NATURE OF BUSINESS AND ORGANIZATION - New ASU (Tables)

9 Months Ended

Oct. 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		Nine Months Ended				Nine Months Ended
	October 31, 2017				October 31, 2017		October 31, 2017				October 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	$	12,165,191	$	(1,266,576)	$	10,898,615	$	29,162,757	$	726,461	$	29,889,218
Interest		26,384		—		26,384		40,199		—		40,199
Total revenues		12,191,575		(1,266,576)		10,924,999		29,202,956		726,461		29,929,417
Expenses		227,330		—		227,330		762,869		—		762,869
Net income	$	11,964,245	$	(1,266,576)	$	10,697,669	$	28,440,087	$	726,461	$	29,166,548
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	$	0.9119	$	(0.0965)	$	0.8154	$	2.1677	$	0.0554	$	2.2231
Distributions declared per unit	$	0.6400	$	—	$	0.6400	$	1.3500	$	—	$	1.3500

	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

	Nine Months Ended				Nine Months Ended
	October 31, 2017				October 31, 2017
	(As Previously Reported)		Adoption of ASC 606		(As Adjusted)
Condensed Statements of Cash Flows
Operating activities
Royalties received	$	24,271,530	$	—	$	24,271,530
Interest received		39,896		—		39,896
Expenses paid		(825,270)		—		(825,270)
Net cash from operating activities		23,486,156		—		23,486,156
Investing activities
Maturities of U.S. Government securities		9,933,171				9,933,171
Purchases of U.S. Government securities		(35,768,880)		—		(35,768,880)
Net cash used for investing activities		(25,835,709)		—		(25,835,709)
Financing activity
Distributions to unitholders		(11,152,009)		—		(11,152,009)
Net change in cash and cash equivalents		(13,501,562)		—		(13,501,562)
Cash and cash equivalents, beginning of year		13,695,168		—		13,695,168
Cash and cash equivalents, end of year	$	193,606	$	—	$	193,606
Reconciliation of net income to net cash from operating activities
Net income	$	28,440,087	$	726,461	$	29,166,548
Increase in accrued income receivable		(2,792,115)		—		(2,792,115)
Increase in contract asset		—		(726,461)		(726,461)
Increase in prepaid expense		(41,078)		—		(41,078)
Increase in accrued expenses		(21,323)		—		(21,323)
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	$	23,486,156	$	—	$	23,486,156
Non cash financing activity
Distributions declared and payable	$	8,396,806	$	—	$	8,396,806