Nevada
|
|
75-2399477
|
||
(State or Other Jurisdiction of
Incorporation or Organization)
|
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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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||||
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(Address of principal executive offices)
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75234
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(Zip Code)
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(972) 407-8400
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(Registrant's telephone number, including area code)
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||
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Large accelerated filer £
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Accelerated filer £
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|
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Non-accelerated filer £
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Smaller reporting company R
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|||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
|
Yes: £No: R
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|
Common Stock, $.01 par value
|
1,946,934 shares
|
(Class)
|
(Outstanding at November 14, 2016)
|
PART I: FINANCIAL INFORMATION
|
|
|
|
Item 1. Financial Statements
|
3
|
Consolidated Balance Sheets
|
3
|
Consolidated Statements of Operations
|
5
|
Consolidated Statements of Cash Flows
|
6
|
Notes To Consolidated Financial Statements
|
7
|
|
|
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
11
|
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
13
|
|
|
Item 4. Controls and Procedures
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13
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|
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PART II: OTHER INFORMATION
|
14
|
|
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
14
|
|
|
Item 6. Exhibits
|
15
|
|
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Signatures
|
16
|
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(unaudited)
|
||||||||
(amounts in thousands)
|
||||||||
|
September 30,
2016
|
December 31,
2015
|
||||||
|
||||||||
Assets
|
||||||||
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
530
|
$
|
473
|
||||
Accounts receivable from oil and gas sales
|
105
|
141
|
||||||
Other current assets
|
47
|
37
|
||||||
Total current assets
|
682
|
651
|
||||||
|
||||||||
Oil and natural gas properties (full cost accounting method)
|
||||||||
Proved developed and undeveloped oil and gas properties, net of depletion
|
5,658
|
5,914
|
||||||
|
||||||||
Property and equipment, net of depreciation
|
||||||||
Land, buildings and equipment - oil and gas operations
|
722
|
803
|
||||||
Other
|
142
|
134
|
||||||
Total property and equipment
|
864
|
937
|
||||||
|
||||||||
Other assets
|
1,344
|
1,373
|
||||||
Total assets
|
$
|
8,548
|
$
|
8,875
|
||||
|
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS - CONTINUED
|
(unaudited)
|
(amounts in thousands, except share amounts)
|
September 30, 2016
|
December 31, 2015
|
|||||||
Liabilities and stockholders' equity
|
||||||||
Current liabilities
|
||||||||
Accounts payable - trade (including $580,000 and $165,000 in 2016 and 2015 due to related parties)
|
$
|
605
|
$
|
241
|
||||
Accrued expenses
|
148
|
151
|
||||||
