$MSB
MESABI TRUST

2023 Q2 Form 10-K Financial Statement

#000155837023006525 Filed on April 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2023
Revenue $1.849M -$2.172M $7.742M
YoY Change -86.98% -112.1% -89.17%
Cost Of Revenue $825.7K $842.9K $2.433M
YoY Change 37.37% 64.7% -9.69%
Gross Profit $1.023M -$3.015M $5.309M
YoY Change -92.47% -117.29% -92.28%
Gross Profit Margin 55.34% 68.58%
Selling, General & Admin $1.008M
YoY Change 10.51%
% of Gross Profit 18.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $825.7K $2.433M $1.060M
YoY Change 37.38% 375.38% 9.81%
Operating Profit $197.4K -$5.448M $4.249M
YoY Change -98.48% -132.18% -93.73%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $52.28K
YoY Change -2.14%
Pretax Income $1.023M $5.309M $5.309M
YoY Change -92.47% -69.56% -92.28%
Income Tax
% Of Pretax Income
Net Earnings $1.023M -$3.015M $5.309M
YoY Change -92.47% -117.29% -92.28%
Net Earnings / Revenue 55.34% 68.58%
Basic Earnings Per Share $0.08 -$0.23 $0.41
Diluted Earnings Per Share $0.08 $0.40 $0.40
COMMON SHARES
Basic Shares Outstanding 13.12M 13.12M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.10M $13.97M $13.97M
YoY Change -65.4% -70.74% -70.74%
Cash & Equivalents $13.10M $13.97M $13.97M
Short-Term Investments
Other Short-Term Assets $112.7K $127.2K $127.2K
YoY Change 5.82% 3.82% 3.82%
Inventory
Prepaid Expenses $112.7K $127.2K
Receivables $1.387M $23.56K $23.56K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $14.60M $14.12M $14.12M
YoY Change -67.32% -73.81% -73.81%
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 $3.00 $0.00
YoY Change 0.0% 0.0%
TOTAL ASSETS
Total Short-Term Assets $14.60M $14.12M $14.12M
Total Long-Term Assets $3.00 $3.00 $0.00
Total Assets $14.60M $14.12M $14.12M
YoY Change -67.32% -73.81% -73.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $215.5K $381.0K $381.0K
YoY Change -27.95% 140.44% 140.44%
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 $2.142M $2.679M $2.679M
YoY Change -84.64% -88.41% -88.41%
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 $2.142M $2.679M $2.679M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.142M $2.679M $2.679M
YoY Change -84.64% -88.41% -88.41%
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 $12.46M $11.44M $11.44M
YoY Change
Total Liabilities & Shareholders Equity $14.60M $14.12M $14.12M
YoY Change -67.32% -73.81% -73.81%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2023
OPERATING ACTIVITIES
Net Income $1.023M -$3.015M $5.309M
YoY Change -92.47% -117.29% -92.28%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$863.6K -$538.0K $13.86M
YoY Change -106.59% -102.62% -77.94%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid $47.63M
YoY Change 26.92%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -47.63M
YoY Change -100.0% 26.92%
NET CHANGE
Cash From Operating Activities -863.6K -538.0K 13.86M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 0.000 -47.63M
Net Change In Cash -863.6K -538.0K 13.86M
YoY Change -91.24% -128.81% -60.64%
FREE CASH FLOW
Cash From Operating Activities -$863.6K -$538.0K $13.86M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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>
CY2023 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>
CY2021 msb Distribution Declared Distributions Paid Per Unit
DistributionDeclaredDistributionsPaidPerUnit
1.67
CY2022Q2 us-gaap Revenues
Revenues
14196248
CY2023Q1 msb Cash And Cash Equivalents And Us Government Securities
CashAndCashEquivalentsAndUSGovernmentSecurities
13966500
CY2022Q1 msb Cash And Cash Equivalents And Us Government Securities
CashAndCashEquivalentsAndUSGovernmentSecurities
47727522
CY2022Q1 us-gaap Interest And Dividends Payable Current
InterestAndDividendsPayableCurrent
22960018
CY2023Q1 msb Unallocated Cash And Cash Equivalents And Us Government Securities
UnallocatedCashAndCashEquivalentsAndUSGovernmentSecurities
13966500
CY2022Q1 msb Unallocated Cash And Cash Equivalents And Us Government Securities
UnallocatedCashAndCashEquivalentsAndUSGovernmentSecurities
24767504
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
30794752
CY2023 us-gaap Net Income Loss
NetIncomeLoss
5309085
CY2023Q1 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
1.8800
CY2023 msb Distributions Paid And Declared
DistributionsPaidAndDeclared
24665620
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
11438217
CY2023 us-gaap Payments Of Dividends
PaymentsOfDividends
47625638
CY2023 msb Distribution Declared Distributions Paid Per Unit
DistributionDeclaredDistributionsPaidPerUnit
3.63
CY2022 us-gaap Payments Of Dividends
PaymentsOfDividends
37523229
CY2022Q3 us-gaap Revenues
Revenues
-4366811
CY2022Q4 us-gaap Revenues
Revenues
84681
CY2023Q1 us-gaap Revenues
Revenues
-2172144
CY2022Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
601063
CY2022Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
490560
CY2022Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
498373
CY2023Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
842893
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
13595185
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-4857371
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
-413692
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-3015037
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.036
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.370
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.032
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.230
CY2021Q2 us-gaap Revenues
Revenues
9402651
CY2021Q3 us-gaap Revenues
Revenues
27744215
CY2021Q4 us-gaap Revenues
Revenues
16358207
CY2022Q1 us-gaap Revenues
Revenues
17954717
CY2021Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
828781
CY2021Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
988185
CY2021Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
365301
CY2022Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
511778
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
8573870
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
26756030
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
15992906
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
17442939
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.653
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.039
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.219
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.329

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