Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 09, 2014 | |
Document and Entity Information: | ' | ' |
Entity Registrant Name | 'New Concept Energy, Inc. | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000105744 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 1,946,934 |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
CONSOLIDATED_BALANCE_SHEETS_un
CONSOLIDATED BALANCE SHEETS (unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $301 | $1,621 |
Accounts receivable from oil and gas sales | 228 | 195 |
Other current assets | 203 | 203 |
Total current assets | 732 | 2,019 |
Proved developed and undeveloped oil and gas properties, net of depletion | 8,975 | 9,190 |
Property and equipment, net of depreciation | ' | ' |
Land, buildings and equipment - oil and gas operations | 1,527 | 1,442 |
Other | 182 | 183 |
Total property and equipment | 1,709 | 1,625 |
Other assets (including $124 and $161 due from related parties in 2014 and 2013) | 1,169 | 474 |
Total assets | 12,585 | 13,308 |
Current liabilities | ' | ' |
Accounts payable - trade | 239 | 121 |
Accrued expenses | 248 | 965 |
Current portion of long term debt | 207 | 185 |
Total current liabilities | 694 | 1,271 |
Long-term debt | ' | ' |
Notes payable less current portion | 2,188 | 2,195 |
Asset retirement obligation | 2,770 | 2,770 |
Total liabilities | 5,652 | 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 June 30, 2014 and December 31, 2013 | 20 | 20 |
Additional paid-in capital | 58,838 | 58,838 |
Accumulated deficit | -51,926 | -51,787 |
Total Stockholders' equity | 6,933 | 7,072 |
Total liabilities & equity | $12,585 | $13,308 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets [Abstract] | ' | ' |
Preferred Stock | $1 | $1 |
Prefrred Stock, shares authorized | 10,000,000 | 10,000,000 |
Common Stock | $0.01 | $0.01 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 1,946,935 | 1,946,935 |
Common Stock, shares Outstanding | 1,946,935 | 1,946,935 |
Related party assets included in Other assets | $124 | $161 |
CONSOLIDATED_STATEMENT_OF_OPER
CONSOLIDATED STATEMENT OF OPERATIONS (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue | ' | ' | ' | ' |
Oil and gas operations, net of royalties | $485 | $384 | $829 | $724 |
Real estate operations, | 728 | 666 | 1,453 | 1,346 |
Total Revenues | 1,213 | 1,050 | 2,282 | 2,070 |
Operating expenses | ' | ' | ' | ' |
Oil and gas operations | 425 | 493 | 908 | 949 |
Real estate operations | 387 | 383 | 783 | 769 |
Real Estate - Lease expense | 241 | 236 | 481 | 472 |
Corporate general and administrative | 205 | 170 | 397 | 343 |
Total Operating expenses | 1,258 | 1,282 | 2,569 | 2,533 |
Operating earnings (loss) | -45 | -232 | -287 | -463 |
Other income (expense) | ' | ' | ' | ' |
Interest income | 1 | 2 | 2 | 8 |
Interest expense | -22 | -24 | -53 | -73 |
Recovery of bad debt expense | 0 | 394 | 0 | 733 |
Other income (expense), net | -33 | -2 | 199 | -36 |
Other income (expense) | -54 | 370 | 148 | 632 |
Net income (loss) applicable to common shares | ($99) | $138 | ($139) | $169 |
Net income (loss) per common share-basic and diluted | ($0.05) | $0.07 | ($0.07) | $0.09 |
Weighted average common and equivalent shares outstanding - basic | 1,947 | 1,947 | 1,947 | 1,947 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income (loss) | ($139) | $169 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ' | ' |
Depreciation, depletion and amortization | 338 | 431 |
Accretion of asset retirement obligation | 0 | 0 |
Changes in operating assets and liabilities | ' | ' |
Other current and non-current assets | -121 | -76 |
Accounts payable and other liabilities | -598 | 208 |
Net cash provided by (used) in operating activities | -520 | 732 |
Cash flows from investing activities | ' | ' |
Investment in oil & gas properties | -21 | -57 |
Fixed asset additions | -156 | -112 |
Real estate held for investment | -631 | 0 |
Net cash provided by (used in) investing activities | -808 | -169 |
