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Note 8 - Segment Reporting (Topic 280) - Teucrium Wheat Fund | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | Note 8 - Segment Reporting (ASC Topic 280) The Trust adopted ASU 2023-07 during the reporting period ending December 31, 2024. The adoption of ASU 2023-07 impacts financial statement disclosures only and does not affect the Trust’s combined financial position, results of operations, or cash flows. Each Fund that is a series of the Trust is considered a separate reportable segment and the Sponsor’s chief executive officer, chief financial officer, and chief operating officer act as the Trust’s and each of the Fund's CODM. Each of the Funds' CODM monitors the operating results of each Fund on a standalone basis, with each Fund's strategic asset allocation guided by its investment objective and principal investment strategies as described in its prospectus and executed by the Sponsor. The combined financial information reviewed by the Trust’s CODM is consistent with the information presented in each Funds' financial statements. The Trust is a series trust consisting of five series, CORN, CANE, SOYB, WEAT and TAGS, each is a Fund separately managed by the Sponsor and as a series of the Trust, each Fund is a reportable segment of the Trust. The sixth series of the Trust, the DEFI Fund, was managed by the sponsor and is a reportable segment of the Trust through its merger with Hashdex Bitcoin Futures Fund based on a Plan of Merger through January 3, 2024, on which day the DEFI Fund was sold and liquidated out of the Trust. Each Fund operates with the goal of meeting its respective investment objective, refer to Note 1 for description of investment objectives of each of the Funds. Refer to Note 2 and Note 3 for descriptions of the accounting policies of each of the Funds which are described and are managed by the Sponsor of the Funds. As of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023, and 2022, the CODM of each Fund, and therefore the CODM of the Trust, evaluates the performance of the Trust by evaluating each Funds' performance. The CODM assesses relative asset levels as presented in the combining statements of assets and liabilities as well as interest income, and the expense categories as presented in the Fund’s combining statement of operations in determining resources allocation and overall management decisions of that Fund. The Trust eliminates intercompany balances to report the combined results on a Trust level, which primarily relates to TAGS investment in the Underlying Funds as per the following combining tables. The Trust combining statements of assets and liabilities and combining statements of operations by reporting segment are presented below. Combining Statements of Assets and Liabilities for December 31, 2024
|  | Teucrium Corn Fund |  |  | Teucrium Soybean Fund |  |  | Teucrium Sugar Fund |  |  | Teucrium Wheat Fund |  |  | Teucrium Agricultural Fund |  |  | Eliminations |  |  | Teucrium Commodity Trust |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 60,998,326 |  |  | $ | 23,806,400 |  |  | $ | 11,831,089 |  |  | $ | 114,295,968 |  |  | $ | 8,570 |  |  | $ | - |  |  | $ | 210,940,353 |
Interest receivable |  |  | 78,840 |  |  |  | 33,654 |  |  |  | 28,954 |  |  |  | 66,768 |  |  |  | 35 |  |  |  | - |  |  |  | 208,251 |
