Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 31, 2021 | Sep. 09, 2021 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jul. 31, 2021 | |
Entity File Number | 1-4488 | |
Entity Registrant Name | MESABI TRUST | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 13-6022277 | |
Entity Address, Address Line One | 60 Wall Street | |
Entity Address, Address Line Two | 24th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10005 | |
City Area Code | 904 | |
Local Phone Number | 271-2520 | |
Title of 12(b) Security | Units of Beneficial Interest, no par value | |
Trading Symbol | MSB | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,120,010 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000065172 | |
Amendment Flag | false |
Statements of Income
Statements of Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
REVENUES | ||||
Royalty income | $ 27,744,036 | $ 7,218,361 | $ 37,146,203 | $ 9,353,855 |
Interest | 179 | 24 | 663 | 33,293 |
Total revenues | 27,744,215 | 7,218,385 | 37,146,866 | 9,387,148 |
EXPENSES | ||||
Expenses | 988,185 | 542,382 | 1,816,966 | 1,099,524 |
Net income | $ 26,756,030 | $ 6,676,003 | $ 35,329,900 | $ 8,287,624 |
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING | 13,120,010 | 13,120,010 | 13,120,010 | 13,120,010 |
Net income per unit (Note 2) (in dollars per unit) | $ 2.0393 | $ 0.5088 | $ 2.6928 | $ 0.6317 |
Distribution declared per unit (Note 3) (in dollars per unit) | $ 0.0900 | $ 0.0500 | $ 0.9800 | $ 0.6100 |
Balance Sheets
Balance Sheets - USD ($) | Jul. 31, 2021 | Jan. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 28,310,067 | $ 12,500,941 |
U.S. Government securities, at amortized cost (which approximates fair value) | 9,906,669 | |
Accrued income receivable | 12,634,653 | 249,477 |
Net contract asset | 177,251 | |
Prepaid expenses | 288,336 | 94,585 |
Current assets | 41,233,056 | 22,928,923 |
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 | 41,233,059 | 22,928,926 |
LIABILITIES, UNALLOCATED RESERVE AND TRUST CORPUS | ||
Distribution payable | 1,180,801 | 6,035,205 |
Accrued expenses | 205,988 | 416,672 |
Net contract liability | 896,931 | |
Total liabilities | 2,283,720 | 6,451,877 |
Unallocated reserve | 38,949,336 | 16,477,046 |
Trust corpus | 3 | 3 |
Total liabilities, unallocated reserve and trust corpus | $ 41,233,059 | $ 22,928,926 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - shares | Jul. 31, 2021 | Jan. 31, 2021 |
Balance Sheets | ||
Certificate of beneficial interest of Land Trust, units | 13,120,010 | 13,120,010 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Operating activities | ||
Royalties received | $ 25,835,075 | $ 4,799,327 |
Interest received | 797 | 37,338 |
Expenses paid | (2,221,401) | (1,214,976) |
Net cash from operating activities | 23,614,471 | 3,621,689 |
Investing activities | ||
Maturities of U.S. Government securities | 50,942,392 | 26,899,691 |
Purchases of U.S. Government securities | (41,035,723) | (23,708,865) |
Net cash from investing activities | 9,906,669 | 3,190,826 |
Financing activity | ||
Distributions to unitholders | (17,712,014) | (16,531,213) |
Net change in cash and cash equivalents | 15,809,126 | (9,718,698) |
Cash and cash equivalents, beginning of period | 12,500,941 | 10,177,655 |
Cash and cash equivalents, end of period | 28,310,067 | 458,957 |
Reconciliation of net income to net cash from operating activities | ||
Net income | 35,329,900 | 8,287,624 |
Increase in accrued income receivable | (12,385,176) | (979,139) |
Decrease (increase) in contract asset | 177,251 | (1,059,624) |
Increase in prepaid expense | (193,751) | (161,533) |
Increase (decrease) in accrued expenses | (210,684) | 46,081 |
Increase (decrease) in contract liability | 896,931 | (2,511,720) |
Net cash from operating activities | 23,614,471 | 3,621,689 |
Non cash financing activity | ||
Distributions declared and payable | $ 1,180,801 | $ 656,001 |