Cash flows from financing activities | ' | ' |
Proceeds from loans | 128 | 16 |
Payment on notes payable | -120 | -17 |
Net cash provided by (used in) financing activities | 8 | -1 |
Net increase (decrease) in cash and cash equivalents | -1,320 | 562 |
Cash and cash equivalents at beginning of year | 1,621 | 398 |
Cash and cash equivalents at end of year | 301 | 960 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid for interest on notes payable | 53 | 72 |
Cash paid for principal on notes payable | $120 | $17 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2014 | |
Significant Accounting Policy | ' |
Basis of Presentation | ' |
The accompanying unaudited consolidated financial statements include the accounts of New Concept Energy, Inc. and its majority-owned subsidiaries (collectively, “NCE” or the “Company”). All significant intercompany transactions and accounts have been eliminated. | |
The unaudited financial statements included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The financial statements reflect all adjustments that are, in the opinion of management, necessary to fairly present such information. All such adjustments are of a normal recurring nature. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted pursuant to such rules and regulations. | |
These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2013. Operating results for the six month period ended June 30, 2014 are not necessarily indicative of the results that may be expected for any subsequent quarter or for the fiscal year ending December 31, 2013. |
NATURE_OF_OPERATIONS
NATURE OF OPERATIONS | 6 Months Ended |
Jun. 30, 2014 | |
ACCOUNTINGPOLICIESPolicies | ' |
Nature of Operations | ' |
The Company operates oil and gas wells and mineral leases in Athens and Meigs Counties in Ohio and in Calhoun, Jackson and Roane Counties in West Virginia through its wholly owned subsidiaries Mountaineer State Energy, LLC and Mountaineer State Operations, LLC. | |
The Company also leases and operates a retirement community in King City Oregon, with a capacity of 114 residents. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2014 | |
Significant Accounting Policy | ' |
Significant Accounting Policies | ' |
We consider accounting policies related to our estimates of depreciation amortization and depletion, segments, oil and gas properties, oil and gas reserves, gas gathering assets, office and field equipment, revenue recognition and gas imbalances, leases, revenue recognition for real estate operations, impairment, and sales of real estate as significant accounting policies. The policies include significant estimates made by management using information available at the time the estimates are made. However, these estimates could change materially if different information or assumptions were used. These policies are summarized in our Annual Report on Form 10-K for the year ended December 31, 2013. |
OIL_AND_GAS_RESERVES
OIL AND GAS RESERVES | 6 Months Ended |
Jun. 30, 2014 | |
OIL AND GAS RESERVES | ' |
OIL AND GAS RESERVES | ' |
The Company uses the full cost method of accounting for its investment in oil and natural gas properties. Under this method of accounting, all costs of acquisition, exploration and development of oil and natural gas properties (including such costs as leasehold acquisition costs, geological expenditures, dry hole costs, tangible and intangible development costs and direct internal costs) are capitalized as the cost of oil and natural gas properties when incurred. | |
The full cost method requires the Company to calculate quarterly, by cost center, a “ceiling,” or limitation on the amount of properties that can be capitalized on the balance sheet. To the extent capitalized costs of oil and natural gas properties, less accumulated depletion and related deferred taxes exceed the sum of the discounted future net revenues of proved oil and natural gas reserves, the lower of cost or estimated fair value of unproved properties subject to amortization, the cost of properties not being amortized, and the related tax amounts, such excess capitalized costs are charged to expense. | |
