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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act

 

Date of Report (Date of earliest event reported):   August 14, 2024

 

NEW CONCEPT ENERGY, INC.
(Exact Name of Registrant as Specified in its Charter)

 

Nevada

000-08187

75-2399477

(State or other
jurisdiction of incorporation)		 (Commission
File No.)		 (I.R.S. Employer
Identification No.)
     

1603 LBJ Freeway, Suite 800

Dallas, Texas

 

75234

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code   972-407-8400

 

 
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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

 

Title of Each Class

Trading

Symbol

 Name of Each Exchange on which Registered
Common Stock, par value $0.01 GBR NYSE American

 

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (‘230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (‘240.12b-2 of this chapter).

 

  Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

  
 

 

Section 2 – Financial Information

 

Item 2.02. Results of Operations and Financial Condition

 

On August 14, 2024, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended June 30, 2024. 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 August 14, 2024

 

 

       _________________________

* Furnished herewith

 

  
 

 

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: August 16, 2024

 

  NEW CONCEPT ENERGY, INC.
   
   
  By: /s/Gene S. Bertcher  
    Gene S. Bertcher, President and Chief
Financial Officer

 

 

 

 

 

 

 

EXHIBIT “99.1”

 

NEWS RELEASE

 

FOR IMMEDIATE RELEASE

 

Contact:

 

New Concept Energy Inc.

Investor Relations

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

 

 

 

 

 

New Concept Energy, Inc. Reports Second Quarter 2024 Results

 

 

 

Dallas (August 14, 2024) – New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the second quarter ended June 30, 2024.

 

During the three months ended June 30, 2024, the Company reported a net income of $3,000 compared to a net loss of $6,000 for the similar period in 2023.

 

For the three months ended June 30, 2024 the Company had revenue of $37,000 including $25,000 for rental income and $12,000 in management fees. For the three months ended June 30, 2023 the Company had revenue of $35,00 including $26,000 for rental income and $9,000 in management fees.

 

For the three months ended June 30, 2024, corporate general & administrative expenses were $78,000 as compared to $81,000 for the comparable period in 2023. 

 

For the three months ended June 30, 2024, interest income was $56,000 as compared to $54,000 for the comparable period in 2023. 

 

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 SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands) 

 

   June 30,
 2024		   December 31,
2023		 
   (Unaudited)   (Audited) 
Assets          
           
Current assets          
 Cash and cash equivalents  $416   $447 
 Other current assets   40    12 
Total current assets  $456   $459 
           
Property and equipment, net of depreciation          
 Land, buildings and equipment   622    629 
           
Note receivable - related party   3,542    3,542 
           
Total assets  $4,620   $4,630 

 

  
 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED

(dollars in thousands, except par value amount) 

 

   June 30,
 2024		   December 31,
2023		 
   (Unaudited)   (Audited) 
Liabilities and stockholders' equity          
           
Current liabilities          
    Accounts payable  $21   $36 
    Accrued expenses   39    39 
Total current liabilities   60    75 
           
           
Stockholders' equity          
    Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and   1    1 
    outstanding at June 30, 2024 and December 31, 2023          
    Common stock, $.01 par value; authorized, 100,000,000          
    shares; issued and outstanding,  5,131,934  shares          
    at June 30, 2024 and December 31, 2023   51    51 
    Additional paid-in capital   63,579    63,579 
    Accumulated deficit   (59,071)   (59,076)
           
Total shareholders' equity   4,560    4,555 
           
Total liabilities & equity  $4,620   $4,630 

 

  
 

 

NEW CONCEPT ENERGY, INC AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(amounts in thousands, except per share data)

 

   For the Three Months
ended June 30,		   For the Six Months
ended June 30,		 
                 
    2024    2023    2024    2023 
Revenue                    
Rent  $25   $26   $50   $51 
Management Fee   12    9    23    29 
    Total Revenues   37    35    73    80 
                     
                     
Operating Expenses                    
Operating Expenses   12    14    25    26 
Corporate general and administrative   78    81    156    149 
Total Operating Expenses   90    95    181    175 
    Operating loss   (53)   (60)   (108)   (95)
Other Income                    
Interest income  from related parties   56    54    113    106 
Total Other Income   56    54    113    106 
                     
Net income (loss) applicable to common shares   3    (6)   5    11 
                     
Net income (loss) per common share-basic and diluted  $0.01   $(0.01)  $0.01   $0.01 
                     
     Weighted average common and equivalent shares outstanding - basic and diluted   5,132    5,132    5,132    5,132 

 

 

 

 

 

 

 

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Entity Registrant Name NEW CONCEPT ENERGY, INC.
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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
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