DALLAS–(BUSINESS WIRE)–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.
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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(unaudited) |
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(amounts in thousands) |
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March 31, |
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December 31, |
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| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents |
$ |
333 |
$ |
363 |
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| Other current assets |
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57 |
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9 |
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| Total current assets |
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390 |
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372 |
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| Property and equipment, net of depreciation | |||||||
| Land, buildings and equipment |
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633 |
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636 |
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| Note and Interest Receivable – related party | |||||||
| Note receivable |
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3,542 |
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3,542 |
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| Interest receivable |
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– |
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44 |
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3,542 |
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3,586 |
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| Total assets |
$ |
4,565 |
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$ |
4,594 |
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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS – CONTINUED |
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(dollars in thousands, except par value amount) |
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March 31, |
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December 31, |
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(Unaudited) |
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(Audited) |
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| Liabilities and stockholders’ equity | |||||||
| Current liabilities | |||||||
| Accounts payable (including $8 due to related parties in 2025 and 2024) |
$ |
20 |
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$ |
20 |
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| Accrued expenses |
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28 |
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37 |
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| Total current liabilities |
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48 |
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57 |
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| Stockholders’ equity | |||||||
| Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and |
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1 |
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1 |
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| 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 |
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51 |
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51 |
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| Additional paid-in capital |
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63,579 |
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63,579 |
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| Accumulated deficit |
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(59,114 |
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(59,094 |
) |
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| Total shareholders’ equity |
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4,517 |
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4,537 |
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| Total liabilities & equity |
$ |
4,565 |
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$ |
4,594 |
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NEW CONCEPT ENERGY, INC AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(unaudited) |
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(amounts in thousands, except per share data) |
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Three Months ended March 31, |
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2025 |
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2024 |
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| Revenue | |||||||
| Rent |
$ |
26 |
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$ |
25 |
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| Management fees |
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12 |
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11 |
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| Total Revenues |
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38 |
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36 |
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| Operating Expenses | |||||||
| Operating expenses |
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12 |
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13 |
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| Corporate general and administrative |
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89 |
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78 |
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| Total Operating Expenses |
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101 |
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91 |
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| Loss from operations |
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(63 |
) |
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(55 |
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| Other Income | |||||||
| Interest income ($39 and $53 from related parties in 2025 and 2024) |
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43 |
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57 |
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| Total Other Income |
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43 |
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57 |
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| Net income (loss) applicable to common shares |
$ |
(20 |
) |
$ |
2 |
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| Net income (loss) per common share-basic and diluted |
$ |
(0.01 |
) |
$ |
0.01 |
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| Weighted average common and equivalent shares outstanding – basic and diluted |
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5,132 |
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5,132 |
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Contacts
New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
[email protected]
