Company: SDSYA
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001163609-25-000032
Chunk: 13

Company: SOUTH DAKOTA SOYBEAN PROCESSORS LLC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 13
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 31, 2024, respectively, the Company has approximately $37.2 million and $15.7 million respectively, in payables related to the construction of the facility in Mitchell, South Dakota. These construction payables are classified as non-current liabilities due to management's intent and ability to settle these liabilities using the Company’s long-term credit facilities.As of September 30, 2025, the Company had unpaid commitments of approximately $36.4 million for construction and acquisition of property and equipment. The project is substantially complete and is expected to be finalized during the fourth quarter of 2025. The Company is currently performing testing activities to confirm the assets meet required product specifications and will place the property and equipment into service upon successful completion of such testing.

The Company capitalized interest on major construction projects in progress of approximately $3.3 million and $0, for the three months ended September 30, 2025 and 2024, respectively, and $6.7 million and $0 the nine months ended September 30, 2025 and 2024, respectively.

Note 4 -         Notes Payable – Seasonal Loans

The Company maintains a revolving credit agreement with a lending institution which expires on December 1, 2025. The purpose of the credit agreement is to finance the operating needs of the Company. Under this agreement, the Company could borrow up to $70 million, with all advances secured. Interest accrues at a variable rate (6.37% as of September 30, 2025). The Company pays a 0.20% annual commitment fee on any funds not borrowed. There were no outstanding balances as of September 30, 2025 and December 31, 2024. The remaining available funds to borrow under the terms of the revolving credit agreement were approximately $70.0 million as of September 30, 2025.The Company maintains a separate revolving seasonal credit facility that expires on September 1, 2026. The purpose of the credit agreement is to finance the operating needs of High Plains Processing, LLC. Under this agreement, the Company could borrow up to $85 million, and advances on the revolving credit agreement are secured. Interest accrues at a variable rate (7.27% at September 30, 2025). The Company pays a 0.20% annual commitment fee on any funds not borrowed. There were $2,668,134 advances outstanding as of September 30, 2025 and December