Current portion of long term debt
|
828
|
831
|
||||||
Total current liabilities
|
1,581
|
1,223
|
||||||
Long-term debt
|
||||||||
Notes payable less current portion
|
1,119
|
1,211
|
||||||
Asset retirement obligation
|
2,770
|
2,770
|
||||||
Total liabilities
|
5,470
|
5,204
|
||||||
Stockholders' equity
|
||||||||
Preferred stock, Series B
|
1
|
1
|
||||||
Common stock, $.01 par value; authorized, 100,000,000
|
||||||||
shares; issued and outstanding, 1,946,934 shares
|
||||||||
at September 30, 2016 and December 31, 2015
|
20
|
20
|
||||||
Additional paid-in capital
|
58,838
|
58,838
|
||||||
Accumulated deficit
|
(55,781
|
)
|
(55,188
|
)
|
||||
3,078
|
3,671
|
|||||||
Total liabilities & equity
|
$
|
8,548
|
$
|
8,875
|
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
|
||||||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
(amounts in thousands, except per share data)
|
||||||||||||||||
For the Three Months
ended September 30,
|
For the Nine Months
ended September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenue
|
||||||||||||||||
Oil and gas operations, net of royalties
|
$
|
190
|
$
|
232
|
$
|
579
|
$
|
663
|
||||||||
Real estate operations
|
653
|
772
|
1,995
|
2,233
|
||||||||||||
843
|
1,004
|
2,574
|
2,896
|
|||||||||||||
Operating expenses
|
||||||||||||||||
Oil and gas operations
|
295
|
527
|
924
|
1,437
|
||||||||||||
Real estate operations
|
396
|
423
|
1,146
|
1,248
|
||||||||||||
Lease expense
|
251
|
245
|
748
|
735
|
||||||||||||
Corporate general and administrative
|
52
|
176
|
319
|
485
|
||||||||||||
994
|
1,371
|
3,137
|
3,905
|
|||||||||||||
Operating earnings (loss)
|
(151
|
)
|
(367
|
)
|
(563
|
)
|
(1,009
|
)
|
||||||||
Other income (expense)
|
||||||||||||||||
Interest income
|
6
|
6
|
17
|
6
|
||||||||||||
Interest expense
|
(8
|
)
|
(12
|
)
|
(26
|
)
|
(54
|
)
|
||||||||
Recovery of bad debt expense
|
-
|
306
|
0
|
1,430
|
||||||||||||
Other income (expense), net
|
(11
|
)
|
(8
|
)
|
(21
|
)
|
(24
|
)
|
||||||||
Other income (expense)
|
(13
|
)
|
292
|
(30
|
)
|
1,358
|
||||||||||
Net income (loss) applicable to common shares
|
$
|
(164
|
)
|
$
|
(75
|
)
|
$
|
(593
|
)
|
$
|
349
|
|||||
Net income (loss) per common share-basic and diluted
|
$
|
(0.08
|
)
|
$
|
(0.04
|
)
|
$
|
(0.30
|
)
|
$
|
0.18
|
|||||
Weighted average common and equivalent shares outstanding - basic
|
1,947
|
1,947
|
1,947
|
1,947
|
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(unaudited)
|
||||||||
(amounts in thousands)
|
||||||||
For the Nine Months Ended
|
||||||||
September 30,
|
||||||||
2016
|
2015
|
|||||||
Cash flows from operating activities
|
||||||||
Net income (loss)
|
$
|
(593
|
)
|
$
|
349
|
|||
Adjustments to reconcile net income to net cash provided by (used in) operating activities
|
||||||||
Depreciation, depletion and amortization
|
393
|
593
|
||||||
Write-off (recovery) of affiliate receivable
|
-
|
(1,430
|
)
|
|||||
Changes in operating assets and liabilities
|
||||||||
Other current and non-current assets
|
(20
|
)
|
122
|
|||||
Accounts payable and other liabilities
|
361
|
979
|
||||||
Net cash provided by (used) in operating activities
|
141
|
613
|
||||||
Cash flows from investing activities
|
||||||||
Investment in oil and gas
|
-
|
(204
|
)
|
|||||
Fixed asset additions
|
(45
|
)
|
(107
|
)
|
||||
Cash portion from the sale of land
|
-
|
116
|
||||||
Repayment of loan from affiliate
|
-
|
126
|
||||||
Net cash provided by (used in) investing activities
