New Concept Energy, Inc. Reports First Quarter 2021 Results

DALLAS--()--New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the first quarter ended March 31, 2021.

During the three months ended March 31, 2021, the Company reported a net income applicable to common shares for the three months ended March 31, 2021 of ($79,000), compared to net loss from continuing operations of ($34,000) for the three months ended March 31, 2020.

The Company reported net income from continuing operations of $79,000 for three months ended March 31, 2021, as compared to a net loss of ($34, 000) for the similar period in 2020.

For the three months ended March 31, 2021, corporate general & administrative expenses were $74,000 as compared to $104,000 for the comparable periods in 2020. The decrease was due, for the most part, to consulting fees paid by the Company regarding oil and gas matters in 2020 that were not incurred in 2021.

For the three months ended March 31, 2021 the Company recorded a tax refund from prior years of $91.000.

For the three months ended March 31, 2020 the Company recorded a loss from discontinued operations of $63,000 for the oil and gas operations that were sold in August 2020.

About New Concept Energy, Inc.

New Concept Energy, Inc. is a Dallas-based company which owns real estate West Virginia. For more information, visit the Company’s website at www.newconceptenergy.com.

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(amounts in thousands)

March 31,
2021

 

December 31,
2020

Assets

(Unaudited)

(Audited)

 
Current assets

Cash and cash equivalents

$

43

$

27

Current portion note receivable (including $3,584 and $3,631 in 2021 and 2020 from related parties)

 

3,636

 

3,683

Other current assets

 

220

 

92

Total current assets

 

3,899

 

3,802

 
Property and equipment, net of depreciation
Land, buildings and equipment

 

653

 

656

 
Note Receivable

 

145

 

153

 
Total assets

$

4,697

$

4,611

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(dollars in thousands, except par value amount)

   
 

March 31,
2021

 

December 31,
2020

 

(Unaudited)

 

(Audited)

Liabilities and stockholders' equity  
   
Current liabilities  
Accounts payable - (including $80 and $55 due to related parties in 2021 and 2020)  

$

108

 

$

80

 

Accrued expenses  

 

18

 

 

32

 

Current portion of long term debt  

 

52

 

 

52

 

Total current liabilities  

 

178

 

 

164

 

   
Long-term debt  
Notes payable less current portion  

 

115

 

 

122

 

   
Total liabilities  

 

293

 

 

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 and 2,036,935 shares  
at March 31, 2021 and December 31, 2020  

 

51

 

 

51

 

Additional paid-in capital  

 

63,579

 

 

63,579

 

Accumulated deficit  

 

(59,227

)

 

(59,306

)

   
Total shareholders' equity  

 

4,404

 

 

4,325

 

   
Total liabilities & equity  

$

4,697

 

$

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 March 31,

 

 

2021

 

 

 

2020

 

Revenue  
Rent  

$

26

 

$

26

 

Total Revenues  

 

26

 

 

26

 

 
 
Operating expenses  
Operating expenses  

 

18

 

 

16

 

Corporate general and administrative  

 

74

 

 

104

 

Total Operating Expenses  

 

92

 

 

120

 

Operating earnings (loss)  

 

(66

)

 

(94

)

 
Other income (expense)  
Interest income (including $52 and $60 for the three months ended 2021 and 2020 from related parties)  

 

56

 

 

64

 

Interest expense  

 

(2

)

 

(4

)

Other income (expense), net  

 

91

 

 

-

 

 

 

145

 

 

60

 

 
Earnings (loss) from continuing operations  

 

79

 

 

(34

)

 
Discontinued Operations  
Earnings (loss) from discontinued operations  

 

-

 

 

(63

)

 
Earnings (loss) applicable to common shares  

 

79

 

 

(97

)

 
Net income (loss) per common share-basic and diluted  

$

0.01

 

$

0.01

 

 
Weighted average common and equivalent shares outstanding - basic  

 

5,132

 

 

5,132

 

 

Contacts

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

Contacts

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