0001010549-17-000177.txt : 20170515 0001010549-17-000177.hdr.sgml : 20170515 20170515122856 ACCESSION NUMBER: 0001010549-17-000177 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 29 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170515 DATE AS OF CHANGE: 20170515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: New Concept Energy, Inc. CENTRAL INDEX KEY: 0000105744 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 752399477 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-08187 FILM NUMBER: 17842666 BUSINESS ADDRESS: STREET 1: 1603 LBJ FREEWAY STREET 2: SUITE 300 CITY: DALLAS STATE: TX ZIP: 75234 BUSINESS PHONE: 9724078400 MAIL ADDRESS: STREET 1: 1603 LBJ FREEWAY STREET 2: SUITE 300 CITY: DALLAS STATE: TX ZIP: 75234 FORMER COMPANY: FORMER CONFORMED NAME: CabelTel International Corp DATE OF NAME CHANGE: 20050211 FORMER COMPANY: FORMER CONFORMED NAME: GREENBRIAR CORP DATE OF NAME CHANGE: 19960514 FORMER COMPANY: FORMER CONFORMED NAME: MEDICAL RESOURCE COMPANIES OF AMERICA DATE OF NAME CHANGE: 19920703 10-Q 1 nce10q033117.htm

 

 UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

FOR THE QUARTER ENDED MARCH 31, 2017

Or

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

FOR THE TRANSITION PERIOD FROM           TO

 

Commission File Number 000-08187

NEW CONCEPT ENERGY, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Nevada   75-2399477

(State or Other Jurisdiction of

Incorporation or Organization)

  

(I.R.S. Employer

Identification No.)

1603 LBJ Freeway

Suite 300

Dallas, Texas

  (Address of principal executive offices)  
  75234  
  (Zip Code)  
  (972) 407-8400  
  (Registrant’s telephone number, including area code)  

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes: [X   No [ ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes: [X]   No [ ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or smaller reporting company.  See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

  Large accelerated filer £ Accelerated filer £    
  Non-accelerated filer £ Smaller reporting company R    
     

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 

 Yes: £No: R
           

Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.

 

Common Stock, $.01 par value 1,946,935 shares
(Class) (Outstanding at May 12, 2017)

  

 1 
 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

Index to Quarterly Report on Form 10-Q

Period ended March 31, 2017

 

PART I:  FINANCIAL INFORMATION  
   
Item 1.  Financial Statements  
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 8
   
Item 3.  Quantitative and Qualitative Disclosures About Market Risk 11
   
Item 4.  Controls and Procedures 11
   
PART II:  OTHER INFORMATION 12
   
Item 6. Exhibits 12
   
Signatures 13

 

 

 

 2 
 

 

PART I.  FINANCIAL INFORMATION

 

Item 1.  Financial Statements

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
 
    March 31, 2017    December 31, 2016 
Assets          
           
Current assets          
 Cash and cash equivalents  $520   $113 
 Accounts receivable from oil and gas sales   122    119 
 Other current assets   73    206 
Total current assets   715    438 
           
           
Oil and natural gas properties (full cost accounting method)          
 Proved developed and undeveloped oil and gas properties, net of depletion   5,551    5,608 
           
Property and equipment, net of depreciation          
 Land, buildings and equipment - oil and gas operations   703    706 
 Other   —      25 
Total property and equipment   703    731 
           
Other assets   322    401 
           
Total assets  $7,291   $7,178 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 3 
 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(amounts in thousands, except share amounts)
 
       
    March 31, 2017    December 31, 2016 
           
Liabilities and stockholders' equity          
           
Current liabilities          
    Accounts payable - (including $463 and $160 due to related parties in 2017 and 2016)  $526   $238 
    Accrued expenses   53    59 
    Current portion of long term debt   89    96 
Total current liabilities   668    393 
           
Long-term debt          
    Notes payable less current portion   293    296 
    Asset retirement obligation   2,770    2,770 
Total liabilities   3,731    3,459 
           
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 March 31, 2017 and December 31, 2016   20    20 
    Additional paid-in capital   58,838    58,838 
    Accumulated deficit   (55,299)   (55,140)
           
