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 |