Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Apr. 19, 2024 | Jul. 31, 2023 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 31, 2024 | ||
Document Transition Report | false | ||
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 in Mesabi Trust | ||
Trading Symbol | MSB | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 13,120,010 | ||
Entity Public Float | $ 257,740,949 | ||
Current Fiscal Year End Date | --01-31 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000065172 | ||
Amendment Flag | false | ||
Auditor Name | Baker Tilly US, LLP | ||
Auditor Firm ID | 542 | ||
Auditor Location | Minneapolis, Minnesota |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jan. 31, 2024 | Jan. 31, 2023 |
Assets | ||
Cash and cash equivalents | $ 23,980,448 | $ 13,966,500 |
Accrued income receivable | 1,960,358 | 23,562 |
Contract asset | 451,896 | |
Prepaid expenses | 297,647 | 127,233 |
Current assets | 26,690,349 | 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 | 26,690,352 | 14,117,298 |
Liabilities, Unallocated Reserve And Trust Corpus | ||
Distribution payable | 4,854,404 | |
Accrued expenses | 860,802 | 380,960 |
Contract liability | 2,298,121 | |
Total liabilities | 5,715,206 | 2,679,081 |
Unallocated reserve | 20,975,143 | 11,438,214 |
Trust corpus | 3 | 3 |
Total liabilities, unallocated reserve and trust corpus | $ 26,690,352 | $ 14,117,298 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - shares | Jan. 31, 2024 | Jan. 31, 2023 |
Condensed Balance Sheets | ||
Certificate of beneficial interest of Land Trust, units | 13,120,010 | 13,120,010 |
STATEMENTS OF INCOME
STATEMENTS OF INCOME - USD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Revenues | |||
Interest | $ 769,398 | $ 245,655 | $ 523,365 |
Total revenues | 22,862,029 | 7,741,974 | 71,459,790 |
Expenses | |||
Compensation of Trustees | 257,064 | 332,351 | 291,187 |
Corporate Trustee's administrative fees | 62,500 | 62,500 | 62,500 |
Professional fees and expenses: | |||
Legal | 2,572,380 | 1,372,566 | 1,728,417 |
Accounting and auditing | 247,443 | 216,250 | 198,089 |
Mining consultant and field representatives | 42,925 | 41,542 | 42,120 |
Insurance | 280,855 | 275,072 | 241,491 |
Annual stock exchange fee | 80,575 | 74,425 | 71,255 |
Transfer agent's and registrar's fees | 4,693 | 5,901 | 5,561 |
Other Trust expenses | 330,258 | 52,282 | 53,425 |
Total expenses | 3,878,693 | 2,432,889 | 2,694,045 |
Net income | $ 18,983,336 | $ 5,309,085 | $ 68,765,745 |
Number of units outstanding | 13,120,010 | 13,120,010 | 13,120,010 |
Net income per unit (Note 2) (in dollars per unit) | $ 1.447 | $ 0.405 | $ 5.241 |
Royalties From Leases [Member] | |||
Revenues | |||
Royalty Revenue | $ 21,331,166 | $ 7,253,916 | $ 70,119,265 |
Royalties From Lease Fees [Member] | |||
Revenues | |||
Royalty Revenue | $ 761,465 | $ 242,403 | $ 817,160 |
STATEMENTS OF UNALLOCATED RESER
STATEMENTS OF UNALLOCATED RESERVE AND TRUST CORPUS (Equity) - USD ($) | Unallocated Reserve member | Trust Corpus | Total |
Beginning Balance at Jan. 31, 2021 | $ 16,477,046 | $ 3 | |
Units, Beginning Balance at Jan. 31, 2021 | 13,120,010 | ||
Increase (Decrease) in Unallocated Reserve and Trust Corpus | |||
Net Income (Loss) | $ 68,765,745 | $ 68,765,745 | |
First quarter's distribution paid | (11,676,809) | ||
Second quarter's distribution paid | (1,180,801) | ||
Third quarter's distribution paid | (18,630,414) | ||
Fourth quarter's distribution declared/paid | (22,960,018) | ||
Ending Balance at Jan. 31, 2022 | $ 30,794,749 | 3 | |
Units, Ending Balance at Jan. 31, 2022 | 13,120,010 | ||
Increase (Decrease) in Unallocated Reserve and Trust Corpus | |||
Net Income (Loss) | $ 5,309,085 | 5,309,085 | |
First quarter's distribution paid | (13,644,810) | ||
Second quarter's distribution paid | (11,020,810) | ||
Ending Balance at Jan. 31, 2023 | $ 11,438,214 | 3 | $ 11,438,217 |
Units, Ending Balance at Jan. 31, 2023 | 13,120,010 | 13,120,010 | |
Increase (Decrease) in Unallocated Reserve and Trust Corpus | |||
Net Income (Loss) | $ 18,983,336 | $ 18,983,336 | |
Third quarter's distribution paid | (4,592,003) | ||
Fourth quarter's distribution declared/paid | (4,854,404) | ||
Ending Balance at Jan. 31, 2024 | $ 20,975,143 | $ 3 | $ 20,975,146 |
Units, Ending Balance at Jan. 31, 2024 | 13,120,010 | 13,120,010 |
STATEMENTS OF UNALLOCATED RES_2
STATEMENTS OF UNALLOCATED RESERVE AND TRUST CORPUS (Parenthetical) - $ / shares | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
STATEMENTS OF UNALLOCATED RESERVE AND TRUST CORPUS | |||
First quarterly distribution paid per unit (in dollars per unit) | $ 1.04 | $ 0.89 | |
Second quarterly distribution paid per unit (in dollars per unit) | $ 0.84 | 0.09 | |
Third quarterly distribution paid per unit (in dollars per unit) | $ 0.35 | 1.42 | |
Fourth quarterly distribution declared per unit (in dollars per unit) | $ 0.37 | $ 1.75 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Operating activities | |||
Royalties received | $ 17,420,199 | $ 15,857,438 | $ 65,299,968 |
Interest received | 755,017 | 222,238 | 523,407 |
Expenses paid | (3,569,265) | (2,215,060) | (2,980,234) |
Net cash from operating activities | 14,605,951 | 13,864,616 | 62,843,141 |
Investing activities | |||
Maturities of U.S. Government securities | 50,942,392 | ||
Purchases of U.S. Government securities | (41,035,723) | ||
Net cash from investing activities | 9,906,669 | ||
Financing activity | |||
Distributions to unitholders | (4,592,003) | (47,625,638) | (37,523,229) |
Net change in cash and cash equivalents | 10,013,948 | (33,761,022) | 35,226,581 |
Cash and cash equivalents, beginning of period | 13,966,500 | 47,727,522 | 12,500,941 |
