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