Lincolnway Energy 10-Q 19 Aug 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2019	Aug. 01, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	LINCOLNWAY ENERGY, LLC
Entity Central Index Key	0001350420
Current Fiscal Year End Date	--09-30
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Entity Address, Address Line One	59511 W Lincoln Hwy
Entity Address, City or Town	Nevada
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50201
City Area Code	515
Local Phone Number	232-1010
Entity Tax Identification Number	20-1118105
Entity File Number	000-51764
Entity Current Reporting Status	Yes
Entity Incorporation, State or Country Code	Yes
Entity Incorporation, State or Country Code	IA
Document Quarterly Report	true
Document Transition Report	false
Document Type	10-Q
Entity Emerging Growth Company	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		42,049

Balance Sheets Statement

Balance Sheets Statement - USD ($)	Jun. 30, 2019	Sep. 30, 2018
CURRENT ASSETS
Cash	$ 186,902	$ 668,456
Derivative financial instruments (Note 8 and 9)	1,100,189	555,127
Trade and other accounts receivable (Note 7)	2,823,468	2,786,498
Inventories (Note 3)	5,515,181	4,556,703
Prepaid expenses and other	299,831	291,036
Total current assets	9,925,571	8,857,820
PROPERTY AND EQUIPMENT
Land and land improvements	7,156,465	7,148,360
Buildings and improvements	7,548,308	6,019,001
Plant and process equipment	85,927,383	85,732,218
Office furniture and equipment	479,812	478,173
Construction in progress	6,764,863	11,610,970
Property, plant and equipment, gross	107,876,831	110,988,722
Accumulated depreciation	(64,719,722)	(62,272,902)
Property, plant and equipment, net	43,157,109	48,715,820
OTHER ASSETS
Other assets, noncurrent	862,520	829,832
Assets	53,945,200	58,403,472
CURRENT LIABILITIES
Accounts payable	1,829,075	2,378,921
Accounts payable, related party (Note 7)	165,148	657,133
Long-term Debt, Current Maturities	22,600,000	0
Accrued Loss on Purchase Commitments	547,246	366,168
Accrued expenses	916,027	972,167
Total current liabilities	26,057,496	4,374,389
NONCURRENT LIABILITIES
Long-term debt, less current maturities (Note 5)	0	15,200,000
Deferred revenue	0	296,296
Other	550,116	533,589
Total noncurrent liabilities	550,116	16,029,885
MEMBERS' EQUITY
Member contributions, 42,049 units issued and outstanding	38,990,105	38,990,105
Retained (deficit)	(11,652,517)	(990,907)
Members' Equity	27,337,588	37,999,198
Liabilities and Equity	$ 53,945,200	$ 58,403,472

Balance Sheets Parenthetical St

Balance Sheets Parenthetical Statement - shares	9 Months Ended	12 Months Ended
	Jun. 30, 2019	Sep. 30, 2018
MEMBER'S EQUITY
Units issued and outstanding	42,049	42,049

Statements of Operations Statem

Statements of Operations Statement - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Cost of goods sold (Note 6)	$ 28,137,492	$ 26,233,030	$ 77,337,800	$ 75,505,673
Revenues (Notes 2 and 6)	26,488,313	27,100,886	71,193,326	76,359,668
Gross profit (loss)	(1,649,179)	867,856	(6,144,474)	853,995
General and administrative expenses	1,028,108	735,719	2,773,045	2,465,237
Operating profit (loss)	(7,062,296)	132,137	(13,302,528)	(1,611,242)
Other income (expense):
Interest income	(30,990)	19,516	7,701	41,447
Interest expense	(342,335)	(28,675)	(446,723)	(28,675)
Other Income	40,779	199,526	3,079,940	580,784
Bad Debt Expense	(4,385,009)	0	(4,385,009)	0
Other income (expense)	(332,546)	190,367	2,640,918	593,556
Net profit (loss)	$ (7,394,842)	$ 322,504	$ (10,661,610)	$ (1,017,686)
Weighted average units outstanding	42,049	42,049	42,049	42,049
Net profit (loss) per unit - basic and diluted	$ (175.87)	$ 7.67	$ (253.55)	$ (24.20)
Distribution Made to Limited Liability Company (LLC) Member, Distributions Paid, Per Unit	$ 0	$ 0	$ 0	$ 25

Statement of Members' Equity St

Statement of Members' Equity Statement - USD ($)	Total	Member Contributions [Member]	Retained Earnings [Member]
Members' Capital	$ 41,997,638	$ 38,990,105	$ 3,007,533
Net Income (Loss) Attributable to Parent	(947,021)	0	(947,021)
Distributed Earnings	(1,051,225)	0	(1,051,225)
Net Income (Loss) Attributable to Parent	(1,017,686)
Members' Capital	39,999,392	38,990,105	1,009,287
Net Income (Loss) Attributable to Parent	(393,169)	0	(393,169)
Members' Capital	39,606,223	38,990,105	616,118
Net Income (Loss) Attributable to Parent	322,504	0	322,504
Members' Capital	39,928,727	38,990,105	938,622
Members' Capital	37,999,198	38,990,105	(990,907)
Net Income (Loss) Attributable to Parent	(1,836,126)	0	(1,836,126)
Net Income (Loss) Attributable to Parent	(10,661,610)
Members' Capital	36,163,072	38,990,105	(2,827,033)
Net Income (Loss) Attributable to Parent	(1,430,642)	0	(1,430,642)
Members' Capital	34,732,430	38,990,105	(4,257,675)
Net Income (Loss) Attributable to Parent	(7,394,842)	0	(7,394,842)
Members' Capital	$ 27,337,588	$ 38,990,105	$ (11,652,517)