|
(45
|
)
|
(69
|
)
|
||||
Cash flows from financing activities
|
||||||||
Payment on notes payable
|
(39
|
)
|
(263
|
)
|
||||
Net cash provided by (used in) financing activities
|
(39
|
)
|
(263
|
)
|
||||
Net increase (decrease) in cash and cash equivalents
|
57
|
281
|
||||||
Cash and cash equivalents at beginning of year
|
473
|
300
|
||||||
Cash and cash equivalents at end of year
|
$
|
530
|
$
|
581
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for interest on notes payable
|
$
|
13
|
$
|
54
|
||||
Cash paid for principal on notes payable
|
$
|
66
|
$
|
263
|
||||
Non cash portion of sale of land
|
-
|
$
|
415
|
Three months ended September 30, 2016
|
Oil and Gas Operations
|
Retirement
Facility
|
Corporate
|
Total
|
||||||||||||
Operating revenue
|
$
|
190
|
$
|
653
|
$
|
-
|
$
|
843
|
||||||||
Operating expenses
|
200
|
384
|
52
|
636
|
||||||||||||
Depreciation, depletion and amortization
|
95
|
12
|
-
|
107
|
||||||||||||
Lease expense
|
-
|
251
|
-
|
251
|
||||||||||||
Total operating expenses
|
295
|
647
|
52
|
994
|
||||||||||||
Interest income
|
6
|
-
|
0
|
6
|
||||||||||||
Interest expense
|
(8
|
)
|
-
|
-
|
(8
|
)
|
||||||||||
Recovery of bad debt expense
|
-
|
-
|
-
|
0
|
||||||||||||
Other income
|
(11
|
)
|
-
|
-
|
(11
|
)
|
||||||||||
Segment operating income
|
$
|
(118
|
)
|
$
|
6
|
$
|
(52
|
)
|
$
|
(164
|
)
|
|||||
Three months ended September 30, 2015
|
Oil and Gas Operations
|
Retirement
Facility
|
Corporate
|
Total
|
||||||||||||
Operating revenue
|
$
|
232
|
$
|
772
|
$
|
-
|
$
|
1,004
|
||||||||
Operating expenses
|
314
|
408
|
176
|
898
|
||||||||||||
Depreciation, depletion and amortization
|
213
|
15
|
-
|
228
|
||||||||||||
Lease expense
|
-
|
245
|
-
|
245
|
||||||||||||
Total operating expenses
|
527
|
668
|
176
|
1,371
|
||||||||||||
Interest income
|
6
|
-
|
-
|
6
|
||||||||||||
Interest expense
|
(12
|
)
|
-
|
-
|
(12
|
)
|
||||||||||
Recovery of bad debt expense
|
-
|
-
|
306
|
306
|
||||||||||||
Other income
|
-
|
-
|
(8
|
)
|
(8
|
)
|
||||||||||
Segment operating income
|
$
|
(301
|
)
|
$
|
104
|
$
|
122
|
$
|
(75
|
)
|
Nine months ended September 30, 2016
|
Oil and Gas
Operations
|
Retirement
Facility
|
Corporate
|
Total
|
||||||||||||
Operating revenue
|
$
|
579
|
$
|
1,995
|
$
|
-
|
$
|
2,574
|
||||||||
Operating expenses
|
582
|
1,108
|
319
|
2,009
|
||||||||||||
Depreciation, depletion and amortization
|
342
|
38
|
-
|
380
|
||||||||||||
Lease expense
|
-
|
748
|
-
|
748
|
||||||||||||
Total operating expenses
|
924
|
1,894
|
319
|
3,137
|
||||||||||||
Interest income
|
17
|
-
|
-
|
17
|
||||||||||||
Interest expense
|
(26
|
)
|
-
|
-
|
(26
|
)
|
||||||||||
Recovery of bad debt expense
|
-
|
-
|
-
|
0
|
||||||||||||
Other income
|
-
|
-
|
(21
|
)
|
(21
|
)
|
||||||||||
Segment operating income
|
$
|
(354
|
)
|
$
|
101
|
$
|
(340
|
)
|
$
|
(593
|
)
|
|||||
Nine months ended September 30, 2015
|
Oil and Gas
Operations
|
Retirement
Facility
|
Corporate
|
Total
|
||||||||||||
Operating revenue
|
$
|
663
|
$
|
2,233
|
$
|
-
|
$
|
2,896
|
||||||||
Operating expenses
|
933
|
1,202
|
485
|
2,620
|
||||||||||||
Depreciation, depletion and amortization
|
504
|
46
|
-
|
550
|
||||||||||||
Lease expense
|
-
|
735
|
-
|
735
|
||||||||||||
Total operating expenses
|
1,437
|
1,983
|
485
|
3,905
|
||||||||||||
Interest income
|
6
|
-
|
0
|
6
|
||||||||||||
Interest expense
|
(54
|
)
|
-
|
-
|
(54
|
)
|
||||||||||