The standardized measure of discounted future net cash flows and changes in such cash flows are prepared using assumptions required by the Financial Accounting Standards Board and the Securities and Exchange Commission. Such assumptions include a standardized method for determining pricing and require that future cash flow be discounted using a 10% rate. The valuation that results may not represent management’s estimated current market value of proved reserves. | |
During the past few years the exploration, development and production of natural gas has resulted in an oversupply of natural gas which has resulted in a substantial reduction in the market price. Management of the Company believes that this oversupply will last for some time and does not anticipate an increase in the price we can receive in the market place. In April 2012 the Company entering into an agreement to fix the price it receives for the sale of its gas. For the five years ended April 2017 the Company will receive $4.53 per MCF. |
LAND_HELD_FOR_INVESTMENT
LAND HELD FOR INVESTMENT | 6 Months Ended |
Jun. 30, 2014 | |
LAND HELD FOR INVESTMENT | ' |
LAND HELD FOR INVESTMENT | ' |
In February 2014 the company acquired 7.4 acres of undeveloped land in Desoto, Texas for $624,000.The Company believes the highest and best use of this property is for the construction and development of multifamily housing. The Company acquired the property for investment purposes. |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Jun. 30, 2014 | |
CONTINGENCIES | ' |
CONTINGENCIES | ' |
Carlton Energy Group, LLC | |
In December 2006, Carlton Energy Group, LLC (“Carlton”) instituted litigation against an individual, Eurenergy Resources Corporation (“Eurenergy”) and several other entities including New Concept Energy, Inc., which was then known as CabelTel International Corporation (the “Company”) alleging tortuous conduct, breach of contract and other matters and as to the Company that it was the alter ego of Eurenergy. The Carlton claims were based upon an alleged tortuous interference with a contract by The individual and Eurenergy related to the right to explore a coal bed methane concession in Bulgaria which had never (and has not to this day) produced any hydrocarbons. At no time during the pendency of this project or since did the company or any of its officers or directors have any interest whatsoever in the success or failure of the so-called “Bulgaria Project”. However, in the litigation, Carlton alleged that the Company was the alter-ego of certain of the other Defendants including Eurenergy. | |
Following a jury trial in 2009, the Trial Court (295th District Court of Harris County, Texas) reduced the actual damages found by the jury of $66.5 million and entered judgment against EurEnergy and The individual jointly and severally for $31.16 million in actual damages on its tortuous-interference claim and the Court further assessed exemplary damages against The individual and EurEnergy in the amount of $8.5 million each. The Court granted a judgment for the Company that it was not the alter ego of any of the other parties and thereby would not incur any damages. | |
Cross appeals were filed by Carlton, The individual and EurEnergy to the Court of Appeals for the First District of Texas (the “Court of Appeals”) which rendered its opinion on February 14, 2012. The Court of Appeals opinion, among other things, reinstated the jury award of actual damages jointly and severely against The individual and EurEnergy in the amount of $66.5 million and overturned the Trial Court’s ruling favorable to the Company rendering a judgment for that amount plus exemplary damages against the Company as the “alter ego” of Eurenergy. | |
