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New Concept Energy(GBR) - 2024 Q3 - Quarterly Results
GBRNew Concept Energy(GBR)2024-11-15 16:06

Financial Performance - For the three months ended September 30, 2024, New Concept Energy reported a net loss of 4,000comparedtoanetincomeof4,000 compared to a net income of 7,000 for the same period in 2023, representing a shift from profit to loss [2]. - Revenue for the third quarter of 2024 was 37,000,whichincludes37,000, which includes 26,000 in rental revenue and 11,000inmanagementfees,comparedto11,000 in management fees, compared to 35,000 in total revenue for the same period in 2023 [2]. - The company reported an operating loss of 56,000forQ32024,comparedtoanoperatinglossof56,000 for Q3 2024, compared to an operating loss of 50,000 for Q3 2023 [9]. - The net loss per common share for Q3 2024 was (0.01),comparedtoanetincomepershareof(0.01), compared to a net income per share of 0.01 for Q3 2023 [9]. Expenses - Corporate general and administrative expenses increased to 79,000inQ32024from79,000 in Q3 2024 from 70,000 in Q3 2023, indicating a rise of approximately 12.9% [3]. - Total operating expenses for the third quarter of 2024 were 93,000,upfrom93,000, up from 85,000 in the same quarter of 2023, marking an increase of approximately 9.4% [9]. Income and Assets - Interest income for the third quarter of 2024 was 52,000,downfrom52,000, down from 57,000 in the same quarter of 2023, reflecting a decrease of about 8.8% [3]. - Total assets as of September 30, 2024, were 4,617,000,aslightdecreasefrom4,617,000, a slight decrease from 4,630,000 as of December 31, 2023 [6]. - The accumulated deficit as of September 30, 2024, was (59,075,000),slightlyimprovedfrom(59,075,000), slightly improved from (59,076,000) at the end of 2023 [7]. Liabilities - Total current liabilities decreased to 61,000asofSeptember30,2024,from61,000 as of September 30, 2024, from 75,000 at the end of 2023, showing a reduction of approximately 18.7% [6].