EXHIBIT “99.1”
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NEWS RELEASE
FOR IMMEDIATE RELEASE
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Contact:
New Concept Energy Inc. Investor Relations Gene Bertcher, (800) 400-6407 info@newconceptenergy.com
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New Concept Energy, Inc. Reports Second Quarter 2023 Results
Dallas (August 7, 2023) – New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the second quarter ended June 30, 2023.
During the three months ended June 30, 2023, the Company reported a net loss of $6,000 compared to a net income of 138,000 for the three months ended June 30, 2022.
For the three months ended June 30, 2023 the Company had revenue of $35,000 including $26,000 for rental income and $9,000 for management fees as compared to rental income of $26,000 and management fee of $21,000 for the comparable period in 2022.
For the three months ended June 30, 2023, corporate general & administrative expenses were $81,000 as compared to $80,000 for the comparable periods in 2022.
Included in other income for the three months ended June 30, 2022 is $62,000 which represents the collection of an investment that had previously been fully reserved. In addition, during the three months ended June 30, 2022 the company sold equipment and recorded a gain of $68,000.
New Concept Energy, Inc. is a Dallas-based company which owns real estate 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
info@newconceptenergy.com
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
| June 30, 2023 | December 31, 2022 | |||||||
| (Unaudited) | (Audited) | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 432 | $ | 436 | ||||
| Note receivable - related party | 3,542 | 3,542 | ||||||
| Other current assets | 45 | 30 | ||||||
| Total current assets | $ | 4,019 | $ | 4,008 | ||||
| Property and equipment, net of depreciation | ||||||||
| Land, buildings and equipment | 625 | 631 | ||||||
| Total assets | $ | 4,644 | $ | 4,639 | ||||
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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(unaudited)
(dollars in thousands, except par value amount)
| June 30, 2023 | December 31, 2022 | |||||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 20 | $ | 23 | ||||
| Accrued expenses | 37 | 40 | ||||||
| Total current liabilities | 57 | 63 | ||||||
| Stockholders' equity | ||||||||
| Preferred stock, Series B | 1 | 1 | ||||||
| Common stock, $.01 par value; authorized, 100,000,000 | ||||||||
| shares; issued and outstanding, 5,131,934 shares | ||||||||
| at June 30, 2023 and December 31, 2022 | 51 | 51 | ||||||
| Additional paid-in capital | 63,579 | 63,579 | ||||||
| Accumulated deficit | (59,044 | ) | (59,055 | ) | ||||
| Total shareholder equity | 4,587 | 4,576 | ||||||
| Total liabilities & equity | $ | 4,644 | $ | 4,639 | ||||
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NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(amounts in thousands, except per share data)
For the Three Months ended June 30, | For the Six Months ended June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenue | ||||||||||||||||
| Rent | $ | 26 | $ | 26 | $ | 51 | $ | 51 | ||||||||
| Management Fee | 9 | $ | 21 | 29 | $ | 41 | ||||||||||
| Total Revenues | 35 | 47 | 80 | 92 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Operating Expenses | 14 | 13 | 26 | 25 | ||||||||||||
| Corporate general and administrative | 81 | 80 | 149 | 160 | ||||||||||||
| Total Operating Expenses | 95 | 93 | 175 | 185 | ||||||||||||
| Operating earnings (loss) | (60 | ) | (46 | ) | (95 | ) | (93 | ) | ||||||||
| Other income (expense) | ||||||||||||||||
| Interest income - related party | 54 | 54 | 106 | 106 | ||||||||||||
| Other income, net | - | 130 | - | 130 | ||||||||||||
| 54 | 184 | 106 | 236 | |||||||||||||
| Net income (loss) applicable to common shares | (6 | ) | 138 | 11 | 143 | |||||||||||
| Net income per common share-basic and diluted | $ | (0.01 | ) | $ | 0.02 | $ | 0.01 | $ | 0.03 | |||||||
| Weighted average common and equivalent shares outstanding - basic | 5,132 | 5,132 | 5,132 | 5,132 | ||||||||||||
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