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New Concept Energy, Inc. Reports First Quarter 2021 Results

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, 2021.

During the three months ended March 31, 2021, the Company reported a net income applicable to common shares for the three months ended March 31, 2021 of ($79,000), compared to net loss from continuing operations of ($34,000) for the three months ended March 31, 2020.

The Company reported net income from continuing operations of $79,000 for three months ended March 31, 2021, as compared to a net loss of ($34, 000) for the similar period in 2020.

For the three months ended March 31, 2021, corporate general & administrative expenses were $74,000 as compared to $104,000 for the comparable periods in 2020. The decrease was due, for the most part, to consulting fees paid by the Company regarding oil and gas matters in 2020 that were not incurred in 2021.

For the three months ended March 31, 2021 the Company recorded a tax refund from prior years of $91.000.

For the three months ended March 31, 2020 the Company recorded a loss from discontinued operations of $63,000 for the oil and gas operations that were sold in August 2020.

About New Concept Energy, Inc.

New Concept Energy, Inc. is a Dallas-based company which owns real estate 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,
2021

December 31,
2020

Assets

(Unaudited)

(Audited)

 
Current assets

Cash and cash equivalents

$

43

$

27

Current portion note receivable (including $3,584 and $3,631 in 2021 and 2020 from related parties)

3,636

3,683

Other current assets

220

92

Total current assets

3,899

3,802

 
Property and equipment, net of depreciation
Land, buildings and equipment

653

656

 
Note Receivable

145

153

 
Total assets

$

4,697

$

4,611

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(dollars in thousands, except par value amount)

  
 

March 31,
2021

December 31,
2020

 

(Unaudited)

(Audited)

Liabilities and stockholders' equity 
  
Current liabilities 
Accounts payable - (including $80 and $55 due to related parties in 2021 and 2020) 

$

108

$

80

Accrued expenses 

18

32

Current portion of long term debt 

52

52

Total current liabilities 

178

164

  
Long-term debt 
Notes payable less current portion 

115

122

  
Total liabilities 

293

286

  
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, 2021 and December 31, 2020 

51

51

Additional paid-in capital 

63,579

63,579

Accumulated deficit 

(59,227

)

(59,306

)

  
Total shareholders' equity 

4,404

4,325

  
Total liabilities & equity 

$

4,697

$

4,611 

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,

 

2021

2020

Revenue 
Rent 

$

26

$

26

Total Revenues 

26

26

 
 
Operating expenses 
Operating expenses 

18

16

Corporate general and administrative 

74

104

Total Operating Expenses 

92

120

Operating earnings (loss) 

(66

)

(94

)

 
Other income (expense) 
Interest income (including $52 and $60 for the three months ended 2021 and 2020 from related parties) 

56

64

Interest expense 

(2

)

(4

)

Other income (expense), net 

91

-

 

145

60

 
Earnings (loss) from continuing operations 

79

(34

)

 
Discontinued Operations 
Earnings (loss) from discontinued operations 

-

(63

)

 
Earnings (loss) applicable to common shares 

79

(97

)

 
Net income (loss) per common share-basic and diluted 

$

0.01

$

0.01

 
Weighted average common and equivalent shares outstanding - basic 

5,132

5,132

Contacts:

New Concept Energy, Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com

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