New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or
“NCE”) a Dallas based company, today reported Results of Operations
for the fourth quarter and the full year ended December 31,
2020.
Discontinued Operations:
In August 2020 the Company sold its oil and gas operation and
recorded a gain from the sale of $2.1 million. The sales price was
$85,000 however the Company had previously established a reserve
for plug and abandonment costs of $2 million. Upon the sale the
Company was relieved of any plug and abandonment obligations.
For the full year ended December 31, 2020 the Company reported a
net loss from discontinued operations of $170,000 as compared to
net loss of $2.4 million for the same period ended December 31,
2019. Included in the loss in 2019 is an impairment loss of $2.3
million whereby the Company had reduced the recorded value of its
oil and gas operation.
Continuing Operations:
During the three months ended December 31, 2020 the Company
reported a net loss from continuing operations of $32,000 compared
to a net loss of $17,000 for the same period ended December 31,
2019.
For the full year ended December 31, 2020 the Company reported a
net loss from continuing operations of $52,000 as compared to net
income of $60,000 for the same period ended December 31, 2019.
Revenues: Total revenues from rent for the leased property was
$101,000 in 2020 and $98,000 in 2019.
Operating Expenses: Operating expenses for the real estate
property was $72,000 in 2020 and $61,000 in 2019. General and
administrative expenses were $396,000 in 2020 and 418,000 in
2019.
Interest Income: Interest Income was $242,000 in 2020 as
compared to $257,000 in 2019. The decrease was due to the reduction
in the principal balance outstanding due to payments received.
Other Income: Other income was $85,000 in 2020 which is an
income tax refund for prior years. Other income was $199,000 in
2019 which is comprised of a gain on sale of equipment of $46,000
and the settlement of a legal claim of $153,000.
Discontinued Operations: During the first nine months of 2020
the Company recorded a net loss from its oil and gas operations of
$170,000. In August 2020 the Company sold the oil and gas operation
and recorded a gain of $2,138,000.
About New Concept Energy, Inc.
New Concept Energy, Inc. is a Dallas-based company which owns
real estate in West Virginia. For more information, visit the
Company’s website at www.newconceptenergy.com.
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (amounts in thousands)
December 31,
2020
2019
Assets Current assets Cash and cash
equivalents
$
27
$
22
Current portion note receivable (including $ $3,631 and $4,005 in
2020 and 2019 from related parties)
3,683
4,046
Other current assets
92
-
Total current assets
3,802
4,068
Property and equipment, net of depreciation Land,
buildings and equipment
656
668
Note Receivable
153
214
Assets held for sale
-
840
Total assets
$
4,611
$
5,790
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED (amounts in
thousands, except share amounts) December 31,
2020
2019
Liabilities and stockholders' equity Current
liabilities Accounts payable - trade (including $55 and $180 in
2020 and 2019 due to related parties)
$
80
$
226
Accrued expenses
32
20
Current portion of long term debt
52
44
Total current liabilities
164
290
Long-term debt Notes payable less current portion
122
177
Liabilities of assets held for sale
-
2,914
Total liabilities
286
3,381
Stockholders' equity Series B convertible preferred
stock, $10 par value, liquidation value of $100 authorized 100
shares, issued and outstanding one share
1
1
Common stock, $.01 par value; authorized, 100,000,000 shares;
issued and outstanding, 5,131,934 shares at December 31, 2020 and
2019
51
51
Additional paid-in capital
63,579
63,579
Accumulated deficit
(59,306
)
(61,222
)
4,325
2,409
Total liabilities & stockholders' equity
$
4,611
$
5,790
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in
thousands, except per share data) Year Ended December
31,
2020
2019
2018
Revenue Rent
$
101
$
98
$
123
101
98
123
Operating expenses Operating Expenses
72
61
59
Corporate general and administrative
396
418
359
468
479
418
Operating loss
(367
)
(381
)
(295
)
Other income (expense) Interest income (including
$226 and $240 for the year ended 2020 and 2019 from related
parties)
242
257
37
Interest expense
(12
)
(15
)
(18
)
Other income (expense), net
85
199
11
315
441
30
Net income (loss) from continuing operations
(52
)
60
(265
)
Net income (loss) from discontinued operations Gain (loss)
from discontinued operations
(170
)
(2,412
)
(219
)
Gain from Disposal of oil and gas operations
2,138
1,968
(2,412
)
(219
)
Net income (loss) applicable to common shares
$
1,916
$
(2,352
)
$
(484
)
Net income (loss) per common share-basic and diluted
$
0.37
$
(0.46
)
$
(0.21
)
Weighted average common and equivalent shares outstanding -
basic
5,132
5,132
2,358
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210331005990/en/
New Concept Energy Inc. Gene Bertcher (800) 400-6407
info@newconceptenergy.com
New Concept Energy (AMEX:GBR)
Historical Stock Chart
From Jun 2024 to Jul 2024
New Concept Energy (AMEX:GBR)
Historical Stock Chart
From Jul 2023 to Jul 2024