GBR - New Concept Energy Inc. Reports Third 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 third quarter ended September 30, 2023.
The Company reported net income of $7,000 for the three months ended September 30, 2023, as compared to net income of $27,000 for the similar period in 2022.
For the three months ended September 30, 2023 the Company had revenue of $35,000 including $25,000 for rental revenue and $10,000 for management fees as compared to $25,000 for rental revenue and $38,000 for the comparative period in 2022. The reduction in revenue for management fees is due to a lower selling price for oil and gas.
For the three months ended September 30, 2023, corporate general & administrative expenses were $70,000 as compared to $71,000 for the comparable periods in 2022.
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) |
| September 30, 2023 |
| December 31, 2022 |
| (Unaudited) |
| (Audited) |
| Assets |
| Current assets |
| Cash and cash equivalents |
| $ |
| 460 |
| $ |
| 436 |
| Other current assets |
|
|
| 24 |
|
|
| 30 |
| Total current assets |
|
|
| 484 |
|
|
| 466 |
| Property and equipment, net of depreciation |
| Land, buildings and equipment |
|
|
| 632 |
|
|
| 631 |
| Note receivable -related parties |
|
|
| 3,542 |
|
|
| 3,542 |
| Total assets |
| $ |
| 4,658 |
| $ |
| 4,639 |
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS - CONTINUED |
| (dollars in thousands, except par value amount) |
| September 30, 2023 |
| December 31, 2022 |
| (Unaudited) |
| (Audited) |
| Liabilities and stockholders' equity |
| Current liabilities |
| Accounts payable |
| $ |
| 25 |
|
|
| $ |
| 23 |
|
|
| Accrued expenses |
|
|
| 39 |
|
|
|
|
| 40 |
|
|
| Total current liabilities |
|
|
| 64 |
|
|
|
|
| 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 September 30, 2023 and December 31, 2022 |
|
|
| 51 |
|
|
|
|
| 51 |
|
|
| Additional paid-in capital |
|
|
| 63,579 |
|
|
|
|
| 63,579 |
|
|
| Accumulated deficit |
|
|
| (59,037 |
| ) |
|
|
| (59,055 |
| ) |
| Total shareholder equity |
|
|
| 4,594 |
|
|
|
|
| 4,576 |
|
|
| Total liabilities & equity |
| $ |
| 4,658 |
|
|
| $ |
| 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 September 30, |
| For the Nine Months ended September 30, |
|
|
| 2023 |
|
|
|
|
| 2022 |
|
|
|
|
| 2023 |
|
|
|
|
| 2022 |
|
|
| Revenue |
| Rent |
| $ |
| 25 |
|
|
| $ |
| 25 |
|
|
| $ |
| 76 |
|
|
| $ |
| 76 |
|
|
| Management Fee |
|
|
| 10 |
|
|
|
|
| 38 |
|
|
|
|
| 39 |
|
|
|
|
| 79 |
|
|
|
|
| 35 |
|
|
|
|
| 63 |
|
|
|
|
| 115 |
|
|
|
|
| 155 |
|
|
| Operating expenses |
| Operating Expenses |
|
|
| 15 |
|
|
|
|
| 18 |
|
|
|
|
| 41 |
|
|
|
|
| 43 |
|
|
| Corporate general and administrative |
|
|
| 70 |
|
|
|
|
| 71 |
|
|
|
|
| 219 |
|
|
|
|
| 231 |
|
|
| Total operating expenses |
|
|
| 85 |
|
|
|
|
| 89 |
|
|
|
|
| 260 |
|
|
|
|
| 274 |
|
|
| Operating earnings (loss) |
|
|
| (50 |
| ) |
|
|
| (26 |
| ) |
|
|
| (145 |
| ) |
|
|
| (119 |
| ) |
| Other income (expense) |
| Interest income from a related party |
|
|
| 53 |
|
|
|
|
| 53 |
|
|
|
|
| 163 |
|
|
|
|
| 159 |
|
|
| Interest Income |
|
|
| 4 |
|
|
| Other income, net |
|
|
| - |
|
|
|
|
| - |
|
|
|
|
| - |
|
|
|
|
| 130 |
|
|
|
|
| 57 |
|
|
|
|
| 53 |
|
|
|
|
| 163 |
|
|
|
|
| 289 |
|
|
| Net income (loss) applicable to common shares |
| $ |
| 7 |
|
|
| $ |
| 27 |
|
|
| $ |
| 18 |
|
|
| $ |
| 170 |
|
|
| Net income (loss) per common share-basic and diluted |
| $ |
| 0.01 |
|
|
| $ |
| 0.01 |
|
|
| $ |
| 0.03 |
|
|
| $ |
| 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/20231109886938/en/
New Concept Energy Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com