LAKE AREA CORN PROCESSORS LLC

2024 Q3 Form 10-Q Financial Statement

#000115617424000034 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $4.620M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $15.30M
Prepaid Expenses $2.341M
Receivables $3.305M
Other Receivables
Total Short-Term Assets $27.00M
YoY Change -46.34%
LONG-TERM ASSETS
Property, Plant & Equipment $62.32M
YoY Change 1.98%
Goodwill $10.40M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $55.90M
YoY Change 205.17%
Other Assets $6.558M
YoY Change -15.33%
Total Long-Term Assets $135.2M
YoY Change 38.54%
TOTAL ASSETS
Total Short-Term Assets $27.00M
Total Long-Term Assets $135.2M
Total Assets $162.2M
YoY Change 9.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.98M
YoY Change -23.38%
Accrued Expenses $852.0K
YoY Change 40.44%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.06M
YoY Change -39.01%
LONG-TERM LIABILITIES
Long-Term Debt $4.001M
YoY Change 33.41%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $4.001M
YoY Change 33.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.06M
Total Long-Term Liabilities $4.001M
Total Liabilities $21.07M
YoY Change -32.0%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $141.1M
YoY Change
Total Liabilities & Shareholders Equity $162.2M
YoY Change 9.66%

Cashflow Statement

Concept 2024 Q3 2024 Q2

Facts In Submission

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dei Entity Current Reporting Status
EntityCurrentReportingStatus
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dei Entity Interactive Data Current
EntityInteractiveDataCurrent
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dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
false
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Shell Company
EntityShellCompany
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dei Entity Central Index Key
EntityCentralIndexKey
0001156174
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Document Fiscal Period Focus
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dei Amendment Flag
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dei Document Quarterly Report
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dei Document Period End Date
DocumentPeriodEndDate
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dei Document Transition Report
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dei Entity Registrant Name
EntityRegistrantName
LAKE AREA CORN PROCESSORS, LLC
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
SD
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
46-0460790
dei Entity Address Address Line1
EntityAddressAddressLine1
46269 SD Highway 34
dei Entity Address City Or Town
EntityAddressCityOrTown
Wentworth,
dei Entity Address State Or Province
EntityAddressStateOrProvince
SD
dei Entity Address Address Line2
EntityAddressAddressLine2
P.O. Box 100
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
57075
dei City Area Code
CityAreaCode
(605)
dei Local Phone Number
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483-2676
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NATURE OF OPERATIONS<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Principal Business Activity</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lake Area Corn Processors, LLC, (the "Company") is a South Dakota limited liability company.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company owns and manages Dakota Ethanol, LLC, a South Dakota limited liability company ("Dakota Ethanol"), a 100 million-gallon (annual nameplate capacity) ethanol plant, located near Wentworth, South Dakota. Dakota Ethanol sells ethanol and related products to customers located in North America. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, the Company has investment interests in five companies in related industries. See Note 5 for further details.</span></div>
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us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Receivables and Credit Policies</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accounts receivable are uncollateralized customer obligations due under normal trade terms requiring payment within fifteen days from the invoice date. Unpaid accounts receivable with invoice dates over thirty days old bear interest at 1.5% per month. Accounts receivable are stated at the amount billed to the customer and adjusted if payment is thirty (30) days past due. Payments of accounts receivable are allocated to the specific invoices identified on the customer’s remittance advice or, if unspecified, are applied to the earliest unpaid invoices.</span></div>The carrying amount of trade receivables is reduced by a valuation allowance that reflects management’s best estimate of the amounts that will not be collected. Management regularly reviews trade receivable balances and, based on an assessment of current creditworthiness, estimates the portion, if any, of the balance that will not be collected. The valuation allowance was determined to be immaterial as of June 30, 2024 and December 31, 2023.
CY2024Q2 lacp Revenue Performance Obligation Payment Term
RevenuePerformanceObligationPaymentTerm
P15D
CY2024Q2 lacp Revenue Performance Obligation Payment Term Before Interest
