Southwest Iowa Renewable Energy (SWIOU) 10-Q 10 Feb 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Dec. 31, 2022	Jan. 26, 2023
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	Q1
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 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	Dec. 31, 2022	Sep. 30, 2022
Current Assets
Cash and cash equivalents	$ 3,171	$ 7,229
Accounts receivable, net of allowance for doubtful accounts	19,769	13,982
Derivative financial instruments	2,994	6,071
Inventory	25,517	28,518
Prepaid expenses and other	1,147	225
Total current assets	52,598	56,025
Property, Plant and Equipment
Land	2,064	2,064
Plant, building and equipment	264,085	261,235
Office and other equipment	2,006	1,975
Property, Plant and Equipment, Gross, Ending Balance	268,155	265,274
Accumulated depreciation	(168,000)	(164,969)
Net property, plant and equipment	100,155	100,305
Other Assets
Right of use asset operating leases, net	2,968	3,213
Other assets	831	843
Total Assets	156,552	160,386
Current Liabilities
Accounts payable	28,281	10,420
Accrued expenses	8,142	5,980
Current maturities of notes payable	7,610	7,609
Current portion of operating lease liability	1,562	1,977
Total current liabilities	45,595	25,986
Long Term Liabilities
Notes payable, less current maturities	8,092	8,396
Other long-term liabilities	2,303	3,836
Operating lease liability, less current portion	1,406	1,236
Total long term liabilities	11,801	13,468
Members' Equity
Members' capital, 8,975 units issued and outstanding	64,106	64,106
Retained earnings	35,050	56,826
Total members' equity	99,156	120,932
Total Liabilities and Members' Equity	$ 156,552	$ 160,386

Balance Sheets (Current Perio_2

Balance Sheets (Current Period Unaudited) (Parentheticals) - shares	Dec. 31, 2022	Sep. 30, 2022
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
	Dec. 31, 2022	Dec. 31, 2021
Revenues	$ 95,219	$ 101,651
Cost of Goods Sold	92,466	72,880
Gross Margin	2,753	28,771
General and administrative expenses	1,975	1,721
Operating Income (Loss)	778	27,050
Other (Income) Expense
Interest expense	325	404
Other (income) expense, net	(209)	(2,182)
Interest and other (income) expense, net	116	(1,778)
Net Income (Loss)	$ 662	$ 28,828
Distribution per share (in dollars per share)	$ 2,500	$ 0
Weighted average units outstanding - basic and diluted (in shares)	8,975	8,975
Net Income (Loss) per unit - basic and diluted (in dollars per share)	$ 73.76	$ 3,212.03

Statements of Members' Equity (

Statements of Members' Equity (Unaudited) - USD ($) $ in Thousands	Members Contribution [Member]	Retained Earnings [Member]	Total
Balance at Sep. 30, 2021	$ 64,106	$ 10,282	$ 74,388
Net Income (Loss)	0	28,828	28,828
Balance at Dec. 31, 2021	64,106	39,110	103,216
Balance at Sep. 30, 2022	64,106	56,826	120,932
Net Income (Loss)	0	662	662
Balance at Dec. 31, 2022	64,106	35,050	99,156
Distributions	$ 0	$ (22,438)	$ (22,438)

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	$ 662	$ 28,828
Adjustments to reconcile to net income (loss) to net cash provided by operating activities:
Depreciation	3,032	2,837
Amortization	11	11
Gain on Debt Extinguishment	0	(2,177)
Change in other assets, net	12	11
(Increase) decrease in current assets:
Accounts receivable	(5,787)	(2,364)
Inventory	3,001	(8,578)
Prepaid expenses and other	(922)	(778)
Derivative financial instruments	3,077	(1,096)
Increase (decrease) in current liabilities:
Accounts payable	17,861	10,798
Accrued expenses	3,116	2,070
Increase (decrease) in other long-term liabilities	(1,533)	(8)
Net cash (used in) provided by operating activities	22,530	29,554
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(3,835)	(250)
Net cash (used in) investing activities	(3,835)	(250)
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions paid to Members	(22,438)	0
Proceeds from debt	10,063	53,945
Payments on debt	(10,378)	(84,405)
Net cash provided by (used in) financing activities	(22,753)	(30,460)
Net Increase (decrease) in cash and cash equivalents	(4,058)	(1,156)
CASH AND CASH EQUIVALENTS
Beginning	7,229	1,945
Ending	3,171	789
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest	299	484
Purchases of property and equipment included in accrued expenses	$ 39	$ 0

