South Dakota Soybean Processors LLC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>South Dakota Soybean Processors LLC has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

SOUTH DAKOTA SOYBEAN PROCESSORS LLC (SDSYA) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. The company filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is soybean processing. The filing includes financial data for the periods ending March 31, 2024, and December 31, 2023. The company is located in Volga, South Dakota.

Why It Matters

For investors and stakeholders tracking SOUTH DAKOTA SOYBEAN PROCESSORS LLC, this filing contains several important signals. This filing provides investors with an update on the company's financial performance and position as of the end of the first quarter of 2024. The 10-Q report is a standard SEC filing that offers detailed financial statements and management's discussion and analysis, crucial for understanding the company's operational health and future outlook.

Risk Assessment

Risk Level: low — SOUTH DAKOTA SOYBEAN PROCESSORS LLC shows low risk based on this filing. The filing is a routine quarterly report (10-Q) and does not contain any immediately apparent significant negative or positive developments beyond standard financial reporting.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to assess the company's performance and identify any specific trends or risks.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly Report)
• 2024-01-01 — Quarter Start Date (Quarterly Report)
• 2023-12-31 — Previous Period End Date (Comparative Financials)

Key Players & Entities

• SOUTH DAKOTA SOYBEAN PROCESSORS LLC (company) — Filer
• 20240331 (date) — Period of Report
• 20240515 (date) — Filed As Of Date
• Volga, SD (location) — Business Address
• Prairie AquaTech LLC (company) — Subsidiary/Related Entity
• High Plains Partners LLC (company) — Collaborative Arrangement Partner

FAQ

Industry Context

South Dakota Soybean Processors LLC operates in the agricultural sector, specifically focusing on the processing of soybeans into products like soybean meal and oil.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded entities, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Check for any new risk factors or significant changes in existing ones.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous filings which would have included the 2023 annual report (10-K) and prior quarterly reports.

Filing Documents

• sdsp-20240331.htm (10-Q) — 706KB
• exhibit31120240331.htm (EX-31.1) — 10KB
• exhibit31220240331.htm (EX-31.2) — 11KB
• exhibit32120240331.htm (EX-32.1) — 6KB
• exhibit32220240331.htm (EX-32.2) — 6KB
• sdsp-20240331_g1.jpg (GRAPHIC) — 12KB
• 0001163609-24-000010.txt (&nbsp;) — 4988KB
• sdsp-20240331.xsd (EX-101.SCH) — 46KB
• sdsp-20240331_cal.xml (EX-101.CAL) — 54KB
• sdsp-20240331_def.xml (EX-101.DEF) — 191KB
• sdsp-20240331_lab.xml (EX-101.LAB) — 501KB
• sdsp-20240331_pre.xml (EX-101.PRE) — 342KB
• sdsp-20240331_htm.xml (XML) — 655KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23 Part II. OTHER INFORMATION 23 Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults among Senior Securities 24 Item 4. Mine Safety Disclosures 24 Item 5. Other Information 24 Item 6. Exhibits 24

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements South Dakota Soybean Processors, LLC Condensed Consolidated Financial Statements March 31, 2024 and 2023 3 South Dakota Soybean Processors, LLC Condensed Consolidated Balance Sheets March 31, 2024 December 31, 2023 (Unaudited) Assets Current assets Cash and cash equivalents $ 135,221,983 $ 72,910,336 Trade accounts receivable 37,699,480 43,548,706 Inventories 81,944,047 72,045,951 Commodity derivative instruments 11,059,832 10,334,681 Margin deposits 5,119,332 1,342,978 Prepaid expenses 4,784,948 5,621,052 Total current assets 275,829,622 205,803,704 Property and equipment 269,130,477 246,347,535 Less accumulated depreciation ( 72,886,791 ) ( 71,419,705 ) Total property and equipment, net 196,243,686 174,927,830 Other assets Investments in related parties 15,073,570 13,637,150 Investments in cooperatives 1,797,563 1,737,862 Right-of-use lease asset, net 28,313,130 28,297,874 Other assets 656,000 336,500 Total other assets 45,840,263 44,009,386 Total assets $ 517,913,571 $ 424,740,920 (continued on the following page) 4 South Dakota Soybean Processors, LLC Condensed Consolidated Balance Sheets (continued) March 31, 2024 December 31, 2023 (Unaudited) Liabilities and Members' Equity Current liabilities Excess of outstanding checks over bank balance $ 4,976,072 $ 15,728,259 Current maturities of long-term debt 5,700,000 — Note payable - seasonal loan 54,255,183 — Current operating lease liabilities 2,840,209 2,798,561 Accounts payable 7,557,127 7,462,996 Accrued commodity purchases 38,060,890 66,240,599 Commodity derivative instruments 5,493,307 5,939,687 Accrued expenses 3,377,865 6,700,564 Accrued interest 794,884 19,171 Deferred liabilities - current 1,549,884 737,503 Total current liabilities 124,605,421 105,627,340 Long-term liabilities Long-term debt, net of current maturities 50,100,000 — Long-term operating lease liabilities 22,860,420 22,827,885 Deferred liabilities 74,594

View Full Filing

View this 10-Q filing on SEC EDGAR