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 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

[email protected]

 

  
 

 

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