Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 22, 2021 | Mar. 31, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001424844 | ||
Entity Registrant Name | SOUTHWEST IOWA RENEWABLE ENERGY, LLC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --09-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Sep. 30, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 000-53041 | ||
Entity Incorporation, State or Country Code | IA | ||
Entity Tax Identification Number | 20-2735046 | ||
Entity Address, Address Line One | 10868 189th Street | ||
Entity Address, City or Town | Council Bluffs | ||
Entity Address, State or Province | IA | ||
Entity Address, Postal Zip Code | 51503 | ||
City Area Code | 712 | ||
Local Phone Number | 366-0392 | ||
Title of 12(g) Security | Series A Membership Units | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 30,604,750 | ||
Entity Common Stock, Shares Outstanding | 8,975 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 1,945 | $ 1,116 |
Accounts receivable, net of allowance for doubtful accounts | 12,766 | 8,488 |
Derivative financial instruments | 1,556 | 705 |
Inventory | 28,677 | 13,369 |
Prepaid expenses and other | 443 | 424 |
Total current assets | 45,387 | 24,102 |
Property, Plant and Equipment | ||
Land | 2,064 | 2,064 |
Plant, building and equipment | 255,623 | 247,462 |
Office and other equipment | 1,892 | 1,803 |
Property, Plant and Equipment, Gross, Ending Balance | 259,579 | 251,329 |
Accumulated depreciation | (153,546) | (142,444) |
Net property, plant and equipment | 106,033 | 108,885 |
Other Assets | ||
Right of use asset operating leases, net | 3,937 | 6,667 |
Other Assets | 1,069 | 1,172 |
Total Assets | 156,426 | 140,826 |
Current Liabilities | ||
Accounts payable | 7,695 | 3,204 |
Accrued expenses | 4,556 | 4,176 |
Current maturities of notes payable | 10,019 | 8,191 |
Current portion of operating lease liability | 2,922 | 3,052 |
Total current liabilities | 25,192 | 18,623 |
Long Term Liabilities | ||
Notes payable, less current maturities | 51,677 | 48,529 |
Other long-term liabilities | 4,154 | 4,255 |
Operating lease liability, less current maturities | 1,015 | 3,615 |
Total long term liabilities | 56,846 | 56,399 |
Members' Equity | ||
8,975 units issued and outstanding as of September 30, 2021 and 2020 | 64,106 | 64,106 |
Retained earnings | 10,282 | 1,698 |
Total members' equity | 74,388 | 65,804 |
Total Liabilities and Members' Equity | $ 156,426 | $ 140,826 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - shares | Sep. 30, 2021 | Sep. 30, 2020 |
Common Unit, Issued (in shares) | 8,975 | 8,975 |
Common Unit, Outstanding (in shares) | 8,975 | 8,975 |
Statements of Operations
Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues | $ 302,820 | $ 198,614 |
Cost of Goods Sold | ||
Cost of goods sold-non hedging | 291,890 | 195,488 |
Realized & unrealized hedging (gains) losses | (4,395) | (2,599) |
Cost of Goods and Services Sold, Total | 287,495 | 192,889 |
Gross Margin | 15,325 | 5,725 |
General and administrative expenses | 5,733 | 5,169 |
Operating Income | 9,592 | 556 |
Other Expense | ||
Interest expense and other income, net | 1,008 | 998 |
Net Income (Loss) | $ 8,584 | $ (442) |
Weighted Average Units Outstanding -basic and diluted (in shares) | 8,975 | 9,899 |
Income (Loss) per unit -basic and diluted (in dollars per share) | $ 956.43 | $ (44.65) |
Statements of Members' Equity
Statements of Members' Equity - USD ($) $ in Thousands | Members Contribution [Member] | Retained Earnings [Member] | Total |
Balance at Sep. 30, 2019 | $ 87,165 | $ 2,140 | $ 89,305 |
Repurchase of Membership Units | (23,059) | 0 | (23,059) |
Net Income (Loss) | 0 | (442) | (442) |
Balance at Sep. 30, 2020 | 64,106 | 1,698 | 65,804 |
Net Income (Loss) | 0 | 8,584 | 8,584 |
Balance at Sep. 30, 2021 | $ 64,106 | $ 10,282 | $ 74,388 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income (Loss) | $ 8,584 | $ (442) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation | 11,114 | 10,694 |
Amortization | 78 | 100 |
Loss on disposal of property and equipment | 0 | 85 |
Change in other assets, net | 103 | 275 |
Bad debt expense | 79 | 128 |
(Increase) decrease in current assets: | ||
Accounts receivable | (4,357) | 700 |
Inventory | (15,308) | 3,798 |
Prepaid expenses and other | (19) | (93) |
Derivative financial instruments | (851) | (627) |
Increase in other long-term liabilities | 2,076 | 383 |
Increase (decrease) in current liabilities: | ||
Accounts payable | 4,491 | (949) |
Derivative financial instruments | 0 | (597) |
Accrued expenses | 380 | (6,311) |
Net cash provided by operating activities | 6,370 | 7,144 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | (8,262) | (8,342) |
Proceeds from sale of property and equipment | 0 | 127 |
Net cash (used in) investing activities | (8,262) | (8,215) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments for financing costs | (33) | (223) |
Settlement of put option liability | 0 | (6,037) |
Proceeds from notes payable | 244,441 | 223,736 |
Payments of notes payable | (241,687) | (193,305) |
Repurchase of membership units | 0 | (23,059) |
Net cash provided by financing activities | 2,721 | 1,112 |
Net increase in cash and cash equivalents | 829 | 41 |
CASH AND CASH EQUIVALENTS | ||
