10-Q Filing

MESABI TRUST CIK: 65172 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0001558370-17-009268`
Period End Date	20171031
Filing Date	20171208
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	msb-20171031.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`	$5.33M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.70M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.59M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$193.61K	USD	Point-in-time
U.S. Government securities, current, at amortized cost (which approximates market)	`HeldToMaturitySecuritiesCurrent`	$26.29M	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`	$2.84M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$94.69K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$53.61K	USD	Point-in-time
Current assets	`AssetsCurrent`	$14.25M	USD	Point-in-time
Current assets	`AssetsCurrent`	$29.42M	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`	$14.25M	USD	Point-in-time
Total assets	`Assets`	$29.42M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$8.40M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$1.84M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$86.87K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$108.19K	USD	Point-in-time
Deferred royalty revenue	`DeferredRevenue`	$2.10M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.04M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.48M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$20.93M	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`	$29.42M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$14.25M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Royalty income	`RoyaltyRevenue`	$29.16M	USD	3 Qtrs
Royalty income	`RoyaltyRevenue`	$12.17M	USD	1 Quarter
Royalty income	`RoyaltyRevenue`	$3.44M	USD	1 Quarter
Royalty income	`RoyaltyRevenue`	$6.05M	USD	3 Qtrs
Interest	`InvestmentIncomeInterest`	$40.20K	USD	3 Qtrs
Interest	`InvestmentIncomeInterest`	$1.12K	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$26.38K	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$3.81K	USD	3 Qtrs
Total revenues	`Revenues`	$6.05M	USD	3 Qtrs
Total revenues	`Revenues`	$29.20M	USD	3 Qtrs
Total revenues	`Revenues`	$12.19M	USD	1 Quarter
Total revenues	`Revenues`	$3.44M	USD	1 Quarter
Expenses	`GeneralAndAdministrativeExpense`	$762.87K	USD	3 Qtrs
Expenses	`GeneralAndAdministrativeExpense`	$234.49K	USD	1 Quarter
Expenses	`GeneralAndAdministrativeExpense`	$855.81K	USD	3 Qtrs
Expenses	`GeneralAndAdministrativeExpense`	$227.33K	USD	1 Quarter
Net income	`NetIncomeLoss`	$11.96M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.20M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$3.21M	USD	1 Quarter
Net income	`NetIncomeLoss`	$28.44M	USD	3 Qtrs
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	3 Qtrs
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	3 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.24	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$2.17	USD	3 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.40	USD	3 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.91	USD	1 Quarter
Distributions declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$1.35	USD	3 Qtrs
Distributions declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.64	USD	1 Quarter
Distributions declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.10	USD	1 Quarter
Distributions declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.64	USD	Point-in-time
Distributions declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.50	USD	3 Qtrs

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$3.91M	USD	3 Qtrs
Royalties received	`ProceedsFromRoyaltiesReceived`	$24.27M	USD	3 Qtrs
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$39.90K	USD	3 Qtrs
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$3.82K	USD	3 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$825.27K	USD	3 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$953.93K	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$23.49M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.96M	USD	3 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$5.69M	USD	3 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$9.93M	USD	3 Qtrs
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$35.77M	USD	3 Qtrs
Net cash (used for) from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$5.69M	USD	3 Qtrs
Net cash (used for) from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.84M	USD	3 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$11.15M	USD	3 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$5.90M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-13.50M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.75M	USD	3 Qtrs
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$5.33M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$13.70M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$2.59M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$193.61K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.33M	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`	$2.59M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$193.61K	USD	Point-in-time
Net income	`ProfitLoss`	$5.20M	USD	3 Qtrs
Net income	`ProfitLoss`	$28.44M	USD	3 Qtrs
Increase in accrued income receivable	`IncreaseDecreaseInAccruedRoyaltiesReceivable`	$2.79M	USD	3 Qtrs
Increase in accrued income receivable	`IncreaseDecreaseInAccruedRoyaltiesReceivable`	$2.08M	USD	3 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$41.08K	USD	3 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$36.84K	USD	3 Qtrs
Decrease in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-122.50K	USD	3 Qtrs
Decrease in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-21.32K	USD	3 Qtrs
Decrease in deferred royalty revenue	`IncreaseDecreaseInDeferredRevenue`	$-2.10M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$23.49M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.96M	USD	3 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$8.40M	USD	3 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$1.31M	USD	3 Qtrs

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