Form 8-K - Current report

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):

August 7, 2023

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

(Former name or former address, if changed since last report)

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. o

Section 2 – Financial Information

Item 2.02. Results of Operations and Financial Condition

On August 7, 2023, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended June 30, 2023. 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

Designation

Description of Exhibit

99.1*

Press Release, dated August 7, 2023

* 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: August 8, 2023

	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 Second Quarter 2023 Results

Dallas (August 7, 2023) – New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the second quarter ended June 30, 2023.

During the three months ended June 30, 2023, the Company reported a net loss of $6,000 compared to a net income of 138,000 for the three months ended June 30, 2022.

For the three months ended June 30, 2023 the Company had revenue of $35,000 including $26,000 for rental income and $9,000 for management fees as compared to rental income of $26,000 and management fee of $21,000 for the comparable period in 2022.

For the three months ended June 30, 2023, corporate general & administrative expenses were $81,000 as compared to $80,000 for the comparable periods in 2022.

Included in other income for the three months ended June 30, 2022 is $62,000 which represents the collection of an investment that had previously been fully reserved. In addition, during the three months ended June 30, 2022 the company sold equipment and recorded a gain of $68,000.

New Concept Energy, Inc. is a Dallas-based company which owns real estate West Virginia and provides management services for a third party oil and gas company. For more information, visit the Company’s website at www.newconceptenergy.com.

Contact: New Concept Energy, Inc.

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

	June 30, 2023		December 31, 2022
	(Unaudited)		(Audited)
Assets

Current assets
Cash and cash equivalents	$	432	$	436
Note receivable - related party		3,542		3,542
Other current assets		45		30
Total current assets	$	4,019	$	4,008

Property and equipment, net of depreciation
Land, buildings and equipment		625		631


Total assets	$	4,644	$	4,639

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(unaudited)

(dollars in thousands, except par value amount)

	June 30, 2023			December 31, 2022

Liabilities and stockholders' equity

Current liabilities
Accounts payable	$	20		$	23
Accrued expenses		37			40
Total current liabilities		57			63


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 June 30, 2023 and December 31, 2022		51			51
Additional paid-in capital		63,579			63,579
Accumulated deficit		(59,044	)		(59,055	)

Total shareholder equity		4,587			4,576

Total liabilities & equity	$	4,644		$	4,639

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

(amounts in thousands, except per share data)

	For the Three Months ended June 30,						For the Six Months ended June 30,
	2023			2022			2023			2022
Revenue
Rent	$	26		$	26		$	51		$	51
Management Fee		9		$	21			29		$	41

Total Revenues		35			47			80			92


Operating expenses
Operating Expenses		14			13			26			25
Corporate general and administrative		81			80			149			160
Total Operating Expenses		95			93			175			185
Operating earnings (loss)		(60	)		(46	)		(95	)		(93	)

Other income (expense)
Interest income - related party		54			54			106			106
Other income, net		-			130			-			130
		54			184			106			236

Net income (loss) applicable to common shares		(6	)		138			11			143

Net income per common share-basic and diluted	$	(0.01	)	$	0.02		$	0.01		$	0.03

Weighted average common and equivalent shares outstanding - basic		5,132			5,132			5,132			5,132

Cover	Aug. 07, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 07, 2023
Entity File Number	000-08187
Entity Registrant Name	NEW CONCEPT ENERGY, INC.
Entity Central Index Key	0000105744
Entity Tax Identification Number	75-2399477
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	1603 LBJ Freeway
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75234
City Area Code	972
Local Phone Number	407-8400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	GBR
Security Exchange Name	NYSE
Entity Emerging Growth Company	false