Recovery of bad debt expense
|
-
|
-
|
1,430
|
1,430
|
||||||||||||
Other income
|
-
|
-
|
(24
|
)
|
(24
|
)
|
||||||||||
Segment operating income
|
$
|
(822
|
)
|
$
|
250
|
$
|
921
|
$
|
349
|
Exhibit Designation
|
Exhibit Description
|
|
|
3.1
|
Articles of Incorporation of Medical Resource Companies of America (incorporated by reference to Exhibit 3.1 to Registrant's Form S-4 Registration Statement No. 333-55968 dated December 21, 1992)
|
|
|
3.2
|
Amendment to the Articles of Incorporation of Medical Resource Companies of America (incorporated by reference to Exhibit 3.5 to Registrant's Form 8-K dated April 1, 1993)
|
|
|
3.3
|
Restated Articles of Incorporation of Greenbriar Corporation (incorporated by reference to Exhibit 3.1.1 to Registrant's Form 10-K dated December 31, 1995)
|
|
|
3.4
|
Amendment to the Articles of Incorporation of Medical Resource Companies of America (incorporated by reference to Exhibit to Registrant's PRES 14-C dated February 27, 1996)
|
|
|
3.5
|
Bylaws of Registrant (incorporated by reference to Exhibit 3.2 to Registrant's Form S-4 Registration Statement No. 333-55968 dated December 21, 1992)
|
|
|
3.6
|
Amendment to Section 3.1 of Bylaws of Registrant adopted October 9, 2003 (incorporated by reference to Exhibit 3.2.1 to Registrant's Form S-4 Registration Statement No. 333-55968 dated December 21, 1992)
|
|
|
3.7
|
Certificate of Decrease in Authorized and Issued Shares effective November 30, 2001 (incorporated by reference to Exhibit 2.1.7 to Registrant's Form 10-K dated December 31, 2002)
|
|
|
3.8
|
Certificate of Designations, Preferences and Rights of Preferred Stock dated May 7, 1993 relating to Registrant's Series B Preferred Stock (incorporated by reference to Exhibit 4.1.2 to Registrant's Form S-3 Registration Statement No. 333-64840 dated September 22, 1993)
|
|
|
3.9
|
Certificate of Voting Powers, Designations, Preferences and Rights of Registrant's Series F Senior Convertible Preferred Stock dated December 31, 1997 (incorporated by reference to Exhibit 2.2.2 of Registrant's Form 10-KSB for the fiscal year ended December 31, 1997)
|
|
|
3.10
|
Certificate of Voting Powers, Designations, Preferences and Rights of Registrant's Series G Senior Non-Voting Convertible Preferred Stock dated December 31, 1997 (incorporated by reference to Exhibit 2.2.3 of Registrant's Form 10-KSB for the fiscal year ended December 31, 1997)
|
|
|
3.11
|
Certificate of Designations dated October 12, 2004 as filed with the Secretary of State of Nevada on October 13, 2004 (incorporated by reference to Exhibit 3.4 of Registrant's Current Report on Form 8-K for event occurring October 12, 2004)
|
|
|
3.12
|
Certificate of Amendment to Articles of Incorporation effective February 8, 2005 (incorporated by reference to Exhibit 3.5 of Registrant's Current Report on Form 8-K for event occurring February 8, 2005)
|
|
|
3.13
|
Certificate of Amendment to Articles of Incorporation effective March 21, 2007 (incorporated by reference to Exhibit 3.13 of Registrant's Current Report on Form 8-K for event occurring March 21, 2005)
|
|
|
31.1*
|
Certification pursuant to Rule 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended, of Principal Executive Officer and Chief Financial Officer
|
|
|
32.1*
|
Certification of Principal Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. §1350
|
|
|
101
|
Interactive data files pursuant to Rule 405 of Regulation S-T
|
|
|
*Filed herewith.
