EX-99.1 3 ex99_1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

NEWS RELEASE

 

FOR IMMEDIATE RELEASE

 

Contact:

 

New Concept Energy Inc.

Gene Bertcher

(800) 400-6407

info@newconceptenergy.com

 

 

 

 

New Concept Energy, Inc. Reports Fourth Quarter and Full Year 2022 Results

 

Dallas (March 21, 2023) 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, 2022.

 

During the three months ended December 31, 2022 the Company reported a net income of $11,000 compared to a net loss of $49,000 for the same period ended December 31, 2021.

 

For the full year ended December 31, 2022 the Company reported net income of $181,000 compared to net income of $70,000 for the same period ended December 31, 2021.

 

Fiscal 2022 as compared to 2021

 

Revenues: Revenues from rent for the leased property was $101,000 in 2022 and 2021. Revenues from managing the oil and gas operations for a third party was $111,000 in 2022.

 

Operating Expenses: Operating expenses for the real estate property was $57,000 in 2022 and $77,000 in 2021. General and administrative expenses were $317,000 in 2022 and $360,000 in 2021.

 

Interest Income: Interest Income was $212,000 in 2022 and $220,000 in 2021.

 

Other Income: Other income was $131,000 in 2022 compared to $191,000 in 2021. Included in other income for 2022 is $63,000 which represents the collection of an investment that had previously been fully reserved and a gain of $68,000 from the sale of equipment.

 

About New Concept Energy, Inc.

 

New Concept Energy, Inc. is a Dallas-based company which owns 190 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.

 

Contact:

New Concept Energy, Inc.

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

 

  
 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

 

   December 31, 
   2022   2021 
Assets        
         
Current assets          
Cash and cash equivalents  $436   $252 
Note receivable and accrued interest from related party   3,542    3,560 
Other current assets   30    - 
Total current assets   4,008    3,812 
           
Property and equipment, net of depreciation          
Land, buildings and equipment   631    643 
           
Note Receivable   -    - 
           
Total assets  $4,639   $4,455 

 

   
 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(amounts in thousands, except share amounts)

 

   December 31, 
   2022   2021 
Liabilities and stockholders' equity          
           
Current liabilities          
Accounts payable - trade (including $8 and $3 in 2022 and 2021 due to related parties)  $23   $28 
Accrued expenses   40    32 
Total current liabilities   63    60 
           
           
Stockholders' equity          

 Series B convertible preferred stock, $10 par value, liquidation value of $100 authorized 100 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, 2022 and 2021

   51    51 
Additional paid-in capital   63,579    63,579 
Accumulated deficit   (59,055)   (59,236)
    4,576    4,395 
           
Total liabilities & stockholders' equity  $4,639   $4,455 

 

   
 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except per share data)

 

   December 31, 
   2022   2017   2021 
Revenue            
Rent  $101   $101   $101 
Management Fee  $111           
    212    101    101 
Operating expenses               
Operating Expenses   57    77    72 
Corporate general and administrative   317    360    396 
    374    437    468 
Operating loss   (162)   (336)   (367)
                
Other income (expense)               
Interest income from a related party   212    220    242 
Interest income from a third party   -    8    16 
Interest expense   -    (5)   (12)
Other income (expense), net   131    191    85 
    343    414    331 
                
Net income (loss) from continuing operations   181    78    (52)
                
Net income (loss) from discontinued operations               
Gain (loss) from discontinued operations   -    -    (170)
Gain from Disposal of oil and gas operations   -    -    2,138 
    -    -    1,968 
                
Net income (loss) applicable to common shares  $181   $78   $1,916 
                
Net income (loss) per common share-basic and diluted  $0.04   $0.01   $0.37 
                
Weighted average common and equivalent shares outstanding - basic   5,132    5,132    5,132