Note 1 - Nature of Business

Note 1 - Nature of Business	3 Months Ended
	Dec. 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	3 Months Ended
	Dec. 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 December 31, 2022 2021 September 30, 2022 Fiscal 2022 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 The Company recognizes revenue when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. In addition, we disclose 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 denatured ethanol pursuant to a marketing agreement. Revenues are recognized when the control 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 control. The Company’s denatured ethanol sales are handled through an ethanol purchase agreement (the “Ethanol Agreement”) with Bunge North America, Inc. (“Bunge”). The Company markets and distributes all of the syrup, distillers grains, ethanol not “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 December 31, 2022 September 30, 2022 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. 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 December 31, 2022 , the Company had 0.1 million gallons of open contracts for denatured ethanol, 3 The Company elected the normal purchase normal sales treatment for corn purchase contracts beginning on October 1, 2022. October 1, 2022 December 31, 2022 December 31, 2022 , the Company was committed to purchasing 3.6 Additionally, we have entered into purchase agreements that locks in a percentage of our natural gas pricing and we have entered into agreements for capital improvements to be completed in Fiscal 2023 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 December 31, 2022 September 30, 2022 Balance Sheet Classification December 31, 2022 September 30, 2022 in 000's in 000's Futures and option contracts In gain position $ 1,753 $ 4,778 In loss position (914 ) (2,223 ) Cash held by broker 1,370 1,935 Forward contracts, corn: In gain position 851 1,921 In loss position (66 ) (340 ) Net futures, options, and forward contracts $ 2,994 $ 6,071 The net realized and unrealized gains and losses on the Company’s derivative contracts for the three December 31, 2022 2021 Three Months Ended Statement of Operations Classification December 31, 2022 December 31, 2021 in 000's in 000's Net realized and unrealized (gains) losses related to: Forward purchase contracts (corn) Cost of Goods Sold $ 2,443 $ 542 Futures and option contracts (corn) Cost of Goods Sold 248 (228 ) Futures and option contracts (ethanol) Revenues 41 — 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. For the three December 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 December 31, 2022 December 31, 2021 Numerator: Net Income (Loss) for basic earnings per unit $ 662 $ 28,828 Net Income (Loss) for diluted earnings per unit $ 662 $ 28,828 Denominator: Weighted average units outstanding - basic and diluted 8,975 8,975 Income (Loss) per unit - basic and diluted $ 73.76 $ 3,212.03

Note 3 - Inventory

Note 3 - Inventory	3 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 3: Inventory Inventory is comprised of the following: December 31, 2022 September 30, 2022 in 000's in 000's Raw Materials - corn $ 9,973 $ 9,972 Supplies and Chemicals 7,313 6,343 Work in Process 3,688 3,251 Finished Goods 4,543 8,952 Total $ 25,517 $ 28,518

