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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act

 

Date of Report (Date of earliest event reported):   May 9, 2024

 

NEW CONCEPT ENERGY, INC.
(Exact Name of Registrant as Specified in its Charter)

 

Nevada

000-08187

75-2399477

(State or other
jurisdiction of incorporation)		 (Commission
File No.)		 (I.R.S. Employer
Identification No.)
     

1603 LBJ Freeway, Suite 800

Dallas, Texas

 

75234

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code   972-407-8400

 

 
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading

Symbol

 Name of Each Exchange on which Registered
Common Stock, par value $0.01 GBR NYSE American

 

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (‘230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (‘240.12b-2 of this chapter).

 

  Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

  
 

 

Section 2 – Financial Information

 

Item 2.02. Results of Operations and Financial Condition

 

On May 9, 2024, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended March 31, 2024. A copy of the announcement is attached as Exhibit “99.1.”

 

The information furnished pursuant to Item 2.02 in this Form 8-K, including Exhibit “99.1” attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. We undertake no duty or obligation to publicly update or revise the information furnished pursuant to Item 2.02 of this Current Report on Form 8-K.

 

Section 9 – Financial Statements and Exhibits

 

Item 9.01. Financial Statements and Exhibits

 

(d)Exhibits.

 

The following exhibit is furnished with this Report:

 

Exhibit

Designation

  

 

Description of Exhibit

     
99.1*   Press Release, dated May 9, 2024

 

_________________________

* Furnished herewith

 

 2 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned, hereunto duly authorized.

 

Dated: May 13, 2024

 

  NEW CONCEPT ENERGY, INC.
   
   
  By: /s/Gene S. Bertcher  
    Gene S. Bertcher, President and Chief
Financial Officer

 

 

 3

 

 

 

 

EXHIBIT 99.1

 

NEWS RELEASE

 

FOR IMMEDIATE RELEASE

 

Contact:

 

New Concept Energy Inc.

Investor Relations

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

 

 

New Concept Energy, Inc. Reports First Quarter 2024 Results

 

 

Dallas (May 9, 2024) – New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the first quarter ended March 31, 2024.

 

During the three months ended March 31, 2024, the Company reported net income applicable to common shares of $2,000, compared to net income of $17,000 for the three months ended March 31, 2023.

 

For the three months ended March 31,2024 the Company had revenue of $36,000 including $25,000 for rental income and $11,000 in management fees. Revenue for the three months ended March 31,2023 was $45,000.

 

For the three months ended March 31, 2024, corporate general & administrative expenses were $78,000 as compared to $68,000 for the comparable periods in 2023. 

 

For the three months ended March 31, 2024 and 2023 interest income was $57,000 and $52,000.

 

 

About New Concept Energy, Inc.

 

New Concept Energy, Inc. is a Dallas-based company which owns real estate in West Virginia and provides management services for a third party oil and gas company. For more information, visit the Company’s website at www.newconceptenergy.com.

 

Contact: New Concept Energy, Inc.

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

 

  
 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

           
           
   March 31,
2024		   December 31,
2023		 
Assets  (Unaudited)    (Audited)  
           
Current assets          
Cash and cash equivalents  $395   $447 
Other current assets   61    12 
Total current assets   456    459 
           
Property and equipment, net of depreciation          
Land, buildings and equipment   626    629 
           
Note Receivable - Related Party   3,542    3,542 
           
Total assets  $4,624   $4,630 

 

  
 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED

(dollars in thousands, except par value amount)

           
   March 31,
2024		   December 31,
2023		 
   (Unaudited)   (Audited) 
Liabilities and stockholders' equity          
           
Current liabilities          
Accounts payable - (including $8 due to related parties in 2024 and 2023)  $25   $36 
Accrued expenses   42    39 
Total current liabilities   67    75 
           
Stockholders' equity          
Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and outstanding at March 31, 2024 and December 31, 2023   1    1 
Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 5,131,934 shares at March 31, 2024 and December 31, 2023   51    51 
Additional paid-in capital   63,579    63,579 
Accumulated deficit   (59,074)   (59,076)
           
Total shareholders' equity   4,557    4,555 
           
Total liabilities & equity  $4,624   $4,630 

 

  
 

 

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(amounts in thousands, except per share data)

           
               
   For the Three Months ended
March 31,		 
   2024   2023 
Revenue        
Rent  $25   $25 
Management fees   11    20 
Total Revenues   36    45 
           
Operating Expenses          
Operating expenses   13    12 
Corporate general and administrative   78    68 
Total Operating Expenses   91    80 
Operating  loss   (55)   (35)
           
Other Income          
Interest income  from related parties   57    52 
Total Other Income   57    52 
           
Net Income applicable to common shares  $2   $17 
           
Net income per common share-basic and diluted  $0.01   $0.01 
           
Weighted average common and equivalent shares outstanding - basic and diluted   5,132    5,132 

 

 

 

 

 

 

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May 09, 2024
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Entity Tax Identification Number 75-2399477
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Entity Address, Address Line One 1603 LBJ Freeway
Entity Address, Address Line Two Suite 800
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