Cardinal Ethanol (CRDE) 10-Q 4 Aug 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	000-53036
Entity Registrant Name	CARDINAL ETHANOL, LLC
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	20-2327916
Entity Address, Address Line One	1554 N. County Road 600 E.
Entity Address, City or Town	Union City
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47390
City Area Code	765
Local Phone Number	964-3137
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,606
Entity Central Index Key	0001352081
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Current Assets
Cash and cash equivalents	$ 38,223,438	$ 53,937,943
Restricted cash	12,735,645	9,301,671
Investments in available-for-sale debt securities	17,199,082	0
Investments in held-to-maturity debt securities	593,097	0
Trade accounts receivable	19,898,097	12,511,601
Miscellaneous receivables	707,473	1,114,588
Inventories	27,167,282	23,370,767
Prepaid and other current assets	705,866	464,498
Total current assets	119,264,762	102,033,729
Property, Plant, and Equipment, Net	87,880,519	78,457,058
Other Assets
Operating lease right of use asset, net	3,883,504	6,808,992
Investments	4,377,741	1,656,049
Total other assets	8,261,245	8,465,041
Total Assets	215,406,526	188,955,828
Current Liabilities
Disbursements in excess of bank balance	1,809,784	0
Due to broker	2,636,855	0
Accounts payable	3,195,447	4,426,732
Accounts payable - grain	11,485,851	12,335,894
Accrued expenses	2,089,674	3,897,364
Accrued distributions	1,100,000	0
Operating lease liability current	2,868,626	3,594,335
Current maturities of long-term debt	277,624	0
Total current liabilities	31,914,764	27,431,166
Long-Term Liabilities
Long-term debt, net of current maturities	25,496,988	9,000,000
Operating lease long-term liabilities	1,034,488	3,217,532
Liability for railcar rehabilitation costs	2,275,143	2,036,638
Total long-term liabilities	28,806,619	14,254,170
Commitments and Contingencies
Members’ Equity
Members' contributions, net of cost of raising capital, 14,606 units authorized, issued and outstanding	70,912,213	70,912,213
Accumulated other comprehensive loss	(14,015)	0
Retained earnings	83,786,945	76,358,279
Total members' equity	154,685,143	147,270,492
Total Liabilities and Members’ Equity	215,406,526	188,955,828
Futures and options derivatives
Current Assets
Derivatives	1,972,529	972,041
Current Liabilities
Derivatives	6,397,885	2,669,433
Forward purchase/sales derivatives
Current Assets
Derivatives	62,253	360,620
Current Liabilities
Derivatives	$ 53,018	$ 507,408

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - shares	Jun. 30, 2023	Sep. 30, 2022
Statement of Financial Position [Abstract]
Capital units, authorized (in shares)	14,606	14,606
Capital units, issued (in shares)	14,606	14,606
Capital units, outstanding (in shares)	14,606	14,606

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 119,046,572	$ 133,261,052	$ 384,766,147	$ 417,490,683
Cost of Goods Sold	103,128,982	104,607,396	335,472,745	343,766,849
Gross Profit	15,917,590	28,653,656	49,293,402	73,723,834
Operating Expenses	2,494,927	1,920,790	7,122,298	6,104,500
Operating Income	13,422,663	26,732,866	42,171,104	67,619,334
Other Income (Expense)
Interest income (expense)	904,327	(3,893)	1,777,225	(3,993)
Miscellaneous income (expense)	(12,692)	7,444,754	73,304	7,382,764
Loss on equity method investment	(23,588)	0	(350,572)	0
Total	868,047	7,440,861	1,499,957	7,378,771
Net Income	$ 14,290,710	$ 34,173,727	$ 43,671,061	$ 74,998,105
Weighted Average Units Outstanding - basic (in shares)	14,606	14,606	14,606	14,606
Weighted Average Units Outstanding - diluted (in shares)	14,606	14,606	14,606	14,606
Net Income Per Unit - basic (in dollars per shares)	$ 978	$ 2,340	$ 2,990	$ 5,135
Net Income Per Unit - diluted (in dollars per shares)	978	2,340	2,990	5,135
Distributions Per Unit (in dollars per shares)	$ 1,250	$ 675	$ 2,250	$ 2,825
Unrealized loss on available-for-sale debt securities	$ (14,113)	$ 0	$ (14,015)	$ 0
Total comprehensive loss	(14,113)	0	(14,015)	0
Net Comprehensive Income	$ 14,276,597	$ 34,173,727	$ 43,657,046	$ 74,998,105

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities
Net income	$ 43,671,061	$ 74,998,105
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	8,632,278	8,502,992
Change in fair value of commodity derivative instruments	2,571,941	(6,108,119)
Non-cash dividend income	(122,264)	0
Earnings on non-cash debt securities	(318,429)	0
Non-cash lease expense	16,735	0
Loss from equity method investment	350,572	0
Change in operating assets and liabilities:
Trade accounts receivable	(7,386,496)	(11,237,817)
Miscellaneous receivables	407,115	(169,617)
Inventories	(3,796,515)	(11,750,076)
Prepaid and other current assets	(241,368)	(359,227)
Disbursements in excess of bank balance	1,809,784	0
Due to broker	2,636,855	104,311
Accounts payable	(1,110,571)	804,714
Accounts payable - grain	(850,043)	631,993
Accrued expenses	(1,868,762)	(188,965)
Liability for railcar rehabilitation costs	238,505	215,857
Net cash provided by operating activities	44,640,398	55,444,151
Cash Flows from Investing Activities
Maturities of Investments in Debt Securities	11,000,000	0
Payments for construction in progress	(21,065,381)	(9,728,816)
Purchases of investments in debt securities	(28,487,765)	0
Investment in Cardinal One Carbon Holdings, LLC	(2,950,000)	0
Net cash used for investing activities	(41,503,146)	(9,728,816)
Cash Flows from Financing Activities
Distributions paid	(35,142,395)	(41,261,950)
Proceeds from revolving credit loan	44,381,156	9,841,117
Payments on revolving credit loan	(44,381,156)	(9,841,117)
Proceeds from economic development fund	2,950,000	0
Proceeds from long-term debt	16,774,612	0
Net cash used for financing activities	(15,417,783)	(41,261,950)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	(12,280,531)	4,453,385
Cash, Cash Equivalents, and Restricted Cash – Beginning of Period	63,239,614	33,895,947
Cash, Cash Equivalents, and Restricted Cash – End of Period	50,959,083	38,349,332
Reconciliation of Cash, Cash Equivalents, and Restricted Cash
Cash and Cash Equivalents - Balance Sheet	38,223,438	29,929,343
Restricted Cash - Balance Sheet	12,735,645	8,419,989
Cash, Cash Equivalents, and Restricted Cash	50,959,083	38,349,332
Supplemental Cash Flow Information
Interest paid	820,582	3,993
Supplemental Disclosure of Non-cash Investing and Financing Activities
Construction in progress included in accrued expenses and accounts payable	283,498	19,580
Construction period interest capitalized in property plant and equipment	$ 610,069	$ 0

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Changes in Members' Equity (Unaudited) - USD ($)	Total	Member Contributions	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Sep. 30, 2021	$ 124,737,578	$ 70,912,213	$ 53,825,365	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	32,395,164		32,395,164
Member Distributions	(9,493,900)		(9,493,900)
Ending balance at Dec. 31, 2021	147,638,842	70,912,213	76,726,629	0
Beginning balance at Sep. 30, 2021	124,737,578	70,912,213	53,825,365	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	74,998,105
Unrealized loss on available-for-sale debt securities	0
Ending balance at Jun. 30, 2022	158,473,733	70,912,213	87,561,520	0
Beginning balance at Dec. 31, 2021	147,638,842	70,912,213	76,726,629	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	8,429,214		8,429,214
Member Distributions	(21,909,000)		(21,909,000)
Ending balance at Mar. 31, 2022	134,159,056	70,912,213	63,246,843	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	34,173,727		34,173,727
Member Distributions	(9,859,050)		(9,859,050)
Unrealized loss on available-for-sale debt securities	0
Ending balance at Jun. 30, 2022	158,473,733	70,912,213	87,561,520	0
Beginning balance at Sep. 30, 2022	147,270,492	70,912,213	76,358,279	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	15,905,665		15,905,665
Member Distributions	(7,303,000)		(7,303,000)
Unrealized loss on available-for-sale debt securities	(7,706)			(7,706)
Ending balance at Dec. 31, 2022	155,865,451	70,912,213	84,960,944	(7,706)
Beginning balance at Sep. 30, 2022	147,270,492	70,912,213	76,358,279	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	43,671,061
Unrealized loss on available-for-sale debt securities	(14,015)
Ending balance at Jun. 30, 2023	154,685,143	70,912,213	83,786,945	(14,015)
Beginning balance at Dec. 31, 2022	155,865,451	70,912,213	84,960,944	(7,706)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	13,474,686		13,474,686
Member Distributions	(10,053,000)		(10,053,000)
Unrealized loss on available-for-sale debt securities	7,804			7,804
Ending balance at Mar. 31, 2023	159,294,941	70,912,213	88,382,630	98
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	14,290,710		14,290,710
Member Distributions	(18,886,395)		(18,886,395)
Unrealized loss on available-for-sale debt securities	(14,113)			(14,113)
Ending balance at Jun. 30, 2023	$ 154,685,143	$ 70,912,213	$ 83,786,945	$ (14,015)

