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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 | |
---|---|---|---|---|---|---|---|---|
0.0019 | 0.15% | 1.2619 | 1.3037 | 1.24 | 1.24 | 2,018 | 23:30:00 |
Nevada
|
|
75-2399477
|
||
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(I.R.S. Employer
Identification No.)
|
||
1603 LBJ Freeway
Suite 300
Dallas, Texas
|
||||
|
(Address of principal executive offices)
|
|
||
|
75234
|
|
||
|
(Zip Code)
|
|
||
|
(972) 407-8400
|
|
||
|
(Registrant's telephone number, including area code)
|
|
||
|
|
|
Common Stock, $.01 par value
|
1,946,934 shares
|
(Class)
|
(Outstanding at November 14, 2016)
|
PART I: FINANCIAL INFORMATION
|
|
|
|
Item 1. Financial Statements
|
3
|
Consolidated Balance Sheets
|
3
|
Consolidated Statements of Operations
|
5
|
Consolidated Statements of Cash Flows
|
6
|
Notes To Consolidated Financial Statements
|
7
|
|
|
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
11
|
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
13
|
|
|
Item 4. Controls and Procedures
|
13
|
|
|
PART II: OTHER INFORMATION
|
14
|
|
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
14
|
|
|
Item 6. Exhibits
|
15
|
|
|
Signatures
|
16
|
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(unaudited)
|
||||||||
(amounts in thousands)
|
||||||||
|
September 30,
2016
|
December 31,
2015
|
||||||
|
||||||||
Assets
|
||||||||
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
530
|
$
|
473
|
||||
Accounts receivable from oil and gas sales
|
105
|
141
|
||||||
Other current assets
|
47
|
37
|
||||||
Total current assets
|
682
|
651
|
||||||
|
||||||||
Oil and natural gas properties (full cost accounting method)
|
||||||||
Proved developed and undeveloped oil and gas properties, net of depletion
|
5,658
|
5,914
|
||||||
|
||||||||
Property and equipment, net of depreciation
|
||||||||
Land, buildings and equipment - oil and gas operations
|
722
|
803
|
||||||
Other
|
142
|
134
|
||||||
Total property and equipment
|
864
|
937
|
||||||
|
||||||||
Other assets
|
1,344
|
1,373
|
||||||
Total assets
|
$
|
8,548
|
$
|
8,875
|
||||
|
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS - CONTINUED
|
(unaudited)
|
(amounts in thousands, except share amounts)
|
September 30, 2016
|
December 31, 2015
|
|||||||
Liabilities and stockholders' equity
|
||||||||
Current liabilities
|
||||||||
Accounts payable - trade
(including $580,000 and $165,000 in 2016 and 2015 due to related parties)
|
$
|
605
|
$
|
241
|
||||
Accrued expenses
|
148
|
151
|
||||||
Current portion of long term debt
|
828
|
831
|
||||||
Total current liabilities
|
1,581
|
1,223
|
||||||
Long-term debt
|
||||||||
Notes payable less current portion
|
1,119
|
1,211
|
||||||
Asset retirement obligation
|
2,770
|
2,770
|
||||||
Total liabilities
|
5,470
|
5,204
|
||||||
Stockholders' equity
|
||||||||
Preferred stock, Series B
|
1
|
1
|
||||||
Common stock, $.01 par value; authorized, 100,000,000
|
||||||||
shares; issued and outstanding, 1,946,934 shares
|
||||||||
at September 30, 2016 and December 31, 2015
|
20
|
20
|
||||||
Additional paid-in capital
|
58,838
|
58,838
|
||||||
Accumulated deficit
|
(55,781
|
)
|
(55,188
|
)
|
||||
3,078
|
3,671
|
|||||||
Total liabilities & equity
|
$
|
8,548
|
$
|
8,875
|
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
