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): May 13, 2020                                                                  

 

 

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 300

Dallas, Texas

75234
(Address of principal executive offices) (Zip Code)
       

 

Registrant’s telephone number, including area code 972-407-8400                                                                   

 

 

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

 

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 [  ]

 

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.

[  ]

 

1 
 

Section 2 – Financial Information

 

Item 2.02. Results of Operations and Financial Condition

 

On May 13, 2020, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended March 31, 2020. 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 No. Description

 

99.1*       Press release dated May 13, 2020 

 

_________________________

* 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 14, 2020

 

 

 

      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.

Gene Bertcher (800) 400-6407

info@newconceptenergy.com

 

New Concept Energy, Inc. Reports First Quarter 2020 Results

DALLAS--(May 13, 2020)--New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based oil and gas company, today reported Results of Operations for the first quarter ended March 31, 2020.

During the three months ended March 31, 2020, the Company reported a net loss applicable to common shares for the three months ended March 31, 2020 of ($97,000) or $0.00 per share, compared to net income of $126,000 or ($0.02) per share for the three months ended March 31, 2019.

For the three months ended March 31, 2020, the Company recorded oil and gas revenues of $125,000 as compared to $180,000 for the comparable period of 2019. The reduction was principally due to the dollar amount per barrel for oil and MCF for gas the Company received from the sale of natural gas.

For the three months ended March 31, 2020, the Company recorded oil and gas operating expenses of $178,000 as compared to $179,000 for the comparable period of 2019.

For the three months ended March 31, 2020, corporate general & administrative expenses were $104,000 as compared to $88,000 for the comparable periods in 2019. The increase was due, for the most part, to consulting fees paid by the Company regarding oil and gas matters.

For the three months ended March 31, 2019 the Company recorded a one-time gain of $153,000 which was reflected as other income.

About New Concept Energy, Inc.

New Concept Energy, Inc. is a Dallas-based oil and gas company which owns oil and gas wells and mineral leases in Ohio and 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)
 
    March 31, 2020    December 31, 2019 
Assets    (Unaudited)      (Audited)  
           
Current assets          
Cash and cash equivalents  $27   $22 
Accounts receivable from oil and gas sales   56    73 
Current portion note receivable (including $3,950 and $4,005 in 2020 and 2019 from related parties   3,990    4,046 
Other current assets   38    —   
Total current assets   4,111    4,141 
           
           
Oil and natural gas properties (full cost accounting method)          
Proved developed and undeveloped oil and gas properties, net of depletion   735    767 
           
Property and equipment, net of depreciation          
Land, buildings and equipment - oil and gas operations   665    668 
           
Note Receivable   204    214 
           
Total assets  $5,715   $5,790 
           
           

 

 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(dollars in thousands, except par value amount)
 
       
    March 31, 2020    December 31, 2019 
    (Unaudited)    (Audited) 
Liabilities and stockholders' equity          
           
Current liabilities          
    Accounts payable - (including $243 and $180 due to related parties in 2020 and 2019)  $367   $355 
    Accrued expenses   55    35 
    Current portion of long term debt   40    44 
Total current liabilities   462    434 
           
Long-term debt          
    Notes payable less current portion   171    177 
    Asset retirement obligation   2,770    2,770 
Total liabilities   3,403    3,381 
           
Stockholders' equity          
    Preferred stock, Series B   1    1 
    Common stock, $.01 par value; authorized, 100,000,000          
    shares; issued and outstanding,  5,131,934 and 2,036,935 shares          
    at March 31, 2020 and December 31, 2019   51    51 
    Additional paid-in capital   63,579    63,579 
    Accumulated deficit   (61,319)   (61,222)
           
      Total shareholders' equity   2,312    2,409 
           
Total liabilities & equity  $5,715   $5,790 
           

 

 
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(amounts in thousands, except per share data)
       
   For the Three Months ended March 31,
   2020  2019
Revenue      
Oil and gas operations, net of royalties  $125   $180 
     Total Revenues   125    180 
           
           
Operating expenses          
Oil and gas operations   178    179 
Corporate general and administrative   104    88 
     Total Operating Expenses   282    267 
Operating earnings (loss)   (157)   (87)
           
Other income (expense)          
Interest income   64    65 
Interest expense   (4)   (5)
Other income (expense), net   —      153 
Expense   60    213 
           
Earnings (loss) applicable to common shares   (97)   126 
           
Net income (loss) per common share-basic and diluted  $0.01   $0.02 
           
Weighted average common and equivalent shares outstanding - basic   5,132    5,132 
           

 


The following information was filed by New Concept Energy, Inc. (GBR) on Friday, May 15, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate New Concept Energy, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by New Concept Energy, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account