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 2024 Results
Dallas (November 13, 2024) – 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, 2024.
The Company reported a net loss of ($4,000) for the three months ended September 30, 2024, as compared to net income of $7,000 for the similar period in 2023.
For the three months ended September 30, 2024 the Company had revenue of $37,000 including $26,000 for rental revenue and $11,000 for management fees as compared to revenue of $35,000 including $25,000 for rental revenue and $10,000 for management fees for the comparative period in 2023.
For the three months ended September 30, 2024, corporate general & administrative expenses were $79,000 as compared to $70,000 for the comparable periods in 2023.
For the three months ended September 30, 2024, interest income was $52,000 as compared to $57,000 for the comparable periods 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)
| | | September 30,
2024 | | | December 31,
2023 | |
| | | (Unaudited) | | | (Audited) | |
| Assets | | | | | | | | |
| | | | | | | | | |
| Current assets | | | | | | | | |
| Cash and cash equivalents | | $ | 430 | | | $ | 447 | |
| Other current assets | | | 26 | | | | 12 | |
| Total current assets | | | 456 | | | | 459 | |
| | | | | | | | | |
| Property and equipment, net of depreciation | | | | | | | | |
| Land, buildings and equipment | | | 619 | | | | 629 | |
| | | | | | | | | |
| Note receivable - related party | | | 3,542 | | | | 3,542 | |
| | | | | | | | | |
| Total assets | | $ | 4,617 | | | $ | 4,630 | |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED
(dollars in thousands, except par value amount)
| | | September 30,
2024 | | | December 31,
2023 | |
| | | (Unaudited) | | | (Audited) | |
| Liabilities and stockholders' equity | | | | | | | | |
| | | | | | | | | |
| Current liabilities | | | | | | | | |
| Accounts payable | | $ | 22 | | | $ | 36 | |
| Accrued expenses | | | 39 | | | | 39 | |
| Total current liabilities | | | 61 | | | | 75 | |
| | | | | | | | | |
| | | | | | | | | |
| Stockholders' equity | | | | | | | | |
| Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and outstanding at September 30, 2024 and December 31, 2023 | | | 1 | | | | 1 | |
| Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 5,131,934 shares at September 30, 2024 and December 31, 2023 | | | 51 | | | | 51 | |
| Additional paid-in capital | | | 63,579 | | | | 63,579 | |
| Accumulated deficit | | | (59,075 | ) | | | (59,076 | ) |
| | | | | | | | | |
| Total stockholders' equity | | | 4,556 | | | | 4,555 | |
| | | | | | | | | |
| Total liabilities & equity | | $ | 4,617 | | | $ | 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 September 30, | | | For the Nine Months
ended September 30, | |
| | | | | | | | | | | | | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| Revenue | | | | | | | | | | | | | | | | |
| Rent | | $ | 26 | | | $ | 25 | | | $ | 76 | | | $ | 76 | |
| Management Fee | | | 11 | | | | 10 | | | | 34 | | | | 39 | |
| Total Revenues | | | 37 | | | | 35 | | | | 110 | | | | 115 | |
| | | | | | | | | | | | | | | | | |
| Operating Expenses | | | | | | | | | | | | | | | | |
| Operating Expenses | | | 14 | | | | 15 | | | | 39 | | | | 41 | |
| Corporate general and administrative | | | 79 | | | | 70 | | | | 235 | | | | 219 | |
| Total Operating Expenses | | | 93 | | | | 85 | | | | 274 | | | | 260 | |
| Operating loss | | | (56 | ) | | | (50 | ) | | | (164 | ) | | | (145 | ) |
| Other Income | | | | | | | | | | | | | | | | |
| Interest income from related parties | | | 50 | | | | 53 | | | | 160 | | | | 158 | |
| Interest income from a third party | | | 2 | | | | 4 | | | | 5 | | | | 5 | |
| Total Other Income | | | 52 | | | | 57 | | | | 165 | | | | 163 | |
| | | | | | | | | | | | | | | | | |
| Net income (loss) applicable to common shares | | $ | (4 | ) | | $ | 7 | | | $ | 1 | | | $ | 18 | |
| | | | | | | | | | | | | | | | | |
| Net income (loss) per common share-basic and diluted | | $ | (0.01 | ) | | $ | 0.01 | | | $ | 0.01 | | | $ | 0.03 | |
| | | | | | | | | | | | | | | | | |
| Weighted average common and equivalent shares outstanding - basic and diluted | | | 5,132 | | | | 5,132 | | | | 5,132 | | | | 5,132 | |
