Golden Growers Cooperative (GGROU) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 11, 2020
Document and Entity Information
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Entity Registrant Name	GOLDEN GROWERS COOPERATIVE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,490,480
Entity Central Index Key	0001489874
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current Assets:
Cash and Cash Equivalents	$ 2,925	$ 3,228
Short-Term Investments	2,382	1,807
Other Current Assets	44	275
Total Current Assets	5,351	5,310
Long-Term Investments	2,684	3,220
Investment in ProGold Limited Liability Company	18,103	18,059
Total Assets	26,138	26,589
Current Liabilities
Accounts Payable		2
Accrued Liabilities	119	208
Total Current Liabilities	119	210
Non-Current Liabilites	7
Members' Equity
Membership Units, Authorized 60,000,000 Units, Issued and Outstanding 15,490,480 as of March 31, 2020 and December 31, 2019	26,019	26,379
Accumulated Other Comprehensive Income(Loss)	(7)
Total Members’ Equity	26,012	26,379
Total Liabilities and Members’ Equity	$ 26,138	$ 26,589

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - shares	Mar. 31, 2020	Dec. 31, 2019
BALANCE SHEETS
Membership Units, Authorized	60,000,000	60,000,000
Membership Units, Issued	15,490,480	15,490,480
Membership Units, Outstanding	15,490,480	15,490,480

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
OPERATIONS
Corn Revenue	$ 14,743	$ 15,388
Corn Expense	(14,757)	(15,402)
Net Income from ProGold Limited Liability Company	1,943	1,955
General & Administrative Expenses	(171)	(168)
Net Income from Operations	1,758	1,773
Other Income	50	50
Net Income Before Income Tax	1,808	1,823
Net Income	$ 1,808	$ 1,823
Weighted Average Shares/Units Outstanding	15,490,480	15,490,480
Earnings per Share/Membership Unit
Primary and Fully Diluted (In dollars per share)	$ 0.12	$ 0.12

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
COMPREHENSIVE INCOME
Net Income	$ 1,808	$ 1,823
Other Comprehensive Income (Loss), Net	(7)
Comprehensive Income	$ 1,801	$ 1,823

STATEMENTS OF CHANGES IN MEMBER

STATEMENTS OF CHANGES IN MEMBERS' EQUITY $ in Thousands	USD ($)
Balance at Dec. 31, 2018	$ 25,836
Increase (Decrease) in Stockholders' Equity
Net Income	1,823
Distributions to Members	(2,355)
Balance at Mar. 31, 2019	25,304
Balance at Dec. 31, 2019	26,379
Increase (Decrease) in Stockholders' Equity
Net Income	1,808
Pension Liability Adjustment	(7)
Distributions to Members	(2,168)
Balance at Mar. 31, 2020	$ 26,012

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities
Net Income	$ 1,808,000	$ 1,823,000
Net (Income) from ProGold Limited Liability Company	(1,943,000)	(1,955,000)
Changes in assets and liabilities
Other Current Assets	231,000	200,000
Accrued liabilities and payables	(91,000)	(212,000)
Net Cash Provided (Used) in Operating Activities	5,000	(144,000)
Cash Flows from Investing Activities
(Purchase) Sale of investments	(39,000)	(14,000)
Distribution received from ProGold LLC	1,899,000	2,111,000
Net Cash Provided in Investing Activities	1,860,000	2,097,000
Cash Flows from Financing Activities
Member distributions paid	(2,168,000)	(2,355,000)
Net Cash Used by Financing Activities	(2,168,000)	(2,355,000)
Increase (Decrease) in Cash and Cash Equivalents	(303,000)	(402,000)
Cash and Cash Equivalents, Beginning of Year	3,228,000	2,403,000
Cash and Cash Equivalents, End of Year	$ 2,925,000	$ 2,001,000

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2020
BASIS OF PRESENTATION
BASIS OF PRESENTATION	NOTE 1 – BASIS OF PRESENTATION The condensed financial statements of Golden Growers Cooperative (the “Cooperative”) for the three-month period ended March 31, 2020 and 2019 are unaudited and reflect all adjustments consisting of normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim period. The condensed financial statements should be read in conjunction with the financial statements and notes thereto, contained in the Cooperative’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019. The results of operations for the three-month period ended March 31, 2020 are not necessarily indicative of the results for the entire fiscal year ending December 31, 2020.

