$MSB
MESABI TRUST Stock $msb

$msb Overview Financials Valuation SEC Filings Company Website

2024 Q2 Form 10-K Financial Statement

#000155837024005598 Filed on April 24, 2024

Income Statement

Concept	2024 Q2	2024 Q1	2024
Revenue	$6.251M	$6.228M	$22.86M
YoY Change	238.08%	-386.72%	195.3%
Cost Of Revenue	$2.767M		$3.879M
YoY Change	235.08%		59.43%
Gross Profit	$3.484M		$18.98M
YoY Change	240.5%		257.56%
Gross Profit Margin	55.74%		83.03%
Selling, General & Admin			$976.1K
YoY Change			-3.17%
% of Gross Profit			5.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses	$2.767M	$1.537M	$1.306M
YoY Change	235.08%	-36.82%	23.2%
Operating Profit	$717.0K		$17.68M
YoY Change	263.17%		316.05%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net			$330.3K
YoY Change			531.69%
Pretax Income	$3.484M	$4.691M	$18.98M
YoY Change	240.5%	-11.65%	257.56%
Income Tax
% Of Pretax Income
Net Earnings	$3.484M	$4.691M	$18.98M
YoY Change	240.5%	-255.58%	257.56%
Net Earnings / Revenue	55.74%	75.32%	83.03%
Basic Earnings Per Share	$0.27		$1.45
Diluted Earnings Per Share	$0.27	$0.36	$1.45
COMMON SHARES
Basic Shares Outstanding	13.12M		13.12M
Diluted Shares Outstanding

Balance Sheet

Concept	2024 Q2	2024 Q1	2024
SHORT-TERM ASSETS
Cash & Short-Term Investments	$21.63M	$23.98M	$23.98M
YoY Change	65.08%	71.7%	71.7%
Cash & Equivalents	$21.63M	$23.98M	$23.98M
Short-Term Investments
Other Short-Term Assets	$112.4K	$297.7K	$297.7K
YoY Change	-0.31%	133.95%	133.95%
Inventory
Prepaid Expenses	$112.4K	$297.6K
Receivables	$1.829M	$1.960M	$2.412M
Other Receivables	$0.00	$0.00	$0.00
Total Short-Term Assets	$25.13M	$26.69M	$26.69M
YoY Change	72.1%	89.06%	89.06%
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	$25.13M	$26.69M	$26.69M
Total Long-Term Assets	$3.00	$3.00	$0.00
Total Assets	$25.13M	$26.69M	$26.69M
YoY Change	72.1%	89.06%	89.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses	$672.2K	$860.8K	$860.8K
YoY Change	211.96%	125.96%	125.96%
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	$4.477M	$5.715M	$5.715M
YoY Change	109.04%	113.33%	113.33%
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	$4.477M	$5.715M	$5.715M
Total Long-Term Liabilities	$0.00	$0.00	$0.00
Total Liabilities	$4.477M	$5.715M	$5.715M
YoY Change	109.04%	113.33%	113.33%
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	$20.65M	$20.98M	$20.98M
YoY Change
Total Liabilities & Shareholders Equity	$25.13M	$26.69M	$26.69M
YoY Change	72.1%	89.06%	89.06%