Cash and cash equivalents, end of period | 23,980,448 | 13,966,500 | 47,727,522 |
Reconciliation of net income to net cash from operating activities | |||
Net income | 18,983,336 | 5,309,085 | 68,765,745 |
(Increase) decrease in accrued income receivable | (1,936,796) | 4,607,948 | (4,382,033) |
(Increase) decrease in contract asset | (451,896) | 1,431,633 | (1,254,382) |
Increase in prepaid expense | (170,414) | (4,688) | (27,960) |
(Decrease) increase in accrued expenses | 479,842 | 222,517 | (258,229) |
(Decrease) increase in contract liability | (2,298,121) | 2,298,121 | |
Net cash from operating activities | 14,605,951 | $ 13,864,616 | 62,843,141 |
Non cash financing activity | |||
Distributions declared and payable | $ 4,854,404 | $ 22,960,018 |
NATURE OF BUSINESS AND ORGANIZA
NATURE OF BUSINESS AND ORGANIZATION | 12 Months Ended |
Jan. 31, 2024 | |
NATURE OF BUSINESS AND ORGANIZATION | |
NATURE OF BUSINESS AND ORGANIZATION | NOTE 1 - NATURE OF BUSINESS AND ORGANIZATION Nature of Business Mesabi Trust (“Mesabi Trust” or the “Trust”), formed pursuant to an Agreement of Trust dated July 18, 1961 (the “Agreement of Trust”), is a trust organized under the laws of the State of New York. Mesabi Trust holds all of the interests formerly owned by Mesabi Iron Company (“MIC”), including all right, title and interest in the Amendment of Assignment, Assumption and Further Assignment of Peters Lease (the “Amended Assignment of Peters Lease” or the “Royalty Agreement”), the Amendment of Assignment, Assumption and Further Assignment of Cloquet Lease (the “Amended Assignment of Cloquet Lease”) and together with the Amended Assignment of Peters Lease, (the “Amended Assignment Agreements”), the beneficial interest in a trust organized under the laws of the State of Minnesota to administer the Mesabi Fee Lands (as defined below) as the trust corpus in compliance with the laws of the State of Minnesota on July 18, 1961 (the “Mesabi Land Trust”) and all other assets and property identified in the Agreement of Trust. The Amended Assignment of Peters Lease relates to an Indenture made as of April 30, 1915 among East Mesaba Iron Company (“East Mesaba”), Dunka River Iron Company (“Dunka River”) and Claude W. Peters (the “Peters Lease”) and the Amended Assignment of Cloquet Lease relates to an indenture made May 1, 1916 between Cloquet Lumber Company and Claude W. Peters (the “Cloquet Lease”). Mesabi Trust was created in 1961 upon the liquidation of Mesabi Iron Company. The sole purpose of the Trust, as set forth in the Agreement of Trust dated July 18, 1961, is to conserve and protect the Trust Estate and to collect and distribute the income and proceeds there from to the Trust’s certificate holders after the payment of, or provision for, expenses and liabilities. The Agreement of Trust prohibits the Trust from engaging in any business. In accordance with the Agreement of Trust, the Trust will terminate twenty-one years after the death of the survivor of twenty-five persons named in an exhibit to the Agreement of Trust, the youngest of whom was believed to be sixty-three years old as of February 2024. The lessee/operator of Mesabi Trust’s mineral interests is Northshore Mining Corporation (NMC), a subsidiary of Cleveland-Cliffs Inc. (“Cliffs”). Prior to September 30, 1994, the lessee/operator had been a subsidiary of Cyprus Amax Minerals Company and was named Cyprus Northshore Mining Corporation (“Cyprus NMC”). Organization The beneficial interest in Mesabi Trust is represented by 13,120,010 transferable units distributed on July 27, 1961 to shareholders of Mesabi Iron Company. The Trust’s status as a grantor trust was confirmed by letter ruling addressed to Mesabi Iron Company from the Internal Revenue Service in 1961. As a grantor trust, Mesabi is exempt from Federal income taxes and its income is taxable directly to the Unitholders. The Trust's fiscal year is February 1 to January 31. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 31, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents The Trust considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of January 31, 2024 and 2023, the Trust held 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 for providing access to the lands and minerals only after the consideration that it is entitled to receive is determinable. Prior to the outcome of the arbitration that commenced on December 9, 2019, as described further below, the Trust was not entitled to consideration for base and bonus royalties until product was shipped from the NMC facility in Silver Bay, Minnesota. After the outcome of the arbitration and consistent with Cliffs’ payment and pricing practices, the Trust is entitled to payment upon production of pellets to be sold for internal use by facilities owned by Cliffs or its subsidiaries. As a result, the Trust recognizes revenue for internal use pellets upon production of those pellets, which are deemed to be shipped under the Royalty Agreement, regardless of pellet grade. Pellets that are not designated for internal use by Cliffs, or its subsidiaries, continues to be recognized as revenue upon shipment from Silver Bay, Minnesota. Shipped product and deemed shipped product are hereafter collectively referred to as “shipped.” Base Overriding Royalties The performance obligation for the base overriding royalty consists of providing NMC 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 under the Amended Assignment of Peters Lease relates to the volume of iron ore shipped. 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, that were mined from any lands during the calendar year, such portion being million tons during such year. 