Long-Term Debt (Tables)

9 Months Ended

Jun. 30, 2013

Long-term Debt, Unclassified [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consists of the following as of:

	June 30, 2013			September 30, 2012
Revolving term loan. (A)	$	—		$	3,237,000
Note payable to Iowa Department of Transportation. (B)	187,053			238,021
	187,053			3,475,021
Less current maturities	(25,888		)	(50,968		)
	$	161,165		$	3,424,053

(A) The Company entered into a new master loan agreement with a financial institution on August 21, 2012. One of the supplements of the agreement is a revolving term loan available for up to $11,000,000. This supplement amends and restates the supplement dated November 8, 2012. The revolving term loan is to provide working capital to the Company and to finance construction projects related to conversion to natural gas. The Company will pay interest on the unpaid balance at a variable interest rate (adjusted on a weekly basis) based upon the one-month LIBOR index rate plus 4.00%. The Company will also pay a commitment fee on the average daily unused portion of the loan at the rate of .60% per annum, payable monthly. The loan is secured by substantially all assets of the Company and subject to certain financial and nonfinancial covenants as defined in the master loan agreement. The term of the loan will expire, and the Company must pay all unpaid principal amounts outstanding under the revolving term loan, on November 1, 2019.

(B) The Company entered into a $500,000 loan agreement with the Iowa Department of Transportation (IDOT) in February 2005.  The proceeds were disbursed upon submission of paid invoices.  Interest at 2.11% began accruing on January 1, 2007.  Principal payments will be due semiannually through July 2016.  The loan is secured by all rail track material constructed as part of the plant construction.  The debt is subordinate to the above financial institution revolving term loan (A) and revolving credit loan (Note 4.)