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

 

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New Concept Energy Inc.

Investor Relations

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

Source: New Concept Energy, Inc.