Southwest Iowa Renewable Energy (SWIOU) 10-Q 6 May 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Mar. 31, 2022	Apr. 25, 2022
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	Q2
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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 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 Common Stock, Shares Outstanding		8,975

Balance Sheets (Current Period

Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Current Assets
Cash and cash equivalents	$ 565	$ 1,945
Accounts receivable, net of allowance for doubtful accounts	16,479	12,766
Derivative financial instruments	4,140	1,556
Inventory	40,861	28,677
Prepaid expenses and other	954	443
Total current assets	62,999	45,387
Property, Plant and Equipment
Land	2,064	2,064
Plant, building and equipment	257,260	255,623
Office and other equipment	1,892	1,892
Property, Plant and Equipment, Gross, Ending Balance	261,216	259,579
Accumulated depreciation	(159,221)	(153,546)
Net property, plant and equipment	101,995	106,033
Other Assets
Right of use asset operating leases, net	3,062	3,937
Other assets	995	1,069
Total Assets	169,051	156,426
Current Liabilities
Accounts payable	2,735	7,695
Accrued expenses	6,253	4,556
Current maturities of notes payable	8,653	10,019
Current portion of operating lease liability	2,505	2,922
Total current liabilities	20,146	25,192
Long Term Liabilities
Notes payable, less current maturities	38,656	51,677
Other long-term liabilities	4,032	4,154
Long term portion of operating lease liability, less current portion	557	1,015
Total long term liabilities	43,245	56,846
Members' Equity
Members' capital, 8,975 units issued and outstanding	64,106	64,106
Retained earnings	41,554	10,282
Total members' equity	105,660	74,388
Total Liabilities and Members' Equity	$ 169,051	$ 156,426

Balance Sheets (Current Perio_2

Balance Sheets (Current Period Unaudited) (Parentheticals) - shares	Mar. 31, 2022	Sep. 30, 2021
Common Unit, Issued (in shares)	8,975	8,975
Common Unit, Outstanding (in shares)	8,975	8,975

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Revenues	$ 95,944	$ 70,001	$ 197,602	$ 125,411
Cost of Goods Sold
Cost of goods sold-non hedging	82,777	71,667	155,349	125,316
Realized & unrealized hedging losses (gains)	(2,137)	421	(1,823)	(536)
Cost of Goods and Services Sold, Total	80,640	72,088	153,526	124,780
Gross Margin (Loss)	15,304	(2,087)	44,076	631
General and administrative expenses	1,729	1,311	3,443	2,646
Operating Income (Loss)	13,575	(3,398)	40,633	(2,015)
Interest and other (income) expense, net	(87)	(252)	(1,857)	20
Net Income (Loss)	$ 13,662	$ (3,146)	$ 42,490	$ (2,035)
Distribution per share (in dollars per share)	$ 1,250	$ 0	$ 1,250	$ 0
Weighted average units outstanding - basic and diluted (in shares)	8,975	8,975	8,975	8,975
Net Income (Loss) per unit - basic and diluted (in dollars per share)	$ 1,522.23	$ (350.53)	$ 4,734.26	$ (226.74)

Statements of Members' Equity (

Statements of Members' Equity (Unaudited) - USD ($) $ in Thousands	Members Contribution [Member]	Retained Earnings [Member]	Total
Balance at Sep. 30, 2020	$ 64,106	$ 1,698	$ 65,804
Net Income (Loss)	0	1,111	1,111
Net Income (Loss)	0	1,111	1,111
Balance at Dec. 31, 2020	64,106	2,809	66,915
Balance at Sep. 30, 2020	64,106	1,698	65,804
Net Income (Loss)			(2,035)
Net Income (Loss)			(2,035)
Balance at Mar. 31, 2021	64,106	(337)	63,769
Balance at Dec. 31, 2020	64,106	2,809	66,915
Net Income (Loss)	0	(3,146)	(3,146)
Net Income (Loss)	0	(3,146)	(3,146)
Balance at Mar. 31, 2021	64,106	(337)	63,769
Balance at Sep. 30, 2021	64,106	10,282	74,388
Net Income (Loss)	0	28,828	28,828
Net Income (Loss)	0	28,828	28,828
Balance at Dec. 31, 2021	64,106	39,110	103,216
Balance at Sep. 30, 2021	64,106	10,282	74,388
Net Income (Loss)			42,490
Net Income (Loss)			42,490
Balance at Mar. 31, 2022	64,106	41,554	105,660
Balance at Dec. 31, 2021	64,106	39,110	103,216
Net Income (Loss)	0	13,662	13,662
Net Income (Loss)	0	13,662	13,662
Distributions	0	(11,218)	(11,218)
Balance at Mar. 31, 2022	$ 64,106	$ 41,554	$ 105,660