RevenuePerformanceObligationPaymentTermBeforeInterest
P30D
CY2024Q2 lacp Trade Receivable Unpaid Balance Interest Rate
TradeReceivableUnpaidBalanceInterestRate
0.015
CY2024Q2 lacp Equity Method Investments Numberof Entities
EquityMethodInvestmentsNumberofEntities
5
CY2023 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div>The preparation of financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the fair value of derivative financial instruments, lower of cost or net realizable value accounting for inventory and goodwill and fixed asset impairment evaluation
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Risks and Uncertainties</span></div><div style="padding-left:18pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has certain risks and uncertainties that it will experience during volatile market conditions, which can have a severe impact on operations. The Company's revenues are derived from the sale and distribution of ethanol and distiller grains to customers primarily located in the United States. Corn for the production process is supplied to the plant primarily from local agricultural producers and from purchases on the open market. For the three months ended June 30, 2024, ethanol sales averaged approximately 76% of total revenues, while approximately 18% of revenues were generated from the sale of distillers grains and 6% of revenues were generated from the sale of corn oil. For the six months ended June 30, 2024, ethanol sales averaged approximately 73% of the revenues, while approximately 21% of revenues were generated from the sale of distiller grains and 6% of revenues were generated from the sale of corn oil.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's operating and financial performance is largely driven by the prices at which it sells ethanol and the net expense of corn. The price of ethanol is influenced by factors such as supply and demand, weather, unleaded gasoline and the petroleum markets, government programs, global political or economic issues, including but not limited to, the war in Ukraine including sanctions associated therewith, shortages, export prices, crude oil prices, currency valuations and government policies in the United States and around the world, over which we have no control. Excess ethanol supply in the market, in particular, puts downward pressure on the price of ethanol. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's largest cost of production is corn. The cost of corn is generally impacted by factors such as supply and demand, weather, and government programs, global political or economic issues, including but not limited to the war in Ukraine including sanctions associated therewith, or global damaging growing conditions, such as plant disease or adverse weather, including drought, increased fertilizer costs as well as global conflicts. The Company's risk management program is used to protect against the price volatility of these commodities.</span></div>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 numberofsegments
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 numberofsegments
CY2023Q2 us-gaap Revenues
Revenues
74179247 usd
us-gaap Revenues
Revenues
96087538 usd
us-gaap Revenues
Revenues
152020353 usd
CY2023Q2 us-gaap Gross Profit
GrossProfit
5831008 usd
us-gaap Gross Profit
GrossProfit
10478298 usd
us-gaap Gross Profit
GrossProfit
9729602 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
8628786 usd
us-gaap Net Income Loss
NetIncomeLoss
14772353 usd
us-gaap Net Income Loss
NetIncomeLoss
12045846 usd
CY2024Q2 us-gaap Assets
Assets
162174214 usd
CY2023Q4 us-gaap Assets
Assets
193384154 usd
CY2024Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
8351686 usd
CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
8558268 usd
CY2024Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
3582842 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2853609 usd
CY2024Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1223839 usd
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1337989 usd
CY2024Q2 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
2144800 usd
CY2023Q4 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
1923844 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
15303167 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
14673710 usd
us-gaap Inventory Write Down
InventoryWriteDown
90000 usd
CY2023 us-gaap Inventory Write Down
InventoryWriteDown
29000 usd
CY2024Q2 lacp Equity Method Investment Difference Between Carrying Amount And Underlying Equity Basis Adjustment
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquityBasisAdjustment
34015000 usd
CY2024Q2 lacp Amortizationperiodforamortizationofinvestmentpremium
Amortizationperiodforamortizationofinvestmentpremium
P10Y
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
4001000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
20001000 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
20001000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
0 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
4001000 usd
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
4001000 usd
CY2024Q2 us-gaap Litigation Reserve
LitigationReserve
0 usd

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