NATURE OF BUSINESS AND ORGANIZA
NATURE OF BUSINESS AND ORGANIZATION | 6 Months Ended |
Jul. 31, 2021 | |
NATURE OF BUSINESS AND ORGANIZATION | |
NATURE OF BUSINESS AND ORGANIZATION | Note 1. The financial statements and notes to financial statements included herein have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. In the opinion of the Trustees, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of (a) the results of operations for the three and six months ended July 31, 2021 and 2020, (b) the financial position at July 31, 2021 and (c) the cash flows for the six months ended July 31, 2021 and 2020, have been made. For further information, refer to the financial statements and footnotes included in Mesabi Trust’s Annual Report on Form 10-K for the year ended January 31, 2021. The Trust’s royalties have been, and may in the future be, adversely affected by the coronavirus (COVID-19) pandemic. During the second quarter of 2020, the spread of COVID-19 led to the disruption of the business operations of Cleveland-Cliffs Inc. (“Cliffs”) and its wholly-owned subsidiary, Northshore Mining Company (“Northshore”), upon which we are dependent for our royalties. Although steel and iron ore production have been considered “essential” by the states in which Cliffs operates, certain of its facilities and construction activities were temporarily idled during the second quarter of 2020. Nearly all of these temporarily idled facilities were restarted as of June 30, 2020, with the exception of the Dearborn hot-end operations and Mansfield operations, which were restarted in July 2020, and the Northshore mine, which was restarted in August 2020. In its most recent quarterly report on Form 10-Q (filed July 28, 2021), Cliffs disclosed that the fundamentals for its business have rebounded strongly since the COVID-19 disruption that occurred during 2020. Mesabi Trust cannot predict whether Northshore’s operations will experience additional disruptions in the future, or whether Cliffs will experience supply chain disruptions or operational issues with its vendors, suppliers and contractors if faced with similar pandemic challenges in the future. On December 9, 2019, Mesabi Trust initiated arbitration against Northshore, the lessee/operator of the leased lands, and its parent, Cliffs. The arbitration proceeding was commenced with the American Arbitration Association. The Trust asserts claims concerning the calculation of royalties related to the production, shipment and sale of iron ore, including DR-grade pellets. Based on information currently available to the Trust, the Trust seeks an award of damages, along with specific performance and declaratory relief. During 2020, the parties appointed a three -member arbitration panel and engaged in discovery. The arbitration hearing took place in May 2021. Post-hearing briefs and oral arguments were presented in July 2021. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jul. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 2. Net income per unit is based on 13,120,010 units outstanding during the period. The Trust accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers . All revenue is recognized as the performance obligations are satisfied. Disaggregation of Revenues The following tables represent a disaggregation of revenue for the three and six months ended July 31, 2021 and July 31, 2020. Three Months Ended July 31, 2021 2020 Base overriding royalties $ 16,645,464 $ 4,174,785 Bonus royalties 10,910,823 3,043,576 Fee royalties 187,749 — Total royalty income $ 27,744,036 $ 7,218,361 Six Months Ended July 31, 2021 2020 Base overriding royalties $ 22,284,617 $ 5,356,796 Bonus royalties 14,483,164 3,823,288 Fee royalties 378,422 173,771 Total royalty income $ 37,146,203 $ 9,353,855 Base overriding royalties The performance obligation for the base overriding royalty