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. The Trust earns a beyond four million tons. 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. Under the royalty agreement, measurement of the total cumulative volumes of iron ore shipped and the applicable royalty percentages is reset at the beginning of each calendar year. The Trust estimates the variable consideration it expects to be entitled to receive based on the estimated average royalty percentage over the calendar year periods that are included in the Trust’s fiscal year. The Trust evaluates the estimate of the variable consideration to determine whether the estimate needs to be constrained and 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. The Trust estimates the base overriding royalty percentage using the expected value method, which calculates the estimate based on historical, current, and forecasted shipments. At each quarter end, the Trust updates its estimate of total tons expected to be shipped for the calendar year and applies the estimated annual royalty rate to actual tons shipped in the quarter. The Trust recognizes revenue for base overriding royalties on a quarterly basis based on actual shipments, the estimated annual royalty rate and estimated prices for iron ore products sold under Cliffs’ Customer Contracts. On May 1, 2022, Cliffs idled NMC, and the idle continued until April 2023. Consequently, all variable consideration related to base overriding royalties expected to be received through the end of the fiscal year ended January 31, 2023 was reversed in the second fiscal quarter ended July 31, 2022, with no further variable consideration recorded through January 31, 2023. During the fiscal year-ended January 31, 2024, on April 25, 2023, Cliff's announced a partial restart of some operations at NMC and that Cliffs would continue to treat NMC as a swing operation. Consequently, the Trust has recorded a contract asset for variable consideration for the fiscal year-ended January 31, 2024 for base overriding royalties, based on actual shipments, the estimated annual royalty rate and estimated prices for iron ore products sold under Cliffs’ Customer Contracts. Bonus Royalties The performance obligation for the bonus royalties consists of providing NMC 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 under the Amended Assignment of Peters Lease relates to the volume of iron ore shipped, by NMC. The Trust recognizes bonus royalties on a quarterly basis based on shipments, for 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. The Trust is paid royalty bonuses when iron ore products shipped are sold at anticipated prices above a threshold price per ton. The royalty bonus is based on a percentage of the gross proceeds of product shipped. The royalty bonus percentage ranges from 1/2 of 1% of the gross proceeds (on all tonnage shipped for sale at prices between the threshold price and $2.00 above the threshold price) to 3% of the gross proceeds (on all tonnage shipped for sale at prices $10.00 or more above the threshold price). The threshold price is adjusted annually for inflation and was $62.03 per ton for calendar year 2022, $66.00 per ton for calendar year 2023, and is $67.75 per ton for calendar year 2024. Fee Royalties Fee royalties are determined based on 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. Fee royalties are payable to the Mesabi Land Trust, a Minnesota land trust, which holds a interest as fee owner in the Amended Assignment of Peters Lease. Mesabi Trust holds the entire beneficial interest in the Mesabi Land Trust for which U.S. Bank N.A. acts as the corporate trustee. Mesabi Trust receives the net income of the Mesabi Land Trust, which is generated from royalties on the amount of crude ore mined after the payment of expenses to U.S. Bank N.A. for its services as the corporate trustee. The fee royalty on crude ore is based on an agreed price per ton, subject to certain indexing. Arbitration Award Proceeds On December 9, 2019, Mesabi Trust initiated arbitration against NMC, and its parent, Cliffs. The arbitration proceeding was commenced with the American Arbitration Association (“AAA”). The Trust asserted claims concerning the calculation of royalties related to the production, shipment and sale of iron ore, including DR-grade pellets. The arbitration was completed before a panel of arbitrators in July 2021 under the commercial rules of the AAA. The Trust received the final award on October 1, 2021, which awarded the Trust damages in the amount of . Pursuant to the award, Cliffs paid the damages award to the Trust on October 29, 2021. royalties in the statements of income for the fiscal year ended January 31, 2022. In addition, the AAA granted the Trust’s request for a declaration that “for purposes of calculating royalties on intercompany sales, Northshore shall reference all third-party pellet sales, regardless of grade, and select the highest price arm’s length pellet sale from the preceding four quarters.” Accrued Income Receivable The accrued income receivable represents royalty income earned but not yet received by the Trust under the royalty agreements described elsewhere in these notes. Accrued income receivable is comprised of (i) shipments, during the last month of the Trust’s fiscal year, if any, and (ii) net positive price adjustments, if any, resulting from the price adjustment mechanisms in the agreements between Cliffs and its customers that determine the final sales price of the shipments from Silver Bay, Minnesota. During the fourth quarter of fiscal 2024, positive pricing adjustments of and added to the accrued income receivable due to the price adjustment