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 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 | ||||||||||||
Contacts
New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
