0001010549-19-000228.txt : 20191114 0001010549-19-000228.hdr.sgml : 20191114 20191114110205 ACCESSION NUMBER: 0001010549-19-000228 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 26 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191114 DATE AS OF CHANGE: 20191114 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: 191217685 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 nce10q.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 September 30, 2019

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 800

Dallas, Texas

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

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

  
  Title of each class Trading Symbol(s) Name of each exchange on which registered  
  Common Stock, par value $0.01 GBR NYSE AMERICAN  
                     

 

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 [  ]    
     

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

 

 Yes: [  ] No: [X]  
           

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 5,131,934 shares
(Class) (Outstanding at November 12, 2019)

 

 

1 
 

 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

Index to Quarterly Report on Form 10-Q

Period ended September 30, 2019

 

PART I:  FINANCIAL INFORMATION  
   
Item 1.  Financial Statements  
Consolidated Balance Sheets 3
Consolidated Statements of Operations 5
Consolidated Statements of Cash Flows 6
Consolidated Statements of Changes in Stockholders’ Equity 7
   
Notes To Consolidated Financial Statements 8
   
Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations 9
   
Item 3.  Quantitative and Qualitative Disclosures About Market Risk 11
   
Item 4.  Controls and Procedures 11
   
PART II:  OTHER INFORMATION 11
   
Item 6. Exhibits 12
   
Signatures 13

 

 

 

2 
 

 

PART I.  FINANCIAL INFORMATION

 

Item 1.  Financial Statements

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
(amounts in thousands)
   September 30,
2019		  December 31,
2018
   (unaudited)  (audited)
Assets      
       
Current assets          
 Cash and cash equivalents  $42   $361 
 Accounts receivable from oil and gas sales   69    72 
 Current portion notes receivable (including $4,120 and 4,017 due to related parties in 2019 and 2018)   4,162    4,063 
 Other current assets   11    —   
Total current assets   4,284    4,496 
           
           
Oil and natural gas properties (full cost accounting method)          
 Proved developed and undeveloped oil and gas properties, net of depletion   799    2,517 
           
Property and equipment, net of depreciation          
 Land, buildings and equipment - oil and gas operations   671    618 
           
           
Other  assets   222    251 
           
Total assets  $5,976   $7,882 
           
           
The accompanying notes are an integral part of these consolidated financial statements.

 

3 
 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(unaudited)
(amounts in thousands, except par value amounts)
       
    September 30,
 2019		    December 31,
 2018		 
           
Liabilities and stockholders' equity          
           
Current liabilities          
    Accounts payable (includes $117 and $37 due to related parties in 2019 and 2018)  $519   $59 
    Accrued expenses   29    32 
    Current portion of long term debt   51    59 
Total current liabilities   599    150 
           
Long-term debt          
    Notes payable less current portion   181    201 
    Asset retirement obligation   2,770    2,770 
Total liabilities   3,550    3,121 
           
Stockholders' equity          
    Preferred stock, Series B   1    1 
    Common stock, $.01 par value; authorized, 100,000,000          
      shares; issued and outstanding, 5,131,934 shares at          
      September 30, 2019 and December 31, 2018   51    51 
    Additional paid-in capital   63,579    63,579 
    Accumulated deficit   (61,205)   (58,870)
           
Total Shareholder Equity   2,426    4,761 
           
Total liabilities & equity  $5,976   $7,882 
           
           
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 September 30,  For the Nine Months ended September 30,
   2019  2018  2019  2018
Revenue            
Oil and gas operations, net of royalties  $127   $167   $471   $544 
                     
                     
Operating expenses                    
Oil and gas operations   176    186    586    700 
Corporate general and administrative   92    99    314    282 
Impairment of oil and natural gas properties   2,285    —      2,285    —   
Total operating expenses   2,553    285    3,185    982 
    Operating earnings (loss)   (2,426)   (118)   (2,714)   (438)
                     
                     
Other income (expense)                    
Interest income   63    5    192    16 
Interest expense   (3)   (6)   (12)   (17)
Other income (expense)   46    (2)   199    10 
    106    (3)   379    9 
                     
Net (loss) applicable to common shares   (2,320)   (121)   (2,335)   (429)
                     
                     
Net income (loss) per common share-basic and diluted  $(0.45)  $(0.02)  $(0.45)  $(0.08)
                     
                     
Weighted average common and equivalent shares outstanding - basic   5,132    5,132    5,132    5,132 
                     
