10-Q Filing

MESABI TRUST CIK: 65172 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001558370-17-006969`
Period End Date	20170731
Filing Date	20170907
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	msb-20170731.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 37 Income Statement 33 Cash Flow Statement 38

Balance Sheet 37 line items

Line Item	Tag	Value	Unit	Period
Certificate of beneficial interest of Land Trust, units	`SharesOutstanding`	13.12M	shares	Point-in-time
Certificate of beneficial interest of Land Trust, units	`SharesOutstanding`	13.12M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.70M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.80M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.31M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.59M	USD	Point-in-time
U.S. Government securities, current, at amortized cost (which approximates market)	`HeldToMaturitySecuritiesCurrent`	$2.37M	USD	Point-in-time
U.S. Government securities, current, at amortized cost (which approximates market)	`HeldToMaturitySecuritiesCurrent`	$456.06K	USD	Point-in-time
Accrued income receivable	`AccruedIncomeReceivable`	$45.05K	USD	Point-in-time
Accrued income receivable	`AccruedIncomeReceivable`	$6.22M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$139.78K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$53.61K	USD	Point-in-time
Current assets	`AssetsCurrent`	$19.52M	USD	Point-in-time
Current assets	`AssetsCurrent`	$14.25M	USD	Point-in-time
Amended assignment of Peters Lease	`AmendedAssignmentsOfLeaseProperty`	$1.00	USD	Point-in-time
Amended assignment of Peters Lease	`AmendedAssignmentsOfLeaseProperty`	$1.00	USD	Point-in-time
Assignment of Cloquet Leases	`AssignmentsOfLeasedProperty`	$1.00	USD	Point-in-time
Assignment of Cloquet Leases	`AssignmentsOfLeasedProperty`	$1.00	USD	Point-in-time
Certificate of beneficial interest for 13,120,010 units of Land Trust	`CertificateOfBeneficialInterestLandTrust`	$1.00	USD	Point-in-time
Certificate of beneficial interest for 13,120,010 units of Land Trust	`CertificateOfBeneficialInterestLandTrust`	$1.00	USD	Point-in-time
Total fixed property	`FixedPropertyIncludingIntangible`	$3.00	USD	Point-in-time
Total fixed property	`FixedPropertyIncludingIntangible`	$3.00	USD	Point-in-time
Total assets	`Assets`	$19.52M	USD	Point-in-time
Total assets	`Assets`	$14.25M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$1.84M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$2.10M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$108.19K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$59.29K	USD	Point-in-time
Deferred royalty revenue	`DeferredRevenue`	$2.10M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.16M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.04M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$17.37M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$10.21M	USD	Point-in-time
Trust corpus	`CapitalUnits`	$3.00	USD	Point-in-time
Trust corpus	`CapitalUnits`	$3.00	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$14.25M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$19.52M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Royalty income	`RoyaltyRevenue`	$2.61M	USD	1 Quarter
Royalty income	`RoyaltyRevenue`	$17.00M	USD	2 Qtrs
Royalty income	`RoyaltyRevenue`	$2.61M	USD	2 Qtrs
Royalty income	`RoyaltyRevenue`	$13.35M	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$1.02K	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$7.27K	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$13.81K	USD	2 Qtrs
Interest	`InvestmentIncomeInterest`	$2.70K	USD	2 Qtrs
Total revenues	`Revenues`	$17.01M	USD	2 Qtrs
Total revenues	`Revenues`	$2.61M	USD	1 Quarter
Total revenues	`Revenues`	$2.61M	USD	2 Qtrs
Total revenues	`Revenues`	$13.35M	USD	1 Quarter
Expenses	`GeneralAndAdministrativeExpense`	$621.32K	USD	2 Qtrs
Expenses	`GeneralAndAdministrativeExpense`	$535.54K	USD	2 Qtrs
Expenses	`GeneralAndAdministrativeExpense`	$189.39K	USD	1 Quarter
Expenses	`GeneralAndAdministrativeExpense`	$240.49K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.42M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.99M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$13.11M	USD	1 Quarter
Net income	`NetIncomeLoss`	$16.48M	USD	2 Qtrs
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	2 Qtrs
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	2 Qtrs
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.15	USD	2 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$1.26	USD	2 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.18	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$1.00	USD	1 Quarter
Distributions declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.20	USD	1 Quarter
Distributions declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.16	USD	1 Quarter
Distributions declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.40	USD	2 Qtrs
Distributions declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.71	USD	2 Qtrs
Distributions declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.16	USD	Point-in-time

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$8.72M	USD	2 Qtrs
Royalties received	`ProceedsFromRoyaltiesReceived`	$2.03M	USD	2 Qtrs
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$12.57K	USD	2 Qtrs
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$3.45K	USD	2 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$719.93K	USD	2 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$670.62K	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.07M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.31M	USD	2 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$82.63K	USD	2 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$5.69M	USD	2 Qtrs
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$1.99M	USD	2 Qtrs
Net cash (used for) from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.91M	USD	2 Qtrs
Net cash (used for) from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$5.69M	USD	2 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$3.28M	USD	2 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$9.05M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.72M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.90M	USD	2 Qtrs
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$13.70M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$10.80M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$6.31M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$2.59M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$13.70M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.80M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.31M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.59M	USD	Point-in-time
Net income	`ProfitLoss`	$16.48M	USD	2 Qtrs
Net income	`ProfitLoss`	$1.99M	USD	2 Qtrs
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccruedRoyaltiesReceivable`	$516.11K	USD	2 Qtrs
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccruedRoyaltiesReceivable`	$6.18M	USD	2 Qtrs
Decrease (increase) in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$86.18K	USD	2 Qtrs
Decrease (increase) in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$79.61K	USD	2 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-80.24K	USD	2 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-48.91K	USD	2 Qtrs
Increase in deferred royalty revenue	`IncreaseDecreaseInDeferredRevenue`	$-2.10M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.07M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.31M	USD	2 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$2.62M	USD	2 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$2.10M	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.