New Concept Energy, Inc. Reports Second Quarter 2024 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, 2024.
During the three months ended June 30, 2024, the Company reported a net income of $3,000 compared to a net loss of $6,000 for the similar period in 2023.
For the three months ended June 30, 2024 the Company had revenue of $37,000 including $25,000 for rental income and $12,000 in management fees. For the three months ended June 30, 2023 the Company had revenue of $35,00 including $26,000 for rental income and $9,000 in management fees.
For the three months ended June 30, 2024, corporate general & administrative expenses were $78,000 as compared to $81,000 for the comparable period in 2023.
For the three months ended June 30, 2024, interest income was $56,000 as compared to $54,000 for the comparable period in 2023.
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 SUBSIDIARY | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (amounts in thousands) | ||||||||
| June 30, 2024 |
December 31, 2023 |
|||||||
| (Unaudited) | (Audited) | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents |
$ |
416 |
|
$ |
447 |
|
||
| Other current assets |
|
40 |
|
|
12 |
|
||
| Total current assets |
$ |
456 |
|
$ |
459 |
|
||
| Property and equipment, net of depreciation | ||||||||
| Land, buildings and equipment |
|
622 |
|
|
629 |
|
||
| Note receivable – related party |
|
3,542 |
|
|
3,542 |
|
||
| Total assets |
$ |
4,620 |
$ |
4,630 |
||||
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARY | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS – CONTINUED | ||||||||
| (dollars in thousands, except par value amount) | ||||||||
| June 30, 2024 |
December 31, 2023 | |||||||
| (Unaudited) | (Audited) | |||||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable |
$ |
21 |
|
$ |
36 |
|
||
| Accrued expenses |
|
39 |
|
|
39 |
|
||
| Total current liabilities |
|
60 |
|
|
75 |
|
||
| Stockholders’ equity | ||||||||
| Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and outstanding at June 30, 2024 and December 31, 2023 |
|
1 |
|
|
1 |
|
||
| Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 5,131,934 shares at June 30, 2024 and December 31, 2023 |
|
51 |
|
|
51 |
|
||
| Additional paid-in capital |
|
63,579 |
|
|
63,579 |
|
||
| Accumulated deficit |
|
(59,071 |
) |
|
(59,076 |
) |
||
| Total shareholders’ equity |
|
4,560 |
|
|
4,555 |
|
||
| Total liabilities & equity |
$ |
4,620 |
|
$ |
4,630 |
|
||
| NEW CONCEPT ENERGY, INC AND SUBSIDIARY | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
|
(Unaudited) |
||||||||||||||||
| (amounts in thousands, except per share data) | ||||||||||||||||
| For the Three Months ended June 30, |
For the Six Months ended June 30, |
|||||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
| Revenue | ||||||||||||||||
| Rent |
$ |
25 |
|
$ |
26 |
|
$ |
50 |
|
$ |
51 |
|
||||
| Management Fee |
|
12 |
|
|
9 |
|
|
23 |
|
|
29 |
|
||||
| Total Revenues |
|
37 |
|
|
35 |
|
|
73 |
|
|
80 |
|
||||
| Operating Expenses | ||||||||||||||||
| Operating Expenses |
|
12 |
|
|
14 |
|
|
25 |
|
|
26 |
|
||||
| Corporate general and administrative |
|
78 |
|
|
81 |
|
|
156 |
|
|
149 |
|
||||
| Total Operating Expenses |
|
90 |
|
|
95 |
|
|
181 |
|
|
175 |
|
||||
| Operating loss |
|
(53 |
) |
|
(60 |
) |
|
(108 |
) |
|
(95 |
) |
||||
| Other Income | ||||||||||||||||
| Interest income from related parties |
|
56 |
|
|
54 |
|
|
113 |
|
|
106 |
|
||||
| Total Other Income |
|
56 |
|
|
54 |
|
|
113 |
|
|
106 |
|
||||
| Net income (loss) applicable to common shares |
$ |
3 |
|
$ |
(6 |
) |
$ |
5 |
|
$ |
11 |
|
||||
| Net income (loss) per common share-basic and diluted |
$ |
0.01 |
|
$ |
(0.01 |
) |
$ |
0.01 |
|
$ |
0.01 |
|
||||
| Weighted average common and equivalent shares outstanding – basic and diluted |
|
5,132 |
|
|
5,132 |
|
|
5,132 |
|
|
5,132 |
|
||||
Contacts
New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
