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v3.21.1

Balance Sheets - USD ($) | Jan. 31, 2021 | Jan. 31, 2020
--- | --- | ---
ASSETS |  |
Cash and cash equivalents | $ 12,500,941 | $ 10,177,655
U.S. Government securities, at amortized cost (which approximates fair value) | 9,906,669 | 13,332,474
Accrued income receivable | 249,477 | 69,588
Net contract asset | 177,251 |
Prepaid expenses | 94,585 | 67,654
Current assets | 22,928,923 | 23,647,371
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
Total fixed property | 3 | 3
Total assets | 22,928,926 | 23,647,374
LIABILITIES, UNALLOCATED RESERVE AND TRUST CORPUS |  |
Distribution payable | 6,035,205 | 9,184,007
Accrued expenses | 416,672 | 120,630
Net contract liability |  | 2,511,720
Total liabilities | 6,451,877 | 11,816,357
Unallocated reserve | 16,477,046 | 11,831,014
Trust corpus | 3 | 3
Total liabilities, unallocated reserve and trust corpus | $ 22,928,926 | $ 23,647,374

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- Definition The interest as assignor in the Amended Assignment of Peters Lease. The Peters Lease provides that each leasehold estate will continue until the reserves of iron ore, taconite and other minerals or materials on the land subject to the Peters Lease are exhausted. + References No definition available. + Details
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- Definition Carrying value as of the balance sheet date of the transferable units distributed to shareholders of Mesabi Iron Company as beneficial interest in Mesabi Trust. + References No definition available. + Details
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