
| Net income (loss) per common share-basic and diluted |
$
|
(0.01
|
)
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
| Weighted average common and equivalent shares outstanding - basic and diluted |
|
5,132
|
|
|
|
5,132
|
|
|
|
5,132
|
|
|
|
5,132
|
|
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