Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 12, 2024 | |
Cover [Abstract] | ||
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-50253 | |
Entity Registrant Name | SOUTH DAKOTA SOYBEAN PROCESSORS LLC | |
Entity Incorporation, State or Country Code | SD | |
Entity Tax Identification Number | 46-0462968 | |
Entity Address, Address Line One | 100 Caspian Ave | |
Entity Address, Address Line Two | PO Box 500 | |
Entity Address, City or Town | Volga | |
Entity Address, State or Province | SD | |
Entity Address, Postal Zip Code | 57071 | |
City Area Code | 605 | |
Local Phone Number | 627-9240 | |
Entity Common Stock, Shares Outstanding | 30,411,500 | |
Entity Central Index Key | 0001163609 | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and cash equivalents | $ 98,723,668 | $ 72,910,336 |
Trade accounts receivable | 34,608,445 | 43,548,706 |
Inventories | 78,033,416 | 72,045,951 |
Commodity derivative instruments | 8,165,256 | 10,334,681 |
Margin deposits | 2,311,049 | 1,342,978 |
Prepaid expenses | 4,201,466 | 5,621,052 |
Total current assets | 226,043,300 | 205,803,704 |
Property and equipment | 316,268,831 | 246,347,535 |
Less accumulated depreciation | (74,406,025) | (71,419,705) |
Total property and equipment, net | 241,862,806 | 174,927,830 |
Other assets | ||
Investments in related parties | 15,073,570 | 13,637,150 |
Investments in cooperatives | 1,797,563 | 1,737,862 |
Right-of-use lease asset, net | 27,504,427 | 28,297,874 |
Other Assets, Noncurrent | 656,000 | 336,500 |
Total other assets | 45,031,560 | 44,009,386 |
Total assets | 512,937,666 | 424,740,920 |
Current liabilities | ||
Excess of outstanding checks over bank balance | 8,825,038 | 15,728,259 |
Current maturities of long-term debt | 10,200,000 | 0 |
Note payable - seasonal loan | 32,365,300 | 0 |
Current operating lease liabilities | 2,838,848 | 2,798,561 |
Accounts payable | 14,639,303 | 7,462,996 |
Accrued commodity purchases | 37,713,905 | 66,240,599 |
Commodity derivative instruments | 6,575,302 | 5,939,687 |
Accrued expenses | 3,521,790 | 6,700,564 |
Accrued interest | 543,090 | 19,171 |
Deferred liabilities - current | 998,467 | 737,503 |
Total current liabilities | 118,221,043 | 105,627,340 |
Long-term liabilities | ||
Long-term debt, net of current maturities | 45,600,000 | 0 |
Long-term operating lease liabilities | 22,112,007 | 22,827,885 |
Deferred liabilities | 95,094 | 54,094 |
Total long-term liabilities | 67,807,101 | 22,881,979 |
Commitments and contingencies (Notes 6, 7, 8, and 13) | ||
Members' equity | ||
Class A Units, no par value, 30,411,500 units issued and outstanding on June 30, 2024 and December 31, 2023 | 169,464,317 | 197,494,454 |
Partners' Capital Attributable to Noncontrolling Interest | 157,445,205 | 98,737,147 |
Total liabilities and members' equity | 512,937,666 | 424,740,920 |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 326,909,522 | $ 296,231,601 |
Capital Unit, Class A | ||
Members' equity | ||
Class A Units, no par value, 30,411,500 units issued and outstanding on June 30, 2024 and December 31, 2023 | $ 169,464,317 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets [Parenthetical] - Capital Unit, Class A - shares | Jun. 30, 2024 | Dec. 31, 2023 |
Common stock, shares issued | 30,411,500 | 30,411,500 |
Common stock, shares outstanding | 30,411,500 | 30,411,500 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net revenues | $ 149,716,835 | $ 184,939,386 | $ 297,977,739 | $ 356,852,694 |
Cost of revenues: | ||||
Production | 9,430,701 | 9,681,528 | 18,818,013 | 20,400,505 |
Brokerage fees | 224,620 | 209,802 | 407,286 | 399,082 |
Total cost of revenues | 141,155,491 | 172,786,232 | 282,080,346 | 320,055,969 |
Gross profit | 8,561,344 | 12,153,154 | 15,897,393 | 36,796,725 |
Operating expenses: | ||||
Administration | 1,503,055 | 1,410,507 | 3,137,428 | 2,988,459 |
Operating income | 7,058,289 | 10,742,647 | 12,759,965 | 33,808,266 |
Other income (expense): | ||||
Interest expense | (1,919,069) | (1,057,190) | (3,373,060) | (1,977,298) |
Other non-operating income (expense) | 1,497,166 | 20,079 | 2,898,578 | (75,967) |
Patronage dividend income | 0 | 0 | 429,888 | 693,047 |
Total other income (expense) | (421,903) | (1,037,111) | (44,594) | (1,360,218) |
Net income | 6,636,386 | 9,705,536 | 12,715,371 | 32,448,048 |
Net income attributable to non-controlling interests in consolidating entities | 606,027 | 0 | 1,210,558 | 0 |
Net income attributable to Company | $ 6,030,359 | $ 9,705,536 | $ 11,504,813 | $ 32,448,048 |
Basic and Diluted Loss Per Capital Unit [Abstract] | ||||
Earnings Per Share, Basic | $ 0.20 | $ 0.32 | $ 0.38 | $ 1.07 |
Weighted average number of capital units outstanding for calculation of diluted earnings per capital unit (in shares) | 30,411,500 | 30,411,500 | 30,411,500 | 30,411,500 |
Weighted average number of capital units outstanding for calculation of basic earnings per capital unit (in shares) | 30,411,500 | 30,411,500 | ||
Product | ||||
Cost of revenues: | ||||
Cost of products and services | $ 119,082,853 | $ 150,798,392 | $ 239,205,792 | $ 275,037,094 |
Freight and rail | ||||
Cost of revenues: | ||||
Cost of products and services | $ 12,417,317 | $ 12,096,510 | $ 23,649,255 | $ 24,219,288 |
Condensed Statement of Changes
Condensed Statement of Changes in Members' Equity Statement - USD ($) | Total | Noncontrolling Interest | Capital Unit, Class A |
Beginning Balances (in shares) at Dec. 31, 2022 | 30,411,500 | ||
Beginning Balances at Dec. 31, 2022 | $ 163,538,676 | ||
Beginning Balances at Dec. 31, 2022 | $ 163,538,676 | $ 0 | |
Net income | 32,448,048 | 32,448,048 | |
Distribution to members | $ (36,493,800) | ||
Liquidation of members' equity (in shares) | 0 | ||
Liquidation of members' equity | $ 0 | $ 0 | |
Ending Balances (in shares) at Jun. 30, 2023 | 30,411,500 | ||
Ending Balances at Jun. 30, 2023 | $ 159,492,924 | ||
Ending Balances at Jun. 30, 2023 | 159,492,924 | 0 | |
Beginning Balances (in shares) at Dec. 31, 2023 | 30,411,500 | ||
Beginning Balances at Dec. 31, 2023 | 197,494,454 | ||
Beginning Balances at Dec. 31, 2023 | 296,231,601 | 98,737,147 | |
Net income | 12,715,371 | 1,210,558 | $ 11,504,813 |
Distribution to members | $ (39,534,950) | (39,534,950) | |
Liquidation of members' equity (in shares) | 0 | ||
Liquidation of members' equity | $ (2,500) | $ 0 | |
Issuance of new capital units in consolidated entities | 57,500,000 | 57,500,000 | |
Ending Balances (in shares) at Jun. 30, 2024 | 30,411,500 | ||
Ending Balances at Jun. 30, 2024 | 169,464,317 | $ 169,464,317 | |
Ending Balances at Jun. 30, 2024 | $ 326,909,522 | $ 157,445,205 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities | ||
Net income | $ 12,715,371 | $ 32,448,048 |
Charges and credits to net income not affecting cash: | ||
Depreciation and amortization | 3,023,367 | 2,853,735 |
Net (gain) loss recognized on derivative activities | 995,622 | (10,796,570) |
Loss (gain) on sale of property and equipment | 0 | (31,530) |
Non-cash patronage dividends | (59,701) | (32,313) |
Change in current assets and liabilities | (19,810,614) | (5,768,095) |
Net cash provided by (used for) operating activities | (3,135,955) | 18,673,275 |
Investing activities | ||
Increase in other assets | (319,500) | (240,250) |
Proceeds from sales of property and equipment | 0 | 100,000 |
Purchase of property and equipment | (69,958,342) | (4,908,953) |
Net cash used for investing activities | (70,277,842) | (20,743,505) |
Financing activities | ||
Change in excess of outstanding checks over bank balances | (6,903,221) | (1,181,372) |
Net proceeds from seasonal borrowings | 32,365,300 | 36,298,530 |
Proceeds from issuance of capital units | 57,500,000 | 0 |
Distributions to members | (39,534,950) | (36,493,800) |
Proceeds from long-term debt | 56,400,000 | 6,581,850 |
Principal payments on long-term debt | (600,000) | (3,431,194) |
Net cash provided by financing activities | 99,227,129 | 1,774,014 |
Net change in cash and cash equivalents | 25,813,332 | (296,216) |
Cash and cash equivalents, beginning of period | 72,910,336 | 866,699 |
Cash and cash equivalents, end of period | 98,723,668 | 570,483 |
Supplemental disclosures of cash flow information | ||
Interest | 2,849,141 | 1,802,345 |
Income taxes | 0 | 0 |
Soybean meal contributed as investment in related party | 1,436,420 | 1,436,420 |
