NEW CONCEPT ENERGY, INC AND SUBSIDIARIES | ||||||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||
(unaudited) | ||||||||||||||||
(amounts in thousands, except per share data) | ||||||||||||||||
For the Three Months ended June 30, | For the Six Months ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenue | ||||||||||||||||
Oil and gas operations, net of royalties | $ | 259 | $ | 485 | $ | 431 | $ | 829 | ||||||||
Real estate operations | 744 | 728 | 1,461 | 1,453 | ||||||||||||
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 | ||||||||||||
1,255 | 1,258 | 2,534 | 2,569 | |||||||||||||
Operating earnings (loss) | (252 | ) | (45 | ) | (642 | ) | (287 | ) | ||||||||
Other income (expense) | ||||||||||||||||
Interest income | - | 1 | - | 2 | ||||||||||||
Interest expense | (16 | ) | (22 | ) | (42 | ) | (53 | ) | ||||||||
Recovery of bad debt expense | 386 | - | 1,124 | - | ||||||||||||
Other income (expense) | (8 | ) | (33 | ) | (16 | ) | 199 | |||||||||
362 | (54 | ) | 1066 | 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 |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(unaudited) | ||||||||
(amounts in thousands) | ||||||||
June 30, 2015 | December 31, 2014 | |||||||
Assets | ||||||||
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 |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS - CONTINUED | ||||||||
(unaudited) | ||||||||
(amounts in thousands, except share amounts) | ||||||||
June 30, 2015 | December 31, 2014 | |||||||
Liabilities and stockholders' equity | ||||||||
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 | ) | ||||
6,717 | 6,293 | |||||||
Total liabilities & equity | $ | 11,984 | $ | 12,274 |