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited consolidated condensed financial statements (the "financial statements") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted as permitted by such rules and regulations. These financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in the Company's audited financial statements for the year ended September 30, 2022, contained in the Company's annual report on Form 10-K. In the opinion of management, the interim condensed financial statements reflect all adjustments considered necessary for fair presentation. Nature of Business Cardinal Ethanol, LLC and Subsidiaries (the “Company”) is an Indiana limited liability company currently producing fuel-grade ethanol, distillers grains, corn oil and carbon dioxide near Union City, Indiana and sells these products throughout the continental United States. During the nine months ended June 30, 2023 and 2022, the Company produced approximately 103,276,000 and 101,534,000 gallons of ethanol, respectively. In addition, the Company procures, transports, and sells grain commodities through grain operations. Basis of Accounting The Company prepared the accompanying financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The financial statements include the operations, assets and liabilities of the Company. In the opinion of the Company's management, the accompanying financial statements contain all adjustments, consisting of normal recurring accruals, necessary to fairly present the accompanying financial statements. Principles of Consolidation The accompanying financial statements include the accounts of Cardinal Ethanol, LLC and its wholly owned subsidiaries, Cardinal Ethanol Export Sales, Inc. and Cardinal One Carbon Holdings, LLC (collectively, the Company). Cardinal Ethanol Export Sales, Inc. is an Interest Charge Domestic to International Sales Company ("IC-DISC") designed to take advantage of certain tax incentives for export sales to other countries. Cardinal One Carbon Holdings, LLC was formed to hold the partnership interest for the investigation and pursuit of carbon dioxide capture and sequestration. All inter-company balances and transactions have been eliminated in consolidation. Reportable Segments Accounting Standard Codification (“ASC”) 280, “Segment Reporting,” establishes the standards for reporting information about segments in financial statements. Operating segments are defined as components of an enterprise for which separate financial information is available that are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Based on the related business nature and expected financial results criteria set forth in ASC 280, the Company has two reportable operating segments for financial reporting purposes. • Ethanol Division. Based on the nature of the products and production process and the expected financial results, the Company’s operations at its ethanol plant, including the production and sale of ethanol and its co-products, are aggregated into one financial reporting segment. • Trading Division. The Company has a grain loading facility within the Company's single site to buy, hold and sell inventories of agricultural grains, primarily soybeans. The Company performs no additional processing of these grains, unlike the corn inventory the Company holds and uses in ethanol production. The activities of buying, selling and holding of grains other than for ethanol and co-product production comprise this financial reporting segment. Accounting Estimates Management uses estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. The Ethanol Division uses estimates and assumptions in accounting for the following significant matters, among others; the useful lives of fixed assets, inventories, the assumptions used in the analysis of the impairment of long lived assets, railcar rehabilitation costs, and inventory purchase commitments. The Trading Division uses estimates and assumptions in accounting for the following significant matters, among others; the useful lives of fixed assets, the valuation of inventory purchase and sale commitment derivatives and inventory at market. Actual results may differ from previously estimated amounts, and such differences may be material to the financial statements. The Company periodically reviews estimates and assumptions, and the effects of revisions are reflected in the period in which the revision is made. Actual results could differ materially from those estimates. Cash and Cash Equivalents The Company maintains its accounts primarily at three financial institutions. At times throughout the year the Company's cash balances may exceed amounts insured by the Federal Deposit Insurance Corporation. Cash equivalents represent money market funds or short-term investments with original maturities of three months or less from the date of purchase, except for those amounts that are held in the investment portfolio for long-term investment. At June 30, 2023, cash equivalents were approximately $37,102,000 and consisted of investments in treasury bills. At September 30, 2022, cash equivalents were approximately $33,229,000 and consisted of investments in treasury bills. Restricted Cash As a part of its commodities hedging activities, the Company is required to maintain cash balances with its commodities trading companies for initial and maintenance margins on a per futures contract basis. Changes in the market value of contracts may increase these requirements. As the futures contracts expire, the margin requirements also expire. Accordingly, the Company records the cash maintained with the traders in the margin accounts as restricted cash. Since this cash is immediately available upon request when there is a margin excess, the Company considers this restricted cash to be a current asset. Investments in Available-for-Sale Debt Securities The Company holds funds in short-term investments in debt securities, such as U.S. treasury bills or treasury notes. As some of the investments in debt securities have an original maturity date greater than three months, these investments are classified as available-for-sale. The Company is holding these short-term investments until maturity or for sale in the event cash is needed. Unrealized gains and losses on the Company's investments classified as available-for-sale are recognized in other comprehensive income (loss) until realized. Investments in Held-to-Maturity Debt Securities The Company holds funds in short-term investments in debt securities, such as U.S. treasury bills or treasury notes. Some of the investments in debt securities have an original maturity date greater than three months and are being held until maturity in the hedge accounts as collateral for initial margin requirements, these investments are classified as held-to-maturity. The Company has the ability and intent to hold until maturity and the classification was determined at the time of purchase. Held-to-maturity securities are recorded at amortized cost, adjusted for the amortization of accretion of premiums and discounts. Premiums and discounts are amortized or accreted over the life of the related held-to-maturity security using a straight-line method. The difference between the carrying value, which is based on cost, and the aggregate fair value of the held-to-maturity securities, was immaterial as of June 30, 2023. At June 30, 2023, the Company had approximately $593,000 of short-term investments. Trade Accounts Receivable Credit terms are extended to customers in the normal course of business. The Company performs ongoing credit evaluations of its customers' financial condition and, generally, requires no collateral. The Company maintains an allowance for credit losses for accounts receivable, which is recorded as an offset to accounts receivable, and changes in such are included as a component of operating expenses in the Consolidated Statements of Operations. The Company assesses collectibility by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectibility issues. In determining the amount of the allowance for credit losses, the Company considers historical collectibility based on past due status and make judgments about the creditworthiness of customers based on ongoing credit evaluations. The Company also considers customer-specific information, current market conditions, and reasonable and supportable forecasts of future economic conditions. At June 30, 2023 and September 30, 2022, the Company determined that an allowance for credit losses was not necessary. Inventories Ethanol Division (see Reportable Segments) inventories consist of raw materials, work in process, finished goods and spare parts. Corn is the primary raw material. Finished goods consist of ethanol, dried distiller grains and corn oil. Inventories are stated at the lower of weighted average cost or net realizable value. Net realizable value is the estimated selling prices in the normal course of business, less reasonably predictable selling costs. Trading Division (see Reportable Segments) inventories consist of grain. Soybeans were the only grains held and traded at June 30, 2023 and September 30, 2022. These inventories are stated at market value less estimated selling costs, which may include reductions for quality. Property, Plant and Equipment Property, plant, and equipment are stated at cost. Depreciation is provided over estimated useful lives by use of the straight-line depreciation method. Maintenance and repairs are expensed as incurred; major improvements and betterments are capitalized. Construction in progress expenditures will be depreciated using the straight-line method over their estimated useful lives once the assets are placed into service. The Company has various capital projects scheduled for the 2023 fiscal year in order to make certain improvements to the ethanol plant and maintain the facility. These improvements include updates to the 190 condenser, rail siding, sieve vaporizer, cyber security, grain scales, spare parts storage, and other small miscellaneous projects. The Company has plans to install a high protein feed system, costing approximately $50,000,000, including recent change orders, and be funded from operations and from our current credit facilities as amended. Installation of the system commenced during the fourth quarter of our 2022 fiscal year. This project is expected to be completed by Fall of 2023. Long-Lived Assets The Company reviews its long-lived assets, such as property, plant and equipment and financing costs, subject to depreciation and amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Management evaluated and determined no impairment write-downs were considered necessary for the nine months ended June 30, 2023 and 2022. Investments Investments consist of the capital stock and patron equities of the Company's distillers grains marketer. The investment is stated at the lower of cost or fair value and adjusted for non-cash patronage equities and cash equity redemptions received. Non-cash patronage dividends are recognized when received and included within revenue in the statements of operations. The Company has also created certain subsidiaries to achieve some of its varying business interests that are not directly related to ethanol production or trading of grain. One has been formed as a corporation, while the other has been formed as a limited liability company (LLC) to hold interests in affiliated companies for carbon capture and underground sequestration (CCS). Through its LLC, the company owns a fifty percent interest in a joint venture which is accounted for as an equity method investment as described in detail in Note 12 - Equity Method Investments. Passthrough Entity Tax The Company records Indiana passthrough entity tax in accordance with ASC 740 and has elected to account for the payments as an equity transaction through member distributions. At June 30, 2023, accrued distributions for Indiana pass through entity tax was $1,100,000. The Company paid approximately $2,279,000 for 2022 taxes during the nine months ended June 30, 2023. Economic Development Fund In September 2007, the Company entered into a development agreement with Randolph County Redevelopment Commission (“the Commission”) to promote economic development in the area. Under the terms of this agreement, beginning in January 2008 through December 2028, the money paid towards property tax is allocated to an expense and an acquisition account. The funds in the acquisition account can be used by the Commission to purchase equipment, at our direction, for the plant. The Company does not have title to or control over the funds in the acquisition account. On February 14, 2023, the Company received $2,950,000 from the Commission. The Company has elected to account for this transaction under the International Accounting Standard (IAS) No. 20 Accounting for Government Grants and Disclosure of Government Assistance as the U.S. Accounting Standards Codification (U.S. GAAP) does not contain explicit guidance. The Company reported this transaction in the consolidated statement of cash flows as proceeds from the economic development fund, and in the consolidated condensed balance sheet as a reduction of payments for construction in progress. Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company's contracts primarily consist of agreements with marketing companies and other customers as described below. The Company's performance obligations consist of the delivery of ethanol, distillers grains, corn oil, soybeans and carbon dioxide to its customers. The consideration the Company receives for these products is fixed based on current observable market prices at the Chicago Mercantile Exchange, generally, and adjusted for local market differentials. The Company's contracts have specific delivery modes, rail or truck, and dates. Revenue is recognized when the Company delivers the products to the mode of transportation specified in the contract, at the transaction price established in the contract, net of commissions, fees, and freight. The Company sells each of the products via different marketing channels as described below. • Ethanol. The Company sells its ethanol via a marketing agreement with Murex, LLC. Murex markets one hundred percent of the Company's ethanol production based on agreements with end users at prices agreed upon mutually among the end user, Murex and the Company. Murex then provides a schedule of deliveries required and an order for each rail car or tankers needed to fulfill their commitment with the end user. These are individual performance obligations of the Company. The marketing agreement calls for control and title to pass when the delivery vehicle is filled. Revenue is recognized then at the price in the agreement with the end user, net of commissions, freight, and insurance. • Distillers grains. The Company engages another third-party marketing company, CHS, Inc, to market one hundred percent of the distillers grains it produces at the plant. The process for selling the distillers grains is like that of ethanol, except that CHS takes title and control once a rail car is released to the railroad or a truck is released from the Company's scales. Prices are agreed upon among the three parties, and CHS provides schedules and orders representing performance obligations. Revenue is recognized net of commissions, freight, and fees. • Distillers corn oil (corn oil). The Company sells its production of corn oil directly to commercial customers. The customer is provided with a delivery schedule and pick up orders representing performance obligations. These are fulfilled when the customer’s driver picks up the scheduled load. The price is agreed upon at the time each contract is made, and the Company recognizes revenue at the time of delivery at that price. • Carbon dioxide. The Company sells a portion of the carbon dioxide it produces to a customer that maintains a plant on-site for a set price per ton. Delivery is defined as transference of the gas from the Company's stream to their plant. • Soybeans and other grains. The Company sells soybeans exclusively to commercial mills, processors or grain traders. Contracts are negotiated directly with the parties at prices based on negotiated prices. Cost of Goods Sold Cost of goods sold include corn, trading division grains, natural gas and other components which includes processing ingredients, electricity, railcar lease, railcar maintenance, depreciation of ethanol production fixed assets and wages, salaries and benefits of production personnel. Operating Expenses Operating expenses include wages, salaries and benefits of administrative employees at the plant, insurance, professional fees, depreciation of trading division fixed assets, property taxes and similar costs. Derivative Instruments From time to time the Company enters into derivative transactions to hedge its exposures to commodity price fluctuations. The Company is required to record these derivatives in the balance sheet at fair value. In order for a derivative to qualify as a hedge, specific criteria must be met and appropriate documentation maintained. Gains and losses from derivatives that do not qualify as hedges, or are undesignated, must be recognized immediately in earnings. If the derivative does qualify as a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will be either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. Changes in the fair value of undesignated derivatives are recorded in the statement of operations, depending on the item being hedged. Additionally, the Company is required to evaluate its contracts to determine whether the contracts are derivatives. Certain contracts that literally meet the definition of a derivative may be exempted as “normal purchases or normal sales”. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business. Contracts that meet the requirements of normal purchases or sales are documented as normal and exempted from accounting and reporting requirements, and therefore, are not marked to market in the financial statements. The Company has elected for its Ethanol Division to apply the normal purchase normal sale exemption to all forward commodity contracts. For the Trading Division, the Company has elected not to apply the normal purchase normal sale exemption to its forward purchase and sales contracts and therefore, marks these derivative instruments to market. Net Income per Unit Basic net income per unit is computed by dividing net income by the weighted average number of members' units outstanding during the period. Diluted net income per unit is computed by dividing net income by the weighted average number of members' units and members' unit equivalents outstanding during the period. There were no member unit equivalents outstanding during the periods presented; accordingly, the Company's basic and diluted net income per unit are the same.

