Form 8-K - Current report

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):

November 13, 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 November 13, 2024, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended September , 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 November 13, 2024

* Furnished herewith

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: November 14, 2024

	NEW CONCEPT ENERGY, INC.

	By:	/s/Gene S. Bertcher
		Gene S. Bertcher, President and Chief Financial Officer

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 Third Quarter 2024 Results

Dallas (November 13, 2024) – New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the third quarter ended September 30, 2024.

The Company reported a net loss of ($4,000) for the three months ended September 30, 2024, as compared to net income of $7,000 for the similar period in 2023.

For the three months ended September 30, 2024 the Company had revenue of $37,000 including $26,000 for rental revenue and $11,000 for management fees as compared to revenue of $35,000 including $25,000 for rental revenue and $10,000 for management fees for the comparative period in 2023.

For the three months ended September 30, 2024, corporate general & administrative expenses were $79,000 as compared to $70,000 for the comparable periods in 2023.

For the three months ended September 30, 2024, interest income was $52,000 as compared to $57,000 for the comparable periods in 2023.

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 SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

	September 30, 2024		December 31, 2023
	(Unaudited)		(Audited)
Assets

Current assets
Cash and cash equivalents	$	430	$	447
Other current assets		26		12
Total current assets		456		459

Property and equipment, net of depreciation
Land, buildings and equipment		619		629

Note receivable - related party		3,542		3,542

Total assets	$	4,617	$	4,630

NEW CONCEPT ENERGY, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED

(dollars in thousands, except par value amount)

	September 30, 2024			December 31, 2023
	(Unaudited)			(Audited)
Liabilities and stockholders' equity

Current liabilities
Accounts payable	$	22		$	36
Accrued expenses		39			39
Total current liabilities		61			75


Stockholders' equity
Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and outstanding at September 30, 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 September 30, 2024 and December 31, 2023		51			51
Additional paid-in capital		63,579			63,579
Accumulated deficit		(59,075	)		(59,076	)

Total stockholders' equity		4,556			4,555

Total liabilities & equity	$	4,617		$	4,630

NEW CONCEPT ENERGY, INC AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(amounts in thousands, except per share data)

	For the Three Months ended September 30,						For the Nine Months ended September 30,

	2024			2023			2024			2023
Revenue
Rent	$	26		$	25		$	76		$	76
Management Fee		11			10			34			39
Total Revenues		37			35			110			115

Operating Expenses
Operating Expenses		14			15			39			41
Corporate general and administrative		79			70			235			219
Total Operating Expenses		93			85			274			260
Operating loss		(56	)		(50	)		(164	)		(145	)
Other Income
Interest income from related parties		50			53			160			158
Interest income from a third party		2			4			5			5
Total Other Income		52			57			165			163

Net income (loss) applicable to common shares	$	(4	)	$	7		$	1		$	18

Net income (loss) per common share-basic and diluted	$	(0.01	)	$	0.01		$	0.01		$	0.03

Weighted average common and equivalent shares outstanding - basic and diluted		5,132			5,132			5,132			5,132

Cover	Nov. 13, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 13, 2024
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
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	GBR
Security Exchange Name	NYSE
Entity Emerging Growth Company	false