Attached files
| file | filename |
|---|---|
| 8-K - NEW CONCEPT ENERGY - New Concept Energy, Inc. | nce8k051614.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,
|
||||||||
|
2014
|
2013
|
|||||||
|
Revenue
|
|
|
||||||
|
Oil and gas operations, net of royalties
|
$ | 344 | $ | 340 | ||||
|
Real estate operations
|
725 | 680 | ||||||
|
|
1,069 | 1,020 | ||||||
|
|
||||||||
|
|
||||||||
|
Operating expenses
|
||||||||
|
Oil and gas operations
|
483 | 456 | ||||||
|
Real estate operations
|
396 | 386 | ||||||
|
Real Estate - Lease expense
|
240 | 236 | ||||||
|
Corporate general and administrative
|
192 | 173 | ||||||
|
|
1,311 | 1,251 | ||||||
|
Operating earnings (loss)
|
(242 | ) | (231 | ) | ||||
|
|
||||||||
|
Other income (expense)
|
||||||||
|
Interest income
|
1 | 6 | ||||||
|
Interest expense
|
(31 | ) | (49 | ) | ||||
|
Recovery of bad debt expense
|
- | 339 | ||||||
|
Other income (expense), net
|
232 | (34 | ) | |||||
|
Expense
|
202 | 262 | ||||||
|
|
||||||||
|
|
||||||||
|
Net income (loss) applicable to common shares
|
$ | (40 | ) | $ | 31 | |||
|
Net income (loss) per common share-basic and diluted
|
$ | (0.02 | ) | $ | 0.02 | |||
|
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,
2014
|
December 31,
2013
|
|||||||
|
Assets
|
||||||||
|
Current assets
|
||||||||
|
Cash and cash equivalents
|
$ | 443 | $ | 1,621 | ||||
|
Accounts receivable from oil and gas sales
|
168 | 195 | ||||||
|
Other current assets
|
201 | 203 | ||||||
|
Total current assets
|
812 | 2,019 | ||||||
|
Oil and natural gas properties (full cost accounting method)
|
||||||||
|
Proved developed and undeveloped oil and gas properties, net of depletion
|
9,025 | 9,190 | ||||||
|
Property and equipment, net of depreciation
|
||||||||
|
Land, buildings and equipment - oil and gas operations
|
1,422 | 1,442 | ||||||
|
Other
|
188 | 183 | ||||||
|
Total property and equipment
|
1,610 | 1,625 | ||||||
|
Other assets (including $123,000 and $122,000 due from related parties
|
||||||||
|
in 2014 and 2013
|
1,145 | 474 | ||||||
|
Total assets
|
$ | 12,592 | $ | 13,308 | ||||
|
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS - CONTINUED
|
||||||||
|
(unaudited)
|
||||||||
|
(amounts in thousands, except share amounts)
|
||||||||
|
March 31,
2014
|
December 31,
2013
|
|||||||
|
Liabilities and stockholders' equity
|
|
|||||||
|
|
||||||||
|
Current liabilities
|
|
|||||||
|
Accounts payable - trade
|
$ | 303 | $ | 121 | ||||
|
Accrued expenses
|
175 | 965 | ||||||
|
Current portion of long term debt
|
185 | 185 | ||||||
|
Total current liabilities
|
663 | 1,271 | ||||||
|
|
||||||||
|
Long-term debt
|
||||||||
|
Notes payable less current portion
|
2,127 | 2,195 | ||||||
|
Asset retirement obligation
|
2,770 | 2,770 | ||||||
|
Total liabilities
|
5,560 | 6,236 | ||||||
|
|
||||||||
|
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, 2014 and December 31, 2013
|
20 | 20 | ||||||
|
Additional paid-in capital
|
58,838 | 58,838 | ||||||
|
Accumulated deficit
|
(51,827 | ) | (51,787 | ) | ||||
|
|
||||||||
|
|
7,032 | 7,072 | ||||||
|
|
||||||||
|
Total liabilities & equity
|
$ | 12,592 | $ | 13,308 | ||||