      Total shareholders' equity   3,560    3,719 
           
Total liabilities & equity  $7,291   $7,178 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

 4 
 

 

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)      
(amounts in thousands, except per share data)
       
   For the Three Months ended March 31,
   2017  2016
Revenue      
Oil and gas operations, net of royalties  $195   $219 
    Total Revenues   195    219 
           
           
Operating expenses          
Oil and gas operations   256    396 
Corporate general and administrative   100    167 
    Total Operating Expenses   356    563 
Operating earnings (loss)   (161)   (344)
           
Other income (expense)          
Interest income   4    6 
Interest expense   (7)   (11)
Other income (expense), net   (8)   (2)
Expense   (11)   (7)
           
Earns (loss) form continuing operations   (172)   (351)
           
Earnings from discontinued operations   13    55 
           
Net income (loss) applicable to common shares  $(159)  $(296)
           
Net (loss) per common share from continuing operations  $(0.09)  $(0.18)
           
Net income per common share from discontinued operations  $0.01   $0.03 
           
Net income (loss) per common share-basic and diluted  $(0.08)  $(0.15)
           
Weighted average common and equivalent shares outstanding - basic   1,947    1,947 
           
           
The accompanying notes are an integral part of these consolidated financial statements.

 

 

 5 
 

 

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(amounts in thousands)
   For the Three Months Ended
   March 31,
   2017  2016
       
       
Cash flows from operating activities          
Net income (loss)  $(159)  $(296)
Adjustments to reconcile net income to net cash provided by (used in) operating activities          
      Depreciation, depletion and amortization   148    186 
      Write-off of retirement center assets   24    —   
Changes in operating assets and liabilities          
        Other current and non-current assets   134    11 
Accounts payable and other liabilities   282    208 
Net cash provided by (used) in operating activities   429    109 
           
Cash flows from investing activities          
      Investment in undeveloped land   (10)   —   
      Fixed asset additions   (2)   (8)
Net cash provided by (used in) investing activities   (12)   (8)
           
Cash flows from financing activities          
      Payment on notes payable   (10)   (27)
Net cash provided by (used in) financing activities   (10)   (27)
           
           
Net increase (decrease) in cash and cash equivalents   407    74 
Cash and cash equivalents at beginning of year   113    473 
           
Cash and cash equivalents at end of year  $520   $547 
           
Supplemental disclosures of cash flow information          
  Cash paid for interest on notes payable  $7   $11 
           
The accompanying notes are an integral part of these consolidated financial statements.

 

 6 
 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

Notes To Consolidated Financial Statements

 

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.  Certain reclassifications have been made to the prior year revenue and operating expense amounts in the statement of operations to conform to the current year presentation.

 

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, 2016.  Operating results for the three month period ended March 31, 2017 are not necessarily indicative of the results that may be expected for any subsequent quarter or for the fiscal year ending December 31, 2017.

 

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.

 

Until March 30, 2017 the Company leased and operated a retirement center in King City, Oregon with a capacity of 114 residents. The terms of the lease agreement provided that if the facility was sold to a third party the lease would be terminated. On March 30, 2017 the owners of the facility sold the facility. The operations of the retirement facility have be reflected a discontinued operations. 

 

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, 2016.

 

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.

 

 

 7 
 

  

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 palace. In April 2012 the Company entering 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. 

 

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 trial judge ruled that the Company was not the alter-ego of Eurenergy however that decision was subsequently reversed by the Court of Appeals. The matter was then appealed to the Texas Supreme Court who determined that the damages had been miscalculated and sent the matter back to the Court of Appeals to determine what the acutual damages should be. At this point the damages according to the courts appear to be in the range of $32 million dollars. We anticipate that the matter will be sent back to the Texas Supreme Court.

 

Management notes that in connection with the original appeal, the individual defendant deposited alternative security with the Trial 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.

 

For a discussion of this legal matter see Item: 3 of the Company’s Form 10-K for December 31, 2016.

 

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. 