Beginning | 1,116 | 1,075 |
Ending | 1,945 | 1,116 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash paid for interest | 2,026 | 1,927 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Establishment of lease liability and right-of-use asset | $ 0 | $ 9,684 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | Note 1: Nature of Business Southwest Iowa Renewable Energy, LLC (the “ Company March 2005, February 2009. 2021 2020 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2: Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a maturity of three Concentration of Credit Risk The Company’s cash balances are maintained in bank deposit accounts which at times may not Revenue Recognition The Company recognizes revenue when a customer obtains control of promised goods or services in an amount that reflects the considerations the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from the contracts with customers. The Company applies the five The Company sells ethanol and related products pursuant to marketing agreements. Revenues are recognized when the risk of loss has been transferred to the marketing company and the marketing company has taken title to the product, prices are fixed or determinable and collectability is reasonably assured. The Company’s products are generally shipped Free on Board ("FOB") shipping point, and recorded as a sale upon delivery of the applicable bill of lading and transfer of risk of loss. The Company’s ethanol sales are handled through an ethanol purchase agreement (the “Ethanol Agreement”) with Bunge North America, Inc. (“Bunge”) which was restated effective January 1, 2020 9, December 31, 2019, March 31, 2020. “CO2 Accounts Receivable Accounts receivable are recorded at original invoice amounts less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering customers’ financial condition, credit history and current economic conditions. As of September 30, 2021 2020 Risks and Uncertainties The Company's operating and financial performance is largely driven by the prices at which ethanol is sold and the net expense of corn. The price of ethanol is influenced by factors such as supply and demand, weather, government policies and programs, and unleaded gasoline and the petroleum markets with ethanol selling, in general, 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. Investment in Commodities Contracts, Derivative Instruments and Hedging Activities The Company’s operations and cash flows are subject to fluctuations due to changes in commodity prices. The Company is subject to market risk with respect to the price and availability of corn, the principal raw material used to produce ethanol and ethanol by-products. Exposure to commodity price risk results from its dependence on corn in the ethanol production process. In general, rising corn prices result in lower profit margins and, therefore, represent unfavorable market conditions. This is especially true when market conditions do not To minimize the risk and the volatility of commodity prices, primarily related to corn and ethanol, the Company uses various derivative instruments, including forward corn, ethanol and distillers grains purchase and sales contracts, over-the-counter and exchange-trade futures and option contracts. When the Company has sufficient working capital available, it enters into derivative contracts to hedge its exposure to price risk related to forecasted corn needs and forward corn purchase contracts. Management has evaluated the Company’s contracts to determine whether the contracts are derivative instruments. Certain contracts that literally meet the definition of a derivative may not The Company applies the normal sale exemption to forward contracts relating to ethanol, distillers grains, and corn oil and therefore these forward contracts are not September 30, 2021 Corn purchase contracts are treated as derivative financial instruments. Changes in fair value of forward corn contracts, which are marked to market each period, are included in costs of goods sold. As of September 30, 2021 In addition, the Company enters into short-term cash, options and futures contracts as a means of managing exposure to changes in commodity prices. The Company enters into derivative contracts to hedge the exposure to volatile commodity price fluctuations. The Company maintains a risk management strategy that uses derivative instruments to minimize significant, unanticipated earnings fluctuations caused by market volatility. The Company’s specific goal is to protect itself from large moves in commodity costs. All derivatives are designated as non-hedge derivatives and the contracts will be accounted for at fair value. Although the contracts are considered effective economic hedges of specified risks, they are not Derivatives not September 30, 2021 2020 Balance Sheet Classification September 30, 2021 September 30, 2020 in 000's in 000's Futures and option contracts In gain position $ 196 $ 590 In loss position (1,386 ) (592 ) Cash held by broker 2,012 304 Forward contracts, corn $ 734 $ 403 Net futures, options, and forward contracts Current asset 1,556 705 The net realized and unrealized gains and losses on the Company’s derivative contracts for the years ended September 30, 2021 2020 Statement of Operations Classification September 30, 2021 September 30, 2020 Net realized and unrealized (gains) losses related to: (in 000's) (in 000's) Forward purchase contracts (corn) Cost of Goods Sold $ 4,436 $ 67 Futures and option contracts (corn) Cost of Goods Sold (8,831) (2,666 ) Inventory Inventory is stated at the lower of average cost or net realizable value. In the valuation of inventories and purchase commitments, net realizable value is defined as estimated selling price in the ordinary course of business less reasonable predictable costs of completion, disposal and transportation. At both September 30, 2021 2020 no Leases In February 2016, 2016 02 2016 02" 2016 02 one 1 2 October 1, 2019, September 30, 2020. 