consists of providing Northshore access to the Peters Lands, Cloquet Lands, and Mesabi Lands and the right to mine on these lands. The consideration to be received from this access relates to the volume of iron ore shipped by Northshore. Mesabi Trust receives royalties at the greater of (i) the aggregate quantity of iron ore products shipped that were mined from Mesabi Trust Lands, and (ii) a portion of the aggregate quantity of all iron ore products shipped from Silver Bay, Minnesota that were mined from any lands, such portion being 90% of the first four million tons shipped from Silver Bay during such year, 85% of the next two million tons shipped during such year, and 25% of all tonnage shipped during such year in excess of six million tons. The royalty percentage paid to the Trust increases as the aggregate tonnage of iron ore products shipped, attributable to the Trust, in any calendar year increases past each of the first four one -million ton volume thresholds. The base overriding royalties contain variable consideration, as the transaction price is based on a percentage that varies based on the total cumulative tons of iron ore shipped for the calendar year. The Trust estimates the variable consideration it expects to be entitled to receive over the contractual period associated with the royalty agreement. Under the royalty agreement, measuring the total cumulative volumes of iron ore shipped, and the applicable royalty percentages, are reset at the beginning of each calendar year. The Trust evaluates the estimate of the variable consideration to determine whether the estimate needs to be constrained; therefore, the Trust includes the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. For the base overriding royalties, the Trust estimates the base overriding royalty percentage using the expected value method, which calculates the estimate based off the historical, current, and forecasted shipments. The Trust recognizes base overriding royalties on a quarterly basis based on the actual shipments for the fiscal quarter at the estimated royalty percentage as described above and based on the estimated prices for iron ore products sold under Cliffs’ Customer Contracts. Bonus royalties The performance obligation for the bonus royalties consists of providing Northshore access to the Peters Lands, Cloquet Lands, and Mesabi Lands and the right to mine on these lands and the consideration to be received from this access relates to the volume of iron ore shipped by Northshore. The Trust recognizes bonus royalties on a quarterly basis based on the actual shipments of the fiscal quarter at the actual royalty percentage for those shipments and based on the anticipated prices for iron ore products sold under Cliffs’ Customer Contracts. Fee royalties The performance obligation for the fee royalties consists of the volume of crude ore mined on a quarterly basis. The Trust recognizes fee royalties on a quarterly basis based on the actual crude ore mined during the fiscal quarter. Accrued income receivable The accrued income receivable is included in net income per unit. The Trust recorded $12,634,653 of accrued income receivable as reflected on the Condensed Balance Sheet as of July 31, 2021 (unaudited). As of January 31, 2021, the Trust recorded accrued income receivable of $249,477 . Contract asset and contract liability The contract asset and contract liability are presented net in the accompanying condensed balance sheets as both the contract asset and contract liability are derived from one customer contract. A net contract liability in the amount of $896,931 is reflected on the Condensed Balance Sheet as of July 31, 2021 (unaudited). The net contract liability is made up of a contract asset in the amount of $5,069,251 and a contract liability in the amount of $5,966,182. As of January 31, 2021 the Trust recorded a net contract asset of $177,251, made up of a contract asset in the amount of $239,132 and a contract liability in the amount of $61,881 . The contract asset is based on the revenue recognized on the base overriding royalties, at the estimated prices for iron ore products sold under Cliffs’ Customer Contracts that will be collected in subsequent quarters as the uncertainty associated with the variable consideration is resolved. The contract asset is not available for distribution to the Unitholders until the applicable royalties are actually received by the Trust. The Trust includes estimated future royalty rates on current contracted volumes within contract asset. The contract liability represents iron ore that has not been shipped by Northshore, but for which the Trust has received a royalty payment during the quarter ended July 31, 2021 based on an initial estimated price, or in certain instances, quarterly payment of minimum advance royalties. Revenue will be recognized in accordance with the Trust’s revenue recognition policy at the estimated prices for iron ore products sold under Cliffs’ Customer Contracts as shipments of these products are made. |
DIVIDEND AND DISTRIBUTION
DIVIDEND AND DISTRIBUTION | 6 Months Ended |
Jul. 31, 2021 | |
DIVIDEND AND DISTRIBUTION | |
DIVIDEND AND DISTRIBUTION | Note 3. The Trustees determine whether to declare a distribution each year in April, July, October and January. The Trust’s financial statements are prepared on an accrual basis and present the Trust’s results of operations based on each of the Trust’s fiscal quarters, which end one month after the close of each calendar quarter. Because (i) distributions, if any, are declared by the Trustees based on, among other considerations, the amount of royalties actually paid to the Trust through the end of each calendar quarter prior to April, July, October and January of each year, the Trustees’ evaluation of known and projected Trust expenses in the current and future quarters, the then-current level of Unallocated Reserve and general economic conditions, and (ii) the Trust’s Net Income is calculated as of the end of each fiscal quarter, the distributions declared by the Trust are not equivalent to the Trust’s Net Income during the periods reported in this quarterly report on Form 10-Q. |
ROYALTY AGREEMENT, UNALLOCATED
ROYALTY AGREEMENT, UNALLOCATED RESERVE AND DISTRIBUTIONS | 6 Months Ended |
Jul. 31, 2021 | |
UNALLOCATED RESERVE AND DISTRIBUTIONS | |
ROYALTY AGREEMENT, UNALLOCATED RESERVE AND DISTRIBUTIONS | Note 4. On July 12, 2021, the Trustees declared a distribution of $0.09 per Unit of Beneficial Interest payable on August 20, 2021 to Mesabi Trust Unitholders of record at the close of business on July 30, 2021. On July 30, 2021, the Trustees received the quarterly royalty report of iron ore product shipments from Silver Bay, Minnesota during the calendar quarter ended June 30, 2021 from Cliffs, the parent company of Northshore. Each quarter, as authorized by the Agreement of Trust dated July 18, 1961 (the “Agreement of Trust”), the Trustees evaluate all relevant factors including all costs, expenses, obligations, and present and future liabilities of the Trust (whether fixed or contingent) in determining the prudent level of unallocated reserve in light of the unpredictable nature of the iron ore industry and current economic conditions. Pursuant to the Agreement of Trust, the Trustees make decisions about cash distributions to Unitholders based on the royalty payments it receives from Northshore when received, rather than as royalty income is recorded in accordance with the Trust’s revenue recognition policy. Refer to Note 3 for further information. As of July 31, 2021 and January 31, 2021, the unallocated cash and U.S. Government securities portion of the Trust’s Unallocated Reserve was comprised of the following components: July 31, 2021 January 31, 