10-Q Filing

SOUTH DAKOTA SOYBEAN PROCESSORS LLC CIK: 1163609 Q3 2020

Filing Information

Form Type	10-Q
Accession Number	`0001163609-20-000028`
Period End Date	20200930
Filing Date	20201110
Fiscal Year	2020
Fiscal Period	Q3
XBRL Instance	sdsp-20200930_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 64 Cash Flow Statement 58 Stockholders Equity 6

Balance Sheet 61 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.83M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$624.68K	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$24.42M	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$24.79M	USD	Point-in-time
Inventories	`InventoryNet`	$44.47M	USD	Point-in-time
Inventories	`InventoryNet`	$69.13M	USD	Point-in-time
Margin deposits	`MarginDepositAssets`	$6.77M	USD	Point-in-time
Margin deposits	`MarginDepositAssets`	-	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.88M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$833.03K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$98.58M	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`	$122.16M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$57.15M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$53.85M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$65.01M	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`	$8.61M	USD	Point-in-time
Investments in cooperatives	`OtherLongTermInvestments`	$1.56M	USD	Point-in-time
Investments in cooperatives	`OtherLongTermInvestments`	$1.54M	USD	Point-in-time
Right-of-use lease asset, net	`OperatingLeaseRightOfUseAsset`	$12.66M	USD	Point-in-time
Right-of-use lease asset, net	`OperatingLeaseRightOfUseAsset`	$5.98M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$22.81M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$15.42M	USD	Point-in-time
Total assets	`Assets`	$186.40M	USD	Point-in-time
Total assets	`Assets`	$158.10M	USD	Point-in-time
Excess of outstanding checks over bank balance	`BankOverdrafts`	$19.13M	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`	$4.60M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$4.70M	USD	Point-in-time
Note payable - seasonal loan	`ShortTermBankLoansAndNotesPayable`	-	USD	Point-in-time
Note payable - seasonal loan	`ShortTermBankLoansAndNotesPayable`	$1.74M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.30M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.66M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$5.94M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$756.44K	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`	$39.43M	USD	Point-in-time
Margin deposit deficit	`MarginDepositDeficitCurrent`	-	USD	Point-in-time
Margin deposit deficit	`MarginDepositDeficitCurrent`	$557.59K	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesCurrent`	$2.90M	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesCurrent`	$3.73M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$74.77K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$63.88K	USD	Point-in-time
Deferred liabilities - current	`DeferredRevenueAndLiabilitiesCurrent`	$448.46K	USD	Point-in-time
Deferred liabilities - current	`DeferredRevenueAndLiabilitiesCurrent`	$555.84K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$74.87M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$56.85M	USD	Point-in-time
Long-term debt, net of current maturities and unamortized debt issuance costs	`LongTermDebtNoncurrent`	$18.46M	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`	$6.71M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$25.18M	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`	$158.10M	USD	Point-in-time
Total liabilities and members' equity	`LiabilitiesAndStockholdersEquity`	$186.40M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$296.45M	USD	3 Qtrs
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$277.30M	USD	3 Qtrs
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$85.00M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$104.45M	USD	1 Quarter
Production	`ProductionCost`	$22.58M	USD	3 Qtrs
Production	`ProductionCost`	$22.12M	USD	3 Qtrs
Production	`ProductionCost`	$7.29M	USD	1 Quarter
Production	`ProductionCost`	$8.89M	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$146.96K	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$486.10K	USD	3 Qtrs
Brokerage fees	`BrokerageFees`	$476.05K	USD	3 Qtrs
Brokerage fees	`BrokerageFees`	$168.04K	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$102.05M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$82.28M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$262.25M	USD	3 Qtrs
Total cost of revenues	`CostOfRevenue`	$285.64M	USD	3 Qtrs
Gross profit (loss)	`GrossProfit`	$2.41M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$15.05M	USD	3 Qtrs
Gross profit (loss)	`GrossProfit`	$10.80M	USD	3 Qtrs
Gross profit (loss)	`GrossProfit`	$2.72M	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$857.12K	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$848.89K	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$2.78M	USD	3 Qtrs
Administration	`GeneralAndAdministrativeExpense`	$2.78M	USD	3 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$12.27M	USD	3 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$1.55M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$1.87M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$8.02M	USD	3 Qtrs
Interest expense	`InterestExpense`	$656.73K	USD	3 Qtrs
Interest expense	`InterestExpense`	$196.44K	USD	1 Quarter
Interest expense	`InterestExpense`	$897.33K	USD	3 Qtrs
Interest expense	`InterestExpense`	$238.98K	USD	1 Quarter
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$83.53K	USD	1 Quarter
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$-17.25K	USD	1 Quarter
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$-217.80K	USD	3 Qtrs
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$402.21K	USD	3 Qtrs
Patronage dividend income	`InvestmentIncomeDividend`	-	USD	1 Quarter
Patronage dividend income	`InvestmentIncomeDividend`	$195.55K	USD	3 Qtrs
Patronage dividend income	`InvestmentIncomeDividend`	$169.46K	USD	3 Qtrs
Patronage dividend income	`InvestmentIncomeDividend`	-	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-155.45K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-919.57K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-85.06K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-213.69K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.10M	USD	3 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.65M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$12.19M	USD	3 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.39M	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$600.00	USD	3 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.39M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$7.10M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.65M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$12.19M	USD	3 Qtrs
Net income (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.23	USD	3 Qtrs
Net income (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.40	USD	3 Qtrs
Net income (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.05	USD	1 Quarter
Net income (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.05	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	3 Qtrs
Weighted average number of capital units outstanding for calculation of basic and diluted earnings per capital unit (in shares)	`WeightedAverageNumberOfUnitsOutstandingForCalculationOfBasicAndDilutedLossPerCapitalUnit`	30.42M	shares	3 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