Cashflow Statement

Concept	2024 Q2	2024 Q1	2024
OPERATING ACTIVITIES
Net Income	$3.484M	$4.691M	$18.98M
YoY Change	240.5%	-255.58%	257.56%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities	$2.504M	$5.660M	$14.61M
YoY Change	-389.93%	-1151.92%	5.35%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid	$4.854M		$4.592M
YoY Change			-90.36%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-4.854M	-4.592M	-4.592M
YoY Change			-90.36%
NET CHANGE
Cash From Operating Activities	2.504M	5.660M	14.61M
Cash From Investing Activities
Cash From Financing Activities	-4.854M	-4.592M	-4.592M
Net Change In Cash	2.504M	1.068M	14.61M
YoY Change	-389.93%	-298.45%	5.35%
FREE CASH FLOW
Cash From Operating Activities	$2.504M	$5.660M	$14.61M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value
CY2024	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2024
CY2024	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	FY
CY2024	dei	Entity Central Index Key EntityCentralIndexKey	0000065172
CY2024	dei	Amendment Flag AmendmentFlag	false
CY2024	dei	Document Type DocumentType	10-K
CY2024	dei	Document Annual Report DocumentAnnualReport	true
CY2024	dei	Document Period End Date DocumentPeriodEndDate	2024-01-31
CY2024	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--01-31
CY2024	dei	Document Transition Report DocumentTransitionReport	false
CY2024	dei	Entity File Number EntityFileNumber	1-4488
CY2024	dei	Entity Registrant Name EntityRegistrantName	MESABI TRUST
CY2024	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	NY
CY2024	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	13-6022277
CY2024	dei	Entity Address Address Line1 EntityAddressAddressLine1	1 Columbus Circle, 17th Floor
CY2024	dei	Entity Address Address Line2 EntityAddressAddressLine2	Mail Stop: NYC01-1710
CY2024	dei	Entity Address City Or Town EntityAddressCityOrTown	New York
CY2024	dei	Entity Address State Or Province EntityAddressStateOrProvince	NY
CY2024	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	10019
CY2024	dei	City Area Code CityAreaCode	904
CY2024	dei	Local Phone Number LocalPhoneNumber	271-2520
CY2024	dei	Security12b Title Security12bTitle	Units of Beneficial Interest in Mesabi Trust
CY2024	dei	Trading Symbol TradingSymbol	MSB
CY2024	dei	Security Exchange Name SecurityExchangeName	NYSE
CY2024	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	No
CY2024	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
CY2024	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2024	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2024	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
CY2024	dei	Entity Small Business EntitySmallBusiness	true
CY2024	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
CY2024	dei	Icfr Auditor Attestation Flag IcfrAuditorAttestationFlag	false
CY2024	dei	Document Fin Stmt Error Correction Flag DocumentFinStmtErrorCorrectionFlag	false
CY2024	dei	Entity Shell Company EntityShellCompany	false
CY2023Q3	dei	Entity Public Float EntityPublicFloat	257740949
CY2024Q2	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	13120010
CY2024Q1	msb	Rule10b51 Arr Modified Flag Rule10b51ArrModifiedFlag	false
CY2024Q1	msb	Non Rule10b51 Arr Modified Flag NonRule10b51ArrModifiedFlag	false
CY2024Q1	ecd	Rule10b51 Arr Adopted Flag Rule10b51ArrAdoptedFlag	false
CY2024Q1	ecd	Non Rule10b51 Arr Adopted Flag NonRule10b51ArrAdoptedFlag	false
CY2024Q1	ecd	Rule10b51 Arr Trmntd Flag Rule10b51ArrTrmntdFlag	false
CY2024Q1	ecd	Non Rule10b51 Arr Trmntd Flag NonRule10b51ArrTrmntdFlag	false
CY2024	msb	Period Of Termination After Death Of Last Survivor PeriodOfTerminationAfterDeathOfLastSurvivor	P21Y
CY2024	msb	Trust Agreement Age Of Youngest Survivor TrustAgreementAgeOfYoungestSurvivor	P63Y
CY2024	msb	Bonus Royalty Percentage BonusRoyaltyPercentage	0.005
CY2024	dei	Auditor Firm AuditorFirmId	542
CY2024	dei	Auditor Name AuditorName	Baker Tilly US, LLP
CY2024	dei	Auditor Location AuditorLocation	Minneapolis, Minnesota
