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 nine months ended July 31, 2020 and 2019:


	Three Months Ended July 31, 2020
		Ethanol Production		Natural Gas Pipeline		Total
Ethanol	$	27,592,807	$	—	$	27,592,807
Distillers’ Grains		5,019,310		—		5,019,310
Corn Oil		1,321,973		—		1,321,973
Other		71,519		—		71,519
Natural Gas		—		125,991		125,991
Total Revenues	$	34,005,609	$	125,991	$	34,131,600

	Nine Months Ended July 31, 2020
		Ethanol Production		Natural Gas Pipeline		Total
Ethanol	$	92,198,500	$	—	$	92,198,500
Distillers’ Grains		22,040,430		—		22,040,430
Corn Oil		4,744,656		—		4,744,656
Other		559,242		—		559,242
Natural Gas		—		1,052,020		1,052,020
Total Revenues	$	119,542,828	$	1,052,020	$	120,594,848

	Three Months Ended July 31, 2019
		Ethanol Production		Natural Gas Pipeline		Total
Ethanol	$	44,878,975	$	—	$	44,878,975
Distillers’ Grains		9,018,960		—		9,018,960
Corn Oil		2,083,082		—		2,083,082
Other		320,001		—		320,001
Natural Gas		—		100,631		100,631
Total Revenues	$	56,301,018	$	100,631	$	56,401,649

	Nine Months Ended July 31, 2019
		Ethanol Production		Natural Gas Pipeline		Total
Ethanol	$	119,365,896	$	—	$	119,365,896
Distillers’ Grains		28,240,952		—		28,240,952
Corn Oil		5,676,816		—		5,676,816
Other		844,568		—		844,568
Natural Gas		—		1,072,904		1,072,904
Total Revenues	$	154,128,232	$	1,072,904	$	155,201,136

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.