EX-99.1 5 newconceptexh991.htm NEWS RELEASE

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 Third Quarter 2022 Results

 

Dallas (November 10, 2022) – 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.

 

 

Contact:

New Concept Energy, Inc.

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

 

1 
 

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 

 

2 
 

 

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 

 

3 
 

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(amounts in thousands, except per share data)
             
   For the Three Months ended September 30,  For the Nine Months ended September 30,
             
    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