10-Q Filing

MESABI TRUST CIK: 65172 Q3 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-22-018602`
Period End Date	20221031
Filing Date	20221213
Fiscal Year	2023
Fiscal Period	Q3
XBRL Instance	msb-20221031x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 35 Income Statement 32 Cash Flow Statement 38

Balance Sheet 35 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`	$14.50M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.86M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.50M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$4.63M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$34.46K	USD	Point-in-time
Contract asset	`ContractWithCustomerAssetsNetOfContractLiabilityCurrent`	-	USD	Point-in-time
Contract asset	`ContractWithCustomerAssetsNetOfContractLiabilityCurrent`	$1.43M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$210.32K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$122.55K	USD	Point-in-time
Current assets	`AssetsCurrent`	$14.75M	USD	Point-in-time
Current assets	`AssetsCurrent`	$53.91M	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`	$53.91M	USD	Point-in-time
Total assets	`Assets`	$14.75M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$22.96M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$296.07K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$158.44K	USD	Point-in-time
Total liabilities	`Liabilities`	$23.12M	USD	Point-in-time
Total liabilities	`Liabilities`	$296.07K	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$14.45M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$30.79M	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`	$14.75M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$53.91M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Royalty income	`RoyaltiesIncomeLoss`	$9.79M	USD	3 Qtrs
Royalty income	`RoyaltiesIncomeLoss`	$15.84M	USD	1 Quarter
Royalty income	`RoyaltiesIncomeLoss`	$52.98M	USD	3 Qtrs
Interest	`InterestIncomeExpenseNet`	$84.68K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$522.69K	USD	3 Qtrs
Interest	`InterestIncomeExpenseNet`	$522.03K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$119.68K	USD	3 Qtrs
Total revenues	`Revenues`	$53.51M	USD	3 Qtrs
Total revenues	`Revenues`	$16.36M	USD	1 Quarter
Total revenues	`Revenues`	$9.91M	USD	3 Qtrs
Total revenues	`Revenues`	$84.68K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$1.59M	USD	3 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$498.37K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$365.30K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$2.18M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$15.99M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-413.69K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$51.32M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$8.32M	USD	3 Qtrs
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	3 Qtrs
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	3 Qtrs
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
Net income (loss) per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.63	USD	3 Qtrs
Net income (loss) per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$1.22	USD	1 Quarter
Net income (loss) per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$3.91	USD	3 Qtrs
Net income (loss) per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	-	USD	1 Quarter
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	-	USD	Point-in-time
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$1.88	USD	3 Qtrs
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`	$1.42	USD	1 Quarter

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$15.86M	USD	3 Qtrs
Royalties received	`ProceedsFromRoyaltiesReceived`	$44.37M	USD	3 Qtrs
Interest received	`ProceedsFromInterestReceived`	$85.36K	USD	3 Qtrs
Interest received	`ProceedsFromInterestReceived`	$522.71K	USD	3 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$2.54M	USD	3 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$1.54M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.40M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$42.35M	USD	3 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$50.94M	USD	3 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$84.86M	USD	3 Qtrs
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$41.04M	USD	3 Qtrs
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$84.86M	USD	3 Qtrs
Net cash from (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$9.91M	USD	3 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$18.89M	USD	3 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$47.63M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$33.36M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-33.22M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$47.73M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.50M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.86M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.50M	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`	$14.50M	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`	$12.50M	USD	Point-in-time
Net income	`ProfitLoss`	$51.32M	USD	3 Qtrs
Net income	`ProfitLoss`	$8.32M	USD	3 Qtrs
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$8.24M	USD	3 Qtrs
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.60M	USD	3 Qtrs
Decrease (increase) in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$-1.43M	USD	3 Qtrs
Decrease (increase) in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$374.12K	USD	3 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$87.77K	USD	3 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$107.94K	USD	3 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-253.99K	USD	3 Qtrs
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$137.62K	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.40M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$42.35M	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.