Attached files
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8-K - NEW CONCEPT ENERGY - New Concept Energy, Inc. | nce8k081313.htm |
NEW CONCEPT ENERGY, INC. AND SUBSIDARIES
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CONSOLIDATED BALANCE SHEETS
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(unaudited)
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(amounts in thousands)
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June 30,
2013
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December 31,
2012
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Assets
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Current assets
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Cash and cash equivalents
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$ | 960 | $ | 398 | ||||
Accounts receivable from oil and gas sales
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236 | 210 | ||||||
Other current assets
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6 | 2 | ||||||
Total current assets
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1,202 | 610 | ||||||
Oil and natural gas properties (full cost accounting method)
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Proved developed and undeveloped oil and gas properties, net of depletion
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9,432 | 9,717 | ||||||
Property and equipment, net of depreciation
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Land, buildings and equipment - oil and gas operations
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1,461 | 1,410 | ||||||
Other
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193 | 204 | ||||||
Total property and equipment
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1,654 | 1,614 | ||||||
Other assets (including $119,625 and $161,300 due from related parties
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in 2013 and 2012
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576 | 543 | ||||||
Total assets
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$ | 12,864 | $ | 12,484 |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS - CONTINUED
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(unaudited)
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(amounts in thousands, except share amounts)
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June 30,
2013
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December 31,
2012
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Liabilities and stockholders' equity
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Current liabilities
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Accounts payable - trade
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$ | 137 | $ | 38 | ||||
Accrued expenses
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232 | 173 | ||||||
Current portion of long term debt
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48 | 93 | ||||||
Total current liabilities
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417 | 304 | ||||||
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Long-term debt
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Notes payable less current portion
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2,321 | 2,273 | ||||||
Asset retirement obligation
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2,770 | 2,770 | ||||||
Other long-term liabilities
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541 | 491 | ||||||
Total liabilities
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6,049 | 5,838 | ||||||
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Stockholders' equity
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Preferred stock, Series B
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1 | 1 | ||||||
Common stock, $.01 par value; authorized, 100,000,000
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shares; issued and outstanding, 1,946,935 shares
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at June 30, 2013 and December 31, 2012
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20 | 20 | ||||||
Additional paid-in capital
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58,838 | 58,838 | ||||||
Accumulated deficit
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(52,044 | ) | (52,213 | ) | ||||
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6,815 | 6,646 | ||||||
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Total liabilities & equity
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$ | 12,864 | $ | 12,484 |
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
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CONSOLIDATED STATEMENT OF OPERATIONS
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(unaudited)
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(amounts in thousands, except per share data)
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For the Three Months
ended June 30,
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For the Six Months
ended June 30,
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2013
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2012
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2013
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2012
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Revenue
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Oil and gas operations, net of royalties
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$ | 384 | $ | 325 | $ | 724 | $ | 615 | ||||||||
Real estate operations
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666 | 663 | 1,346 | 1,337 | ||||||||||||
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1,050 | 988 | 2,070 | 1,952 | ||||||||||||
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Operating expenses
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Oil and gas operations
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493 | 453 | 949 | 924 | ||||||||||||
Real estate operations
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383 | 353 | 769 | 719 | ||||||||||||
Lease expense
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236 | 231 | 472 | 462 | ||||||||||||
Corporate general and administrative
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170 | 134 | 343 | 293 | ||||||||||||
Accretion of asset retirement obligation
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- | 34 | - | 68 | ||||||||||||
Impairment of natural gas and oil properties
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- | - | - | 912 | ||||||||||||
1,282 | 1,205 | 2,533 | 3,378 | |||||||||||||
Operating earnings (loss)
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(232 | ) | (217 | ) | (463 | ) | (1,426 | ) | ||||||||
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Other income (expense)
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Interest income
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2 | - | 8 | - | ||||||||||||
Interest expense
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(24 | ) | (56 | ) | (73 | ) | (118 | ) | ||||||||
Recovery of bad debt expense
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394 | - | 733 | - | ||||||||||||
Other income (expense), net
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(2 | ) | 104 | (36 | ) | 108 | ||||||||||
Other income (expense)
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370 | 48 | 632 | (10 | ) | |||||||||||
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$ | 138 | $ | (169 | ) | $ | 169 | $ | (1,436 | ) | ||||||
Net income (loss) applicable to common shares
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$ | 0.07 | $ | (0.09 | ) | $ | 0.09 | $ | (0.74 | ) | |||||||
Net income (loss) per common share-basic and diluted
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Weighted average common and equivalent shares outstanding - basic
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1,947 | 1,947 | 1,947 | 1,947 |