 

NOTE H:  NEWLY ISSUED ACCOUNTING STANDARDS

 

In February 2016, Accounting Standards Update No. 2016-02 (“ASU 2016-02”), Leases was issued. This new guidance establishes a new model for accounting for leases and provides for enhanced disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact the adoption of this guidance, if any, on its financial position and results of operations. 

 

NOTE I:  SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through May 12, 2017, the date the financial statements were available to be issued, and determined that there are none to be reported.

 

Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations

 

Critical Accounting Policies and Estimates

 

The Company’s discussion and analysis of its financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States.  Certain of the Company’s accounting policies require the application of judgment in selecting the appropriate assumptions for calculating financial estimates.  By their nature, these judgments are subject to an inherent degree of uncertainty.  These judgments and estimates are based upon the Company’s historical experience, current trends and information available from other sources that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.  Actual results may differ from these estimates under different assumptions or conditions. 

 

 8 
 

  

The Company’s significant accounting policies are summarized in Note B to our consolidated financial statements in our annual report on Form 10-K.  The Company believes the following critical accounting policies are more significant to the judgments and estimates used in the preparation of its consolidated financial statements.  Revisions in such estimates are recorded in the period in which the facts that give rise to the revisions become known.

 

Oil and Gas Property Accounting

 

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.

 

Doubtful Accounts

 

The Company’s allowance for doubtful accounts receivable and notes receivable is based on an analysis of the risk of loss on specific accounts.  The analysis places particular emphasis on past due accounts.  Management considers such information as the nature and age of the receivable, the payment history of the tenant, customer or other debtor and the financial condition of the tenant or other debtor.  Management’s estimate of the required allowance, which is reviewed on a quarterly basis, is subject to revision as these factors change.

 

Deferred Tax Assets

 

Significant management judgment is required in determining the provision for income taxes, deferred tax assets and liabilities and any valuation allowance recorded against net deferred tax assets.  The future recoverability of the Company’s net deferred tax assets is dependent upon the generation of future taxable income prior to the expiration of the loss carry forwards.  At March 31, 2017, the Company had a deferred tax asset due to tax deductions available to it in future years.  However, as management could not determine that it was more likely than not that the benefit of the deferred tax asset would be realized, a 100% valuation allowance was established.

 

Liquidity and Capital Resources

 

At March 31, 2017, the Company had current assets of $715,000 and current liabilities of $688,000.

 

Cash and cash equivalents at March 31, 2017 were $520,000 as compared to $113,000 at December 31, 2016.

 

Net cash provided by operating activities was $429,000 for the three months ended March 31, 2017.  During the three-month period, the Company had net loss of $159,000.

 

Net cash used in investing activities was $12,000 for the three months ended March 31, 2017, consisting of the purchase of land and equipment at the Company’s oil and gas operations.

 

Net cash used in financing activities was $10,000 for the three months ended March 31, 2017, consisting of the repayments of loans to a bank.

 

Results of Operations

 

Comparison of the three months ended March 31, 2017 to the same period in 2016

 

The Company reported a net loss of $159,000 for three months ended March 31, 2017, as compared to net loss of $296,000 for the similar period in 2016.

 

 9 
 

  

For the three months ended March 31, 2017, the Company recorded oil and gas revenues of $195,000 as compared to $219,000 for the comparable period of 2016. The decrease in oil & gas revenue for the three months ended March 31, 2017 was principally due to the production and price the Company received for oil.

 

For the three months ended March 31, 2017, the Company recorded oil and gas operating expenses of $256,000 as compared to $396,000 for the comparable period of 2016.The decrease was due to a specific effort by management to reduce operation costs. The decrease represents a $28,000 reduction in payroll costs and a reduction in general operating expenses of $38,000.

 

For the three months ended March 31, 2017, operating expenses at the retirement property were $348,000, as compared to $394,000 for the comparable period in 2016. The decreases were due to a reduction in general operating expenses and depletion.

 

For the three months ended March 31, 2017, corporate general & administrative expenses were $100,000 as compared to $169,000 for the comparable periods in 2016.  The decrease was due to a decrease in payroll expenses of $23,000 as well as other administrative costs.

