New Concept Energy, Inc. Reports Second Quarter 2024 Results Form 8 K

New Concept Energy, Inc. Reports Second Quarter 2024 Results

Dallas (August 14, 2024) - 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, 2024.

During the three months ended June 30, 2024, the Company reported a net income of $3,000 compared to a net loss of $6,000 for the similar period in 2023.

For the three months ended June 30, 2024 the Company had revenue of $37,000 including $25,000 for rental income and $12,000 in management fees. For the three months ended June 30, 2023 the Company had revenue of $35,00 including $26,000 for rental income and $9,000 in management fees.

For the three months ended June 30, 2024, corporate general & administrative expenses were $78,000 as compared to $81,000 for the comparable period in 2023.

For the three months ended June 30, 2024, interest income was $56,000 as compared to $54,000 for the comparable period in 2023.

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.

Contact: New Concept Energy, Inc.

Gene Bertcher, (800) 400-6407

[email protected]

NEW CONCEPT ENERGY, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

		June 30, 2024			December 31, 2023
		(Unaudited)			(Audited)
Assets
Current assets
Cash and cash equivalents		$	416			$	447
Other current assets			40				12
Total current assets		$	456			$	459
Property and equipment, net of depreciation
Land, buildings and equipment			622				629
Note receivable - related party			3,542				3,542
Total assets		$	4,620			$	4,630

NEW CONCEPT ENERGY, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED

(dollars in thousands, except par value amount)

		June 30, 2024			December 31, 2023
		(Unaudited)			(Audited)
Liabilities and stockholders' equity
Current liabilities
Accounts payable		$	21			$	36
Accrued expenses			39				39
Total current liabilities			60				75
Stockholders' equity
Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and			1				1
outstanding at June 30, 2024 and December 31, 2023
Common stock, $.01 par value; authorized, 100,000,000
shares; issued and outstanding, 5,131,934 shares
at June 30, 2024 and December 31, 2023			51				51
Additional paid-in capital			63,579				63,579
Accumulated deficit			(59,071	)			(59,076	)
Total shareholders' equity			4,560				4,555
Total liabilities & equity		$	4,620			$	4,630

NEW CONCEPT ENERGY, INC AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(amounts in thousands, except per share data)

		For the Three Months ended June 30,			For the Six Months ended June 30,
			2024				2023				2024				2023
Revenue
Rent		$	25			$	26			$	50			$	51
Management Fee			12				9				23				29
Total Revenues			37				35				73				80
Operating Expenses
Operating Expenses			12				14				25				26
Corporate general and administrative			78				81				156				149
Total Operating Expenses			90				95				181				175
Operating loss			(53	)			(60	)			(108	)			(95	)
Other Income
Interest income from related parties			56				54				113				106
Total Other Income			56				54				113				106
Net income (loss) applicable to common shares			3				(6	)			5				11
Net income (loss) per common share-basic and diluted		$	0.01			$	(0.01	)		$	0.01			$	0.01
Weighted average common and equivalent shares outstanding - basic and diluted			5,132				5,132				5,132				5,132

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