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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><b><font style="font-size: 10pt;" class="_mt">Note 2: Summary of Significant Accounting Policies</font></b></p>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><b><font style="font-size: 10pt;" class="_mt">Basis of Presentation and Other Information</font></b></p>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">The balance sheet as of September 30, 2010 was derived from the Company's audited balances as of that date. The accompanying financial statements as of and for the three and six months ended March 31, 2011 and 2010 are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim periods. These unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto, for the year ended September 30, 2010 contained in the Company's Annual Report on Form 10-K. The results of operations for the interim periods presented are not necessarily indicative of the results for the entire year.<b> </b></font></p>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><b><font style="font-size: 10pt;" class="_mt">Use of Estimates</font></b></p>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.</font></p>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><b><font style="font-size: 10pt;" class="_mt">Cash & Cash Equivalents</font></b></p>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">The Company considers all highly liquid debt instruments purchased with a maturity of three months or less when purchased to be cash equivalents.</font></p>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><b><font style="font-size: 10pt;" class="_mt">Restricted Cash</font></b></p>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">The Company has restricted cash used as collateral for the second Iowa Department of Economic Development ("<u>IDED</u>") loan.</font></p>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><b><font style="font-size: 10pt;" class="_mt">Financing Costs</font></b></p>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">Financing costs associated with the construction and revolving loans are recorded at cost and include expenditures directly related to securing debt financing. The Company began amortizing these costs using the effective interest method over the terms of the agreements in March, 2008. The interest expense amortization was capitalized during the development stage as construction in progress.</font></p>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><b><font style="font-size: 10pt;" class="_mt">Concentration of Credit Risk</font></b></p>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">The Company's cash balances are maintained in bank deposit accounts which at times may exceed federally insured limits. The Company has not experienced any losses in such accounts.</font></p>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><b><font style="font-size: 10pt;" class="_mt">Revenue Recognition</font></b></p>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">The Company sells ethanol and related products pursuant to marketing agreements. Revenues are recognized when the marketing company (the "<u>Customer</u>") has taken title to the product, prices are fixed or determinable and collectability is reasonably assured. The Company's products are generally shipped FOB loading point. The Company's ethanol sales are handled through an ethanol agreement (the "<u>Ethanol Agreement</u>") with Bunge North America, Inc. ("<u>Bunge</u>"). Syrup, distillers grains and solubles, and modified wet distillers grains with solubles (co-products) are sold through a distillers grains agreement (the "<u>DG Agreement</u>") with Bunge, which sets the price based on the market price to third parties. Marketing fees, agency fees, and commissions due to the marketers are paid separately from the settlement for the sale of the ethanol products and co-products and are included as a component of cost of goods sold. Shipping and handling costs incurred by the Company for the sale of ethanol and co-products are included in cost of goods sold.</font></p>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><b><font style="font-size: 10pt;" class="_mt">Accounts Receivable</font></b></p>
<p style="text-align: justify; margin: 0in; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;" class="NoteBody"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt"> </font> </p>
<p style="text-align: justify; margin: 0in; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;" class="NoteBody"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">Trade accounts receivable are recorded at original invoice amounts less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering customers' financial condition, credit history and current economic conditions. As of March 31, 2011, management has determined no allowance is necessary. Receivables are written off when deemed uncollectible and recoveries of receivables written off are recorded when received.</font></p>
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<p style="margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;"><b><font style="font-size: 10pt;" class="_mt">Incentive Compensation Plan</font></b></p>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;"><font style="font-size: 10pt;" class="_mt">The Company established an incentive compensation plan under which employees may be awarded equity appreciation units and equity participation units. Fair value of the awards are amortized over the vesting period set for each award. The units outstanding at this time vest three years from the grant date. </font></p>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><b><font style="font-size: 10pt;" class="_mt">Investment in Commodities Contracts, Derivative Instruments and Hedging Activities</font></b></p>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">The Company is exposed to certain risks related to ongoing business operations. The primary risks that the Company manages by using forward or derivative instruments are price risk on anticipated purchases of corn and sales of ethanol.</font></p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt"> </font> </p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">The Company is subject to market risk with respect to the price and availability of corn, the principal raw material used to produce ethanol and ethanol co-products. In general, rising corn prices result in lower profit margins and, therefore, represent unfavorable market conditions. This is especially true when market conditions do not allow the Company to pass along increased corn costs to customers. The availability and price of corn is subject to wide fluctuations due to unpredictable factors such as weather conditions, farmer planting decisions, governmental policies with respect to agriculture and international trade and global demand and supply.</font></p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt"> </font> </p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">Certain contracts that literally meet the definition of a derivative may be exempted from derivative accounting as normal purchases or normal sales. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business. Contracts that meet the requirements of normal purchases or sales are documented as normal and exempted from the accounting and reporting requirements of derivative accounting. Forward corn purchase contracts initiated after September 28, 2010 are not exempt from the accounting and reporting requirements of derivative accounting as the Company net settled its forward contracts. As such, the Company no longer applies the normal purchase and sale exemption under derivative accounting for forward purchases of corn. As of March 31, 2011, the Company is committed to purchasing 5,508,665 million bushels of corn on a forward contract basis resulting in a total commitment of approximately $31,089,000. These forward contracts had a fair value of approximately $5,813,000 at March 31, 2011. As of March 31, 2011, we are committed to selling 7,311,288 gallons of ethanol and 60,107 tons of distillers grains and solubles. The forward contracts relating to ethanol and distillers grains and solubles apply the normal purchase and sale exemption and are not marked to market.