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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
☒ COMMISSION FILE NO. 000-50253
| | |
SOUTH DAKOTA SOYBEAN PROCESSORS LLC |
(Exact name of registrant as specified in its charter) |
| | | | | | | | |
SD | | 46-0462968 |
(State or Other Jurisdiction of Incorporation or Organization) | | (I.R.S. Employer Identification No.) |
| | |
100 Caspian Ave; PO Box 500 Volga, SD | | 57071 |
(Address of Principal Executive Offices | | (Zip Code) |
| | |
(605) 627-9240 |
(Registrant's telephone number, including area code) |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, accelerated filer or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
¨ | Large Accelerated Filer | ¨ | Accelerated Filer | x | Non-Accelerated Filer | ¨ | Smaller Reporting Company | ¨ | Emerging Growth Company |
| | | | | (do not check if a smaller reporting company) | | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for company with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
¨ Yes x No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes ¨ No ¨
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: On May 15, 2024, the registrant had 30,411,500 capital units outstanding.
Table of Contents
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
South Dakota Soybean Processors, LLC
Condensed Consolidated Financial Statements
March 31, 2024 and 2023
South Dakota Soybean Processors, LLC
Condensed Consolidated Balance Sheets
| | | | | | | | | | | |
| March 31, 2024 | | December 31, 2023 |
| (Unaudited) | |
Assets | | | |
Current assets | | | |
Cash and cash equivalents | $ | 135,221,983 | | | $ | 72,910,336 | |
Trade accounts receivable | 37,699,480 | | | 43,548,706 | |
Inventories | 81,944,047 | | | 72,045,951 | |
Commodity derivative instruments | 11,059,832 | | | 10,334,681 | |
Margin deposits | 5,119,332 | | | 1,342,978 | |
Prepaid expenses | 4,784,948 | | | 5,621,052 | |
Total current assets | 275,829,622 | | | 205,803,704 | |
| | | |
Property and equipment | 269,130,477 | | | 246,347,535 | |
Less accumulated depreciation | (72,886,791) | | | (71,419,705) | |
Total property and equipment, net | 196,243,686 | | | 174,927,830 | |
| | | |
Other assets | | | |
Investments in related parties | 15,073,570 | | | 13,637,150 | |
Investments in cooperatives | 1,797,563 | | | 1,737,862 | |
Right-of-use lease asset, net | 28,313,130 | | | 28,297,874 | |
Other assets | 656,000 | | | 336,500 | |
Total other assets | 45,840,263 | | | 44,009,386 | |
| | | |
Total assets | $ | 517,913,571 | | | $ | 424,740,920 | |
(continued on the following page)
South Dakota Soybean Processors, LLC
Condensed Consolidated Balance Sheets (continued)
| | | | | | | | | | | |
| March 31, 2024 | | December 31, 2023 |
| (Unaudited) | |
Liabilities and Members' Equity | | | |
Current liabilities | | | |
Excess of outstanding checks over bank balance | $ | 4,976,072 | | | $ | 15,728,259 | |
Current maturities of long-term debt | 5,700,000 | | | — | |
Note payable - seasonal loan | 54,255,183 | | | — | |
Current operating lease liabilities | 2,840,209 | | | 2,798,561 | |
Accounts payable | 7,557,127 | | | 7,462,996 | |
| | | |
Accrued commodity purchases | 38,060,890 | | | 66,240,599 | |
Commodity derivative instruments | 5,493,307 | | | 5,939,687 | |
| | | |
Accrued expenses | 3,377,865 | | | 6,700,564 | |
Accrued interest | 794,884 | | | 19,171 | |
Deferred liabilities - current | 1,549,884 | | | 737,503 | |
Total current liabilities | 124,605,421 | | | 105,627,340 | |
| | | |
Long-term liabilities | | | |
Long-term debt, net of current maturities | 50,100,000 | | | — | |
Long-term operating lease liabilities | 22,860,420 | | | 22,827,885 | |
Deferred liabilities | 74,594 | | | 54,094 | |
Total long-term liabilities | 73,035,014 | | | 22,881,979 | |
| | | |
Commitments and contingencies (Notes 6, 7, 8, and 13) | | | |
| | | |
Members' equity | | | |
Class A Units, no par value, 30,411,500 units issued and outstanding on March 31, 2024 and December 31, 2023 | 163,433,958 | | | 197,494,454 | |
Non-controlling interests in consolidated entities | 156,839,178 | | | 98,737,147 | |
Total members' equity | 320,273,136 | | | 296,231,601 | |
| | | |
Total liabilities and members' equity | $ | 517,913,571 | | | $ | 424,740,920 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
South Dakota Soybean Processors, LLC
Condensed Consolidated Statements of Operations (Unaudited)
For the Three-Month Periods Ended March 31, 2024 and 2023
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | 2024 | | 2023 |
| | | | | | | | |
Net revenues | | | | | | $ | 148,260,904 | | | $ | 171,913,308 | |
| | | | | | | | |
Cost of revenues: | | | | | | | | |
Cost of product sold | | | | | | 120,122,939 | | | 124,238,702 | |
Production | | | | | | 9,387,312 | | | 10,718,977 | |
Freight and rail | | | | | | 11,231,938 | | | 12,122,778 | |
Brokerage fees | | | | | | 182,666 | | | 189,280 | |
Total cost of revenues | | | | | | 140,924,855 | | | 147,269,737 | |
| | | | | | | | |
Gross profit | | | | | | 7,336,049 | | | 24,643,571 | |
| | | | | | | | |
Operating expenses: | | | | | | | | |
Administration | | | | | | 1,634,373 | | | 1,577,952 | |
| | | | | | | | |
Operating income | | | | | | 5,701,676 | | | 23,065,619 | |
| | | | | | | | |
Other income (expense): | | | | | | | | |
Interest expense | | | | | | (1,453,991) | | | (920,108) | |
Other non-operating income (expense) | | | | | | 1,401,412 | | | (96,046) | |
Patronage dividend income | | | | | | 429,888 | | | 693,047 | |
Total other income (expense) | | | | | | 377,309 | | | (323,107) | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Net income | | | | | | 6,078,985 | | | 22,742,512 | |
Net income attributable to non-controlling interests in consolidating entities | | | | | | 604,531 | | | — | |
Net income attributable to Company | | | | | | $ | 5,474,454 | | | $ | 22,742,512 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Basic and diluted earnings per capital unit | | | | | | $ | 0.18 | | | $ | 0.75 | |
| | | | | | | | |
Weighted average number of capital units outstanding for calculation of basic and diluted earnings per capital unit | | | | | | 30,411,500 | | | 30,411,500 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
South Dakota Soybean Processors, LLC
Condensed Consolidated Statements of Changes in Members' Equity (Unaudited)
For the Three Months Ended March 31, 2024 and 2023
| | | | | | | | | | | | | | | | | | | | | | | |
| Class A Units | | Noncontrolling | | Total |
| Units | | Amount | | Interests | | Equity |
| | | | | | | |
Balances, December 31, 2022 | 30,411,500 | | | $ | 163,538,676 | | | $ | — | | | $ | 163,538,676 | |
Net income | — | | | 22,742,512 | | | — | | | 22,742,512 | |
Distribution to members | — | | | (36,493,800) | | | — | | | (36,493,800) | |
Liquidation of members' equity | — | | | — | | | — | | | — | |
Balances, March 31, 2023 | 30,411,500 | | | $ | 149,787,388 | | | $ | — | | | $ | 149,787,388 | |
| | | | | | | |
Balances, December 31, 2023 | 30,411,500 | | | $ | 197,494,454 | | | $ | 98,737,147 | | | $ | 296,231,601 | |
Net income | — | | | 5,474,454 | | | 604,531 | | | 6,078,985 | |
Distribution to members | — | | | (39,534,950) | | | — | | | (39,534,950) | |
Issuance of new capital units in consolidated entities | — | | | — | | | 57,500,000 | | | 57,500,000 | |
Liquidation of members' equity | — | | | — | | | (2,500) | | | (2,500) | |
Balances, March 31, 2024 | 30,411,500 | | | $ | 163,433,958 | | | $ | 156,839,178 | | | $ | 320,273,136 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
South Dakota Soybean Processors, LLC
Condensed Consolidated Statements of Cash Flows (Unaudited)
For the Three Months Ended March 31, 2024 and 2023
| | | | | | | | | | | |
| 2024 | | 2023 |
Operating activities | | | |
Net income | $ | 6,078,985 | | | $ | 22,742,512 | |
| | | |
| | | |
Charges and credits to net income not affecting cash: | | | |
Depreciation and amortization | 1,504,134 | | | 1,415,296 | |
Net (gain) loss recognized on derivative activities | (1,496,432) | | | (14,483,613) | |
Loss (gain) on sale of property and equipment | — | | | (31,853) | |
| | | |
Non-cash patronage dividends | (59,701) | | | (32,313) | |
| | | |
Change in current assets and liabilities | (37,843,896) | | | (25,239,631) | |
| | | |
| | | |
Net cash provided by (used for) operating activities | (31,816,910) | | | (15,629,602) | |
| | | |
Investing activities | | | |
Purchase of investments | — | | | (5,904,137) | |
| | | |
| | | |
| | | |
Increase in other assets | (319,500) | | | — | |
Proceeds from sales of property and equipment | — | | | 100,000 | |
Purchase of property and equipment | (22,819,989) | | | (1,559,279) | |
| | | |
| | | |
Net cash used for investing activities | (23,139,489) | | | (7,363,416) | |
| | | |
Financing activities | | | |
Change in excess of outstanding checks over bank balances | (10,752,187) | | | (4,100,716) | |
Net proceeds (payments) from seasonal borrowings | 54,255,183 | | | 60,262,726 | |
Proceeds from issuance of capital units | 57,500,000 | | | — | |
Distributions to members | (39,534,950) | | | (36,493,800) | |
| | | |
Proceeds from long-term debt | 56,400,000 | | | 6,581,850 | |
Principal payments on long-term debt | (600,000) | | | (3,431,194) | |
Net cash provided by financing activities | 117,268,046 | | | 22,818,866 | |
| | | |
Net change in cash and cash equivalents | 62,311,647 | | | (174,152) | |
| | | |
Cash and cash equivalents, beginning of period | 72,910,336 | | | 866,699 | |
| | | |
Cash and cash equivalents, end of period | $ | 135,221,983 | | | $ | 692,547 | |
| | | |
Supplemental disclosures of cash flow information | | | |
Cash paid during the period for: | | | |
Interest | $ | 678,278 | | | $ | 603,157 | |
| | | |
Income taxes | $ | — | | | $ | — | |
| | | |
Noncash investing activities: | | | |
Soybean meal contributed as investment in related party | $ | 1,436,420 | | | 1,436,420 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
South Dakota Soybean Processors, LLC
Notes to Condensed Consolidated Financial Statements
Note 1 - Principal Activity and Significant Accounting Policies
The unaudited condensed consolidated 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 consolidated 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, 2023 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, 2023, included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 22, 2024.
Principles of consolidation
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries, High Plains Partners, LLC, HPP SD Holdings, LLC, and High Plains Processing, LLC, after elimination of all material intercompany accounts, transactions, and profits.
Use of estimates
The preparation of consolidated 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 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 the sale of goods are accounted for as a fulfillment activity and are included in the 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 consolidated balance sheets. These customer prepayments totaled $436,489 and $737,503 as of March 31, 2024 and December 31, 2023, respectively. Of the $737,503 balance as of December 31, 2023, the Company recognized $352,355 as revenues for the three months ended March 31, 2024. Of the $1,074,059 customer prepayments as of December 31, 2022, the Company recognized $723,453 of contract liabilities as revenues during the three months ended March 31, 2023.
South Dakota Soybean Processors, LLC
Notes to Condensed Consolidated Financial Statements
The following table presents a disaggregation of revenue from contracts with customers for the three-month periods ended March 31, 2024 and 2023, by product type:
| | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | | | 2024 | | 2023 |
| | | | | | | |
Soybean meal and hulls | | | | | $ | 83,398,043 | | | $ | 97,123,852 | |
Soybean oil and oil byproducts | | | | | 64,862,861 | | | 74,789,456 | |
| | | | | | | |
Totals | | | | | $ | 148,260,904 | | | $ | 171,913,308 | |
Recent accounting pronouncements
Any recent accounting pronouncements are not expected to have a material impact on our condensed financial statements.
Note 2 - 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 are generally 30 days from invoice date. Accounts considered uncollectible are written off. The Company’s estimate of the allowance for credit losses 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, 2024 and December 31, 2023:
| | | | | | | | | | | |
| March 31, 2024 | | December 31, 2023 |
Past due: | | | |
Less than 30 days past due | $ | 10,242,048 | | | $ | 11,438,298 | |
30-60 days past due | 368,848 | | | 1,425,727 | |
60-90 days past due | 64,005 | | | 114,387 | |
Greater than 90 days past due | 220,691 | | | 56,028 | |
Total past due | 10,895,592 | | | 13,034,440 | |
Current | 26,803,888 | | | 30,514,266 | |
| | | |
Totals | $ | 37,699,480 | | | $ | 43,548,706 | |
The following table provides information regarding the Company's allowance for credit losses as of March 31, 2024 and December 31, 2023:
| | | | | | | | | | | |
| March 31, 2024 | | December 31, 2023 |
| | | |
Balances, beginning of period | $ | — | | | $ | — | |
Amounts charged (credited) to costs and expenses | — | | | — | |
Additions (deductions) | — | | | — | |
| | | |
Balances, end of period | $ | — | | | $ | — | |
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.
South Dakota Soybean Processors, LLC
Notes to Condensed Consolidated Financial Statements
Note 3 - Inventories
The Company’s inventories consist of the following on March 31, 2024 and December 31, 2023:
| | | | | | | | | | | |
| March 31, 2024 | | December 31, 2023 |
Finished goods | $ | 34,075,268 | | | $ | 32,772,392 | |
Raw materials | 47,370,840 | | | 38,730,545 | |
Supplies & miscellaneous | 497,939 | | | 543,014 | |
| | | |
Totals | $ | 81,944,047 | | | $ | 72,045,951 | |
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.
Note 4 - Investments in Related Parties
The Company’s investments in related parties consist of the following on March 31, 2024 and December 31, 2023:
| | | | | | | | | | | |
| March 31, 2024 | | December 31, 2023 |
Prairie AquaTech, LLC | 1,553,727 | | | 1,553,727 | |
Prairie AquaTech Investments, LLC | 5,000,000 | | | 5,000,000 | |
Prairie AquaTech Manufacturing, LLC | 8,519,843 | | | 7,083,423 | |
| | | |
Totals | $ | 15,073,570 | | | $ | 13,637,150 | |
The Company measures its investments in Prairie AquaTech, LLC, Prairie AquaTech Investments, LLC, Prairie AquaTech Manufacturing, LLC and High Plains Partners, LLC at their cost less any impairment plus or minus any observable price changes in orderly transactions since these equity investments do not have readily determinable fair values.
