10-Q Filing

SOUTH DAKOTA SOYBEAN PROCESSORS LLC CIK: 1163609 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001163609-21-000046`
Period End Date	20210630
Filing Date	20210816
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	sdsp-20210630_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 64 Cash Flow Statement 58 Stockholders Equity 6

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$455.14K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.65M	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$38.74M	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$28.99M	USD	Point-in-time
Inventories	`InventoryNet`	$106.97M	USD	Point-in-time
Inventories	`InventoryNet`	$69.59M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractAssetCurrent`	$31.41M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractAssetCurrent`	$28.42M	USD	Point-in-time
Margin deposits	`MarginDepositAssets`	$6.02M	USD	Point-in-time
Margin deposits	`MarginDepositAssets`	$10.88M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$2.09M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.52M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$189.97M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$138.76M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$122.20M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$125.84M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$60.38M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$57.96M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$65.46M	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`	$1.54M	USD	Point-in-time
Investments in cooperatives	`OtherLongTermInvestments`	$1.56M	USD	Point-in-time
Right-of-use lease asset, net	`OperatingLeaseRightOfUseAsset`	$11.80M	USD	Point-in-time
Right-of-use lease asset, net	`OperatingLeaseRightOfUseAsset`	$11.96M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$22.83M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$22.69M	USD	Point-in-time
Total assets	`Assets`	$225.82M	USD	Point-in-time
Total assets	`Assets`	$278.12M	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`	$6.85M	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`	$58.59M	USD	Point-in-time
Note payable - seasonal loan	`ShortTermBankLoansAndNotesPayable`	-	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.30M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.30M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$5.85M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.51M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.25M	USD	Point-in-time
Accrued commodity purchases	`AccruedCommodityPurchasesCurrent`	$35.98M	USD	Point-in-time
Accrued commodity purchases	`AccruedCommodityPurchasesCurrent`	$44.96M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractLiabilitiesCurrent`	$49.70M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractLiabilitiesCurrent`	$41.94M	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesCurrent`	$2.55M	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesCurrent`	$3.08M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$40.56K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$158.45K	USD	Point-in-time
Deferred liabilities - current	`DeferredRevenueAndLiabilitiesCurrent`	$1.77M	USD	Point-in-time
Deferred liabilities - current	`DeferredRevenueAndLiabilitiesCurrent`	$1.73M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$107.37M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$163.13M	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`	$6.24M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$22.23M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$23.61M	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`	$278.12M	USD	Point-in-time
Total liabilities and members' equity	`LiabilitiesAndStockholdersEquity`	$225.82M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$283.90M	USD	2 Qtrs
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$93.27M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$191.99M	USD	2 Qtrs
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$160.27M	USD	1 Quarter
Production	`ProductionCost`	$7.41M	USD	1 Quarter
Production	`ProductionCost`	$14.83M	USD	2 Qtrs
Production	`ProductionCost`	$14.77M	USD	2 Qtrs
Production	`ProductionCost`	$7.41M	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$154.82K	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$214.67K	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$386.76K	USD	2 Qtrs
Brokerage fees	`BrokerageFees`	$318.06K	USD	2 Qtrs
Total cost of revenues	`CostOfRevenue`	$157.13M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$183.59M	USD	2 Qtrs
Total cost of revenues	`CostOfRevenue`	$274.13M	USD	2 Qtrs
Total cost of revenues	`CostOfRevenue`	$86.60M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$9.78M	USD	2 Qtrs
Gross profit (loss)	`GrossProfit`	$6.67M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$3.15M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$8.40M	USD	2 Qtrs
Administration	`GeneralAndAdministrativeExpense`	$1.92M	USD	2 Qtrs
Administration	`GeneralAndAdministrativeExpense`	$898.77K	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$956.81K	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$2.07M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$2.19M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$7.70M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$6.47M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$5.77M	USD	1 Quarter
Interest expense	`InterestExpense`	$810.31K	USD	2 Qtrs
Interest expense	`InterestExpense`	$308.35K	USD	1 Quarter
Interest expense	`InterestExpense`	$493.16K	USD	1 Quarter