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	$ 42,490	$ (2,035)
Adjustments to reconcile to net cash provided by (used in) operating activities:
Depreciation	5,198	5,524
Amortization	(116)	28
Gain on Debt Extinguishment	(2,177)	0
Bad Debt Expense	0	11
Change in other assets, net	74	240
(Increase) decrease in current assets:
Accounts receivable	(3,713)	(3,438)
Inventory	(12,184)	(5,745)
Prepaid expenses and other	(511)	(886)
Derivative financial instruments	(2,583)	(1,575)
Increase (decrease) in current liabilities:
Accounts payable	(4,960)	(116)
Accrued expenses	1,697	552
Increase (decrease) in other long-term liabilities	(123)	(117)
Net cash provided by (used in) by operating activities	23,092	(7,557)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(1,160)	(1,006)
Proceeds from sale of property and equipment	0	236
Net cash (used in) investing activities	(1,160)	(770)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for financing costs	0	(33)
Distributions paid to Members	(11,218)	0
Proceeds from debt	146,345	115,599
Payments on debt	(158,439)	(107,274)
Net cash provided by (used in) financing activities	(23,312)	8,292
Net Increase (decrease) in cash and cash equivalents	(1,380)	(35)
CASH AND CASH EQUIVALENTS
Beginning	1,945	1,116
Ending	565	1,081
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest	$ 857	$ 973

Note 1 - Nature of Business

Note 1 - Nature of Business	6 Months Ended
	Mar. 31, 2022
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.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 2: Summary of Significant Accounting Policies Basis of Presentation and Other Information The accompanying financial statements are for the three six March 31, 2022 2021 September 30, 2021 Fiscal 2021 10 not 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. Revenue Recognition In accordance with Accounting Standards Codification Topic 606, ASC 606 five 606 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 Ethanol Agreement Bunge January 1, 2020 Bunge Repurchase Agreement 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 quarterly basis. Management determines the allowance for doubtful accounts by regularly evaluating customer receivables and considering the customer’s financial condition, credit history and current economic conditions. As of both March 31, 2022 September 30, 2021 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 significant market risk with respect to the price and availability of corn, the principal raw material used to produce ethanol and ethanol co-products. Exposure to commodity price risk results from its dependence on corn in the ethanol production process. Rising corn prices may 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-traded 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 distillers corn oil and therefore these forward contracts are not March 31, 2022 , the Company had 4.6 million gallons of open contracts for ethanol, 0.1 million tons of wet and dried distillers grains and 5.2 million pounds of distillers corn oil. Corn purchase contracts are treated as derivative financial instruments. Changes in market value of forward corn contracts, which are marked to market each period, are included in costs of goods sold. As of March 31, 2022 , the Company was committed to purchasing 5.0 million bushels of corn on a forward contract basis resulting in a total commitment of $30.4 million. In addition, the Company was committed to purchase 1.3 million bushels of corn on basis contracts. Additionally, we have entered into purchase agreements that locks in a percentage of our natural gas pricing. The Company also 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 will be effective economic hedges of specified risks, they are not Derivatives not March 31, 2022 September 30, 2021 Balance Sheet Classification March 31, 2022 September 30, 2021 in 000's in 000's Futures and option contracts In gain position $ 3,056 $ 196 In loss position (2,452 ) (1,386 ) Cash held by broker 16 2,012 Forward contracts, corn 3,520 734 Net futures, options, and forward contracts $ 4,140 $ 1,556 The net realized and unrealized gains and losses on the Company’s derivative contracts for the three six March 31, 2022 2021 Three Months Ended Six Months Ended Statement of Operations Classification March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 in 000's in 000's in 000's in 000's Net realized and unrealized (gains) losses related to: Forward purchase corn contracts Cost of Goods Sold $ 1,244 $ (3,165 ) $ 2,757 $ (7,441 ) Futures and option corn contracts Cost of Goods Sold (3,381 ) 3,586 (4,580 ) 6,905 Inventory Inventory is stated at the lower of weighted 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. For the three six March 31, 2022 2021 no Income Per Unit Basic income per unit is calculated by dividing net income by the weighted average units outstanding for each period. Basic earnings and diluted per unit data were computed as follows (in thousands except per unit data): Three Months Ended Six Months Ended March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 Numerator: Net Income (Loss) for basic earnings per unit $ 13,662 $ (3,146 ) $ 42,490 $ (2,035 ) Net Income (Loss) for diluted earnings per unit $ 13,662 $ (3,146 ) $ 42,490 $ (2,035 ) Denominator: Weighted average units outstanding - basic and diluted 8,975 8,975 8,975 8,975 Income (Loss) per unit - basic and diluted $ 1,522.23 $ (350.53 ) $ 4,734.26 $ (226.74 )

