10-Q Filing

SOUTH DAKOTA SOYBEAN PROCESSORS LLC CIK: 1163609 Q2 2020

Filing Information

Form Type	10-Q
Accession Number	`0001163609-20-000024`
Period End Date	20200630
Filing Date	20200810
Fiscal Year	2020
Fiscal Period	Q2
XBRL Instance	sdsp-20200630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 59 Income Statement 64 Cash Flow Statement 58 Stockholders Equity 6

Balance Sheet 59 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.81M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$624.68K	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$21.20M	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$24.42M	USD	Point-in-time
Inventories	`InventoryNet`	$44.47M	USD	Point-in-time
Inventories	`InventoryNet`	$58.78M	USD	Point-in-time
Margin deposits	`MarginDepositAssets`	$3.49M	USD	Point-in-time
Margin deposits	`MarginDepositAssets`	$6.77M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.88M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.60M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$88.88M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$78.17M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$118.36M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$121.12M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$53.85M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$56.07M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$65.04M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$64.52M	USD	Point-in-time
Investments in related parties	`EquityMethodInvestments`	$7.87M	USD	Point-in-time
Investments in related parties	`EquityMethodInvestments`	$8.33M	USD	Point-in-time
Investments in cooperatives	`OtherLongTermInvestments`	$1.54M	USD	Point-in-time
Investments in cooperatives	`OtherLongTermInvestments`	$1.56M	USD	Point-in-time
Right-of-use lease asset, net	`OperatingLeaseRightOfUseAsset`	$5.98M	USD	Point-in-time
Right-of-use lease asset, net	`OperatingLeaseRightOfUseAsset`	$8.01M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$15.42M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$17.88M	USD	Point-in-time
Total assets	`Assets`	$171.81M	USD	Point-in-time
Total assets	`Assets`	$158.10M	USD	Point-in-time
Excess of outstanding checks over bank balance	`BankOverdrafts`	$4.80M	USD	Point-in-time
Excess of outstanding checks over bank balance	`BankOverdrafts`	$8.16M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$4.53M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$4.60M	USD	Point-in-time
Note payable - seasonal loan	`ShortTermBankLoansAndNotesPayable`	$1.74M	USD	Point-in-time
Note payable - seasonal loan	`ShortTermBankLoansAndNotesPayable`	$13.15M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.66M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$5.57M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.30M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.08M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.90M	USD	Point-in-time
Accrued commodity purchases	`AccruedCommodityPurchasesCurrent`	$31.35M	USD	Point-in-time
Accrued commodity purchases	`AccruedCommodityPurchasesCurrent`	$30.20M	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesCurrent`	$2.91M	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesCurrent`	$2.90M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$85.66K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$74.77K	USD	Point-in-time
Deferred liabilities - current	`DeferredRevenueAndLiabilitiesCurrent`	$448.46K	USD	Point-in-time
Deferred liabilities - current	`DeferredRevenueAndLiabilitiesCurrent`	$388.45K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$56.85M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$63.74M	USD	Point-in-time
Long-term debt, net of current maturities and unamortized debt issuance costs	`LongTermDebtNoncurrent`	$20.67M	USD	Point-in-time
Long-term debt, net of current maturities and unamortized debt issuance costs	`LongTermDebtNoncurrent`	$11.99M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$3.32M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$2.44M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$23.11M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$15.31M	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`	$171.81M	USD	Point-in-time
Total liabilities and members' equity	`LiabilitiesAndStockholdersEquity`	$158.10M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$191.99M	USD	2 Qtrs
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$192.30M	USD	2 Qtrs
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$93.27M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$100.33M	USD	1 Quarter
Production	`ProductionCost`	$13.69M	USD	2 Qtrs
Production	`ProductionCost`	$7.41M	USD	1 Quarter
Production	`ProductionCost`	$6.82M	USD	1 Quarter
Production	`ProductionCost`	$14.83M	USD	2 Qtrs
Brokerage fees	`BrokerageFees`	$318.06K	USD	2 Qtrs
Brokerage fees	`BrokerageFees`	$159.15K	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$329.09K	USD	2 Qtrs
Brokerage fees	`BrokerageFees`	$154.82K	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$179.96M	USD	2 Qtrs
Total cost of revenues	`CostOfRevenue`	$183.59M	USD	2 Qtrs
Total cost of revenues	`CostOfRevenue`	$86.60M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$93.45M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$6.88M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$8.40M	USD	2 Qtrs
Gross profit (loss)	`GrossProfit`	$6.67M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$12.34M	USD	2 Qtrs
Administration	`GeneralAndAdministrativeExpense`	$927.31K	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$1.92M	USD	2 Qtrs
Administration	`GeneralAndAdministrativeExpense`	$898.77K	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$1.93M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$6.47M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$5.95M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$10.40M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$5.77M	USD	1 Quarter
Interest expense	`InterestExpense`	$658.34K	USD	2 Qtrs
Interest expense	`InterestExpense`	$267.73K	USD	1 Quarter
Interest expense	`InterestExpense`	$460.29K	USD	2 Qtrs
Interest expense	`InterestExpense`	$308.35K	USD	1 Quarter
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$-301.33K	USD	2 Qtrs
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$20.89K	USD	1 Quarter
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$419.47K	USD	2 Qtrs
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$100.10K	USD	1 Quarter
Patronage dividend income	`InvestmentIncomeDividend`	-	USD	1 Quarter
Patronage dividend income	`InvestmentIncomeDividend`	$169.46K	USD	2 Qtrs
Patronage dividend income	`InvestmentIncomeDividend`	-	USD	1 Quarter
Patronage dividend income	`InvestmentIncomeDividend`	$195.55K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-764.12K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$128.63K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-287.47K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-167.63K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.71M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.78M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$10.53M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.49M	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$600.00	USD	2 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$5.71M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$5.49M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$10.53M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$5.78M	USD	1 Quarter
Net income (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.18	USD	1 Quarter
Net income (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.19	USD	2 Qtrs
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	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	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

