secwatch.observer — SEC 8-K summary
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Issuer:     United States 12 Month Oil Fund, LP (USL)
CIK:        0001405528
Form:       8-K
Filed at:   2024-03-21T23:59:59+00:00
Accession:  0001171200-24-000078
Event type: other_material
Sentiment:  negative
Materiality: 0.50
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

USCF (GP of USL) audited FY2023 balance sheet: assets drop 34%, equity down 40%
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- Total assets $8.7M at Dec 31, 2023, down from $13.3M in 2022 (34% decrease).
- Cash declined to $2.6M from $8.2M; investments increased to $3.8M from $2.5M.
- Member's equity fell to $6.2M from $10.4M (40% decrease).
- Optimum Strategies lawsuit dismissed with prejudice on federal claims; state claim dismissed without prejudice.
- Auditor identifies loss contingencies as critical audit matter; note mentions SEC/CFTC investigations (details truncated).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1405528/000117120024000078/0001171200-24-000078-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1405528/000117120024000078/i24088_usl-8k.htm
  HTML page:      https://secwatch.observer/filing/0001171200-24-000078

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer