Company: GULTU
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023391
Chunk: 1

Company: Gulf Coast Ultra Deep Royalty Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 1
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                230,172,696                            230,172,696      230,172,696  

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

   4  

GULF
COAST ULTRA DEEP ROYALTY TRUST

STATEMENTS
OF CHANGES IN TRUST CORPUS (Unaudited)

                                                   Three Months Ended                                            Six Months Ended                              
                                                   June 30,                                                      June 30,                                      
                                                   2025                                  2024                    2025                                          
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Trust corpus, beginning of period                $                       (335,788      $          139,274      $                     (336,061        43,741  
  Trust Contributions                                                       350,000                       -                             350,000       515,916  
  Administrative expenses in excess of income                              (399,079                (154,125                            (398,806      (574,508  
  Trust corpus, end of period                      $                       (384,867      $          (14,851      $                     (384,867       (14,851  

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

   5  

GULF
COAST ULTRA DEEP ROYALTY TRUST

NOTES
TO FINANCIAL STATEMENTS (Unaudited)

1.
BASIS OF ACCOUNTING AND SIGNIFICANT ACCOUNTING POLICIES

The
financial statements of Gulf Coast Ultra Deep Royalty Trust (the Royalty Trust) are prepared on the modified cash basis of accounting
and are not intended to present the Royalty Trust’s financial position and results of operations in conformity with United States
(U. S.) generally accepted accounting principles (GAAP). This other comprehensive basis of accounting corresponds to the accounting permitted
for royalty trusts by the U. S. Securities and Exchange Commission (SEC), as specified by Staff Accounting Bulletin Topic 12:E, Financial
Statements of Royalty Trusts

The
accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all
required information and disclosures. Therefore, this information should be read in conjunction with the Royalty Trust’s financial
statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2024 (the 2024 Form