Lake Area Corn Processors (LKCRU) 10-Q 13 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 13, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Jun. 30, 2024
Entity File Number	000-50254
Entity Registrant Name	LAKE AREA CORN PROCESSORS, LLC
Entity Incorporation, State or Country Code	SD
Entity Tax Identification Number	46-0460790
Entity Address, Address Line One	46269 SD Highway 34
Entity Address, Address Line Two	P.O. Box 100
Entity Address, City or Town	Wentworth,
Entity Address, State or Province	SD
Entity Address, Postal Zip Code	57075
City Area Code	(605)
Local Phone Number	483-2676
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		29,620,000
Entity Central Index Key	0001156174
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Emerging Growth Company	false
Entity Small Business	false
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Shell Company	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 4,619,884	$ 4,619,884	$ 36,773,989
Accounts receivable	3,305,017	3,305,017	6,142,700
Inventory	15,303,167	15,303,167	14,673,710
Derivative financial instruments	1,428,164	1,428,164	1,155,157
Prepaid expenses	2,341,351	2,341,351	2,741,191
Total current assets	26,997,583	26,997,583	61,486,747
PROPERTY AND EQUIPMENT
Land	874,473	874,473	874,473
Land improvements	8,763,023	8,763,023	8,763,023
Buildings	9,316,576	9,316,576	9,316,576
Equipment	108,207,390	108,207,390	108,135,828
Construction in progress	6,963,574	6,963,574	890,881
Gross Property and Equipment	134,125,036	134,125,036	127,980,781
Less accumulated depreciation	(71,803,493)	(71,803,493)	(69,149,798)
Net property and equipment	62,321,543	62,321,543	58,830,983
OTHER ASSETS
Goodwill	10,395,766	10,395,766	10,395,766
Investments	55,901,020	55,901,020	55,233,080
Other	6,558,302	6,558,302	7,437,578
Total other assets	72,855,088	72,855,088	73,066,424
TOTAL ASSETS	162,174,214	162,174,214	193,384,154
CURRENT LIABILITIES
Outstanding checks in excess of bank balance	4,031,532	4,031,532	2,670,403
Accounts payable	10,978,974	10,978,974	33,370,759
Accrued liabilities	851,970	851,970	833,973
Derivative financial instruments	1,202,156	1,202,156	1,114,590
Total current liabilities	17,064,632	17,064,632	37,989,725
LONG-TERM LIABILITIES
Notes payable	4,001,000	4,001,000	20,001,000
Total long-term liabilities	4,001,000	4,001,000	20,001,000
MEMBERS' EQUITY (29,620,000 units issued and outstanding)	141,108,582	141,108,582	135,393,429
TOTAL LIABILITIES AND MEMBERS' EQUITY	$ 162,174,214	$ 162,174,214	$ 193,384,154
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	29,620,000	29,620,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
REVENUES	$ 49,439,857	$ 74,179,247	$ 96,087,538	$ 152,020,353
COSTS OF REVENUES	41,547,581	68,348,239	85,609,240	142,290,751
Gross Profit	7,892,276	5,831,008	10,478,298	9,729,602
OPERATING EXPENSES	1,359,416	1,303,144	2,631,669	2,754,646
INCOME (LOSS) FROM OPERATIONS	6,532,860	4,527,864	7,846,629	6,974,956
OTHER INCOME (EXPENSE)
Interest and other income	34,421	2,578,911	177,809	2,775,376
Equity in net income (loss) of investments	6,094,749	1,593,161	7,081,015	2,456,956
Interest expense	(247,331)	(71,150)	(333,100)	(161,442)
Total other income (expense)	5,881,839	4,100,922	6,925,724	5,070,890
NET INCOME (LOSS)	$ 12,414,699	$ 8,628,786	$ 14,772,353	$ 12,045,846
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted, Net of Tax	$ 0.42	$ 0.29	$ 0.50	$ 0.41
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	29,620,000	29,620,000	29,620,000	29,620,000
DISTRIBUTIONS DECLARED PER UNIT (in dollars per unit)	$ 0	$ 0.10	$ 0.30	$ 0.10

Consolidated Statements of Chan

Consolidated Statements of Changes in Members' Equity (Unaudited)	USD ($)
Balance at the beginning of period at Dec. 31, 2022	$ 107,948,006
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	3,417,060
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid	(125,970)
Balance at the end of period at Mar. 31, 2023	111,239,096
Balance at the beginning of period at Dec. 31, 2022	107,948,006
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	12,045,846
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid	(3,087,970)
Balance at the end of period at Jun. 30, 2023	116,905,882
Balance at the beginning of period at Mar. 31, 2023	111,239,096
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	8,628,786
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid	(2,962,000)
Balance at the end of period at Jun. 30, 2023	116,905,882
Balance at the beginning of period at Dec. 31, 2023	135,393,429
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	2,357,654
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid	(9,057,200)
Balance at the end of period at Mar. 31, 2024	128,693,883
Balance at the beginning of period at Dec. 31, 2023	135,393,429
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	14,772,353
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid	(9,057,200)
Balance at the end of period at Jun. 30, 2024	141,108,582
Balance at the beginning of period at Mar. 31, 2024	128,693,883
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	12,414,699
Balance at the end of period at Jun. 30, 2024	$ 141,108,582

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited)	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
OPERATING ACTIVITIES
Net income	$ 14,772,353	$ 12,045,846
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization	5,453,606	2,786,995
Distributions in excess of earnings from investments	(2,506,610)	(626,956)
(Increase) decrease in
Accounts receivable	2,837,684	(7,515,014)
Inventory	(629,457)	6,082,595
Prepaid expenses	399,839	(819,465)
Increase (Decrease) in Derivative Assets and Liabilities	(185,441)	5,105,839
Accounts payable	(22,391,786)	(24,171,832)
Accrued and other liabilities	17,998	(112,459)
NET CASH PROVIDED BY OPERATING ACTIVITIES	(2,231,814)	(7,224,451)
INVESTING ACTIVITIES
Payments for (Proceeds from) Other Investing Activities	0	2,370,667
Purchase of property and equipment	(6,211,605)	(1,013,203)
NET CASH (USED IN) INVESTING ACTIVITIES	(6,211,605)	(3,383,870)
FINANCING ACTIVITIES
Increase (decrease) in outstanding checks in excess of bank balance	1,361,129	1,693,921
Borrowings on notes payable	13,000,000	5,949,000
Principal payments on notes payable	(29,000,000)	(6,949,000)
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid	(9,057,200)	(3,087,970)
NET CASH PROVIDED BY FINANCING ACTIVITIES	(23,696,071)	(2,394,049)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(32,139,490)	(13,002,370)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	5,189,542	14,001,835
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for interest, net of capitalized interest of $196,472 and $2,480 in 2024 and 2023, respectively.	118,269	169,199
Capital expenditures in accounts payable	557,400	0
Capitalized interest	$ 196,472	$ 2,480

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Capitalized interest	$ 196,472	$ 2,480