Liquidation of members' equity | (2,500) | 0 |
Purchase of investments | $ 0 | $ (15,694,302) |
Principal Activity and Signific
Principal Activity and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principal Activity and Significant Accounting Policies | Principal Activity and Significant Accounting Policies The unaudited condensed consolidated financial statements contained herein have been prepared pursuant to the rules and regulations of the Securities Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although South Dakota Soybean Processors, LLC (the “Company”, “LLC”, “we”, “our”, or “us”) believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included in the accompanying condensed consolidated financial statements. The results of operations and cash flows for interim periods are not necessarily indicative of results for a full year due in part to the seasonal nature of some of the Company’s businesses. The balance sheet data as of December 31, 2023 has been derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. These statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2023, included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 22, 2024. Principles of consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries, High Plains Partners, LLC, HPP SD Holdings, LLC, and High Plains Processing, LLC, after elimination of all material intercompany accounts, transactions, and profits. Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue The Company accounts for all its revenues from contracts with customers under ASC 606, Revenue from Contracts with Customers. The Company principally generates revenue from merchandising and transporting manufactured agricultural products used as ingredients in food, feed, energy, and industrial products. Revenue is measured based on the consideration specified in the contract with a customer and excludes any amounts collected on behalf of third parties (e.g. - taxes). The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product to a customer. Control transfer typically occurs when goods are shipped from our facilities or at other predetermined control transfer points (for instance, destination terms). Shipping and handling costs related to contracts with customers for the sale of goods are accounted for as a fulfillment activity and are included in the cost of revenues. Accordingly, amounts billed to customers for such costs are included as a component of revenues. Payments received in advance to the transfer of goods, or "contract liabilities", are included in "Deferred liabilities - current" on the Company's condensed consolidated balance sheets. These customer prepayments totaled $998,467 and $737,503 as of June 30, 2024 and December 31, 2023, respectively. Of the $737,503 balance as of December 31, 2023, the Company recognized $133,935 and $486,290 as revenues for the three and six months ended June 30, 2024, respectively. Of the $1,074,059 customer prepayments as of December 31, 2022, the Company recognized $104,792 and $828,245 of contract liabilities as revenues during the three and six months ended June 30, 2023, respectively. The following table presents a disaggregation of revenue from contracts with customers for the three and six-month periods ended June 30, 2024 and 2023, by product type: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Soybean meal and hulls $ 85,687,691 $ 100,273,935 $ 169,085,734 $ 197,397,787 Soybean oil and oil byproducts 64,029,144 84,665,451 128,892,005 159,454,907 Totals $ 149,716,835 $ 184,939,386 $ 297,977,739 $ 356,852,694 Recent accounting pronouncements Any recent accounting pronouncements are not expected to have a material impact on our condensed financial statements. |
Accounts Receivable
Accounts Receivable | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable are considered past due when payments are not received on a timely basis in accordance with the Company’s credit terms, which are generally 30 days from invoice date. Accounts considered uncollectible are written off. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering customers' financial condition, credit history, current and future economic conditions, and unusual circumstances, if any. The following table presents the aging analysis of trade receivables as of June 30, 2024 and December 31, 2023: June 30, December 31, Past due: Less than 30 days past due $ 7,341,255 $ 11,438,298 30-60 days past due 300,082 1,425,727 60-90 days past due 108,364 114,387 Greater than 90 days past due 137,845 56,028 Total past due 7,887,546 13,034,440 Current 26,720,899 30,514,266 Totals $ 34,608,445 $ 43,548,706 The following table provides information regarding the Company's allowance for credit losses as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Balances, beginning of period $ — $ — Amounts charged (credited) to costs and expenses (41,557) — Additions (deductions) 41,557 — Balances, end of period $ — $ — In general, cash received is applied to the oldest outstanding invoice first, unless payment is for a specified invoice. The Company, on a case-by-case basis, may charge a late fee of 1.5% per month on past-due receivables. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The Company’s inventories consist of the following on June 30, 2024 and December 31, 2023: June 30, December 31, Finished goods $ 40,765,867 $ 32,772,392 Raw materials 36,795,804 38,730,545 Supplies & miscellaneous 471,745 543,014 Totals $ 78,033,416 $ 72,045,951 Finished goods and raw materials are valued at estimated market value, which approximates net realizable value. Supplies and other inventories are stated at the lower of cost or net realizable value. |
Investments in Related Parties
Investments in Related Parties | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Related Parties | Investments in Related Parties The Company’s investments in related parties consist of the following on June 30, 2024 and December 31, 2023: June 30, December 31, Prairie AquaTech, LLC 1,553,727 1,553,727 Prairie AquaTech Investments, LLC 5,000,000 5,000,000 Prairie AquaTech Manufacturing, LLC 8,519,843 7,083,423 Totals $ 15,073,570 $ 13,637,150 The Company measures its investments in Prairie AquaTech, LLC, Prairie AquaTech Investments, LLC, Prairie AquaTech Manufacturing, LLC and High Plains Partners, LLC at their cost less any impairment plus or minus any observable price changes in orderly transactions since these equity investments do not have readily determinable fair values. The Company invested $1,436,420 and $1,436,420 of soybean meal in Prairie AquaTech Manufacturing, LLC for the six months ended June 30, 2024 and 2023, respectively, to be used in the entity's operations. In February 2022, the Company announced its plans to construct a multi-seed processing plant near Mitchell, South Dakota. In September 2022, the Company entered into a capital contribution and commitment agreement with High Plains Partners, LLC. Per the agreement, the Company transferred to High Plains Partners, LLC all rights, title and interest to all of the tangible and intangible development rights, including engineering, permitting, studies, records, etc., totaling $5.0 million in value in exchange for 2,615 Class B units in High Plains Partners, LLC. The Company also committed to investing up to another $81.4 million for 19,454 Class B capital units in the entity. As of June 30, 2024, the Company had contributed $86.4 million towards the project. Effective September 30, 2023, the Company began consolidating the accounts of High Plains Processing, LLC, HPP SD Holdings, LLC, and High Plains Partners, LLC, formerly unconsolidated entities, into its financial statements . The Company and other regional investors committed to investing a total of $192.0 million into High Plains Partners. In September 2023, High Plains Partners created a joint venture with another partner to create High Plains Processing, LLC, to build a new multi-seed crush facility near Mitchell, South Dakota. Construction of the facility is estimated to be completed in late 2025. The consolidation is due to the Company's entering into a management agreement with the new processing facility along with its ability to appoint a majority of the board members of each entity. The financial data for previous periods has not been restated to reflect the consolidation of the three entities. The consolidation is not material to the financial position or results of operations for the periods presented and had no effect on previously reported net income. As of June 30, 2024, High Plains Partners, HPP SD Holdings, and High Plains Processing, LLC received a total of $155.6 million in proceeds from the issuance from capital units. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment The following is a summary of the Company's property and equipment at June 30, 2024 and December 31, 2023: 2024 2023 Cost Accumulated Depreciation Net Net Land $ 516,326 $ — $ 516,326 $ 516,326 Land improvements 2,759,442 (1,313,461) 1,445,981 1,527,776 Buildings and improvements 29,580,386 (12,356,954) 17,223,432 17,629,613 Machinery and equipment 97,556,442 (58,794,908) 38,761,534 40,837,043 Railroad cars 10,411,185 (785,614) 9,625,571 9,729,683 Company vehicles 224,846 (119,517) 105,329 9,532 Furniture and fixtures 1,829,179 (1,035,571) 793,608 581,676 Construction in progress 173,391,025 — 173,391,025 104,096,181 Totals $ 316,268,831 $ (74,406,025) $ 241,862,806 $ 174,927,830 Depreciation of property and equipment was $1,519,233 and $1,437,218 for the three months ended June 30, 2024 and 2023, respectively, and $3,023,367 and $2,851,294 for the six months ended June 30, 2024 and 2023, respectively. |
Note Payable - Seasonal Loan
Note Payable - Seasonal Loan | 6 Months Ended |
Jun. 30, 2024 | |
Notes Payable Seasonal Loan [Abstract] | |
Note Payable - Seasonal Loan | Note Payable – Seasonal Loan The Company has entered into a revolving credit agreement with CoBank which expires on October 1, 2024. The purpose of the credit agreement is to finance the operating needs of the Company. Under this agreement, the Company could borrow up to $85 million, and advances on the revolving credit agreement are secured. Interest accrues at a variable rate (7.56% as of June 30, 2024). The Company pays a 0.20% annual commitment fee on any funds not borrowed. There were advances outstanding of $32,365,300 and $0 as of June 30, 2024 and December 31, 2023, respectively. The remaining available funds to borrow under the terms of the revolving credit agreement were $52.6 million as of June 30, 2024. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The following is a summary of the Company's long-term debt on June 30, 2024 and December 31, 2023: June 30, December 31, Revolving term loan from CoBank, interest at variable rates (7.86% and 7.85% on June 30, 2024 and December 31, 2023, respectively), secured by substantially all property and equipment. The loan matures on March 20, 2026. $ 10,800,000 $ — Note payable to CoBank, interest at variable rates (7.86% and 7.85% at June 30, 2024 and December 31, 2023, respectively), secured by substantially all property and equipment. Note matures March 20, 2028. 45,000,000 — Total debt before debt issuance costs 55,800,000 55800000 — Less current maturities (10,200,000) — Total long-term debt $ 45,600,000 $ — The Company entered into an agreement as of September 20, 2023, with CoBank to amend and restate its Credit Agreement, which includes the revolving term loan, note payable, and seasonal loan. Under the terms and conditions of the Credit Agreement, CoBank agreed to make advances to the Company for up to $12 million on the revolving term loan with a variable effective interest rate of 7.86%. The amount available for borrowing on the revolving term loan will decrease by $600,000 every six months until the loan's maturity date of March 20, 2028. The Company pays a 0.40% annual commitment fee on any funds not borrowed. The debt issuance costs of $24,000 paid by the Company were amortized over the term of the loan. The principal balance outstanding on the revolving term loan was $10.8 million and $0 as of June 30, 2024 and December 31, 2023, respectively. There were no remaining commitments available to borrow on the revolving term loan as of June 30, 2024. On September 20, 2023, the Company entered into note payable to CoBank to borrow up to $90.0 million until October 1, 2024, the proceeds of which are to be used to finance the Company's investment in High Plains Partners, LLC. The Company will make semi-annual payments of $4.5 million beginning October 20, 2024 until the note's maturity on March 20, 2028. The principal balance outstanding on the note payable was $45.0 million and $0 as of June 30, 2024 and December 31, 2023, respectively. There was $45.0 million available to borrow on the note payable as of June 30, 2024. Under this agreement, the Company is subject to compliance with standard financial covenants and the maintenance of certain financial ratios. The Company was in compliance with all covenants and conditions with CoBank as of June 30, 2024. The following are minimum principal payments on long-term debt obligations for the twelve-month periods ending June 30: 2025 $ 10,200,000 2026 10,200,000 2027 10,200,000 2028 25,200,000 Total $ 55,800,000 |
Operating Leases (Notes)
Operating Leases (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Operating Leases | Operating Leases The Company has several operating leases for railcars. These leases have terms ranging from 3-12 years and most do not have renewal terms provided. The leases require the Company to maintain the condition of the railcars, restrict the use of the railcars to specified products, such as soybean meal, hulls or oil, limit usage to the continental United States, Canada or Mexico, require approval to sublease to other entities and require the Company's submission of its financial statements. Lease expense for all railcars was $1,257,629 and $1,151,009 for the three months ended June 30, 2024 and 2023, respectively, and $2,329,352 and $2,031,160 for the six months ended June 30, 2024 and 2023, respectively. The following is a schedule of the Company's operating leases for railcars as of June 30, 2024: Lessor Quantity of Commencement Maturity Monthly Andersons Railcar Leasing Co. 20 7/1/2019 6/30/2026 $ 11,300 Andersons Railcar Leasing Co. 15 11/1/2021 10/31/2026 8,250 Farm Credit Leasing 87 9/1/2020 8/31/2032 34,929 Farm Credit Leasing 8 6/1/2021 5/31/2033 5,966 Farm Credit Leasing 9 10/1/2021 9/30/2033 4,624 Farm Credit Leasing 23 7/1/2022 6/30/2034 13,863 Farm Credit Leasing 30 8/1/2022 7/31/2034 30,422 Farm Credit Leasing 20 10/1/2022 9/30/2034 21,668 Farm Credit Leasing 100 4/1/2023 3/31/2035 81,466 Farm Credit Leasing 10 3/1/2024 2/29/2036 7,427 Trinity Capital 2 6/1/2021 5/31/2026 980 Wells Fargo Rail 109 3/1/2022 2/28/2027 51,775 Lessor Quantity of Commencement Maturity Monthly Wells Fargo Rail 7 5/1/2022 4/30/2027 2,765 Wells Fargo Rail 15 5/1/2022 4/30/2027 5,925 Wells Fargo Rail 105 1/1/2023 12/31/2029 49,875 560 $ 331,235 The Company also has a number of other operating leases for machinery and equipment. These leases have terms ranging from 3-7 years; however, most of these leases have automatic renewal terms. These leases require monthly payments of $5,336. Lease expense under these other operating leases was $17,565 and $12,969 for the three months ended June 30, 2024 and 2023, respectively, and $28,837 and $24,188 for the six-month periods ended June 30, 2024 and 2023, respectively. On March 19, 2020, the Company entered into an agreement with an entity in the western United States to provide storage and handling services for the Company's soybean meal. The Company paid the entity $3,300,000 after the entity's construction of additional storage and handling facilities. The agreement began on May 1, 2021 and will mature on April 30, 2027 but includes an additional seven-year renewal period at the sole discretion of the Company. Lease expense under this agreement was $58,928 for each of the three-month periods ended June 30, 2024 and 2023, and $117,857 for each of the six-month periods ended June 30, 2024 and 2023, respectively. Operating leases are included in right-to-use lease assets, current operating lease liabilities, and long-term lease liabilities on the Company's condensed consolidated balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company's secured incremental borrowing rates or implicit rates, when readily determinable. Short-term operating leases, which have an initial term of 12 months or less, are not recorded on the condensed consolidated