11 Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated useful lives: (in years) Buildings 40 Process Equipment 10 - 20 Office Equipment 3-7 Maintenance and repairs are charged to expense as incurred; major improvements are capitalized. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group may not no 2021 2020 Income Taxes The Company has elected to be treated as a partnership for federal and state income tax purposes and generally does not no Management has evaluated the Company’s tax positions under the Financial Accounting Standards Board issued guidance on accounting for uncertainty in income taxes and concluded that the Company has taken no |
Note 3 - Inventory
Note 3 - Inventory | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 3: Inventory Inventory is comprised of the following at: September 30, 2021 September 30, 2020 (in 000's) (in 000's) Raw Materials - corn $ 9,275 $ 1,663 Supplies and Chemicals 5,589 4,906 Work in Process 2,762 1,667 Finished Goods 11,051 5,133 Total $ 28,677 $ 13,369 |
Note 4 - Revolving Loan-Credit
Note 4 - Revolving Loan-Credit Agreements | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 4: Revolving Loan/Credit Agreements FCSA/CoBank The Company is a party to a credit agreement with Farm Credit Services of America, FLCA ("FCSA"), Farm Credit Services of America, PCA and CoBank, ACB, as cash management provider and agent ("CoBank") which provides the Company with a term loan in the amount of $30.0 million (the "Term Loan") and a revolving term loan in the amount of up to $40.0 million (the "Revolving Term Loan"), together with the Term Loan, the "FCSA Credit Facility"). On February 26, 2021, August 1, 2021, 2021, June 30, 2021 October 29, 2021. February 1, 2022. September 30, 2021. The Term Loan provides for semi-annual payments by the Company to FCSA of $3.75 million with a maturity date of November 15, 2024. February 26, 2021 one 2021, March 1, 2021, four March 1 September 1, September 1, 2023 ( November 15, 2024. September 30, 2021 As of September 30, 2021 Financing costs associated with the Credit Agreement Facility are recorded at cost and include expenditures directly related to securing debt financing. The Company amortizes financing costs using the effective interest method over the term of the related debt. Paycheck Protection Program Loan On April 14, 2020, 19. may eight twenty-four February 15, 2020, February 1, 2020 60% no 40% December 18, 2021, On January 28, 2021, 60% no 40% September 2021. December 18, 20201, |
Note 5 - Notes Payable
Note 5 - Notes Payable | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Notes Payable [Text Block] | Note 5: Notes payable consists of the following (in 000's September 30, 2021 September 30, 2020 Term loan bearing interest at LIBOR plus 3.40 3.64 $ 22,500 $ 26,250 Note payable, PPP Loan bearing interest at 1.00 April 28, 2022 1,063 1,063 Note payable, PPP Loan bearing interest at 1.00 January 4, 2026 1,114 1,114 Revolving term loan bearing interest at LIBOR plus 3.40 3.64 34,999 26,828 Other with interest rates from 3.50 4.15 2027 2,157 2,761 61,833 56,902 Less Current Maturities 10,019 8,191 Less Financing Costs, net of amortization 137 182 Total Long Term Debt 51,677 48,529 Approximate aggregate maturities of notes payable as of September 30, 2021 000's 2022 $ 10,019 2023 7,608 2024 7,612 2025 35,115 2026 1,233 2027 and thereafter 246 Total $ 61,833 |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurement | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 6: Fair Value Measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company used various methods including market, income and cost approaches. Based on these approaches, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observable inputs used in the valuation techniques, the Company is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one three Level 1 Level 2 third Level 3 A description of the valuation methodologies used for instruments measured at fair value, including the general classifications of such instruments pursuant to the valuation hierarchy, is set below. Derivative financial statements 1 may CME 2 third 2 may The following table summarizes financial instruments measured at fair value on a recurring basis as of September 30, 2021 2020 '000s September 30, 2021 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 196 $ 734 $ — Liabilities: Derivative financial instruments $ 1,386 — — September 30, 2020 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 590 $ 403 $ — Liabilities: Derivative financial instruments $ 592 — — |
