10-Q Filing

MESABI TRUST CIK: 65172 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-011040`
Period End Date	20230430
Filing Date	20230613
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	msb-20230430x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 34 Income Statement 17 Cash Flow Statement 35

Balance Sheet 34 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`	$37.87M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.97M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.10M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$23.56K	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$1.39M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$127.23K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$112.72K	USD	Point-in-time
Current assets	`AssetsCurrent`	$14.60M	USD	Point-in-time
Current assets	`AssetsCurrent`	$14.12M	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`	$14.60M	USD	Point-in-time
Total assets	`Assets`	$14.12M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$215.48K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$380.96K	USD	Point-in-time
Contract liability	`ContractLiabilityNetOfContractAsset`	$2.30M	USD	Point-in-time
Contract liability	`ContractLiabilityNetOfContractAsset`	$1.93M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.14M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.68M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$12.46M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$11.44M	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`	$14.60M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$14.12M	USD	Point-in-time

Income Statement 17 line items

Line Item	Tag	Value	Unit	Period
Royalty income	`RoyaltiesIncomeLoss`	$1.71M	USD	1 Quarter
Royalty income	`RoyaltiesIncomeLoss`	$14.20M	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$759.00	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$137.53K	USD	1 Quarter
Total revenues	`Revenues`	$14.20M	USD	1 Quarter
Total revenues	`Revenues`	$1.85M	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$825.71K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$601.06K	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.60M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.02M	USD	1 Quarter
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.08	USD	1 Quarter
Net income per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$1.04	USD	1 Quarter
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$1.04	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`	-	USD	1 Quarter

Cash Flow Statement 35 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$13.54M	USD	1 Quarter
Interest received	`ProceedsFromInterestReceived`	$465.00	USD	1 Quarter
Interest received	`ProceedsFromInterestReceived`	$113.03K	USD	1 Quarter
Expenses paid	`PaymentsForOperatingActivities`	$444.39K	USD	1 Quarter
Expenses paid	`PaymentsForOperatingActivities`	$976.67K	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.10M	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-863.64K	USD	1 Quarter
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$24.00M	USD	1 Quarter
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$24.00M	USD	1 Quarter
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash from investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Distributions to unitholders	`PaymentsOfDividends`	$22.96M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-863.64K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-9.86M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$47.73M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$37.87M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.97M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.10M	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`	$37.87M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.97M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.10M	USD	Point-in-time
Net income	`ProfitLoss`	$13.60M	USD	1 Quarter
Net income	`ProfitLoss`	$1.02M	USD	1 Quarter
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.32M	USD	1 Quarter
Decrease (increase) in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$1.36M	USD	1 Quarter
Increase in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$2.97M	USD	1 Quarter
Decrease in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-14.52K	USD	1 Quarter
Decrease in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-16.03K	USD	1 Quarter
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$140.64K	USD	1 Quarter
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-165.48K	USD	1 Quarter
Decrease in contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-371.93K	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.10M	USD	1 Quarter
Net cash from (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-863.64K	USD	1 Quarter
Distributions declared and payable	`DistributionsDeclared`	$13.64M	USD	1 Quarter

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