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Note 8 - Segment Reporting (Topic 280) - Teucrium Soybean Fund
 12 Months Ended
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 Soybean Fund [Member]  
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 8 - Segment Reporting (Topic 280)

 

The Teucrium Soybean 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 soybean futures contracts. As such, the Fund invests and manages primarily soybean 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.