Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 07, 2021 | |
Cover [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 | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
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
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 3,833,044 | $ 3,650,950 |
Trade accounts receivable | 28,219,622 | 28,990,655 |
Inventories | 96,563,212 | 69,593,473 |
Commodity derivative instruments | 33,438,012 | 28,417,680 |
Margin deposits | 0 | 6,018,001 |
Prepaid expenses | 2,081,924 | 2,093,622 |
Total current assets | 164,135,814 | 138,764,381 |
Property and equipment | 123,875,225 | 122,195,099 |
Less accumulated depreciation | (59,151,319) | (57,963,905) |
Total property and equipment, net | 64,723,906 | 64,231,194 |
Other assets | ||
Investments in related parties | 9,327,890 | 9,327,890 |
Investments in cooperatives | 1,559,800 | 1,539,293 |
Right-of-use lease asset, net | 11,285,215 | 11,960,289 |
Total other assets | 22,172,905 | 22,827,472 |
Total assets | 251,032,625 | 225,823,047 |
Liabilities and Members' Equity | ||
Excess of outstanding checks over bank balance | 13,487,522 | 8,263,020 |
Current maturities of long-term debt | 4,000,000 | 0 |
Note payable - seasonal loan | 37,283,162 | 0 |
Current operating lease liabilities | 5,656,417 | 5,846,456 |
Accounts payable | 1,645,652 | 1,506,779 |
Accrued commodity purchases | 30,984,546 | 44,962,904 |
Commodity derivative instruments | 36,324,870 | 41,940,744 |
Margin deposit deficit | 3,522,041 | 0 |
Accrued expenses | 2,634,875 | 3,083,591 |
Accrued interest | 119,285 | 40,564 |
Deferred liabilities - current | 2,566,578 | 1,728,407 |
Total current liabilities | 138,224,948 | 107,372,465 |
Long-term liabilities | ||
Long-term debt, net of current maturities and unamortized debt issuance costs | 15,987,797 | 17,499,868 |
Long-term operating lease liabilities | 5,628,798 | 6,113,834 |
Total long-term liabilities | 21,616,595 | 23,613,702 |
Commitments and contingencies (Notes 5, 6, 7, and 12) | ||
Members' equity | ||
Total liabilities and members' equity | 251,032,625 | 225,823,047 |
Capital Unit, Class A | ||
Members' equity | ||
Class A Units, no par value, 30,419,000 units issued and outstanding at March 31, 2021 and December 31, 2020 | $ 91,191,082 | $ 94,836,880 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets [Parenthetical] - Capital Unit, Class A - shares | Mar. 31, 2021 | Dec. 31, 2020 |
Common stock, shares issued | 30,419,000 | 30,419,000 |
Common stock, shares outstanding | 30,419,000 | 30,419,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net revenues | $ 123,627,541 | $ 98,723,412 |
Cost of revenues: | ||
Production | 7,363,387 | 7,423,370 |
Brokerage fees | 172,092 | 163,238 |
Total cost of revenues | 116,998,330 | 96,998,949 |
Gross profit (loss) | 6,629,211 | 1,724,463 |
Operating expenses: | ||
Administration | 1,117,842 | 1,024,729 |
Operating income (loss) | 5,511,369 | 699,734 |
Other income (expense): | ||
Interest expense | (317,152) | (349,987) |
Other non-operating income (expense) | 224,728 | (322,217) |
Patronage dividend income | 365,147 | 195,553 |
Total other income (expense) | 272,723 | (476,651) |
Income (loss) before income taxes | 5,784,092 | 223,083 |
Income tax benefit (expense) | 0 | 0 |
Net income (loss) | $ 5,784,092 | $ 223,083 |
Basic and Diluted Loss Per Capital Unit [Abstract] | ||
Net income (in dollars per share) | $ 0.19 | $ 0.01 |
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 |
Product | ||
Cost of revenues: | ||
Cost of products and services | $ 99,264,660 | $ 80,200,506 |
Freight and rail | ||
Cost of revenues: | ||
Cost of products and services | $ 10,198,191 | $ 9,211,835 |
Condensed Statement of Changes
Condensed Statement of Changes in Members' Equity Statement - USD ($) | Total | Capital Unit, Class A |
Beginning Balances (in shares) at Dec. 31, 2019 | 30,419,000 | |
Ending Balances (in shares) at Mar. 31, 2020 | 30,419,000 | |
Beginning Balances at Dec. 31, 2019 | $ 85,947,333 | |
Net income (loss) | $ 223,083 | 223,083 |
Distribution to members | (6,692,180) | |
Ending Balances at Mar. 31, 2020 | $ 79,478,236 | |
Beginning Balances (in shares) at Dec. 31, 2020 | 30,419,000 | |
Ending Balances (in shares) at Mar. 31, 2021 | 30,419,000 | |
Beginning Balances at Dec. 31, 2020 | $ 94,836,880 | |
Net income (loss) | 5,784,092 | 5,784,092 |
Distribution to members | $ (9,429,890) | |
Ending Balances at Mar. 31, 2021 | $ 91,191,082 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities | ||
Net income (loss) | $ 5,784,092 | $ 223,083 |
Charges and credits to net income not affecting cash: | ||
Depreciation and amortization | 1,270,770 | 1,188,309 |
Net (gain) loss recognized on derivative activities | 5,816,260 | (5,138,750) |
Gain on sales of property and equipment | 1,905 | 0 |
Non-cash patronage dividends | (75,411) | (43,405) |
Forgiveness of Paycheck Protection Program loan | (10,000) | 0 |
Change in current assets and liabilities | (46,470,743) | (10,946,028) |
Net cash provided by (used for) operating activities | (33,683,127) | (14,716,791) |
Investing activities | ||
Purchase of investments | 0 | (404,329) |
Retirement of patronage dividends | 54,904 | 66,210 |
Purchase of property and equipment | (1,764,167) | (1,864,856) |
Net cash provided by (used for) investing activities | (1,709,263) | (2,202,975) |
Financing activities | ||
Change in excess of outstanding checks over bank balances | 5,224,502 | (2,615,647) |
Net proceeds (payments) from seasonal borrowings | 37,283,162 | 17,972,775 |
