Mesabi Trust (MSB) 10-Q 11 Jun 21 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 30, 2021	Jun. 09, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Apr. 30, 2021
Entity File Number	1-4488
Entity Registrant Name	MESABI TRUST
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-6022277
Entity Address, Address Line One	60 Wall Street
Entity Address, Address Line Two	24th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10005
City Area Code	904
Local Phone Number	271-2520
Title of 12(b) Security	Units of Beneficial Interest, no par value
Trading Symbol	MSB
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,120,010
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000065172
Amendment Flag	false

Statements of Income

Statements of Income - USD ($)	3 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
REVENUES
Royalty income	$ 9,402,167	$ 2,135,494
Interest	484	33,269
Total revenues	9,402,651	2,168,763
EXPENSES
Expenses	828,781	557,142
Net income	$ 8,573,870	$ 1,611,621
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	13,120,010	13,120,010
Net income per unit (Note 2) (in dollars per unit)	$ 0.6535	$ 0.1228
Distribution declared per unit (Note 3) (in dollars per unit)	$ 0.8900	$ 0.5600

Balance Sheets

Balance Sheets - USD ($)	Apr. 30, 2021	Jan. 31, 2021
ASSETS
Cash and cash equivalents	$ 11,903,760	$ 12,500,941
U.S. Government securities, at amortized cost (which approximates fair value)	9,826,000	9,906,669
Accrued income receivable	5,612,832	249,477
Net contract asset		177,251
Prepaid expenses	91,726	94,585
Current assets	27,434,318	22,928,923
Assignments of leased property
Amended assignment of Peters Lease	1	1
Assignment of Cloquet Leases	1	1
Certificate of beneficial interest for 13,120,010 units of Land Trust	1	1
Total fixed property	3	3
Total assets	27,434,321	22,928,926
LIABILITIES, UNALLOCATED RESERVE AND TRUST CORPUS
Distribution payable	11,676,809	6,035,205
Accrued expenses	259,263	416,672
Net contract liability	2,124,139
Total liabilities	14,060,211	6,451,877
Unallocated reserve	13,374,107	16,477,046
Trust corpus	3	3
Total liabilities, unallocated reserve and trust corpus	$ 27,434,321	$ 22,928,926

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - shares	Apr. 30, 2021	Jan. 31, 2021
Balance Sheets
Certificate of beneficial interest of Land Trust, units	13,120,010	13,120,010

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Operating activities
Royalties received	$ 6,340,033	$ 449,496
Interest received	653	37,314
Expenses paid	(983,331)	(529,257)
Net cash from (used for) operating activities	5,357,355	(42,447)
Investing activities
Maturities of U.S. Government securities	41,116,392	26,899,691
Purchases of U.S. Government securities	(41,035,723)	(13,567,217)
Net cash from investing activities	80,669	13,332,474
Financing activity
Distributions to unitholders	(6,035,205)	(9,184,007)
Net change in cash and cash equivalents	(597,181)	4,106,020
Cash and cash equivalents, beginning of period	12,500,941	10,177,655
Cash and cash equivalents, end of period	11,903,760	14,283,675
Reconciliation of net income to net cash from (used for) operating activities
Net income	8,573,870	1,611,621
Decrease (increase) in accrued income receivable	(5,363,355)	38,605
Decrease in contract asset	177,251
Decrease (increase) in prepaid expense	2,859	(11,197)
Increase (decrease) in accrued expenses	(157,409)	39,082
Increase (decrease) in contract liability	2,124,139	(1,720,558)
Net cash from (used for) operating activities	5,357,355	(42,447)
Non cash financing activity
Distributions declared and payable	$ 11,676,809	$ 7,347,206

