Mesabi Trust (MSB) 10-Q 13 Jun 23 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 30, 2023	Jun. 10, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Apr. 30, 2023
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	1 Columbus Circle, 17th Floor
Entity Address, Address Line Two	Mail Stop: NYC01-1710
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
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	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000065172
Amendment Flag	false

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Revenues
Royalty income	$ 1,711,316	$ 14,195,489
Interest	137,533	759
Total revenues	1,848,849	14,196,248
Expenses
Expenses	825,710	601,063
Net income	$ 1,023,139	$ 13,595,185
Number of units outstanding	13,120,010	13,120,010
Net income per unit (Note 2) (in dollars per unit)	$ 0.0780	$ 1.0362
Distribution declared per unit (Note 3) (in dollars per unit)	$ 0	$ 1.0400

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Apr. 30, 2023	Jan. 31, 2023
Assets
Cash and cash equivalents	$ 13,102,857	$ 13,966,500
Accrued income receivable	1,387,449	23,562
Prepaid expenses	112,716	127,233
Current assets	14,603,022	14,117,295
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	14,603,025	14,117,298
Liabilities, Unallocated Reserve And Trust Corpus
Accrued expenses	215,479	380,960
Contract liability	1,926,190	2,298,121
Total liabilities	2,141,669	2,679,081
Unallocated reserve	12,461,353	11,438,214
Trust corpus	3	3
Total liabilities, unallocated reserve and trust corpus	$ 14,603,025	$ 14,117,298

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - shares	Apr. 30, 2023	Jan. 31, 2023
Condensed Balance Sheets
Certificate of beneficial interest of Land Trust, units	13,120,010	13,120,010

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Operating activities
Royalties received		$ 13,542,442
Interest received	$ 113,031	465
Expenses paid	(976,674)	(444,394)
Net cash from (used for) operating activities	(863,643)	13,098,513
Investing activities
Maturities of U.S. Government securities	23,997,422
Purchases of U.S. Government securities	(23,997,422)
Net cash from investing activities
Financing activity
Distributions to unitholders		(22,960,018)
Net change in cash and cash equivalents	(863,643)	(9,861,505)
Cash and cash equivalents, beginning of period	13,966,500	47,727,522
Cash and cash equivalents, end of period	13,102,857	37,866,017
Reconciliation of net income to net cash from (used for) operating activities
Net income	1,023,139	13,595,185
Decrease (increase) in accrued income receivable	(1,363,887)	2,317,516
Increase in contract asset		(2,970,857)
Decrease in prepaid expense	14,517	16,030
Increase (decrease) in accrued expenses	(165,481)	140,639
Decrease in contract liability	(371,931)
Net cash from (used for) operating activities	$ (863,643)	13,098,513
Non cash financing activity
Distributions declared and payable		$ 13,644,810

NATURE OF BUSINESS AND ORGANIZA

NATURE OF BUSINESS AND ORGANIZATION	3 Months Ended
	Apr. 30, 2023
NATURE OF BUSINESS AND ORGANIZATION
NATURE OF BUSINESS AND ORGANIZATION	​ Note 1. The condensed financial statements and notes to the condensed 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 months ended April 30, 2023 and 2022, (b) the financial position as of April 30, 2023 and (c) the cash flows for the three months ended April 30, 2023 and 2022, 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, 2023. ​

