3. REVENUE

Revenue by Source

All revenues from contracts with customers under ASC Topic 606 are recognized at a point in time. The following table disaggregates revenue by major source for the three and six months ended April 30, 2020 and 2019:


	Three Months Ended April 30, 2020
		Ethanol Production		Natural Gas Pipeline		Total
Ethanol	$	23,753,704	$	—	$	23,753,704
Distillers’ Grains		7,389,829		—		7,389,829
Corn Oil		1,534,832		—		1,534,832
Other		191,806		—		191,806
Natural Gas		—		236,751		236,751
Total Revenues	$	32,870,171	$	236,751	$	33,106,922

	Three Months Ended April 30, 2019
		Ethanol Production		Natural Gas Pipeline		Total
Ethanol	$	38,521,636	$	—	$	38,521,636
Distillers’ Grains		8,651,733		—		8,651,733
Corn Oil		1,600,398		—		1,600,398
Other		260,264		—		260,264
Natural Gas		—		390,359		390,359
Total Revenues	$	49,034,031	$	390,359	$	49,424,390

	Six Months Ended April 30, 2020
		Ethanol Production		Natural Gas Pipeline		Total
Ethanol	$	64,605,693	$	—	$	64,605,693
Distillers’ Grains		17,021,121		—		17,021,121
Corn Oil		3,422,683		—		3,422,683
Other		487,723		—		487,723
Natural Gas		—		926,028		926,028
Total Revenues	$	85,537,220	$	926,028	$	86,463,248

	Six Months Ended April 30, 2019
		Ethanol Production		Natural Gas Pipeline		Total
Ethanol	$	74,486,921	$	—	$	74,486,921
Distillers’ Grains		19,221,992		—		19,221,992
Corn Oil		3,593,734		—		3,593,734
Other		524,567		—		524,567
Natural Gas		—		972,273		972,273
Total Revenues	$	97,827,214	$	972,273	$	98,799,487

Payment Terms

The Company has contractual payment terms with each respective marketer that sells ethanol, distillers’ grains, and corn oil. These terms are 10 calendar days after the transfer of control date. The Company has contractual payment terms with natural gas customers of 20 days.

Shipping and Handling Costs

Shipping and handling costs related to contracts with customers for sale of goods are accounted for as a fulfillment activity and are included in cost of goods sold. Accordingly, amounts billed to customers for such costs are included as a component of revenue.