Form 8-K - Current report

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act

 

Date of Report (Date of earliest event reported):

May 9, 2024

 

NEW CONCEPT ENERGY, INC.

(Exact Name of Registrant as Specified in its Charter)

 

Nevada	000-08187	75-2399477
(State or other jurisdiction of incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)
1603 LBJ Freeway, Suite 800 Dallas, Texas		75234
(Address of principal executive offices)		(Zip Code)

 

Registrant’s telephone number, including area code

972-407-8400

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

 

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class	Trading Symbol	Name of Each Exchange on which Registered
Common Stock, par value $0.01	GBR	NYSE American

 

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (‘230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (‘240.12b-2 of this chapter).

 

Emerging growth company

¨

 

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

Section 2 – Financial Information

 

Item 2.02. Results of Operations and Financial Condition

 

On May 9, 2024, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended March 31, 2024. A copy of the announcement is attached as Exhibit “99.1.”

 

The information furnished pursuant to Item 2.02 in this Form 8-K, including Exhibit “99.1” attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. We undertake no duty or obligation to publicly update or revise the information furnished pursuant to Item 2.02 of this Current Report on Form 8-K.

 

Section 9 – Financial Statements and Exhibits

 

Item 9.01. Financial Statements and Exhibits

 

(d)

Exhibits.

 

The following exhibit is furnished with this Report:

 

Exhibit Designation		Description of Exhibit
99.1*		Press Release, dated May 9, 2024

 

_________________________

* Furnished herewith

 

2

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned, hereunto duly authorized.

 

Dated: May 13, 2024

 

	NEW CONCEPT ENERGY, INC.
	By:	/s/Gene S. Bertcher
		Gene S. Bertcher, President and Chief Financial Officer

 

 

 3

 

 

 

 

EXHIBIT 99.1

 

NEWS RELEASE   FOR IMMEDIATE RELEASE

Contact:   New Concept Energy Inc. Investor Relations Gene Bertcher, [phone] [e-mail]

 

New Concept Energy, Inc. Reports First Quarter 2024 Results

 

 

Dallas (May 9, 2024) – 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, 2024.

 

During the three months ended March 31, 2024, the Company reported net income applicable to common shares of $2,000, compared to net income of $17,000 for the three months ended March 31, 2023.

 

For the three months ended March 31,2024 the Company had revenue of $36,000 including $25,000 for rental income and $11,000 in management fees. Revenue for the three months ended March 31,2023 was $45,000.

 

For the three months ended March 31, 2024, corporate general & administrative expenses were $78,000 as compared to $68,000 for the comparable periods in 2023. 

 

For the three months ended March 31, 2024 and 2023 interest income was $57,000 and $52,000.

 

 

About New Concept Energy, Inc.

 

New Concept Energy, Inc. is a Dallas-based company which owns real estate in West Virginia and provides management services for a third party oil and gas company. For more information, visit the Company’s website at www.newconceptenergy.com.

 

Contact: New Concept Energy, Inc.

Gene Bertcher, [phone]

[e-mail]

 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

		March 31, 2024				December 31, 2023
Assets		(Unaudited)				(Audited)
Current assets
Cash and cash equivalents		$	395			$	447
Other current assets			61				12
Total current assets			456				459
Property and equipment, net of depreciation
Land, buildings and equipment			626				629
Note Receivable - Related Party			3,542				3,542
Total assets		$	4,624			$	4,630

 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED

(dollars in thousands, except par value amount)

		March 31, 2024				December 31, 2023
		(Unaudited)				(Audited)
Liabilities and stockholders' equity
Current liabilities
Accounts payable - (including $8 due to related parties in 2024 and 2023)		$	25			$	36
Accrued expenses			42				39
Total current liabilities			67				75
Stockholders' equity
Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and outstanding at March 31, 2024 and December 31, 2023			1				1
Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 5,131,934 shares at March 31, 2024 and December 31, 2023			51				51
Additional paid-in capital			63,579				63,579
Accumulated deficit			(59,074	)			(59,076	)
Total shareholders' equity			4,557				4,555
Total liabilities & equity		$	4,624			$	4,630

 

 

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(amounts in thousands, except per share data)

		For the Three Months ended March 31,
		2024				2023
Revenue
Rent		$	25			$	25
Management fees			11				20
Total Revenues			36				45
Operating Expenses
Operating expenses			13				12
Corporate general and administrative			78				68
Total Operating Expenses			91				80
Operating  loss			(55	)			(35	)
Other Income
Interest income  from related parties			57				52
Total Other Income			57				52
Net Income applicable to common shares		$	2			$	17
Net income per common share-basic and diluted		$	0.01			$	0.01
Weighted average common and equivalent shares outstanding - basic and diluted			5,132				5,132

 

 

 

 

 

 

Cover	May 09, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 09, 2024
Entity File Number	000-08187
Entity Registrant Name	NEW CONCEPT ENERGY, INC.
Entity Central Index Key	0000105744
Entity Tax Identification Number	75-2399477
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	1603 LBJ Freeway
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75234
City Area Code	972
Local Phone Number	407-8400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	GBR
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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