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Apr. 30, 2023
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. In accordance with the royalty agreement, the Trust recognizes revenue upon providing access to the lands and minerals only after the consideration that is entitled to be received is determinable. The Trust is entitled to payment upon production of all pellet grades to be sold for internal use by facilities owned by Cliffs or its subsidiaries. For revenue recognition purposes, the Trust recognizes revenue for internal use pellets upon production of those pellets, which is when Cliffs deems these pellets to be shipped under the royalty agreement. Pellets that are not designated for internal use by Cliffs, or its subsidiaries, are recognized as revenue upon shipment from Silver Bay, Minnesota. ​ Disaggregation of Revenues ​ The following table represents a disaggregation of revenue for the three months ended April 30, 2023 and April 30, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended April 30, ​ ​ 2023 ​ 2022 Base overriding royalties ​ $ 961,798 $ 8,232,221 Bonus royalties ​ 707,840 ​ 5,722,327 Fee royalties ​ 41,678 ​ 240,941 Total royalty income ​ $ 1,711,316 $ 14,195,489 ​ 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 actually shipped to third parties, or deemed shipped upon production for internal use, by Northshore. Cliffs considers pellets designated for internal use by Cliffs to be “deemed shipped” upon production, entitling the Trust to payment under the provisions of the royalty agreement at this time. Mesabi Trust receives royalties at the greater of (i) the aggregate quantity of iron ore products shipped, or deemed shipped, that were mined from Mesabi Trust Lands, and (ii) a portion of the aggregate quantity of all iron ore products shipped, or deemed shipped, that were mined from any lands, such portion being million tons. The royalty percentage paid to the Trust increases as the aggregate tonnage of iron ore products shipped, or deemed shipped, attributable to the Trust, in any calendar year increases past each of the first -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, or deemed 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, or deemed 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 third party shipments and deemed shipments for internal use, 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. On July 22, 2022, Cliffs announced that it was extending the ongoing idle at Northshore through at least April of 2023. On April 25, 2023, Cliff's announced a partial restart of some operations at Northshore and that Cliffs will continue to treat Northshore as a swing operation. Cliffs further noted that as of that time, Cliffs still did not expect to operate Northshore in full any time this year. ​ 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, or deemed shipped, by Northshore. The Trust recognizes bonus royalties on a quarterly basis based on the actual third party shipments and deemed shipments for internal use, 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 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 2023 (unaudited). As of January 31, 2023, the Trust recorded accrued income receivable of . ​ 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 is reflected on the Condensed Balance Sheet as of April 30, 2023 (unaudited). The net contract liability is made up of a contract asset in the amount of . As of January 31, 2023 the Trust recorded a net contract liability of . The net contract liability is made up of a contract asset in the amount of . 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 an estimate of decreases in royalty revenue related to tons of iron ore that were shipped, or deemed shipped, by Northshore, but for which Northshore has indicated that final pricing is not yet known and is adjusted in accordance with the Trust’s revenue recognition policy each quarter as updated pricing information is received. The contract liability as of April 30, 2023 is anticipated to be offset against future royalty payments owed to the Trust upon future shipments or deemed shipments. The Trust is entitled to payment upon production of pellets to be sold for internal use by facilities owned by Cliffs or its subsidiaries. Revenue is recognized in accordance with the Trust’s revenue recognition policy at the estimated prices for iron ore products sold under Cliffs’ Customer Contracts as actual third party shipments and deemed shipments for internal use, of these products are made

