GBR New Concept Energy Inc

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 312022 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

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220512006047/en/

New Concept Energy Inc. Investor Relations Gene Bertcher, (800) 400-6407 info@newconceptenergy.com