GBR 8-K
New Concept Energy, Inc. (GBR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
| Date of Report (Date of earliest event reported): |
| (Exact Name of Registrant as Specified in its Charter) |
|
|
|
|
| (State or other jurisdiction of incorporation) |
(Commission File No.) |
(I.R.S. Employer Identification No.) |
|
|
| |
| (Address of principal executive offices) | (Zip Code) | |
| Registrant’s telephone number, including area code |
| (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:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| 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 |
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 |
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. ¨
Section 2 – Financial Information
Item 2.02. Results of Operations and Financial Condition
On May 9, 2024, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended March 31, 2024. 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 May 9, 2024 |
_________________________
* Furnished herewith
| 2 |
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: May 13, 2024
| NEW CONCEPT ENERGY, INC. | |||
| By: | /s/Gene S. Bertcher | ||
| Gene S. Bertcher, President and Chief Financial Officer | |||
3
EXHIBIT 99.1
|
NEWS RELEASE
FOR IMMEDIATE RELEASE
|
Contact:
New Concept Energy Inc. Investor Relations Gene Bertcher, (800) 400-6407
|
New Concept Energy, Inc. Reports First Quarter 2024 Results
Dallas (May 9, 2024) – 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, 2024.
During the three months ended March 31, 2024, the Company reported net income applicable to common shares of $2,000, compared to net income of $17,000 for the three months ended March 31, 2023.
For the three months ended March 31,2024 the Company had revenue of $36,000 including $25,000 for rental income and $11,000 in management fees. Revenue for the three months ended March 31,2023 was $45,000.
For the three months ended March 31, 2024, corporate general & administrative expenses were $78,000 as compared to $68,000 for the comparable periods in 2023.
For the three months ended March 31, 2024 and 2023 interest income was $57,000 and $52,000.
About New Concept Energy, Inc.
New Concept Energy, Inc. is a Dallas-based company which owns real estate in 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
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
| March 31, 2024 | December 31, 2023 | |||||||
| Assets | (Unaudited) | (Audited) | ||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 395 | $ | 447 | ||||
| Other current assets | 61 | 12 | ||||||
| Total current assets | 456 | 459 | ||||||
| Property and equipment, net of depreciation | ||||||||
| Land, buildings and equipment | 626 | 629 | ||||||
| Note Receivable - Related Party | 3,542 | 3,542 | ||||||
| Total assets | $ | 4,624 | $ | 4,630 | ||||
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED
(dollars in thousands, except par value amount)
| March 31, 2024 | December 31, 2023 | |||||||
| (Unaudited) | (Audited) | |||||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable - (including $8 due to related parties in 2024 and 2023) | $ | 25 | $ | 36 | ||||
| Accrued expenses | 42 | 39 | ||||||
| Total current liabilities | 67 | 75 | ||||||
| Stockholders' equity | ||||||||
| Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and outstanding at March 31, 2024 and December 31, 2023 | 1 | 1 | ||||||
| Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 5,131,934 shares at March 31, 2024 and December 31, 2023 | 51 | 51 | ||||||
| Additional paid-in capital | 63,579 | 63,579 | ||||||
| Accumulated deficit | (59,074 | ) | (59,076 | ) | ||||
| Total shareholders' equity | 4,557 | 4,555 | ||||||
| Total liabilities & equity | $ | 4,624 | $ | 4,630 | ||||
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(amounts in thousands, except per share data)
| For the Three Months ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenue | ||||||||
| Rent | $ | 25 | $ | 25 | ||||
| Management fees | 11 | 20 | ||||||
| Total Revenues | 36 | 45 | ||||||
| Operating Expenses | ||||||||
| Operating expenses | 13 | 12 | ||||||
| Corporate general and administrative | 78 | 68 | ||||||
| Total Operating Expenses | 91 | 80 | ||||||
| Operating loss | (55 | ) | (35 | ) | ||||
| Other Income | ||||||||
| Interest income from related parties | 57 | 52 | ||||||
| Total Other Income | 57 | 52 | ||||||
| Net Income applicable to common shares | $ | 2 | $ | 17 | ||||
| Net income per common share-basic and diluted | $ | 0.01 | $ | 0.01 | ||||
| Weighted average common and equivalent shares outstanding - basic and diluted | 5,132 | 5,132 | ||||||