mechanisms in the agreements between Cliffs and its customers that determined the final sales price of the shipments from NMC with respect to shipments during calendar year 2022. Contract Asset and Contract Liability The contract asset and contract liability are presented net in the accompanying balance sheets as both the contract asset and contract liability are derived from one customer contract. A net contract asset in the amount of is reflected on the Balance Sheet as of January 31, 2024. The net contract asset is made up of a contract asset in the amount of contract liability. The contract asset relates to variable consideration for base overriding royalties that occurs as a result of escalating base overriding royalty rates earned as thresholds for tons of ore shipped are reached, as described in the base overriding royalties section above. The recorded contract asset represents the additional revenue earned based on the estimated annual royalty rate compared to the effective contracted rate for tons shipped during the period. The contract asset is not available for distribution to the Unitholders until the applicable royalties are actually received by the Trust. As of January 31, 2023, the Trust recorded a net contract liability of $2,298,121, made up of a contract liability in the amount of $2,298,121 and no contract asset. The contract liability at January 31, 2023 . The contract liability as of January 31, 2023 was offset against royalty payments owed to the Trust during the second quarter of fiscal year 2024. Fixed Property, Including Intangibles The Trust’s fixed property, including intangibles, is recorded at nominal values and includes the following: 1. The entire beneficial interest as assignor in the Amended Assignment Agreements covering taconite properties in Minnesota which are leased to NMC. 2. The entire beneficial interest in Mesabi Land Trust which owns a 20% fee interest in the lands subject to the Peters Lease and the entire fee interest in other properties in Minnesota. Net Income Per Unit Net income per unit is computed by dividing net income by the weighted average number of units outstanding. Concentration of Credit Risk Financial instruments which potentially subject the Trust to concentrations of credit risk consist primarily of cash that is maintained at an FDIC insured financial institution. At times during the year, the Trust’s cash balance may exceed insured limits. As further described in Note 1, NMC is the lessee/operator of the Mesabi Trust land. All royalty income earned by the Trust is received from NMC, and accordingly, substantially all of the accrued income receivable, contract assets and contract liabilities are also with NMC. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires the Trustees to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Specifically, the accrued income receivable, contract asset, contract liability and related royalty revenue are significant estimates which are subject to change in the near term, and changes to these estimates could have a material effect on the Trust’s financial statements. Subsequent Events Material subsequent events are evaluated for recognition or disclosure in the accompanying financial statements. On April 16, 2024, the Trustees of Mesabi Trust declared a distribution of twenty-nine cents ($0.29) per Unit of Beneficial Interest payable on May 20, 2024 to Mesabi Trust Unitholders of record at the close of business on April 30, 2024. Fair Value Measures Valuation Hierarchy GAAP establishes a three-level valuation hierarchy for classification of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. ● Level 1 — Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 — Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety. The carrying amounts of highly liquid investments classified as cash equivalents approximated fair value as of January 31, 2024 and 2023, because of the relative short maturity of these investments. Recent Accounting Pronouncements Effective for the first quarter of fiscal year 2024, the Trust adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses (Topic 326) The Trust has evaluated other recently issued accounting pronouncements and interpretations that are effective for the fiscal year ended January 31, 2024, and has determined they do not have a material effect on the Trust’s financial position, results of operations or cash flows. The Trust has also evaluated accounting standards and interpretations that were issued during the fiscal year ended January 31, 2024, that will be effective for subsequent fiscal years and does not believe they will have a material effect on the Trust’s financial position, results of operations or cash flows when adopted. |
ROYALTY AGREEMENT
ROYALTY AGREEMENT | 12 Months Ended |
Jan. 31, 2024 | |
ROYALTY AGREEMENT UNALLOCATED RESERVE | |
ROYALTY AGREEMENT | NOTE 3 - ROYALTY AGREEMENT The current royalty rate schedule became effective on August 17, 1989, which was established pursuant to the Amended Assignment of Peters Lease the Trust entered into with Cyprus NMC, the predecessor to NMC. Pursuant to the Amended Assignment of Peters Lease, overriding royalties are determined by both the volume and applicable selling price of iron ore products shipped. Pursuant to the Amended Assignment of Peters Lease, NMC is obligated to pay Mesabi Trust base overriding royalties, in varying amounts constituting a percentage of the gross proceeds of shipments of iron ore product produced from Mesabi Trust lands or, to a limited extent, other lands. NMC is obligated to make payments of overriding royalties on product shipments within 30 days following the calendar quarter in which such shipments occur. Royalty bonuses are payable on all iron ore products produced from Mesabi Ore shipped during a calendar quarter and sold at prices above the Adjusted Threshold Price. The Adjusted Threshold Price was per ton for calendar year 2024. The Adjusted Threshold Price is subject to adjustment (but not below NMC is obligated to pay to Mesabi Trust a minimum advance royalty of $500,000 per annum, subject to adjustment for inflation and deflation (but not below $500,000 ), which is credited against base overriding royalties and royalty bonuses. NMC is obligated to make quarterly payments of the minimum advance royalty in January, April, July and October of each year. For the calendar year ending December 31, 2024, the minimum advance royalty threshold is |
