DALLAS--(BUSINESS WIRE)--New Concept Energy, Inc. (NYSE American: GBR), a Dallas-based real estate investment company, today reported results of operations for the second quarter ended June 30, 2021.
For the three months ended June 30, 2021, the Company reported net income from continuing operations of $49,000 as compared to net loss of $57,000 from continuing operations for the same period ended 2020.
For the three months ended June 30, 2020 the Company recorded a loss from discontinued operations of $80,000 for the oil and gas operations that were sold in August 2020.
The Company reported net income applicable to common shares of $49,000 or $0.01 per share for three months ended June 30, 2021, as compared to a net loss of $137,000 or $0.03 per share for the similar period in 2020.
The Company leases a portion of its property in West Virginia. For the three months ended June 30, 2021 and June 30, 2020 the Company recorded rental Income of $26,000.
For the three months ended June 30, 2021, corporate general & administrative expenses were $111,000 as compared to $127,000 for the comparable periods in 2020. The decrease was due to an overall reduction of administrative expenses.
Included in other income for the three months ended June 30, 2021 is $100,000 which represents the sale of a receivable that had previously been fully reserved.
About New Concept Energy, Inc.
New Concept Energy, Inc., a Dallas-based real estate in West Virginia. For more information, visit the Company’s website at www.newconceptenergy.com.
| NEW CONCEPT ENERGY, INC. | ||||||
| CONSOLIDATED BALANCE SHEETS | ||||||
| (unaudited) | ||||||
| (uamounts in thousands) | ||||||
| June 30, | December 31, | |||||
2021 |
2020 |
|||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ |
261 |
$ |
27 |
||
| Current portion note receivable (including $3,637 and $3,631 in 2021 and 2020 from related parties |
|
3,689 |
|
3,683 |
||
| Other current assets |
|
25 |
|
92 |
||
| Total current assets | $ |
3,975 |
$ |
3,802 |
||
| Property and equipment, net of depreciation | ||||||
| Land, buildings and equipment |
|
650 |
|
656 |
||
| Note receivable |
|
133 |
|
153 |
||
| Total assets | $ |
4,758 |
$ |
4,611 |
||
NEW CONCEPT ENERGY, INC. |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(unaudited) |
||||||||
(dollars in thousands, except par value amount) |
||||||||
June 30, |
December 31, |
|||||||
2021 |
2020 |
|||||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable - (including $104 and $55 due to related parties in 2021 and 2020) | $ |
124 |
|
$ |
80 |
|
||
| Accrued expenses |
|
26 |
|
|
32 |
|
||
| Current portion of long term debt |
|
52 |
|
|
52 |
|
||
| Total current liabilities |
|
202 |
|
|
164 |
|
||
| Long term debt | ||||||||
| Notes payable less current portion |
|
103 |
|
|
122 |
|
||
| Total Liabilities |
|
305 |
|
|
286 |
|
||
| Shareholders’ equity: | ||||||||
| Preferred stock, Series B |
|
1 |
|
|
1 |
|
||
| Common stock, $0.01 par value, authorized 100,000,000 shares; issued 5,131,934 shares at June 30, 2021 and December 31, 2020 |
|
51 |
|
|
51 |
|
||
| Additional paid-in capital |
|
63,579 |
|
|
63,579 |
|
||
| Accumulated deficit |
|
(59,178 |
) |
|
(59,306 |
) |
||
| Total shareholders' equity |
|
4,453 |
|
|
4,325 |
|
||
| Total liabilities & equity | $ |
4,758 |
|
$ |
4,611 |
|
||
| NEW CONCEPT ENERGY, INC. | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (amounts in thousands, except per share data) | ||||||||||||||||
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
||||||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
| Revenue: | ||||||||||||||||
| Rent | $ |
26 |
|
$ |
26 |
|
$ |
52 |
|
$ |
52 |
|
||||
| Total Revenues | $ |
26 |
|
$ |
26 |
|
$ |
52 |
|
$ |
52 |
|
||||
| Operating expenses: | ||||||||||||||||
| Operating Expenses |
|
20 |
|
|
16 |
|
|
38 |
|
|
31 |
|
||||
| Corporate general and administrative |
|
111 |
|
|
127 |
|
|
185 |
|
|
231 |
|
||||
| Total Operating Expenses |
|
131 |
|
|
143 |
|
|
223 |
|
|
262 |
|
||||
| Operating earnings (loss) |
|
(105 |
) |
|
(117 |
) |
|
(171 |
) |
|
(210 |
) |
||||
| Other income (expense): | ||||||||||||||||
| Interest income |
|
56 |
|
|
63 |
|
|
112 |
|
|
127 |
|
||||
| Interest expense |
|
(2 |
) |
|
(3 |
) |
|
(4 |
) |
|
(7 |
) |
||||
| Other income (expense) net |
|
100 |
|
|
- |
|
|
191 |
|
|
- |
|
||||
| Earnings (loss) from continuing operations | $ |
49 |
|
$ |
(57 |
) |
$ |
128 |
|
$ |
(90 |
) |
||||
| Discontinued Operations | ||||||||||||||||
| Earnings (loss) from discontinued operations | $ |
- |
|
$ |
(80.00 |
) |
$ |
- |
|
$ |
(144.00 |
) |
||||
| Earnings (loss) applicable to common shares | $ |
49 |
|
$ |
(137 |
) |
$ |
128 |
|
$ |
(234 |
) |
||||
| Net income (loss) per common share-basic and diluted | $ |
0.01 |
|
$ |
(0 |
) |
$ |
0 |
|
$ |
(0.05 |
) |
||||
| Weighted average common and equivalent shares outstanding - basic |
|
5,132 |
|
|
5,132 |
|
|
5,132 |
|
|
5,132 |
|
||||
