XML 22 R13.htm IDEA: XBRL DOCUMENT v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details)
3 Months Ended 9 Months Ended 12 Months Ended
Oct. 31, 2023
USD ($)
shares
Oct. 31, 2022
shares
Oct. 31, 2023
USD ($)
contract
MT
$ / T
shares
Oct. 31, 2022
USD ($)
shares
Jan. 31, 2023
USD ($)
$ / T
Disaggregation of Revenue [Line Items]          
Number of units outstanding | shares 13,120,010 13,120,010 13,120,010 13,120,010  
Revenue from Contract with Customer [Abstract]          
Royalty income (loss) $ 4,664,092   $ 16,106,008 $ 9,794,440  
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    
Bonus royalty percentage     0.50%    
Royalty bonuses, price above adjusted threshold price per ton | $ / T     2.00    
Accrued income receivable 1,885,432   $ 1,885,432   $ 23,562
Number of customer contracts | contract     1    
Net contract asset 1,002,095   $ 1,002,095    
Net contract liability         2,298,121
Contract asset 1,525,140   1,525,140   0
Contract liability 523,045   $ 523,045   $ 2,298,121
Minimum percentage of total shipments     90.00%    
Percentage of actual tons shipped     90.00%    
Adjusted threshold price (in dollars per ton) | $ / T         66.00
Fixed Property, Including Intangibles          
Percentage of fee interest owned by Mesabi Land Trust in the lands subject to the Peters Lease     20.00%    
Minimum          
Revenue from Contract with Customer [Abstract]          
Bonus royalty, gross proceeds percentage     1.00%    
Maximum          
Revenue from Contract with Customer [Abstract]          
Bonus royalty, gross proceeds percentage     3.00%    
Royalty bonuses, adjusted threshold price | $ / T     10.00    
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     5.00%    
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     6.00%    
Base Overriding Royalties          
Revenue from Contract with Customer [Abstract]          
Royalty income (loss) 2,214,651   $ 8,550,118 3,829,720  
Bonus Royalties          
Revenue from Contract with Customer [Abstract]          
Royalty income (loss) 2,252,620   7,050,557 5,722,317  
Fee Royalties          
Revenue from Contract with Customer [Abstract]          
Royalty income (loss) $ 196,821   $ 505,333 $ 242,403