REVENUE

REVENUE	9 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Revenue Recognition Revenue is recognized at a single point in time when the Company satisfies its performance obligation under the terms of a contract with a customer. Generally, this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected, as specified in the contract with a customer, to be received in exchange for transferring goods or providing services. Revenue by Source All revenues from contracts with customers under ASC Topic 606 are recognized at a point in time. The following tables disaggregate revenue by major source for the three and nine months ended June 30, 2023 and 2022: Three Months Ended June 30, 2023 (Unaudited) Ethanol Division Trading Division Total Revenues from contracts with customers under ASC Topic 606 Ethanol $ 79,970,647 $ — $ 79,970,647 Distillers Grains 16,818,758 — 16,818,758 Corn Oil 5,971,069 — 5,971,069 Carbon Dioxide 84,664 — 84,664 Other Revenue — — — Total revenues from contracts with customers 102,845,138 — 102,845,138 Revenues from contracts accounted for as derivatives under ASC Topic 815 (1) Soybeans and Other Grains — 16,201,434 16,201,434 Total revenues from contracts accounted for as derivatives — 16,201,434 16,201,434 Total Revenues $ 102,845,138 $ 16,201,434 $ 119,046,572 Nine Months Ended June 30, 2023 (Unaudited) Ethanol Division Trading Division Total Revenues from contracts with customers under ASC Topic 606 Ethanol $ 245,830,363 $ — $ 245,830,363 Distillers Grains 50,403,931 — 50,403,931 Corn Oil 21,737,346 — 21,737,346 Carbon Dioxide 319,399 — 319,399 Other Revenue 273,192 — 273,192 Total revenues from contracts with customers 318,564,231 — 318,564,231 Revenues from contracts accounted for as derivatives under ASC Topic 815 (1) Soybeans and Other Grains — 66,201,916 66,201,916 Total revenues from contracts accounted for as derivatives — 66,201,916 66,201,916 Total Revenues $ 318,564,231 $ 66,201,916 $ 384,766,147 Three Months Ended June 30, 2022 (Unaudited) Ethanol Division Trading Division Total Revenues from contracts with customers under ASC Topic 606 Ethanol $ 84,706,603 $ — $ 84,706,603 Distillers Grains 18,261,386 — 18,261,386 Corn Oil 7,796,800 — 7,796,800 Carbon Dioxide 120,531 — 120,531 Other Revenue 13,450 15,900 29,350 Total revenues from contracts with customers 110,898,770 15,900 110,914,670 Revenues from contracts accounted for as derivatives under ASC Topic 815 (1) Soybeans and Other Grains — 22,346,382 22,346,382 Total revenues from contracts accounted for as derivatives — 22,346,382 22,346,382 Total Revenues $ 110,898,770 $ 22,362,282 $ 133,261,052 Nine Months Ended June 30, 2022 (Unaudited) Ethanol Division Trading Division Total Revenues from contracts with customers under ASC Topic 606 Ethanol $ 272,527,573 $ — $ 272,527,573 Distillers Grains 47,450,158 — 47,450,158 Corn Oil 20,177,097 — 20,177,097 Carbon Dioxide 347,126 — 347,126 Other Revenue 73,800 82,556 156,356 Total revenues from contracts with customers 340,575,754 82,556 340,658,310 Revenues from contracts accounted for as derivatives under ASC Topic 815 (1) Soybeans and Other Grains — 76,832,373 76,832,373 Total revenues from contracts accounted for as derivatives — 76,832,373 76,832,373 Total Revenues $ 340,575,754 $ 76,914,929 $ 417,490,683 (1) Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC Topic 606, Revenue from Contracts with Customers (ASC Topic 606), where the company recognizes revenue when control of the inventory is transferred within the meaning of ASC Topic 606 as required by ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets. Payment Terms The Company has contractual payment terms with each respective marketer that sells ethanol and distillers grains. These terms are generally 7 - 14 days after the week of the transfer of control. The Company has standard payment terms of net 10 days for its sale for corn oil. The Company has standard payments terms due upon delivery for its sale of soybeans. The contractual terms with the carbon dioxide customer calls for an annual settlement. Shipping and Handling Costs Shipping and handling costs related to contracts with customers for sale of goods are accounted for as a fulfillment activity and are included in cost of goods sold. Accordingly, amounts billed to customers for such costs are included as a component of revenue. Contract Liabilities

CONCENTRATIONS

CONCENTRATIONS	9 Months Ended
	Jun. 30, 2023
Risks and Uncertainties [Abstract]
CONCENTRATIONS	CONCENTRATIONSTwo major customers accounted for approximately 87% and 82% of the outstanding accounts receivable balance at June 30, 2023 and September 30, 2022, respectively. These same two customers accounted for approximately 77% of revenue for the nine months ended June 30, 2023 and June 30, 2022.

INVENTORIES

INVENTORIES	9 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consist of the following as of: June 30, 2023 (Unaudited) September 30, 2022 Ethanol Division: Raw materials $ 13,557,910 $ 7,206,914 Work in progress 2,306,420 2,442,453 Finished goods 3,477,384 7,513,988 Spare parts 4,744,318 4,178,807 Ethanol Division Subtotal $ 24,086,032 $ 21,342,162 Trading Division: Grain inventory $ 3,081,250 $ 2,028,605 Trading Division Subtotal 3,081,250 2,028,605 Total Inventories $ 27,167,282 $ 23,370,767 The Company had a net realizable value write-down of $872,000 and $531,000 for ethanol inventory for the nine months ended June 30, 2023 and 2022, respectively. In the ordinary course of its ethanol business, the Company enters into forward purchase contracts for its commodity purchases and sales. Certain contracts for the ethanol division that literally meet the definition of a derivative may be exempted from derivative accounting as normal purchases or normal sales. At June 30, 2023, the Company had forward corn purchase contracts at various fixed prices for various delivery periods through December 2024 for approximately 7% of expected production needs for the next 18 months. Approximately 4% of the forward corn purchases were with related parties. Given the uncertainty of future commodity prices, the Company could incur a loss on the outstanding purchase contracts in future periods. Management has evaluated these forward contracts using the lower of cost or net realizable value evaluation, and the Company recognized a write-down of $237,000 at June 30, 2023 and recognized no impairment at September 30, 2022. The Company has elected not to apply the normal purchase and sale exemption to its forward soybean contracts of the trading division and therefore, treats them as derivative instruments.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	9 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTSThe Company enters into corn, ethanol, natural gas, soybean oil and soybean derivative instruments, which are required to be recorded as either assets or liabilities at fair value in the balance sheet. Derivatives qualify for treatment as hedges when there is a high correlation between the change in fair value of the derivative instrument and the related change in value of the underlying hedged item. The Company must designate the hedging instruments based upon the exposure being hedged as a fair value hedge, a cash flow hedge or a hedge against foreign currency exposure. Commodity Contracts The Company enters into commodity-based derivatives, for corn, ethanol, natural gas, soybean oil and soybeans in order to protect cash flows from fluctuations caused by volatility in commodity prices and to protect gross profit margins from potentially adverse effects of market and price volatility on commodity based purchase commitments where the prices are set at a future date. These derivatives are not designated as effective hedges for accounting purposes. For derivative instruments that are not accounted for as hedges, or for the ineffective portions of qualifying hedges, the change in fair value is recorded through earnings in the period of change. The changes in the fair market value of ethanol derivative instruments are included as a component of revenue. The changes in the fair market value of corn, natural gas, soybean oil, and soybean derivative instruments are included as a component of cost of goods sold. At June 30, 2023, the Ethanol Division had a net short (selling) position of 2,228,893 bushels of corn under derivative contracts used to hedge its forward corn purchase contracts, corn inventory and ethanol sales. These corn derivatives are traded on the Chicago Board of Trade and other markets as of June 30, 2023 and are forecasted to settle for various delivery periods through December 2024. The Ethanol Division had a net short (selling) position of 59,220,000 gallons of ethanol under derivative contracts used to hedge its future ethanol sales. These ethanol derivatives are traded on the New York Mercantile Exchange and are forecasted to settle for various delivery periods through December 2023. The Ethanol Division had a net long (buying) position of 197,622 pounds of soybean oil under derivative contracts as of June 30, 2023. These soybean oil derivatives are traded on the Chicago Board of Trade and are forecasted to settle through September 2023. At June 30, 2023, the Ethanol Division had a net long (buying) position of 871,022 mmbtus of natural gas under derivative contracts used to hedge its forward natural gas purchase contracts. These natural gas derivatives are traded on the New York Mercantile Exchange and other markets and are forecasted to settle for various delivery periods through April 2024. At June 30, 2023, the Trading Division had a net short (selling) position of 300,000 bushels of soybeans under derivative contracts used to hedge its forward soybean purchase contracts. These soybean derivatives are traded on the Chicago Board of Trade and are, as of June 30, 2023, forecasted to settle for various delivery periods through July 2024. These derivatives have not been designated as effective hedges for accounting purposes. The following table provides balance sheet details regarding the Company's derivative financial instruments at June 30, 2023: Instrument Balance Sheet Location Assets Liabilities Ethanol Futures and Options Contracts Futures and Options Derivatives $ — $ 6,320,859 Corn Futures and Options Contracts Futures and Options Derivatives $ 1,912,116 $ — Soybean Oil Futures and Options Contracts Futures and Options Derivatives $ 59,932 $ — Natural Gas Futures and Options Contracts Futures and Options Derivatives $ — $ 77,026 Soybean Futures and Options Contracts Futures and Options Derivatives $ 481 $ — Soybean Forward Purchase and Sales Contracts Forward Purchase/Sales Derivatives $ 62,253 $ 53,018 As of June 30, 2023, the Company had approximately $12,736,000 of cash collateral (restricted cash) related to ethanol, corn, soybean oil, natural gas, and soybean derivatives held by three brokers. The following table provides balance sheet details regarding the Company's derivative financial instruments at September 30, 2022: Instrument Balance Sheet Location Assets Liabilities Ethanol Futures and Options Contracts Futures and Options Derivatives $ — $ 841,470 Corn Futures and Options Contracts Futures and Options Derivatives $ — $ 1,827,963 Soybean Futures and Options Contracts Futures and Options Derivatives $ 972,041 $ — Soybean Forward Purchase and Sales Contracts Forward Purchase/Sales Derivatives $ 360,620 $ 507,408 As of September 30, 2022, the Company had approximately $9,302,000 of cash collateral (restricted cash) related to ethanol, corn, and soybean derivatives held by three brokers. The following table provides details regarding the gains and (losses) from the Company's derivative instruments in the statements of operations, none of which are designated as hedging instruments: Instrument Statement of Operations Location Three Months Ended June 30, 2023 Nine Months Ended June 30, 2023 Three Months Ended June 30, 2022 Nine Months Ended June 30, 2022 Corn Futures and Options Contracts Cost of Goods Sold $ 3,531,387 $ 10,972,820 $ 13,126,371 $ (3,762,026) Ethanol Futures and Options Contracts Revenues (3,798,934) 1,360,523 2,410,473 (7,500,787) Natural Gas Futures and Options Contracts Cost of Goods Sold 44,849 (2,248,339) — (39,039) Soybean Oil Futures and Options Contracts Cost of Goods Sold 34,880 (42,906) 47,541 131,871 Soybean Futures and Options Contracts Cost of Goods Sold (103,110) (1,256,613) (866,771) (4,871,604) Soybean Forward Purchase and Sales Contracts Cost of Goods Sold (12,577) 274,386 (349,129) 1,044,353 Totals $ (303,505) $ 9,059,871 $ 14,368,485 $ (14,997,232)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The following table provides information on those assets and liabilities measured at fair value on a recurring basis as of June 30, 2023: Instruments Carrying Amount Fair Value Level 1 Level 2 Level 3 Corn Futures and Options Contracts $ 1,912,116 $ 1,912,116 $ 2,201,050 $ (288,934) $ — Ethanol Futures and Options Contracts $ (6,320,859) $ (6,320,859) $ (6,320,859) $ — $ — Soybean Oil Futures and Options Contracts $ 59,932 $ 59,932 $ 59,932 $ — $ — Natural Gas Futures and Options Contracts $ (77,026) $ (77,026) 34,900 $ (111,926) $ — Soybean Futures and Options Contracts $ 481 $ 481 $ 481 $ — $ — Soybean Forward Purchase Contracts $ 9,235 $ 9,235 $ — $ 9,235 $ — Soybean Inventory $ 3,081,250 $ 3,081,250 $ — $ 3,081,250 $ — Accounts Payable $ 5,742,307 $ 5,742,307 $ — $ 5,742,307 $ — Treasury Bills (classified as investments in available-for-sale debt securities) $ 17,199,082 $ 17,199,082 $ 17,199,082 $ — $ — The Company's investments in available-for-sale debt securities consisted of Treasury Bills at June 30, 2023. The scheduled maturity dates range from July 2023 through December 2023. Unrealized gains (losses) on these investments are included in accumulated other comprehensive income (loss) in the statements of changes in members' equity. As of June 30, 2023, the net unrealized holding losses total approximately $14,000. The following table summarized the Company's held-to-maturity securities at amortized cost as of June 30, 2023: Amortized Cost, as Adjusted Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value U.S. Treasury Note $ 593,097 $ — $ — $ 593,097 Total $ 593,097 $ — $ — $ 593,097 The Company had no classified as held-to-maturity investment securities at September 30, 2022. The fair value of the Company's held-to-maturity debt securities are determined based upon inputs, other than the quoted prices in active markets, that are observable either directly or indirectly and are classified as level 2 fair value instruments. The following table provides information on those assets and liabilities measured at fair value on a recurring basis as of September 30, 2022: Instruments Carrying Amount Fair Value Level 1 Level 2 Level 3 Corn Futures and Options Contracts $ (1,827,963) $ (1,827,963) $ (1,827,963) $ — $ — Ethanol Futures and Options Contracts $ (841,470) $ (841,470) $ (841,470) $ — $ — Soybean Futures and Options Contracts $ 972,041 $ 972,041 $ 972,041 $ — $ — Soybean Forward Purchase Contracts $ (146,788) $ (146,788) $ — $ (146,788) $ — Soybean Inventory $ 2,028,605 $ 2,028,605 $ — $ 2,028,605 $ — Accounts Payable $ (4,379,251) $ (4,379,251) $ — $ (4,379,251) $ — Treasury Bills (classified as cash equivalents) $ 33,228,697 $ 33,228,697 $ 33,228,697 $ — $ — We determine the fair value of commodity futures derivative instruments utilizing Level 1 inputs by obtaining fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes and live trading levels from the Chicago Board of Trade market and New York Mercantile Exchange. We determine the fair value of treasury bills utilizing Level 1 inputs by obtaining fair value measurements from an independent pricing service. The fair value measurements consider observable data based on quoted market prices in active markets. We determine the fair value of corn and soybean futures and options Level 2 instruments by model-based techniques in which all significant inputs are observable in the markets noted above. Soybean forward purchase and sale contracts are reported at fair value using Level 2 inputs from current contract prices that are being issued by the Company. Soybean inventory held in the trading division is reported at fair value using Level 2 inputs which are based on purchases and sales transactions that occurred on or near June 30, 2023 and September 30, 2022. Accounts payable is generally stated at historical amounts, with the exception of approximately $5,742,000 and $4,379,000 at June 30, 2023 and September 30, 2022, respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the Company has elected the fair value option.

BANK FINANCING

BANK FINANCING	9 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
BANK FINANCING	BANK FINANCINGThe Company has a loan agreement consisting of two loans, the Declining Revolving Loan (Declining Loan) and the Revolving Credit Loan in exchange for liens on all property (real and personal, tangible and intangible) which include, among other things, a mortgage on the property, a security interest on commodity trading accounts and assignment of material contracts. The loan agreement assigns an interest rate based upon the U.S. prime rate published in the Wall Street Journal to each of the individual loans. The interest rates on each of the loans changes daily. Declining Loan The maximum availability of the Declining Loan was formerly $5,000,000 and such amount was to be available for working capital purposes. However, the maximum availability of the Declining Loan was increased from $5,000,000 to $39,000,000 in order to provide financing to fund the construction and installation of a high protein feed system at the plant. The interest rate on the Declining Loan is currently based on the prime rate minus five basis points (.05%) subject to a floor of 2.85%. The interest rate was 8.20% and 6.20% at June 30, 2023 and September 30, 2022, respectively. The Company is required to make monthly interest payments on the Declining Loan during the draw period. The principal balance of the Declining Loan is expected to be converted to term debt on or before May 1, 2024, to be repaid in 60 equal monthly installments based on a ten year amortization period. In addition, the Company will be required to make mandatory annual prepayments on the term debt within 120 days following the end of each fiscal year beginning with the fiscal year ended September 30, 2024. The annual prepayment will be in the amount of the lesser of 40% of excess cash flow or $7,200,000, up to an aggregate amount paid of $18,000,000. The Company had borrowings outstanding of approximately $25,775,000 and $9,000,000 on the Declining Loan at June 30, 2023 and September 30, 2022, respectively. Revolving Credit Loan The Revolving Credit Loan has a limit of $20,000,000 supported by a borrowing base made up of the Company's corn, ethanol, dried distillers grain, corn oil and soybean inventories reduced by accounts payable associated with those inventories having a priority. It is also supported by the eligible accounts receivable and commodity trading account excess margin funds. The interest rate on the Revolving Credit Loan is the prime rate minus twenty-five basis points (.25%) and is subject to a floor of 2.75%. The interest rate was 8.00% and 6.00% at June 30, 2023 and September 30, 2022, respectively. There were no borrowings outstanding on the Revolving Credit Loan at June 30, 2023 and September 30, 2022. The Revolving Credit Loan is set to mature on February 28, 2024. These loans are subject to protective covenants, which require the Company to maintain various financial ratios. The covenants include a working capital requirement of $15,000,000, and a capital expenditures covenant that allows the Company $6,000,000 of expenditures per year without prior approval. The cost of the high protein feed system is excluded from the capital expenditures calculation until the principal balance of the Declining Loan converts to term debt. There is also a requirement to maintain a minimum fixed charge coverage ratio of no less than 1.15:1.0 measured quarterly. A debt service charge coverage ratio of no less than 1.25:1.0 in lieu of the fixed charge coverage ratio will apply for any reporting period that working capital is equal to or more than $23,000,000. The Company had no borrowings on the Revolving Credit Loan as of June 30, 2023 and September 30, 2022. The estimated maturities of long-term debt at June 30, 2023 are as follows: July 1, 2023 - June 30, 2024 $ 277,624 July 1, 2024 - June 30, 2025 2,892,799 July 1, 2025 - June 30, 2026 3,142,680 July 1, 2026 - June 30, 2027 3,414,150 July 1, 2027 - June 30, 2028 3,705,899 Thereafter 12,341,460 Total long-term debt $ 25,774,612

LEASES

LEASES	9 Months Ended
	Jun. 30, 2023
Leases [Abstract]
LEASES	LEASES The Company leases rail cars for its facility to transport ethanol and dried distillers grains to its end customers. Operating lease right of use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate, unless an implicit rate is readily determinable, as the discount rate for each lease in determining the present value of lease payments. As of June 30, 2023, the Company’s weighted average discount rate was 5.71%. Operating lease expense is recognized on a straight-line basis over the lease term. The Company determines if an arrangement is a lease or contains a lease at inception. The Company’s leases have remaining lease terms of approximately 1 year to 2 years, which may include options to extend the lease when it is reasonably certain the Company will exercise those options. As of June 30, 2023, the weighted average remaining lease term was 1.29 years. The Company does not have lease arrangements with residual value guarantees, sale leaseback terms or material restrictive covenants. The Company does not have any material finance lease obligations nor sublease agreements. The following table summarizes the remaining maturities of the Company’s operating lease liabilities as of June 30, 2023: For the Fiscal Year Ending September 30, 2024 $ 3,000,130 2025 1,044,950 Totals 4,045,080 Amount representing interest (141,966) Lease liabilities $ 3,903,114

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Marketing Agreement The Company entered into an agreement with an unrelated company for the purpose of marketing and selling all the distillers grains the Company is expected to produce. The buyer agrees to remit a fixed percentage rate of the actual selling price to the Company for distillers dried grain solubles and wet distiller grains. The agreement may be terminated by either party at its unqualified option, by providing written notice of not less than 120 days to the other party. The Company entered into an agreement with an unrelated company to sell all of the ethanol the Company produces at the plant. The Company agrees to pay a commission of a fixed percent of the net purchase price for marketing and distribution. In July 2009, the initial term of the agreement was extended to eight years and the commission increased in exchange for reducing the payment terms from 14 days to 7 days after shipment. In November 2012, the Company amended this agreement to extend the initial term of the agreement to eleven years, expiring in 2019, in exchange for capping the commissions at $1,750,000 per year. Effective November 18, 2018, the two companies amended the marketing agreement. The amendment added a renewal term to the initial agreement that extended the contract until November 30, 2022. It provided for the payment of the commission to Murex to be calculated on each net gallon of ethanol taken under the agreement. It modified how the cost of rail car shipments are charged to the Company, moving from a per gallon fee to requiring that the marketer provide a minimum 225 rail cars to the Company on a per car per month lease basis as described in Note 8. Finally, it reduced the delivery to payment period. On September 14, 2022, the Company executed an amendment to extend the term until December 31, 2024, subject to automatic renewals thereafter for one-year periods unless either party gives notice of non-renewal at least 90 days prior to the end of the current term. The agreement may also be terminated due to the insolvency or intentional misconduct of either party or upon the default of one of the parties as set forth in the agreement. In addition, the amendment added a provision that allows the Company to terminate the agreement on 90 days prior written notice upon a "Material Change in Control". Upon termination of the agreement for any reason, the Company may be obligated to continue to deliver ethanol for a period of time to cover certain contractual commitments for which the Company gave prior written approval. The amendment also provides for certain adjustments to the purchase price for sales made to the marketer for its own account or for sales of exported ethanol. If this adjusted price can not be finalized at time of payment, the parties may agree upon a provisional price which shall be trued up later. The amendment was effective on December 1, 2022. Rail Car Rehabilitation Costs The Company leases 180 hopper rail cars under a multi-year agreement which ends in November 2023. Under the agreement, the Company is required to pay to rehabilitate each car for "damage" that is considered to be other than normal wear and tear upon turn in of the car(s) at the termination of the lease. Company management has estimated total costs to rehabilitate the cars at June 30, 2023, to be approximately $2,275,000. During the nine months ended June 30, 2023, the Company has recorded a corresponding expense in cost of goods sold of approximately $270,000. The Company accrues the estimated cost of railcar damages over the term of the lease. High Protein System Installation Agreement

