MARINE PETROLEUM TRUST
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Feb 14, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements
CONDENSED CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
As of December 31, 2023 and June 30, 2023
ASSETS
| December 31,2023 | June 30,2023 | |
|---|---|---|
| (Unaudited) | ||
| Current assets: | ||
| Cash and cash equivalents | $994,487 | $978,176 |
| Federal income tax refundable | — | — |
| Producing oil and natural gas properties | 7 | 7 |
| Total assets | $994,494 | $978,183 |
LIABILITIES AND TRUST CORPUS
| Current liabilities: | ||
|---|---|---|
| Federal income tax payable | $— | $— |
| Total current liabilities | $— | $— |
| Trust corpus – 2,000,000 units of beneficial interest authorized, 2,000,000 units issued at nominal value | $994,494 | $978,183 |
| $994,494 | $978,183 | |
CONDENSED CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
For the Three and Six Months Ended December 31, 2023 and 2022
| Three Months EndedDecember 31, | Six Months EndedDecember 31, | |||
|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |
| Income: | ||||
| Oil and natural gas royalties | $249,200 | $425,321 | $540,221 | $1,021,040 |
| Oil and natural gas royalties from affiliate | — | — | — | — |
| Interest and dividend income | 13,714 | 9,808 | 27,368 | 14,539 |
| Total income | 262,914 | 435,129 | 567,589 | 1,035,759 |
| Expenses: | ||||
| General and administrative | 63,676 | 56,160 | 140,294 | 134,241 |
| Distributable income before federal income taxes | 199,238 | 378,969 | 432,997 | 901,338 |
| Federal income taxes of subsidiary | — | — | — | — |
| Distributable income | $199,238 | $378,969 | $427,295 | $901,338 |
| Distributable income per unit | $0.10 | $0.19 | $0.21 | $0.45 |
| Units outstanding | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS
For the Six Months Ended December 31, 2023 and 2022
| Six Months EndedDecember 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Trust corpus, beginning of period | $978,183 | $1,154,143 |
| Distributable income | 427,295 | 901,338 |
| Distributions to unitholders | (410,984) | (1,012,417) |
| Trust corpus, end of period | $994,494 | $1,043,064 |
| Distributions per unit | $0.21 | $0.51 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS
For the Three Months Ended December 31, 2023 and 2022
| Three Months EndedDecember 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Trust corpus, beginning of period | $962,577 | $1,152,869 |
| Distributable income | 199,238 | 378,969 |
| Distributions to unitholders | (167,321) | (488,774) |
| Trust corpus, end of period | $994,494 | $1,043,064 |
| Distributions per unit | $0.08 | $0.24 |
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