Note 7 - Incentive Compensation
Note 7 - Incentive Compensation | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 7: Incentive Compensation The Company has an equity incentive plan which provides that the Board of Directors may EAU EPU September 30, 2021 three During the Fiscal 2021 2020 September 30, 2021 2020 three |
Note 8 - Related Party Transact
Note 8 - Related Party Transactions and Major Customers | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 8: Related Party Transactions and Major Customers Related Party Transactions On November 15, 2019, October 31, 2019. December 31, 2019, no December 31, 2019 2020 Bunge As part of the Bunge Membership Interest Purchase Agreement (the " Bunge Repurchase Agreement January 1, 2020 ( Restated Ethanol Agreement December 31, 2026. 2021 2020 On June 26, 2009, November 2016, November 2013 January 2015. one November 2016, March 24, 2019. third March 25, 2019. June 2018, one third The Company entered into an agreement effective March 24, 2019 November 2019. August 2020, DOT111 four March 24, 2019 April 30, 2023, January 1, 2023 DOT117 May 2023. 110 three March 24, 2019 March 31, 2022 not February 2019, second third December 2015. June 2020, 2021 2020 The Company continues to work with the lessors to determine the need for ethanol and hopper cars in light of current market conditions, and the expected conditions in 2022 As part of the Bunge Repurchase Agreement, Bunge agreed to provide transition services until March 31, 2020 2021 2020 As part of the Bunge Repurchase Agreement, Bunge agreed to provide transition services until March 31, 2020 2021 2020 Major Customers In connection with the Bunge Repurchase Agreement, the Company and Bunge entered into a Restated Ethanol Agreement effective January 1, 2020 December 31, 2019; March 31, 2020 2021 2020 2021 2020 September 30, 2021 2020 |
Note 9 - Commitments
Note 9 - Commitments | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | Note 9: The Company has entered into a steam contract with an unrelated party under which the vendor agreed to provide the steam required by the Company, up to 475,000 pounds per hour. The Company agreed to pay a net energy rate for all steam provided under the contract as well as a monthly demand charge. The net energy rate is set for the first three third January 1, 2013, November 30, 2024. September 30, 2021 2020 |
Note 10 - Lease Obligations
Note 10 - Lease Obligations | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 10: Effective October 1, 2019, 2016 02, 842 not September 30, 2020 one not not not A lease exists when a contract conveys to a party the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The Company recognized a lease liability at the lease commencement date, as the present value of future lease payments, using an estimated rate of interest that the Company would pay to borrow equivalent funds on a collateralized basis. A lease asset is recognized based on the lease liability value and adjusted for any prepaid lease payments, initial direct costs, or lease incentive amounts. The lease term at the commencement date includes any renewal options or termination options when it is reasonably certain that the Company will exercise or not The Company leases rail cars and rail moving equipment with original terms up to 3 years for hopper cars and 4 years for tanker cars from Bunge. This lease was assigned to Trinity Leasing effective July 17, 2020. third two second not two third third May 2020, third September 2020. August 2020, September 30, 2021 September 30, 2020. January 2022 May 2023. September 30, 2021 The discount rate used in determining the lease liability for each individual lease was the Company's estimated incremental borrowing rate of 3.55% . The right-of-use asset operating lease, is included in the other asset grouping, and operating lease liability, included in current and long term liabilities was $3.9 million as of September 30, 2021 The Company's aggregate minimum rental commitments under non-cancellable operating leases as of September 30, 2021 000's 2022 $ 2,819 2023 1,216 2024 6 Total 4,041 Undiscounted future payments 4,041 Discount effect (104 ) Present value $ 3,937 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a maturity of three |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company’s cash balances are maintained in bank deposit accounts which at times may not |
Revenue [Policy Text Block] | Revenue Recognition The Company recognizes revenue when a customer obtains control of promised goods or services in an amount that reflects the considerations the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from the contracts with customers. The Company applies the five The Company sells ethanol and related products pursuant to marketing agreements. Revenues are recognized when the risk of loss has been transferred to the marketing company and the marketing company has taken title to the product, prices are fixed or determinable and collectability is reasonably assured. The Company’s products are generally shipped Free on Board ("FOB") shipping point, and recorded as a sale upon delivery of the applicable bill of lading and transfer of risk of loss. The Company’s ethanol sales are handled through an ethanol purchase agreement (the “Ethanol Agreement”) with Bunge North America, Inc. (“Bunge”) which was restated effective January 1, 2020 9, December 31, 2019, March 31, 2020. “CO2 |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable are recorded at original invoice amounts less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering customers’ financial condition, credit history and current economic conditions. As of September 30, 2021 2020 |
