New Concept Energy (GBR) 10-K 22 Mar 22 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 18, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	000-08187
Entity Registrant Name	NEW CONCEPT ENERGY, INC.
Entity Central Index Key	0000105744
Entity Tax Identification Number	75-2399477
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	1603 LBJ Freeway
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75234
City Area Code	(972)
Local Phone Number	407-8400
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	GBR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 14,168,000
Entity Common Stock, Shares Outstanding		5,131,934
Auditor Firm ID	1820
Auditor Name	Swalm & Associates, P.C.
Auditor Location	Richardson, Texas

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 252	$ 27
Current portion note receivable (including $3,560 and $3,631 in 2021 and 2020 from related parties)	3,560	3,683
Other current assets		92
Total current assets	3,812	3,802
Property and equipment, net of depreciation
Land, buildings and equipment	643	656
Note Receivable		153
Total assets	$ 4,455	$ 4,611

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
[custom:CurrentPortionNotesReceivableRelatedParties-0]	$ 3,560	$ 3,631

CONSOLIDATED BALANCE SHEETS - C

CONSOLIDATED BALANCE SHEETS - CONTINUED - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current liabilities
Accounts payable - trade (including $3 and $55 in 2021 and 2020 due to related parties)	$ 28	$ 80
Accrued expenses	32	32
Current portion of long term debt		52
Total current liabilities	60	164
Long-term debt
Notes payable less current portion		122
Liabilities of assets held for sale
Total liabilities	60	286
Stockholders' equity
Series B convertible preferred stock, $10 par value, liquidation value of $100 authorized 100 shares, issued and outstanding one share	1	1
Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 5,131,934 shares at December 31, 2021 and 2020	51	51
Additional paid-in capital	63,579	63,579
Accumulated deficit	(59,236)	(59,306)
Total stockholders’ equity	4,395	4,325
Total liabilities & stockholders' equity	$ 4,455	$ 4,611

CONSOLIDATED BALANCE SHEETS -_2

CONSOLIDATED BALANCE SHEETS - CONTINUED (Parenthetical) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts Payable, Related Parties, Current	$ 3,000	$ 55,000
Preferred Stock, Par or Stated Value Per Share	$ 10	$ 10
Preferred Stock, Liquidation Preference, Value	$ 100	$ 100
Preferred Stock, Shares Authorized	100	100
Preferred Stock, Shares Issued	1	1
Preferred Stock, Shares Outstanding	1	1
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Outstanding	5,131,934	5,131,934

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue
Rent	$ 101	$ 101	$ 98
Total Revenues	101	101	98
Operating expenses
Operating Expenses	77	72	61
Corporate general and administrative	360	396	418
Total Operating Expenses	437	468	479
Operating loss	(336)	(367)	(381)
Other income (expense)
Interest income (including $212 and $226 for the year ended 2021 and 2020 from related parties)	220	242	257
Interest expense	(5)	(12)	(15)
Other income (expense), net	191	85	199
	406	315	441
Net income (loss) from continuing operations	70	(52)	60
Net income (loss) from discontinued operations
Gain (loss) from discontinued operations		(170)	(2,412)
Gain from Disposal of oil and gas operations		2,138
		1,968	(2,412)
Net income (loss) applicable to common shares	$ 70	$ 1,916	$ (2,352)
Net income (loss) per common share-basic and diluted	$ 0.01	$ 0.37	$ (0.46)
Weighted average common and equivalent shares outstanding - basic	5,132	5,132	5,132

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Interest Income, Related Party	$ 212	$ 226

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income (loss) from continuing operations	$ 70	$ (52)	$ 60
Net income (loss) from discontinued operations		1,968	(2,412)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of oil and gas operations		(2,138)
Depreciation and amortization	13	12	18
Impairment of oil & gas properties			2,285
Changes in operating assets and liabilities
Other current and non-current assets	92	(197)	42
Accounts payable and other liabilities	(52)	(128)	(232)
Net cash provided by (used) in operating activities	123	(535)	(239)
Cash flows from investing activities
Proceeds from the sale of discontinued operations		85
Fixed asset addition			(68)
Collections of note receivable	276	508	12
Net cash provided by (used) in investing activities	276	593	(56)
Cash flows from financing activities
Payment on notes payable	(174)	(53)	(44)
Net cash provided by (used) in financing activities	(174)	(53)	(44)
Net increase (decrease) in cash and cash equivalents	225	5	(339)
Cash and cash equivalents at beginning of year	27	22	361
Cash and cash equivalents at end of year	252	27	22
Supplemental disclosures of cash flow information
Cash paid for interest on notes payable:	5	12	15
Cash paid for principal on notes payable:	$ 174	$ 47	$ 44

