New Concept Energy, Inc. Reports First Quarter 2022 Results

Rhea-AI Summary

New Concept Energy, Inc. (GBR) reported its financial results for Q1 2022, posting a net income of $5,000, down from $79,000 in Q1 2021. The company generated revenue of $45,000, primarily from rental income ($25,000) and management fees ($20,000). Current assets increased to $3.9 million, while current liabilities rose to $96,000. Despite showing improvement from a net loss of $34,000 in Q1 2020, the overall performance indicates challenges in revenue generation and operational efficiency.

Positive

• Current assets increased to $3.9 million.
• Improvement from a net loss of ($34,000) in Q1 2020.

Negative

• Net income decreased from $79,000 in Q1 2021 to $5,000 in Q1 2022.
• Total revenues of $45,000 are less than the previous year's revenues of $26,000.

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, 2022.

During the three months ended March 31, 2022, the Company reported a net income applicable to common shares for the three months ended March 31, 2022 of $5,000, compared to net income from continuing operations of $79,000 for the three months ended March 31, 2021.

The Company reported net income from continuing operations of $79,000 for three months ended March 31, 2021, as compared to a net loss of ($34, 000) for the similar period in 2020.

At March 31, 2022, the Company reported current assets of $3.9 million and current liabilities of $96,000.

For the three months ended March 31, 2022 the Company had rental Income of $25,000 and management fee income of $20,000.

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, 2022				December 31, 2021
Assets		(Unaudited)				(Audited)
Current assets
Cash and cash equivalents		$	254			$	252
Accounts Receivable			22				-
Note receivable - related party			3,542				3,560
Other current assets			38				-
Total current assets			3,856				3,812
Property and equipment, net of depreciation
Land, buildings and equipment			640				643
Total assets		$	4,496			$	4,455

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(dollars in thousands, except par value amount)
		March 31 2022				December 31, 2021
		(Unaudited)				(Audited)
Liabilities and stockholders' equity
Current liabilities
Accounts payable - (including $8 and $3 due to related parties in 2022 and 2021)		$	74			$	28
Accrued expenses			22				32
Total current liabilities			96				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 March 31, 2022 and December 31, 2021			51				51
Additional paid-in capital			63,579				63,579
Accumulated deficit			(59,231	)			(59,236	)
Total shareholders' equity			4,400				4,395
Total liabilities & equity		$	4,496			$	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 March 31,
		2022				2021
Revenue
Rent		$	25			$	26
Management fees			20				-
Total Revenues			45				26
Operating expenses
Operating expenses			12				18
Corporate general and administrative			80				74
Total Operating Expenses			92				92
Operating (loss)			(47	)			(66	)
Other income (expense)
Interest income from related parties			52				56
Interest expense			-				(2	)
Other income (expense), net			-				91
			52				145
Earnings (loss) applicable to common shares			5				79
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

 

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New Concept Energy Inc.

Investor Relations

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

Source: New Concept Energy, Inc.

FAQ

What were New Concept Energy's net income results for Q1 2022?

New Concept Energy reported a net income of $5,000 for the first quarter of 2022.

How much revenue did New Concept Energy generate in Q1 2022?

The company generated total revenues of $45,000 in Q1 2022.

What is the current asset total for New Concept Energy as of March 31, 2022?

As of March 31, 2022, New Concept Energy reported current assets of $3.9 million.

How did New Concept Energy's financial performance in Q1 2022 compare to Q1 2021?

In Q1 2022, net income decreased to $5,000 from $79,000 in Q1 2021, indicating a decline in profitability.

What were New Concept Energy's operating expenses for Q1 2022?

The operating expenses for New Concept Energy in Q1 2022 totaled $92,000.