New Concept Energy(US:GBR)2024-08-20 15:53Financial Performance - For Q2 2024, New Concept Energy reported a net income of $3,000, a turnaround from a net loss of $6,000 in Q2 2023, representing a significant improvement [2]. - Revenue for Q2 2024 was $37,000, up from $35,000 in Q2 2023, with rental income contributing $25,000 and management fees $12,000 [2]. - The company reported an operating loss of $53,000 for Q2 2024, an improvement from an operating loss of $60,000 in Q2 2023 [11]. Cost Management - Corporate general and administrative expenses decreased to $78,000 in Q2 2024 from $81,000 in Q2 2023, indicating cost management efforts [2]. - Interest income increased to $56,000 in Q2 2024 compared to $54,000 in Q2 2023, reflecting a positive trend in financial income [2]. Financial Position - Total assets as of June 30, 2024, were $4,620,000, slightly down from $4,630,000 at the end of 2023 [6][10]. - Total current liabilities decreased to $60,000 as of June 30, 2024, from $75,000 at the end of 2023, showing improved financial health [9]. - Stockholders' equity increased to $4,560,000 as of June 30, 2024, compared to $4,555,000 at the end of 2023, indicating a strengthening balance sheet [10]. Share Information - The weighted average common shares outstanding remained stable at 5,132,000 for both Q2 2024 and Q2 2023 [11]. Business Focus - New Concept Energy continues to focus on real estate and management services in the oil and gas sector, with no new product or market expansion strategies disclosed in the report [2].