10-Q Filing

MESABI TRUST CIK: 65172 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001558370-20-011056`
Period End Date	20200731
Filing Date	20200908
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	msb-20200731x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 38 Income Statement 33 Cash Flow Statement 41

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`	$452.63K	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$881.81K	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$458.96K	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`	$13.33M	USD	Point-in-time
U.S. Government securities, at amortized cost (which approximates fair value)	`HeldToMaturitySecuritiesCurrent`	$10.14M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$1.05M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$69.59K	USD	Point-in-time
Net contract asset	`ContractWithCustomerAssetsNetOfContractLiabilityCurrent`	$1.06M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$67.65K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$229.19K	USD	Point-in-time
Current assets	`AssetsCurrent`	$23.65M	USD	Point-in-time
Current assets	`AssetsCurrent`	$12.94M	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`	$12.94M	USD	Point-in-time
Total assets	`Assets`	$23.65M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$9.18M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$656.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$120.63K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$166.71K	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`	$822.71K	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$11.83M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$12.12M	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`	$12.94M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$23.65M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$9.35M	USD	2 Qtrs
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$14.30M	USD	1 Quarter
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$19.66M	USD	2 Qtrs
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$7.22M	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$33.29K	USD	2 Qtrs
Interest	`InvestmentIncomeInterest`	$42.39K	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$24.00	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$147.47K	USD	2 Qtrs
Total revenues	`Revenues`	$19.81M	USD	2 Qtrs
Total revenues	`Revenues`	$9.39M	USD	2 Qtrs
Total revenues	`Revenues`	$14.34M	USD	1 Quarter
Total revenues	`Revenues`	$7.22M	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$989.12K	USD	2 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$542.38K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$1.10M	USD	2 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$432.54K	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.91M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.82M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$6.68M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.29M	USD	2 Qtrs
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
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	2 Qtrs
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`	$0.51	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`	$0.63	USD	2 Qtrs
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`	$0.05	USD	Point-in-time
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`	$0.05	USD	1 Quarter
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.61	USD	2 Qtrs

Cash Flow Statement 41 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$4.80M	USD	2 Qtrs
Royalties received	`ProceedsFromRoyaltiesReceived`	$15.03M	USD	2 Qtrs
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$137.70K	USD	2 Qtrs
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$37.34K	USD	2 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$1.32M	USD	2 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$1.21M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.85M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.62M	USD	2 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$26.90M	USD	2 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$32.12M	USD	2 Qtrs
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$16.48M	USD	2 Qtrs
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$23.71M	USD	2 Qtrs
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$15.64M	USD	2 Qtrs
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$3.19M	USD	2 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$16.53M	USD	2 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$29.91M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-9.72M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-429.18K	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$452.63K	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`	$458.96K	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`	$452.63K	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`	$458.96K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.18M	USD	Point-in-time
Net income	`ProfitLoss`	$8.29M	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`	$979.14K	USD	2 Qtrs
Increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$3.17M	USD	2 Qtrs
Increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$1.06M	USD	2 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$116.23K	USD	2 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$161.53K	USD	2 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-210.57K	USD	2 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$46.08K	USD	2 Qtrs
Decrease in contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-2.51M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.85M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.62M	USD	2 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$2.76M	USD	2 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$656.00K	USD	2 Qtrs

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