New Concept Energy (GBR) 10-Q 10 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 09, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q3
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 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 (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 249	$ 27
Current portion note receivable (including $3,637 and $3,631 in 2021 and 2020 from related parties	3,596	3,683
Other current assets	38	92
Total current assets	3,883	3,802
Property and equipment, net of depreciation
Land, buildings and equipment	647	656
Note receivable		153
Total assets	4,530	4,611
Current liabilities
Accounts payable - (including $33 and $55 due to related parties in 2021 and 2020)	66	80
Accrued expenses	19	32
Current portion of long term debt		52
Total current liabilities	85	164
Long-term debt
Notes payable less current portion		122
Total liabilities	85	286
Stockholders' equity
Preferred stock, Series B	1	1
at September 30, 2021 and December 31, 2020	51	51
Additional paid-in capital	63,579	63,579
Accumulated deficit	(59,186)	(59,306)
Total shareholder equity	4,445	4,325
Total liabilities & equity	$ 4,530	$ 4,611

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Note receivable from related party	$ 3,637	$ 3,631
Accounts Payable, Related Parties, Current	$ 33	$ 55
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 (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue
Rent	$ 25	$ 25	$ 76	$ 76
Operating expenses
Operating Expenses	34	15	71	46
Corporate general and administrative	53	65	238	296
Total operating expenses	87	80	309	342
Operating earnings (loss)	(62)	(55)	(233)	(266)
Other income (expense)
Interest income from a related party	53	54	159	172
Interest income from a third party	2	3	8	12
Interest expense	(1)	(3)	(5)	(9)
Other income (expense), net		83	191	83
	54	137	353	258
Earnings (loss) from continuing operations	(8)	82	120	(8)
Discontinued Operations
Loss from discontinued operations		(38)		(182)
Gain from disposal of oil & gas operations		2,138		2,138
		2,100		1,956
Earnings (loss) applicable to common shares	$ (8)	$ 2,182	$ 120	$ 1,948
Net income (loss) per common share-basic and diluted	$ 0.01	$ 0.43	$ 0.02	$ 0.38
Weighted average common and equivalent shares outstanding - basic	5,132	5,132	5,132	5,132

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net Income (loss) from Continuing Operations	$ 120	$ (8)
Net Income (loss) from Disontinued Operations		1,956
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Gain on sale of oil and gas operations		(2,138)
Depreciation and amortization	27	13
Other current and non-current assets	141	(125)
Accounts payable and other liabilities	(27)	(189)
Net cash provided by (used) in operating activities	261	(491)
Cash flows from financing activities
Payment on note payable	(192)	(35)
Net cash provided by (used in) financing activities	(192)	(35)
Cash flows from investing activities
Proceeds for sale of discontinued operations		85
Receipt on note receivable	153	461
Net cash provided by (used in) financing activities	153	546
Net increase (decrease) in cash and cash equivalents	222	20
Cash and cash equivalents at beginning of year	27	22
Cash and cash equivalents at end of period	249	42
Supplemental disclosures of cash flow information
Cash paid for interest on notes payable	$ 5	$ 9

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - 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, 2019	$ 1	$ 51	$ 63,579	$ (61,222)	$ 2,409
Shares, Outstanding, Beginning Balance at Dec. 31, 2019	1	5,132
Net Income				1,948	1,948
Ending balance, value at Sep. 30, 2020	$ 1	$ 51	63,579	(59,274)	4,357
Shares, Outstanding, Ending Balance at Sep. 30, 2020	1	5,132
Beginning balance, value at Jun. 30, 2020	$ 1	$ 51	63,579	(61,456)	2,175
Shares, Outstanding, Beginning Balance at Jun. 30, 2020	1	5,132
Net Income				2,182	2,182
Ending balance, value at Sep. 30, 2020	$ 1	$ 51	63,579	(59,274)	4,357
Shares, Outstanding, Ending Balance at Sep. 30, 2020	1	5,132
Beginning balance, value at Dec. 31, 2020	$ 1	$ 51	63,579	(59,306)	4,325
Shares, Outstanding, Beginning Balance at Dec. 31, 2020	1	5,132
Net Income				120	120
Ending balance, value at Sep. 30, 2021	$ 1	$ 51	63,579	(59,186)	4,445
Shares, Outstanding, Ending Balance at Sep. 30, 2021	1	5,132
Beginning balance, value at Jun. 30, 2021	$ 1	$ 51	63,579	(59,178)	4,453
Shares, Outstanding, Beginning Balance at Jun. 30, 2021	1	5,132
Net Income				(8)	(8)
Ending balance, value at Sep. 30, 2021	$ 1	$ 51	$ 63,579	$ (59,186)	$ 4,445
Shares, Outstanding, Ending Balance at Sep. 30, 2021	1	5,132

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2021
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. 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, 2020. Operating results for the three and nine month periods ended September 30, 2021 are not necessarily indicative of the results that may be expected for any subsequent quarter or for the fiscal year ending December 31, 2021.

NATURE OF OPERATIONS

NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NOTE B: NATURE OF OPERATIONS The Company also 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

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2021
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 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, 2020.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 30, 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 periods presented. For the three and nine months ended September 30, 2020, the Company recorded operating losses of$ 38,000 182,000

LIQUIDITY

LIQUIDITY	9 Months Ended
	Sep. 30, 2021
Liquidity
LIQUIDITY	NOTE E: 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	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
CONTINGENCIES	NOTE F: CONTINGENCIES

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
SUBSEQUENT EVENTS	NOTE G: SUBSEQUENT EVENTS The Company has evaluated subsequent events through November 9, 2021, 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)	9 Months Ended
	Sep. 30, 2021USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Lease Revenue per Annum	$ 101,000

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details Narrative) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Aug. 31, 2020
Accounting Policies [Abstract]
Value Oil and Gas Operation Sold For				$ 85,000
Results of Operations, Accretion of Asset Retirement Obligations		$ 2,745,000
Gain (Loss) on Disposition of Property Plant Equipment		$ 2,138,000
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	$ 38,000		$ 182,000