New Concept Energy, Inc. Reports Third Quarter 2024 Results
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, 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 |
|||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241113616375/en/
Contacts
New Concept Energy Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
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