Other assets |  |  | 3,171 |  |  |  | 4,286 |  |  |  | 7,436 |  |  |  | 705 |  |  |  | 1,180 |  |  |  | - |  |  |  | 16,778 |
Equity in trading accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity futures contracts |  |  | 1,936,572 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,936,572 |
Due from broker |  |  | 3,738,171 |  |  |  | 2,725,790 |  |  |  | 2,255,054 |  |  |  | 19,874,285 |  |  |  | - |  |  |  | - |  |  |  | 28,593,300 |
Investments in exchange traded funds, at fair value (cost: $12,632,301 as of December 31, 2024) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,344,458 |  |  |  | (10,344,458 | ) |  |  | - |
Total equity in trading accounts |  |  | 5,674,743 |  |  |  | 2,725,790 |  |  |  | 2,255,054 |  |  |  | 19,874,285 |  |  |  | 10,344,458 |  |  |  | (10,344,458 | ) |  |  | 30,529,872 |
Total assets |  | $ | 66,755,080 |  |  | $ | 26,570,130 |  |  | $ | 14,122,533 |  |  | $ | 134,237,726 |  |  | $ | 10,354,243 |  |  | $ | (10,344,458 | ) |  | $ | 241,695,254 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fee payable to Sponsor |  | $ | 52,375 |  |  | $ | 22,453 |  |  | $ | 12,357 |  |  | $ | 102,147 |  |  | $ | - |  |  | $ | - |  |  | $ | 189,332 |
Other liabilities |  |  | 23,050 |  |  |  | 3,608 |  |  |  | 2,904 |  |  |  | 16,988 |  |  |  | 832 |  |  |  | - |  |  |  | 47,382 |
Equity in trading accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  |  |
Commodity futures contracts |  |  | 1,955,417 |  |  |  | 1,321,026 |  |  |  | 1,560,295 |  |  |  | 11,974,384 |  |  |  | - |  |  |  | - |  |  |  | 16,811,122 |
Total equity in trading accounts |  |  | 1,955,417 |  |  |  | 1,321,026 |  |  |  | 1,560,295 |  |  |  | 11,974,384 |  |  |  | - |  |  |  | - |  |  |  | 16,811,122 |
Total liabilities |  |  | 2,030,842 |  |  |  | 1,347,087 |  |  |  | 1,575,556 |  |  |  | 12,093,519 |  |  |  | 832 |  |  |  | - |  |  |  | 17,047,836 |
Net Assets |  | $ | 64,724,238 |  |  | $ | 25,223,043 |  |  | $ | 12,546,977 |  |  | $ | 122,144,207 |  |  | $ | 10,353,411 |  |  | $ | (10,344,458 | ) |  | $ | 224,647,418 |
Combining Statements of Assets and Liabilities for December 31, 2023
|  | Teucrium Corn Fund |  |  | Teucrium Soybean Fund |  |  | Teucrium Sugar Fund |  |  | Teucrium Wheat Fund |  |  | Teucrium Agricultural Fund |  |  | Hashdex Bitcoin Futures ETF |  |  | Eliminations |  |  | Teucrium Commodity Trust |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 76,745,471 |  |  | $ | 28,107,189 |  |  | $ | 16,773,745 |  |  | $ | 168,732,086 |  |  | $ | 11,208 |  |  | $ | 1,867,663 |  |  | $ | - |  |  | $ | 292,237,362 |
Interest receivable |  |  | 105,283 |  |  |  | 36,662 |  |  |  | 31,551 |  |  |  | 226,748 |  |  |  | 55 |  |  |  | 10,297 |  |  |  | - |  |  |  | 410,596 |
Other assets |  |  | - |  |  |  | - |  |  |  | 835 |  |  |  | 4,527 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,362 |
Equity in trading accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity futures contracts |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,237,493 |  |  |  | - |  |  |  | 129,519 |  |  |  | - |  |  |  | 2,367,012 |
Due from broker |  |  | 6,533,938 |  |  |  | 2,385,040 |  |  |  | 3,650,191 |  |  |  | 17,783,729 |  |  |  | - |  |  |  | 582,908 |  |  |  | - |  |  |  | 30,935,806 |
Investments in exchange traded funds, at fair value (cost: $19,469,359 as of December 31, 2023) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 18,401,900 |  |  |  | - |  |  |  | (18,401,900 | ) |  |  | - |