Distributions to members | (9,429,890) | (6,692,180) |
Payments for debt issue costs | 0 | (10,000) |
Proceeds from long-term debt | 11,839,877 | 10,000,000 |
Principal payments on long-term debt | (9,343,167) | (2,000,000) |
Net cash provided by (used for) financing activities | 35,574,484 | 16,654,948 |
Net change in cash and cash equivalents | 182,094 | (264,818) |
Cash and cash equivalents, beginning of period | 3,650,950 | 624,681 |
Cash and cash equivalents, end of period | 3,833,044 | 359,863 |
Supplemental disclosures of cash flow information | ||
Interest | 238,431 | 300,888 |
Income taxes | $ 0 | $ 0 |
Principal Activity and Signific
Principal Activity and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 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, 2020, included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2021. 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 $2,566,578 and $1,728,407 as of March 31, 2021 and December 31, 2020, respectively. Of the $1,728,407 balance as of December 31, 2020, contract liabilities recognized as revenues were $392,984 for the three months ended March 31, 2021. Of the $313,347 customer prepayments as of December 31, 2019, the Company recognized $224,655 of contract liabilities as revenues during the three months ended March 31, 2020. The following table presents a disaggregation of revenue from contracts with customers for the three month periods ended March 31, 2021 and 2020, by product type: 2021 2020 Soybean meal and hulls $ 79,223,026 $ 62,692,880 Soybean oil and oil byproducts 44,404,515 36,030,532 Totals $ 123,627,541 $ 98,723,412 Recent accounting pronouncements Any recent accounting pronouncements are not expected to have a material impact on our condensed financial statements. |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and December 31, 2020: March 31, December 31, Past due: Less than 30 days past due $ 4,022,668 $ 4,827,150 30-60 days past due 424,009 85,177 60-90 days past due — 11,366 Greater than 90 days past due 20 43,524 Total past due 4,446,697 4,967,217 Current 23,772,925 24,023,438 Totals $ 28,219,622 $ 28,990,655 In general, cash received 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. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The Company’s inventories consist of the following at March 31, 2021 and December 31, 2020: March 31, December 31, Finished goods $ 48,286,682 $ 35,502,780 Raw materials 48,025,892 33,824,265 Supplies & miscellaneous 250,638 266,428 Totals $ 96,563,212 $ 69,593,473 Finished goods and raw materials are valued at estimated market value, which approximates net realizable value. Supplies and other inventories are stated at the lower of cost or net realizable value. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment The following is a summary of the Company's property and equipment at March 31, 2021 and December 31, 2020: 2021 2020 Cost Accumulated Depreciation Net Net Land $ 516,326 $ — $ 516,326 $ 516,326 Land improvements 2,406,915 (797,325) 1,609,590 1,647,052 Buildings and improvements 22,443,026 (10,193,289) 12,249,737 12,391,726 Machinery and equipment 88,433,579 (46,888,448) 41,545,131 41,674,080 Railroad cars 5,852,292 (177,270) 5,675,022 5,704,283 Company vehicles 151,682 (96,243) 55,439 59,613 Furniture and fixtures 1,387,880 (998,744) 389,136 408,288 Construction in progress 2,683,525 — 2,683,525 1,829,826 Totals $ 123,875,225 $ (59,151,319) $ 64,723,906 $ 64,231,194 Depreciation of property and equipment was $1,269,550 and $1,187,316 for the three months ended March 31, 2021 and 2020, respectively. |
Note Payable - Seasonal Loan
Note Payable - Seasonal Loan | 3 Months Ended |
Mar. 31, 2021 | |
Notes Payable Seasonal Loan [Abstract] | |
Note Payable - Seasonal Loan | Note Payable – Seasonal LoanPrior to the amendments described in Note 13, the Company had entered into a revolving credit agreement with CoBank which expires December 1, 2021. The purpose of the credit agreement is to finance the operating needs of the Company. Under this agreement, the Company could borrow up to $45 million, and advances on the revolving credit agreement are secured. Interest accrues at a variable rate (2.31% at March 31, 2021). The Company pays a 0.20% annual commitment fee on any funds not borrowed. There were advances outstanding of $37,283,162 and $0 at March 31, 2021 and December 31, 2020, respectively. The remaining available funds to borrow under the terms of the revolving credit agreement were $7.7 million as of March 31, 2021. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The following is a summary of the Company's long-term debt at March 31, 2021 and December 31, 2020: March 31, December 31, Revolving term loan from CoBank, interest at variable rates (2.56% and 2.60% at March 31, 2021 and December 31, 2020, respectively), secured by substantially all property and equipment. Loan matures September 20, 2023. $ 20,000,000 $ 17,503,291 Note payable to U.S. Small Business Authority, due in monthly principal and interest installments, interest rate at 1.00%, unsecured. Note matures July 20, 2022. — 10,000 Total debt before debt issuance costs 20,000,000 17,513,291 Less current maturities (4,000,000) — Less debt issuance costs, net of amortization of $11,797 and $10,577 as of March 31, 2021 and December 31, 2020, respectively (12,203) (13,423) Total long-term debt $ 15,987,797 $ 17,499,868 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 2.56%. 