Statement of Cash Flows Stateme

Statement of Cash Flows Statement - USD ($)	9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Construction in Progress Converted to Note Receivable	$ 4,080,000	$ 0
Interest Paid, Capitalized, Investing Activities	304,947	360,117
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net (loss)	(10,661,610)	(1,017,686)
Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	4,105,400	3,139,546
Gain (Loss) on Disposition of Property Plant Equipment	228,475	36,123
Retained Patronage Allocations	0	(7,518)
Increase (decrease) in accrued loss on purchase commitments	181,078	0
Increase (Decrease) in Bad Debt Expense	4,385,009	0
Changes in working capital components:
Trade and other accounts receivable	(341,979)	158,730
Inventories	(958,478)	718,805
Prepaid expenses and other	(24,956)	102,251
Accounts payable	(489,825)	(1,461,294)
Accounts payable, related party	(491,985)	(297,295)
Accrued expenses and deferred revenue	(352,436)	178,829
Derivative financial instruments	545,062	(68,149)
Net cash provided by (used in) operating activities	(4,966,369)	1,618,640
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(2,930,185)	(11,711,269)
Increase (Decrease) in Notes Receivable, Current	15,000	0
Net Cash Provided by (Used in) Investing Activities	(2,915,185)	(11,711,269)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Issuance of Long-term Debt	50,050,000	53,800,000
Payments on long-term borrowings	42,650,000	42,900,000
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid	0	(1,051,225)
Net cash provided by financing activities	7,400,000	9,848,775
Net (decrease) in cash and cash equivalents	(481,554)	(243,854)
CASH AND CASH EQUIVALENTS
Beginning	668,456	690,513
Ending	186,902	446,659
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION, cash paid for interest, including capitalized interest for 2019 of $304,947 and 2018 of $360,117	839,649
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Construction in Progress Expenditures Incurred but Not yet Paid	26,907	308,020
Construction in progress included in accrued expenses	$ 0	$ 40,439

