XML 29 R15.htm IDEA: XBRL DOCUMENT
v3.19.1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - New ASU (Tables) | 12 Months Ended
--- | ---
Jan. 31, 2019
Accounting Standards Update 2014-09 [Member] |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] |
Schedule of effect of adoption |
|  | Twelve Months Ended January 31, 2018 |  | Twelve Months Ended January 31, 2017
|  | As Previously |  | Adoption |  |  |  | As Previously |  | Adoption |  |
|  | Reported |  | of ASC 606 |  | (As Adjusted) |  | Reported |  | of ASC 606 |  | (As Adjusted)
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Royalties under amended lease agreements |  | $ | 33,955,703 |  | $ | (72,142) |  | $ | 33,883,561 |  | $ | 10,314,620 |  | $ | 150,659 |  | $ | 10,465,279
Royalties under Peters Lease fee |  |  | 519,327 |  |  | — |  |  | 519,327 |  |  | 416,788 |  |  | — |  |  | 416,788
Interest |  |  | 92,527 |  |  | — |  |  | 92,527 |  |  | 5,126 |  |  | — |  |  | 5,126
Total revenues |  |  | 34,567,557 |  |  | (72,142) |  |  | 34,495,415 |  |  | 10,736,534 |  |  | 150,659 |  |  | 10,887,193
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation of Trustees |  |  | 207,520 |  |  | — |  |  | 207,520 |  |  | 188,789 |  |  | — |  |  | 188,789
Corporate Trustee’s administrative fees |  |  | 62,500 |  |  | — |  |  | 62,500 |  |  | 62,500 |  |  | — |  |  | 62,500
Professional fees and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Legal |  |  | 366,205 |  |  | — |  |  | 366,205 |  |  | 399,737 |  |  | — |  |  | 399,737
Accounting and auditing |  |  | 142,214 |  |  | — |  |  | 142,214 |  |  | 151,947 |  |  | — |  |  | 151,947
Mining consultant and field representatives |  |  | 56,100 |  |  | — |  |  | 56,100 |  |  | 27,988 |  |  | — |  |  | 27,988
Insurance |  |  | 118,392 |  |  | — |  |  | 118,392 |  |  | 118,490 |  |  | — |  |  | 118,490
Annual stock exchange fee |  |  | 59,967 |  |  | — |  |  | 59,967 |  |  | 53,095 |  |  | — |  |  | 53,095
Transfer agent’s and registrar’s fees |  |  | 7,366 |  |  | — |  |  | 7,366 |  |  | 5,540 |  |  | — |  |  | 5,540
Other Trust expenses |  |  | 51,726 |  |  | — |  |  | 51,726 |  |  | 115,336 |  |  | — |  |  | 115,336
Total expenses |  |  | 1,071,990 |  |  | — |  |  | 1,071,990 |  |  | 1,123,422 |  |  | — |  |  | 1,123,422
Net income |  | $ | 33,495,567 |  | $ | (72,142) |  | $ | 33,423,425 |  | $ | 9,613,112 |  | $ | 150,659 |  | $ | 9,763,771
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING |  |  | 13,120,010 |  |  | — |  |  | 13,120,010 |  |  | 13,120,010 |  |  | — |  |  | 13,120,010
Net income per unit (Note 2) |  | $ | 2.553 |  | $ | (0.005) |  | $ | 2.548 |  | $ | 0.733 |  | $ | 0.011 |  | $ | 0.744
Balance Sheets
|  | January 31, 2018 |  |  |  |  |  |
|  | As Previously |  | Adoption |  | January 31, 2018
|  | Reported |  | of ASC 606 |  | (As Adjusted)
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 314,835 |  | $ | — |  | $ | 314,835
U.S. Government securities, at amortized cost (which approximates market) |  |  | 23,797,451 |  |  | — |  |  | 23,797,451
Accrued income receivable |  |  | 1,956,091 |  |  | — |  |  | 1,956,091
Contract asset |  |  | — |  |  | 99,264 |  |  | 99,264
Prepaid expenses |  |  | 54,640 |  |  | — |  |  | 54,640
Current assets |  |  | 26,123,017 |  |  | 99,264 |  |  | 26,222,281
Fixed property, including intangibles, at nominal values |  |  |  |  |  |  |  |  |
Assignments of leased property |  |  |  |  |  |  |  |  |
Amended assignment of Peters Lease |  |  | 1 |  |  | — |  |  | 1
Assignment of Cloquet Leases |  |  | 1 |  |  | — |  |  | 1
Certificate of beneficial interest for 13,120,010 units of Land Trust |  |  | 1 |  |  | — |  |  | 1
|  |  | 3 |  |  | — |  |  | 3
Total assets |  | $ | 26,123,020 |  | $ | 99,264 |  | $ | 26,222,284
Liabilities, Unallocated Reserve And Trust Corpus |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Distribution payable |  | $ | 15,481,612 |  | $ | — |  | $ | 15,481,612