Note 3 - Inventory

Note 3 - Inventory	6 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 3: Inventory Inventory is comprised of the following: March 31, 2022 September 30, 2021 in 000's in 000's Raw Materials - corn $ 20,525 $ 9,275 Supplies and Chemicals 6,459 5,589 Work in Process 2,938 2,762 Finished Goods 10,939 11,051 Total $ 40,861 $ 28,677

Note 4 - Revolving Loan-Credit

Note 4 - Revolving Loan-Credit Agreements	6 Months Ended
	Mar. 31, 2022
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 (the "FSCA Credit Facility") with Farm Credit Services of America, FLCA (“ FCSA CoBank Term Loan Revolving Term Loan Revolving Credit Loan The FCSA Credit Facility is secured by a security interest on all of the Company’s assets. The Term Loan provides for semi-annual payments by the Company to FCSA of $3.75 million beginning September 1, 2020 November 15, 2024. February 2021, Restated Term Note one 2021, March 1, 2021, four March 1 September 1, September 1, 2023. November 15, 2024. March 31, 2022, As of March 31, 2022 , there was an outstanding balance of $27.0 million on the Revolving Term Loan and $13.0 million available under the Revolving Term Loan. Any outstanding amounts due under the Revolving Term Loan are due and payable on the maturity date of November 15, 2024. As of March 31, 2022, February 25, 2022, March 1, 2022 February 1, 2023. Under the FCSA Credit Facility, the interest rates utilize the Daily Simple Secured Overnight Financing Rate (SOFR) Rate with a Daily Simple SOFR Rate Spread of 3.45% per annum. The interest rate at March 31, 2022 s 3.85%. Paycheck Protection Program Loan On April 14, 2020, PPP loan may eight twenty-four February 15, 2020, February 1, 2020, 60% no 40% SBA December 24, 2021 $1.1 On January 28, 2021, 60% no 40% December 24, 2021 $1.1 Notes payable Notes payable consists of the following: March 31, 2022 September 30, 2021 (000's) (000's) Term Loan bearing interest at SOFR plus 3.45% 3.85% $ 18,750 $ 22,500 Revolving Term Loan bearing interest at SOFR plus 3.45% 3.85% 27,013 34,999 Note payable, PPP Loan bearing interest at 1.00% April 28, 2022 — 1,063 Note payable, PPP Loan bearing interest at 1.00% January 4, 2026 — 1,114 Other with interest rates from 3.50% 4.15% 1,661 2,157 47,424 61,833 Less Current Maturities 8,653 10,019 Less Financing Costs, net of amortization 115 137 Total Long Term Debt 38,656 51,677 The Company had the following approximate aggregate maturities of notes payable for the twelve March 31: 2023 $ 8,653 2024 34,372 2025 115 2026 119 2027 123 2028 and thereafter 42 Total $ 47,424

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurement	6 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 5: 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 utilized 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 Valuations for assets and liabilities traded in active markets from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third Level 3 Valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. A description of the valuation methodologies used for instruments measured at fair value, including the general classifications of such instruments pursuant to the valuation hierarchy, is set below. Derivative financial instruments 1 may CME 2 third 2 may The following table summarizes financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 September 30, 2021 '000s March 31, 2022 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 3,056 $ 3,520 $ — Liabilities: Derivative financial instruments 2,452 — — September 30, 2021 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 196 $ 734 $ — Liabilities: Derivative financial instruments 1,386 — —

Note 6 - Major Customer

Note 6 - Major Customer	6 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 6: The Company is party to the Restated Ethanol Agreement with Bunge for the exclusive marketing, selling, and distributing of all the ethanol produced by the Company through December 31, 2026. $81.0 three March 31, 2022 2021 six March 31, 2022 2021, January 1, 2020 ( Restated Ethanol Agreement December 31, 2026. three March 31, 2022 March 31, 2021, $0.4 six March 31, 2022 March 31, 2021.