RISKS AND UNCERTAINTIES IMPACTI

RISKS AND UNCERTAINTIES IMPACTING THE ETHANOL INDUSTRY AND OUR FUTURE OPERATIONS	9 Months Ended
	Jun. 30, 2023
Risks and Uncertainties [Abstract]
RISKS AND UNCERTAINTIES IMPACTING THE ETHANOL INDUSTRY AND OUR FUTURE OPERATIONS	RISKS AND UNCERTAINTIES IMPACTING THE ETHANOL INDUSTRY AND OUR FUTURE OPERATIONS The Company has certain risks and uncertainties that it experiences during volatile market conditions, which can have a severe impact on operations. The Company's revenues are primarily derived from the sale and distribution of ethanol, distillers grains and corn oil to customers primarily located in the U.S. Corn for the production process is supplied to the plant primarily from local agricultural producers and from purchases on the open market. During the nine months ended June 30, 2023, ethanol sales averaged approximately 64% of total revenues and corn costs averaged 67% of total cost of goods sold. The Company's operating and financial performance is largely driven by prices at which the Company sells ethanol, distillers grains and corn oil, and the related cost of corn. The price of ethanol is influenced by factors such as supply and demand, weather, government policies and programs, and the unleaded gasoline and petroleum markets, although, since 2005, the prices of ethanol and gasoline began a divergence with ethanol selling for less than gasoline at the wholesale level. Excess ethanol supply in the market, in particular, puts downward pressure on the price of ethanol. The Company's largest cost of production is corn. The cost of corn is generally impacted by factors such as supply and demand, weather, government policies and programs. The Company's risk management program is used to protect against the price volatility of these commodities.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	9 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
BUSINESS SEGMENTS	BUSINESS SEGMENTSThe Company has two reportable operating segments. Segment reporting is intended to give financial statement users a better view of how the Company manages and evaluates its businesses. The accounting policies for each segment are the same as those described in the summary of significant accounting policies. Segment income or loss does not include any allocation of shared-service costs. Segment assets are those that are directly used in or identified with segment operations. Inter-segment balances and transactions have been eliminated. The following tables summarize financial information by segment and provide a reconciliation of segment revenue, gross profit, grain inventories, operating income, and total assets: Three Months Ended Nine Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Revenue: (unaudited) (unaudited) (unaudited) (unaudited) Ethanol division $ 102,845,138 $ 110,898,770 $ 318,564,231 $ 340,575,754 Trading division 16,201,434 22,362,282 66,201,916 76,914,929 Total Revenue $ 119,046,572 $ 133,261,052 $ 384,766,147 $ 417,490,683 Three Months Ended Nine Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Gross Profit: (unaudited) (unaudited) (unaudited) (unaudited) Ethanol division $ 15,658,412 $ 27,966,708 $ 47,610,193 $ 70,627,287 Trading division 259,178 686,948 1,683,209 3,096,547 Total Gross Profit $ 15,917,590 $ 28,653,656 $ 49,293,402 $ 73,723,834 Three Months Ended Nine Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Operating Income (Loss): (unaudited) (unaudited) (unaudited) (unaudited) Ethanol division $ 13,480,728 $ 26,363,161 $ 41,439,624 $ 65,474,516 Trading division (58,065) 369,705 731,480 2,144,818 Total Operating Income $ 13,422,663 $ 26,732,866 $ 42,171,104 $ 67,619,334 June 30, 2023 September 30, 2022 Grain Inventories: (unaudited) Ethanol division $ 13,557,910 $ 7,206,914 Trading division 3,081,250 2,028,605 Total Grain Inventories $ 16,639,160 $ 9,235,519 June 30, 2023 September 30, 2022 Total Assets: (unaudited) Ethanol division $ 214,946,649 $ 188,055,176 Trading division 459,877 900,652 Total Assets $ 215,406,526 $ 188,955,828

EQUITY METHOD INVESTMENTS

EQUITY METHOD INVESTMENTS	9 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INVESTMENTS	EQUITY METHOD INVESTMENTSThe Company, through its wholly owned subsidiary, Cardinal One Carbon Holdings, LLC, owns a fifty percent interest in a limited partnership. That partnership was formed as a joint venture with another unrelated investor to investigate and pursue carbon dioxide capture and underground sequestration. The Company accounts for this investment using joint venture accounting and, therefore, under the equity method. Cardinal One Carbon Holdings, LLC was formed on June 22, 2022 to hold the partnership interest in the limited partnership and began its administrative operations on September 1, 2022. The Company's policy related to investments in both common stock and in-substance common stock that give the Company the ability to exercise significant influence over the operating and financial polices of an entity in which it invests even though the Company holds 50% or less of the common stock or in-substance common stock (or both common and in-substance common stock) is to account for such investment under the equity method. The Company considers its financial position and results of operations in evaluating the extent of disclosures of the financial position and results of operations of an entity in which the Company invests. As the Company owns a fifty percent interest in the limited partnership, an investment in affiliate of approximately $2,996,000 was reflected on the balance sheet as of June 30, 2023 and approximately $396,000 was reflected on the balance sheet as of September 30, 2022. Losses on equity method investment of approximately $24,000 and $351,000 were reflected on the statement of operations for the three months and nine months ended June 30, 2023, respectively.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Accounting	The accompanying unaudited consolidated condensed financial statements (the "financial statements") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted as permitted by such rules and regulations. These financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in the Company's audited financial statements for the year ended September 30, 2022, contained in the Company's annual report on Form 10-K.Basis of AccountingThe Company prepared the accompanying financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The financial statements include the operations, assets and liabilities of the Company. In the opinion of the Company's management, the accompanying financial statements contain all adjustments, consisting of normal recurring accruals, necessary to fairly present the accompanying financial statements.
Principles of Consolidation	Principles of ConsolidationThe accompanying financial statements include the accounts of Cardinal Ethanol, LLC and its wholly owned subsidiaries, Cardinal Ethanol Export Sales, Inc. and Cardinal One Carbon Holdings, LLC (collectively, the Company). Cardinal Ethanol Export Sales, Inc. is an Interest Charge Domestic to International Sales Company ("IC-DISC") designed to take advantage of certain tax incentives for export sales to other countries. Cardinal One Carbon Holdings, LLC was formed to hold the partnership interest for the investigation and pursuit of carbon dioxide capture and sequestration. All inter-company balances and transactions have been eliminated in consolidation.
Reportable Segments	Reportable Segments Accounting Standard Codification (“ASC”) 280, “Segment Reporting,” establishes the standards for reporting information about segments in financial statements. Operating segments are defined as components of an enterprise for which separate financial information is available that are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Based on the related business nature and expected financial results criteria set forth in ASC 280, the Company has two reportable operating segments for financial reporting purposes. • Ethanol Division. Based on the nature of the products and production process and the expected financial results, the Company’s operations at its ethanol plant, including the production and sale of ethanol and its co-products, are aggregated into one financial reporting segment. • Trading Division. The Company has a grain loading facility within the Company's single site to buy, hold and sell inventories of agricultural grains, primarily soybeans. The Company performs no additional processing of these grains,
Accounting Estimates	Accounting Estimates Management uses estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. The Ethanol Division uses estimates and assumptions in accounting for the following significant matters, among others; the useful lives of fixed assets, inventories, the assumptions used in the analysis of the impairment of long lived assets, railcar rehabilitation costs, and inventory purchase commitments. The Trading Division uses estimates and assumptions in accounting for the following significant matters, among others; the useful lives of fixed assets, the valuation of inventory purchase and sale commitment derivatives and inventory at market.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents The Company maintains its accounts primarily at three financial institutions. At times throughout the year the Company's cash balances may exceed amounts insured by the Federal Deposit Insurance Corporation. Cash equivalents represent money market funds or short-term investments with original maturities of three months or less from the date of purchase, except for those amounts that are held in the investment portfolio for long-term investment. At June 30, 2023, cash equivalents were approximately $37,102,000 and consisted of investments in treasury bills. At September 30, 2022, cash equivalents were approximately $33,229,000 and consisted of investments in treasury bills. Restricted Cash As a part of its commodities hedging activities, the Company is required to maintain cash balances with its commodities trading companies for initial and maintenance margins on a per futures contract basis. Changes in the market value of contracts may increase these requirements. As the futures contracts expire, the margin requirements also expire. Accordingly, the Company records the cash maintained with the traders in the margin accounts as restricted cash. Since this cash is immediately available upon request when there is a margin excess, the Company considers this restricted cash to be a current asset.
Investments in Available-for-Sale Debt Securities/Investments	Investments in Available-for-Sale Debt Securities The Company holds funds in short-term investments in debt securities, such as U.S. treasury bills or treasury notes. As some of the investments in debt securities have an original maturity date greater than three months, these investments are classified as available-for-sale. The Company is holding these short-term investments until maturity or for sale in the event cash is needed. Unrealized gains and losses on the Company's investments classified as available-for-sale are recognized in other comprehensive income (loss) until realized. Investments in Held-to-Maturity Debt Securities The Company holds funds in short-term investments in debt securities, such as U.S. treasury bills or treasury notes. Some of the investments in debt securities have an original maturity date greater than three months and are being held until maturity in the hedge accounts as collateral for initial margin requirements, these investments are classified as held-to-maturity. The Company has the ability and intent to hold until maturity and the classification was determined at the time of purchase. Held-to-maturity securities are recorded at amortized cost, adjusted for the amortization of accretion of premiums and discounts. Premiums and discounts are amortized or accreted over the life of the related held-to-maturity security using a straight-line method. The Investments Investments consist of the capital stock and patron equities of the Company's distillers grains marketer. The investment is stated at the lower of cost or fair value and adjusted for non-cash patronage equities and cash equity redemptions received. Non-cash patronage dividends are recognized when received and included within revenue in the statements of operations. The Company has also created certain subsidiaries to achieve some of its varying business interests that are not directly related to ethanol production or trading of grain. One has been formed as a corporation, while the other has been formed as a limited liability company (LLC) to hold interests in affiliated companies for carbon capture and underground sequestration (CCS). Through its LLC, the company owns a fifty percent interest in a joint venture which is accounted for as an equity method investment as described in detail in Note 12 - Equity Method Investments.
Trade Accounts Receivable	Trade Accounts ReceivableCredit terms are extended to customers in the normal course of business. The Company performs ongoing credit evaluations of its customers' financial condition and, generally, requires no collateral. The Company maintains an allowance for credit losses for accounts receivable, which is recorded as an offset to accounts receivable, and changes in such are included as a component of operating expenses in the Consolidated Statements of Operations. The Company assesses collectibility by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectibility issues. In determining the amount of the allowance for credit losses, the Company considers historical collectibility based on past due status and make judgments about the creditworthiness of customers based on ongoing credit evaluations. The Company also considers customer-specific information, current market conditions, and reasonable and supportable forecasts of future economic conditions. At June 30, 2023 and September 30, 2022, the Company determined that an allowance for credit losses was not necessary.
Inventories	Inventories Ethanol Division (see Reportable Segments) inventories consist of raw materials, work in process, finished goods and spare parts. Corn is the primary raw material. Finished goods consist of ethanol, dried distiller grains and corn oil. Inventories are stated at the lower of weighted average cost or net realizable value. Net realizable value is the estimated selling prices in the normal course of business, less reasonably predictable selling costs. Trading Division (see Reportable Segments) inventories consist of grain. Soybeans were the only grains held and traded at June 30, 2023 and September 30, 2022. These inventories are stated at market value less estimated selling costs, which may include reductions for quality.
Property, Plant and Equipment	Property, Plant and EquipmentProperty, plant, and equipment are stated at cost. Depreciation is provided over estimated useful lives by use of the straight-line depreciation method. Maintenance and repairs are expensed as incurred; major improvements and betterments are capitalized. Construction in progress expenditures will be depreciated using the straight-line method over their estimated useful lives once the assets are placed into service.
Long-Lived Assets	Long-Lived AssetsThe Company reviews its long-lived assets, such as property, plant and equipment and financing costs, subject to depreciation and amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.
Passthrough Entity Tax	Passthrough Entity Tax The Company records Indiana passthrough entity tax in accordance with ASC 740 and has elected to account for the payments as an equity transaction through member distributions. At June 30, 2023, accrued distributions for Indiana pass through entity tax was $1,100,000. The Company paid approximately $2,279,000 for 2022 taxes during the nine months ended June 30, 2023.
Economic Development Fund	Economic Development Fund In September 2007, the Company entered into a development agreement with Randolph County Redevelopment Commission (“the Commission”) to promote economic development in the area. Under the terms of this agreement, beginning in January 2008 through December 2028, the money paid towards property tax is allocated to an expense and an acquisition account. The funds in the acquisition account can be used by the Commission to purchase equipment, at our direction, for the plant. The Company does not have title to or control over the funds in the acquisition account. On February 14, 2023, the Company received $2,950,000 from the Commission. The Company has elected to account for this transaction under the International Accounting Standard (IAS) No. 20 Accounting for Government Grants and Disclosure of Government Assistance as the U.S. Accounting Standards Codification (U.S. GAAP) does not contain explicit guidance. The Company reported this transaction in the consolidated statement of cash flows as proceeds from the economic development fund, and in the consolidated condensed balance sheet as a reduction of payments for construction in progress.
Revenue Recognition and Cost of Goods Sold	Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company's contracts primarily consist of agreements with marketing companies and other customers as described below. The Company's performance obligations consist of the delivery of ethanol, distillers grains, corn oil, soybeans and carbon dioxide to its customers. The consideration the Company receives for these products is fixed based on current observable market prices at the Chicago Mercantile Exchange, generally, and adjusted for local market differentials. The Company's contracts have specific delivery modes, rail or truck, and dates. Revenue is recognized when the Company delivers the products to the mode of transportation specified in the contract, at the transaction price established in the contract, net of commissions, fees, and freight. The Company sells each of the products via different marketing channels as described below. • Ethanol. The Company sells its ethanol via a marketing agreement with Murex, LLC. Murex markets one hundred percent of the Company's ethanol production based on agreements with end users at prices agreed upon mutually among the end user, Murex and the Company. Murex then provides a schedule of deliveries required and an order for each rail car or tankers needed to fulfill their commitment with the end user. These are individual performance obligations of the Company. The marketing agreement calls for control and title to pass when the delivery vehicle is filled. Revenue is recognized then at the price in the agreement with the end user, net of commissions, freight, and insurance. • Distillers grains. The Company engages another third-party marketing company, CHS, Inc, to market one hundred percent of the distillers grains it produces at the plant. The process for selling the distillers grains is like that of ethanol, except that CHS takes title and control once a rail car is released to the railroad or a truck is released from the Company's scales. Prices are agreed upon among the three parties, and CHS provides schedules and orders representing performance obligations. Revenue is recognized net of commissions, freight, and fees. • Distillers corn oil (corn oil). The Company sells its production of corn oil directly to commercial customers. The customer is provided with a delivery schedule and pick up orders representing performance obligations. These are fulfilled when the customer’s driver picks up the scheduled load. The price is agreed upon at the time each contract is made, and the Company recognizes revenue at the time of delivery at that price. • Carbon dioxide. The Company sells a portion of the carbon dioxide it produces to a customer that maintains a plant on-site for a set price per ton. Delivery is defined as transference of the gas from the Company's stream to their plant. • Soybeans and other grains. The Company sells soybeans exclusively to commercial mills, processors or grain traders. Contracts are negotiated directly with the parties at prices based on negotiated prices. Cost of Goods Sold Cost of goods sold include corn, trading division grains, natural gas and other components which includes processing ingredients, electricity, railcar lease, railcar maintenance, depreciation of ethanol production fixed assets and wages, salaries and benefits of production personnel. Payment Terms The Company has contractual payment terms with each respective marketer that sells ethanol and distillers grains. These terms are generally 7 - 14 days after the week of the transfer of control. The Company has standard payment terms of net 10 days for its sale for corn oil. The Company has standard payments terms due upon delivery for its sale of soybeans. The contractual terms with the carbon dioxide customer calls for an annual settlement. Shipping and Handling Costs Shipping and handling costs related to contracts with customers for sale of goods are accounted for as a fulfillment activity and are included in cost of goods sold. Accordingly, amounts billed to customers for such costs are included as a component of revenue. Contract Liabilities
Operating Expenses	Operating ExpensesOperating expenses include wages, salaries and benefits of administrative employees at the plant, insurance, professional fees, depreciation of trading division fixed assets, property taxes and similar costs.
Derivative Instruments	Derivative Instruments From time to time the Company enters into derivative transactions to hedge its exposures to commodity price fluctuations. The Company is required to record these derivatives in the balance sheet at fair value. In order for a derivative to qualify as a hedge, specific criteria must be met and appropriate documentation maintained. Gains and losses from derivatives that do not qualify as hedges, or are undesignated, must be recognized immediately in earnings. If the derivative does qualify as a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will be either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. Changes in the fair value of undesignated derivatives are recorded in the statement of operations, depending on the item being hedged. Additionally, the Company is required to evaluate its contracts to determine whether the contracts are derivatives. Certain contracts that literally meet the definition of a derivative may be exempted as “normal purchases or normal sales”. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business. Contracts that meet the requirements of normal purchases or sales are documented as normal and exempted from accounting and reporting requirements, and therefore, are not marked to market in the financial statements. The Company has elected for its Ethanol Division to apply the normal purchase normal sale exemption to all forward commodity contracts. For the Trading Division, the Company has elected not to apply the normal purchase normal sale exemption to its forward purchase and sales contracts and therefore, marks these derivative instruments to market.
Net Income per Unit	Net Income per Unit Basic net income per unit is computed by dividing net income by the weighted average number of members' units outstanding during the period. Diluted net income per unit is computed by dividing net income by the weighted average number of members' units and members' unit equivalents outstanding during the period. There were no member unit equivalents outstanding during the periods presented; accordingly, the Company's basic and diluted net income per unit are the same.