balance sheet. Lease expense for these operating leases is recognized on a straight-line basis over the lease terms. The components of lease costs recognized within our condensed consolidated statements of operations for the three and six-month periods ended June 30, 2024 and 2023 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenues - Freight and rail $ 1,257,629 $ 1,151,009 $ 2,329,352 $ 2,031,160 Cost of revenues - Production 72,734 68,151 138,443 133,793 Administration expenses 3,759 3,746 8,251 8,252 Total operating lease costs $ 1,334,122 $ 1,222,906 $ 2,476,046 $ 2,173,205 The following summarizes the supplemental cash flow information for the three and six-month periods ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities $ 1,037,818 $ 1,200,470 $ 2,062,189 $ 2,075,758 Supplemental non-cash information: Right-of-use assets obtained in exchange for lease liabilities $ 15,436 $ — $ 847,407 $ 8,914,885 The following summarizes the weighted-average remaining lease term and weighted-average discount rate as of June 30, 2024: Weighted-average remaining lease-term - operating leases (in years) 9.0 Weighted-average discount rate - operating leases 4.3 % The following is a maturity analysis of the undiscounted cash flows of the operating lease liabilities as of June 30, 2024: Railcars Other Total Twelve-month periods ended June 30: 2025 $ 3,974,817 $ 53,001 $ 4,027,818 2026 3,973,837 42,185 4,016,022 2027 3,536,977 38,064 3,575,041 2028 3,002,877 31,501 3,034,378 2029 3,002,877 18,377 3,021,254 Thereafter 12,410,692 — 12,410,692 Total lease payments 29,902,077 183,128 30,085,205 Less amount of lease payments representing interest (5,111,924) (22,426) (5,134,350) Total present value of lease payments $ 24,790,153 $ 160,702 $ 24,950,855 |
Member Distribution
Member Distribution | 6 Months Ended |
Jun. 30, 2024 | |
Member Distribution [Abstract] | |
Member Distribution | Member Distribution On January 30, 2024, the Company’s Board of Managers approved a cash distribution of approximately $39.5 million, or $1.30 per capital unit. The distribution was paid in accordance with the Company’s operating agreement and distribution policy on February 1, 2024. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities In the ordinary course of business, the Company enters into contractual arrangements as a means of managing exposure to changes in commodity prices and, occasionally, foreign exchange and interest rates. The Company’s derivative instruments primarily consist of commodity futures, options and forward contracts, and interest rate swaps, caps and floors. Although these contracts may be effective economic hedges of specified risks, they are not designated as, nor accounted for, hedging instruments. These contracts are recorded on the Company’s condensed consolidated balance sheets at fair value as discussed in Note 11, Fair Value. As of June 30, 2024 and December 31, 2023, the net value of the Company’s open futures, options and forward contracts was $1,589,954 and $4,394,994, respectively. As of June 30, 2024 Balance Sheet Classification Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments: Commodity contracts Current Assets/Liabilities $ 8,101,465 $ 6,435,660 Foreign exchange contracts Current Assets/Liabilities 63,791 110,923 Interest rate caps and floors Current Assets/Liabilities — 28,719 Totals $ 8,165,256 $ 6,575,302 As of December 31, 2023 Balance Sheet Classification Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments: Commodity contracts Current Assets/Liabilities $ 10,178,089 $ 5,584,506 Foreign exchange contracts Current Assets/Liabilities 156,592 284,879 Interest rate caps and floors Current Assets/Liabilities — 70,302 Totals $ 10,334,681 $ 5,939,687 During the three and six-month periods ended June 30, 2024 and 2023, net realized and unrealized gains (losses) on derivative transactions were recognized in the condensed consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Derivatives not designated as hedging instruments: Commodity contracts $ (2,512,325) $ (3,774,597) $ (1,097,506) $ 10,051,769 Foreign exchange contracts 14,435 98,777 60,301 913,098 Interest rate swaps, caps and floors 5,836 (11,223) 41,583 (168,297) Totals $ (2,492,054) $ (3,687,043) $ (995,622) $ 10,796,570 The Company recorded gains (losses) in cost of goods sold related to its commodity derivative instruments of $(2,492,054) and $(3,687,043) for the three months ended June 30, 2024 and 2023, respectively, and $(995,622) and $10,796,570 for the six-month periods ended June 30, 2024 and 2023, respectively. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value ASC 820, Fair Value Measurements and Disclosures, defines fair value, establishes a comprehensive framework for measuring fair value and expands disclosures that are required about fair value measurements. Specifically, this guidance establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. The three levels of hierarchy and examples are as follows: • Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on the New York Stock Exchange and commodity derivative contracts listed on the Chicago Board of Trade (“CBOT”). • Level 2 – Pricing inputs are other than quoted prices in active markets but are either directly or indirectly observable as of the reported date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs, such as commodity prices using forward future prices. • Level 3 – Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission rights. The following tables set forth financial assets and liabilities measured at fair value in the condensed balance sheets and the respective levels to which fair value measurements are classified within the fair value hierarchy as of June 30, 2024 and December 31, 2023: Fair Value as of June 30, 2024 Level 1 Level 2 Level 3 Total Financial assets: Inventory $ — $ 76,964,340 $ — $ 76,964,340 Commodity derivative instruments $ 1,589,954 $ — $ — $ 1,589,954 Margin deposits (deficits) $ 2,311,049 $ — $ — $ 2,311,049 Fair Value as of December 31, 2023 Level 1 Level 2 Level 3 Total Financial assets: Inventory $ — $ 70,872,435 $ — $ 70,872,435 Commodity derivative instruments $ 4,394,994 $ — $ — $ 4,394,994 Margin deposits $ 1,342,978 $ — $ — $ 1,342,978 The Company enters into various commodity derivative instruments, including futures, options, swaps and other agreements. The fair value of the Company’s commodity derivatives is determined using unadjusted quoted prices for identical instruments on the CBOT. The Company estimates the fair market value of their finished goods and raw materials inventories using the market price quotations of similar forward futures contracts listed on the CBOT and adjusts for the local market adjustments derived from other grain terminals in our area. The Company considers the carrying amount of significant classes of financial instruments on the condensed consolidated balance sheets, including cash, accounts receivable, and accounts payable, to be reasonable estimates of fair value due to their length or maturity. The fair value of the Company’s long-term debt approximates the carrying value. The interest rates on the long-term debt are similar to rates the Company would be able to obtain currently in the market. The Company has patronage investments in other cooperatives and common and preferred stock holdings in privately held entities. There is no market for their patronage credits or the entity’s common and preferred holdings, and it is impracticable to estimate the fair value of the Company’s investments. These investments are carried on the balance sheet at the original cost plus the amount of patronage earnings allocated to the Company, less any cash distributions received. |
Related Party Transactions (Not