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKERS' EQUITY - USD ($) $ in Thousands	Preferred Class B [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2018	$ 1	$ 51	$ 63,579	$ (58,870)	$ 4,761
Preferred Stock, Shares Outstanding, Beginning Balance at Dec. 31, 2018	1,000
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2018		5,132,000
Issuance of Common Stock
Stock Issued During Period, Shares, New Issues		0
Net Income				(2,352)	(2,352)
Ending balance, value at Dec. 31, 2019	$ 1	$ 51	63,579	(61,222)	2,409
Preferred Stock, Shares Outstanding, Ending Balance at Dec. 31, 2019	1,000
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2019		5,132,000
Issuance of Common Stock
Stock Issued During Period, Shares, New Issues		0
Net Income				1,916	1,916
Ending balance, value at Dec. 31, 2020	$ 1	$ 51	63,579	(59,306)	$ 4,325
Preferred Stock, Shares Outstanding, Ending Balance at Dec. 31, 2020	1,000				1
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2020		5,132,000			5,131,934
Issuance of Common Stock
Stock Issued During Period, Shares, New Issues		0
Net Income				70	70
Ending balance, value at Dec. 31, 2021	$ 1	$ 51	$ 63,579	$ (59,236)	$ 4,395
Preferred Stock, Shares Outstanding, Ending Balance at Dec. 31, 2021	1,000				1
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2021		5,132,000			5,131,934

BUSINESS DESCRIPTION AND PRESEN

BUSINESS DESCRIPTION AND PRESENTATION	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
BUSINESS DESCRIPTION AND PRESENTATION	NOTE A – BUSINESS DESCRIPTION AND PRESENTATION The Company owns approximately 190 acres of land located in Parkersburg West Virginia. Located on the land are four structures totaling approximately 53,000 square feet. Of this total area the main industrial / office building contains approximately 24,800 square feet of which as of December 31, 2021 approximately 16,000 of industrial area is leased for $101,000 per annum In August 2020, the Company sold its oil and gas wells and mineral leases which were located in Ohio and West Virginia. The oil and operations for the periods included in this report are reflected as discontinued operations. The Company’s ability to meet current cash obligations relies on cash received from operations and the collection of notes receivable, including a $ 3.6 million

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies applied in the preparation of the accompanying consolidated financial statements follows: Principles of Consolidation The consolidated financial statements include the accounts of New Concept Energy, Inc. and its majority-owned subsidiaries (collectively, the “Company,” New Concept or “NCE”) and are prepared on the basis of accounting principles generally accepted in the United States of America “GAAP”. All significant intercompany transactions and accounts have been eliminated. Certain accounting balances have been reclassified to conform to the current year presentation. Depreciation Depreciation is provided for in amounts sufficient to relate the cost of property and equipment to operations over their estimated service lives, ranging from 3 to 40 years. Depreciation is computed by the straight-line method. Depreciation expense, which is included in operations, was $ 13,000 12,000 18,000 Segments The Company operates one primary business segment: real estate rental. Segment data is provided in “Note K” to these consolidated financial statements. On August 31, 2020, the Company sold its oil and gas segment which is now reflected as Discontinued Operations. Revenue Recognition Rental income for property leases are recorded when due from the tenant and is recognized monthly as it is earned, which is not materially different than on a straight-line basis as lease terms are generally for periods of one year or less. Use of Estimates In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash Equivalents The Company considers all short-term deposits and money market investments with a maturity of less than three months to be cash equivalents. Impairment of Notes Receivable Notes receivable are identified as impaired when it is probable that interest and principal will not be collected according to the contractual terms of the note agreements. The accrual of interest is discontinued on such notes, and no income is recognized until all past due amounts of principal and interest are recovered in full. Impairment of Long-Lived Assets The Company reviews its long-lived assets and certain identifiable intangibles for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In reviewing recoverability, the Company estimates the future cash flows expected to result from use of the assets and eventually disposing of them. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is recognized based on the asset’s fair value. The Company determines the fair value of assets to be disposed of and records the asset at the lower of fair value less disposal costs or carrying value. Assets are not depreciated while held for disposal. Sales of Real Estate Gains on sales of real estate are recognized to the extent permitted by Accounting Standards Codification Topic 360-20, “Real Estate Sales – Real Estate Sales”, (“ASC 360-20”). Until the requirements of ASC 360-20 have been met for full profit recognition, sales are accounted for by the installment or cost recovery method, whichever is appropriate. Income Taxes The Company accounts for income taxes in accordance with Accounting Standards Codification, (“ASC”) No. 740, “Accounting for Income Taxes”. ASC 740 requires an asset and liability approach to financial accounting for income taxes. In the event differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities result in deferred tax assets, ASC 740 requires an evaluation of the probability of being able to realize the future benefits indicated by such assets. A valuation allowance is provided for a portion or all of the deferred tax assets when there is an uncertainty regarding the Company’s ability to recognize the benefits of the assets in future years. Recognition of the benefits of deferred tax assets will require the Company to generate future taxable income. There is no assurance that the Company will generate earnings in future years. Since management could not determine the likelihood that the benefit of the deferred tax asset would be realized, no deferred tax asset was recognized by the Company.

