$GGROU
Golden Growers Cooperative

2023 Q4 Form 10-Q Financial Statement

#000182646623000040 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $16.24M $17.48M $22.89M
YoY Change -34.27% -23.66% 17.07%
Cost Of Revenue $16.44M $17.49M $22.91M
YoY Change -33.43% -23.64% 17.07%
Gross Profit -$203.0K -$17.00K -$17.00K
YoY Change -3483.33% 0.0% 21.43%
Gross Profit Margin -1.25% -0.1% -0.07%
Selling, General & Admin $136.0K $138.0K $113.0K
YoY Change 17.24% 22.12% 4.63%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $136.0K $138.0K $113.0K
YoY Change 17.24% 22.12% 4.63%
Operating Profit -$339.0K $1.196M $1.213M
YoY Change 208.18% -1.4% -1094.26%
Interest Expense $1.637M $1.262M $1.444M
YoY Change -12.74% -12.6% -20.13%
% of Operating Profit 105.52% 119.04%
Other Income/Expense, Net -$89.00K $101.0K
YoY Change -188.12%
Pretax Income $1.298M $1.107M $1.314M
YoY Change -26.5% -15.75% -22.06%
Income Tax
% Of Pretax Income
Net Earnings $1.298M $1.107M $1.314M
YoY Change -26.5% -15.75% -22.06%
Net Earnings / Revenue 7.99% 6.33% 5.74%
Basic Earnings Per Share $0.08
Diluted Earnings Per Share $0.08 $0.07 $0.08
COMMON SHARES
Basic Shares Outstanding 15.49M shares 15.49M shares 15.49M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.645M $6.800M $7.470M
YoY Change -3.22% -8.97% 7.48%
Cash & Equivalents $2.097M $2.836M $2.864M
Short-Term Investments $4.548M $3.964M $4.606M
Other Short-Term Assets $318.0K $117.0K $112.0K
YoY Change 3.25% 4.46% 143.48%
Inventory
Prepaid Expenses
Receivables $220.0K
Other Receivables
Total Short-Term Assets $6.963M $6.917M $7.582M
YoY Change -2.94% -8.77% 8.38%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $17.07M $17.05M $18.08M
YoY Change -6.87% -5.68% -12.03%
Other Assets
YoY Change
Total Long-Term Assets $19.86M $20.34M $20.52M
YoY Change -3.98% -0.88% -0.17%
TOTAL ASSETS
Total Short-Term Assets $6.963M $6.917M $7.582M
Total Long-Term Assets $19.86M $20.34M $20.52M
Total Assets $26.82M $27.25M $28.10M
YoY Change -3.72% -3.01% 2.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.000K
YoY Change
Accrued Expenses $421.0K $2.169M $2.168M
YoY Change 105.37% 0.05% 7.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $421.0K $2.178M $2.168M
YoY Change 105.37% 0.46% 7.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $421.0K $2.178M $2.168M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $421.0K $2.178M $2.168M
YoY Change 105.37% 0.46% 7.65%
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 $26.40M $25.08M $25.93M
YoY Change
Total Liabilities & Shareholders Equity $26.82M $27.25M $28.10M
YoY Change -3.72% -3.01% 2.0%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income $1.298M $1.107M $1.314M
YoY Change -26.5% -15.75% -22.06%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$39.00K -$28.00K -$46.00K
YoY Change 8.33% -39.13% -57.8%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $1.469M $1.827M $1.862M
YoY Change -1.08% -1.88% 94.57%
Cash From Investing Activities $1.469M $1.827M $1.862M
YoY Change -1.08% -1.88% 94.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.169M 0.000 0.000
YoY Change 0.09% -100.0%
NET CHANGE
Cash From Operating Activities -39.00K -28.00K -46.00K
Cash From Investing Activities 1.469M 1.827M 1.862M
Cash From Financing Activities -2.169M 0.000 0.000
Net Change In Cash -739.0K 1.799M 1.816M
YoY Change 2.92% -0.94% 113.9%
FREE CASH FLOW
Cash From Operating Activities -$39.00K -$28.00K -$46.00K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_805_eus-gaap--NatureOfOperations_zOzZtGCwlr3" style="text-align: justify"><b>NOTE 1 </b><b>–</b><b> <span id="xdx_825_zDz9zL2JzQ2i">BASIS OF PRESENTATION</span></b> </p> <p style="text-align: justify">The condensed financial statements of Golden Growers Cooperative (the “Cooperative”) for the three and nine month periods ended September 30, 2023 and 2022 are unaudited and reflect all adjustments consisting 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 period. The condensed financial statements should be read in conjunction with the financial statements and notes thereto, contained in the Cooperative’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results for the entire fiscal year ending December 31, 2023. </p>
