New Concept Energy, Inc. Reports Third 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 third quarter ended September 30, 2024.
The Company reported a net loss of ($4,000) for the three months ended September 30, 2024, as compared to net income of $7,000 for the similar period in 2023.
For the three months ended September 30, 2024 the Company had revenue of $37,000 including $26,000 for rental revenue and $11,000 for management fees as compared to revenue of $35,000 including $25,000 for rental revenue and $10,000 for management fees for the comparative period in 2023.
For the three months ended September 30, 2024, corporate general & administrative expenses were $79,000 as compared to $70,000 for the comparable periods in 2023.
For the three months ended September 30, 2024, interest income was $52,000 as compared to $57,000 for the comparable periods 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) | ||||||||
| September 30, 2024 |
December 31, 2023 |
|||||||
| (Unaudited) | (Audited) | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents |
$ |
430 |
$ |
447 |
||||
| Other current assets |
|
26 |
|
12 |
||||
| Total current assets |
|
456 |
|
459 |
||||
| Property and equipment, net of depreciation | ||||||||
| Land, buildings and equipment |
|
619 |
|
629 |
||||
| Note receivable – related party |
|
3,542 |
|
3,542 |
||||
| Total assets |
$ |
4,617 |
$ |
4,630 |
||||
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARY | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS – CONTINUED | ||||||||
| (dollars in thousands, except par value amount) | ||||||||
| September 30, 2024 |
December 31, 2023 |
|||||||
| (Unaudited) | (Audited) | |||||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable |
$ |
22 |
|
$ |
36 |
|
||
| Accrued expenses |
|
39 |
|
|
39 |
|
||
| Total current liabilities |
|
61 |
|
|
75 |
|
||
| Stockholders’ equity | ||||||||
| Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and |
|
1 |
|
|
1 |
|
||
| outstanding at September 30, 2024 and December 31, 2023 | ||||||||
| Common stock, $.01 par value; authorized, 100,000,000 | ||||||||
| shares; issued and outstanding, 5,131,934 shares | ||||||||
| at September 30, 2024 and December 31, 2023 |
|
51 |
|
|
51 |
|
||
| Additional paid-in capital |
|
63,579 |
|
|
63,579 |
|
||
| Accumulated deficit |
|
(59,075 |
) |
|
(59,076 |
) |
||
| Total stockholders’ equity |
|
4,556 |
|
|
4,555 |
|
||
| Total liabilities & equity |
$ |
4,617 |
|
$ |
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 September 30, |
|
For the Nine Months ended September 30, |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
| Revenue | |||||||||||||||
| Rent |
$ |
26 |
|
$ |
25 |
|
$ |
76 |
|
$ |
76 |
|
|||
| Management Fee |
|
11 |
|
|
10 |
|
|
34 |
|
|
39 |
|
|||
| Total Revenues |
|
37 |
|
|
35 |
|
|
110 |
|
|
115 |
|
|||
| Operating Expenses | |||||||||||||||
| Operating Expenses |
|
14 |
|
|
15 |
|
|
39 |
|
|
41 |
|
|||
| Corporate general and administrative |
|
79 |
|
|
70 |
|
|
235 |
|
|
219 |
|
|||
| Total Operating Expenses |
|
93 |
|
|
85 |
|
|
274 |
|
|
260 |
|
|||
| Operating loss |
|
(56 |
) |
|
(50 |
) |
|
(164 |
) |
|
(145 |
) |
|||
| Other Income | |||||||||||||||
| Interest income from related parties |
|
50 |
|
|
53 |
|
|
160 |
|
|
158 |
|
|||
| Interest income from a third party |
|
2 |
|
|
4 |
|
|
5 |
|
|
5 |
|
|||
| Total Other Income |
|
52 |
|
|
57 |
|
|
165 |
|
|
163 |
|
|||
| Net income (loss) applicable to common shares |
$ |
(4 |
) |
$ |
7 |
|
$ |
1 |
|
$ |
18 |
|
|||
| Net income (loss) per common share-basic and diluted |
$ |
(0.01 |
) |
$ |
0.01 |
|
$ |
0.01 |
|
$ |
0.03 |
|
|||
| Weighted average common and equivalent shares outstanding – basic and diluted |
|
5,132 |
|
|
5,132 |
|
|
5,132 |
|
|
5,132 |
|
|||
Contacts
New Concept Energy Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
