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Commitments and Major Customer
9 Months Ended
Jun. 30, 2017
Commitments and Major Customer [Abstract]  
Commitments and Major Customer
Commitments, Major Customers and Subsequent Event

The Company has an agreement with an unrelated entity for marketing, selling and distributing all of the ethanol produced by the Company. Revenues from this entity were $21,096,610 and $66,369,245, respectively, for the three and nine months ended June 30, 2017. Revenues with this entity were $21,555,893 and $57,777,246, respectively, for the three and nine months ended June 30, 2016. Trade accounts receivable of $1,874,151 were due from this entity as of June 30, 2017. As of June 30, 2017, the Company had ethanol unpriced sales commitments with this entity of approximately 15.0 million gallons through September 2017.

The Company has an agreement with an unrelated entity for marketing, selling and distributing all of the distillers grains produced by the Company. Revenues from this entity including both distiller's grains and corn oil were $3,769,434 and $10,918,329, respectively, for the three and nine months ended June 30, 2017. Revenues with this entity were $4,772,988 and $13,469,206, respectively, for the three and nine months ended June 30, 2016. The Company sells corn oil to this entity as a third party broker independent of its agreement with the entity relating to distillers grain sales. Trade accounts receivable of $527,475 were due from this entity as of June 30, 2017. The Company had distillers grain sales commitments with this entity of approximately 11,450 tons, for a total sales commitment of approximately $1.1 million.

As of June 30, 2017, the Company had purchase commitments for corn forward contracts with various unrelated parties, at a corn commitment total of approximately $5.0 million. These contracts mature at various dates through June 2018. The Company also had basis contract commitments with unrelated parties to purchase 95,000 bushels of corn. These contracts mature at various dates through August 2017.
  
The Company has an agreement with an unrelated party for the transportation of natural gas to the Company's ethanol plant. Under the agreement, the Company is committed to future monthly usage fees totaling approximately $3.6 million over the 10 year term which commenced in November 2014. On June 30, 2016, the Company assigned an irrevocable standby letter of credit to the counter-party to stand as security for the Company's obligation under the agreement. The letter of credit will be reduced over time as the Company makes payments under the agreement. At June 30, 2017, the remaining commitment was approximately $2.1 million. Subsequent to the quarter ended June 30, 2017, in conjunction with the amended revolving credit loan agreement, the Company amended the letter of credit and extended the maturity to May 2021.

As of June 30, 2017, the Company had purchased commitments for natural gas basis contracts with an unrelated party totaling 614,775 MMBtu's maturing at various dates through March 2018.

On March 10, 2017, the Company signed a contract with an unrelated party for the installation of a grain drying and cooling system. The total commitment is for $4.8 million plus a potential performance bonus of $450,000. The Company made progress payments of $3.6 million under this contract through June 30, 2017. The remaining payments will be made as invoiced throughout the life of the project. The project is estimated to be completed in the first quarter of fiscal year 2018.