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$1.39M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$7.10M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.65M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$12.19M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.67M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.20M	USD	3 Qtrs
Net (gain) loss recognized on derivative activities	`DerivativeGainLossOnDerivativeNet`	$2.98M	USD	3 Qtrs
Net (gain) loss recognized on derivative activities	`DerivativeGainLossOnDerivativeNet`	$34.08K	USD	3 Qtrs
Gain on sales of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$40.36K	USD	3 Qtrs
Gain on sales of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$6.69K	USD	3 Qtrs
Loss on equity method investment	`IncomeLossFromEquityMethodInvestments`	-	USD	3 Qtrs
Loss on equity method investment	`IncomeLossFromEquityMethodInvestments`	$-135.59K	USD	3 Qtrs
Non-cash patronage dividends	`NoncashPatronageDividends`	$42.36K	USD	3 Qtrs
Non-cash patronage dividends	`NoncashPatronageDividends`	$43.41K	USD	3 Qtrs
Change in current assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$20.33M	USD	3 Qtrs
Change in current assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$12.08M	USD	3 Qtrs
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.43M	USD	3 Qtrs
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.84M	USD	3 Qtrs
Purchase of investments	`PaymentsToAcquireInvestments`	$404.33K	USD	3 Qtrs
Purchase of investments	`PaymentsToAcquireInvestments`	-	USD	3 Qtrs
Retirement of patronage dividends	`ProceedsFromRetirementOfPatronageDividends`	$32.29K	USD	3 Qtrs
Retirement of patronage dividends	`ProceedsFromRetirementOfPatronageDividends`	$66.21K	USD	3 Qtrs
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$64.80K	USD	3 Qtrs
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$41.22K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.16M	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.98M	USD	3 Qtrs
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.46M	USD	3 Qtrs
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.88M	USD	3 Qtrs
Change in excess of outstanding checks over bank balances	`ProceedsFromRepaymentsOfBankOverdrafts`	$1.30M	USD	3 Qtrs
Change in excess of outstanding checks over bank balances	`ProceedsFromRepaymentsOfBankOverdrafts`	$10.96M	USD	3 Qtrs
Net proceeds (payments) from seasonal borrowings	`ProceedsFromOtherShortTermDebt`	$3.74M	USD	3 Qtrs
Net proceeds (payments) from seasonal borrowings	`ProceedsFromOtherShortTermDebt`	$-1.74M	USD	3 Qtrs
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$6.69M	USD	3 Qtrs
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$15.21M	USD	3 Qtrs
Payments for debt issue costs	`PaymentsOfDebtIssuanceCosts`	$10.00K	USD	3 Qtrs
Payments for debt issue costs	`PaymentsOfDebtIssuanceCosts`	-	USD	3 Qtrs
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$71.48M	USD	3 Qtrs
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$17.13M	USD	3 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$55.54M	USD	3 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$10.56M	USD	3 Qtrs
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.09M	USD	3 Qtrs
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.77M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.96M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.21M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$624.68K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.83M	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`	$239.12K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$624.68K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.83M	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`	$239.12K	USD	Point-in-time
Interest	`InterestPaidNet`	$604.73K	USD	3 Qtrs
Interest	`InterestPaidNet`	$908.22K	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Soybean meal contributed as investment in related party	`NoncashOrPartNoncashAcquisitionInvestmentsAcquired1`	$335.12K	USD	3 Qtrs
Soybean meal contributed as investment in related party	`NoncashOrPartNoncashAcquisitionInvestmentsAcquired1`	-	USD	3 Qtrs

Stockholders Equity 6 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$1.39M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$7.10M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.65M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$12.19M	USD	3 Qtrs
Distribution to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$6.69M	USD	3 Qtrs
Distribution to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$15.21M	USD	3 Qtrs

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