x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
South Dakota Soybean Processors, LLC | ||
(Exact name of registrant as specified in its charter) |
South Dakota | 46-0462968 | |||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
100 Caspian Avenue; PO Box 500 Volga, South Dakota | 57071 | |||||||
(Address of Principal Executive Offices | (Zip Code) |
(605) 627-9240 | ||
(Registrant's telephone number, including area code) |
¨ Large Accelerated Filer | ¨ Accelerated Filer | x Non-Accelerated Filer | ¨ Smaller Reporting Company | ¨ Emerging Growth Company | ||||||||||
(do not check if a smaller reporting company) |
Page | |||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Trade accounts receivable | |||||||||||
Inventories | |||||||||||
Margin deposits | |||||||||||
Prepaid expenses | |||||||||||
Total current assets | |||||||||||
Property and equipment | |||||||||||
Less accumulated depreciation | ( | ( | |||||||||
Total property and equipment, net | |||||||||||
Other assets | |||||||||||
Investments in related parties | |||||||||||
Investments in cooperatives | |||||||||||
Right-of-use lease asset, net | |||||||||||
Total other assets | |||||||||||
Total assets | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||
(Unaudited) | |||||||||||
Liabilities and Members' Equity | |||||||||||
Current liabilities | |||||||||||
Excess of outstanding checks over bank balance | $ | $ | |||||||||
Current maturities of long-term debt | |||||||||||
Note payable - seasonal loan | |||||||||||
Current operating lease liabilities | |||||||||||
Accounts payable | |||||||||||
Accrued commodity purchases | |||||||||||
Margin deposit deficit | |||||||||||
Accrued expenses | |||||||||||
Accrued interest | |||||||||||
Deferred liabilities - current | |||||||||||
Total current liabilities | |||||||||||
Long-term liabilities | |||||||||||
Long-term debt, net of current maturities and unamortized debt issuance costs | |||||||||||
Long-term operating lease liabilities | |||||||||||
Total long-term liabilities | |||||||||||
Commitments and contingencies (Notes 6, 7, 8, and 13) | |||||||||||
Members' equity | |||||||||||
Class A Units, no par value, 30,419,000 units issued and outstanding at September 30, 2020 and December 31, 2019 | |||||||||||
Total liabilities and members' equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Net revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||||
Cost of product sold | ||||||||||||||||||||||||||
Production | ||||||||||||||||||||||||||
Freight and rail | ||||||||||||||||||||||||||
Brokerage fees | ||||||||||||||||||||||||||
Total cost of revenues | ||||||||||||||||||||||||||
Gross profit (loss) | ||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Administration | ||||||||||||||||||||||||||
Operating income (loss) | ||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ||||||||||||||||||||||
Other non-operating income (expense) | ( | ( | ||||||||||||||||||||||||
Patronage dividend income | ||||||||||||||||||||||||||
Total other income (expense) | ( | ( | ( | ( | ||||||||||||||||||||||
Income (loss) before income taxes | ||||||||||||||||||||||||||
Income tax benefit (expense) | ( | |||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ||||||||||||||||||||||
Basic and diluted earnings (loss) per capital unit | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted average number of capital units outstanding for calculation of basic and diluted earnings (loss) per capital unit |
Class A Units | |||||||||||
Units | Amount | ||||||||||
Balances, December 31, 2018 | $ | ||||||||||
Net income | — | ||||||||||
Distribution to members | — | ( | |||||||||
Balances, September 30, 2019 | $ | ||||||||||
Balances, December 31, 2019 | $ | ||||||||||
Net income | — | ||||||||||
Distribution to members | — | ( | |||||||||
Balances, September 30, 2020 | $ |
2020 | 2019 | ||||||||||
Operating activities | |||||||||||
Net income (loss) | $ | $ | |||||||||
Charges and credits to net income not affecting cash: | |||||||||||
Depreciation and amortization | |||||||||||
Net (gain) loss recognized on derivative activities | ( | ( | |||||||||
Gain on sales of property and equipment | ( | ( | |||||||||
Loss on equity method investment | |||||||||||
Non-cash patronage dividends | ( | ( | |||||||||
Change in current assets and liabilities | ( | ( | |||||||||
Net cash provided by (used for) operating activities | ( | ( | |||||||||
Investing activities | |||||||||||
Purchase of investments | ( | ||||||||||
Retirement of patronage dividends | |||||||||||
Proceeds from sales of property and equipment | |||||||||||
Purchase of property and equipment | ( | ( | |||||||||
Net cash provided by (used for) investing activities | ( | ( | |||||||||
Financing activities | |||||||||||
Change in excess of outstanding checks over bank balances | |||||||||||
Net proceeds (payments) from seasonal borrowings | ( | ||||||||||
Distributions to members | ( | ( | |||||||||
Payments for debt issue costs | ( | ||||||||||
Proceeds from long-term debt | |||||||||||
Principal payments on long-term debt | ( | ( | |||||||||
Net cash provided by (used for) financing activities | |||||||||||
Net change in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Supplemental disclosures of cash flow information | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes | $ | $ | |||||||||
Noncash investing activities: | |||||||||||
Soybean meal contributed as investment in related party | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Soybean meal and hulls | $ | $ | $ | $ | |||||||||||||||||||
Soybean oil and oil byproducts | |||||||||||||||||||||||
Totals | $ | $ | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||
Past due: | |||||||||||
Less than 30 days past due | $ | $ | |||||||||
30-60 days past due | |||||||||||
60-90 days past due | |||||||||||
Greater than 90 days past due | |||||||||||
Total past due | |||||||||||
Current | |||||||||||
Totals | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||
Finished goods | $ | $ | |||||||||
Raw materials | |||||||||||
Supplies & miscellaneous | |||||||||||
