10-K Filing

MESABI TRUST CIK: 65172 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001558370-20-003840`
Period End Date	20200131
Filing Date	20200413
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	msb-20200131.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 38 Income Statement 77 Cash Flow Statement 59 Stockholders Equity 31

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`	$314.83K	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.70M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$881.81K	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.18M	USD	Point-in-time
U.S. Government securities, at amortized cost (which approximates fair value)	`HeldToMaturitySecuritiesCurrent`	$32.12M	USD	Point-in-time
U.S. Government securities, at amortized cost (which approximates fair value)	`HeldToMaturitySecuritiesCurrent`	$13.33M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$69.59K	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$2.34M	USD	Point-in-time
Net contract asset	`ContractWithCustomerAssetsNetOfContractLiabilityCurrent`	$56.36K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$54.47K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$67.65K	USD	Point-in-time
Current assets	`AssetsCurrent`	$35.45M	USD	Point-in-time
Current assets	`AssetsCurrent`	$23.65M	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`	$23.65M	USD	Point-in-time
Total assets	`Assets`	$35.45M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$9.18M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$18.24M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$120.63K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$411.51K	USD	Point-in-time
Net contract liability	`ContractLiabilityNetOfContractAsset`	$2.51M	USD	Point-in-time
Total liabilities	`Liabilities`	$11.82M	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`	$11.83M	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`	$23.65M	USD	Point-in-time