Total equity in trading accounts |  |  | 6,533,938 |  |  |  | 2,385,040 |  |  |  | 3,650,191 |  |  |  | 20,021,222 |  |  |  | - |  |  |  | 712,427 |  |  |  |  |  |  |  | 33,302,818 |
Total assets |  | $ | 83,384,692 |  |  | $ | 30,528,891 |  |  | $ | 20,456,322 |  |  | $ | 188,984,583 |  |  | $ | 18,413,163 |  |  | $ | 2,590,387 |  |  | $ | (18,401,900 | ) |  | $ | 325,956,138 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fee payable to Sponsor |  | $ | 71,506 |  |  | $ | 25,659 |  |  | $ | 17,451 |  |  | $ | 160,231 |  |  | $ | - |  |  | $ | 2,053 |  |  | $ | - |  |  | $ | 276,900 |
Other liabilities |  |  | 80,603 |  |  |  | 55,551 |  |  |  | 30,774 |  |  |  | 72,017 |  |  |  | 4,037 |  |  |  | - |  |  |  | - |  |  |  | 242,982 |
Equity in trading accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity futures contracts |  |  | 2,182,141 |  |  |  | 1,391,661 |  |  |  | 2,687,998 |  |  |  | 4,575,666 |  |  |  | - |  |  |  | 51,376 |  |  |  | - |  |  |  | 10,888,842 |
Total equity in trading accounts |  |  | 2,182,141 |  |  |  | 1,391,661 |  |  |  | 2,687,998 |  |  |  | 4,575,666 |  |  |  | - |  |  |  | 51,376 |  |  |  | - |  |  |  | 10,888,842 |
Total liabilities |  |  | 2,334,250 |  |  |  | 1,472,871 |  |  |  | 2,736,223 |  |  |  | 4,807,914 |  |  |  | 4,037 |  |  |  | 53,429 |  |  |  | - |  |  |  | 11,408,724 |
Net Assets |  | $ | 81,050,442 |  |  | $ | 29,056,020 |  |  | $ | 17,720,099 |  |  | $ | 184,176,669 |  |  | $ | 18,409,126 |  |  | $ | 2,536,958 |  |  | $ | (18,401,900 | ) |  | $ | 314,547,414 |
Combining Statements of Operations for the Year Ended December 31, 2024
|  | Teucrium Corn Fund |  |  | Teucrium Soybean Fund |  |  | Teucrium Sugar Fund |  |  | Teucrium Wheat Fund |  |  | Teucrium Agricultural Fund |  |  | Hashdex Bitcoin Futures ETF |  |  | Eliminations |  |  | Teucrium Commodity Trust |
Realized and unrealized gain (loss) on trading of securities, commodity and cryptocurrency futures contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized loss on commodity and cryptocurrency futures contracts |  | $ | (13,556,155 | ) |  | $ | (6,891,609 | ) |  | $ | (2,500,209 | ) |  | $ | (23,202,055 | ) |  | $ | - |  |  | $ | (78,143 | ) |  | $ | - |  |  | $ | (46,228,171 | )
Net change in unrealized appreciation (depreciation) on commodity and cryptocurrency futures contracts |  |  | 2,163,296 |  |  |  | 70,635 |  |  |  | 1,127,703 |  |  |  | (9,636,211 | ) |  |  | - |  |  |  | 114,383 |  |  |  | - |  |  |  | (6,160,194 | )
Realized (loss) gain on securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,102,822 | ) |  |  | - |  |  |  | 1,102,822 |  |  |  | - |
Net change in unrealized depreciation on securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,220,384 | ) |  |  | - |  |  |  | 1,220,384 |  |  |  | - |
Interest income |  |  | 3,384,093 |  |  |  | 1,475,582 |  |  |  | 734,413 |  |  |  | 7,381,620 |  |  |  | 495 |  |  |  | 1,073 |  |  |  | - |  |  |  | 12,977,276 |
Total (loss) income |  | $ | (8,008,766 | ) |  | $ | (5,345,392 | ) |  | $ | (638,093 | ) |  | $ | (25,456,646 | ) |  | $ | (2,322,711 | ) |  | $ | 37,313 |  |  | $ | 2,323,206 |  |  | $ | (39,411,089 | )
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fees |  |  | 658,017 |  |  |  | 287,128 |  |  |  | 145,054 |  |  |  | 1,445,767 |  |  |  | - |  |  |  | 200 |  |  |  | - |  |  |  | 2,536,166 |