The Company invested $1,436,420 and $1,436,420 of soybean meal in Prairie AquaTech Manufacturing, LLC for the three months ended March 31, 2024 and 2023, respectively, to be used in the entity's operations.
In February 2022, the Company announced its plans to construct a multi-seed processing plant near Mitchell, South Dakota. In September 2022, the Company entered into a capital contribution and commitment agreement with High Plains Partners, LLC. Per the agreement, the Company transferred to High Plains Partners, LLC all rights, title and interest to all of the tangible and intangible development rights, including engineering, permitting, studies, records, etc., totaling $5.0 million in value in exchange for 2,615 Class B units in High Plains Partners, LLC. The Company also committed to investing up to another $81.4 million for 19,454 Class B capital units in the entity. As of March 31, 2024, the Company had contributed $86.4 towards the project.
Effective September 30, 2023, the Company began consolidating the accounts of High Plains Processing, LLC, HPP SD Holdings, LLC, and High Plains Partners, LLC, formerly unconsolidated entities, into its financial statements . The Company and other regional investors committed to investing a total of $192.0 million into High Plains Partners. In September 2023, High Plains Partners created a joint venture with another partner to create High Plains Processing, LLC, to build a new multi-seed crush facility near Mitchell, South Dakota. Construction of the facility is estimated to be completed in late 2025. The consolidation is due to the Company's entering into a management agreement with the new processing facility along with its ability to appoint a majority of the board members of each entity. The financial data for previous periods has not been restated to reflect the consolidation of the three entities. The consolidation is not material to the financial position or results of operations for the periods presented and had no effect on previously reported net income. As of March 31, 2024, High Plains Partners, HPP SD Holdings, and High Plains Processing, LLC received a total of $155.6 million in proceeds from the issuance from capital units.
South Dakota Soybean Processors, LLC
Notes to Condensed Consolidated Financial Statements
Note 5 - Property and Equipment
The following is a summary of the Company's property and equipment at March 31, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | 2023 |
| Cost | | Accumulated Depreciation | | Net | | Net |
Land | $ | 516,326 | | | $ | — | | | $ | 516,326 | | | $ | 516,326 | |
Land improvements | 2,759,442 | | | (1,272,569) | | | 1,486,873 | | | 1,527,776 | |
Buildings and improvements | 29,615,350 | | | (12,171,570) | | | 17,443,780 | | | 17,629,613 | |
Machinery and equipment | 97,290,313 | | | (57,602,917) | | | 39,687,396 | | | 40,837,043 | |
Railroad cars | 10,411,185 | | | (733,558) | | | 9,677,627 | | | 9,729,683 | |
Company vehicles | 175,835 | | | (110,778) | | | 65,057 | | | 9,532 | |
Furniture and fixtures | 1,548,914 | | | (995,399) | | | 553,515 | | | 581,676 | |
Construction in progress | 126,813,112 | | | — | | | 126,813,112 | | | 104,096,181 | |
| | | | | | | |
Totals | $ | 269,130,477 | | | $ | (72,886,791) | | | $ | 196,243,686 | | | $ | 174,927,830 | |
Depreciation of property and equipment was $1,504,134 and $1,414,076 for the three months ended March 31, 2024 and 2023, respectively.
Note 6 - Note Payable – Seasonal Loan
The Company has entered into a revolving credit agreement with CoBank which expires on October 1, 2024. The purpose of the credit agreement is to finance the operating needs of the Company. Under this agreement, the Company could borrow up to $85 million, and advances on the revolving credit agreement are secured. Interest accrues at a variable rate (7.56% on March 31, 2024). The Company pays a 0.20% annual commitment fee on any funds not borrowed. There were advances outstanding of $54,255,183 and $0 on March 31, 2024 and December 31, 2023, respectively. The remaining available funds to borrow under the terms of the revolving credit agreement were $30.7 million as of March 31, 2024.
Note 7 - Long-Term Debt
The following is a summary of the Company's long-term debt on March 31, 2024 and December 31, 2023:
| | | | | | | | | | | |
| March 31, 2024 | | December 31, 2023 |
Revolving term loan from CoBank, interest at variable rates (7.86% and 7.85% on March 31, 2024 and December 31, 2023, respectively), secured by substantially all property and equipment. The loan matures on March 20, 2026. | $ | 10,800,000 | | | $ | — | |
Note payable to CoBank, interest at variable rates (7.86% and 7.85% at March 31, 2024 and December 31, 2023, respectively), secured by substantially all property and equipment. Note matures March 20, 2028. | 45,000,000 | | | — | |
Total debt before debt issuance costs | 55,800,000 | | 55800000 | — | |
Less current maturities | (5,700,000) | | | — | |
| | | |
| | | |
Total long-term debt | $ | 50,100,000 | | | $ | — | |
The Company entered into an agreement as of September 20, 2023, with CoBank to amend and restate its Credit Agreement, which includes the revolving term loan, note payable, and seasonal loan. Under the terms and conditions of the Credit Agreement, CoBank agreed to make advances to the Company for up to $12 million on the revolving term loan with a variable effective interest rate of 7.86%. The amount available for borrowing on the revolving term loan will decrease by $600,000 every six months until the loan's maturity date of March 20, 2028. The Company pays a 0.40% annual commitment fee on any funds not borrowed. The debt issuance costs of
South Dakota Soybean Processors, LLC
Notes to Condensed Consolidated Financial Statements
$24,000 paid by the Company were amortized over the term of the loan. The principal balance outstanding on the revolving term loan was $10.8 million and $0 as of March 31, 2024 and December 31, 2023, respectively. There were no remaining commitments available to borrow on the revolving term loan as of March 31, 2024.
On September 20, 2023, the Company entered into note payable to CoBank to borrow up to $90.0 million until August 1, 2024, the proceeds of which are to be used to finance the Company's investment in High Plains Partners, LLC. The Company will make semi-annual payments of $4.5 million beginning October 20, 2024 until the note's maturity on March 20, 2028. The principal balance outstanding on the note payable was $45.0 million and $0 as of March 31, 2024 and December 31, 2023, respectively. There was $45.0 million available to borrow on the note payable as of March 31, 2024.
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, 2024.
The following are minimum principal payments on long-term debt obligations for the twelve-month periods ending March 31:
| | | | | |
2025 | $ | 5,700,000 | |
2026 | 10,200,000 | |
2027 | 10,200,000 | |
2028 | 29,700,000 | |
| |
| |
| |
Total | $ | 55,800,000 | |
Note 8 - Operating Leases
The Company has several operating leases for railcars. These leases have terms ranging from 3-12 years and most 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 $1,071,723 and $880,151 for the three months ended March 31, 2024 and 2023, respectively.
The following is a schedule of the Company's operating leases for railcars as of March 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Lessor | | Quantity of Railcars | | Commencement Date | | Maturity Date | | Monthly Payment |
| | | | | | | | |
American Railcar Leasing | | 13 | | | 6/1/2021 | | 5/31/2024 | | $ | 7,150 | |
Andersons Railcar Leasing Co. | | 20 | | | 7/1/2019 | | 6/30/2026 | | 11,300 | |
Andersons Railcar Leasing Co. | | 15 | | | 11/1/2021 | | 10/31/2026 | | 8,250 | |
Farm Credit Leasing | | 87 | | | 9/1/2020 | | 8/31/2032 | | 34,929 | |
Farm Credit Leasing | | 8 | | | 6/1/2021 | | 5/31/2033 | | 5,966 | |
Farm Credit Leasing | | 9 | | | 10/1/2021 | | 9/30/2033 | | 4,624 | |
Farm Credit Leasing | | 23 | | | 7/1/2022 | | 6/30/2034 | | 13,863 | |
Farm Credit Leasing | | 30 | | | 8/1/2022 | | 7/31/2034 | | 30,422 | |
Farm Credit Leasing | | 20 | | | 10/1/2022 | | 9/30/2034 | | 21,668 | |
Farm Credit Leasing | | 100 | | | 4/1/2023 | | 3/31/2035 | | 81,466 | |
Farm Credit Leasing | | 10 | | | 3/1/2024 | | 2/29/2036 | | 7,427 | |
GATX Corporation | | 14 | | | 7/1/2020 | | 6/30/2024 | | 4,200 | |
Trinity Capital | | 2 | | | 6/1/2021 | | 5/31/2026 | | 980 | |
Wells Fargo Rail | | 109 | | | 3/1/2022 | | 2/28/2027 | | 51,775 | |
South Dakota Soybean Processors, LLC
Notes to Condensed Consolidated Financial Statements
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Lessor | | Quantity of Railcars | | Commencement Date | | Maturity Date | | Monthly Payment |
Wells Fargo Rail | | 7 | | | 5/1/2022 | | 4/30/2027 | | 2,765 | |
Wells Fargo Rail | | 15 | | | 5/1/2022 | | 4/30/2027 | | 5,925 | |
Wells Fargo Rail | | 105 | | | 1/1/2023 | | 12/31/2029 | | 49,875 | |
| | | | | | | | |
| | 587 | | | | | | | $ | 342,585 | |
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 $5,029. Lease expense under these other operating leases was $11,272 and $11,219 for the three-month periods ended March 31, 2024 and 2023, 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 paid the entity $3,300,000 after the entity's construction of additional storage and handling facilities. The agreement began on May 1, 2021 and will mature on April 30, 2027 but includes an additional seven-year renewal period at the sole discretion of the Company. Lease expense under this agreement was $58,929 and $58,929 for the three months ended March 31, 2024 and 2023, respectively.
Operating leases are included in right-to-use lease assets, current operating lease liabilities, and long-term lease liabilities on the Company's condensed consolidated 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 consolidated 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 consolidated statements of operations for the three-month periods ended March 31, 2024 and 2023 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | | | 2024 | | 2023 |
| | | | | | | |
Cost of revenues - Freight and rail | | | | | $ | 1,071,723 | | | $ | 880,151 | |
Cost of revenues - Production | | | | | 65,709 | | | 65,642 | |
Administration expenses | | | | | 4,492 | | | 4,506 | |
| | | | | | | |
Total operating lease costs | | | | | $ | 1,141,924 | | | $ | 950,299 | |
The following summarizes the supplemental cash flow information for the three-month periods ended March 31, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | | | 2024 | | 2023 |
| | | | | | | |
Cash paid for amounts included in the measurement of lease liabilities | | | | | $ | 1,024,371 | | | $ | 875,288 | |
| | | | | | | |
Supplemental non-cash information: | | | | | | | |
Right-of-use assets obtained in exchange for lease liabilities | | | | | $ | 831,971 | | | $ | 8,914,885 | |
South Dakota Soybean Processors, LLC
Notes to Condensed Consolidated Financial Statements
The following summarizes the weighted-average remaining lease term and weighted-average discount rate as of March 31, 2024:
| | | | | | | | |
Weighted-average remaining lease-term - operating leases (in years) | | 9.2 |
| | |
Weighted-average discount rate - operating leases | | 4.3 | % |
The following is a maturity analysis of the undiscounted cash flows of the operating lease liabilities as of March 31, 2024:
| | | | | | | | | | | | | | | | | | | | |
| | Railcars | | Other | | Total |
Twelve-month periods ended March 31: | | | | | | |
2025 | | $ | 4,001,717 | | | $ | 54,569 | | | $ | 4,056,286 | |
2026 | | 3,974,818 | | | 39,321 | | | 4,014,139 | |
2027 | | 3,770,292 | | | 34,787 | | | 3,805,079 | |
2028 | | 3,011,568 | | | 30,273 | | | 3,041,841 | |
2029 | | 3,002,877 | | | 17,820 | | | 3,020,697 | |
Thereafter | | 13,161,412 | | | 3,616 | | | 13,165,028 | |
Total lease payments | | 30,922,684 | | | 180,386 | | | 31,103,070 | |
Less amount of lease payments representing interest | | (5,380,719) | | | (21,722) | | | (5,402,441) | |
| | | | | | |
Total present value of lease payments | | $ | 25,541,965 | | | $ | 158,664 | | | $ | 25,700,629 | |
Note 9 - Member Distribution
On January 30, 2024, the Company’s Board of Managers approved a cash distribution of approximately $39.5 million, or $1.30 per capital unit. The distribution was paid in accordance with the Company’s operating agreement and distribution policy on February 1, 2024.
Note 10 - 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, hedging instruments. These contracts are recorded on the Company’s condensed consolidated balance sheets at fair value as discussed in Note 11, Fair Value.
As of March 31, 2024 and December 31, 2023, the net value of the Company’s open futures, options and forward contracts was $5,566,525 and $4,394,994, respectively.
| | | | | | | | | | | | | | | | | |
| | | As of March 31, 2024 |
| Balance Sheet Classification | | Asset Derivatives | | Liability Derivatives |
Derivatives not designated as hedging instruments: | | | | |
Commodity contracts | Current Assets/Liabilities | | $ | 11,015,872 | | | $ | 5,329,423 | |
Foreign exchange contracts | Current Assets/Liabilities | | 43,960 | | | 129,329 | |
Interest rate caps and floors | Current Assets/Liabilities | | — | | | 34,555 | |
| | | | | |
Totals | | | $ | 11,059,832 | | | $ | 5,493,307 | |
South Dakota Soybean Processors, LLC
Notes to Condensed Consolidated Financial Statements
| | | | | | | | | | | | | | | | | |
| | | As of December 31, 2023 |
| Balance Sheet Classification | | Asset Derivatives | | Liability Derivatives |
Derivatives not designated as hedging instruments: | | | | |
Commodity contracts | Current Assets/Liabilities | | $ | 10,178,089 | | | $ | 5,584,506 | |
Foreign exchange contracts | Current Assets/Liabilities | | 156,592 | | | 284,879 | |
Interest rate caps and floors | Current Assets/Liabilities | | — | | | 70,302 | |
| | | | | |
Totals | | | $ | 10,334,681 | | | $ | 5,939,687 | |
During the three-month periods ended March 31, 2024 and 2023, net realized and unrealized gains (losses) on derivative transactions were recognized in the condensed consolidated statements of operations as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | | | 2024 | | 2023 |
Derivatives not designated as hedging instruments: | | | | |
Commodity contracts | | | | | $ | 1,414,819 | | | $ | 13,826,366 | |
Foreign exchange contracts | | | | | 45,866 | | | 814,321 | |
Interest rate swaps, caps and floors | | | | | 35,747 | | | (157,074) | |
| | | | | | | |
Totals | | | | | $ | 1,496,432 | | | $ | 14,483,613 | |
The Company recorded gains (losses) in cost of goods sold related to its commodity derivative instruments of $1,496,432 and $14,483,613 for the three-month periods ended March 31, 2024 and 2023, respectively.