Note 7 - Lease Obligations

Note 7 - Lease Obligations	6 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	Note 7: Effective October 1, 2019, 2016 02, 842 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 and Trinity Leasing. An additional 60 cars are leased from a third two second not two third November 8, 2020, December 31, 2020 three March 31, 2022 was $0.8 million and $0.7 million, six March 31, 2022 March 31, 2021. March 31, 2022 March 2026. March 31, 2022 The discount rate used in determining the lease liability for each individual lease was the Company's estimated incremental borrowing rate of 3.85% March 31, 2022 . The Company had the following approximate minimum rental commitments under non-cancellable operating leases for the twelve March 31, 2022 2023 $ 2,556 2024 469 2025 65 2026 58 Total $ 3,148 Undiscounted future payments $ 3,148 Discount effect (86 ) $ 3,062

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Other Information The accompanying financial statements are for the three six March 31, 2022 2021 September 30, 2021 Fiscal 2021 10 not
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.
Revenue [Policy Text Block]	Revenue Recognition In accordance with Accounting Standards Codification Topic 606, ASC 606 five 606 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 Ethanol Agreement Bunge January 1, 2020 Bunge Repurchase Agreement 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 quarterly basis. Management determines the allowance for doubtful accounts by regularly evaluating customer receivables and considering the customer’s financial condition, credit history and current economic conditions. As of both March 31, 2022 September 30, 2021
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 significant market risk with respect to the price and availability of corn, the principal raw material used to produce ethanol and ethanol co-products. Exposure to commodity price risk results from its dependence on corn in the ethanol production process. Rising corn prices may 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-traded 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 distillers corn oil and therefore these forward contracts are not March 31, 2022 , the Company had 4.6 million gallons of open contracts for ethanol, 0.1 million tons of wet and dried distillers grains and 5.2 million pounds of distillers corn oil. Corn purchase contracts are treated as derivative financial instruments. Changes in market value of forward corn contracts, which are marked to market each period, are included in costs of goods sold. As of March 31, 2022 , the Company was committed to purchasing 5.0 million bushels of corn on a forward contract basis resulting in a total commitment of $30.4 million. In addition, the Company was committed to purchase 1.3 million bushels of corn on basis contracts. Additionally, we have entered into purchase agreements that locks in a percentage of our natural gas pricing. The Company also 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 will be effective economic hedges of specified risks, they are not Derivatives not March 31, 2022 September 30, 2021 Balance Sheet Classification March 31, 2022 September 30, 2021 in 000's in 000's Futures and option contracts In gain position $ 3,056 $ 196 In loss position (2,452 ) (1,386 ) Cash held by broker 16 2,012 Forward contracts, corn 3,520 734 Net futures, options, and forward contracts $ 4,140 $ 1,556 The net realized and unrealized gains and losses on the Company’s derivative contracts for the three six March 31, 2022 2021 Three Months Ended Six Months Ended Statement of Operations Classification March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 in 000's in 000's in 000's in 000's Net realized and unrealized (gains) losses related to: Forward purchase corn contracts Cost of Goods Sold $ 1,244 $ (3,165 ) $ 2,757 $ (7,441 ) Futures and option corn contracts Cost of Goods Sold (3,381 ) 3,586 (4,580 ) 6,905
Inventory, Policy [Policy Text Block]	Inventory Inventory is stated at the lower of weighted 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. For the three six March 31, 2022 2021 no
Earnings Per Share, Policy [Policy Text Block]	Income Per Unit Basic income per unit is calculated by dividing net income by the weighted average units outstanding for each period. Basic earnings and diluted per unit data were computed as follows (in thousands except per unit data): Three Months Ended Six Months Ended March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 Numerator: Net Income (Loss) for basic earnings per unit $ 13,662 $ (3,146 ) $ 42,490 $ (2,035 ) Net Income (Loss) for diluted earnings per unit $ 13,662 $ (3,146 ) $ 42,490 $ (2,035 ) Denominator: Weighted average units outstanding - basic and diluted 8,975 8,975 8,975 8,975 Income (Loss) per unit - basic and diluted $ 1,522.23 $ (350.53 ) $ 4,734.26 $ (226.74 )