Professional fees |  |  | 329,545 |  |  |  | 164,632 |  |  |  | 98,717 |  |  |  | 691,361 |  |  |  | 69,463 |  |  |  | 48,489 |  |  |  | - |  |  |  | 1,402,207 |
Distribution and marketing fees |  |  | 960,325 |  |  |  | 469,351 |  |  |  | 316,477 |  |  |  | 2,063,907 |  |  |  | 139,704 |  |  |  | 826 |  |  |  | - |  |  |  | 3,950,590 |
Custodian fees and expenses |  |  | 97,813 |  |  |  | 47,205 |  |  |  | 33,883 |  |  |  | 197,647 |  |  |  | 12,874 |  |  |  | 1,919 |  |  |  | - |  |  |  | 391,341 |
Business permits and licenses fees |  |  | 24,990 |  |  |  | 19,456 |  |  |  | 22,638 |  |  |  | 47,729 |  |  |  | 13,617 |  |  |  | 11,075 |  |  |  | - |  |  |  | 139,505 |
General and administrative expenses |  |  | 77,852 |  |  |  | 35,011 |  |  |  | 24,785 |  |  |  | 176,870 |  |  |  | 11,991 |  |  |  | - |  |  |  | - |  |  |  | 326,509 |
Other expenses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 131 |  |  |  | - |  |  |  | - |  |  |  | 131 |
Total expenses |  |  | 2,148,542 |  |  |  | 1,022,783 |  |  |  | 641,554 |  |  |  | 4,623,281 |  |  |  | 247,780 |  |  |  | 62,509 |  |  |  | - |  |  |  | 8,746,449 |
Expenses waived by the Sponsor |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (235,747 | ) |  |  | (62,309 | ) |  |  | - |  |  |  | (298,056 | )
Total expenses, net |  |  | 2,148,542 |  |  |  | 1,022,783 |  |  |  | 641,554 |  |  |  | 4,623,281 |  |  |  | 12,033 |  |  |  | 200 |  |  |  | - |  |  |  | 8,448,393 |
Net (loss) Income |  | $ | (10,157,308 | ) |  | $ | (6,368,175 | ) |  | $ | (1,279,647 | ) |  | $ | (30,079,927 | ) |  | $ | (2,334,744 | ) |  | $ | 37,113 |  |  | $ | 2,323,206 |  |  | $ | (47,859,482 | )
Combining Statements of Operations for the Year Ended December 31, 2023
|  | Teucrium Corn Fund |  |  | Teucrium Soybean Fund |  |  | Teucrium Sugar Fund |  |  | Teucrium Wheat Fund |  |  | Teucrium Agricultural Fund |  |  | Hashdex Bitcoin Futures ETF |  |  | Eliminations |  |  | Teucrium Commodity Trust |
Realized and unrealized gain (loss) on trading of securities, commodity and cryptocurrency futures contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized (loss) gain on commodity and cryptocurrency futures contracts |  | $ | (26,707,038 | ) |  | $ | 940,552 |  |  | $ | 11,398,276 |  |  | $ | (81,189,435 | ) |  | $ | - |  |  | $ | 1,308,803 |  |  | $ | - |  |  | $ | (94,248,842 | )
Net change in unrealized (depreciation) appreciation on commodity and cryptocurrency futures contracts |  |  | (800,836 | ) |  |  | (3,912,031 | ) |  |  | (3,514,199 | ) |  |  | 20,881,933 |  |  |  | - |  |  |  | 48,991 |  |  |  | - |  |  |  | 12,703,858 |
Realized (loss) gain on securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (96,992 | ) |  |  | - |  |  |  | 96,992 |  |  |  | - |
Net change in unrealized depreciation on securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,214,870 | ) |  |  | - |  |  |  | 1,214,870 |  |  |  | - |
Interest income |  |  | 5,217,831 |  |  |  | 1,843,080 |  |  |  | 1,340,056 |  |  |  | 9,252,100 |  |  |  | 590 |  |  |  | 82,970 |  |  |  |  |  |  |  | 17,736,627 |
Total (loss) income |  | $ | (22,290,043 | ) |  | $ | (1,128,399 | ) |  | $ | 9,224,133 |  |  | $ | (51,055,402 | ) |  | $ | (1,311,272 | ) |  | $ | 1,440,764 |  |  | $ | 1,311,862 |  |  | $ | (63,808,357 | )