Summary of Significant Accounti

Summary of Significant Accounting Policies (Notes)	9 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Nature of Business and Significant Accounting Policies Principal business activity : Lincolnway Energy, LLC (the "Company"), located in Nevada, Iowa, was formed in May 2004 to build and operate a 50 million gallon annual production dry mill corn-based ethanol plant. The Company began making sales on May 30, 2006 and became operational during the quarter ended June 30, 2006. The Company is directly influenced by commodity markets and the agricultural and energy industries and, accordingly, its results of operations and financial condition may be significantly affected by cyclical market trends and the regulatory, political and economic conditions in these industries. Basis of presentation and other information : The balance sheet as of September 30, 2018 was derived from the Company's audited balance sheet as of that date. The accompanying financial statements as of June 30, 2019 and for the three and nine months ended June 30, 2019 and 2018 are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim periods. These unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto, for the year ended September 30, 2018 contained in the Company's Annual Report on Form 10-K. The results of operations for the interim periods presented are not necessarily indicative of the results for the entire year. Use of estimates : The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and cash equivalents: The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Although the Company maintains its cash accounts in one bank, the Company believes it is not exposed to any significant credit risk on cash and cash equivalents. Trade accounts receivable : Trade accounts receivable are recorded at original invoice amounts less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering customers financial condition, credit history and current economic conditions. Receivables are written off when deemed uncollectible. Recoveries of receivables written off are recorded when received. A receivable is considered past due if any portion of the receivable is outstanding more than 90 days. There was no allowance for doubtful accounts balance as of June 30, 2019 and September 30, 2018 . Note receivable : On March 28, 2019, the Company recorded a note receivable totaling $4,080,000 for a component of the construction in progress (the dryer) that failed to meet required specifications. The vendor issued a promissory note to the Company, which is personally guaranteed by principals of the vendor. The full amount of the note receivable plus interest is currently due and payable. During the three months ended June 30, 2019 management determined based on communication from the vendor and lack of payment that the note receivable, including interest of $60,809 , should be fully reserved at June 30, 2019. Bad debt expense of $4,385,009 and none was recorded during the three and nine months ended June 30, 2019 and 2018, respectively. Inventories: Inventories are stated at the lower of net realizable value or actual cost using the first-in, first-out method. In the valuation of inventories and purchase commitments, net realizable value is defined as estimated selling price in the ordinary course of business less reasonable predictable costs of completion, disposal and transportation. As of June 30, 2019 and September 30, 2018, the Company recognized a reserve and resulting loss of approximately $180,000 and $280,000 respectively, for a lower of net realizable value or cost inventory adjustment due to low market prices for ethanol. Derivative financial instruments: The Company periodically enters into derivative contracts to hedge the Company’s exposure to price risk related to forecasted corn needs, forward corn purchase contracts and ethanol sales. The Company does not typically enter into derivative instruments other than for hedging purposes. All the derivative contracts are recognized on the balance sheet at their fair market value. Although the Company believes its derivative positions are economic hedges, none have been designated as a hedge for accounting purposes. Accordingly, any realized or unrealized gain or loss related to corn and natural gas derivatives is recorded in the statement of operations as a component of cost of goods sold. Any realized or unrealized gain or loss related to ethanol derivative instruments is recorded in the statement of operations as a component of revenue. The Company reports all contracts with the same counter party on a net basis on the balance sheet. Unrealized gains and losses on forward contracts, in which delivery has not occurred, are deemed “normal purchases and normal sales”, and therefore are not marked to market in the Company’s financial statements. Forward contracts with delivery dates with 30 days that can be reasonably estimated are subject to a lower of cost or net realizable value assessment. The Company recognized a reserve and resulting accrued loss on purchase commitments of approximately $547,000 and $366,000 as of June 30, 2019 and September 30, 2018, respectively. Revenue recognition: The Company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), in the first quarter of fiscal year 2019, using the modified retrospective method. Topic 606 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 Company generally recognizes revenue at a point and time. The implementation of the new standard did not result in any changes to the measurement or recognition of revenue for prior periods, however additional disclosures have been added in accordance with the ASU. 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. • sales of ethanol • sales of distillers grains • sales of corn oil Shipping costs incurred by the Company in the sale of ethanol, distiller grains and corn oil are not specifically identifiable and as a result, are recorded based on the net selling price. Railcar lease costs incurred by the Company in the sale of its products are included in the cost of goods sold. Deferred revenue: Deferred revenue represents fees received under a service agreement in advance of services being performed. The related revenue was deferred and recognized as the services are performed over the 10 year agreement. On December 17, 2018, the Company entered into a settlement agreement in connection with the early termination of the contract. The settlement totaled approximately $3,000,000 and is included in other income and the remaining deferred revenue of approximately $420,000 was recognized during the nine months ended June 30, 2019. Income taxes : The Company is organized as a partnership for federal and state income tax purposes and generally does not incur income taxes. Instead, the Company’s earnings and losses are included in the income tax returns of the members. Therefore, no provision or liability for federal or state income taxes has been included in these financial statements. Earnings per unit : Basic and diluted net income (loss) per unit have been computed on the basis of the weighted average number of units outstanding during each period presented. Recently Issued Accounting Pronouncements
Principal Business Activity [Policy Text Block]	Principal business activity : Lincolnway Energy, LLC (the "Company"), located in Nevada, Iowa, was formed in May 2004 to build and operate a 50 million gallon annual production dry mill corn-based ethanol plant. The Company began making sales on May 30, 2006 and became operational during the quarter ended June 30, 2006. The Company is directly influenced by commodity markets and the agricultural and energy industries and, accordingly, its results of operations and financial condition may be significantly affected by cyclical market trends and the regulatory, political and economic conditions in these industries.
Basis of Accounting, Policy [Policy Text Block]	Basis of presentation and other information : The balance sheet as of September 30, 2018 was derived from the Company's audited balance sheet as of that date. The accompanying financial statements as of June 30, 2019 and for the three and nine months ended June 30, 2019 and 2018 are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim periods. These unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto, for the year ended September 30, 2018 contained in the Company's Annual Report on Form 10-K. The results of operations for the interim periods presented are not necessarily indicative of the results for the entire year.
Use of Estimates, Policy [Policy Text Block]	Use of estimates : The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and cash equivalents: The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Although the Company maintains its cash accounts in one bank, the Company believes it is not exposed to any significant credit risk on cash and cash equivalents.
Accounts Receivable [Policy Text Block]	Trade accounts receivable : Trade accounts receivable are recorded at original invoice amounts less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering customers financial condition, credit history and current economic conditions. Receivables are written off when deemed uncollectible. Recoveries of receivables written off are recorded when received. A receivable is considered past due if any portion of the receivable is outstanding more than 90 days. There was no allowance for doubtful accounts balance as of June 30, 2019 and September 30, 2018
Inventory, Policy [Policy Text Block]	Inventories: Inventories are stated at the lower of net realizable value or actual cost using the first-in, first-out method. In the valuation of inventories and purchase commitments, net realizable value is defined as estimated selling price in the ordinary course of business less reasonable predictable costs of completion, disposal and transportation. As of June 30, 2019 and September 30, 2018, the Company recognized a reserve and resulting loss of approximately $180,000 and $280,000 respectively, for a lower of net realizable value or cost inventory adjustment due to low market prices for ethanol.
Derivatives, Reporting of Derivative Activity [Policy Text Block]	Derivative financial instruments: The Company periodically enters into derivative contracts to hedge the Company’s exposure to price risk related to forecasted corn needs, forward corn purchase contracts and ethanol sales. The Company does not typically enter into derivative instruments other than for hedging purposes. All the derivative contracts are recognized on the balance sheet at their fair market value. Although the Company believes its derivative positions are economic hedges, none have been designated as a hedge for accounting purposes. Accordingly, any realized or unrealized gain or loss related to corn and natural gas derivatives is recorded in the statement of operations as a component of cost of goods sold. Any realized or unrealized gain or loss related to ethanol derivative instruments is recorded in the statement of operations as a component of revenue. The Company reports all contracts with the same counter party on a net basis on the balance sheet. Unrealized gains and losses on forward contracts, in which delivery has not occurred, are deemed “normal purchases and normal sales”, and therefore are not marked to market in the Company’s financial statements. Forward contracts with delivery dates with 30 days that can be reasonably estimated are subject to a lower of cost or net realizable value assessment. The Company recognized a reserve and resulting accrued loss on purchase commitments of approximately $547,000 and $366,000 as of June 30, 2019 and September 30, 2018, respectively.
Revenue [Policy Text Block]	Revenue recognition: The Company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), in the first quarter of fiscal year 2019, using the modified retrospective method. Topic 606 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 Company generally recognizes revenue at a point and time. The implementation of the new standard did not result in any changes to the measurement or recognition of revenue for prior periods, however additional disclosures have been added in accordance with the ASU. 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. • sales of ethanol • sales of distillers grains • sales of corn oil
Deferred Revenue [Policy Text Block]	Deferred revenue: Deferred revenue represents fees received under a service agreement in advance of services being performed. The related revenue was deferred and recognized as the services are performed over the 10 year agreement. On December 17, 2018, the Company entered into a settlement agreement in connection with the early termination of the contract. The settlement totaled approximately $3,000,000 and is included in other income and the remaining deferred revenue of approximately $420,000 was recognized during the nine months ended June 30, 2019.
Income Tax, Policy [Policy Text Block]	Income taxes : The Company is organized as a partnership for federal and state income tax purposes and generally does not incur income taxes. Instead, the Company’s earnings and losses are included in the income tax returns of the members. Therefore, no provision or liability for federal or state income taxes has been included in these financial statements.
Earnings Per Share, Policy [Policy Text Block]	Earnings per unit : Basic and diluted net income (loss) per unit have been computed on the basis of the weighted average number of units outstanding during each period presented.
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	Note receivable : On March 28, 2019, the Company recorded a note receivable totaling $4,080,000 for a component of the construction in progress (the dryer) that failed to meet required specifications. The vendor issued a promissory note to the Company, which is personally guaranteed by principals of the vendor. The full amount of the note receivable plus interest is currently due and payable. During the three months ended June 30, 2019 management determined based on communication from the vendor and lack of payment that the note receivable, including interest of $60,809 , should be fully reserved at June 30, 2019. Bad debt expense of $4,385,009 and none was recorded during the three and nine months ended June 30, 2019 and 2018, respectively.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements : In February 2016, FASB issued ASU No. 2016-2 "Leases" ("ASU 2016-02"). ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for all leases greater than one year in duration and classified as operating leases under previous GAAP. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and for interim periods within that fiscal year. Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases): (1) a lease liability, which is a lessee's obligation to make lease payments arising from the lease, measured on a discounted cash flow basis; and (2) a "right of use" asset, which is an asset that represents the lessee's right to use the specified asset for the lease term. The Company will not implement ASU 2016-02 until October 2019, when fiscal year 2020 starts. The Company is evaluating the impact of the new standard on the financial statements but expects that upon adoption of this accounting standard, right of use assets and lease obligations recognized on the balance sheet will be material.

