10-Q Filing

MESABI TRUST CIK: 65172 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-22-014375`
Period End Date	20220731
Filing Date	20220913
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	msb-20220731x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 36 Income Statement 33 Cash Flow Statement 41

Balance Sheet 36 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`	$47.73M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.50M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.45M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.31M	USD	Point-in-time
U.S. Government securities, at amortized cost (which approximates fair value)	`DebtSecuritiesHeldToMaturityAmortizedCostAfterAllowanceForCreditLossCurrent`	$23.34M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$9.48K	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$4.63M	USD	Point-in-time
Contract asset	`ContractWithCustomerAssetsNetOfContractLiabilityCurrent`	$1.43M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$299.49K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$122.55K	USD	Point-in-time
Current assets	`AssetsCurrent`	$53.91M	USD	Point-in-time
Current assets	`AssetsCurrent`	$26.10M	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`	$26.10M	USD	Point-in-time
Total assets	`Assets`	$53.91M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$11.02M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$22.96M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$158.44K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$210.75K	USD	Point-in-time
Total liabilities	`Liabilities`	$23.12M	USD	Point-in-time
Total liabilities	`Liabilities`	$11.23M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$30.79M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$14.87M	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`	$53.91M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$26.10M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Royalty income (loss)	`RoyaltiesIncomeLoss`	$-4.40M	USD	1 Quarter
Royalty income (loss)	`RoyaltiesIncomeLoss`	$37.15M	USD	2 Qtrs
Royalty income (loss)	`RoyaltiesIncomeLoss`	$27.74M	USD	1 Quarter
Royalty income (loss)	`RoyaltiesIncomeLoss`	$9.79M	USD	2 Qtrs
Interest	`InterestIncomeExpenseNet`	$663.00	USD	2 Qtrs
Interest	`InterestIncomeExpenseNet`	$34.24K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$35.00K	USD	2 Qtrs
Interest	`InterestIncomeExpenseNet`	$179.00	USD	1 Quarter
Total revenues (loss)	`Revenues`	$27.74M	USD	1 Quarter
Total revenues (loss)	`Revenues`	$9.83M	USD	2 Qtrs
Total revenues (loss)	`Revenues`	$-4.37M	USD	1 Quarter
Total revenues (loss)	`Revenues`	$37.15M	USD	2 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$490.56K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$1.82M	USD	2 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$988.18K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$1.09M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$8.74M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-4.86M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$26.76M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$35.33M	USD	2 Qtrs
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	2 Qtrs
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	2 Qtrs
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
Net income (loss) per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$2.69	USD	2 Qtrs
Net income (loss) per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$2.04	USD	1 Quarter
Net income (loss) per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.67	USD	2 Qtrs
Net income (loss) 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`	$0.84	USD	Point-in-time
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.84	USD	1 Quarter
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$1.88	USD	2 Qtrs
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.09	USD	1 Quarter
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.98	USD	2 Qtrs

Cash Flow Statement 41 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$25.84M	USD	2 Qtrs
Royalties received	`ProceedsFromRoyaltiesReceived`	$15.86M	USD	2 Qtrs
Interest received	`ProceedsFromInterestReceived`	$25.67K	USD	2 Qtrs
Interest received	`ProceedsFromInterestReceived`	$797.00	USD	2 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$1.22M	USD	2 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$2.22M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$23.61M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.67M	USD	2 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$50.94M	USD	2 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$49.17M	USD	2 Qtrs
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$41.04M	USD	2 Qtrs
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$72.50M	USD	2 Qtrs
Net cash from (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-23.34M	USD	2 Qtrs
Net cash from (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$9.91M	USD	2 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$36.60M	USD	2 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$17.71M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-45.27M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$15.81M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$47.73M	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`	$2.45M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.31M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$47.73M	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`	$2.45M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.31M	USD	Point-in-time
Net income	`ProfitLoss`	$8.74M	USD	2 Qtrs
Net income	`ProfitLoss`	$35.33M	USD	2 Qtrs
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.62M	USD	2 Qtrs
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$12.39M	USD	2 Qtrs
Decrease in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$-1.43M	USD	2 Qtrs
Decrease in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$-177.25K	USD	2 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$193.75K	USD	2 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$176.94K	USD	2 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-210.68K	USD	2 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$52.31K	USD	2 Qtrs
Increase in contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$896.93K	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$23.61M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.67M	USD	2 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$1.18M	USD	2 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$11.02M	USD	2 Qtrs

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