Operating Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Operating Leases for Railcars

The following is a schedule of the Company's operating leases for railcars as of March 31, 2022:

Lessor	Quantity of Railcars	Commencement Date	Maturity Date	Monthly Payment
American Railcar Leasing	13	6/1/2021	5/31/2024	$	7,150
Andersons Railcar Leasing Co.	10	7/1/2018	6/30/2023	5,000
Andersons Railcar Leasing Co.	20	7/1/2019	6/30/2026	11,300
Andersons Railcar Leasing Co.	15	11/1/2021	10/31/2026	8,250
Farm Credit Leasing	87	9/1/2020	8/31/2032	34,929
Farm Credit Leasing	8	6/1/2021	5/31/2033	5,966
Farm Credit Leasing	9	10/1/2021	9/30/2033	4,624
GATX Corporation	14	7/1/2020	6/30/2024	4,200
Trinity Capital	29	11/1/2020	10/31/2023	17,255
Trinity Capital	20	11/1/2020	10/31/2023	11,900
Trinity Capital	2	6/1/2021	5/31/2026	980
Wells Fargo Rail	109	3/1/2022	2/28/2027	51,775
Wells Fargo Rail	107	1/1/2018	12/31/2022	35,845
Wells Fargo Rail	7	5/1/2022	4/30/2027	2,765
Wells Fargo Rail	15	5/1/2022	4/30/2027	5,925
	465			$	207,864

Lease Cost, Supplemental Cash Flow Information and Weighted-average Lease Terms and Discount Rates

The components of lease costs recognized within our condensed statements of operations for the three-month periods ended March 31, 2022 and 2021 were as follows:

	2022		2021
Cost of revenues - Freight and rail	$	664,488	$	760,961
Cost of revenues - Production	40,085		7,608
Administration expenses	6,331		2,133
Total operating lease costs	$	710,904	$	770,702

The following summarizes the supplemental cash flow information for the three-month periods ended March 31, 2022 and 2021:

	2022		2021
Cash paid for amounts included in measurement of lease liabilities	$	749,933	$	762,199
Supplemental non-cash information:
Right-of-use assets obtained in exchange for lease liabilities	$	3,386,523	$	—

The following summarizes the weighted-average remaining lease term and weighted-average discount rate as of March 31, 2022:

Weighted-average remaining lease-term - operating leases (in years)	7.3
Weighted-average discount rate - operating leases	3.0	%

Lessee, Operating Lease, Liability, Maturity

The following is a maturity analysis of the undiscounted cash flows of the operating lease liabilities as of March 31, 2022:

	Railcars		Other		Total
Twelve-month periods ended March 31:
2022	$	2,386,915	$	277,622	$	2,664,537
2023	1,873,449		266,167		2,139,616
2024	1,545,064		253,026		1,798,090
2025	1,518,164		237,778		1,755,942
2026	1,313,639		235,886		1,549,525
Thereafter	3,081,206		1,905,357		4,986,563
Total lease payments	11,718,437		3,175,836		14,894,273
Less amount of lease payments representing interest	(1,125,420)		(5,541)		(1,130,961)
Total present value of lease payments	$	10,593,017	$	3,170,295	$	13,763,312