New Concept Energy, Inc. Reports Fourth Quarter and Full Year 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 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 |
|
||
Contacts
New Concept Energy Inc.
Gene Bertcher
(800) 400-6407
info@newconceptenergy.com
