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Share Name | Share Symbol | Market | Type |
---|---|---|---|
New Concept Energy Inc | AMEX:GBR | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.28 | 0 | 01:00:00 |
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 assetsCash 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
View source version on businesswire.com: https://www.businesswire.com/news/home/20210517005951/en/
New Concept Energy, Inc. Investor Relations Gene Bertcher, (800) 400-6407 info@newconceptenergy.com
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