SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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)
(State or other
jurisdiction of incorporation)
1603 LBJ Freeway, Suite 800
|(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
Name of Each Exchange
on which Registered
Common Stock, par value $0.01
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
The following exhibit is furnished with this Report:
Exhibit No. Description
* Furnished herewith
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|
FOR IMMEDIATE RELEASE
New Concept Energy Inc.
Gene Bertcher, (800) 400-6407
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 $100,000 which represents the sale of a receivable that had previously been fully reserved.
About New Concept Energy, Inc.
New Concept Energy, Inc. is a Dallas-based real estate in West Virginia. For more information, visit the Company’s website at www.newconceptenergy.com
|NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES|
|CONSOLIDATED BALANCE SHEETS|
|(amounts in thousands)|
|December 31, 2020|
|Cash and cash equivalents||$||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|
|NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES|
|CONSOLIDATED BALANCE SHEETS - CONTINUED|
|(dollars in thousands, except par value amount)|
|December 31, 2020|
|Liabilities and stockholders' equity|
|Accounts payable - (including $104 and $55 due to related parties in 2021 and 2020)||$||124||$||80|
|Current portion of long term debt||52||52|
|Total current liabilities||202||164|
|Notes payable less current portion||103||122|
|Preferred stock, Series B||1||1|
|Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 5,131,934 shares at June 30, 2021 and December 31, 2020||51||51|
|Additional paid-in capital||63,579||63,579|
|Total shareholder equity||4,453||4,325|
|Total liabilities & equity||$||4,758||$||4,611|
|NEW CONCEPT ENERGY, INC AND SUBSIDIARIES|
|CONSOLIDATED STATEMENT OF OPERATIONS|
|(amounts in thousands, except per share data)|
|For the Three Months ended June 30,||For the Six Months ended June 30,|
|Corporate general and administrative||111||127||185||231|
|Total Operating Expenses||131||143||223||262|
|Operating earnings (loss)||(105||)||(117||)||(171||)||(210||)|
|Other income (expense)|
|Other income (expense), net||100||—||191||—|
|Earnings (loss) from continuing operations||$||49||$||(57||)||$||128||$||(90||)|
|Earnings (loss) from discontinued operations||—||(80||)||—||(144||)|
|Earnings (loss) applicable to common shares||$||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|