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 First Quarter 2023 Results
Dallas (May 10, 2023) – New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the first quarter ended March 31, 2023.
During the three months ended March 31, 2023, the Company reported a net income applicable to common shares for the three months ended March 31,2022 of $17,000, compared to net income of $5,000 for the three months ended March 31, 2022.
For the three months ended March 31, 2023 and 2022 the Company had revenue of $45,000 including $25,000 for rental income and $20,000 in management fees.
For the three months ended March 31, 2023, corporate general & administrative expenses were $68,000 as compared to $80,000 for the comparable periods in 2022.
For the three months ended March 31, 2023 and 2022 interest income was $52,000.
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.
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)
| | | March 31,
2023 | | | December 31,
2022 | |
| Assets | | (Unaudited) | | | (Audited) | |
| | | | | | | |
| Current assets | | | | | | |
| Cash and cash equivalents | | $ | 437 | | | $ | 436 | |
| Note receivable and accrued interest from related party | | | 3,542 | | | | 3,542 | |
| Other current assets | | | 62 | | | | 30 | |
| Total current assets | | | 4,041 | | | | 4,008 | |
| | | | | | | | | |
| Property and equipment, net of depreciation | | | | | | | | |
| Land, buildings and equipment | | | 628 | | | | 631 | |
| | | | | | | | | |
| Total assets | | $ | 4,669 | | | $ | 4,639 | |
The accompanying notes are an integral part of these consolidated financial statements.
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(dollars in thousands, except par value amount)
| | | March 31,
2023 | | | December 31,
2022 | |
| | | (Unaudited) | | | (Audited) | |
| Liabilities and stockholders' equity | | | | | | |
| | | | | | | |
| Current liabilities | | | | | | |
| Accounts payable - (including $8 due to related parties in 2023 and 2022) | | $ | 55 | | | $ | 23 | |
| Accrued expenses | | | 21 | | | | 40 | |
| Total current liabilities | | | 76 | | | | 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 March 31, 2023 and December 31, 2022 | | | 51 | | | | 51 | |
| Additional paid-in capital | | | 63,579 | | | | 63,579 | |
| Accumulated deficit | | | (59,038 | ) | | | (59,055 | ) |
| | | | | | | | | |
| Total shareholders' equity | | | 4,593 | | | | 4,576 | |
| | | | | | | | | |
| Total liabilities & equity | | $ | 4,669 | | | $ | 4,639 | |
The accompanying notes are an integral part of these consolidated financial statements.
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(amounts in thousands, except per share data)
| | | For the Three Months
ended March 31, | |
| | | 2023 | | | 2022 | |
| Revenue | | | | | | |
| Rent | | $ | 25 | | | $ | 25 | |
| Management fees | | | 20 | | | | 20 | |
| Total Revenues | | | 45 | | | | 45 | |
| | | | | | | | | |
| Operating expenses | | | | | | | | |
| Operating expenses | | | 12 | | | | 12 | |
| Corporate general and administrative | | | 68 | | | | 80 | |
| Total Operating Expenses | | | 80 | | | | 92 | |
| Operating (loss) | | | (35 | ) | | | (47 | ) |
| | | | | | | | | |
| Other income (expense) | | | | | | | | |
| Interest income from related parties | | | 52 | | | | 52 | |
| | | | 52 | | | | 52 | |
| | | | | | | | | |
| Earnings (loss) applicable to common shares | | | 17 | | | | 5 | |
| | | | | | | | | |
| 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 | |
The accompanying notes are an integral part of these consolidated financial statements.
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