Note 4 - Revolving Loan, Credit

Note 4 - Revolving Loan, Credit Agreements, Government Assistance and Subsequent Events	3 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 4: Revolving Loan, Credit Agreements, Government Assistance and Subsequent Events FCSA/CoBank The Company is a party to a credit agreement (the "FSCA Credit Facility") with Farm Credit Services of America, FLCA (“ FCSA CoBank $18.75 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. one 2021, March 1, 2021, four March 1 September 1, September 1, 2023. November 15, 2024. December 31, 2022 , there was an outstanding balance of $15 million on the Term Loan. The current maturity date of the Revolving Credit Loan is April 1, 2023, February 1, 2023 January 30, 2023. September 1, 2027. December 31, 2022 Under the FCSA Credit Facility, the interest rates utilize the Daily Simple SOFR Rate with a Daily Simple SOFR Rate Spread of 3.25% per annum. The interest rate at December 31, 2022 Government Programs On April 14, 2020, 19, January 28, 2021, may eight twenty-four February 15, 2020, February 1, 2020 60% no 40% December 24, 2021, Notes payable Notes payable consists of the following: December 31, 2022 September 30, 2022 (000's) (000's) Term Loan bearing interest at SOFR plus 3.25 7.55 $ 15,000 $ 15,000 Revolving Term Loan bearing interest at SOFR plus 3.25 7.55 165 442 Other with an interest rate of 3.50 537 563 15,702 16,005 Less Current Maturities 7,610 7,609 Total Long Term Debt 8,092 8,396 The Company had the following approximate aggregate maturities of notes payable for the twelve December 31, 2022 2023 $ 7,610 2024 7,614 2025 118 2026 122 2027 238 Total $ 15,702

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurement	3 Months Ended
	Dec. 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 forth 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 December 31, 2022 September 30, 2022 '000s December 31, 2022 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 1,753 $ 851 $ — Liabilities: Derivative financial instruments (914 ) (66 ) — September 30, 2022 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 4,778 $ 1,921 $ — Liabilities: Derivative financial instruments (2,223 ) (340 ) —

Note 6 - Major Customer

Note 6 - Major Customer	3 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 6: The Company is party to the Ethanol Agreement with Bunge for the marketing, selling, and distributing of all the denatured ethanol produced by the Company through December 31, 2026. $60 three December 31, 2022 2021 December 31, 2026. three December 31, 2022 December 31, 2021

Note 7 - Lease Obligations

Note 7 - Lease Obligations	3 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	Note 7: 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 of up to 3 years for hopper cars and 4 years for tanker cars from Trinity Leasing and Bunge. During Fiscal 2022, third 2022. 2022 November 1, 2022. 2022 two third September 1, 2022 August 2027. December 31, 2022 $0.7 three December 31, 2022 three December 31, 2021 The discount rate used in determining the lease liability for each individual lease was the Company's estimated incremental borrowing rate at the time of the lease inception. The right-of-use asset operating lease, included in other assets, and operating lease liability, included in current and long-term liabilities was $2,968,000 as of December 31, 2022 . The Company had the following approximate minimum rental commitments under non-cancellable operating leases for the twelve December 31, 2022 2023 $ 1,596 2024 566 2025 537 2026 413 2027 and after 175 Total $ 3,287 Undiscounted future payments $ 3,287 Discount effect (319 ) $ 2,968

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Dec. 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 December 31, 2022 2021 September 30, 2022 Fiscal 2022 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 The Company recognizes revenue when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. In addition, we disclose 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 denatured ethanol pursuant to a marketing agreement. Revenues are recognized when the control 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 control. The Company’s denatured ethanol sales are handled through an ethanol purchase agreement (the “Ethanol Agreement”) with Bunge North America, Inc. (“Bunge”). The Company markets and distributes all of the syrup, distillers grains, ethanol not “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 December 31, 2022 September 30, 2022
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. 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 December 31, 2022 , the Company had 0.1 million gallons of open contracts for denatured ethanol, 3 The Company elected the normal purchase normal sales treatment for corn purchase contracts beginning on October 1, 2022. October 1, 2022 December 31, 2022 December 31, 2022 , the Company was committed to purchasing 3.6 Additionally, we have entered into purchase agreements that locks in a percentage of our natural gas pricing and we have entered into agreements for capital improvements to be completed in Fiscal 2023 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 December 31, 2022 September 30, 2022 Balance Sheet Classification December 31, 2022 September 30, 2022 in 000's in 000's Futures and option contracts In gain position $ 1,753 $ 4,778 In loss position (914 ) (2,223 ) Cash held by broker 1,370 1,935 Forward contracts, corn: In gain position 851 1,921 In loss position (66 ) (340 ) Net futures, options, and forward contracts $ 2,994 $ 6,071 The net realized and unrealized gains and losses on the Company’s derivative contracts for the three December 31, 2022 2021 Three Months Ended Statement of Operations Classification December 31, 2022 December 31, 2021 in 000's in 000's Net realized and unrealized (gains) losses related to: Forward purchase contracts (corn) Cost of Goods Sold $ 2,443 $ 542 Futures and option contracts (corn) Cost of Goods Sold 248 (228 ) Futures and option contracts (ethanol) Revenues 41 —
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. For the three December 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 December 31, 2022 December 31, 2021 Numerator: Net Income (Loss) for basic earnings per unit $ 662 $ 28,828 Net Income (Loss) for diluted earnings per unit $ 662 $ 28,828 Denominator: Weighted average units outstanding - basic and diluted 8,975 8,975 Income (Loss) per unit - basic and diluted $ 73.76 $ 3,212.03

