NATURE OF BUSINESS AND ORGANIZATION - New ASU (Tables)

6 Months Ended

Jul. 31, 2018

Accounting Standards Update 2014-09 [Member]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Schedule of effect of adoption

	Three Months Ended				Three Months Ended		Six Months Ended				Six Months Ended
	July 31, 2017				July 31, 2017		July 31, 2017				July 31, 2017
	(As Previously Reported)		Adoption of ASC 606		(As Adjusted)		(As Previously Reported)		Adoption of ASC 606		(As Adjusted)
Condensed Statements of Operations
Revenues
Royalty income	$	13,347,355	$	882,819	$	14,230,174	$	16,997,566	$	1,993,037	$	18,990,603
Interest		7,273		—		7,273		13,815		—		13,815
Total revenues		13,354,628		882,819		14,237,447		17,011,381		1,993,037		19,004,418
Expenses		240,493		—		240,493		535,539		—		535,539
Net income	$	13,114,135	$	882,819	$	13,996,954	$	16,475,842	$	1,993,037	$	18,468,879
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING
Number of units outstanding		13,120,010		—		13,120,010		13,120,010		—		13,120,010
Net income per unit	$	0.9996	$	0.0673	$	1.0668	$	1.2558	$	0.1519	$	1.4077
Distributions declared per unit	$	0.1600	$	—	$	0.1600	$	0.7100	$	—	$	0.7100

	January 31, 2018				January 31, 2018
	(As Previously Reported)		Adoption of ASC 606		(As Adjusted)
Condensed Balance Sheets
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

	Six Months Ended				Six Months Ended
	July 31, 2017				July 31, 2017
	(As Previously Reported)		Adoption of ASC 606		(As Adjusted)
Condensed Statements of Cash Flows
Operating activities
Royalties received	$	8,723,576	$	—	$	8,723,576
Interest received		12,571		—		12,571
Expenses paid		(670,622)		—		(670,622)
Net cash from operating activities		8,065,525		—		8,065,525
Investing activities
Maturities of U.S. Government securities		82,628				82,628
Purchases of U.S. Government securities		(1,993,386)		—		(1,993,386)
Net cash used for investing activities		(1,910,758)		—		(1,910,758)
Financing activity
Distributions to unitholders		(9,052,807)		—		(9,052,807)
Net change in cash and cash equivalents		(2,898,040)		—		(2,898,040)
Cash and cash equivalents, beginning of year		13,695,168		—		13,695,168
Cash and cash equivalents, end of year	$	10,797,128	$	—	$	10,797,128
Reconciliation of net income to net cash from operating activities
Net income	$	16,475,842	$	1,993,037	$	18,468,879
Increase in accrued income receivable		(6,175,819)		—		(6,175,819)
Increase in contract asset		—		(1,993,037)		(1,993,037)
Increase in prepaid expense		(86,177)		—		(86,177)
Increase in accrued expenses		(48,906)		—		(48,906)
Decrease in deferred royalty revenue		(2,099,415)		2,099,415		—
Decrease in contract liability		—		(2,099,415)		(2,099,415)
Net cash from operating activities	$	8,065,525	$	—	$	8,065,525
Non cash financing activity
Distributions declared and payable	$	2,099,202	$	—	$	2,099,202