Revenue

Revenue	9 Months Ended
	Jun. 30, 2019
Revenue by product [Abstract]
Revenue	Revenues Components of revenues are as follows: Three Months Ended Nine Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Ethanol, net of hedging gain (loss) $ 21,006,222 $ 20,779,432 $ 54,649,341 $ 57,905,465 Distillers Grains 3,761,379 4,424,605 11,253,448 12,859,885 Other 1,720,712 1,896,849 5,290,537 5,594,318 Total $ 26,488,313 $ 27,100,886 $ 71,193,326 $ 76,359,668

Inventories

Inventories	9 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: June 30, September 30, Raw materials, including corn, chemicals and supplies $ 3,726,953 $ 3,297,104 Work in process 978,972 794,844 Ethanol and distillers grains 809,256 464,755 Total $ 5,515,181 $ 4,556,703

Revolving Line of Credit (Notes

Revolving Line of Credit (Notes)	9 Months Ended
	Jun. 30, 2019
Line of Credit Facility [Line Items]
Revolving Line of Credit. [Text Block]	Revolving Credit Loan The Company entered into a Revolving Credit Promissory Note dated June 23, 2019 which provides for loans of not to exceed $4,000,000 at any time outstanding through January 1, 2020, subject to annual renewal. Interest will accrue at a variable interest rate (adjusting on a weekly basis) based upon the one-month LIBOR index rate plus 3.75% ( 2.40% as of June 30, 2019). The Company will also pay a commitment fee on the average daily unused portion of the loan at the rate of .25% per annum, payable monthly. The loan is secured by substantially all assets of the Company and subject to certain financial and nonfinancial covenants as defined in the master loan agreement. There was no