</font></p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt"> </font> </p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">In addition, the Company enters into short-term cash, options and futures contracts as a means of managing exposure to changes in commodity prices. The Company enters into derivative contracts to hedge the exposure to price risk as it relates to ethanol sales. The Company maintains a risk management strategy that uses derivative instruments to minimize significant, unanticipated earnings fluctuations caused by market fluctuations. The Company's specific goal is to protect itself from large moves in commodity costs. All derivatives will be designated as non-hedge derivatives and the contracts will be accounted for at fair value. Although the contracts will be effective economic hedges of specified risks, they are not designated as and accounted for as hedging instruments.</font></p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt"> </font> </p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">As part of its trading activity, the Company uses futures and option contracts offered through regulated commodity exchanges to reduce risk and risk of loss in the market value of inventories. To reduce that risk, the Company generally takes positions using cash and futures contracts and options. The gains or losses are included in revenue if the contracts relate to ethanol and cost of goods sold if the contracts relate to corn. During the six months ended March 31, 2011 and 2010, the Company recorded a combined realized and unrealized (gain) loss of $8,611,790 and ($3,697,529), respectively, as a component of cost of goods sold. </font></p><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt"><br /></font>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">The effect of derivatives on the gross margin for the three and six months ended March 31, 2011 and 2010, is summarized below:</font></p>
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<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"><font style="font-size: 10pt;" class="_mt">Balance Sheet Classification</font></p></td>
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<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"><font style="font-size: 10pt;" class="_mt">Number of Bushels at</font></p>
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<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"><font style="font-size: 10pt;" class="_mt">September 30, 2010</font></p></td>
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<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">Derivative asset, related party</font></p></td>
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<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"><font style="font-size: 10pt;" class="_mt">Current Asset</font></p></td>
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<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.7pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="86">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">5,508,655</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">$</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 85.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="114">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">5,812,957</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="16">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">$</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="102" colspan="3">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">688,039</font></p></td></tr>
<tr style="height: 11.6pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.2in; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="19">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 130.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="174" colspan="2">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">Derivative liability</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1.25in; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="120">
<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"><font style="font-size: 10pt;" class="_mt">Current Liability</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="16">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.7pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="86">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">2,910,000</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">$</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 85.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="114">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">1,112,113</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="16">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">$</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="102" colspan="3">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">75,125</font></p></td></tr>
<tr style="height: 11.6pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.2in; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="19">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 130.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="174" colspan="2">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1.25in; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="120">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="16">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 64.7pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="86">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 85.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="114">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="16">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 76.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="102" colspan="3">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td></tr>
<tr><td width="19"> </td>
<td width="52"> </td>
<td width="118"> </td>
<td width="18"> </td>
<td width="118"> </td>
<td width="16"> </td>
<td width="86"> </td>
<td width="21"> </td>
<td width="112"> </td>
<td width="21"> </td>
<td width="2"> </td>
<td width="95"> </td>
<td width="4"> </td></tr></table>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt"> </font> </p>
<table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="605">
<tr style="height: 46.35pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 54.25pt; padding-right: 5.4pt; height: 46.35pt; padding-top: 0in;" valign="top" width="72" colspan="2">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 90.65pt; padding-right: 5.4pt; height: 46.35pt; padding-top: 0in;" valign="top" width="121">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 103.5pt; padding-right: 5.4pt; height: 46.35pt; padding-top: 0in;" valign="top" width="138" colspan="2">
<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"><font style="font-size: 10pt;" class="_mt">Statement of Operations Classification</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 46.35pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; height: 46.35pt; padding-top: 0in;" valign="top" width="108">
<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"><font style="font-size: 10pt;" class="_mt">Three Months Ended March 31, 2011</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; height: 46.35pt; padding-top: 0in;" valign="top" width="16">
<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.2pt; padding-right: 5.4pt; height: 46.35pt; padding-top: 0in;" valign="top" width="20">
<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83.8pt; padding-right: 5.4pt; height: 46.35pt; padding-top: 0in;" valign="top" width="112">
<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"><font style="font-size: 10pt;" class="_mt">Three Months Ended</font></p>
<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"><font style="font-size: 10pt;" class="_mt"> March 31, 2010</font></p></td></tr>
<tr style="height: 11.6pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 54.25pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="72" colspan="2">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 90.65pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="121">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="18">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1.25in; padding-right: 5.4pt; height: 11.6pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="120">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="18">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; height: 11.6pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="108">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; height: 11.6pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="16">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.2pt; padding-right: 5.4pt; height: 11.6pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="20">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83.8pt; padding-right: 5.4pt; height: 11.6pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="112">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td></tr>
