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 second quarter ended June 30, 2023.

During the three months ended June 30, 2023, the Company reported a net loss of $6,000 compared to a net income of 138,000 for the three months ended June 30, 2022.

For the three months ended June 30, 2023 the Company had revenue of $35,000 including $26,000 for rental income and $9,000 for management fees as compared to rental income of $26,000 and management fee of $21,000 for the comparable period in 2022.

For the three months ended June 30, 2023, corporate general & administrative expenses were $81,000 as compared to $80,000 for the comparable periods in 2022.

Included in other income for the three months ended June 30, 2022 is $62,000 which represents the collection of an investment that had previously been fully reserved. In addition, during the three months ended June 30, 2022 the company sold equipment and recorded a gain of $68,000.

New Concept Energy, Inc. is a Dallas-based company which owns real estate 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) 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, $.01 par value; authorized, 100,000,000 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