GBR - New Concept Energy Inc. Reports First Quarter 2021 Results
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, 2021.
During the three months ended March 31, 2021, the Company reported a net income applicable to common shares for the three months ended March 31, 2021 of ($79,000), compared to net loss from continuing operations of ($34,000) for the three months ended March 31, 2020.
The Company reported net income from continuing operations of $79,000 for three months ended March 31, 2021, as compared to a net loss of ($34, 000) for the similar period in 2020.
For the three months ended March 31, 2021, corporate general & administrative expenses were $74,000 as compared to $104,000 for the comparable periods in 2020. The decrease was due, for the most part, to consulting fees paid by the Company regarding oil and gas matters in 2020 that were not incurred in 2021.
For the three months ended March 31, 2021 the Company recorded a tax refund from prior years of $91.000.
For the three months ended March 31, 2020 the Company recorded a loss from discontinued operations of $63,000 for the oil and gas operations that were sold in August 2020.
About New Concept Energy, Inc.
New Concept Energy, Inc. is a Dallas-based company which owns real estate West Virginia. For more information, visit the Company’s website at www.newconceptenergy.com .
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS |
| (amounts in thousands) |
| March 31, |
|
|
| December 31, |
| Assets |
| (Unaudited) |
| (Audited) |
| Current assets |
| Cash and cash equivalents |
| $ |
| 43 |
| $ |
| 27 |
| Current portion note receivable (including $3,584 and $3,631 in 2021 and 2020 from related parties) |
|
|
| 3,636 |
|
|
| 3,683 |
| Other current assets |
|
|
| 220 |
|
|
| 92 |
| Total current assets |
|
|
| 3,899 |
|
|
| 3,802 |
| Property and equipment, net of depreciation |
| Land, buildings and equipment |
|
|
| 653 |
|
|
| 656 |
| Note Receivable |
|
|
| 145 |
|
|
| 153 |
| Total assets |
| $ |
| 4,697 |
| $ |
| 4,611 |
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS - CONTINUED |
| (dollars in thousands, except par value amount) |
| March 31, |
|
|
| December 31, |
| (Unaudited) |
|
|
| (Audited) |
| Liabilities and stockholders' equity |
| Current liabilities |
| Accounts payable - (including $80 and $55 due to related parties in 2021 and 2020) |
| $ |
| 108 |
|
|
| $ |
| 80 |
|
|
| Accrued expenses |
|
|
| 18 |
|
|
|
|
| 32 |
|
|
| Current portion of long term debt |
|
|
| 52 |
|
|
|
|
| 52 |
|
|
| Total current liabilities |
|
|
| 178 |
|
|
|
|
| 164 |
|
|
| Long-term debt |
| Notes payable less current portion |
|
|
| 115 |
|
|
|
|
| 122 |
|
|
| Total liabilities |
|
|
| 293 |
|
|
|
|
| 286 |
|
|
| Stockholders' equity |
| Preferred stock, Series B |
|
|
| 1 |
|
|
|
|
| 1 |
|
|
| Common stock, $.01 par value; authorized, 100,000,000 |
| shares; issued and outstanding, 5,131,934 and 2,036,935 shares |
| at March 31, 2021 and December 31, 2020 |
|
|
| 51 |
|
|
|
|
| 51 |
|
|
| Additional paid-in capital |
|
|
| 63,579 |
|
|
|
|
| 63,579 |
|
|
| Accumulated deficit |
|
|
| (59,227 |
| ) |
|
|
| (59,306 |
| ) |
| Total shareholders' equity |
|
|
| 4,404 |
|
|
|
|
| 4,325 |
|
|
| Total liabilities & equity |
| $ |
| 4,697 |
|
|
| $ |
| 4,611 |
|
|
| NEW CONCEPT ENERGY, INC AND SUBSIDIARIES |
| CONSOLIDATED STATEMENT OF OPERATIONS |
| (unaudited) |
| (amounts in thousands, except per share data) |
| For the Three Months |
|
|
| 2021 |
|
|
|
|
|
|
| 2020 |
|
|
| Revenue |
| Rent |
| $ |
| 26 |
|
|
| $ |
| 26 |
|
|
| Total Revenues |
|
|
| 26 |
|
|
|
|
| 26 |
|
|
| Operating expenses |
| Operating expenses |
|
|
| 18 |
|
|
|
|
| 16 |
|
|
| Corporate general and administrative |
|
|
| 74 |
|
|
|
|
| 104 |
|
|
| Total Operating Expenses |
|
|
| 92 |
|
|
|
|
| 120 |
|
|
| Operating earnings (loss) |
|
|
| (66 |
| ) |
|
|
| (94 |
| ) |
| Other income (expense) |
| Interest income (including $52 and $60 for the three months ended 2021 and 2020 from related parties) |
|
|
| 56 |
|
|
|
|
| 64 |
|
|
| Interest expense |
|
|
| (2 |
| ) |
|
|
| (4 |
| ) |
| Other income (expense), net |
|
|
| 91 |
|
|
|
|
| - |
|
|
|
|
| 145 |
|
|
|
|
| 60 |
|
|
| Earnings (loss) from continuing operations |
|
|
| 79 |
|
|
|
|
| (34 |
| ) |
| Discontinued Operations |
| Earnings (loss) from discontinued operations |
|
|
| - |
|
|
|
|
| (63 |
| ) |
| Earnings (loss) applicable to common shares |
|
|
| 79 |
|
|
|
|
| (97 |
| ) |
| Net income (loss) per common share-basic and diluted |
| $ |
| 0.01 |
|
|
| $ |
| 0.01 |
|
|
| Weighted average common and equivalent shares outstanding - basic |
|
|
| 5,132 |
|
|
|
|
| 5,132 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210517005951/en/
New Concept Energy, Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com