Concentration Risk Disclosure [Policy Text Block] | Risks and Uncertainties The Company's operating and financial performance is largely driven by the prices at which ethanol is sold and the net expense of corn. The price of ethanol is influenced by factors such as supply and demand, weather, government policies and programs, and unleaded gasoline and the petroleum markets with ethanol selling, in general, 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. |
Derivatives, Policy [Policy Text Block] | Investment in Commodities Contracts, Derivative Instruments and Hedging Activities The Company’s operations and cash flows are subject to fluctuations due to changes in commodity prices. The Company is subject to market risk with respect to the price and availability of corn, the principal raw material used to produce ethanol and ethanol by-products. Exposure to commodity price risk results from its dependence on corn in the ethanol production process. In general, rising corn prices result in lower profit margins and, therefore, represent unfavorable market conditions. This is especially true when market conditions do not To minimize the risk and the volatility of commodity prices, primarily related to corn and ethanol, the Company uses various derivative instruments, including forward corn, ethanol and distillers grains purchase and sales contracts, over-the-counter and exchange-trade futures and option contracts. When the Company has sufficient working capital available, it enters into derivative contracts to hedge its exposure to price risk related to forecasted corn needs and forward corn purchase contracts. Management has evaluated the Company’s contracts to determine whether the contracts are derivative instruments. Certain contracts that literally meet the definition of a derivative may not The Company applies the normal sale exemption to forward contracts relating to ethanol, distillers grains, and corn oil and therefore these forward contracts are not September 30, 2021 Corn purchase contracts are treated as derivative financial instruments. Changes in fair value of forward corn contracts, which are marked to market each period, are included in costs of goods sold. As of September 30, 2021 In addition, the Company enters into short-term cash, options and futures contracts as a means of managing exposure to changes in commodity prices. The Company enters into derivative contracts to hedge the exposure to volatile commodity price fluctuations. The Company maintains a risk management strategy that uses derivative instruments to minimize significant, unanticipated earnings fluctuations caused by market volatility. The Company’s specific goal is to protect itself from large moves in commodity costs. All derivatives are designated as non-hedge derivatives and the contracts will be accounted for at fair value. Although the contracts are considered effective economic hedges of specified risks, they are not Derivatives not September 30, 2021 2020 Balance Sheet Classification September 30, 2021 September 30, 2020 in 000's in 000's Futures and option contracts In gain position $ 196 $ 590 In loss position (1,386 ) (592 ) Cash held by broker 2,012 304 Forward contracts, corn $ 734 $ 403 Net futures, options, and forward contracts Current asset 1,556 705 The net realized and unrealized gains and losses on the Company’s derivative contracts for the years ended September 30, 2021 2020 Statement of Operations Classification September 30, 2021 September 30, 2020 Net realized and unrealized (gains) losses related to: (in 000's) (in 000's) Forward purchase contracts (corn) Cost of Goods Sold $ 4,436 $ 67 Futures and option contracts (corn) Cost of Goods Sold (8,831) (2,666 ) |
Inventory, Policy [Policy Text Block] | Inventory Inventory is stated at the lower of average cost or net realizable value. In the valuation of inventories and purchase commitments, net realizable value is defined as estimated selling price in the ordinary course of business less reasonable predictable costs of completion, disposal and transportation. At both September 30, 2021 2020 no |
