New Concept Energy, Inc. Reports Fourth Quarter and Full Year 2021 Results
During the three months ended
For the full year ended
Fiscal 2021 as compared to 2020
Revenues: Total revenues from rent for the leased property was
Operating Expenses: Operating expenses for the real estate property was
Interest Income: Interest Income was
Other Income: Other income was
Discontinued Operations: During the first nine months of 2020 the Company recorded a net loss from its oil and gas operations of
About
CONSOLIDATED BALANCE SHEETS | |||||||
(amounts in thousands) | |||||||
2021 |
2020 |
|
|||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ |
252 |
$ |
27 |
|||
Current portion note receivable (including |
|
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 |
|
||
CONSOLIDATED BALANCE SHEETS - CONTINUED | |||||||
(amounts in thousands, except share amounts) | |||||||
2021 |
2020 |
||||||
Liabilities and stockholders' equity | |||||||
Current liabilities | |||||||
Accounts payable - trade (including |
$ |
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, |
|||||||
of |
|
1 |
|
|
1 |
|
|
Common stock, |
|||||||
shares; issued and outstanding, 5,131,934 shares | |||||||
at |
|
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 |
|
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
(amounts in thousands, except per share data) | |||||||||||
Year Ended |
|||||||||||
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 |
|
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 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220322006132/en/
info@newconceptenergy.com
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