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Mar. 31, 2022
Notes Tables
Derivatives Not Designated as Hedging Instruments [Table Text Block]	Balance Sheet Classification March 31, 2022 September 30, 2021 in 000's in 000's Futures and option contracts In gain position $ 3,056 $ 196 In loss position (2,452 ) (1,386 ) Cash held by broker 16 2,012 Forward contracts, corn 3,520 734 Net futures, options, and forward contracts $ 4,140 $ 1,556 Three Months Ended Six Months Ended Statement of Operations Classification March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 in 000's in 000's in 000's in 000's Net realized and unrealized (gains) losses related to: Forward purchase corn contracts Cost of Goods Sold $ 1,244 $ (3,165 ) $ 2,757 $ (7,441 ) Futures and option corn contracts Cost of Goods Sold (3,381 ) 3,586 (4,580 ) 6,905
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Six Months Ended March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 Numerator: Net Income (Loss) for basic earnings per unit $ 13,662 $ (3,146 ) $ 42,490 $ (2,035 ) Net Income (Loss) for diluted earnings per unit $ 13,662 $ (3,146 ) $ 42,490 $ (2,035 ) Denominator: Weighted average units outstanding - basic and diluted 8,975 8,975 8,975 8,975 Income (Loss) per unit - basic and diluted $ 1,522.23 $ (350.53 ) $ 4,734.26 $ (226.74 )

Note 3 - Inventory (Tables)

Note 3 - Inventory (Tables)	6 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, 2022 September 30, 2021 in 000's in 000's Raw Materials - corn $ 20,525 $ 9,275 Supplies and Chemicals 6,459 5,589 Work in Process 2,938 2,762 Finished Goods 10,939 11,051 Total $ 40,861 $ 28,677

Note 4 - Revolving Loan-Credi_2

Note 4 - Revolving Loan-Credit Agreements (Tables)	6 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	March 31, 2022 September 30, 2021 (000's) (000's) Term Loan bearing interest at SOFR plus 3.45% 3.85% $ 18,750 $ 22,500 Revolving Term Loan bearing interest at SOFR plus 3.45% 3.85% 27,013 34,999 Note payable, PPP Loan bearing interest at 1.00% April 28, 2022 — 1,063 Note payable, PPP Loan bearing interest at 1.00% January 4, 2026 — 1,114 Other with interest rates from 3.50% 4.15% 1,661 2,157 47,424 61,833 Less Current Maturities 8,653 10,019 Less Financing Costs, net of amortization 115 137 Total Long Term Debt 38,656 51,677
Schedule of Maturities of Long-Term Debt [Table Text Block]	2023 $ 8,653 2024 34,372 2025 115 2026 119 2027 123 2028 and thereafter 42 Total $ 47,424

Note 5 - Fair Value Measureme_2

Note 5 - Fair Value Measurement (Tables)	6 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	March 31, 2022 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 3,056 $ 3,520 $ — Liabilities: Derivative financial instruments 2,452 — — September 30, 2021 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 196 $ 734 $ — Liabilities: Derivative financial instruments 1,386 — —

Note 7 - Lease Obligations (Tab

Note 7 - Lease Obligations (Tables)	6 Months Ended
	Mar. 31, 2022
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	2023 $ 2,556 2024 469 2025 65 2026 58 Total $ 3,148 Undiscounted future payments $ 3,148 Discount effect (86 ) $ 3,062

Note 1 - Nature of Business (De

Note 1 - Nature of Business (Details Textual) gal in Millions	3 Months Ended
	Mar. 31, 2022gal
Production Capacity, Ethanol (Gallon)	140