Lessee, Leases [Policy Text Block] | Leases In February 2016, 2016 02 2016 02" 2016 02 one 1 2 October 1, 2019, September 30, 2020. 11 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated useful lives: (in years) Buildings 40 Process Equipment 10 - 20 Office Equipment 3-7 Maintenance and repairs are charged to expense as incurred; major improvements are capitalized. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group may not no 2021 2020 |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company has elected to be treated as a partnership for federal and state income tax purposes and generally does not no Management has evaluated the Company’s tax positions under the Financial Accounting Standards Board issued guidance on accounting for uncertainty in income taxes and concluded that the Company has taken no |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Balance Sheet Classification September 30, 2021 September 30, 2020 in 000's in 000's Futures and option contracts In gain position $ 196 $ 590 In loss position (1,386 ) (592 ) Cash held by broker 2,012 304 Forward contracts, corn $ 734 $ 403 Net futures, options, and forward contracts Current asset 1,556 705 Statement of Operations Classification September 30, 2021 September 30, 2020 Net realized and unrealized (gains) losses related to: (in 000's) (in 000's) Forward purchase contracts (corn) Cost of Goods Sold $ 4,436 $ 67 Futures and option contracts (corn) Cost of Goods Sold (8,831) (2,666 ) |
Property, Plant and Equipment [Table Text Block] | (in years) Buildings 40 Process Equipment 10 - 20 Office Equipment 3-7 |
Note 3 - Inventory (Tables)
Note 3 - Inventory (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2021 September 30, 2020 (in 000's) (in 000's) Raw Materials - corn $ 9,275 $ 1,663 Supplies and Chemicals 5,589 4,906 Work in Process 2,762 1,667 Finished Goods 11,051 5,133 Total $ 28,677 $ 13,369 |
Note 5 - Notes Payable (Tables)
Note 5 - Notes Payable (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, 2021 September 30, 2020 Term loan bearing interest at LIBOR plus 3.40 3.64 $ 22,500 $ 26,250 Note payable, PPP Loan bearing interest at 1.00 April 28, 2022 1,063 1,063 Note payable, PPP Loan bearing interest at 1.00 January 4, 2026 1,114 1,114 Revolving term loan bearing interest at LIBOR plus 3.40 3.64 34,999 26,828 Other with interest rates from 3.50 4.15 2027 2,157 2,761 61,833 56,902 Less Current Maturities 10,019 8,191 Less Financing Costs, net of amortization 137 182 Total Long Term Debt 51,677 48,529 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2022 $ 10,019 2023 7,608 2024 7,612 2025 35,115 2026 1,233 2027 and thereafter 246 Total $ 61,833 |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurement (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2021 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 196 $ 734 $ — Liabilities: Derivative financial instruments $ 1,386 — — September 30, 2020 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 590 $ 403 $ — Liabilities: Derivative financial instruments $ 592 — — |
Note 10 - Lease Obligations (Ta
Note 10 - Lease Obligations (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 $ 2,819 2023 1,216 2024 6 Total 4,041 Undiscounted future payments 4,041 Discount effect (104 ) Present value $ 3,937 |
Note 1 - Nature of Business (De
Note 1 - Nature of Business (Details Textual) - gal gal in Millions | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Production Capacity, Ethanol (Gallon) | 140 | |
Production Sold, Ethanol (Gallon) | 127 | 115 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) bu in Thousands, T in Thousands, $ in Thousands, lb in Millions, gal in Millions | 12 Months Ended | |
Sep. 30, 2021USD ($)Tlbgalbu | Sep. 30, 2020USD ($) | |
Accounts Receivable, Allowance for Credit Loss, Current | $ | $ 206 | $ 128 |
Ethanol [Member] | ||
Supply Commitment, Minimum Volume Required (Gallon) | gal | 7.7 | |
Dried Distillers Grains [Member] | ||
Supply Commitment, Minimum Mass Required (US Ton) | T | 86 | |
Wet Distillers Grains [Member] | ||
Supply Commitment, Minimum Mass Required (US Ton) | T | 89 | |
Corn Oil [Member] | ||
Supply Commitment, Minimum Mass Required (US Ton) | lb | 8.9 | |
Corn [Member] | Forward Contracts [Member] | ||
Long-term Purchase Commitment, Minimum Volume Required (Bushel) | bu | 5,400 | |
Long-term Purchase Commitment, Amount | $ | $ 28,700 | |
Corn [Member] | Basis Contract [Member] | ||
Long-term Purchase Commitment, Minimum Volume Required (Bushel) | bu | 13 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Schedule of Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Assets | $ 1,556 | $ 705 |
Purchase Contracts | 4,395 | 2,599 |
Futures and Option Contracts, Gain Position [Member] | ||
Derivative financial instruments | 196 | 590 |
Futures and Option Contracts in Loss Position [Member] | ||
Derivative Liabilities | (1,386) | (592) |
Futures and Option Contracts Cash Held by Due to Broker [Member] | ||
Derivative financial instruments | 2,012 | 304 |
Corn [Member] | Forward Contracts [Member] | ||
Derivative financial instruments | 734 | 403 |
Purchase Contracts | 4,436 | 67 |
Corn [Member] | Future And Option Contracts [Member] | ||
Purchase Contracts | $ (8,831) | $ (2,666) |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details) | 12 Months Ended |
Sep. 30, 2021 | |
Building [Member] | |
Property, Plant, and Equipment (Year) | 40 years |
Process Equipment [Member] | Minimum [Member] | |
Property, Plant, and Equipment (Year) | 10 years |
Process Equipment [Member] | Maximum [Member] | |
Property, Plant, and Equipment (Year) | 20 years |
Office Equipment [Member] | Minimum [Member] | |
Property, Plant, and Equipment (Year) | 3 years |
Office Equipment [Member] | Maximum [Member] | |
Property, Plant, and Equipment (Year) | 7 years |
Note 3 - Inventory - Components
Note 3 - Inventory - Components of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Raw Materials - corn | $ 9,275 | $ 1,663 |