|
|
New Concept Energy, Inc.
|
|
|
|
|
|
|
Date: November 14, 2016
|
By:
|
/s/ Gene Bertcher
|
|
|
|
Gene S. Bertcher, Principal Executive
|
|
|
|
Officer, President and Chief Financial
|
|
|
|
Officer
|
|
CERTIFICATIONS
|
EXHIBIT 31.1
|
/s/ Gene S. Bertcher
Gene S. Bertcher, Principal Executive
Officer, President and Chief Financial Officer
|
/s/ Gene S. Bertcher
Gene S. Bertcher, Principal Executive
Officer, President and Chief Financial Officer
|
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Nov. 14, 2016 |
|
Document and Entity Information: | ||
Entity Registrant Name | New Concept Energy, Inc. | |
Entity Trading Symbol | gbr | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Entity Central Index Key | 0000105744 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 1,946,934 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS PARENTHETICALS - USD ($) |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Parentheticals | ||
Accounts payable due to related parties | $ 580,000 | $ 165,000 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 1,946,934 | 1,946,934 |
Common Stock, shares outstanding | 1,946,934 | 1,946,934 |
BASIS OF PRESENTATION |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
BASIS OF PRESENTATION | |
BASIS OF PRESENTATION | NOTE A: BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements include the accounts of New Concept Energy, Inc. and its majority-owned subsidiaries (collectively, "NCE" or the "Company"). All significant intercompany transactions and accounts have been eliminated.
The unaudited financial statements included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The financial statements reflect all adjustments that are, in the opinion of management, necessary to fairly present such information. All such adjustments are of a normal recurring nature. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted pursuant to such rules and regulations.
These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ending December 31, 2015. Operating results for the nine month period ended September 30, 2016 are not necessarily indicative of the results that may be expected for any subsequent quarter or for the fiscal year ending December 31, 2016. |
NATURE OF OPERATIONS |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
NATURE OF OPERATIONS | |
NATURE OF OPERATIONS | NOTE B: NATURE OF OPERATIONS
The Company operates oil and gas wells and mineral leases in Athens and Meigs Counties in Ohio and in Calhoun, Jackson and Roane Counties in West Virginia through its wholly owned subsidiaries Mountaineer State Energy, LLC and Mountaineer State Operations, LLC.
The Company also leases and operates a retirement community in King City Oregon, with a capacity of 114 residents.
At September 30, 2016 the company's current liabilities exceed its current assets and the company has a net loss of $593,000 for the nine months ended September 30, 2016. The Company is in active discussions to sell its land held for investment and is in discussions with the holder of certain non-bank long-term debt to settle the amounts due or modify note to more favorable terms. Management believes that, if its plans are successful, the Company will be able to significantly improve its liquidity and its working capital. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
9 Months Ended |
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Sep. 30, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE C: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
We consider accounting policies related to our estimates of depreciation amortization and depletion, segments, oil and gas properties, oil and gas reserves, gas gathering assets, office and field equipment, revenue recognition and gas imbalances, leases, revenue recognition for real estate operations, impairment, and sales of real estate as significant accounting policies. The policies include significant estimates made by management using information available at the time the estimates are made. However, these estimates could change materially if different information or assumptions were used. These policies are summarized in our Annual Report on Form 10-K for the year ended December 31, 2015. |
OIL AND GAS RESERVES |
9 Months Ended |
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Sep. 30, 2016 | |
OIL AND GAS RESERVES | |
OIL AND GAS RESERVES | NOTE D: OIL AND GAS RESERVES
The Company uses the full cost method of accounting for its investment in oil and natural gas properties. Under this method of accounting, all costs of acquisition, exploration and development of oil and natural gas properties (including such costs as leasehold acquisition costs, geological expenditures, dry hole costs, tangible and intangible development costs and direct internal costs) are capitalized as the cost of oil and natural gas properties when incurred.