Related Party Transactions (Notes) | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company has equity investments in Prairie AquaTech, LLC, Prairie AquaTech Manufacturing, LLC and Prairie AquaTech Investments, LLC. The Company sold soybean products to Prairie AquaTech, LLC and Prairie AquaTech Manufacturing, LLC totaling $3,415,179 and $2,285,001 for the three months ended June 30, 2024 and 2023, respectively, and $7,437,115 and $5,232,867 during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, Prairie AquaTech, LLC and Prairie AquaTech Manufacturing, LLC owed the Company $776,699 and $1,216,699, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Contingencies The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to certain limits. At June 30, 2024 and December 31, 2023, the Company had approximately $118.5 million and $34.1 million, respectively, in excess of FDIC insured limits. The Company has not experienced any losses in such accounts. As of June 30, 2024, the Company had unpaid commitments of approximately $242.3 million for construction and acquisition of property and equipment, all of which are expected to be incurred by June 30, 2025. From time to time in the ordinary course of our business, the Company may be named as a defendant in legal proceedings related to various issues, including without limitation, workers’ compensation claims, tort claims, or contractual disputes. The Company carries insurance that provides protection against general commercial liability claims, claims against our directors, officers and employees, business interruption, automobile liability, and workers' compensation. The Company is not currently involved in any material legal proceedings and is not aware of any potential claims. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event The Company evaluated all of its activities and concluded that no subsequent events have occurred that would require recognition in its financial statements or disclosed in the notes to its financial statements. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 6,030,359 | $ 9,705,536 | $ 11,504,813 | $ 32,448,048 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Principal Activity and Signif_2
Principal Activity and Significant Accounting Policies (Policies) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Use of Estimates, Policy | Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Revenue, Policy | Revenue The Company accounts for all its revenues from contracts with customers under ASC 606, Revenue from Contracts with Customers. The Company principally generates revenue from merchandising and transporting manufactured agricultural products used as ingredients in food, feed, energy, and industrial products. Revenue is measured based on the consideration specified in the contract with a customer and excludes any amounts collected on behalf of third parties (e.g. - taxes). The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product to a customer. Control transfer typically occurs when goods are shipped from our facilities or at other predetermined control transfer points (for instance, destination terms). Shipping and handling costs related to contracts with customers for the sale of goods are accounted for as a fulfillment activity and are included in the cost of revenues. Accordingly, amounts billed to customers for such costs are included as a component of revenues. Payments received in advance to the transfer of goods, or "contract liabilities", are included in "Deferred liabilities - current" on the Company's condensed consolidated balance sheets. These customer prepayments totaled $998,467 and $737,503 as of June 30, 2024 and December 31, 2023, respectively. Of the $737,503 balance as of December 31, 2023, the Company recognized $133,935 and $486,290 as revenues for the three and six months ended June 30, 2024, respectively. Of the $1,074,059 customer prepayments as of December 31, 2022, the Company recognized $104,792 and $828,245 of contract liabilities as revenues during the three and six months ended June 30, 2023, respectively. | |
Recent Accounting Pronouncements | Recent accounting pronouncements Any recent accounting pronouncements are not expected to have a material impact on our condensed financial statements. | |
Consolidation, Policy | Principles of consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries, High Plains Partners, LLC, HPP SD Holdings, LLC, and High Plains Processing, LLC, after elimination of all material intercompany accounts, transactions, and profits. |
Principal Activity and Signif_3
Principal Activity and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Disaggregation of Revenue | The following table presents a disaggregation of revenue from contracts with customers for the three and six-month periods ended June 30, 2024 and 2023, by product type: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Soybean meal and hulls $ 85,687,691 $ 100,273,935 $ 169,085,734 $ 197,397,787 Soybean oil and oil byproducts 64,029,144 84,665,451 128,892,005 159,454,907 Totals $ 149,716,835 $ 184,939,386 $ 297,977,739 $ 356,852,694 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Past Due Financing Receivables | The following table presents the aging analysis of trade receivables as of June 30, 2024 and December 31, 2023: June 30, December 31, Past due: Less than 30 days past due $ 7,341,255 $ 11,438,298 30-60 days past due 300,082 1,425,727 60-90 days past due 108,364 114,387 Greater than 90 days past due 137,845 56,028 Total past due 7,887,546 13,034,440 Current 26,720,899 30,514,266 Totals $ 34,608,445 $ 43,548,706 |
Schedule of Allowance for Doubtful Accounts Receivable | The following table provides information regarding the Company's allowance for credit losses as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Balances, beginning of period $ — $ — Amounts charged (credited) to costs and expenses (41,557) — Additions (deductions) 41,557 — Balances, end of period $ — $ — |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The Company’s inventories consist of the following on June 30, 2024 and December 31, 2023: June 30, December 31, Finished goods $ 40,765,867 $ 32,772,392 Raw materials 36,795,804 38,730,545 Supplies & miscellaneous 471,745 543,014 Totals $ 78,033,416 $ 72,045,951 |
Investments in Related Parties
Investments in Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Related Parties | The Company’s investments in related parties consist of the following on June 30, 2024 and December 31, 2023: June 30, December 31, Prairie AquaTech, LLC 1,553,727 1,553,727 Prairie AquaTech Investments, LLC 5,000,000 5,000,000 Prairie AquaTech Manufacturing, LLC 8,519,843 7,083,423 Totals $ 15,073,570 $ 13,637,150 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The following is a summary of the Company's property and equipment at June 30, 2024 and December 31, 2023: 2024 2023 Cost Accumulated Depreciation Net Net Land $ 516,326 $ — $ 516,326 $ 516,326 Land improvements 2,759,442 (1,313,461) 1,445,981 1,527,776 Buildings and improvements 29,580,386 (12,356,954) 17,223,432 17,629,613 Machinery and equipment 97,556,442 (58,794,908) 38,761,534 40,837,043 Railroad cars 10,411,185 (785,614) 9,625,571 9,729,683 Company vehicles 224,846 (119,517) 105,329 9,532 Furniture and fixtures 1,829,179 (1,035,571) 793,608 581,676 Construction in progress 173,391,025 — 173,391,025 104,096,181 Totals $ 316,268,831 $ (74,406,025) $ 241,862,806 $ 174,927,830 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following is a summary of the Company's long-term debt on June 30, 2024 and December 31, 2023: June 30, December 31, Revolving term loan from CoBank, interest at variable rates (7.86% and 7.85% on June 30, 2024 and December 31, 2023, respectively), secured by substantially all property and equipment. The loan matures on March 20, 2026. $ 10,800,000 $ — Note payable to CoBank, interest at variable rates (7.86% and 7.85% at June 30, 2024 and December 31, 2023, respectively), secured by substantially all property and equipment. Note matures March 20, 2028. 45,000,000 — Total debt before debt issuance costs 55,800,000 55800000 — Less current maturities (10,200,000) — Total long-term debt $ 45,600,000 $ — |
Schedule of Maturities of Long-term Debt | The following are minimum principal payments on long-term debt obligations for the twelve-month periods ending June 30: 2025 $ 10,200,000 2026 10,200,000 2027 10,200,000 2028 25,200,000 Total $ 55,800,000 |
Operating Leases (Tables)
Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Operating Leases for Railcars | The following is a schedule of the Company's operating leases for railcars as of June 30, 2024: Lessor Quantity of Commencement Maturity Monthly Andersons Railcar Leasing Co. 20 7/1/2019 6/30/2026 $ 11,300 Andersons Railcar Leasing Co. 15 11/1/2021 10/31/2026 8,250 Farm Credit Leasing 87 9/1/2020 8/31/2032 34,929 Farm Credit Leasing 8 6/1/2021 5/31/2033 5,966 Farm Credit Leasing 9 10/1/2021 9/30/2033 4,624 Farm Credit Leasing 23 7/1/2022 6/30/2034 13,863 Farm Credit Leasing 30 8/1/2022 7/31/2034 30,422 Farm Credit Leasing 20 10/1/2022 9/30/2034 21,668 Farm Credit Leasing 100 4/1/2023 3/31/2035 81,466 Farm Credit Leasing 10 3/1/2024 2/29/2036 7,427 Trinity Capital 2 6/1/2021 5/31/2026 980 Wells Fargo Rail 109 3/1/2022 2/28/2027 51,775 Lessor Quantity of Commencement Maturity Monthly Wells Fargo Rail 7 5/1/2022 4/30/2027 2,765 Wells Fargo Rail 15 5/1/2022 4/30/2027 5,925 Wells Fargo Rail 105 1/1/2023 12/31/2029 49,875 560 $ 331,235 |
Lease Cost, Supplemental Cash Flow Information and Weighted-average Lease Terms and Discount Rates | The components of lease costs recognized within our condensed consolidated statements of operations for the three and six-month periods ended June 30, 2024 and 2023 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenues - Freight and rail $ 1,257,629 $ 1,151,009 $ 2,329,352 $ 2,031,160 Cost of revenues - Production 72,734 68,151 138,443 133,793 Administration expenses 3,759 3,746 8,251 8,252 Total operating lease costs $ 1,334,122 $ 1,222,906 $ 2,476,046 $ 2,173,205 The following summarizes the supplemental cash flow information for the three and six-month periods ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities $ 1,037,818 $ 1,200,470 $ 2,062,189 $ 2,075,758 Supplemental non-cash information: Right-of-use assets obtained in exchange for lease liabilities $ 15,436 $ — $ 847,407 $ 8,914,885 The following summarizes the weighted-average remaining lease term and weighted-average discount rate as of June 30, 2024: Weighted-average remaining lease-term - operating leases (in years) 9.0 Weighted-average discount rate - operating leases 4.3 % |
Lessee, Operating Lease, Liability, Maturity | The following is a maturity analysis of the undiscounted cash flows of the operating lease liabilities as of June 30, 2024: Railcars Other Total Twelve-month periods ended June 30: 2025 $ 3,974,817 $ 53,001 $ 4,027,818 2026 3,973,837 42,185 4,016,022 2027 3,536,977 38,064 3,575,041 2028 3,002,877 31,501 3,034,378 2029 3,002,877 18,377 3,021,254 Thereafter 12,410,692 — 12,410,692 Total lease payments 29,902,077 183,128 30,085,205 Less amount of lease payments representing interest (5,111,924) (22,426) (5,134,350) Total present value of lease payments $ 24,790,153 $ 160,702 $ 24,950,855 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivatives Assets and Liabilities Not Designated As Hedging Instruments | As of June 30, 2024 and December 31, 2023, the net value of the Company’s open futures, options and forward contracts was $1,589,954 and $4,394,994, respectively. As of June 30, 2024 Balance Sheet Classification Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments: Commodity contracts Current Assets/Liabilities $ 8,101,465 $ 6,435,660 Foreign exchange contracts Current Assets/Liabilities 63,791 110,923 Interest rate caps and floors Current Assets/Liabilities — 28,719 Totals $ 8,165,256 $ 6,575,302 As of December 31, 2023 Balance Sheet Classification Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments: Commodity contracts Current Assets/Liabilities $ 10,178,089 $ 5,584,506 Foreign exchange contracts Current Assets/Liabilities 156,592 284,879 Interest rate caps and floors Current Assets/Liabilities — 70,302 Totals $ 10,334,681 $ 5,939,687 |
Schedule Of Derivative Instruments, Net Realized and Unrealized Gain (Loss) On Derivatives Not Designated As Hedging Instruments | During the three and six-month periods ended June 30, 2024 and 2023, net realized and unrealized gains (losses) on derivative transactions were recognized in the condensed consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Derivatives not designated as hedging instruments: Commodity contracts $ (2,512,325) $ (3,774,597) $ (1,097,506) $ 10,051,769 Foreign exchange contracts 14,435 98,777 60,301 913,098 Interest rate swaps, caps and floors 5,836 (11,223) 41,583 (168,297) Totals $ (2,492,054) $ (3,687,043) $ (995,622) $ 10,796,570 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables set forth financial assets and liabilities measured at fair value in the condensed balance sheets and the respective levels to which fair value measurements are classified within the fair value hierarchy as of June 30, 2024 and December 31, 2023: Fair Value as of June 30, 2024 Level 1 Level 2 Level 3 Total Financial assets: Inventory $ — $ 76,964,340 $ — $ 76,964,340 Commodity derivative instruments $ 1,589,954 $ — $ — $ 1,589,954 Margin deposits (deficits) $ 2,311,049 $ — $ — $ 2,311,049 Fair Value as of December 31, 2023 Level 1 Level 2 Level 3 Total Financial assets: Inventory $ — $ 70,872,435 $ — $ 70,872,435 Commodity derivative instruments $ 4,394,994 $ — $ — $ 4,394,994 Margin deposits $ 1,342,978 $ — $ — $ 1,342,978 |
Principal Activity and Signif_4
Principal Activity and Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Deferred revenue | $ 998,467 | $ 998,467 | $ 737,503 | $ 1,074,059 | ||
Contract with customer, revenue recognized | 133,935 | $ 104,792 | 486,290 | $ 828,245 | ||
Long-term liabilities | 67,807,101 | 67,807,101 | 22,881,979 | |||
Present value of remaining lease payments | 30,085,205 | 30,085,205 | ||||
Right-of-use asset | $ 27,504,427 | $ 27,504,427 | $ 28,297,874 |
Principal Activity and Signif_5
Principal Activity and Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 149,716,835 | $ 184,939,386 | $ 297,977,739 | $ 356,852,694 |
Soybean meal and hulls | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 85,687,691 | 100,273,935 | 169,085,734 | 197,397,787 |
Soybean oil and oil byproducts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 64,029,144 | $ 84,665,451 | $ 128,892,005 | $ 159,454,907 |
Accounts Receivable - Aging of
Accounts Receivable - Aging of Past Due Receivables (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Accounts receivable | $ 34,608,445 | $ 43,548,706 |
Less than 30 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Accounts receivable | 7,341,255 | 11,438,298 |
30-60 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Accounts receivable | 300,082 | 1,425,727 |
60-90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Accounts receivable | 108,364 | 114,387 |
Greater than 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Accounts receivable | 137,845 | 56,028 |
Total past due | ||
Financing Receivable, Past Due [Line Items] | ||
Accounts receivable | 7,887,546 | 13,034,440 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Accounts receivable | $ 26,720,899 | $ 30,514,266 |
Accounts Receivable - Allowance
Accounts Receivable - Allowance for Doubtful Accounts Receivable (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balances, beginning of period | $ 0 | $ 0 |
Amounts charged (credited) to costs and expenses | (41,557) | 0 |
Additions (deductions) | 41,557 | $ 0 |
Balances, end of period | $ 0 |
Accounts Receivable (Details Te
Accounts Receivable (Details Textual) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Percentage of late fee on past due receivables | 1.50% |
Inventories (Details)
Inventories (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 40,765,867 | $ 32,772,392 |
Raw materials | 36,795,804 | 38,730,545 |
Supplies & miscellaneous | 471,745 | 543,014 |
Totals | $ 78,033,416 | $ 72,045,951 |
Investments in Related Partie_2
Investments in Related Parties - Schedule of Investments (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Equity Securities without Readily Determinable Fair Value [Line Items] | ||
Totals | $ 15,073,570 | $ 13,637,150 |
Prairie AquaTech, LLC | ||
Equity Securities without Readily Determinable Fair Value [Line Items] | ||
Totals | 1,553,727 | 1,553,727 |
Prairie AquaTech Manufacturing, LLC | ||
Equity Securities without Readily Determinable Fair Value [Line Items] | ||
Totals | 8,519,843 | 7,083,423 |
Prairie AquaTech Investments, LLC | ||
Equity Securities without Readily Determinable Fair Value [Line Items] | ||
Totals | $ 5,000,000 | $ 5,000,000 |
Investments in Related Partie_3
Investments in Related Parties - Narrative (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 18 Months Ended | ||
Sep. 01, 2023 | Sep. 30, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | |
Equity Securities without Readily Determinable Fair Value [Line Items] | |||||
Soybean meal contributed as investment in related party | $ 1,436,420 | $ 1,436,420 | |||
Investment company, committed capital | $ 192,000,000 | ||||
Proceeds from issuance of capital units | 57,500,000 | $ 0 | $ 155,600,000 | ||
High Plains Partners, LLC | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | |||||
Equity Securities without Readily Determinable Fair Value [Line Items] | |||||
Contribution in exchange for Class B Units | $ 5,000,000 | ||||
Additional contribution commitment | $ 81,400,000 | ||||
Total project contributions | $ 86,400,000 | ||||
High Plains Partners, LLC | Capital Unit, Class B | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | High Plains Partners, LLC | |||||
Equity Securities without Readily Determinable Fair Value [Line Items] | |||||
Units received in exchange for commitment (in units) | 2,615 | ||||
Additional units received in exchange for commitment (in units) | 19,454 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 316,268,831 | $ 246,347,535 |
Accumulated Depreciation | (74,406,025) | (71,419,705) |
Total property and equipment, net | 241,862,806 | 174,927,830 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 516,326 | |
Accumulated Depreciation | 0 | |
Total property and equipment, net | 516,326 | 516,326 |
Land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 2,759,442 | |
Accumulated Depreciation | (1,313,461) | |
Total property and equipment, net | 1,445,981 | 1,527,776 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 29,580,386 | |
Accumulated Depreciation | (12,356,954) | |
Total property and equipment, net | 17,223,432 | 17,629,613 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 97,556,442 | |
Accumulated Depreciation | (58,794,908) | |
Total property and equipment, net | 38,761,534 | 40,837,043 |
Railroad cars | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 10,411,185 | |
Accumulated Depreciation | (785,614) | |
Total property and equipment, net | 9,625,571 | 9,729,683 |
Company vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 224,846 | |
Accumulated Depreciation | (119,517) | |
Total property and equipment, net | 105,329 | 9,532 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 1,829,179 | |
Accumulated Depreciation | (1,035,571) | |
Total property and equipment, net | 793,608 | 581,676 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 173,391,025 | |
Accumulated Depreciation | 0 | |
Total property and equipment, net | $ 173,391,025 | $ 104,096,181 |
Property and Equipment (Detai_2
Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 1,519,233 | $ 1,437,218 | $ 3,023,367 | $ 2,851,294 |
Note Payable - Seasonal Loan (D
Note Payable - Seasonal Loan (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Line of Credit Facility [Line Items] | ||
Line of credit facility, expiration date | Oct. 01, 2024 | |
Advances outstanding | $ 10,800,000 | $ 0 |
Seasonal Loan | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 85,000,000 | |
Interest rate | 7.56% | |
Commitment fee percentage | 0.20% | |
Advances outstanding | $ 32,365,300 | $ 0 |
Remaining available funds to borrow | $ 52,600,000 |
Long-Term Debt - Debt Schedule
Long-Term Debt - Debt Schedule (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Revolving term loan from CoBank, interest at variable rates (7.86% and 7.85% on June 30, 2024 and December 31, 2023, respectively), secured by substantially all property and equipment. The loan matures on March 20, 2026. | $ 10,800,000 | $ 0 |
Total debt before debt issuance costs | 55,800,000 | 0 |
Less current maturities | (10,200,000) | 0 |
Total long-term debt | 45,600,000 | 0 |
Revolving Term Loan | Line of Credit | ||
Debt Instrument [Line Items] | ||
Revolving term loan from CoBank, interest at variable rates (7.86% and 7.85% on June 30, 2024 and December 31, 2023, respectively), secured by substantially all property and equipment. The loan matures on March 20, 2026. | $ 10,800,000 | $ 0 |
Notes Payable | Notes Payable to Banks | ||
Debt Instrument [Line Items] | ||
Interest variable rate | 7.86% | 7.85% |
Note payable to CoBank, interest at variable rates (7.86% and 7.85% at June 30, 2024 and December 31, 2023, respectively), secured by substantially all property and equipment. Note matures March 20, 2028. | $ 45,000,000 | $ 0 |
Revolving Term Loan | ||
Debt Instrument [Line Items] | ||
Revolving term loan from CoBank, interest at variable rates (7.86% and 7.85% on June 30, 2024 and December 31, 2023, respectively), secured by substantially all property and equipment. The loan matures on March 20, 2026. | $ 12,000,000 | |
Revolving Term Loan | Revolving Term Loan | Line of Credit | ||
Debt Instrument [Line Items] | ||
Interest variable rate | 7.86% | 7.85% |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 41 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Mar. 20, 2028 | Dec. 31, 2023 | |
Line of Credit Facility [Line Items] | ||||
Advances outstanding | $ 10,800,000 | $ 10,800,000 | $ 0 | |
Periodic payment, principal | $ 600,000 | |||
Periodic payment period | 6 months | |||
Annual commitment fee percentage on unused capacity | 0.40% | |||
Forecast | ||||
Line of Credit Facility [Line Items] | ||||
Semi annual repayments of notes payable | $ 4,500,000 | |||
Notes Payable | Notes Payable to Banks | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 90,000,000 | $ 90,000,000 | ||
Notes payable outstanding | 45,000,000 | 45,000,000 | $ 0 | |
Line of credit facility, current borrowing capacity | 45,000,000 | 45,000,000 | ||
Revolving Term Loan | ||||
Line of Credit Facility [Line Items] | ||||
Advances outstanding | 12,000,000 | $ 12,000,000 | ||
Variable effective interest rate | 7.86% | |||
Maturity date | Mar. 20, 2028 | |||
Debt issuance cost | 24,000 | |||
Remaining borrowing capacity | $ 0 | $ 0 |
Long-Term Debt - Maturities of
Long-Term Debt - Maturities of Long Term Debt (Details) | Jun. 30, 2024 USD ($) |
Debt Disclosure [Abstract] | |
2025 | $ 10,200,000 |
2026 | 10,200,000 |
2027 | 10,200,000 |
2028 | 25,200,000 |
Long-term Debt | $ 55,800,000 |
Operating Leases - Additional I
Operating Leases - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Mar. 19, 2020 | |
Lessee, Lease, Description [Line Items] | ||||||
Operating lease expense | $ 1,257,629 | $ 1,151,009 | $ 2,329,352 | $ 2,031,160 | ||
Operating lease, required monthly payments | 5,336 | |||||
Current operating lease liabilities | 2,838,848 | 2,838,848 | $ 2,798,561 | $ 3,300,000 | ||
Operating lease renewal term | 7 years | |||||
Entity in Western United States | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease expense | $ 58,928 | $ 117,857 | ||||
Railcars | Minimum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease term | 3 years | 3 years | ||||
Railcars | Maximum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease term | 12 years | 12 years | ||||
Machinery and equipment | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease expense | $ 17,565 | $ 12,969 | $ 28,837 | $ 24,188 | ||
Machinery and equipment | Minimum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease term | 3 days | 3 days | ||||
Machinery and equipment | Maximum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease term | 7 days | 7 days |
Operating Leases - Schedule of
Operating Leases - Schedule of Operating Leases (Details) | 6 Months Ended |
Jun. 30, 2024 USD ($) railcar | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 560 |
Monthly Payment | $ | $ 331,235 |
Andersons Railcar Leasing Co. Maturity Date Jun 30, 2026 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 20 |
Monthly Payment | $ | $ 11,300 |
Andersons Railcar Leasing Co. Maturity Date Oct 31, 2026 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 15 |
Monthly Payment | $ | $ 8,250 |
Farm Credit Leasing, Maturity Date Aug 31, 2032 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 87 |
Monthly Payment | $ | $ 34,929 |
Farm Credit Leasing, Maturity Date May 31, 2033 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 8 |
Monthly Payment | $ | $ 5,966 |
Farm Credit Leasing, Maturity Date Sep 30, 2033 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 9 |
Monthly Payment | $ | $ 4,624 |
Farm Credit Leasing, Maturity Date June 30, 2034 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 23 |