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables disaggregate revenue by major source for the three and nine months ended June 30, 2023 and 2022: Three Months Ended June 30, 2023 (Unaudited) Ethanol Division Trading Division Total Revenues from contracts with customers under ASC Topic 606 Ethanol $ 79,970,647 $ — $ 79,970,647 Distillers Grains 16,818,758 — 16,818,758 Corn Oil 5,971,069 — 5,971,069 Carbon Dioxide 84,664 — 84,664 Other Revenue — — — Total revenues from contracts with customers 102,845,138 — 102,845,138 Revenues from contracts accounted for as derivatives under ASC Topic 815 (1) Soybeans and Other Grains — 16,201,434 16,201,434 Total revenues from contracts accounted for as derivatives — 16,201,434 16,201,434 Total Revenues $ 102,845,138 $ 16,201,434 $ 119,046,572 Nine Months Ended June 30, 2023 (Unaudited) Ethanol Division Trading Division Total Revenues from contracts with customers under ASC Topic 606 Ethanol $ 245,830,363 $ — $ 245,830,363 Distillers Grains 50,403,931 — 50,403,931 Corn Oil 21,737,346 — 21,737,346 Carbon Dioxide 319,399 — 319,399 Other Revenue 273,192 — 273,192 Total revenues from contracts with customers 318,564,231 — 318,564,231 Revenues from contracts accounted for as derivatives under ASC Topic 815 (1) Soybeans and Other Grains — 66,201,916 66,201,916 Total revenues from contracts accounted for as derivatives — 66,201,916 66,201,916 Total Revenues $ 318,564,231 $ 66,201,916 $ 384,766,147 Three Months Ended June 30, 2022 (Unaudited) Ethanol Division Trading Division Total Revenues from contracts with customers under ASC Topic 606 Ethanol $ 84,706,603 $ — $ 84,706,603 Distillers Grains 18,261,386 — 18,261,386 Corn Oil 7,796,800 — 7,796,800 Carbon Dioxide 120,531 — 120,531 Other Revenue 13,450 15,900 29,350 Total revenues from contracts with customers 110,898,770 15,900 110,914,670 Revenues from contracts accounted for as derivatives under ASC Topic 815 (1) Soybeans and Other Grains — 22,346,382 22,346,382 Total revenues from contracts accounted for as derivatives — 22,346,382 22,346,382 Total Revenues $ 110,898,770 $ 22,362,282 $ 133,261,052 Nine Months Ended June 30, 2022 (Unaudited) Ethanol Division Trading Division Total Revenues from contracts with customers under ASC Topic 606 Ethanol $ 272,527,573 $ — $ 272,527,573 Distillers Grains 47,450,158 — 47,450,158 Corn Oil 20,177,097 — 20,177,097 Carbon Dioxide 347,126 — 347,126 Other Revenue 73,800 82,556 156,356 Total revenues from contracts with customers 340,575,754 82,556 340,658,310 Revenues from contracts accounted for as derivatives under ASC Topic 815 (1) Soybeans and Other Grains — 76,832,373 76,832,373 Total revenues from contracts accounted for as derivatives — 76,832,373 76,832,373 Total Revenues $ 340,575,754 $ 76,914,929 $ 417,490,683 (1) Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC Topic 606, Revenue from Contracts with Customers (ASC Topic 606), where the company recognizes revenue when control of the inventory is transferred within the meaning of ASC Topic 606 as required by ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets.

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consist of the following as of: June 30, 2023 (Unaudited) September 30, 2022 Ethanol Division: Raw materials $ 13,557,910 $ 7,206,914 Work in progress 2,306,420 2,442,453 Finished goods 3,477,384 7,513,988 Spare parts 4,744,318 4,178,807 Ethanol Division Subtotal $ 24,086,032 $ 21,342,162 Trading Division: Grain inventory $ 3,081,250 $ 2,028,605 Trading Division Subtotal 3,081,250 2,028,605 Total Inventories $ 27,167,282 $ 23,370,767