The Company, and the other defendants, filed a Petition for Review of the Court of Appeals Opinion with the Supreme Court of the State of Texas. After requesting a response from the Plaintiff the Supreme Court requested full briefing on the merits. In March 2013 the Supreme Court granted the Petition for Review and the court heard oral arguments in September 2013. The parties are awaiting a decision from the Court. | |
The Company vigorously denies that it is the “alter ego” of any other entity; further the Company strongly believes that the Court of Appeals opinion is erroneous in concluding that the Company is an “alter ego” of any other entity which is contrary to Nevada substantive law. There are also questions regarding the underlying liability of EurEnergy and if Eurenergy is successful in its petition for review or, even if unsuccessful if the Company is successful on its positions described above, the Trial Court’s judgment could be reinstated and the Company would have no liability on this claim. | |
Chesapeake Exploration Limited Partnership and Chesapeake Operating, Inc. (“Chesapeake”) | |
In January 2006, the Company entered into a joint operating agreement evidencing its acquisition of a 5% interest in two gas wells being drilled and ultimately operated by Chesapeake. The Company relied on the cost projections provided by Chesapeake to make its investment decision. Subsequent to its investment, the Company received an invoice from Chesapeake for $556,217 which, according to Chesapeake, represents the Company’s 5% share of additional costs incurred by Chesapeake in drilling the wells. The Company believes that these additional costs far exceed any reasonable expense that should have been incurred in drilling the two wells and were incurred without notifying the Company of such expenses. In April 2007, Chesapeake filed a lawsuit against the Company and others in District Court of Tarrant County, Texas. | |
In March 2011, Chesapeake received a summary judgment award including prejudgment interest for $686,874 plus $65,000 in legal fees. Further the judgment awarded Chesapeake additional legal fees of $30,000 should the Company file unsuccessful appeals to the Court of Appeals and the Texas Supreme Court. Chesapeake would also receive post judgment interest. | |
The judgment did however acknowledge that the plaintiff did not pay the company for it’s pro rata share of the gas produced by the two wells during the entire period in question. | |
The Company appealed the judgment to the Court of Appeals which reduced the judgment by $22,000 but otherwise affirmed the lower court ruling. The company filed an appeal with the Texas Supreme Court however on February 15, 2013 the Supreme Court denied the petition. | |
Following the ruling in March 2011 the Company arranged for a bond to the benefit of Chesapeake from a third party bonding company for $791,960. In February 2014 the Company paid the bonding company $791,960 which, in turn, paid Chesapeake. | |
There still remains the matter of the gas that is owed to the Company for it’s pro rata share of the gas produced and withheld by Chesapeake. The Company has estimated that there is approximately 70,000 MCF of gas for which the Company needs to be paid or receive in kind which would then be sold. The Company is pursuing its rights to be compensated for its interest. | |
Other | |
The Company has been named as a defendant in other lawsuits in the ordinary course of business. Management is of the opinion that these lawsuits will not have a material effect on the financial condition, results of operations or cash flows of the Company. |
OPERATING_SEGMENTS
OPERATING SEGMENTS | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Statements of Operations and total assets: | ' | ||||||||||||||||
OPERATING SEGMENTS | ' | ||||||||||||||||
The following table reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations and total assets: | |||||||||||||||||
Three months ended June 30, 2014 | Oil and | Retirement | Corporate | Total | |||||||||||||
