10-Q Filing

SOUTH DAKOTA SOYBEAN PROCESSORS LLC CIK: 1163609 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001163609-21-000035`
Period End Date	20210331
Filing Date	20210514
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	sdsp-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 32 Cash Flow Statement 52 Stockholders Equity 4

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.83M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.65M	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$28.99M	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$28.22M	USD	Point-in-time
Inventories	`InventoryNet`	$69.59M	USD	Point-in-time
Inventories	`InventoryNet`	$96.56M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractAssetCurrent`	$28.42M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractAssetCurrent`	$33.44M	USD	Point-in-time
Margin deposits	`MarginDepositAssets`	$6.02M	USD	Point-in-time
Margin deposits	`MarginDepositAssets`	-	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$2.09M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$2.08M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$138.76M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$164.14M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$123.88M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$122.20M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$59.15M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$57.96M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$64.72M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$64.23M	USD	Point-in-time
Investments in related parties	`EquityMethodInvestments`	$9.33M	USD	Point-in-time
Investments in related parties	`EquityMethodInvestments`	$9.33M	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`	$11.96M	USD	Point-in-time
Right-of-use lease asset, net	`OperatingLeaseRightOfUseAsset`	$11.29M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$22.83M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$22.17M	USD	Point-in-time
Total assets	`Assets`	$225.82M	USD	Point-in-time
Total assets	`Assets`	$251.03M	USD	Point-in-time
Excess of outstanding checks over bank balance	`BankOverdrafts`	$8.26M	USD	Point-in-time
Excess of outstanding checks over bank balance	`BankOverdrafts`	$13.49M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$4.00M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	-	USD	Point-in-time
Note payable - seasonal loan	`ShortTermBankLoansAndNotesPayable`	$37.28M	USD	Point-in-time
Note payable - seasonal loan	`ShortTermBankLoansAndNotesPayable`	-	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$5.85M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.30M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$5.66M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.65M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.51M	USD	Point-in-time
Accrued commodity purchases	`AccruedCommodityPurchasesCurrent`	$44.96M	USD	Point-in-time
Accrued commodity purchases	`AccruedCommodityPurchasesCurrent`	$30.98M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractLiabilitiesCurrent`	$41.94M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractLiabilitiesCurrent`	$36.32M	USD	Point-in-time
Margin deposit deficit	`MarginDepositDeficitCurrent`	-	USD	Point-in-time
Margin deposit deficit	`MarginDepositDeficitCurrent`	$3.52M	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesCurrent`	$3.08M	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesCurrent`	$2.63M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$119.28K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$40.56K	USD	Point-in-time
Deferred liabilities - current	`DeferredRevenueAndLiabilitiesCurrent`	$2.57M	USD	Point-in-time
Deferred liabilities - current	`DeferredRevenueAndLiabilitiesCurrent`	$1.73M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$138.22M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$107.37M	USD	Point-in-time
Long-term debt, net of current maturities and unamortized debt issuance costs	`LongTermDebtNoncurrent`	$15.99M	USD	Point-in-time
Long-term debt, net of current maturities and unamortized debt issuance costs	`LongTermDebtNoncurrent`	$17.50M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$6.11M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$5.63M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$23.61M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$21.62M	USD	Point-in-time
Commitments and contingencies (Notes 5, 6, 7, and 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Notes 5, 6, 7, and 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Total liabilities and members' equity	`LiabilitiesAndStockholdersEquity`	$251.03M	USD	Point-in-time
Total liabilities and members' equity	`LiabilitiesAndStockholdersEquity`	$225.82M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$123.63M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$98.72M	USD	1 Quarter
Production	`ProductionCost`	$7.36M	USD	1 Quarter
Production	`ProductionCost`	$7.42M	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$172.09K	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$163.24K	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$117.00M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$97.00M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$6.63M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$1.72M	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$1.02M	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$1.12M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$699.73K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$5.51M	USD	1 Quarter
Interest expense	`InterestExpense`	$317.15K	USD	1 Quarter
Interest expense	`InterestExpense`	$349.99K	USD	1 Quarter
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$224.73K	USD	1 Quarter
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$-322.22K	USD	1 Quarter
Patronage dividend income	`InvestmentIncomeDividend`	$195.55K	USD	1 Quarter
Patronage dividend income	`InvestmentIncomeDividend`	$365.15K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$272.72K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-476.65K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.78M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$223.08K	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$5.78M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$223.08K	USD	1 Quarter
Net income (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.01	USD	1 Quarter
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	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$5.78M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$223.08K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.27M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.19M	USD	1 Quarter
Net (gain) loss recognized on derivative activities	`DerivativeGainLossOnDerivativeNet`	$-5.82M	USD	1 Quarter
Net (gain) loss recognized on derivative activities	`DerivativeGainLossOnDerivativeNet`	$5.14M	USD	1 Quarter
Gain on sales of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Gain on sales of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-1.91K	USD	1 Quarter
Non-cash patronage dividends	`NoncashPatronageDividends`	$43.41K	USD	1 Quarter
Non-cash patronage dividends	`NoncashPatronageDividends`	$75.41K	USD	1 Quarter
Forgiveness of Paycheck Protection Program loan	`LoanForgiveness`	-	USD	1 Quarter
Forgiveness of Paycheck Protection Program loan	`LoanForgiveness`	$10.00K	USD	1 Quarter
Change in current assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$46.47M	USD	1 Quarter
Change in current assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$10.95M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-14.72M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-33.68M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireInvestments`	-	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireInvestments`	$404.33K	USD	1 Quarter
Retirement of patronage dividends	`ProceedsFromRetirementOfPatronageDividends`	$54.90K	USD	1 Quarter
Retirement of patronage dividends	`ProceedsFromRetirementOfPatronageDividends`	$66.21K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.76M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.86M	USD	1 Quarter
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.20M	USD	1 Quarter
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.71M	USD	1 Quarter
Change in excess of outstanding checks over bank balances	`ProceedsFromRepaymentsOfBankOverdrafts`	$-2.62M	USD	1 Quarter
Change in excess of outstanding checks over bank balances	`ProceedsFromRepaymentsOfBankOverdrafts`	$5.22M	USD	1 Quarter
Net proceeds (payments) from seasonal borrowings	`ProceedsFromOtherShortTermDebt`	$37.28M	USD	1 Quarter
Net proceeds (payments) from seasonal borrowings	`ProceedsFromOtherShortTermDebt`	$17.97M	USD	1 Quarter
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$9.43M	USD	1 Quarter
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$6.69M	USD	1 Quarter
Payments for debt issue costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Payments for debt issue costs	`PaymentsOfDebtIssuanceCosts`	$10.00K	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$10.00M	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$11.84M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$9.34M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$2.00M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$35.57M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$16.65M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$182.09K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-264.82K	USD	1 Quarter
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`	$359.86K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.65M	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`	$359.86K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.65M	USD	Point-in-time
Interest	`InterestPaidNet`	$300.89K	USD	1 Quarter
Interest	`InterestPaidNet`	$238.43K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 4 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$5.78M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$223.08K	USD	1 Quarter
Distribution to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$9.43M	USD	1 Quarter
Distribution to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$6.69M	USD	1 Quarter

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