New Concept Energy, Inc. Reports Third Quarter 2024 Results

By: New Concept Energy, Inc. via Business Wire

November 13, 2024 at 16:45 PM EST

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, 2024		December 31, 2023
	(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, 2024			December 31, 2023
	(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