GBR - New Concept Energy Inc. Reports First Quarter 2022 Results
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, 2022.
During the three months ended March 31, 2022, the Company reported a net income applicable to common shares for the three months ended March 31, 2022 of $5,000, compared to net income from continuing operations of $79,000 for the three months ended March 31, 2021.
The Company reported net income from continuing operations of $79,000 for three months ended March 31, 2021, as compared to a net loss of ($34, 000) for the similar period in 2020.
At March 31, 2022, the Company reported current assets of $3.9 million and current liabilities of $96,000.
For the three months ended March 31, 2022 the Company had rental Income of $25,000 and management fee income of $20,000.
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 |
| CONSOLIDATED BALANCE SHEETS |
| (amounts in thousands) |
| March 31, |
|
|
| December 31, |
| Assets |
| (Unaudited) |
|
|
| (Audited) |
| Current assets |
| Cash and cash equivalents |
| $ |
| 254 |
| $ |
| 252 |
| Accounts Receivable |
|
|
| 22 |
|
|
|
|
| - |
|
|
| Note receivable - related party |
|
|
| 3,542 |
|
|
|
|
| 3,560 |
|
|
| Other current assets |
|
|
| 38 |
|
|
|
|
| - |
|
|
| Total current assets |
|
|
| 3,856 |
|
|
|
|
| 3,812 |
|
|
| Property and equipment, net of depreciation |
| Land, buildings and equipment |
|
|
| 640 |
|
|
|
|
| 643 |
|
|
| Total assets |
| $ |
| 4,496 |
|
|
| $ |
| 4,455 |
|
|
|
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS - CONTINUED |
| (dollars in thousands, except par value amount) |
| March 31 2022 |
| December 31, 2021 |
| (Unaudited) |
| (Audited) |
| Liabilities and stockholders' equity |
| Current liabilities |
| Accounts payable - (including $8 and $3 due to related parties in 2022 and 2021) |
| $ |
| 74 |
|
|
| $ |
| 28 |
|
|
| Accrued expenses |
|
|
| 22 |
|
|
|
|
| 32 |
|
|
| Total current liabilities |
|
|
| 96 |
|
|
|
|
| 60 |
|
|
| 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 March 31, 2022 and December 31, 2021 |
|
|
| 51 |
|
|
|
|
| 51 |
|
|
| Additional paid-in capital |
|
|
| 63,579 |
|
|
|
|
| 63,579 |
|
|
| Accumulated deficit |
|
|
| (59,231 |
| ) |
|
|
| (59,236 |
| ) |
| Total shareholders' equity |
|
|
| 4,400 |
|
|
|
|
| 4,395 |
|
|
| Total liabilities & equity |
| $ |
| 4,496 |
|
|
| $ |
| 4,455 |
|
|
|
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES |
| CONSOLIDATED STATEMENT OF OPERATIONS |
| (unaudited) |
| (amounts in thousands, except per share data) |
| For the Three Months |
| 2022 |
|
|
| 2021 |
| Revenue |
| Rent |
| $ |
| 25 |
|
|
| $ |
| 26 |
|
|
| Management fees |
|
|
| 20 |
|
|
|
|
| - |
|
|
| Total Revenues |
|
|
| 45 |
|
|
|
|
| 26 |
|
|
| Operating expenses |
| Operating expenses |
|
|
| 12 |
|
|
|
|
| 18 |
|
|
| Corporate general and administrative |
|
|
| 80 |
|
|
|
|
| 74 |
|
|
| Total Operating Expenses |
|
|
| 92 |
|
|
|
|
| 92 |
|
|
| Operating (loss) |
|
|
| (47 |
| ) |
|
|
| (66 |
| ) |
| Other income (expense) |
| Interest income from related parties |
|
|
| 52 |
|
|
|
|
| 56 |
|
|
| Interest expense |
|
|
| - |
|
|
|
|
| (2 |
| ) |
| Other income (expense), net |
|
|
| - |
|
|
|
|
| 91 |
|
|
|
|
| 52 |
|
|
|
|
| 145 |
|
|
| Earnings (loss) applicable to common shares |
|
|
| 5 |
|
|
|
|
| 79 |
|
|
| Net income (loss) per common share-basic and diluted |
| $ |
| 0.01 |
|
|
| $ |
| 0.01 |
|
|
| Weighted average common and equivalent shares outstanding - basic |
|
|
| 5,132 |
|
|
|
|
| 5,132 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220512006047/en/
New Concept Energy Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com