Monthly Payment | $ | $ 13,863 |
Farm Credit Leasing, Maturity Date July 31, 2034 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 30 |
Monthly Payment | $ | $ 30,422 |
Farm Credit Leasing, Maturity Date September 30, 2034 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 20 |
Monthly Payment | $ | $ 21,668 |
Farm Credit Leasing, Maturity Date March 31, 2035 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 100 |
Monthly Payment | $ | $ 81,466 |
Farm Credit Leasing, Maturity Date March 31, 2024 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 10 |
Monthly Payment | $ | $ 7,427 |
Trinity Capital, Maturity Date May 31, 2026 With Monthly Payment $10440 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 2 |
Monthly Payment | $ | $ 980 |
Wells Fargo Rail, Maturity Date Feb 28, 2027 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 109 |
Monthly Payment | $ | $ 51,775 |
Wells Fargo Rail, Maturity Date Apr 30, 2027 With Monthly Payment $2765 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 7 |
Monthly Payment | $ | $ 2,765 |
Wells Fargo Rail, Maturity Date Apr 30, 2027 With Monthly Payment $5925 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 15 |
Monthly Payment | $ | $ 5,925 |
Wells Fargo Rail, Maturity Date Dec 31, 2022 | |
Lessee, Lease, Description [Line Items] | |
Quantity of Railcars | railcar | 105 |
Monthly Payment | $ | $ 49,875 |
Operating Leases - Components o
Operating Leases - Components of Operating Lease Costs (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | $ 1,334,122 | $ 1,222,906 | $ 2,476,046 | $ 2,173,205 |
Cost of revenues - Freight and rail | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | 1,257,629 | 1,151,009 | 2,329,352 | 2,031,160 |
Cost of revenues - Production | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | 72,734 | 68,151 | 138,443 | 133,793 |
Administration expenses | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | $ 3,759 | $ 3,746 | $ 8,251 | $ 8,252 |
Operating Leases - Supplemental
Operating Leases - Supplemental Cash Flow Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Cash paid for amounts included in the measurement of lease liabilities | $ 1,037,818 | $ 1,200,470 | $ 2,062,189 | $ 2,075,758 |
Right-of-use assets obtained in exchange for lease liabilities | $ 15,436 | $ 0 | $ 847,407 | $ 8,914,885 |
Operating Leases - Additional L
Operating Leases - Additional Lease Information (Details) | Jun. 30, 2024 |
Leases [Abstract] | |
Weighted-average remaining lease-term - operating leases (in years) | 9 years |
Weighted-average discount rate - operating leases | 4.30% |
Operating Leases - Maturity Ana
Operating Leases - Maturity Analysis of Undiscounted Cash Flows of Operating Lease Liabilities (Details) | Jun. 30, 2024 USD ($) |
Lessee, Lease, Description [Line Items] | |
Twelve-month periods ended September 30, 2021 | $ 4,027,818 |
Twelve-month periods ended September 30, 2022 | 4,016,022 |
Twelve-month periods ended September 30, 2023 | 3,575,041 |
Twelve-month periods ended September 30, 2024 | 3,034,378 |
Twelve-month periods ended September 30, 2025 | 3,021,254 |
Thereafter | 12,410,692 |
Total lease payments | 30,085,205 |
Less amount of lease payments representing interest | (5,134,350) |
Total present value of lease payments | 24,950,855 |
Railcars | |
Lessee, Lease, Description [Line Items] | |
Twelve-month periods ended September 30, 2021 | 3,974,817 |
Twelve-month periods ended September 30, 2022 | 3,973,837 |
Twelve-month periods ended September 30, 2023 | 3,536,977 |
Twelve-month periods ended September 30, 2024 | 3,002,877 |
Twelve-month periods ended September 30, 2025 | 3,002,877 |
Thereafter | 12,410,692 |
Total lease payments | 29,902,077 |
Less amount of lease payments representing interest | (5,111,924) |
Total present value of lease payments | 24,790,153 |
Other | |
Lessee, Lease, Description [Line Items] | |
Twelve-month periods ended September 30, 2021 | 53,001 |
Twelve-month periods ended September 30, 2022 | 42,185 |
Twelve-month periods ended September 30, 2023 | 38,064 |
Twelve-month periods ended September 30, 2024 | 31,501 |
Twelve-month periods ended September 30, 2025 | 18,377 |
Thereafter | 0 |
Total lease payments | 183,128 |
Less amount of lease payments representing interest | (22,426) |
Total present value of lease payments | $ 160,702 |
Member Distribution (Details Te
Member Distribution (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Feb. 02, 2021 | Jun. 30, 2024 | |
Member Distribution [Abstract] | ||
Declaration date | Jan. 30, 2024 | |
Cash distributions paid | $ 39.5 | |
Distributions paid, per unit (USD per share) | $ 1.30 | |
Distribution date | Feb. 01, 2024 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Derivative assets (liabilities), at fair value, net | $ 1,589,954 | $ 1,589,954 | $ 4,394,994 | ||
Gains (losses) recorded in cost of goods sold related to commodity derivative instruments | $ (2,492,054) | $ (3,687,043) | $ (995,622) | $ 10,796,570 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Derivatives not designated as hedging instruments: | ||
Asset Derivatives | $ 8,165,256 | $ 10,334,681 |
Liability Derivatives | $ 6,575,302 | $ 5,939,687 |
Commodity contracts | ||
Derivatives not designated as hedging instruments: | ||
Balance Sheet Classification | Current Assets/Liabilities | Current Assets/Liabilities |
Asset Derivatives | $ 8,101,465 | $ 10,178,089 |
Liability Derivatives | $ 6,435,660 | $ 5,584,506 |
Foreign exchange contracts | ||
Derivatives not designated as hedging instruments: | ||
Balance Sheet Classification | Current Assets/Liabilities | Current Assets/Liabilities |
Asset Derivatives | $ 63,791 | $ 156,592 |
Liability Derivatives | $ 110,923 | $ 284,879 |
Interest rate caps and floors | ||
Derivatives not designated as hedging instruments: | ||
Balance Sheet Classification | Current Assets/Liabilities | Current Assets/Liabilities |
Asset Derivatives | $ 0 | $ 0 |
Liability Derivatives | $ 28,719 | $ 70,302 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivatives not designated as hedging instruments: | ||||
Net Gain (Loss) Recognized on Derivative Activities | $ (2,492,054) | $ (3,687,043) | $ (995,622) | $ 10,796,570 |
Commodity contracts | ||||
Derivatives not designated as hedging instruments: | ||||
Net Gain (Loss) Recognized on Derivative Activities | (2,512,325) | (3,774,597) | (1,097,506) | 10,051,769 |
Foreign exchange contracts | ||||
Derivatives not designated as hedging instruments: | ||||
Net Gain (Loss) Recognized on Derivative Activities | 14,435 | 98,777 | 60,301 | 913,098 |
Interest rate caps and floors | ||||
Derivatives not designated as hedging instruments: | ||||
Net Gain (Loss) Recognized on Derivative Activities | $ 5,836 | $ (11,223) | $ 41,583 | $ (168,297) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Financial assets: | ||
Inventory | $ 76,964,340 | $ 70,872,435 |
Margin deposits (deficits) | 2,311,049 | |
Margin deposits | 2,311,049 | 1,342,978 |
Commodity contracts | ||
Financial assets: | ||
Commodity derivative instruments | 1,589,954 | 4,394,994 |
Fair Value, Inputs, Level 1 | ||
Financial assets: | ||
Inventory | 0 | 0 |
Margin deposits (deficits) | 2,311,049 | |
Margin deposits | 1,342,978 | |
Fair Value, Inputs, Level 1 | Commodity contracts | ||
Financial assets: | ||
Commodity derivative instruments | 1,589,954 | 4,394,994 |
Fair Value, Inputs, Level 2 | ||
Financial assets: | ||
Inventory | 76,964,340 | 70,872,435 |
Margin deposits (deficits) | 0 | |
Margin deposits | 0 | |
Fair Value, Inputs, Level 2 | Commodity contracts | ||
Financial assets: | ||
Commodity derivative instruments | 0 | 0 |
Fair Value, Inputs, Level 3 | ||
Financial assets: | ||
Inventory | 0 | 0 |
Margin deposits (deficits) | 0 | |
Margin deposits | 0 | |
Fair Value, Inputs, Level 3 | Commodity contracts | ||
Financial assets: | ||
Commodity derivative instruments | $ 0 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - Related Party - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | |||||
Due to related parties | $ 3,415,179 | $ 2,285,001 | $ 7,437,115 | $ 5,232,867 | |
Due from related parties | $ 776,699 | $ 776,699 | $ 1,216,699 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Excess of FDIC insured limits | $ 118,500 | $ 34,100 |
Unpaid commitments for construction and acquisition of property and equipment | $ 242,300 |