New Concept Energy, Inc. Reports Second Quarter 2024 Results

DALLAS--()--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

 

 

Contacts

New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com

Contacts

New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com