 

Comparison of the three months ended March 31, 2016 to the same period in 2015

 

The Company reported a net loss of $296,000 for three months ended March 31, 2016, as compared to net income of $314,000 for the similar period in 2015.

 

For the three months ended March 31, 2016, the Company recorded oil and gas revenues of $219,000 as compared to $172,000 for the comparable period of 2015. The increase in oil & gas revenue for the three months ended March 31, 2016 was $47,000. The increase is due to the production of more gas in 2016 than 2015. During the first quarter of 2015 there was unusual harsh weather in the areas where the Company maintains its wells. The weather severely hampered the Company’s ability to repair and maintain well equipment as well as limited the pickups of oil from wells that were located in areas that were impossible to reach.

 

The Company recorded revenues of $677,000 for the three months ended March 31, 2016 from its retirement property compared to $717,000 for the comparable period in 2015. The decrease is due to reduced occupancy at the facility.

 

For the three months ended March 31, 2016, the Company recorded oil and gas operating expenses of $396,000 as compared to $470,000 for the comparable period of 2015.The decrease was due to a specific effort by management to reduce operation costs. The decrease represents a $41,000 reduction in payroll costs and a reduction in general operating expenses of $38,000.

 

For the three months ended March 31, 2016, operating expenses at the retirement property were $348,000, as compared to $394,000 for the comparable period in 2015. The decreases were due to a reduction in general operating expenses.

 

For the three months ended March 31, 2016, corporate general & administrative expenses were $166,000 as compared to $154,000 for the comparable periods in 2015.   

 

Forward Looking Statements

 

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995:  A number of the matters and subject areas discussed in this filing that are not historical or current facts deal with potential future circumstances, operations and prospects.  The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from the Company’s actual future experience involving any one or more of such matters and subject areas relating to interest rate fluctuations, the ability to obtain adequate debt and equity financing, demand, pricing, competition, construction, licensing, permitting, construction delays on new developments, contractual and licensure, and other delays on the disposition, transition, or restructuring of currently or previously owned, leased or managed properties in the Company’s portfolio, and the ability of the Company to continue managing its costs and cash flow while maintaining high occupancy rates and market rate charges in its retirement community.  The Company has attempted to identify, in context, certain of the factors that it currently believes may cause actual future experience and results to differ from the Company’s current expectations regarding the relevant matter of subject area.  These and other risks and uncertainties are detailed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

 

 10 
 

  

Inflation

 

The Company’s principal source of revenue is rents from a retirement community and fees for services rendered.  The real estate operation is affected by rental rates that are highly dependent upon market conditions and the competitive environment in the areas where the property is located.  Compensation to employees and maintenance are the principal cost elements relative to the operation of this property.  Although the Company has not historically experienced any adverse effects of inflation on salaries or other operating expenses, there can be no assurance that such trends will continue or that, should inflationary pressures arise, the Company will be able to offset such costs by increasing rental rates in its real estate operation.

 

Environmental Matters

 

The Company has conducted environmental assessments on most of its existing owned or leased properties.  These assessments have not revealed any environmental liability that the Company believes would have a material adverse effect on the Company’s business, assets or results of operations.  The Company is not aware of any such environmental liability.  The Company believes that all of its properties are in compliance in all material respects with all federal, state and local laws, ordinances and regulations regarding hazardous or toxic substances or petroleum products.  The Company has not been notified by any governmental authority and is not otherwise aware of any material non-compliance, liability or claim relating to hazardous or toxic substances or petroleum products in connection with any of its communities. 

 

 Item 3.  Quantitative and Qualitative Disclosures about Market Risk

 

Interest Rate Risk

 

Nearly all of the Company’s debt is financed at fixed rates of interest.  Therefore, the Company has minimal risk from exposure to changes in interest rates. 

   

Item 4.  CONTROLS AND PROCEDURES 

 

(a)           Based on an evaluation by our management (with the participation of our Principal Executive Officer and Principal Financial Officer), as of the end of the period covered by this report, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Were effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosures.

