New Concept Energy, Inc. Reports First Quarter 2023 Results
DALLAS, May 10, 2023--(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, 2023.
During the three months ended March 31, 2023, the Company reported a net income applicable to common shares for the three months ended March 31,2022 of $17,000, compared to net income of $5,000 for the three months ended March 31, 2022.
For the three months ended March 31, 2023 and 2022 the Company had revenue of $45,000 including $25,000 for rental income and $20,000 in management fees.
For the three months ended March 31, 2023, corporate general & administrative expenses were $68,000 as compared to $80,000 for the comparable periods in 2022.
For the three months ended March 31, 2023 and 2022 interest income was $52,000.
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, 2023 | December 31, 2022 | ||||
Assets | (Unaudited) | (Audited) | |||
Current assets | |||||
Cash and cash equivalents | $ | 437 | $ | 436 | |
Note receivable and accrued interest from related party | 3,542 | 3,542 | |||
Other current assets | 62 | 30 | |||
Total current assets | 4,041 | 4,008 | |||
Property and equipment, net of depreciation | |||||
Land, buildings and equipment | 628 | 631 | |||
Total assets | $ | 4,669 | $ | 4,639 | |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | |||||||
CONSOLIDATED BALANCE SHEETS - CONTINUED | |||||||
(dollars in thousands, except par value amount) | |||||||
March 31, 2023 | December 31, 2022 | ||||||
(Unaudited) | (Audited) | ||||||
Liabilities and stockholders' equity | |||||||
Current liabilities | |||||||
Accounts payable - (including $8 due to related parties in 2023 and 2022) | $ | 55 | $ | 23 | |||
Accrued expenses | 21 | 40 | |||||
Total current liabilities | 76 | 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 March 31, 2023 and December 31, 2022 | 51 | 51 | |||||
Additional paid-in capital | 63,579 | 63,579 | |||||
Accumulated deficit | (59,038 | ) | (59,055 | ) | |||
Total shareholders' equity | 4,593 | 4,576 | |||||
Total liabilities & equity | $ | 4,669 | $ | 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 March 31, | ||||||||
2023 | 2022 | |||||||
Revenue | ||||||||
Rent | $ | 25 | $ | 25 | ||||
Management fees | 20 | 20 | ||||||
Total Revenues | 45 | 45 | ||||||
Operating expenses | ||||||||
Operating expenses | 12 | 12 | ||||||
Corporate general and administrative | 68 | 80 | ||||||
Total Operating Expenses | 80 | 92 | ||||||
Operating (loss) | (35 | ) | (47 | ) | ||||
Other income (expense) | ||||||||
Interest income from related parties | 52 | 52 | ||||||
Earnings (loss) applicable to common shares | 17 | 5 | ||||||
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 | ||||||
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Contacts
New Concept Energy Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
