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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

Contacts:

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

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