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2024
Nature of Operations [Abstract]
Nature of Operations	NATURE OF OPERATIONS Principal Business Activity Lake Area Corn Processors, LLC, (the "Company") is a South Dakota limited liability company. The Company owns and manages Dakota Ethanol, LLC, a South Dakota limited liability company ("Dakota Ethanol"), a 100 million-gallon (annual nameplate capacity) ethanol plant, located near Wentworth, South Dakota. Dakota Ethanol sells ethanol and related products to customers located in North America. In addition, the Company has investment interests in five companies in related industries. See Note 5 for further details.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The unaudited financial statements contained herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America although the Company believes that the disclosures are adequate to make the information not misleading. In the opinion of management, all adjustments considered necessary for a fair presentation have been included in the accompanying financial statements. All adjustments are of a normal and recurring nature. The results of operations for the six months ended June 30, 2024 are not necessarily indicative of the results to be expected for a full year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s audited financial statements for the year ended December 31, 2023, contained in the Company's annual report on Form 10-K/A for 2023 filed with the SEC on March 12, 2024. Principles of Consolidation The consolidated financial statements of the Company include the accounts of its wholly owned subsidiary, Dakota Ethanol. All significant inter-company transactions and balances have been eliminated in consolidation. Revenue Recognition ASC Topic 606, Revenue from Contracts with Customers requires the Company to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance requires the Company to apply the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the Company satisfies a performance obligation. The Company's contracts with customers generally have one performance obligation and a contract duration of one year or less. The following is a description of principal activities from which we generate revenue. Revenues from contracts with customers are recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. Generally, ethanol and related products are shipped FOB shipping point and control of the goods transfers to customers when the goods are loaded into trucks or when rail cars are shipped. Consideration is based on predetermined contractual prices or on current market prices. • sales of ethanol • sales of distillers grains • sales of distillers corn oil Disaggregation of revenue: All revenue recognized in the statement of operations is considered to be revenue from contracts with customers. The following table depicts the disaggregation of revenue according to product line: Three Months Ended June 30 Six Months Ended June 30, 2024 2023 2024 2023 Revenues ethanol $ 37,421,728 $ 57,424,180 $ 70,034,007 $ 115,828,049 Revenues distillers grains 9,000,391 13,033,674 19,861,413 27,643,003 Revenues distillers corn oil 3,017,738 3,721,393 6,192,118 8,549,301 $ 49,439,857 $ 74,179,247 $ 96,087,538 $ 152,020,353 Contract assets and contract liabilities: The Company receives payments from customers based upon contractual billing schedules; accounts receivable are recorded when the right to consideration becomes unconditional. Contract liabilities include payments received in advance of performance under the contract, and are realized with the associated revenue recognized under the contract. The Company had no significant contract assets or contract liabilities from contracts with customers at June 30, 2024 or December 31, 2023. Shipping costs Shipping costs incurred by the Company in the sale of ethanol, dried distillers grains and corn oil are not specifically identifiable, and as a result, revenue from the sale of those products is recorded based on the net selling price reported to the Company from the marketer. When the Company performs shipping and handling activities after the transfer of control to the customers (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. Costs of Revenues The primary raw materials we use to produce ethanol, distillers grains and corn oil are corn and natural gas. Electricity, raw materials expense (chemicals and denaturant), direct labor costs, and shipping costs on distillers grains are included in cost of revenues. Reporting Segment Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker or decision making group in deciding how to allocate resources and in assessing performance. The Company has determined that it has six (6) operating segments that give rise to two (2) reportable segments. See "Note 3 - Segments" in our Notes to Consolidated Financial Statements. Inventory Valuation Inventories are generally valued using methods which approximate the lower of cost (first-in, first-out) or net realizable value. In the valuation of inventories, net realizable value is based on estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents consist of demand accounts and other accounts with original maturities of three months or less that provide withdrawal privileges. Restricted cash is subject to a contractual restriction and not readily available in accordance with the terms of the West Leg agreement. See Note 9 for further details. June 30, 2024 December 31, 2023 Cash and Cash Equivalents $ 4,619,884 $ 36,773,989 Restricted Cash (included in other assets) 569,658 555,043 Total Cash, Cash Equivalents, and Restricted Cash $ 5,189,542 $ 37,329,032 Receivables and Credit Policies Accounts receivable are uncollateralized customer obligations due under normal trade terms requiring payment within fifteen days from the invoice date. Unpaid accounts receivable with invoice dates over thirty days old bear interest at 1.5% per month. Accounts receivable are stated at the amount billed to the customer and adjusted if payment is thirty (30) days past due. Payments of accounts receivable are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices. The carrying amount of trade receivables is reduced by a valuation allowance that reflects management’s best estimate of the amounts that will not be collected. Management regularly reviews trade receivable balances and, based on an assessment of current creditworthiness, estimates the portion, if any, of the balance that will not be collected. The valuation allowance was determined to be immaterial as of June 30, 2024 and December 31, 2023. Investment in commodities contracts, derivative instruments and hedging activities The Company is exposed to certain risks related to its ongoing business operations including price risks on anticipated purchases of corn, natural gas, the sale of ethanol, distillers grains and distillers corn oil. The Company manages these risks by using forward, future and option derivative instruments. The Company is subject to market risk with respect to the price and availability of corn since corn is the principal raw material the Company uses to produce ethanol and ethanol by-products. In general, unfavorable market conditions for the Company result from rising corn prices. This is especially true when market conditions do not allow us to pass along increased corn costs to our customers. The availability and price of corn are subject to wide fluctuations due to unpredictable factors such as weather conditions, farmer planting decisions, governmental policies with respect to agriculture, international trade and global demand and supply. Additionally, the crisis in Ukraine may effect the price of corn, and by extension, our business. Certain contracts that meet the definition of a derivative may be exempt from derivative accounting as normal purchases or normal sales. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business. Contracts that meet the requirements of normal purchases or sales are documented as normal and exempted from the accounting and reporting requirements of derivative accounting. The Company does not apply the normal purchase and sales exemption for forward corn purchase contracts. As of June 30, 2024, the Company was committed to purchasing approximately 2.9 million bushels of corn on a forward contract basis with an average price of $4.22 per bushel. These corn purchases represent approximately 9% of our projected plant corn usage for the next 12 months. The Company has 755,000 bushels of corn inventory delivered under delayed-pricing contracts. These contracts have various pricing deadlines through August 30, 2024. The Company is subject to risk of changes in the corn market because the price of these bushels of corn will not be set until they are priced. The Company enters into firm-price purchase commitments with natural gas suppliers under which the Company agrees to buy natural gas at a price set in advance of the actual delivery. Under these arrangements, the Company assumes the risk of a price decrease in the market price of natural gas between the time the price is fixed and the time the natural gas is delivered. At June 30, 2024, the Company is committed to purchasing approximately 843,500 MMBtus of natural gas with an average price of $3.36 per MMBtu. The Company accounts for these transactions as normal purchases, and accordingly, does not mark these transactions to market. The natural gas purchase contracts represent approximately 40% of the annual plant requirements. The Company enters into firm-price sales commitments with distillers grains customers under which the Company agrees to sell distillers grains at a price set in advance of the actual delivery. Under these arrangements, the Company assumes the risk of a price increase in the market price of distillers grain between the time the price is fixed and the time the distillers grains are delivered. At June 30, 2024, the Company was committed to selling approximately 30,000 dry equivalent tons of distillers grains with an average price of $149 per ton. The Company accounts for these transactions as normal sales, and accordingly, does not mark these transactions to market. The distillers grains sales represent approximately 13% of the projected annual plant production. The Company enters into firm-price sales commitments with distillers corn oil customers under which the Company agrees to sell distillers corn oil at a price set in advance of the actual delivery. Under these arrangements, the Company assumes the risk of a price increase in the market price of distillers corn oil between the time the price is fixed and the time the distillers corn oil is delivered. At June 30, 2024, the Company was committed to selling approximately 3.3 million pounds of distillers corn oil with an average price of $0.47 per pound. The Company accounts for these transactions as normal sales, and accordingly, does not mark these transactions to market. The distillers corn oil sales represent approximately 10% of the projected annual plant production. The Company does not have any firm-priced sales commitments for ethanol as of June 30, 2024. The Company enters into short-term forward, option and futures contracts for corn and natural gas as a means of managing exposure to changes in commodity and energy prices. All of the Company's derivatives are designated as non-hedge derivatives, and accordingly are recorded at fair value with changes in fair value recognized in net income, or a normal purchase, normal sale exemption is elected. Although the contracts are considered economic hedges of specified risks, they are not designated and accounted for as hedging instruments. As part of our trading activity, the Company uses futures and option contracts offered through regulated commodity exchanges to reduce risk of loss in the market value of inventories and purchase commitments. Derivatives not designated as hedging instruments at June 30, 2024 and December 31, 2023 were as follows: Balance Sheet Classification June 30, 2024 December 31, 2023* Corn forward contracts in gain position $ 1,200 $ 16,878 Futures and Options contracts in gain position 1,113,275 289,681 Futures and Options contracts in loss position (3,300) (200) Total forward, futures and options contracts 1,111,175 306,359 Cash held by broker 316,989 848,798 Current Assets $ 1,428,164 $ 1,155,157 Corn forward contracts in loss position Current Liabilities $ (1,202,156) $ (1,114,590) *Derived from audited financial statements Futures and options contracts and cash held by broker are all with one party and the right of offset exists. Therefore, on the balance sheet, these items are netted in one balance regardless of position. Forward contracts are with multiple parties and the right of offset does not exist. Therefore, these contracts are reported at the gross amounts on the balance sheet. Gains and losses related to derivative contracts related to corn and natural gas are included as a component of costs of revenues. Statement of Operations Three Months Ended June 30, Classification 2024 2023 Net realized and unrealized gains (losses) related to purchase contracts: Futures contracts Cost of Revenues $ 1,543,104 $ 3,912,630 Forward contracts Cost of Revenues (1,279,030) (9,001,801) Statement of Operations Six Months Ended June 30, Classification 2024 2023 Net realized and unrealized gains (losses) related to purchase contracts: Futures contracts Cost of Revenues $ 3,089,153 $ 5,230,285 Forward contracts Cost of Revenues (3,582,123) (11,097,676) Investments The Company has investment interests in five companies in related industries. Four of these interests are at ownership shares of less than 20%. One of the investments exceeds a 20% ownership interest. These investments are flow-through entities and are being accounted for by the equity method of accounting under which the Company's share of net income is recognized as income in the Company's statements of operations and added to the investment account. Distributions or dividends received from the investments are treated as a reduction of the investment account. The Company consistently follows the practice of recognizing the net income based on the most recent reliable data. See Note 5 - Investments for additional details. Goodwill Annually, as well as when an event triggering impairment may have occurred, the Company performs an impairment test on goodwill, which compares the fair value of the reporting unit with its carrying amount. An impairment charge is recognized, if necessary, for the amount by which the carrying value exceeds the fair value up to the amount of the goodwill attributed to the reporting unit. The Company performs the annual analysis on December 31 of each fiscal year. The Company determined that there was no impairment of goodwill at December 31, 2023 or through June 30, 2024 on the basis that no triggering events were noted. Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the fair value of derivative financial instruments, lower of cost or net realizable value accounting for inventory and goodwill and fixed asset impairment evaluation. Risks and Uncertainties The Company has certain risks and uncertainties that it will experience during volatile market conditions, which can have a severe impact on operations. The Company's revenues are derived from the sale and distribution of ethanol and distiller grains to customers primarily located in the United States. Corn for the production process is supplied to the plant primarily from local agricultural producers and from purchases on the open market. For the three months ended June 30, 2024, ethanol sales averaged approximately 76% of total revenues, while approximately 18% of revenues were generated from the sale of distillers grains and 6% of revenues were generated from the sale of corn oil. For the six months ended June 30, 2024, ethanol sales averaged approximately 73% of the revenues, while approximately 21% of revenues were generated from the sale of distiller grains and 6% of revenues were generated from the sale of corn oil. The Company's operating and financial performance is largely driven by the prices at which it sells ethanol and the net expense of corn. The price of ethanol is influenced by factors such as supply and demand, weather, unleaded gasoline and the petroleum markets, government programs, global political or economic issues, including but not limited to, the war in Ukraine including sanctions associated therewith, shortages, export prices, crude oil prices, currency valuations and government policies in the United States and around the world, over which we have no control. Excess ethanol supply in the market, in particular, puts downward pressure on the price of ethanol. The Company's largest cost of production is corn. The cost of corn is generally impacted by factors such as supply and demand, weather, and government programs, global political or economic issues, including but not limited to the war in Ukraine including sanctions associated therewith, or global damaging growing conditions, such as plant disease or adverse weather, including drought, increased fertilizer costs as well as global conflicts. The Company's risk management program is used to protect against the price volatility of these commodities.
Goodwill and Intangible Assets Disclosure [Text Block]	Goodwill Annually, as well as when an event triggering impairment may have occurred, the Company performs an impairment test on goodwill, which compares the fair value of the reporting unit with its carrying amount. An impairment charge is recognized, if necessary, for the amount by which the carrying value exceeds the fair value up to the amount of the goodwill attributed to the reporting unit. The Company performs the annual analysis on December 31 of each fiscal year. The Company determined that there was no impairment of goodwill at December 31, 2023 or through June 30, 2024 on the basis that no triggering events were noted.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Reporting Disclosure	SEGMENTS The Company reports its financial and operating performance in two segments: (1) production, which includes the manufacture and marketing of fuel-grade ethanol and co-products of the ethanol production process and (2) ethanol producing equity method investments, which consists of the aggregation of the Company's two equity method operating segments of investment in Guardian Hankinson, LLC, a Delaware limited liability company and Ring-neck Energy & Feed, LLC, a South Dakota limited liability company. The Company discloses its other identified operating segments in an all other category, which consists of the Company's investments in Renewable Products Marketing Group, LLC, a Minnesota limited liability company, Lawrenceville Tank, LLC, a Delaware limited liability company, and Guardian Energy Management, LLC, a Delaware limited liability company. The Company’s two reportable segments have been identified based on their unique characteristics. Our production segment is the Company’s ethanol plant that is operated in a manner chosen by our chief decision making team. The ethanol producing equity method segment are aggregated operating segments investments that have exceeded the quantitative thresholds for reportable segments which have similar economic characteristics but our chief decision making team does not have input into the daily operations of those entities. The all other category is comprised of investments that fall below the quantitative thresholds for reporting segments and the Company's chief decision making team has no input into their daily operations. Production includes the core operating drivers of the Company’s consolidated financial statements which consist of the production and sale of ethanol and its co-products. Ethanol producing equity method investments derive their revenues from the production and sale of ethanol and its co-products. The all other category receives its revenues from marketing fees, management fees, and storage fees. The reconciliation item is necessary due to reportable segments not being consolidated in the financial statements, but rather are reflected as equity method investments. The segments were identified using standards under ASC 280-10-50. They each engage in business activities, the operating results are reviewed by the Company’s chief operating decision maker, and discrete financial information is available for each segment. The following tables set forth certain financial data for the Company's reportable segments: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 unaudited unaudited unaudited unaudited Net Sales Production $ 49,439,857 $ 74,179,247 $ 96,087,538 $ 152,020,353 Ethanol Producing Equity Method Investments 137,681,269 181,961,028 257,602,889 344,582,483 All Other 2,869,268 4,595,086 6,405,911 8,933,102 Total 189,990,394 260,735,361 360,096,338 505,535,938 Reconciliation (140,550,537) (186,556,114) (264,008,800) (353,515,585) Consolidated $ 49,439,857 $ 74,179,247 $ 96,087,538 $ 152,020,353 Gross Profit Production $ 7,892,276 $ 5,831,008 $ 10,478,298 $ 9,729,602 Ethanol Producing Equity Method Investments 30,554,971 20,245,533 47,909,171 32,783,603 All Other 2,296,849 3,024,743 4,577,726 5,928,503 Total 40,744,096 29,101,284 62,965,195 48,441,708 Reconciliation (32,851,820) (23,270,276) (52,486,897) (38,712,106) Consolidated $ 7,892,276 $ 5,831,008 $ 10,478,298 $ 9,729,602 Net Income: Production $ 12,414,699 $ 8,628,786 $ 14,772,353 $ 12,045,846 Ethanol Producing Equity Method Investments 38,456,633 13,761,472 44,708,888 20,030,016 All Other 245,396 1,870,416 1,313,104 3,077,063 Total 51,116,728 24,260,674 60,794,345 35,152,925 Reconciliation (38,702,029) (15,631,888) (46,021,992) (23,107,079) Consolidated $ 12,414,699 $ 8,628,786 $ 14,772,353 $ 12,045,846 June 30, 2024 December 31, 2023 unaudited audited Total Assets Production $ 162,174,214 $ 193,384,154 Ethanol Producing Equity Method Investments 216,830,967 228,609,037 All Other 382,875,486 299,041,128 Total 761,880,667 721,034,319 Reconciliation (599,706,453) (527,650,165) Consolidated $ 162,174,214 $ 193,384,154

