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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Contacts:
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com