Accrued expenses |  |  | 133,994 |  |  | — |  |  | 133,994
Total liabilities |  |  | 15,615,606 |  |  | — |  |  | 15,615,606
Unallocated reserve |  |  | 10,507,411 |  |  | 99,264 |  |  | 10,606,675
Trust corpus |  |  | 3 |  |  | — |  |  | 3
Total liabilities, unallocated reserve and trust corpus |  | $ | 26,123,020 |  | $ | 99,264 |  | $ | 26,222,284
Statements of Cash Flows
|  | Twelve Months Ended January 31, 2018 |  | Twelve Months Ended January 31, 2017
|  | As Previously |  | Adoption |  |  |  | As Previously |  | Adoption |  |
|  | Reported |  | of ASC 606 |  | (As Adjusted) |  | Reported |  | of ASC 606 |  | (As Adjusted)
Operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Royalties received |  | $ | 30,470,480 |  | $ | — |  | $ | 30,470,480 |  | $ | 13,702,276 |  | $ | — |  | $ | 13,702,276
Interest received |  |  | 86,616 |  |  | — |  |  | 86,616 |  |  | 5,541 |  |  | — |  |  | 5,541
Expenses paid |  |  | (1,047,221) |  |  | — |  |  | (1,047,221) |  |  | (1,124,467) |  |  | — |  |  | (1,124,467)
Net cash from operating activities |  |  | 29,509,875 |  |  | — |  |  | 29,509,875 |  |  | 12,583,350 |  |  | — |  |  | 12,583,350
Investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maturities of U.S. Government securities |  |  | 37,636,412 |  |  | — |  |  | 37,636,412 |  |  | 5,740,659 |  |  | — |  |  | 5,740,659
Purchases of U.S. Government securities |  |  | (60,977,805) |  |  | — |  |  | (60,977,805) |  |  | — |  |  | — |  |  | —
Net cash From (used for) investing activities |  |  | (23,341,393) |  |  | — |  |  | (23,341,393) |  |  | 5,740,659 |  |  | — |  |  | 5,740,659
Financing activity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distributions to unitholders |  |  | (19,548,815) |  |  | — |  |  | (19,548,815) |  |  | (7,216,006) |  |  | — |  |  | (7,216,006)
Net change in cash and cash equivalents |  |  | (13,380,333) |  |  | — |  |  | (13,380,333) |  |  | 11,108,003 |  |  | — |  |  | 11,108,003
Cash and cash equivalents, beginning of year |  |  | 13,695,168 |  |  | — |  |  | 13,695,168 |  |  | 2,587,165 |  |  | — |  |  | 2,587,165
Cash and cash equivalents, end of year |  | $ | 314,835 |  | $ | — |  | $ | 314,835 |  | $ | 13,695,168 |  | $ | — |  | $ | 13,695,168
Reconciliation of net income to net cash from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 33,495,567 |  | $ | (72,142) |  | $ | 33,423,425 |  | $ | 9,613,112 |  | $ | 150,659 |  | $ | 9,763,771
Decrease (increase) in accrued income receivable |  |  | (1,911,046) |  |  | — |  |  | (1,911,046) |  |  | 933,101 |  |  | — |  |  | 933,101
Decrease (increase) in contract asset |  |  | — |  |  | 72,142 |  |  | 72,142 |  |  | — |  |  | (150,659) |  |  | (150,659)
Decrease (increase) in prepaid expense |  |  | (1,032) |  |  | — |  |  | (1,032) |  |  | 1,322 |  |  | — |  |  | 1,322
Increase (decrease) in accrued expenses |  |  | 25,801 |  |  | — |  |  | 25,801 |  |  | (63,600) |  |  | — |  |  | (63,600)
Increase (decrease) in deferred royalty revenue |  |  | (2,099,415) |  |  | 2,099,415 |  |  | — |  |  | 2,099,415 |  |  | (2,099,415) |  |  | —
Increase (decrease) in contract liability |  |  | — |  |  | (2,099,415) |  |  | (2,099,415) |  |  | — |  |  | 2,099,415 |  |  | 2,099,415
Net cash from operating activities |  | $ | 29,509,875 |  | $ | — |  | $ | 29,509,875 |  | $ | 12,583,350 |  | $ | — |  | $ | 12,583,350
Non cash financing activity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distributions declared and payable |  | $ | 15,481,612 |  | $ | — |  | $ | 15,481,612 |  | $ | 1,836,801 |  | $ | — |  | $ | 1,836,801

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_RevenueInitialApplicationPeriodCumulativeEffectTransitionLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22580-107794 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e725-108305 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201409Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |