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
	(unaudited)
		Ethanol Production		Natural Gas Pipeline		Total
Ethanol	$	11,920,049	$	—	$	11,920,049
Distillers’ Grains		1,645,859		—		1,645,859
Corn Oil		401,623		—		401,623
Other		71,519		—		71,519
Natural Gas		—		125,991		125,991
Total Revenues	$	14,039,050	$	125,991	$	14,165,041

	Nine Months Ended July 31, 2020
	(unaudited)
		Ethanol Production		Natural Gas Pipeline		Total
Ethanol	$	43,306,209	$	—	$	43,306,209
Distillers’ Grains		9,481,770		—		9,481,770
Corn Oil		2,051,049		—		2,051,049
Other		559,242		—		559,242
Natural Gas		—		1,052,020		1,052,020
Total Revenues	$	55,398,270	$	1,052,020	$	56,450,290

	Three Months Ended July 31, 2019
	(unaudited)
		Ethanol Production		Natural Gas Pipeline		Total
Ethanol	$	21,645,992	$	—	$	21,645,992
Distillers’ Grains		4,371,122		—		4,371,122
Corn Oil		930,041		—		930,041
Other		320,001		—		320,001
Natural Gas		—		100,631		100,631
Total Revenues	$	27,267,156	$	100,631	$	27,367,787

	Nine Months Ended July 31, 2019
	(unaudited)
		Ethanol Production		Natural Gas Pipeline		Total
Ethanol	$	60,083,968	$	—	$	60,083,968
Distillers’ Grains		13,939,013		—		13,939,013
Corn Oil		2,619,651		—		2,619,651
Other		844,568		—		844,568
Natural Gas		—		1,072,904		1,072,904
Total Revenues	$	77,487,200	$	1,072,904	$	78,560,104

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 the 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.