 

(b)           There has been no change in our internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)) during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 

 11 
 

  

PART II:  OTHER INFORMATION 

 

 

Item 6.  Exhibits

 

The following exhibits are filed herewith or incorporated by reference as indicated below. 

 

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 June 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)

 

 12 
 

 

 

   
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.

 

  

 

Signatures

 

 

 

Pursuant to the requirements of the Securities and Exchange Act of 1934, Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  New Concept Energy, Inc.  
       
Date: May 15, 2017 By:   /s/ Gene Bertcher                               
    Gene S. Bertcher, Principal Executive  
    Officer, President and Chief Financial   
    Officer   

 

 

 

 13 
 

 

 

 

 EX-31 2 ex311.htm

 

CERTIFICATIONS EXHIBIT 31.1

PRINCIPAL EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER’S RULE 13a-14(a)/15d-14(a)

I, Gene S. Bertcher, certify that:

1)       I have reviewed this annual report of Form 10-Q of New Concept Energy, Inc.;

2)       Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made in light of the circumstances under which such statements were made, and is not misleading with respect to the period covered by this report;

3)       Based on my knowledge, the financial statements and other financial information included in this report fairly present, in all material respects, the financial condition, results of operations and cash flows of the Registrant as of and for the periods presented in this report;

4)       I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13(a)-15(f) and 15(d)-15(f)) for the Registrant and have:

(a)       Designed such disclosure controls and procedures, or used such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

(b)       Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals;

(c)       Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the controls and procedures as of the end of the period covered by this report based on such evaluation; and

(d)       Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

5)       I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of Registrant’s board of directors (or persons performing the equivalent functions):

(a)       All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

(b)       Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal controls.

 

Dated: May 15, 2017 

   

/s/ Gene S. Bertcher

Gene S. Bertcher, Principal Executive

Officer, President and Chief Financial Officer

 EX-32 3 ex321.htm

 

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. § 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report of New Concept Energy, Inc. (the “Company”) of Form 10-Q for the period ended March 31, 2017, as filed with the Securities Exchange Commission on the date hereof (the “Report”), I, Gene S. Bertcher, President and Chief Financial Officer of the Company, do hereby certify pursuant to 18 U.S.C. §1350 that:

(i) The Report fully complies with the requirements of Section 13(a) or I 5(d) of the Securities Exchange Act of 1934, as amended; and

(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company, at the end of the period indicated and for the periods indicated.

 

Dated: May 15, 2017 

   

/s/ Gene S. Bertcher

Gene S. Bertcher, Principal Executive

Officer, President and Chief Financial Officer

 

 

