GBR 8-K
New Concept Energy, Inc. (GBR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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).
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Section 2 – Financial Information
Item 2.02. Results of Operations and Financial Condition
On November 13, 2024, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended September , 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:
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| 99.1* | Press Release, dated November 13, 2024 |
* Furnished herewith
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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: November 14, 2024
| NEW CONCEPT ENERGY, INC. | ||
| By: | /s/Gene S. Bertcher | |
| Gene S. Bertcher, President and Chief Financial Officer | ||
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EXHIBIT 99.1
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NEWS RELEASE
FOR IMMEDIATE RELEASE
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Contact:
New Concept Energy Inc. Investor Relations Gene Bertcher, (800) 400-6407
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New Concept Energy, Inc. Reports Third Quarter 2024 Results
Dallas (November 13, 2024) – New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the third quarter ended September 30, 2024.
The Company reported a net loss of ($4,000) for the three months ended September 30, 2024, as compared to net income of $7,000 for the similar period in 2023.
For the three months ended September 30, 2024 the Company had revenue of $37,000 including $26,000 for rental revenue and $11,000 for management fees as compared to revenue of $35,000 including $25,000 for rental revenue and $10,000 for management fees for the comparative period in 2023.
For the three months ended September 30, 2024, corporate general & administrative expenses were $79,000 as compared to $70,000 for the comparable periods in 2023.
For the three months ended September 30, 2024, interest income was $52,000 as compared to $57,000 for the comparable periods in 2023.
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 SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
| September 30, 2024 | December 31, 2023 | |||||||
| (Unaudited) | (Audited) | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 430 | $ | 447 | ||||
| Other current assets | 26 | 12 | ||||||
| Total current assets | 456 | 459 | ||||||
| Property and equipment, net of depreciation | ||||||||
| Land, buildings and equipment | 619 | 629 | ||||||
| Note receivable - related party | 3,542 | 3,542 | ||||||
| Total assets | $ | 4,617 | $ | 4,630 | ||||
NEW CONCEPT ENERGY, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED
(dollars in thousands, except par value amount)
| September 30, 2024 | December 31, 2023 | |||||||
| (Unaudited) | (Audited) | |||||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 22 | $ | 36 | ||||
| Accrued expenses | 39 | 39 | ||||||
| Total current liabilities | 61 | 75 | ||||||
| Stockholders' equity | ||||||||
| Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and outstanding at September 30, 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 September 30, 2024 and December 31, 2023 | 51 | 51 | ||||||
| Additional paid-in capital | 63,579 | 63,579 | ||||||
| Accumulated deficit | (59,075 | ) | (59,076 | ) | ||||
| Total stockholders' equity | 4,556 | 4,555 | ||||||
| Total liabilities & equity | $ | 4,617 | $ | 4,630 | ||||
NEW CONCEPT ENERGY, INC AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(amounts in thousands, except per share data)
| For the Three Months ended September 30, | For the Nine Months ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | ||||||||||||||||
| Rent | $ | 26 | $ | 25 | $ | 76 | $ | 76 | ||||||||
| Management Fee | 11 | 10 | 34 | 39 | ||||||||||||
| Total Revenues | 37 | 35 | 110 | 115 | ||||||||||||
| Operating Expenses | ||||||||||||||||
| Operating Expenses | 14 | 15 | 39 | 41 | ||||||||||||
| Corporate general and administrative | 79 | 70 | 235 | 219 | ||||||||||||
| Total Operating Expenses | 93 | 85 | 274 | 260 | ||||||||||||
| Operating loss | (56 | ) | (50 | ) | (164 | ) | (145 | ) | ||||||||
| Other Income | ||||||||||||||||
| Interest income from related parties | 50 | 53 | 160 | 158 | ||||||||||||
| Interest income from a third party | 2 | 4 | 5 | 5 | ||||||||||||
| Total Other Income | 52 | 57 | 165 | 163 | ||||||||||||
| Net income (loss) applicable to common shares | $ | (4 | ) | $ | 7 | $ | 1 | $ | 18 | |||||||
| Net income (loss) per common share-basic and diluted | $ | (0.01 | ) | $ | 0.01 | $ | 0.01 | $ | 0.03 | |||||||
| Weighted average common and equivalent shares outstanding - basic and diluted | 5,132 | 5,132 | 5,132 | 5,132 | ||||||||||||