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.
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(unaudited) |
|||||||
(amounts in thousands) |
|||||||
|
|||||||
|
March 31,
|
|
December 31,
|
||||
| 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 |
|
|
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED |
|||||||
(dollars in thousands, except par value amount) |
|||||||
|
|||||||
|
|
|
|
||||
|
March 31,
|
|
December 31,
|
||||
|
(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 |
|
1 |
|
|
1 |
|
|
| outstanding at March 31, 2025 and December 31, 2024 | |||||||
| 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 |
|
|
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 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250515345761/en/
Contacts
New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
