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
|
|
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