New Concept Energy, Inc. Reports Third Quarter 2023 Results
November 09 2023 - 3:45PM
Business Wire
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 endedSeptember 30, For the Nine Months
endedSeptember 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
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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
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