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): August 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 800

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 August 13, 2020, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended June 30, 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 August 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: August 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.

Investor Relations

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

 

New Concept Energy, Inc. Reports Second Quarter 2020 Results

DALLAS (August 13, 2020) - New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based oil and gas company, today reported a net loss from continuing operations for the three months ended June 30, 2020 of $137,000 or ($0.03) per diluted share, compared to net loss from continuing operations of $141,000 or ($0.03) per share for the three months ended June 30, 2019.

The Company reported a net loss from continuing operations for the six months ended June 30, 2020 of $234,000 or ($0.05) per share, compared to net loss from continuing operations of $15,000 for the six months ended June 30, 2019.

For the three months ended June 30, 2019, the Company recorded oil and gas revenues of $93,000 as compared to $164,000 for the comparable period of 2019. The decrease was principally due to a lower price received for the sale of natural gas.

For the three months ended June 30, 2020, the Company recorded oil and gas operating expenses of $163,000 as compared to $231,000 for the comparable period of 2019. The decrease was principally due to reductions in payroll, consulting fees and overall expenses.

For the three months ended June 30, 2019, corporate general & administrative expenses were $127, 000 as compared to $134,000 for the comparable periods in 2019.

Contact: New Concept Energy, Inc.  
Gene Bercher, (800) 400-6407  
info@newconceptenergy.com  

4 
 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
(amounts in thousands)
   June 30,
2020
  December 31, 2019
       
Assets          
           
Current assets          
 Cash and cash equivalents  $39   $22 
 Accounts receivable from oil and gas sales   69    73 
Current portion note receivable (including $3,620 and $4,136 in 2020 and 2019 from related parties   3,660    4,046 
 Other current assets   25    —   
Total current assets   3,793    4,141 
           
           
Oil and natural gas properties (full cost accounting method)          
 Proved developed and undeveloped oil and gas properties, net of depletion   706    767 
           
Property and equipment, net of depreciation          
 Land, buildings and equipment - oil and gas operations   662    668 
           
Note receicable   192    214 
           
Total assets  $5,353   $5,790 
           
           
The accompanying notes are an integral part of these consolidated financial statements.

 

5 
 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(unaudited)
(dollars in thousands, except par value amount)
       
    June 30,
 2020
    December 31, 2019 
           
Liabilities and stockholders' equity          
           
Current liabilities          
    Accounts payable - (including $20 and $180 due to related parties in 2020 and 2019)  $195   $355 
    Accrued expenses   37    35 
    Current portion of long term debt   40    44 
Total current liabilities   272    434 
           
Long-term debt          
    Notes payable less current portion   161    177 
    Asset retirement obligation   2,745    2,770 
Total liabilities   3,178    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 June 30, 2020 and December 31, 2019   51    51 
    Additional paid-in capital   63,579    63,579 
    Accumulated deficit   (61,456)   (61,222)
           
Total shareholder equity   2,175    2,409 
           
Total liabilities & equity  $5,353   $5,790 
           
           
The accompanying notes are an integral part of these consolidated financial statements.

 

6 
 
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(amounts in thousands, except per share data)
             
   For the Three Months ended June 30,  For the Six Months ended June 30,
   2020  2019  2020  2019
Revenue            
Oil and gas operations, net of royalties  $93   $164   $218   $344 
                     
Operating expenses                    
Oil and gas operations   163    231    341    410 
Corporate general and administrative   127    134    231    222 
Total Operating Expenses   290    365    572    632 
    Operating earnings (loss)   (197)   (201)   (354)   (288)
                     
                     
Other income (expense)                    
Interest income   63    64    127    129 
Interest expense   (3)   (4)   (7)   (9)
Other income (expense), net   —      —      —      153 
Expense   60    60    120    273 
                     
                     
Net income (loss) applicable to common shares  $(137)  $(141)  $(234)  $(15)
                     
Net income (loss) per common share-basic and diluted  $(0.03)  $(0.03)  $(0.05)  $—   
                     
                     
Weighted average common and equivalent shares outstanding - basic   5,132    5,132    5,132    5,132 
                     
                     
The accompanying notes are an integral part of these consolidated financial statements.

 


The following information was filed by New Concept Energy, Inc. (GBR) on Friday, August 14, 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.

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