CY2024Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	23980448
CY2023Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	13966500
CY2024Q1	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	1960358
CY2023Q1	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	23562
CY2024Q1	us-gaap	Commodity Contract Asset Current CommodityContractAssetCurrent	451896
CY2024Q1	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	297647
CY2023Q1	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	127233
CY2024Q1	us-gaap	Assets Current AssetsCurrent	26690349
CY2023Q1	us-gaap	Assets Current AssetsCurrent	14117295
CY2024Q1	msb	Amended Assignments Of Lease Property AmendedAssignmentsOfLeaseProperty	1
CY2023Q1	msb	Amended Assignments Of Lease Property AmendedAssignmentsOfLeaseProperty	1
CY2024	msb	Transfer Agent And Registrar Fees TransferAgentAndRegistrarFees	4693
CY2023	msb	Transfer Agent And Registrar Fees TransferAgentAndRegistrarFees	5901
CY2024Q1	msb	Assignments Of Leased Property AssignmentsOfLeasedProperty	1
CY2023Q1	msb	Assignments Of Leased Property AssignmentsOfLeasedProperty	1
CY2023Q1	us-gaap	Shares Outstanding SharesOutstanding	13120010
CY2024Q1	us-gaap	Shares Outstanding SharesOutstanding	13120010
CY2024Q1	msb	Certificate Of Beneficial Interest Land Trust CertificateOfBeneficialInterestLandTrust	1
CY2023Q1	msb	Certificate Of Beneficial Interest Land Trust CertificateOfBeneficialInterestLandTrust	1
CY2024Q1	msb	Fixed Property Including Intangible FixedPropertyIncludingIntangible	3
CY2023Q1	msb	Fixed Property Including Intangible FixedPropertyIncludingIntangible	3
CY2024Q1	us-gaap	Assets Assets	26690352
CY2023Q1	us-gaap	Assets Assets	14117298
CY2024Q1	us-gaap	Interest And Dividends Payable Current InterestAndDividendsPayableCurrent	4854404
CY2024Q1	us-gaap	Accrued Liabilities Current And Noncurrent AccruedLiabilitiesCurrentAndNoncurrent	860802
CY2023Q1	us-gaap	Accrued Liabilities Current And Noncurrent AccruedLiabilitiesCurrentAndNoncurrent	380960
CY2023Q1	msb	Contract Liability Net Of Contract Asset ContractLiabilityNetOfContractAsset	2298121
CY2024Q1	us-gaap	Liabilities Liabilities	5715206
CY2023Q1	us-gaap	Liabilities Liabilities	2679081
CY2024Q1	msb	Unallocated Reserve UnallocatedReserve	20975143
CY2023Q1	msb	Unallocated Reserve UnallocatedReserve	11438214
CY2024Q1	us-gaap	Capital Units CapitalUnits	3
CY2023Q1	us-gaap	Capital Units CapitalUnits	3
CY2024Q1	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	26690352
CY2023Q1	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	14117298
CY2024	us-gaap	Interest Income Expense Net InterestIncomeExpenseNet	769398
CY2023	us-gaap	Interest Income Expense Net InterestIncomeExpenseNet	245655
CY2022	us-gaap	Interest Income Expense Net InterestIncomeExpenseNet	523365
CY2024	us-gaap	Revenues Revenues	22862029
CY2023	us-gaap	Revenues Revenues	7741974
CY2022	us-gaap	Revenues Revenues	71459790
CY2024	msb	Compensation Of Trustees CompensationOfTrustees	257064
CY2023	msb	Compensation Of Trustees CompensationOfTrustees	332351
CY2022	msb	Compensation Of Trustees CompensationOfTrustees	291187
CY2024	us-gaap	Trustee Fees TrusteeFees	62500
CY2023	us-gaap	Trustee Fees TrusteeFees	62500
CY2022	us-gaap	Trustee Fees TrusteeFees	62500
CY2024	us-gaap	Legal Fees LegalFees	2572380
CY2023	us-gaap	Legal Fees LegalFees	1372566
CY2022	us-gaap	Legal Fees LegalFees	1728417
CY2024	msb	Accounting Expense AccountingExpense	247443
CY2023	msb	Accounting Expense AccountingExpense	216250
CY2022	msb	Accounting Expense AccountingExpense	198089
CY2024	msb	Mining Consultant And Field Representatives Expense MiningConsultantAndFieldRepresentativesExpense	42925
CY2023	msb	Mining Consultant And Field Representatives Expense MiningConsultantAndFieldRepresentativesExpense	41542
CY2022	msb	Mining Consultant And Field Representatives Expense MiningConsultantAndFieldRepresentativesExpense	42120
CY2024	msb	Directors And Officers Liability Insurance Expense DirectorsAndOfficersLiabilityInsuranceExpense	280855