2021 Cash and U.S. Government securities $ 28,310,067 $ 22,407,610 Distribution payable (1,180,801) (6,035,205) Unallocated cash and U.S. Government securities $ 27,129,266 $ 16,372,405 A reconciliation of the Trust’s Unallocated Reserve and Trust Corpus for the three and six months ended July 31, 2021 and 2020 is as follows: Unallocated Trust Reserve Corpus Total Balances at January 31, 2021 $ 16,477,046 $ 3 $ 16,477,049 Net income 35,329,900 — 35,329,900 Distributions declared - $0.9800 per unit (12,857,610) — (12,857,610) Balances at July 31, 2021 $ 38,949,336 $ 3 $ 38,949,339 Unallocated Trust Reserve Corpus Total Balances at April 30, 2021 $ 13,374,107 $ 3 $ 13,374,110 Net income 26,756,030 — 26,756,030 Distributions declared - $0.0900 per unit (1,180,801) — (1,180,801) Balances at July 31, 2021 $ 38,949,336 $ 3 $ 38,949,339 Unallocated Trust Reserve Corpus Total Balances at January 31, 2020 $ 11,831,014 $ 3 $ 11,831,017 Net income 8,287,624 — 8,287,624 Distributions declared - $0.6100 per unit (8,003,207) — (8,003,207) Balances at July 31, 2020 $ 12,115,431 $ 3 $ 12,115,434 Unallocated Trust Reserve Corpus Total Balances at April 30, 2020 $ 6,095,429 $ 3 $ 6,095,432 Net income 6,676,003 — 6,676,003 Distributions declared - $0.0500 per unit (656,001) — (656,001) Balances at July 31, 2020 $ 12,115,431 $ 3 $ 12,115,434 placehold |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jul. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Revenue recognition | The Trust accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers . All revenue is recognized as the performance obligations are satisfied. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of disaggregation of revenue | Three Months Ended July 31, 2021 2020 Base overriding royalties $ 16,645,464 $ 4,174,785 Bonus royalties 10,910,823 3,043,576 Fee royalties 187,749 — Total royalty income $ 27,744,036 $ 7,218,361 Six Months Ended July 31, 2021 2020 Base overriding royalties $ 22,284,617 $ 5,356,796 Bonus royalties 14,483,164 3,823,288 Fee royalties 378,422 173,771 Total royalty income $ 37,146,203 $ 9,353,855 |
UNALLOCATED RESERVE AND DISTRIB
UNALLOCATED RESERVE AND DISTRIBUTIONS (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
UNALLOCATED RESERVE AND DISTRIBUTIONS | |
Schedule of unallocated cash and U.S. Government securities portion of the Trust's Unallocated Reserve | July 31, 2021 January 31, 2021 Cash and U.S. Government securities $ 28,310,067 $ 22,407,610 Distribution payable (1,180,801) (6,035,205) Unallocated cash and U.S. Government securities $ 27,129,266 $ 16,372,405 |
Schedule of reconciliation of Trust's Unallocated Reserve | Unallocated Trust Reserve Corpus Total Balances at January 31, 2021 $ 16,477,046 $ 3 $ 16,477,049 Net income 35,329,900 — 35,329,900 Distributions declared - $0.9800 per unit (12,857,610) — (12,857,610) Balances at July 31, 2021 $ 38,949,336 $ 3 $ 38,949,339 Unallocated Trust Reserve Corpus Total Balances at April 30, 2021 $ 13,374,107 $ 3 $ 13,374,110 Net income 26,756,030 — 26,756,030 Distributions declared - $0.0900 per unit (1,180,801) — (1,180,801) Balances at July 31, 2021 $ 38,949,336 $ 3 $ 38,949,339 Unallocated Trust Reserve Corpus Total Balances at January 31, 2020 $ 11,831,014 $ 3 $ 11,831,017 Net income 8,287,624 — 8,287,624 Distributions declared - $0.6100 per unit (8,003,207) — (8,003,207) Balances at July 31, 2020 $ 12,115,431 $ 3 $ 12,115,434 Unallocated Trust Reserve Corpus Total Balances at April 30, 2020 $ 6,095,429 $ 3 $ 6,095,432 Net income 6,676,003 — 6,676,003 Distributions declared - $0.0500 per unit (656,001) — (656,001) Balances at July 31, 2020 $ 12,115,431 $ 3 $ 12,115,434 |
NATURE OF BUSINESS AND ORGANI_2
NATURE OF BUSINESS AND ORGANIZATION (Details) | 6 Months Ended |
Jul. 31, 2021item | |
NATURE OF BUSINESS AND ORGANIZATION | |
Number of members on panel for arbitration | 3 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
