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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 31, 2024

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file numbers: 001-11331, 000-50182, 333-06693-02 and 000-50183

Ferrellgas Partners, L.P.

Ferrellgas, L.P.

Ferrellgas Partners Finance Corp.

Ferrellgas Finance Corp.

(Exact name of registrants as specified in their charters)

Delaware

43-1698480

Delaware

43-1698481

Delaware

43-1742520

Delaware

14-1866671

(States or other jurisdictions of incorporation or organization)

(I.R.S. Employer Identification Nos.)

One Liberty Plaza,
Liberty, Missouri

64068

(Address of principal executive office)

(Zip Code)

Registrants’ telephone number, including area code: (816792-1600

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “Large Accelerated Filer,” “Accelerated Filer,” “Smaller Reporting Company,” and “Emerging Growth Company” in Rule 12b-2 of the Exchange Act.

Ferrellgas Partners, L.P.:

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging Growth Company

Ferrellgas, L.P., Ferrellgas Partners Finance Corp. and Ferrellgas Finance Corp.:

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Ferrellgas Partners, L.P. and Ferrellgas, L.P.

Ferrellgas Partners Finance Corp. and Ferrellgas Finance Corp.

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act).

Ferrellgas Partners, L.P. and Ferrellgas, L.P. Yes  No 

Ferrellgas Partners Finance Corp. and Ferrellgas Finance Corp. Yes  No 

Indicate by check mark whether the registrants have filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Ferrellgas Partners, L.P. and Ferrellgas Partners Finance Corp. Yes  No 

Ferrellgas, L.P. and Ferrellgas Finance Corp. N/A

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

    

Trading Symbol

    

Name of each exchange on which registered:

N/A

N/A

N/A

At February 29, 2024, the registrants had Class A Units, Class B Units or shares of common stock outstanding as follows:

Ferrellgas Partners, L.P.

4,857,605

Class A Units

1,300,000

Class B Units

Ferrellgas, L.P.

n/a

n/a

Ferrellgas Partners Finance Corp.

1,000

Common Stock

Ferrellgas Finance Corp.

1,000

Common Stock

Documents Incorporated by Reference: None

EACH OF FERRELLGAS PARTNERS FINANCE CORP. AND FERRELLGAS FINANCE CORP. MEET THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(A) AND (B) OF FORM 10-Q AND ARE THEREFORE, WITH RESPECT TO EACH SUCH REGISTRANT, FILING THIS FORM 10-Q WITH THE REDUCED DISCLOSURE FORMAT.

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended January 31, 2024 of Ferrellgas Partners, L.P. together with its consolidated subsidiaries, including Ferrellgas, L.P., Ferrellgas Partners Finance Corp., and Ferrellgas Finance Corp. Unless stated otherwise or the context otherwise requires, references to “Ferrellgas Partners” refers to Ferrellgas Partners, L.P. itself, with its consolidated subsidiaries. References to the “operating partnership” mean Ferrellgas, L.P., together (except where the context indicates otherwise) with its consolidated subsidiaries, including Ferrellgas Finance Corp. The terms “us,” “we,” “our,” “ours,” “consolidated,” the “Company” or “Ferrellgas” refer to Ferrellgas Partners, L.P. together with its consolidated subsidiaries, including Ferrellgas, L.P., Ferrellgas Partners Finance Corp. and Ferrellgas Finance Corp., except when used in connection with “Class A Units” or “Class B Units,” in which case these terms refer to Ferrellgas Partners, L.P. without its consolidated subsidiaries.

Ferrellgas Partners is a publicly traded Delaware limited partnership formed in 1994 and is primarily engaged in the retail distribution of propane and related equipment sales. Our Class A Units are traded on the OTC Pink Market under the symbol “FGPR.” The operating partnership was formed on April 22, 1994, and accounts for substantially all of our consolidated assets, sales and operating earnings.

Ferrellgas Partners is a holding entity that conducts no operations and has two direct subsidiaries, the operating partnership and Ferrellgas Partners Finance Corp. Our activities are primarily conducted through the operating partnership. Ferrellgas Partners and the Preferred Unitholders are the only limited partners of the operating partnership. Ferrellgas, Inc. is the sole general partner of Ferrellgas Partners and the operating partnership and, excluding the economic interests attributable to the Class B Units and the Preferred Units, owns an approximate 1% general partner economic interest in each, and, therefore, an effective 2% general partner economic interest in the operating partnership. Excluding the economic interests attributable to the Preferred Units, Ferrellgas Partners owns an approximate 99% limited partner interest in the operating partnership.

