New Concept Energy, Inc. (NYSEAmerican:GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the first quarter ended March 31, 2022.
During the three months ended March 31, 2022, the Company reported a net income applicable to common shares for the three months ended March 31, 2022 of $5,000, compared to net income from continuing operations of $79,000 for the three months ended March 31, 2021.
The Company reported net income from continuing operations of $79,000 for three months ended March 31, 2021, as compared to a net loss of ($34, 000) for the similar period in 2020.
At March 31, 2022, the Company reported current assets of $3.9 million and current liabilities of $96,000.
For the three months ended March 31, 2022 the Company had rental Income of $25,000 and management fee income of $20,000.
About New Concept Energy, Inc.
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 SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(amounts in thousands) | ||||||||
March 31, |
| December 31, | ||||||
| Assets | (Unaudited) |
| (Audited) | |||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 254 | $ | 252 | ||||
| Accounts Receivable |
| 22 |
|
| - |
| ||
| Note receivable - related party |
| 3,542 |
|
| 3,560 |
| ||
| Other current assets |
| 38 |
|
| - |
| ||
| Total current assets |
| 3,856 |
|
| 3,812 |
| ||
| Property and equipment, net of depreciation | ||||||||
| Land, buildings and equipment |
| 640 |
|
| 643 |
| ||
| Total assets | $ | 4,496 |
| $ | 4,455 |
| ||
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS - CONTINUED | ||||||||
| (dollars in thousands, except par value amount) | ||||||||
| March 31 2022 | December 31, 2021 | |||||||
| (Unaudited) | (Audited) | |||||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable - (including $8 and $3 due to related parties in 2022 and 2021) | $ | 74 |
| $ | 28 |
| ||
| Accrued expenses |
| 22 |
|
| 32 |
| ||
| Total current liabilities |
| 96 |
|
| 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 March 31, 2022 and December 31, 2021 |
| 51 |
|
| 51 |
| ||
| Additional paid-in capital |
| 63,579 |
|
| 63,579 |
| ||
| Accumulated deficit |
| (59,231 | ) |
| (59,236 | ) | ||
| Total shareholders' equity |
| 4,400 |
|
| 4,395 |
| ||
| Total liabilities & equity | $ | 4,496 |
| $ | 4,455 |
| ||
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||
(unaudited) | ||||||||
| (amounts in thousands, except per share data) | ||||||||
For the Three Months | ||||||||
2022 |
| 2021 | ||||||
| Revenue | ||||||||
| Rent | $ | 25 |
| $ | 26 |
| ||
| Management fees |
| 20 |
|
| - |
| ||
| Total Revenues |
| 45 |
|
| 26 |
| ||
| Operating expenses | ||||||||
| Operating expenses |
| 12 |
|
| 18 |
| ||
| Corporate general and administrative |
| 80 |
|
| 74 |
| ||
| Total Operating Expenses |
| 92 |
|
| 92 |
| ||
| Operating (loss) |
| (47 | ) |
| (66 | ) | ||
| Other income (expense) | ||||||||
| Interest income from related parties |
| 52 |
|
| 56 |
| ||
| Interest expense |
| - |
|
| (2 | ) | ||
| Other income (expense), net |
| - |
|
| 91 |
| ||
| 52 |
|
| 145 |
| |||
| Earnings (loss) applicable to common shares |
| 5 |
|
| 79 |
| ||
| Net income (loss) per common share-basic and diluted | $ | 0.01 |
| $ | 0.01 |
| ||
| Weighted average common and equivalent shares outstanding - basic |
| 5,132 |
|
| 5,132 |
| ||
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