10-Q Filing

MESABI TRUST CIK: 65172 Q3 2021

Filing Information

Form Type	10-Q
Accession Number	`0001558370-20-014281`
Period End Date	20201031
Filing Date	20201209
Fiscal Year	2021
Fiscal Period	Q3
XBRL Instance	msb-20201031x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 38 Income Statement 33 Cash Flow Statement 43

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`	$881.81K	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.11M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$375.05K	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`	$9.29M	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`	$1.18M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$69.59K	USD	Point-in-time
Net contract asset	`ContractWithCustomerAssetsNetOfContractLiabilityCurrent`	$736.14K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$67.65K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$158.87K	USD	Point-in-time
Current assets	`AssetsCurrent`	$17.48M	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`	$17.48M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$9.18M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$4.72M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$120.63K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$238.74K	USD	Point-in-time
Net contract liability	`ContractLiabilityNetOfContractAsset`	$2.51M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.96M	USD	Point-in-time
Total liabilities	`Liabilities`	$11.82M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$12.52M	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`	$23.65M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$17.48M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$26.15M	USD	3 Qtrs
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.74M	USD	1 Quarter
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.49M	USD	1 Quarter
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$15.09M	USD	3 Qtrs
Interest	`InvestmentIncomeInterest`	$34.40K	USD	3 Qtrs
Interest	`InvestmentIncomeInterest`	$72.54K	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$220.01K	USD	3 Qtrs
Interest	`InvestmentIncomeInterest`	$1.10K	USD	1 Quarter
Total revenues	`Revenues`	$26.37M	USD	3 Qtrs
Total revenues	`Revenues`	$6.56M	USD	1 Quarter
Total revenues	`Revenues`	$15.12M	USD	3 Qtrs
Total revenues	`Revenues`	$5.74M	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$1.71M	USD	3 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$1.40M	USD	3 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$410.64K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$610.86K	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.97M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$13.41M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$6.15M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.13M	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	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`	$0.39	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`	$0.47	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$1.02	USD	3 Qtrs
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`	$0.36	USD	Point-in-time
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.36	USD	1 Quarter
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.97	USD	3 Qtrs
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.87	USD	1 Quarter

Cash Flow Statement 43 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$27.12M	USD	3 Qtrs
Royalties received	`ProceedsFromRoyaltiesReceived`	$10.72M	USD	3 Qtrs
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$176.14K	USD	3 Qtrs
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$38.30K	USD	3 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$1.68M	USD	3 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$1.70M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.60M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.08M	USD	3 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$37.03M	USD	3 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$55.38M	USD	3 Qtrs
Sales of U.S. Government securities	`ProceedsFromSaleOfHeldToMaturitySecurities`	$236.99K	USD	3 Qtrs
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$51.57M	USD	3 Qtrs
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$30.47M	USD	3 Qtrs
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$4.04M	USD	3 Qtrs
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$6.56M	USD	3 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$32.67M	USD	3 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$17.19M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-506.76K	USD	3 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-4.06M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$881.81K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.11M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$375.05K	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`	$881.81K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.11M	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`	$10.18M	USD	Point-in-time
Net income	`ProfitLoss`	$24.97M	USD	3 Qtrs
Net income	`ProfitLoss`	$13.41M	USD	3 Qtrs
Increase in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$1.11M	USD	3 Qtrs
Increase in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$69.22K	USD	3 Qtrs
Increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$-56.36K	USD	3 Qtrs
Increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$736.14K	USD	3 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$61.82K	USD	3 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$91.22K	USD	3 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$118.11K	USD	3 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-234.36K	USD	3 Qtrs
Decrease in contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-2.51M	USD	3 Qtrs
Decrease in contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$938.13K	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.60M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.08M	USD	3 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$11.41M	USD	3 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$4.72M	USD	3 Qtrs

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