New Concept Energy (GBR) 8-K New Concept Energy, Inc. Reports Second Quarter 2023 Results

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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