Totals | $ | $ |
2020 | 2019 | ||||||||||||||||||||||
Cost | Accumulated Depreciation | Net | Net | ||||||||||||||||||||
Land | $ | $ | $ | $ | |||||||||||||||||||
Land improvements | ( | ||||||||||||||||||||||
Buildings and improvements | ( | ||||||||||||||||||||||
Machinery and equipment | ( | ||||||||||||||||||||||
Railroad cars | ( | ||||||||||||||||||||||
Company vehicles | ( | ||||||||||||||||||||||
Furniture and fixtures | ( | ||||||||||||||||||||||
Construction in progress | |||||||||||||||||||||||
Totals | $ | $ | ( | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||
Revolving term loan from CoBank, interest at variable rates (2.60% and 4.24% at September 30, 2020 and December 31, 2019, respectively), secured by substantially all property and equipment. Loan matures September 20, 2023. | $ | $ | |||||||||
Note payable to U.S. Small Business Authority, due in monthly principal and interest installments of $68,428, interest rate at 1.00%, unsecured. Note matures April 20, 2022. | |||||||||||
Note payable to Brookings Regional Railroad Authority, due in annual principal and interest installments of $75,500, interest rate at 2.00%, secured by railroad track assets. Note matured June 1, 2020. | |||||||||||
Total debt before debt issuance costs | |||||||||||
Less current maturities | ( | ( | |||||||||
Less debt issuance costs, net of amortization of $9,357 and $5,923 as of September 30, 2020 and December 31, 2019, respectively | ( | ( | |||||||||
Total long-term debt | $ | $ |
2021 | $ | ||||
2022 | |||||
2023 | |||||
Total | $ |
Lessor | Quantity of Railcars | Commencement Date | Maturity Date | Monthly Payment | ||||||||||||||||||||||
American Railcar Leasing | 7/1/2015 | 6/30/2021 | $ | |||||||||||||||||||||||
Andersons Railcar Leasing Co. | 7/1/2018 | 6/30/2023 | ||||||||||||||||||||||||
Andersons Railcar Leasing Co. | 7/1/2019 | 6/30/2026 | ||||||||||||||||||||||||
Farm Credit Leasing | 9/1/2020 | 8/31/2032 | ||||||||||||||||||||||||
GATX Corporation | 7/1/2020 | 6/30/2024 | ||||||||||||||||||||||||
Midwest Railcar Corporation | 1/1/2015 | 12/31/2021 | ||||||||||||||||||||||||
Trinity Capital | 11/1/2015 | 10/31/2020 | ||||||||||||||||||||||||
Trinity Capital | 11/1/2015 | 10/31/2020 | ||||||||||||||||||||||||
Trinity Capital | 11/1/2020 | 10/31/2023 | ||||||||||||||||||||||||
Trinity Capital | 11/1/2020 | 10/31/2023 | ||||||||||||||||||||||||
Wells Fargo Rail | 8/1/2017 | 7/31/2022 | ||||||||||||||||||||||||
Wells Fargo Rail | 1/1/2018 | 12/31/2022 | ||||||||||||||||||||||||
Wells Fargo Rail | 1/1/2004 | 12/31/2021 | ||||||||||||||||||||||||
Wells Fargo Rail | 1/1/2004 | 12/31/2021 | ||||||||||||||||||||||||
Wells Fargo Rail | 1/1/2015 | 12/31/2021 | ||||||||||||||||||||||||
$ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Cost of revenues - Freight and rail | $ | $ | $ | $ | |||||||||||||||||||
Cost of revenues - Production | |||||||||||||||||||||||
Administration expenses | |||||||||||||||||||||||
Total operating lease costs | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Cash paid for amounts included in measurement of lease liabilities | $ | $ | $ | $ | |||||||||||||||||||
Supplemental non-cash information: | |||||||||||||||||||||||
Right-of-use assets obtained in exchange for lease liabilities | $ | $ | $ | $ |
September 30, 2020 | ||||||||
Weighted-average remaining lease-term - operating leases (in years) | ||||||||
Weighted-average discount rate - operating leases | % |
Railcars | Other | Total | ||||||||||||||||||
Twelve-month periods ended September 30: | ||||||||||||||||||||
2021 | $ | $ | $ | |||||||||||||||||
2022 | ||||||||||||||||||||
2023 | ||||||||||||||||||||
2024 | ||||||||||||||||||||
2025 | ||||||||||||||||||||
Thereafter | ||||||||||||||||||||
Total lease payments | ||||||||||||||||||||
Less amount of lease payments representing interest | ( | ( | ( | |||||||||||||||||
Total present value of lease payments | $ | $ | $ |
As of September 30, 2020 | |||||||||||||||||
Balance Sheet Classification | Asset Derivatives | Liability Derivatives | |||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Commodity contracts | $ | $ | |||||||||||||||
Foreign exchange contracts | |||||||||||||||||
Interest rate caps and floors | |||||||||||||||||
Totals | $ | $ |
As of December 31, 2019 | |||||||||||||||||
Balance Sheet Classification | Asset Derivatives | Liability Derivatives | |||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Commodity contracts | $ | $ | |||||||||||||||
Foreign exchange contracts | |||||||||||||||||
Interest rate caps and floors | |||||||||||||||||
Totals | $ | $ |
Net Gain (Loss) Recognized on Derivative Activities for the | Net Gain (Loss) Recognized on Derivative Activities for the | ||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Commodity contracts | $ | ( | $ | $ | $ | ||||||||||||||||||
Foreign exchange contracts | ( | ( | ( | ||||||||||||||||||||
Interest rate swaps, caps and floors | ( | ( | ( | ||||||||||||||||||||
Totals | $ | ( | $ | $ | $ |
Fair Value as of September 30, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Inventory | $ | ( | $ | $ | $ | ||||||||||||||||||
Margin deposits (deficits) | $ | ( | $ | $ | $ | ( |
Fair Value as of December 31, 2019 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Inventory | $ | ( | $ | $ | $ | ||||||||||||||||||
Margin deposits | $ | $ | $ | $ |
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | ||||||||||||||||||||||
$ | % Revenue | $ | % Revenue | ||||||||||||||||||||
Revenue | $ | 104,454,116 | 100.0 | $ | 85,001,379 | 100.0 | |||||||||||||||||
Cost of revenues | (102,048,821) | (97.7) | (82,284,471) | (96.8) | |||||||||||||||||||
Gross profit | 2,405,295 | 2.3 | 2,716,908 | 3.2 | |||||||||||||||||||
Operating expenses | (857,116) | (0.8) | (848,890) | (1.0) | |||||||||||||||||||
Interest expense | (238,984) | (0.2) | (196,440) | (0.2) | |||||||||||||||||||
Other non-operating income (expense) | 83,534 | 0.1 | (17,253) | — | |||||||||||||||||||
Income tax benefit (expense) | — | — | — | — | |||||||||||||||||||
Net income | $ | 1,392,729 | 1.3 | $ | 1,654,325 | 1.9 |
