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DALLAS, November 13, 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 third quarter ended September 30, 2024.
The Company reported a net loss of ($4,000) for the three months ended September 30, 2024, as compared to net income of $7,000 for the similar period in 2023.
For the three months ended September 30, 2024 the Company had revenue of $37,000 including $26,000 for rental revenue and $11,000 for management fees as compared to revenue of $35,000 including $25,000 for rental revenue and $10,000 for management fees for the comparative period in 2023.
For the three months ended September 30, 2024, corporate general & administrative expenses were $79,000 as compared to $70,000 for the comparable periods in 2023.
For the three months ended September 30, 2024, interest income was $52,000 as compared to $57,000 for the comparable periods 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) | ||||||||
| September 30, | December 31, | |||||||
| (Unaudited) | (Audited) | |||||||
| Assets | ||||||||
|
| ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 430 | $ | 447 | ||||
| Other current assets |
| 26 |
| 12 | ||||
| Total current assets |
| 456 |
| 459 | ||||
|
| ||||||||
| Property and equipment, net of depreciation | ||||||||
| Land, buildings and equipment |
| 619 |
| 629 | ||||
|
| ||||||||
| Note receivable - related party |
| 3,542 |
| 3,542 | ||||
|
| ||||||||
| Total assets | $ | 4,617 | $ | 4,630 | ||||
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARY | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED | ||||||||
| (dollars in thousands, except par value amount) | ||||||||
|
| ||||||||
| September 30, | December 31, | |||||||
| (Unaudited) | (Audited) | |||||||
| Liabilities and stockholders' equity | ||||||||
|
| ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 22 |
| $ | 36 |
| ||
| Accrued expenses |
| 39 |
|
| 39 |
| ||
| Total current liabilities |
| 61 |
|
| 75 |
| ||
|
| ||||||||
|
| ||||||||
| Stockholders' equity | ||||||||
| Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and |
| 1 |
|
| 1 |
| ||
| outstanding at September 30, 2024 and December 31, 2023 | ||||||||
| Common stock, $.01 par value; authorized, 100,000,000 | ||||||||
| shares; issued and outstanding, 5,131,934 shares | ||||||||
| at September 30, 2024 and December 31, 2023 |
| 51 |
|
| 51 |
| ||
| Additional paid-in capital |
| 63,579 |
|
| 63,579 |
| ||
| Accumulated deficit |
| (59,075 | ) |
| (59,076 | ) | ||
|
| ||||||||
| Total stockholders' equity |
| 4,556 |
|
| 4,555 |
| ||
|
| ||||||||
| Total liabilities & equity | $ | 4,617 |
| $ | 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 ended September 30, |
| For the Nine Months ended September 30, | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||||||
| Revenue | |||||||||||||||
| Rent | $ | 26 |
| $ | 25 |
| $ | 76 |
| $ | 76 |
| |||
| Management Fee |
| 11 |
|
| 10 |
|
| 34 |
|
| 39 |
| |||
| Total Revenues |
| 37 |
|
| 35 |
|
| 110 |
|
| 115 |
| |||
|
| |||||||||||||||
| Operating Expenses | |||||||||||||||
| Operating Expenses |
| 14 |
|
| 15 |
|
| 39 |
|
| 41 |
| |||
| Corporate general and administrative |
| 79 |
|
| 70 |
|
| 235 |
|
| 219 |
| |||
| Total Operating Expenses |
| 93 |
|
| 85 |
|
| 274 |
|
| 260 |
| |||
| Operating loss |
| (56 | ) |
| (50 | ) |
| (164 | ) |
| (145 | ) | |||
| Other Income | |||||||||||||||
| Interest income from related parties |
| 50 |
|
| 53 |
|
| 160 |
|
| 158 |
| |||
| Interest income from a third party |
| 2 |
|
| 4 |
|
| 5 |
|
| 5 |
| |||
| Total Other Income |
| 52 |
|
| 57 |
|
| 165 |
|
| 163 |
| |||
|
| |||||||||||||||
| Net income (loss) applicable to common shares | $ | (4 | ) | $ | 7 |
| $ | 1 |
| $ | 18 |
| |||
|
| |||||||||||||||
| Net income (loss) per common share-basic and diluted | $ | (0.01 | ) | $ | 0.01 |
| $ | 0.01 |
| $ | 0.03 |
| |||
|
| |||||||||||||||
| Weighted average common and equivalent shares outstanding - basic and diluted |
| 5,132 |
|
| 5,132 |
|
| 5,132 |
|
| 5,132 |
| |||