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 $20,000,000 and $17,503,291 as of March 31, 2021 and December 31, 2020, respectively. There were no remaining commitments available to borrow on the revolving term loan as of March 31, 2021. Under this agreement, the Company is subject to compliance with standard financial covenants and the maintenance of certain financial ratios. The Company was in compliance with all covenants and conditions with CoBank as of March 31, 2021. 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 was scheduled to mature on July 20, 2022 and had a 1% interest rate. The Company submitted to the SBA a loan forgiveness application on November 20, 2020, with the amount which may be forgiven equal to the sum of qualifying expenses such as payroll, rent obligations, and covered utility payments. The forgiveness application was approved by the SB for $1,205,700 on November 25, 2020 and $10,000 on February 19, 2021. The following are minimum principal payments on long-term debt obligations for the twelve-month periods ended March 31: 2022 $ 4,000,000 2023 4,000,000 2024 12,000,000 Total $ 20,000,000 |
Operating Leases (Notes)
Operating Leases (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
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 $760,961 and $783,210 for the three months ended March 31, 2021 and 2020, respectively. The following is a schedule of the Company's operating leases for railcars as of March 31, 2021: Lessor Quantity of Commencement Maturity Monthly American Railcar Leasing 30 7/1/2015 6/30/2021 $ 30,780 Andersons Railcar Leasing Co. 10 7/1/2018 6/30/2023 5,000 Andersons Railcar Leasing Co. 20 7/1/2019 6/30/2026 11,300 Farm Credit Leasing 87 9/1/2020 8/31/2032 34,929 GATX Corporation 14 7/1/2020 6/30/2024 4,200 Midwest Railcar Corporation 64 1/1/2015 12/31/2021 27,200 Trinity Capital 29 11/1/2020 10/31/2023 17,255 Trinity Capital 20 11/1/2020 10/31/2023 11,900 Wells Fargo Rail 112 8/1/2017 7/31/2022 52,557 Lessor Quantity of Commencement Maturity Monthly Wells Fargo Rail 107 1/1/2018 12/31/2022 35,845 Wells Fargo Rail 7 1/1/2004 12/31/2021 2,926 Wells Fargo Rail 15 1/1/2004 12/31/2021 5,850 Wells Fargo Rail 8 1/1/2015 12/31/2021 3,600 523 $ 243,342 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 $3,779. Rental expense under these other operating leases was $9,741 and $7,681 for the three-month periods ended March 31, 2021 and 2020, 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 seven 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 three-month periods ended March 31, 2021 and 2020 were as follows: 2021 2020 Cost of revenues - Freight and rail $ 760,961 $ 783,210 Cost of revenues - Production 7,608 4,364 Administration expenses 2,133 3,317 Total operating lease costs $ 770,702 $ 790,891 The following summarizes the supplemental cash flow information for the three-month periods ended March 31, 2021 and 2020: 2021 2020 Cash paid for amounts included in measurement of lease liabilities $ 740,385 $ 777,143 Supplemental non-cash information: Right-of-use assets obtained in exchange for lease liabilities $ — $ 3,300,000 The following summarizes the weighted-average remaining lease term and weighted-average discount rate: March 31, 2021 Weighted-average remaining lease-term - operating leases (in years) 9.1 Weighted-average discount rate - operating leases 3.2 % The following is a maturity analysis of the undiscounted cash flows of the operating lease liabilities as of March 31, 2021: Railcars Other Total Twelve-month periods ended March 31: 2022 $ 2,471,800 $ 3,341,488 $ 5,813,288 2023 1,600,398 41,907 1,642,305 2024 824,233 30,453 854,686 2025 567,348 17,312 584,660 2026 554,748 2,064 556,812 Thereafter 2,723,432 1,032 2,724,464 Total lease payments 8,741,959 3,434,256 12,176,215 Less amount of lease payments representing interest (880,321) (10,679) (891,000) Total present value of lease payments $ 7,861,638 $ 3,423,577 $ 11,285,215 |
Member Distribution
Member Distribution | 3 Months Ended |
Mar. 31, 2021 | |
Member Distribution [Abstract] | |
Member Distribution | Member DistributionOn February 2, 2021, the Company’s Board of Managers approved a cash distribution of approximately $9.4 million, or 31.0¢ per capital unit. The distribution was paid in accordance with the Company’s operating agreement and distribution policy on February 4, 2021. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2021 | |
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 10, Fair Value. As of March 31, 2021 and December 31, 2020, the value of the Company’s open futures, options and forward contracts was approximately $(2,886,858) and $(13,523,064), respectively. As of March 31, 2021 Balance Sheet Classification Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments: Commodity contracts Current Assets $ 33,384,458 $ 35,814,167 Foreign exchange contracts Current Assets 53,554 22,594 Interest rate caps and floors Current Liabilities — 488,109 Totals $ 33,438,012 $ 36,324,870 As of December 31, 2020 Balance Sheet Classification Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments: Commodity contracts Current Assets $ 28,365,908 $ 41,196,628 Foreign exchange contracts Current Assets 50,979 48,539 Interest rate caps and floors Current Liabilities 793 695,577 Totals $ 28,417,680 $ 41,940,744 During the three-month periods ended March 31, 2021 and 2020, net realized and unrealized gains (losses) on derivative transactions were recognized in the condensed statements of operations as follows: 2021 2020 Derivatives not designated as hedging instruments: Commodity contracts $ (6,042,326) $ 5,626,229 Foreign exchange contracts 19,226 (67,997) Interest rate swaps, caps and floors 206,840 (419,482) Totals $ (5,816,260) $ 5,138,750 |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and December 31, 2020: Fair Value as of March 31, 2021 Level 1 Level 2 Level 3 Total Financial assets: Inventory $ — $ 96,049,664 $ — $ 96,049,664 Commodity derivative instruments $ — $ (2,886,858) $ — $ (2,886,858) Margin deposits (deficits) $ (3,522,041) $ — $ — $ (3,522,041) Fair Value as of December 31, 2020 Level 1 Level 2 Level 3 Total Financial assets: Inventory $ — $ 69,127,700 $ — $ 69,127,700 Commodity derivative instruments $ — $ (13,523,064) $ — $ (13,523,064) Margin deposits $ 6,018,001 $ — $ — $ 6,018,001 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. 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. |