DIVIDEND AND DISTRIBUTION

DIVIDEND AND DISTRIBUTION	3 Months Ended
	Apr. 30, 2022
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 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	3 Months Ended
	Apr. 30, 2023
ROYALTY AGREEMENT, UNALLOCATED RESERVE AND DISTRIBUTIONS
ROYALTY AGREEMENT, UNALLOCATED RESERVE AND DISTRIBUTIONS	Note 4. On April 14, 2023, the Trustees declared no distribution per Unit of Beneficial Interest. ​ On April 28, 2023, the Trustees received the quarterly royalty report of iron ore product during the calendar quarter ended March 31, 2023 from Cliffs, the parent company of Northshore. ​ Each quarter, as authorized by the Agreement of Trust dated July 18, 1961, as amended (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 April 30, 2023 and January 31, 2023, the unallocated cash and U.S. Government securities portion of the Trust’s Unallocated Reserve was comprised of the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, 2023 ​ January 31, 2023 ​ Cash and U.S. Government securities ​ $ 13,102,857 ​ $ 13,966,500 ​ Distribution payable ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated cash and U.S. Government securities ​ $ 13,102,857 ​ $ 13,966,500 ​ ​ A reconciliation of the Trust’s Unallocated Reserve and Trust Corpus for the three months ended April 30, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated ​ ​ Trust ​ ​ ​ ​ ​ ​ ​ Reserve ​ ​ Corpus ​ ​ Total ​ Balances as of January 31, 2023 $ 11,438,214 ​ $ 3 ​ $ 11,438,217 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 1,023,139 ​ — ​ 1,023,139 ​ Distributions declared - $0.0000 per unit ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as of April 30, 2023 ​ $ 12,461,353 ​ $ 3 ​ $ 12,461,356 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated ​ ​ Trust ​ ​ ​ ​ ​ ​ Reserve ​ ​ Corpus ​ ​ Total Balances as of January 31, 2022 $ 30,794,749 ​ $ 3 ​ $ 30,794,752 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 13,595,185 ​ — ​ 13,595,185 Distributions declared - $1.0400 per unit ​ (13,644,810) ​ — ​ (13,644,810) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as of April 30, 2022 ​ $ 30,745,124 ​ $ 3 ​ $ 30,745,127 ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Apr. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net Income Per Unit	Net income per unit is based on 13,120,010 units outstanding during the period.
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. In accordance with the royalty agreement, the Trust recognizes revenue upon providing access to the lands and minerals only after the consideration that is entitled to be received is determinable. The Trust is entitled to payment upon production of all pellet grades to be sold for internal use by facilities owned by Cliffs or its subsidiaries. For revenue recognition purposes, the Trust recognizes revenue for internal use pellets upon production of those pellets, which is when Cliffs deems these pellets to be shipped under the royalty agreement. Pellets that are not designated for internal use by Cliffs, or its subsidiaries, are recognized as revenue upon shipment from Silver Bay, Minnesota. ​ Disaggregation of Revenues ​ The following table represents a disaggregation of revenue for the three months ended April 30, 2023 and April 30, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended April 30, ​ ​ 2023 ​ 2022 Base overriding royalties ​ $ 961,798 $ 8,232,221 Bonus royalties ​ 707,840 ​ 5,722,327 Fee royalties ​ 41,678 ​ 240,941 Total royalty income ​ $ 1,711,316 $ 14,195,489 ​ 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 actually shipped to third parties, or deemed shipped upon production for internal use, by Northshore. Cliffs considers pellets designated for internal use by Cliffs to be “deemed shipped” upon production, entitling the Trust to payment under the provisions of the royalty agreement at this time. Mesabi Trust receives royalties at the greater of (i) the aggregate quantity of iron ore products shipped, or deemed shipped, that were mined from Mesabi Trust Lands, and (ii) a portion of the aggregate quantity of all iron ore products shipped, or deemed shipped, that were mined from any lands, such portion being million tons. The royalty percentage paid to the Trust increases as the aggregate tonnage of iron ore products shipped, or deemed shipped, attributable to the Trust, in any calendar year increases past each of the first -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, or deemed 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, or deemed 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 third party shipments and deemed shipments for internal use, 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. On July 22, 2022, Cliffs announced that it was extending the ongoing idle at Northshore through at least April of 2023. On April 25, 2023, Cliff's announced a partial restart of some operations at Northshore and that Cliffs will continue to treat Northshore as a swing operation. Cliffs further noted that as of that time, Cliffs still did not expect to operate Northshore in full any time this year. ​ 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, or deemed shipped, by Northshore. The Trust recognizes bonus royalties on a quarterly basis based on the actual third party shipments and deemed shipments for internal use, 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 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 2023 (unaudited). As of January 31, 2023, the Trust recorded accrued income receivable of . ​ 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 is reflected on the Condensed Balance Sheet as of April 30, 2023 (unaudited). The net contract liability is made up of a contract asset in the amount of . As of January 31, 2023 the Trust recorded a net contract liability of . The net contract liability is made up of a contract asset in the amount of . 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 an estimate of decreases in royalty revenue related to tons of iron ore that were shipped, or deemed shipped, by Northshore, but for which Northshore has indicated that final pricing is not yet known and is adjusted in accordance with the Trust’s revenue recognition policy each quarter as updated pricing information is received. The contract liability as of April 30, 2023 is anticipated to be offset against future royalty payments owed to the Trust upon future shipments or deemed shipments. The Trust is entitled to payment upon production of pellets to be sold for internal use by facilities owned by Cliffs or its subsidiaries. Revenue is recognized in accordance with the Trust’s revenue recognition policy at the estimated prices for iron ore products sold under Cliffs’ Customer Contracts as actual third party shipments and deemed shipments for internal use, of these products are made

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Apr. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of disaggregation of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended April 30, ​ ​ 2023 ​ 2022 Base overriding royalties ​ $ 961,798 $ 8,232,221 Bonus royalties ​ 707,840 ​ 5,722,327 Fee royalties ​ 41,678 ​ 240,941 Total royalty income ​ $ 1,711,316 $ 14,195,489 ​