UNALLOCATED RESERVE AND DISTRIB
UNALLOCATED RESERVE AND DISTRIBUTIONS | 12 Months Ended |
Jan. 31, 2024 | |
ROYALTY AGREEMENT UNALLOCATED RESERVE | |
UNALLOCATED RESERVE AND DISTRIBUTIONS | NOTE 4 - UNALLOCATED RESERVE AND DISTRIBUTIONS Each quarter, as authorized by the Agreement of Trust, the Trustees will reevaluate all relevant factors including all costs, expenses, obligations, and present and future liabilities of the Trust (whether known or contingent) in determining a prudent level of unallocated reserve in light of the unpredictable nature of the iron ore industry, current economic conditions and the current communications from Cliffs as it relates to NMC. The actual amount of the Unallocated Reserve will fluctuate from time to time and may increase or decrease from its current level. Accordingly, although the actual amount of the Unallocated Reserve will fluctuate from time to time, and may increase or decrease from its current level, it is currently expected that future distributions will be highly dependent upon royalty payments received quarterly and the level of Trust expenses that the Trustees anticipate occurring in subsequent quarters. As of January 31, 2024 and January 31, 2023, the unallocated cash and cash equivalents portion of the Trust’s Unallocated Reserve consisted of the following components: January 31, 2024 January 31, 2023 Cash and cash equivalents $ 23,980,448 $ 13,966,500 Distribution payable (4,854,404) — Unallocated cash and cash equivalents $ 19,126,044 $ 13,966,500 A reconciliation of the Trust’s Unallocated Reserve from January 31, 2023 to January 31, 2024 is as follows: Unallocated Trust Reserve Corpus Total Balances as of January 31, 2023 $ 11,438,214 $ 3 $ 11,438,217 Net income 18,983,336 — 18,983,336 Distributions declared - $0.7200 per unit (9,446,407) — (9,446,407) Balances as of January 31, 2024 $ 20,975,143 $ 3 $ 20,975,146 The Trustees determine the level of distributions on a quarterly basis after receiving notification from NMC as to the amount of royalty income that will be received and after determination of any known or anticipated expenses, liabilities and obligations of the Trust. Future distributions may vary depending upon the adjustments to royalty income, which are determined by NMC, and the level of Trust expenses that the Trustees anticipate occurring in subsequent quarters. During the fiscal years ended January 31, 2024, 2023, and 2022, the Trustees distributed cash payments totaling $4,592,003 ($0.35 per Unit), $47,625,638 ($3.63 per Unit), and $37,523,229 ($2.86 per Unit), respectively. In addition, in January 2024, the Trustees declared |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jan. 31, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Trust considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of January 31, 2024 and 2023, the Trust held |
Revenue recognition | 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 for providing access to the lands and minerals only after the consideration that it is entitled to receive is determinable. Prior to the outcome of the arbitration that commenced on December 9, 2019, as described further below, the Trust was not entitled to consideration for base and bonus royalties until product was shipped from the NMC facility in Silver Bay, Minnesota. After the outcome of the arbitration and consistent with Cliffs’ payment and pricing practices, the Trust is entitled to payment upon production of pellets to be sold for internal use by facilities owned by Cliffs or its subsidiaries. As a result, the Trust recognizes revenue for internal use pellets upon production of those pellets, which are deemed to be shipped under the Royalty Agreement, regardless of pellet grade. Pellets that are not designated for internal use by Cliffs, or its subsidiaries, continues to be recognized as revenue upon shipment from Silver Bay, Minnesota. Shipped product and deemed shipped product are hereafter collectively referred to as “shipped.” Base Overriding Royalties The performance obligation for the base overriding royalty consists of providing NMC 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 under the Amended Assignment of Peters Lease relates to the volume of iron ore shipped. 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, that were mined from any lands during the calendar year, such portion being million tons during such year. 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. The Trust earns a beyond four million tons. 