Note 11 - Fair Value
ASC 820, Fair Value Measurements and Disclosures, defines fair value, establishes a comprehensive framework for measuring fair value and expands disclosures that 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, 2024 and December 31, 2023:
South Dakota Soybean Processors, LLC
Notes to Condensed Consolidated Financial Statements
| | | | | | | | | | | | | | | | | | | | | | | |
| Fair Value as of March 31, 2024 |
| Level 1 | | Level 2 | | Level 3 | | Total |
Financial assets: | | | | | | | |
Inventory | $ | — | | | $ | 80,985,377 | | | $ | — | | | $ | 80,985,377 | |
Commodity derivative instruments | $ | 5,566,525 | | | $ | — | | | $ | — | | | $ | 5,566,525 | |
Margin deposits (deficits) | $ | 5,119,332 | | | $ | — | | | $ | — | | | $ | 5,119,332 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Fair Value as of December 31, 2023 |
| Level 1 | | Level 2 | | Level 3 | | Total |
Financial assets: | | | | | | | |
Inventory | $ | — | | | $ | 70,872,435 | | | $ | — | | | $ | 70,872,435 | |
Commodity derivative instruments | $ | 4,394,994 | | | $ | — | | | $ | — | | | $ | 4,394,994 | |
Margin deposits | $ | 1,342,978 | | | $ | — | | | $ | — | | | $ | 1,342,978 | |
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 futures 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 condensed consolidated 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 the original cost plus the amount of patronage earnings allocated to the Company, less any cash distributions received.
Note 12 - Related Party Transactions
The Company has equity investments in Prairie AquaTech, LLC, Prairie AquaTech Manufacturing, LLC and Prairie AquaTech Investments, LLC. The Company sold soybean products to Prairie AquaTech, LLC and Prairie AquaTech Manufacturing, LLC totaling $4,021,936 and $2,947,866 during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 and December 31, 2023, Prairie AquaTech, LLC and Prairie AquaTech Manufacturing, LLC owed the Company $1,947,289 and $1,216,699, respectively.
Note 13 - Commitments and Contingencies
The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to certain limits. At March 31, 2024 and December 31, 2023, the Company had approximately $140.2 million and $34.1 million, respectively, in excess of FDIC insured limits. The Company has not experienced any losses in such accounts.
As of March 31, 2024, the Company had unpaid commitments of approximately $282.4 million for construction and acquisition of property and equipment, all of which are expected to be incurred by March 31, 2025.
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 disputes. The Company carries insurance that provides protection against general commercial liability claims, claims against our directors, officers and employees, business interruption, automobile liability, and workers'
South Dakota Soybean Processors, LLC
Notes to Condensed Consolidated Financial Statements
compensation. The Company is not currently involved in any material legal proceedings and is not aware of any potential claims.
Note 14 - Subsequent Event
The 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.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Forward-Looking Statements
The information in this quarterly report on Form 10-Q for the three-month period ended March 31, 2024, (including reports filed with the Securities and Exchange Commission (the “SEC” or “Commission”), contains “forward-looking statements” that deal with future results, expectations, plans and performance, and should be read in conjunction with the financial statements and Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements may include statements which use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “predict,” “hope,” “will,” “should,” “could,” “may,” “future,” “potential,” or the negatives of these words, and all similar expressions. Forward-looking statements involve numerous assumptions, risks and uncertainties. Actual results or actual business or other conditions may differ materially from those contemplated by any forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements are identified in our Form 10-K for the year ended December 31, 2023.
We are not under any duty to update the forward-looking statements contained in this report, nor do we guarantee future results or performance or what future business conditions will be like. We caution you not to put undue reliance on any forward-looking statements, which speak only as of the date of this report.
Executive Overview and Summary
Our net income during the first quarter of 2024 was $5.5 million, compared to $22.7 million during the same period in 2023. In the first quarter of 2024, soybean processing margins decreased from above-average levels in 2023 due to several factors. Soybean oil demand from the energy sector declined sharply as refining margins for biodiesel and renewable diesel producers came under pressure due to overproduction and forced slowdowns at some production locations. In addition, imports of used cooking oil and other feedstocks flooded the market with lower-priced alternatives to soybean oil. Another contributing factor was the anticipated rebound in Argentine soybean production and processing. Last year’s drought in Argentina reduced available the soybean supply to Argentine processors, thus shifting meal demand to the U.S. and keeping our margins elevated in 2023. So far in 2024, however, ample soybean supply is expected in Argentina due to improved weather and Argentine processors are aggressively offering products into the global export markets.
Looking forward, we expect soy processing margins will be lower than last year, at least until the second quarter. For margins to increase, we will need a rebound in oil demand from the energy sector and robust U.S. exports of soybean meal to return. The addition of several new soybean processing plants in the U.S., which are expected to come online in 2024, could be another challenge, as new capacity will need to be assimilated into the market and could further weigh down processing margins for the rest of the year.
The construction of High Plains Processing, LLC's multi-seed plant near Mitchell, South Dakota, in which we have invested through our subsidiary, High Plains Partners, LLC, is progressing steadily. A mild winter has allowed us to stay on track with our construction schedule and kept winter-related expenses at a minimum. A large portion of the concrete is now in place, and steel and equipment shipments have been arriving over the past few months. If all goes according to plan, the plant's structures should start being built in the next few weeks, with anticipated start-up of the facility in the fall of 2025.
RESULTS OF OPERATIONS
Comparison of the Three Months Ended March 31, 2024 and 2023
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 | | Three Months Ended March 31, 2023 |
| $ | | % of Revenue | | $ | | % of Revenue |
Revenue | $ | 148,260,904 | | | 100.0 | | | $ | 171,913,308 | | | 100.0 | |
Cost of revenues | (140,924,855) | | | (95.1) | | | (147,269,737) | | | (85.7) | |
Gross profit | 7,336,049 | | | 4.9 | | | 24,643,571 | | | 14.3 | |
Operating expenses | (1,634,373) | | | (1.1) | | | (1,577,952) | | | (0.9) | |
| | | | | | | |
Interest expense | (1,453,991) | | | (1.0) | | | (920,108) | | | (0.5) | |
Other non-operating income (expense) | 1,831,300 | | | 1.2 | | | 597,001 | | | 0.3 | |
| | | | | | | |
Net income | 6,078,985 | | | 4.1 | | | 22742512 | | 13.2 | |
Net income attributable to non-controlling interests in consolidated entities | 604,531 | | | 0.4 | | | — | | | — | |
| | | | | | | |
Net income attributable to Company | $ | 5,474,454 | | | 3.7 | | | $ | 22,742,512 | | | 13.2 | |
Revenue – Revenue decreased by $23.7 million, or 13.8%, for the three-month period ended March 31, 2024, compared to the same period in 2023 due to a decrease in the average sales price of soybean products. The average price of soybean oil decreased 14.1% during the three months ended March 31, 2024, compared to the same period in 2023, due to a decrease in demand. Soybean oil demand from the energy sector dropped dramatically during the first quarter as refining margins for biodiesel and renewable diesel producers came under pressure from overproduction, thus causing slowdowns at some locations. In addition, imports of used cooking oil and other feedstocks flooded the market with lower-priced alternatives than soybean oil. Average soybean meal prices declined by 14.1% from 2023, being adversely affected by the return of Argentine processors to the global export market after a severe drought in 2023 shifted the export market to the U.S. from which we benefited.
Gross Profit/Loss – Gross profit decreased by $17.3 million, or 70.2%, for the three months ended March 31, 2024, compared to the same period in 2023. The decrease was mainly due to declining board crush margins, which were caused by a decrease in demand for soybean oil and an increase in global soybean meal supply which negatively affected U.S. export sales including ours.
Operating Expenses – Administrative expenses, including all selling, general and administrative expenses, increased approximately $56,000, or 3.6%, during the three-month period ended March 31, 2024, compared to the same period in 2023. The increase was primarily due to increased professional and related costs associated with the start-up of High Plains Processing's plant.
Interest Expense – Interest expense increased by $0.5 million, or 58.0%, during the three months ended March 31, 2024, compared to the same period in 2023. The increase in interest expense was due to a $13.7 million increase in borrowings from our lines of credit with our senior lender, CoBank. The average debt level was $74.0 million during the three months ended March 31, 2024, compared to $60.3 million during the same period in 2023. Debt levels increased mainly to fund our committed investment into High Plains Processing's plant through our subsidiary, High Plains Partners.
Other Non-Operating Income – Other non-operating income (expense), including patronage dividend income, increased $1.2 million during the three-month period ended March 31, 2024, compared to the same period in 2023. The increase in other non-operating income was due to a $1.2 million increase in interest income which we received from the deposit of investment proceeds received by a subsidiary in connection with its equity financing.
Net Income/Loss – During the three-month period ended March 31, 2024, we generated a net income of $5.5 million, compared to $22.7 million for the same period in 2023. The $17.3 million decrease was primarily attributable to decreased gross margins.
LIQUIDITY AND CAPITAL RESOURCES
Our primary sources of liquidity are cash provided by operations and borrowings under our two revolving lines of credit which are discussed below under “Indebtedness.” On March 31, 2024, we had working capital, defined as current assets less current liabilities, of approximately $151.2 million, compared to $53.6 million on March 31, 2023. Working capital increased between periods primarily due to investment proceeds raised by our consolidated subsidiaries, High Plains Partners, LLC and HPP SD Holdings, LLC, in connection with their equity financing, which were subsequently contributed to High Plains Processing, LLC for the construction and development of the new oilseed crush facility near Mitchell, South Dakota. We acquired a majority ownership in High Plains Partners in exchange for contributing to High Plain Partners cash, property, and various construction and development rights for the project. High Plains Partners, in turn, has contributed the cash, property, and rights to High Plains Partners' subsidiary, HPP SD Holdings, which owns the Mitchell plant through its wholly-owned subsidiary, High Plains Processing.
Comparison of the Three Months Ended March 31, 2024 and 2023
| | | | | | | | | | | |
| 2024 | | 2023 |
Net cash provided by (used for) operating activities | $ | (31,816,910) | | | $ | (15,629,602) | |
Net cash provided by (used for) investing activities | (23,139,489) | | | (7,363,416) | |
Net cash provided by (used for) financing activities | 117,268,046 | | | 22,818,866 | |
Cash Flows Provided By (Used For) Operations
The $16.2 million increase in cash flows used for operating activities was largely due to a $17.3 million decrease in net income and a $16.5 million change in inventory. During the three-month period ended March 31, 2024, our inventories increased by $9.9 million, compared to a $6.6 million decrease during the same period in 2023. Partially offsetting changes in inventory and margin deposits, was a $9.7 million change in accrued commodity purchases. Accrued commodity purchases decreased by $28.2 million during the three months ended March 31, 2024, compared to $37.9 million in 2023.
Cash Flows Used For Investing Activities
The $15.8 million increase in cash flows used for investing activities during the three-month period ended March 31, 2024, compared to the same period in 2023, was due to a $15.3 million increase in expenditures for purchases of various property and equipment that were largely made for the construction and development of the Mitchell facility. During the three months ended March 31, 2024, we spent $22.8 million on purchases of property and equipment, compared to $7.5 million during the same period in 2023.
Cash Flows Provided By Financing Activities
The $94.4 million increase in cash flows provided by financing activities was principally due to a $57.5 million increase in investment proceeds received and a $46.7 million increase in net proceeds on borrowings. During the three months ended March 31, 2024, our subsidiaries, High Plains Partners and HPP SD Holdings, received $57.5 million in investment proceeds in connection with their equity financing, which were subsequently contributed to High Plains Processing for the construction and development of the new crush facility. Net proceeds on borrowings increased by $110.1 million during the three months ended March 31, 2024, compared to $63.4 million during the same period in 2023. Partially offsetting the increase is a $3.0 million increase in cash distributions to our members during the three-month period ended March 31, 2024, compared to the same period in 2022.
Indebtedness
We hold three lines of credit with CoBank, our primary lender, to meet the short and long-term needs of our operations. The first credit line is a revolving long-term loan. Under this loan, we may borrow funds, as needed, up to the credit line maximum, or $12.0 million, and then pay down the principal whenever excess cash is available. Repaid amounts may be borrowed up to the available credit line. The available credit line decreases by $0.6 million every six months until the credit line’s maturity on March 20, 2028, at which time a balloon payment for the remaining balance is due. We pay a 0.40% annual commitment fee on any funds not borrowed. The principal balance outstanding on the revolving term loan was $10.8 million and $0.0 million as of March 31, 2024 and
December 31, 2023, respectively. Under this loan, there were no additional funds available to borrow as of March 31, 2024.
The second credit line is a revolving working capital (seasonal) loan. The primary purpose of this loan is to finance our operating needs. We may borrow up to $85.0 million until the loan's maturity on October 1, 2024. We pay a 0.20% annual commitment fee on any funds not borrowed; however, we have the option to reduce the credit line during any given commitment period listed in the credit agreement to avoid the commitment fee. As of March 31, 2024 and December 31, 2023, the principal balance outstanding on this credit line was $54.3 million and $0.0 million, respectively, allowing us to borrow an additional $30.7 million as of March 31, 2024.
The third line of credit is a multiple advance note payable. The primary purpose of this note is to finance our investment and ownership in our subsidiary, High Plains Partners, LLC and other larger capital projects. High Plains Partners serves as our investment and ownership vehicle in HPP SD Holdings, LLC, which owns the Mitchell plant through its wholly-owned subsidiary, High Plains Processing, LLC. The maximum we may borrow under this note is $90.0 million. Under this loan, principal payments of $4.5 million are made every six months which begin on October 20, 2024 and end on the date of maturity, March 20, 2028, at which time a balloon payment is due for the remaining balance. The principal balance outstanding on this note was $45.0 million and $0 as of March 31, 2024 and December 31, 2023. Under this note, there were $45.0 million of funds available to borrow as of March 31, 2024.
The revolving, seasonal and multiple advance loans with CoBank are set up with a variable rate option. The variable rate is set daily by CoBank. We also have a fixed rate option on all three loans, allowing us to fix rates for any period between one day and the entire commitment period. The annual interest rate on the revolving term and multiple advance loans was 7.86% and 7.85% as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, the interest rate on the seasonal loan was 7.56% and 7.55%, respectively. We were in compliance with all covenants and conditions under the loans as of March 31, 2024.
OFF BALANCE SHEET FINANCING ARRANGEMENTS
We do not utilize variable interest entities or other off-balance sheet financial arrangements.