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Dec. 31, 2022
Notes Tables
Derivatives Not Designated as Hedging Instruments [Table Text Block]	Balance Sheet Classification December 31, 2022 September 30, 2022 in 000's in 000's Futures and option contracts In gain position $ 1,753 $ 4,778 In loss position (914 ) (2,223 ) Cash held by broker 1,370 1,935 Forward contracts, corn: In gain position 851 1,921 In loss position (66 ) (340 ) Net futures, options, and forward contracts $ 2,994 $ 6,071 Three Months Ended Statement of Operations Classification December 31, 2022 December 31, 2021 in 000's in 000's Net realized and unrealized (gains) losses related to: Forward purchase contracts (corn) Cost of Goods Sold $ 2,443 $ 542 Futures and option contracts (corn) Cost of Goods Sold 248 (228 ) Futures and option contracts (ethanol) Revenues 41 —
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended December 31, 2022 December 31, 2021 Numerator: Net Income (Loss) for basic earnings per unit $ 662 $ 28,828 Net Income (Loss) for diluted earnings per unit $ 662 $ 28,828 Denominator: Weighted average units outstanding - basic and diluted 8,975 8,975 Income (Loss) per unit - basic and diluted $ 73.76 $ 3,212.03

Note 3 - Inventory (Tables)

Note 3 - Inventory (Tables)	3 Months Ended
	Dec. 31, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	December 31, 2022 September 30, 2022 in 000's in 000's Raw Materials - corn $ 9,973 $ 9,972 Supplies and Chemicals 7,313 6,343 Work in Process 3,688 3,251 Finished Goods 4,543 8,952 Total $ 25,517 $ 28,518

Note 4 - Revolving Loan, Cred_2

Note 4 - Revolving Loan, Credit Agreements, Government Assistance and Subsequent Events (Tables)	3 Months Ended
	Dec. 31, 2022
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	December 31, 2022 September 30, 2022 (000's) (000's) Term Loan bearing interest at SOFR plus 3.25 7.55 $ 15,000 $ 15,000 Revolving Term Loan bearing interest at SOFR plus 3.25 7.55 165 442 Other with an interest rate of 3.50 537 563 15,702 16,005 Less Current Maturities 7,610 7,609 Total Long Term Debt 8,092 8,396
Schedule of Maturities of Long-Term Debt [Table Text Block]	2023 $ 7,610 2024 7,614 2025 118 2026 122 2027 238 Total $ 15,702

Note 5 - Fair Value Measureme_2

Note 5 - Fair Value Measurement (Tables)	3 Months Ended
	Dec. 31, 2022
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	December 31, 2022 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 1,753 $ 851 $ — Liabilities: Derivative financial instruments (914 ) (66 ) — September 30, 2022 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 4,778 $ 1,921 $ — Liabilities: Derivative financial instruments (2,223 ) (340 ) —

Note 7 - Lease Obligations (Tab

Note 7 - Lease Obligations (Tables)	3 Months Ended
	Dec. 31, 2022
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	2023 $ 1,596 2024 566 2025 537 2026 413 2027 and after 175 Total $ 3,287 Undiscounted future payments $ 3,287 Discount effect (319 ) $ 2,968

