In This Article:
DALLAS, August 14, 2024--(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, | December 31, | |||||||
| (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, | 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 Months | For the Six Months | |||||||||||||||
|
| ||||||||||||||||
|
|
| 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 |
| ||||