New Concept Energy, Inc. (NYSE: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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