                     
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 Nine Months Ended
   September 30,
   2019  2018
       
       
Cash flows from operating activities          
Net income (loss)  $(2,335)  $(429)
Adjustments to reconcile net income to net cash provided by (used in) operating activities          
      Depreciation, depletion and amortization   67    197 
Changes in operating assets and liabilities          
        Other current and non-current assets   (78)   46 
Accounts payable and other liabilities   456    (78)
  Impairment of oil and natural gas properties   2,285      
Net cash provided by (used) in operating activities   395    (264)
           
Cash flows from investing activities          
      Investment in drilling costs   (612)   —   
      Fixed asset additions   (70)   —   
Net cash provided by (used in) investing activities   (682)   —   
           
Cash flows from financing activities          
           
      Payment on notes payable   (32)   (54)
      Sale of common stock   —      171 
Net cash provided by (used in) financing activities   (32)   117 
           
           
Net increase (decrease) in cash and cash equivalents   (319)   (147)
Cash and cash equivalents at beginning of year   361    419 
           
Cash and cash equivalents at end of period  $42   $272 
           
Supplemental disclosures of cash flow information          
Cash paid for interest on notes payable  $12   $17 
           
           
The accompanying notes are an integral part of these consolidated financial statements.

 

6 
 

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(amounts in thousands)
                      
                      
                      
   Series B    Additional  Accum-   
   Preferred stock  Common Stock  paid in  ulated   
   Shares  Amount  Shares  Amount  capital  deficit  Total
                      
Balance at December 31, 2017   1   $1    2,037   $21   $59,000    (58,386)   636 
Issuance of Common Stock             95   $1    170         171 
Net Loss                            (429)   (429)
Balance at September 30, 2018   1   $1    2,132   $22   $59,170   $(58,815)  $378 
                                    
                                    
Balance at December 31, 2018   1   $1    5,132   $51   $63,579    (58,870)   4,761 
Net Loss                            (2,335)   (2,335)
Balance at September 30, 2019   1   $1    5,132   $51   $63,579   $(61,205)  $2,426 
                                    
                                    
                                    
The accompanying notes are an integral part of these consolidated financial statements.

7 
 

 

 

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, 2018.  Operating results for the three and six month periods ended September 30, 2019 are not necessarily indicative of the results that may be expected for any subsequent quarter or for the fiscal year ending December 31, 2019.

 

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, Inc. and Mountaineer State Operations, LLC.

 

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, 2018.

 

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.

 

In September 2019 the Company unsuccessfully drilled a well which resulted in dry hole. As the well did not prove up the estimated probable and possible reserves, the Company had to deem the applicable reserve estimates as impaired. In the third quarter the company booked an impairment expense of $2,285,000 which represents a reduction of both the estimated probable and possible reserves as well as the cost of drilling the failed well.

 

NOTE E: LIQUIDITY

 

The Company’s ability to meet current cash obligations relies on cash received from current operations and the collection of notes receivable. The Company is evaluating business opportunities to provide both additional income and cash flow.

 

 

 

8 
 

NOTE F: CONTINGENCIES

 

Litigation. The Company and its subsidiaries, from time to time, have been involved in various items of litigation incidental to and in the ordinary course of its business and, in the opinion of management, the outcome of such litigation will not have a material adverse impact upon the Company’s financial condition, results of operations or liquidity.

 

NOTE G:  SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through August 13, 2019, 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.

 

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.

 

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 September 30, 2019, 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.

 

9 
 

 

Liquidity and Capital Resources

 

At September 30, 2019, the Company had current assets of $4,284,000 and current liabilities of $599,000.

 

Cash and cash equivalents at September 30, 2019 were $42,000 as compared to $361,000 at December 31, 2018.

 

Net cash provided in operating activities was $395,000 for the nine months ended September 30, 2019.  

 

Net cash used in investing activities was $682,000 for the nine months ended September 30, 2019.  

 

Net cash used in financing activities was $32,000 for the nine months ended September 30, 2019.

 

Results of Operations

 

Comparison of the three months ended September 30, 2019 to the same period in 2018

 

The Company reported a net loss of $2,320,000 for three months ended September 30, 2019, as compared to net loss of $121,000 for the similar period in 2018.

 

For the three months ended September 30, 2018, the Company recorded oil and gas revenues of $127,000 as compared to

$167,000 for the comparable period of 2018. The decrease was principally due to a decrease in the rate the Company received for the sale of its natural gas.

