New Concept Energy, Inc. Reports Second Quarter 2024 Results

By: New Concept Energy, Inc. via Business Wire

August 14, 2024 at 16:30 PM EDT

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 Months ended June 30,						For the Six Months ended 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