10-Q Filing

MESABI TRUST CIK: 65172 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001558370-21-008236`
Period End Date	20210430
Filing Date	20210611
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	msb-20210430x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 38 Income Statement 17 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`	$10.18M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.50M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.28M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.90M	USD	Point-in-time
U.S. Government securities, at amortized cost (which approximates fair value)	`HeldToMaturitySecuritiesCurrent`	$9.83M	USD	Point-in-time
U.S. Government securities, at amortized cost (which approximates fair value)	`HeldToMaturitySecuritiesCurrent`	$9.91M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$5.61M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$249.48K	USD	Point-in-time
Net contract asset	`ContractWithCustomerAssetsNetOfContractLiabilityCurrent`	$177.25K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$94.58K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$91.73K	USD	Point-in-time
Current assets	`AssetsCurrent`	$27.43M	USD	Point-in-time
Current assets	`AssetsCurrent`	$22.93M	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`	$27.43M	USD	Point-in-time
Total assets	`Assets`	$22.93M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$6.04M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$11.68M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$416.67K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$259.26K	USD	Point-in-time
Net contract liability	`ContractLiabilityNetOfContractAsset`	$2.12M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.45M	USD	Point-in-time
Total liabilities	`Liabilities`	$14.06M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$16.48M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$13.37M	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`	$27.43M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$22.93M	USD	Point-in-time

Income Statement 17 line items

Line Item	Tag	Value	Unit	Period
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.14M	USD	1 Quarter
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$9.40M	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$33.27K	USD	1 Quarter
Interest	`InvestmentIncomeInterest`	$484.00	USD	1 Quarter
Total revenues	`Revenues`	$2.17M	USD	1 Quarter
Total revenues	`Revenues`	$9.40M	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$557.14K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$828.78K	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.57M	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`	$0.65	USD	1 Quarter
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.89	USD	Point-in-time
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 41 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$449.50K	USD	1 Quarter
Royalties received	`ProceedsFromRoyaltiesReceived`	$6.34M	USD	1 Quarter
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$653.00	USD	1 Quarter
Interest received	`ProceedsFromMaturitiesPrepaymentsAndCallsOfSecuritiesOperatingActivities`	$37.31K	USD	1 Quarter
Expenses paid	`PaymentsForOperatingActivities`	$529.26K	USD	1 Quarter
Expenses paid	`PaymentsForOperatingActivities`	$983.33K	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.36M	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-42.45K	USD	1 Quarter
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$26.90M	USD	1 Quarter
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$41.12M	USD	1 Quarter
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$13.57M	USD	1 Quarter
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$41.04M	USD	1 Quarter
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$13.33M	USD	1 Quarter
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$80.67K	USD	1 Quarter
Distributions to unitholders	`PaymentsOfDividends`	$6.04M	USD	1 Quarter
Distributions to unitholders	`PaymentsOfDividends`	$9.18M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.11M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-597.18K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.18M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.50M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.28M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.90M	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`	$12.50M	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`	$11.90M	USD	Point-in-time
Net income	`ProfitLoss`	$1.61M	USD	1 Quarter
Net income	`ProfitLoss`	$8.57M	USD	1 Quarter
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$-38.60K	USD	1 Quarter
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$5.36M	USD	1 Quarter
Decrease in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$-177.25K	USD	1 Quarter
Decrease (increase) in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$11.20K	USD	1 Quarter
Decrease (increase) in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-2.86K	USD	1 Quarter
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$39.08K	USD	1 Quarter
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-157.41K	USD	1 Quarter
Increase (decrease) in contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$2.12M	USD	1 Quarter
Increase (decrease) in contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-1.72M	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.36M	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-42.45K	USD	1 Quarter
Distributions declared and payable	`DistributionsDeclared`	$11.68M	USD	1 Quarter
Distributions declared and payable	`DistributionsDeclared`	$7.35M	USD	1 Quarter

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