Contractual Obligations
The following table shows our contractual obligations for the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 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) | | $ | 66,618,000 | | | $ | 9,804,000 | | | $ | 26,298,000 | | | $ | 30,516,000 | | | $ | — | |
| | | | | | | | | | |
Operating Lease Obligations | | 33,716,000 | | | 4,292,000 | | | 8,291,000 | | | 6,534,000 | | | 14,599,000 | |
| | | | | | | | | | |
Totals | | $ | 100,334,000 | | | $ | 14,096,000 | | | $ | 34,589,000 | | | $ | 37,050,000 | | | $ | 14,599,000 | |
(1) Represents principal and interest payments on our notes payable, which are included on our Balance Sheet.
RECENT ACCOUNTING PRONOUNCEMENTS
See Note 1 of our Financial Statements under Part I, Item 1, for a discussion on the impact, if any, of the recently pronounced accounting standards.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
There have been no material changes to our critical accounting policies and estimates from those set forth in our Annual Report on Form 10-K for the year ended December 31, 2023.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Commodities Risk & Risk Management. To reduce the price change risks associated with holding fixed-price commodity positions, we generally take opposite and offsetting positions by entering into commodity futures contracts (either a straight or options futures contract) on a regulated commodity futures exchange, the Chicago Board of Trade. While hedging activities reduce the risk of loss from changing market prices, such activities also limit the gain potential which otherwise could result from these significant fluctuations in market prices. Our policy is generally to maintain a hedged position within limits, but we can be long or short at any time. Our profitability is primarily derived from margins on soybeans processed, not from hedging transactions. Our management does not anticipate that hedging activities will have a significant impact on future operating results or liquidity. Hedging arrangements do not protect against the nonperformance of a cash contract.
At any one time, our inventory and purchase contracts for delivery to our facility may be substantial. We have risk management policies and procedures that include net position limits. They are defined by commodity and include both trader and management limits. This policy and procedure trigger a review by management when any trader is outside of position limits. The position limits are reviewed at least annually with the board of managers. We monitor current market conditions and may expand or reduce the limits in response to changes in those conditions.
An adverse change in market prices would not materially affect our profitability since we generally take opposite and offsetting positions by entering into commodity futures and forward contracts as economic hedges of price risk.
Foreign Currency Risk. We conduct essentially all of our business in U.S. dollars and have minimal direct risk regarding foreign currency fluctuations. Foreign currency fluctuations do, however, impact the ability of foreign buyers to purchase U.S. agricultural products and the competitiveness of and demand for U.S. agricultural products compared to the same products offered by foreign suppliers.
An adverse change in market prices would not materially affect our profitability since we generally take opposite and offsetting positions by entering into commodity futures and forward contracts as economic hedges of price risk.
Interest Rate Risk. We manage exposure to interest rate changes by using variable-rate loan agreements with fixed-rate options. Long-term loan agreements can utilize the fixed option through maturity; however, the revolving ability to pay down and borrow back would be eliminated once the funds were fixed.
As of March 31, 2024, we had $0 in fixed-rate debt outstanding and $185.8 million of variable-rate lines of credit. Interest rate changes impact the amount of our interest payments and, therefore, our future earnings and cash flows. Assuming other variables remain constant, a 1.0% increase in interest rates on our variable-rate debt could have an estimated impact on profitability of approximately $1.9 million per year.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures. Based on their evaluation as of the end of the period covered by this quarterly report on Form 10-Q, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934) are effective to ensure that information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms.
Changes in Internal Control Over Financial Reporting. There were no changes to our internal controls over financial reporting that materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting during the quarter ended March 31, 2024.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings.
From time to time in the ordinary course of our business, we may be named as a defendant in legal proceedings related to various issues, including without limitation, workers’ compensation claims, tort claims, or contractual disputes. We carry insurance that provides protection against general commercial liability claims, claims against our
directors, officer and employees, business interruption, automobile liability, and workers' compensation. We are not currently involved in any material legal proceedings and are not aware of any potential claims.
Item 1A. Risk Factors.
During the quarter ended March 31, 2024, there were no material changes to the Risk Factors disclosed in Item 1A (Part I) of our 2023 Annual Report on Form 10-K.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
None.
Item 5. Other Information.
Insider Adoption or Termination of Trading Arrangements
During the three months ended March 31, 2024, none of our managers or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K..
Item 6. Exhibits.
| | | | | | | | |
Exhibit Number | | Description |
31.1 | | |
31.2 | | |
32.1 | | |
32.2 | | |
____________________________________________________________________________
* Filed herewith.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | | | | | | | | |
| | | SOUTH DAKOTA SOYBEAN PROCESSORS, LLC |
| | | |
Dated: | May 15, 2024 | By | /s/ Thomas Kersting |
| | | Thomas Kersting, Chief Executive Officer |
| | | (Principal Executive Officer) |
| | | |
Dated: | May 15, 2024 | By | /s/ Mark Hyde |
| | | Mark Hyde, Chief Financial Officer |
| | | (Principal Financial Officer) |
Exhibit 31.1
Certification
I, Thomas Kersting, certify that:
1.I have reviewed the report on Form 10-Q of South Dakota Soybean Processors, LLC for the quarter ended March 31, 2024;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial data; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 15, 2024
| | | | | |
/s/ Thomas Kersting | |
Thomas Kersting | |
Chief Executive Officer | |
(Principal Executive Officer) | |
Exhibit 31.2
Certification
I, Mark Hyde, certify that:
1.I have reviewed the report on Form 10-Q of South Dakota Soybean Processors, LLC for the quarter ended March 31, 2024;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial data; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 15, 2024
| | | | | |
/s/ Mark Hyde | |
Mark Hyde | |
Chief Financial Officer | |
(Principal Financial and Accounting Officer) | |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of South Dakota Soybean Processors, LLC (the “Company”) on Form 10-Q for the quarter ending March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Thomas Kersting, the Chief Executive Officer (Principal Executive Officer) of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of March 31, 2024 (the last date of the period covered by the Report).
| | | | | | | | | | | |
Dated: | May 15, 2024 | By | /s/ Thomas Kersting |
| | | Thomas Kersting, Chief Executive Officer |
| | | (Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of South Dakota Soybean Processors, LLC (the “Company”) on Form 10-Q for the quarter ending March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark Hyde, the Chief Financial Officer (Principal Financial and Accounting Officer) of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of March 31, 2024 (the last date of the period covered by the Report).
| | | | | | | | | | | |
Dated: | May 15, 2024 | By | /s/ Mark Hyde |
| | | Mark Hyde, Chief Financial Officer |
| | | (Principal Financial and Accounting Officer) |
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3 Months Ended |
|
Mar. 31, 2024 |
May 15, 2024 |
Cover [Abstract] |
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Mar. 31, 2024
|
|
Document Transition Report |
false
|
|
Entity File Number |
000-50253
|
|
Entity Registrant Name |
SOUTH DAKOTA SOYBEAN PROCESSORS LLC
|
|
Entity Incorporation, State or Country Code |
SD
|
|
Entity Tax Identification Number |
46-0462968
|
|
Entity Address, Address Line One |
100 Caspian Ave
|
|
Entity Address, Address Line Two |
PO Box 500
|
|
Entity Address, City or Town |
Volga
|
|
Entity Address, State or Province |
SD
|
|
Entity Address, Postal Zip Code |
57071
|
|
City Area Code |
605
|
|
Local Phone Number |
627-9240
|
|
Entity Common Stock, Shares Outstanding |
|
30,411,500
|
Entity Central Index Key |
0001163609
|
|
Current Fiscal Year End Date |
--12-31
|
|
Document Type |
10-Q
|
|
Document Fiscal Year Focus |
2024
|
|
Document Fiscal Period Focus |
Q1
|
|
Amendment Flag |
false
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
false
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
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Entity Current Reporting Status |
Yes
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Entity Interactive Data Current |
Yes
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Assets |
|
|
Cash and cash equivalents |
$ 135,221,983
|
$ 72,910,336
|
Trade accounts receivable |
37,699,480
|
43,548,706
|
Inventories |
81,944,047
|
72,045,951
|
Commodity derivative instruments |
11,059,832
|
10,334,681
|
Margin deposits |
5,119,332
|
1,342,978
|
Prepaid expenses |
4,784,948
|
5,621,052
|
Total current assets |
275,829,622
|
205,803,704
|
Property and equipment |
269,130,477
|
246,347,535
|
Less accumulated depreciation |
(72,886,791)
|
(71,419,705)
|
Total property and equipment, net |
196,243,686
|
174,927,830
|
Other assets |
|
|
Investments in related parties |
15,073,570
|
13,637,150
|
Investments in cooperatives |
1,797,563
|
1,737,862
|
Right-of-use lease asset, net |
28,313,130
|
28,297,874
|
Other Assets, Noncurrent |
656,000
|
336,500
|
Total other assets |
45,840,263
|
44,009,386
|
Total assets |
517,913,571
|
424,740,920
|
Current liabilities |
|
|
Excess of outstanding checks over bank balance |
4,976,072
|
15,728,259
|
Current maturities of long-term debt |
5,700,000
|
0
|
Note payable - seasonal loan |
54,255,183
|
0
|
Current operating lease liabilities |
2,840,209
|
2,798,561
|
Accounts payable |
7,557,127
|
7,462,996
|
Accrued commodity purchases |
38,060,890
|
66,240,599
|
Commodity derivative instruments |
5,493,307
|
5,939,687
|
Accrued expenses |
3,377,865
|
6,700,564
|
Accrued interest |
794,884
|
19,171
|
Deferred liabilities - current |
1,549,884
|
737,503
|
Total current liabilities |
124,605,421
|
105,627,340
|
Long-term liabilities |
|
|
Long-term debt, net of current maturities |
50,100,000
|
0
|
Long-term operating lease liabilities |
22,860,420
|
22,827,885
|
Deferred liabilities |
74,594
|
54,094
|
Total long-term liabilities |
73,035,014
|
22,881,979
|
Commitments and contingencies (Notes 6, 7, 8, and 13) |
|
|
Members' equity |
|
|
Class A Units, no par value, 30,411,500 units issued and outstanding on March 31, 2024 and December 31, 2023 |
163,433,958
|
197,494,454
|
Partners' Capital Attributable to Noncontrolling Interest |
156,839,178
|
98,737,147
|
Total liabilities and members' equity |
517,913,571
|
424,740,920
|
Partners' Capital, Including Portion Attributable to Noncontrolling Interest |
320,273,136
|
$ 296,231,601
|
Capital Unit, Class A |
|
|
Members' equity |
|
|
Class A Units, no par value, 30,411,500 units issued and outstanding on March 31, 2024 and December 31, 2023 |
$ 163,433,958
|
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets [Parenthetical] - Capital Unit, Class A - shares
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Common stock, shares issued |
30,411,500
|
30,411,500
|
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30,411,500
|
30,411,500
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v3.24.1.1.u2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Net revenues |
$ 148,260,904
|
$ 171,913,308
|
Cost of revenues: |
|
|
Production |
9,387,312
|
10,718,977
|
Brokerage fees |
182,666
|
189,280
|
Total cost of revenues |
140,924,855
|
147,269,737
|
Gross profit |
7,336,049
|
24,643,571
|
Operating expenses: |
|
|
Administration |
1,634,373
|
1,577,952
|
Operating income |
5,701,676
|
23,065,619
|
Other income (expense): |
|
|
Interest expense |
(1,453,991)
|
(920,108)
|
Other non-operating income (expense) |
1,401,412
|
(96,046)
|
Patronage dividend income |
429,888
|
693,047
|
Total other income (expense) |
377,309
|
(323,107)
|
Net income |
5,474,454
|
22,742,512
|
Net Income (Loss) Attributable to Noncontrolling Interest |
$ 604,531
|
$ 0
|
Basic and Diluted Loss Per Capital Unit [Abstract] |
|
|
Earnings Per Share, Basic |
$ 0.18
|
$ 0.75
|
Weighted average number of capital units outstanding for calculation of diluted earnings per capital unit (in shares) |
30,411,500
|
30,411,500
|
Weighted average number of capital units outstanding for calculation of basic earnings per capital unit (in shares) |
30,411,500
|
30,411,500
|
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest |
$ 6,078,985
|
$ 22,742,512
|
Product |
|
|
Cost of revenues: |
|
|
Cost of products and services |
120,122,939
|
124,238,702
|
Freight and rail |
|
|
Cost of revenues: |
|
|
Cost of products and services |
$ 11,231,938
|
$ 12,122,778
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v3.24.1.1.u2
Condensed Statement of Changes in Members' Equity Statement - USD ($)
|
Total |
Noncontrolling Interest |
Capital Unit, Class A |
Beginning Balances (in shares) at Dec. 31, 2022 |
|
|
30,411,500
|
Beginning Balances at Dec. 31, 2022 |
|
|
$ 163,538,676
|
Beginning Balances at Dec. 31, 2022 |
$ 163,538,676
|
$ 0
|
|
Net income |
22,742,512
|
|
22,742,512
|
Distribution to members |
$ (36,493,800)
|
|
|
Liquidation of members' equity (in shares) |
0
|
|
|
Liquidation of members' equity |
$ 0
|
|
$ 0
|
Ending Balances (in shares) at Mar. 31, 2023 |
|
|
30,411,500
|
Ending Balances at Mar. 31, 2023 |
|
|
$ 149,787,388
|
Ending Balances at Mar. 31, 2023 |
149,787,388
|
0
|
|
Beginning Balances (in shares) at Dec. 31, 2023 |
|
|
30,411,500
|
Beginning Balances at Dec. 31, 2023 |
197,494,454
|
|
|
Beginning Balances at Dec. 31, 2023 |
296,231,601
|
98,737,147
|
|
Net income |
6,078,985
|
604,531
|
$ 5,474,454
|
Distribution to members |
$ (39,534,950)
|
|
(39,534,950)
|
Liquidation of members' equity (in shares) |
0
|
|
|
Liquidation of members' equity |
$ (2,500)
|
|
$ 0
|
Issuance of new capital units in consolidated entities |
57,500,000
|
57,500,000
|
|
Ending Balances (in shares) at Mar. 31, 2024 |
|
|
30,411,500
|
Ending Balances at Mar. 31, 2024 |
163,433,958
|
|
$ 163,433,958
|
Ending Balances at Mar. 31, 2024 |
$ 320,273,136
|
$ 156,839,178
|
|
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v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
18 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Operating activities |
|
|
|
Net income |
$ 6,078,985
|
$ 22,742,512
|
|
Charges and credits to net income not affecting cash: |
|
|
|
Depreciation and amortization |
1,504,134
|
1,415,296
|
|
Net (gain) loss recognized on derivative activities |
(1,496,432)
|
(14,483,613)
|
|
Loss (gain) on sale of property and equipment |
0
|
(31,853)
|
|
Non-cash patronage dividends |
(59,701)
|
(32,313)
|
|
Change in current assets and liabilities |
(37,843,896)
|
(25,239,631)
|
|
Net cash provided by (used for) operating activities |
(31,816,910)
|
(15,629,602)
|
|
Investing activities |
|
|
|
Increase in other assets |
(319,500)
|
0
|
|
Proceeds from sales of property and equipment |
0
|
100,000
|
|
Purchase of property and equipment |
(22,819,989)
|
(1,559,279)
|
|
Net cash used for investing activities |
(23,139,489)
|
(7,363,416)
|
|
Financing activities |
|
|
|
Change in excess of outstanding checks over bank balances |
(10,752,187)
|
(4,100,716)
|
|
Net proceeds from seasonal borrowings |
54,255,183
|
60,262,726
|
|
Proceeds from issuance of capital units |
57,500,000
|
0
|
$ 155,600,000
|
Distributions to members |
(39,534,950)
|
(36,493,800)
|
|
Proceeds from long-term debt |
56,400,000
|
6,581,850
|
|
Principal payments on long-term debt |
(600,000)
|
(3,431,194)
|
|
Net cash provided by financing activities |
117,268,046
|
22,818,866
|
|
Net change in cash and cash equivalents |
62,311,647
|
(174,152)
|
|
Cash and cash equivalents, beginning of period |
72,910,336
|
866,699
|
|
Cash and cash equivalents, end of period |
135,221,983
|
692,547
|
$ 135,221,983
|
Supplemental disclosures of cash flow information |
|
|
|
Interest |
678,278
|
603,157
|
|
Income taxes |
0
|
0
|
|
Soybean meal contributed as investment in related party |
1,436,420
|
1,436,420
|
|
Liquidation of members' equity |
(2,500)
|
0
|
|
Purchase of investments |
$ 0
|
$ (5,904,137)
|
|
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v3.24.1.1.u2
Principal Activity and Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Principal Activity and Significant Accounting Policies |
Principal Activity and Significant Accounting Policies The unaudited condensed consolidated 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 consolidated 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, 2023 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, 2023, included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 22, 2024. Principles of consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries, High Plains Partners, LLC, HPP SD Holdings, LLC, and High Plains Processing, LLC, after elimination of all material intercompany accounts, transactions, and profits. Use of estimates The preparation of consolidated 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 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 the sale of goods are accounted for as a fulfillment activity and are included in the 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 consolidated balance sheets. These customer prepayments totaled $436,489 and $737,503 as of March 31, 2024 and December 31, 2023, respectively. Of the $737,503 balance as of December 31, 2023, the Company recognized $352,355 as revenues for the three months ended March 31, 2024. Of the $1,074,059 customer prepayments as of December 31, 2022, the Company recognized $723,453 of contract liabilities as revenues during the three months ended March 31, 2023. The following table presents a disaggregation of revenue from contracts with customers for the three-month periods ended March 31, 2024 and 2023, by product type: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | | | | | | | | Soybean meal and hulls | | | | | $ | 83,398,043 | | | $ | 97,123,852 | | Soybean oil and oil byproducts | | | | | 64,862,861 | | | 74,789,456 | | | | | | | | | | Totals | | | | | $ | 148,260,904 | | | $ | 171,913,308 | |
Recent accounting pronouncements Any recent accounting pronouncements are not expected to have a material impact on our condensed financial statements.
