New Concept Energy, Inc. Reports Third 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 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

Contacts

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