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTIES	NOTE C – RELATED PARTIES Commencing in February 2008, three publicly traded entities needed a chief financial officer, American Realty Investors, Inc. (“ARL”), Transcontinental Realty Investors, Inc. (“TCI”) and Income Opportunity Realty Investors, Inc. (“IOR”), Mr. Bertcher, is a certified public accountant and has a long history in their industry. New Concept made arrangements with the three entities whereby, in addition to his responsibilities to New Concept Mr. Bertcher would be Chief Financial Officer for the three entities. Mr. Bertcher was paid directly for such services by the contractual advisor for the three companies. Mr. Bertcher resigned as an officer of American Realty Investors, Inc. (“ARI”) and Transcontinental Realty Investors, Inc. (“TCI”) on June 30, 2019, but continued on as an officer of Income Opportunity Realty Investors, Inc. (“IOR”) until he resigned December 16, 2021. Beginning in 2011 Pillar Income Asset Management (“Pillar”) became the contractual advisor to the three publically traded entities. Pillar is a wholly owned subsidiary of RAI and Mr. Bertcher serves as a director. In addition to the relationship with Mr. Bertcher, New Concept conducts business with Pillar whereby Pillar provided the Company with services including processing payroll, acquiring insurance and other administrative matters. The Company believes that by purchasing these services through certain large entities it can get lower costs and better service. Pillar does not charge the Company a fee for providing these services. The Company reimburses Pillar for the direct cost for such services. Realty Advisors, Inc., (“RAI”) is a privately owned investment company and by virtue of its stock ownership, the controlling shareholder for the three public entities. Mr. Bertcher was an officer of RAI until June 30, 2019.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
DISCONTINUED OPERATIONS	NOTE D – DISCONTINUED OPERATIONS On August 31, 2020, the Company sold its entire oil and gas operation for $ 85,000 2,745,000 2,138,000 Also included in discontinued operations are net operating expenses the Company incurred during the period presented. For the years ended December 31, 2020 and 2019 the Company recorded operating losses of $ 170,000 and 2,412,000 2,285,000

NOTES RECEIVABLE

NOTES RECEIVABLE	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
NOTES RECEIVABLE	NOTE E – NOTES RECEIVABLE Notes Receivable Interest Rate 2021 2020 American Realty Investors, Inc. (a related party) receivable upon maturity in September 2022 6 % $ 3,560 $ 3,631 Third Party receivable payable monthly and matures in July 2025 6 % — 205 3,560 3,836 less: current portion of notes receivable 3,560 3,683 Notes Receivable $ 0 $ 153 The Company held a note receivable from a non related party. The original note was $415,000 payable in 120 monthly payments at 6 100,000

FIXED ASSETS

FIXED ASSETS	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
FIXED ASSETS	NOTE F – FIXED ASSETS Land, building and furniture, fixtures and equipment are recorded at cost incurred to acquire the assets. At December 31, 2021, Fixed Assets 2021 2020 Land and improvements $ 432 $ 432 Buildings and improvements 341 341 Total fixed assets 773 773 Less: Accumulated depreciation (130 ) (117 ) Net Fixed Assets $ 643 $ 656

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTE G – NOTES PAYABLE Notes payable 2021 2020 Bank Debt $ — $ 192 Less current portion of long term debt — (52 ) — 140 Less deferred borrowing costs, net of amortization — (18 ) $ — $ 122 Bank debt represent loans from a bank to finance drilling and equipment at the Company’s oil and gas operation. The interest rate ranged from 5% to 5 ½ %

