Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 12, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
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 $0.01 | |
Trading Symbol | GBR | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,131,934 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 254 | $ 252 |
Accounts Receivable | 22 | |
Note Receivable - related party | 3,542 | 3,560 |
Other current assets | 38 | |
Total current assets | 3,856 | 3,812 |
Property and equipment, net of depreciation | ||
Land, buildings and equipment | 640 | 643 |
Total assets | $ 4,496 | $ 4,455 |
CONSOLIDATED BALANCE SHEETS - C
CONSOLIDATED BALANCE SHEETS - CONTINUED - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current liabilities | ||
Accounts payable - (including $8 and $3 due to related parties in 2022 and 2021) | $ 74 | $ 28 |
Accrued expenses | 22 | 32 |
Total current liabilities | 96 | 60 |
Stockholders' equity | ||
Preferred stock, Series B | 1 | 1 |
Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 5,131,934 shares at March 31, 2022 and December 31, 2021 | 51 | 51 |
Additional paid-in capital | 63,579 | 63,579 |
Accumulated deficit | (59,231) | (59,236) |
Total shareholders' equity | 4,400 | 4,395 |
Total liabilities & equity | $ 4,496 | $ 4,455 |
CONSOLIDATED BALANCE SHEETS -_2
CONSOLIDATED BALANCE SHEETS - CONTINUED (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts Payable, Related Parties, Current | $ 8 | $ 3 |
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, Issued | 5,131,934 | 5,131,934 |
Common Stock, Shares, Outstanding | 5,131,934 | 5,131,934 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | ||
Rent | $ 25 | $ 26 |
Management fees | 20 | |
Total Revenues | 45 | 26 |
Operating expenses | ||
Operating expenses | 12 | 18 |
Corporate general and administrative | 80 | 74 |
Total Operating Expenses | 92 | 92 |
Operating (loss) | (47) | (66) |
Other income (expense) | ||
Interest income from related parties | 52 | 56 |
Interest expense | (2) | |
Other income (expense), net | 91 | |
52 | 145 | |
Earnings (loss) applicable to common shares | $ 5 | $ 79 |
Net income (loss) per common share-basic and diluted | $ 0.01 | $ 0.01 |
Weighted average common and equivalent shares outstanding - basic | 5,132 | 5,132 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities | ||
Net income (loss) | $ 5 | $ 79 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Depreciation, depletion and amortization | 3 | 3 |
Note Receivable - related party | 18 | 47 |
Other current assets | (60) | (120) |
Accounts payable and other liabilities | 36 | 16 |
Net cash provided by (used) in operating activities | 2 | 25 |
Cash flows from financing activities | ||
Payment on notes payable | (9) | |
Net cash provided by (used in) financing activities | (9) | |
Net increase (decrease) in cash and cash equivalents | 2 | 16 |
Cash and cash equivalents at beginning of year | 252 | 27 |
Cash and cash equivalents at end of period | 254 | 43 |
Supplemental disclosures of cash flow information | ||
Cash paid for interest on notes payable | $ 3 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Series B Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 1 | $ 51 | $ 63,579 | $ (59,306) | $ 4,325 |
Preferred Stock, Shares Outstanding, Beginning Balance at Dec. 31, 2020 | 1,000 | ||||
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 5,132,000 | ||||
Net Income | 79 | 79 | |||
Ending balance, value at Mar. 31, 2021 | $ 1 | $ 51 | 63,579 | (59,227) | 4,404 |
Preferred Stock, Shares Outstanding, Ending Balance at Mar. 31, 2021 | 1,000 | ||||
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2021 | 5,132,000 | ||||
Beginning balance, value at Dec. 31, 2021 | $ 1 | $ 51 | 63,579 | (59,236) | $ 4,395 |
Preferred Stock, Shares Outstanding, Beginning Balance at Dec. 31, 2021 | 1,000 | ||||
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2021 | 5,132,000 | 5,131,934 | |||
Net Income | 5 | $ 5 | |||
Ending balance, value at Mar. 31, 2022 | $ 1 | $ 51 | $ 63,579 | $ (59,231) | $ 4,400 |
Preferred Stock, Shares Outstanding, Ending Balance at Mar. 31, 2022 | 1,000 | ||||
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2022 | 5,132,000 | 5,131,934 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
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. Certain reclassifications have been made to the prior year revenue and operating expense amounts in the statement of operations to conform to the current year presentation. 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. The Company’s ability to meet current cash obligations relies on cash received from current operations and the collection of notes receivable and interest thereon. The Company is evaluating business opportunities to provide both additional income and cash flow. 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, 2021. Operating results for the three month period ended March 31, 2022 are not necessarily indicative of the results that may be expected for any subsequent quarter or for the fiscal year ending December 31, 2022. |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | NOTE B: NATURE OF OPERATIONS 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 approximately 16,000 square feet is leased at a rate of $101,000 per annum In August 2020, the Company sold its oil and gas operations to a third party. On January 1, 2022, the Company entered into a Consulting Management Agreement with respect to such oil and gas operations whereby the Company would provide management, supervisory and administrative services for a fee of 10 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE C: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES We consider accounting policies related to our estimates of depreciation, amortization, leases, and 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, 2021. |
LIQUIDITY
LIQUIDITY | 3 Months Ended |
Mar. 31, 2022 | |
Liquidity | |
LIQUIDITY | NOTE D: LIQUIDITY The Company’s ability to meet current cash obligations relies on cash received from current operations and the collection of notes receivable. The Company is evaluating business opportunities to provide both additional income and cash flow. |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | NOTE E: CONTINGENCIES Both the COVID-19 pandemic and attempts at containment have resulted in decreased economic activity which has adversely affected the broader global economy. At this time, the full extent to which COVID-19 pandemic will negatively impact the global economy and our business is uncertain. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE F: SUBSEQUENT EVENTS The Company has evaluated subsequent events through May 12, 2022, the date the financial statements were available to be issued and determined that there are none to be reported. |
NATURE OF OPERATIONS (Details N
NATURE OF OPERATIONS (Details Narrative) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
[custom:LeaseRevenueperAnnum] | $101,000 per annum |
[custom:ServiceFeePercentageOfOilGasOperationsGrossRevenue] | 10.00% |