$MSB
MESABI TRUST

2020 Q1 Form 10-K Financial Statement

#000155837021004921 Filed on April 27, 2021

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019 Q3
Revenue $5.619M $6.561M $14.34M
YoY Change -24.88% -53.04% -25.1%
Cost Of Revenue $535.4K $410.6K $432.5K
YoY Change
Gross Profit $5.084M $6.150M $13.91M
YoY Change
Gross Profit Margin 90.47% 93.74% 96.98%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $540.0K $410.0K $430.0K
YoY Change -22.86% 5.13% 53.57%
Operating Profit $4.544M $5.740M $13.48M
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $5.080M $6.150M $13.91M
YoY Change -25.18% -54.75% -26.29%
Income Tax
% Of Pretax Income
Net Earnings $5.084M $6.150M $13.91M
YoY Change -25.13% -54.74% -26.28%
Net Earnings / Revenue 90.47% 93.74% 96.98%
Basic Earnings Per Share $0.39 $0.47 $1.06
Diluted Earnings Per Share $387.2K $468.8K $1.060M
COMMON SHARES
Basic Shares Outstanding 13.12M 13.12M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.51M $25.94M $16.94M
YoY Change -28.76% -21.82% -6.41%
Cash & Equivalents $10.18M $375.1K $452.6K
Short-Term Investments $13.33M $25.56M $16.48M
Other Short-Term Assets $70.00K $120.0K $170.0K
YoY Change 40.0% 20.0% 13.33%
Inventory
Prepaid Expenses $67.65K
Receivables $69.59K $2.410M $7.040M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $23.65M $28.46M $24.15M
YoY Change -33.29% -30.16% -19.58%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00 $0.00
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $3.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $23.65M $28.46M $24.15M
Total Long-Term Assets $3.00 $0.00 $0.00
Total Assets $23.65M $28.46M $24.15M
YoY Change -33.29% -30.16% -19.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $120.0K $180.0K $200.0K
YoY Change -70.73% 12.5% 42.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.82M $12.53M $2.960M
YoY Change -36.62% 0.32% -2.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $11.82M $12.53M $2.960M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $11.82M $12.53M $2.960M
YoY Change -36.64% 0.32% -2.31%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.83M $15.93M $21.20M
YoY Change
Total Liabilities & Shareholders Equity $23.65M $28.46M $24.15M
YoY Change -33.29% -30.16% -19.58%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $5.084M $6.150M $13.91M
YoY Change -25.13% -54.74% -26.28%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $8.990M $11.75M $11.48M
YoY Change -26.07% -34.61% -9.32%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $12.23M -$9.080M $210.0K
YoY Change 2617.78% -38.1% -102.19%
Cash From Investing Activities $12.23M -$9.080M $210.0K
YoY Change 2617.78% -38.1% -102.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.41M -2.760M -11.67M
YoY Change -7.46% -4.17% 97.46%
NET CHANGE
Cash From Operating Activities 8.990M 11.75M 11.48M
Cash From Investing Activities 12.23M -9.080M 210.0K
Cash From Financing Activities -11.41M -2.760M -11.67M
Net Change In Cash 9.810M -90.00K 20.00K
YoY Change 3403.57% -121.43% -100.71%
FREE CASH FLOW
Cash From Operating Activities $8.990M $11.75M $11.48M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2021 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><i style="font-style:italic;">Concentration of Credit Risk</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="white-space:pre-wrap;">Financial instruments which potentially subject the Trust to concentrations of credit risk consist primarily of cash that is maintained at an FDIC insured financial institution. At times during the year, the Trust’s cash balance may exceed insured limits.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="white-space:pre-wrap;">As further described in Note 1, NMC is the lessee/operator of the Mesabi Trust land. All royalty income earned by the Trust is received from NMC, and accordingly, substantially all of the accrued income receivable, contract assets and contract liabilities are also with NMC.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p>
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><i style="font-style:italic;">Accounting Estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="white-space:pre-wrap;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires the Trustees to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Specifically, the accrued income receivable, contract asset, contract liability and related royalty revenue are significant estimates which are subject to change in the near term, and changes to these estimates could have a material effect on the Trust’s financial statements.