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Mills Music Trust (MMTRS-6.15%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing cash receipts from EMI (SONY-0.48%) of $512,648, compared to $467,307 in the same quarter the previous year.
Administrative expenses for the quarter were $141,921, leading to a balance available for distribution of $370,773.
Cash distributions to unit holders amounted to $370,727, or $1.33 per unit, for the quarter.
The Trust reported ongoing disputes with EMI regarding the calculation of the Contingent Portion payments, with alleged underpayments totaling $1,490,077 since March 31, 2016.
The Trust engaged Citrin Cooperman & Company LLP to audit EMI's royalty income, identifying several discrepancies in payments.
A Tolling Agreement was executed to address the disputes, extending the statute of limitations through December 31, 2024.
The Trust's income is dependent on EMI's ability to maintain copyright rights, with most copyrights expiring between 2018 and 2118.
The Trust's financial statements are prepared on a cash basis and do not include accrual-based transactions.
The Trust does not have any off-balance sheet arrangements that could materially affect its financial condition.
The Trust's disclosure controls and procedures were evaluated and deemed effective as of the end of the reporting period.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mills Music Trust Unit quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.