Note 2 - Summary of Significa_3

Note 2 - Summary of Significant Accounting Policies (Details Textual) bbl in Millions, T in Millions, GT in Millions	3 Months Ended
	Mar. 31, 2022USD ($)TGTbbl	Sep. 30, 2021USD ($)
Accounts Receivable, Allowance for Credit Loss, Current | $	$ 206,000	$ 206,000
Ethanol [Member]
Supply Commitment, Minimum Volume Required (Barrel of Oil)	4.6
Wet and Dried Distillers Grains [Member]
Supply Commitment, Minimum Mass Required (US Ton) | T	0.1
Corn Oil [Member]
Supply Commitment, Minimum Mass Required (US Ton) | GT	5.2
Corn Oil [Member] | Forward Contracts [Member]
Long-Term Purchase Commitment, Minimum Volume Required (Barrel of Oil)	5
Long-Term Purchase Commitment, Amount | $	$ 30,400,000
Corn Oil [Member] | Basis Contract [Member]
Long-Term Purchase Commitment, Minimum Volume Required (Barrel of Oil)	1.3

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	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2021
Derivative Assets	$ 4,140		$ 4,140		$ 1,556
Purchase Contracts	2,137	$ (421)	1,823	$ 536
Futures and Option Contracts, Gain Position [Member]
Derivative financial instruments	3,056		3,056		196
Futures and Option Contracts in Loss Position [Member]
Derivative Liabilities	(2,452)		(2,452)		(1,386)
Futures and Option Contracts Cash Held by Due to Broker [Member]
Derivative financial instruments	16		16		2,012
Forward Contracts [Member] | Corn [Member]
Derivative financial instruments	3,520		3,520		$ 734
Purchase Contracts	1,244	(3,165)	2,757	(7,441)
Future And Option Contracts [Member] | Corn [Member]
Purchase Contracts	$ (3,381)	$ 3,586	$ (4,580)	$ 6,905

Note 2 - Summary of Significa_5

Note 2 - Summary of Significant Accounting Policies - Income Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Net Income (Loss) for basic earnings per unit	$ 13,662	$ (3,146)	$ 42,490	$ (2,035)
Net Income (Loss) for diluted earnings per unit	$ 13,662	$ (3,146)	$ 42,490	$ (2,035)
Weighted average units outstanding - basic and diluted (in shares)	8,975	8,975	8,975	8,975
Income (Loss) per unit - basic and diluted (in dollars per share)	$ 1,522.23	$ (350.53)	$ 4,734.26	$ (226.74)

Note 3 - Inventory - Components

Note 3 - Inventory - Components of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Raw Materials - corn	$ 20,525	$ 9,275
Supplies and Chemicals	6,459	5,589
Work in Process	2,938	2,762
Finished Goods	10,939	11,051
Total	$ 40,861	$ 28,677

Note 4 - Revolving Loan-Credi_3

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 ($)	Mar. 31, 2022USD ($)	Sep. 30, 2021USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Nov. 08, 2019USD ($)
Gain (Loss) on Extinguishment of Debt, Total								$ 2,177	$ 0
Paycheck Protection Program CARES Act [Member]
Proceeds from Issuance of Long-term Debt, Total			$ 1,100	$ 1,100
Paycheck Protection Program CARES Act [Member] | Interest and Other (Income) Expense [Member]
Gain (Loss) on Extinguishment of Debt, Total						$ 1,100
FSCA and CoBank[Member] | Revolving Term Loan [Member]
Long-Term Line of Credit, Total						$ 27,013	$ 34,999	$ 27,013
Debt Instrument, Interest Rate, Effective Percentage						3.85%		3.85%
FSCA and CoBank[Member] | Revolving Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate						3.45%	3.45%
FSCA and CoBank[Member] | FCSA Credit Facility [Member]
Debt Instrument, Interest Rate, Effective Percentage						3.85%		3.85%
FSCA and CoBank[Member] | FCSA Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate						3.45%
FSCA and CoBank[Member] | FCSA Credit Facility [Member] | Revolving Term Loan [Member]
Line of Credit Facility, Maximum Borrowing Capacity										$ 40,000
Long-Term Line of Credit, Total						$ 27,000		$ 27,000
Line of Credit Facility, Remaining Borrowing Capacity						13,000		13,000
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		0
Line of Credit Facility, Remaining Borrowing Capacity						$ 10,000		$ 10,000
FSCA and CoBank[Member] | Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage						3.85%		3.85%
FSCA and CoBank[Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate						3.45%	3.45%
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
Long-Term Line of Credit, Total						$ 18,750		$ 18,750