Long-Term Debt

Long-Term Debt	9 Months Ended
	Jun. 30, 2019
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	Long-Term Debt The Company has a revolving term loan, with a bank, available for up to $25,000,000 . Borrowings will be reduced by $5,000,000 every year starting October 20, 2020 until October 1, 2024 when the loan expires. The Company will pay interest on the unpaid balance at a variable interest rate (adjusted on a weekly basis) based upon the one-month LIBOR index rate ( 2.40% as of June 30, 2019) plus 3.75% . The Company also pays a commitment fee on the average daily unused portion of the loan at the rate of .50% annum, payable monthly. The loan is secured by substantially all assets of the Company and subject to certain financial and nonfinancial covenants as defined in the master agreement. There were outstanding borrowings of $22,600,000 and $15,200,000 , respectively, on the revolving term loan at June 30, 2019 and September 30, 2018. Aggregate maturities of long term debt as of June 30, 2019 are as follows: Fiscal Year Amount Due 2019 $ 22,600,000 2020 $0 2021 $0 2022 $0 2023 $0 Thereafter $0 Total $22,600,000 In connection with the revolving term loan, the Company entered into an Amended and Restated Letter of Credit Promissory Note. The maximum amount of the letter of credit commitment is $1,588,275 . As of June 30, 2019, the outstanding amount payable by the Company under the Restated Letter of Credit Note was $1,588,275 .

Liquidity and Going Concern Ana

Liquidity and Going Concern Analysis (Notes)	9 Months Ended
	Jun. 30, 2019
Risks and Uncertainties [Abstract]
Substantial Doubt about Going Concern [Text Block]	Liquidity and Going Concern AnalysisThe Company has experienced an extended period of depressed margins which has resulted in a significant decrease in working capital and cash over the past several months.  In September 2018, the Company was able to obtain covenant waivers from its lender related to covenant compliance and to modify future covenant requirements to allow it to remain in compliance until the margin environment improved.  The margin environment did not improve in the ensuing months.  As a result, the Company entered into an additional line of credit and amended its covenants in June, 2019.  These factors have raised substantial doubt as to the Company’s ability to continue as a going concern for the next 12 months.  Management believed these factors to be significant due to a lack of liquidity and uncertainty regarding the Company’s ability to meet its financial obligations without additional financing or equity infusion.  Based on this evaluation, the Company has determined compliance over the next 12 month period is not reasonably possible and, as a result, has recognized all debt as current on its financial statements.  The Company believes it will be able to work with the bank on future covenant waivers if needed, or get additional equity/financing, however these results cannot be assured.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Purchase Commitment, Excluding Long-term Commitment [Table Text Block]	Corn Commitment: June 30, 2019 Corn Forward Purchase Commitment Basis Corn Commitment (Bushels) Commitment Through Amount Due Related Parties $ 3,406,557 320,000 April 2020 $ 165,148
Schedule of Related Party Transactions [Table Text Block]	Corn Purchased: Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Nine Months Ended June 30, 2019 Nine Months Ended June 30, 2018 Related Parties $ 8,781,404 $ 11,219,193 $ 30,992,085 $ 31,140,482
Related-Party Transactions	Related-Party Transactions The Company had the following related-party activity with members during the three and nine months ended June 30, 2019 and 2018: Corn Commitment: June 30, 2019 Corn Forward Purchase Commitment Basis Corn Commitment (Bushels) Commitment Through Amount Due Related Parties $ 3,406,557 320,000 April 2020 $ 165,148 Corn Purchased: Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Nine Months Ended June 30, 2019 Nine Months Ended June 30, 2018 Related Parties $ 8,781,404 $ 11,219,193 $ 30,992,085 $ 31,140,482

Commitments and Major Customer

Commitments and Major Customer	9 Months Ended
	Jun. 30, 2019
Commitments and Major Customer [Abstract]
Commitments and Major Customer	Commitments and Major Customers The Company has an agreement with an unrelated entity for marketing, selling and distributing all of the ethanol produced by the Company. Revenues from this entity were $21,006,221 and $54,627,815 , respectively, for the three and nine months ended June 30, 2019. Revenues with this entity were $20,776,282 and $57,915,314 , respectively for the three and nine months ended June 30, 2018. Trade accounts receivable of $2,266,817 were due from this entity as of June 30, 2019 . As of June 30, 2019 , the Company had ethanol unpriced sales commitments with this entity of approximately 16.5 million gallons through December 2019. The Company has an agreement with an unrelated entity for marketing, selling and distributing all of the distillers grains produced by the Company. Revenues from this entity including both distillers grains and corn oil were $3,761,379 and $11,253,448 , respectively, for the three and nine months ended June 30, 2019. Revenues with this entity were $4,479,177 and $12,971,145 , respectively, for the three and nine months ended June 30, 2018. The Company sells corn oil to this entity as a third party broker independent of its agreement with the entity relating to distillers grain sales. Trade accounts receivable of $212,976 were due from this entity as of June 30, 2019 . The Company had distillers grain sales commitments with this entity of approximately 4,600 tons, for a total sales commitment of approximately $583,250 . As of June 30, 2019 , the Company had purchase commitments for corn forward contracts with various unrelated parties, totaling approximately $6.5 million . These contracts mature at various dates through June 2020. The Company also had basis contract commitments with unrelated parties to purchase 142,500 bushels of corn. These contracts mature at various dates through July 2019. The Company has an agreement with an unrelated party for the transportation of natural gas to the Company's ethanol plant. Under the agreement, the Company is committed to future monthly usage fees totaling approximately $3.6 million over the 10 year term which commenced in November 2014. The Company assigned an irrevocable standby letter of credit to the counter-party to stand as security for the Company's obligation under the agreement maturing May 2021. The letter of credit will be reduced over time as the Company makes payments under the agreement. At June 30, 2019, the remaining commitment was approximately $1.5 million . As of June 30, 2019, the Company had purchase commitments for natural gas basis contracts with an unrelated party totaling 312,800 MMBtu's maturing at various dates through December 2019.

