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 | ||||