New Concept Energy, Inc. Reports First Quarter 2023 Results

By: New Concept Energy, Inc. via Business Wire

May 10, 2023 at 17:32 PM EDT

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