New Concept Energy, Inc. Reports First Quarter 2024 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 first quarter ended March 31, 2024.

During the three months ended March 31, 2024, the Company reported net income applicable to common shares of $2,000, compared to net income of $17,000 for the three months ended March 31, 2023.

For the three months ended March 31,2024 the Company had revenue of $36,000 including $25,000 for rental income and $11,000 in management fees. Revenue for the three months ended March 31,2023 was $45,000.

For the three months ended March 31, 2024, corporate general & administrative expenses were $78,000 as compared to $68,000 for the comparable periods in 2023.

For the three months ended March 31, 2024 and 2023 interest income was $57,000 and $52,000.

About New Concept Energy, Inc.

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
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
	March 31, 2024			December 31, 2023
Assets	(Unaudited)			(Audited)
Current assets
Cash and cash equivalents	$	395		$	447
Other current assets		61			12
Total current assets		456			459
Property and equipment, net of depreciation
Land, buildings and equipment		626			629
Note Receivable - Related Party		3,542			3,542
Total assets	$	4,624		$	4,630

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED
(dollars in thousands, except par value amount)
	March 31, 2024				December 31, 2023
	(Unaudited)				(Audited)
Liabilities and stockholders' equity
Current liabilities
Accounts payable - (including $8 due to related parties in 2024 and 2023)	$	25			$	36
Accrued expenses		42				39
Total current liabilities		67				75
Stockholders' equity
Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and		1				1
outstanding at March 31, 2024 and December 31, 2023
Common stock, $.01 par value; authorized, 100,000,000
shares; issued and outstanding, 5,131,934 shares
at March 31, 2024 and December 31, 2023		51				51
Additional paid-in capital		63,579				63,579
Accumulated deficit		(59,074	)			(59,076	)
Total shareholders' equity		4,557				4,555
Total liabilities & equity	$	4,624			$	4,630

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(amounts in thousands, except per share data)
	For the Three Months ended March 31,
		2024				2023
Revenue
Rent	$	25			$	25
Management fees		11				20
Total Revenues		36				45
Operating Expenses
Operating expenses		13				12
Corporate general and administrative		78				68
Total Operating Expenses		91				80
Operating loss		(55	)			(35	)
Other Income
Interest income from related parties		57				52
Total Other Income		57				52
Net Income applicable to common shares		2				17
Net income per common share-basic and diluted	$	0.01			$	0.01
Weighted average common and equivalent shares outstanding - basic and diluted		5,132				5,132

Contacts

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