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE H – INCOME TAXES We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax basis of liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of the change in tax rates on deferred tax assets are liabilities recognized in income in the period that includes the enactment date. We Recognize deferred tax assets to the extent that we believe these assets are more likely than not to be realized. If we determine that we would be able to release our deferred tax asset in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. At December 31, 2021, the Company had net operating loss carry forwards of approximately $ 8.3 million The Company has no assurance as to if and when the benefit of NOL carryforwards will not be realized, therefore, a valuation allowance on the related deferred tax assets has been recorded. Forms 1120, U.S, Corporation Income Tax Returns, The following table presents the principal reasons for the difference between the Company's effective tax rate and the United States statutory Income Tax 2021 2020 2019 Earned income tax at statutory rate of 21 $ 15 $ 413 $ — Net operating loss utilization (15 ) (413 ) — Deferred tax asset from NOL carry forwards 1,735 1,786 2,200 Valuation allowance (1,735 ) (1,786 ) (2,200 ) Reported income tax expense (benefit) $ 0 $ 0 $ 0 Effective income tax rate 0.00 % 0.00 % 0.00 %

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE I – STOCKHOLDERS’ EQUITY Outstanding Preferred Stock Preferred stock Year Ended December 31, 2021 2020 Series B convertible preferred stock, $ 10 100 100 one 1 1 The Series B preferred stock has a liquidation value of $100 per share. The right to convert expired April 30, 2003. Dividends at a rate of 6

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	NOTE J – CONTINGENCIES The Company has been named as a defendant in 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	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
OPERATING SEGMENTS	NOTE K – OPERATING SEGMENTS The following table reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations and assets from continuing operations: Year ended December 31, 2021 Current Operations Corporate Total Discontinued Operations Oil & Gas Operating revenue $ 101 $ — $ 101 $ — Operating expenses 65 360 425 — Depreciation, depletion and amortization 12 — 12 — Impairment of oil and gas properties — — — — Total Operating Expenses 77 360 437 — Interest income — 220 220 — Interest expense — (5 ) (5 ) — Gain in sale of oil & gas operations — — — — Other income (expense), net — 191 191 — Segment operating income (loss) $ 24 $ 46 $ 70 $ — Year ended December 31, 2020 Current Operations Corporate Total Discontinued Operations Oil & Gas Operating revenue $ 101 $ — $ 101 $ 225 Operating expenses 60 390 450 395 Depreciation, depletion and amortization 12 6 18 — Impairment of oil and gas properties — — — — Total Operating Expenses 72 396 468 395 Interest income — 242 242 — Interest expense — (12 ) (12 ) 2,138 Other income (expense), net — 85 85 — Segment operating income (loss) $ 29 $ (81 ) $ (52 ) $ 1,968 Year ended December 31, 2019 Current Operations Corporate Total Discontinued Operations Oil & Gas Operating revenue $ 98 $ — $ 98 $ 492 Operating expenses 50 412 462 550 Depreciation, depletion and amortization 11 6 17 69 Impairment of oil and gas properties — — — 2,285 Total Operating Expenses 61 418 479 2,904 Interest income — 257 257 — Interest expense — (15 ) (15 ) — Other income (expense), net — 199 199 — Segment operating income (loss) $ 37 $ 23 $ 60 $ (2,412 )

QUARTERLY DATA (UNAUDITED)

