GBR New Concept Energy Inc

New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the fourth quarter and the full year ended December 31, 2021.

During the three months ended December 31, 2021 the Company reported a net loss from continuing operations of $49,000 compared to a net loss from continuing operations of $32,000 for the same period ended December 31, 2020.

For the full year ended December 31, 2021 the Company reported net income of $70,000 compared to a net loss from continuing operations of $52,000 for the same period ended December 31, 2020. In August 2020, the Company sold its oil and gas operation and recorded a gain of $1,968,000 which has been reflected as discontinued operations.

Fiscal 2021 as compared to 2020

Revenues: Total revenues from rent for the leased property was $101,000 in 2021 and 2020.

Operating Expenses: Operating expenses for the real estate property was $77,000 in 2021 and $72,000 in 2020. General and administrative expenses were $360,000 in 2021 and $396,000 in 2020.

Interest Income: Interest Income was $220,000 in 2021 as compared to $242,000 in 2020. The decrease was due to the reduction in the principal balance outstanding due to payments received.

Other Income: Other income was $191,000 in 2021 which is an income tax refund for prior years of $91,000 and $100,000 from the sale of a receivable that had been fully reserved in prior years. Other income was $85,000 in 2020 which is principally an income tax refund for prior years.

Discontinued Operations: During the first nine months of 2020 the Company recorded a net loss from its oil and gas operations of $170,000. In August 2020, the Company sold the oil and gas operation and recorded a gain of $2,138,000.

About New Concept Energy, Inc.

New Concept Energy, Inc. is a Dallas-based company which owns 190 acres of land located in Parkersburg, West Virginia. Located on the land are four structures totaling approximately 53,000 square feet. For more information, visit the Company’s website at www.newconceptenergy.com.

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (amounts in thousands) December 31,

2021

2020

 

Assets   Current assets Cash and cash equivalents

$

252

$

27

Current portion note receivable (including $3,560 and $3,631 in 2021 and 2020 from related parties)

 

3,560

 

3,683

 

Other current assets

 

-

 

92

 

Total current assets

 

3,812

 

3,802

 

  Property and equipment, net of depreciation Land, buildings and equipment

 

643

 

656

 

  Note Receivable

 

-

 

153

 

  Total assets

$

4,455

$

4,611

 

  NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED (amounts in thousands, except share amounts)   December 31,

2021

2020

Liabilities and stockholders' equity   Current liabilities Accounts payable - trade (including $3 and $55 in 2021 and 2020 due to related parties)

$

28

 

$

80

 

Accrued expenses

 

32

 

 

32

 

Current portion of long term debt

 

-

 

 

52

 

Total current liabilities

 

60

 

 

164

 

  Long-term debt Notes payable less current portion

 

-

 

 

122

 

  Liabilities of assets held for sale

 

-

 

 

-

 

  Total liabilities

 

60

 

 

286

 

  Stockholders' equity Series B convertible preferred stock, $10 par value, liquidation value of $100 authorized 100 shares, issued and outstanding one share

 

1

 

 

1

 

Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 5,131,934 shares at December 31, 2021 and 2020

 

51

 

 

51

 

Additional paid-in capital

 

63,579

 

 

63,579

 

Accumulated deficit

 

(59,236

)

 

(59,306

)

 

4,395

 

 

4,325

 

  Total liabilities & stockholders' equity

$

4,455

 

$

4,611

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except per share data)   Year Ended December 31,

2021

 

2020

 

2019

Revenue Rent

$

101

 

$

101

 

$

98

 

 

101

 

 

101

 

 

98

 

  Operating expenses Operating Expenses

 

77

 

 

72

 

 

61

 

Corporate general and administrative

 

360

 

 

396

 

 

418

 

 

437

 

 

468

 

 

479

 

Operating loss

 

(336

)

 

(367

)

 

(381

)

  Other income (expense) Interest income (including $212 and $226 for the year ended 2021 and 2020 from related parties)

 

220

 

 

242

 

 

257

 

Interest expense

 

(5

)

 

(12

)

 

(15

)

Other income (expense), net

 

191

 

 

85

 

 

199

 

 

406

 

 

315

 

 

441

 

  Net income (loss) from continuing operations

 

70

 

 

(52

)

 

60

 

  Net income (loss) from discontinued operations Gain (loss) from discontinued operations

 

-

 

 

(170

)

 

(2,412

)

Gain from Disposal of oil and gas operations

 

-

 

 

2,138

 

 

-

 

 

-

 

 

1,968

 

 

(2,412

)

  Net income (loss) applicable to common shares

$

70

 

$

1,916

 

$

(2,352

)

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

$

0.01

 

$

0.37

 

$

(0.46

)

  Weighted average common and equivalent shares outstanding - basic

 

5,132

 

 

5,132

 

 

5,132

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220322006132/en/

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