Business Wire | Aug 13, 2021 04:00PM EDT

New Concept Energy, Inc. Reports Second Quarter 2021 Results

Aug. 13, 2021

DALLAS--(BUSINESS WIRE)--Aug. 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., a Dallas-based real estate in West Virginia. For more information, visit the Company's website at www.newconceptenergy.com.

NEW CONCEPT ENERGY, INC.CONSOLIDATED BALANCE SHEETS(unaudited)(uamounts in thousands) June December 30, 31, 2021 2020

Assets Current assetsCash and cash equivalents $ 261 $ 27

Current portion note receivable (including $3,637 and $3,631 3,689 3,683in 2021 and 2020 from related parties Other current assets 25 92

Total current assets $ 3,975 $ 3,802

Property and equipment, net of depreciationLand, buildings and equipment 650 656

Note receivable 133 153

Total assets $ 4,758 $ 4,611

NEW CONCEPT ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(dollars in thousands, except par value amount)

June 30,

December 31,

2021

2020

Liabilities and stockholders' equityCurrent liabilitiesAccounts payable - (including $104 and $55 due to related parties in 2021 and 2020)$

124

$

80

Accrued expenses26

32

Current portion of long term debt52

52

Total current liabilities202

164

Long term debtNotes payable less current portion103

122

Total Liabilities305

286

Shareholders' equity:Preferred stock, Series B1

1

Common stock, $0.01 par value, authorized 100,000,000 shares; issued 5,131,934 shares at June 30, 2021 and December 31, 202051

51

Additional paid-in capital63,579

63,579

Accumulated deficit(59,178

)

(59,306

)

Total shareholders' equity4,453

4,325

Total liabilities & equity$

4,758

$

4,611

NEW CONCEPT ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(dollars in thousands, except par value amount)

June 30, December 31,

2021 2020

Liabilities and stockholders' equity Current liabilitiesAccounts payable - (including $104 and $55 due to $ 124 $ 80 related parties in 2021 and 2020)Accrued expenses 26 32

Current portion of long term debt 52 52

Total current liabilities 202 164

Long term debtNotes payable less current portion 103 122

Total Liabilities 305 286

Shareholders' equity:Preferred stock, Series B 1 1

Common stock, $0.01 par value, authorized 100,000,000 51 51 shares; issued 5,131,934 shares at June 30, 2021 andDecember 31, 2020 Additional paid-in capital 63,579 63,579

Accumulated deficit (59,178 ) (59,306 )

Total shareholders' equity 4,453 4,325

Total liabilities & equity $ 4,758 $ 4,611

NEW CONCEPT ENERGY, INC.CONSOLIDATED STATEMENTS 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 Expenses20

16

38

31

Corporate general and administrative111

127

185

231

Total Operating Expenses131

143

223

262

Operating earnings (loss)(105

)

(117

)

(171

)

(210

)

Other income (expense):Interest income56

63

112

127

Interest expense(2

)

(3

)

(4

)

(7

)

Other income (expense) net100

-

191

-

Earnings (loss) from continuing operations$

49

$

(57

)

$

128

$

(90

)

Discontinued OperationsEarnings (loss) from discontinued operations$

-

$

(80.00

)

$

-

$

(144.00

)

Earnings (loss) applicable to common shares$

49

$

(137

)

$

128

$

(234

)

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

0.01

$

(0

)

$

0

$

(0.05

)

Weighted average common and equivalent shares outstanding - basic5,132

5,132

5,132

5,132

View source version on businesswire.com: https://www.businesswire.com/news/home/20210813005390/en/

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