Note 1 - Nature of Business (De

Note 1 - Nature of Business (Details Textual) gal in Millions	3 Months Ended
	Dec. 31, 2022 gal
Production Capacity, Ethanol (Gallon)	147

Note 2 - Summary of Significa_3

Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands, lb in Millions, gal in Millions, bu in Millions, T in Millions	3 Months Ended
	Dec. 31, 2022 USD ($) T lb gal bu	Sep. 30, 2022 USD ($)
Accounts Receivable, Allowance for Credit Loss, Current	$ 206	$ 206
Capital Addition Purchase Commitments [Member]
Long-Term Purchase Commitment, Amount	$ 7,000
Denatured Ethanol [Member]
Supply Commitment, Minimum Volume Required (Gallon) | gal	0.1
Undenatured Ethanol [Member]
Supply Commitment, Minimum Volume Required (Gallon) | gal	3
Wet and Dried Distillers Grains [Member]
Supply Commitment, Minimum Mass Required (US Ton) | T	0.2
Corn Oil [Member]
Supply Commitment, Minimum Mass Required (US Ton) | lb	3.8
Corn [Member] | Forward Contracts [Member]
Long-Term Purchase Commitment, Minimum Volume Required (Bushel) | bu	3.6
Long-Term Purchase Commitment, Amount	$ 24,800
Corn [Member] | Basis Contract [Member]
Long-Term Purchase Commitment, Minimum Volume Required (Bushel) | bu	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
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Net futures, options, and forward contracts	$ 2,994		$ 6,071
Futures and Option Contracts, Gain Position [Member]
Derivative financial instruments	1,753		4,778
Futures and Option Contracts in Loss Position [Member]
In loss position	(914)		(2,223)
Futures and Option Contracts Cash Held by Due to Broker [Member]
Derivative financial instruments	1,370		1,935
Forward Contracts [Member] | Corn [Member]
Derivative financial instruments	851		1,921
In loss position	(66)		$ (340)
Net realized and unrealized (gains) losses	2,443	$ 542
Net realized and unrealized (gains) losses	2,443	542
Future And Option Contracts [Member] | Corn [Member]
Net realized and unrealized (gains) losses	248	(228)
Net realized and unrealized (gains) losses	248	(228)
Future [Member] | Ethanol [Member]
Net realized and unrealized (gains) losses	41
Net realized and unrealized (gains) losses	$ 41

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
	Dec. 31, 2022	Dec. 31, 2021
Net Income (Loss) for basic earnings per unit	$ 662	$ 28,828
Net Income (Loss) for diluted earnings per unit	$ 662	$ 28,828
Weighted average units outstanding - basic and diluted (in shares)	8,975	8,975
Income (Loss) per unit - basic and diluted (in dollars per share)	$ 73.76	$ 3,212.03

Note 3 - Inventory - Components

Note 3 - Inventory - Components of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
Raw Materials - corn	$ 9,973	$ 9,972
Supplies and Chemicals	7,313	6,343
Work in Process	3,688	3,251
Finished Goods	4,543	8,952
Total	$ 25,517	$ 28,518

Note 4 - Revolving Loan, Cred_3

Note 4 - Revolving Loan, Credit Agreements, Government Assistance and Subsequent Events (Details Textual) $ in Thousands						1 Months Ended
	Jul. 18, 2022	Mar. 01, 2021 USD ($)	Jan. 28, 2021 USD ($)	Apr. 14, 2020 USD ($)	Sep. 30, 2014 USD ($)	Feb. 28, 2021 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)
Paycheck Protection Program CARES Act [Member]
Proceeds from Issuance of Long-Term Debt, Total			$ 1,100	$ 1,100
FSCA and CoBank[Member] | Revolving Term Loan [Member]
Long-Term Line of Credit, Total							$ 165	$ 442
Debt Instrument, Interest Rate, Effective Percentage							5.06%
FSCA and CoBank[Member] | FCSA Credit Facility [Member]
Debt Instrument, Interest Rate, Effective Percentage							7.55%
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							165,000
Line of Credit Facility, Remaining Borrowing Capacity							39,800
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							5.06%
FSCA and CoBank[Member] | Term Loan [Member] | FCSA Credit Facility [Member]
Debt Instrument, Face Amount							$ 18,750
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							$ 15,000
FLCA, PCA and CoBank [Member] | Second Amended and Restated Term Note [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	3.25%