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$5.71M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$5.49M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$10.53M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$5.78M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.43M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.13M	USD	2 Qtrs
Net (gain) loss recognized on derivative activities	`DerivativeGainLossOnDerivativeNet`	$898.10K	USD	2 Qtrs
Net (gain) loss recognized on derivative activities	`DerivativeGainLossOnDerivativeNet`	$6.85M	USD	2 Qtrs
Gain on sales of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$6.69K	USD	2 Qtrs
Gain on sales of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	2 Qtrs
Loss on equity method investment	`IncomeLossFromEquityMethodInvestments`	$-99.49K	USD	2 Qtrs
Loss on equity method investment	`IncomeLossFromEquityMethodInvestments`	-	USD	2 Qtrs
Non-cash patronage dividends	`NoncashPatronageDividends`	$42.36K	USD	2 Qtrs
Non-cash patronage dividends	`NoncashPatronageDividends`	$43.41K	USD	2 Qtrs
Change in current assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$4.73M	USD	2 Qtrs
Change in current assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$12.73M	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`	$-3.48M	USD	2 Qtrs
Purchase of investments	`PaymentsToAcquireInvestments`	$404.33K	USD	2 Qtrs
Purchase of investments	`PaymentsToAcquireInvestments`	-	USD	2 Qtrs
Retirement of patronage dividends	`ProceedsFromRetirementOfPatronageDividends`	$66.21K	USD	2 Qtrs
Retirement of patronage dividends	`ProceedsFromRetirementOfPatronageDividends`	$32.29K	USD	2 Qtrs
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	2 Qtrs
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$64.80K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.96M	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.21M	USD	2 Qtrs
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.29M	USD	2 Qtrs
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.11M	USD	2 Qtrs
Change in excess of outstanding checks over bank balances	`ProceedsFromRepaymentsOfBankOverdrafts`	$2.22M	USD	2 Qtrs
Change in excess of outstanding checks over bank balances	`ProceedsFromRepaymentsOfBankOverdrafts`	$-3.36M	USD	2 Qtrs
Net proceeds (payments) from seasonal borrowings	`ProceedsFromOtherShortTermDebt`	-	USD	2 Qtrs
Net proceeds (payments) from seasonal borrowings	`ProceedsFromOtherShortTermDebt`	$11.41M	USD	2 Qtrs
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$6.69M	USD	2 Qtrs
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$15.21M	USD	2 Qtrs
Payments for debt issue costs	`PaymentsOfDebtIssuanceCosts`	-	USD	2 Qtrs
Payments for debt issue costs	`PaymentsOfDebtIssuanceCosts`	$10.00K	USD	2 Qtrs
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$44.09M	USD	2 Qtrs
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$11.22M	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$33.27M	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$2.60M	USD	2 Qtrs
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.17M	USD	2 Qtrs
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.96M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.19M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.20M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.81M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.20M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$624.68K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.81M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.20M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$624.68K	USD	Point-in-time
Interest	`InterestPaidNet`	$419.78K	USD	2 Qtrs
Interest	`InterestPaidNet`	$647.45K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Soybean meal contributed as investment in related party	`NoncashOrPartNoncashAcquisitionInvestmentsAcquired1`	-	USD	2 Qtrs
Soybean meal contributed as investment in related party	`NoncashOrPartNoncashAcquisitionInvestmentsAcquired1`	$53.65K	USD	2 Qtrs

Stockholders Equity 6 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$5.71M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$5.49M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$10.53M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$5.78M	USD	1 Quarter
Distribution to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$6.69M	USD	2 Qtrs
Distribution to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$15.21M	USD	2 Qtrs

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