CY2023	msb	Directors And Officers Liability Insurance Expense DirectorsAndOfficersLiabilityInsuranceExpense	275072
CY2022	msb	Directors And Officers Liability Insurance Expense DirectorsAndOfficersLiabilityInsuranceExpense	241491
CY2024	msb	Annual Stock Exchange Fee AnnualStockExchangeFee	80575
CY2023	msb	Annual Stock Exchange Fee AnnualStockExchangeFee	74425
CY2022	msb	Annual Stock Exchange Fee AnnualStockExchangeFee	71255
CY2022	msb	Transfer Agent And Registrar Fees TransferAgentAndRegistrarFees	5561
CY2024	us-gaap	Other Expenses OtherExpenses	330258
CY2023	us-gaap	Other Expenses OtherExpenses	52282
CY2022	us-gaap	Other Expenses OtherExpenses	53425
CY2024	us-gaap	Cost Of Goods And Services Sold CostOfGoodsAndServicesSold	3878693
CY2023	us-gaap	Cost Of Goods And Services Sold CostOfGoodsAndServicesSold	2432889
CY2022	us-gaap	Cost Of Goods And Services Sold CostOfGoodsAndServicesSold	2694045
CY2024	us-gaap	Net Income Loss NetIncomeLoss	18983336
CY2023	us-gaap	Net Income Loss NetIncomeLoss	5309085
CY2022	us-gaap	Net Income Loss NetIncomeLoss	68765745
CY2024	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	13120010
CY2023	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	13120010
CY2022	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	13120010
CY2024	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	1.447
CY2023	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.405
CY2022	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	5.241
CY2022	msb	First Quarterly Distribution Paid Per Unit FirstQuarterlyDistributionPaidPerUnit	0.89
CY2022	msb	Second Quarterly Distribution Paid Per Unit SecondQuarterlyDistributionPaidPerUnit	0.09
CY2022	msb	Third Quarterly Distribution Paid Per Unit ThirdQuarterlyDistributionPaidPerUnit	1.42
CY2022	msb	Fourth Quarterly Distribution Declared Or Paid Per Unit FourthQuarterlyDistributionDeclaredOrPaidPerUnit	1.75
CY2023	msb	First Quarterly Distribution Paid Per Unit FirstQuarterlyDistributionPaidPerUnit	1.04
CY2023	msb	Second Quarterly Distribution Paid Per Unit SecondQuarterlyDistributionPaidPerUnit	0.84
CY2024	msb	Third Quarterly Distribution Paid Per Unit ThirdQuarterlyDistributionPaidPerUnit	0.35
CY2024	msb	Fourth Quarterly Distribution Declared Or Paid Per Unit FourthQuarterlyDistributionDeclaredOrPaidPerUnit	0.37
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CY2023	us-gaap	Proceeds From Royalties Received ProceedsFromRoyaltiesReceived	15857438
CY2022	us-gaap	Proceeds From Royalties Received ProceedsFromRoyaltiesReceived	65299968
CY2024	us-gaap	Proceeds From Interest Received ProceedsFromInterestReceived	755017
CY2023	us-gaap	Proceeds From Interest Received ProceedsFromInterestReceived	222238
CY2022	us-gaap	Proceeds From Interest Received ProceedsFromInterestReceived	523407
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CY2023	us-gaap	Payments For Operating Activities PaymentsForOperatingActivities	2215060
CY2022	us-gaap	Payments For Operating Activities PaymentsForOperatingActivities	2980234
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CY2024	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	10013948
CY2023	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	-33761022
CY2022	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	35226581
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CY2022	us-gaap	Increase Decrease In Contract With Customer Asset IncreaseDecreaseInContractWithCustomerAsset	1254382
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CY2024	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	-2298121
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CY2022	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	62843141
CY2024	msb	Distributions Declared DistributionsDeclared	4854404
CY2022	msb	Distributions Declared DistributionsDeclared	22960018
CY2024	msb	Number Of Persons Named In Exhibit To Agreement Of Trust NumberOfPersonsNamedInExhibitToAgreementOfTrust	25