Our general partner performs all management functions for us. The parent company of our general partner, Ferrell Companies, currently beneficially owns approximately 23.4% of our outstanding Class A Units. Ferrell Companies is owned 100% by an employee stock ownership trust.

We believe that combining the quarterly reports on Form 10-Q for these entities provides the following benefits:

enhances investors’ understanding of Ferrellgas Partners and the operating partnership by enabling investors to view the business as a whole in the same manner that management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined and readable presentation, since a substantial portion of the disclosure applies to both Ferrellgas Partners and the operating partnership; and
creates time and cost efficiencies through the preparation of a combined presentation.

To help investors understand the differences between Ferrellgas Partners and the operating partnership, this report provides separate condensed consolidated financial statements for Ferrellgas Partners and the operating partnership. Noncontrolling interests, Class A Units, Class B Units, shareholders' equity (deficit) and partners' deficit are the main areas of difference between the condensed consolidated financial statements of Ferrellgas Partners and those of the operating partnership. A single set of notes to condensed consolidated financial statements is presented that includes separate discussions for Ferrellgas Partners and the operating partnership, when applicable. A combined Management's Discussion and Analysis of Financial Condition and Results of Operations section is also included that presents combined information and discrete information related to each entity, as applicable.

In order to highlight the differences between Ferrellgas Partners and the operating partnership, this report includes the following sections that provide separate financial information for Ferrellgas Partners and the operating partnership:

condensed consolidated financial statements; and
certain accompanying notes to condensed consolidated financial statements, which denote “Ferrellgas Partners” and “The operating partnership” in sections where applicable.

2

FERRELLGAS PARTNERS, L.P.

FERRELLGAS PARTNERS FINANCE CORP.

FERRELLGAS, L.P.

FERRELLGAS FINANCE CORP.

TABLE OF CONTENTS

Page

PART I - FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS (unaudited)

Ferrellgas Partners, L.P. and Subsidiaries

Condensed Consolidated Balance Sheets – January 31, 2024 and July 31, 2023

4

Condensed Consolidated Statements of Operations – Three and six months ended January 31, 2024 and 2023

5

Condensed Consolidated Statements of Comprehensive Income – Three and six months ended January 31, 2024 and 2023

6

Condensed Consolidated Statement of Equity (Deficit) – Three and six months ended January 31, 2024 and 2023

7

Condensed Consolidated Statements of Cash Flows – Six months ended January 31, 2024 and 2023

8

Ferrellgas, L.P. and Subsidiaries

Condensed Consolidated Balance Sheets – January 31, 2024 and July 31, 2023

9

Condensed Consolidated Statements of Operations – Three and six months ended January 31, 2024 and 2023

10

Condensed Consolidated Statements of Comprehensive Income – Three and six months ended January 31, 2024 and 2023

11

Condensed Consolidated Statement of Partners’ Deficit – Three and six months ended January 31, 2024 and 2023

12

Condensed Consolidated Statements of Cash Flows – Six months ended January 31, 2024 and 2023

13

Ferrellgas Partners, L.P. and Subsidiaries and Ferrellgas, L.P. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

14

Ferrellgas Partners Finance Corp.

Condensed Balance Sheets – January 31, 2024 and July 31, 2023

34

Condensed Statements of Operations – Three and six months ended January 31, 2024 and 2023

35

Condensed Statements of Cash Flows – Six months ended January 31, 2024 and 2023

36

Notes to Condensed Financial Statements

37

Ferrellgas Finance Corp.

Condensed Balance Sheets – January 31, 2024 and July 31, 2023

38

Condensed Statements of Operations – Three and six months ended January 31, 2024 and 2023

39

Condensed Statements of Cash Flows – Six months ended January 31, 2024 and 2023

40

Notes to Condensed Financial Statements

41

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

42

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

60

ITEM 4.

CONTROLS AND PROCEDURES

61

PART II - OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

61

ITEM 1A.

RISK FACTORS

61

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

61

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

62

ITEM 4.

MINE SAFETY DISCLOSURES

62

ITEM 5.

OTHER INFORMATION

62

ITEM 6.