NATURE OF BUSINESS AND ORGANIZA

NATURE OF BUSINESS AND ORGANIZATION	3 Months Ended
	Apr. 30, 2021
NATURE OF BUSINESS AND ORGANIZATION
NATURE OF BUSINESS AND ORGANIZATION	​ Note 1. The financial statements and notes to financial statements included herein have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. In the opinion of the Trustees, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of (a) the results of operations for the three months ended April 30, 2021 and 2020, (b) the financial position at April 30, 2021 and (c) the cash flows for the three months ended April 30, 2021 and 2020, have been made. For further information, refer to the financial statements and footnotes included in Mesabi Trust’s Annual Report on Form 10-K for the year ended January 31, 2021. ​ The Trust’s royalties have been, and may in the future be, adversely affected by the coronavirus (COVID-19) pandemic. During the second quarter of 2020, the spread of COVID-19 led to the disruption of the business operations of Cleveland-Cliffs Inc. (“Cliffs”) and its wholly-owned subsidiary, Northshore Mining Company (“Northshore”), upon which we are dependent for our royalties. Although steel and iron ore production have been considered “essential” by the states in which Cliffs operates, certain of its facilities and construction activities were temporarily idled during the second quarter of 2020. Nearly all of these temporarily idled facilities were restarted as of June 30, 2020, with the exception of the Dearborn hot-end operations and Mansfield operations, which were restarted in July 2020, and the Northshore mine, which was restarted in August 2020. In its most recent quarterly report on Form 10-Q (filed April 28, 2021), Cliffs disclosed that the fundamentals for its business have rebounded strongly since the COVID-19 disruption that occurred during 2020. Mesabi Trust cannot predict whether Northshore’s operations will experience additional disruptions in the future, or whether Cliffs will experience supply chain disruptions or operational issues with its vendors, suppliers and contractors if faced with similar pandemic challenges in the future. ​ On December 9, 2019, Mesabi 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. Based on information currently available to the Trust, the Trust seeks an award of damages, along with specific performance and declaratory relief. During 2020, the parties appointed a three -member arbitration panel and engaged in discovery. The arbitration hearing took place in May 2021. Post-hearing briefs and oral argument are scheduled for July 2021. ​