CY2024Q1	us-gaap	Shares Outstanding SharesOutstanding	13120010
CY2024Q1	us-gaap	Money Market Funds At Carrying Value MoneyMarketFundsAtCarryingValue	23980448
CY2023Q1	us-gaap	Money Market Funds At Carrying Value MoneyMarketFundsAtCarryingValue	13966500
CY2024	msb	Royalty Bonuses Price Above Adjusted Threshold Price Per Ton RoyaltyBonusesPriceAboveAdjustedThresholdPricePerTon	2.00
CY2024	msb	Bonus Royalty Gross Proceeds Percentage BonusRoyaltyGrossProceedsPercentage	0.03
CY2022	msb	Collaborative Arrangement Adjusted Threshold Price Per Ton CollaborativeArrangementAdjustedThresholdPricePerTon	62.03
CY2023	msb	Collaborative Arrangement Adjusted Threshold Price Per Ton CollaborativeArrangementAdjustedThresholdPricePerTon	66.00
CY2024	msb	Collaborative Arrangement Adjusted Threshold Price Per Ton CollaborativeArrangementAdjustedThresholdPricePerTon	67.75
CY2024	msb	Percentage Of Fee Interest Held By Land Trust In Lease Property PercentageOfFeeInterestHeldByLandTrustInLeaseProperty	0.20
CY2021Q3	msb	Arbitration Number Of Members On Panel ArbitrationNumberOfMembersOnPanel	3
CY2021Q3	us-gaap	Litigation Settlement Amount Awarded From Other Party LitigationSettlementAmountAwardedFromOtherParty	2312106
CY2021Q2	us-gaap	Litigation Settlement Interest LitigationSettlementInterest	430710
CY2021Q4	us-gaap	Litigation Settlement Interest LitigationSettlementInterest	521581
CY2024	msb	Gain Loss Related To Pricing Adjustment GainLossRelatedToPricingAdjustment	279223
CY2024	msb	Revenue Recognition Number Of Contracts RevenueRecognitionNumberOfContracts	1
CY2024Q1	us-gaap	Commodity Contract Asset Current CommodityContractAssetCurrent	451896
CY2024Q1	us-gaap	Contract With Customer Asset Net Current ContractWithCustomerAssetNetCurrent	451896
CY2024Q1	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	0
CY2023Q1	msb	Contract Liability Net Of Contract Asset ContractLiabilityNetOfContractAsset	2298121
CY2023Q1	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	2298121
CY2023Q1	us-gaap	Contract With Customer Asset Net Current ContractWithCustomerAssetNetCurrent	0
CY2024	msb	Percentage Of Fee Interest Held By Land Trust In Lease Property PercentageOfFeeInterestHeldByLandTrustInLeaseProperty	0.20
CY2024	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>
CY2024	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>
CY2024Q2	msb	Distribution Declared Distributions Payable Per Unit DistributionDeclaredDistributionsPayablePerUnit	0.29
CY2023Q1	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	11438217
CY2024	us-gaap	Net Income Loss NetIncomeLoss	18983336
CY2024Q1	us-gaap	Dividends Payable Amount Per Share DividendsPayableAmountPerShare	0.7200
CY2024	msb	Distributions Paid And Declared DistributionsPaidAndDeclared	9446407
CY2024Q1	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	20975146
CY2024Q1	msb	Cash And Cash Equivalents And Us Government Securities CashAndCashEquivalentsAndUSGovernmentSecurities	23980448
CY2023Q1	msb	Cash And Cash Equivalents And Us Government Securities CashAndCashEquivalentsAndUSGovernmentSecurities	13966500
CY2024Q1	us-gaap	Interest And Dividends Payable Current InterestAndDividendsPayableCurrent	4854404
CY2024Q1	msb	Unallocated Cash And Cash Equivalents And Us Government Securities UnallocatedCashAndCashEquivalentsAndUSGovernmentSecurities	19126044
CY2023Q1	msb	Unallocated Cash And Cash Equivalents And Us Government Securities UnallocatedCashAndCashEquivalentsAndUSGovernmentSecurities	13966500
CY2024	us-gaap	Payments Of Dividends PaymentsOfDividends	4592003
CY2024	msb	Distribution Declared Distributions Paid Per Unit DistributionDeclaredDistributionsPaidPerUnit	0.35
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
CY2022	msb	Distribution Declared Distributions Paid Per Unit DistributionDeclaredDistributionsPaidPerUnit	2.86
CY2024	msb	Distribution Declared Distributions Payable Per Unit DistributionDeclaredDistributionsPayablePerUnit	0