Supplies and Chemicals | 5,589 | 4,906 |
Work in Process | 2,762 | 1,667 |
Finished Goods | 11,051 | 5,133 |
Total | $ 28,677 | $ 13,369 |
Note 4 - Revolving Loan-Credi_2
Note 4 - Revolving Loan-Credit Agreements (Details Textual) $ in Thousands | Mar. 01, 2021USD ($) | Feb. 26, 2021USD ($) | Jan. 28, 2021USD ($) | Apr. 14, 2020USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Nov. 08, 2019USD ($) |
Long-term Debt, Total | $ 61,833 | |||||||
Paycheck Protection Program CARES Act [Member] | ||||||||
Long-term Debt, Total | 1,063 | |||||||
Proceeds from Issuance of Long-term Debt, Total | $ 1,100 | $ 1,100 | ||||||
FSCA and CoBank[Member] | ||||||||
Long-term Debt, Total | 61,833 | $ 56,902 | ||||||
FSCA and CoBank[Member] | Revolving Term Loan [Member] | ||||||||
Long-term Line of Credit, Total | $ 34,999 | $ 26,828 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.64% | |||||||
FSCA and CoBank[Member] | Revolving Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.40% | 3.40% | ||||||
FSCA and CoBank[Member] | FCSA Credit Facility [Member] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.64% | |||||||
Long-term Debt, Total | $ 57,500 | |||||||
FSCA and CoBank[Member] | FCSA Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.40% | |||||||
FSCA and CoBank[Member] | FCSA Credit Facility [Member] | Revolving Term Loan [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 5,000 | |||||||
FSCA and CoBank[Member] | FCSA Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | |||||||
Long-term Line of Credit, Total | $ 0 | |||||||
FSCA and CoBank[Member] | Term Loan [Member] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.64% | |||||||
Long-term Debt, Total | $ 22,500 | $ 26,250 | ||||||
FSCA and CoBank[Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.40% | 3.40% | ||||||
FSCA and CoBank[Member] | Term Loan [Member] | FCSA Credit Facility [Member] | ||||||||
Debt Instrument, Face Amount | $ 30,000 | |||||||
Debt Instrument, Periodic Payment, Total | $ 3,750 | $ 3,750 | ||||||
Debt Instrument, Number of Principal Payments | 1 | |||||||
Debt Instrument, Periodic Payment, Principal | $ 3,750 | |||||||
Debt Instrument, Number of Payments | 4 | |||||||
FSCA and CoBank[Member] | Term Loan [Member] | FSCA and CoBank[Member] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.64% |
Note 5 - Notes Payable - Compon
Note 5 - Notes Payable - Components of Notes Payable (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Long-term debt | $ 61,833 | |
Less Current Maturities | 10,019 | $ 8,191 |
Less Financing Costs, net of amortization | 137 | 182 |
Total Long Term Debt | 51,677 | 48,529 |
Paycheck Protection Program CARES Act [Member] | ||
Long-term debt | 1,063 | |
Paycheck Protection Program CARES Act, Phase II [Member] | ||
Long-term debt | 1,114 | |
FSCA and CoBank[Member] | ||
Long-term debt | 61,833 | 56,902 |
FSCA and CoBank[Member] | Revolving Term Loan [Member] | ||
Term loan | 34,999 | 26,828 |
Term Loan [Member] | FSCA and CoBank[Member] | ||
Long-term debt | 22,500 | 26,250 |
Paycheck Protection Program CARES Act [Member] | Paycheck Protection Program CARES Act [Member] | ||
Long-term debt | 1,063 | |
Paycheck Protection Program CARES Act, Phase II [Member] | Paycheck Protection Program CARES Act, Phase II [Member] | ||
Long-term debt | 1,114 | |
Other Debt [Member] | ||
Long-term debt | $ 2,157 | $ 2,761 |
Note 5 - Notes Payable - Comp_2
Note 5 - Notes Payable - Components of Notes Payable (Details) (Parentheticals) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Paycheck Protection Program CARES Act [Member] | ||
Debt Instrument, Interest Rate During Period | 1.00% | |
Debt Instrument, Maturity Date | Apr. 28, 2022 | Apr. 28, 2022 |
Paycheck Protection Program CARES Act, Phase II [Member] | ||
Debt Instrument, Interest Rate During Period | 1.00% | |
Debt Instrument, Maturity Date | Jan. 4, 2026 | |
FSCA and CoBank[Member] | Revolving Term Loan [Member] | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.64% | |
FSCA and CoBank[Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Term Loan [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.40% | 3.40% |
Term Loan [Member] | FSCA and CoBank[Member] | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.64% | |
Term Loan [Member] | FSCA and CoBank[Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.40% | 3.40% |
Paycheck Protection Program CARES Act [Member] | Paycheck Protection Program CARES Act [Member] | ||
Debt Instrument, Interest Rate During Period | 1.00% | |
Other Debt [Member] | Minimum [Member] | ||
Debt Instrument, Interest Rate During Period | 3.50% | 3.50% |
Other Debt [Member] | Maximum [Member] | ||
Debt Instrument, Interest Rate During Period | 4.15% | 4.15% |
Note 5 - Notes Payable - Schedu
Note 5 - Notes Payable - Schedule of Notes Payable Maturities (Details) $ in Thousands | Sep. 30, 2021USD ($) |
2022 | $ 10,019 |
2023 | 7,608 |
2024 | 7,612 |
2025 | 35,115 |
2026 | 1,233 |
2027 and thereafter | 246 |
Total | $ 61,833 |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurement - Schedule of Fair Value, Asset and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Derivative financial instruments | $ 196 | $ 590 |
Liabilities: | ||