Related Party Transactions (Not
Related Party Transactions (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
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 $1,502,827 and $2,806 during the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021 and December 31, 2020, Prairie AquaTech, LLC and Prairie AquaTech Manufacturing, LLC owed the Company $0 and $339,967, 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. The Company recognized revenues from management services of $0 and $85,833 during the three months ended March 31, 2021 and 2020, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Contingencies As of March 31, 2021, the Company had unpaid commitments of approximately $2.1 million for construction and acquisition of property and equipment, all of which is expected to be incurred by December 31, 2021. From 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' |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event The Company evaluated all of its activities and, except for the events listed below, concluded that no subsequent events have occurred that would require recognition in its financial statements or disclosed in the notes to its financial statements. On April 5, 2021, the Company entered into an amendment of the seasonal loan agreement with CoBank. The maximum amount that the Company may borrow under the seasonal loan is increased from $45.0 million to $60.0 million until the loan matures on December 1, 2021. All other material items and conditions under the seasonal loan agreement remain unchanged following this amendment. On April 30, 2021, the Company entered into an amendment of the seasonal loan agreement with CoBank. The maximum amount that the Company may borrow under the seasonal loan is increased from $60.0 million to $70.0 million until the loan matures on December 1, 2021. All other material items and conditions under the seasonal loan agreement remain unchanged following this amendment. |
Principal Activity and Signif_2
Principal Activity and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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. |
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 $2,566,578 and $1,728,407 as of March 31, 2021 and December 31, 2020, respectively. Of the $1,728,407 balance as of December 31, 2020, contract liabilities recognized as revenues were $392,984 for the three months ended March 31, 2021. Of the $313,347 customer prepayments as of December 31, 2019, the Company recognized $224,655 of contract liabilities as revenues during the three months ended March 31, 2020. |
Recent Accounting Pronouncements | Recent accounting pronouncements Any recent accounting pronouncements are not expected to have a material impact on our condensed financial statements. |
Principal Activity and Signif_3
Principal Activity and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Disaggregation of Revenue | The following table presents a disaggregation of revenue from contracts with customers for the three month periods ended March 31, 2021 and 2020, by product type: 2021 2020 Soybean meal and hulls $ 79,223,026 $ 62,692,880 Soybean oil and oil byproducts 44,404,515 36,030,532 Totals $ 123,627,541 $ 98,723,412 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Past Due Financing Receivables | The following table presents the aging analysis of trade receivables as of March 31, 2021 and December 31, 2020: March 31, December 31, Past due: Less than 30 days past due $ 4,022,668 $ 4,827,150 30-60 days past due 424,009 85,177 60-90 days past due — 11,366 Greater than 90 days past due 20 43,524 Total past due 4,446,697 4,967,217 Current 23,772,925 24,023,438 Totals $ 28,219,622 $ 28,990,655 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The Company’s inventories consist of the following at March 31, 2021 and December 31, 2020: March 31, December 31, Finished goods $ 48,286,682 $ 35,502,780 Raw materials 48,025,892 33,824,265 Supplies & miscellaneous 250,638 266,428 Totals $ 96,563,212 $ 69,593,473 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The following is a summary of the Company's property and equipment at March 31, 2021 and December 31, 2020: 2021 2020 Cost Accumulated Depreciation Net Net Land $ 516,326 $ — $ 516,326 $ 516,326 Land improvements 2,406,915 (797,325) 1,609,590 1,647,052 Buildings and improvements 22,443,026 (10,193,289) 12,249,737 12,391,726 Machinery and equipment 88,433,579 (46,888,448) 41,545,131 41,674,080 Railroad cars 5,852,292 (177,270) 5,675,022 5,704,283 Company vehicles 151,682 (96,243) 55,439 59,613 Furniture and fixtures 1,387,880 (998,744) 389,136 408,288 Construction in progress 2,683,525 — 2,683,525 1,829,826 Totals $ 123,875,225 $ (59,151,319) $ 64,723,906 $ 64,231,194 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following is a summary of the Company's long-term debt at March 31, 2021 and December 31, 2020: March 31, December 31, Revolving term loan from CoBank, interest at variable rates (2.56% and 2.60% at March 31, 2021 and December 31, 2020, respectively), secured by substantially all property and equipment. Loan matures September 20, 2023. $ 20,000,000 $ 17,503,291 Note payable to U.S. Small Business Authority, due in monthly principal and interest installments, interest rate at 1.00%, unsecured. Note matures July 20, 2022. — 10,000 Total debt before debt issuance costs 20,000,000 17,513,291 Less current maturities (4,000,000) — Less debt issuance costs, net of amortization of $11,797 and $10,577 as of March 31, 2021 and December 31, 2020, respectively (12,203) (13,423) Total long-term debt $ 15,987,797 $ 17,499,868 |