QUARTERLY DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY DATA (UNAUDITED)	NOTE L – QUARTERLY DATA (UNAUDITED) The table below reflects the Company’s selected quarterly information for the years ended December 31, 2021, 2020 and 2019. Amounts shown are in thousands except per share amounts. First Second Third Fourth Year ended December 31, 2021 Quarter Quarter Quarter Quarter Revenue $ 26 $ 26 $ 25 $ 25 Operating (expense) (18 ) (20 ) (34 ) (5 ) Corporate general and administrative expense (74 ) (111 ) (53 ) (122 ) Other income (expense) net 145 154 54 53 Income (loss) allocable to common shareholders 79 49 (8 ) (49 ) Income (loss) per common share – basic $ 0.01 $ 0.01 ($ 0.01 ) $ 0.00 First Second Third Fourth Year ended December 31, 2020 Quarter Quarter Quarter Quarter Revenue $ 25 $ 25 $ 25 $ 26 Operating (expense) (18 ) (18 ) (18 ) (18 ) Corporate general and administrative expense (104 ) (127 ) (65 ) (100 ) Other income (expense) net 60 60 137 58 Income (loss) allocable to common shareholders (97 ) (137 ) 2,182 (32 ) Income (loss) per common share – basic ($ 0.02 ) ($ 0.03 ) $ 0.43 $ 0.00 First Second Third Fourth Year ended December 31, 2019 Quarter Quarter Quarter Quarter Revenue $ 24 $ 24 $ 25 $ 25 Operating (expense) (15 ) (15 ) (215 ) (16 ) Corporate general and administrative expense (88 ) (134 ) (92 ) (104 ) Other income (expense) net 60 213 106 62 Income (loss) allocable to common shareholders $ 126 $ (141 ) $ (2,320 ) $ (17 ) Income (loss) per common share – basic $ 0.02 ($ 0.03 ) ($ 0.45 ) $ 0.00

LIQUIDITY

LIQUIDITY	12 Months Ended
	Dec. 31, 2021
Liquidity
LIQUIDITY	NOTE M – LIQUIDITY The Company’s ability to meet current cash obligations relies on cash received from operations and the collection of notes receivable, including a $ 3.6 million

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE N – SUBSEQUENT EVENTS The date to which events occurring after December 31, 2021, the date of the most recent balance sheet, have been evaluated for possible adjustments to the financial statements or disclosure is March 18, 2022, which is the date of which the financial statements were available to be issued. There are no subsequent events that would require an adjustment to the financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of New Concept Energy, Inc. and its majority-owned subsidiaries (collectively, the “Company,” New Concept or “NCE”) and are prepared on the basis of accounting principles generally accepted in the United States of America “GAAP”. All significant intercompany transactions and accounts have been eliminated. Certain accounting balances have been reclassified to conform to the current year presentation.
Depreciation	Depreciation Depreciation is provided for in amounts sufficient to relate the cost of property and equipment to operations over their estimated service lives, ranging from 3 to 40 years. Depreciation is computed by the straight-line method. Depreciation expense, which is included in operations, was $ 13,000 12,000 18,000
Segments	Segments The Company operates one primary business segment: real estate rental. Segment data is provided in “Note K” to these consolidated financial statements. On August 31, 2020, the Company sold its oil and gas segment which is now reflected as Discontinued Operations.
Revenue Recognition	Revenue Recognition Rental income for property leases are recorded when due from the tenant and is recognized monthly as it is earned, which is not materially different than on a straight-line basis as lease terms are generally for periods of one year or less.
Use of Estimates	Use of Estimates In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash Equivalents	Cash Equivalents The Company considers all short-term deposits and money market investments with a maturity of less than three months to be cash equivalents.
Impairment of Notes Receivable	Impairment of Notes Receivable Notes receivable are identified as impaired when it is probable that interest and principal will not be collected according to the contractual terms of the note agreements. The accrual of interest is discontinued on such notes, and no income is recognized until all past due amounts of principal and interest are recovered in full.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews its long-lived assets and certain identifiable intangibles for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In reviewing recoverability, the Company estimates the future cash flows expected to result from use of the assets and eventually disposing of them. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is recognized based on the asset’s fair value. The Company determines the fair value of assets to be disposed of and records the asset at the lower of fair value less disposal costs or carrying value. Assets are not depreciated while held for disposal.
Sales of Real Estate	Sales of Real Estate Gains on sales of real estate are recognized to the extent permitted by Accounting Standards Codification Topic 360-20, “Real Estate Sales – Real Estate Sales”, (“ASC 360-20”). Until the requirements of ASC 360-20 have been met for full profit recognition, sales are accounted for by the installment or cost recovery method, whichever is appropriate.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with Accounting Standards Codification, (“ASC”) No. 740, “Accounting for Income Taxes”. ASC 740 requires an asset and liability approach to financial accounting for income taxes. In the event differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities result in deferred tax assets, ASC 740 requires an evaluation of the probability of being able to realize the future benefits indicated by such assets. A valuation allowance is provided for a portion or all of the deferred tax assets when there is an uncertainty regarding the Company’s ability to recognize the benefits of the assets in future years. Recognition of the benefits of deferred tax assets will require the Company to generate future taxable income. There is no assurance that the Company will generate earnings in future years. Since management could not determine the likelihood that the benefit of the deferred tax asset would be realized, no deferred tax asset was recognized by the Company.

