Cardinal Ethanol LLC

CIK:0001352081|SEC Filings

Consolidated Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 83,824,650	$ 119,046,572	$ 232,367,507	$ 384,766,147
Cost of Goods Sold	74,084,025	103,128,982	216,031,104	335,472,745
Gross Profit	9,740,625	15,917,590	16,336,403	49,293,402
Operating Expenses	3,467,026	2,494,927	9,600,174	7,122,298
Operating Income	6,273,599	13,422,663	6,736,229	42,171,104
Other Income (Expense)
Interest income	538,983	904,327	2,485,082	1,777,225
Interest expense	(1,360,289)	0	(2,371,435)	0
Miscellaneous income (expense)	7,982	(12,692)	(56,912)	73,304
Loss on equity method investment	(65,711)	(23,588)	(214,757)	(350,572)
Total	(879,035)	868,047	(158,022)	1,499,957
Net Income	$ 5,394,564	$ 14,290,710	$ 6,578,207	$ 43,671,061
Weighted Average Units Outstanding - basic (in shares)	14,606	14,606	14,606	14,606
Weighted Average Units Outstanding - diluted (in shares)	14,606	14,606	14,606	14,606
Net Income Per Unit - basic (in dollars per shares)	$ 369	$ 978	$ 450	$ 2,990
Net Income Per Unit - diluted (in dollars per shares)	369	978	450	2,990
Distributions Per Unit (in dollars per shares)	$ 150	$ 1,250	$ 600	$ 2,250
Unrealized loss on available-for-sale debt securities	$ 0	$ (14,113)	$ 0	$ (14,015)
Total comprehensive loss	0	(14,113)	0	(14,015)
Net Comprehensive Income	$ 5,394,564	$ 14,276,597	$ 6,578,207	$ 43,657,046

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities
Net income	$ 6,578,207	$ 43,671,061
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	8,100,791	8,632,278
Loss on sale of equipment	103,832	0
Change in commodity derivative instruments	(2,403,328)	2,571,941
Non-cash dividend income	(964,680)	(122,264)
Earnings on available-for-sale debt securities	(81,390)	(318,429)
Non-cash lease expense	(13,727)	16,735
Loss from equity method investment	214,757	350,572
Amortization of deferred financing costs	21,900	0
Change in operating assets and liabilities, net of asset acquisition:
Trade accounts receivable	499,901	(7,386,496)
Miscellaneous receivables	(834,592)	407,115
Inventories	(25,457,061)	(3,796,515)
Prepaid and other current assets	(1,191,025)	(241,368)
Disbursements in excess of bank balance	0	1,809,784
Due to broker	283,419	2,636,855
Accounts payable	3,370,417	(1,110,571)
Accounts payable - grain	(157,142)	(850,043)
Accrued expenses	1,298,741	(1,868,762)
Liability for railcar rehabilitation costs	132,917	238,505
Other long-term liabilities	18,497	0
Advances from customers	310,525
Net cash provided by (used for) operating activities	(10,169,041)	44,640,398
Cash Flows from Investing Activities
Proceeds from maturities of available-for-sale debt securities	12,500,000	11,000,000
Proceeds from sale of equipment	1,200,000
Payments for construction in progress	(10,429,644)	(21,065,381)
Purchases of investments in debt securities	0	(28,487,765)
Payments for capital assets of subsidiary	(42,373,598)	0
Investment in Cardinal One Carbon Holdings, LLC	(4,450,000)	(2,950,000)
Net cash used for investing activities	(43,553,242)	(41,503,146)
Cash Flows from Financing Activities
Distributions paid	(10,813,600)	(35,142,395)
Proceeds from revolving credit loan	29,226,683	44,381,156
Payments on revolving credit loan	(29,226,683)	(44,381,156)
Payments for deferred financing costs	(280,319)	0
Proceeds from economic development fund	0	2,950,000
Proceeds from long-term debt	26,835,143	16,774,612
Net cash provided by (used for) financing activities	15,741,224	(15,417,783)
Net Decrease in Cash, Cash Equivalents, and Restricted Cash	(37,981,059)	(12,280,531)
Cash, Cash Equivalents, and Restricted Cash – Beginning of Period	83,284,409	63,239,614
Cash, Cash Equivalents, and Restricted Cash – End of Period	45,303,350	50,959,083
Reconciliation of Cash, Cash Equivalents, and Restricted Cash
Cash and Cash Equivalents - Balance Sheet	34,323,199	38,223,438
Restricted Cash - Balance Sheet	10,980,151	12,735,645
Cash, Cash Equivalents, and Restricted Cash	45,303,350	50,959,083
Supplemental Cash Flow Information
Interest paid	2,737,629	820,582
Supplemental Disclosure of Non-cash Investing and Financing Activities
Construction in progress included in accrued expenses and accounts payable	25,795	283,498
Construction period interest capitalized in property, plant and equipment	727,019	610,069
Accrued distributions included in accrued expenses	$ 700,000	$ 1,100,000

Consolidated Condensed Balance Sheets - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Current Assets
Cash and cash equivalents	$ 34,323,199	$ 69,859,066
Restricted cash	10,980,151	13,425,343
Investments in available-for-sale debt securities	0	12,407,939
Trade accounts receivable	17,907,225	18,407,126
Miscellaneous receivables	1,312,661	478,069
Inventories	40,560,501	15,103,440
Prepaid and other current assets	1,489,660	298,635
Total current assets	108,940,194	130,398,907
Property, Plant, and Equipment, Net	134,908,965	92,323,559
Other Assets
Operating lease right-of-use asset, net	10,169,048	3,012,582
Investments	12,233,122	7,033,199
Total other assets	22,402,170	10,045,781
Total Assets	266,251,329	232,768,247
Current Liabilities
Advances from customer	310,525	0
Due to broker	1,515,941	1,232,522
Accounts payable	6,517,743	3,171,886
Accounts payable - grain	10,848,245	11,005,387
Accrued expenses	3,805,603	4,695,515
Operating lease liability current	3,479,581	2,611,799
Current maturities of long-term debt	4,180,475	1,136,681
Total current liabilities	34,376,391	28,027,888
Long-Term Liabilities
Long-term debt, net of current maturities	52,965,207	29,432,277
Operating lease long-term liabilities	6,691,888	416,931
Liability for railcar rehabilitation costs	2,491,051	2,358,134
Other long-term liabilities	18,497	0
Total long-term liabilities	62,166,643	32,207,342
Commitments and Contingencies
Members’ Equity
Members' contributions, net of cost of raising capital, 14,606 units authorized, issued and outstanding	70,912,213	70,912,213
Accumulated other comprehensive loss	0	(10,671)
Retained earnings	98,796,082	101,631,475
Total members' equity	169,708,295	172,533,017
Total Liabilities and Members’ Equity	266,251,329	232,768,247
Futures and options derivatives
Current Assets
Derivatives	2,283,117	352,464
Current Liabilities
Derivatives	3,496,929	3,817,921
Forward purchase/sales derivatives
Current Assets
Derivatives	83,680	66,825
Current Liabilities
Derivatives	$ 221,349	$ 356,177