New Concept Energy, Inc. Reports Second Quarter 2024 Results
August 14 2024 - 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 second quarter ended June 30, 2024.
During the three months ended June 30, 2024, the Company
reported a net income of $3,000 compared to a net loss of $6,000
for the similar period in 2023.
For the three months ended June 30, 2024 the Company had revenue
of $37,000 including $25,000 for rental income and $12,000 in
management fees. For the three months ended June 30, 2023 the
Company had revenue of $35,00 including $26,000 for rental income
and $9,000 in management fees.
For the three months ended June 30, 2024, corporate general
& administrative expenses were $78,000 as compared to $81,000
for the comparable period in 2023.
For the three months ended June 30, 2024, interest income was
$56,000 as compared to $54,000 for the comparable period in
2023.
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 SUBSIDIARY CONDENSED
CONSOLIDATED BALANCE SHEETS (amounts in thousands)
June 30,2024 December 31,2023
(Unaudited) (Audited) Assets Current
assets Cash and cash equivalents
$
416
$
447
Other current assets
40
12
Total current assets
$
456
$
459
Property and equipment, net of depreciation Land,
buildings and equipment
622
629
Note receivable - related party
3,542
3,542
Total assets
$
4,620
$
4,630
NEW CONCEPT ENERGY, INC. AND SUBSIDIARY CONDENSED
CONSOLIDATED BALANCE SHEETS - CONTINUED (dollars in
thousands, except par value amount) June 30,2024
December 31, 2023 (Unaudited) (Audited)
Liabilities and stockholders' equity Current
liabilities Accounts payable
$
21
$
36
Accrued expenses
39
39
Total current liabilities
60
75
Stockholders' equity Preferred stock, Series
B, $10 par value; authorized 100,000 shares, 1 issued and
outstanding at June 30, 2024 and December 31, 2023
1
1
Common stock, $.01 par value; authorized, 100,000,000 shares;
issued and outstanding, 5,131,934 shares at June 30, 2024 and
December 31, 2023
51
51
Additional paid-in capital
63,579
63,579
Accumulated deficit
(59,071
)
(59,076
)
Total shareholders' equity
4,560
4,555
Total liabilities & equity
$
4,620
$
4,630
NEW CONCEPT ENERGY, INC AND SUBSIDIARY CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(amounts in thousands, except per share data) For
the Three Monthsended June 30, For the Six Monthsended June
30,
2024
2023
2024
2023
Revenue Rent
$
25
$
26
$
50
$
51
Management Fee
12
9
23
29
Total Revenues
37
35
73
80
Operating Expenses Operating Expenses
12
14
25
26
Corporate general and administrative
78
81
156
149
Total Operating Expenses
90
95
181
175
Operating loss
(53
)
(60
)
(108
)
(95
)
Other Income Interest income from related parties
56
54
113
106
Total Other Income
56
54
113
106
Net income (loss) applicable to common shares
$
3
$
(6
)
$
5
$
11
Net income (loss) per common share-basic and diluted
$
0.01
$
(0.01
)
$
0.01
$
0.01
Weighted average common and equivalent shares outstanding -
basic and diluted
5,132
5,132
5,132
5,132
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version on businesswire.com: https://www.businesswire.com/news/home/20240814051487/en/
New Concept Energy, Inc. Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
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