NOTES RECEIVABLE (Tables)

NOTES RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Notes Receivable	Notes Receivable Interest Rate 2021 2020 American Realty Investors, Inc. (a related party) receivable upon maturity in September 2022 6 % $ 3,560 $ 3,631 Third Party receivable payable monthly and matures in July 2025 6 % — 205 3,560 3,836 less: current portion of notes receivable 3,560 3,683 Notes Receivable $ 0 $ 153

FIXED ASSETS (Tables)

FIXED ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Fixed Assets	Land, building and furniture, fixtures and equipment are recorded at cost incurred to acquire the assets. At December 31, 2021, Fixed Assets 2021 2020 Land and improvements $ 432 $ 432 Buildings and improvements 341 341 Total fixed assets 773 773 Less: Accumulated depreciation (130 ) (117 ) Net Fixed Assets $ 643 $ 656

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Notes payable	Notes payable 2021 2020 Bank Debt $ — $ 192 Less current portion of long term debt — (52 ) — 140 Less deferred borrowing costs, net of amortization — (18 ) $ — $ 122

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Tax	The following table presents the principal reasons for the difference between the Company's effective tax rate and the United States statutory Income Tax 2021 2020 2019 Earned income tax at statutory rate of 21 $ 15 $ 413 $ — Net operating loss utilization (15 ) (413 ) — Deferred tax asset from NOL carry forwards 1,735 1,786 2,200 Valuation allowance (1,735 ) (1,786 ) (2,200 ) Reported income tax expense (benefit) $ 0 $ 0 $ 0 Effective income tax rate 0.00 % 0.00 % 0.00 %

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Preferred stock	Preferred stock Year Ended December 31, 2021 2020 Series B convertible preferred stock, $ 10 100 100 one 1 1

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Year ended December 31, 2021 Current Operations Corporate Total Discontinued Operations Oil & Gas Operating revenue $ 101 $ — $ 101 $ — Operating expenses 65 360 425 — Depreciation, depletion and amortization 12 — 12 — Impairment of oil and gas properties — — — — Total Operating Expenses 77 360 437 — Interest income — 220 220 — Interest expense — (5 ) (5 ) — Gain in sale of oil & gas operations — — — — Other income (expense), net — 191 191 — Segment operating income (loss) $ 24 $ 46 $ 70 $ — Year ended December 31, 2020 Current Operations Corporate Total Discontinued Operations Oil & Gas Operating revenue $ 101 $ — $ 101 $ 225 Operating expenses 60 390 450 395 Depreciation, depletion and amortization 12 6 18 — Impairment of oil and gas properties — — — — Total Operating Expenses 72 396 468 395 Interest income — 242 242 — Interest expense — (12 ) (12 ) 2,138 Other income (expense), net — 85 85 — Segment operating income (loss) $ 29 $ (81 ) $ (52 ) $ 1,968 Year ended December 31, 2019 Current Operations Corporate Total Discontinued Operations Oil & Gas Operating revenue $ 98 $ — $ 98 $ 492 Operating expenses 50 412 462 550 Depreciation, depletion and amortization 11 6 17 69 Impairment of oil and gas properties — — — 2,285 Total Operating Expenses 61 418 479 2,904 Interest income — 257 257 — Interest expense — (15 ) (15 ) — Other income (expense), net — 199 199 — Segment operating income (loss) $ 37 $ 23 $ 60 $ (2,412 )

QUARTERLY DATA (UNAUDITED) (Tab

QUARTERLY DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Table Text Block]	First Second Third Fourth Year ended December 31, 2021 Quarter Quarter Quarter Quarter Revenue $ 26 $ 26 $ 25 $ 25 Operating (expense) (18 ) (20 ) (34 ) (5 ) Corporate general and administrative expense (74 ) (111 ) (53 ) (122 ) Other income (expense) net 145 154 54 53 Income (loss) allocable to common shareholders 79 49 (8 ) (49 ) Income (loss) per common share – basic $ 0.01 $ 0.01 ($ 0.01 ) $ 0.00 First Second Third Fourth Year ended December 31, 2020 Quarter Quarter Quarter Quarter Revenue $ 25 $ 25 $ 25 $ 26 Operating (expense) (18 ) (18 ) (18 ) (18 ) Corporate general and administrative expense (104 ) (127 ) (65 ) (100 ) Other income (expense) net 60 60 137 58 Income (loss) allocable to common shareholders (97 ) (137 ) 2,182 (32 ) Income (loss) per common share – basic ($ 0.02 ) ($ 0.03 ) $ 0.43 $ 0.00 First Second Third Fourth Year ended December 31, 2019 Quarter Quarter Quarter Quarter Revenue $ 24 $ 24 $ 25 $ 25 Operating (expense) (15 ) (15 ) (215 ) (16 ) Corporate general and administrative expense (88 ) (134 ) (92 ) (104 ) Other income (expense) net 60 213 106 62 Income (loss) allocable to common shareholders $ 126 $ (141 ) $ (2,320 ) $ (17 ) Income (loss) per common share – basic $ 0.02 ($ 0.03 ) ($ 0.45 ) $ 0.00

