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 First Quarter 2025 Results

 

 

 

Dallas (May 15, 2025) – New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the first quarter ended March 31, 2025.

 

The Company reported a net loss from continuing operations of ($20,000) for three months ended March 31, 2025, as compared to net income of $2,000 for the similar period in 2024.

 

For the three months ended March 31,2025 and 2024 the Company had revenue of $38,000 including $26,000 for rental income and $12,000 in management fees.

 

For the three months ended March 31, 2025, corporate general & administrative expenses were $89,000 as compared to $78,000 for the comparable period in 2024. 

 

About New Concept Energy, Inc.

 

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 SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(amounts in thousands)

 

   March 31,
2025		   December 31,
2024		 
Assets          
Current assets          
Cash and cash equivalents  $333   $363 
Other current assets   57    9 
Total current assets   390    372 
           
Property and equipment, net of depreciation          
Land, buildings and equipment   633    636 
           
Note and Interest Receivable - related party          
Note receivable   3,542    3,542 
Interest receivable   -    44 
    3,542    3,586 
           
           
Total assets  $4,565   $4,594 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

  
 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS – CONTINUED

(dollars in thousands, except par value amount)

 

   March 31,
2025		   December 31,
2024		 
    (Unaudited)    (Audited) 
Liabilities and stockholders' equity          
           
Current liabilities          
Accounts payable (including $8 due to related parties in 2025 and 2024)  $20   $20 
Accrued expenses   28    37 
Total current liabilities   48    57 
           
           
Stockholders' equity          
Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and        
outstanding at March 31, 2025 and December 31, 2024   1    1 
Common stock, $.01 par value; authorized, 100,000,000          
shares; issued and outstanding,  5,131,934  shares          
at March 31, 2025 and December 31, 2024   51    51 
Additional paid-in capital   63,579    63,579 
Accumulated deficit   (59,114)   (59,094)
           
Total shareholders' equity   4,517    4,537 
           
Total liabilities & equity  $4,565   $4,594 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

  
 

 

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(amounts in thousands, except per share data)

 

   Three Months ended
March 31,		 
   2025   2024 
Revenue        
Rent  $26   $25 
Management fees   12    11 
Total Revenues   38    36 
           
Operating Expenses          
Operating expenses   12    13 
Corporate general and administrative   89    78 
Total Operating Expenses   101    91 
Loss from operations   (63)   (55)
           
Other Income          
Interest income ($39 and $53 from related parties in 2025 and 2024)   43    57 
Total Other Income   43    57 
           
 Net income (loss) applicable to common shares  $(20)  $2 
           
Net income (loss) per common share-basic and diluted  $(0.01)  $0.01 
           
Weighted average common and equivalent shares outstanding - basic and diluted   5,132    5,132 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.