New Concept Energy, Inc. Reports Third Quarter 2023 Results

DALLAS--(BUSINESS WIRE)--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, 2023.

The Company reported net income of $7,000 for the three months ended September 30, 2023, as compared to net income of $27,000 for the similar period in 2022.

For the three months ended September 30, 2023 the Company had revenue of $35,000 including $25,000 for rental revenue and $10,000 for management fees as compared to $25,000 for rental revenue and $38,000 for the comparative period in 2022. The reduction in revenue for management fees is due to a lower selling price for oil and gas.

For the three months ended September 30, 2023, corporate general & administrative expenses were $70,000 as compared to $71,000 for the comparable periods in 2022.

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 SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
		September 30, 2023			December 31, 2022
		(Unaudited)			(Audited)
Assets
Current assets
Cash and cash equivalents		$	460		$	436
Other current assets			24			30
Total current assets			484			466
Property and equipment, net of depreciation
Land, buildings and equipment			632			631
Note receivable -related parties			3,542			3,542
Total assets		$	4,658		$	4,639

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(dollars in thousands, except par value amount)
	September 30, 2023				December 31, 2022
	(Unaudited)				(Audited)
Liabilities and stockholders' equity
Current liabilities
Accounts payable	$	25			$	23
Accrued expenses		39				40
Total current liabilities		64				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 September 30, 2023 and December 31, 2022		51				51
Additional paid-in capital		63,579				63,579
Accumulated deficit		(59,037	)			(59,055	)
Total shareholder equity		4,594				4,576
Total liabilities & equity	$	4,658			$	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 September 30,								For the Nine Months ended September 30,
		2023				2022				2023				2022
Revenue
Rent	$	25			$	25			$	76			$	76
Management Fee		10				38				39				79
		35				63				115				155
Operating expenses
Operating Expenses		15				18				41				43
Corporate general and administrative		70				71				219				231
Total operating expenses		85				89				260				274
Operating earnings (loss)		(50	)			(26	)			(145	)			(119	)
Other income (expense)
Interest income from a related party		53				53				163				159
Interest Income		4
Other income, net		-				-				-				130
		57				53				163				289
Net income (loss) applicable to common shares	$	7			$	27			$	18			$	170
Net income (loss) per common share-basic and diluted	$	0.01			$	0.01			$	0.03			$	0.03
Weighted average common and equivalent shares outstanding - basic		5,132				5,132				5,132				5,132

Contacts

New Concept Energy Inc.
Investor Relations
Gene Bertcher, [phone]
[e-mail]