Gas | Facility | ||||||||||||||||
Operating revenue | $ | 485 | $ | 728 | $ | - | $ | 1,213 | |||||||||
Operating expenses | 300 | 372 | 189 | 861 | |||||||||||||
Depreciation, Depletion and Amortization | 125 | 15 | 16 | 156 | |||||||||||||
Lease Expense | - | 241 | - | 241 | |||||||||||||
Total Operating Expenses | 425 | 628 | 205 | 1,258 | |||||||||||||
Interest Income | - | - | 1 | 1 | |||||||||||||
Interest expense | (22 | ) | - | - | (22 | ) | |||||||||||
Recovery of Bad Debt Expense | - | - | - | 0 | |||||||||||||
Other income | (16 | ) | - | (17 | ) | (33 | ) | ||||||||||
Segment operating income | $ | 22 | $ | 100 | $ | (221 | ) | $ | (99 | ) | |||||||
Three months ended June 30, 2013 | Oil and | Retirement | Corporate | Total | |||||||||||||
Gas | Facility | ||||||||||||||||
Operating revenue | $ | 384 | $ | 666 | $ | - | $ | 1,050 | |||||||||
Operating expenses | 313 | 368 | 170 | 851 | |||||||||||||
Depreciation, Depletion and Amortization | 180 | 15 | - | 195 | |||||||||||||
Lease Expense | - | 236 | - | 236 | |||||||||||||
Total Operating Expenses | 493 | 619 | 170 | 1,282 | |||||||||||||
Interest Income | - | - | 2 | 2 | |||||||||||||
Interest expense | (24 | ) | - | - | (24 | ) | |||||||||||
Recovery of Bad Debt Expense | - | - | 394 | 394 | |||||||||||||
Other income | 49 | - | (51 | ) | (2 | ) | |||||||||||
Segment operating income | $ | (84 | ) | $ | 47 | $ | 175 | $ | 138 | ||||||||
Six months ended June 30, 2014 | Oil and | Retirement | Corporate | Total | |||||||||||||
Gas | Facility | ||||||||||||||||
Operating revenue | $ | 829 | $ | 1,453 | $ | - | $ | 2,282 | |||||||||
Operating expenses | 617 | 752 | 381 | 1,750 | |||||||||||||
Depreciation, Depletion and Amortization | 291 | 31 | 16 | 338 | |||||||||||||
Lease Expense | - | 481 | - | 481 | |||||||||||||
Total Operating Expenses | 908 | 1,264 | 397 | 2,569 | |||||||||||||
Interest Income | - | - | 2 | 2 | |||||||||||||
Interest expense | (53 | ) | - | - | (53 | ) | |||||||||||
Recovery of Bad Debt Expense | - | - | - | 0 | |||||||||||||
Other income | - | - | 199 | 199 | |||||||||||||
Segment operating income | $ | (132 | ) | $ | 189 | $ | (196 | ) | $ | (139 | ) | ||||||
Six months ended June 30, 2013 | Oil and | Retirement | Corporate | Total | |||||||||||||
Gas | Facility | ||||||||||||||||
Operating revenue | $ | 724 | $ | 1,346 | $ | - | $ | 2,070 | |||||||||
Operating expenses | 566 | 739 | 343 | 1,648 | |||||||||||||
Depreciation, Depletion and Amortization | 383 | 30 | - | 413 | |||||||||||||
Lease Expense | - | 472 | - | 472 | |||||||||||||
Total Operating Expenses | 949 | 1,241 | 343 | 2,533 | |||||||||||||
Interest Income | - | - | 8 | 8 | |||||||||||||
Interest expense | (73 | ) | - | - | (73 | ) | |||||||||||
Recovery of Bad Debt Expense | - | - | 733 | 733 | |||||||||||||
Other income | - | - | (36 | ) | (36 | ) | |||||||||||
Segment operating income | $ | (298 | ) | $ | 105 | $ | 362 | $ | 169 |
NEWLY_ISSUED_ACCOUNTING_STANDA
NEWLY ISSUED ACCOUNTING STANDARDS | 6 Months Ended |
Jun. 30, 2014 | |
NEWLY ISSUED ACCOUNTING STANDARDS | ' |
NEWLY ISSUED ACCOUNTING STANDARDS | ' |
We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our consolidated statements, including that which we have not yet adopted. We do not believe that any such guidance will have a material effect on our financial position or results or operation. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2014 | |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | ' |
The Company has evaluated subsequent events through August 9, 2014, the date the financial statements were available to be issued, and has determined that there are none to be reported. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
ACCOUNTINGPOLICIESPolicies | ' |
Estimates | ' |
