EX-99.1 2 nce8kex991081315.htm nce8kex991081315.htm
 
 
 
 

 
 
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
 
CONSOLIDATED STATEMENT OF OPERATIONS
 
(unaudited)
 
(amounts in thousands, except per share data)
 
                         
   
For the Three Months
ended June 30,
   
For the Six Months
ended June 30,
 
   
2015
   
2014
   
2015
   
2014
 
Revenue
 
 
   
 
   
 
       
Oil and gas operations, net of royalties
  $ 259     $ 485     $ 431     $ 829  
Real estate operations
    744       728       1,461       1,453  
 
    1,003       1,213       1,892       2,282  
 
                               
 
                               
Operating expenses
                               
Oil and gas operations
    440       425       910       908  
Real estate operations
    415       387       825       783  
Real Estate - Lease Expense
    245       241       490       481  
Corporate general and administrative
    155       205       309       397  
      1,255       1,258       2,534       2,569  
Operating earnings (loss)
    (252 )     (45 )     (642 )     (287 )
                                 
 
                               
Other income (expense)
                               
Interest income
    -       1       -       2  
Interest expense
    (16 )     (22 )     (42 )     (53 )
Recovery of bad debt expense
    386       -       1,124       -  
Other income (expense)
    (8 )     (33 )     (16 )     199  
      362       (54 )     1066       148  
                                 
 
                               
Net income (loss) applicable to common shares
  $ 110     $ (99 )   $ 424     $ (139 )
                                 
Net income (loss) per common share-basic and diluted
  $ 0.06     $ (0.05 )   $ 0.22     $ (0.07 )
                                 
                                 
Weighted average common and equivalent shares outstanding - basic
    1,947       1,947       1,947       1,947  
 
 
 
 

 
 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
 
CONSOLIDATED BALANCE SHEETS
 
(unaudited)
 
(amounts in thousands)
 
   
June 30,
2015
   
December 31,
2014
 
             
Assets
           
             
Current assets
           
Cash and cash equivalents
  $ 437     $ 300  
Accounts receivable from oil and gas sales
    137       216  
Other current assets
    362       182  
Total current assets
    936       698  
                 
                 
Oil and natural gas properties (full cost accounting method)
               
Proved developed and undeveloped oil and gas properties, net of depletion
    8,776       8,809  
                 
Property and equipment, net of depreciation
               
Land, buildings and equipment - oil and gas operations
    845       1,476  
Other
    152       162  
Total property and equipment
    997       1,638  
                 
Other assets (including $124 due from related parties in 2014)
    1,275       1,129  
                 
Total assets
  $ 11,984     $ 12,274  
 
 
 
 

 
 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
 
CONSOLIDATED BALANCE SHEETS - CONTINUED
 
(unaudited)
 
(amounts in thousands, except share amounts)
 
             
   
June 30,
2015
   
December 31,
2014
 
             
Liabilities and stockholders' equity
 
 
       
 
           
Current liabilities
 
 
       
Accounts payable (includes $494 due to related parties in 2014)
  $ 165     $ 673  
Accrued expenses
    252       229  
Current portion of long term debt
    775       881  
Total current liabilities
    1,192       1,783  
 
               
Long-term debt
               
Notes payable less current portion
    1,305       1,428  
Asset retirement obligation
    2,770       2,770  
Total liabilities
    5,267       5,981  
 
               
Stockholders' equity
               
Preferred stock, Series B
    1       1  
Common stock, $.01 par value; authorized, 100,000,000
               
shares; issued and outstanding, 1,946,935 shares
               
at June 30, 2015 and December 31, 2014
    20       20  
Additional paid-in capital
    58,838       58,838  
Accumulated deficit
    (52,142 )     (52,566 )
 
               
 
    6,717       6,293  
 
               
Total liabilities & equity
  $ 11,984     $ 12,274