Form 8-K New Concept Energy, Inc. For: Aug 10

 

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 10, 2022

 

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:

 

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o

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

o

 

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.

o

 

 

Section 2 – Financial Information

 

Item 2.02. Results of Operations and Financial Condition

 

On August 10, 2022, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended June 30, 2022. 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 10, 2022

 

_________________________

* 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 12, 2022

 

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

 

 

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EXHIBIT “99.1”

 

NEWS RELEASE   FOR IMMEDIATE RELEASE

Contact:   New Concept Energy Inc. Investor Relations Gene Bertcher, (800) 400-6407 [email protected]

 

 

New Concept Energy, Inc. Reports Second Quarter 2022 Results

 

 

 

Dallas (August 10, 2022) – 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, 2022.

 

During the three months ended June 30, 2022, the Company reported net income of $138,000 compared to net income of $49,000 for the three months ended June 30, 2021.

 

For the three months ended June 30, 2022 the Company had revenue of $47,000 including $26,000 for rental income and $21,000 for management fees as compared to rental income of $26,000 for the comparable period in 2021.

 

For the three months ended June 30, 2022, corporate general & administrative expenses were $80,000 as compared to $111,000 for the comparable periods in 2021. The decrease was due to an overall reduction of administrative expenses.

 

Included in other income for the three months ended June 30, 2022 is $62,000 which represents the collection of an investment that had previously been fully reserved. In addition during the three months ended June 30, 2022 the company sold equipment and recorded a gain of $68,000.

 

New Concept Energy, Inc. is a Dallas-based company which owns real estate 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

[email protected]

 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

 

		June 30, 2022				December 31, 2021
			(Unaudited)				(Audited)
Assets
Current assets
Cash and cash equivalents		$	372			$	252
Note receivable -  related party			3,542				3,560
Other current assets			43				-
Total current assets		$	3,957			$	3,812
Property and equipment, net of depreciation
Land, buildings and equipment			637				643
Total assets		$	4,594			$	4,455

 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(unaudited)

(dollars in thousands, except par value amount)

 

		June 30, 2022				December 31, 2021
Liabilities and stockholders' equity
Current liabilities
Accounts payable		$	19			$	28
Accrued expenses			37				32
Total current liabilities			56				60
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 June 30, 2022 and December 31, 2021			51				51
Additional paid-in capital			63,579				63,579
Accumulated deficit			(59,093	)			(59,236	)
Total shareholder equity			4,538				4,395
Total liabilities & equity		$	4,594			$	4,455

 

 

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

(amounts in thousands, except per share data)

 

		For the Three Months ended June 30,								For the Six Months ended June 30,
		2022				2021				2022				2021
Revenue
Rent		$	26			$	26			$	51			$	52
Management Fee			21				-				41			$	-
Total Revenues			47				26				92				52
Operating expenses
Operating Expenses			13				20				25				38
Corporate general and administrative			80				111				160				185
Total Operating Expenses			93				131				185				223
Operating earnings (loss)			(46	)			(105	)			(93	)			(223	)
Other income (expense)
Interest income			54				56				106				112
Interest expense			-				(2	)			-				(4	)
Other income, net			130				100				130				191
			184				154				236				299
Net income (loss) applicable to common shares			138				49				143				128
Net income per common share-basic and diluted		$	0.02			$	0.01			$	0.03			$	0.02
Weighted average common and equivalent shares outstanding - basic			5,132				5,132				5,132				5,132

 

 

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