10-Q Filing

SOUTH DAKOTA SOYBEAN PROCESSORS LLC CIK: 1163609 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001163609-22-000021`
Period End Date	20220331
Filing Date	20220512
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	sdsp-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 28 Cash Flow Statement 48 Stockholders Equity 4

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$833.74K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$604.00K	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$42.79M	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$36.57M	USD	Point-in-time
Inventories	`InventoryNet`	$95.07M	USD	Point-in-time
Inventories	`InventoryNet`	$122.89M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractAssetCurrent`	$11.93M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractAssetCurrent`	$25.77M	USD	Point-in-time
Margin deposits	`MarginDepositAssets`	$9.47M	USD	Point-in-time
Margin deposits	`MarginDepositAssets`	$2.10M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.96M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$2.69M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$149.20M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$203.49M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$134.65M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$133.92M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$62.77M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$61.39M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$71.88M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$72.53M	USD	Point-in-time
Investments in related parties	`EquityMethodInvestments`	$10.76M	USD	Point-in-time
Investments in related parties	`EquityMethodInvestments`	$10.76M	USD	Point-in-time
Investments in cooperatives	`OtherLongTermInvestments`	$1.56M	USD	Point-in-time
Investments in cooperatives	`OtherLongTermInvestments`	$1.71M	USD	Point-in-time
Right-of-use lease asset, net	`OperatingLeaseRightOfUseAsset`	$13.76M	USD	Point-in-time
Right-of-use lease asset, net	`OperatingLeaseRightOfUseAsset`	$11.23M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$26.23M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$23.56M	USD	Point-in-time
Total assets	`Assets`	$245.29M	USD	Point-in-time
Total assets	`Assets`	$301.60M	USD	Point-in-time
Excess of outstanding checks over bank balance	`BankOverdrafts`	$10.70M	USD	Point-in-time
Excess of outstanding checks over bank balance	`BankOverdrafts`	$7.48M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$2.90M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$4.00M	USD	Point-in-time
Note payable - seasonal loan	`ShortTermBankLoansAndNotesPayable`	$57.82M	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`	$2.15M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.96M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.93M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.32M	USD	Point-in-time
Accrued commodity purchases	`AccruedCommodityPurchasesCurrent`	$42.88M	USD	Point-in-time
Accrued commodity purchases	`AccruedCommodityPurchasesCurrent`	$60.89M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractLiabilitiesCurrent`	$27.64M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractLiabilitiesCurrent`	$43.53M	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesCurrent`	$4.31M	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesCurrent`	$3.96M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$171.62K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$67.13K	USD	Point-in-time
Deferred liabilities - current	`DeferredRevenueAndLiabilitiesCurrent`	$3.40M	USD	Point-in-time
Deferred liabilities - current	`DeferredRevenueAndLiabilitiesCurrent`	$1.35M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$111.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$166.70M	USD	Point-in-time
Long-term debt, net of current maturities and unamortized debt issuance costs	`LongTermDebtNoncurrent`	$13.99M	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`	$6.13M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$8.53M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$20.53M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$20.12M	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`	$301.60M	USD	Point-in-time
Total liabilities and members' equity	`LiabilitiesAndStockholdersEquity`	$245.29M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$171.72M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$123.63M	USD	1 Quarter
Production	`ProductionCost`	$7.36M	USD	1 Quarter
Production	`ProductionCost`	$9.00M	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$172.09K	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$170.39K	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$117.00M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$152.91M	USD	1 Quarter
Gross profit	`GrossProfit`	$6.63M	USD	1 Quarter
Gross profit	`GrossProfit`	$18.81M	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$1.40M	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$1.12M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$5.51M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$17.41M	USD	1 Quarter
Interest expense	`InterestExpense`	$317.15K	USD	1 Quarter
Interest expense	`InterestExpense`	$387.56K	USD	1 Quarter
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$224.73K	USD	1 Quarter
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$574.16K	USD	1 Quarter
Patronage dividend income	`InvestmentIncomeDividend`	$365.15K	USD	1 Quarter
Patronage dividend income	`InvestmentIncomeDividend`	$699.60K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$886.20K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$272.72K	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.78M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.30M	USD	1 Quarter
Earnings Per Share, Basic	`EarningsPerShareBasic`	$0.60	USD	1 Quarter
Earnings Per Share, Basic	`EarningsPerShareBasic`	$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 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$5.78M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.30M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.39M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.27M	USD	1 Quarter
Net (gain) loss recognized on derivative activities	`DerivativeGainLossOnDerivativeNet`	$-7.26M	USD	1 Quarter
Net (gain) loss recognized on derivative activities	`DerivativeGainLossOnDerivativeNet`	$-5.82M	USD	1 Quarter
Loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-1.91K	USD	1 Quarter
Loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-4.38K	USD	1 Quarter
Non-cash patronage dividends	`NoncashPatronageDividends`	$75.41K	USD	1 Quarter
Non-cash patronage dividends	`NoncashPatronageDividends`	$145.75K	USD	1 Quarter
Forgiveness of Paycheck Protection Program loan	`LoanForgiveness`	$10.00K	USD	1 Quarter
Forgiveness of Paycheck Protection Program loan	`LoanForgiveness`	-	USD	1 Quarter
Change in current assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$46.47M	USD	1 Quarter
Change in current assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$62.66M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-35.86M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-33.68M	USD	1 Quarter
Retirement of patronage dividends	`ProceedsFromRetirementOfPatronageDividends`	$54.90K	USD	1 Quarter
Retirement of patronage dividends	`ProceedsFromRetirementOfPatronageDividends`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.76M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$733.52K	USD	1 Quarter
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-733.52K	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`	$-3.21M	USD	1 Quarter
Change in excess of outstanding checks over bank balances	`ProceedsFromRepaymentsOfBankOverdrafts`	$5.22M	USD	1 Quarter
Net proceeds from seasonal borrowings	`ProceedsFromOtherShortTermDebt`	$57.82M	USD	1 Quarter
Net proceeds from seasonal borrowings	`ProceedsFromOtherShortTermDebt`	$37.28M	USD	1 Quarter
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$17.34M	USD	1 Quarter
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$9.43M	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$11.84M	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$4.22M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$5.13M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$9.34M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$36.36M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$35.57M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$182.09K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-229.74K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.65M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$833.74K	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`	$604.00K	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`	$833.74K	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`	$604.00K	USD	Point-in-time
Interest	`InterestPaidNet`	$238.43K	USD	1 Quarter
Interest	`InterestPaidNet`	$283.07K	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	`NetIncomeLoss`	$5.78M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.30M	USD	1 Quarter
Distribution to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$17.34M	USD	1 Quarter
Distribution to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$9.43M	USD	1 Quarter

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