Risk Management

Risk Management	9 Months Ended
	Jun. 30, 2019
Risk Management [Abstract]
Risk Management	Risk Management The Company's activities expose it to a variety of market risks, including the effects of changes in commodity prices. These financial exposures are monitored and managed by the Company as an integral part of its overall risk management program. The Company's risk management program focuses on the unpredictability of commodity markets and seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company maintains a risk management strategy that uses derivative instruments to minimize significant, unanticipated earnings fluctuations caused by market fluctuations. The Company's specific goal is to protect the Company from large moves in the commodity costs. To reduce price risk caused by market fluctuations, the Company generally follows a policy of using exchange-traded futures and options contracts to minimize its net position of merchandisable agricultural commodity inventories and forward purchase and sale contracts. Exchange traded futures and options contracts are designated as non-hedge derivatives and are valued at market price with changes in market price recorded in operating income through cost of goods sold for corn derivatives and through revenue for ethanol derivatives. The Company treats all contracts with the same counterparty on a net basis on the balance sheet. Derivatives not designated as hedging instruments are as follows: June 30, 2019 September 30, 2018 Derivative assets - corn contracts $ 285,763 $ 819,613 Derivative assets - ethanol contracts — 2,640 Derivative liabilities - corn contracts (438,700 ) (813 ) Cash held by (due to) broker 1,253,126 (266,313 ) Total $ 1,100,189 $ 555,127 The effects on operating income from derivative activities are as follows: Three Months Ended Nine Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Gains (losses) in revenues due to derivatives related to ethanol sales: Realized (loss) $ — $ 11,781 $ 21,525 $ (9,849 ) Unrealized (loss) — (8,631 ) — — Total effect on revenues — 3,150 21,525 (9,849 ) Gains (losses) in cost of goods sold due to derivatives related to corn costs: Realized gain (loss) (444,267 ) 317,981 327,033 738,706 Unrealized gain (loss) (561,425 ) 1,050,763 (971,738 ) 404,275 Total effect on corn cost (1,005,692 ) 1,368,744 (644,705 ) 1,142,981 Gains (loss) in cost of goods sold due to derivatives related to natural gas costs: Realized gain — 17,820 13,660 48,759 Unrealized gain (loss) — (5,580 ) 3,460 8,710 Total effect on natural gas cost — 12,240 17,120 57,469 Total effect on cost of goods sold (1,005,692 ) 1,380,984 (627,585 ) 1,200,450 Total gain (loss) due to derivative activities $ (1,005,692 ) $ 1,384,134 $ (606,060 ) $ 1,190,601 Unrealized gains and losses on forward contracts, in which delivery has not occurred, are deemed “normal purchases and normal sales”, and therefore are not marked to market in the Company's financial statements but are subject to a lower of cost or market assessment.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jun. 30, 2019
Fair Value Measurements [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various methods including market, income and cost approaches. Based on these approaches, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market-corroborated, or generally unobservable inputs. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, the Company is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1 - Valuations for assets and liabilities traded in active markets from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 - Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third-party pricing services for identical or similar assets or liabilities. Level 3 - Valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. A description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company's financial assets and financial liabilities carried at fair value. Derivative financial instruments : Commodity futures and exchange-traded commodity 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 CME and NYMEX markets. The fair value measurements consider observable data that may include dealer quotes and live trading levels from the over-the-counter markets. The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2019 and September 30, 2018 , segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: June 30, 2019 Total Level 1 Level 2 Level 3 Assets, derivative financial instruments $ 285,763 $ 285,763 $ — $ — Liabilities, derivative financial instruments $ 438,700 $ 438,700 $ — $ — September 30, 2018 Total Level 1 Level 2 Level 3 Assets, derivative financial instruments $ 822,253 $ 822,253 $ — $ — Liabilities, derivative financial instruments $ 813 $ 813 $ — $ —

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Jun. 30, 2019
Revenue by product [Abstract]
Revenue from External Customers by Products and Services	Components of revenues are as follows: Three Months Ended Nine Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Ethanol, net of hedging gain (loss) $ 21,006,222 $ 20,779,432 $ 54,649,341 $ 57,905,465 Distillers Grains 3,761,379 4,424,605 11,253,448 12,859,885 Other 1,720,712 1,896,849 5,290,537 5,594,318 Total $ 26,488,313 $ 27,100,886 $ 71,193,326 $ 76,359,668

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consist of the following: June 30, September 30, Raw materials, including corn, chemicals and supplies $ 3,726,953 $ 3,297,104 Work in process 978,972 794,844 Ethanol and distillers grains 809,256 464,755 Total $ 5,515,181 $ 4,556,703

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Jun. 30, 2019
Debt Instrument [Line Items]
Schedule of Maturities of Long-term Debt [Table Text Block]	Aggregate maturities of long term debt as of June 30, 2019 are as follows: Fiscal Year Amount Due 2019 $ 22,600,000 2020 $0 2021 $0 2022 $0 2023 $0 Thereafter $0 Total $22,600,000

Risk Management (Tables)