Inventory

Inventory	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventory	INVENTORY Inventory consisted of the following as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023* Raw materials $ 8,351,686 $ 8,558,268 Finished goods 3,582,842 2,853,609 Work in process 1,223,839 1,337,989 Parts inventory 2,144,800 1,923,844 $ 15,303,167 $ 14,673,710 *Derived from audited financial statements.

Investments, Equity Method and

Investments, Equity Method and Joint Ventures	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments	INVESTMENTS Dakota Ethanol has a 5% investment interest in the Company’s ethanol marketer, Renewable Products Marketing Group, LLC, a Minnesota limited liability company ("RPMG"). The net income, which is reported in the Company’s statement of operations for RPMG is based on RPMG’s June 30, 2024 unaudited interim results. The carrying amount of the Company’s investment was approximately $2,362,000 and $2,317,000 as of June 30, 2024 and December 31, 2023, respectively. Dakota Ethanol has a 10% investment interest in Lawrenceville Tanks, LLC ("LT"), a Delaware limited liability company which has a purpose to construct and operate an ethanol storage terminal in Georgia. The net income, which is reported in the Company’s statement of operations for LT, is based on LT’s June 30, 2024 unaudited interim results. The carrying amount of the Company’s investment was approximately $320,000 and $209,000 as of June 30, 2024 and December 31, 2023, respectively. Lake Area Corn Processors had a 10% investment interest in Guardian Hankinson, LLC (GH), a Delaware limited liability company which operates an ethanol plant in North Dakota. On September 29, 2023 the Company purchased additional units of GH increasing our ownership percentage of GH to 27%. The net income, which is reported in the Company’s statement of operations for GH, is based on GH’s June 30, 2024 unaudited interim results. The carrying amount of the Company’s investment was approximately $36,446,000 and $37,424,000 as of June 30, 2024 and December 31, 2023, respectively. The carrying amount of investment exceeds the underlying equity in net assets by approximately $34,015,000. The excess is comprised of basis adjustment. The Company determined the excess would be amortized over 10 years. The amortization is recorded in equity in net income of investments. Lake Area Corn Processors has a 20% investment interest in Guardian Energy Management, LLC (GEM), a Delaware limited liability company which provides management services to ethanol plants. The net income which is reported in the Company’s statement of operations for GEM, is based on GEM’s June 30, 2024 unaudited interim results. The carrying amount of the Company’s investment was approximately $93,000 as of both June 30, 2024 and December 31, 2023. Lake Area Corn Processors has a 12% investment interest in Ring-neck Energy and Feed, LLC (REF), a South Dakota limited liability company which operates an ethanol plant in South Dakota. The net income, which is reported in the Company’s statement of operations for REF, is based on REF’s June 30, 2024 unaudited interim results. The carrying amount of the Company’s investment was approximately $16,680,000 and $15,192,000 as of June 30, 2024 and December 31, 2023, respectively. The carrying amount of the investment exceeds the underlying equity in net assets by approximately $855,000. The excess is comprised of a basis adjustment of approximately $351,000 and capitalized interest of $504,000. The excess is amortized over 20 years. The amortization is recorded in equity in net income of investments. Condensed, combined unaudited financial information of the Company’s investments in RPMG, LT, GH, GEM and REF are as follows: Balance Sheet June 30, 2024 December 31, 2023 Current Assets $ 344,377,614 $ 375,173,028 Other Assets 255,328,838 152,477,137 Current Liabilities 221,385,798 316,288,459 Long-term Liabilities 178,209,447 22,658,176 Members' Equity 200,111,207 188,703,530 Three Months Ended Income Statement June 30, 2024 June 30, 2023 Revenue $ 141,362,164 $ 186,556,116 Gross Profit 32,859,355 23,270,276 Net Income 36,668,209 15,648,305 Six Months Ended Income Statement June 30, 2024 June 30, 2023 Revenue $ 267,256,612 $ 353,515,585 Gross Profit 52,511,599 38,712,106 Net Income 46,021,992 23,107,079 The following table shows the condensed financial information of Guardian Hankinson, LLC, a Delaware limited liability company; an investment which represents greater than 10% of the Company's assets and income as of June 30, 2024. Balance Sheet June 30, 2024 December 31, 2023 Current Assets $ 31,524,733 $ 34,890,139 Other Assets 32,968,588 32,056,021 Current Liabilities 47,687,386 52,166,375 Long-term Liabilities 7,789,417 8,957,906 Members' Equity 9,016,518 5,821,879 Three Months Ended Income Statement June 30, 2024 June 30, 2023 Revenue $ 89,271,942 $ 115,885,199 Gross Profit 17,501,680 10,271,094 Net Income 15,925,475 8,473,381 Six Months Ended Income Statement June 30, 2024 June 30, 2023 Revenue $ 162,710,924 $ 228,821,997 Gross Profit 26,232,633 15,610,468 Net Income 23,194,640 12,480,750 The following table shows the condensed financial information of Ring-neck Energy & Feed, LLC, a South Dakota limited liability company; an investment which represents greater than 10% of the Company's assets as of June 30, 2024. Balance Sheet June 30, 2024 December 31, 2023 Current Assets $ 35,753,552 $ 42,843,145 Other Assets 116,584,093 118,819,732 Current Liabilities 17,068,510 27,230,565 Long-term Liabilities 1,770,915 13,700,270 Members' Equity 133,498,220 120,732,042 Three Months Ended Income Statement June 30, 2024 June 30, 2023 Revenue $ 48,409,327 $ 66,075,829 Gross Profit 13,053,291 9,974,439 Net Income (loss) 20,497,338 5,288,091 Six Months Ended Income Statement June 30, 2024 June 30, 2023 Revenue $ 94,891,965 $ 115,760,486 Gross Profit 21,676,538 17,173,135 Net Income 21,514,248 7,549,266 The Company recorded equity in net income at approximately $7,081,000 and $2,457,000 from our investments for the six months ended June 30, 2024, and 2023, respectively. The Company recorded equity in net income of approximately $6,095,000 and $1,593,000 from our investments for the three months ended June 30, 2024 and 2023, respectively.

