Company: GULTU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021996
Chunk: 1

Company: Gulf Coast Ultra Deep Royalty Trust
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 1
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 TRUST

STATEMENTS
OF CHANGES IN TRUST CORPUS (Unaudited)

                                         Three Months Ended                                           Nine Months Ended                              
                                         September                                                    September                                      
                                         30,                                                          30,                                            
                                         2025                                  2024                   2025                                           
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Trust corpus, beginning of period      $                       (384,867      $         (14,851      $                      (336,061        43,741  
  Trust Contributions                                                   -                      -                              350,000       515,916  
  Administrative                                                 (108,223                (84,019                             (507,029      (658,527  
  Trust corpus, end of period            $                       (493,090      $         (98,870      $                      (493,090       (98,870  

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 10-K). The information
furnished herein reflects all adjustments that are, in the opinion of The Bank of New York Mellon Trust Company, N. A. (the Trustee),
necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of the Trust