EX-99.1 3 ex99_1.htm EXHIBIT 99 .1

 

EXHIBIT “99.1”

 

NEWS RELEASE

 

FOR IMMEDIATE RELEASE

 

Contact:

 

New Concept Energy Inc.

Investor Relations

Gene Bertcher, (800) 400-6407

[email protected]

 

 

 

 

 

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

[email protected]

 

  
 

 

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