UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
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Section 2 – Financial Information
Item 2.02. Results of Operations and Financial Condition
On May 10, 2023, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended March 31, 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:
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Exhibit Designation |
Description of Exhibit | |
| 99.1* | Press Release, dated May 10, 2023 |
* Furnished herewith
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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: May 13, 2023
| NEW CONCEPT ENERGY, INC. | ||
| By: | /s/Gene S. Bertcher | |
| Gene S. Bertcher, President and Chief Financial Officer | ||
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Exhibit 99.1
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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 First Quarter 2023 Results
Dallas (May 10, 2023) – 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, 2023.
During the three months ended March 31, 2023, the Company reported a net income applicable to common shares for the three months ended March 31,2022 of $17,000, compared to net income of $5,000 for the three months ended March 31, 2022.
For the three months ended March 31, 2023 and 2022 the Company had revenue of $45,000 including $25,000 for rental income and $20,000 in management fees.
For the three months ended March 31, 2023, corporate general & administrative expenses were $68,000 as compared to $80,000 for the comparable periods in 2022.
For the three months ended March 31, 2023 and 2022 interest income was $52,000.
About New Concept Energy, Inc.
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)
| March 31, 2023 | December 31, 2022 | |||||||
| Assets | (Unaudited) | (Audited) | ||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 437 | $ | 436 | ||||
| Note receivable and accrued interest from related party | 3,542 | 3,542 | ||||||
| Other current assets | 62 | 30 | ||||||
| Total current assets | 4,041 | 4,008 | ||||||
| Property and equipment, net of depreciation | ||||||||
| Land, buildings and equipment | 628 | 631 | ||||||
| Total assets | $ | 4,669 | $ | 4,639 | ||||
The accompanying notes are an integral part of these consolidated financial statements.
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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(dollars in thousands, except par value amount)
| March 31, 2023 | December 31, 2022 | |||||||
| (Unaudited) | (Audited) | |||||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable - (including $8 due to related parties in 2023 and 2022) | $ | 55 | $ | 23 | ||||
| Accrued expenses | 21 | 40 | ||||||
| Total current liabilities | 76 | 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 March 31, 2023 and December 31, 2022 | 51 | 51 | ||||||
| Additional paid-in capital | 63,579 | 63,579 | ||||||
| Accumulated deficit | (59,038 | ) | (59,055 | ) | ||||
| Total shareholders' equity | 4,593 | 4,576 | ||||||
| Total liabilities & equity | $ | 4,669 | $ | 4,639 | ||||
The accompanying notes are an integral part of these consolidated financial statements.
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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, | ||||||||
| 2023 | 2022 | |||||||
| Revenue | ||||||||
| Rent | $ | 25 | $ | 25 | ||||
| Management fees | 20 | 20 | ||||||
| Total Revenues | 45 | 45 | ||||||
| Operating expenses | ||||||||
| Operating expenses | 12 | 12 | ||||||
| Corporate general and administrative | 68 | 80 | ||||||
| Total Operating Expenses | 80 | 92 | ||||||
| Operating (loss) | (35 | ) | (47 | ) | ||||
| Other income (expense) | ||||||||
| Interest income from related parties | 52 | 52 | ||||||
| 52 | 52 | |||||||
| Earnings (loss) applicable to common shares | 17 | 5 | ||||||
| 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 | ||||||
The accompanying notes are an integral part of these consolidated financial statements.
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