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fees |  |  | 1,054,156 |  |  |  | 369,531 |  |  |  | 267,574 |  |  |  | 1,878,763 |  |  |  | - |  |  |  | 17,718 |  |  |  | - |  |  |  | 3,587,742 |
Professional fees |  |  | 394,719 |  |  |  | 282,599 |  |  |  | 251,061 |  |  |  | 532,146 |  |  |  | 217,608 |  |  |  | 241,278 |  |  |  | - |  |  |  | 1,919,411 |
Distribution and marketing fees |  |  | 1,048,908 |  |  |  | 384,860 |  |  |  | 268,576 |  |  |  | 2,106,344 |  |  |  | 190,696 |  |  |  | 8,198 |  |  |  | - |  |  |  | 4,007,582 |
Custodian fees and expenses |  |  | 109,559 |  |  |  | 39,143 |  |  |  | 27,216 |  |  |  | 226,411 |  |  |  | 23,747 |  |  |  | 2,167 |  |  |  | - |  |  |  | 428,243 |
Business permits and licenses fees |  |  | 29,208 |  |  |  | 22,477 |  |  |  | 22,148 |  |  |  | 34,453 |  |  |  | 14,109 |  |  |  | 19,187 |  |  |  | - |  |  |  | 141,582 |
General and administrative expenses |  |  | 69,692 |  |  |  | 30,129 |  |  |  | 22,598 |  |  |  | 139,454 |  |  |  | 18,990 |  |  |  | 550 |  |  |  | - |  |  |  | 281,413 |
Other expenses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8 |  |  |  | - |  |  |  | - |  |  |  | 8 |
Total expenses |  |  | 2,706,242 |  |  |  | 1,128,739 |  |  |  | 859,173 |  |  |  | 4,917,571 |  |  |  | 465,158 |  |  |  | 289,098 |  |  |  |  |  |  |  | 10,365,981 |
Expenses waived by the Sponsor |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (440,191 | ) |  |  | (271,380 | ) |  |  | - |  |  |  | (711,571 | )
Total expenses, net |  |  | 2,706,242 |  |  |  | 1,128,739 |  |  |  | 859,173 |  |  |  | 4,917,571 |  |  |  | 24,967 |  |  |  | 17,718 |  |  |  | - |  |  |  | 9,654,410 |
Net (loss) Income |  | $ | (24,996,285 | ) |  | $ | (2,257,138 | ) |  | $ | 8,364,960 |  |  | $ | (55,972,973 | ) |  | $ | (1,336,239 | ) |  | $ | 1,423,046 |  |  | $ | 1,311,862 |  |  | $ | (73,462,767 | )
Combining Statements of Operations for the Year Ended December 31, 2022
|  | Teucrium Corn Fund |  |  | Teucrium Soybean Fund |  |  | Teucrium Sugar Fund |  |  | Teucrium Wheat Fund |  |  | Teucrium Agricultural Fund |  |  | Hashdex Bitcoin Futures ETF |  |  | Eliminations |  |  | Teucrium Commodity Trust |
Realized and unrealized gain (loss) on trading of securities, commodity and cryptocurrency futures contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized gain (loss) on commodity and cryptocurrency futures contracts |  | $ | 28,784,977 |  |  | $ | 10,362,032 |  |  | $ | (442,477 | ) |  | $ | (81,457,408 | ) |  | $ | - |  |  | $ | (423,794 | ) |  | $ | - |  |  | $ | (43,176,670 | )
Net change in unrealized (depreciation) appreciation on commodity and cryptocurrency futures contracts |  |  | (7,317,857 | ) |  |  | (164,481 | ) |  |  | (172,519 | ) |  |  | (26,279,809 | ) |  |  | - |  |  |  | 29,152 |  |  |  | - |  |  |  | (33,905,514 | )
Realized (loss) gain on securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 182,252 |  |  |  | - |  |  |  | (182,252 | ) |  |  | - |
Net change in unrealized depreciation on securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,231,110 | ) |  |  | - |  |  |  | 1,231,110 |  |  |  | - |
Interest income |  |  | 3,437,856 |  |  |  | 1,141,422 |  |  |  | 452,734 |  |  |  | 5,619,025 |  |  |  | 432 |  |  |  | 12,854 |  |  |  | - |  |  |  | 10,664,323 |
Total income (loss) |  | $ | 24,904,976 |  |  | $ | 11,338,973 |  |  | $ | (162,262 | ) |  | $ | (102,118,192 | ) |  | $ | (1,048,426 | ) |  | $ | (381,788 | ) |  | $ | 1,048,858 |  |  | $ | (66,417,861 | )
