Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 13, 2015 | |
Document and Entity Information: | ||
Entity Registrant Name | New Concept Energy, Inc. | |
Entity Trading Symbol | GBR | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Entity Central Index Key | 105,744 | |
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 | 2,015 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED BALANCE SHEETS (un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 437 | $ 300 |
Accounts receivable from oil and gas sales | 137 | 216 |
Other current assets | 362 | 182 |
Total current assets | 936 | 698 |
Oil and natural gas properties (full cost accounting method) | ||
Proved developed and undeveloped oil and gas properties, net of depletion | 8,776 | 8,809 |
Property and equipment, net of depreciation | ||
Land, buildings and equipment - oil and gas operations | 845 | 1,476 |
Other | 152 | 162 |
Total property and equipment | 997 | 1,638 |
Other assets (including $124 due from related parties in 2014) | 1,275 | 1,129 |
Total assets | 11,984 | 12,274 |
Current liabilities | ||
Accounts payable (includes $494 due to related parties in 2014) | 165 | 673 |
Accrued expenses | 252 | 229 |
Current portion of long term debt | 775 | 881 |
Total current liabilities | 1,192 | 1,783 |
Long-term debt | ||
Notes payable less current portion | 1,305 | 1,428 |
Asset retirement obligation | 2,770 | 2,770 |
Total liabilities | 5,267 | 5,981 |
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, 2015 and December 31, 2014 | 20 | 20 |
Additional paid-in capital | 58,838 | 58,838 |
Accumulated deficit | (52,142) | (52,566) |
Total Stockholder's equity | 6,717 | 6,293 |
Total liabilities & equity | $ 11,984 | $ 12,274 |
CONSOLIDATED BALANCE SHEETS PAR
CONSOLIDATED BALANCE SHEETS PARENTHETICALS - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Parentheticals | ||
Other assets due from related parties | $ 0 | $ 124 |
Accounts payable due to related parties | $ 0 | $ 494 |
Common Stock, Par Value | $ 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 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue | ||||
Oil and gas operations, net of royalties | $ 259 | $ 485 | $ 431 | $ 829 |
Real estate operations | 744 | 728 | 1,461 | 1,453 |
Total Revenues | 1,003 | 1,213 | 1,892 | 2,282 |
Operating expenses | ||||
Oil and gas operations | 440 | 425 | 910 | 908 |
Real estate operations | 415 | 387 | 825 | 783 |
Real Estate - Lease Expense | 245 | 241 | 490 | 481 |
Corporate general and administrative | 155 | 205 | 309 | 397 |
Total Operating Expenses | 1,255 | 1,258 | 2,534 | 2,569 |
Operating earnings (loss) | (252) | (45) | (642) | (287) |
Other income (expense) | ||||
Interest income | 0 | 1 | 0 | 2 |
Interest expense | (16) | (22) | (42) | (53) |
Recovery of bad debt expense | 386 | 0 | 1,124 | 0 |
Other income (expense) | (8) | (33) | (16) | 199 |
Total Other income (Expense) | 362 | (54) | 1,066 | 148 |
Net income (loss) applicable to common shares | $ 110 | $ (99) | $ 424 | $ (139) |
Net income (loss) per common share-basic and diluted | $ 0.06 | $ (0.05) | $ 0.22 | $ (0.07) |
Weighted average common and equivalent shares outstanding - basic | 1,947 | 1,947 | 1,947 | 1,947 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities | ||
Net income (loss) | $ 424 | $ (139) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Depreciation, depletion and amortization | 333 | 338 |
Write-off (recovery) of affiliate receivable | (1,124) | 0 |
Changes in operating assets and liabilities | ||
Other current and non-current assets | 68 | (121) |
Accounts payable and other liabilities | 639 | (598) |
Net cash provided by (used) in operating activities | 340 | (520) |
Cash flows from investing activities | ||
Investment in oil and gas | (191) | (21) |
Fixed asset additions | (21) | (156) |
Cash portion from the sale of land | 116 | 0 |
Repayment of loans from affiliates | 126 | 128 |
Real estate held for investment | 0 | (631) |
Net cash provided by (used in) investing activities | 30 | (680) |
Cash flows from financing activities | ||
Payment on notes payable | (233) | (120) |
Net cash provided by (used in) financing activities | (233) | (120) |
Net increase (decrease) in cash and cash equivalents | 137 | (1,320) |
Cash and cash equivalents at beginning of year | 300 | 1,620 |
Cash and cash equivalents at end of year | 437 | 300 |
Supplemental disclosures of cash flow information | ||
Cash paid for interest on notes payable | 42 | 53 |
Cash paid for principal on notes payable | 234 | 120 |
Non Cash Portion of the Sale of Land | $ 415 | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2015 | |
BASIS OF PRESENTATION: | |
BASIS OF PRESENTATION | NOTE A: 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 Companys Annual Report on Form 10-K for the fiscal year ending December 31, 2014. Operating results for the six month period ended June 30, 2015 are not necessarily indicative of the results that may be expected for any subsequent quarter or for the fiscal year ending December 31, 2015. |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 6 Months Ended |