Schedule of Maturities of Long-term Debt | The following are minimum principal payments on long-term debt obligations for the twelve-month periods ended March 31: 2022 $ 4,000,000 2023 4,000,000 2024 12,000,000 Total $ 20,000,000 |
Operating Leases (Tables)
Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Lease, Disclosure | The following is a schedule of the Company's operating leases for railcars as of March 31, 2021: Lessor Quantity of Commencement Maturity Monthly American Railcar Leasing 30 7/1/2015 6/30/2021 $ 30,780 Andersons Railcar Leasing Co. 10 7/1/2018 6/30/2023 5,000 Andersons Railcar Leasing Co. 20 7/1/2019 6/30/2026 11,300 Farm Credit Leasing 87 9/1/2020 8/31/2032 34,929 GATX Corporation 14 7/1/2020 6/30/2024 4,200 Midwest Railcar Corporation 64 1/1/2015 12/31/2021 27,200 Trinity Capital 29 11/1/2020 10/31/2023 17,255 Trinity Capital 20 11/1/2020 10/31/2023 11,900 Wells Fargo Rail 112 8/1/2017 7/31/2022 52,557 Lessor Quantity of Commencement Maturity Monthly Wells Fargo Rail 107 1/1/2018 12/31/2022 35,845 Wells Fargo Rail 7 1/1/2004 12/31/2021 2,926 Wells Fargo Rail 15 1/1/2004 12/31/2021 5,850 Wells Fargo Rail 8 1/1/2015 12/31/2021 3,600 523 $ 243,342 |
Lease, Cost | The components of lease costs recognized within our condensed statements of operations for the three-month and three-month periods ended March 31, 2021 and 2020 were as follows: 2021 2020 Cost of revenues - Freight and rail $ 760,961 $ 783,210 Cost of revenues - Production 7,608 4,364 Administration expenses 2,133 3,317 Total operating lease costs $ 770,702 $ 790,891 |
Lessee, Operating Lease, Liability, Maturity | The following is a maturity analysis of the undiscounted cash flows of the operating lease liabilities as of March 31, 2021: Railcars Other Total Twelve-month periods ended March 31: 2022 $ 2,471,800 $ 3,341,488 $ 5,813,288 2023 1,600,398 41,907 1,642,305 2024 824,233 30,453 854,686 2025 567,348 17,312 584,660 2026 554,748 2,064 556,812 Thereafter 2,723,432 1,032 2,724,464 Total lease payments 8,741,959 3,434,256 12,176,215 Less amount of lease payments representing interest (880,321) (10,679) (891,000) Total present value of lease payments $ 7,861,638 $ 3,423,577 $ 11,285,215 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivatives Assets and Liabilities Not Designated As Hedging Instruments | As of March 31, 2021 and December 31, 2020, the value of the Company’s open futures, options and forward contracts was approximately $(2,886,858) and $(13,523,064), respectively. As of March 31, 2021 Balance Sheet Classification Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments: Commodity contracts Current Assets $ 33,384,458 $ 35,814,167 Foreign exchange contracts Current Assets 53,554 22,594 Interest rate caps and floors Current Liabilities — 488,109 Totals $ 33,438,012 $ 36,324,870 As of December 31, 2020 Balance Sheet Classification Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments: Commodity contracts Current Assets $ 28,365,908 $ 41,196,628 Foreign exchange contracts Current Assets 50,979 48,539 Interest rate caps and floors Current Liabilities 793 695,577 Totals $ 28,417,680 $ 41,940,744 |
Schedule Of Derivative Instruments, Net Realized and Unrealized Gain (Loss) On Derivatives Not Designated As Hedging Instruments | During the three-month periods ended March 31, 2021 and 2020, net realized and unrealized gains (losses) on derivative transactions were recognized in the condensed statements of operations as follows: 2021 2020 Derivatives not designated as hedging instruments: Commodity contracts $ (6,042,326) $ 5,626,229 Foreign exchange contracts 19,226 (67,997) Interest rate swaps, caps and floors 206,840 (419,482) Totals $ (5,816,260) $ 5,138,750 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and December 31, 2020: Fair Value as of March 31, 2021 Level 1 Level 2 Level 3 Total Financial assets: Inventory $ — $ 96,049,664 $ — $ 96,049,664 Commodity derivative instruments $ — $ (2,886,858) $ — $ (2,886,858) Margin deposits (deficits) $ (3,522,041) $ — $ — $ (3,522,041) Fair Value as of December 31, 2020 Level 1 Level 2 Level 3 Total Financial assets: Inventory $ — $ 69,127,700 $ — $ 69,127,700 Commodity derivative instruments $ — $ (13,523,064) $ — $ (13,523,064) Margin deposits $ 6,018,001 $ — $ — $ 6,018,001 |
Principal Activity and Signif_4
Principal Activity and Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Deferred revenue | $ 2,566,578 | $ 1,728,407 | $ 313,347 | |
Contract with customer, revenue recognized | 392,984 | $ 224,655 | ||
Long-term liabilities | 21,616,595 | 23,613,702 | ||
Present value of remaining lease payments | 12,176,215 | |||
Right-of-use asset | $ 11,285,215 | $ 11,960,289 |
Principal Activity and Signif_5