Note 4 - Revolving Loan, Cred_4

Note 4 - Revolving Loan, Credit Agreements, Government Assistance and Subsequent Events - Components of Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
Long-term debt	$ 15,702
Less Current Maturities	7,610	$ 7,609
Total Long Term Debt	8,092	8,396
FSCA and CoBank[Member] | Revolving Term Loan [Member]
Revolving debt	165	442
Term Loan [Member] | FSCA and CoBank[Member]
Long-term debt	15,000	15,000
Term Loan [Member] | FSCA and CoBank[Member] | London Interbank Offered Rate (LIBOR) [Member]
Long-term debt	15,702	16,005
Other Debt [Member]
Long-term debt	$ 537	$ 563

Note 4 - Revolving Loan, Cred_5

Note 4 - Revolving Loan, Credit Agreements, Government Assistance and Subsequent Events - Components of Notes Payable (Details) (Parentheticals)	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
FSCA and CoBank[Member] | Revolving Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	5.06%
FSCA and CoBank[Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Term Loan [Member]
Debt Instrument, Basis Spread on Variable Rate	7.55%	3.25%
Term Loan [Member] | FSCA and CoBank[Member]
Debt Instrument, Interest Rate, Effective Percentage	5.06%
Term Loan [Member] | FSCA and CoBank[Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	7.55%	3.25%
Other Debt [Member]
Debt Instrument, Interest Rate During Period	3.50%	3.50%

Note 4 - Revolving Loan, Cred_6

Note 4 - Revolving Loan, Credit Agreements, Government Assistance and Subsequent Events - Notes Payable Maturities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
2023	$ 7,610
2024	7,614
2025	118
2026	122
2027	238
Total	$ 15,702

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	Dec. 31, 2022	Sep. 30, 2022
Fair Value, Inputs, Level 1 [Member]
Assets:
Derivative financial instruments	$ 1,753	$ 4,778
Liabilities:
Derivative financial instruments	(914)	(2,223)
Fair Value, Inputs, Level 2 [Member]
Assets:
Derivative financial instruments	851	1,921
Liabilities:
Derivative financial instruments	(66)	(340)
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
	Dec. 31, 2022	Dec. 31, 2021
Revenue from Related Parties	$ 60	$ 66.9
Marketing Expense	$ 0.4	$ 0.4

Note 7 - Lease Obligations (Det

Note 7 - Lease Obligations (Details Textual)	3 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 01, 2022	Jul. 17, 2020
Sublease Income	$ 100,000
Operating Lease, Weighted Average Remaining Lease Term (Year)	2 years 1 month 6 days
Operating Lease, Expense	$ 700,000	$ 1,000,000
Operating Lease, Liability, Total	$ 2,968,000
Hopper Cars [Member]
Lessee, Operating Lease, Term of Contract (Year)				3 years
Tanker Cars [Member]
Lessee, Operating Lease, Term of Contract (Year)				4 years
Hopper Cars Subleased to Two Unrelated Third Parties [Member]
Property Subject to or Available for Operating Lease, Number of Units			35

Note 7 - Lease Obligations - Ag

Note 7 - Lease Obligations - Aggregate Minimum Rental Commitments (Details)	Dec. 31, 2022 USD ($)
2023	$ 1,596,000
2024	566,000
2025	537,000
2026	413,000
2027 and after	175,000
Total	3,287,000
Undiscounted future payments	3,287,000
Discount effect	(319,000)
Operating Lease, Liability, Total	$ 2,968,000