EXHIBITS

63

3

PART I - FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS (unaudited)

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)

(unaudited)

    

January 31, 2024

    

July 31, 2023

ASSETS

Current assets:

Cash and cash equivalents (including $10,789 and $11,126 of restricted cash at January 31, 2024 and July 31, 2023, respectively)

$

139,154

$

137,347

Accounts and notes receivable, net

 

226,920

 

159,379

Inventories

 

100,253

 

98,104

Price risk management asset

15,276

11,966

Prepaid expenses and other current assets

 

33,729

 

29,135

Total current assets

 

515,332

 

435,931

 

  

 

  

Property, plant and equipment, net

 

622,935

 

615,174

Goodwill, net

 

257,006

 

257,006

Intangible assets (net of accumulated amortization of $354,139 and $349,614 at January 31, 2024 and July 31, 2023, respectively)

 

116,911

 

106,615

Operating lease right-of-use assets

54,034

57,839

Other assets, net

 

54,735

 

58,838

Total assets

$

1,620,953

$

1,531,403

 

  

 

  

LIABILITIES, MEZZANINE AND EQUITY (DEFICIT)

 

  

 

  

Current liabilities:

 

  

 

  

Accounts payable

$

67,912

$

35,115

Current portion of long-term debt

2,977

2,597

Current operating lease liabilities

24,983

24,600

Other current liabilities

 

203,785

 

197,030

Total current liabilities

299,657

259,342

 

  

 

  

Long-term debt

 

1,458,693

 

1,456,184

Operating lease liabilities

30,345

34,235

Other liabilities

 

25,563

 

29,084

Contingencies and commitments (Note L)

Mezzanine equity:

Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at January 31, 2024 and July 31, 2023)

651,349

651,349

Equity (Deficit):

 

  

 

  

Limited partner unitholders

 

 

Class A (4,857,605 units outstanding at January 31, 2024 and July 31, 2023)

(1,158,241)

(1,205,103)

Class B (1,300,000 units outstanding at January 31, 2024 and July 31, 2023)

383,012

383,012

General partner unitholder (49,496 units outstanding at January 31, 2024 and July 31, 2023)

 

(70,092)

 

(70,566)

Accumulated other comprehensive income

 

7,313

 

1,059

Total Ferrellgas Partners, L.P. deficit

 

(838,008)

 

(891,598)

Noncontrolling interest

 

(6,646)

 

(7,193)

Total deficit

 

(844,654)

 

(898,791)

Total liabilities, mezzanine and deficit

$

1,620,953

$

1,531,403

See notes to condensed consolidated financial statements.

4

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per unit data)

(unaudited)

For the three months ended January 31, 

For the six months ended January 31, 

    

2024

    

2023

    

2024

    

2023

 

Revenues:

Propane and other gas liquids sales

$

584,209

$

651,886

$

923,143

$

1,037,730

Other

 

25,668

32,057

 

57,747

 

59,502

Total revenues

 

609,877

 

683,943

 

980,890

 

1,097,232

 

 

  

 

  

 

  

Costs and expenses:

 

 

  

 

 

  

Cost of sales - propane and other gas liquids sales

 

277,838

 

347,492

 

450,018

 

560,573

Cost of sales - other

 

3,730

 

4,243

 

8,171

 

9,019

Operating expense - personnel, vehicle, plant and other

 

159,638

 

157,355

 

304,284

 

287,095

Operating expense - equipment lease expense

5,343

5,586

10,719

 

11,610

Depreciation and amortization expense

 

24,435

 

23,069

 

48,839

 

45,700

General and administrative expense

 

17,191

 

23,115

 

30,016

 

37,948

Non-cash employee stock ownership plan compensation charge

 

900

 

722

 

1,620

 

1,445

Loss on asset sales and disposals

 

382

 

290

 

1,717

 

1,970

 

 

  

 

  

 

  

Operating income

 

120,420

 

122,071

 

125,506

 

141,872

Interest expense

 

(24,359)

 

(23,177)

 

(48,520)

 

(48,186)

Other income, net

 

849

 

544

 

2,185

 

1,013

Earnings before income taxes

 

96,910

 

99,438

 

79,171

 

94,699

Income tax expense

 

309

 

503

 

471

 

521

Net earnings

 

96,601

 

98,935

 

78,700

 

94,178

Net earnings attributable to noncontrolling interest

 

812

 

835

 

467

 

623

Net earnings attributable to Ferrellgas Partners, L.P.

