NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(amounts in thousands) | ||||||||
March 31, 2017 | December 31, 2016 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 520 | $ | 113 | ||||
Accounts receivable from oil and gas sales | 122 | 119 | ||||||
Other current assets | 73 | 206 | ||||||
Total current assets | 715 | 438 | ||||||
Oil and natural gas properties (full cost accounting method) | ||||||||
Proved developed and undeveloped oil and gas properties, net of depletion | 5,551 | 5,608 | ||||||
Property and equipment, net of depreciation | ||||||||
Land, buildings and equipment - oil and gas operations | 703 | 706 | ||||||
Other | — | 25 | ||||||
Total property and equipment | 703 | 731 | ||||||
Other assets | 322 | 401 | ||||||
Total assets | $ | 7,291 | $ | 7,178 |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS - CONTINUED | ||||||||
(amounts in thousands, except share amounts) | ||||||||
March 31, 2017 | December 31, 2016 | |||||||
Liabilities and stockholders' equity | ||||||||
Current liabilities | ||||||||
Accounts payable - (including $463 and $160 due to related parties in 2017 and 2016) | $ | 526 | $ | 238 | ||||
Accrued expenses | 53 | 59 | ||||||
Current portion of long term debt | 89 | 96 | ||||||
Total current liabilities | 668 | 393 | ||||||
Long-term debt | ||||||||
Notes payable less current portion | 293 | 296 | ||||||
Asset retirement obligation | 2,770 | 2,770 | ||||||
Total liabilities | 3,731 | 3,459 | ||||||
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, 2017 and December 31, 2016 | 20 | 20 | ||||||
Additional paid-in capital | 58,838 | 58,838 | ||||||
Accumulated deficit | (55,299 | ) | (55,140 | ) | ||||
Total shareholders' equity | 3,560 | 3,719 | ||||||
Total liabilities & equity | $ | 7,291 | $ | 7,178 |
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, | ||||||||
2017 | 2016 | |||||||
Revenue | ||||||||
Oil and gas operations, net of royalties | $ | 195 | $ | 219 | ||||
Total Revenues | 195 | 219 | ||||||
Operating expenses | ||||||||
Oil and gas operations | 256 | 396 | ||||||
Corporate general and administrative | 100 | 167 | ||||||
Total Operating Expenses | 356 | 563 | ||||||
Operating earnings (loss) | (161 | ) | (344 | ) | ||||
Other income (expense) | ||||||||
Interest income | 4 | 6 | ||||||
Interest expense | (7 | ) | (11 | ) | ||||
Other income (expense), net | (8 | ) | (2 | ) | ||||
Expense | (11 | ) | (7 | ) | ||||
Earns (loss) form continuing operations | (172 | ) | (351 | ) | ||||
Earnings from discontinued operations | 13 | 55 | ||||||
Net income (loss) applicable to common shares | $ | (159 | ) | $ | (296 | ) | ||
Net (loss) per common share from continuing operations | $ | (0.09 | ) | $ | (0.18 | ) | ||
Net income per common share from discontinued operations | $ | 0.01 | $ | 0.03 | ||||
Net income (loss) per common share-basic and diluted | $ | (0.08 | ) | $ | (0.15 | ) | ||
Weighted average common and equivalent shares outstanding - basic | 1,947 | 1,947 |