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New Concept Energy (GBR)

Filed: 12 Nov 21, 10:32am
 

 

 

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): November 10, 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 November 10, 2021, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended September 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 November 10, 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: November 11, 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 (November 10, 2021) – New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the third quarter ended September 30, 2021.

The Company reported net loss from continuing operations of $8,000 for three months ended September 30, 2021, as compared to net income of $82,000 for the similar period in 2020.

For the three months ended September 30, 2021 and 2020, the Company recorded rental revenue of $25,000.

For the three months ended September 30, 2021, corporate general & administrative expenses were $53,000 as compared to $65,000 for the comparable periods in 2020.

For the three months ended September 30, 2020 the Company reported other income of $83,000 which represents a tax refund for taxes paid in prior years.

For the three months ended September 30, 2020 the Company recorded a gain from discontinued operation of $2,100,000. Included in 2020 is a gain from the sale of the oil and gas business of $2,138,000.

Contact:

New Concept Energy, Inc.

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

 

 
         
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
(amounts in thousands)
  September 30,
2021
 December 31, 2020
     
Assets        
         
Current assets        
 Cash and cash equivalents $249  $27 
Current portion note receivable (including $3,637 and $3,631 in 2021 and 2020 from related parties  3,596   3,683 
 Other current assets  38   92 
Total current assets $3,883  $3,802 
         
Property and equipment, net of depreciation        
 Land, buildings and equipment  647   656 
         
Note receivable  0      153 
         
Total assets $4,530  $4,611 

 

 
         
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(unaudited)
(dollars in thousands, except par value amount)

 

         
  September 30,
 2021
  December 31,
2020
 
       
Liabilities and stockholders' equity        
         
Current liabilities        
Accounts payable - (including $33 and $55 due to related parties in 2021 and 2020) $66  $80 
Accrued expenses  19   32 
Current portion of long term debt  0   52 
Total current liabilities  85   164 
         
Long-term debt        
Notes payable less current portion  0   122 
         
Total liabilities  85   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 September 30, 2021 and December 31, 2020  51   51 
Additional paid-in capital  63,579   63,579 
Accumulated deficit  (59,186)  (59,306)
         
Total shareholder equity  4,445   4,325 
         
Total liabilities & equity $4,530  $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 September 30,
  For the Nine Months
ended September 30,
 
             
   2021   2020   2021   2020 
Revenue                
Rent $25  $25  $76  $76 
                 
                 
Operating expenses                
Operating Expenses  34   15   71   46 
Corporate general and administrative  53   65   238   296 
Total operating expenses  87   80   309   342 
Operating earnings (loss)  (62)  (55)  (233)  (266)
                 
Other income (expense)                
Interest income from a related party  53   54   159   172 
Interest income from a third party  2   3   8   12 
Interest expense  (1)  (3)  (5)  (9)
Other income (expense), net  -   83   191   83 
   54   137   353   258 
                 
Earnings (loss) from continuing operations $(8) $82  $120  $(8)
                 
Discontinued Operations                
Loss from discontinued operations  0   (38)  0   (182)
Gain from disposal of oil & gas operations  0   2,138   0   2,138 
   0   2,100   0   1,956 
                 
Earnings (loss) applicable to common shares $(8) $2,182  $120   1,948 
                 
Net income (loss) per common share-basic and diluted $0.01  $0.43  $0.02  $0.38 
                 
Weighted average common and equivalent shares outstanding - basic  5,132   5,132   5,132   5,132