New Concept Energy, Inc. Reports Fourth Quarter and Full Year 2024 Results
DALLAS--(BUSINESS WIRE)--March 20, 2025--
New Concept Energy, Inc. (NYSE American: GBR), (the "Company" or "NCE") a Dallas-based company, today reported Results of Operations for the fourth quarter and the full year ended December 31, 2024.
During the three months ended December 31,2024 the Company reported a net loss of $19,000 compared to a net loss of $39,000 for the same period ended December 31, 2023.
For the full year ended December 31, 2024 the Company reported a net loss of $18,000 compared to a net loss of $21,000 for the same period ended December 31, 2023.
Fiscal 2024 as compared to 2023
Revenues: Revenues from rent for the leased property was $101,000 in 2024 and 2023. Revenues from managing the oil and gas operations for a third party was $45,000 and $51,000 in 2024 and 2023. The management agreement has the Company receiving a management fee of 10% of oil and gas revenue. The decrease in management fees is due to a decrease in revenue due to a decline in oil and gas prices.
Operating Expenses: Operating expenses for the real estate property was $48,000 in 2024 and $57,000 in 2023. General and administrative expenses were $335,000 in 2024 and $338,000 in 2023.
Interest Income: Interest Income was $213,000 in 2024 and $222,000 in 2023.
About New Concept Energy, Inc.
New Concept Energy, Inc. is a Dallas-based company which owns 191 acres of land located in Parkersburg, West Virginia. Located on the land are four structures totaling approximately 53,000 square feet. For more information, visit the Company's website at www.newconceptenergy.com.
NEW CONCEPT ENERGY, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
At December 31,
-------------------
2024 2023
------ ------
Assets
Current assets
Cash and cash equivalents $ 363 $ 447
Other current assets 9 12
------ ------
Total current assets 372 459
------ ------
Property and equipment, net
Land, buildings and equipment 636 629
Note and Interest Receivable - related party
Note Receivable 3,542 3,542
Interest Receivable 44 -
------ ------
3,586 3,542
------ ------
Total assets $ 4,594 $ 4,630
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NEW CONCEPT ENERGY, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS - CONTINUED
(amounts in thousands, except share amounts)
At December 31,
----------------------
2024 2023
------- -------
Liabilities and stockholders' equity
Current liabilities
Accounts payable - trade (including $7 in
2024 and $8 in 2023 due to related
parties) $ 20 $ 36
Accrued expenses 37 39
------- -------
Total current liabilities 57 75
Stockholders' equity
Series B convertible preferred stock, $10
par value, liquidation value
of $100, authorized 100,000 shares,
issued and outstanding one share 1 1
Common stock, $.01 par value; authorized
100,000,000
shares; issued and outstanding, 5,131,934
shares
at December 31, 2024 and 2023 51 51
Additional paid-in capital 63,579 63,579
Accumulated deficit (59,094) (59,076)
------- -------
4,537 4,555
------- -------
Total liabilities & stockholders' equity $ 4,594 $ 4,630
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NEW CONCEPT ENERGY, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data)
Year Ended December 31,
-------------------------------
2024 2023
--------- --------
Revenue
Rent $ 101 $ 101
Management Fee 45 51
--------- --------
146 152
--------- --------
Operating Expenses
Operating Expenses 48 57
Corporate general and administrative 335 338
--------- --------
Total Operating Expenses 383 395
--------- --------
Operating loss (237) (243)
Other Income
Interest income from a related party 196 213
Interest income 17 9
Other income 6 -
--------- --------
Total Other income 219 222
--------- --------
Net loss applicable to common shares $ (18) $ (21)
Net 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/20250320401716/en/
CONTACT: New Concept Energy Inc.
Gene Bertcher
(800) 400-6407
info@newconceptenergy.com
(END) Dow Jones Newswires
March 20, 2025 17:00 ET (21:00 GMT)
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