10-Q Filing

MESABI TRUST CIK: 65172 Q2 2024

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-015708`
Period End Date	20230731
Filing Date	20230913
Fiscal Year	2024
Fiscal Period	Q2
XBRL Instance	msb-20230731x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 34 Income Statement 33 Cash Flow Statement 38

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`	$13.97M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.75M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.45M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$47.73M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$1.81M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$23.56K	USD	Point-in-time
Contract asset	`CommodityContractAssetCurrent`	$2.03M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$127.23K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$303.94K	USD	Point-in-time
Current assets	`AssetsCurrent`	$21.90M	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`	$21.90M	USD	Point-in-time
Total assets	`Assets`	$14.12M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$256.43K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$380.96K	USD	Point-in-time
Contract liability	`ContractLiabilityNetOfContractAsset`	$2.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.68M	USD	Point-in-time
Total liabilities	`Liabilities`	$256.43K	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$21.64M	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`	$21.90M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$14.12M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Royalty income (loss)	`RoyaltiesIncomeLoss`	$9.79M	USD	2 Qtrs
Royalty income (loss)	`RoyaltiesIncomeLoss`	$9.73M	USD	1 Quarter
Royalty income (loss)	`RoyaltiesIncomeLoss`	$11.44M	USD	2 Qtrs
Royalty income (loss)	`RoyaltiesIncomeLoss`	$-4.40M	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$35.00K	USD	2 Qtrs
Interest	`InterestIncomeExpenseNet`	$34.24K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$158.65K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$296.18K	USD	2 Qtrs
Total revenues (loss)	`Revenues`	$9.83M	USD	2 Qtrs
Total revenues (loss)	`Revenues`	$-4.37M	USD	1 Quarter
Total revenues (loss)	`Revenues`	$11.74M	USD	2 Qtrs
Total revenues (loss)	`Revenues`	$9.89M	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$1.09M	USD	2 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$490.56K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$1.53M	USD	2 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$705.90K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$10.21M	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`	$9.18M	USD	1 Quarter
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
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	2 Qtrs
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`	$0.78	USD	2 Qtrs
Net income (loss) per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.70	USD	1 Quarter
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`	$1.88	USD	2 Qtrs
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	2 Qtrs
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`	-	USD	Point-in-time

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$5.32M	USD	2 Qtrs
Royalties received	`ProceedsFromRoyaltiesReceived`	$15.86M	USD	2 Qtrs
Interest received	`ProceedsFromInterestReceived`	$25.67K	USD	2 Qtrs
Interest received	`ProceedsFromInterestReceived`	$295.75K	USD	2 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$1.83M	USD	2 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$1.22M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.67M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.78M	USD	2 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$49.17M	USD	2 Qtrs
Maturities of U.S. Government securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities`	$54.00M	USD	2 Qtrs
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$72.50M	USD	2 Qtrs
Purchases of U.S. Government securities	`PaymentsToAcquireHeldToMaturitySecurities`	$54.00M	USD	2 Qtrs
Net cash from (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-23.34M	USD	2 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$36.60M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-45.27M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$3.78M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.97M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.75M	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`	$47.73M	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`	$17.75M	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`	$47.73M	USD	Point-in-time
Net income	`ProfitLoss`	$10.21M	USD	2 Qtrs
Net income	`ProfitLoss`	$8.74M	USD	2 Qtrs
(Increase) decrease in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$1.79M	USD	2 Qtrs
(Increase) decrease in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.62M	USD	2 Qtrs
(Increase) decrease in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$-1.43M	USD	2 Qtrs
(Increase) decrease in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$2.03M	USD	2 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$176.71K	USD	2 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$176.94K	USD	2 Qtrs
(Decrease) increase in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$52.31K	USD	2 Qtrs
(Decrease) increase in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-124.53K	USD	2 Qtrs
Decrease in contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-2.30M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.67M	USD	2 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.78M	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.