Revolving Operating Note

Revolving Operating Note	6 Months Ended
	Jun. 30, 2024
Short Term Note Payable [Abstract]
Revolving Operating Note	REVOLVING PROMISSORY NOTE Dakota Ethanol has a revolving promissory note with Farm Credit Services of America (FCSA) in an amount up to $20,000,000. There is a non-use fee of 0.25% per annum on the unused portion of the note. The note is collateralized by substantially all assets of the Company. The note expires on November 1, 2025. Interest on the outstanding principal balance accrues at 300 basis points above the Secured Overnight Financing 30-day Average Rate ("SOFR 30"). The interest rate is not subject to a floor. The rate was 8.33% at June 30, 2024. On June 30, 2024 Dakota Ethanol had $0 outstanding and $20,000,000 available to be drawn on the revolving promissory note.

Fair Value Measures and Disclos

Fair Value Measures and Disclosures	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The Company complies with the fair value measurements and disclosures standard, which defines fair value, establishes a framework for measuring fair value, and expands disclosure for those assets and liabilities carried on the balance sheet on a fair value basis. The Company’s balance sheet contains derivative financial instruments that are recorded at fair value on a recurring basis. Fair value measurements and disclosures require that assets and liabilities carried at fair value be classified and disclosed according to the process for determining fair value. There are three levels of determining fair value. Level 1 uses quoted market prices in active markets for identical assets or liabilities. Level 2 uses observable market based inputs or unobservable inputs that are corroborated by market data. Level 3 uses unobservable inputs that are not corroborated by market data. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Derivative financial instruments . Commodity futures and options contracts are reported at fair value utilizing Level 1 inputs. For these contracts, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes and live trading levels from the Chicago Board of Trade (CBOT) and New York Mercantile Exchange (NYMEX) markets. Over-the-counter commodity options contracts are reported at fair value utilizing Level 2 inputs. For these contracts, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes and live trading levels from the over-the-counter markets. Forward purchase contracts are reported at fair value utilizing Level 2 inputs. For these contracts, the Company obtains fair value measurements from local grain terminal bid values. The fair value measurements consider observable data that may include live trading bids from local elevators and processing plants which are based off the CBOT markets. The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Total Level 1 Level 2 Level 3 June 30, 2024 Assets: Derivative financial instruments, futures and options contracts $ 1,113,275 $ 1,113,275 $ — $ — Forward contracts $ 1,200 $ — $ 1,200 $ — Liabilities: Derivative financial instruments, futures and options contracts $ 3,300 $ 3,300 $ — $ — Forward contracts $ 1,202,156 $ — $ 1,202,156 $ — December 31, 2023* Assets: Derivative financial instruments, futures and options contracts $ 289,681 $ 289,681 $ — $ — Forward contracts $ 16,878 $ — $ 16,878 $ — Liabilities: Derivative financial instruments, futures and options contracts $ 200 $ 200 $ — $ — Forward contracts $ 1,114,590 $ — $ 1,114,590 $ — *Derived from audited financial statements. During the six months ended June 30, 2024, the Company did not make any changes between Level 1 and Level 2 assets and liabilities. As of June 30, 2024 and December 31, 2023, the Company did not have any Level 3 assets or liabilities. Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Financial assets and financial liabilities measured at fair value on a non-recurring basis were not significant at June 30, 2024 and December 31, 2023. Disclosure requirements for fair value of financial instruments require disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. The Company believes the carrying amount of cash and cash equivalents (level 1), accounts receivable (level 2), accounts payable and accruals (level 2) and short-term debt (level 2) approximates fair value. The carrying amount of long-term obligations (level 3) at June 30, 2024 of $4,001,000 had an estimated fair value of approximately $4,001,000 based on estimated interest rates for comparable debt. The carrying amount of long-term obligations at December 31, 2023 of $20,001,000 had an estimated fair value of approximately $20,001,000.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure	COMMITMENTS, CONTINGENCIES AND AGREEMENTS Capital Expenditures - Dakota Ethanol has committed to a contract for the construction of distillers corn oil extraction equipment. The value of the construction is approximately $9.5 million, of which approximately $5.0 million is outstanding as of June 30, 2024. The Company has also committed to a contract for the replacement of distillation equipment. The value of the construction is approximately $2.3 million, of which approximately $1.6 million is outstanding as of June 30, 2024. The projects are expected to be completed during the fourth quarter of 2024. Dakota Ethanol has committed to an agreement for the resurfacing on all gravel roadways to concrete around the plant. The value of the agreement is approximately $1.5 million, of which approximately $970,000 is outstanding as of June 30, 2024. The project is expected to be completed during the third quarter of 2024. Agreements On June 24, 2022, Dakota Ethanol entered into the Precedent Agreement West Leg 2023 Expansion with Northern Natural Gas Company (the "West Leg Agreement"). Pursuant to the West Leg Agreement, Dakota Ethanol will receive additional firm commitment natural gas transportation services. In order to secure these firm commitment natural gas transportation services, Dakota Ethanol agreed to pay Northern Natural Gas Company a contribution to the cost of constructing certain additional natural gas pipeline and storage facilities. Dakota Ethanol's contribution is estimated to be $8,890,000 which was paid in its entirety as of September 30, 2023. For a period of five years beginning on November 1, 2023, Dakota Ethanol is entitled to a firm natural gas commitment of 7,000 decatherms per day during the winter months (between November 1 and March 31 each year), and a firm commitment of 4,340 decatherms per day during the summer months. The payments to Northern Natural Gas are included in "other assets" on the consolidated balance sheet. The agreement is being amortized over a five year period to our cost of revenues. From time to time in the normal course of business, the Company can be subject to litigation based on its operations. There is no current litigation nor any litigation that the Company considers probable at this time.