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. Under the royalty agreement, measurement of the total cumulative volumes of iron ore shipped and the applicable royalty percentages is reset at the beginning of each calendar year. The Trust estimates the variable consideration it expects to be entitled to receive based on the estimated average royalty percentage over the calendar year periods that are included in the Trust’s fiscal year. The Trust evaluates the estimate of the variable consideration to determine whether the estimate needs to be constrained and 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. The Trust estimates the base overriding royalty percentage using the expected value method, which calculates the estimate based on historical, current, and forecasted shipments. At each quarter end, the Trust updates its estimate of total tons expected to be shipped for the calendar year and applies the estimated annual royalty rate to actual tons shipped in the quarter. The Trust recognizes revenue for base overriding royalties on a quarterly basis based on actual shipments, the estimated annual royalty rate and estimated prices for iron ore products sold under Cliffs’ Customer Contracts. On May 1, 2022, Cliffs idled NMC, and the idle continued until April 2023. Consequently, all variable consideration related to base overriding royalties expected to be received through the end of the fiscal year ended January 31, 2023 was reversed in the second fiscal quarter ended July 31, 2022, with no further variable consideration recorded through January 31, 2023. During the fiscal year-ended January 31, 2024, on April 25, 2023, Cliff's announced a partial restart of some operations at NMC and that Cliffs would continue to treat NMC as a swing operation. Consequently, the Trust has recorded a contract asset for variable consideration for the fiscal year-ended January 31, 2024 for base overriding royalties, based on actual shipments, the estimated annual royalty rate and estimated prices for iron ore products sold under Cliffs’ Customer Contracts. Bonus Royalties The performance obligation for the bonus royalties consists of providing NMC 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 under the Amended Assignment of Peters Lease relates to the volume of iron ore shipped, by NMC. The Trust recognizes bonus royalties on a quarterly basis based on shipments, for 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. The Trust is paid royalty bonuses when iron ore products shipped are sold at anticipated prices above a threshold price per ton. The royalty bonus is based on a percentage of the gross proceeds of product shipped. The royalty bonus percentage ranges from 1/2 of 1% of the gross proceeds (on all tonnage shipped for sale at prices between the threshold price and $2.00 above the threshold price) to 3% of the gross proceeds (on all tonnage shipped for sale at prices $10.00 or more above the threshold price). The threshold price is adjusted annually for inflation and was $62.03 per ton for calendar year 2022, $66.00 per ton for calendar year 2023, and is $67.75 per ton for calendar year 2024. Fee Royalties Fee royalties are determined based on 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. Fee royalties are payable to the Mesabi Land Trust, a Minnesota land trust, which holds a interest as fee owner in the Amended Assignment of Peters Lease. Mesabi Trust holds the entire beneficial interest in the Mesabi Land Trust for which U.S. Bank N.A. acts as the corporate trustee. Mesabi Trust receives the net income of the Mesabi Land Trust, which is generated from royalties on the amount of crude ore mined after the payment of expenses to U.S. Bank N.A. for its services as the corporate trustee. The fee royalty on crude ore is based on an agreed price per ton, subject to certain indexing. Arbitration Award Proceeds On December 9, 2019, Mesabi Trust initiated arbitration against NMC, and its parent, Cliffs. The arbitration proceeding was commenced with the American Arbitration Association (“AAA”). The Trust asserted claims concerning the calculation of royalties related to the production, shipment and sale of iron ore, including DR-grade pellets. The arbitration was completed before a panel of arbitrators in July 2021 under the commercial rules of the AAA. The Trust received the final award on October 1, 2021, which awarded the Trust damages in the amount of . Pursuant to the award, Cliffs paid the damages award to the Trust on October 29, 2021. royalties in the statements of income for the fiscal year ended January 31, 2022. In addition, the AAA granted the Trust’s request for a declaration that “for purposes of calculating royalties on intercompany sales, Northshore shall reference all third-party pellet sales, regardless of grade, and select the highest price arm’s length pellet sale from the preceding four quarters.” Accrued Income Receivable The accrued income receivable represents royalty income earned but not yet received by the Trust under the royalty agreements described elsewhere in these notes. Accrued income receivable is comprised of (i) shipments, during the last month of the Trust’s fiscal year, if any, and (ii) net positive price adjustments, if any, resulting from the price adjustment mechanisms in the agreements between Cliffs and its customers that determine the final sales price of the shipments from Silver Bay, Minnesota. During the fourth quarter of fiscal 2024, positive pricing adjustments of and added to the accrued income receivable due to the price adjustment mechanisms in the agreements between Cliffs and its customers that determined the final sales price of the shipments from NMC with respect to shipments during calendar year 2022. Contract Asset and Contract Liability The contract asset and contract liability are presented net in the accompanying balance sheets as both the contract asset and contract liability are derived from one customer contract. A net contract asset in the amount of is reflected on the Balance Sheet as of January 31, 