$

95,789

$

98,100

$

78,233

$

93,555

Class A unitholders’ interest in net earnings (Note M)

$

11,226

$

11,557

$

6,421

$

8,592

Basic and diluted net earnings per Class A Unit (Note M)

$

2.31

$

2.38

$

1.32

$

1.77

See notes to condensed consolidated financial statements.

5

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)

For the three months ended January 31, 

For the six months ended January 31, 

    

2024

    

2023

    

2024

    

2023

Net earnings

$

96,601

$

98,935

$

78,700

$

94,178

Other comprehensive income (loss):

Change in value of risk management derivatives

 

14,536

 

(6,238)

 

1,064

 

(42,423)

Reclassification of losses (gains) on derivatives to earnings, net

 

2,070

 

6,716

 

5,254

 

(6,072)

Other comprehensive income (loss)

 

16,606

 

478

 

6,318

 

(48,495)

Comprehensive income

 

113,207

 

99,413

 

85,018

 

45,683

Comprehensive income attributable to noncontrolling interest

 

(980)

 

(840)

 

(531)

 

(133)

Comprehensive income attributable to Ferrellgas Partners, L.P.

$

112,227

$

98,573

$

84,487

$

45,550

See notes to condensed consolidated financial statements.

6

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (DEFICIT)

(in thousands)

(unaudited)

Number of units

Accumulated

Total Ferrellgas

General

General

other

Partners, L.P.

Class A

Class B

partner

Class A

Class B

partner

comprehensive

partners’

Non-controlling

Total partners’

   

unitholders 

   

unitholders

   

unitholder

   

unitholders

   

unitholders

   

unitholder

   

income (loss)

   

deficit

   

interest

   

deficit

Balance at July 31, 2023

 

4,857.6

 

1,300.0

49.5

$

(1,205,103)

$

383,012

$

(70,566)

$

1,059

$

(891,598)

$

(7,193)

$

(898,791)

Contributions in connection with non-cash ESOP compensation charges

706

7

713

7

720

Net earnings allocated to preferred units

(16,088)

(163)

(16,251)

(16,251)

Net loss

(17,381)

(175)

(17,556)

(345)

(17,901)

Other comprehensive loss

(10,184)

(10,184)

(104)

(10,288)

Balance at October 31, 2023

 

4,857.6

 

1,300.0

49.5

(1,237,866)

383,012

(70,897)

(9,125)

(934,876)

(7,635)

(942,511)

Contributions in connection with non-cash ESOP compensation charges

882

9

891

9

900

Net earnings allocated to preferred units

(16,088)

(162)

(16,250)

(16,250)

Net earnings

94,831

958

95,789

812

96,601

Other comprehensive income

16,438

16,438

168

16,606

Balance at January 31, 2024

 

4,857.6

 

1,300.0

49.5

$

(1,158,241)

$

383,012

$

(70,092)

$

7,313

$

(838,008)

$

(6,646)

$

(844,654)

    

Number of units

    

    

Accumulated

Total Ferrellgas

    

    

General

General

other

Partners, L.P.

Class A

Class B

partner

Class A

Class B

partner

comprehensive

partners’

Non-controlling

Total partners’

   

unitholders 

   

unitholders

   

unitholder

   

unitholders

   

unitholders

   

unitholder

   

income (loss)

   

deficit

   

interest

   

deficit

Balance at July 31, 2022

 

4,857.6

 

1,300.0

49.5

$

(1,229,823)

$

383,012

$

(71,320)

$

37,907

$

(880,224)

$

(7,587)

$

(887,811)

Contributions in connection with non-cash ESOP compensation charges

 

709

7

716

7

723

Net earnings allocated to preferred units

 

 

 

(16,088)

 

(163)

 

 

(16,251)

 

 

(16,251)

Net loss

 

 

 

(4,500)

 

(45)

 

 

(4,545)

 

(212)

 

(4,757)

Other comprehensive loss

 

 

 

 

 

(48,478)

 

(48,478)

 

(495)

 

(48,973)

Balance at October 31, 2022

 

4,857.6

 

1,300.0

49.5

(1,249,702)

383,012

(71,521)

(10,571)

(948,782)

(8,287)

(957,069)

Contributions in connection with non-cash ESOP compensation charges

 

707

7

714

8

722

Net earnings allocated to preferred units

(16,060)

(162)

(16,222)

(16,222)

Net earnings

 

97,119

981

98,100

835

98,935

Other comprehensive income

 

 

473

473

5

478

Balance at January 31, 2023

4,857.6

 

1,300.0

49.5

$

(1,167,936)

$

383,012

$

(70,695)

$

(10,098)

$

(865,717)

$

(7,439)

$

(873,156)

See notes to condensed consolidated financial statements.