|
||||||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
(amounts in thousands, except per share data)
|
||||||||||||||||
For the Three Months
ended September 30,
|
For the Nine Months
ended September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenue
|
||||||||||||||||
Oil and gas operations, net of royalties
|
$
|
190
|
$
|
232
|
$
|
579
|
$
|
663
|
||||||||
Real estate operations
|
653
|
772
|
1,995
|
2,233
|
||||||||||||
843
|
1,004
|
2,574
|
2,896
|
|||||||||||||
Operating expenses
|
||||||||||||||||
Oil and gas operations
|
295
|
527
|
924
|
1,437
|
||||||||||||
Real estate operations
|
396
|
423
|
1,146
|
1,248
|
||||||||||||
Lease expense
|
251
|
245
|
748
|
735
|
||||||||||||
Corporate general and administrative
|
52
|
176
|
319
|
485
|
||||||||||||
994
|
1,371
|
3,137
|
3,905
|
|||||||||||||
Operating earnings (loss)
|
(151
|
)
|
(367
|
)
|
(563
|
)
|
(1,009
|
)
|
||||||||
Other income (expense)
|
||||||||||||||||
Interest income
|
6
|
6
|
17
|
6
|
||||||||||||
Interest expense
|
(8
|
)
|
(12
|
)
|
(26
|
)
|
(54
|
)
|
||||||||
Recovery of bad debt expense
|
-
|
306
|
0
|
1,430
|
||||||||||||
Other income (expense), net
|
(11
|
)
|
(8
|
)
|
(21
|
)
|
(24
|
)
|
||||||||
Other income (expense)
|
(13
|
)
|
292
|
(30
|
)
|
1,358
|
||||||||||
Net income (loss) applicable to common shares
|
$
|
(164
|
)
|
$
|
(75
|
)
|
$
|
(593
|
)
|
$
|
349
|
|||||
Net income (loss) per common share-basic and diluted
|
$
|
(0.08
|
)
|
$
|
(0.04
|
)
|
$
|
(0.30
|
)
|
$
|
0.18
|
|||||
Weighted average common and equivalent shares outstanding - basic
|
1,947
|
1,947
|
1,947
|
1,947
|
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(unaudited)
|
||||||||
(amounts in thousands)
|
||||||||
For the Nine Months Ended
|
||||||||
September 30,
|
||||||||
2016
|
2015
|
|||||||
Cash flows from operating activities
|
||||||||
Net income (loss)
|
$
|
(593
|
)
|
$
|
349
|
|||
Adjustments to reconcile net income to net cash provided by (used in) operating activities
|
||||||||
Depreciation, depletion and amortization
|
393
|
593
|
||||||
Write-off (recovery) of affiliate receivable
|
-
|
(1,430
|
)
|
|||||
Changes in operating assets and liabilities
|
||||||||
Other current and non-current assets
|
(20
|
)
|
122
|
|||||
Accounts payable and other liabilities
|
361
|
979
|
||||||
Net cash provided by (used) in operating activities
|
141
|
613
|
||||||
Cash flows from investing activities
|
||||||||
Investment in oil and gas
|
-
|
(204
|
)
|
|||||
Fixed asset additions
|
(45
|
)
|
(107
|
)
|
||||
Cash portion from the sale of land
|
-
|
116
|
||||||
Repayment of loan from affiliate
|
-
|
126
|
||||||
Net cash provided by (used in) investing activities
|
(45
|
)
|
(69
|
)
|
||||
Cash flows from financing activities
|
||||||||
Payment on notes payable
|
(39
|
)
|
(263
|
)
|
||||
Net cash provided by (used in) financing activities
|
(39
|
)
|
(263
|
)
|
||||
Net increase (decrease) in cash and cash equivalents
|
57
|
281
|
||||||
Cash and cash equivalents at beginning of year
|
473
|
300
|
||||||
Cash and cash equivalents at end of year
|
$
|
530
|
$
|
581
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for interest on notes payable
|
$
|
13
|
$
|
54
|
||||
Cash paid for principal on notes payable
|
$
|
66
|
$
|
263
|
||||
Non cash portion of sale of land