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | ||||||||||||||||||||||
$ | % of Revenue | $ | % of Revenue | ||||||||||||||||||||
Revenue | $ | 296,445,621 | 100.0 | $ | 277,299,775 | 100.0 | |||||||||||||||||
Cost of revenues | (285,643,013) | (96.4) | (262,246,506) | (94.6) | |||||||||||||||||||
Gross profit | 10,802,608 | 3.6 | 15,053,269 | 5.4 | |||||||||||||||||||
Operating expenses | (2,780,612) | (0.9) | (2,781,405) | (1.0) | |||||||||||||||||||
Interest expense | (897,325) | (0.3) | (656,729) | (0.2) | |||||||||||||||||||
Other non-operating income (expense) | (22,245) | — | 571,669 | 0.2 | |||||||||||||||||||
Income tax benefit (expense) | — | — | (600) | — | |||||||||||||||||||
Net income | $ | 7,102,426 | 2.4 | $ | 12,186,204 | 4.4 |
2020 | 2019 | ||||||||||
Net cash provided by (used for) operating activities | $ | (1,428,797) | $ | (7,843,401) | |||||||
Net cash provided by (used for) investing activities | (4,455,263) | (4,880,650) | |||||||||
Net cash provided by (used for) financing activities | 9,090,315 | 5,766,090 |
Payment due by period | ||||||||||||||||||||||||||||||||
CONTRACTUAL OBLIGATIONS | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||||||||||||||
Long-Term Debt Obligations (1) | $ | 24,393,000 | $ | 5,264,000 | $ | 19,129,000 | $ | — | $ | — | ||||||||||||||||||||||
Operating Lease Obligations | 13,670,000 | 6,130,000 | 3,331,000 | 1,207,000 | 3,002,000 | |||||||||||||||||||||||||||
Totals | $ | 38,063,000 | $ | 11,394,000 | $ | 22,460,000 | $ | 1,207,000 | $ | 3,002,000 |
Exhibit Number | Description | |||||||
3.1(i) | ||||||||
3.1(ii) | ||||||||
3.1(iii) | ||||||||
4.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 |
SOUTH DAKOTA SOYBEAN PROCESSORS, LLC | |||||||||||
Dated: | November 10, 2020 | By | /s/ Thomas Kersting | ||||||||
Thomas Kersting, Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
Dated: | November 10, 2020 | By | /s/ Mark Hyde | ||||||||
Mark Hyde, Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
/s/ Thomas Kersting | |||||
Thomas Kersting | |||||
Chief Executive Officer | |||||
(Principal Executive Officer) |
/s/ Mark Hyde | |||||
Mark Hyde | |||||
Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |
Dated: | November 10, 2020 | By | /s/ Thomas Kersting | ||||||||
Thomas Kersting, Chief Executive Officer | |||||||||||
(Principal Executive Officer) |
Dated: | November 10, 2020 | By | /s/ Mark Hyde | ||||||||
Mark Hyde, Chief Financial Officer | |||||||||||
(Principal Financial and Accounting Officer) |
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Document And Entity Information |
9 Months Ended |
---|---|
Sep. 30, 2020
shares
| |
Document and Entity Information [Abstract] | |
Entity Registrant Name | SOUTH DAKOTA SOYBEAN PROCESSORS LLC |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Central Index Key | 0001163609 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 30,419,000 |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance Sheets [Parenthetical] - Capital Unit, Class A - shares |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Common stock, shares issued | 30,419,000 | 30,419,000 |
Common stock, shares outstanding | 30,419,000 | 30,419,000 |
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Net revenues | $ 104,454,116 | $ 85,001,379 | $ 296,445,621 | $ 277,299,775 |
Cost of revenues: | ||||
Production | 7,286,860 | 8,889,751 | 22,117,229 | 22,583,763 |
Brokerage fees | 168,043 | 146,960 | 486,099 | 476,047 |
Total cost of revenues | 102,048,821 | 82,284,471 | 285,643,013 | 262,246,506 |
Gross profit (loss) | 2,405,295 | 2,716,908 | 10,802,608 | 15,053,269 |
Operating expenses: | ||||
Administration | 857,116 | 848,890 | 2,780,612 | 2,781,405 |
Operating income (loss) | 1,548,179 | 1,868,018 | 8,021,996 | 12,271,864 |
Other income (expense): | ||||
Interest expense | (238,984) | (196,440) | (897,325) | (656,729) |
Other non-operating income (expense) | 83,534 | (17,253) | (217,798) | 402,213 |
Patronage dividend income | 0 | 0 | 195,553 | 169,456 |
Total other income (expense) | (155,450) | (213,693) | (919,570) | (85,060) |
Income (loss) before income taxes | 1,392,729 | 1,654,325 | 7,102,426 | 12,186,804 |
Income tax benefit (expense) | 0 | 0 | 0 | (600) |
Net income (loss) | $ 1,392,729 | $ 1,654,325 | $ 7,102,426 | $ 12,186,204 |
Basic and Diluted Loss Per Capital Unit [Abstract] | ||||
Net income (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.23 | $ 0.40 |
Weighted average number of capital units outstanding for calculation of basic and diluted earnings per capital unit (in shares) | 30,419,000 | 30,419,000 | 30,419,000 | 30,419,000 |
Product | ||||
Cost of revenues: | ||||
Cost of products and services | $ 85,001,018 | $ 65,035,124 | $ 234,803,800 | $ 212,714,179 |
Freight and rail | ||||
Cost of revenues: | ||||
Cost of products and services | $ 9,592,900 | $ 8,212,636 | $ 28,235,885 | $ 26,472,517 |
Condensed Statement of Changes in Members' Equity Statement - USD ($) |
Total |
Capital Unit, Class A |
---|---|---|
Beginning Balances (in shares) at Dec. 31, 2018 | 30,419,000 | |
Ending Balances (in shares) at Sep. 30, 2019 | 30,419,000 | |
Beginning Balances at Dec. 31, 2018 | $ 90,177,248 | |
Net income (loss) | $ 12,186,204 | 12,186,204 |
Distribution to members | (15,209,500) | |
Ending Balances at Sep. 30, 2019 | $ 87,153,952 | |
Beginning Balances (in shares) at Dec. 31, 2019 | 30,419,000 | |
Ending Balances (in shares) at Sep. 30, 2020 | 30,419,000 | |
Beginning Balances at Dec. 31, 2019 | $ 85,947,333 | |
Net income (loss) | 7,102,426 | 7,102,426 |
Distribution to members | $ (6,692,180) | |
Ending Balances at Sep. 30, 2020 | $ 86,357,579 |
