DALLAS--(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, 2022.
The Company reported net income of $27,000 for three months ended September 30, 2022, as compared to net a net loss of $8,000 for the similar period in 2021.
For the three months ended September 30, 2022 the Company had revenue of $63,000 including $25,000 for rental revenue and $38,000 for management fees as compared to $25,000 for rental revenue for the comparative period in 2021.
For the three months ended September 30, 2022 the Company had interest income of $53,000 as compared to $53,000 for the comparative period in 2021.
For the three months ended September 30, 2022, corporate general & administrative expenses were $71,000 as compared to $53,000 for the comparable periods in 2021.
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | ||||||
| CONSOLIDATED BALANCE SHEETS | ||||||
| (amounts in thousands) | ||||||
| September 30, 2022 |
December 31, 2021 |
|||||
| (Unaudited) | (Audited) | |||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ |
399 |
$ |
252 |
||
| Note receivable -related parties |
|
3,542 |
|
3,560 |
||
| Other current assets |
|
47 |
|
- |
||
| Total current assets |
|
3,988 |
|
3,812 |
||
| Property and equipment, net of depreciation | ||||||
| Land, buildings and equipment |
|
634 |
|
643 |
||
| Total assets | $ |
4,622 |
$ |
4,455 |
||
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | |||||||
| CONSOLIDATED BALANCE SHEETS - CONTINUED | |||||||
| (dollars in thousands, except par value amount) | |||||||
| September 30, 2022 |
December 31, 2021 |
||||||
| (Unaudited) | (Audited) | ||||||
| Liabilities and stockholders' equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ |
21 |
|
$ |
28 |
|
|
| Accrued expenses |
|
36 |
|
|
32 |
|
|
| Total current liabilities |
|
57 |
|
|
60 |
|
|
| Stockholders' equity | |||||||
| Preferred stock, Series B |
|
1 |
|
|
1 |
|
|
| Common stock, $.01 par value; authorized, 100,000,000 | |||||||
| shares; issued and outstanding, 5,131,934 shares | |||||||
| at September 30, 2022 and December 31, 2021 |
|
51 |
|
|
51 |
|
|
| Additional paid-in capital |
|
63,579 |
|
|
63,579 |
|
|
| Accumulated deficit |
|
(59,066 |
) |
|
(59,236 |
) |
|
| Total shareholder equity |
|
4,565 |
|
|
4,395 |
|
|
| Total liabilities & equity | $ |
4,622 |
|
$ |
4,455 |
|
|
| NEW CONCEPT ENERGY, INC AND SUBSIDIARIES | ||||||||||||||||
| CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||
(unaudited) |
||||||||||||||||
| (amounts in thousands, except per share data) | ||||||||||||||||
For the Three Months ended
|
|
For the Nine Months ended
|
||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
||
| Revenue | ||||||||||||||||
| Rent | $ |
25 |
|
$ |
25 |
|
$ |
76 |
|
$ |
76 |
|
||||
| Management Fee |
|
38 |
|
|
- |
|
|
79 |
|
|
- |
|
||||
|
63 |
|
|
25 |
|
|
155 |
|
|
76 |
|
|||||
| Operating expenses | ||||||||||||||||
| Operating Expenses |
|
18 |
|
|
34 |
|
|
43 |
|
|
71 |
|
||||
| Corporate general and administrative |
|
71 |
|
|
53 |
|
|
231 |
|
|
238 |
|
||||
| Total operating expenses |
|
89 |
|
|
87 |
|
|
274 |
|
|
309 |
|
||||
| Operating earnings (loss) |
|
(26 |
) |
|
(62 |
) |
|
(119 |
) |
|
(233 |
) |
||||
| Other income (expense) | ||||||||||||||||
| Interest income from a related party |
|
53 |
|
|
53 |
|
|
159 |
|
|
159 |
|
||||
| Interest income from a third party |
|
- |
|
|
2 |
|
|
- |
|
|
8 |
|
||||
| Interest expense |
|
- |
|
|
(1 |
) |
|
- |
|
|
(5 |
) |
||||
| Other income (expense), net |
|
- |
|
|
- |
|
|
130 |
|
|
191 |
|
||||
|
53 |
|
|
54 |
|
|
289 |
|
|
353 |
|
|||||
| Net income (loss) applicable to common shares | $ |
27 |
|
$ |
(8 |
) |
$ |
170 |
|
$ |
120 |
|
||||
| Net income (loss) per common share-basic and diluted | $ |
0.01 |
|
$ |
(0.01 |
) |
$ |
0.03 |
|
$ |
0.02 |
|
||||
| Weighted average common and equivalent shares outstanding - basic |
|
5,132 |
|
|
5,132 |
|
|
5,132 |
|
|
5,132 |
|
||||
Contacts
New Concept Energy Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
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