Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets (Current Period Unaudited)

v3.7.0.1
Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
ASSETS    
Cash and cash equivalents $ 52,563,881 $ 49,417,889
Accrued receivables 10,340,815 6,550,429
Other assets 297,611 232,970
Deferred tax asset 3,878,095 3,874,788
Notes receivable for land sales 58,010 94,971
Water wells, vehicles, furniture, and equipment - at cost less accumulated depreciation 3,037,412 1,168,281
Real estate acquired: (10,065 acres at March 31, 2017 and 10,065 acres at December 31, 2016) 1,114,601 1,114,601
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:    
71,290,425 62,453,929
LIABILITIES AND CAPITAL    
Accounts payable and accrued expenses 899,619 826,771
Income taxes payable 7,566,625 1,950,774
Other taxes payable 365,591 276,813
Unearned revenue 19,284,534 11,775,049
Total liabilities 28,116,369 14,829,407
Capital:    
Certificates of Proprietary Interest, par value $100 each; outstanding 0 Certificates
Sub-share Certificates in Certificates of Proprietary Interest, par value $.03 1/3 each; outstanding: 7,897,818 Sub-shares in 2017 and 7,927,314 Sub-shares in 2016
Other comprehensive loss (942,093) (959,563)
Net proceeds from all sources 44,116,149 48,584,085
Total capital 43,174,056 47,624,522
71,290,425 62,453,929
Land Surface Rights [Member]    
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:    
Land (surface rights) situated in eighteen counties in Texas – 877,644 acres in 2017 and 877,488 acres in 2016
Royalty Interests in Acres 1_16 [Member]    
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:    
1/16 nonparticipating perpetual royalty interest in 373,777 acres in 2017 and 2016
Royalty Interests in Acres 1_128 [Member]    
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:    
1/128 nonparticipating perpetual royalty interest in 85,414 acres in 2017 and 2016