Principal Activity and Significant Accounting Policies |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activity and Significant Accounting Policies | Principal Activity and Significant Accounting Policies The unaudited condensed financial statements contained herein have been prepared pursuant to the rules and regulations of the Securities Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although South Dakota Soybean Processors, LLC (the “Company”, “LLC”, “we”, “our”, or “us”) believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included in the accompanying condensed financial statements. The results of operations and cash flows for interim periods are not necessarily indicative of results for a full year due in part to the seasonal nature of some of the Company’s businesses. The balance sheet data as of December 31, 2019 has been derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. These statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2019, included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission on March 18, 2020. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue The Company accounts for all of its revenues from contracts with customers under ASC 606, Revenue from Contracts with Customers. The Company principally generates revenue from merchandising and transporting manufactured agricultural products used as ingredients in food, feed, energy and industrial products. Revenue is measured based on the consideration specified in the contract with a customer, and excludes any amounts collected on behalf of third parties (e.g. - taxes). The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product to a customer. Control transfer typically occurs when goods are shipped from our facilities or at other predetermined control transfer points (for instance, destination terms). Shipping and handling costs related to contracts with customers for sale of goods are accounted for as a fulfillment activity and are included in cost of revenues. Accordingly, amounts billed to customers for such costs are included as a component of revenues. Payments received in advance to the transfer of goods, or "contract liabilities", are included in "Deferred liabilities - current" on the Company's condensed balance sheets. These customer prepayments totaled $24,701 and $313,347 as of September 30, 2020 and December 31, 2019, respectively. Of the $313,347 balance as of December 31, 2019, contract liabilities recognized as revenues were $0 and $313,347 for the three and nine months ended September 30, 2020, respectively. Of the $15,042 customer prepayments as of December 31, 2018, the Company recognized $0 and $15,042 of contract liabilities as revenues during the three and nine months ended September 30, 2019, respectively. The following table presents a disaggregation of revenue from contracts with customers for the three and nine month periods ended September 30, 2020 and 2019, by product type:
Recent accounting pronouncements Any recent accounting pronouncements are not expected to have a material impact on our condensed financial statements.
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Accounts Receivable |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | Accounts Receivable Accounts receivable are considered past due when payments are not received on a timely basis in accordance with the Company’s credit terms, which is generally 30 days from invoice date. Accounts considered uncollectible are written off. The Company’s estimate of the allowance for doubtful accounts is based on historical experience, its evaluation of the current status of receivables, and unusual circumstances, if any. The following table presents the aging analysis of trade receivables as of September 30, 2020 and December 31, 2019:
In general, cash is applied to the oldest outstanding invoice first, unless payment is for a specified invoice. The Company, on a case by case basis, may charge a late fee of 1.5% per month on past due receivables.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories The Company’s inventories consist of the following at September 30, 2020 and December 31, 2019:
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Property and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment The following is a summary of the Company's property and equipment at September 30, 2020 and December 31, 2019:
Depreciation of property and equipment was $1,234,580 and $1,067,076 for the three months ended September 30, 2020 and 2019, respectively, and $3,665,676 and $3,197,493 for the nine months ended September 30, 2020 and 2019, respectively.
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Investments in Related Parties |
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Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Related Parties | Investments in Related Parties The Company accounts for the investments in Prairie AquaTech, LLC, Prairie AquaTech Investments, LLC and Prairie AquaTech Manufacturing, LLC using the fair value method in ASU No. 2016-01. The Company has elected to utilize the measurement alternative for equity investments that do not have readily determinable fair values and measure these investments at their cost less any impairment plus or minus any observable price changes in orderly transactions. Prior to October 2019, the Company accounted for its investment in Prairie AquaTech, LLC using the equity method due to the Company's ability to exercise significant influence based on its board position. The Company recognized losses of $0 and $3,261 during the three months ended September 30, 2020 and 2019, respectively, and $0 and $99,489 during the nine months ended September 30, 2020 and 2019, respectively, which is included in other non-operating income (expense). In October 2019, the Company ceased the accounting for its investment in Prairie AquaTech, LLC under the equity method, and began accounting for the investment at fair value as a result of its decreased ability to exercise significant influence due to an increased quantity of board positions. On March 27, 2020, the Company invested in Prairie AquaTech Manufacturing, LLC another $404,329 in cash. The Company also agreed to invest into Prairie AquaTech Manufacturing, LLC an additional $500,000 of soybean meal to be used in the entity's operations. During the three and nine months ended September 30, 2020, the Company contributed $281,477 and $335,124, respectively, of soybean meal under this agreement.