Related Party Disclosures

Related Party Disclosures	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS The Company purchased corn and services from members of its Board of Directors that farm and operate local businesses. Corn purchases from these related parties during the quarters ended June 30, 2024, and 2023 totaled approximately $129,300 and $0, respectively. As of June 30, 2024 and 2023, the Company had no outstanding obligations to these related parties.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSDuring August 2024, the Company declared a distribution to its members of $8,886,000 or $0.30 per capital unit, to unit holders of record as of July 1, 2024.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Summary of Significant Accounting Policies [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	Goodwill Annually, as well as when an event triggering impairment may have occurred, the Company performs an impairment test on goodwill, which compares the fair value of the reporting unit with its carrying amount. An impairment charge is recognized, if necessary, for the amount by which the carrying value exceeds the fair value up to the amount of the goodwill attributed to the reporting unit. The Company performs the annual analysis on December 31 of each fiscal year. The Company determined that there was no impairment of goodwill at December 31, 2023 or through June 30, 2024 on the basis that no triggering events were noted.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements of the Company include the accounts of its wholly owned subsidiary, Dakota Ethanol. All significant inter-company transactions and balances have been eliminated in consolidation.
Revenue Recognition	Revenue Recognition ASC Topic 606, Revenue from Contracts with Customers requires the Company to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance requires the Company to apply the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the Company satisfies a performance obligation. The Company's contracts with customers generally have one performance obligation and a contract duration of one year or less. The following is a description of principal activities from which we generate revenue. Revenues from contracts with customers are recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. Generally, ethanol and related products are shipped FOB shipping point and control of the goods transfers to customers when the goods are loaded into trucks or when rail cars are shipped. Consideration is based on predetermined contractual prices or on current market prices. • sales of ethanol • sales of distillers grains • sales of distillers corn oil Disaggregation of revenue: All revenue recognized in the statement of operations is considered to be revenue from contracts with customers. The following table depicts the disaggregation of revenue according to product line: Three Months Ended June 30 Six Months Ended June 30, 2024 2023 2024 2023 Revenues ethanol $ 37,421,728 $ 57,424,180 $ 70,034,007 $ 115,828,049 Revenues distillers grains 9,000,391 13,033,674 19,861,413 27,643,003 Revenues distillers corn oil 3,017,738 3,721,393 6,192,118 8,549,301 $ 49,439,857 $ 74,179,247 $ 96,087,538 $ 152,020,353 Contract assets and contract liabilities: The Company receives payments from customers based upon contractual billing schedules; accounts receivable are recorded when the right to consideration becomes unconditional. Contract liabilities include payments received in advance of performance under the contract, and are realized with the associated revenue recognized under the contract. The Company had no significant contract assets or contract liabilities from contracts with customers at June 30, 2024 or December 31, 2023. Shipping costs Shipping costs incurred by the Company in the sale of ethanol, dried distillers grains and corn oil are not specifically identifiable, and as a result, revenue from the sale of those products is recorded based on the net selling price reported to the Company from the marketer. When the Company performs shipping and handling activities after the transfer of control to the customers (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. Costs of Revenues The primary raw materials we use to produce ethanol, distillers grains and corn oil are corn and natural gas.
Operating Segment	Reporting Segment
Cost of Revenues
Inventory Valuation	Inventory Valuation Inventories are generally valued using methods which approximate the lower of cost (first-in, first-out) or net realizable value. In the valuation of inventories, net realizable value is based on estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents consist of demand accounts and other accounts with original maturities of three months or less that provide withdrawal privileges. Restricted cash is subject to a contractual restriction and not readily available in accordance with the terms of the West Leg agreement. See Note 9 for further details. June 30, 2024 December 31, 2023 Cash and Cash Equivalents $ 4,619,884 $ 36,773,989 Restricted Cash (included in other assets) 569,658 555,043 Total Cash, Cash Equivalents, and Restricted Cash $ 5,189,542 $ 37,329,032
Receivables and Credit Policies	Receivables and Credit Policies Accounts receivable are uncollateralized customer obligations due under normal trade terms requiring payment within fifteen days from the invoice date. Unpaid accounts receivable with invoice dates over thirty days old bear interest at 1.5% per month. Accounts receivable are stated at the amount billed to the customer and adjusted if payment is thirty (30) days past due. Payments of accounts receivable are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices.
Investment in commodities contracts, derivative instruments and hedging activities	Investment in commodities contracts, derivative instruments and hedging activities The Company is exposed to certain risks related to its ongoing business operations including price risks on anticipated purchases of corn, natural gas, the sale of ethanol, distillers grains and distillers corn oil. The Company manages these risks by using forward, future and option derivative instruments. The Company is subject to market risk with respect to the price and availability of corn since corn is the principal raw material the Company uses to produce ethanol and ethanol by-products. In general, unfavorable market conditions for the Company result from rising corn prices. This is especially true when market conditions do not allow us to pass along increased corn costs to our customers. The availability and price of corn are subject to wide fluctuations due to unpredictable factors such as weather conditions, farmer planting decisions, governmental policies with respect to agriculture, international trade and global demand and supply. Additionally, the crisis in Ukraine may effect the price of corn, and by extension, our business. Certain contracts that meet the definition of a derivative may be exempt from derivative accounting as normal purchases or normal sales. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business. Contracts that meet the requirements of normal purchases or sales are documented as normal and exempted from the accounting and reporting requirements of derivative accounting. The Company does not apply the normal purchase and sales exemption for forward corn purchase contracts. As of June 30, 2024, the Company was committed to purchasing approximately 2.9 million bushels of corn on a forward contract basis with an average price of $4.22 per bushel. These corn purchases represent approximately 9% of our projected plant corn usage for the next 12 months. The Company has 755,000 bushels of corn inventory delivered under delayed-pricing contracts. These contracts have various pricing deadlines through August 30, 2024. The Company is subject to risk of changes in the corn market because the price of these bushels of corn will not be set until they are priced. The Company enters into firm-price purchase commitments with natural gas suppliers under which the Company agrees to buy natural gas at a price set in advance of the actual delivery. Under these arrangements, the Company assumes the risk of a price decrease in the market price of natural gas between the time the price is fixed and the time the natural gas is delivered. At June 30, 2024, the Company is committed to purchasing approximately 843,500 MMBtus of natural gas with an average price of $3.36 per MMBtu. The Company accounts for these transactions as normal purchases, and accordingly, does not mark these transactions to market. The natural gas purchase contracts represent approximately 40% of the annual plant requirements. The Company enters into firm-price sales commitments with distillers grains customers under which the Company agrees to sell distillers grains at a price set in advance of the actual delivery. Under these arrangements, the Company assumes the risk of a price increase in the market price of distillers grain between the time the price is fixed and the time the distillers grains are delivered. At June 30, 2024, the Company was committed to selling approximately 30,000 dry equivalent tons of distillers grains with an average price of $149 per ton. The Company accounts for these transactions as normal sales, and accordingly, does not mark these transactions to market. The distillers grains sales represent approximately 13% of the projected annual plant production. The Company enters into firm-price sales commitments with distillers corn oil customers under which the Company agrees to sell distillers corn oil at a price set in advance of the actual delivery. Under these arrangements, the Company assumes the risk of a price increase in the market price of distillers corn oil between the time the price is fixed and the time the distillers corn oil is delivered. At June 30, 2024, the Company was committed to selling approximately 3.3 million pounds of distillers corn oil with an average price of $0.47 per pound. The Company accounts for these transactions as normal sales, and accordingly, does not mark these transactions to market. The distillers corn oil sales represent approximately 10% of the projected annual plant production. The Company does not have any firm-priced sales commitments for ethanol as of June 30, 2024. The Company enters into short-term forward, option and futures contracts for corn and natural gas as a means of managing exposure to changes in commodity and energy prices. All of the Company's derivatives are designated as non-hedge derivatives, and accordingly are recorded at fair value with changes in fair value recognized in net income, or a normal purchase, normal sale exemption is elected. Although the contracts are considered economic hedges of specified risks, they are not designated and accounted for as hedging instruments. As part of our trading activity, the Company uses futures and option contracts offered through regulated commodity exchanges to reduce risk of loss in the market value of inventories and purchase commitments. Derivatives not designated as hedging instruments at June 30, 2024 and December 31, 2023 were as follows: Balance Sheet Classification June 30, 2024 December 31, 2023* Corn forward contracts in gain position $ 1,200 $ 16,878 Futures and Options contracts in gain position 1,113,275 289,681 Futures and Options contracts in loss position (3,300) (200) Total forward, futures and options contracts 1,111,175 306,359 Cash held by broker 316,989 848,798 Current Assets $ 1,428,164 $ 1,155,157 Corn forward contracts in loss position Current Liabilities $ (1,202,156) $ (1,114,590) *Derived from audited financial statements Futures and options contracts and cash held by broker are all with one party and the right of offset exists. Therefore, on the balance sheet, these items are netted in one balance regardless of position. Forward contracts are with multiple parties and the right of offset does not exist. Therefore, these contracts are reported at the gross amounts on the balance sheet. Gains and losses related to derivative contracts related to corn and natural gas are included as a component of costs of revenues. Statement of Operations Three Months Ended June 30, Classification 2024 2023 Net realized and unrealized gains (losses) related to purchase contracts: Futures contracts Cost of Revenues $ 1,543,104 $ 3,912,630 Forward contracts Cost of Revenues (1,279,030) (9,001,801) Statement of Operations Six Months Ended June 30, Classification 2024 2023 Net realized and unrealized gains (losses) related to purchase contracts: Futures contracts Cost of Revenues $ 3,089,153 $ 5,230,285 Forward contracts Cost of Revenues (3,582,123) (11,097,676)
Investments	Investments
Use of Estimates	Use of Estimates
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Risks and Uncertainties The Company has certain risks and uncertainties that it will experience during volatile market conditions, which can have a severe impact on operations. The Company's revenues are derived from the sale and distribution of ethanol and distiller grains to customers primarily located in the United States. Corn for the production process is supplied to the plant primarily from local agricultural producers and from purchases on the open market. For the three months ended June 30, 2024, ethanol sales averaged approximately 76% of total revenues, while approximately 18% of revenues were generated from the sale of distillers grains and 6% of revenues were generated from the sale of corn oil. For the six months ended June 30, 2024, ethanol sales averaged approximately 73% of the revenues, while approximately 21% of revenues were generated from the sale of distiller grains and 6% of revenues were generated from the sale of corn oil. The Company's operating and financial performance is largely driven by the prices at which it sells ethanol and the net expense of corn. The price of ethanol is influenced by factors such as supply and demand, weather, unleaded gasoline and the petroleum markets, government programs, global political or economic issues, including but not limited to, the war in Ukraine including sanctions associated therewith, shortages, export prices, crude oil prices, currency valuations and government policies in the United States and around the world, over which we have no control. Excess ethanol supply in the market, in particular, puts downward pressure on the price of ethanol. The Company's largest cost of production is corn. The cost of corn is generally impacted by factors such as supply and demand, weather, and government programs, global political or economic issues, including but not limited to the war in Ukraine including sanctions associated therewith, or global damaging growing conditions, such as plant disease or adverse weather, including drought, increased fertilizer costs as well as global conflicts. The Company's risk management program is used to protect against the price volatility of these commodities.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Summary of Significant Accounting Policies [Abstract]
Disaggregation of Revenue	All revenue recognized in the statement of operations is considered to be revenue from contracts with customers. The following table depicts the disaggregation of revenue according to product line: Three Months Ended June 30 Six Months Ended June 30, 2024 2023 2024 2023 Revenues ethanol $ 37,421,728 $ 57,424,180 $ 70,034,007 $ 115,828,049 Revenues distillers grains 9,000,391 13,033,674 19,861,413 27,643,003 Revenues distillers corn oil 3,017,738 3,721,393 6,192,118 8,549,301 $ 49,439,857 $ 74,179,247 $ 96,087,538 $ 152,020,353
Derivatives Not Designated as Hedging Instruments	Derivatives not designated as hedging instruments at June 30, 2024 and December 31, 2023 were as follows: Balance Sheet Classification June 30, 2024 December 31, 2023* Corn forward contracts in gain position $ 1,200 $ 16,878 Futures and Options contracts in gain position 1,113,275 289,681 Futures and Options contracts in loss position (3,300) (200) Total forward, futures and options contracts 1,111,175 306,359 Cash held by broker 316,989 848,798 Current Assets $ 1,428,164 $ 1,155,157 Corn forward contracts in loss position Current Liabilities $ (1,202,156) $ (1,114,590) *Derived from audited financial statements
Net realized and unrealized gains (losses) related to purchase contracts	Statement of Operations Three Months Ended June 30, Classification 2024 2023 Net realized and unrealized gains (losses) related to purchase contracts: Futures contracts Cost of Revenues $ 1,543,104 $ 3,912,630 Forward contracts Cost of Revenues (1,279,030) (9,001,801) Statement of Operations Six Months Ended June 30, Classification 2024 2023 Net realized and unrealized gains (losses) related to purchase contracts: Futures contracts Cost of Revenues $ 3,089,153 $ 5,230,285 Forward contracts Cost of Revenues (3,582,123) (11,097,676)