Income Statement 77 line items

Line Item	Tag	Value	Unit	Period
Interest	`InvestmentIncomeInterest`	$259.97K	USD	Annual
Interest	`InvestmentIncomeInterest`	$92.53K	USD	Annual
Interest	`InvestmentIncomeInterest`	$283.01K	USD	Annual
Total revenues	`Revenues`	$13.97M	USD	1 Quarter
Total revenues	`Revenues`	$34.50M	USD	Annual
Total revenues	`Revenues`	$19.15M	USD	1 Quarter
Total revenues	`Revenues`	$6.56M	USD	1 Quarter
Total revenues	`Revenues`	$5.47M	USD	1 Quarter
Total revenues	`Revenues`	$14.34M	USD	1 Quarter
Total revenues	`Revenues`	$7.48M	USD	1 Quarter
Total revenues	`Revenues`	$31.99M	USD	Annual
Total revenues	`Revenues`	$5.62M	USD	1 Quarter
Total revenues	`Revenues`	$6.68M	USD	1 Quarter
Total revenues	`Revenues`	$47.29M	USD	Annual
Compensation of Trustees	`CompensationOfTrustees`	$207.52K	USD	Annual
Compensation of Trustees	`CompensationOfTrustees`	$264.28K	USD	Annual
Compensation of Trustees	`CompensationOfTrustees`	$271.45K	USD	Annual
Corporate Trustee's administrative fees	`TrusteeFees`	$62.50K	USD	Annual
Corporate Trustee's administrative fees	`TrusteeFees`	$62.50K	USD	Annual
Corporate Trustee's administrative fees	`TrusteeFees`	$62.50K	USD	Annual
Legal	`LegalFees`	$636.22K	USD	Annual
Legal	`LegalFees`	$928.59K	USD	Annual
Legal	`LegalFees`	$366.20K	USD	Annual
Accounting and auditing	`AccountingExpense`	$185.11K	USD	Annual
Accounting and auditing	`AccountingExpense`	$140.94K	USD	Annual
Accounting and auditing	`AccountingExpense`	$142.21K	USD	Annual
Mining consultant and field representatives	`MiningConsultantAndFieldRepresentativesExpense`	$33.47K	USD	Annual
Mining consultant and field representatives	`MiningConsultantAndFieldRepresentativesExpense`	$30.57K	USD	Annual
Mining consultant and field representatives	`MiningConsultantAndFieldRepresentativesExpense`	$56.10K	USD	Annual
Insurance	`DirectorsAndOfficersLiabilityInsuranceExpense`	$119.22K	USD	Annual
Insurance	`DirectorsAndOfficersLiabilityInsuranceExpense`	$134.68K	USD	Annual
Insurance	`DirectorsAndOfficersLiabilityInsuranceExpense`	$118.39K	USD	Annual
Annual stock exchange fee	`AnnualStockExchangeFee`	$68.00K	USD	Annual
Annual stock exchange fee	`AnnualStockExchangeFee`	$59.97K	USD	Annual
Annual stock exchange fee	`AnnualStockExchangeFee`	$65.25K	USD	Annual
Transfer agent's and registrar's fees	`TransferAgentAndRegistrarFees`	$6.61K	USD	Annual
Transfer agent's and registrar's fees	`TransferAgentAndRegistrarFees`	$7.24K	USD	Annual
Transfer agent's and registrar's fees	`TransferAgentAndRegistrarFees`	$7.37K	USD	Annual
Other Trust expenses	`OtherExpenses`	$247.62K	USD	Annual
Other Trust expenses	`OtherExpenses`	$51.73K	USD	Annual
Other Trust expenses	`OtherExpenses`	$405.59K	USD	Annual
Total Expenses	`CostOfGoodsAndServicesSold`	$368.20K	USD	1 Quarter
Total Expenses	`CostOfGoodsAndServicesSold`	$556.59K	USD	1 Quarter
Total Expenses	`CostOfGoodsAndServicesSold`	$1.07M	USD	Annual
Total Expenses	`CostOfGoodsAndServicesSold`	$432.54K	USD	1 Quarter
Total Expenses	`CostOfGoodsAndServicesSold`	$410.64K	USD	1 Quarter
Total Expenses	`CostOfGoodsAndServicesSold`	$1.94M	USD	Annual
Total Expenses	`CostOfGoodsAndServicesSold`	$697.24K	USD	1 Quarter
Total Expenses	`CostOfGoodsAndServicesSold`	$535.36K	USD	1 Quarter
Total Expenses	`CostOfGoodsAndServicesSold`	$1.73M	USD	Annual
Total Expenses	`CostOfGoodsAndServicesSold`	$280.50K	USD	1 Quarter
Total Expenses	`CostOfGoodsAndServicesSold`	$388.78K	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.08M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.32M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.91M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.79M	USD	1 Quarter
Net income	`NetIncomeLoss`	$33.42M	USD	Annual
Net income	`NetIncomeLoss`	$18.87M	USD	1 Quarter
Net income	`NetIncomeLoss`	$45.56M	USD	Annual
Net income	`NetIncomeLoss`	$13.91M	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.59M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.15M	USD	1 Quarter
Net income	`NetIncomeLoss`	$30.06M	USD	Annual
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	Annual
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	Annual
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	Annual
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$1.06	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`	$0.48	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$2.55	USD	Annual
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.52	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$3.47	USD	Annual
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`	$2.29	USD	Annual
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.39	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.37	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$1.03	USD	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$30.47M	USD	Annual
Royalties received	`ProceedsFromRoyaltiesReceived`	$46.71M	USD	Annual
Royalties received	`ProceedsFromRoyaltiesReceived`	$36.53M	USD	Annual
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$86.62K	USD	Annual
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$248.67K	USD	Annual
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$296.96K	USD	Annual
Expenses paid	`PaymentsForOperatingActivities`	$1.46M	USD	Annual
Expenses paid	`PaymentsForOperatingActivities`	$2.24M	USD	Annual
Expenses paid	`PaymentsForOperatingActivities`	$1.05M	USD	Annual
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$34.59M	USD	Annual
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$45.50M	USD	Annual
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$29.51M	USD	Annual
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$37.64M	USD	Annual
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$90.43M	USD	Annual
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$81.84M	USD	Annual
Sales of U.S. Government securities	`ProceedsFromSaleOfHeldToMaturitySecurities`	$99.74K	USD	Annual
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$71.64M	USD	Annual
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$60.98M	USD	Annual
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$90.26M	USD	Annual
Net cash from (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$18.79M	USD	Annual
Net cash from (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.32M	USD	Annual
Net cash from (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-23.34M	USD	Annual
Distributions to unitholders	`PaymentsOfDividends`	$44.08M	USD	Annual
Distributions to unitholders	`PaymentsOfDividends`	$36.60M	USD	Annual
Distributions to unitholders	`PaymentsOfDividends`	$19.55M	USD	Annual
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$566.98K	USD	Annual
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$9.30M	USD	Annual
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-13.38M	USD	Annual
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$314.83K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.70M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$881.81K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.18M	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`	$13.70M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$881.81K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.18M	USD	Point-in-time
Net income	`ProfitLoss`	$45.56M	USD	Annual
Net income	`ProfitLoss`	$33.42M	USD	Annual
Net income	`ProfitLoss`	$30.06M	USD	Annual
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.27M	USD	Annual
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$1.91M	USD	Annual
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$382.97K	USD	Annual
Decrease in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$-56.36K	USD	Annual
Decrease in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$-72.14K	USD	Annual
Decrease in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$-42.91K	USD	Annual
Decrease (increase) in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$1.03K	USD	Annual
Decrease (increase) in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-168.00	USD	Annual
Decrease (increase) in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$13.18K	USD	Annual
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-290.88K	USD	Annual
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$25.80K	USD	Annual
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$277.51K	USD	Annual
Increase (decrease) in contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$2.51M	USD	Annual
Increase (decrease) in contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-2.10M	USD	Annual
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$34.59M	USD	Annual
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$45.50M	USD	Annual
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$29.51M	USD	Annual
Distributions declared and payable	`DistributionsDeclared`	$9.18M	USD	Annual
Distributions declared and payable	`DistributionsDeclared`	$18.24M	USD	Annual
Distributions declared and payable	`DistributionsDeclared`	$15.48M	USD	Annual