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Apr. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Note 2. Net income per unit is based on 13,120,010 units outstanding during the period. ​ The Trust accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers . All revenue is recognized as the performance obligations are satisfied. ​ Disaggregation of Revenues ​ The following tables represent a disaggregation of revenue for the three months ended April 30, 2021 and April 30, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended April 30, ​ ​ 2021 ​ 2020 Base overriding royalties ​ $ 5,639,153 $ 1,182,012 Bonus royalties ​ 3,572,341 ​ 779,712 Fee royalties ​ 190,673 ​ 173,770 Total royalty income ​ $ 9,402,167 $ 2,135,494 ​ Base overriding royalties ​ The performance obligation for the base overriding royalty consists of providing Northshore access to the Peters Lands, Cloquet Lands, and Mesabi Lands and the right to mine on these lands. The consideration to be received from this access relates to the volume of iron ore shipped by Northshore. Mesabi Trust receives royalties at the greater of (i) the aggregate quantity of iron ore products shipped that were mined from Mesabi Trust Lands, and (ii) a portion of the aggregate quantity of all iron ore products shipped from Silver Bay, Minnesota that were mined from any lands, such portion being 90% of the first four million tons shipped from Silver Bay during such year, 85% of the next two million tons shipped during such year, and 25% of all tonnage shipped during such year in excess of six million tons. The royalty percentage paid to the Trust increases as the aggregate tonnage of iron ore products shipped, attributable to the Trust, in any calendar year increases past each of the first four one -million ton volume thresholds. The base overriding royalties contain variable consideration, as the transaction price is based on a percentage that varies based on the total cumulative tons of iron ore shipped for the calendar year. The Trust estimates the variable consideration it expects to be entitled to receive over the contractual period associated with the royalty agreement. Under the royalty agreement, measuring the total cumulative volumes of iron ore shipped, and the applicable royalty percentages, are reset at the beginning of each calendar year. The Trust evaluates the estimate of the variable consideration to determine whether the estimate needs to be constrained; therefore, the Trust includes the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. For the base overriding royalties, the Trust estimates the base overriding royalty percentage using the expected value method, which calculates the estimate based off the historical, current, and forecasted shipments. The Trust recognizes base overriding royalties on a quarterly basis based on the actual shipments for the fiscal quarter at the estimated royalty percentage as described above and based on the estimated prices for iron ore products sold under the Cliffs Pellet Agreements. ​ Bonus royalties ​ The performance obligation for the bonus royalties consists of providing Northshore access to the Peters Lands, Cloquet Lands, and Mesabi Lands and the right to mine on these lands and the consideration to be received from this access relates to the volume of iron ore shipped by Northshore. The Trust recognizes bonus royalties on a quarterly basis based on the actual shipments of the fiscal quarter at the actual royalty percentage for those shipments and based on the anticipated prices for iron ore products sold under the Cliffs Pellet Agreements. ​ Fee royalties ​ The performance obligation for the fee royalties consists of the volume of crude ore mined on a quarterly basis. The Trust recognizes fee royalties on a quarterly basis based on the actual crude ore mined during the fiscal quarter. ​ Accrued income receivable ​ The accrued income receivable is included in net income per unit. The Trust recorded $5,612,832 of accrued income receivable as reflected on the Condensed Balance Sheet as of April 30, 2021 (unaudited). As of January 31, 2021, the Trust recorded accrued income receivable of $249,477 . ​ Contract asset and contract liability ​ The contract asset and contract liability are presented net in the accompanying condensed balance sheets as both the contract asset and contract liability are derived from one customer contract. A net contract liability in the amount of $2,124,139 is reflected on the Condensed Balance Sheet as of April 30, 2021 (unaudited). The net contract liability is made up of a contract asset in the amount of $1,848,834 and a contract liability in the amount of $3,972,973 . As of January 31, 2021, the Trust recorded a net contract asset of $177,251, made up of a contract asset in the amount of $239,132 and a contract liability in the amount of $61,881 . The contract asset is based on the revenue recognized on the base overriding royalties, at the estimated prices for iron ore products sold under the Cliffs Pellet Agreements that will be collected in subsequent quarters as the uncertainty associated with the variable consideration is resolved. The contract asset is not available for distribution to the Unitholders until the applicable royalties are actually received by the Trust. The Trust includes estimated future royalty rates on current contracted volumes within contract asset. The contract liability represents iron ore that has not been shipped by Northshore, but for which the Trust has received a royalty payment during the quarter ended April 30, 2021 based on an initial estimated price, or in certain instances, quarterly payment of minimum advance royalties. Revenue will be recognized in accordance with the Trust’s revenue recognition policy at the estimated prices for iron ore products sold under the Cliffs Pellet Agreements as shipments of these products are made.

DIVIDEND AND DISTRIBUTION

DIVIDEND AND DISTRIBUTION	3 Months Ended
	Apr. 30, 2021
DIVIDEND AND DISTRIBUTION
DIVIDEND AND DISTRIBUTION	Note 3. The Trustees determine whether to declare a distribution each year in April, July, October and January. The Trust’s financial statements are prepared on an accrual basis and present the Trust’s results of operations based on each of the Trust’s fiscal quarters, which end one month after the close of each calendar quarter. Because (i) distributions, if any, are declared by the Trustees based on, among other considerations, the amount of royalties actually paid to the Trust through the end of each calendar quarter prior to April, July, October and January of each year, the Trustees’ evaluation of known and projected Trust expenses in the current and future quarters, the then-current level of Unallocated Reserve and general economic conditions, and (ii) the Trust’s Net Income is calculated as of the end of each fiscal quarter, the distributions declared by the Trust are not equivalent to the Trust’s Net Income during the periods reported in this quarterly report on Form 10-Q. ​ ​