<tr style="height: 11.6pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.2in; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="19">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 130.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="174" colspan="2">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">Realized losses (gains)</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1.25in; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="120">
<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"><font style="font-size: 10pt;" class="_mt">Cost of Goods Sold</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">$</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="108">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">3,760,029</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="16">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.2pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="20">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">$</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 83.8pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="112">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">(1,488,368)</font></p></td></tr>
<tr style="height: 11.6pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.2in; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="19">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 130.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="174" colspan="2">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">Unrealized (gains) losses</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1.25in; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="120">
<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"><font style="font-size: 10pt;" class="_mt">Cost of Goods Sold</font></p></td>
<td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="108">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">3,963,942</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="16">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 15.2pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="20">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 83.8pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="112">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">(2,127,362)</font></p></td></tr>
<tr style="height: 11.6pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.2in; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="19">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 130.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="174" colspan="2">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">Net realized and unrealized (gains) losses</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1.25in; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="120">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p>
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">$</font></p></td>
<td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="108">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p>
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">7,723,971</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="16">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 15.2pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="20">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p>
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">$</font></p></td>
<td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 83.8pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="112">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p>
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">(3,615,730)</font></p></td></tr>
<tr><td width="19"> </td>
<td width="53"> </td>
<td width="119"> </td>
<td width="18"> </td>
<td width="119"> </td>
<td width="21"> </td>
<td width="107"> </td>
<td width="16"> </td>
<td width="21"> </td>
<td width="111"> </td></tr></table>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt"> </font> </p>
<table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="601">
<tr style="height: 46.35pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 54.25pt; padding-right: 5.4pt; height: 46.35pt; padding-top: 0in;" valign="top" width="72" colspan="2">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 90.65pt; padding-right: 5.4pt; height: 46.35pt; padding-top: 0in;" valign="top" width="121">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 103.5pt; padding-right: 5.4pt; height: 46.35pt; padding-top: 0in;" valign="top" width="138" colspan="2">
<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"><font style="font-size: 10pt;" class="_mt">Statement of Operations Classification</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 46.35pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; height: 46.35pt; padding-top: 0in;" valign="top" width="108">
<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"><font style="font-size: 10pt;" class="_mt">Six Months Ended March 31, 2011</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; height: 46.35pt; padding-top: 0in;" valign="top" width="16">
<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.2pt; padding-right: 5.4pt; height: 46.35pt; padding-top: 0in;" valign="top" width="20">
<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; height: 46.35pt; padding-top: 0in;" valign="top" width="108">
<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"><font style="font-size: 10pt;" class="_mt">Six Months Ended March 31, 2010</font></p></td></tr>
<tr style="height: 11.6pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 54.25pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="72" colspan="2">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 90.65pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="121">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="18">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1.25in; padding-right: 5.4pt; height: 11.6pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="120">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="18">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; height: 11.6pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="108">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; height: 11.6pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="16">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.2pt; padding-right: 5.4pt; height: 11.6pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="20">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; height: 11.6pt; border-top: windowtext 1pt solid; padding-top: 0in;" valign="top" width="108">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td></tr>
<tr style="height: 11.6pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.2in; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="19">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 130.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="174" colspan="2">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">Realized losses (gains)</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1.25in; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="120">
<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"><font style="font-size: 10pt;" class="_mt">Cost of Goods Sold</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">$</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="108">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">4,647,848</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="16">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 15.2pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="20">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">$</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="108">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">(2,210,305)</font></p></td></tr>
<tr style="height: 11.6pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.2in; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="19">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 130.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="174" colspan="2">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">Unrealized (gains) losses</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1.25in; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="120">
<p style="text-align: center; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="center"><font style="font-size: 10pt;" class="_mt">Cost of Goods Sold</font></p></td>