BUSINESS DESCRIPTION AND PRES_2

BUSINESS DESCRIPTION AND PRESENTATION (Details Narrative)	12 Months Ended
	Dec. 31, 2021USD ($)
Accounting Policies [Abstract]
[custom:LeaseRevenueperAnnum]	$101,000 per annum
[custom:CashReceivedFromOperationsAndNotesReceivablesFromRelatedParties]	$ 3,600,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Depreciation	$ 13,000	$ 12,000	$ 18,000

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 31, 2020
[custom:GainFromSaleOfOilAndGasOperation-0]					$ 85,000
Results of Operations, Accretion of Asset Retirement Obligations		$ 2,745,000
[custom:GainOnLossOfLiabilities-0]					$ 2,138,000
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax			$ (170,000)	$ (2,412,000)
[custom:WriteDownOfValueOfOilAndGasOperation]	$ 2,285,000
Oil and Gas [Member]
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax			$ 170,000	$ 2,412,000

Notes Receivable (Details)

Notes Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 3,560	$ 3,836
	3,560	3,836
less: current portion of notes receivable	3,560	3,683
Notes Receivable	$ 0	$ 153
American Realty Investors [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
[custom:ReceivableInterestRate]	6.00%	6.00%
Financing Receivable, before Allowance for Credit Loss	$ 3,560	$ 3,631
	$ 3,560	$ 3,631
Third Party [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
[custom:ReceivableInterestRate]	6.00%	6.00%
Financing Receivable, before Allowance for Credit Loss		$ 205
		$ 205

NOTES RECEIVABLE (Details Narra

NOTES RECEIVABLE (Details Narrative)	12 Months Ended
	Dec. 31, 2021USD ($)
Receivables [Abstract]
Long-term Debt, Description	The original note was $415,000 payable in 120 monthly payments at 6% interest
Receivable with Imputed Interest, Effective Yield (Interest Rate)	6.00%
Proceeds from Sale of Notes Receivable	$ 100,000

Fixed Assets (Details)

Fixed Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Land and improvements	$ 432	$ 432
Buildings and improvements	341	341
Total fixed assets	773	773
Less:  Accumulated depreciation	(130)	(117)
Net Fixed Assets	$ 643	$ 656

Notes payable (Details)

Notes payable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Bank Debt		$ 192
Less current portion of long term debt		(52)
		140
Less deferred borrowing costs, net of amortization		(18)
		$ 122

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt Instrument, Interest Rate Terms	5% to 5 ½ %

Income Tax (Details)

Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Earned income tax at statutory rate of 21%	$ 15	$ 413
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%
Net operating loss utilization	$ (15)	$ (413)
Deferred tax asset from NOL carry forwards	1,735	1,786	2,200
Valuation allowance	(1,735)	(1,786)	(2,200)
Reported income tax expense (benefit)	$ 0	$ 0	$ 0
Effective income tax rate	0.00%	0.00%	0.00%

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	Dec. 31, 2021USD ($)
Income Tax Disclosure [Abstract]
Operating Loss Carryforwards	$ 8,300,000

Preferred stock (Details)

Preferred stock (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Series B convertible preferred stock, $10 par value, liquidation value of $100, authorized 100 shares, issued and outstanding one share	$ 1,000	$ 1,000
Preferred Stock, Par or Stated Value Per Share	$ 10	$ 10
Preferred Stock, Liquidation Preference, Value	$ 100	$ 100
Preferred Stock, Shares Authorized	100	100
Preferred Stock, Shares Outstanding	1	1
Preferred Stock, Shares Issued	1	1

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Preferred Stock, Dividend Rate, Percentage	6.00%