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Note Payable - Seasonal Loan |
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Sep. 30, 2020 | |
Notes Payable Seasonal Loan [Abstract] | |
Note Payable - Seasonal Loan | Note Payable – Seasonal LoanThe Company has entered into a revolving credit agreement with CoBank which expires December 1, 2020. The purpose of the credit agreement is to finance the operating needs of the Company. Under this agreement, the Company may borrow up to $28 million, and advances on the revolving credit agreement are secured. Interest accrues at a variable rate (2.35% at September 30, 2020). The Company pays a 0.20% annual commitment fee on any funds not borrowed. There were advances outstanding of $0 and $1,743,029 at September 30, 2020 and December 31, 2019, respectively. The remaining available funds to borrow under the terms of the revolving credit agreement were $28.0 million as of September 30, 2020. |
Long-Term Debt |
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Long-Term Debt | Long-Term Debt The following is a summary of the Company's long-term debt at September 30, 2020 and December 31, 2019:
The Company entered into an agreement as of January 28, 2020 with CoBank to amend and restate its Credit Agreement, which includes both the revolving term and seasonal loans. Under the terms and conditions of the Credit Agreement, CoBank agreed to make advances to the Company for up to $26,000,000 on the revolving term loan with a variable effective interest rate of 2.6%. The amount available for borrowing on the revolving term loan, however, will decrease by $2,000,000 every six months beginning on March 20, 2020, with a scheduled balloon payment for the remaining balance on the loan's maturity date of September 20, 2023. The Company pays a 0.40% annual commitment fee on any funds not borrowed. The debt issuance costs of $24,000 paid by the Company on this amendment will be amortized over the term of loan. The principal balance outstanding on the revolving term loan was $21,961,664 and $16,000,000 as of September 30, 2020 and December 31, 2019, respectively. There were approximately $38,000 in remaining commitments available to borrow on the revolving term loan as of September 30, 2020. Under this agreement, the Company is subject to compliance with standard financial covenants and the maintenance of certain financial ratios. One of those loan covenants restricts the Company's borrowings from entities other than CoBank to an amount not to exceed $300,000. As of September 30, 2020, the Company had debt outstanding from others totaling $1,215,700, due to borrowings under a new PPP loan as further discussed below. The Company obtained CoBank's consent prior to entering into the new loan and subsequently received a waiver that is in effect as of September 30, 2020. The Company was in compliance with all other covenants and conditions with CoBank as of September 30, 2020. Effective March 1, 2013, the State of South Dakota Department of Transportation agreed to loan the Brookings County Regional Railway Authority $964,070 for purposes of making improvements to the railway infrastructure near the Company’s soybean processing facility in Volga, South Dakota. In consideration of this secured loan, the Company agreed to provide a guarantee to the State of South Dakota Department of Transportation for the full amount of the loan, plus interest. This guaranty was converted into a direct obligation of the Company’s on October 16, 2013, when the Company received the entire loan proceeds and assumed responsibility for paying the annual principal and interest payments. On April 20, 2020, the Company entered into an unsecured promissory note for $1,215,700 under the U.S. Small Business Administration's Paycheck Protection Program (“PPP Loan“), a loan program created under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act“). The PPP Loan is being made through First Bank & Trust, N.A. The PPP Loan is scheduled to mature on April 20, 2022 and has a 1% interest rate. No payments are due on the PPP Loan until November 20, 2020, although interest will continue to accrue during the deferment period. Beginning November 20, 2020, the Company will pay 18 equal monthly installments of principal and interest in the amount necessary to fully amortize the PPP Loan through the maturity date. Under the terms of the CARES Act, all or a portion of the PPP Loan may be forgiven. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for payroll costs and mortgage interest, rent or utility costs. No assurance is provided that the Company will obtain forgiveness of the PPP Loan in whole or in part. The following are minimum principal payments on long-term debt obligations for the twelve-month periods ended September 30:
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Operating Leases (Notes) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases | Operating Leases The Company has several operating leases for railcars. These leases have terms ranging from 3-18 years and do not have renewal terms provided. The leases require the Company to maintain the condition of the railcars, restrict the use of the railcars to specified products, such as soybean meal, hulls or oil, limit usage to the continental United States, Canada or Mexico, require approval to sublease to other entities, and require the Company's submission of its financial statements. Lease expense for all railcars was $847,671 and $766,022 for the three months ended September 30, 2020 and 2019, respectively, and $2,371,586 and $2,302,012 for the nine months ended September 30, 2020 and 2019, respectively. The following is a schedule of the Company's operating leases for railcars as of September 30, 2020:
The Company also has a number of other operating leases for machinery and equipment. These leases have terms ranging from 3-7 years; however, most of these leases have automatic renewal terms. These leases require monthly payments of $3,649. Rental expense under these other operating leases was $11,013 and $21,081 for the three months ended September 30, 2020 and 2019, respectively, and $30,088 and $41,723 for the nine-month periods ended September 30, 2020 and 2019, respectively. On March 19, 2020, the Company entered into an agreement with an entity in the western United States to provide storage and handling services for the Company's soybean meal. The Company will pay the entity $3,300,000, which is included in current operating lease liabilities on the Company's balance sheet, after the entity's construction of additional storage and handling facilities. The agreement will mature seven years after completion of the construction but includes an additional -year renewal period at the sole discretion of the Company. Operating leases are included in right-to-use lease assets, current operating lease liabilities, and long-term lease liabilities on the condensed balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company's secured incremental borrowing rates or implicit rates, when readily determinable. Short-term operating leases, which have an initial term of 12 months or less, are not recorded on the condensed balance sheet. Lease expense for these operating leases is recognized on a straight-line basis over the lease terms. The components of lease costs recognized within our condensed statements of operations for the three-month and nine-month periods ended September 30, 2020 and 2019 were as follows:
The following summarizes the supplemental cash flow information for the three and nine-month periods ended September 30, 2020 and 2019:
The following summarizes the weighted-average remaining lease term and weighted-average discount rate:
The following is a maturity analysis of the undiscounted cash flows of the operating lease liabilities as of September 30, 2020:
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Member Distribution |
9 Months Ended |
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Sep. 30, 2020 | |
Member Distribution [Abstract] | |
Member Distribution | Member DistributionOn January 21, 2020, the Company’s Board of Managers approved a cash distribution of approximately $6.7 million, or 22.0¢ per capital unit. The distribution was paid in accordance with the Company’s operating agreement and distribution policy on February 6, 2020. |
Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities In the ordinary course of business, the Company enters into contractual arrangements as a means of managing exposure to changes in commodity prices and, occasionally, foreign exchange and interest rates. The Company’s derivative instruments primarily consist of commodity futures, options and forward contracts, and interest rate swaps, caps and floors. Although these contracts may be effective economic hedges of specified risks, they are not designated as, nor accounted for, as hedging instruments. These contracts are recorded on the Company’s condensed balance sheets at fair value as discussed in Note 11, Fair Value. As of September 30, 2020 and December 31, 2019, the value of the Company’s open futures, options and forward contracts was approximately $(4,803,532) and $(5,955,928), respectively.
