New Concept Energy, Inc. Reports First Quarter 2022 Results
May 12 2022 - 4:30PM
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, 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
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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
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