Files In Submission

Name	View Source	Status
0001558370-24-005598-index-headers.html	Edgar Link	pending
0001558370-24-005598-index.html	Edgar Link	pending
0001558370-24-005598.txt	Edgar Link	pending
0001558370-24-005598-xbrl.zip	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
MetaLinks.json	Edgar Link	pending
msb-20240131.xsd	Edgar Link	pending
msb-20240131x10k.htm	Edgar Link	pending
msb-20240131xex10di.htm	Edgar Link	pending
msb-20240131xex13.htm	Edgar Link	pending
msb-20240131xex13001.jpg	Edgar Link	pending
msb-20240131xex13003.jpg	Edgar Link	pending
msb-20240131xex13006.jpg	Edgar Link	pending
msb-20240131xex13007.jpg	Edgar Link	pending
msb-20240131xex31.htm	Edgar Link	pending
msb-20240131xex32.htm	Edgar Link	pending
msb-20240131xex4dd.htm	Edgar Link	pending
msb-20240131xex97.htm	Edgar Link	pending
R1.htm	Edgar Link	pending
R10.htm	Edgar Link	pending
R11.htm	Edgar Link	pending
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R13.htm	Edgar Link	pending
R14.htm	Edgar Link	pending
R15.htm	Edgar Link	pending
R16.htm	Edgar Link	pending
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R2.htm	Edgar Link	pending
R3.htm	Edgar Link	pending
R4.htm	Edgar Link	pending
R5.htm	Edgar Link	pending
R6.htm	Edgar Link	pending
R7.htm	Edgar Link	pending
R8.htm	Edgar Link	pending
R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable
msb-20240131_cal.xml	Edgar Link	unprocessable
msb-20240131_def.xml	Edgar Link	unprocessable
msb-20240131_lab.xml	Edgar Link	unprocessable
msb-20240131_pre.xml	Edgar Link	unprocessable
msb-20240131x10k_htm.xml	Edgar Link	completed
Show.js	Edgar Link	pending

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$MSB
MESABI TRUST Stock $msb

2024 Q2 Form 10-K Financial Statement

#000155837024005598 Filed on April 24, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$MSB MESABI TRUST Stock $msb

2024 Q2 Form 10-K Financial Statement

#000155837024005598 Filed on April 24, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$MSB
MESABI TRUST Stock $msb