10-Q Filing

SOUTH DAKOTA SOYBEAN PROCESSORS LLC CIK: 1163609 Q2 2019

Filing Information

Form Type	10-Q
Accession Number	`0001163609-19-000020`
Period End Date	20190630
Filing Date	20190809
Fiscal Year	2019
Fiscal Period	Q2
XBRL Instance	sdsp-20190630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 64 Cash Flow Statement 54 Stockholders Equity 6

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$710.79K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$683.52K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.00M	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$22.13M	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$20.55M	USD	Point-in-time
Inventories	`InventoryNet`	$36.72M	USD	Point-in-time
Inventories	`InventoryNet`	$35.85M	USD	Point-in-time
Margin deposits	`MarginDepositAssets`	$757.04K	USD	Point-in-time
Margin deposits	`MarginDepositAssets`	$2.35M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.04M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.49M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$60.77M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$68.31M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$113.35M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$110.31M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$53.26M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$51.25M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$59.07M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$60.09M	USD	Point-in-time
Investments in related parties	`EquityMethodInvestments`	$8.01M	USD	Point-in-time
Investments in related parties	`EquityMethodInvestments`	$7.91M	USD	Point-in-time
Investments in cooperatives	`OtherLongTermInvestments`	$1.56M	USD	Point-in-time
Investments in cooperatives	`OtherLongTermInvestments`	$1.55M	USD	Point-in-time
Right-of-use lease asset, net	`OperatingLeaseRightOfUseAsset`	$7.92M	USD	Point-in-time
Right-of-use lease asset, net	`OperatingLeaseRightOfUseAsset`	$7.44M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$16.92M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$17.48M	USD	Point-in-time
Total assets	`Assets`	$144.85M	USD	Point-in-time
Total assets	`Assets`	$137.78M	USD	Point-in-time
Excess of outstanding checks over bank balance	`BankOverdrafts`	$3.89M	USD	Point-in-time
Excess of outstanding checks over bank balance	`BankOverdrafts`	$6.11M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$603.34K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$61.96K	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.88M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.71M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.33M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.53M	USD	Point-in-time
Accrued commodity purchases	`AccruedCommodityPurchasesCurrent`	$35.38M	USD	Point-in-time
Accrued commodity purchases	`AccruedCommodityPurchasesCurrent`	$22.50M	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesCurrent`	$2.64M	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesCurrent`	$3.70M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$10.67K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$51.18K	USD	Point-in-time
Deferred liabilities - current	`DeferredRevenueAndLiabilitiesCurrent`	$524.96K	USD	Point-in-time
Deferred liabilities - current	`DeferredRevenueAndLiabilitiesCurrent`	$792.38K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$36.83M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$48.88M	USD	Point-in-time
Long-term debt, net of current maturities and unamortized debt issuance costs	`LongTermDebtNoncurrent`	$593.03K	USD	Point-in-time
Long-term debt, net of current maturities and unamortized debt issuance costs	`LongTermDebtNoncurrent`	$10.88M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$5.20M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$4.57M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$15.44M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$5.80M	USD	Point-in-time
Commitments and contingencies (Notes 6, 7, 8, and 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Notes 6, 7, 8, and 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Total liabilities and members' equity	`LiabilitiesAndStockholdersEquity`	$137.78M	USD	Point-in-time
Total liabilities and members' equity	`LiabilitiesAndStockholdersEquity`	$144.85M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$192.30M	USD	2 Qtrs
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$191.79M	USD	2 Qtrs
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$100.33M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$93.16M	USD	1 Quarter
Production	`ProductionCost`	$13.69M	USD	2 Qtrs
Production	`ProductionCost`	$12.97M	USD	2 Qtrs
Production	`ProductionCost`	$6.76M	USD	1 Quarter
Production	`ProductionCost`	$6.82M	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$142.60K	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$329.09K	USD	2 Qtrs
Brokerage fees	`BrokerageFees`	$310.95K	USD	2 Qtrs
Brokerage fees	`BrokerageFees`	$159.15K	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$186.81M	USD	2 Qtrs
Total cost of revenues	`CostOfRevenue`	$93.45M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$179.96M	USD	2 Qtrs
Total cost of revenues	`CostOfRevenue`	$87.74M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$6.88M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$12.34M	USD	2 Qtrs
Gross profit (loss)	`GrossProfit`	$4.97M	USD	2 Qtrs
Gross profit (loss)	`GrossProfit`	$5.42M	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$813.31K	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$1.93M	USD	2 Qtrs
Administration	`GeneralAndAdministrativeExpense`	$1.78M	USD	2 Qtrs
Administration	`GeneralAndAdministrativeExpense`	$927.31K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$10.40M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$4.61M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$5.95M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$3.19M	USD	2 Qtrs
Interest expense	`InterestExpense`	$320.76K	USD	1 Quarter
Interest expense	`InterestExpense`	$267.73K	USD	1 Quarter
Interest expense	`InterestExpense`	$460.29K	USD	2 Qtrs
Interest expense	`InterestExpense`	$583.73K	USD	2 Qtrs
Other non-operating income	`OtherNonoperatingIncome`	$394.88K	USD	2 Qtrs
Other non-operating income	`OtherNonoperatingIncome`	$419.47K	USD	2 Qtrs
Other non-operating income	`OtherNonoperatingIncome`	$369.22K	USD	1 Quarter
Other non-operating income	`OtherNonoperatingIncome`	$100.10K	USD	1 Quarter
Patronage dividend income	`InvestmentIncomeDividend`	-	USD	1 Quarter
Patronage dividend income	`InvestmentIncomeDividend`	$96.52K	USD	2 Qtrs
Patronage dividend income	`InvestmentIncomeDividend`	$169.46K	USD	2 Qtrs
Patronage dividend income	`InvestmentIncomeDividend`	-	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$128.63K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-92.33K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-167.63K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$48.46K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$10.53M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.78M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$3.10M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.65M	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$1.96K	USD	2 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$600.00	USD	2 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$10.53M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$4.65M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$5.78M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.10M	USD	2 Qtrs
Net income (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.10	USD	2 Qtrs
Net income (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.15	USD	1 Quarter
Net income (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.35	USD	2 Qtrs
Net income (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.19	USD	1 Quarter
Weighted average number of capital units outstanding for calculation of basic and diluted earnings per capital unit (in shares)	`WeightedAverageNumberOfUnitsOutstandingForCalculationOfBasicAndDilutedLossPerCapitalUnit`	30.42M	shares	2 Qtrs
Weighted average number of capital units outstanding for calculation of basic and diluted earnings per capital unit (in shares)	`WeightedAverageNumberOfUnitsOutstandingForCalculationOfBasicAndDilutedLossPerCapitalUnit`	30.42M	shares	1 Quarter
Weighted average number of capital units outstanding for calculation of basic and diluted earnings per capital unit (in shares)	`WeightedAverageNumberOfUnitsOutstandingForCalculationOfBasicAndDilutedLossPerCapitalUnit`	30.42M	shares	1 Quarter
Weighted average number of capital units outstanding for calculation of basic and diluted earnings per capital unit (in shares)	`WeightedAverageNumberOfUnitsOutstandingForCalculationOfBasicAndDilutedLossPerCapitalUnit`	30.42M	shares	2 Qtrs