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fees |  |  | 2,121,041 |  |  |  | 677,727 |  |  |  | 278,028 |  |  |  | 3,549,506 |  |  |  |  |  |  |  | 4,249 |  |  |  | - |  |  |  | 6,630,551 |
Professional fees |  |  | 416,723 |  |  |  | 140,044 |  |  |  | 77,992 |  |  |  | 663,700 |  |  |  | 79,712 |  |  |  | 54,416 |  |  |  | - |  |  |  | 1,432,587 |
Distribution and marketing fees |  |  | 1,197,419 |  |  |  | 379,076 |  |  |  | 168,266 |  |  |  | 2,141,826 |  |  |  | 187,385 |  |  |  | 1,076 |  |  |  | - |  |  |  | 4,075,048 |
Custodian fees and expenses |  |  | 110,365 |  |  |  | 37,114 |  |  |  | 15,692 |  |  |  | 228,096 |  |  |  | 19,180 |  |  |  | 213 |  |  |  | - |  |  |  | 410,660 |
Business permits and licenses fees |  |  | 34,477 |  |  |  | 21,062 |  |  |  | 28,238 |  |  |  | 49,106 |  |  |  | 13,601 |  |  |  | 10,842 |  |  |  | - |  |  |  | 157,326 |
General and administrative expenses |  |  | 113,955 |  |  |  | 43,514 |  |  |  | 20,254 |  |  |  | 123,180 |  |  |  | 13,821 |  |  |  | 8,744 |  |  |  | - |  |  |  | 323,468 |
Other expenses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,108 |  |  |  | 39 |  |  |  | - |  |  |  | - |  |  |  | 2,147 |
Total expenses |  |  | 3,993,980 |  |  |  | 1,298,537 |  |  |  | 588,470 |  |  |  | 6,757,522 |  |  |  | 313,738 |  |  |  | 79,540 |  |  |  | - |  |  |  | 13,031,787 |
Expenses waived by the Sponsor |  |  | (345,855 | ) |  |  | (89,562 | ) |  |  | (78,237 | ) |  |  | (425,164 | ) |  |  | (262,928 | ) |  |  | (75,291 | ) |  |  | - |  |  |  | (1,277,037 | )
Total expenses, net |  |  | 3,648,125 |  |  |  | 1,208,975 |  |  |  | 510,233 |  |  |  | 6,332,358 |  |  |  | 50,810 |  |  |  | 4,249 |  |  |  | - |  |  |  | 11,754,750 |
Net Income (loss) |  | $ | 21,256,851 |  |  | $ | 10,129,998 |  |  | $ | (672,495 | ) |  | $ | (108,450,550 | ) |  | $ | (1,099,236 | ) |  | $ | (386,037 | ) |  | $ | 1,048,858 |  |  | $ | (78,172,611 | )
Teucrium Wheat Fund [Member] |
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | Note 8 - Segment Reporting (Topic 280) The Teucrium Wheat Fund is a fund focused on the business of achieving the investment objective of having the daily changes in the NAV of the Fund’s shares reflect the daily changes in a weighted average of the closing settlement prices for wheat futures contracts. As such, the Fund invests and manages primarily wheat futures contracts, and expenses reported are a result of the management thereof. The Fund currently operates in only one reportable segment. The CODM is comprised of the Sponsor’s chief executive officer, chief financial officer, and chief operating officer. The CODM reviews the operations, income, and expenses, of the Fund to confirm that it operates in one reportable segment. This review includes confirming the performance of the Fund was in accordance with the Investment Objective of the Fund as described in the Fund’s prospectus. The performance of the Fund should be a result of the performance of each Fund’s respective benchmark futures contracts. Additionally, the CODM confirms that the expenses for the Fund, which are listed on the statement of operations, are related solely to the operations of the Fund. As the Fund’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying statement of assets and liabilities.

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