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New Concept Energy (GBR)

Filed: 18 Aug 21, 3:31pm

 

 

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): August 13, 2021                                                                 

 

 

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                                                                   

 

 

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 August 13, 2021, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended June 30, 2021. 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 No. Description

 

99.1*       Press release dated August 13, 2021 

 

_________________________

* Furnished herewith

 

 

 

 

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: August 13, 2021

 

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

 

 

Exhibit "99.1"

 

NEWS RELEASE

 

FOR IMMEDIATE RELEASE

Contact:

 

New Concept Energy Inc.

Investor Relations

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

 

New Concept Energy, Inc. Reports First Quarter 2021 Results

Dallas (August 13, 2021) - 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. is a Dallas-based real estate in West Virginia. For more information, visit the Company’s website at www.newconceptenergy.com

 

 
         
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
(amounts in thousands)
  June 30,
2021
 December 31, 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. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(unaudited)
(dollars in thousands, except par value amount)
     
   June 30,
 2021
   December 31, 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 
         
Stockholders' equity        
    Preferred stock, Series B  1   1 
    Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 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 shareholder equity  4,453   4,325 
         
Total liabilities & equity $4,758  $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 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)  —     (144)
                 
Earnings (loss) applicable to common shares $49   (137) $128   (234)
                 
Net income (loss) per common share-basic and diluted $0.01  $(0.03) $0.02  $(0.05)
                 
     Weighted average common and equivalent shares outstanding - basic  5,132   5,132   5,132   5,132