New Concept Energy, Inc. Reports Second Quarter 2022 Results
During the three months ended
For the three months ended
For the three months ended
Included in other income for the three months ended
CONSOLIDATED BALANCE SHEETS | ||||||
(amounts in thousands) | ||||||
2022 |
2021 |
|||||
(Unaudited) | (Audited) | |||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ |
372 |
$ |
252 |
||
Note receivable - related party |
|
3,542 |
|
3,560 |
||
Other current assets |
|
43 |
|
- |
||
Total current assets | $ |
3,957 |
$ |
3,812 |
||
Property and equipment, net of depreciation | ||||||
Land, buildings and equipment |
|
637 |
|
643 |
||
Total assets | $ |
4,594 |
$ |
4,455 |
CONSOLIDATED BALANCE SHEETS - CONTINUED | ||||||||
(unaudited) | ||||||||
(dollars in thousands, except par value amount) | ||||||||
2022 |
2021 |
|||||||
Liabilities and stockholders' equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ |
19 |
|
$ |
28 |
|
||
Accrued expenses |
|
37 |
|
|
32 |
|
||
Total current liabilities |
|
56 |
|
|
60 |
|
||
Stockholders' equity | ||||||||
Preferred stock, Series B |
|
1 |
|
|
1 |
|
||
Common stock, |
||||||||
shares; issued and outstanding, 5,131,934 shares | ||||||||
at |
|
51 |
|
|
51 |
|
||
Additional paid-in capital |
|
63,579 |
|
|
63,579 |
|
||
Accumulated deficit |
|
(59,093 |
) |
|
(59,236 |
) |
||
Total shareholder equity |
|
4,538 |
|
|
4,395 |
|
||
Total liabilities & equity | $ |
4,594 |
|
$ |
4,455 |
|
||
CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||||
(unaudited) | |||||||||||||||
(amounts in thousands, except per share data) | |||||||||||||||
For the Three Months
ended |
|
For the Six Months
ended |
|||||||||||||
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Revenue | |||||||||||||||
Rent | $ |
26 |
|
$ |
26 |
|
$ |
51 |
|
$ |
52 |
|
|||
Management Fee |
|
21 |
|
|
- |
|
|
41 |
|
$ |
- |
|
|||
Total Revenues |
|
47 |
|
|
26 |
|
|
92 |
|
|
52 |
|
|||
Operating expenses | |||||||||||||||
Operating Expenses |
|
13 |
|
|
20 |
|
|
25 |
|
|
38 |
|
|||
Corporate general and administrative |
|
80 |
|
|
111 |
|
|
160 |
|
|
185 |
|
|||
Total Operating Expenses |
|
93 |
|
|
131 |
|
|
185 |
|
|
223 |
|
|||
Operating earnings (loss) |
|
(46 |
) |
|
(105 |
) |
|
(93 |
) |
|
(223 |
) |
|||
Other income (expense) | |||||||||||||||
Interest income |
|
53 |
|
|
56 |
|
|
106 |
|
|
112 |
|
|||
Interest expense |
|
- |
|
|
(2 |
) |
|
- |
|
|
(4 |
) |
|||
Other income, net |
|
130 |
|
|
100 |
|
|
130 |
|
|
191 |
|
|||
|
183 |
|
|
154 |
|
|
236 |
|
|
299 |
|
||||
Net income (loss) applicable to common shares |
|
137 |
|
|
49 |
|
|
143 |
|
|
128 |
|
|||
Net income per common share-basic and diluted | $ |
0.02 |
|
$ |
0.01 |
|
$ |
0.03 |
|
$ |
0.02 |
|
|||
Weighted average common and equivalent shares outstanding - basic |
|
5,132 |
|
|
5,132 |
|
|
5,132 |
|
|
5,132 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220810005620/en/
info@newconceptenergy.com
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