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location	The following table provides balance sheet details regarding the Company's derivative financial instruments at June 30, 2023: Instrument Balance Sheet Location Assets Liabilities Ethanol Futures and Options Contracts Futures and Options Derivatives $ — $ 6,320,859 Corn Futures and Options Contracts Futures and Options Derivatives $ 1,912,116 $ — Soybean Oil Futures and Options Contracts Futures and Options Derivatives $ 59,932 $ — Natural Gas Futures and Options Contracts Futures and Options Derivatives $ — $ 77,026 Soybean Futures and Options Contracts Futures and Options Derivatives $ 481 $ — Soybean Forward Purchase and Sales Contracts Forward Purchase/Sales Derivatives $ 62,253 $ 53,018 The following table provides balance sheet details regarding the Company's derivative financial instruments at September 30, 2022: Instrument Balance Sheet Location Assets Liabilities Ethanol Futures and Options Contracts Futures and Options Derivatives $ — $ 841,470 Corn Futures and Options Contracts Futures and Options Derivatives $ — $ 1,827,963 Soybean Futures and Options Contracts Futures and Options Derivatives $ 972,041 $ — Soybean Forward Purchase and Sales Contracts Forward Purchase/Sales Derivatives $ 360,620 $ 507,408
Schedule of Derivatives Not Designated as Hedging Instruments	The following table provides details regarding the gains and (losses) from the Company's derivative instruments in the statements of operations, none of which are designated as hedging instruments: Instrument Statement of Operations Location Three Months Ended June 30, 2023 Nine Months Ended June 30, 2023 Three Months Ended June 30, 2022 Nine Months Ended June 30, 2022 Corn Futures and Options Contracts Cost of Goods Sold $ 3,531,387 $ 10,972,820 $ 13,126,371 $ (3,762,026) Ethanol Futures and Options Contracts Revenues (3,798,934) 1,360,523 2,410,473 (7,500,787) Natural Gas Futures and Options Contracts Cost of Goods Sold 44,849 (2,248,339) — (39,039) Soybean Oil Futures and Options Contracts Cost of Goods Sold 34,880 (42,906) 47,541 131,871 Soybean Futures and Options Contracts Cost of Goods Sold (103,110) (1,256,613) (866,771) (4,871,604) Soybean Forward Purchase and Sales Contracts Cost of Goods Sold (12,577) 274,386 (349,129) 1,044,353 Totals $ (303,505) $ 9,059,871 $ 14,368,485 $ (14,997,232)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table provides information on those assets and liabilities measured at fair value on a recurring basis as of June 30, 2023: Instruments Carrying Amount Fair Value Level 1 Level 2 Level 3 Corn Futures and Options Contracts $ 1,912,116 $ 1,912,116 $ 2,201,050 $ (288,934) $ — Ethanol Futures and Options Contracts $ (6,320,859) $ (6,320,859) $ (6,320,859) $ — $ — Soybean Oil Futures and Options Contracts $ 59,932 $ 59,932 $ 59,932 $ — $ — Natural Gas Futures and Options Contracts $ (77,026) $ (77,026) 34,900 $ (111,926) $ — Soybean Futures and Options Contracts $ 481 $ 481 $ 481 $ — $ — Soybean Forward Purchase Contracts $ 9,235 $ 9,235 $ — $ 9,235 $ — Soybean Inventory $ 3,081,250 $ 3,081,250 $ — $ 3,081,250 $ — Accounts Payable $ 5,742,307 $ 5,742,307 $ — $ 5,742,307 $ — Treasury Bills (classified as investments in available-for-sale debt securities) $ 17,199,082 $ 17,199,082 $ 17,199,082 $ — $ — The following table provides information on those assets and liabilities measured at fair value on a recurring basis as of September 30, 2022: Instruments Carrying Amount Fair Value Level 1 Level 2 Level 3 Corn Futures and Options Contracts $ (1,827,963) $ (1,827,963) $ (1,827,963) $ — $ — Ethanol Futures and Options Contracts $ (841,470) $ (841,470) $ (841,470) $ — $ — Soybean Futures and Options Contracts $ 972,041 $ 972,041 $ 972,041 $ — $ — Soybean Forward Purchase Contracts $ (146,788) $ (146,788) $ — $ (146,788) $ — Soybean Inventory $ 2,028,605 $ 2,028,605 $ — $ 2,028,605 $ — Accounts Payable $ (4,379,251) $ (4,379,251) $ — $ (4,379,251) $ — Treasury Bills (classified as cash equivalents) $ 33,228,697 $ 33,228,697 $ 33,228,697 $ — $ —
Schedule of Debt Securities, Held-to-Maturity	The following table summarized the Company's held-to-maturity securities at amortized cost as of June 30, 2023: Amortized Cost, as Adjusted Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value U.S. Treasury Note $ 593,097 $ — $ — $ 593,097 Total $ 593,097 $ — $ — $ 593,097

BANK FINANCING (Tables)

BANK FINANCING (Tables)	9 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Maturities of Long-term Debt	The estimated maturities of long-term debt at June 30, 2023 are as follows: July 1, 2023 - June 30, 2024 $ 277,624 July 1, 2024 - June 30, 2025 2,892,799 July 1, 2025 - June 30, 2026 3,142,680 July 1, 2026 - June 30, 2027 3,414,150 July 1, 2027 - June 30, 2028 3,705,899 Thereafter 12,341,460 Total long-term debt $ 25,774,612

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Future Minimum Payments for Operating Leases	The following table summarizes the remaining maturities of the Company’s operating lease liabilities as of June 30, 2023: For the Fiscal Year Ending September 30, 2024 $ 3,000,130 2025 1,044,950 Totals 4,045,080 Amount representing interest (141,966) Lease liabilities $ 3,903,114

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	9 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables summarize financial information by segment and provide a reconciliation of segment revenue, gross profit, grain inventories, operating income, and total assets: Three Months Ended Nine Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Revenue: (unaudited) (unaudited) (unaudited) (unaudited) Ethanol division $ 102,845,138 $ 110,898,770 $ 318,564,231 $ 340,575,754 Trading division 16,201,434 22,362,282 66,201,916 76,914,929 Total Revenue $ 119,046,572 $ 133,261,052 $ 384,766,147 $ 417,490,683 Three Months Ended Nine Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Gross Profit: (unaudited) (unaudited) (unaudited) (unaudited) Ethanol division $ 15,658,412 $ 27,966,708 $ 47,610,193 $ 70,627,287 Trading division 259,178 686,948 1,683,209 3,096,547 Total Gross Profit $ 15,917,590 $ 28,653,656 $ 49,293,402 $ 73,723,834 Three Months Ended Nine Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Operating Income (Loss): (unaudited) (unaudited) (unaudited) (unaudited) Ethanol division $ 13,480,728 $ 26,363,161 $ 41,439,624 $ 65,474,516 Trading division (58,065) 369,705 731,480 2,144,818 Total Operating Income $ 13,422,663 $ 26,732,866 $ 42,171,104 $ 67,619,334 June 30, 2023 September 30, 2022 Grain Inventories: (unaudited) Ethanol division $ 13,557,910 $ 7,206,914 Trading division 3,081,250 2,028,605 Total Grain Inventories $ 16,639,160 $ 9,235,519 June 30, 2023 September 30, 2022 Total Assets: (unaudited) Ethanol division $ 214,946,649 $ 188,055,176 Trading division 459,877 900,652 Total Assets $ 215,406,526 $ 188,955,828

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) gal in Thousands		9 Months Ended
	Feb. 14, 2023 USD ($)	Jun. 30, 2023 USD ($) institution segment gal	Jun. 30, 2022 USD ($) gal	Sep. 30, 2022 USD ($)
Product Information [Line Items]
Number of reportable segments | segment		2
Number of operating segments | segment		2
Number of financial institutions | institution		3
Investments in held-to-maturity debt securities		$ 593,097		$ 0
Impairment loss		0	$ 0
Accrued distributions		1,100,000		0
Cash distributions paid		2,279,000
Proceeds from economic development fund	$ 2,950,000	$ 2,950,000	$ 0
Limited Partnership
Product Information [Line Items]
Equity method investment, ownership percentage		50%
High Protein Feed System
Product Information [Line Items]
Additional liquefaction tank and fermenter cost		$ 50,000,000
Treasury Bills
Product Information [Line Items]
Cash equivalents		$ 37,102,000		$ 33,229,000
Ethanol
Product Information [Line Items]
Annual production | gal		103,276	101,534

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 102,845,138	$ 110,914,670	$ 318,564,231	$ 340,658,310
Total revenues from contracts accounted for as derivatives	16,201,434	22,346,382	66,201,916	76,832,373
Total Revenues	119,046,572	133,261,052	384,766,147	417,490,683
Ethanol
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	79,970,647	84,706,603	245,830,363	272,527,573
Distillers Grains
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	16,818,758	18,261,386	50,403,931	47,450,158
Corn Oil
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	5,971,069	7,796,800	21,737,346	20,177,097
Carbon Dioxide
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	84,664	120,531	319,399	347,126
Other Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	29,350	273,192	156,356
Soybeans and Other Grains
Disaggregation of Revenue [Line Items]
Total revenues from contracts accounted for as derivatives	16,201,434	22,346,382	66,201,916	76,832,373
Ethanol Division
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	102,845,138	110,898,770	318,564,231	340,575,754
Total revenues from contracts accounted for as derivatives	0	0	0	0
Total Revenues	102,845,138	110,898,770	318,564,231	340,575,754
Ethanol Division | Ethanol
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	79,970,647	84,706,603	245,830,363	272,527,573
Ethanol Division | Distillers Grains
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	16,818,758	18,261,386	50,403,931	47,450,158
Ethanol Division | Corn Oil
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	5,971,069	7,796,800	21,737,346	20,177,097
Ethanol Division | Carbon Dioxide
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	84,664	120,531	319,399	347,126
Ethanol Division | Other Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	13,450	273,192	73,800
Ethanol Division | Soybeans and Other Grains
Disaggregation of Revenue [Line Items]
Total revenues from contracts accounted for as derivatives	0	0	0	0
Trading Division
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	15,900	0	82,556
Total revenues from contracts accounted for as derivatives	16,201,434	22,346,382	66,201,916	76,832,373
Total Revenues	16,201,434	22,362,282	66,201,916	76,914,929
Trading Division | Ethanol
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Trading Division | Distillers Grains
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Trading Division | Corn Oil
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Trading Division | Carbon Dioxide
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Trading Division | Other Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	15,900	0	82,556
Trading Division | Soybeans and Other Grains
Disaggregation of Revenue [Line Items]
Total revenues from contracts accounted for as derivatives	$ 16,201,434	$ 22,346,382	$ 66,201,916	$ 76,832,373

REVENUE - Narrative (Details)

REVENUE - Narrative (Details)	9 Months Ended
	Jun. 30, 2023
Corn Oil
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, payment terms	10 days
Minimum | Ethanol and Distillers' Grains
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, payment terms	7 days
Maximum | Ethanol and Distillers' Grains
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, payment terms	14 days

CONCENTRATIONS (Details)

CONCENTRATIONS (Details) - Customer Concentration Risk - Two Major Customers	9 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk	87%		82%
Sales Revenue, Goods, Net
Concentration Risk [Line Items]
Concentration risk	77%	77%

INVENTORIES - Schedule of Inven

INVENTORIES - Schedule of Inventory (Details) - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Inventory [Line Items]
Raw materials	$ 16,639,160	$ 9,235,519
Total Inventories	27,167,282	23,370,767
Ethanol Division
Inventory [Line Items]
Raw materials	13,557,910	7,206,914
Work in progress	2,306,420	2,442,453
Finished goods	3,477,384	7,513,988
Spare parts	4,744,318	4,178,807
Total Inventories	24,086,032	21,342,162
Trading Division
Inventory [Line Items]
Raw materials	3,081,250	2,028,605
Total Inventories	$ 3,081,250	$ 2,028,605

INVENTORIES - Narrative (Detail

INVENTORIES - Narrative (Details)	9 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) mo	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Ethanol Division
Inventory [Line Items]
Inventory written down	$ 872,000	$ 531,000
Ethanol Division | Corn
Inventory [Line Items]
Expected production needed	7%
Number of months of coverage | mo	18
Ethanol Division | Corn | Affiliated Entity
Inventory [Line Items]
Expected production needed	4%
Ethanol Division | Distillers Grains
Inventory [Line Items]
Expected production needed	66%
Ethanol Division | Corn Oil
Inventory [Line Items]
Expected production needed	114%
Trading Division
Inventory [Line Items]
Inventory written down	$ 237,000		$ 0
Trading Division | Forward Soybean Purchase Contract
Inventory [Line Items]
Expected production needed	14%
Trading Division | Forward Soybean Purchase Contract | Affiliated Entity
Inventory [Line Items]
Expected production needed	16%

DERIVATIVE INSTRUMENTS - Narrat

DERIVATIVE INSTRUMENTS - Narrative (Details) gal in Thousands, $ in Thousands	9 Months Ended
	Jun. 30, 2023 USD ($) broker lb gal MMcf bu	Sep. 30, 2022 USD ($) broker
Derivative [Line Items]
Cash collateral | $	$ 12,736	$ 9,302
Number of brokers, cash collateral | broker	3	3
Ethanol Division | Corn | Short | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume (in bushels or gallons)	2,228,893
Ethanol Division | Ethanol | Short | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume (in bushels or gallons) | gal	59,220
Ethanol Division | Soybean Oil | Long | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, nonmonetary notional amount, mass (in pounds) | lb	197,622
Ethanol Division | Natural Gas | Long | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume (in bushels or gallons) | MMcf	871,022
Trading Division | Soybean | Short | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume (in bushels or gallons)	300,000

