10-Q Filing

MESABI TRUST CIK: 65172 Q3 2024

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-019801`
Period End Date	20231031
Filing Date	20231214
Fiscal Year	2024
Fiscal Period	Q3
XBRL Instance	msb-20231031x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 36 Income Statement 32 Cash Flow Statement 33

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`	$22.91M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.97M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.50M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$47.73M	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$23.56K	USD	Point-in-time
Accrued income receivable	`AccountsReceivableNetCurrent`	$1.89M	USD	Point-in-time
Contract asset	`CommodityContractAssetCurrent`	$1.00M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$212.76K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$127.23K	USD	Point-in-time
Current assets	`AssetsCurrent`	$26.01M	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`	$26.01M	USD	Point-in-time
Total assets	`Assets`	$14.12M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$4.59M	USD	Point-in-time
Distribution payable	`InterestAndDividendsPayableCurrent`	$4.59M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrentAndNoncurrent`	$282.24K	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`	$4.87M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.68M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$11.44M	USD	Point-in-time
Unallocated reserve	`UnallocatedReserve`	$21.14M	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`	$26.01M	USD	Point-in-time
Total liabilities, unallocated reserve and trust corpus	`LiabilitiesAndStockholdersEquity`	$14.12M	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`	$16.11M	USD	3 Qtrs
Royalty income	`RoyaltiesIncomeLoss`	$4.66M	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$528.15K	USD	3 Qtrs
Interest	`InterestIncomeExpenseNet`	$84.68K	USD	1 Quarter
Interest	`InterestIncomeExpenseNet`	$119.68K	USD	3 Qtrs
Interest	`InterestIncomeExpenseNet`	$231.97K	USD	1 Quarter
Total revenues	`Revenues`	$9.91M	USD	3 Qtrs
Total revenues	`Revenues`	$4.90M	USD	1 Quarter
Total revenues	`Revenues`	$16.63M	USD	3 Qtrs
Total revenues	`Revenues`	$84.68K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$810.00K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$498.37K	USD	1 Quarter
Expenses	`CostOfGoodsAndServicesSold`	$1.59M	USD	3 Qtrs
Expenses	`CostOfGoodsAndServicesSold`	$2.34M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$8.32M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$14.29M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-413.69K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.09M	USD	1 Quarter
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	1 Quarter
Number of units outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	13.12M	shares	3 Qtrs
Net income (loss) per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Net income (loss) per unit (Note 2) (in dollars per unit)	`EarningsPerShareBasic`	$0.31	USD	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`	$1.09	USD	3 Qtrs
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`	-	USD	1 Quarter
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.35	USD	3 Qtrs
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.35	USD	Point-in-time
Distribution declared per unit (Note 3) (in dollars per unit)	`DistributionDeclaredDistributionsPaidPerUnit`	$0.35	USD	1 Quarter

Cash Flow Statement 33 line items

Line Item	Tag	Value	Unit	Period
Royalties received	`ProceedsFromRoyaltiesReceived`	$10.99M	USD	3 Qtrs
Royalties received	`ProceedsFromRoyaltiesReceived`	$15.86M	USD	3 Qtrs
Interest received	`ProceedsFromInterestReceived`	$484.31K	USD	3 Qtrs
Interest received	`ProceedsFromInterestReceived`	$85.36K	USD	3 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$2.53M	USD	3 Qtrs
Expenses paid	`PaymentsForOperatingActivities`	$1.54M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.95M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.40M	USD	3 Qtrs
Distributions to unitholders	`PaymentsOfDividends`	$47.63M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-33.22M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$8.95M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.91M	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`	$14.50M	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`	$22.91M	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`	$14.50M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$47.73M	USD	Point-in-time
Net income	`ProfitLoss`	$14.29M	USD	3 Qtrs
Net income	`ProfitLoss`	$8.32M	USD	3 Qtrs
(Increase) decrease in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$1.86M	USD	3 Qtrs
(Increase) decrease in accrued income receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.60M	USD	3 Qtrs
(Increase) decrease in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$1.00M	USD	3 Qtrs
(Increase) decrease in contract asset	`IncreaseDecreaseInContractWithCustomerAsset`	$-1.43M	USD	3 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$87.77K	USD	3 Qtrs
Increase in prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$85.52K	USD	3 Qtrs
(Decrease) increase in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-98.72K	USD	3 Qtrs
(Decrease) increase in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$137.62K	USD	3 Qtrs
Decrease in contract liability	`IncreaseDecreaseInContractWithCustomerLiability`	$-2.30M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.95M	USD	3 Qtrs
Net cash from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.40M	USD	3 Qtrs
Distributions declared and payable	`DistributionsDeclared`	$4.59M	USD	3 Qtrs

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