 EX-101.INS 4 gbr-20170331.xml XBRL INSTANCE FILE 520000 113000 122000 119000 73000 206000 715000 438000 5551000 5608000 703000 706000 0 25000 703000 731000 322000 401000 7291000 7178000 526000 238000 53000 59000 89000 96000 668000 393000 293000 296000 2770000 2770000 3731000 3459000 1000 1000 20000 20000 58838000 58838000 -55299000 -55140000 3560000 3719000 7291000 7178000 195000 219000 195000 219000 256000 396000 100000 167000 356000 563000 -161000 -344000 4000 6000 -7000 -11000 -8000 -2000 -11000 -7000 -172000 -351000 13000 55000 -159000 -296000 -0.09 -0.18 0.01 0.03 -0.08 -0.15 1947 1947 -159000 -296000 148000 186000 24000 0 134000 11000 282000 208000 429000 109000 -10000 0 -2000 -8000 -12000 -8000 -10000 -27000 -10000 -27000 407000 74000 113000 473000 520000 547000 7000 11000 463 160 0.01 0.01 100000000 100000000 1946935 1946935 1946935 1946935 <!--egx--><p style='margin:0in 0in 0pt'><b>NOTE G:&nbsp;&nbsp;SUBSEQUENT EVENTS</b></p> <p style='margin:0in 0in 0pt'>&nbsp;</p>The Company has evaluated subsequent events through May 12, 2017, the date the financial statements were available to be issued, and determined that there are none to be reported <!--egx--><p style='margin:0in 0in 0pt'><b>NOTE C: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style='margin:0in 0in 0pt'>&nbsp;</p> <p style='margin:0in 0in 0pt'>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.&nbsp;&nbsp;The policies include significant estimates made by management using information available at the time the estimates are made.&nbsp;&nbsp;However, these estimates could change materially if different information or assumptions were used.&nbsp;&nbsp;These policies are summarized in our Annual Report on Form 10-K for the year ended December 31, 2016.</p> <!--egx--><p style='margin:0in 0in 0pt'><b>NOTE A: BASIS OF PRESENTATION</b></p> <p style='margin:0in 0in 0pt'>&nbsp;</p> <p style='margin:0in 0in 0pt'>The accompanying unaudited consolidated financial statements include the accounts of New Concept Energy, Inc. and its majority-owned subsidiaries (collectively, &#147;NCE&#148; or the &#147;Company&#148;).&nbsp;&nbsp;All significant intercompany transactions and accounts have been eliminated.&nbsp;&nbsp;Certain reclassifications have been made to the prior year revenue and operating expense amounts in the statement of operations to conform to the current year presentation.</p> <p style='margin:0in 0in 0pt'>&nbsp;</p> <p style='margin:0in 0in 0pt'>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.&nbsp;&nbsp;The financial statements reflect all adjustments that are, in the opinion of management, necessary to fairly present such information.&nbsp;&nbsp;All such adjustments are of a normal recurring nature.&nbsp;&nbsp;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.</p> <p style='margin:0in 0in 0pt'>&nbsp;</p> <p style='margin:0in 0in 0pt'>These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company&#146;s Annual Report on Form 10-K for the fiscal year ending December 31, 2016.&nbsp;&nbsp;Operating results for the three month period ended March 31, 2017 are not necessarily indicative of the results that may be expected for any subsequent quarter or for the fiscal year ending December 31, 2017.</p> <!--egx--><p style='margin:0in 0in 0pt'><b>NOTE B: NATURE OF OPERATIONS</b></p> <p style='margin:0in 0in 0pt'>&nbsp;</p> <p style='margin:0in 0in 0pt'>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.</p> <p style='margin:0in 0in 0pt'>&nbsp;</p> <p style='margin:0in 0in 0pt'>Until March 30, 2017 the Company leased and operated a retirement center in King City, Oregon with a capacity of 114 residents. The terms of the lease agreement provided that if the facility was sold to a third party the lease would be terminated. On March 30, 2017 the owners of the facility sold the facility. The operations of the retirement facility have be reflected a discontinued operations.&nbsp;</p> <!--egx--><p style='margin:0in 0in 0pt'><b>NOTE D: OIL AND GAS RESERVES</b></p> <p style='margin:0in 0in 0pt'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt'>The Company uses the full cost method of accounting for its investment in oil and natural gas properties.&nbsp;&nbsp;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.</p> <p style='margin:0in 0in 0pt'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt'>The full cost method requires the Company to calculate quarterly, by cost center, a &#147;ceiling,&#148; or limitation on the amount of properties that can be capitalized on the balance sheet.&nbsp;&nbsp;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.</p> <p style='margin:0in 0in 0pt'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt'>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.&nbsp;&nbsp;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&#146;s estimated current market value of proved reserves.</p> <p style='text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt'>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 palace. In April 2012 the Company entering 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.<b>&nbsp;</b></p> <!--egx--><p style='margin:0in 0in 0pt'><b>NOTE E: CONTINGENCIES</b></p> <p style='margin:0in 0in 0pt'>&nbsp;</p> <p style='margin:0in 0in 0pt'><u>Carlton Energy Group, LLC&nbsp;</u></p> <p style='margin:0in 0in 0pt'>&nbsp;</p> <p style='margin:0in 0in 0pt'>In December 2006, Carlton Energy Group, LLC (&#147;Carlton&#148;) instituted litigation against an individual, Eurenergy Resources Corporation (&#147;Eurenergy&#148;) and several other entities including New Concept Energy, Inc., which was then known as CabelTel International Corporation (the &#147;Company&#148;) alleging tortuous conduct, breach of contract and other matters and as to the Company that it was the alter ego of Eurenergy. The trial judge ruled that the Company was not the alter-ego of Eurenergy however that decision was subsequently reversed by the Court of Appeals. The matter was then appealed to the Texas Supreme Court who determined that the damages had been miscalculated and sent the matter back to the Court of Appeals to determine what the acutual damages should be. At this point the damages according to the courts appear to be in the range of $32 million dollars. We anticipate that the matter will be sent back to the Texas Supreme Court.