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New Concept Energy, Inc. Reports First Quarter 2021 Results

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New Concept Energy, Inc. (NYSE American: GBR), (the "Company" or "NCE") a Dallas-based company, today reported Results of Operations for the first quarter ended March 31, 2021.

During the three months ended March 31, 2021, the Company reported a net income applicable to common shares for the three months ended March 31, 2021 of ($79,000), compared to net loss from continuing operations of ($34,000) for the three months ended March 31, 2020.

The Company reported net income from continuing operations of $79,000 for three months ended March 31, 2021, as compared to a net loss of ($34, 000) for the similar period in 2020.

For the three months ended March 31, 2021, corporate general & administrative expenses were $74,000 as compared to $104,000 for the comparable periods in 2020. The decrease was due, for the most part, to consulting fees paid by the Company regarding oil and gas matters in 2020 that were not incurred in 2021.

For the three months ended March 31, 2021 the Company recorded a tax refund from prior years of $91.000.

For the three months ended March 31, 2020 the Company recorded a loss from discontinued operations of $63,000 for the oil and gas operations that were sold in August 2020.

About New Concept Energy, Inc.

New Concept Energy, Inc. is a Dallas-based company which owns real estate West Virginia. For more information, visit the Company’s website at www.newconceptenergy.com.

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

March 31,
2021

December 31,
2020

Assets

(Unaudited)

(Audited)

Current assets

Cash and cash equivalents

$

43

$

27

Current portion note receivable (including $3,584 and $3,631 in 2021 and 2020 from related parties)

3,636

3,683

Other current assets

220

92

Total current assets

3,899

3,802

Property and equipment, net of depreciation

Land, buildings and equipment

653

656

Note Receivable

145

153

Total assets

$

4,697

$

4,611

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(dollars in thousands, except par value amount)

March 31,
2021

December 31,
2020

(Unaudited)

(Audited)

Liabilities and stockholders' equity

Current liabilities

Accounts payable - (including $80 and $55 due to related parties in 2021 and 2020)

$

108

$

80

Accrued expenses

18

32

Current portion of long term debt

52

52

Total current liabilities

178

164

Long-term debt

Notes payable less current portion

115

122

Total liabilities

293

286

Stockholders' equity

Preferred stock, Series B

1

1

Common stock, $.01 par value; authorized, 100,000,000

shares; issued and outstanding, 5,131,934 and 2,036,935 shares

at March 31, 2021 and December 31, 2020

51

51

Additional paid-in capital

63,579

63,579

Accumulated deficit

(59,227

)

(59,306

)

Total shareholders' equity

4,404

4,325

Total liabilities & equity

$

4,697

$

4,611

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,

2021

2020

Revenue

Rent

$

26

$

26

Total Revenues

26

26

Operating expenses

Operating expenses

18

16

Corporate general and administrative

74

104

Total Operating Expenses

92

120

Operating earnings (loss)

(66

)

(94

)

Other income (expense)

Interest income (including $52 and $60 for the three months ended 2021 and 2020 from related parties)

56

64

Interest expense

(2

)

(4

)

Other income (expense), net

91

-

145

60

Earnings (loss) from continuing operations

79

(34

)

Discontinued Operations

Earnings (loss) from discontinued operations

-

(63

)

Earnings (loss) applicable to common shares

79

(97

)

Net income (loss) per common share-basic and diluted

$

0.01

$

0.01

Weighted average common and equivalent shares outstanding - basic

5,132

5,132

View source version on businesswire.com: https://www.businesswire.com/news/home/20210517005951/en/

Contacts

New Concept Energy, Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com