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New Concept Energy, Inc. Reports Fourth Quarter and Full Year 2020 Results

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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, 2020.

Discontinued Operations:

In August 2020 the Company sold its oil and gas operation and recorded a gain from the sale of $2.1 million. The sales price was $85,000 however the Company had previously established a reserve for plug and abandonment costs of $2 million. Upon the sale the Company was relieved of any plug and abandonment obligations.

For the full year ended December 31, 2020 the Company reported a net loss from discontinued operations of $170,000 as compared to net loss of $2.4 million for the same period ended December 31, 2019. Included in the loss in 2019 is an impairment loss of $2.3 million whereby the Company had reduced the recorded value of its oil and gas operation.

Continuing Operations:

During the three months ended December 31, 2020 the Company reported a net loss from continuing operations of $32,000 compared to a net loss of $17,000 for the same period ended December 31, 2019.

For the full year ended December 31, 2020 the Company reported a net loss from continuing operations of $52,000 as compared to net income of $60,000 for the same period ended December 31, 2019.

Revenues: Total revenues from rent for the leased property was $101,000 in 2020 and $98,000 in 2019.

Operating Expenses: Operating expenses for the real estate property was $72,000 in 2020 and $61,000 in 2019. General and administrative expenses were $396,000 in 2020 and 418,000 in 2019.

Interest Income: Interest Income was $242,000 in 2020 as compared to $257,000 in 2019. The decrease was due to the reduction in the principal balance outstanding due to payments received.

Other Income: Other income was $85,000 in 2020 which is an income tax refund for prior years. Other income was $199,000 in 2019 which is comprised of a gain on sale of equipment of $46,000 and the settlement of a legal claim of $153,000.

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 real estate in 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)
December 31,

2020

2019

Assets
 
Current assets
Cash and cash equivalents

$

27

$

22

Current portion note receivable (including $ $3,631 and $4,005 in 2020 and 2019 from related parties)

 

3,683

 

4,046

Other current assets

 

92

 

-

Total current assets

 

3,802

 

4,068

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

 

656

 

668

 
Note Receivable

 

153

 

214

 
Assets held for sale

 

-

 

840

 
Total assets

$

4,611

$

5,790

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

2020

2019

Liabilities and stockholders' equity
 
Current liabilities
Accounts payable - trade (including $55 and $180 in 2020 and 2019 due to related parties)

$

80

 

$

226

 

Accrued expenses

 

32

 

 

20

 

Current portion of long term debt

 

52

 

 

44

 

Total current liabilities

 

164

 

 

290

 

 
Long-term debt
Notes payable less current portion

 

122

 

 

177

 

 
Liabilities of assets held for sale

 

-

 

 

2,914

 

 
Total liabilities

 

286

 

 

3,381

 

 
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, 2020 and 2019

 

51

 

Stock GBR logo
New Concept Energy Inc

NYSE:GBR

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6.57M
3.73M
27.18%
2.28%
0.49%
Crude Petroleum and Natural Gas Extraction
Mining, Quarrying, and Oil and Gas Extraction
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United States of America
DALLAS

About GBR

new energy concepts is an information technology and services company located in 36 w front st, keyport, new jersey, united states.