Annual report pursuant to Section 13 and 15(d)

Balance Sheets

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Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Royalty Interests in Acres 1_16 [Member]    
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned (note 2):    
1/16 nonparticipating perpetual royalty interest in 373,777 acres $ 0 $ 0
Royalty Interests in Acres 1_128 [Member]    
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned (note 2):    
1/128 nonparticipating perpetual royalty interest in 85,414 acres 0 0
Cash and cash equivalents 45,011,969 26,814,759
Accrued receivables 3,787,534 3,220,020
Other assets 121,426 114,491
Prepaid income taxes 0 815,937
Notes receivable for land sales ($32,906 due in 2016 and $75,185 due in 2015) (note 2) 139,114 923,115
Water wells, vehicles, furniture, and equipment – at cost less accumulated depreciation 260,901 89,107
Real estate acquired (notes 2 and 4) 1,114,601 1,125,059
Land (surface rights) situated in eighteen counties in Texas – 878,268 acres in 2015 and 899,149 acres in 2014 0 0
Total assets 50,435,545 33,102,488
LIABILITIES AND CAPITAL    
Accounts payable and accrued expenses 868,807 828,672
Income taxes payable 634,911 406,945
Other taxes payable 167,290 159,301
Unearned revenue (note 2) 2,579,406 3,940,353
Deferred taxes (note 6) 163,213 293,140
Pension plan liability (note 5) 333,239 754,260
Total liabilities $ 4,746,866 $ 6,382,671
Commitments and contingencies (note 7)
Capital (notes 1, 2 and 8):    
Certificates of Proprietary Interest, par value $100 each; outstanding 0 Certificates $ 0 $ 0
Sub-share Certificates in Certificates of Proprietary Interest, par value $.03 1/3 each; outstanding 8,118,064 Sub-shares in 2015 and 8,322,399 Sub-shares in 2014 0 0
Accumulated other comprehensive income (loss) (1,248,906) (1,352,794)
Net proceeds from all sources 46,937,585 28,072,611
Total capital 45,688,679 26,719,817
Total liabilities and capital $ 50,435,545 $ 33,102,488