Principal Activity and Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 123,627,541 | $ 98,723,412 |
Soybean meal and hulls | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 79,223,026 | 62,692,880 |
Soybean oil and oil byproducts | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 44,404,515 | $ 36,030,532 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total past due | $ 4,446,697 | $ 4,967,217 |
Current | 23,772,925 | 24,023,438 |
Accounts Receivable, before Allowance for Credit Loss, Current | 28,219,622 | 28,990,655 |
Less than 30 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 4,022,668 | 4,827,150 |
30-60 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 424,009 | 85,177 |
60-90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 11,366 |
Greater than 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | $ 20 | $ 43,524 |
Accounts Receivable (Details Te
Accounts Receivable (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Percentage of late fee on past due receivables | 1.50% |
Inventories (Details)
Inventories (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 48,286,682 | $ 35,502,780 |
Raw materials | 48,025,892 | 33,824,265 |
Supplies & miscellaneous | 250,638 | 266,428 |
Totals | $ 96,563,212 | $ 69,593,473 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 123,875,225 | $ 122,195,099 |
Accumulated Depreciation | (59,151,319) | (57,963,905) |
Total property and equipment, net | 64,723,906 | 64,231,194 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 516,326 | |
Accumulated Depreciation | 0 | |
Total property and equipment, net | 516,326 | 516,326 |
Land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 2,406,915 | |
Accumulated Depreciation | (797,325) | |
Total property and equipment, net | 1,609,590 | 1,647,052 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 22,443,026 | |
Accumulated Depreciation | (10,193,289) | |
Total property and equipment, net | 12,249,737 | 12,391,726 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 88,433,579 | |
Accumulated Depreciation | (46,888,448) | |
Total property and equipment, net | 41,545,131 | 41,674,080 |
Railroad cars | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 5,852,292 | |
Accumulated Depreciation | (177,270) | |
Total property and equipment, net | 5,675,022 | 5,704,283 |
Company vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 151,682 | |
Accumulated Depreciation | (96,243) | |
Total property and equipment, net | 55,439 | 59,613 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 1,387,880 | |
Accumulated Depreciation | (998,744) | |
Total property and equipment, net | 389,136 | 408,288 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 2,683,525 | |
Accumulated Depreciation | 0 | |
Total property and equipment, net | $ 2,683,525 | $ 1,829,826 |
Property and Equipment (Detai_2
Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 1,269,550 | $ 1,187,316 |
Note Payable - Seasonal Loan (D
Note Payable - Seasonal Loan (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | ||
Line of credit facility, expiration date | Dec. 1, 2021 | |
Advances outstanding | $ 20,000,000 | $ 17,503,291 |
Seasonal Loan | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 45,000,000 | |
Interest rate | 2.31% | |
Commitment fee percentage | 0.20% | |
Advances outstanding | $ 37,283,162 | $ 0 |
Remaining available funds to borrow | $ 7,700,000 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Apr. 20, 2020 | |
Debt Instrument [Line Items] | ||||
Revolving term loan from CoBank, interest at variable rates (2.56% and 2.60% at March 31, 2021 and December 31, 2020, respectively), secured by substantially all property and equipment. Loan matures September 20, 2023. | $ 20,000,000 | $ 17,503,291 | ||
Total debt before debt issuance costs | 20,000,000 | 17,513,291 | ||
Less current maturities | (4,000,000) | 0 | ||
Less debt issuance costs, net of amortization of $11,797 and $10,577 as of March 31, 2021 and December 31, 2020, respectively | (12,203) | (13,423) | ||
Total long-term debt | 15,987,797 | 17,499,868 | ||
Accumulated amortization | 9,357 | $ 5,923 | ||
Revolving Term Loan | ||||
Debt Instrument [Line Items] | ||||
Revolving term loan from CoBank, interest at variable rates (2.56% and 2.60% at March 31, 2021 and December 31, 2020, respectively), secured by substantially all property and equipment. Loan matures September 20, 2023. | $ 26,000,000 | |||
Revolving term loan from CoBank, interest rates | 2.56% | 2.60% | ||
Paycheck Protection Program | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 1.00% | |||
Paycheck Protection Program | Notes Payable, Other Payables | ||||
Debt Instrument [Line Items] | ||||
Note payable to U.S. Small Business Authority, due in monthly principal and interest installments, interest rate at 1.00%, unsecured. Note matures July 20, 2022. | $ 0 | $ 10,000 | ||
Debt installments | $ 68,428 | |||
Interest Rate | 1.00% | |||
Brookings Regional Railroad Authority | Notes Payable, Other Payables | ||||
Debt Instrument [Line Items] | ||||
Debt installments | $ 75,500 | $ 75,500 | ||
Interest Rate | 2.00% | 2.00% |
Long-Term Debt (Details 1)
Long-Term Debt (Details 1) | Mar. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 4,000,000 |
2022 | 4,000,000 |
2023 | 12,000,000 |
Long-term Debt | $ 20,000,000 |
Long-Term Debt (Details Textual
Long-Term Debt (Details Textual) - USD ($) | 3 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Feb. 19, 2021 | Dec. 31, 2020 | Nov. 25, 2020 | Apr. 20, 2020 | |
Line of Credit Facility [Line Items] | ||||||
Advances outstanding | $ 20,000,000 | $ 17,503,291 | ||||