</p> <p style='margin:0in 0in 0pt'>&nbsp;</p> <p style='margin:0in 0in 0pt'>Management notes that in connection with the original appeal, the individual defendant deposited alternative security with the Trial 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.</p> <p style='margin:0in 0in 0pt'>&nbsp;</p> <p style='margin:0in 0in 0pt'>For a discussion of this legal matter see Item: 3 of the Company&#146;s Form 10-K for December 31, 2016.</p> <p style='margin:0in 0in 0pt'>&nbsp;</p> <p style='margin:0in 0in 0pt'><u>Other</u></p> <p style='margin:0in 0in 0pt'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt'>The Company has been named as a defendant in other lawsuits in the ordinary course of business.&nbsp;&nbsp;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.<b>&nbsp;</b></p> <!--egx--><p style='margin:0in 0in 0pt'><b>NOTE F:&nbsp;&nbsp;NEWLY ISSUED ACCOUNTING STANDARDS</b></p> <p style='margin:0in 0in 0pt'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt'>In February 2016, Accounting Standards Update No. 2016-02 (&#147;ASU 2016-02&#148;), Leases was issued. This new guidance establishes a new model for accounting for leases and provides for enhanced disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018. 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Entity Registrant Name New Concept Energy, Inc.  
Entity Trading Symbol gbr  
Document Type 10-Q  
Document Period End Date Mar. 31, 2017  
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Entity Central Index Key 0000105744  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   1,946,935
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Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well-known Seasoned Issuer No  
Document Fiscal Year Focus 2017  
Document Fiscal Period Focus Q1  
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Mar. 31, 2017
Dec. 31, 2016
Current assets    
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Accounts receivable from oil and gas sales 122 119
Other current assets 73 206
Total current assets 715 438
Oil and natural gas properties (full cost accounting method)    
Proved developed and undeveloped oil and gas properties, net of depletion 5,551 5,608
Property and equipment, net of depreciation    
Land, buildings and equipment - oil and gas operations 703 706
Other 0 25
Total property and equipment 703 731
Other assets 322 401
Total assets 7,291 7,178
Current liabilities    
Accounts payable - (including $463 and $160 due to related parties in 2017 and 2016) 526 238
Accrued expenses 53 59
Current portion of long term debt 89 96
Total current liabilities 668 393
Long-term debt    
Notes payable less current portion 293 296
Asset retirement obligation 2,770 2,770
Total liabilities 3,731 3,459
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Preferred stock, Series B 1 1
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Total shareholders' equity 3,560 3,719
Total liabilities & equity $ 7,291 $ 7,178
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Common Stock, Par Value $ 0.01 $ 0.01
Common Stock, Shares Authorized 100,000,000 100,000,000
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$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenue    
Oil and gas operations, net of royalties $ 195 $ 219
Total Revenues 195 219
Operating expenses    
Oil and gas operations 256 396
Corporate general and administrative 100 167
Total Operating Expenses 356 563
Operating earnings (loss) (161) (344)
Other income (expense)    
Interest income 4 6
Interest expense (7) (11)
Other income (expense), net (8) (2)
Total Other income (expense) (11) (7)
Earns (loss) form continuing operations (172) (351)
Earnings from discontinued operations 13 55
Net income (loss) applicable to common shares $ (159) $ (296)
Net (loss) per common share from continuing operations $ (0.09) $ (0.18)
Net income per common share from discontinued operations 0.01 0.03
Net income (loss) per common share-basic and diluted $ (0.08) $ (0.15)
Weighted average common and equivalent shares outstanding - basic 1,947 1,947
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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net income (loss) $ (159) $ (296)
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Depreciation, depletion and amortization 148 186
Write-off of retirement center assets 24 0
Changes in operating assets and liabilities    
Other current and non-current assets 134 11
Accounts payable and other liabilities 282 208
Net cash provided by (used) in operating activities 429 109
Cash flows from investing activities    
Investment in undeveloped land (10) 0
Fixed asset additions (2) (8)
Net cash provided by (used in) investing activities (12) (8)
Cash flows from financing activities    
Payment on notes payable (10) (27)
Net cash provided by (used in) financing activities (10) (27)
Net increase (decrease) in cash and cash equivalents 407 74
Cash and cash equivalents at beginning of year 113 473
Cash and cash equivalents at end of year 520 547
Supplemental disclosures of cash flow information    
Cash paid for interest on notes payable $ 7 $ 11
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BASIS OF PRESENTATION
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Mar. 31, 2017
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.  Certain reclassifications have been made to the prior year revenue and operating expense amounts in the statement of operations to conform to the current year presentation.