During the three and nine-month periods ended September 30, 2020 and 2019, net realized and unrealized gains (losses) on derivative transactions were recognized in the condensed statements of operations as follows:
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value ASC 820, Fair Value Measurements and Disclosures, defines fair value, establishes a comprehensive framework for measuring fair value and expands disclosures which are required about fair value measurements. Specifically, this guidance establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. The three levels of hierarchy and examples are as follows: •Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on the New York Stock Exchange and commodity derivative contracts listed on the Chicago Board of Trade (“CBOT”). •Level 2 – Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reported date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs, such as commodity prices using forward future prices. •Level 3 – Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission rights. The following tables set forth financial assets and liabilities measured at fair value in the condensed balance sheets and the respective levels to which fair value measurements are classified within the fair value hierarchy as of September 30, 2020 and December 31, 2019:
The Company enters into various commodity derivative instruments, including futures, options, swaps and other agreements. The fair value of the Company’s commodity derivatives is determined using unadjusted quoted prices for identical instruments on the CBOT. The Company estimates the fair market value of their finished goods and raw materials inventories using the market price quotations of similar forward future contracts listed on the CBOT and adjusts for the local market adjustments derived from other grain terminals in our area. This market adjustment caused a negative balance in the Level 1 inventory amount as of September 30, 2020 and December 31, 2019. The Company considers the carrying amount of significant classes of financial instruments on the balance sheets, including cash, accounts receivable, and accounts payable, to be reasonable estimates of fair value due to their length or maturity. The fair value of the Company’s long-term debt approximates the carrying value. The interest rates on the long-term debt are similar to rates the Company would be able to obtain currently in the market. The Company has patronage investments in other cooperatives and common and preferred stock holdings in privately held entities. There is no market for their patronage credits or the entity’s common and preferred holdings, and it is impracticable to estimate the fair value of the Company’s investments. These investments are carried on the balance sheet at original cost plus the amount of patronage earnings allocated to the Company, less any cash distributions received.
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Related Party Transactions (Notes) |
9 Months Ended |
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Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company sold soybean products to Prairie AquaTech, LLC and Prairie AquaTech Manufacturing, LLC totaling $282,877 and $648,215 during the three months ended September 30, 2020 and 2019, respectively, and $342,136 and $942,195 during the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020 and December 31, 2019, Prairie AquaTech, LLC and Prairie AquaTech Manufacturing, LLC owed the Company $0 and $104,947, respectively. The Company has entered into agreements with Prairie AquaTech Manufacturing, LLC to perform various management services and to serve as the owner's representative during the construction of its new manufacturing facility adjacent to the Company's plant in Volga, South Dakota. The Company received a total of $1.72 million in compensation for those services, which was recorded in deferred liabilities on the Company's condensed balance sheet. As of September 30, 2020 and December 31, 2019, the balance remaining in deferred liabilities was $0 and $101,111, respectively. The Company recognized revenues from management services of $0 and $100,834 during the three months ended September 30, 2020 and 2019, respectively, and $121,111 and $666,431 during the nine months ended September 30, 2020 and 2019, respectively.
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | ContingenciesFrom time to time in the ordinary course of our business, the Company may be named as a defendant in legal proceedings related to various issues, including without limitation, workers’ compensation claims, tort claims, or contractual dispute. The Company carries insurance that provides protection against general commercial liability claims, claims against our directors, officer and employees, business interruption, automobile liability, and workers' compensation. The Company is not currently involved in any material legal proceedings and are not aware of any potential claims. |
Subsequent Event |
9 Months Ended |
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Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventThe Company evaluated all of its activities and concluded that no subsequent events have occurred that would require recognition in its financial statements or disclosed in the notes to its financial statements. |
Principal Activity and Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates, Policy | Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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Revenue, Policy | Revenue The Company accounts for all of its revenues from contracts with customers under ASC 606, Revenue from Contracts with Customers. The Company principally generates revenue from merchandising and transporting manufactured agricultural products used as ingredients in food, feed, energy and industrial products. Revenue is measured based on the consideration specified in the contract with a customer, and excludes any amounts collected on behalf of third parties (e.g. - taxes). The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product to a customer. Control transfer typically occurs when goods are shipped from our facilities or at other predetermined control transfer points (for instance, destination terms). Shipping and handling costs related to contracts with customers for sale of goods are accounted for as a fulfillment activity and are included in cost of revenues. Accordingly, amounts billed to customers for such costs are included as a component of revenues. Payments received in advance to the transfer of goods, or "contract liabilities", are included in "Deferred liabilities - current" on the Company's condensed balance sheets. These customer prepayments totaled $24,701 and $313,347 as of September 30, 2020 and December 31, 2019, respectively. Of the $313,347 balance as of December 31, 2019, contract liabilities recognized as revenues were $0 and $313,347 for the three and nine months ended September 30, 2020, respectively.
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Recent Accounting Pronouncements | Recent accounting pronouncements Any recent accounting pronouncements are not expected to have a material impact on our condensed financial statements.