7

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

For the six months ended January 31, 

    

2024

    

2023

Cash flows from operating activities:

  

  

Net earnings

$

78,700

$

94,178

Reconciliation of net earnings to net cash provided by operating activities:

 

  

 

  

Depreciation and amortization expense

 

48,839

 

45,700

Non-cash employee stock ownership plan compensation charge

 

1,620

 

1,445

Loss on asset sales and disposals

 

1,717

 

1,970

Provision for expected credit losses

 

1,184

 

684

Other

 

3,908

 

4,006

Changes in operating assets and liabilities, net of effects from business acquisitions:

 

 

  

Accounts and notes receivable

 

(68,725)

 

(83,914)

Inventories

 

(2,149)

 

1,805

Prepaid expenses and other current assets

 

(4,594)

 

(17,216)

Accounts payable

 

32,022

 

29,456

Accrued interest expense

 

(863)

 

(172)

Other current liabilities

 

6,223

 

(16,276)

Other assets and liabilities

 

2,665

 

(4,495)

Net cash provided by operating activities

 

100,547

 

57,171

 

  

 

  

Cash flows from investing activities:

 

  

 

  

Business acquisitions, net of cash acquired

 

(16,499)

 

(19,388)

Capital expenditures

 

(47,374)

 

(41,382)

Proceeds from sale of assets

 

1,380

 

1,488

Net cash used in investing activities

 

(62,493)

 

(59,282)

 

  

 

  

Cash flows from financing activities:

 

  

 

  

Preferred unit distributions

(31,150)

(31,206)

Payments on long-term debt

 

(1,516)

 

(1,179)

Proceeds from short-term borrowings

45,000

Repayments of short-term borrowings

 

 

(45,000)

Cash payments for principal portion of lease liability

 

(3,581)

 

(464)

Net cash used in financing activities

 

(36,247)

 

(32,849)

 

  

 

  

Net change in cash, cash equivalents and restricted cash

 

1,807

 

(34,960)

Cash, cash equivalents and restricted cash - beginning of period

 

137,347

 

158,737

Cash, cash equivalents and restricted cash - end of period

$

139,154

$

123,777

See notes to condensed consolidated financial statements.

8

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

    

January 31, 2024

    

July 31, 2023

ASSETS

Current assets:

 

  

 

  

Cash and cash equivalents (including $10,789 and $11,126 of restricted cash at January 31, 2024 and July 31, 2023, respectively)

$

139,049

$

137,245

Accounts and notes receivable, net

 

226,920

 

159,379

Inventories

 

100,253

 

98,104

Price risk management asset

15,276

11,966

Prepaid expenses and other current assets

 

33,707

 

29,113

Total current assets

 

515,205

 

435,807

Property, plant and equipment, net

 

622,935

 

615,174

Goodwill, net

 

257,006

 

257,006

Intangible assets (net of accumulated amortization of $354,139 and $349,614 at January 31, 2024 and July 31, 2023, respectively)

 

116,911

 

106,615

Operating lease right-of-use assets

54,034

57,839

Other assets, net

 

54,735

 

58,838

Total assets

$

1,620,826

$

1,531,279

LIABILITIES, MEZZANINE AND DEFICIT

 

  

 

  

Current liabilities:

 

  

 

  

Accounts payable

$

67,912

$

35,115

Current portion of long-term debt

2,977

2,597

Current operating lease liabilities

24,983

24,600

Other current liabilities

 

203,702

 

196,966

Total current liabilities

299,574

259,278

Long-term debt

 

1,458,693

 

1,456,184

Operating lease liabilities

30,345

34,235

Other liabilities

 

25,563

 

29,084

Contingencies and commitments (Note L)

 

 

Mezzanine equity:

Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at January 31, 2024 and July 31, 2023)

651,349

651,349

Deficit:

 

  

 

  

Limited partners

 

(845,365)

 

(892,717)

General partner

 

(6,734)

 

(7,217)

Accumulated other comprehensive income

 

7,401