Periodic payment, principal | $ 2,000,000 | |||||
Annual commitment fee percentage on unused capacity | 0.40% | |||||
Debt issuance cost | $ 0 | $ 10,000 | ||||
Revolving Term Loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Advances outstanding | $ 26,000,000 | |||||
Variable effective interest rate | 2.56% | |||||
Maturity date | Sep. 20, 2023 | |||||
Debt issuance cost | $ 24,000 | |||||
Remaining borrowing capacity | 0 | |||||
Paycheck Protection Program | ||||||
Line of Credit Facility [Line Items] | ||||||
Principal amount | $ 10,000 | $ 1,205,700 | ||||
Interest Rate | 1.00% | |||||
Paycheck Protection Program | Notes Payable, Other Payables | ||||||
Line of Credit Facility [Line Items] | ||||||
Principal amount | $ 1,215,700 | |||||
Interest Rate | 1.00% |
Operating Leases - Additional I
Operating Leases - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Mar. 19, 2020 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease term | 7 years | |||
Operating lease expense | $ 760,961 | $ 783,210 | ||
Operating lease, required monthly payments | 3,779 | |||
Current operating lease liabilities | $ 5,656,417 | $ 5,846,456 | $ 3,300,000 | |
Operating lease renewal term | 7 years | |||
Railcars | Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease term | 3 years | |||
Railcars | Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease term | 18 days | |||
Machinery and equipment | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease expense | $ 9,741 | $ 7,681 | ||
Machinery and equipment | Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease term | 3 days | |||
Machinery and equipment | Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease term | 7 days |
Operating Leases - Schedule of
Operating Leases - Schedule of Operating Leases (Details) | 3 Months Ended |
Mar. 31, 2021USD ($)railcar | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 523 |
Monthly Payment | $ | $ 243,342 |
American Railcar Leasing, Maturity Date Jun 30, 2021 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 30 |
Monthly Payment | $ | $ 30,780 |
Andersons Railcar Leasing Co. Maturity Date Jun 30, 2023 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 10 |
Monthly Payment | $ | $ 5,000 |
Andersons Railcar Leasing Co. Maturity Date Jun 30, 2026 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 20 |
Monthly Payment | $ | $ 11,300 |
Farm Credit Leasing, Maturity Date Aug 31, 2032 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 87 |
Monthly Payment | $ | $ 34,929 |
GATX Corporation, Maturity Date Jun 30, 2020 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 14 |
Monthly Payment | $ | $ 4,200 |
Midwest Railcar Corporation, Maturity Date Dec 31, 2021 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 64 |
Monthly Payment | $ | $ 27,200 |
Trinity Capital, Maturity Date Oct 31, 2023 With Monthly Payment $17255 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 29 |
Monthly Payment | $ | $ 17,255 |
Trinity Capital, Maturity Date Oct 31, 2023 With Monthly Payment $11900 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 20 |
Monthly Payment | $ | $ 11,900 |
Wells Fargo Rail, Maturity Date July 31, 2022 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 112 |
Monthly Payment | $ | $ 52,557 |
Wells Fargo Rail, Maturity Date Dec 31, 2022 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 107 |
Monthly Payment | $ | $ 35,845 |
Wells Fargo Rail, Maturity Date Dec, 31, 2011 With Monthly Payment $2926 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 7 |
Monthly Payment | $ | $ 2,926 |
Wells Fargo Rail, Maturity Date Dec 31, 2021 With Monthly Payment $5850 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 15 |
Monthly Payment | $ | $ 5,850 |
Wells Fargo Rail, Maturity Date Dec 31, 2021 With Monthly Payment $3600 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 8 |
Monthly Payment | $ | $ 3,600 |
Operating Leases - Components o
Operating Leases - Components of Operating Lease Costs (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease costs | $ 770,702 | $ 790,891 |
Cost of revenues - Freight and rail | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease costs | 760,961 | 783,210 |
Cost of revenues - Production | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease costs | 7,608 | 4,364 |
Administration expenses | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease costs | $ 2,133 | $ 3,317 |
Operating Leases - Supplemental
Operating Leases - Supplemental Cash Flow Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Cash paid for amounts included in measurement of lease liabilities | $ 740,385 | $ 777,143 |
Right-of-use assets obtained in exchange for lease liabilities | $ 0 | $ 3,300,000 |
Operating Leases - Additional L
Operating Leases - Additional Lease Information (Details) | Mar. 31, 2021 |
Leases [Abstract] | |
Weighted-average remaining lease-term - operating leases (in years) | 9 years 1 month 6 days |
Weighted-average discount rate - operating leases | 3.20% |
Operating Leases - Maturity Ana
Operating Leases - Maturity Analysis of Undiscounted Cash Flows of Operating Lease Liabilities (Details) | Mar. 31, 2021USD ($) |
Lessee, Lease, Description [Line Items] | |
Twelve-month periods ended September 30, 2021 | $ 5,813,288 |
Twelve-month periods ended September 30, 2022 | 1,642,305 |
Twelve-month periods ended September 30, 2023 | 854,686 |
Twelve-month periods ended September 30, 2024 | 584,660 |
Twelve-month periods ended September 30, 2025 | 556,812 |
Thereafter | 2,724,464 |
Total lease payments | 12,176,215 |