Schedule Of Segment Reporting (

Schedule Of Segment Reporting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Operating revenue	$ 101	$ 101	$ 98
Depreciation, depletion and amortization	13	12	18
Impairment of oil and gas properties			2,285
Total Operating Expenses	437	468	479
Interest expense	(5)	(12)	(15)
Other income (expense), net	191	85	199
Segment operating income (loss)	70	(52)	60
Current Operations [Member]
Segment Reporting Information [Line Items]
Operating revenue	101	101	98
Operating expenses	65	60	50
Depreciation, depletion and amortization	12	12	11
Impairment of oil and gas properties
Total Operating Expenses	77	72	61
Interest income
Interest expense
Gain in sale of oil & gas operations
Other income (expense), net
Segment operating income (loss)	24	29	37
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Operating revenue
Operating expenses	360	390	412
Depreciation, depletion and amortization		6	6
Impairment of oil and gas properties
Total Operating Expenses	360	396	418
Interest income	220	242	257
Interest expense	(5)	(12)	(15)
Gain in sale of oil & gas operations
Other income (expense), net	191	85	199
Segment operating income (loss)	46	(81)	23
Total Operations [Member]
Segment Reporting Information [Line Items]
Operating revenue	101	101	98
Operating expenses	425	450	462
Depreciation, depletion and amortization	12	18	17
Impairment of oil and gas properties
Total Operating Expenses	437	468	479
Interest income	220	242	257
Interest expense	(5)	(12)	(15)
Gain in sale of oil & gas operations
Other income (expense), net	191	85	199
Segment operating income (loss)	70	(52)	60
Oil And Gas Operations [Member]
Segment Reporting Information [Line Items]
Operating revenue		225	492
Operating expenses		395	550
Depreciation, depletion and amortization			69
Impairment of oil and gas properties			2,285
Total Operating Expenses		395	2,904
Interest income
Interest expense		2,138
Gain in sale of oil & gas operations
Other income (expense), net
Segment operating income (loss)		$ 1,968	$ (2,412)

Schedule Of Quarterly Financial

Schedule Of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effect of Fourth Quarter Events [Line Items]
Revenue	$ 101	$ 101	$ 98
Operating (expense)	(77)	(72)	(61)
Corporate general and administrative expense	(360)	(396)	(418)
Income (loss) allocable to common shareholders	70	1,916	(2,352)
First Quarter [Member]
Effect of Fourth Quarter Events [Line Items]
Revenue	26	25	24
Operating (expense)	(18)	(18)	(15)
Corporate general and administrative expense	(74)	(104)	(88)
Other income (expense) net	145	60	60
Income (loss) allocable to common shareholders	$ 79	$ (97)	$ 126
Income (loss) per common share – basic	$ 0.01	$ 0.02	$ 0.02
Second Quarter [Member]
Effect of Fourth Quarter Events [Line Items]
Revenue	$ 26	$ 25	$ 24
Operating (expense)	(20)	(18)	(15)
Corporate general and administrative expense	(111)	(127)	(134)
Other income (expense) net	154	60	213
Income (loss) allocable to common shareholders	$ 49	$ (137)	$ (141)
Income (loss) per common share – basic	$ 0.01	$ 0.03	$ 0.03
Third Quarter [Member]
Effect of Fourth Quarter Events [Line Items]
Revenue	$ 25	$ 25	$ 25
Operating (expense)	(34)	(18)	(215)
Corporate general and administrative expense	(53)	(65)	(92)
Other income (expense) net	54	137	106
Income (loss) allocable to common shareholders	$ (8)	$ 2,182	$ (2,320)
Income (loss) per common share – basic	$ 0.01	$ 0.43	$ 0.45
Fourth Quarter [Member]
Effect of Fourth Quarter Events [Line Items]
Revenue	$ 25	$ 26	$ 25
Operating (expense)	(5)	(18)	(16)
Corporate general and administrative expense	(122)	(100)	(104)
Other income (expense) net	53	58	62
Income (loss) allocable to common shareholders	$ (49)	$ (32)	$ (17)
Income (loss) per common share – basic	$ 0	$ 0	$ 0

LIQUIDITY (Details Narrative)

LIQUIDITY (Details Narrative)	12 Months Ended
	Dec. 31, 2021USD ($)
Liquidity
[custom:CashReceivedFromOperationsAndNotesReceivablesFromRelatedParties]	$ 3,600,000