Risk Management (Tables)	9 Months Ended
	Jun. 30, 2019
Risk Management [Abstract]
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location	Derivatives not designated as hedging instruments are as follows: June 30, 2019 September 30, 2018 Derivative assets - corn contracts $ 285,763 $ 819,613 Derivative assets - ethanol contracts — 2,640 Derivative liabilities - corn contracts (438,700 ) (813 ) Cash held by (due to) broker 1,253,126 (266,313 ) Total $ 1,100,189 $ 555,127
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The effects on operating income from derivative activities are as follows: Three Months Ended Nine Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Gains (losses) in revenues due to derivatives related to ethanol sales: Realized (loss) $ — $ 11,781 $ 21,525 $ (9,849 ) Unrealized (loss) — (8,631 ) — — Total effect on revenues — 3,150 21,525 (9,849 ) Gains (losses) in cost of goods sold due to derivatives related to corn costs: Realized gain (loss) (444,267 ) 317,981 327,033 738,706 Unrealized gain (loss) (561,425 ) 1,050,763 (971,738 ) 404,275 Total effect on corn cost (1,005,692 ) 1,368,744 (644,705 ) 1,142,981 Gains (loss) in cost of goods sold due to derivatives related to natural gas costs: Realized gain — 17,820 13,660 48,759 Unrealized gain (loss) — (5,580 ) 3,460 8,710 Total effect on natural gas cost — 12,240 17,120 57,469 Total effect on cost of goods sold (1,005,692 ) 1,380,984 (627,585 ) 1,200,450 Total gain (loss) due to derivative activities $ (1,005,692 ) $ 1,384,134 $ (606,060 ) $ 1,190,601

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jun. 30, 2019
Fair Value Measurements [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2019 and September 30, 2018 , segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: June 30, 2019 Total Level 1 Level 2 Level 3 Assets, derivative financial instruments $ 285,763 $ 285,763 $ — $ — Liabilities, derivative financial instruments $ 438,700 $ 438,700 $ — $ — September 30, 2018 Total Level 1 Level 2 Level 3 Assets, derivative financial instruments $ 822,253 $ 822,253 $ — $ — Liabilities, derivative financial instruments $ 813 $ 813 $ — $ —

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Details) gal in Millions	3 Months Ended			6 Months Ended	9 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2019USD ($)gal	Jun. 30, 2018USD ($)	Sep. 30, 2018USD ($)
Accounting Policies [Abstract]
Note Receivable				$ 4,080,000
Annual ethanol production | gal					50
Accounts Receivable, Allowance for Credit Loss	$ 0				$ 0		$ 0
Number of days outstanding for a past due trade receivables					90 days
Inventory Valuation Reserves	180,000				$ 180,000		280,000
Inventory, Firm Purchase Commitment, Loss					547,000		$ 366,000
services contract termination settlement		$ 3,000,000
Deferred Revenue, Revenue Recognized					420,000
Interest Income Reserve				60,809
Bad Debt Expense	$ 4,385,009		$ 0	$ 4,385,009	$ 4,385,009	$ 0

Revenue (Details)

Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue from External Customer [Line Items]
Revenues (Notes 2 and 6)	$ 26,488,313	$ 27,100,886	$ 71,193,326	$ 76,359,668
Ethanol [Member]
Revenue from External Customer [Line Items]
Revenues (Notes 2 and 6)	21,006,222	20,779,432	54,649,341	57,905,465
Distillers' Grains [Member]
Revenue from External Customer [Line Items]
Revenues (Notes 2 and 6)	3,761,379	4,424,605	11,253,448	12,859,885
Other Products [Member]
Revenue from External Customer [Line Items]
Revenues (Notes 2 and 6)	$ 1,720,712	$ 1,896,849	$ 5,290,537	$ 5,594,318

Inventories (Details)

Inventories (Details) - USD ($)	Jun. 30, 2019	Sep. 30, 2018
Inventory Disclosure [Abstract]
Raw materials, including corn, chemicals and supplies	$ 3,726,953	$ 3,297,104
Work in process	978,972	794,844
Ethanol and distillers grains	809,256	464,755
Total	$ 5,515,181	$ 4,556,703

Revolving Line of Credit (Detai

Revolving Line of Credit (Details) - USD ($)	9 Months Ended
	Jun. 30, 2019	Sep. 30, 2018
Line of Credit Facility [Line Items]
Debt Instrument, Description of Variable Rate Basis	LIBOR
Debt Instrument, Basis Spread on Variable Rate	3.75%
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	2.40%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.50%
Line of Credit Facility, Outstanding Balance	$ 0	$ 0
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 4,000,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	9 Months Ended
	Jun. 30, 2019	Sep. 30, 2018
Debt Instrument [Line Items]
Letter of Credit, Maximum Amount	$ 1,588,275
Debt Instrument, Description of Variable Rate Basis	LIBOR
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	2.40%
Debt instrument, basis spread on variable rate	3.75%
Line of credit facility, unused capacity, commitment fee percentage	0.50%
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	$ 22,600,000
Long-term Debt, Maturities, Repayments of Principal in Year Two	0
Long-term Debt, Maturities, Repayments of Principal in Year Three	0
Long-term Debt, Maturities, Repayments of Principal in Year Four	0
Long-term Debt, Maturities, Repayments of Principal in Year Five	0
Long-term Debt, Maturities, Repayments of Principal after Year Five	0
Long-term Debt	22,600,000
Letters of Credit Outstanding, Amount	1,588,275
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	25,000,000
Line of Credit Facility, Maximum Borrowing Capacity Annual Reduction	5,000,000
Line of Credit Facility, Fair Value of Amount Outstanding	$ 22,600,000	$ 15,200,000