EXPENSES

EXPENSES	3 Months Ended
	Mar. 31, 2020
EXPENSES
EXPENSES	NOTE 2 – EXPENSES The Cooperative contracts with Cargill, Incorporated (“Cargill”) in connection with the procurement of corn and other agency services for an annual fee of $60,000, which is paid by the Cooperative to Cargill in quarterly installments. The agreements between Cargill and the Cooperative terminate concurrently with Cargill’s Second Amended and Restated Facility Lease with ProGold Limited Liability Company (“ProGold LLC”), which terminates on December 31, 2022, but may be extended through 2023 under certain conditions.

PROGOLD LIMITED LIABILITY COMPA

PROGOLD LIMITED LIABILITY COMPANY	3 Months Ended
	Mar. 31, 2020
PROGOLD LIMITED LIABILITY COMPANY
PROGOLD LIMITED LIABILITY COMPANY	NOTE 3 – PROGOLD LIMITED LIABILITY COMPANY The Cooperative has a 49% ownership interest in ProGold LLC. Following is summary financial information for ProGold LLC, which was derived from the monthly unaudited financial statements of ProGold LLC: March 31, December 31, (In Thousands) 2020 2019 2019 Current Assets $ 211 $ 220 $ 230 Long-Term Assets 39,113 38,645 38,962 Total Assets $ 39,324 $ 38,865 $ 39,192 Current Liabilities $ 88 $ 7 $ 5 Long-Term Liabilities 2,292 1,458 2,333 Total Liabilities 2,380 1,465 2,338 Members’ Equity 36,944 37,400 36,854 Total Liabilities and Members’ Equity $ 39,324 $ 38,865 $ 39,192 Rent Revenue on Operating Lease $ 4,833 $ 4,679 $ 19,085 Expenses 867 689 3,455 Net Income $ 3,966 $ 3,990 $ 15,630

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2020
INVESTMENTS
INVESTMENTS	NOTE 4 – INVESTMENTS The Cooperative has determined fair value of its investments held to maturity based on Level 2 inputs. March 31, 2020: Level 1 Level 2 Level 3 Total Corporate Bonds $ — $ $ — $ 4,616 US Treasury Bill 100 Money Market & CD’s — 378 — 378 $ — $ 5,094 $ — $ 5,094 December 31, 2019: Corporate Bonds $ — $ $ — $ 4,772 Money Market & CD’s — 336 — 336 $ — $ 5,108 $ — $ 5,108 Net Carrying Fair Amount Value Due in 1 year or less $ 1,904 $ 1,885 Due in 2 to 5 years 2,478 2,531 Greater than 5 years 206 200 $ 4,588 $ 4,616 The Coopertive’s investments held to maturity are as follows as of March 31, 2020 and December 31, 2019: Amortized Unrealized Unrealized Cost Gains Losses Fair Value March 31, 2020: Corporate Bonds $ $ $ (44) $ 4,616 US Treasury Bill 100 Money Market & CD’s — — 378 $ 5,066 $ 72 $ (44) $ 5,094 December 31, 2019: Corporate Bonds $ $ $ — $ 4,772 Money Market & CD’s — — 336 $ 5,027 $ 81 $ — $ 5,108 Maturities are as follows as of March 31, 2020: Less than 1 year 1 to 5 Years Greater than 5 years Total Corporate Bonds $ 1,904 $ 2,478 $ 206 $ 4,588 $ 1,904 $ 2,478 $ 206 $ 4,588

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2020
EMPLOYEE BENEFIT PLANS.
EMPLOYEE BENEFIT PLANS	NOTE 5 – EMPLOYEE BENEFIT PLANS Pension Plan – In December 2012, the Cooperative approved a change to freeze the Cooperative’s defined benefit plan. As a result, no additional benefits will accrue to participants in the plan and no new employees are eligible for the plan. The following schedules provide the components of Net Periodic Benefit Cost for the three months ended March 31, 2020 and March 31, 2019 (in thousands) : March 31, March 31, 2020 2019 Interest Cost $ 7 $ 8 Expected Return on Plan Assets (11) (14) Amortization of Net (Gain) Loss — — Net Periodic Pension Cost $ (4) $ (6) Through the three months ended March 31, 2020, the Cooperative has made $0 in contributions as compared to $0 through the three months ended March 31, 2019. The Cooperative does not anticipate making a contribution in 2020. Contributions in 2019 totaled $0.

