10-Q Filing

MESABI TRUST CIK: 65172 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001558370-20-007352`
Period End Date	20200430
Filing Date	20200608
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	msb-20200430.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 37 Income Statement 16 Cash Flow Statement 40

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	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.28M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$450.42K	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.18M	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`	$13.33M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$69.59K	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$30.98K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$67.65K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$78.85K	USD	Point-in-time
Current assets	`AssetsCurrent`	$23.65M	USD	Point-in-time
Current assets	`AssetsCurrent`	$14.39M	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`	$14.39M	USD	Point-in-time
Total assets	`Assets`	$23.65M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$7.35M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$9.18M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$120.63K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$159.71K	USD	Point-in-time
Net contract liability	`ContractLiabilityNetOfContractAsset`	$791.16K	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`	$8.30M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$11.83M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$6.10M	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`	$23.65M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$14.39M	USD	Point-in-time

Income Statement 16 line items

Line Item	Tag	Value	Unit	Period
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.14M	USD	1 Quarter
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.36M	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$105.08K	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$33.27K	USD	1 Quarter
Total revenues	`Revenues`	$5.47M	USD	1 Quarter
Total revenues	`Revenues`	$2.17M	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$557.14K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$556.59K	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.91M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.61M	USD	1 Quarter
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.37	USD	1 Quarter
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.56	USD	1 Quarter
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.89	USD	1 Quarter

Cash Flow Statement 40 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$3.15M	USD	1 Quarter
Royalties received	`ProceedsFromRoyaltiesReceived`	$449.50K	USD	1 Quarter
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$40.32K	USD	1 Quarter
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$37.31K	USD	1 Quarter
Expenses paid	`PaymentsForOperatingActivities`	$529.26K	USD	1 Quarter
Expenses paid	`PaymentsForOperatingActivities`	$817.59K	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-42.45K	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.37M	USD	1 Quarter
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$26.90M	USD	1 Quarter
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$18.24M	USD	1 Quarter
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$13.57M	USD	1 Quarter
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$2.80M	USD	1 Quarter
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$15.43M	USD	1 Quarter
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$13.33M	USD	1 Quarter
Distributions to unitholders	`PaymentsOfDividends`	$9.18M	USD	1 Quarter
Distributions to unitholders	`PaymentsOfDividends`	$18.24M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-431.39K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.11M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.28M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$450.42K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.18M	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`	$14.28M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$450.42K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.18M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$881.81K	USD	Point-in-time
Net income	`ProfitLoss`	$4.91M	USD	1 Quarter
Net income	`ProfitLoss`	$1.61M	USD	1 Quarter
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$1.04M	USD	1 Quarter
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$-38.60K	USD	1 Quarter
Increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$1.24M	USD	1 Quarter
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$11.20K	USD	1 Quarter
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$16.61K	USD	1 Quarter
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-244.39K	USD	1 Quarter
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$39.08K	USD	1 Quarter
Decrease in contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-1.72M	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-42.45K	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.37M	USD	1 Quarter
Distributions declared and payable	`DistributionsDeclared`	$7.35M	USD	1 Quarter
Distributions declared and payable	`DistributionsDeclared`	$12.33M	USD	1 Quarter

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