GBR New Concept Energy Inc

New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the fourth quarter and the full year ended December 31, 2022.

During the three months ended December 31, 2022 the Company reported a net income of $11,000 compared to a net loss of $49,000 for the same period ended December 31, 2021.

For the full year ended December 31, 2022 the Company reported net income of $181,000 compared to net income of $70,000 for the same period ended December 31, 2021.

Fiscal 2022 as compared to 2021

Revenues: Revenues from rent for the leased property was $101,000 in 2022 and 2021. Revenues from managing the oil and gas operations for a third party was $111,000 in 2022.

Operating Expenses: Operating expenses for the real estate property was $57,000 in 2022 and $77,000 in 2021. General and administrative expenses were $317,000 in 2022 and $360,000 in 2021.

Interest Income: Interest Income was $212,000 in 2022 and $220,000 in 2021.

Other Income: Other income was $131,000 in 2022 compared to $191,000 in 2021. Included in other income for 2022 is $63,000 which represents the collection of an investment that had previously been fully reserved and a gain of $68,000 from the sale of equipment.

About New Concept Energy, Inc.

New Concept Energy, Inc. is a Dallas-based company which owns 190 acres of land located in Parkersburg, West Virginia. Located on the land are four structures totaling approximately 53,000 square feet. For more information, visit the Company’s website at www.newconceptenergy.com.

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (amounts in thousands)  

December 31,

2022

2021

Assets   Current assets Cash and cash equivalents

$

436

$

252

Note receivable and accrued interest from related party

 

3,542

 

3,560

Other current assets

 

30

 

-

Total current assets

 

4,008

 

3,812

  Property and equipment, net of depreciation Land, buildings and equipment

 

631

 

643

  Note Receivable

 

-

 

-

  Total assets

$

4,639

$

4,455

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED (amounts in thousands, except share amounts)  

December 31,

2022

2021

Liabilities and stockholders' equity   Current liabilities Accounts payable - trade (including $8 and $3 in 2022 and 2021 due to related parties)

$

23

 

$

28

 

Accrued expenses

 

40

 

 

32

 

Total current liabilities

 

63

 

 

60

 

    Stockholders' equity Series B convertible preferred stock, $10 par value, liquidation value of $100 authorized 100 shares, issued and outstanding one share

 

1

 

 

1

 

Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 5,131,934 shares at December 31, 2022 and 2021

 

51

 

 

51

 

Additional paid-in capital

 

63,579

 

 

63,579

 

Accumulated deficit

 

(59,055

)

 

(59,236

)

 

4,576

 

 

4,395

 

  Total liabilities & stockholders' equity

$

4,639

 

$

4,455

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except per share data)  

Year Ended December 31,

2022

 

2021

 

2020

Revenue Rent

$

101

 

$

101

 

$

101

 

Management Fee

$

111

 

 

212

 

 

101

 

 

101

 

  Operating expenses Operating Expenses

 

57

 

 

77

 

 

72

 

Corporate general and administrative

 

317

 

 

360

 

 

396

 

 

374

 

 

437

 

 

468

 

Operating loss

 

(162

)

 

(336

)

 

(367

)

  Other income (expense) Interest income from a related party

 

212

 

 

220

 

 

242

 

Interest income from a third party

 

-

 

 

8

 

 

16

 

Interest expense

 

-

 

 

(5

)

 

(12

)

Other income (expense), net

 

131

 

 

191

 

 

85

 

 

343

 

 

414

 

 

331

 

  Net income (loss) from continuing operations

 

181

 

 

78

 

 

(52

)

  Net income (loss) from discontinued operations Gain (loss) from discontinued operations

 

-

 

 

-

 

 

(170

)

Gain from Disposal of oil and gas operations

 

-

 

 

-

 

 

2,138

 

 

-

 

 

-

 

 

1,968

 

  Net income (loss) applicable to common shares

$

181

 

$

78

 

$

1,916

 

  Net income (loss) per common share-basic and diluted

$

0.04

 

$

0.01

 

$

0.37

 

  Weighted average common and equivalent shares outstanding - basic

 

5,132

 

 

5,132

 

 

5,132

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230321005984/en/

New Concept Energy Inc. Gene Bertcher (800) 400-6407 info@newconceptenergy.com