ROYALTY AGREEMENT, UNALLOCATED

ROYALTY AGREEMENT, UNALLOCATED RESERVE AND DISTRIBUTIONS	3 Months Ended
	Apr. 30, 2021
UNALLOCATED RESERVE AND DISTRIBUTIONS
ROYALTY AGREEMENT, UNALLOCATED RESERVE AND DISTRIBUTIONS	Note 4. On April 12, 2021, the Trustees declared a distribution of $0.89 per Unit of Beneficial Interest payable on May 20, 2021 to Mesabi Trust Unitholders of record at the close of business on April 30, 2021. ​ On April 30, 2021, the Trustees received the quarterly royalty report of iron ore product shipments from Silver Bay, Minnesota during the calendar quarter ended March 31, 2021 from Cliffs, the parent company of Northshore. ​ Each quarter, as authorized by the Agreement of Trust dated July 18, 1961 (the “Agreement of Trust”), the Trustees evaluate all relevant factors including all costs, expenses, obligations, and present and future liabilities of the Trust (whether fixed or contingent) in determining the prudent level of unallocated reserve in light of the unpredictable nature of the iron ore industry and current economic conditions. ​ Pursuant to the Agreement of Trust, the Trustees make decisions about cash distributions to Unitholders based on the royalty payments it receives from Northshore when received, rather than as royalty income is recorded in accordance with the Trust’s revenue recognition policy. Refer to Note 3 for further information. ​ As of April 30, 2021 and January 31, 2021, the unallocated cash and U.S. Government securities portion of the Trust’s Unallocated Reserve was comprised of the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, 2021 ​ January 31, 2021 ​ Cash and U.S. Government securities ​ $ 21,729,760 ​ $ 22,407,610 ​ Distribution payable ​ (11,676,809) ​ (6,035,205) ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated cash and U.S. Government securities ​ $ 10,052,951 ​ $ 16,372,405 ​ ​ A reconciliation of the Trust’s Unallocated Reserve and Trust Corpus for the three months ended April 30, 2021 and 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated ​ ​ Trust ​ ​ ​ ​ ​ ​ ​ Reserve ​ ​ Corpus ​ ​ Total ​ Balances at January 31, 2021 $ 16,477,046 ​ $ 3 ​ $ 16,477,049 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 8,573,870 ​ — ​ 8,573,870 ​ Distributions declared - $0.8900 per unit ​ (11,676,809) ​ — ​ (11,676,809) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at April 30, 2021 ​ $ 13,374,107 ​ $ 3 ​ $ 13,374,110 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated ​ ​ Trust ​ ​ ​ ​ ​ ​ Reserve ​ ​ Corpus ​ ​ Total Balances at January 31, 2020 $ 11,831,014 ​ $ 3 ​ $ 11,831,017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 1,611,621 ​ — ​ 1,611,621 Distributions declared - $0.5600 per unit ​ (7,347,206) ​ — ​ (7,347,206) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at April 30, 2020 ​ $ 6,095,429 ​ $ 3 ​ $ 6,095,432 ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Apr. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenue recognition	The Trust accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers . All revenue is recognized as the performance obligations are satisfied.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Apr. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended April 30, ​ ​ 2021 ​ 2020 Base overriding royalties ​ $ 5,639,153 $ 1,182,012 Bonus royalties ​ 3,572,341 ​ 779,712 Fee royalties ​ 190,673 ​ 173,770 Total royalty income ​ $ 9,402,167 $ 2,135,494 ​

UNALLOCATED RESERVE AND DISTRIB

UNALLOCATED RESERVE AND DISTRIBUTIONS (Tables)	3 Months Ended
	Apr. 30, 2021
UNALLOCATED RESERVE AND DISTRIBUTIONS
Schedule of unallocated cash and U.S. Government securities portion of the Trust's Unallocated Reserve	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 30, 2021 ​ January 31, 2021 ​ Cash and U.S. Government securities ​ $ 21,729,760 ​ $ 22,407,610 ​ Distribution payable ​ (11,676,809) ​ (6,035,205) ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated cash and U.S. Government securities ​ $ 10,052,951 ​ $ 16,372,405 ​
Schedule of reconciliation of Trust's Unallocated Reserve	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated ​ ​ Trust ​ ​ ​ ​ ​ ​ ​ Reserve ​ ​ Corpus ​ ​ Total ​ Balances at January 31, 2021 $ 16,477,046 ​ $ 3 ​ $ 16,477,049 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 8,573,870 ​ — ​ 8,573,870 ​ Distributions declared - $0.8900 per unit ​ (11,676,809) ​ — ​ (11,676,809) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at April 30, 2021 ​ $ 13,374,107 ​ $ 3 ​ $ 13,374,110 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unallocated ​ ​ Trust ​ ​ ​ ​ ​ ​ Reserve ​ ​ Corpus ​ ​ Total Balances at January 31, 2020 $ 11,831,014 ​ $ 3 ​ $ 11,831,017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 1,611,621 ​ — ​ 1,611,621 Distributions declared - $0.5600 per unit ​ (7,347,206) ​ — ​ (7,347,206) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at April 30, 2020 ​ $ 6,095,429 ​ $ 3 ​ $ 6,095,432 ​