|
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v3.24.1.1.u2
Accounts Receivable
|
3 Months Ended |
Mar. 31, 2024 |
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 are generally 30 days from invoice date. Accounts considered uncollectible are written off. The Company’s estimate of the allowance for credit losses 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, 2024 and December 31, 2023: | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Past due: | | | | Less than 30 days past due | $ | 10,242,048 | | | $ | 11,438,298 | | 30-60 days past due | 368,848 | | | 1,425,727 | | 60-90 days past due | 64,005 | | | 114,387 | | Greater than 90 days past due | 220,691 | | | 56,028 | | Total past due | 10,895,592 | | | 13,034,440 | | Current | 26,803,888 | | | 30,514,266 | | | | | | Totals | $ | 37,699,480 | | | $ | 43,548,706 | |
The following table provides information regarding the Company's allowance for credit losses as of March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | | | | | Balances, beginning of period | $ | — | | | $ | — | | Amounts charged (credited) to costs and expenses | — | | | — | | Additions (deductions) | — | | | — | | | | | | Balances, end of period | $ | — | | | $ | — | |
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.
|
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- DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.24.1.1.u2
Inventories
|
3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
Inventories |
Inventories The Company’s inventories consist of the following on March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Finished goods | $ | 34,075,268 | | | $ | 32,772,392 | | Raw materials | 47,370,840 | | | 38,730,545 | | Supplies & miscellaneous | 497,939 | | | 543,014 | | | | | | Totals | $ | 81,944,047 | | | $ | 72,045,951 | |
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.
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v3.24.1.1.u2
Investments in Related Parties
|
3 Months Ended |
Mar. 31, 2024 |
Investments, Debt and Equity Securities [Abstract] |
|
Investments in Related Parties |
Investments in Related Parties The Company’s investments in related parties consist of the following on March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Prairie AquaTech, LLC | 1,553,727 | | | 1,553,727 | | Prairie AquaTech Investments, LLC | 5,000,000 | | | 5,000,000 | | Prairie AquaTech Manufacturing, LLC | 8,519,843 | | | 7,083,423 | | | | | | Totals | $ | 15,073,570 | | | $ | 13,637,150 | |
The Company measures its investments in Prairie AquaTech, LLC, Prairie AquaTech Investments, LLC, Prairie AquaTech Manufacturing, LLC and High Plains Partners, LLC at their cost less any impairment plus or minus any observable price changes in orderly transactions since these equity investments do not have readily determinable fair values. The Company invested $1,436,420 and $1,436,420 of soybean meal in Prairie AquaTech Manufacturing, LLC for the three months ended March 31, 2024 and 2023, respectively, to be used in the entity's operations. In February 2022, the Company announced its plans to construct a multi-seed processing plant near Mitchell, South Dakota. In September 2022, the Company entered into a capital contribution and commitment agreement with High Plains Partners, LLC. Per the agreement, the Company transferred to High Plains Partners, LLC all rights, title and interest to all of the tangible and intangible development rights, including engineering, permitting, studies, records, etc., totaling $5.0 million in value in exchange for 2,615 Class B units in High Plains Partners, LLC. The Company also committed to investing up to another $81.4 million for 19,454 Class B capital units in the entity. As of March 31, 2024, the Company had contributed $86.4 towards the project. Effective September 30, 2023, the Company began consolidating the accounts of High Plains Processing, LLC, HPP SD Holdings, LLC, and High Plains Partners, LLC, formerly unconsolidated entities, into its financial statements . The Company and other regional investors committed to investing a total of $192.0 million into High Plains Partners. In September 2023, High Plains Partners created a joint venture with another partner to create High Plains Processing, LLC, to build a new multi-seed crush facility near Mitchell, South Dakota. Construction of the facility is estimated to be completed in late 2025. The consolidation is due to the Company's entering into a management agreement with the new processing facility along with its ability to appoint a majority of the board members of each entity. The financial data for previous periods has not been restated to reflect the consolidation of the three entities. The consolidation is not material to the financial position or results of operations for the periods presented and had no effect on previously reported net income. As of March 31, 2024, High Plains Partners, HPP SD Holdings, and High Plains Processing, LLC received a total of $155.6 million in proceeds from the issuance from capital units.
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v3.24.1.1.u2
Property and Equipment
|
3 Months Ended |
Mar. 31, 2024 |
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, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | Cost | | Accumulated Depreciation | | Net | | Net | Land | $ | 516,326 | | | $ | — | | | $ | 516,326 | | | $ | 516,326 | | Land improvements | 2,759,442 | | | (1,272,569) | | | 1,486,873 | | | 1,527,776 | | Buildings and improvements | 29,615,350 | | | (12,171,570) | | | 17,443,780 | | | 17,629,613 | | Machinery and equipment | 97,290,313 | | | (57,602,917) | | | 39,687,396 | | | 40,837,043 | | Railroad cars | 10,411,185 | | | (733,558) | | | 9,677,627 | | | 9,729,683 | | Company vehicles | 175,835 | | | (110,778) | | | 65,057 | | | 9,532 | | Furniture and fixtures | 1,548,914 | | | (995,399) | | | 553,515 | | | 581,676 | | Construction in progress | 126,813,112 | | | — | | | 126,813,112 | | | 104,096,181 | | | | | | | | | | Totals | $ | 269,130,477 | | | $ | (72,886,791) | | | $ | 196,243,686 | | | $ | 174,927,830 | |
Depreciation of property and equipment was $1,504,134 and $1,414,076 for the three months ended March 31, 2024 and 2023, respectively.
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v3.24.1.1.u2
Note Payable - Seasonal Loan
|
3 Months Ended |
Mar. 31, 2024 |
Notes Payable Seasonal Loan [Abstract] |
|
Note Payable - Seasonal Loan |
Note Payable – Seasonal Loan The Company has entered into a revolving credit agreement with CoBank which expires on October 1, 2024. The purpose of the credit agreement is to finance the operating needs of the Company. Under this agreement, the Company could borrow up to $85 million, and advances on the revolving credit agreement are secured. Interest accrues at a variable rate (7.56% on March 31, 2024). The Company pays a 0.20% annual commitment fee on any funds not borrowed. There were advances outstanding of $54,255,183 and $0 on March 31, 2024 and December 31, 2023, respectively. The remaining available funds to borrow under the terms of the revolving credit agreement were $30.7 million as of March 31, 2024.
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v3.24.1.1.u2
Long-Term Debt
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Long-Term Debt |
Long-Term Debt The following is a summary of the Company's long-term debt on March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Revolving term loan from CoBank, interest at variable rates (7.86% and 7.85% on March 31, 2024 and December 31, 2023, respectively), secured by substantially all property and equipment. The loan matures on March 20, 2026. | $ | 10,800,000 | | | $ | — | | Note payable to CoBank, interest at variable rates (7.86% and 7.85% at March 31, 2024 and December 31, 2023, respectively), secured by substantially all property and equipment. Note matures March 20, 2028. | 45,000,000 | | | — | | Total debt before debt issuance costs | 55,800,000 | | 55800000 | — | | Less current maturities | (5,700,000) | | | — | | | | | | | | | | Total long-term debt | $ | 50,100,000 | | | $ | — | |
The Company entered into an agreement as of September 20, 2023, with CoBank to amend and restate its Credit Agreement, which includes the revolving term loan, note payable, and seasonal loan. Under the terms and conditions of the Credit Agreement, CoBank agreed to make advances to the Company for up to $12 million on the revolving term loan with a variable effective interest rate of 7.86%. The amount available for borrowing on the revolving term loan will decrease by $600,000 every six months until the loan's maturity date of March 20, 2028. 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 were amortized over the term of the loan. The principal balance outstanding on the revolving term loan was $10.8 million and $0 as of March 31, 2024 and December 31, 2023, respectively. There were no remaining commitments available to borrow on the revolving term loan as of March 31, 2024. On September 20, 2023, the Company entered into note payable to CoBank to borrow up to $90.0 million until August 1, 2024, the proceeds of which are to be used to finance the Company's investment in High Plains Partners, LLC. The Company will make semi-annual payments of $4.5 million beginning October 20, 2024 until the note's maturity on March 20, 2028. The principal balance outstanding on the note payable was $45.0 million and $0 as of March 31, 2024 and December 31, 2023, respectively. There was $45.0 million available to borrow on the note payable as of March 31, 2024. 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, 2024. The following are minimum principal payments on long-term debt obligations for the twelve-month periods ending March 31: | | | | | | 2025 | $ | 5,700,000 | | 2026 | 10,200,000 | | 2027 | 10,200,000 | | 2028 | 29,700,000 | | | | | | | | Total | $ | 55,800,000 | |
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v3.24.1.1.u2
Operating Leases (Notes)
|
3 Months Ended |
Mar. 31, 2024 |
Leases [Abstract] |
|
Operating Leases |
Operating Leases The Company has several operating leases for railcars. These leases have terms ranging from 3-12 years and most 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 $1,071,723 and $880,151 for the three months ended March 31, 2024 and 2023, respectively. The following is a schedule of the Company's operating leases for railcars as of March 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | Lessor | | Quantity of Railcars | | Commencement Date | | Maturity Date | | Monthly Payment | | | | | | | | | | American Railcar Leasing | | 13 | | | 6/1/2021 | | 5/31/2024 | | $ | 7,150 | | Andersons Railcar Leasing Co. | | 20 | | | 7/1/2019 | | 6/30/2026 | | 11,300 | | Andersons Railcar Leasing Co. | | 15 | | | 11/1/2021 | | 10/31/2026 | | 8,250 | | Farm Credit Leasing | | 87 | | | 9/1/2020 | | 8/31/2032 | | 34,929 | | Farm Credit Leasing | | 8 | | | 6/1/2021 | | 5/31/2033 | | 5,966 | | Farm Credit Leasing | | 9 | | | 10/1/2021 | | 9/30/2033 | | 4,624 | | Farm Credit Leasing | | 23 | | | 7/1/2022 | | 6/30/2034 | | 13,863 | | Farm Credit Leasing | | 30 | | | 8/1/2022 | | 7/31/2034 | | 30,422 | | Farm Credit Leasing | | 20 | | | 10/1/2022 | | 9/30/2034 | | 21,668 | | Farm Credit Leasing | | 100 | | | 4/1/2023 | | 3/31/2035 | | 81,466 | | Farm Credit Leasing | | 10 | | | 3/1/2024 | | 2/29/2036 | | 7,427 | | GATX Corporation | | 14 | | | 7/1/2020 | | 6/30/2024 | | 4,200 | | Trinity Capital | | 2 | | | 6/1/2021 | | 5/31/2026 | | 980 | | Wells Fargo Rail | | 109 | | | 3/1/2022 | | 2/28/2027 | | 51,775 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Lessor | | Quantity of Railcars | | Commencement Date | | Maturity Date | | Monthly Payment | Wells Fargo Rail | | 7 | | | 5/1/2022 | | 4/30/2027 | | 2,765 | | Wells Fargo Rail | | 15 | | | 5/1/2022 | | 4/30/2027 | | 5,925 | | Wells Fargo Rail | | 105 | | | 1/1/2023 | | 12/31/2029 | | 49,875 | | | | | | | | | | | | | 587 | | | | | | | $ | 342,585 | |
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 $5,029. Lease expense under these other operating leases was $11,272 and $11,219 for the three-month periods ended March 31, 2024 and 2023, 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 paid the entity $3,300,000 after the entity's construction of additional storage and handling facilities. The agreement began on May 1, 2021 and will mature on April 30, 2027 but includes an additional seven-year renewal period at the sole discretion of the Company. Lease expense under this agreement was $58,929 and $58,929 for the three months ended March 31, 2024 and 2023, respectively. Operating leases are included in right-to-use lease assets, current operating lease liabilities, and long-term lease liabilities on the Company's condensed consolidated 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 consolidated 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 consolidated statements of operations for the three-month periods ended March 31, 2024 and 2023 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | | | | | | | | Cost of revenues - Freight and rail | | | | | $ | 1,071,723 | | | $ | 880,151 | | Cost of revenues - Production | | | | | 65,709 | | | 65,642 | | Administration expenses | | | | | 4,492 | | | 4,506 | | | | | | | | | | Total operating lease costs | | | | | $ | 1,141,924 | | | $ | 950,299 | |
The following summarizes the supplemental cash flow information for the three-month periods ended March 31, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | | | | | | | | Cash paid for amounts included in the measurement of lease liabilities | | | | | $ | 1,024,371 | | | $ | 875,288 | | | | | | | | | | Supplemental non-cash information: | | | | | | | | Right-of-use assets obtained in exchange for lease liabilities | | | | | $ | 831,971 | | | $ | 8,914,885 | |
The following summarizes the weighted-average remaining lease term and weighted-average discount rate as of March 31, 2024: | | | | | | | | | Weighted-average remaining lease-term - operating leases (in years) | | 9.2 | | | | Weighted-average discount rate - operating leases | | 4.3 | % |
The following is a maturity analysis of the undiscounted cash flows of the operating lease liabilities as of March 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | Railcars | | Other | | Total | Twelve-month periods ended March 31: | | | | | | | 2025 | | $ | 4,001,717 | | | $ | 54,569 | | | $ | 4,056,286 | | 2026 | | 3,974,818 | | | 39,321 | | | 4,014,139 | | 2027 | | 3,770,292 | | | 34,787 | | | 3,805,079 | | 2028 | | 3,011,568 | | | 30,273 | | | 3,041,841 | | 2029 | | 3,002,877 | | | 17,820 | | | 3,020,697 | | Thereafter | | 13,161,412 | | | 3,616 | | | 13,165,028 | | Total lease payments | | 30,922,684 | | | 180,386 | | | 31,103,070 | | Less amount of lease payments representing interest | | (5,380,719) | | | (21,722) | | | (5,402,441) | | | | | | | | | Total present value of lease payments | | $ | 25,541,965 | | | $ | 158,664 | | | $ | 25,700,629 | |
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v3.24.1.1.u2
Member Distribution
|
3 Months Ended |
Mar. 31, 2024 |
Member Distribution [Abstract] |
|
Member Distribution |
Member Distribution On January 30, 2024, the Company’s Board of Managers approved a cash distribution of approximately $39.5 million, or $1.30 per capital unit. The distribution was paid in accordance with the Company’s operating agreement and distribution policy on February 1, 2024.