The full cost method requires the Company to calculate quarterly, by cost center, a "ceiling," or limitation on the amount of properties that can be capitalized on the balance sheet. To the extent capitalized costs of oil and natural gas properties, less accumulated depletion and related deferred taxes exceed the sum of the discounted future net revenues of proved oil and natural gas reserves, the lower of cost or estimated fair value of unproved properties subject to amortization, the cost of properties not being amortized, and the related tax amounts, such excess capitalized costs are charged to expense.
The standardized measure of discounted future net cash flows and changes in such cash flows are prepared using assumptions required by the Financial Accounting Standards Board and the Securities and Exchange Commission. Such assumptions include a standardized method for determining pricing and require that future cash flow be discounted using a 10% rate. The valuation that results may not represent management's estimated current market value of proved reserves.
During the past few years the exploration, development and production of natural gas has resulted in an oversupply of natural gas which has resulted in a substantial reduction in the market price. Management of the Company believes that this oversupply will last for some time and does not anticipate an increase in the price we can receive in the market place. In April 2012 the Company entered into an agreement to fix the price it receives for the sale of its gas. For the five years ended April 2017 the Company will receive $4.53 per MCF. |
LAND HELD FOR INVESTMENT |
9 Months Ended |
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Sep. 30, 2016 | |
LAND HELD FOR INVESTMENT: | |
LAND HELD FOR INVESTMENT | NOTE E: LAND HELD FOR INVESTMENT
In February 2014 the Company acquired 7.4 acres of undeveloped land in Desoto, Texas for $624,000.The Company believes the highest and best use of this property is for the construction and development of multifamily housing. The Company acquired the property for investment purposes. |
CONTINGENCIES |
9 Months Ended |
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Sep. 30, 2016 | |
CONTINGENCIES | |
CONTINGENCIES | NOTE F: CONTINGENCIES
Carlton Energy Group, LLC
In December 2006, Carlton Energy Group, LLC ("Carlton") instituted litigation against an individual, Eurenergy Resources Corporation ("Eurenergy") and several other entities including New Concept Energy, Inc., which was then known as CabelTel International Corporation (the "Company") alleging tortuous conduct, breach of contract and other matters and as to the Company that it was the alter ego of Eurenergy. The Carlton claims were based upon an alleged tortuous interference with a contract by the individual and Eurenergy related to the right to explore a coal bed methane concession in Bulgaria which had never (and has not to this day) produced any hydrocarbons. At no time during the pendency of this project or since did the Company or any of its officers or directors have any interest whatsoever in the success or failure of the so-called "Bulgaria Project". However, in the litigation, Carlton alleged that the Company was the alter-ego of certain of the other Defendants including Eurenergy.
Following a jury trial in 2009, the Trial Court (295th District Court of Harris County, Texas) reduced the actual damages found by the jury of $66.5 million and entered judgment against EurEnergy and The individual jointly and severally for $31.16 million in actual damages on its tortuous-interference claim and the Court further assessed exemplary damages against The individual and EurEnergy in the amount of $8.5 million each. The Court granted a judgment for the Company that it was not the alter ego of any of the other parties and thereby would not incur any damages.
Cross appeals were filed by Carlton, the individual and EurEnergy to the Court of Appeals for the First District of Texas (the "Court of Appeals") which rendered its opinion on February 14, 2012. The Court of Appeals opinion, among other things, reinstated the jury award of actual damages jointly and severely against the individual and EurEnergy in the amount of $66.5 million and overturned the Trial Court's ruling favorable to the Company rendering a judgment for that amount plus exemplary damages against the Company as the "alter ego" of Eurenergy.
