XML 30 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
Debt Facilities (Tables)
6 Months Ended
Apr. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block]

 

 

 

 

 

 

 

 

 

 

April 30, 2017

 

October 31, 2016

 

 

 

(unaudited)

 

 

 

 

GRANITE FALLS ENERGY:

 

 

 

 

 

 

 

Revolving term loan, see terms below.

 

$

—

 

$

—

 

Term note payable to Fagen Energy, see terms below.

 

 

 —

 

 

 —

 

 

 

 

 

 

 

 

 

HERON LAKE BIOENERGY:

 

 

 

 

 

 

 

Revolving term note payable to lending institution, see terms below.

 

 

 —

 

 

 —

 

Assessment payable as part of water treatment agreement, due in semi-annual installments of $189,393 with interest at 6.55%, enforceable by statutory lien, with the final payment due in 2021. HLBE made deposits for one years' worth of debt service payments of approximately $364,000, which is included with other assets that are held on deposit to be applied with the final payments of the assessment.

 

 

1,516,977

 

 

1,517,046

 

Assessment payable as part of water supply agreement, due in monthly installments of $3,942 with interest at 8.73%, enforceable by statutory lien, with the final payment due in 2019.

 

 

77,606

 

 

97,930

 

Note payable to electrical company with monthly payments of $6,250 with interest at 0.00% and a 1.00% maintenance fee due each October, due September 2017. The electrical company is a member of HLBE.

 

 

31,250

 

 

68,750

 

Note payable to non-controlling interest member of Agrinatural.  Interest is at One Month LIBOR plus 4.0%, which was approximately 5.00% and 4.53% at April 30, 2017 and October 31, 2016, respectively.  The note is considered due on demand with payments due at Agrinatural's Board of Managers' discretion.

 

 

100,000

 

 

200,000

 

Totals

 

 

1,725,833

 

 

1,883,726

 

Less: amounts due within one year

 

 

444,123

 

 

490,057

 

Net long-term debt

 

$

1,281,710

 

$

1,393,669

 

 

Schedule of Maturities of Long-term Debt [Table Text Block]

 

 

Estimated annual maturities of debt at April 30, 2017, are as follows based on the most recent debt agreements:

 

 

 

 

 

 

2018

    

$

444,123

 

2019

 

 

322,733

 

2020

 

 

306,706

 

2021

 

 

326,798

 

2022

 

 

325,473

 

Total debt

 

$

1,725,833