New Concept Energy, Inc. (NYSE American: GBR), a Dallas-based real estate investment company, today reported results of operations for the second quarter ended June 30, 2021.

For the three months ended June 30, 2021, the Company reported net income from continuing operations of $49,000 as compared to net loss of $57,000 from continuing operations for the same period ended 2020.

For the three months ended June 30, 2020 the Company recorded a loss from discontinued operations of $80,000 for the oil and gas operations that were sold in August 2020.

The Company reported net income applicable to common shares of $49,000 or $0.01 per share for three months ended June 30, 2021, as compared to a net loss of $137,000 or $0.03 per share for the similar period in 2020.

The Company leases a portion of its property in West Virginia. For the three months ended June 30, 2021 and June 30, 2020 the Company recorded rental Income of $26,000.

For the three months ended June 30, 2021, corporate general & administrative expenses were $111,000 as compared to $127,000 for the comparable periods in 2020. The decrease was due to an overall reduction of administrative expenses.

Included in other income for the three months ended June 30, 2021 is $100,000 which represents the sale of a receivable that had previously been fully reserved.

About New Concept Energy, Inc.

New Concept Energy, Inc., a Dallas-based real estate in West Virginia. For more information, visit the Company’s website at www.newconceptenergy.com.

  NEW CONCEPT ENERGY, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (uamounts in thousands) June 30, December 31,

2021

2020

  Assets   Current assets Cash and cash equivalents

$

261

$

27

  Current portion note receivable (including $3,637 and $3,631 in 2021 and 2020 from related parties

 

3,689

 

3,683

  Other current assets

 

25

 

92

  Total current assets

$

3,975

$

3,802

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

 

650

 

656

  Note receivable

 

133

 

153

  Total assets

$

4,758

$

4,611

 

NEW CONCEPT ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(dollars in thousands, except par value amount)

 

June 30,

December 31,

2021

2020

  Liabilities and stockholders' equity   Current liabilities Accounts payable - (including $104 and $55 due to related parties in 2021 and 2020)

$

124

 

$

80

 

Accrued expenses

 

26

 

 

32

 

Current portion of long term debt

 

52

 

 

52

 

Total current liabilities

 

202

 

 

164

 

  Long term debt Notes payable less current portion

 

103

 

 

122

 

  Total Liabilities

 

305

 

 

286

 

  Shareholders’ equity: Preferred stock, Series B

 

1

 

 

1

 

Common stock, $0.01 par value, authorized 100,000,000 shares; issued 5,131,934 shares at June 30, 2021 and December 31, 2020

 

51

 

 

51

 

  Additional paid-in capital

 

63,579

 

 

63,579

 

Accumulated deficit

 

(59,178

)

 

(59,306

)

  Total shareholders' equity

 

4,453

 

 

4,325

 

  Total liabilities & equity

$

4,758

 

$

4,611

 

  NEW CONCEPT ENERGY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (amounts in thousands, except per share data)  

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

2021

 

2020

 

2021

 

2020

    Revenue: Rent

$

26

 

$

26

 

$

52

 

$

52

 

Total Revenues

$

26

 

$

26

 

$

52

 

$

52

 

  Operating expenses: Operating Expenses

 

20

 

 

16

 

 

38

 

 

31

 

Corporate general and administrative

 

111

 

 

127

 

 

185

 

 

231

 

Total Operating Expenses

 

131

 

 

143

 

 

223

 

 

262

 

Operating earnings (loss)

 

(105

)

 

(117

)

 

(171

)

 

(210

)

  Other income (expense): Interest income

 

56

 

 

63

 

 

112

 

 

127

 

Interest expense

 

(2

)

 

(3

)

 

(4

)

 

(7

)

Other income (expense) net

 

100

 

 

-

 

 

191

 

 

-

 

  Earnings (loss) from continuing operations

$

49

 

$

(57

)

$

128

 

$

(90

)

  Discontinued Operations Earnings (loss) from discontinued operations

$

-

 

$

(80.00

)

$

-

 

$

(144.00

)

  Earnings (loss) applicable to common shares

$

49

 

$

(137

)

$

128

 

$

(234

)

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

$

0.01

 

$

(0

)

$

0

 

$

(0.05

)

  Weighted average common and equivalent shares outstanding - basic

 

5,132

 

 

5,132

 

 

5,132

 

 

5,132

 

 

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

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