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v3.24.1.1.u2
Derivative Instruments and Hedging Activities
|
3 Months Ended |
Mar. 31, 2024 |
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, hedging instruments. These contracts are recorded on the Company’s condensed consolidated balance sheets at fair value as discussed in Note 11, Fair Value. As of March 31, 2024 and December 31, 2023, the net value of the Company’s open futures, options and forward contracts was $5,566,525 and $4,394,994, respectively. | | | | | | | | | | | | | | | | | | | | | As of March 31, 2024 | | Balance Sheet Classification | | Asset Derivatives | | Liability Derivatives | Derivatives not designated as hedging instruments: | | | | | Commodity contracts | Current Assets/Liabilities | | $ | 11,015,872 | | | $ | 5,329,423 | | Foreign exchange contracts | Current Assets/Liabilities | | 43,960 | | | 129,329 | | Interest rate caps and floors | Current Assets/Liabilities | | — | | | 34,555 | | | | | | | | Totals | | | $ | 11,059,832 | | | $ | 5,493,307 | |
| | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | Balance Sheet Classification | | Asset Derivatives | | Liability Derivatives | Derivatives not designated as hedging instruments: | | | | | Commodity contracts | Current Assets/Liabilities | | $ | 10,178,089 | | | $ | 5,584,506 | | Foreign exchange contracts | Current Assets/Liabilities | | 156,592 | | | 284,879 | | Interest rate caps and floors | Current Assets/Liabilities | | — | | | 70,302 | | | | | | | | Totals | | | $ | 10,334,681 | | | $ | 5,939,687 | |
During the three-month periods ended March 31, 2024 and 2023, net realized and unrealized gains (losses) on derivative transactions were recognized in the condensed consolidated statements of operations as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | Derivatives not designated as hedging instruments: | | | | | Commodity contracts | | | | | $ | 1,414,819 | | | $ | 13,826,366 | | Foreign exchange contracts | | | | | 45,866 | | | 814,321 | | Interest rate swaps, caps and floors | | | | | 35,747 | | | (157,074) | | | | | | | | | | Totals | | | | | $ | 1,496,432 | | | $ | 14,483,613 | |
The Company recorded gains (losses) in cost of goods sold related to its commodity derivative instruments of $1,496,432 and $14,483,613 for the three-month periods ended March 31, 2024 and 2023, respectively.
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v3.24.1.1.u2
Fair Value
|
3 Months Ended |
Mar. 31, 2024 |
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 that 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, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value as of March 31, 2024 | | Level 1 | | Level 2 | | Level 3 | | Total | Financial assets: | | | | | | | | Inventory | $ | — | | | $ | 80,985,377 | | | $ | — | | | $ | 80,985,377 | | Commodity derivative instruments | $ | 5,566,525 | | | $ | — | | | $ | — | | | $ | 5,566,525 | | Margin deposits (deficits) | $ | 5,119,332 | | | $ | — | | | $ | — | | | $ | 5,119,332 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value as of December 31, 2023 | | Level 1 | | Level 2 | | Level 3 | | Total | Financial assets: | | | | | | | | Inventory | $ | — | | | $ | 70,872,435 | | | $ | — | | | $ | 70,872,435 | | Commodity derivative instruments | $ | 4,394,994 | | | $ | — | | | $ | — | | | $ | 4,394,994 | | Margin deposits | $ | 1,342,978 | | | $ | — | | | $ | — | | | $ | 1,342,978 | |
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 futures 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 condensed consolidated 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 the original cost plus the amount of patronage earnings allocated to the Company, less any cash distributions received.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.24.1.1.u2
Related Party Transactions (Notes)
|
3 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Related Party Transactions The Company has equity investments in Prairie AquaTech, LLC, Prairie AquaTech Manufacturing, LLC and Prairie AquaTech Investments, LLC. The Company sold soybean products to Prairie AquaTech, LLC and Prairie AquaTech Manufacturing, LLC totaling $4,021,936 and $2,947,866 during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 and December 31, 2023, Prairie AquaTech, LLC and Prairie AquaTech Manufacturing, LLC owed the Company $1,947,289 and $1,216,699, respectively.
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.1.1.u2
Commitments and Contingencies
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Contingencies The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to certain limits. At March 31, 2024 and December 31, 2023, the Company had approximately $140.2 million and $34.1 million, respectively, in excess of FDIC insured limits. The Company has not experienced any losses in such accounts. As of March 31, 2024, the Company had unpaid commitments of approximately $282.4 million for construction and acquisition of property and equipment, all of which are expected to be incurred by March 31, 2025. 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 disputes. The Company carries insurance that provides protection against general commercial liability claims, claims against our directors, officers and employees, business interruption, automobile liability, and workers' compensation. The Company is not currently involved in any material legal proceedings and is not aware of any potential claims.
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- DefinitionThe entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.
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v3.24.1.1.u2
Subsequent Event
|
3 Months Ended |
Mar. 31, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Event |
Subsequent Event The 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.
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- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.1.1.u2
Principal Activity and Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
Use of Estimates, Policy |
Use of estimates The preparation of consolidated 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 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 the sale of goods are accounted for as a fulfillment activity and are included in the 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 consolidated balance sheets. These customer prepayments totaled $436,489 and $737,503 as of March 31, 2024 and December 31, 2023, respectively. Of the $737,503 balance as of December 31, 2023, the Company recognized $352,355 as revenues for the three months ended March 31, 2024. Of the $1,074,059 customer prepayments as of December 31, 2022, the Company recognized $723,453 of contract liabilities as revenues during the three months ended March 31, 2023.
|
|
Recent Accounting Pronouncements |
Recent accounting pronouncements Any recent accounting pronouncements are not expected to have a material impact on our condensed financial statements.
|
|
Consolidation, Policy |
|
Principles of consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries, High Plains Partners, LLC, HPP SD Holdings, LLC, and High Plains Processing, LLC, after elimination of all material intercompany accounts, transactions, and profits.
|
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v3.24.1.1.u2
Principal Activity and Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
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, 2024 and 2023, by product type: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | | | | | | | | Soybean meal and hulls | | | | | $ | 83,398,043 | | | $ | 97,123,852 | | Soybean oil and oil byproducts | | | | | 64,862,861 | | | 74,789,456 | | | | | | | | | | Totals | | | | | $ | 148,260,904 | | | $ | 171,913,308 | |
|
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- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
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v3.24.1.1.u2
Accounts Receivable (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Receivables [Abstract] |
|
Past Due Financing Receivables |
The following table presents the aging analysis of trade receivables as of March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Past due: | | | | Less than 30 days past due | $ | 10,242,048 | | | $ | 11,438,298 | | 30-60 days past due | 368,848 | | | 1,425,727 | | 60-90 days past due | 64,005 | | | 114,387 | | Greater than 90 days past due | 220,691 | | | 56,028 | | Total past due | 10,895,592 | | | 13,034,440 | | Current | 26,803,888 | | | 30,514,266 | | | | | | Totals | $ | 37,699,480 | | | $ | 43,548,706 | |
|
Schedule of Allowance for Doubtful Accounts Receivable |
The following table provides information regarding the Company's allowance for credit losses as of March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | | | | | Balances, beginning of period | $ | — | | | $ | — | | Amounts charged (credited) to costs and expenses | — | | | — | | Additions (deductions) | — | | | — | | | | | | Balances, end of period | $ | — | | | $ | — | |
|
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- DefinitionTabular disclosure of aging analysis for financing receivable.
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v3.24.1.1.u2
Inventories (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventory, Current |
The Company’s inventories consist of the following on March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Finished goods | $ | 34,075,268 | | | $ | 32,772,392 | | Raw materials | 47,370,840 | | | 38,730,545 | | Supplies & miscellaneous | 497,939 | | | 543,014 | | | | | | Totals | $ | 81,944,047 | | | $ | 72,045,951 | |
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- DefinitionTabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.
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v3.24.1.1.u2
Investments in Related Parties (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Investments, Debt and Equity Securities [Abstract] |
|
Investments in Related Parties |
The Company’s investments in related parties consist of the following on March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Prairie AquaTech, LLC | 1,553,727 | | | 1,553,727 | | Prairie AquaTech Investments, LLC | 5,000,000 | | | 5,000,000 | | Prairie AquaTech Manufacturing, LLC | 8,519,843 | | | 7,083,423 | | | | | | Totals | $ | 15,073,570 | | | $ | 13,637,150 | |
|
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- DefinitionTabular disclosure of investment in equity security without readily determinable fair value.
