GBR - New Concept Energy Inc. Reports Second 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 second quarter ended June 30, 2023.
During the three months ended June 30, 2023, the Company reported a net loss of $6,000 compared to a net income of 138,000 for the three months ended June 30, 2022.
For the three months ended June 30, 2023 the Company had revenue of $35,000 including $26,000 for rental income and $9,000 for management fees as compared to rental income of $26,000 and management fee of $21,000 for the comparable period in 2022.
For the three months ended June 30, 2023, corporate general & administrative expenses were $81,000 as compared to $80,000 for the comparable periods in 2022.
Included in other income for the three months ended June 30, 2022 is $62,000 which represents the collection of an investment that had previously been fully reserved. In addition, during the three months ended June 30, 2022 the company sold equipment and recorded a gain of $68,000.
New Concept Energy, Inc. is a Dallas-based company which owns real estate 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) |
| June 30, 2023 |
| December 31, 2022 |
| (Unaudited) |
| (Audited) |
| Assets |
| Current assets |
| Cash and cash equivalents |
| $ |
| 432 |
| $ |
| 436 |
| Note receivable - related party |
|
|
| 3,542 |
|
|
| 3,542 |
| Other current assets |
|
|
| 45 |
|
|
| 30 |
| Total current assets |
| $ |
| 4,019 |
| $ |
| 4,008 |
| Property and equipment, net of depreciation |
| Land, buildings and equipment |
|
|
| 625 |
|
|
| 631 |
| Total assets |
| $ |
| 4,644 |
| $ |
| 4,639 |
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS - CONTINUED |
| (unaudited) |
| (dollars in thousands, except par value amount) |
| June 30, 2023 |
| December 31, 2022 |
| Liabilities and stockholders' equity |
| Current liabilities |
| Accounts payable |
| $ |
| 20 |
|
|
| $ |
| 23 |
|
|
| Accrued expenses |
|
|
| 37 |
|
|
|
|
| 40 |
|
|
| Total current liabilities |
|
|
| 57 |
|
|
|
|
| 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 June 30, 2023 and December 31, 2022 |
|
|
| 51 |
|
|
|
|
| 51 |
|
|
| Additional paid-in capital |
|
|
| 63,579 |
|
|
|
|
| 63,579 |
|
|
| Accumulated deficit |
|
|
| (59,044 |
| ) |
|
|
| (59,055 |
| ) |
| Total shareholder equity |
|
|
| 4,587 |
|
|
|
|
| 4,576 |
|
|
| Total liabilities & equity |
| $ |
| 4,644 |
|
|
| $ |
| 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 June 30, |
| For the Six Months ended June 30, |
| 2023 |
| 2022 |
| 2023 |
| 2022 |
| Revenue |
| Rent |
| $ |
| 26 |
|
|
| $ |
| 26 |
|
|
| $ |
| 51 |
|
|
| $ |
| 51 |
|
|
| Management Fee |
|
|
| 9 |
|
|
| $ |
| 21 |
|
|
|
|
| 29 |
|
|
| $ |
| 41 |
|
|
| Total Revenues |
|
|
| 35 |
|
|
|
|
| 47 |
|
|
|
|
| 80 |
|
|
|
|
| 92 |
|
|
| Operating expenses |
| Operating Expenses |
|
|
| 14 |
|
|
|
|
| 13 |
|
|
|
|
| 26 |
|
|
|
|
| 25 |
|
|
| Corporate general and administrative |
|
|
| 81 |
|
|
|
|
| 80 |
|
|
|
|
| 149 |
|
|
|
|
| 160 |
|
|
| Total Operating Expenses |
|
|
| 95 |
|
|
|
|
| 93 |
|
|
|
|
| 175 |
|
|
|
|
| 185 |
|
|
| Operating earnings (loss) |
|
|
| (60 |
| ) |
|
|
| (46 |
| ) |
|
|
| (95 |
| ) |
|
|
| (93 |
| ) |
| Other income (expense) |
| Interest income - related party |
|
|
| 54 |
|
|
|
|
| 54 |
|
|
|
|
| 106 |
|
|
|
|
| 106 |
|
|
| Other income, net |
|
|
| - |
|
|
|
|
| 130 |
|
|
|
|
| - |
|
|
|
|
| 130 |
|
|
|
|
| 54 |
|
|
|
|
| 184 |
|
|
|
|
| 106 |
|
|
|
|
| 236 |
|
|
| Net income (loss) applicable to common shares |
|
|
| (6 |
| ) |
|
|
| 138 |
|
|
|
|
| 11 |
|
|
|
|
| 143 |
|
|
| Net income per common share-basic and diluted |
| $ |
| (0.01 |
| ) |
| $ |
| 0.02 |
|
|
| $ |
| 0.01 |
|
|
| $ |
| 0.03 |
|
|
| Weighted average common and equivalent shares outstanding - basic |
|
|
| 5,132 |
|
|
|
|
| 5,132 |
|
|
|
|
| 5,132 |
|
|
|
|
| 5,132 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230807977612/en/
New Concept Energy Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com