BUSINESS SEGMENTS

9 Months Ended

Jul. 31, 2020

12.BUSINESS SEGMENTS

The Company groups its operations into the following two business segments:


Ethanol Production	Ethanol and co-product production and sales
Natural gas pipeline	Ownership and operations of natural gas pipeline

Segment reporting is intended to give financial statement users a better view of how the Company manages and evaluates its businesses. The accounting policies for each segment are the same as those described in the summary of significant accounting policies. Segment income or loss does not include any allocation of shared-service costs. Segment assets are those that are directly used in or identified with segment operations. Inter-segment balances and transactions have been eliminated.

The following tables summarize financial information by segment and provide a reconciliation of segment revenue, contribution to operating income (loss), and total assets:


	Three Months Ended				Nine Months Ended
	July 31, 2020		July 31, 2019		July 31, 2020		July 31, 2019
Revenue:	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Ethanol production	$	14,039,050	$	27,267,156	$	55,398,271	$	77,487,200
Natural gas pipeline		439,448		541,283		2,182,563		2,398,915
Eliminations		(313,457)		(440,652)		(1,130,544)		(1,326,011)
Total Revenue	$	14,165,041	$	27,367,787	$	56,450,290	$	78,560,104


	Three Months Ended				Nine Months Ended
	July 31, 2020		July 31, 2019		July 31, 2020		July 31, 2019
Operating Income (Loss):	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Ethanol production	$	(4,033,933)	$	208,535	$	(13,414,332)	$	(3,720,809)
Natural gas pipeline		203,565		322,222		1,102,387		1,356,744
Eliminations		(89,313)		(149,064)		(376,172)		(482,978)
Operating Income (Loss)	$	(3,919,681)	$	381,693	$	(12,688,117)	$	(2,847,043)



	July 31, 2020		October 31, 2019
Assets:	(unaudited)
Ethanol production	$	42,192,322	$	44,097,379
Natural gas pipeline		12,826,424		12,498,536
Total Assets	$	55,018,746	$	56,595,915