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 First Quarter 2025 Results
Dallas (May 15, 2025) – New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the first quarter ended March 31, 2025.
The Company reported a net loss from continuing operations of ($20,000) for three months ended March 31, 2025, as compared to net income of $2,000 for the similar period in 2024.
For the three months ended March 31,2025 and 2024 the Company had revenue of $38,000 including $26,000 for rental income and $12,000 in management fees.
For the three months ended March 31, 2025, corporate general & administrative expenses were $89,000 as compared to $78,000 for the comparable period in 2024.
About New Concept Energy, Inc.
New Concept Energy, Inc. is a Dallas-based company which owns real estate in 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
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(amounts in thousands)
| March 31, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 333 | $ | 363 | ||||
| Other current assets | 57 | 9 | ||||||
| Total current assets | 390 | 372 | ||||||
| Property and equipment, net of depreciation | ||||||||
| Land, buildings and equipment | 633 | 636 | ||||||
| Note and Interest Receivable - related party | ||||||||
| Note receivable | 3,542 | 3,542 | ||||||
| Interest receivable | - | 44 | ||||||
| 3,542 | 3,586 | |||||||
| Total assets | $ | 4,565 | $ | 4,594 | ||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS – CONTINUED
(dollars in thousands, except par value amount)
| March 31, 2025 | December 31, 2024 | |||||||
| (Unaudited) | (Audited) | |||||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable (including $8 due to related parties in 2025 and 2024) | $ | 20 | $ | 20 | ||||
| Accrued expenses | 28 | 37 | ||||||
| Total current liabilities | 48 | 57 | ||||||
| Stockholders' equity | ||||||||
| Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and | ||||||||
| outstanding at March 31, 2025 and December 31, 2024 | 1 | 1 | ||||||
| Common stock, $.01 par value; authorized, 100,000,000 | ||||||||
| shares; issued and outstanding, 5,131,934 shares | ||||||||
| at March 31, 2025 and December 31, 2024 | 51 | 51 | ||||||
| Additional paid-in capital | 63,579 | 63,579 | ||||||
| Accumulated deficit | (59,114 | ) | (59,094 | ) | ||||
| Total shareholders' equity | 4,517 | 4,537 | ||||||
| Total liabilities & equity | $ | 4,565 | $ | 4,594 | ||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(amounts in thousands, except per share data)
| Three Months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue | ||||||||
| Rent | $ | 26 | $ | 25 | ||||
| Management fees | 12 | 11 | ||||||
| Total Revenues | 38 | 36 | ||||||
| Operating Expenses | ||||||||
| Operating expenses | 12 | 13 | ||||||
| Corporate general and administrative | 89 | 78 | ||||||
| Total Operating Expenses | 101 | 91 | ||||||
| Loss from operations | (63 | ) | (55 | ) | ||||
| Other Income | ||||||||
| Interest income ($39 and $53 from related parties in 2025 and 2024) | 43 | 57 | ||||||
| Total Other Income | 43 | 57 | ||||||
| Net income (loss) applicable to common shares | $ | (20 | ) | $ | 2 | |||
| Net income (loss) per common share-basic and diluted | $ | (0.01 | ) | $ | 0.01 | |||
| Weighted average common and equivalent shares outstanding - basic and diluted | 5,132 | 5,132 | ||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.