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619000 usd
CY2022Q4 ggro Equity Method Investment Total Liabilities
EquityMethodInvestmentTotalLiabilities
31000 usd
CY2023Q3 ggro Equity Method Investment Members Equity
EquityMethodInvestmentMembersEquity
34106000 usd
CY2022Q3 ggro Equity Method Investment Members Equity
EquityMethodInvestmentMembersEquity
36731000 usd
CY2022Q4 ggro Equity Method Investment Members Equity
EquityMethodInvestmentMembersEquity
36667000 usd
CY2023Q3 ggro Equity Method Investment Total Liabilities And Members Equity
EquityMethodInvestmentTotalLiabilitiesAndMembersEquity
34768000 usd
CY2022Q3 ggro Equity Method Investment Total Liabilities And Members Equity
EquityMethodInvestmentTotalLiabilitiesAndMembersEquity
37350000 usd
CY2022Q4 ggro Equity Method Investment Total Liabilities And Members Equity
EquityMethodInvestmentTotalLiabilitiesAndMembersEquity
36698000 usd
ggro Equity Method Investment Rent Revenue On Operating Lease
EquityMethodInvestmentRentRevenueOnOperatingLease
11858000 usd
ggro Equity Method Investment Rent Revenue On Operating Lease
EquityMethodInvestmentRentRevenueOnOperatingLease
13516000 usd
CY2022 ggro Equity Method Investment Rent Revenue On Operating Lease
EquityMethodInvestmentRentRevenueOnOperatingLease
17468000 usd
ggro Equity Method Investment Expenses
EquityMethodInvestmentExpenses
2837000 usd
ggro Equity Method Investment Expenses
EquityMethodInvestmentExpenses
3015000 usd
CY2022 ggro Equity Method Investment Expenses
EquityMethodInvestmentExpenses
3919000 usd
ggro Equity Method Investment Net Income Loss
EquityMethodInvestmentNetIncomeLoss
9021000 usd
ggro Equity Method Investment Net Income Loss
EquityMethodInvestmentNetIncomeLoss
10501000 usd
CY2022 ggro Equity Method Investment Net Income Loss
EquityMethodInvestmentNetIncomeLoss
13549000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale And Held To Maturity Fair Value
DebtSecuritiesAvailableForSaleAndHeldToMaturityFairValue
7170000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale And Held To Maturity Fair Value
DebtSecuritiesAvailableForSaleAndHeldToMaturityFairValue
6989000 usd
CY2023Q3 us-gaap Held To Maturity Securities Debt Maturities Within One Year Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearNetCarryingAmount
3206000 usd
CY2023Q3 us-gaap Held To Maturity Securities Debt Maturities Within One Year Fair Value
HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearFairValue
3200000 usd
CY2023Q3 us-gaap Held To Maturity Securities Debt Maturities After One Through Five Years Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsNetCarryingAmount
2945000 usd
CY2023Q3 us-gaap Held To Maturity Securities Debt Maturities After One Through Five Years Fair Value
HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
2897000 usd
CY2023Q3 us-gaap Held To Maturity Securities Debt Maturities After Five Through Ten Years Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsNetCarryingAmount
338000 usd
CY2023Q3 us-gaap Held To Maturity Securities Debt Maturities After Five Through Ten Years Fair Value
HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
315000 usd
CY2023Q3 us-gaap Held To Maturity Securities Debt Maturities Single Maturity Date Amortized Cost Basis
HeldToMaturitySecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis
6489000 usd
CY2023Q3 us-gaap Held To Maturity Securities Debt Maturities Single Maturity Date Fair Value
HeldToMaturitySecuritiesDebtMaturitiesSingleMaturityDateFairValue
6412000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale And Held To Maturity Amortized Cost After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAndHeldToMaturityAmortizedCostAfterAllowanceForCreditLoss
7311000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale And Held To Maturity Cumulative Unrecognized Gain