Interest expense	`InterestExpense`	$658.34K	USD	2 Qtrs
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`	$-130.11K	USD	1 Quarter
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$94.62K	USD	2 Qtrs
Patronage dividend income	`InvestmentIncomeDividend`	$195.55K	USD	2 Qtrs
Patronage dividend income	`InvestmentIncomeDividend`	$365.15K	USD	2 Qtrs
Patronage dividend income	`InvestmentIncomeDividend`	-	USD	1 Quarter
Patronage dividend income	`InvestmentIncomeDividend`	-	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-764.12K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-350.55K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-623.27K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-287.47K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.49M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.35M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.71M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.57M	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$5.49M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$5.71M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.57M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$7.35M	USD	2 Qtrs
Net income (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.05	USD	1 Quarter
Net income (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.18	USD	1 Quarter
Net income (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.24	USD	2 Qtrs
Net income (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.19	USD	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	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`	$5.49M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$5.71M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.57M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$7.35M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.43M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.53M	USD	2 Qtrs
Net (gain) loss recognized on derivative activities	`DerivativeGainLossOnDerivativeNet`	$6.85M	USD	2 Qtrs
Net (gain) loss recognized on derivative activities	`DerivativeGainLossOnDerivativeNet`	$-12.73M	USD	2 Qtrs
Gain on sales of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-5.13K	USD	2 Qtrs
Gain on sales of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	2 Qtrs
Non-cash patronage dividends	`NoncashPatronageDividends`	$75.41K	USD	2 Qtrs
Non-cash patronage dividends	`NoncashPatronageDividends`	$43.41K	USD	2 Qtrs
Forgiveness of Paycheck Protection Program loan	`LoanForgiveness`	$10.00K	USD	2 Qtrs
Forgiveness of Paycheck Protection Program loan	`LoanForgiveness`	-	USD	2 Qtrs
Change in current assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$4.73M	USD	2 Qtrs
Change in current assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$72.26M	USD	2 Qtrs
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.48M	USD	2 Qtrs
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-49.73M	USD	2 Qtrs
Purchase of investments	`PaymentsToAcquireInvestments`	-	USD	2 Qtrs
Purchase of investments	`PaymentsToAcquireInvestments`	$404.33K	USD	2 Qtrs
Retirement of patronage dividends	`ProceedsFromRetirementOfPatronageDividends`	$54.90K	USD	2 Qtrs
Retirement of patronage dividends	`ProceedsFromRetirementOfPatronageDividends`	$66.21K	USD	2 Qtrs
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	2 Qtrs
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$18.00K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.96M	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.78M	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`	$-3.71M	USD	2 Qtrs
Change in excess of outstanding checks over bank balances	`ProceedsFromRepaymentsOfBankOverdrafts`	$-3.36M	USD	2 Qtrs
Change in excess of outstanding checks over bank balances	`ProceedsFromRepaymentsOfBankOverdrafts`	$-1.41M	USD	2 Qtrs
Net proceeds (payments) from seasonal borrowings	`ProceedsFromOtherShortTermDebt`	$11.41M	USD	2 Qtrs
Net proceeds (payments) from seasonal borrowings	`ProceedsFromOtherShortTermDebt`	$58.59M	USD	2 Qtrs
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$9.43M	USD	2 Qtrs
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$6.69M	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`	$11.22M	USD	2 Qtrs
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$11.84M	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$2.60M	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$9.34M	USD	2 Qtrs
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.96M	USD	2 Qtrs
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$50.24M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.19M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.20M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$455.14K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$624.68K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.65M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.81M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$455.14K	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`	$3.65M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.81M	USD	Point-in-time
Interest	`InterestPaidNet`	$692.42K	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`	$5.49M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$5.71M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.57M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$7.35M	USD	2 Qtrs
Distribution to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$9.43M	USD	2 Qtrs
Distribution to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$6.69M	USD	2 Qtrs

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