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables set forth certain financial data for the Company's reportable segments: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 unaudited unaudited unaudited unaudited Net Sales Production $ 49,439,857 $ 74,179,247 $ 96,087,538 $ 152,020,353 Ethanol Producing Equity Method Investments 137,681,269 181,961,028 257,602,889 344,582,483 All Other 2,869,268 4,595,086 6,405,911 8,933,102 Total 189,990,394 260,735,361 360,096,338 505,535,938 Reconciliation (140,550,537) (186,556,114) (264,008,800) (353,515,585) Consolidated $ 49,439,857 $ 74,179,247 $ 96,087,538 $ 152,020,353 Gross Profit Production $ 7,892,276 $ 5,831,008 $ 10,478,298 $ 9,729,602 Ethanol Producing Equity Method Investments 30,554,971 20,245,533 47,909,171 32,783,603 All Other 2,296,849 3,024,743 4,577,726 5,928,503 Total 40,744,096 29,101,284 62,965,195 48,441,708 Reconciliation (32,851,820) (23,270,276) (52,486,897) (38,712,106) Consolidated $ 7,892,276 $ 5,831,008 $ 10,478,298 $ 9,729,602 Net Income: Production $ 12,414,699 $ 8,628,786 $ 14,772,353 $ 12,045,846 Ethanol Producing Equity Method Investments 38,456,633 13,761,472 44,708,888 20,030,016 All Other 245,396 1,870,416 1,313,104 3,077,063 Total 51,116,728 24,260,674 60,794,345 35,152,925 Reconciliation (38,702,029) (15,631,888) (46,021,992) (23,107,079) Consolidated $ 12,414,699 $ 8,628,786 $ 14,772,353 $ 12,045,846 June 30, 2024 December 31, 2023 unaudited audited Total Assets Production $ 162,174,214 $ 193,384,154 Ethanol Producing Equity Method Investments 216,830,967 228,609,037 All Other 382,875,486 299,041,128 Total 761,880,667 721,034,319 Reconciliation (599,706,453) (527,650,165) Consolidated $ 162,174,214 $ 193,384,154

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consisted of the following as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023* Raw materials $ 8,351,686 $ 8,558,268 Finished goods 3,582,842 2,853,609 Work in process 1,223,839 1,337,989 Parts inventory 2,144,800 1,923,844 $ 15,303,167 $ 14,673,710 *Derived from audited financial statements.

Investments, Equity Method an_2

Investments, Equity Method and Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Condensed, combined unaudited financial information of the Company’s investments in RPMG, LT, GH, GEM and REF are as follows: Balance Sheet June 30, 2024 December 31, 2023 Current Assets $ 344,377,614 $ 375,173,028 Other Assets 255,328,838 152,477,137 Current Liabilities 221,385,798 316,288,459 Long-term Liabilities 178,209,447 22,658,176 Members' Equity 200,111,207 188,703,530 Three Months Ended Income Statement June 30, 2024 June 30, 2023 Revenue $ 141,362,164 $ 186,556,116 Gross Profit 32,859,355 23,270,276 Net Income 36,668,209 15,648,305 Six Months Ended Income Statement June 30, 2024 June 30, 2023 Revenue $ 267,256,612 $ 353,515,585 Gross Profit 52,511,599 38,712,106 Net Income 46,021,992 23,107,079 The following table shows the condensed financial information of Guardian Hankinson, LLC, a Delaware limited liability company; an investment which represents greater than 10% of the Company's assets and income as of June 30, 2024. Balance Sheet June 30, 2024 December 31, 2023 Current Assets $ 31,524,733 $ 34,890,139 Other Assets 32,968,588 32,056,021 Current Liabilities 47,687,386 52,166,375 Long-term Liabilities 7,789,417 8,957,906 Members' Equity 9,016,518 5,821,879 Three Months Ended Income Statement June 30, 2024 June 30, 2023 Revenue $ 89,271,942 $ 115,885,199 Gross Profit 17,501,680 10,271,094 Net Income 15,925,475 8,473,381 Six Months Ended Income Statement June 30, 2024 June 30, 2023 Revenue $ 162,710,924 $ 228,821,997 Gross Profit 26,232,633 15,610,468 Net Income 23,194,640 12,480,750 The following table shows the condensed financial information of Ring-neck Energy & Feed, LLC, a South Dakota limited liability company; an investment which represents greater than 10% of the Company's assets as of June 30, 2024. Balance Sheet June 30, 2024 December 31, 2023 Current Assets $ 35,753,552 $ 42,843,145 Other Assets 116,584,093 118,819,732 Current Liabilities 17,068,510 27,230,565 Long-term Liabilities 1,770,915 13,700,270 Members' Equity 133,498,220 120,732,042 Three Months Ended Income Statement June 30, 2024 June 30, 2023 Revenue $ 48,409,327 $ 66,075,829 Gross Profit 13,053,291 9,974,439 Net Income (loss) 20,497,338 5,288,091 Six Months Ended Income Statement June 30, 2024 June 30, 2023 Revenue $ 94,891,965 $ 115,760,486 Gross Profit 21,676,538 17,173,135 Net Income 21,514,248 7,549,266

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The balances of the notes payable are as follows. The balances reflect the updated agreement: June 30, 2024 December 31, 2023 Revolving Note Payable $ — $ — Reducing Revolving Note Payable 4,001,000 20,001,000 4,001,000 20,001,000 Less current portion — $ 4,001,000 $ 20,001,000 *Derived from audited financial statements
Schedule of Principal repayment and amortization of debt issuance cost	Principal maturities for the next five years are estimated as follows: Periods Ending June 30, Principal 2025 $ — 2026 — 2027 — 2028 — 2029 — thereafter 4,001,000 $ 4,001,000

Fair Value Measures and Discl_2

Fair Value Measures and Disclosures (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Total Level 1 Level 2 Level 3 June 30, 2024 Assets: Derivative financial instruments, futures and options contracts $ 1,113,275 $ 1,113,275 $ — $ — Forward contracts $ 1,200 $ — $ 1,200 $ — Liabilities: Derivative financial instruments, futures and options contracts $ 3,300 $ 3,300 $ — $ — Forward contracts $ 1,202,156 $ — $ 1,202,156 $ — December 31, 2023* Assets: Derivative financial instruments, futures and options contracts $ 289,681 $ 289,681 $ — $ — Forward contracts $ 16,878 $ — $ 16,878 $ — Liabilities: Derivative financial instruments, futures and options contracts $ 200 $ 200 $ — $ — Forward contracts $ 1,114,590 $ — $ 1,114,590 $ —

Nature of Operations (Details)

Nature of Operations (Details) gal in Millions	6 Months Ended
	Jun. 30, 2024 gal
Product Information [Line Items]
Equity Method Investments, Number of Entities	5
Product [Member] | Ethanol [Member]
Product Information [Line Items]
Annual production capacity	100

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Revenue from customers (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 49,439,857	$ 74,179,247	$ 96,087,538	$ 152,020,353
Contract with Customer, Liability	0		0		$ 0
Ethanol [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	37,421,728	57,424,180	70,034,007	115,828,049
Distillers Grain [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	9,000,391	13,033,674	19,861,413	27,643,003
Corn Oil [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 3,017,738	$ 3,721,393	$ 6,192,118	$ 8,549,301

