New Concept Energy, Inc. Reports First Quarter 2023 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 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 |
|
||
Contacts
New Concept Energy Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
