Business Wire | May 17, 2021 05:54PM EDT

New Concept Energy, Inc. Reports First Quarter 2021 Results

May 17, 2021

DALLAS--(BUSINESS WIRE)--May 17, 2021--New Concept Energy, Inc. (NYSE American: GBR), (the "Company" or "NCE") a Dallas-based company, today reported Results of Operations for the first quarter ended March 31, 2021.

During the three months ended March 31, 2021, the Company reported a net income applicable to common shares for the three months ended March 31, 2021 of ($79,000), compared to net loss from continuing operations of ($34,000) for the three months ended March 31, 2020.

The Company reported net income from continuing operations of $79,000 for three months ended March 31, 2021, as compared to a net loss of ($34, 000) for the similar period in 2020.

For the three months ended March 31, 2021, corporate general & administrative expenses were $74,000 as compared to $104,000 for the comparable periods in 2020. The decrease was due, for the most part, to consulting fees paid by the Company regarding oil and gas matters in 2020 that were not incurred in 2021.

For the three months ended March 31, 2021 the Company recorded a tax refund from prior years of $91.000.

For the three months ended March 31, 2020 the Company recorded a loss from discontinued operations of $63,000 for the oil and gas operations that were sold in August 2020.

About New Concept Energy, Inc.

New Concept Energy, Inc. is a Dallas-based company which owns real estate West Virginia. For more information, visit the Company's website at www.newconceptenergy.com.

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(amounts in thousands) March 31, December 2021 31, 2020

Assets (Unaudited) (Audited)

Current assetsCash and cash equivalents $ 43 $ 27

Current portion note receivable (including $3,584 and 3,636 3,683$3,631 in 2021 and 2020 from related parties)

Other current assets 220 92

Total current assets 3,899 3,802

Property and equipment, net of depreciationLand, buildings and equipment 653 656

Note Receivable 145 153

Total assets $ 4,697 $ 4,611

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(dollars in thousands, except par value amount)

March 31, 2021

December 31, 2020

(Unaudited)

(Audited)

Liabilities and stockholders' equityCurrent liabilitiesAccounts payable - (including $80 and $55 due to related parties in 2021 and 2020)$

108

$

80

Accrued expenses18

32

Current portion of long term debt52

52

Total current liabilities178

164

Long-term debtNotes payable less current portion115

122

Total liabilities293

286

Stockholders' equityPreferred stock, Series B1

1

Common stock, $.01 par value; authorized, 100,000,000shares; issued and outstanding, 5,131,934 and 2,036,935 sharesat March 31, 2021 and December 31, 202051

51

Additional paid-in capital63,579

63,579

Accumulated deficit(59,227

)

(59,306

)

Total shareholders' equity4,404

4,325

Total liabilities & equity$

4,697

$

4,611

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(dollars in thousands, except par value amount)

March 31, December 2021 31, 2020

(Unaudited) (Audited)

Liabilities and stockholders' equity Current liabilities Accounts payable - (including $80 and $55 due to $ 108 $ 80 related parties in 2021 and 2020)Accrued expenses 18 32

Current portion of long term debt 52 52

Total current liabilities 178 164

Long-term debt Notes payable less current portion 115 122

Total liabilities 293 286

Stockholders' equity Preferred stock, Series B 1 1

Common stock, $.01 par value; authorized, 100,000,000shares; issued and outstanding, 5,131,934 and 2,036,935 sharesat March 31, 2021 and December 31, 2020 51 51

Additional paid-in capital 63,579 63,579

Accumulated deficit (59,227 ) (59,306 )

Total shareholders' equity 4,404 4,325

Total liabilities & equity $ 4,697 $ 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 March 31,

2021

2020

RevenueRent$

26

$

26

Total Revenues26

26

Operating expensesOperating expenses18

16

Corporate general and administrative74

104

Total Operating Expenses92

120

Operating earnings (loss)(66

)

(94

)

Other income (expense)Interest income (including $52 and $60 for the three months ended 2021 and 2020 from related parties)56

64

Interest expense(2

)

(4

)

Other income (expense), net91

-

145

60

Earnings (loss) from continuing operations79

(34

)

Discontinued OperationsEarnings (loss) from discontinued operations-

(63

)

Earnings (loss) applicable to common shares79

(97

)

Net income (loss) per common share-basic and diluted$

0.01

$

0.01

Weighted average common and equivalent shares outstanding - basic5,132

5,132

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CONTACT: New Concept Energy, Inc. Investor Relations Gene Bertcher, (800) 400-6407 info@newconceptenergy.com