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="white-space:pre-wrap;">On December 9, 2019, the Trustees of Mesabi Trust announced that the Trust initiated arbitration against Northshore, the lessee/operator of the leased lands, and its parent, Cliffs. The arbitration proceeding was commenced with the American Arbitration Association. The Trust asserts claims concerning the calculation of royalties related to the production, shipment and sale of iron ore, including DR-grade pellets. More particularly, the claims involve the Trust’s allegations that Northshore and Cliffs have improperly manipulated royalty amounts with respect to DR-grade pellets by orchestrating isolated sale transactions of low silica iron ore into international markets at prices significantly below standard pellet pricing. Based on information currently available to the Trust, the Trust seeks an award of damages, along with specific performance and declaratory relief. The arbitration is in its early stages and no hearings have been set.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="white-space:pre-wrap;">It is difficult to foresee the results of legal actions, arbitration matters and other proceedings currently involving the Mesabi Trust or of those which may arise in the future, and an adverse result in these matters could have a material adverse effect on the market value of Mesabi Trust units and on Mesabi Trust’s asset value, royalty income, results of operations and financial condition. To date, no amounts for loss or gain contingencies related to this arbitration have been recognized in the financial statements.</span></p>
CY2021Q1 msb Cash And Cash Equivalents And Us Government Securities
CashAndCashEquivalentsAndUSGovernmentSecurities
22407610
CY2020Q1 msb Cash And Cash Equivalents And Us Government Securities
CashAndCashEquivalentsAndUSGovernmentSecurities
23510129
CY2021Q1 us-gaap Interest And Dividends Payable Current
InterestAndDividendsPayableCurrent
6035205
CY2020Q1 us-gaap Interest And Dividends Payable Current
InterestAndDividendsPayableCurrent
9184007
CY2021Q1 msb Unallocated Cash And Cash Equivalents And Us Government Securities
UnallocatedCashAndCashEquivalentsAndUSGovernmentSecurities
16372405
CY2020Q1 msb Unallocated Cash And Cash Equivalents And Us Government Securities
UnallocatedCashAndCashEquivalentsAndUSGovernmentSecurities
14326122
CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
11831017
CY2021 us-gaap Net Income Loss
NetIncomeLoss
23407647
CY2021 msb Distributions Paid And Declared
DistributionsPaidAndDeclared
18761615
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
16477049
CY2021 us-gaap Payments Of Dividends
PaymentsOfDividends
21910417
CY2021 msb Distribution Declared Distributions Paid Per Unit
DistributionDeclaredDistributionsPaidPerUnit
1.67
CY2020 us-gaap Payments Of Dividends
PaymentsOfDividends
44083234
CY2020 msb Distribution Declared Distributions Paid Per Unit
DistributionDeclaredDistributionsPaidPerUnit
3.36
CY2019 us-gaap Payments Of Dividends
PaymentsOfDividends
36604828
CY2019 msb Distribution Declared Distributions Paid Per Unit
DistributionDeclaredDistributionsPaidPerUnit
2.79
CY2021 msb Fourth Quarterly Distribution Declared Or Paid Per Unit
FourthQuarterlyDistributionDeclaredOrPaidPerUnit
0.46
CY2020Q2 us-gaap Revenues
Revenues
2168763
CY2020Q3 us-gaap Revenues
Revenues
7218385
CY2020Q4 us-gaap Revenues
Revenues
5737255
CY2021Q1 us-gaap Revenues
Revenues
10826164
CY2020Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
557142
CY2020Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
542382
CY2020Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
610856
CY2021Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
832540
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
1611621
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
6676003
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
5126399
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
9993624
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.123
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.509
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.391
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.762
CY2019Q2 us-gaap Revenues
Revenues
5466873
CY2019Q3 us-gaap Revenues
Revenues
14344224
CY2019Q4 us-gaap Revenues
Revenues
6560841
CY2020Q1 us-gaap Revenues
Revenues
5618936
CY2019Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
556585
CY2019Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
432537
CY2019Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
410645
CY2020Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
535355
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
4910288
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
13911687
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
6150196
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
5083581
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.374
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.060
CY2019Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.469
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.387

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