New Concept Energy, Inc. Reports Third Quarter 2023 Results
- The company reported a net income of $7,000 for Q3 2023, indicating profitability despite a decrease from the previous year. The revenue of $35,000, while lower than the comparative period in 2022, still shows a consistent stream of income. The slight reduction in corporate general & administrative expenses demonstrates the company's efforts to manage costs.
- The decrease in net income from Q3 2022 to Q3 2023 may raise concerns about the company's profitability. The reduction in revenue for management fees due to lower oil and gas selling prices could indicate potential challenges in the energy industry.
The Company reported net income of
For the three months ended September 30, 2023 the Company had revenue of
For the three months ended September 30, 2023, corporate general & administrative expenses were
New Concept Energy, Inc. is a
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
(amounts in thousands) | ||||||
September 30, 2023 |
December 31, 2022 |
|||||
(Unaudited) | (Audited) | |||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ |
460 |
$ |
436 |
||
Other current assets |
|
24 |
|
30 |
||
Total current assets |
|
484 |
|
466 |
||
Property and equipment, net of depreciation | ||||||
Land, buildings and equipment |
|
632 |
|
631 |
||
Note receivable -related parties |
|
3,542 |
|
3,542 |
||
Total assets | $ |
4,658 |
$ |
4,639 |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | |||||||
CONSOLIDATED BALANCE SHEETS - CONTINUED | |||||||
(dollars in thousands, except par value amount) | |||||||
September 30, 2023 |
December 31, 2022 |
||||||
(Unaudited) | (Audited) | ||||||
Liabilities and stockholders' equity | |||||||
Current liabilities | |||||||
Accounts payable | $ |
25 |
|
$ |
23 |
|
|
Accrued expenses |
|
39 |
|
|
40 |
|
|
Total current liabilities |
|
64 |
|
|
63 |
|
|
Stockholders' equity | |||||||
Preferred stock, Series B |
|
1 |
|
|
1 |
|
|
Common stock, |
|||||||
shares; issued and outstanding, 5,131,934 shares | |||||||
at September 30, 2023 and December 31, 2022 |
|
51 |
|
|
51 |
|
|
Additional paid-in capital |
|
63,579 |
|
|
63,579 |
|
|
Accumulated deficit |
|
(59,037 |
) |
|
(59,055 |
) |
|
Total shareholder equity |
|
4,594 |
|
|
4,576 |
|
|
Total liabilities & equity | $ |
4,658 |
|
$ |
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 September 30, |
For the Nine Months ended September 30, |
||||||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Revenue | |||||||||||||||
Rent | $ |
25 |
|
$ |
25 |
|
$ |
76 |
|
$ |
76 |
|
|||
Management Fee |
|
10 |
|
|
38 |
|
|
39 |
|
|
79 |
|
|||
|
35 |
|
|
63 |
|
|
115 |
|
|
155 |
|
||||
Operating expenses | |||||||||||||||
Operating Expenses |
|
15 |
|
|
18 |
|
|
41 |
|
|
43 |
|
|||
Corporate general and administrative |
|
70 |
|
|
71 |
|
|
219 |
|
|
231 |
|
|||
Total operating expenses |
|
85 |
|
|
89 |
|
|
260 |
|
|
274 |
|
|||
Operating earnings (loss) |
|
(50 |
) |
|
(26 |
) |
|
(145 |
) |
|
(119 |
) |
|||
Other income (expense) | |||||||||||||||
Interest income from a related party |
|
53 |
|
|
53 |
|
|
163 |
|
|
159 |
|
|||
Interest Income |
|
4 |
|
||||||||||||
Other income, net |
|
- |
|
|
- |
|
|
- |
|
|
130 |
|
|||
|
57 |
|
|
53 |
|
|
163 |
|
|
289 |
|
||||
Net income (loss) applicable to common shares | $ |
7 |
|
$ |
27 |
|
$ |
18 |
|
$ |
170 |
|
|||
Net income (loss) per common share-basic and diluted | $ |
0.01 |
|
$ |
0.01 |
|
$ |
0.03 |
|
$ |
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/20231109886938/en/
New Concept Energy Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
Source: New Concept Energy, Inc.
FAQ
What is the net income reported by New Concept Energy, Inc. for Q3 2023?
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