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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 | |
---|---|---|---|---|---|---|---|---|
-0.17 | -10.00% | 1.53 | 1.665 | 1.53 | 1.64 | 21,948 | 00:55:36 |
New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the fourth quarter and the full year ended December 31, 2021.
During the three months ended December 31, 2021 the Company reported a net loss from continuing operations of $49,000 compared to a net loss from continuing operations of $32,000 for the same period ended December 31, 2020.
For the full year ended December 31, 2021 the Company reported net income of $70,000 compared to a net loss from continuing operations of $52,000 for the same period ended December 31, 2020. In August 2020, the Company sold its oil and gas operation and recorded a gain of $1,968,000 which has been reflected as discontinued operations.
Fiscal 2021 as compared to 2020
Revenues: Total revenues from rent for the leased property was $101,000 in 2021 and 2020.
Operating Expenses: Operating expenses for the real estate property was $77,000 in 2021 and $72,000 in 2020. General and administrative expenses were $360,000 in 2021 and $396,000 in 2020.
Interest Income: Interest Income was $220,000 in 2021 as compared to $242,000 in 2020. The decrease was due to the reduction in the principal balance outstanding due to payments received.
Other Income: Other income was $191,000 in 2021 which is an income tax refund for prior years of $91,000 and $100,000 from the sale of a receivable that had been fully reserved in prior years. Other income was $85,000 in 2020 which is principally an income tax refund for prior years.
Discontinued Operations: During the first nine months of 2020 the Company recorded a net loss from its oil and gas operations of $170,000. In August 2020, the Company sold the oil and gas operation and recorded a gain of $2,138,000.
About New Concept Energy, Inc.
New Concept Energy, Inc. is a Dallas-based company which owns 190 acres of land located in Parkersburg, West Virginia. Located on the land are four structures totaling approximately 53,000 square feet. For more information, visit the Company’s website at www.newconceptenergy.com.
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (amounts in thousands) December 31,2021
2020
Assets Current assets Cash and cash equivalents
$
252
$
27
Current portion note receivable (including $3,560 and $3,631 in 2021 and 2020 from related parties)
3,560
3,683
Other current assets
-
92
Total current assets
3,812
3,802
Property and equipment, net of depreciation Land, buildings and equipment
643
656
Note Receivable
-
153
Total assets
$
4,455
$
4,611
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED (amounts in thousands, except share amounts) December 31,
2021
2020
Liabilities and stockholders' equity Current liabilities Accounts payable - trade (including $3 and $55 in 2021 and 2020 due to related parties)$
28
$
80
Accrued expenses
32
32
Current portion of long term debt
-
52
Total current liabilities
60
164
Long-term debt Notes payable less current portion
-
122
Liabilities of assets held for sale
-
-
Total liabilities
60
286
Stockholders' equity Series B convertible preferred stock, $10 par value, liquidation value of $100 authorized 100 shares, issued and outstanding one share
1
1
Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 5,131,934 shares at December 31, 2021 and 2020
51
51
Additional paid-in capital
63,579
63,579
Accumulated deficit
(59,236
)
(59,306
)
4,395
4,325
Total liabilities & stockholders' equity
$
4,455
$
4,611
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except per share data) Year Ended December 31,
2021
2020
2019
Revenue Rent$
101
$
101
$
98
101
101
98
Operating expenses Operating Expenses
77
72
61
Corporate general and administrative
360
396
418
437
468
479
Operating loss
(336
)
(367
)
(381
)
Other income (expense) Interest income (including $212 and $226 for the year ended 2021 and 2020 from related parties)
220
242
257
Interest expense
(5
)
(12
)
(15
)
Other income (expense), net
191
85
199
406
315
441
Net income (loss) from continuing operations
70
(52
)
60
Net income (loss) from discontinued operations Gain (loss) from discontinued operations
-
(170
)
(2,412
)
Gain from Disposal of oil and gas operations
-
2,138
-
-
1,968
(2,412
)
Net income (loss) applicable to common shares$
70
$
1,916
$
(2,352
)
Net income (loss) per common share-basic and diluted$
0.01
$
0.37
$
(0.46
)
Weighted average common and equivalent shares outstanding - basic
5,132
5,132
5,132
View source version on businesswire.com: https://www.businesswire.com/news/home/20220322006132/en/
New Concept Energy, Inc. Gene Bertcher, (800) 400-6407 info@newconceptenergy.com
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