10-Q Filing

MESABI TRUST CIK: 65172 Q3 2020

Filing Information

Form Type	10-Q
Accession Number	`0001558370-19-011454`
Period End Date	20191031
Filing Date	20191210
Fiscal Year	2020
Fiscal Period	Q3
XBRL Instance	msb-20191031.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 38 Income Statement 32 Cash Flow Statement 42

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`	$375.05K	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$314.83K	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$605.44K	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`	$25.56M	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`	$2.41M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$2.34M	USD	Point-in-time
Contract asset	`ContractWithCustomerAssetNetCurrent`	$56.36K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$54.47K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$116.29K	USD	Point-in-time
Current assets	`AssetsCurrent`	$35.45M	USD	Point-in-time
Current assets	`AssetsCurrent`	$28.46M	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`	$28.46M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$18.24M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$11.41M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$411.51K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$177.15K	USD	Point-in-time
Contract liability	`ContractWithCustomerLiability`	$938.13K	USD	Point-in-time
Total liabilities	`Liabilities`	$12.53M	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`	$15.93M	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`	$35.45M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$28.46M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$39.66M	USD	3 Qtrs
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$13.89M	USD	1 Quarter
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$26.15M	USD	3 Qtrs
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.49M	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$82.57K	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$220.01K	USD	3 Qtrs
Interest	`InvestmentIncomeInterest`	$72.54K	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$146.83K	USD	3 Qtrs
Total revenues	`Revenues`	$13.97M	USD	1 Quarter
Total revenues	`Revenues`	$39.81M	USD	3 Qtrs
Total revenues	`Revenues`	$26.37M	USD	3 Qtrs
Total revenues	`Revenues`	$6.56M	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$410.64K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$388.78K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$1.40M	USD	3 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$1.04M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$6.15M	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.59M	USD	1 Quarter
Net income	`NetIncomeLoss`	$38.77M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$24.97M	USD	3 Qtrs
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
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	3 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$1.04	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.47	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$1.90	USD	3 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$2.96	USD	3 Qtrs
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.87	USD	1 Quarter
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.94	USD	1 Quarter
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$1.97	USD	3 Qtrs
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$1.61	USD	3 Qtrs

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$27.12M	USD	3 Qtrs
Royalties received	`ProceedsFromRoyaltiesReceived`	$34.32M	USD	3 Qtrs
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$74.96K	USD	3 Qtrs
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$176.14K	USD	3 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$1.70M	USD	3 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$1.05M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$33.34M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.60M	USD	3 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$28.89M	USD	3 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$37.03M	USD	3 Qtrs
Sales of U.S. Government securities	`ProceedsFromSaleOfHeldToMaturitySecurities`	$99.74K	USD	3 Qtrs
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$30.47M	USD	3 Qtrs
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$37.77M	USD	3 Qtrs
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$6.56M	USD	3 Qtrs
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.77M	USD	3 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$32.67M	USD	3 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$24.27M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-506.76K	USD	3 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$290.60K	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$375.05K	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`	$605.44K	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`	$375.05K	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`	$605.44K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$881.81K	USD	Point-in-time
Net income	`ProfitLoss`	$24.97M	USD	3 Qtrs
Net income	`ProfitLoss`	$38.77M	USD	3 Qtrs
Increase in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$69.22K	USD	3 Qtrs
Increase in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$4.15M	USD	3 Qtrs
Decrease (increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$-56.36K	USD	3 Qtrs
Decrease (increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$1.26M	USD	3 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$61.82K	USD	3 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$40.70K	USD	3 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-234.36K	USD	3 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$23.44K	USD	3 Qtrs
Increase in contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$938.13K	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$33.34M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.60M	USD	3 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$11.41M	USD	3 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$12.33M	USD	3 Qtrs

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