New Concept Energy, Inc. Reports Second Quarter 2023 Results
During the three months ended June 30, 2023, the Company reported a net loss of
For the three months ended June 30, 2023 the Company had revenue of
For the three months ended June 30, 2023, corporate general & administrative expenses were
Included in other income for the three months ended June 30, 2022 is
New Concept Energy, Inc. is a
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
(amounts in thousands) | ||||||
June 30, 2023 |
December 31, 2022 |
|||||
(Unaudited) | (Audited) | |||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ |
432 |
$ |
436 |
||
Note receivable - related party |
|
3,542 |
|
3,542 |
||
Other current assets |
|
45 |
|
30 |
||
Total current assets | $ |
4,019 |
$ |
4,008 |
||
Property and equipment, net of depreciation | ||||||
Land, buildings and equipment |
|
625 |
|
631 |
||
Total assets | $ |
4,644 |
$ |
4,639 |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
|||||||
CONSOLIDATED BALANCE SHEETS - CONTINUED |
|||||||
(unaudited) |
|||||||
(dollars in thousands, except par value amount) |
|||||||
June 30, 2023 |
December 31, 2022 |
||||||
Liabilities and stockholders' equity | |||||||
Current liabilities | |||||||
Accounts payable | $ |
20 |
|
$ |
23 |
|
|
Accrued expenses |
|
37 |
|
|
40 |
|
|
Total current liabilities |
|
57 |
|
|
63 |
|
|
Stockholders' equity | |||||||
Preferred stock, Series B |
|
1 |
|
|
1 |
|
|
Common stock, |
|||||||
shares; issued and outstanding, 5,131,934 shares | |||||||
at June 30, 2023 and December 31, 2022 |
|
51 |
|
|
51 |
|
|
Additional paid-in capital |
|
63,579 |
|
|
63,579 |
|
|
Accumulated deficit |
|
(59,044 |
) |
|
(59,055 |
) |
|
Total shareholder equity |
|
4,587 |
|
|
4,576 |
|
|
Total liabilities & equity | $ |
4,644 |
|
$ |
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 June 30, | For the Six Months ended June 30, | ||||||||||||||
2023 |
2022 |
2023 |
2022 |
||||||||||||
Revenue | |||||||||||||||
Rent | $ |
26 |
|
$ |
26 |
|
$ |
51 |
|
$ |
51 |
|
|||
Management Fee |
|
9 |
|
$ |
21 |
|
|
29 |
|
$ |
41 |
|
|||
Total Revenues |
|
35 |
|
|
47 |
|
|
80 |
|
|
92 |
|
|||
Operating expenses | |||||||||||||||
Operating Expenses |
|
14 |
|
|
13 |
|
|
26 |
|
|
25 |
|
|||
Corporate general and administrative |
|
81 |
|
|
80 |
|
|
149 |
|
|
160 |
|
|||
Total Operating Expenses |
|
95 |
|
|
93 |
|
|
175 |
|
|
185 |
|
|||
Operating earnings (loss) |
|
(60 |
) |
|
(46 |
) |
|
(95 |
) |
|
(93 |
) |
|||
Other income (expense) | |||||||||||||||
Interest income - related party |
|
54 |
|
|
54 |
|
|
106 |
|
|
106 |
|
|||
Other income, net |
|
- |
|
|
130 |
|
|
- |
|
|
130 |
|
|||
|
54 |
|
|
184 |
|
|
106 |
|
|
236 |
|
||||
Net income (loss) applicable to common shares |
|
(6 |
) |
|
138 |
|
|
11 |
|
|
143 |
|
|||
Net income per common share-basic and diluted | $ |
(0.01 |
) |
$ |
0.02 |
|
$ |
0.01 |
|
$ |
0.03 |
|
|||
Weighted average common and equivalent shares outstanding - basic |
|
5,132 |
|
|
5,132 |
|
|
5,132 |
|
|
5,132 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230807977612/en/
New Concept Energy Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
Source: New Concept Energy, Inc.