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New Concept Energy Inc. reports recurring operating results for a Dallas-based company that owns real estate in West Virginia and provides management services for a third-party oil and gas company. Company updates center on rental income from the West Virginia property, management fees tied to oil and gas revenue, consolidated balance-sheet items, general and administrative expenses, and net income or loss from continuing operations.
The company has described its West Virginia real estate as land in Parkersburg with multiple structures. Its news releases generally present quarterly or annual financial results rather than product launches or broad operating expansion.
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New Concept Energy, Inc. (NYSE American: GBR) reported a net income of $11,000 for Q4 2022, a turnaround from a net loss of $49,000 in Q4 2021. For the full year, net income rose to $181,000 from $70,000 in 2021. Total revenues remained stable at $101,000 for property rentals, while management fees generated $111,000. Operating expenses decreased to $374,000 in 2022 from $437,000 the previous year. Interest income slightly declined to $212,000, and other income fell to $131,000, impacted by prior year gains. As of December 31, 2022, total assets were $4,639,000, with an accumulated deficit of $59,055,000.
New Concept Energy, Inc. (NYSE American: GBR) reported a net income of $27,000 for Q3 2022, reversing a net loss of $8,000 in Q3 2021. Revenue for the quarter rose to $63,000, driven by $25,000 in rental income and $38,000 in management fees. Interest income remained stable at $53,000. The company's total assets increased to $4,622,000 from $4,455,000 year-over-year, while total current liabilities decreased slightly to $57,000.
New Concept Energy, Inc. (NYSE American: GBR) reported a net income of $137,000 for Q2 2022, up from $49,000 in Q2 2021. Revenue for the quarter totaled $47,000, driven by $26,000 in rental income and $21,000 in management fees. Corporate general and administrative expenses decreased to $80,000 from $111,000 year-over-year, reflecting reduced administrative costs. Additionally, the company recorded $130,000 in other income, including a $68,000 gain from equipment sales. Total assets increased to $4,594,000 as of June 30, 2022.
New Concept Energy, Inc. (GBR) reported its financial results for Q1 2022, posting a net income of $5,000, down from $79,000 in Q1 2021. The company generated revenue of $45,000, primarily from rental income ($25,000) and management fees ($20,000). Current assets increased to $3.9 million, while current liabilities rose to $96,000. Despite showing improvement from a net loss of $34,000 in Q1 2020, the overall performance indicates challenges in revenue generation and operational efficiency.
New Concept Energy, Inc. (NYSE American: GBR) reported its fourth quarter and full-year results for 2021. The Company posted a net loss of $49,000 for Q4, a decrease from a loss of $32,000 in Q4 2020. However, it achieved a net income of $70,000 for the full year, contrasting with a loss of $52,000 in 2020. Revenues remained stable at $101,000, while interest income decreased to $220,000. The Company recorded a gain of $1.968 million from the sale of its oil and gas operation in 2020, contributing to its financial results. Overall, the Company demonstrated improved financial performance year-over-year.
New Concept Energy, Inc. (NYSE American: GBR) reported a net loss of $8,000 for Q3 2021, a stark contrast to a net income of $82,000 in Q3 2020. Rental revenue remained stable at $25,000 for both periods. Although corporate general and administrative expenses decreased to $53,000 from $65,000, the absence of other income and a previous gain of $2,100,000 from discontinued operations significantly impacted the results. As of September 30, 2021, total assets were $4,530,000 with total liabilities at $85,000.