New Concept Energy, Inc. Reports Fourth Quarter and Full Year 2021 Results

DALLAS–(BUSINESS WIRE)–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

 

Contacts

New Concept Energy, Inc.

Gene Bertcher, (800) 400-6407

[email protected]