2024. The net contract asset is made up of a contract asset in the amount of contract liability. The contract asset relates to variable consideration for base overriding royalties that occurs as a result of escalating base overriding royalty rates earned as thresholds for tons of ore shipped are reached, as described in the base overriding royalties section above. The recorded contract asset represents the additional revenue earned based on the estimated annual royalty rate compared to the effective contracted rate for tons shipped during the period. The contract asset is not available for distribution to the Unitholders until the applicable royalties are actually received by the Trust. As of January 31, 2023, the Trust recorded a net contract liability of $2,298,121, made up of a contract liability in the amount of $2,298,121 and no contract asset. The contract liability at January 31, 2023 . The contract liability as of January 31, 2023 was offset against royalty payments owed to the Trust during the second quarter of fiscal year 2024. |
Fixed Property, Including Intangibles | Fixed Property, Including Intangibles The Trust’s fixed property, including intangibles, is recorded at nominal values and includes the following: 1. The entire beneficial interest as assignor in the Amended Assignment Agreements covering taconite properties in Minnesota which are leased to NMC. 2. The entire beneficial interest in Mesabi Land Trust which owns a 20% fee interest in the lands subject to the Peters Lease and the entire fee interest in other properties in Minnesota. |
Net Income Per Unit | Net Income Per Unit Net income per unit is computed by dividing net income by the weighted average number of units outstanding. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments which potentially subject the Trust to concentrations of credit risk consist primarily of cash that is maintained at an FDIC insured financial institution. At times during the year, the Trust’s cash balance may exceed insured limits. As further described in Note 1, NMC is the lessee/operator of the Mesabi Trust land. All royalty income earned by the Trust is received from NMC, and accordingly, substantially all of the accrued income receivable, contract assets and contract liabilities are also with NMC. |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires the Trustees to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Specifically, the accrued income receivable, contract asset, contract liability and related royalty revenue are significant estimates which are subject to change in the near term, and changes to these estimates could have a material effect on the Trust’s financial statements. |
Subsequent Events | Subsequent Events Material subsequent events are evaluated for recognition or disclosure in the accompanying financial statements. On April 16, 2024, the Trustees of Mesabi Trust declared a distribution of twenty-nine cents ($0.29) per Unit of Beneficial Interest payable on May 20, 2024 to Mesabi Trust Unitholders of record at the close of business on April 30, 2024. |
Fair Value Measures | Fair Value Measures Valuation Hierarchy GAAP establishes a three-level valuation hierarchy for classification of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. ● Level 1 — Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 — Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety. The carrying amounts of highly liquid investments classified as cash equivalents approximated fair value as of January 31, 2024 and 2023, because of the relative short maturity of these investments. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Effective for the first quarter of fiscal year 2024, the Trust adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses (Topic 326) The Trust has evaluated other recently issued accounting pronouncements and interpretations that are effective for the fiscal year ended January 31, 2024, and has determined they do not have a material effect on the Trust’s financial position, results of operations or cash flows. The Trust has also evaluated accounting standards and interpretations that were issued during the fiscal year ended January 31, 2024, that will be effective for subsequent fiscal years and does not believe they will have a material effect on the Trust’s financial position, results of operations or cash flows when adopted. |
UNALLOCATED RESERVE AND DISTR_2
UNALLOCATED RESERVE AND DISTRIBUTIONS (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
ROYALTY AGREEMENT UNALLOCATED RESERVE | |
Schedule of unallocated cash and U.S. Government securities portion of the Trust's Unallocated Reserve | January 31, 2024 January 31, 2023 Cash and cash equivalents $ 23,980,448 $ 13,966,500 Distribution payable (4,854,404) — Unallocated cash and cash equivalents $ 19,126,044 $ 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 18,983,336 — 18,983,336 Distributions declared - $0.7200 per unit (9,446,407) — (9,446,407) Balances as of January 31, 2024 $ 20,975,143 $ 3 $ 20,975,146 |
NATURE OF BUSINESS AND ORGANI_2
NATURE OF BUSINESS AND ORGANIZATION (Details) | 12 Months Ended | |
Jan. 31, 2024 item shares | Jan. 31, 2023 shares | |
NATURE OF BUSINESS AND ORGANIZATION | ||
Period of termination of the Trust after the death of the survivor of persons named in the exhibit | 21 years | |
Number of persons named in the exhibit to the Agreement of Trust | item | 25 | |
Age of the youngest survivor | 63 years | |
Beneficial interest in the Trust (in units) | shares | 13,120,010 | 13,120,010 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details) | 1 Months Ended | 12 Months Ended | |||||
