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New Concept Energy, Inc. Reports First Quarter 2022 Results

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DALLAS, May 12, 2022--(BUSINESS WIRE)--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, 2022.

During the three months ended March 31, 2022, the Company reported a net income applicable to common shares for the three months ended March 31, 2022 of $5,000, compared to net income from continuing operations of $79,000 for the three months ended March 31, 2021.

The Company reported net income from continuing operations of $79,000 for three months ended March 31, 2021, as compared to a net loss of ($34, 000) for the similar period in 2020.

At March 31, 2022, the Company reported current assets of $3.9 million and current liabilities of $96,000.

For the three months ended March 31, 2022 the Company had rental Income of $25,000 and management fee income of $20,000.

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,
2022

December 31,
2021

Assets

(Unaudited)

(Audited)

Current assets

Cash and cash equivalents

$

254

$

252

Accounts Receivable

22

-

Note receivable - related party

3,542

3,560

Other current assets

38

-

Total current assets

3,856

3,812

Property and equipment, net of depreciation

Land, buildings and equipment

640

643

Total assets

$

4,496

$

4,455

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(dollars in thousands, except par value amount)

March 31
2022

December 31,
2021

(Unaudited)

(Audited)

Liabilities and stockholders' equity

Current liabilities

Accounts payable - (including $8 and $3 due to related parties in 2022 and 2021)

$

74

$

28

Accrued expenses

22

32

Total current liabilities

96

60

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, 2022 and December 31, 2021

51

51

Additional paid-in capital

63,579

63,579

Accumulated deficit

(59,231

)

(59,236

)

Total shareholders' equity

4,400

4,395

Total liabilities & equity

$

4,496

$

4,455

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,

2022

2021

Revenue

Rent

$

25

$

26

Management fees

20

-

Total Revenues

45

26

Operating expenses

Operating expenses

12

18

Corporate general and administrative

80

74

Total Operating Expenses

92

92

Operating (loss)

(47

)

(66

)

Other income (expense)

Interest income from related parties

52

56

Interest expense

-

(2

)

Other income (expense), net

-

91

52

145

Earnings (loss) applicable to common shares

5

79

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/20220512006047/en/

Contacts

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