New Concept Energy, Inc. Reports Third Quarter 2024 Results
November 13 2024 - 4:45PM
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
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version on businesswire.com: https://www.businesswire.com/news/home/20241113616375/en/
New Concept Energy Inc. Investor Relations Gene Bertcher, (800)
400-6407 info@newconceptenergy.com
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