Related-Party Transactions (Det

Related-Party Transactions (Details)	3 Months Ended		6 Months Ended	9 Months Ended
	Jun. 30, 2019USD ($)bu	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2019USD ($)bu	Jun. 30, 2018USD ($)
Related Party Transaction [Line Items]
Interest paid			$ 312,488	$ 839,649
Corn [Member] | Other Members [Member]
Related Party Transaction [Line Items]
Purchase Commitment, Minimum Amount Committed, Forward Contracts	$ 3,406,557			$ 3,406,557
Supply Commitment, quantity, unpriced contracts | bu	320,000			320,000
Purchase Commitment, Remaining Minimum Amount Committed	$ 165,148			$ 165,148
Supplies Purchased, Materials for Production	$ 8,781,404	$ 11,219,193		$ 30,992,085	$ 31,140,482

Commitments and Major Customer

Commitments and Major Customer (Details) gal in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2019USD ($)Tgal	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)Tgal	Jun. 30, 2018USD ($)
Revenue, Major Customer [Line Items]
Revenues (Notes 2 and 6)	$ 26,488,313	$ 27,100,886	$ 71,193,326	$ 76,359,668
Ethanol [Member]
Revenue, Major Customer [Line Items]
Entity-wide, major customer, unrelated party, amount	21,006,221	20,776,282	54,627,815	57,915,314
Ethanol receivable	$ 2,266,817		$ 2,266,817
Supply Commitment, quantity, unpriced contracts | gal	16.5		16.5
Distillers' Grains [Member]
Revenue, Major Customer [Line Items]
Entity-wide, major customer, unrelated party, amount	$ 3,761,379	$ 4,479,177	$ 11,253,448	$ 12,971,145
Distillers grains receivable	$ 212,976		$ 212,976
Supply Commitment, quantity, Priced Contracts | T	4,600		4,600
Supply Commitment, Remaining Minimum Amount Committed	$ 583,250		$ 583,250

Commitments and Major Custome_2

Commitments and Major Customer Purchase committments (Details) $ in Millions	9 Months Ended
	Jun. 30, 2019USD ($)MMBTUbu
Long-term Purchase Commitment [Line Items]
Long-term Purchase Commitment, Period	10 years
Corn [Member]
Long-term Purchase Commitment [Line Items]
Long-term Purchase Commitment, Amount	$ 6.5
purchase commitment , remaining quantity | bu	142,500
Natural Gas [Member]
Long-term Purchase Commitment [Line Items]
Purchase Commitment, Transportation Fees	$ 3.6
Purchase Commitment, Remaining Minimum Amount Committed	$ 1.5
Long-term Purchase Commitment, Minimum Energy Volume Required | MMBTU	312,800

Risk Management (Details)

Risk Management (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018
Trading Activity, Gains and Losses, Net [Line Items]
Cash held by (due to) broker	$ 1,253,126		$ 1,253,126		$ (266,313)
Derivative Liability, Current	1,100,189		1,100,189		555,127
Trading Activity, Gains and Losses, Net	(1,005,692)	$ 1,384,134	(606,060)	$ 1,190,601
Cost of Goods and Service Benchmark [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading Activity, Gains and Losses, Net	(1,005,692)	1,380,984	(627,585)	1,200,450
Corn [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Derivative assets - corn contracts	285,763		285,763		819,613
Derivative liabilities - corn contracts	(438,700)		(438,700)		(813)
Corn [Member] | Cost of Goods and Service Benchmark [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (Loss) on Sale of Derivatives	(444,267)	317,981	327,033	738,706
Unrealized Gain (Loss) on Derivatives	(561,425)	1,050,763	(971,738)	404,275
Trading Activity, Gains and Losses, Net	(1,005,692)	1,368,744	(644,705)	1,142,981
Ethanol [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Derivative assets - corn contracts	0		0		$ 2,640
Ethanol [Member] | Sales [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (Loss) on Sale of Derivatives	0	11,781	21,525	(9,849)
Unrealized Gain (Loss) on Derivatives	0	(8,631)	0	0
Trading Activity, Gains and Losses, Net	0	3,150	21,525	(9,849)
Natural Gas [Member] | Cost of Goods and Service Benchmark [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (Loss) on Sale of Derivatives	0	17,820	13,660	48,759
Unrealized Gain (Loss) on Derivatives	0	(5,580)	3,460	8,710
Trading Activity, Gains and Losses, Net	$ 0	$ 12,240	$ 17,120	$ 57,469

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($)	Jun. 30, 2019	Sep. 30, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, derivative financial instruments	$ 285,763	$ 822,253
Assets, derivative financial instruments	(438,700)	(813)
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, derivative financial instruments	285,763	822,253
Assets, derivative financial instruments	(438,700)	(813)
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, derivative financial instruments	0	0
Assets, derivative financial instruments	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, derivative financial instruments	0	0
Assets, derivative financial instruments	$ 0	$ 0