New Concept Energy, Inc. Reports First Quarter 2021 Results
New Concept Energy, Inc. (NYSE American: GBR) reported a net income applicable to common shares of ($79,000) for the first quarter of 2021, compared to a net loss of ($34,000) in Q1 2020. The company achieved net income from continuing operations of $79,000, reversing the net loss from the prior year. Corporate general & administrative expenses decreased from $104,000 in 2020 to $74,000 in 2021, attributed primarily to the absence of consulting fees. Additionally, a tax refund of $91,000 was recorded, while rental revenue remained unchanged at $26,000.
- Net income from continuing operations increased to $79,000 from a loss of ($34,000) in Q1 2020.
- Corporate general & administrative expenses decreased from $104,000 to $74,000.
- Tax refund of $91,000 for prior years.
- Net income applicable to common shares was ($79,000) for Q1 2021.
- Total revenues remained unchanged at $26,000.
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 (
The Company reported net income from continuing operations of
For the three months ended March 31, 2021, corporate general & administrative expenses were
For the three months ended March 31, 2021 the Company recorded a tax refund from prior years of
For the three months ended March 31, 2020 the Company recorded a loss from discontinued operations of
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,
|
|
December 31,
|
|||
| Assets | (Unaudited) |
(Audited) |
|||
| Current assets | |||||
Cash and cash equivalents |
$ |
43 |
$ |
27 |
|
Current portion note receivable (including |
|
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,
|
|
December 31,
|
||||||
(Unaudited) |
|
(Audited) |
||||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable - (including |
$ |
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
|
||||||||
|
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 |
|
|
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