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Receivables and Credit Policies (Details)	3 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Payment term	15 days
Payment term before interest is applied	30 days
Trade Receivable, Unpaid Balance, Interest Rate	1.50%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Derivative Instruments - Balance Sheet (Details)	Jun. 30, 2024 USD ($) bu T MMBTU $ / bu	Dec. 31, 2023 USD ($)
Derivatives, Fair Value [Line Items]
Derivative Instruments and Hedges, Assets	$ 1,428,164	$ 1,155,157
Derivative Instruments and Hedges, Liabilities	1,202,156	1,114,590
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, current	1,111,175	306,359
Current Assets [Member]
Derivatives, Fair Value [Line Items]
Cash held by broker	316,989	848,798
Current Assets [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Instruments and Hedges, Assets	1,428,164	1,155,157
Derivative Instruments and Hedges, Liabilities	1,200	16,878
Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Instruments and Hedges, Liabilities	$ 1,202,156	1,114,590
Corn [Member]
Derivatives, Fair Value [Line Items]
Number of instruments held | bu	2,900,000
Percent of required need, coverage	9%
Delayed Purchase Commitments, Bushels | bu	755,000
Derivative, Nonmonetary Notional Amount, Average Price Per Unit | $ / bu	4.22
Natural Gas [Member]
Derivatives, Fair Value [Line Items]
Number of instruments held | MMBTU	843,500
Purchase Commitment, Per unit	$ 3.36
Percent of required need, coverage	40%
Distillers Grain [Member]
Derivatives, Fair Value [Line Items]
Purchase Commitment, Per unit	$ 149
Percent of required need, coverage	13%
Corn Oil [Member]
Derivatives, Fair Value [Line Items]
Purchase Commitment, Per unit	$ 0.47
Distillers Grain [Domain]
Derivatives, Fair Value [Line Items]
Number of instruments held | T	30,000
Distillers Corn Oil [Domain]
Derivatives, Fair Value [Line Items]
Number of instruments held | bu	3,300,000
Percent of required need, coverage	10%
Futures contracts in gain position [Member] | Future [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, current	$ 1,113,275	289,681
Futures Contracts held in loss position [Member] | Future [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, current	$ (3,300)	$ (200)

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Derivative Instruments - Income Statement (Details) - Not Designated as Hedging Instrument [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Future [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 1,543,104	$ 3,912,630	$ 3,089,153	$ 5,230,285
Forward Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (1,279,030)	$ (9,001,801)	$ (3,582,123)	$ (11,097,676)

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Investments (Details)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Equity Method Investments, Number of Entities	5
Restricted Cash and Cash Equivalents, Noncurrent	$ 4,619,884	$ 36,773,989
Restricted Cash	$ 569,658	$ 555,043
Four Plants
Percent of Ownership, Equity Investment	20%
One Plant
Percent of Ownership, Equity Investment	20%

Summary of Significant Accoun_9

Summary of Significant Accounting Policies Goodwill (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Asset Impairment	$ 0	$ 0

Summary of Significant Accou_10

Summary of Significant Accounting Policies Concentration Risk (Details) - Product Concentration Risk	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Ethanol [Member] | Revenue, Segment Benchmark
Concentration Risk [Line Items]
Concentration Risk, Percentage	76%
Distillers Grain [Member] | Revenue, Segment Benchmark
Concentration Risk [Line Items]
Concentration Risk, Percentage	18%	21%
Corn Oil [Member] | Revenue, Segment Benchmark
Concentration Risk [Line Items]
Concentration Risk, Percentage	6%	6%
Corn [Member] | Cost of Goods and Service, Segment Benchmark
Concentration Risk [Line Items]
Concentration Risk, Percentage	73%

Segment Reporting - Schedule of

Segment Reporting - Schedule of Revenue, Gross Profit and Net Income (Details)	3 Months Ended				6 Months Ended
	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) numberOfSegments	Jun. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of Reportable Segments | numberOfSegments					2
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
REVENUES	$ 49,439,857		$ 74,179,247		$ 96,087,538	$ 152,020,353
Gross Profit	7,892,276		5,831,008		10,478,298	9,729,602
Net Income	12,414,699	$ 2,357,654	8,628,786	$ 3,417,060	14,772,353	12,045,846
Interest and other income	34,421		2,578,911		177,809	2,775,376
Interest Expense	247,331		71,150		333,100	161,442
Depreciation and amortization					5,453,606	2,786,995
Total
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
REVENUES	189,990,394		260,735,361		360,096,338	505,535,938
Gross Profit	40,744,096		29,101,284		62,965,195	48,441,708
Net Income	51,116,728		24,260,674		60,794,345	35,152,925
Reconciliation
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
REVENUES	(140,550,537)		(186,556,114)		(264,008,800)	(353,515,585)
Gross Profit	(32,851,820)		(23,270,276)		(52,486,897)	(38,712,106)
Net Income	(38,702,029)		(15,631,888)		(46,021,992)	(23,107,079)
Production | Total
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
REVENUES	49,439,857		74,179,247		96,087,538	152,020,353
Gross Profit	7,892,276		5,831,008		10,478,298	9,729,602
Net Income	12,414,699		8,628,786		14,772,353	12,045,846
Ethanol Producing Equity method Investments | Total
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
REVENUES	137,681,269		181,961,028		257,602,889	344,582,483
Gross Profit	30,554,971		20,245,533		47,909,171	32,783,603
Net Income	38,456,633		13,761,472		44,708,888	20,030,016
All Other | Total
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
REVENUES	2,869,268		4,595,086		6,405,911	8,933,102
Gross Profit	2,296,849		3,024,743		4,577,726	5,928,503
Net Income	$ 245,396		$ 1,870,416		$ 1,313,104	$ 3,077,063

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Assets (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 162,174,214	$ 193,384,154
Total
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	761,880,667	721,034,319
Total | Production
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	162,174,214	193,384,154
Total | Ethanol Producing Equity method Investments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	216,830,967	228,609,037
Total | All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	382,875,486	299,041,128
Reconciliation
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ (599,706,453)	$ (527,650,165)

Inventory (Details)

Inventory (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Raw Materials	$ 8,351,686	$ 8,558,268
Finished Goods	3,582,842	2,853,609
Work in Process	1,223,839	1,337,989
Parts Inventory	2,144,800	1,923,844
Inventory	15,303,167	14,673,710
Inventory Write-down	$ 90,000	$ 29,000

Investments (Details)

