GBR - New Concept Energy Inc. Reports First Quarter 2023 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, 2023.
During the three months ended March 31, 2023, the Company reported a net income applicable to common shares for the three months ended March 31,2022 of $17,000, compared to net income of $5,000 for the three months ended March 31, 2022.
For the three months ended March 31, 2023 and 2022 the Company had revenue of $45,000 including $25,000 for rental income and $20,000 in management fees.
For the three months ended March 31, 2023, corporate general & administrative expenses were $68,000 as compared to $80,000 for the comparable periods in 2022.
For the three months ended March 31, 2023 and 2022 interest income was $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 |
| CONSOLIDATED BALANCE SHEETS |
| (amounts in thousands) |
| March 31, 2023 |
| December 31, 2022 |
| Assets |
| (Unaudited) |
| (Audited) |
| Current assets |
| Cash and cash equivalents |
| $ |
| 437 |
| $ |
| 436 |
| Note receivable and accrued interest from related party |
|
|
| 3,542 |
|
|
| 3,542 |
| Other current assets |
|
|
| 62 |
|
|
| 30 |
| Total current assets |
|
|
| 4,041 |
|
|
| 4,008 |
| Property and equipment, net of depreciation |
| Land, buildings and equipment |
|
|
| 628 |
|
|
| 631 |
| Total assets |
| $ |
| 4,669 |
| $ |
| 4,639 |
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS - CONTINUED |
| (dollars in thousands, except par value amount) |
| March 31, 2023 |
| December 31, 2022 |
| (Unaudited) |
| (Audited) |
| Liabilities and stockholders' equity |
| Current liabilities |
| Accounts payable - (including $8 due to related parties in 2023 and 2022) |
| $ |
| 55 |
|
|
| $ |
| 23 |
|
|
| Accrued expenses |
|
|
| 21 |
|
|
|
|
| 40 |
|
|
| Total current liabilities |
|
|
| 76 |
|
|
|
|
| 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 March 31, 2023 and December 31, 2022 |
|
|
| 51 |
|
|
|
|
| 51 |
|
|
| Additional paid-in capital |
|
|
| 63,579 |
|
|
|
|
| 63,579 |
|
|
| Accumulated deficit |
|
|
| (59,038 |
| ) |
|
|
| (59,055 |
| ) |
| Total shareholders' equity |
|
|
| 4,593 |
|
|
|
|
| 4,576 |
|
|
| Total liabilities & equity |
| $ |
| 4,669 |
|
|
| $ |
| 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 March 31, |
|
|
| 2023 |
|
|
|
|
| 2022 |
|
|
| Revenue |
| Rent |
| $ |
| 25 |
|
|
| $ |
| 25 |
|
|
| Management fees |
|
|
| 20 |
|
|
|
|
| 20 |
|
|
| Total Revenues |
|
|
| 45 |
|
|
|
|
| 45 |
|
|
| Operating expenses |
| Operating expenses |
|
|
| 12 |
|
|
|
|
| 12 |
|
|
| Corporate general and administrative |
|
|
| 68 |
|
|
|
|
| 80 |
|
|
| Total Operating Expenses |
|
|
| 80 |
|
|
|
|
| 92 |
|
|
| Operating (loss) |
|
|
| (35 |
| ) |
|
|
| (47 |
| ) |
| Other income (expense) |
| Interest income from related parties |
|
|
| 52 |
|
|
|
|
| 52 |
|
|
| Earnings (loss) applicable to common shares |
|
|
| 17 |
|
|
|
|
| 5 |
|
|
| 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/20230510006048/en/
New Concept Energy Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com