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v3.24.1.1.u2
Property and Equipment (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment |
The following is a summary of the Company's property and equipment at March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | Cost | | Accumulated Depreciation | | Net | | Net | Land | $ | 516,326 | | | $ | — | | | $ | 516,326 | | | $ | 516,326 | | Land improvements | 2,759,442 | | | (1,272,569) | | | 1,486,873 | | | 1,527,776 | | Buildings and improvements | 29,615,350 | | | (12,171,570) | | | 17,443,780 | | | 17,629,613 | | Machinery and equipment | 97,290,313 | | | (57,602,917) | | | 39,687,396 | | | 40,837,043 | | Railroad cars | 10,411,185 | | | (733,558) | | | 9,677,627 | | | 9,729,683 | | Company vehicles | 175,835 | | | (110,778) | | | 65,057 | | | 9,532 | | Furniture and fixtures | 1,548,914 | | | (995,399) | | | 553,515 | | | 581,676 | | Construction in progress | 126,813,112 | | | — | | | 126,813,112 | | | 104,096,181 | | | | | | | | | | Totals | $ | 269,130,477 | | | $ | (72,886,791) | | | $ | 196,243,686 | | | $ | 174,927,830 | |
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v3.24.1.1.u2
Long-Term Debt (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Debt |
The following is a summary of the Company's long-term debt on March 31, 2024 and December 31, 2023: | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Revolving term loan from CoBank, interest at variable rates (7.86% and 7.85% on March 31, 2024 and December 31, 2023, respectively), secured by substantially all property and equipment. The loan matures on March 20, 2026. | $ | 10,800,000 | | | $ | — | | Note payable to CoBank, interest at variable rates (7.86% and 7.85% at March 31, 2024 and December 31, 2023, respectively), secured by substantially all property and equipment. Note matures March 20, 2028. | 45,000,000 | | | — | | Total debt before debt issuance costs | 55,800,000 | | 55800000 | — | | Less current maturities | (5,700,000) | | | — | | | | | | | | | | Total long-term debt | $ | 50,100,000 | | | $ | — | |
|
Schedule of Maturities of Long-term Debt |
The following are minimum principal payments on long-term debt obligations for the twelve-month periods ending March 31: | | | | | | 2025 | $ | 5,700,000 | | 2026 | 10,200,000 | | 2027 | 10,200,000 | | 2028 | 29,700,000 | | | | | | | | Total | $ | 55,800,000 | |
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v3.24.1.1.u2
Operating Leases (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Leases [Abstract] |
|
Operating Leases for Railcars |
The following is a schedule of the Company's operating leases for railcars as of March 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | Lessor | | Quantity of Railcars | | Commencement Date | | Maturity Date | | Monthly Payment | | | | | | | | | | American Railcar Leasing | | 13 | | | 6/1/2021 | | 5/31/2024 | | $ | 7,150 | | Andersons Railcar Leasing Co. | | 20 | | | 7/1/2019 | | 6/30/2026 | | 11,300 | | Andersons Railcar Leasing Co. | | 15 | | | 11/1/2021 | | 10/31/2026 | | 8,250 | | Farm Credit Leasing | | 87 | | | 9/1/2020 | | 8/31/2032 | | 34,929 | | Farm Credit Leasing | | 8 | | | 6/1/2021 | | 5/31/2033 | | 5,966 | | Farm Credit Leasing | | 9 | | | 10/1/2021 | | 9/30/2033 | | 4,624 | | Farm Credit Leasing | | 23 | | | 7/1/2022 | | 6/30/2034 | | 13,863 | | Farm Credit Leasing | | 30 | | | 8/1/2022 | | 7/31/2034 | | 30,422 | | Farm Credit Leasing | | 20 | | | 10/1/2022 | | 9/30/2034 | | 21,668 | | Farm Credit Leasing | | 100 | | | 4/1/2023 | | 3/31/2035 | | 81,466 | | Farm Credit Leasing | | 10 | | | 3/1/2024 | | 2/29/2036 | | 7,427 | | GATX Corporation | | 14 | | | 7/1/2020 | | 6/30/2024 | | 4,200 | | Trinity Capital | | 2 | | | 6/1/2021 | | 5/31/2026 | | 980 | | Wells Fargo Rail | | 109 | | | 3/1/2022 | | 2/28/2027 | | 51,775 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Lessor | | Quantity of Railcars | | Commencement Date | | Maturity Date | | Monthly Payment | Wells Fargo Rail | | 7 | | | 5/1/2022 | | 4/30/2027 | | 2,765 | | Wells Fargo Rail | | 15 | | | 5/1/2022 | | 4/30/2027 | | 5,925 | | Wells Fargo Rail | | 105 | | | 1/1/2023 | | 12/31/2029 | | 49,875 | | | | | | | | | | | | | 587 | | | | | | | $ | 342,585 | |
|
Lease Cost, Supplemental Cash Flow Information and Weighted-average Lease Terms and Discount Rates |
The components of lease costs recognized within our condensed consolidated statements of operations for the three-month periods ended March 31, 2024 and 2023 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | | | | | | | | Cost of revenues - Freight and rail | | | | | $ | 1,071,723 | | | $ | 880,151 | | Cost of revenues - Production | | | | | 65,709 | | | 65,642 | | Administration expenses | | | | | 4,492 | | | 4,506 | | | | | | | | | | Total operating lease costs | | | | | $ | 1,141,924 | | | $ | 950,299 | |
The following summarizes the supplemental cash flow information for the three-month periods ended March 31, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | | | | | | | | Cash paid for amounts included in the measurement of lease liabilities | | | | | $ | 1,024,371 | | | $ | 875,288 | | | | | | | | | | Supplemental non-cash information: | | | | | | | | Right-of-use assets obtained in exchange for lease liabilities | | | | | $ | 831,971 | | | $ | 8,914,885 | |
The following summarizes the weighted-average remaining lease term and weighted-average discount rate as of March 31, 2024: | | | | | | | | | Weighted-average remaining lease-term - operating leases (in years) | | 9.2 | | | | Weighted-average discount rate - operating leases | | 4.3 | % |
|
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, 2024: | | | | | | | | | | | | | | | | | | | | | | | Railcars | | Other | | Total | Twelve-month periods ended March 31: | | | | | | | 2025 | | $ | 4,001,717 | | | $ | 54,569 | | | $ | 4,056,286 | | 2026 | | 3,974,818 | | | 39,321 | | | 4,014,139 | | 2027 | | 3,770,292 | | | 34,787 | | | 3,805,079 | | 2028 | | 3,011,568 | | | 30,273 | | | 3,041,841 | | 2029 | | 3,002,877 | | | 17,820 | | | 3,020,697 | | Thereafter | | 13,161,412 | | | 3,616 | | | 13,165,028 | | Total lease payments | | 30,922,684 | | | 180,386 | | | 31,103,070 | | Less amount of lease payments representing interest | | (5,380,719) | | | (21,722) | | | (5,402,441) | | | | | | | | | Total present value of lease payments | | $ | 25,541,965 | | | $ | 158,664 | | | $ | 25,700,629 | |
|
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v3.24.1.1.u2
Derivative Instruments and Hedging Activities (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Schedule Of Derivatives Assets and Liabilities Not Designated As Hedging Instruments |
As of March 31, 2024 and December 31, 2023, the net value of the Company’s open futures, options and forward contracts was $5,566,525 and $4,394,994, respectively. | | | | | | | | | | | | | | | | | | | | | As of March 31, 2024 | | Balance Sheet Classification | | Asset Derivatives | | Liability Derivatives | Derivatives not designated as hedging instruments: | | | | | Commodity contracts | Current Assets/Liabilities | | $ | 11,015,872 | | | $ | 5,329,423 | | Foreign exchange contracts | Current Assets/Liabilities | | 43,960 | | | 129,329 | | Interest rate caps and floors | Current Assets/Liabilities | | — | | | 34,555 | | | | | | | | Totals | | | $ | 11,059,832 | | | $ | 5,493,307 | |
| | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | Balance Sheet Classification | | Asset Derivatives | | Liability Derivatives | Derivatives not designated as hedging instruments: | | | | | Commodity contracts | Current Assets/Liabilities | | $ | 10,178,089 | | | $ | 5,584,506 | | Foreign exchange contracts | Current Assets/Liabilities | | 156,592 | | | 284,879 | | Interest rate caps and floors | Current Assets/Liabilities | | — | | | 70,302 | | | | | | | | Totals | | | $ | 10,334,681 | | | $ | 5,939,687 | |
|
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, 2024 and 2023, net realized and unrealized gains (losses) on derivative transactions were recognized in the condensed consolidated statements of operations as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | Derivatives not designated as hedging instruments: | | | | | Commodity contracts | | | | | $ | 1,414,819 | | | $ | 13,826,366 | | Foreign exchange contracts | | | | | 45,866 | | | 814,321 | | Interest rate swaps, caps and floors | | | | | 35,747 | | | (157,074) | | | | | | | | | | Totals | | | | | $ | 1,496,432 | | | $ | 14,483,613 | |
|
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v3.24.1.1.u2
Fair Value of Financial Instruments (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
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, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value as of March 31, 2024 | | Level 1 | | Level 2 | | Level 3 | | Total | Financial assets: | | | | | | | | Inventory | $ | — | | | $ | 80,985,377 | | | $ | — | | | $ | 80,985,377 | | Commodity derivative instruments | $ | 5,566,525 | | | $ | — | | | $ | — | | | $ | 5,566,525 | | Margin deposits (deficits) | $ | 5,119,332 | | | $ | — | | | $ | — | | | $ | 5,119,332 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value as of December 31, 2023 | | Level 1 | | Level 2 | | Level 3 | | Total | Financial assets: | | | | | | | | Inventory | $ | — | | | $ | 70,872,435 | | | $ | — | | | $ | 70,872,435 | | Commodity derivative instruments | $ | 4,394,994 | | | $ | — | | | $ | — | | | $ | 4,394,994 | | Margin deposits | $ | 1,342,978 | | | $ | — | | | $ | — | | | $ | 1,342,978 | |
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v3.24.1.1.u2
Principal Activity and Significant Accounting Policies - Additional Information (Details) - USD ($)
|
3 Months Ended |
|
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
Deferred revenue |
$ 436,489
|
|
$ 737,503
|
$ 1,074,059
|
Contract with customer, revenue recognized |
352,355
|
$ 723,453
|
|
|
Long-term liabilities |
73,035,014
|
|
22,881,979
|
|
Present value of remaining lease payments |
31,103,070
|
|
|
|
Right-of-use asset |
$ 28,313,130
|
|
$ 28,297,874
|
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v3.24.1.1.u2
Principal Activity and Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
$ 148,260,904
|
$ 171,913,308
|
Soybean meal and hulls |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
83,398,043
|
97,123,852
|
Soybean oil and oil byproducts |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenue |
$ 64,862,861
|
$ 74,789,456
|
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Accounts Receivable - Aging of Past Due Receivables (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] |
|
|
Accounts receivable |
$ 37,699,480
|
$ 43,548,706
|
Less than 30 days past due |
|
|
Financing Receivable, Past Due [Line Items] |
|
|
Accounts receivable |
10,242,048
|
11,438,298
|
30-60 days past due |
|
|
Financing Receivable, Past Due [Line Items] |
|
|
Accounts receivable |
368,848
|
1,425,727
|
60-90 days past due |
|
|
Financing Receivable, Past Due [Line Items] |
|
|
Accounts receivable |
64,005
|
114,387
|
Greater than 90 days past due |
|
|
Financing Receivable, Past Due [Line Items] |
|
|
Accounts receivable |
220,691
|
56,028
|
Total past due |
|
|
Financing Receivable, Past Due [Line Items] |
|
|
Accounts receivable |
10,895,592
|
13,034,440
|
Current |
|
|
Financing Receivable, Past Due [Line Items] |
|
|
Accounts receivable |
$ 26,803,888
|
$ 30,514,266
|
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v3.24.1.1.u2
Inventories (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Inventory Disclosure [Abstract] |
|
|
Finished goods |
$ 34,075,268
|
$ 32,772,392
|
Raw materials |
47,370,840
|
38,730,545
|
Supplies & miscellaneous |
497,939
|
543,014
|
Totals |
$ 81,944,047
|
$ 72,045,951
|
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v3.24.1.1.u2
Investments in Related Parties - Schedule of Investments (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Equity Securities without Readily Determinable Fair Value [Line Items] |
|
|
Totals |
$ 15,073,570
|
$ 13,637,150
|
Prairie AquaTech, LLC |
|
|
Equity Securities without Readily Determinable Fair Value [Line Items] |
|
|
Totals |
1,553,727
|
1,553,727
|
Prairie AquaTech Manufacturing, LLC |
|
|
Equity Securities without Readily Determinable Fair Value [Line Items] |
|
|
Totals |
8,519,843
|
7,083,423
|
Prairie AquaTech Investments, LLC |
|
|
Equity Securities without Readily Determinable Fair Value [Line Items] |
|
|
Totals |
$ 5,000,000
|
$ 5,000,000
|
X |
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v3.24.1.1.u2
Investments in Related Parties - Narrative (Details) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
18 Months Ended |
Sep. 01, 2023 |
Sep. 30, 2022 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Mar. 31, 2024 |
Equity Securities without Readily Determinable Fair Value [Line Items] |
|
|
|
|
|
Soybean meal contributed as investment in related party |
|
|
$ 1,436,420
|
$ 1,436,420
|
|
Investment company, committed capital |
$ 192,000,000
|
|
|
|
|
Proceeds from issuance of capital units |
|
|
57,500,000
|
$ 0
|
$ 155,600,000
|
High Plains Partners, LLC | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement |
|
|
|
|
|
Equity Securities without Readily Determinable Fair Value [Line Items] |
|
|
|
|
|
Contribution in exchange for Class B Units |
|
$ 5,000,000
|
|
|
|
Additional contribution commitment |
|
$ 81,400,000
|
|
|
|
Total project contributions |
|
|
$ 86,400,000
|
|
$ 86,400,000
|
High Plains Partners, LLC | Capital Unit, Class B | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | High Plains Partners, LLC |
|
|
|
|
|
Equity Securities without Readily Determinable Fair Value [Line Items] |
|
|
|
|
|
Units received in exchange for commitment (in units) |
|
2,615
|
|
|
|
Additional units received in exchange for commitment (in units) |
|
19,454
|
|
|
|
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v3.24.1.1.u2
Property and Equipment (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Cost |
$ 269,130,477
|
$ 246,347,535
|
Accumulated Depreciation |
(72,886,791)
|
(71,419,705)
|
Total property and equipment, net |
196,243,686
|
174,927,830
|
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 |
2,759,442
|
|
Accumulated Depreciation |
(1,272,569)
|
|
Total property and equipment, net |
1,486,873
|
1,527,776
|
Buildings and improvements |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Cost |
29,615,350
|
|
Accumulated Depreciation |
(12,171,570)
|
|
Total property and equipment, net |
17,443,780
|
17,629,613
|
Machinery and equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Cost |
97,290,313
|
|
Accumulated Depreciation |
(57,602,917)
|
|
Total property and equipment, net |
39,687,396
|
40,837,043
|
Railroad cars |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Cost |
10,411,185
|
|
Accumulated Depreciation |
(733,558)
|
|
Total property and equipment, net |
9,677,627
|
9,729,683
|
Company vehicles |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Cost |
175,835
|
|
Accumulated Depreciation |
(110,778)
|
|
Total property and equipment, net |
65,057
|
9,532
|
Furniture and fixtures |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Cost |
1,548,914
|
|
Accumulated Depreciation |
(995,399)
|
|
Total property and equipment, net |
553,515
|
581,676
|
Construction in progress |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Cost |
126,813,112
|
|
Accumulated Depreciation |
0
|
|
Total property and equipment, net |
$ 126,813,112
|
$ 104,096,181
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.24.1.1.u2
Note Payable - Seasonal Loan (Details Textual) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Line of Credit Facility [Line Items] |
|
|
Line of credit facility, expiration date |
Oct. 01, 2024
|
|
Advances outstanding |
$ 10,800,000
|
$ 0
|
Seasonal Loan |
|
|
Line of Credit Facility [Line Items] |
|
|
Line of credit facility, maximum borrowing capacity |
$ 85,000,000
|
|
Interest rate |
7.56%
|
|
Commitment fee percentage |
0.20%
|
|
Advances outstanding |
$ 54,255,183
|
$ 0
|
Remaining available funds to borrow |
$ 30,700,000
|
|
X |
- DefinitionThe carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.