RECENTLY ADOPTED ACCOUNTING STA

RECENTLY ADOPTED ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2020
RECENTLY ADOPTED ACCOUNTING STANDARDS
RECENTLY ADOPTED ACCOUNTING STANDARDS	NOTE 6 – RECENTLY ADOPTED ACCOUNTING STANDARDS Leases - In February 2016, the Financial Accounting Standards Board (“FASB”) issued a standard related to leases to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet. The standard was effective for the Cooperative beginning January 1, 2019. The standard did not have a significant impact on the Cooperative’s financial statements. Revenue Recognition - On January 1, 2018, the Cooperative adopted ASU 2014-09, Revenues from Contracts with Customers. The core principle of the revenue guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Cooperative determined that the timing, pattern and amount of revenue recognized under the new standard is substantially the same as previously recognized by the Cooperative. Annually, the Cooperative is required to deliver approximately 15,490,480 bushels of corn to Cargill for processing at the ProGold LLC wet-milling facility. To fulfill that requirement, the Cooperative’s members are contractually obligated to annually deliver corn to the Cooperative by either Method A or Method B or a combination of both. Under Method A, a member is required to physically deliver corn to the Cooperative and under Method B a member appoints the Cooperative as its agent to arrange for the acquisition and delivery of corn on the member’s behalf. The Cooperative contractually appoints Cargill as its agent to arrange for the delivery of the corn by its members who elect to deliver corn using Method A and to acquire corn on its behalf for its members who elect to deliver corn using Method B. In exchange for these services, the Cooperative pays an annual fee of $60,000, paid in quarterly installments. Members who deliver corn under Method A are paid the market price or contracted price for their corn at the time of delivery, as well as an incentive payment of $.05 per bushel. Cargill pays the aggregate purchase price for corn purchased from the Cooperative’s members to the Cooperative and then, on the Cooperative’s behalf, makes individual payments for corn and incentive payments directly to the Cooperative’s membe Members who elect Method B to deliver corn pay the Cooperative a $.02 per bushel agency fee for the cost of having the Cooperative deliver corn on their behalf. The price per bushel paid to such member is equal to the price per bushel paid by Cargill to acquire the corn as the Cooperative’s agent. Method B revenue will be equal to the price paid. The Cooperative has determined Corn Expense for Method B deliveries will be the weighted average price for Method A corn during the quarter multiplied by the number of Method B bushels purchased during the quarter. The incentive payment and agency fee are also a component of Corn Expense. The Cooperative’s Board of Directors has the discretion to change the incentive payment and the agency fee based on the Cooperative’s corn delivery needs. For the three month periods ended March 31, 2020 and 2019, the Cooperative recognized corn revenue of $14.7 million and $15.4 million, respectively. Disaggregated revenue for the three month periods ended March 31, 2020 and 2019 is as follows: revenue from Method A deliveries totaled $5.3 million and $5.9 million, respectively; and revenue from Method B deliveries totaled $9.4 million and $9.5 million, respectively. Financial Instruments – Recognition, Measurement, Presentation, and Disclosure – On January 1, 2018, the Cooperative adopted ASU 2016-01 related to certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The adoption of the standard did not have a significant impact on the Cooperative’s financial statements.

DISTRIBUTIONS TO MEMBERS

DISTRIBUTIONS TO MEMBERS	3 Months Ended
	Mar. 31, 2020
DISTRIBUTIONS TO MEMBERS
DISTRIBUTIONS TO MEMBERS	NOTE 7 – DISTRIBUTIONS TO MEMBERS On February 14, 2020, the Cooperative made distributions to its members totaling $2,168,667, or $0.14 per outstanding membership unit. On February 28, 2019, the Cooperative made distributions to its members totaling $2,354,553 or $0.152 per outstanding membership unit.

LINE OF CREDIT

LINE OF CREDIT	3 Months Ended
	Mar. 31, 2020
LINE OF CREDIT.
LINE OF CREDIT	NOTE 8 – LINE OF CREDIT In 2018, the Cooperative established a $2,000,000 line of credit with a variable interest rate. This line of credit has been extended to October 16, 2020. The line of credit is secured by the investment management agency account for the Cooperative maintained by Bell Bank. There is no outstanding balance as of March 31, 2020 or December 31, 2019.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 9 – COMMITMENTS AND CONTINGENCIES The Cooperative contracts with Cargill in connection with the procurement of corn and other agency services for an annual fee of $60,000, which is paid by the Cooperative to Cargill in quarterly installments. The agreements between Cargill and the Cooperative terminate concurrently with Cargill’s Second Amended and Restated Facility Lease with ProGold LLC, which terminates on December 31, 2022, but may be extended through 2023 under certain conditions.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 10 – SUBSEQUENT EVENTS The Cooperative has evaluated events through the date the financial statements were issued for potential recognition or disclosure in the March 31, 2020 financial statements and concluded that no subsequent events have occurred that would require recognition in the March 31, 2020 financial statements.