 

For the three months ended September 30, 2019, the Company recorded oil and gas operating expenses of $2,461,000 as compared to $186,000 for the comparable period of 2018. Included in the 2019 expenses in an impairment expense of $2,285,000. In September 2019 the Company unsuccessfully drilled a well which resulted in dry hole. As the well did not prove up the estimated probable and possible reserves, the Company had to deem the applicable reserve estimates as impaired. In the third quarter the company booked an impairment expense of $2,285,000 which represents a reduction of both the estimated probable and possible reserves as well as the cost of drilling the failed well.

 

For the three months ended September 30, 2019, corporate general & administrative expenses were $92,000 as compared to $99,000 for the comparable periods in 2018.  

 

Comparison of the nine months ended September 30, 2019 to the same period in 2018

 

The Company reported a net loss of $2,335,000 for nine months ended September 30, 2019, as compared to net loss of $429,000 for the similar period in 2018.

 

For the nine months ended September 30, 2019, the Company recorded oil and gas revenues of $471,000 as compared to $544,000 for the comparable period of 2018. The decrease was due to the rate the Company received for the sale of its natural gas during 2019.

 

For the nine months ended September 30, 2019, the Company recorded oil and gas operating expenses of $2,871,000 as compared to $700,000 for the comparable period of 2018. Included in the 2019 expenses in an impairment expense of $2,285,000. In September 2019 the Company drilled a dry hole which cause a revaluation of the Company’s oil and gas reserves.

 

For the nine months ended September 30, 2019, corporate general & administrative expenses were $314,000 as compared to $282,000 for the comparable periods in 2018.  The increase was due to an increase in general operating expenses.

 

“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

 

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 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.

 

 

 

 

 

PART II:  OTHER INFORMATION

  

 

11 
 

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)
   
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.

 

 

 

 

 

 

12 
 

 

 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: November 14, 2019 By: /s/ Gene Bertcher                               
    Gene S. Bertcher, Principal Executive  
    Officer, President and Chief Financial   
    Officer   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13 
 

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: November 14, 2019

/s/ Gene S. Bertcher Gene S. Bertcher, Principal Executive Officer, President and Chief Financial Officer

14 
 

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, 2016, 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: November 14, 2019

 

 

/s/ Gene S. Bertcher Gene S. Bertcher, Principal Executive Officer, President and Chief Financial Officer

 

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Cash flows from investing activities    
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Cash flows from financing activities    
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Net increase (decrease) in cash and cash equivalents (319) (147)
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Cash and cash equivalents at end of period 42 272
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C. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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Accounting Policies [Abstract]  
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, 2018.
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D. OIL AND GAS RESERVES
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Extractive Industries [Abstract]  
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.

 

In September 2019 the Company unsuccessfully drilled a well which resulted in dry hole. As the well did not prove up the estimated probable and possible reserves, the Company had to deem the applicable reserve estimates as impaired. In the third quarter the company booked an impairment expense of $2,285,000 which represents a reduction of both the estimated probable and possible reserves as well as the cost of drilling the failed well.
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Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Extractive Industries [Abstract]        
Impairment of natural oil and gas properties $ 2,285 $ 2,285
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B. NATURE OF OPERATIONS
 9 Months Ended
Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
B. 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, Inc. and Mountaineer State Operations, LLC.
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Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenue        
Oil and gas operations, net of royalties $ 127 $ 167 $ 471 $ 544
Operating expenses        
Oil and gas operations 176 186 586 700
Corporate general and administrative 92 99 314 282
Impairment of oil and natural gas properties 2,285 2,285
Total operating expenses 2,553 285 3,185 982
Operating earnings (loss) (2,426) (118) (2,714) (438)
Other income (expense)        
Interest income 63 5 192 16
Interest expense (3) (6) (12) (17)
Other income (expense) 46 (2) 199 10
Expense 106 (3) 379 9
Net (loss) applicable to common shares $ (2,320) $ (121) $ (2,335) $ (429)
Net income (loss) per common share-basic and diluted $ (0.45) $ (.02) $ (0.45) $ (.08)
Weighted average common and equivalent shares outstanding - basic 5,132 5,132 5,132 5,132
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E. LIQUIDITY
 9 Months Ended
Sep. 30, 2019
E. Liquidity  
E. LIQUIDITY

NOTE E: LIQUIDITY

 

