Current Report Filing (8-k)
November 17 2015 - 6:02AM
Edgar (US Regulatory)
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 11, 2015
NEW CONCEPT ENERGY, INC.
(Exact Name of Registrant as Specified in its Charter)
Nevada
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000-08187
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75-2399477
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(State or other
jurisdiction of incorporation)
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(Commission
File No.)
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(I.R.S. Employer
Identification No.)
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1603 LBJ Freeway, Suite 300
Dallas, Texas
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75234
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code 972-407-8400
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:
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Section 2 – Financial Information
Item 2.02. Results of Operations and Financial Condition
On November 11, 2015, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended September 30, 2015. 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
The following exhibit is furnished with this Report:
Exhibit Designation
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Description of Exhibit
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99.1*
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Press Release dated November 11, 2015
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_____________________
*Furnished herewith.
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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 11, 2015 |
NEW CONCEPT ENERGY, INC.
Gene S. Bertcher, President and Chief
Financial Officer
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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS
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(unaudited)
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(amounts in thousands)
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September 30,
2015
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December 31,
2014
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Assets
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Current assets
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Cash and cash equivalents
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$ |
581 |
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$ |
300 |
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Accounts receivable from oil and gas sales
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|
|
120 |
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|
216 |
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Other current assets
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421 |
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|
182 |
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Total current assets
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1,122 |
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|
698 |
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Oil and natural gas properties (full cost accounting method)
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Proved developed and undeveloped oil and gas properties, net of depletion
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8,585 |
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8,809 |
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Property and equipment, net of depreciation
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Land, buildings and equipment - oil and gas operations
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|
820 |
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1,476 |
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Other
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146 |
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162 |
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Total property and equipment
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966 |
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1,638 |
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Other assets (including $125 due from related parties in 2014)
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1,247 |
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1,129 |
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Total assets
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$ |
11,920 |
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$ |
12,274 |
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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS - CONTINUED
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(unaudited)
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(amounts in thousands, except share amounts)
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September 30,
2015
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December 31,
2014
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Liabilities and stockholders' equity
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Current liabilities
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Accounts payable - trade
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$ |
160 |
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$ |
673 |
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Accrued expenses
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291 |
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229 |
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Current portion of long term debt
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834 |
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881 |
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Total current liabilities
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1,285 |
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1,783 |
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Long-term debt
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Notes payable less current portion
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1,223 |
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1,428 |
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Asset retirement obligation
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2,770 |
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2,770 |
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Total liabilities
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5,278 |
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5,981 |
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Stockholders' equity
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Preferred stock, Series B
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1 |
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1 |
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Common stock, $.01 par value; authorized, 100,000,000
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shares; issued and outstanding, 1,946,934 shares
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at September 30, 2015 and December 31, 2014
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20 |
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20 |
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Additional paid-in capital
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58,838 |
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58,838 |
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Accumulated deficit
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(52,217 |
) |
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(52,566 |
) |
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6,642 |
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6,293 |
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Total liabilities & equity
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$ |
11,920 |
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$ |
12,274 |
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NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
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CONSOLIDATED STATEMENT OF OPERATIONS
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(unaudited)
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(amounts in thousands, except per share data)
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For the Three Months
ended September 30,
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For the Nine Months
ended September 30,
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2015
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2014
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2015
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2014
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Revenue
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Oil and gas operations, net of royalties
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$ |
232 |
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$ |
410 |
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$ |
663 |
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$ |
1,239 |
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Real estate operations
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|
772 |
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|
721 |
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2,233 |
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2,174 |
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1,004 |
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1,131 |
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2,896 |
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3,413 |
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Operating expenses
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Oil and gas operations
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527 |
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|
447 |
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1,437 |
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1,355 |
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Real estate operations
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423 |
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|
400 |
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1,248 |
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1,183 |
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Lease expense
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|
245 |
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|
240 |
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|
735 |
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|
721 |
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Corporate general and administrative
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|
176 |
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|
208 |
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|
485 |
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|
605 |
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1,371 |
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1,295 |
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3,905 |
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3,864 |
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Operating earnings (loss)
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(367 |
) |
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(164 |
) |
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(1,009 |
) |
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(451 |
) |
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Other income (expense)
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Interest income
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|
6 |
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|
1 |
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|
6 |
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|
3 |
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Interest expense
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(12 |
) |
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(22 |
) |
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(54 |
) |
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(75 |
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Recovery of bad debt expense
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|
306 |
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- |
|
|
|
1430 |
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0 |
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Other income (expense), net
|
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(8 |
) |
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(19 |
) |
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(24 |
) |
|
|
180 |
|
Other income (expense)
|
|
|
292 |
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|
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(40 |
) |
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|
1,358 |
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|
|
108 |
|
|
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Net income (loss) applicable to common shares
|
|
$ |
(75 |
) |
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$ |
(204 |
) |
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$ |
349 |
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$ |
(343 |
) |
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Net income (loss) per common share-basic and diluted
|
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$ |
(0.04 |
) |
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$ |
(0.10 |
) |
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$ |
0.18 |
|
|
$ |
(0.18 |
) |
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Weighted average common and equivalent shares outstanding - basic
|
|
|
1,947 |
|
|
|
1,947 |
|
|
|
1,947 |
|
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|
1,947 |
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