New Concept Energy, Inc. (NYSE American: GBR), (the "Company" or "NCE") a Dallas-based company, today reported Results of Operations for the fourth quarter and the full year ended December 31, 2023.
During the three months ended December 31,2023 the Company reported a net loss of $39,000 compared to net income of $11,000 for the same period ended December 31, 2022.
For the full year ended December 31, 2023 the Company reported a net loss of $21,000 compared to net income of $181,000 for the same period ended December 31, 2022.
Fiscal 2023 as compared to 2022
Revenues: Revenues from rent for the leased property was $101,000 in 2023 and 2022. Revenues from managing the oil and gas operations for a third party was $51,000 and $111,000 in 2023 and 2022. The management agreement has the Company receiving a management fee of 10% of oil and gas revenue. The decrease in management fees is due to a decrease in the revenue due to a decline in oil and gas prices.
Operating Expenses: Operating expenses for the real estate property was $57,000 in 2023 and 2022. General and administrative expenses were $338,000 in 2023 and $317,000 in 2022.
Interest Income: Interest Income was $222,000 in 2023 and $212,000 in 2022.
Other Income: Other income was $131,000 in 2022. Included in other income for 2022 is $63,000 which represents the collection of an investment that had previously been fully reserved and a gain of $68,000 from the sale of equipment.
About New Concept Energy, Inc.
New Concept Energy, Inc. is a Dallas-based company which owns 191 acres of land located in Parkersburg, West Virginia. Located on the land are four structures totaling approximately 53,000 square feet. For more information, visit the Company's website at www.newconceptenergy.com.
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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
At December 31, At December 31, At December 31,
-------------------------------- -------------------- ----------------------------------------------------------------------------------------------------------------
2023 2022
-------------------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Assets
Current assets
Cash and cash equivalents $ $ 447 $ $ $ 436
Other current assets 12 30
-------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Total current assets 459 466
-------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Property and equipment, net
Land, buildings and equipment 629 631
Note Receivable - related party 3,542 3,542
-------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(amounts in thousands, except share amounts)
At December 31, At December 31,
------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------
2023 2022
------------------------------------------------------------------------------------- -------------------- ------- -------------------- -------------------- ------- --------------------
Liabilities and stockholders' equity
Current liabilities
Accounts payable - trade (including $8 in 2023 and 2022 due to related parties) $ 36 $ $ 23
Accrued expenses 39 40
-------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
Total current liabilities 75 63
Stockholders' equity
Series B convertible preferred stock, $10 par value, liquidation value
of $100, authorized 100,000 shares, issued and outstanding one share 1 1
Common stock, $.01 par value; authorized 100,000,000
shares; issued and outstanding, 5,131,934 shares
at December 31, 2023 and 2022 51 51
Additional paid-in capital 63,579 63,579
Accumulated deficit (59,076 ) (59,055 )
-------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
4,555 4,576
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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data)
Year Ended December 31, Year Ended December 31,
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2023 2022 2021
---------------------------------------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ------ --------------------
Revenue
Rent $ 101 $ $ 101 $ $ 101
Management Fee 51 111 -
-------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
152 212 101
---------------------------------------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Operating Expenses
Operating Expenses 57 57 77
Corporate general and administrative 338 317 360
-------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Total Operating Expenses 395 374 437
-------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Operating loss (243 ) (162 ) (336 )
Other Income (Expense)
Interest income from a related party 213 212 212
Interest income 9 - 8
Interest expense - - (5 )
Other income - 131 191
-------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Total Other income (Expense) 222 343 406
-------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Net income (loss) applicable to common shares $ (21 ) $ $ 181 $ $ 70
Net income (loss) per common share-basic and diluted $ (0.01 ) $ $ 0.04 $ $ 0.01
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240401334041/en/
SOURCE: New Concept Energy, Inc.
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New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
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COMTEX_450189843/1006/2024-04-01T16:30:07
5.93% $0.07
