Business Wire | Nov 10, 2021 04:50PM EST

New Concept Energy, Inc. Reports Third Quarter 2021 Results

Nov. 10, 2021

DALLAS--(BUSINESS WIRE)--Nov. 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.

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(unaudited)

(amounts in thousands) September December 30, 31, 2021 2020 Assets Current assetsCash and cash equivalents $ 249 $ 27

Current portion note receivable (including $3,637 and 3,596 3,683$3,631 in 2021 and 2020 from related partiesOther current assets 38 92

Total current assets $ 3,883 $ 3,802

Property and equipment, net of depreciationLand, buildings and equipment 647 656

Note receivable - 153

Total assets $ 4,530 $ 4,611

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS - CONTINUED(unaudited)(dollars in thousands, except par value amount)September 30,2021December 31,2020Liabilities and stockholders' equityCurrent liabilitiesAccounts payable - (including $33 and $55 due to related parties in 2021 and 2020)$

66

$

80

Accrued expenses19

32

Current portion of long term debt-

52

Total current liabilities85

164

Long-term debtNotes payable less current portion-

122

Total liabilities85

286

Stockholders' equityPreferred stock, Series B1

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, 202051

51

Additional paid-in capital63,579

63,579

Accumulated deficit(59,186

)

(59,306

)

Total shareholder equity4,445

4,325

Total liabilities & equity$

4,530

$

4,611

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS - CONTINUED(unaudited)(dollars in thousands, except par value amount) September December 30, 31, 2021 2020 Liabilities and stockholders' equity Current liabilitiesAccounts payable - (including $33 and $55 due to $ 66 $ 80 related parties in 2021 and 2020)Accrued expenses 19 32

Current portion of long term debt - 52

Total current liabilities 85 164

Long-term debtNotes payable less current portion - 122

Total liabilities 85 286

Stockholders' equityPreferred stock, Series B 1 1

Common stock, $.01 par value; authorized, 100,000,000 51 51 shares; issued and outstanding, 5,131,934 shares atSeptember 30, 2021 and December 31, 2020Additional 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 SUBSIDIARIESCONSOLIDATED STATEMENT OF OPERATIONS(unaudited)

(amounts in thousands, except per share data)For the Three Monthsended September 30,For the Nine Monthsended September 30,2021

2020

2021

2020

RevenueRent$

25

$

25

$

76

$

76

Operating expensesOperating Expenses34

15

71

46

Corporate general and administrative53

65

238

296

Total operating expenses87

80

309

342

Operating earnings (loss)(62

)

(55

)

(233

)

(266

)

Other income (expense)Interest income from a related party53

54

159

172

Interest income from a third party2

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 OperationsLoss from discontinued operations-

(38

)

-

(182

)

Gain from disposal of oil & gas operations-

2,138

-

2,138

-

2,100

-

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 - basic5,132

5,132

5,132

5,132

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