The Company and the other defendants filed a Petition for Review of the Court of Appeals Opinion with the Supreme Court of the State of Texas. On May 8, 2015, the Supreme Court of Texas affirmed, in part, and reversed, in part, the Court of Appeals Judgment, remanding the case to that Court for further proceedings. In its opinion, the Supreme Court concluded that the evidence supports the Jury's verdict that the individual used the Company and other entities, that it would be unjust to require Carlton to treat them separately and found that the Company was an alter ego as a matter of law. The Supreme Court determined that the Court of Appeals erred in reinstating the jury's verdict on damages in the amount of $66.5 million as the amount was speculative and not supported by competent evidence. The court declined to reinstate the trial court's judgment of $31.16 million. The Supreme Court did rule that there was some evidence to support an award of actual damages and therefore remanded the case to the Court of Appeals to make a factual sufficiency determination, if possible, as to as to the amount.
After remand the parties provided supplemental briefing and the Court of Appeals held additional oral argument on February 17, 2016. On August 30, 2016 the Court of Appeals entered its opinion and judgement which reinstated the trial court's actual damages award but did not address exemplary damages. The Company filed a Motion for Rehearing and asked for the full panel of the Court of Appeals to address the constitutional question of the Court of Appeals authority to decide fact questions which the record does not reflect were considered by the jury. That Motion is still pending.
Management's preliminary analysis of these developments suggests it is reasonably possible that the claim will result in an unfavorable outcome. Management notes that in connection with the original appeal, the individual defendant deposited alternative security with the court to supersede the judgment which the court determined to have a value in excess of $56 million. Management believes that the maximum exposure would be in an amount significantly less than the amount on deposit. Accordingly, management believes that any adverse outcome is fully secured by that deposit.
Other
The Company has been named as a defendant in other lawsuits in the ordinary course of business. Management is of the opinion that these lawsuits will not have a material effect on the financial condition, results of operations or cash flows of the Company. |
OPERATING SEGMENTS |
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OPERATING SEGMENTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OPERATING SEGMENTS | NOTE G: OPERATING SEGMENTS
The following table reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations and total assets:
|
NEWLY ISSUED ACCOUNTING STANDARDS |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
NEWLY ISSUED ACCOUNTING STANDARDS: | |
NEWLY ISSUED ACCOUNTING STANDARDS | NOTE H: NEWLY ISSUED ACCOUNTING STANDARDS
We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our consolidated statements, including that which we have not yet adopted. We do not believe that any such guidance will have a material effect on our financial position or results or operation. |
SUBSEQUENT EVENTS |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE I: SUBSEQUENT EVENTS
The Company has evaluated subsequent events through November 14, 2016, the date the financial statements were available to be issued, and has determined that there are none to be reported. |
SCHEDULE OF SEGMENT REPORTING (Tables) |
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SCHEDULE OF SEGMENT REPORTING | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE OF SEGMENT REPORTING | The following table reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations and total assets:
|
NATURE OF OPERATIONS (Details) |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Nature of Operations Details | |
Residents in retirement community | 114 |
Company has a net loss | $ 593,000 |
OIL AND GAS RESERVES (Details) |
Sep. 30, 2016
$ / shares
|