DERIVATIVE INSTRUMENTS - Balanc

DERIVATIVE INSTRUMENTS - Balance Sheet (Details) - Not Designated as Hedging Instrument - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Futures and Options Contracts | Ethanol | Futures and Options Derivatives
Derivatives, Fair Value [Line Items]
Assets	$ 0	$ 0
Liabilities	6,320,859	841,470
Futures and Options Contracts | Corn | Futures and Options Derivatives
Derivatives, Fair Value [Line Items]
Assets	1,912,116	0
Liabilities	0	1,827,963
Futures and Options Contracts | Soybean Oil | Futures and Options Derivatives
Derivatives, Fair Value [Line Items]
Assets	59,932
Liabilities	0
Futures and Options Contracts | Natural Gas | Futures and Options Derivatives
Derivatives, Fair Value [Line Items]
Assets	0
Liabilities	77,026
Futures and Options Contracts | Soybean | Futures and Options Derivatives
Derivatives, Fair Value [Line Items]
Assets	481	972,041
Liabilities	0	0
Forward Contracts | Soybean | Forward Purchase/Sales Derivatives
Derivatives, Fair Value [Line Items]
Assets	62,253	360,620
Liabilities	$ 53,018	$ 507,408

DERIVATIVE INSTRUMENTS - Income

DERIVATIVE INSTRUMENTS - Income Statement (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income	$ (303,505)	$ 14,368,485	$ 9,059,871	$ (14,997,232)
Futures and Options Contracts | Not Designated as Hedging Instrument | Corn
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income	3,531,387	13,126,371	10,972,820	(3,762,026)
Futures and Options Contracts | Not Designated as Hedging Instrument | Ethanol
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income	(3,798,934)	2,410,473	1,360,523	(7,500,787)
Futures and Options Contracts | Not Designated as Hedging Instrument | Natural Gas
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income	44,849	0	(2,248,339)	(39,039)
Futures and Options Contracts | Not Designated as Hedging Instrument | Soybean Oil
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income	34,880	47,541	(42,906)	131,871
Futures and Options Contracts | Not Designated as Hedging Instrument | Soybean
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income	(103,110)	(866,771)	(1,256,613)	(4,871,604)
Forward Contracts | Not Designated as Hedging Instrument | Soybean
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income	$ (12,577)	$ (349,129)	$ 274,386	$ 1,044,353

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable	$ 5,742,307	$ 4,379,251
Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Treasury bills	17,199,082	33,228,697
Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable	5,742,000	4,379,251
Reported Value Measurement | Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Treasury bills	17,199,082	33,228,697
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable	0	0
Level 1 | Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Treasury bills	17,199,082	33,228,697
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable	5,742,307	4,379,251
Level 2 | Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Treasury bills	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable	0	0
Level 3 | Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Treasury bills	0	0
Soybean
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	3,081,250	2,028,605
Soybean | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	3,081,250	2,028,605
Soybean | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	0	0
Soybean | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	3,081,250	2,028,605
Soybean | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	0	0
Futures and Options Contracts | Corn
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	1,912,116	(1,827,963)
Futures and Options Contracts | Corn | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	1,912,116	(1,827,963)
Futures and Options Contracts | Corn | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	2,201,050	(1,827,963)
Futures and Options Contracts | Corn | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	(288,934)	0
Futures and Options Contracts | Corn | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	0	0
Futures and Options Contracts | Ethanol
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	(6,320,859)	(841,470)
Futures and Options Contracts | Ethanol | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	(6,320,859)	(841,470)
Futures and Options Contracts | Ethanol | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	(6,320,859)	(841,470)
Futures and Options Contracts | Ethanol | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	0	0
Futures and Options Contracts | Ethanol | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	0	0
Futures and Options Contracts | Soybean Oil
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	59,932
Futures and Options Contracts | Soybean Oil | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	59,932
Futures and Options Contracts | Soybean Oil | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	59,932
Futures and Options Contracts | Soybean Oil | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	0
Futures and Options Contracts | Soybean Oil | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	0
Futures and Options Contracts | Natural Gas
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	(77,026)
Futures and Options Contracts | Natural Gas | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	(77,026)
Futures and Options Contracts | Natural Gas | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	34,900
Futures and Options Contracts | Natural Gas | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	(111,926)
Futures and Options Contracts | Natural Gas | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	0
Futures and Options Contracts | Soybean
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	481	972,041
Futures and Options Contracts | Soybean | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	481	972,041
Futures and Options Contracts | Soybean | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	481	972,041
Futures and Options Contracts | Soybean | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	0	0
Futures and Options Contracts | Soybean | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	0	0
Forward Contracts | Soybean
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	9,235	(146,788)
Forward Contracts | Soybean | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	9,235	(146,788)
Forward Contracts | Soybean | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	0	0
Forward Contracts | Soybean | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	9,235	(146,788)
Forward Contracts | Soybean | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), at fair value, net	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	3 Months Ended				9 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized loss on available-for-sale debt securities	$ (14,113)	$ 7,804	$ (7,706)	$ 0	$ (14,015)	$ 0
Debt instrument, fair value disclosure	25,775,000				25,775,000		$ 9,000,000
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable	5,742,307				5,742,307		4,379,251
Reported Value Measurement | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable	$ 5,742,000				$ 5,742,000		$ 4,379,251

FAIR VALUE MEASUREMENTS - Held

FAIR VALUE MEASUREMENTS - Held to Maturity (Details) - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost, as Adjusted	$ 593,097	$ 0
Gross Unrealized Holding Gains	0
Gross Unrealized Holding Losses	0
Estimated Fair Value	593,097
Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost, as Adjusted	593,097
Gross Unrealized Holding Gains	0
Gross Unrealized Holding Losses	0
Estimated Fair Value	$ 593,097

BANK FINANCING (Details)

BANK FINANCING (Details)	9 Months Ended
	Jun. 30, 2023 USD ($) monthlyInstallment loan	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Feb. 27, 2022 USD ($)
Debt Instrument [Line Items]
Number of loans | loan	2
Long-term debt, net of current maturities	$ 25,496,988		$ 9,000,000
Revolving Credit Loan
Debt Instrument [Line Items]
Working capital requirement	23,000,000
Revolving Credit Facility | Declining Loan
Debt Instrument [Line Items]
Maximum availability	$ 39,000,000	$ 5,000,000		$ 5,000,000
Interest rate	8.20%		6.20%
Repaid equal monthly installments | monthlyInstallment	60
Debt term	10 years
Mandatory annual prepayments term	120 days
Annual prepayment percentage	40%
Annual prepayment	$ 7,200,000
Aggregate amount paid	18,000,000
Long-term debt, net of current maturities	25,775,000		$ 9,000,000
Revolving Credit Facility | Revolving Credit Loan
Debt Instrument [Line Items]
Maximum availability	$ 20,000,000
Floor interest rate	2.75%
Interest rate	8%		6%
Borrowings outstanding	$ 0		$ 0
Working capital requirement	15,000,000
Covenant, maximum capital expenditures per year without prior approval	$ 6,000,000
Minimum fixed charge coverage ratio	1.15
Minimum debt service charge coverage ratio	1.25
Revolving Credit Facility | Prime Rate | Declining Loan
Debt Instrument [Line Items]
Interest rate subtracted from U.S. Prime Rate	0.05%
Floor interest rate	2.85%
Revolving Credit Facility | Prime Rate | Revolving Credit Loan
Debt Instrument [Line Items]
Interest rate subtracted from U.S. Prime Rate	0.25%

BANK FINANCING - Schedule of De

BANK FINANCING - Schedule of Debt Maturities (Details)	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
Long-Term Debt, Maturities, Repayments of Principal in Next Rolling 12 Months	$ 277,624
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Two	2,892,799
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Three	3,142,680
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Four	3,414,150
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Five	3,705,899
Thereafter	12,341,460
Total long-term debt	$ 25,774,612

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2023 USD ($)
Operating Leased Assets [Line Items]
Operating lease weighted average discount rate	5.71%
Operating lease weighted average remaining lease term	1 year 3 months 14 days
Operating lease cost	$ 2,848
Cash paid for operating leases	$ 2,847
Minimum
Operating Leased Assets [Line Items]
Remaining lease term	1 year
Maximum
Operating Leased Assets [Line Items]
Remaining lease term	2 years

LEASES - Schedule of Future Min

LEASES - Schedule of Future Minimum Payments for Operating Leases (Details)	Jun. 30, 2023 USD ($)
Leases [Abstract]
2024	$ 3,000,130
2025	1,044,950
Totals	4,045,080
Amount representing interest	(141,966)
Lease liabilities	$ 3,903,114

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)		1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 30, 2009	Nov. 30, 2012	Jul. 31, 2009	Jun. 30, 2023 USD ($) hopper_rail_car tank_car	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) hopper_rail_car tank_car	Jun. 30, 2022 USD ($)	Jan. 20, 2022 USD ($)
Loss Contingencies [Line Items]
Marketing agreement, previous termination period						120 days
Marketing agreement, extended contract term		11 years				8 years
Marketing agreement, payment terms	14 days		7 days
Operating leases, number of tank cars leased | tank_car				225		225
Marketing agreement, automatic renewal term						1 year
Marketing agreement, termination period						90 days
Hopper rail cars leased | hopper_rail_car				180		180
Cost of goods sold				$ 103,128,982	$ 104,607,396	$ 335,472,745	$ 343,766,849
Equipment purchase and installation agreement accrual								$ 50,000,000
Maximum
Loss Contingencies [Line Items]
Sales commissions and fees						1,750,000
Rail Car Rehabilitation Cost Liability
Loss Contingencies [Line Items]
Estimated rehabilitation costs				$ 2,275,000		2,275,000
Cost of goods sold						$ 270,000

RISKS AND UNCERTAINTIES IMPAC_2

RISKS AND UNCERTAINTIES IMPACTING THE ETHANOL INDUSTRY AND OUR FUTURE OPERATIONS (Details) - Geographic Concentration Risk - UNITED STATES	9 Months Ended
	Jun. 30, 2023
Revenue
Concentration Risk [Line Items]
Concentration risk	64%
Cost of Goods Sold
Concentration Risk [Line Items]
Concentration risk	67%

BUSINESS SEGMENTS - Narrative (

BUSINESS SEGMENTS - Narrative (Details)	9 Months Ended
	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2
Number of operating segments	2

BUSINESS SEGMENTS - Schedule of

BUSINESS SEGMENTS - Schedule of Business Segments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue:	$ 119,046,572	$ 133,261,052	$ 384,766,147	$ 417,490,683
Gross Profit:	15,917,590	28,653,656	49,293,402	73,723,834
Operating Income (Loss):	13,422,663	26,732,866	42,171,104	67,619,334
Grain Inventories:	16,639,160		16,639,160		$ 9,235,519
Total Assets:	215,406,526		215,406,526		188,955,828
Ethanol division
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue:	102,845,138	110,898,770	318,564,231	340,575,754
Gross Profit:	15,658,412	27,966,708	47,610,193	70,627,287
Operating Income (Loss):	13,480,728	26,363,161	41,439,624	65,474,516
Grain Inventories:	13,557,910		13,557,910		7,206,914
Total Assets:	214,946,649		214,946,649		188,055,176
Trading division
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue:	16,201,434	22,362,282	66,201,916	76,914,929
Gross Profit:	259,178	686,948	1,683,209	3,096,547
Operating Income (Loss):	(58,065)	$ 369,705	731,480	$ 2,144,818
Grain Inventories:	3,081,250		3,081,250		2,028,605
Total Assets:	$ 459,877		$ 459,877		$ 900,652

EQUITY METHOD INVESTMENTS (Deta

EQUITY METHOD INVESTMENTS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Loss from equity method investment	$ 23,588	$ 0	$ 350,572	$ 0
Limited Partnership
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50%		50%
Equity method investments	$ 2,996,000		$ 2,996,000		$ 396,000
Loss from equity method investment	$ 24,000		$ 351,000