Derivative financial instruments | 1,386 | 592 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Derivative financial instruments | 734 | 403 |
Liabilities: | ||
Derivative financial instruments | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Derivative financial instruments | 0 | 0 |
Liabilities: | ||
Derivative financial instruments | $ 0 | $ 0 |
Note 7 - Incentive Compensati_2
Note 7 - Incentive Compensation (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement, Expense | $ 189,000 | $ 172,000 |
Deferred Compensation Liability, Current, Total | $ 416,000 | $ 344,000 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | |
Equity Appreciation Units (“EAU”) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 0 | |
Equity Participation Units (“EPU”) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 68.4 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years |
Note 8 - Related Party Transa_2
Note 8 - Related Party Transactions and Major Customers (Details Textual) $ in Thousands | Dec. 31, 2019shares | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Aug. 31, 2020 | Nov. 30, 2019 | Mar. 24, 2019 | Feb. 28, 2019 | Jun. 30, 2018 | Nov. 30, 2016 | Dec. 31, 2015 | Jan. 31, 2015 | Jun. 26, 2009 |
Lease of Tank Cars from Third Party [Member] | ||||||||||||
Number of Rail Cars | 30 | |||||||||||
Lessee, Operating Lease, Term of Contract (Month) | 36 months | |||||||||||
Lease of Noninsulated Tank Cars from Third Party [Member] | ||||||||||||
Number of Rail Cars | 30 | |||||||||||
Bunge [Member] | ||||||||||||
Marketing Expense | $ 0 | $ 700 | ||||||||||
Revenue from Related Parties | 223,200 | 165,100 | ||||||||||
Accounts Receivable, Related Parties, Current | 8,700 | 4,600 | ||||||||||
Bunge [Member] | Ethanol Agreement [Member] | ||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,500 | 1,500 | ||||||||||
Bunge [Member] | Railcar Agreement [Member] | ||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 800 | ||||||||||
Lessee, Operating Lease, Term of Contract (Month) | 120 months | |||||||||||
Lessee, Operating Lease, Percentage of Reduction in Expenses | 20.00% | |||||||||||
Bunge [Member] | Railcar Agreement [Member] | Lease of Ethanol Cars [Member] | ||||||||||||
Number of Rail Cars | 320 | 323 | 323 | 325 | ||||||||
Lessee, Operating Lease, Term of Contract (Month) | 4 years | |||||||||||
Bunge [Member] | Railcar Agreement [Member] | Lease of Hopper Cars [Member] | ||||||||||||
Number of Rail Cars | 110 | 111 | 298 | 300 | ||||||||
Lessee, Operating Lease, Term of Contract (Month) | 3 years | |||||||||||
Bunge [Member] | Railcar Agreement [Member] | Sublease of Hopper Cars to Bunge [Member] | ||||||||||||
Number of Rail Cars | 96 | |||||||||||
Bunge [Member] | Railcar Agreement [Member] | Sublease of Hopper Cars with Third Party [Member] | ||||||||||||
Number of Rail Cars | 92 | |||||||||||
Bunge [Member] | Distillers Grains Marketing Expense [Member] | ||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 300 | ||||||||||
Bunge [Member] | Corn Procurement Expense [Member] | ||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0 | $ 200 | ||||||||||
Bunge [Member] | Capital Unit, Class B [Member] | ||||||||||||
Stock Repurchased During Period, Shares (in shares) | shares | 3,334 | |||||||||||
Unrelated Third Party [Member] | Lease of Hopper Cars [Member] | ||||||||||||
Number of Rail Cars on Assignment | 52 |
Note 9 - Commitments (Details T
Note 9 - Commitments (Details Textual) $ in Millions | 12 Months Ended | |
Sep. 30, 2021USD ($)lb | Sep. 30, 2020USD ($)lb | |
Purchase Commitment, Minimum Mass Required, Per Hour (Pound) | lb | 475,000 | 475,000 |
Purchase Commitment, Expenses Incurred | $ | $ 0.1 | $ 0.5 |
Note 10 - Lease Obligations (De
Note 10 - Lease Obligations (Details Textual) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jul. 17, 2020 | May 31, 2020 | |
Operating Lease, Expense | $ 2,700 | $ 3,000 | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 11 months 4 days | |||
Lessee, Operating Lease, Discount Rate | 3.55% | |||
Operating Lease, Right-of-Use Asset | $ 3,937 | $ 6,667 | ||
Operating Lease, Liability, Total | $ 3,937 | |||
Hopper Cars [Member] | ||||
Lessee, Operating Lease, Term of Contract (Month) | 3 years | |||
Tanker Cars [Member] | ||||
Lessee, Operating Lease, Term of Contract (Month) | 4 years | |||
Two Leases of 60 Rail Cars [Member] | ||||
Property Subject to or Available for Operating Lease, Number of Units | 60 | |||
First Lease of 60 Rail Cars [Member] | ||||
Lessee, Operating Lease, Term of Contract (Month) | 3 years | |||
Second Lease of 60 Rail Cars [Member] | ||||
Lessee, Operating Lease, Term of Contract (Month) | 4 years | |||
Sublease to Two Unrelated Third Parties [Member] | ||||
Property Subject to or Available for Operating Lease, Number of Units | 50 | |||
Hopper Cars Subleased to Third Party [Member] | ||||
Property Subject to or Available for Operating Lease, Number of Units | 45 | 60 | ||
Number of Subleased Rail Cars Returned | 15 |
Note 10 - Lease Obligations - A
Note 10 - Lease Obligations - Aggregate Minimum Rental Commitments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
2022 | $ 2,819 |
2023 | 1,216 |
2024 | 6 |
Total | 4,041 |
Undiscounted future payments | 4,041 |
Discount effect | (104) |
Present value | $ 3,937 |