Less amount of lease payments representing interest | (891,000) |
Total present value of lease payments | 11,285,215 |
Railcars | |
Lessee, Lease, Description [Line Items] | |
Twelve-month periods ended September 30, 2021 | 2,471,800 |
Twelve-month periods ended September 30, 2022 | 1,600,398 |
Twelve-month periods ended September 30, 2023 | 824,233 |
Twelve-month periods ended September 30, 2024 | 567,348 |
Twelve-month periods ended September 30, 2025 | 554,748 |
Thereafter | 2,723,432 |
Total lease payments | 8,741,959 |
Less amount of lease payments representing interest | (880,321) |
Total present value of lease payments | 7,861,638 |
Other | |
Lessee, Lease, Description [Line Items] | |
Twelve-month periods ended September 30, 2021 | 3,341,488 |
Twelve-month periods ended September 30, 2022 | 41,907 |
Twelve-month periods ended September 30, 2023 | 30,453 |
Twelve-month periods ended September 30, 2024 | 17,312 |
Twelve-month periods ended September 30, 2025 | 2,064 |
Thereafter | 1,032 |
Total lease payments | 3,434,256 |
Less amount of lease payments representing interest | (10,679) |
Total present value of lease payments | $ 3,423,577 |
Member Distribution (Details Te
Member Distribution (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Feb. 02, 2021 | Mar. 31, 2021 |
Member Distribution [Abstract] | ||
Declaration date | Feb. 2, 2021 | |
Cash distributions paid | $ 9.4 | |
Distributions paid, per unit (USD per share) | $ 0.310 | |
Distribution date | Feb. 4, 2021 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Derivative assets (liabilities), at fair value, net | $ (2,886,858) | $ (13,523,064) | |
Gains (losses) recorded in cost of goods sold related to commodity derivative instruments | $ (5,816,260) | $ 5,138,750 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Derivatives not designated as hedging instruments: | |||
Asset Derivatives | $ 33,438,012 | $ 28,417,680 | |
Liability Derivatives | $ 36,324,870 | 41,940,744 | |
Commodity contracts | |||
Derivatives not designated as hedging instruments: | |||
Balance Sheet Classification | Current Assets | Current Assets | |
Asset Derivatives | $ 33,384,458 | 28,365,908 | |
Liability Derivatives | $ 35,814,167 | 41,196,628 | |
Foreign exchange contracts | |||
Derivatives not designated as hedging instruments: | |||
Balance Sheet Classification | Current Assets | Current Assets | |
Asset Derivatives | $ 53,554 | 50,979 | |
Liability Derivatives | $ 22,594 | 48,539 | |
Interest rate caps and floors | |||
Derivatives not designated as hedging instruments: | |||
Balance Sheet Classification | Current Liabilities | Current Liabilities | |
Asset Derivatives | $ 0 | 793 | |
Liability Derivatives | $ 488,109 | $ 695,577 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Details 1) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivatives not designated as hedging instruments: | ||
Net Gain (Loss) Recognized on Derivative Activities | $ (5,816,260) | $ 5,138,750 |
Commodity contracts | ||
Derivatives not designated as hedging instruments: | ||
Net Gain (Loss) Recognized on Derivative Activities | (6,042,326) | 5,626,229 |
Foreign exchange contracts | ||
Derivatives not designated as hedging instruments: | ||
Net Gain (Loss) Recognized on Derivative Activities | 19,226 | (67,997) |
Interest rate caps and floors | ||
Derivatives not designated as hedging instruments: | ||
Net Gain (Loss) Recognized on Derivative Activities | $ 206,840 | $ (419,482) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Inventory | $ 96,049,664 | $ 69,127,700 |
Margin deposits (deficits) | (3,522,041) | 0 |
Margin deposits | 0 | 6,018,001 |
Commodity contracts | ||
Financial assets: | ||
Commodity derivative instruments | (2,886,858) | (13,523,064) |
Fair Value, Inputs, Level 1 | ||
Financial assets: | ||
Inventory | 0 | 0 |
Margin deposits (deficits) | (3,522,041) | |
Margin deposits | 6,018,001 | |
Fair Value, Inputs, Level 1 | Commodity contracts | ||
Financial assets: | ||
Commodity derivative instruments | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Financial assets: | ||
Inventory | 96,049,664 | 69,127,700 |
Margin deposits (deficits) | 0 | |
Margin deposits | 0 | |
Fair Value, Inputs, Level 2 | Commodity contracts | ||
Financial assets: | ||
Commodity derivative instruments | (2,886,858) | (13,523,064) |
Fair Value, Inputs, Level 3 | ||
Financial assets: | ||
Inventory | 0 | 0 |
Margin deposits (deficits) | 0 | |
Margin deposits | 0 | |
Fair Value, Inputs, Level 3 | Commodity contracts | ||
Financial assets: | ||
Commodity derivative instruments | $ 0 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Prairie AquaTech, LLC | |||
Related Party Transaction [Line Items] | |||
Revenue from related parties | $ 1,502,827 | $ 2,806 | |
Due from related parties | 0 | $ 339,967 | |
Prairie Aqua Tech Manufacturing, LLC | |||
Related Party Transaction [Line Items] | |||
Due from related parties, cumulative, current | 1,720,000 | ||
Management Services | Prairie Aqua Tech Manufacturing, LLC | |||
Related Party Transaction [Line Items] | |||
Revenue from related parties | $ 0 | $ 85,833 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Mar. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Unpaid commitments for construction and acquisition of property and equipment | $ 2.1 |
Subsequent Event Subsequent Eve
Subsequent Event Subsequent Events (Details) - USD ($) $ in Millions | Apr. 30, 2021 | Apr. 05, 2021 | Apr. 04, 2021 |
Subsequent Event | CoBank Seasonal Loan | |||
Subsequent Event [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 70 | $ 60 | $ 45 |