---|---|
Oil and Gas Reserves Details | |
Future cash flow be discounted using a rate | 10.00% |
For the five years ended April 2017 Company will receive per MCF | $ 4.53 |
LAND HELD FOR INVESTMENT (Details) |
Feb. 28, 2014
USD ($)
|
---|---|
Land Held for Investment Details | |
Company acquired undeveloped land in Desoto Texas (acres) | 7.4 |
Undeveloped land in Desoto Texas value | $ 624,000 |
CONTINGENCIES (Details) - USD ($) |
May 08, 2015 |
Feb. 14, 2012 |
Dec. 31, 2009 |
---|---|---|---|
Contingencies Details | |||
Actual damages found by the jury in million | $ 66,500,000 | ||
The individual jointly and severally for actual damages in millions | 31,160,000 | ||
Exemplary damages and individual and EurEnergy in millions | $ 8,500,000 | ||
Reinstated the jury award of actual damages jointly and severely against the individual and EurEnergy in millions | $ 66,500,000 | ||
Reinstating the jury's verdict on damages in millions | $ 66,500,000 | ||
Court declined to reinstate the trial court's judgment in millions | 31,160,000 | ||
Individual defendant deposited alternative security with the court to supersede the judgment in excess | $ 56,000,000 |
OPERATING SEGMENTS Oil and Gas Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
OPERATING SEGMENTS Oil and Gas Operations Details | ||||
Oil and Gas Operations Operating revenue | $ 190 | $ 232 | $ 579 | $ 663 |
Oil and Gas Operations Operating expenses | 200 | 314 | 582 | 933 |
Oil and Gas Operations Depreciation, depletion and amortization | 95 | 213 | 342 | 504 |
Oil and Gas Operations Lease expense | 0 | |||
Oil and Gas Operations Total Operating Expenses | 295 | 527 | 924 | 1,437 |
Oil and Gas Operations Interest income | 6 | 6 | 17 | 6 |
Oil and Gas Operations Interest expense | (8) | (12) | (26) | (54) |
Oil and Gas Operations Recovery of bad debt expense | 0 | |||
Oil and Gas Operations Other income | (11) | |||
Oil and Gas Operations Segment operating income | $ (118) | $ (301) | $ (354) | $ (822) |
OPERATING SEGMENTS RETIREMENT FACILITY (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
OPERATING SEGMENTS Retirement Facility Details | ||||
Retirement Facility Operating revenue | $ 653 | $ 772 | $ 1,995 | $ 2,233 |
Retirement Facility Operating expenses | 384 | 408 | 1,108 | 1,202 |
Retirement Facility Depreciation, depletion and amortization | 12 | 15 | 38 | 46 |
Retirement Facility Lease expense | 251 | 245 | 748 | 735 |
Retirement Facility Total Operating Expenses | 647 | 668 | 1,894 | 1,983 |
Retirement Facility Interest income | 0 | |||
Retirement Facility Interest expense | 0 | |||
Retirement Facility Recovery of bad debt expense | 0 | |||
Retirement Facility Other income | 0 | |||
Retirement Facility Segment operating income | $ 6 | $ 104 | $ 101 | $ 250 |
OPERATING SEGMENTS CORPORATE (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
OPERATING SEGMENTS Corporate Details | ||||
Corporate Operating revenue | $ 0 | |||
Corporate Operating expenses | 52 | $ 176 | $ 319 | $ 485 |
Corporate Depreciation, depletion and amortization | 0 | |||
Corporate Lease expense | 0 | |||
Corporate Total Operating Expenses | 52 | 176 | 319 | 485 |
Corporate Interest income | 0 | 0 | ||
Corporate Interest expense | 0 | |||
Corporate Recovery of bad debt expense | 306 | 1,430 | ||
Corporate Other income | (8) | (21) | (24) | |
Corporate Segment operating income | $ (52) | $ 122 | $ (340) | $ 921 |
OPERATING SEGMENTS TOTAL (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
OPERATING SEGMENTS Total Details | ||||
Total Operating revenue | $ 843 | $ 1,004 | $ 2,574 | $ 2,896 |
Total Operating expenses | 636 | 898 | 2,009 | 2,620 |
Total Depreciation, depletion and amortization | 107 | 228 | 380 | 550 |
Total Lease expense | 251 | 245 | 748 | 735 |
Total Total Operating Expenses | 994 | 1,371 | 3,137 | 3,905 |
Total Interest income | 6 | 6 | 17 | 6 |
Total Interest expense | (8) | (12) | (26) | (54) |
Total Recovery of bad debt expense | 0 | 306 | 0 | 1,430 |
Total Other income | (11) | (8) | (21) | (24) |
Total Segment operating income | $ (164) | $ (75) | $ (593) | $ 349 |
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