Jun. 30, 2015 | |
NATURE OF OPERATIONS | |
NATURE OF OPERATIONS | NOTE B: 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 ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE C: SUMMARY OF 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, 2014. |
OIL AND GAS RESERVES
OIL AND GAS RESERVES | 6 Months Ended |
Jun. 30, 2015 | |
OIL AND GAS RESERVES | |
OIL AND GAS RESERVES | NOTE D: 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 managements 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, 2015 | |
LAND HELD FOR INVESTMENT | |
LAND HELD FOR INVESTMENT | NOTE E: 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. When the Company acquired Mountaineer State Energy in 2008 the acquisition included certain undeveloped land adjacent to the Companys operational facility. On June 30, 2015 we sold a portion of the land for $580,000 of which $415,000 was in the form of a note receivable over 10 years. The property was sold for book value. The Company used the cash portion of the transaction to pay down a note owed to a bank. |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Jun. 30, 2015 | |
CONTINGENCIES | |
CONTINGENCIES | NOTE F: 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 Courts 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. On May 8, 2015, the Supreme Court of Texas affirmed, in part, and reversed, in part, the Court of Appeals Judgment, remanding the case to that Court for further proceedings. In its opinion, the Supreme Court concluded that the evidence supports the Jurys verdict that the individual used the Company and other entities, that it would be unjust to require Carlton to treat them separately and found that the Company was an alter ego as a matter of law. The Supreme Court determined that the Court of Appeals erred in reinstating the jurys verdict on damages in the amount of $66.5 million as the amount was speculative and not supported by competent evidence. The court declined to reinstate the trial courts judgment of $31.16 million. The Supreme Court did rule that there was some evidence to support an award of actual damages and therefore remanded the case to the Court of Appeals to make a factual sufficiency determination, if possible, as to as to the amount. The defendants have filed a Motion for Rehearing requesting clarification of the Supreme Courts ruling and/or a remand to the trial court for a new trial. Managements preliminary analysis of these developments suggests it is reasonably possible that the claim will result in an unfavorable outcome. Management notes that in connection with the original appeal, the individual defendant deposited alternative security with the court to supersede the judgment which the court determined to have a value in excess of $56 million. Management believes that the maximum exposure would be in an amount significantly less than the amount on deposit. Accordingly, management believes that any adverse outcome is fully secured by that deposit. 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, 2015 | |
OPERATING SEGMENTS | |
OPERATING SEGMENTS | NOTE G: 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, 2015 Oil and Gas Operations Retirement Facility Corporate Total Operating revenue $ 259 $ 744 $ - 1,003 Operating expenses 324 400 155 879 Depreciation, Depletion and Amortization 116 15 - 131 Lease Expense - 245 - 245 Total Operating Expenses 440 660 155 1255 Interest Income - - 0 0 Interest expense (16 ) - - (16 ) Recovery of Bad Debt Expense - - 386 386 Other income - - (8 ) (8 ) Segment operating income $ (197 ) $ 84 $ 223 $ 110 Three months ended June 30, 2014 Oil and Gas Operations Retirement Facility Corporate Total 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 ) Six months ended June 30, 2015 Oil and Gas Operations Retirement Facility Corporate Total Operating revenue $ 431 $ 1,461 $ - $ 1,892 Operating expenses 628 794 309 1,731 Depreciation, Depletion and Amortization 282 31 - 313 Lease Expense - 490 - 490 Total Operating Expenses 910 1,315 309 2,534 Interest Income - - 0 0 Interest expense (42 ) - - (42 ) Recovery of Bad Debt Expense - - 1,124 1,124 Other income - - (16 ) (16 ) Segment operating income $ (521 ) $ 146 $ 799 $ 424 Six months ended June 30, 2014 Oil and Gas Operations Retirement Facility Corporate Total 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 ) |
NEWLY ISSUED ACCOUNTING STANDAR
NEWLY ISSUED ACCOUNTING STANDARDS | 6 Months Ended |
Jun. 30, 2015 | |
NEWLY ISSUED ACCOUNTING STANDARDS | |
NEWLY ISSUED ACCOUNTING STANDARDS | NOTE H: 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, 2015 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE I: SUBSEQUENT EVENTS The Company has evaluated subsequent events through August 13, 2015, the date the financial statements were available to be issued, and has determined that there are none to be reported. |