Investments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Sep. 29, 2023	Sep. 28, 2023	Mar. 31, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments	$ 55,901,020		$ 55,901,020			$ 55,233,080
Basis adjustment	$ 34,015,000
Amortization period for amortization of investment premium	10 years
Equity in net income (loss) of investments	$ 6,094,749	$ 1,593,161	7,081,015	$ 2,456,956
Schedule of Equity Method Investments [Line Items]
Assets, Current	26,997,583		26,997,583			61,486,747
Liabilities, Current	17,064,632		17,064,632			37,989,725
Liabilities, Noncurrent	4,001,000		4,001,000			20,001,000
Members' Equity	141,108,582	116,905,882	141,108,582	116,905,882	$ 128,693,883	135,393,429			$ 111,239,096	$ 107,948,006
REVENUES	49,439,857	74,179,247	96,087,538	152,020,353
Gross Profit	7,892,276	5,831,008	10,478,298	9,729,602
Basis adjustment	$ 34,015,000
Amortization period for amortization of investment premium	10 years
Equity in net income (loss) of investments	$ 6,094,749	1,593,161	7,081,015	2,456,956
Investments	55,901,020		55,901,020			55,233,080
Revolving Credit Facility [Member] | Farm Credit Services of America [Member]
Schedule of Equity Method Investments [Line Items]
Remaining borrowing capacity	20,000,000		20,000,000
Other Investments Combined [Member]
Equity Method Investments and Joint Ventures [Abstract]
Equity in net income (loss) of investments	6,095,000	1,593,000	7,081,000	2,457,000
Schedule of Equity Method Investments [Line Items]
Equity in net income (loss) of investments	$ 6,095,000	1,593,000	$ 7,081,000	2,457,000
Guardian Hankinson, LLC
Equity Method Investments and Joint Ventures [Abstract]
Ownership percentage	10%		10%
Schedule of Equity Method Investments [Line Items]
Ownership percentage	10%		10%
Ring-neck Energy and Feeds [Member]
Equity Method Investments and Joint Ventures [Abstract]
Ownership percentage	10%		10%
Schedule of Equity Method Investments [Line Items]
Ownership percentage	10%		10%
Ring-neck Energy and Feeds [Member]
Equity Method Investments and Joint Ventures [Abstract]
Investments	$ 16,680,000		$ 16,680,000			15,192,000
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity, Accounting Treatment			855,000
Basis adjustment			$ 351,000
Capitalized interest			$ 504,000
Amortization period for amortization of investment premium			20 years
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity, Accounting Treatment			855,000
Basis adjustment			$ 351,000
Capitalized interest			$ 504,000
Amortization period for amortization of investment premium			20 years
Investments	$ 16,680,000		$ 16,680,000			15,192,000
Percent of Ownership, Equity Investment	12%		12%
Renewable Products Marketing Group, LLC (RPMG) [Member]
Equity Method Investments and Joint Ventures [Abstract]
Investments	$ 2,362,000		$ 2,362,000			2,317,000
Schedule of Equity Method Investments [Line Items]
Investments	$ 2,362,000		$ 2,362,000			2,317,000
Percent of Ownership, Equity Investment	5%		5%
Lawrenceville Tanks, LLC [Member]
Equity Method Investments and Joint Ventures [Abstract]
Investments	$ 320,000		$ 320,000			209,000
Schedule of Equity Method Investments [Line Items]
Investments	$ 320,000		$ 320,000			209,000
Percent of Ownership, Equity Investment	10%		10%
Guardian Hankinson, LLC
Equity Method Investments and Joint Ventures [Abstract]
Investments	$ 36,446,000		$ 36,446,000			37,424,000
Schedule of Equity Method Investments [Line Items]
Investments	36,446,000		36,446,000			37,424,000
Percent of Ownership, Equity Investment							27%	10%
Guardian Energy Management [Member]
Equity Method Investments and Joint Ventures [Abstract]
Investments	93,000		93,000			93,000
Schedule of Equity Method Investments [Line Items]
Investments	$ 93,000		$ 93,000			93,000
Percent of Ownership, Equity Investment	20%		20%
Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Assets, Current	$ 344,377,614		$ 344,377,614			375,173,028
Other Assets	255,328,838		255,328,838			152,477,137
Liabilities, Current	221,385,798		221,385,798			316,288,459
Liabilities, Noncurrent	178,209,447		178,209,447			22,658,176
Members' Equity	200,111,207		200,111,207			188,703,530
REVENUES	141,362,164	186,556,116	267,256,612	353,515,585
Gross Profit	32,859,355	23,270,276	52,511,599	38,712,106
Net Income (Loss) Attributable to Noncontrolling Interest	36,668,209	15,648,305	46,021,992	23,107,079
Equity Method Investments | Ring-neck Energy and Feeds [Member]
Schedule of Equity Method Investments [Line Items]
Assets, Current	35,753,552		35,753,552			42,843,145
Other Assets	116,584,093		116,584,093			118,819,732
Liabilities, Current	17,068,510		17,068,510			27,230,565
Liabilities, Noncurrent	1,770,915		1,770,915			13,700,270
Members' Equity	133,498,220		133,498,220			120,732,042
REVENUES	48,409,327	66,075,829	94,891,965	115,760,486
Gross Profit	13,053,291	9,974,439	21,676,538	17,173,135
Net Income (Loss) Attributable to Noncontrolling Interest	20,497,338	5,288,091	21,514,248	7,549,266
Equity Method Investments | Guardian Hankinson, LLC
Schedule of Equity Method Investments [Line Items]
Assets, Current	31,524,733		31,524,733			34,890,139
Other Assets	32,968,588		32,968,588			32,056,021
Liabilities, Current	47,687,386		47,687,386			52,166,375
Liabilities, Noncurrent	7,789,417		7,789,417			8,957,906
Members' Equity	9,016,518		9,016,518			$ 5,821,879
REVENUES	89,271,942	115,885,199	162,710,924	228,821,997
Gross Profit	17,501,680	10,271,094	26,232,633	15,610,468
Net Income (Loss) Attributable to Noncontrolling Interest	$ 15,925,475	$ 8,473,381	$ 23,194,640	$ 12,480,750

Revolving Operating Note (Detai

Revolving Operating Note (Details) - Farm Credit Services of America [Member] - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 20,000,000	$ 20,000,000
Unused capacity, commitment fee percentage		0.25%
Basis spread on variable rate	30%
Line of Credit Facility, Fair Value of Amount Outstanding	$ 0	$ 0
Remaining borrowing capacity	$ 20,000,000	$ 20,000,000
Debt Instrument, Interest Rate, Effective Percentage	8.33%	8.33%
Reducing Revolving Promissory Note
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 60,000,000	$ 60,000,000
Unused capacity, commitment fee percentage		0.50%
Basis spread on variable rate	32.50%
Line of Credit Facility, Fair Value of Amount Outstanding	$ 4,001,000	$ 4,001,000	$ 20,001,000
Remaining borrowing capacity	$ 53,499,000	$ 53,499,000
Debt Instrument, Interest Rate, Effective Percentage	8.58%	8.58%

Debt (Details)

Debt (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jul. 01, 2027	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 4,001,000	$ 4,001,000
Long-term debt	4,001,000	4,001,000		$ 20,001,000
Long-term debt, current maturities				0
Notes payable	4,001,000	4,001,000		20,001,000
2020	0	0
2021	0	0
2022	0	0
2023	0	0
2024	0	0
thereafter	4,001,000	4,001,000
Farm Credit Services of America [Member]
Debt Instrument [Line Items]
Minimum Net Worth Required for Compliance	30,000,000	30,000,000
Long-term debt, gross	0	0		0
working capital covenant	15,000,000	15,000,000
Working Capital Covenant, Post Distribution	20,000,000	20,000,000
Farm Credit Services of America [Member] | Medium-term Notes [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	8,000,000	8,000,000
Farm Credit Services of America [Member] | Short-Term Debt, Type [Domain]
Debt Instrument [Line Items]
Annual principal payment	$ 1,000,000	1,000,000
Basis spread on variable rate	32.50%
Farm Credit Services of America [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	30%
Maximum borrowing capacity	$ 20,000,000	20,000,000
Remaining borrowing capacity	20,000,000	$ 20,000,000
Unused capacity, commitment fee percentage		0.25%
Line of Credit Facility, Fair Value of Amount Outstanding	$ 0	$ 0
Debt Instrument, Interest Rate, Effective Percentage	8.33%	8.33%
Farm Credit Services of America [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis	Secured Overnight Financing 30-day Average Rate ("SOFR 30")
Farm Credit Services of America [Member] | Reducing Revolving Promissory Note
Debt Instrument [Line Items]
Basis spread on variable rate	32.50%
Maximum borrowing capacity	$ 60,000,000	$ 60,000,000
Remaining borrowing capacity	53,499,000	$ 53,499,000
Unused capacity, commitment fee percentage		0.50%
Line of Credit Facility, Fair Value of Amount Outstanding	4,001,000	$ 4,001,000		$ 20,001,000
Line of Credit Facility, Semi-annual Maximum Reduction	$ 2,500,000	$ 2,500,000
Debt Instrument, Interest Rate, Effective Percentage	8.58%	8.58%
Farm Credit Services of America [Member] | Reducing Revolving Promissory Note | Subsequent Event [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 40,000,000
Farm Credit Services of America [Member] | Reducing Revolving Promissory Note | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis	SOFR 30
Revolving Credit Facility [Member] | Farm Credit Services of America [Member] | Debt Service Coverage Ratio
Debt Instrument [Line Items]
Debt Instrument, Covenant Description	1.25

Fair Value Measures and Discl_3

Fair Value Measures and Disclosures (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, gross	$ 4,001,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, gross	4,001,000	$ 20,001,000
Long-term debt, fair value	4,001,000	20,001,000
Fair Value, Recurring [Member] | Future [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	1,113,275	289,681
Derivative liability	(3,300)	(200)
Fair Value, Recurring [Member] | Future [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	1,113,275	289,681
Derivative liability	(3,300)	(200)
Fair Value, Recurring [Member] | Future [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Fair Value, Recurring [Member] | Future [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Fair Value, Recurring [Member] | Forward Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	1,200	16,878
Derivative liability	(1,202,156)	(1,114,590)
Fair Value, Recurring [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Fair Value, Recurring [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	1,200	16,878
Derivative liability	(1,202,156)	(1,114,590)
Fair Value, Recurring [Member] | Forward Contracts [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	0	0
Derivative liability	$ 0	$ 0

Commitment and Contingencies (D

Commitment and Contingencies (Details)	6 Months Ended
	Jun. 30, 2024 USD ($) Bcf
Estimated Litigation Liability	$ 0
Electricity And Natural Gas
Commitments and Contingencies Disclosure [Abstract]
Purchase Commitment, estimated total contribution	8,890,000
Purchase Commitment, estimated total contribution	$ 8,890,000
Electricity And Natural Gas | November - March 31
Commitments and Contingencies Disclosure [Abstract]
Long-Term Purchase Commitment, Minimum Volume Required | Bcf	7,000
Long-Term Purchase Commitment, Minimum Volume Required | Bcf	7,000
Electricity And Natural Gas | Summer Months
Commitments and Contingencies Disclosure [Abstract]
Long-Term Purchase Commitment, Minimum Volume Required | Bcf	4,340
Long-Term Purchase Commitment, Minimum Volume Required | Bcf	4,340
Stillage Oil Centrifuge
Commitments and Contingencies	$ 9.5
Commitment and Contingencies, Remaining Amount	5
Sieve Bottle
Commitments and Contingencies	2.3
Commitment and Contingencies, Remaining Amount	1.6
Concrete Roadways
Commitments and Contingencies	1.5
Commitment and Contingencies, Remaining Amount	$ 970,000

Related Party Disclosures (Deta

Related Party Disclosures (Details) - Corn [Member] - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Purchases from related party	$ 129,300	$ 0
Purchase Commitment, Remaining Minimum Amount Committed	$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member]	Aug. 13, 2024 USD ($) $ / shares
Subsequent Event [Line Items]
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared | $	$ 8,886,000
Dividends Payable, Amount Per Share | $ / shares	$ 0.30

Uncategorized Items - lacp-2024

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 37,329,032
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 27,004,205