Stockholders Equity 31 line items

Line Item	Tag	Value	Unit	Period
First Quarterly Distribution Paid Per Unit	`FirstQuarterlyDistributionPaidPerUnit`	$0.45	USD	Annual
First Quarterly Distribution Paid Per Unit	`FirstQuarterlyDistributionPaidPerUnit`	$0.89	USD	Annual
First Quarterly Distribution Paid Per Unit	`FirstQuarterlyDistributionPaidPerUnit`	$0.55	USD	Annual
Second Quarterly Distribution Paid Per Unit	`SecondQuarterlyDistributionPaidPerUnit`	$0.22	USD	Annual
Second Quarterly Distribution Paid Per Unit	`SecondQuarterlyDistributionPaidPerUnit`	$0.16	USD	Annual
Second Quarterly Distribution Paid Per Unit	`SecondQuarterlyDistributionPaidPerUnit`	$0.21	USD	Annual
Third Quarterly Distribution Paid Per Unit	`ThirdQuarterlyDistributionPaidPerUnit`	$0.64	USD	Annual
Third Quarterly Distribution Paid Per Unit	`ThirdQuarterlyDistributionPaidPerUnit`	$0.94	USD	Annual
Third Quarterly Distribution Paid Per Unit	`ThirdQuarterlyDistributionPaidPerUnit`	$0.87	USD	Annual
Fourth Quarterly Distribution Declared Or Paid Per Unit	`FourthQuarterlyDistributionDeclaredOrPaidPerUnit`	$0.70	USD	Annual
Fourth Quarterly Distribution Declared Or Paid Per Unit	`FourthQuarterlyDistributionDeclaredOrPaidPerUnit`	$1.18	USD	Annual
Fourth Quarterly Distribution Declared Or Paid Per Unit	`FourthQuarterlyDistributionDeclaredOrPaidPerUnit`	$1.39	USD	Annual
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$11.83M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$16.81M	USD	Point-in-time
Units, Beginning Balance	`SharesOutstanding`	13.12M	shares	Point-in-time
Units, Beginning Balance	`SharesOutstanding`	13.12M	shares	Point-in-time
Net income	`NetIncomeLoss`	$5.08M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.32M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.91M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.79M	USD	1 Quarter
Net income	`NetIncomeLoss`	$33.42M	USD	Annual
Net income	`NetIncomeLoss`	$18.87M	USD	1 Quarter
Net income	`NetIncomeLoss`	$45.56M	USD	Annual
Net income	`NetIncomeLoss`	$13.91M	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.59M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.15M	USD	1 Quarter
Net income	`NetIncomeLoss`	$30.06M	USD	Annual
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$11.83M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$16.81M	USD	Point-in-time
Units, Ending Balance	`SharesOutstanding`	13.12M	shares	Point-in-time
Units, Ending Balance	`SharesOutstanding`	13.12M	shares	Point-in-time

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