DebtSecuritiesAvailableForSaleAndHeldToMaturityCumulativeUnrecognizedGain
8000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale And Held To Maturity Cumulative Unrecognized Loss
DebtSecuritiesAvailableForSaleAndHeldToMaturityCumulativeUnrecognizedLoss
149000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale And Held To Maturity Fair Value
DebtSecuritiesAvailableForSaleAndHeldToMaturityFairValue
7170000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale And Held To Maturity Amortized Cost After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAndHeldToMaturityAmortizedCostAfterAllowanceForCreditLoss
7339000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale And Held To Maturity Cumulative Unrecognized Gain
DebtSecuritiesAvailableForSaleAndHeldToMaturityCumulativeUnrecognizedGain
1000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale And Held To Maturity Cumulative Unrecognized Loss
DebtSecuritiesAvailableForSaleAndHeldToMaturityCumulativeUnrecognizedLoss
351000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale And Held To Maturity Fair Value
DebtSecuritiesAvailableForSaleAndHeldToMaturityFairValue
6989000 usd
CY2023Q3 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
2868000 usd
CY2023Q3 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
2370000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
114000 usd
CY2022Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
3612000 usd
CY2022Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
2735000 usd
CY2022Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
704000 usd
CY2022Q4 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
636000 usd
CY2021Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
910000 usd
CY2021Q4 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
718000 usd
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0 usd
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0 usd
CY2022 us-gaap Liability For Future Policy Benefits Payment For Benefits
LiabilityForFuturePolicyBenefitsPaymentForBenefits
0 usd
ggro Bushels Of Corn
BushelsOfCorn
15490480
ggro Annual Fee Paid For Corn Delivery
AnnualFeePaidForCornDelivery
60000 usd
ggro Number Of Installments
NumberOfInstallments
4 unit
ggro Incentive Payment Per Bushel To Members On Delivery Of Corn Under Method A
IncentivePaymentPerBushelToMembersOnDeliveryOfCornUnderMethodA
0.10
ggro Payment Per Bushel For Corn Delivered Using Method B
PaymentPerBushelForCornDeliveredUsingMethodB
0.02
CY2023Q1 us-gaap General Partners Capital Account Distribution Amount
GeneralPartnersCapitalAccountDistributionAmount
2478477 usd
CY2023Q1 us-gaap Partners Capital Account Distribution Per Unit Of Limited Partner Interest
PartnersCapitalAccountDistributionPerUnitOfLimitedPartnerInterest
0.16
CY2023Q2 us-gaap General Partners Capital Account Distribution Amount
GeneralPartnersCapitalAccountDistributionAmount
2168667 usd
CY2023Q2 us-gaap Partners Capital Account Distribution Per Unit Of Limited Partner Interest
PartnersCapitalAccountDistributionPerUnitOfLimitedPartnerInterest
0.14
CY2023Q4 us-gaap General Partners Capital Account Distribution Amount
GeneralPartnersCapitalAccountDistributionAmount
2168667 usd
CY2023Q4 us-gaap Partners Capital Account Distribution Per Unit Of Limited Partner Interest
PartnersCapitalAccountDistributionPerUnitOfLimitedPartnerInterest
0.14
CY2023Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
2000000 usd
us-gaap Line Of Credit Facility Commitment Fee Percentage
LineOfCreditFacilityCommitmentFeePercentage
0.005 pure
us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.0800 pure
CY2022Q4 us-gaap Line Of Credit
LineOfCredit
0 usd
CY2023Q3 us-gaap Line Of Credit
LineOfCredit
0 usd
ggro Annual Payments For Procurement Of Corn And Other Agency Services
AnnualPaymentsForProcurementOfCornAndOtherAgencyServices
60000 usd
ggro Number Of Installments
NumberOfInstallments
4 unit
us-gaap Significant Supply Commitment Description
SignificantSupplyCommitmentDescription
December 31, 2026

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