Apr. 16, 2024 $ / shares | Oct. 29, 2021 USD ($) | Jul. 31, 2021 USD ($) item | Jun. 30, 2021 USD ($) | Jan. 31, 2024 USD ($) contract MT $ / shares $ / T shares | Jan. 31, 2023 USD ($) $ / T shares | Jan. 31, 2022 $ / T shares | |
Disaggregation of Revenue [Line Items] | |||||||
Number of units outstanding | shares | 13,120,010 | 13,120,010 | 13,120,010 | ||||
Cash and Cash Equivalents | |||||||
Amount held by the Trust in a money market fund | $ 23,980,448 | $ 13,966,500 | |||||
Revenue from Contract with Customer [Abstract] | |||||||
Number of members on panel for arbitration | item | 3 | ||||||
Litigation settlement, damages | $ 2,312,106 | ||||||
Litigation settlement, interest | $ 521,581 | $ 430,710 | |||||
Pricing adjustment | $ 279,223 | ||||||
Bonus royalty percentage | 0.50% | ||||||
Bonus royalty, gross proceeds percentage | 3% | ||||||
Royalty bonuses, price above adjusted threshold price per ton | $ / T | 2 | ||||||
Accrued income receivable | $ 1,960,358 | 23,562 | |||||
Number of customer contracts | contract | 1 | ||||||
Net contract asset | $ 451,896 | ||||||
Net contract liability | 2,298,121 | ||||||
Contract asset | 451,896 | 0 | |||||
Contract liability | $ 0 | $ 2,298,121 | |||||
Adjusted threshold price (in dollars per ton) | $ / T | 67.75 | 66 | 62.03 | ||||
Distribution Declared, Distributions Payable Per Unit | $ / shares | $ 0.29 | $ 0 | |||||
Percentage of fee interest owned by Mesabi Land Trust in the lands subject to the Peters Lease | 20% | ||||||
Distributions payable per unit | $ / shares | $ 0.29 | $ 0 | |||||
Minimum | |||||||
Revenue from Contract with Customer [Abstract] | |||||||
Bonus royalty, gross proceeds percentage | 1% | ||||||
Maximum | |||||||
Revenue from Contract with Customer [Abstract] | |||||||
Royalty bonuses, adjusted threshold price | $ / T | 10 | ||||||
First Million Tons Shipped or Deemed Shipped [Member] | |||||||
Revenue from Contract with Customer [Abstract] | |||||||
Royalty earned on tons shipped or deemed shipped, percentage | 2.50% | ||||||
Second Million Tons Shipped or Deemed Shipped [Member] | |||||||
Revenue from Contract with Customer [Abstract] | |||||||
Royalty earned on tons shipped or deemed shipped, percentage | 3.50% | ||||||
Third Million Tons Shipped or Deemed Shipped [Member] | |||||||
Revenue from Contract with Customer [Abstract] | |||||||
Royalty earned on tons shipped or deemed shipped, percentage | 5% | ||||||
Fourth Million Tons Shipped or Deemed Shipped [Member | |||||||
Revenue from Contract with Customer [Abstract] | |||||||
Royalty earned on tons shipped or deemed shipped, percentage | 5.50% | ||||||
Beyond Four Million Tons Shipped or Deemed Shipped [Member] | |||||||
Revenue from Contract with Customer [Abstract] | |||||||
Royalty earned on tons shipped or deemed shipped, percentage | 6% | ||||||
Base Overriding Royalties | |||||||
Revenue from Contract with Customer [Abstract] | |||||||
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 |
ROYALTY AGREEMENT (Details)
ROYALTY AGREEMENT (Details) | 12 Months Ended | |||
Dec. 31, 2024 USD ($) | Jan. 31, 2024 USD ($) $ / T | Jan. 31, 2023 USD ($) $ / T | Jan. 31, 2022 USD ($) $ / T | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions | ||||
Adjusted threshold price (in dollars per ton) | 67.75 | 66 | 62.03 | |
Cyprus NMC | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions | ||||
Adjusted threshold price (in dollars per ton) | 67.75 | 66 | 62.03 | |
Cyprus NMC | Within a range of not more | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions | ||||
Period for payments of overriding royalties on product shipments | 30 days | |||
Cyprus NMC | Within a range of not less | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions | ||||
Adjusted threshold price (in dollars per ton) | 30 | |||
Advance royalty threshold | $ | $ 500,000 | $ 1,100,498 | $ 1,034,237 | |
Cyprus NMC | Forecast [Member] | Within a range of not less | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions | ||||
Advance royalty threshold | $ | $ 1,129,615 |
UNALLOCATED RESERVE AND DISTR_3
UNALLOCATED RESERVE AND DISTRIBUTIONS (Details) - USD ($) | 12 Months Ended | |||
Apr. 16, 2024 | Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Unallocated Cash and Securities portion of Unallocated Reserve | ||||
Cash and cash equivalents | $ 23,980,448 | $ 13,966,500 | ||
Distribution payable | (4,854,404) | |||
Unallocated cash and cash equivalents | 19,126,044 | 13,966,500 | ||
Reconciliation of Trust's Unallocated Reserve | ||||
Beginning Balance | 11,438,217 | |||
Net Income (Loss) | 18,983,336 | 5,309,085 | $ 68,765,745 | |
Distributions declared | (9,446,407) | |||
Ending Balance | $ 20,975,146 | $ 11,438,217 | ||
Distribution declared (in dollars per share) | $ 0.7200 | |||
Distributions declared per unit (in dollars per unit) | $ 0.35 | $ 3.63 | $ 2.86 | |
Distributed cash payments | $ 4,592,003 | $ 47,625,638 | $ 37,523,229 | |
Distributions payable per unit | $ 0.29 | $ 0 | ||
Unallocated Reserve member | ||||
Reconciliation of Trust's Unallocated Reserve | ||||
Beginning Balance | $ 11,438,214 | 30,794,749 | 16,477,046 | |
Net Income (Loss) | 18,983,336 | 5,309,085 | 68,765,745 | |
Distributions declared | (9,446,407) | |||
Ending Balance | 20,975,143 | 11,438,214 | 30,794,749 | |
Trust Corpus | ||||
Reconciliation of Trust's Unallocated Reserve | ||||
Beginning Balance | 3 | 3 | 3 | |
Ending Balance | $ 3 | $ 3 | $ 3 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 18,983,336 | $ 5,309,085 | $ 68,765,745 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jan. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5 1 Arr Modified Flag | false |
Non Rule 10b5 1 Arr Modified Flag | false |