10-Q Filing

MESABI TRUST CIK: 65172 Q2 2020

Filing Information

Form Type	10-Q
Accession Number	`0001558370-19-008523`
Period End Date	20190731
Filing Date	20190906
Fiscal Year	2020
Fiscal Period	Q2
XBRL Instance	msb-20190731.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 38 Income Statement 33 Cash Flow Statement 40

Balance Sheet 38 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	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$196.83K	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$452.63K	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$314.83K	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$881.81K	USD	Point-in-time
U.S. Government securities, at amortized cost (which approximates fair value)	`HeldToMaturitySecuritiesCurrent`	$16.48M	USD	Point-in-time
U.S. Government securities, at amortized cost (which approximates fair value)	`HeldToMaturitySecuritiesCurrent`	$32.12M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$3.82M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$2.34M	USD	Point-in-time
Contract asset	`ContractWithCustomerAssetNetCurrent`	$56.36K	USD	Point-in-time
Contract asset	`ContractWithCustomerAssetNetCurrent`	$3.22M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$170.70K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$54.47K	USD	Point-in-time
Current assets	`AssetsCurrent`	$24.15M	USD	Point-in-time
Current assets	`AssetsCurrent`	$35.45M	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`	$35.45M	USD	Point-in-time
Total assets	`Assets`	$24.15M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$2.76M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$18.24M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$200.94K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$411.51K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.96M	USD	Point-in-time
Total liabilities	`Liabilities`	$18.65M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$16.81M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$21.20M	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`	$24.15M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$35.45M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$25.77M	USD	2 Qtrs
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$19.66M	USD	2 Qtrs
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$19.13M	USD	1 Quarter
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$14.30M	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$42.39K	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$147.47K	USD	2 Qtrs
Interest	`InvestmentIncomeInterest`	$26.88K	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$64.26K	USD	2 Qtrs
Total revenues	`Revenues`	$25.84M	USD	2 Qtrs
Total revenues	`Revenues`	$19.15M	USD	1 Quarter
Total revenues	`Revenues`	$14.34M	USD	1 Quarter
Total revenues	`Revenues`	$19.81M	USD	2 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$989.12K	USD	2 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$648.70K	USD	2 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$432.54K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$280.50K	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.87M	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.91M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.19M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$18.82M	USD	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
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	2 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$1.44	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$1.43	USD	2 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$1.92	USD	2 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$1.06	USD	1 Quarter
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.21	USD	1 Quarter
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$1.10	USD	2 Qtrs
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.67	USD	2 Qtrs
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.22	USD	1 Quarter
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.21	USD	Point-in-time

Cash Flow Statement 40 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$15.03M	USD	2 Qtrs
Royalties received	`ProceedsFromRoyaltiesReceived`	$16.06M	USD	2 Qtrs
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$51.52K	USD	2 Qtrs
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$137.70K	USD	2 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$735.80K	USD	2 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$1.32M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$15.37M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.85M	USD	2 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$32.12M	USD	2 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$24.17M	USD	2 Qtrs
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$18.27M	USD	2 Qtrs
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$16.48M	USD	2 Qtrs
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$15.64M	USD	2 Qtrs
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$5.90M	USD	2 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$21.39M	USD	2 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$29.91M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-118.01K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-429.18K	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$196.83K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$452.63K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$314.83K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$881.81K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$196.83K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$452.63K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$314.83K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$881.81K	USD	Point-in-time
Net income	`ProfitLoss`	$25.19M	USD	2 Qtrs
Net income	`ProfitLoss`	$18.82M	USD	2 Qtrs
Increase in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$1.48M	USD	2 Qtrs
Increase in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$6.82M	USD	2 Qtrs
Increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$2.91M	USD	2 Qtrs
Increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$3.17M	USD	2 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$116.23K	USD	2 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$97.62K	USD	2 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$10.52K	USD	2 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-210.57K	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$15.37M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.85M	USD	2 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$2.89M	USD	2 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$2.76M	USD	2 Qtrs

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