REVENUE

12 Months Ended

Oct. 31, 2020

REVENUE

REVENUE

4. 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 fiscal year ended October 31, 2020:

	Ethanol Production		Natural Gas Pipeline		Total
Ethanol	$	58,326,265	$	—	$	58,326,265
Distillers’ Grains		12,692,196		—		12,692,196
Corn Oil		2,925,808		—		2,925,808
Other		678,226		—		678,226
Natural Gas		—		1,407,346		1,407,346
Total Revenues	$	74,622,495	$	1,407,346	$	76,029,841
	Ethanol Production		Natural Gas Pipeline		Total
Ethanol	$	82,544,145	$	—	$	82,544,145
Distillers’ Grains		18,214,512		—		18,214,512
Corn Oil		3,513,679		—		3,513,679
Other		1,123,217		—		1,123,217
Natural Gas		—		1,431,892		1,431,892
Total Revenues	$	105,395,553	$	1,431,892	$	106,827,445

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.