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Principal Activity and Significant Accounting Policies (Tables) |
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Disaggregation of Revenue | The following table presents a disaggregation of revenue from contracts with customers for the three and nine month periods ended September 30, 2020 and 2019, by product type:
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Accounts Receivable (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due Financing Receivables | The following table presents the aging analysis of trade receivables as of September 30, 2020 and December 31, 2019:
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current | The Company’s inventories consist of the following at September 30, 2020 and December 31, 2019:
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Property and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | The following is a summary of the Company's property and equipment at September 30, 2020 and December 31, 2019:
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Long-Term Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following is a summary of the Company's long-term debt at September 30, 2020 and December 31, 2019:
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Schedule of Maturities of Long-term Debt | The following are minimum principal payments on long-term debt obligations for the twelve-month periods ended September 30:
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Operating Leases (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Lease, Disclosure | The following is a schedule of the Company's operating leases for railcars as of September 30, 2020:
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Lease, Cost | The components of lease costs recognized within our condensed statements of operations for the three-month and nine-month periods ended September 30, 2020 and 2019 were as follows:
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Lessee, Operating Lease, Liability, Maturity | The following is a maturity analysis of the undiscounted cash flows of the operating lease liabilities as of September 30, 2020:
|
Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Derivatives Assets and Liabilities Not Designated As Hedging Instruments | As of September 30, 2020 and December 31, 2019, the value of the Company’s open futures, options and forward contracts was approximately $(4,803,532) and $(5,955,928), respectively.
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Schedule Of Derivative Instruments, Net Realized and Unrealized Gain (Loss) On Derivatives Not Designated As Hedging Instruments | During the three and nine-month periods ended September 30, 2020 and 2019, net realized and unrealized gains (losses) on derivative transactions were recognized in the condensed statements of operations as follows:
|
Fair Value of Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables set forth financial assets and liabilities measured at fair value in the condensed balance sheets and the respective levels to which fair value measurements are classified within the fair value hierarchy as of September 30, 2020 and December 31, 2019:
|
Principal Activity and Significant Accounting Policies - Additional Information (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Deferred revenue | $ 24,701 | $ 24,701 | $ 313,347 | $ 15,042 | ||
Contract with customer, revenue recognized | 0 | $ 0 | 313,347 | $ 15,042 | ||
Long-term liabilities | 25,175,289 | 25,175,289 | 15,307,727 | |||
Present value of remaining lease payments | 13,670,358 | 13,670,358 | ||||
Right-of-use asset | $ 12,657,379 | $ 12,657,379 | $ 5,979,771 |
Principal Activity and Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 104,454,116 | $ 85,001,379 | $ 296,445,621 | $ 277,299,775 |
Soybean meal and hulls | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 63,195,149 | 57,332,025 | 187,220,101 | 181,532,951 |
Soybean oil and oil byproducts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 41,258,967 | $ 27,669,354 | $ 109,225,520 | $ 95,766,824 |
Accounts Receivable (Details) - USD ($) |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Total past due | $ 3,291,675 | $ 4,672,484 |
Current | 21,499,877 | 19,748,073 |
Accounts Receivable, before Allowance for Credit Loss, Current | 24,791,552 | 24,420,557 |
Less than 30 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 3,076,174 | 4,306,064 |
30-60 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 211,884 | 341,956 |
60-90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 10,302 |
Greater than 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | $ 3,617 | $ 14,162 |
Accounts Receivable (Details Textual) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Receivables [Abstract] | |
Percentage of late fee on past due receivables | 1.50% |
Inventories (Details) - USD ($) |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 9,738,859 | $ 26,559,194 |
Raw materials | 59,065,129 | 17,641,335 |
Supplies & miscellaneous | 321,482 | 269,523 |
Totals | $ 69,125,470 | $ 44,470,052 |
Property and Equipment (Details Textual) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 1,234,580 | $ 1,067,076 | $ 3,665,676 | $ 3,197,493 |
Investments in Related Parties (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Mar. 27, 2020 |
|
Schedule of Equity Method Investments [Line Items] | |||||
Loss on equity method investment | $ 0 | $ 135,588 | |||
Prairie AquaTech, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Loss on equity method investment | $ 0 | $ 3,261 | 0 | $ 99,489 | |
Prairie AquaTech Manufacturing, LLC, Cash Investment | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Aggregate Cost | $ 404,329 | ||||
Prairie AquaTech Manufacturing, LLC, Soybean Investment | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Aggregate Cost | $ 500,000 | ||||
Contributions to equity method investments | $ 281,477 | $ 335,124 |
Note Payable - Seasonal Loan (Details Textual) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Line of Credit Facility [Line Items] | ||
Line of credit facility, expiration date | Dec. 01, 2020 | |
Advances outstanding | $ 21,961,664 | $ 16,000,000 |
Seasonal Loan | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 28,000,000 | |
Interest rate | 2.35% | |
Commitment fee percentage | 0.20% | |
Advances outstanding | $ 0 | $ 1,743,029 |
Remaining available funds to borrow | $ 28,000,000.0 |
