New Concept Energy, Inc. (NYSEAmerican: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 |
| ||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20221110006056/en/
/Facebook-you've%20been%20Zucked%20by%20Annie%20Spratt%20via%20Unsplash.jpg)
