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 |