ROYALTY AGREEMENT, UNALLOCATE_2

ROYALTY AGREEMENT, UNALLOCATED RESERVE AND DISTRIBUTIONS (Tables)	3 Months Ended
	Apr. 30, 2023
ROYALTY AGREEMENT, UNALLOCATED RESERVE AND DISTRIBUTIONS
Schedule of unallocated cash and U.S. Government securities portion of the Trust's Unallocated Reserve	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, 2023 ​ January 31, 2023 ​ Cash and U.S. Government securities ​ $ 13,102,857 ​ $ 13,966,500 ​ Distribution payable ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated cash and U.S. Government securities ​ $ 13,102,857 ​ $ 13,966,500 ​
Schedule of reconciliation of Trust's Unallocated Reserve	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated ​ ​ Trust ​ ​ ​ ​ ​ ​ ​ Reserve ​ ​ Corpus ​ ​ Total ​ Balances as of January 31, 2023 $ 11,438,214 ​ $ 3 ​ $ 11,438,217 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 1,023,139 ​ — ​ 1,023,139 ​ Distributions declared - $0.0000 per unit ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as of April 30, 2023 ​ $ 12,461,353 ​ $ 3 ​ $ 12,461,356 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated ​ ​ Trust ​ ​ ​ ​ ​ ​ Reserve ​ ​ Corpus ​ ​ Total Balances as of January 31, 2022 $ 30,794,749 ​ $ 3 ​ $ 30,794,752 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 13,595,185 ​ — ​ 13,595,185 Distributions declared - $1.0400 per unit ​ (13,644,810) ​ — ​ (13,644,810) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances as of April 30, 2022 ​ $ 30,745,124 ​ $ 3 ​ $ 30,745,127 ​

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details)	3 Months Ended
	Apr. 30, 2023 USD ($) item contract MT shares	Apr. 30, 2022 USD ($) shares	Jan. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Number of units outstanding | shares	13,120,010	13,120,010
Revenue from Contract with Customer [Abstract]
Royalty income	$ 1,711,316	$ 14,195,489
Base overriding royalties, first tier portion percentage	90%
Base overriding royalties, first tier shipment ceiling (in million tons) | MT	4
Base overriding royalties, second tier portion percentage	85%
Base overriding royalties, second tier shipment ceiling (in million tons) | MT	2
Base overriding royalties, third tier portion percentage	25%
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	$ 1,387,449		$ 23,562
Number of customer contracts | contract	1
Net contract liability	$ 1,926,190		2,298,121
Contract asset	371,931		0
Contract liability	2,298,121		$ 2,298,121
Base Overriding Royalties
Revenue from Contract with Customer [Abstract]
Royalty income	961,798	8,232,221
Bonus Royalties
Revenue from Contract with Customer [Abstract]
Royalty income	707,840	5,722,327
Fee Royalties
Revenue from Contract with Customer [Abstract]
Royalty income	$ 41,678	$ 240,941

DIVIDEND AND DISTRIBUTION (Deta

DIVIDEND AND DISTRIBUTION (Details)	3 Months Ended
	Apr. 30, 2023
DIVIDEND AND DISTRIBUTION
Period after the close of each calendar quarter when the fiscal quarter ends	1 month

ROYALTY AGREEMENT, UNALLOCATE_3

ROYALTY AGREEMENT, UNALLOCATED RESERVE AND DISTRIBUTIONS (Details) - USD ($)		3 Months Ended
	Apr. 14, 2023	Apr. 30, 2023	Apr. 30, 2022	Jan. 31, 2022
Unallocated Cash and Securities portion of Unallocated Reserve
Cash and U.S. Government securities		$ 13,102,857		$ 13,966,500
Unallocated cash and U.S. Government securities		13,102,857		$ 13,966,500
Reconciliation of Trust's Unallocated Reserve
Beginning Balance		11,438,217	$ 30,794,752
Net income		1,023,139	13,595,185
Distributions declared			(13,644,810)
Ending Balance		$ 12,461,356	$ 30,745,127
Distributions declared per unit (in dollars per unit)	$ 0	$ 0	$ 1.0400
Unallocated Reserve member
Reconciliation of Trust's Unallocated Reserve
Beginning Balance		$ 11,438,214	$ 30,794,749
Net income		1,023,139	13,595,185
Distributions declared			(13,644,810)
Ending Balance		12,461,353	30,745,124
Trust Corpus
Reconciliation of Trust's Unallocated Reserve
Beginning Balance		3	3
Ending Balance		$ 3	$ 3