10-Q Filing

MESABI TRUST CIK: 65172 Q3 2022

Filing Information

Form Type	10-Q
Accession Number	`0001558370-21-016819`
Period End Date	20211031
Filing Date	20211215
Fiscal Year	2022
Fiscal Period	Q3
XBRL Instance	msb-20211031x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 37 Income Statement 33 Cash Flow Statement 42

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`	$45.86M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.11M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.50M	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)	`DebtSecuritiesHeldToMaturityAmortizedCostAfterAllowanceForCreditLossCurrent`	$9.91M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$249.48K	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$8.49M	USD	Point-in-time
Net contract asset	`ContractWithCustomerAssetsNetOfContractLiabilityCurrent`	$551.37K	USD	Point-in-time
Net contract asset	`ContractWithCustomerAssetsNetOfContractLiabilityCurrent`	$177.25K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$202.52K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$94.58K	USD	Point-in-time
Current assets	`AssetsCurrent`	$22.93M	USD	Point-in-time
Current assets	`AssetsCurrent`	$55.10M	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`	$22.93M	USD	Point-in-time
Total assets	`Assets`	$55.10M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$18.63M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$6.04M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$416.67K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$162.69K	USD	Point-in-time
Total liabilities	`Liabilities`	$18.79M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.45M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$36.31M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$16.48M	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`	$55.10M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$22.93M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.74M	USD	1 Quarter
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$52.98M	USD	3 Qtrs
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$15.09M	USD	3 Qtrs
Royalty income	`RevenueFromContractWithCustomerExcludingAssessedTax`	$15.84M	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$522.69K	USD	3 Qtrs
Interest	`InterestIncomeExpenseNet`	$1.10K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$522.03K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$34.40K	USD	3 Qtrs
Total revenues	`Revenues`	$15.12M	USD	3 Qtrs
Total revenues	`Revenues`	$5.74M	USD	1 Quarter
Total revenues	`Revenues`	$53.51M	USD	3 Qtrs
Total revenues	`Revenues`	$16.36M	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$2.18M	USD	3 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$365.30K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$610.86K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$1.71M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$51.32M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$5.13M	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.41M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$15.99M	USD	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	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`	$3.91	USD	3 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$1.02	USD	3 Qtrs
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$1.22	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.39	USD	1 Quarter
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$1.42	USD	Point-in-time
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$1.42	USD	1 Quarter
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$2.40	USD	3 Qtrs
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

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$44.37M	USD	3 Qtrs
Royalties received	`ProceedsFromRoyaltiesReceived`	$10.72M	USD	3 Qtrs
Interest received	`ProceedsFromInterestReceived`	$38.30K	USD	3 Qtrs
Interest received	`ProceedsFromInterestReceived`	$522.71K	USD	3 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$2.54M	USD	3 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$1.68M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$42.35M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.08M	USD	3 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$50.94M	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`	$41.04M	USD	3 Qtrs
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$51.57M	USD	3 Qtrs
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$9.91M	USD	3 Qtrs
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$4.04M	USD	3 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$17.19M	USD	3 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$18.89M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-4.06M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$33.36M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.86M	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`	$12.50M	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`	$45.86M	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`	$12.50M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.18M	USD	Point-in-time
Net income	`ProfitLoss`	$51.32M	USD	3 Qtrs
Net income	`ProfitLoss`	$13.41M	USD	3 Qtrs
Increase in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$8.24M	USD	3 Qtrs
Increase in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$1.11M	USD	3 Qtrs
Decrease (increase) in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$736.14K	USD	3 Qtrs
Decrease (increase) in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$374.12K	USD	3 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$91.22K	USD	3 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$107.94K	USD	3 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$118.11K	USD	3 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-253.99K	USD	3 Qtrs
Increase (decrease) in contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-2.51M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$42.35M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.08M	USD	3 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$4.72M	USD	3 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$18.63M	USD	3 Qtrs

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