We consider accounting policies related to our estimates of depreciation amortization and depletion, segments, oil and gas properties, oil and gas reserves, gas gathering assets, office and field equipment, revenue recognition and gas imbalances, leases, revenue recognition for real estate operations, impairment, and sales of real estate as significant accounting policies. The policies include significant estimates made by management using information available at the time the estimates are made. However, these estimates could change materially if different information or assumptions were used. These policies are summarized in our Annual Report on Form 10-K for the year ended December 31, 2013. |
OPERATING_SEGMENTS_Tables
OPERATING SEGMENTS (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Statements of Operations and total assets: | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||
Three months ended June 30, 2014 | Oil and | Retirement | Corporate | Total | |||||||||||||
Gas | Facility | ||||||||||||||||
Operating revenue | $ | 485 | $ | 728 | $ | - | $ | 1,213 | |||||||||
Operating expenses | 300 | 372 | 189 | 861 | |||||||||||||
Depreciation, Depletion and Amortization | 125 | 15 | 16 | 156 | |||||||||||||
Lease Expense | - | 241 | - | 241 | |||||||||||||
Total Operating Expenses | 425 | 628 | 205 | 1,258 | |||||||||||||
Interest Income | - | - | 1 | 1 | |||||||||||||
Interest expense | (22 | ) | - | - | (22 | ) | |||||||||||
Recovery of Bad Debt Expense | - | - | - | 0 | |||||||||||||
Other income | (16 | ) | - | (17 | ) | (33 | ) | ||||||||||
Segment operating income | $ | 22 | $ | 100 | $ | (221 | ) | $ | (99 | ) | |||||||
Three months ended June 30, 2013 | Oil and | Retirement | Corporate | Total | |||||||||||||
Gas | Facility | ||||||||||||||||
Operating revenue | $ | 384 | $ | 666 | $ | - | $ | 1,050 | |||||||||
Operating expenses | 313 | 368 | 170 | 851 | |||||||||||||
Depreciation, Depletion and Amortization | 180 | 15 | - | 195 | |||||||||||||
Lease Expense | - | 236 | - | 236 | |||||||||||||
Total Operating Expenses | 493 | 619 | 170 | 1,282 | |||||||||||||
Interest Income | - | - | 2 | 2 | |||||||||||||
Interest expense | (24 | ) | - | - | (24 | ) | |||||||||||
Recovery of Bad Debt Expense | - | - | 394 | 394 | |||||||||||||
Other income | 49 | - | (51 | ) | (2 | ) | |||||||||||
Segment operating income | $ | (84 | ) | $ | 47 | $ | 175 | $ | 138 | ||||||||
Six months ended June 30, 2014 | Oil and | Retirement | Corporate | Total | |||||||||||||
Gas | Facility | ||||||||||||||||
Operating revenue | $ | 829 | $ | 1,453 | $ | - | $ | 2,282 | |||||||||
Operating expenses | 617 | 752 | 381 | 1,750 | |||||||||||||
Depreciation, Depletion and Amortization | 291 | 31 | 16 | 338 | |||||||||||||
Lease Expense | - | 481 | - | 481 | |||||||||||||
Total Operating Expenses | 908 | 1,264 | 397 | 2,569 | |||||||||||||
Interest Income | - | - | 2 | 2 | |||||||||||||
Interest expense | (53 | ) | - | - | (53 | ) | |||||||||||
Recovery of Bad Debt Expense | - | - | - | 0 | |||||||||||||
Other income | - | - | 199 | 199 | |||||||||||||
Segment operating income | $ | (132 | ) | $ | 189 | $ | (196 | ) | $ | (139 | ) | ||||||
Six months ended June 30, 2013 | Oil and | Retirement | Corporate | Total | |||||||||||||
Gas | Facility | ||||||||||||||||
Operating revenue | $ | 724 | $ | 1,346 | $ | - | $ | 2,070 | |||||||||
Operating expenses | 566 | 739 | 343 | 1,648 | |||||||||||||
Depreciation, Depletion and Amortization | 383 | 30 | - | 413 | |||||||||||||
Lease Expense | - | 472 | - | 472 | |||||||||||||
Total Operating Expenses | 949 | 1,241 | 343 | 2,533 | |||||||||||||
Interest Income | - | - | 8 | 8 | |||||||||||||
Interest expense | (73 | ) | - | - | (73 | ) | |||||||||||
Recovery of Bad Debt Expense | - | - | 733 | 733 | |||||||||||||
Other income | - | - | (36 | ) | (36 | ) | |||||||||||
Segment operating income | $ | (298 | ) | $ | 105 | $ | 362 | $ | 169 |
LAND_HELD_FOR_INVESTMENT_Detai
LAND HELD FOR INVESTMENT (Details Narrrative) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
LAND HELD FOR INVESTMENT | ' |
the company acquired undeveloped land in Desoto in acres | 7.4 |
Land acquired for | $624 |