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