UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Section 2 – Financial Information
Item 2.02. Results of Operations and Financial Condition
On November 10, 2023, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended September 30, 2023. A copy of the announcement is attached as Exhibit “99.1.”
The information furnished pursuant to Item 2.02 in this Form 8-K, including Exhibit “99.1” attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. We undertake no duty or obligation to publicly update or revise the information furnished pursuant to Item 2.02 of this Current Report on Form 8-K.
Section 9 – Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
The following exhibit is furnished with this Report:
Exhibit Designation |
Description of Exhibit | |
99.1* | Press Release, dated September 30, 2023 | |
101 |
Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language). | |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101). |
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* Furnished herewith
2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned, hereunto duly authorized.
Dated: November 13, 2023
NEW CONCEPT ENERGY, INC. | ||
By: | /s/Gene S. Bertcher | |
Gene S. Bertcher, President and Chief Financial Officer |
3
Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
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Contact:
New Concept Energy Inc. Investor Relations Gene Bertcher, (800) 400-6407 info@newconceptenergy.com
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New Concept Energy, Inc. Reports Third Quarter 2023 Results
Dallas (November 9, 2023) – New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the third quarter ended September 30, 2023.
The Company reported net income of $7,000 for the three months ended September 30, 2023, as compared to net income of $27,000 for the similar period in 2022.
For the three months ended September 30, 2023 the Company had revenue of $35,000 including $25,000 for rental revenue and $10,000 for management fees as compared to $25,000 for rental revenue and $38,000 for the comparative period in 2022. The reduction in revenue for management fees is due to a lower selling price for oil and gas.
For the three months ended September 30, 2023, corporate general & administrative expenses were $70,000 as compared to $71,000 for the comparable periods in 2022.
New Concept Energy, Inc. is a Dallas-based company which owns real estate in West Virginia and provides management services for a third party oil and gas company. For more information, visit the Company’s website at www.newconceptenergy.com.
Contact: New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
September 30, 2023 | December 31, 2022 | |||||||
(Unaudited) | (Audited) | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 460 | $ | 436 | ||||
Other current assets | 24 | 30 | ||||||
Total current assets | 484 | 466 | ||||||
Property and equipment, net of depreciation | ||||||||
Land, buildings and equipment | 632 | 631 | ||||||
Note receivable -related parties | 3,542 | 3,542 | ||||||
Total assets | $ | 4,658 | $ | 4,639 |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(dollars in thousands, except par value amount)
September 30, 2023 | December 31, 2022 | |||||||
(Unaudited) | (Audited) | |||||||
Liabilities and stockholders' equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 25 | $ | 23 | ||||
Accrued expenses | 39 | 40 | ||||||
Total current liabilities | 64 | 63 | ||||||
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, 2023 and December 31, 2022 | 51 | 51 | ||||||
Additional paid-in capital | 63,579 | 63,579 | ||||||
Accumulated deficit | (59,037 | ) | (59,055 | ) | ||||
Total shareholder equity | 4,594 | 4,576 | ||||||
Total liabilities & equity | $ | 4,658 | $ | 4,639 |
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, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenue | ||||||||||||||||
Rent | $ | 25 | $ | 25 | $ | 76 | $ | 76 | ||||||||
Management Fee | 10 | 38 | 39 | 79 | ||||||||||||
Total Revenues | 35 | 63 | 115 | 155 | ||||||||||||
Operating expenses | ||||||||||||||||
Operating Expenses | 15 | 18 | 41 | 43 | ||||||||||||
Corporate general and administrative | 70 | 71 | 219 | 231 | ||||||||||||
Total operating expenses | 85 | 89 | 260 | 274 | ||||||||||||
Operating earnings (loss) | (50 | ) | (26 | ) | (145 | ) | (119 | ) | ||||||||
Other income (expense) | ||||||||||||||||
Interest income from a related party | 53 | 53 | 163 | 159 | ||||||||||||
Interest Income | 4 | |||||||||||||||
Other income, net | - | - | - | 130 | ||||||||||||
Total other income expense | 57 | 53 | 163 | 289 | ||||||||||||
Net income (loss) applicable to common shares | $ | 7 | $ | 27 | $ | 18 | $ | 170 | ||||||||
Net income (loss) per common share-basic and diluted | $ | 0.01 | $ | 0.01 | $ | 0.03 | $ | 0.03 | ||||||||
Weighted average common and equivalent shares outstanding - basic | 5,132 | 5,132 | 5,132 | 5,132 |
Cover |
Nov. 10, 2023 |
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Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 10, 2023 |
Entity File Number | 000-08187 |
Entity Registrant Name | NEW CONCEPT ENERGY, INC. |
Entity Central Index Key | 0000105744 |
Entity Tax Identification Number | 75-2399477 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 1603 LBJ Freeway |
Entity Address, Address Line Two | Suite 800 |
Entity Address, City or Town | Dallas |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75234 |
City Area Code | 972 |
Local Phone Number | 407-8400 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.01 |
Trading Symbol | GBR |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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