New Concept Energy, Inc. (NCE) reported its financial results for the three and nine months ended September 30, 2024, reflecting a mixed performance compared to the previous fiscal period. For the three months ended September 30, 2024, total revenues increased to $37,000 from $35,000 in the same period of 2023. This revenue comprised $26,000 from rental income and $11,000 from management fees, compared to $25,000 and $10,000, respectively, in the prior year. However, for the nine months ended September 30, 2024, total revenues decreased to $110,000 from $115,000 in 2023, with rental revenue remaining stable at $76,000 but management fees declining from $39,000 to $34,000.
Operating expenses for the three months ended September 30, 2024, rose to $93,000, up from $85,000 in the same quarter of 2023. For the nine-month period, operating expenses increased to $274,000 from $260,000. This rise in expenses contributed to a net loss of $4,000 for the three months ended September 30, 2024, contrasting with a net income of $7,000 in the same period of 2023. For the nine months, net income fell to $1,000 from $18,000 in the previous year.
As of September 30, 2024, NCE reported cash and cash equivalents of $430,000, a slight decrease from $447,000 at the end of 2023. Total current assets were $456,000, down from $459,000, while total assets decreased marginally to $4,617,000 from $4,630,000. Current liabilities also improved, decreasing to $61,000 from $75,000, and accounts payable fell to $22,000 from $36,000.
The company continues to manage its real estate assets, owning approximately 190 acres in Parkersburg, West Virginia, with four structures totaling about 53,000 square feet. NCE has a consulting management agreement in place, generating a fee of 10% of gross revenue from its oil and gas operations, which were sold to a third party in August 2020.
Additionally, NCE holds a note receivable from American Realty Investors, Inc. amounting to $3,542,000, due in 2027. The company has net operating loss carryforwards of approximately $7.5 million, with a valuation allowance recorded due to uncertainty regarding the realization of these deferred tax assets. The company has extinguished all outstanding debt, minimizing its exposure to interest rate risk. Environmental assessments on its properties have not revealed any material liabilities, and compliance with hazardous substance regulations is maintained.
About New Concept Energy, Inc.
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