Note 4 - Revolving Loan-Credi_4

Note 4 - Revolving Loan-Credit Agreements - Components of Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Long-term debt	$ 47,424
Less Current Maturities	8,653	$ 10,019
Less Financing Costs, net of amortization	115	137
Total Long Term Debt	38,656	51,677
Paycheck Protection Program CARES Act [Member]
Long-term debt	0
Paycheck Protection Program CARES Act, Phase II [Member]
Long-term debt	0
FSCA and CoBank[Member] | Revolving Term Loan [Member]
Revolving debt	27,013	34,999
Term Loan [Member] | FSCA and CoBank[Member]
Long-term debt	18,750	22,500
Term Loan [Member] | FSCA and CoBank[Member] | London Interbank Offered Rate (LIBOR) [Member]
Long-term debt	47,424	61,833
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	$ 1,661	$ 2,157

Note 4 - Revolving Loan-Credi_5

Note 4 - Revolving Loan-Credit Agreements - Components of Notes Payable (Details) (Parentheticals)	3 Months Ended
	Mar. 31, 2022	Sep. 30, 2021
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	3.85%
FSCA and CoBank[Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Term Loan [Member]
Debt Instrument, Basis Spread on Variable Rate	3.45%	3.45%
Term Loan [Member] | FSCA and CoBank[Member]
Debt Instrument, Interest Rate, Effective Percentage	3.85%
Term Loan [Member] | FSCA and CoBank[Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	3.45%	3.45%
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 4 - Revolving Loan-Credi_6

Note 4 - Revolving Loan-Credit Agreements - Notes Payable Maturities (Details) $ in Thousands	Mar. 31, 2022USD ($)
2023	$ 8,653
2024	34,372
2025	115
2026	119
2027	123
2028 and thereafter	42
Total	$ 47,424

Note 5 - Fair Value Measureme_3

Note 5 - Fair Value Measurement - Schedule of Fair Value, Asset and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Fair Value, Inputs, Level 1 [Member]
Assets:
Derivative financial instruments	$ 3,056	$ 196
Liabilities:
Derivative financial instruments	2,452	1,386
Fair Value, Inputs, Level 2 [Member]
Assets:
Derivative financial instruments	3,520	734
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 6 - Major Customer (Detail

Note 6 - Major Customer (Details Textual) - Bunge [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Revenue from Related Parties	$ 81	$ 52.6	$ 147.9	$ 91.9
Marketing Expense	$ 0.4	$ 0.8

Note 7 - Lease Obligations (Det

Note 7 - Lease Obligations (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Dec. 31, 2020	Nov. 08, 2020	Jul. 17, 2020
Operating Lease, Expense	$ 800	$ 700	$ 1,870	$ 1,540
Operating Lease, Weighted Average Remaining Lease Term (Year)	1 year 2 months 12 days		1 year 2 months 12 days
Lessee, Operating Lease, Discount Rate	3.85%		3.85%
Operating Lease, Right-of-Use Asset	$ 3,062		$ 3,062		$ 3,937
Hopper Cars [Member]
Lessee, Operating Lease, Term of Contract (Year)								3 years
Tanker Cars [Member]
Lessee, Operating Lease, Term of Contract (Year)								4 years
Two Leases of 60 Rail Cars [Member]
Property Subject to or Available for Operating Lease, Number of Units	60		60
First Lease of 60 Rail Cars [Member]
Lessee, Operating Lease, Term of Contract (Year)	3 years		3 years
Second Lease of 60 Rail Cars [Member]
Lessee, Operating Lease, Term of Contract (Year)					4 years
Tanker Cars Subleased to Two Unrelated Third Parties [Member]
Property Subject to or Available for Operating Lease, Number of Units							30
Hopper Cars Subleased to Two Unrelated Third Parties [Member]
Property Subject to or Available for Operating Lease, Number of Units						44

Note 7 - Lease Obligations - Ag

Note 7 - Lease Obligations - Aggregate Minimum Rental Commitments (Details) $ in Thousands	Mar. 31, 2022USD ($)
2023	$ 2,556
2024	469
2025	65
2026	58
Total	3,148
Undiscounted future payments	3,148
Discount effect	(86)
Operating Lease, Liability, Total	$ 3,062