The Company’s ability to meet current cash obligations relies on cash received from current operations and the collection of notes receivable. The Company is evaluating business opportunities to provide both additional income and cash flow.
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Shareholders Equity - USD ($)
$ in Thousands
Series B Preferred Stock
Common Stock
Additional Paid-In Capital
Retained Earnings / Accumulated Deficit
Total
Beginning Balance Preferred Stock, Shares at Dec. 31, 2017 1        
Beginning Balance Preferred Stock, Value at Dec. 31, 2017 $ 1        
Beginning Balance Common Stock, Shares at Dec. 31, 2017   2,037      
Beginning Balance Common Stock, Value at Dec. 31, 2017   $ 21 $ 59,000 $ (58,386) $ 636
Issuance of Common Stock, Shares   95      
Issuance of Common Stock, Value   $ 1 170   171
Net income       (429) (429)
Ending Balance Preferred Stock, Shares at Sep. 30, 2018 1        
Ending Balance Preferred Stock, Value at Sep. 30, 2018 $ 1        
Ending Balance Common Stock, Shares at Sep. 30, 2018   2,132      
Ending Balance Common Stock, Value at Sep. 30, 2018   $ 22 59,170 (58,815) 378
Beginning Balance Preferred Stock, Shares at Dec. 31, 2018 1        
Beginning Balance Preferred Stock, Value at Dec. 31, 2018 $ 1        
Beginning Balance Common Stock, Shares at Dec. 31, 2018   5,132      
Beginning Balance Common Stock, Value at Dec. 31, 2018   $ 51 63,579 (58,870) 4,761
Net income       (2,335) (2,335)
Ending Balance Preferred Stock, Shares at Sep. 30, 2019 1        
Ending Balance Preferred Stock, Value at Sep. 30, 2019 $ 1        
Ending Balance Common Stock, Shares at Sep. 30, 2019   5,132      
Ending Balance Common Stock, Value at Sep. 30, 2019   $ 51 $ 63,579 $ (61,205) $ 2,426
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Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Current assets    
Cash and cash equivalents $ 42 $ 361
Accounts receivable from oil and gas sales 69 72
Current portion notes receivable (including $4,120 and 4,017 due to related parties in 2019 and 2018) 4,162 4,063
Other current assets 11
Total current assets 4,284 4,496
Oil and natural gas properties (full cost accounting method)    
Proved developed and undeveloped oil and gas properties, net of depletion 799 2,517
Property and equipment, net of depreciation    
Land, buildings and equipment - oil and gas operations 671 618
Other assets 222 251
Total assets 5,976 7,882
Current liabilities    
Accounts payable (includes $117 and $37 due to related parties in 2019 and 2018) 519 59
Accrued expenses 29 32
Current portion of long term debt 51 59
Total current liabilities 599 150
Long-term debt    
Notes payable less current portion 181 201
Asset retirement obligation 2,770 2,770
Total liabilities 3,550 3,121
Stockholders' equity    
Preferred stock, Series B 1 1
Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 5,131,934 shares at September 30, 2019 and December 31, 2018 51 51
Additional paid-in capital 63,579 63,579
Accumulated deficit (61,205) (58,870)
Total Shareholder Equity 2,426 4,761
Total liabilities & equity $ 5,976 $ 7,882
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.19.3
G. SUBSEQUENT EVENTS
 9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE G:  SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through August 13, 2019, the date the financial statements were available to be issued, and determined that there are none to be reported.
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A. BASIS OF PRESENTATION
 9 Months Ended
Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
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, 2018.  Operating results for the three and six month periods ended September 30, 2019 are not necessarily indicative of the results that may be expected for any subsequent quarter or for the fiscal year ending December 31, 2019.

XML 27 R3.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Statement of Financial Position [Abstract]    
Current portion note receivable $ 4,120 $ 4,017
Accounts payable due to related parties $ 117 $ 37
Common Stock, Par Value $ 0.01 $ 0.01
Common Stock, Shares Authorized 100,000,000 100,000,000
Common Stock, Shares Issued 5,131,934 2,036,935
Common Stock, Shares Outstanding 5,131,934 2,036,935
XML 28 R12.htm IDEA: XBRL DOCUMENT v3.19.3
F. CONTINGENCIES
 9 Months Ended
Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES

NOTE F: CONTINGENCIES

 

Litigation. The Company and its subsidiaries, from time to time, have been involved in various items of litigation incidental to and in the ordinary course of its business and, in the opinion of management, the outcome of such litigation will not have a material adverse impact upon the Company’s financial condition, results of operations or liquidity.