OPERATING SEGMENTS REVENUE (TAB
OPERATING SEGMENTS REVENUE (TABLES) | 6 Months Ended |
Jun. 30, 2015 | |
OPERATING SEGMENTS REVENUE | |
OPERATING SEGMENTS REVENUE | 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, 2015 Oil and Gas Operations Retirement Facility Corporate Total Operating revenue $ 259 $ 744 $ - 1,003 Operating expenses 324 400 155 879 Depreciation, Depletion and Amortization 116 15 - 131 Lease Expense - 245 - 245 Total Operating Expenses 440 660 155 1255 Interest Income - - 0 0 Interest expense (16 ) - - (16 ) Recovery of Bad Debt Expense - - 386 386 Other income - - (8 ) (8 ) Segment operating income $ (197 ) $ 84 $ 223 $ 110 Three months ended June 30, 2014 Oil and Gas Operations Retirement Facility Corporate Total 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 ) Six months ended June 30, 2015 Oil and Gas Operations Retirement Facility Corporate Total Operating revenue $ 431 $ 1,461 $ - $ 1,892 Operating expenses 628 794 309 1,731 Depreciation, Depletion and Amortization 282 31 - 313 Lease Expense - 490 - 490 Total Operating Expenses 910 1,315 309 2,534 Interest Income - - 0 0 Interest expense (42 ) - - (42 ) Recovery of Bad Debt Expense - - 1,124 1,124 Other income - - (16 ) (16 ) Segment operating income $ (521 ) $ 146 $ 799 $ 424 Six months ended June 30, 2014 Oil and Gas Operations Retirement Facility Corporate Total 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 ) |
OIL AND GAS RESERVES(Details)
OIL AND GAS RESERVES(Details) | Jun. 30, 2015 |
Oil and gas reserves details | |
Future cash flow be discounted using a rate | 10.00% |
For the five years ended April 2017 the Company will receive per MCF. | 4.53 |
LAND HELD FOR INVESTMENT (Detai
LAND HELD FOR INVESTMENT (Details) | Jun. 30, 2015USD ($) | Feb. 28, 2014USD ($) |
Land held for investment details | ||
Company acquired undeveloped land in Desoto Texas(acres) | 7.4 | |
Undevelop land in Desoto Texas value | $ 624,000 | |
Sold a portion of land | $ 580,000 | |
Amount of sale in the form of notes receivable | $ 415,000 | |
Period of notes receivable in years | 10 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) - USD ($) | May. 08, 2015 | Feb. 14, 2012 | Dec. 31, 2009 |
Contingencies details | |||
Acutal damages found by jury in millions | $ 66,500,000 | ||
The individual jointly and severally for actual damages | 31,160,000 | ||
Exemplary damages and individual and Eurenergy millions | $ 8,500,000 | ||
Reinstated the jury award of actual damages jointly and severely against The individual and EurEnergy millions | $ 66,500,000 | ||
Individual defendant deposited alternative security with the court to supersede the judgment in excess | $ 56,000,000 |
Segment information (Details) {
Segment information (Details) {Stockholder's Equity} - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Oil and Gas operations | ||||
Operating revenue | $ 259 | $ 485 | $ 431 | $ 829 |
Operating expenses | 324 | 300 | 628 | 617 |
Depreciation, Depletion and Amortization | 116 | 125 | 282 | 291 |
Lease Expense | 0 | 0 | 0 | 0 |
Total Operating Expenses | 440 | 425 | 910 | 908 |
Interest Income | 0 | 0 | 0 | 0 |
Interest expense | (16) | (22) | (42) | (53) |
Recovery of Bad Debt Expense | 0 | 0 | 0 | 0 |
Other income | 0 | (16) | 0 | 0 |
Segment operating income | (197) | 22 | (521) | (132) |
Retirement Facility | ||||
Operating revenue | 744 | 728 | 1,461 | 1,453 |
Operating expenses | 400 | 372 | 794 | 752 |
Depreciation, Depletion and Amortization | 15 | 15 | 31 | 31 |
Lease Expense | 245 | 241 | 490 | 481 |
Total Operating Expenses | 660 | 628 | 1,315 | 1,264 |
Interest Income | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Recovery of Bad Debt Expense | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Segment operating income | 84 | 100 | 146 | 189 |
Corporate | ||||
Operating revenue | 0 | 0 | 0 | 0 |
Operating expenses | 155 | 189 | 309 | 381 |
Depreciation, Depletion and Amortization | 0 | 16 | 0 | 16 |
Lease Expense | 0 | 0 | 0 | 0 |
Total Operating Expenses | 155 | 205 | 309 | 397 |
Interest Income | 0 | 1 | 0 | 2 |
Interest expense | 0 | 0 | 0 | 0 |
Recovery of Bad Debt Expense | 386 | 0 | 1,124 | 0 |
Other income | (8) | (17) | (16) | 199 |
Segment operating income | 223 | (221) | 799 | (196) |
Total. | ||||
Operating revenue | 1,003 | 1,213 | 1,892 | 2,282 |
Operating expenses | 879 | 861 | 1,731 | 1,750 |
Depreciation, Depletion and Amortization | 131 | 156 | 313 | 338 |
Lease Expense | 245 | 241 | 490 | 481 |
Total Operating Expenses | 1,255 | 1,258 | 2,534 | 2,569 |
Interest Income | 0 | 1 | 0 | 2 |
Interest expense | (16) | (22) | (42) | (53) |
Recovery of Bad Debt Expense | 386 | 0 | 1,124 | 0 |
Other income | (8) | (33) | (16) | 199 |
Segment operating income | $ 110 | $ (99) | $ 424 | $ (139) |