PROGOLD LIMITED LIABILITY COM_2

PROGOLD LIMITED LIABILITY COMPANY (Tables)	3 Months Ended
	Mar. 31, 2020
PROGOLD LIMITED LIABILITY COMPANY
Schedule of financial information for ProGold LLC	March 31, December 31, (In Thousands) 2020 2019 2019 Current Assets $ 211 $ 220 $ 230 Long-Term Assets 39,113 38,645 38,962 Total Assets $ 39,324 $ 38,865 $ 39,192 Current Liabilities $ 88 $ 7 $ 5 Long-Term Liabilities 2,292 1,458 2,333 Total Liabilities 2,380 1,465 2,338 Members’ Equity 36,944 37,400 36,854 Total Liabilities and Members’ Equity $ 39,324 $ 38,865 $ 39,192 Rent Revenue on Operating Lease $ 4,833 $ 4,679 $ 19,085 Expenses 867 689 3,455 Net Income $ 3,966 $ 3,990 $ 15,630

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
INVESTMENTS
Schedule of fair value of investments held to maturity based on level 2 inputs	March 31, 2020: Level 1 Level 2 Level 3 Total Corporate Bonds $ — $ $ — $ 4,616 US Treasury Bill 100 Money Market & CD’s — 378 — 378 $ — $ 5,094 $ — $ 5,094 December 31, 2019: Corporate Bonds $ — $ $ — $ 4,772 Money Market & CD’s — 336 — 336 $ — $ 5,108 $ — $ 5,108
Schedule of investments held to maturity	Net Carrying Fair Amount Value Due in 1 year or less $ 1,904 $ 1,885 Due in 2 to 5 years 2,478 2,531 Greater than 5 years 206 200 $ 4,588 $ 4,616
Schedule of gain (loss) on investments	Amortized Unrealized Unrealized Cost Gains Losses Fair Value March 31, 2020: Corporate Bonds $ $ $ (44) $ 4,616 US Treasury Bill 100 Money Market & CD’s — — 378 $ 5,066 $ 72 $ (44) $ 5,094 December 31, 2019: Corporate Bonds $ $ $ — $ 4,772 Money Market & CD’s — — 336 $ 5,027 $ 81 $ — $ 5,108
Schedule of maturities	Less than 1 year 1 to 5 Years Greater than 5 years Total Corporate Bonds $ 1,904 $ 2,478 $ 206 $ 4,588 $ 1,904 $ 2,478 $ 206 $ 4,588

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2020
EMPLOYEE BENEFIT PLANS.
Components of Net Periodic Benefit Cost	March 31, March 31, 2020 2019 Interest Cost $ 7 $ 8 Expected Return on Plan Assets (11) (14) Amortization of Net (Gain) Loss — — Net Periodic Pension Cost $ (4) $ (6)

EXPENSES (Details)

EXPENSES (Details)	Jan. 01, 2018USD ($)installment
EXPENSES
Annual contractual payments to Cargill to arrange for the delivery of the corn and other agency services | $	$ 60,000
Number Of Installments | installment	4

PROGOLD LIMITED LIABILITY COM_3

PROGOLD LIMITED LIABILITY COMPANY (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
ProGold LLC
ProGold Limited Liability Company
Ownership percentage in joint venture	49.00%
ProGold LLC
Financial information for ProGold LLC
Current Assets	$ 211	$ 220	$ 230
Long-Term Assets	39,113	38,645	38,962
Total Assets	39,324	38,865	39,192
Current Liabilities	88	7	5
Long-Term Liabilities	2,292	1,458	2,333
Total Liabilities	2,380	1,465	2,338
Members' Equity	36,944	37,400	36,854
Total Liabilities and Members' Equity	39,324	38,865	39,192
Rent Revenue on Operating Lease	4,833	4,679	19,085
Expenses	867	689	3,455
Net Income	$ 3,966	$ 3,990	$ 15,630