|
-
|
$
|
415
|
Three months ended September 30, 2016
|
Oil and Gas Operations
|
Retirement
Facility
|
Corporate
|
Total
|
||||||||||||
Operating revenue
|
$
|
190
|
$
|
653
|
$
|
-
|
$
|
843
|
||||||||
Operating expenses
|
200
|
384
|
52
|
636
|
||||||||||||
Depreciation, depletion and amortization
|
95
|
12
|
-
|
107
|
||||||||||||
Lease expense
|
-
|
251
|
-
|
251
|
||||||||||||
Total operating expenses
|
295
|
647
|
52
|
994
|
||||||||||||
Interest income
|
6
|
-
|
0
|
6
|
||||||||||||
Interest expense
|
(8
|
)
|
-
|
-
|
(8
|
)
|
||||||||||
Recovery of bad debt expense
|
-
|
-
|
-
|
0
|
||||||||||||
Other income
|
(11
|
)
|
-
|
-
|
(11
|
)
|
||||||||||
Segment operating income
|
$
|
(118
|
)
|
$
|
6
|
$
|
(52
|
)
|
$
|
(164
|
)
|
|||||
Three months ended September 30, 2015
|
Oil and Gas Operations
|
Retirement
Facility
|
Corporate
|
Total
|
||||||||||||
Operating revenue
|
$
|
232
|
$
|
772
|
$
|
-
|
$
|
1,004
|
||||||||
Operating expenses
|
314
|
408
|
176
|
898
|
||||||||||||
Depreciation, depletion and amortization
|
213
|
15
|
-
|
228
|
||||||||||||
Lease expense
|
-
|
245
|
-
|
245
|
||||||||||||
Total operating expenses
|
527
|
668
|
176
|
1,371
|
||||||||||||
Interest income
|
6
|
-
|
-
|
6
|
||||||||||||
Interest expense
|
(12
|
)
|
-
|
-
|
(12
|
)
|
||||||||||
Recovery of bad debt expense
|
-
|
-
|
306
|
306
|
||||||||||||
Other income
|
-
|
-
|
(8
|
)
|
(8
|
)
|
||||||||||
Segment operating income
|
$
|
(301
|
)
|
$
|
104
|
$
|
122
|
$
|
(75
|
)
|
Nine months ended September 30, 2016
|
Oil and Gas
Operations
|
Retirement
Facility
|
Corporate
|
Total
|
||||||||||||
Operating revenue
|
$
|
579
|
$
|
1,995
|
$
|
-
|
$
|
2,574
|
||||||||
Operating expenses
|
582
|
1,108
|
319
|
2,009
|
||||||||||||
Depreciation, depletion and amortization
|
342
|
38
|
-
|
380
|
||||||||||||
Lease expense
|
-
|
748
|
-
|
748
|
||||||||||||
Total operating expenses
|
924
|
1,894
|
319
|
3,137
|
||||||||||||
Interest income
|
17
|
-
|
-
|
17
|
||||||||||||
Interest expense
|
(26
|
)
|
-
|
-
|
(26
|
)
|
||||||||||
Recovery of bad debt expense
|
-
|
-
|
-
|
0
|
||||||||||||
Other income
|
-
|
-
|
(21
|
)
|
(21
|
)
|
||||||||||
Segment operating income
|
$
|
(354
|
)
|
$
|
101
|
$
|
(340
|
)
|
$
|
(593
|
)
|
|||||
Nine months ended September 30, 2015
|
Oil and Gas
Operations
|
Retirement
Facility
|
Corporate
|
Total
|
||||||||||||
Operating revenue
|
$
|
663
|
$
|
2,233
|
$
|
-
|
$
|
2,896
|
||||||||
Operating expenses
|
933
|
1,202
|
485
|
2,620
|
||||||||||||
Depreciation, depletion and amortization
|
504
|
46
|
-
|
550
|
||||||||||||
Lease expense
|
-
|
735
|
-
|
735
|
||||||||||||
Total operating expenses
|
1,437
|
1,983
|
485
|
3,905
|
||||||||||||
Interest income
|
6
|
-
|
0
|
6
|
||||||||||||
Interest expense
|
(54
|
)
|
-
|
-
|
(54
|
)
|
||||||||||
Recovery of bad debt expense
|
-
|
-
|
1,430
|
1,430
|
||||||||||||
Other income
|
-
|
-
|
(24
|
)
|
(24
|
)
|
||||||||||
Segment operating income
|
$
|
(822
|
)
|
$
|
250
|
$
|
921
|
$
|
349
|
|
New Concept Energy, Inc.
|
|
|
|
|
|
|
Date: November 14, 2016
|
By:
|
/s/ Gene Bertcher
|
|
|
|
Gene S. Bertcher, Principal Executive
|
|
|
|
Officer, President and Chief Financial
|
|
|
|
Officer
|
|
1 Year New Concept Energy Chart |
1 Month New Concept Energy Chart |
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