GBR - New Concept Energy Inc. Reports Third 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 third quarter ended September 30, 2021.
The Company reported net loss from continuing operations of $8,000 for three months ended September 30, 2021, as compared to net income of $82,000 for the similar period in 2020.
For the three months ended September 30, 2021 and 2020, the Company recorded rental revenue of $25,000.
For the three months ended September 30, 2021, corporate general & administrative expenses were $53,000 as compared to $65,000 for the comparable periods in 2020.
For the three months ended September 30, 2020 the Company reported other income of $83,000 which represents a tax refund for taxes paid in prior years.
For the three months ended September 30, 2020 the Company recorded a gain from discontinued operation of $2,100,000. Included in 2020 is a gain from the sale of the oil and gas business of $2,138,000.
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS |
| (unaudited) |
| (amounts in thousands) |
| September 30, 2021 |
| December 31, 2020 |
| Assets |
| Current assets |
| Cash and cash equivalents |
| $ |
| 249 |
| $ |
| 27 |
| Current portion note receivable (including $3,637 and $3,631 in 2021 and 2020 from related parties |
|
|
| 3,596 |
|
|
| 3,683 |
| Other current assets |
|
|
| 38 |
|
|
| 92 |
| Total current assets |
| $ |
| 3,883 |
| $ |
| 3,802 |
| Property and equipment, net of depreciation |
| Land, buildings and equipment |
|
|
| 647 |
|
|
| 656 |
| Note receivable |
|
|
| - |
|
|
| 153 |
| Total assets |
| $ |
| 4,530 |
| $ |
| 4,611 |
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS - CONTINUED |
| (unaudited) |
| (dollars in thousands, except par value amount) |
| September 30, 2021 |
| December 31, 2020 |
| Liabilities and stockholders' equity |
| Current liabilities |
| Accounts payable - (including $33 and $55 due to related parties in 2021 and 2020) |
| $ |
| 66 |
|
|
| $ |
| 80 |
|
|
| Accrued expenses |
|
|
| 19 |
|
|
|
|
| 32 |
|
|
| Current portion of long term debt |
|
|
| - |
|
|
|
|
| 52 |
|
|
| Total current liabilities |
|
|
| 85 |
|
|
|
|
| 164 |
|
|
| Long-term debt |
| Notes payable less current portion |
|
|
| - |
|
|
|
|
| 122 |
|
|
| Total liabilities |
|
|
| 85 |
|
|
|
|
| 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 shares at September 30, 2021 and December 31, 2020 |
|
|
| 51 |
|
|
|
|
| 51 |
|
|
| Additional paid-in capital |
|
|
| 63,579 |
|
|
|
|
| 63,579 |
|
|
| Accumulated deficit |
|
|
| (59,186 |
| ) |
|
|
| (59,306 |
| ) |
| Total shareholder equity |
|
|
| 4,445 |
|
|
|
|
| 4,325 |
|
|
| Total liabilities & equity |
| $ |
| 4,530 |
|
|
| $ |
| 4,611 |
|
|
| NEW CONCEPT ENERGY, INC AND SUBSIDIARIES |
| CONSOLIDATED STATEMENT OF OPERATIONS |
| (unaudited) |
| (amounts in thousands, except per share data) |
| For the Three Months ended September 30, |
| For the Nine Months ended September 30, |
| 2021 |
| 2020 |
| 2021 |
| 2020 |
| Revenue |
| Rent |
| $ |
| 25 |
|
|
| $ |
| 25 |
|
|
| $ |
| 76 |
|
|
| $ |
| 76 |
|
|
| Operating expenses |
| Operating Expenses |
|
|
| 34 |
|
|
|
|
| 15 |
|
|
|
|
| 71 |
|
|
|
|
| 46 |
|
|
| Corporate general and administrative |
|
|
| 53 |
|
|
|
|
| 65 |
|
|
|
|
| 238 |
|
|
|
|
| 296 |
|
|
| Total operating expenses |
|
|
| 87 |
|
|
|
|
| 80 |
|
|
|
|
| 309 |
|
|
|
|
| 342 |
|
|
| Operating earnings (loss) |
|
|
| (62 |
| ) |
|
|
| (55 |
| ) |
|
|
| (233 |
| ) |
|
|
| (266 |
| ) |
| Other income (expense) |
| Interest income from a related party |
|
|
| 53 |
|
|
|
|
| 54 |
|
|
|
|
| 159 |
|
|
|
|
| 172 |
|
|
| Interest income from a third party |
|
|
| 2 |
|
|
|
|
| 3 |
|
|
|
|
| 8 |
|
|
|
|
| 12 |
|
|
| Interest expense |
|
|
| (1 |
| ) |
|
|
| (3 |
| ) |
|
|
| (5 |
| ) |
|
|
| (9 |
| ) |
| Other income (expense), net |
|
|
| - |
|
|
|
|
| 83 |
|
|
|
|
| 191 |
|
|
|
|
| 83 |
|
|
|
|
| 54 |
|
|
|
|
| 137 |
|
|
|
|
| 353 |
|
|
|
|
| 258 |
|
|
| Earnings (loss) from continuing operations |
| $ |
| (8 |
| ) |
| $ |
| 82 |
|
|
| $ |
| 120 |
|
|
| $ |
| (8 |
| ) |
| Discontinued Operations |
| Loss from discontinued operations |
|
|
| - |
|
|
|
|
| (38 |
| ) |
|
|
| - |
|
|
|
|
| (182 |
| ) |
| Gain from disposal of oil & gas operations |
|
|
| - |
|
|
|
|
| 2,138 |
|
|
|
|
| - |
|
|
|
|
| 2,138 |
|
|
|
|
| - |
|
|
|
|
| 2,100 |
|
|
|
|
| - |
|
|
|
|
| 1,956 |
|
|
| Earnings (loss) applicable to common shares |
| $ |
| (8 |
| ) |
| $ |
| 2,182 |
|
|
| $ |
| 120 |
|
|
|
|
| 1,948 |
|
|
| Net income (loss) per common share-basic and diluted |
| $ |
| 0.01 |
|
|
| $ |
| 0.43 |
|
|
| $ |
| 0.02 |
|
|
| $ |
| 0.38 |
|
|
| Weighted average common and equivalent shares outstanding - basic |
|
|
| 5,132 |
|
|
|
|
| 5,132 |
|
|
|
|
| 5,132 |
|
|
|
|
| 5,132 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20211110006396/en/
New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com