New Concept Energy, Inc. Reports Second Quarter 2022 Results
DALLAS–(BUSINESS WIRE)–New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the second quarter ended June 30, 2022.
During the three months ended June 30, 2022, the Company reported net income of $137,000 compared to net income of $49,000 for the three months ended June 30, 2021.
For the three months ended June 30, 2022 the Company had revenue of $47,000 including $26,000 for rental income and $21,000 for management fees as compared to rental income of $26,000 for the comparable period in 2021.
For the three months ended June 30, 2022, corporate general & administrative expenses were $80,000 as compared to $111,000 for the comparable periods in 2021. The decrease was due to an overall reduction of administrative expenses.
Included in other income for the three months ended June 30, 2022 is $62,000 which represents the collection of an investment that had previously been fully reserved. In addition during the three months ended June 30, 2022 the company sold equipment and recorded a gain of $68,000.
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) | ||||||
|
June 30, 2022 |
December 31, 2021 |
|||||
| (Unaudited) | (Audited) | |||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents |
$ |
372 |
$ |
252 |
||
| Note receivable – related party |
|
3,542 |
|
3,560 |
||
| Other current assets |
|
43 |
|
– |
||
| Total current assets |
$ |
3,957 |
$ |
3,812 |
||
| Property and equipment, net of depreciation | ||||||
| Land, buildings and equipment |
|
637 |
|
643 |
||
| Total assets |
$ |
4,594 |
$ |
4,455 |
||
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS – CONTINUED | ||||||||
| (unaudited) | ||||||||
| (dollars in thousands, except par value amount) | ||||||||
|
June 30, 2022 |
December 31, 2021 |
|||||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable |
$ |
19 |
|
$ |
28 |
|
||
| Accrued expenses |
|
37 |
|
|
32 |
|
||
| Total current liabilities |
|
56 |
|
|
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 June 30, 2022 and December 31, 2021 |
|
51 |
|
|
51 |
|
||
| Additional paid-in capital |
|
63,579 |
|
|
63,579 |
|
||
| Accumulated deficit |
|
(59,093 |
) |
|
(59,236 |
) |
||
| Total shareholder equity |
|
4,538 |
|
|
4,395 |
|
||
| Total liabilities & equity |
$ |
4,594 |
|
$ |
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 June 30, |
|
For the Six Months ended June 30, |
|||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
| Revenue | |||||||||||||||
| Rent |
$ |
26 |
|
$ |
26 |
|
$ |
51 |
|
$ |
52 |
|
|||
| Management Fee |
|
21 |
|
|
– |
|
|
41 |
|
$ |
– |
|
|||
| Total Revenues |
|
47 |
|
|
26 |
|
|
92 |
|
|
52 |
|
|||
| Operating expenses | |||||||||||||||
| Operating Expenses |
|
13 |
|
|
20 |
|
|
25 |
|
|
38 |
|
|||
| Corporate general and administrative |
|
80 |
|
|
111 |
|
|
160 |
|
|
185 |
|
|||
| Total Operating Expenses |
|
93 |
|
|
131 |
|
|
185 |
|
|
223 |
|
|||
| Operating earnings (loss) |
|
(46 |
) |
|
(105 |
) |
|
(93 |
) |
|
(223 |
) |
|||
| Other income (expense) | |||||||||||||||
| Interest income |
|
53 |
|
|
56 |
|
|
106 |
|
|
112 |
|
|||
| Interest expense |
|
– |
|
|
(2 |
) |
|
– |
|
|
(4 |
) |
|||
| Other income, net |
|
130 |
|
|
100 |
|
|
130 |
|
|
191 |
|
|||
|
|
183 |
|
|
154 |
|
|
236 |
|
|
299 |
|
||||
| Net income (loss) applicable to common shares |
|
137 |
|
|
49 |
|
|
143 |
|
|
128 |
|
|||
| Net income per common share-basic and diluted |
$ |
0.02 |
|
$ |
0.01 |
|
$ |
0.03 |
|
$ |
0.02 |
|
|||
| Weighted average common and equivalent shares outstanding – basic |
|
5,132 |
|
|
5,132 |
|
|
5,132 |
|
|
5,132 |
|
|||
Contacts
New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
