EX-99.1 3 ex99_1.htm EXHIBIT 99.1

 

EXHIBIT “99.1”

 

NEWS RELEASE

 

FOR IMMEDIATE RELEASE

 

Contact:

 

New Concept Energy Inc.

Investor Relations

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

 

 

 

 

 

New Concept Energy, Inc. Reports Second Quarter 2023 Results

 

 

 

Dallas (August 7, 2023) – New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the second quarter ended June 30, 2023.

 

During the three months ended June 30, 2023, the Company reported a net loss of $6,000 compared to a net income of 138,000 for the three months ended June 30, 2022.

 

For the three months ended June 30, 2023 the Company had revenue of $35,000 including $26,000 for rental income and $9,000 for management fees as compared to rental income of $26,000 and management fee of $21,000 for the comparable period in 2022.

 

For the three months ended June 30, 2023, corporate general & administrative expenses were $81,000 as compared to $80,000 for the comparable periods in 2022.

 

Included in other income for the three months ended June 30, 2022 is $62,000 which represents the collection of an investment that had previously been fully reserved. In addition, during the three months ended June 30, 2022 the company sold equipment and recorded a gain of $68,000.

 

New Concept Energy, Inc. is a Dallas-based company which owns real estate 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.

 

 

Contact: New Concept Energy, Inc.

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

 

  
 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

 

   June 30,
2023		  

December 31,

2022

 
   (Unaudited)   (Audited) 
Assets        
         
Current assets        
 Cash and cash equivalents  $432   $436 
Note receivable -  related party   3,542    3,542 
 Other current assets   45    30 
Total current assets  $4,019   $4,008 
           
Property and equipment, net of depreciation          
 Land, buildings and equipment   625    631 
           
           
Total assets  $4,644   $4,639 

 

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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(unaudited)

(dollars in thousands, except par value amount)

 

   June 30,
2023		  

December 31,

2022

 
         
Liabilities and stockholders' equity        
         
Current liabilities        
Accounts payable  $20   $23 
Accrued expenses   37    40 
Total current liabilities   57    63 
           
           
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 June 30, 2023 and December 31, 2022   51    51 
Additional paid-in capital   63,579    63,579 
Accumulated deficit   (59,044)   (59,055)
           
Total shareholder equity   4,587    4,576 
           
Total liabilities & equity  $4,644   $4,639 

 

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NEW CONCEPT ENERGY, INC AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

(amounts in thousands, except per share data)

 

  

For the

Three Months

ended June 30,

      

For the

Six Months

ended June 30,

     
   2023   2022   2023   2022 
Revenue                    
Rent  $26   $26   $51   $51 
Management Fee   9   $21    29   $41 
                     
Total Revenues   35    47    80    92 
                     
                     
Operating expenses                    
Operating Expenses   14    13    26    25 
Corporate general and administrative   81    80    149    160 
Total Operating Expenses   95    93    175    185 
Operating earnings (loss)   (60)   (46)   (95)   (93)
                     
Other income (expense)                    
Interest income - related party   54    54    106    106 
Other income, net   -    130    -    130 
    54    184    106    236 
                     
Net income (loss) applicable to common shares   (6)   138    11    143 
                     
Net income per common share-basic and diluted  $(0.01)  $0.02   $0.01   $0.03 
                     
Weighted average common and equivalent shares outstanding - basic   5,132    5,132    5,132    5,132 

 

 

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