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$10.53M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$4.65M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$5.78M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.10M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.13M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.00M	USD	2 Qtrs
Gain on sales of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$271.88K	USD	2 Qtrs
Gain on sales of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$6.69K	USD	2 Qtrs
Loss on equity method investment	`IncomeLossFromEquityMethodInvestments`	$-153.78K	USD	2 Qtrs
Loss on equity method investment	`IncomeLossFromEquityMethodInvestments`	$-99.49K	USD	2 Qtrs
Non-cash patronage dividends	`NoncashPatronageDividends`	$24.13K	USD	2 Qtrs
Non-cash patronage dividends	`NoncashPatronageDividends`	$42.36K	USD	2 Qtrs
Change in current assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$12.67M	USD	2 Qtrs
Change in current assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$13.63M	USD	2 Qtrs
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-915.42K	USD	2 Qtrs
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.71M	USD	2 Qtrs
Purchase of investments	`PaymentsToAcquireInvestments`	$5.00M	USD	2 Qtrs
Purchase of investments	`PaymentsToAcquireInvestments`	-	USD	2 Qtrs
Retirement of patronage dividends	`ProceedsFromRetirementOfPatronageDividends`	-	USD	2 Qtrs
Retirement of patronage dividends	`ProceedsFromRetirementOfPatronageDividends`	$32.29K	USD	2 Qtrs
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$299.37K	USD	2 Qtrs
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$64.80K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.21M	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.97M	USD	2 Qtrs
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.11M	USD	2 Qtrs
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.67M	USD	2 Qtrs
Change in excess of outstanding checks over bank balances	`ProceedsFromRepaymentsOfBankOverdrafts`	$910.17K	USD	2 Qtrs
Change in excess of outstanding checks over bank balances	`ProceedsFromRepaymentsOfBankOverdrafts`	$2.22M	USD	2 Qtrs
Net proceeds (payments) from seasonal borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	-	USD	2 Qtrs
Net proceeds (payments) from seasonal borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	$2.09M	USD	2 Qtrs
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$15.21M	USD	2 Qtrs
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$5.08M	USD	2 Qtrs
Payments for debt issue costs	`PaymentsOfDebtIssuanceCosts`	$10.50K	USD	2 Qtrs
Payments for debt issue costs	`PaymentsOfDebtIssuanceCosts`	-	USD	2 Qtrs
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$37.90M	USD	2 Qtrs
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$44.09M	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$20.41M	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$33.27M	USD	2 Qtrs
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$15.40M	USD	2 Qtrs
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.17M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$27.27K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-6.20M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$710.79K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$683.52K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.20M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$710.79K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$683.52K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.20M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.00M	USD	Point-in-time
Interest	`InterestPaid`	$419.78K	USD	2 Qtrs
Interest	`InterestPaid`	$521.02K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs

Stockholders Equity 6 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$10.53M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$4.65M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$5.78M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.10M	USD	2 Qtrs
Distribution to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$15.21M	USD	2 Qtrs
Distribution to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$5.08M	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.