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):

November 10, 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 o

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 November 10, 2023, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended September 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 September 30, 2023
101		Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).
104		Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

_________________________

* 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 13, 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 Third Quarter 2023 Results

Dallas (November 9, 2023) – 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, 2023.

The Company reported net income of $7,000 for the three months ended September 30, 2023, as compared to net income of $27,000 for the similar period in 2022.

For the three months ended September 30, 2023 the Company had revenue of $35,000 including $25,000 for rental revenue and $10,000 for management fees as compared to $25,000 for rental revenue and $38,000 for the comparative period in 2022. The reduction in revenue for management fees is due to a lower selling price for oil and gas.

For the three months ended September 30, 2023, corporate general & administrative expenses were $70,000 as compared to $71,000 for the comparable periods in 2022.

New Concept Energy, Inc. is a Dallas-based company which owns real estate in 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)

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

Current assets
Cash and cash equivalents	$	460	$	436
Other current assets		24		30
Total current assets		484		466

Property and equipment, net of depreciation
Land, buildings and equipment		632		631

Note receivable -related parties		3,542		3,542

Total assets	$	4,658	$	4,639

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(dollars in thousands, except par value amount)

	September 30, 2023			December 31, 2022
	(Unaudited)			(Audited)
Liabilities and stockholders' equity

Current liabilities
Accounts payable	$	25		$	23
Accrued expenses		39			40
Total current liabilities		64			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 September 30, 2023 and December 31, 2022		51			51
Additional paid-in capital		63,579			63,579
Accumulated deficit		(59,037	)		(59,055	)

Total shareholder equity		4,594			4,576

Total liabilities & equity	$	4,658		$	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 September 30,						For the Nine Months ended September 30,

		2023			2022			2023			2022
Revenue

Rent	$	25		$	25		$	76		$	76
Management Fee		10			38			39			79
Total Revenues		35			63			115			155

Operating expenses
Operating Expenses		15			18			41			43
Corporate general and administrative		70			71			219			231
Total operating expenses		85			89			260			274
Operating earnings (loss)		(50	)		(26	)		(145	)		(119	)

Other income (expense)
Interest income from a related party		53			53			163			159
Interest Income		4
Other income, net		-			-			-			130
Total other income expense		57			53			163			289

Net income (loss) applicable to common shares	$	7		$	27		$	18		$	170


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

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

Cover	Nov. 10, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 10, 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