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, 2021.

The Company reported net loss from continuing operations of $8,000 for three months ended September 30, 2021, as compared to net income of $82,000 for the similar period in 2020.

For the three months ended September 30, 2021 and 2020, the Company recorded rental revenue of $25,000.

For the three months ended September 30, 2021, corporate general & administrative expenses were $53,000 as compared to $65,000 for the comparable periods in 2020.

For the three months ended September 30, 2020 the Company reported other income of $83,000 which represents a tax refund for taxes paid in prior years.

For the three months ended September 30, 2020 the Company recorded a gain from discontinued operation of $2,100,000. Included in 2020 is a gain from the sale of the oil and gas business of $2,138,000.

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

(unaudited)

(amounts in thousands) September 30,2021 December 31,2020   Assets   Current assets Cash and cash equivalents

$

249

$

27

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

 

3,596

 

3,683

Other current assets

 

38

 

92

Total current assets

$

3,883

$

3,802

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

 

647

 

656

  Note receivable

 

-

 

153

  Total assets

$

4,530

$

4,611

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED (unaudited) (dollars in thousands, except par value amount)   September 30,2021 December 31,2020   Liabilities and stockholders' equity   Current liabilities Accounts payable - (including $33 and $55 due to related parties in 2021 and 2020)

$

66

 

$

80

 

Accrued expenses

 

19

 

 

32

 

Current portion of long term debt

 

-

 

 

52

 

Total current liabilities

 

85

 

 

164

 

  Long-term debt Notes payable less current portion

 

-

 

 

122

 

  Total liabilities

 

85

 

 

286

 

  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, 2021 and December 31, 2020

 

51

 

 

51

 

Additional paid-in capital

 

63,579

 

 

63,579

 

Accumulated deficit

 

(59,186

)

 

(59,306

)

  Total shareholder equity

 

4,445

 

 

4,325

 

  Total liabilities & equity

$

4,530

 

$

4,611

 

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

(amounts in thousands, except per share data)   For the Three Monthsended September 30, For the Nine Monthsended September 30,

2021

2020

2021

2020

Revenue Rent

$

25

 

$

25

 

$

76

 

$

76

 

  Operating expenses Operating Expenses

 

34

 

 

15

 

 

71

 

 

46

 

Corporate general and administrative

 

53

 

 

65

 

 

238

 

 

296

 

Total operating expenses

 

87

 

 

80

 

 

309

 

 

342

 

Operating earnings (loss)

 

(62

)

 

(55

)

 

(233

)

 

(266

)

  Other income (expense) Interest income from a related party

 

53

 

 

54

 

 

159

 

 

172

 

Interest income from a third party

 

2

 

 

3

 

 

8

 

 

12

 

Interest expense

 

(1

)

 

(3

)

 

(5

)

 

(9

)

Other income (expense), net

 

-

 

 

83

 

 

191

 

 

83

 

 

54

 

 

137

 

 

353

 

 

258

 

  Earnings (loss) from continuing operations

$

(8

)

$

82

 

$

120

 

$

(8

)

  Discontinued Operations Loss from discontinued operations

 

-

 

 

(38

)

 

-

 

 

(182

)

Gain from disposal of oil & gas operations

 

-

 

 

2,138

 

 

-

 

 

2,138

 

 

-

 

 

2,100

 

 

-

 

 

1,956

 

  Earnings (loss) applicable to common shares

$

(8

)

$

2,182

 

$

120

 

 

1,948

 

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

$

0.01

 

$

0.43

 

$

0.02

 

$

0.38

 

  Weighted average common and equivalent shares outstanding - basic

 

5,132

 

 

5,132

 

 

5,132

 

 

5,132

 

 

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

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