<td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="108">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">3,963,942</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="16">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 15.2pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="20">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="108">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">(1,487,224)</font></p></td></tr>
<tr style="height: 11.6pt;"><td style="padding-bottom: 0in; padding-left: 5.4pt; width: 0.2in; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="19">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 130.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="174" colspan="2">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">Net realized and unrealized (gains) losses</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 1.25in; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="120">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 13.5pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="18">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p>
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">$</font></p></td>
<td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="108">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p>
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">8,611,790</font></p></td>
<td style="padding-bottom: 0in; padding-left: 5.4pt; width: 11.8pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="16">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p></td>
<td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 15.2pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="20">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p>
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">$</font></p></td>
<td style="border-bottom: windowtext 3px double; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; height: 11.6pt; padding-top: 0in;" valign="top" width="108">
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"> </p>
<p style="text-align: right; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal" align="right"><font style="font-size: 10pt;" class="_mt">(3,697,529)</font></p></td></tr>
<tr><td width="19"> </td>
<td width="53"> </td>
<td width="119"> </td>
<td width="18"> </td>
<td width="119"> </td>
<td width="21"> </td>
<td width="107"> </td>
<td width="16"> </td>
<td width="21"> </td>
<td width="107"> </td></tr></table>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt"> </font> </p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><b><font style="font-size: 10pt;" class="_mt">Inventory</font></b></p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt"> </font> </p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">Inventory is stated at the lower of cost or market value using the average cost method. Market value is based on current replacement values, except that it does not exceed<b> </b>net realizable values and it is not less than the net realizable values reduced by an allowance for normal profit margin.<b> </b></font></p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><strong><font size="2" class="_mt"> </font></strong> </p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><b><font style="font-size: 10pt;" class="_mt">Property and Equipment</font></b></p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><strong><font size="2" class="_mt"> </font></strong> </p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated useful lives:</font></p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt"> Buildings 40 Years</font></p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt"> </font><font style="font-size: 10pt;" class="_mt">Process Equipment 10-20 Years</font></p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt"> Office Equipment 3-7 Years</font></p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt"> </font> </p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">Maintenance and repairs are charged to expense as incurred; major improvements and betterments are capitalized.</font></p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">Effective January 1, 2011 the Company increased its estimate of useful life on a significant portion of its processing equipment; management believes this change of estimate more closely approximates the actual life. This change in estimate is accounted for on a prospective basis. This change resulted in a decrease in depreciation expense, an increase to operating income, a decrease of net (loss) of approximately $1.8 million, and a decrease in (loss) per unit of $137.</font></p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt"> </font> </p>
<p style="text-align: justify; margin: 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;" class="MsoNormal"><font style="font-size: 10pt;" class="_mt">Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from operations are less than the carrying value of the asset group. An impairment loss would be measured by the amount by which the carrying value of the asset exceeds the fair value of the asset. Management has determined that its projected future cash flows from operations exceed the carrying value of the plant and that no impairment existed at March 31, 2011.</font></p>
<p style="text-align: justify; margin: 0in; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;" class="NoteBody"><b><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt"> </font></b> </p>
<p style="text-align: justify; margin: 0in 0in 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;" class="Indent1"><b><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">Income Taxes</font></b></p>
<p style="text-align: justify; margin: 0in; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;" class="NoteBody"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">The Company has elected to be treated as a partnership for federal and state income tax purposes and generally does not incur income taxes. Instead, the Company's earnings and losses are included in the income tax returns of the members. Therefore, no provision or liability for federal or state income taxes has been included in these financial statements.</font></p>
<p style="text-align: justify; margin: 0in; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;" class="NoteBody"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt"> </font> </p>
<p style="text-align: justify; margin: 0in; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;" class="NoteBody"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">Management has evaluated the Company's tax positions under the Financial Accounting Standards Board ("<u>FASB</u>") issued guidance on accounting for uncertainty in income taxes and concluded that the Company has taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance. With few exceptions, the Company is no longer subject to income tax examinations by the U.S. Federal, state or local authorities for the years before 2007.</font></p>
<p style="text-align: justify; margin: 0in 0in 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;" class="Indent1"> <b><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">Net (loss) per unit</font></b></p>
<p style="text-align: justify; margin: 0in 0in 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;" class="Indent1"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">(Loss) per unit has been computed on the basis of the weighted average number of units outstanding during each period presented.</font></p>
<p style="text-align: justify; margin: 0in 0in 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;" class="Indent1"><b><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">Fair value of financial instruments</font></b></p>
<p style="text-align: justify; margin: 0in 0in 6pt; font-family: 'Arial Narrow','sans-serif'; font-size: 11pt;" class="Indent1"><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">The carrying amounts of cash and cash equivalents, derivative financial instruments, accounts receivable, accounts payable and accrued expenses approximate fair value due to the short term nature of these instruments. The Company believes it is not practical to estimate the fair value of debt.<b> </b></font></p> </div>Note 2: Summary of Significant Accounting Policies
Basis of Presentation and Other Information
The balance sheet as of September 30,falsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringThis element may be used to describe all significant accounting policies of the reporting entity.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 22
-Paragraph 8
falsefalse
12Summary of Significant Accounting PoliciesUnKnownUnKnownUnKnownUnKnownfalsetrue