Number of units outstanding | 13,120,010 | 13,120,010 | 13,120,010 | 13,120,010 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details) | Jul. 12, 2021$ / shares | Jul. 31, 2021USD ($)$ / shares | Jul. 31, 2020USD ($)$ / shares | Jul. 31, 2021USD ($)contractitemMT$ / shares | Jul. 31, 2020USD ($)$ / shares | Jan. 31, 2021USD ($) |
Revenue from Contract with Customer [Abstract] | ||||||
Royalty Revenue | $ 27,744,036 | $ 7,218,361 | $ 37,146,203 | $ 9,353,855 | ||
Base overriding royalties, first tier portion percentage | 90.00% | |||||
Base overriding royalties, first tier shipment ceiling (in million tons) | MT | 4 | |||||
Base overriding royalties, second tier portion percentage | 85.00% | |||||
Base overriding royalties, second tier shipment ceiling (in million tons) | MT | 2 | |||||
Base overriding royalties, third tier portion percentage | 25.00% | |||||
Base overriding royalties, third tier shipment threshold (in million tons) | MT | 6 | |||||
Base overriding royalties, number of volume thresholds for transaction price | item | 4 | |||||
Base overriding royalties, volume threshold for transaction price | MT | 1 | |||||
Accrued income receivable | 12,634,653 | $ 12,634,653 | $ 249,477 | |||
Number of customer contracts | contract | 1 | |||||
Net contract asset | 177,251 | |||||
Net contract liability | 896,931 | $ 896,931 | ||||
Contract asset | 5,069,251 | 5,069,251 | 239,132 | |||
Contract liability | $ 5,966,182 | $ 5,966,182 | $ 61,881 | |||
Distributions declared per unit (in dollars per unit) | $ / shares | $ 0.09 | $ 0.0900 | $ 0.0500 | $ 0.9800 | $ 0.6100 | |
Base Overriding Royalties | ||||||
Revenue from Contract with Customer [Abstract] | ||||||
Royalty Revenue | $ 16,645,464 | $ 4,174,785 | $ 22,284,617 | $ 5,356,796 | ||
Bonus Royalties | ||||||
Revenue from Contract with Customer [Abstract] | ||||||
Royalty Revenue | 10,910,823 | $ 3,043,576 | 14,483,164 | 3,823,288 | ||
Fee Royalties | ||||||
Revenue from Contract with Customer [Abstract] | ||||||
Royalty Revenue | $ 187,749 | $ 378,422 | $ 173,771 |
DIVIDEND AND DISTRIBUTION (Deta
DIVIDEND AND DISTRIBUTION (Details) | 6 Months Ended |
Jul. 31, 2021 | |
DIVIDEND AND DISTRIBUTION | |
Period after the close of each calendar quarter when the fiscal quarter ends | 1 month |
ROYALTY AGREEMENT, UNALLOCATE_2
ROYALTY AGREEMENT, UNALLOCATED RESERVE AND DISTRIBUTIONS (Details) - USD ($) | Jul. 12, 2021 | Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 |
Unallocated Cash and Securities portion of Unallocated Reserve | ||||||
Cash and U.S. Government securities | $ 28,310,067 | $ 28,310,067 | $ 22,407,610 | |||
Distribution payable | (1,180,801) | (1,180,801) | (6,035,205) | |||
Unallocated cash and U.S. Government securities | 27,129,266 | 27,129,266 | $ 16,372,405 | |||
Reconciliation of Trust's Unallocated Reserve | ||||||
Beginning Balance | 13,374,110 | $ 6,095,432 | 16,477,049 | $ 11,831,017 | ||
Net income | 26,756,030 | 6,676,003 | 35,329,900 | 8,287,624 | ||
Distributions declared | (1,180,801) | (656,001) | (12,857,610) | (8,003,207) | ||
Ending Balance | $ 38,949,339 | $ 12,115,434 | $ 38,949,339 | $ 12,115,434 | ||
Distributions declared per unit (in dollars per unit) | $ 0.09 | $ 0.0900 | $ 0.0500 | $ 0.9800 | $ 0.6100 | |
Distribution declared per unit | $ 0.0900 | $ 0.0500 | ||||
Unallocated Reserve member | ||||||
Reconciliation of Trust's Unallocated Reserve | ||||||
Beginning Balance | $ 13,374,107 | $ 6,095,429 | $ 16,477,046 | $ 11,831,014 | ||
Net income | 26,756,030 | 6,676,003 | 35,329,900 | 8,287,624 | ||
Distributions declared | (1,180,801) | (656,001) | (12,857,610) | (8,003,207) | ||
Ending Balance | 38,949,336 | 12,115,431 | 38,949,336 | 12,115,431 | ||
Trust Corpus | ||||||
Reconciliation of Trust's Unallocated Reserve | ||||||
Beginning Balance | 3 | 3 | 3 | 3 | ||
Ending Balance | $ 3 | $ 3 | $ 3 | $ 3 |