Attached files
| file | filename |
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| 8-K - NEW CONCEPT - New Concept Energy, Inc. | nce8k081315.htm |
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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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2015
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2014
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2015
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2014
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Revenue
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Oil and gas operations, net of royalties
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$ | 259 | $ | 485 | $ | 431 | $ | 829 | ||||||||
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Real estate operations
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744 | 728 | 1,461 | 1,453 | ||||||||||||
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1,003 | 1,213 | 1,892 | 2,282 | ||||||||||||
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Operating expenses
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Oil and gas operations
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440 | 425 | 910 | 908 | ||||||||||||
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Real estate operations
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415 | 387 | 825 | 783 | ||||||||||||
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Real Estate - Lease Expense
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245 | 241 | 490 | 481 | ||||||||||||
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Corporate general and administrative
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155 | 205 | 309 | 397 | ||||||||||||
| 1,255 | 1,258 | 2,534 | 2,569 | |||||||||||||
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Operating earnings (loss)
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(252 | ) | (45 | ) | (642 | ) | (287 | ) | ||||||||
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Other income (expense)
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Interest income
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- | 1 | - | 2 | ||||||||||||
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Interest expense
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(16 | ) | (22 | ) | (42 | ) | (53 | ) | ||||||||
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Recovery of bad debt expense
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386 | - | 1,124 | - | ||||||||||||
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Other income (expense)
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(8 | ) | (33 | ) | (16 | ) | 199 | |||||||||
| 362 | (54 | ) | 1066 | 148 | ||||||||||||
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Net income (loss) applicable to common shares
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$ | 110 | $ | (99 | ) | $ | 424 | $ | (139 | ) | ||||||
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Net income (loss) per common share-basic and diluted
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$ | 0.06 | $ | (0.05 | ) | $ | 0.22 | $ | (0.07 | ) | ||||||
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Weighted average common and equivalent shares outstanding - basic
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1,947 | 1,947 | 1,947 | 1,947 | ||||||||||||
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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
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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,
2015
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December 31,
2014
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Assets
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Current assets
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Cash and cash equivalents
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$ | 437 | $ | 300 | ||||
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Accounts receivable from oil and gas sales
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137 | 216 | ||||||
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Other current assets
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362 | 182 | ||||||
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Total current assets
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936 | 698 | ||||||
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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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8,776 | 8,809 | ||||||
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Property and equipment, net of depreciation
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Land, buildings and equipment - oil and gas operations
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845 | 1,476 | ||||||
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Other
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152 | 162 | ||||||
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Total property and equipment
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997 | 1,638 | ||||||
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Other assets (including $124 due from related parties in 2014)
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1,275 | 1,129 | ||||||
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Total assets
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$ | 11,984 | $ | 12,274 | ||||
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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,
2015
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December 31,
2014
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Liabilities and stockholders' equity
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Current liabilities
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Accounts payable (includes $494 due to related parties in 2014)
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$ | 165 | $ | 673 | ||||
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Accrued expenses
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252 | 229 | ||||||
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Current portion of long term debt
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775 | 881 | ||||||
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Total current liabilities
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1,192 | 1,783 | ||||||
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Long-term debt
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Notes payable less current portion
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1,305 | 1,428 | ||||||
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Asset retirement obligation
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2,770 | 2,770 | ||||||
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Total liabilities
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5,267 | 5,981 | ||||||
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Stockholders' equity
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Preferred stock, Series B
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1 | 1 | ||||||
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Common stock, $.01 par value; authorized, 100,000,000
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shares; issued and outstanding, 1,946,935 shares
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at June 30, 2015 and December 31, 2014
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20 | 20 | ||||||
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Additional paid-in capital
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58,838 | 58,838 | ||||||
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Accumulated deficit
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(52,142 | ) | (52,566 | ) | ||||
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6,717 | 6,293 | ||||||
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Total liabilities & equity
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$ | 11,984 | $ | 12,274 | ||||