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v3.24.1.1.u2
Long-Term Debt - Debt Schedule (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Debt Instrument [Line Items] |
|
|
Revolving term loan from CoBank, interest at variable rates (7.86% and 7.85% on March 31, 2024 and December 31, 2023, respectively), secured by substantially all property and equipment. The loan matures on March 20, 2026. |
$ 10,800,000
|
$ 0
|
Total debt before debt issuance costs |
55,800,000
|
0
|
Less current maturities |
(5,700,000)
|
0
|
Total long-term debt |
50,100,000
|
0
|
Revolving Term Loan | Line of Credit |
|
|
Debt Instrument [Line Items] |
|
|
Revolving term loan from CoBank, interest at variable rates (7.86% and 7.85% on March 31, 2024 and December 31, 2023, respectively), secured by substantially all property and equipment. The loan matures on March 20, 2026. |
$ 10,800,000
|
$ 0
|
Notes Payable | Notes Payable to Banks |
|
|
Debt Instrument [Line Items] |
|
|
Interest variable rate |
7.86%
|
7.85%
|
Note payable to CoBank, interest at variable rates (7.86% and 7.85% at March 31, 2024 and December 31, 2023, respectively), secured by substantially all property and equipment. Note matures March 20, 2028. |
$ 45,000,000
|
$ 0
|
Revolving Term Loan |
|
|
Debt Instrument [Line Items] |
|
|
Revolving term loan from CoBank, interest at variable rates (7.86% and 7.85% on March 31, 2024 and December 31, 2023, respectively), secured by substantially all property and equipment. The loan matures on March 20, 2026. |
$ 12,000,000
|
|
Revolving Term Loan | Revolving Term Loan | Line of Credit |
|
|
Debt Instrument [Line Items] |
|
|
Interest variable rate |
7.86%
|
7.85%
|
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v3.24.1.1.u2
Long-Term Debt - Narrative (Details) - USD ($)
|
3 Months Ended |
41 Months Ended |
|
Mar. 31, 2024 |
Mar. 20, 2028 |
Dec. 31, 2023 |
Line of Credit Facility [Line Items] |
|
|
|
Advances outstanding |
$ 10,800,000
|
|
$ 0
|
Periodic payment, principal |
$ 600,000
|
|
|
Periodic payment period |
6 months
|
|
|
Annual commitment fee percentage on unused capacity |
0.40%
|
|
|
Forecast |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Semi annual repayments of notes payable |
|
$ 4,500,000
|
|
Notes Payable | Notes Payable to Banks |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Line of credit facility, maximum borrowing capacity |
$ 90,000,000
|
|
|
Notes payable outstanding |
45,000,000
|
|
$ 0
|
Line of credit facility, current borrowing capacity |
45,000,000
|
|
|
Revolving Term Loan |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Advances outstanding |
$ 12,000,000
|
|
|
Variable effective interest rate |
7.86%
|
|
|
Maturity date |
Mar. 20, 2028
|
|
|
Debt issuance cost |
$ 24,000
|
|
|
Remaining borrowing capacity |
$ 0
|
|
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v3.24.1.1.u2
Long-Term Debt - Maturities of Long Term Debt (Details)
|
Mar. 31, 2024
USD ($)
|
Debt Disclosure [Abstract] |
|
2025 |
$ 5,700,000
|
2026 |
10,200,000
|
2027 |
10,200,000
|
2028 |
29,700,000
|
Long-term Debt |
$ 55,800,000
|
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v3.24.1.1.u2
Operating Leases - Additional Information (Details) - USD ($)
|
3 Months Ended |
|
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Mar. 19, 2020 |
Lessee, Lease, Description [Line Items] |
|
|
|
|
Operating lease expense |
$ 1,071,723
|
$ 880,151
|
|
|
Operating lease, required monthly payments |
5,029
|
|
|
|
Current operating lease liabilities |
2,840,209
|
|
$ 2,798,561
|
$ 3,300,000
|
Operating lease renewal term |
|
|
|
7 years
|
Entity in Western United States |
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
Operating lease expense |
$ 58,929
|
58,929
|
|
|
Railcars | Minimum |
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
Operating lease term |
3 years
|
|
|
|
Railcars | Maximum |
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
Operating lease term |
12 years
|
|
|
|
Machinery and equipment |
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
Operating lease expense |
$ 11,272
|
$ 11,219
|
|
|
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
|
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v3.24.1.1.u2
Operating Leases - Schedule of Operating Leases (Details)
|
3 Months Ended |
Mar. 31, 2024
USD ($)
railcar
|
Lessee, Lease, Description [Line Items] |
|
Quantity of Railcars | railcar |
587
|
Monthly Payment | $ |
$ 342,585
|
American Railcar Leasing, Maturity Date May 31, 2024 |
|
Lessee, Lease, Description [Line Items] |
|
Quantity of Railcars | railcar |
13
|
Monthly Payment | $ |
$ 7,150
|
Andersons Railcar Leasing Co. Maturity Date Jun 30, 2026 |
|
Lessee, Lease, Description [Line Items] |
|
Quantity of Railcars | railcar |
20
|
Monthly Payment | $ |
$ 11,300
|
Andersons Railcar Leasing Co. Maturity Date Oct 31, 2026 |
|
Lessee, Lease, Description [Line Items] |
|
Quantity of Railcars | railcar |
15
|
Monthly Payment | $ |
$ 8,250
|
Farm Credit Leasing, Maturity Date Aug 31, 2032 |
|
Lessee, Lease, Description [Line Items] |
|
Quantity of Railcars | railcar |
87
|
Monthly Payment | $ |
$ 34,929
|
Farm Credit Leasing, Maturity Date May 31, 2033 |
|
Lessee, Lease, Description [Line Items] |
|
Quantity of Railcars | railcar |
8
|
Monthly Payment | $ |
$ 5,966
|
Farm Credit Leasing, Maturity Date Sep 30, 2033 |
|
Lessee, Lease, Description [Line Items] |
|
Quantity of Railcars | railcar |
9
|
Monthly Payment | $ |
$ 4,624
|
Farm Credit Leasing, Maturity Date June 30, 2034 |
|
Lessee, Lease, Description [Line Items] |
|
Quantity of Railcars | railcar |
23
|
Monthly Payment | $ |
$ 13,863
|
Farm Credit Leasing, Maturity Date July 31, 2034 |
|
Lessee, Lease, Description [Line Items] |
|
Quantity of Railcars | railcar |
30
|
Monthly Payment | $ |
$ 30,422
|
Farm Credit Leasing, Maturity Date September 30, 2034 |
|
Lessee, Lease, Description [Line Items] |
|
Quantity of Railcars | railcar |
20
|
Monthly Payment | $ |
$ 21,668
|
Farm Credit Leasing, Maturity Date March 31, 2035 |
|
Lessee, Lease, Description [Line Items] |
|
Quantity of Railcars | railcar |
100
|
Monthly Payment | $ |
$ 81,466
|
Farm Credit Leasing, Maturity Date March 31, 2024 |
|
Lessee, Lease, Description [Line Items] |
|
Quantity of Railcars | railcar |
10
|
Monthly Payment | $ |
$ 7,427
|
GATX Corporation, Maturity Date Jun 30, 2024 |
|
Lessee, Lease, Description [Line Items] |
|
Quantity of Railcars | railcar |
14
|
Monthly Payment | $ |
$ 4,200
|
Trinity Capital, Maturity Date May 31, 2026 With Monthly Payment $10440 |
|
Lessee, Lease, Description [Line Items] |
|
Quantity of Railcars | railcar |
2
|
Monthly Payment | $ |
$ 980
|
Wells Fargo Rail, Maturity Date Feb 28, 2027 |
|
Lessee, Lease, Description [Line Items] |
|
Quantity of Railcars | railcar |
109
|
Monthly Payment | $ |
$ 51,775
|
Wells Fargo Rail, Maturity Date Apr 30, 2027 With Monthly Payment $2765 |
|
Lessee, Lease, Description [Line Items] |
|
Quantity of Railcars | railcar |
7
|
Monthly Payment | $ |
$ 2,765
|
Wells Fargo Rail, Maturity Date Apr 30, 2027 With Monthly Payment $5925 |
|
Lessee, Lease, Description [Line Items] |
|
Quantity of Railcars | railcar |
15
|
Monthly Payment | $ |
$ 5,925
|
Wells Fargo Rail, Maturity Date Dec 31, 2022 |
|
Lessee, Lease, Description [Line Items] |
|
Quantity of Railcars | railcar |
105
|
Monthly Payment | $ |
$ 49,875
|
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v3.24.1.1.u2
Operating Leases - Components of Operating Lease Costs (Details) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Lessee, Lease, Description [Line Items] |
|
|
Operating lease costs |
$ 1,141,924
|
$ 950,299
|
Cost of revenues - Freight and rail |
|
|
Lessee, Lease, Description [Line Items] |
|
|
Operating lease costs |
1,071,723
|
880,151
|
Cost of revenues - Production |
|
|
Lessee, Lease, Description [Line Items] |
|
|
Operating lease costs |
65,709
|
65,642
|
Administration expenses |
|
|
Lessee, Lease, Description [Line Items] |
|
|
Operating lease costs |
$ 4,492
|
$ 4,506
|
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v3.24.1.1.u2
Operating Leases - Maturity Analysis of Undiscounted Cash Flows of Operating Lease Liabilities (Details)
|
Mar. 31, 2024
USD ($)
|
Lessee, Lease, Description [Line Items] |
|
Twelve-month periods ended September 30, 2021 |
$ 4,056,286
|
Twelve-month periods ended September 30, 2022 |
4,014,139
|
Twelve-month periods ended September 30, 2023 |
3,805,079
|
Twelve-month periods ended September 30, 2024 |
3,041,841
|
Twelve-month periods ended September 30, 2025 |
3,020,697
|
Thereafter |
13,165,028
|
Total lease payments |
31,103,070
|
Less amount of lease payments representing interest |
(5,402,441)
|
Total present value of lease payments |
25,700,629
|
Railcars |
|
Lessee, Lease, Description [Line Items] |
|
Twelve-month periods ended September 30, 2021 |
4,001,717
|
Twelve-month periods ended September 30, 2022 |
3,974,818
|
Twelve-month periods ended September 30, 2023 |
3,770,292
|
Twelve-month periods ended September 30, 2024 |
3,011,568
|
Twelve-month periods ended September 30, 2025 |
3,002,877
|
Thereafter |
13,161,412
|
Total lease payments |
30,922,684
|
Less amount of lease payments representing interest |
(5,380,719)
|
Total present value of lease payments |
25,541,965
|
Other |
|
Lessee, Lease, Description [Line Items] |
|
Twelve-month periods ended September 30, 2021 |
54,569
|
Twelve-month periods ended September 30, 2022 |
39,321
|
Twelve-month periods ended September 30, 2023 |
34,787
|
Twelve-month periods ended September 30, 2024 |
30,273
|
Twelve-month periods ended September 30, 2025 |
17,820
|
Thereafter |
3,616
|
Total lease payments |
180,386
|
Less amount of lease payments representing interest |
(21,722)
|
Total present value of lease payments |
$ 158,664
|
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v3.24.1.1.u2
Derivative Instruments and Hedging Activities (Details Textual) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
|
|
Derivative assets (liabilities), at fair value, net |
$ 5,566,525
|
|
$ 4,394,994
|
Gains (losses) recorded in cost of goods sold related to commodity derivative instruments |
$ 1,496,432
|
$ 14,483,613
|
|
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- DefinitionFair values as of the balance sheet date of the net amount of all assets and liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments.
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Derivative Instruments and Hedging Activities (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Mar. 31, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Derivatives not designated as hedging instruments: |
|
|
|
Asset Derivatives |
$ 11,059,832
|
|
$ 10,334,681
|
Liability Derivatives |
$ 5,493,307
|
|
5,939,687
|
Commodity contracts |
|
|
|
Derivatives not designated as hedging instruments: |
|
|
|
Balance Sheet Classification |
Current Assets/Liabilities
|
Current Assets/Liabilities
|
|
Asset Derivatives |
$ 11,015,872
|
|
10,178,089
|
Liability Derivatives |
$ 5,329,423
|
|
5,584,506
|
Foreign exchange contracts |
|
|
|
Derivatives not designated as hedging instruments: |
|
|
|
Balance Sheet Classification |
Current Assets/Liabilities
|
Current Assets/Liabilities
|
|
Asset Derivatives |
$ 43,960
|
|
156,592
|
Liability Derivatives |
$ 129,329
|
|
284,879
|
Interest rate caps and floors |
|
|
|
Derivatives not designated as hedging instruments: |
|
|
|
Balance Sheet Classification |
Current Assets/Liabilities
|
Current Assets/Liabilities
|
|
Asset Derivatives |
$ 0
|
|
0
|
Liability Derivatives |
$ 34,555
|
|
$ 70,302
|
X |
- DefinitionFair value of a derivative liability that is not designated or qualifying as a hedging instrument, presented on a gross basis even when the derivative instrument.
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Derivative Instruments and Hedging Activities (Details 1) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Derivatives not designated as hedging instruments: |
|
|
Net Gain (Loss) Recognized on Derivative Activities |
$ 1,496,432
|
$ 14,483,613
|
Commodity contracts |
|
|
Derivatives not designated as hedging instruments: |
|
|
Net Gain (Loss) Recognized on Derivative Activities |
1,414,819
|
13,826,366
|
Foreign exchange contracts |
|
|
Derivatives not designated as hedging instruments: |
|
|
Net Gain (Loss) Recognized on Derivative Activities |
45,866
|
814,321
|
Interest rate caps and floors |
|
|
Derivatives not designated as hedging instruments: |
|
|
Net Gain (Loss) Recognized on Derivative Activities |
$ 35,747
|
$ (157,074)
|
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v3.24.1.1.u2
Fair Value of Financial Instruments (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Financial assets: |
|
|
Inventory |
$ 80,985,377
|
$ 70,872,435
|
Margin deposits (deficits) |
5,119,332
|
|
Margin deposits |
5,119,332
|
1,342,978
|
Commodity contracts |
|
|
Financial assets: |
|
|
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5,566,525
|
4,394,994
|
Fair Value, Inputs, Level 1 |
|
|
Financial assets: |
|
|
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0
|
0
|
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5,119,332
|
|
Margin deposits |
|
1,342,978
|
Fair Value, Inputs, Level 1 | Commodity contracts |
|
|
Financial assets: |
|
|
Commodity derivative instruments |
5,566,525
|
4,394,994
|
Fair Value, Inputs, Level 2 |
|
|
Financial assets: |
|
|
Inventory |
80,985,377
|
70,872,435
|
Margin deposits (deficits) |
0
|
|
Margin deposits |
|
0
|
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|
|
Financial assets: |
|
|
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0
|
0
|
Fair Value, Inputs, Level 3 |
|
|
Financial assets: |
|
|
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0
|
0
|
Margin deposits (deficits) |
0
|
|
Margin deposits |
|
0
|
Fair Value, Inputs, Level 3 | Commodity contracts |
|
|
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|
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$ 0
|
$ 0
|
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v3.24.1.1.u2
Related Party Transactions (Details) - Related Party - USD ($)
|
3 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Related Party Transaction [Line Items] |
|
|
|
Due to related parties |
$ 4,021,936
|
$ 2,947,866
|
|
Due from related parties |
$ 1,947,289
|
|
$ 1,216,699
|
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v3.24.1.1.u2
X |
- DefinitionAmounts representing unpaid commitments as of the balance sheet date under the terms of the commitments such as for construction or acquisition of property and equipment.
+ References
+ Details
Name: |
sdsp_UnpaidCommitmentsForConstructionAndAcquisitionOfPropertyAndEquipment |
Namespace Prefix: |
sdsp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe amount of cash as of the balance sheet date that is not insured by the Federal Deposit Insurance Corporation.
+ References
+ Details
Name: |
us-gaap_CashUninsuredAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
South Dakota Soybean Pro... (PK) (USOTC:SDSYA)
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