 

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, 2016.  Operating results for the three month period ended March 31, 2017 are not necessarily indicative of the results that may be expected for any subsequent quarter or for the fiscal year ending December 31, 2017.
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NATURE OF OPERATIONS
 3 Months Ended
Mar. 31, 2017
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.

 

Until March 30, 2017 the Company leased and operated a retirement center in King City, Oregon with a capacity of 114 residents. The terms of the lease agreement provided that if the facility was sold to a third party the lease would be terminated. On March 30, 2017 the owners of the facility sold the facility. The operations of the retirement facility have be reflected a discontinued operations. 
XML 17 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2017
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, 2016.
XML 18 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
OIL AND GAS RESERVES
 3 Months Ended
Mar. 31, 2017
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 palace. In April 2012 the Company entering 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. 
XML 19 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONTINGENCIES
 3 Months Ended
Mar. 31, 2017
CONTINGENCIES  
CONTINGENCIES

NOTE E: 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 trial judge ruled that the Company was not the alter-ego of Eurenergy however that decision was subsequently reversed by the Court of Appeals. The matter was then appealed to the Texas Supreme Court who determined that the damages had been miscalculated and sent the matter back to the Court of Appeals to determine what the acutual damages should be. At this point the damages according to the courts appear to be in the range of $32 million dollars. We anticipate that the matter will be sent back to the Texas Supreme Court.

 

Management notes that in connection with the original appeal, the individual defendant deposited alternative security with the Trial 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.

 

For a discussion of this legal matter see Item: 3 of the Company’s Form 10-K for December 31, 2016.

 

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. 
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
NEWLY ISSUED ACCOUNTING STANDARDS
 3 Months Ended
Mar. 31, 2017
NEWLY ISSUED ACCOUNTING STANDARDS  
NEWLY ISSUED ACCOUNTING STANDARDS

NOTE F:  NEWLY ISSUED ACCOUNTING STANDARDS

 

In February 2016, Accounting Standards Update No. 2016-02 (“ASU 2016-02”), Leases was issued. This new guidance establishes a new model for accounting for leases and provides for enhanced disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact the adoption of this guidance, if any, on its financial position and results of operations. 

 
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2017
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE G:  SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through May 12, 2017, the date the financial statements were available to be issued, and determined that there are none to be reported
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
NATURE OF OPERATIONS (Details)
Mar. 31, 2017
NATURE OF OPERATIONS Details  
Company leased and operated a retirement center in King City, Oregon with a capacity of residents 114
XML 23 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
OIL AND GAS RESERVES (Details)
Mar. 31, 2017
USD ($)
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
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONTINGENCIES (Details) - USD ($)
Mar. 31, 2017
Dec. 31, 2006
Contingencies Details    
The individual jointly and severally for actual damages in millions   $ 3,200,000
Individual defendant deposited alternative security with the court to supersede the judgment in excess $ 5,600,000  
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