Company: GULTU
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001201
Chunk: 23

Company: Gulf Coast Ultra Deep Royalty Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 8
Chunk 23
---
201  
  LIABILITIES AND TRUST CORPUS                                                                                                            
  Reserve fund liability                                                    $                 1,172,088      $                 1,116,460  
  Note Payable to HOGA                                                                          200,000                                —  
  Trust corpus (230,172,696 royalty trust units authorized, issued and                                                                    
  outstanding as of December 31, 2024 and 2023)                                                (336,061                           43,741  
  Total liabilities and trust corpus                                        $                 1,036,027      $                 1,160,201  

The
accompanying notes are an integral part of these financial statements.

  38  

GULF
COAST ULTRA DEEP ROYALTY TRUST

STATEMENTS
OF DISTRIBUTABLE INCOME

                                                        Years Ended December 31,                                              
                                                        2024                                           2023                   
  Royalty income                                        $                             -                $             401,278  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Interest income and other                                                           3,737                           15,866  
  Administrative expenses                                                             (899,455                      (469,821  
  Administrative expenses in excess of income           $                             (895,718         $             (52,677  
  Distributable income                                  $                             -                $             197,331  
  Distributable income per royalty trust unit           $                             -                $            0.000857  
  Royalty trust units outstanding at end of period                                    230,172,696                230,172,696  

The
accompanying notes are an integral part of these financial statements.

  39  

GULF
COAST ULTRA DEEP ROYALTY TRUST

STATEMENTS
OF CHANGES IN TRUST CORPUS

                                                                         Years Ended December 31,                                         
                                                                         2024                                        2023                 
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Trust corpus, beginning of period                                      $                             43,741        $         1,245,494  
  Trust Contributions                                                                                  515,916                         -  
  Amortization of overriding royalty interests in subject interests                                    -                         (21,780  
  Impairment of subject interests                                                                      -                        (308,071  
  Administrative expenses in excess of income                                                          (895,718                  (52,677