Attached files
| file | filename |
|---|---|
| 8-K - NEW CONCEPT ENERGY - New Concept Energy, Inc. | nce8k051613.htm |
|
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,
|
||||||||
|
2013
|
2012
|
|||||||
|
Revenue
|
|
|
||||||
|
Oil and gas operations, net of royalties
|
$ | 340 | $ | 290 | ||||
|
Real estate operations
|
680 | 674 | ||||||
|
|
1,020 | 964 | ||||||
|
|
||||||||
|
|
||||||||
|
Operating expenses
|
||||||||
|
Oil and gas operations
|
456 | 471 | ||||||
|
Real estate operations
|
386 | 366 | ||||||
|
Lease expense
|
236 | 231 | ||||||
|
Corporate general and administrative
|
173 | 159 | ||||||
|
Accretion of asset retirement obligation
|
- | 34 | ||||||
|
Impairment of natural gas and oil properties
|
- | 912 | ||||||
|
|
1,251 | 2,173 | ||||||
|
Operating earnings (loss)
|
(231 | ) | (1,209 | ) | ||||
|
|
||||||||
|
Other income (expense)
|
||||||||
|
Interest income
|
6 | 0 | ||||||
|
Interest expense
|
(49 | ) | (62 | ) | ||||
|
Recovery of bad debt expense
|
339 | - | ||||||
|
Other income (expense), net
|
(34 | ) | 4 | |||||
|
Expense
|
262 | (58 | ) | |||||
|
|
||||||||
|
|
||||||||
|
Net income (loss) applicable to common shares
|
$ | 31 | $ | (1,267 | ) | |||
|
Net income (loss) per common share-basic and diluted
|
$ | 0.02 | $ | (0.65 | ) | |||
|
Weighted average common and equivalent shares outstanding - basic
|
1,947 | 1,947 | ||||||
|
NEW CONCEPT ENERGY, INC. AND SUBSIDARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
(unaudited)
|
||||||||
|
(amounts in thousands)
|
||||||||
|
March 31,
2013
|
December 31,
2012
|
|||||||
|
Assets
|
||||||||
|
Current assets
|
||||||||
|
Cash and cash equivalents
|
$ | 688 | $ | 398 | ||||
|
Accounts receivable from oil and gas sales
|
187 | 210 | ||||||
|
Other current assets
|
2 | 2 | ||||||
|
Total current assets
|
877 | 610 | ||||||
|
Oil and natural gas properties (full cost accounting method)
|
||||||||
|
Proved developed and undeveloped oil and gas properties, net of depletion
|
9,558 | 9,717 | ||||||
|
Property and equipment, net of depreciation
|
||||||||
|
Land, buildings and equipment - oil and gas operations
|
1,427 | 1,410 | ||||||
|
Other
|
203 | 204 | ||||||
|
Total property and equipment
|
1,630 | 1,614 | ||||||
|
Other assets (including $112,500 and $161,300 due from related parties
|
||||||||
|
in 2013 and 2012
|
576 | 543 | ||||||
|
Total assets
|
$ | 12,641 | $ | 12,484 | ||||
|
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS - CONTINUED
|
||||||||
|
(unaudited)
|
||||||||
|
(amounts in thousands, except share amounts)
|
||||||||
|
March 31,
2013
|
December 31,
2012
|
|||||||
|
Liabilities and stockholders' equity
|
|
|||||||
|
|
||||||||
|
Current liabilities
|
|
|||||||
|
Accounts payable - trade
|
$ | 174 | $ | 38 | ||||
|
Accrued expenses
|
139 | 173 | ||||||
|
Current portion of long term debt
|
156 | 93 | ||||||
|
Total current liabilities
|
469 | 304 | ||||||
|
|
||||||||
|
Long-term debt
|
||||||||
|
Notes payable less current portion
|
2,234 | 2,273 | ||||||
|
Asset retirement obligation
|
2,770 | 2,770 | ||||||
|
Other long-term liabilities
|
491 | 491 | ||||||
|
Total liabilities
|
5,964 | 5,838 | ||||||
|
|
||||||||
|
Stockholders' equity
|
||||||||
|
Preferred stock, Series B
|
1 | 1 | ||||||
|
Common stock, $.01 par value; authorized, 100,000,000
|
||||||||
|
shares; issued and outstanding, 1,946,935 shares
|
||||||||
|
at March 31, 2013 and December 31, 2012
|
20 | 20 | ||||||
|
Additional paid-in capital
|
58,838 | 58,838 | ||||||
|
Accumulated deficit
|
(52,182 | ) | (52,213 | ) | ||||
|
|
||||||||
|
|
6,677 | 6,646 | ||||||
|
|
||||||||
|
Total liabilities & equity
|
$ | 12,641 | $ | 12,484 | ||||