NATURE OF BUSINESS AND ORGANI_2

NATURE OF BUSINESS AND ORGANIZATION (Details)	3 Months Ended
	Apr. 30, 2021item
NATURE OF BUSINESS AND ORGANIZATION
Number of members on panel for arbitration	3

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares	3 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of units outstanding	13,120,010	13,120,010

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details)	Apr. 12, 2021$ / shares	Apr. 30, 2021USD ($)contractitemMT$ / shares	Apr. 30, 2020USD ($)$ / shares	Jan. 31, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Royalty Revenue		$ 9,402,167	$ 2,135,494
Base overriding royalties, first tier portion percentage		90.00%
Base overriding royalties, first tier shipment ceiling (in million tons) | MT		4
Base overriding royalties, second tier portion percentage		85.00%
Base overriding royalties, second tier shipment ceiling (in million tons) | MT		2
Base overriding royalties, third tier portion percentage		25.00%
Base overriding royalties, third tier shipment threshold (in million tons) | MT		6
Base overriding royalties, number of volume thresholds for transaction price | item		4
Base overriding royalties, volume threshold for transaction price | MT		1
Accrued income receivable		$ 5,612,832		$ 249,477
Number of customer contracts | contract		1
Net contract asset				177,251
Net contract liability		$ 2,124,139
Contract asset		1,848,834		239,132
Contract liability		$ 3,972,973		$ 61,881
Distributions declared per unit (in dollars per unit) | $ / shares	$ 0.89	$ 0.8900	$ 0.5600
Base Overriding Royalties
Revenue from Contract with Customer [Abstract]
Royalty Revenue		$ 5,639,153	$ 1,182,012
Bonus Royalties
Revenue from Contract with Customer [Abstract]
Royalty Revenue		3,572,341	779,712
Fee Royalties
Revenue from Contract with Customer [Abstract]
Royalty Revenue		$ 190,673	$ 173,770

DIVIDEND AND DISTRIBUTION (Deta

DIVIDEND AND DISTRIBUTION (Details)	3 Months Ended
	Apr. 30, 2021
DIVIDEND AND DISTRIBUTION
Period after the close of each calendar quarter when the fiscal quarter ends	1 month

ROYALTY AGREEMENT, UNALLOCATE_2

ROYALTY AGREEMENT, UNALLOCATED RESERVE AND DISTRIBUTIONS (Details) - USD ($)	Apr. 12, 2021	Apr. 30, 2021	Apr. 30, 2020	Jan. 31, 2021
Unallocated Cash and Securities portion of Unallocated Reserve
Cash and U.S. Government securities		$ 21,729,760		$ 22,407,610
Distribution payable		(11,676,809)		(6,035,205)
Unallocated cash and U.S. Government securities		10,052,951		$ 16,372,405
Reconciliation of Trust's Unallocated Reserve
Beginning Balance		16,477,049	$ 11,831,017
Net income		8,573,870	1,611,621
Distributions declared		(11,676,809)	(7,347,206)
Ending Balance		$ 13,374,110	$ 6,095,432
Distributions declared per unit (in dollars per unit)	$ 0.89	$ 0.8900	$ 0.5600
Unallocated Reserve
Reconciliation of Trust's Unallocated Reserve
Beginning Balance		$ 16,477,046	$ 11,831,014
Net income		8,573,870	1,611,621
Distributions declared		(11,676,809)	(7,347,206)
Ending Balance		13,374,107	6,095,429
Trust Corpus
Reconciliation of Trust's Unallocated Reserve
Beginning Balance		3	3
Ending Balance		$ 3	$ 3