New Concept Energy (GBR) 8-K New Concept Energy, Inc. Reports Second Quarter 2024 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 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

info@newconceptenergy.com

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