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/
Contacts
New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