INVESTMENTS - (Details)

INVESTMENTS - (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments
Fair Value	$ 5,094	$ 5,108
Level 2
Investments
Fair Value	5,094	5,108
US Treasury Bill
Investments
Fair Value	100
US Treasury Bill | Level 2
Investments
Fair Value	100
Corporate Bonds
Investments
Fair Value	4,616	4,772
Corporate Bonds | Level 2
Investments
Fair Value	4,616	4,772
Money Market & CD’s
Investments
Fair Value	378	336
Money Market & CD’s | Level 2
Investments
Fair Value	$ 378	$ 336

INVESTMENTS - Net Carrying Amou

INVESTMENTS - Net Carrying Amount (Details) $ in Thousands	Mar. 31, 2020USD ($)
Net Carrying Amount
Due in 1 year or less	$ 1,904
Due in 2 to 5 years	2,478
Greater than 5 years	206
Total	4,588
Fair Value
Due in 1 year or less	1,885
Due in 2 to 5 years	2,531
Greater than 5 years	200
Total	$ 4,616

INVESTMENTS - Investments held

INVESTMENTS - Investments held to maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments
Amortized Cost	$ 5,066	$ 5,027
Unrealized Gains	72	81
Unrealized Losses	(44)
Fair Value	5,094	5,108
Corporate Bonds
Investments
Amortized Cost	4,588	4,691
Unrealized Gains	72	81
Unrealized Losses	(44)
Fair Value	4,616	4,772
US Treasury Bill
Investments
Amortized Cost	100
Fair Value	100
Money Market & CD’s
Investments
Amortized Cost	378	336
Fair Value	$ 378	$ 336

INVESTMENTS - Maturities (Detai

INVESTMENTS - Maturities (Details) $ in Thousands	Mar. 31, 2020USD ($)
Investments
Less than 1 year	$ 1,904
1 to 5 years	2,478
Greater than 5 years	206
Total	4,588
Corporate Bonds
Investments
Less than 1 year	1,904
1 to 5 years	2,478
Greater than 5 years	206
Total	$ 4,588

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details)	1 Months Ended	3 Months Ended
	Dec. 31, 2012USD ($)employee	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Components of Net Periodic Benefit Cost
Interest Cost		$ 7,000	$ 8,000
Expected return on plan assets		(11,000)	(14,000)
Net Periodic Pension Cost		(4,000)	(6,000)
Cooperative contributions		$ 0	$ 0
Number of new employees eligible under the plan | employee	0
Anticipated contributions	$ 0			$ 0

RECENTLY ADOPTED ACCOUNTING S_2

RECENTLY ADOPTED ACCOUNTING STANDARDS (Details)	Jan. 01, 2018installment$ / bu	Mar. 31, 2020USD ($)item
Revenue from Contract with Customer [Abstract]
Annual delivery of bushels of corn | item		15,490,480
Number Of Installments | installment	4
Incentive Payment Per Bushel to Members on Delivery of Corn under Method A	0.05
Annual Cooperative fee for corn delivery | $		$ 60,000
Payment for Corn Delivered Using Method B	0.02

RECENTLY ADOPTED ACCOUNTING S_3

RECENTLY ADOPTED ACCOUNTING STANDARDS - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue
Corn Revenue	$ 14,743	$ 15,388
Method A
Revenue
Total	5,300	5,900
Method B
Revenue
Total	$ 9,400	$ 9,500

DISTRIBUTIONS TO MEMBERS (Detai

DISTRIBUTIONS TO MEMBERS (Details) - USD ($)	Feb. 28, 2020	Feb. 14, 2020	Mar. 31, 2020	Mar. 31, 2019
DISTRIBUTIONS TO MEMBERS
Member distributions paid	$ 2,354,553	$ 2,168,667	$ 2,168,000	$ 2,355,000
Distribution to members per outstanding membership unit (in dollars per unit)	$ 0.152	$ 0.14

LINE OF CREDIT (Details)

LINE OF CREDIT (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
LINE OF CREDIT.
Line of credit maximum borrowing capacity	$ 2,000,000	$ 2,000,000
Line of credit	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Jan. 01, 2018USD ($)installment
COMMITMENTS AND CONTINGENCIES.
Annual contractual payments to Cargill for procurement of corn | $	$ 60,000
Number Of Installments | installment	4