Long-Term Debt (Details 1) |
Sep. 30, 2020
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2021 | $ 4,699,978 |
2022 | 4,477,386 |
2023 | 14,000,000 |
Long-term Debt | $ 23,177,364 |
Long-Term Debt (Details Textual) - USD ($) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 01, 2013 |
Sep. 30, 2020 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Jan. 28, 2020 |
Dec. 31, 2019 |
|
Line of Credit Facility [Line Items] | ||||||
Advances outstanding | $ 21,961,664 | $ 21,961,664 | $ 16,000,000 | |||
Periodic payment, principal | $ 2,000,000 | |||||
Annual commitment fee percentage on unused capacity | 0.40% | |||||
Debt issuance cost | $ 10,000 | $ 0 | ||||
Long term debt for infrastructure improvements | $ 964,070 | |||||
Revolving Term Loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Advances outstanding | 26,000,000 | $ 26,000,000 | ||||
Variable effective interest rate | 2.60% | |||||
Maturity date | Sep. 20, 2023 | |||||
Debt issuance cost | 24,000 | |||||
Remaining borrowing capacity | 38,000 | $ 38,000 | ||||
Covenant, maximum borrowings from other entities | $ 300,000 | |||||
Notes Payable, Other Payables | ||||||
Line of Credit Facility [Line Items] | ||||||
Principal amount | 1,215,700 | 1,215,700 | ||||
Paycheck Protection Program | Notes Payable, Other Payables | ||||||
Line of Credit Facility [Line Items] | ||||||
Principal amount | $ 1,215,700 | $ 1,215,700 |
Operating Leases - Components of Operating Lease Costs (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | $ 858,684 | $ 787,103 | $ 2,401,674 | $ 2,343,735 |
Cost of revenues - Freight and rail | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | 847,671 | 766,022 | 2,371,586 | 2,302,012 |
Cost of revenues - Production | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | 8,631 | 17,973 | 22,004 | 32,606 |
Administration expenses | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | $ 2,382 | $ 3,108 | $ 8,084 | $ 9,117 |
Operating Leases - Supplemental Cash Flow Information (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Leases [Abstract] | ||||
Cash paid for amounts included in measurement of lease liabilities | $ 743,763 | $ 891,632 | $ 2,298,049 | $ 2,377,454 |
Right-of-use assets obtained in exchange for lease liabilities | $ 5,337,749 | $ 5,591 | $ 8,823,499 | $ 801,949 |
Operating Leases - Additional Lease Information (Details) |
Sep. 30, 2020 |
---|---|
Leases [Abstract] | |
Weighted-average remaining lease-term - operating leases (in years) | 8 years 9 months 18 days |
Weighted-average discount rate - operating leases | 3.20% |
Member Distribution (Details Textual) - USD ($) $ / shares in Units, $ in Millions |
9 Months Ended | |
---|---|---|
Feb. 06, 2020 |
Sep. 30, 2020 |
|
Member Distribution [Abstract] | ||
Declaration date | Jan. 21, 2020 | |
Cash distributions paid | $ 6.7 | |
Distributions paid, per unit (USD per share) | $ 0.220 | |
Distribution date | Feb. 06, 2020 |
Derivative Instruments and Hedging Activities (Details Textual) - USD ($) |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative assets (liabilities), at fair value, net | $ (4,803,532) | $ (5,955,928) |
Derivative Instruments and Hedging Activities (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Mar. 31, 2020 |
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Derivatives not designated as hedging instruments: | |||
Asset Derivatives | $ 13,042,891 | $ 3,349,857 | |
Liability Derivatives | $ 17,846,423 | 9,305,785 | |
Commodity contracts | |||
Derivatives not designated as hedging instruments: | |||
Balance Sheet Classification | Current Assets | Current Assets | |
Asset Derivatives | $ 13,024,512 | 3,320,161 | |
Liability Derivatives | $ 17,058,625 | 8,930,683 | |
Foreign exchange contracts | |||
Derivatives not designated as hedging instruments: | |||
Balance Sheet Classification | Current Assets | Current Assets | |
Asset Derivatives | $ 18,379 | 29,696 | |
Liability Derivatives | $ 11,248 | 27,582 | |
Interest rate caps and floors | |||
Derivatives not designated as hedging instruments: | |||
Balance Sheet Classification | Current Liabilities | Current Liabilities | |
Asset Derivatives | $ 0 | 0 | |
Liability Derivatives | $ 776,550 | $ 347,520 |
Derivative Instruments and Hedging Activities (Details 1) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Derivatives not designated as hedging instruments: | ||||
Net Gain (Loss) Recognized on Derivative Activities | $ (6,817,016) | $ 2,085,842 | $ 34,076 | $ 2,983,943 |
Commodity contracts | ||||
Derivatives not designated as hedging instruments: | ||||
Net Gain (Loss) Recognized on Derivative Activities | (6,632,699) | 2,188,931 | 498,472 | 3,197,752 |
Foreign exchange contracts | ||||
Derivatives not designated as hedging instruments: | ||||
Net Gain (Loss) Recognized on Derivative Activities | (222,464) | (10,091) | (43,805) | 34,738 |
Interest rate caps and floors | ||||
Derivatives not designated as hedging instruments: | ||||
Net Gain (Loss) Recognized on Derivative Activities | $ 38,147 | $ (92,998) | $ (420,591) | $ (248,547) |
Fair Value of Financial Instruments (Details) - USD ($) |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Financial assets: | ||
Inventory | $ 68,559,834 | $ 44,107,212 |
Margin deposits (deficits) | (557,593) | 0 |
Margin deposits | 0 | 6,772,160 |
Fair Value, Inputs, Level 1 | ||
Financial assets: | ||
Inventory | (4,034,113) | (5,610,521) |
Margin deposits (deficits) | (557,593) | |
Margin deposits | 6,772,160 | |
Fair Value, Inputs, Level 2 | ||
Financial assets: | ||
Inventory | 72,593,947 | 49,717,733 |
Margin deposits (deficits) | 0 | |
Margin deposits | 0 | |
Fair Value, Inputs, Level 3 | ||
Financial assets: | ||
Inventory | 0 | 0 |
Margin deposits (deficits) | $ 0 | |
Margin deposits | $ 0 |
Related Party Transactions (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Prairie AquaTech, LLC | |||||
Related Party Transaction [Line Items] | |||||
Revenue from related parties | $ 282,877 | $ 648,215 | $ 342,136 | $ 942,195 | |
Due from related parties | 0 | 0 | $ 104,947 | ||
Prairie Aqua Tech Manufacturing, LLC | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties, cumulative, current | 1,720,000 | 1,720,000 | |||
Due from related parties, current | 0 | 0 | $ 101,111 | ||
Management Services | Prairie Aqua Tech Manufacturing, LLC | |||||
Related Party Transaction [Line Items] | |||||
Revenue from related parties | $ 0 | $ 100,834 | $ 121,111 | $ 666,431 |
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