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, 2023.

During the three months ended March 31, 2023, the Company reported a net income applicable to common shares for the three months ended March 31,2022 of $17,000, compared to net income of $5,000 for the three months ended March 31, 2022.

For the three months ended March 31, 2023 and 2022 the Company had revenue of $45,000 including $25,000 for rental income and $20,000 in management fees.

For the three months ended March 31, 2023, corporate general & administrative expenses were $68,000 as compared to $80,000 for the comparable periods in 2022.

For the three months ended March 31, 2023 and 2022 interest income was $52,000.

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, 2023 December 31, 2022 Assets

 (Unaudited) 

 (Audited) 

   Current assets Cash and cash equivalents

 $

           437

 

 $

                 436

Note receivable and accrued interest from related party

 

           3,542

 

 

                 3,542

Other current assets

 

                62

 

                     30

Total current assets

 

           4,041

 

 

                 4,008

      Property and equipment, net of depreciation       Land, buildings and equipment 

 

              628

 

 

                   631

      Total assets

 $

        4,669

 

 $

              4,639

  NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED (dollars in thousands, except par value amount)   March 31, 2023 December 31, 2022 (Unaudited) (Audited) Liabilities and stockholders' equity      Current liabilities         Accounts payable - (including $8  due to related parties in 2023 and 2022)

 $

             55

 

 $

              23

 

    Accrued expenses 

 

                21

 

 

                 40

 

Total current liabilities

 

                76

 

 

 

                 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 March 31, 2023 and December 31, 2022

 

                51

 

 

 

                 51

 

    Additional paid-in capital

 

         63,579

 

 

 

           63,579

 

    Accumulated deficit

 

        (59,038

)

 

 

          (59,055

)

                   Total shareholders' equity

 

           4,593

 

 

 

             4,576

 

             Total liabilities & equity

 $

        4,669

 

 $

          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 March 31, 

 

2023

 

 

2022

 

Revenue     Rent

 $

             25

 

 $

           25

 

Management fees

 

                20

 

 

             20

 

Total Revenues

 

45

 

 

45

 

       Operating expenses     Operating expenses

 

12

 

 

12

 

Corporate general and administrative

 

68

 

 

80

 

Total Operating Expenses

 

80

 

 

92

 

Operating  (loss)

 

               (35

)

 

            (47

)

       Other income (expense)     Interest income  from related parties

 

                52

 

 

52

 

           Earnings (loss) applicable to common shares

 

17

 

 

5

 

      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/20230510006048/en/

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