Company: SDSYA
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001163609-25-000017
Chunk: 12

Company: SOUTH DAKOTA SOYBEAN PROCESSORS LLC
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 12
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 at the lower of cost or net realizable value.

10

South Dakota Soybean Processors, LLCNotes to Condensed Consolidated Financial Statements

Note 3 -         Property and Equipment

The following is a summary of the Company's property and equipment at March 31, 2025 and December 31, 2024: 20252024 CostAccumulated DepreciationNetNetLand$516,326 $— $516,326 $516,326 Land improvements2,802,812 (1,436,662)1,366,150 1,364,197 Buildings and improvements35,351,616 (12,999,780)22,351,836 22,531,217 Machinery and equipment112,389,406 (60,731,277)51,658,129 51,949,033 Railroad cars10,411,185 (941,782)9,469,403 9,521,459 Company vehicles280,949 (146,079)134,870 143,184 Furniture and fixtures2,046,444 (1,153,613)892,831 719,557 Construction in progress331,506,131 — 331,506,131 273,036,281 Totals$495,304,869 $(77,409,193)$417,895,676 $359,781,254 Depreciation of property and equipment was $1,855,931 and $1,504,134 for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the Company had unpaid commitments of approximately $118.6 million for construction and acquisition of property and equipment and is scheduled to be completed by the fourth quarter of 2025.The Company capitalized interest on major construction projects in progress of approximately $1,130,000 and $0, for the three months ended March 31, 2025 and 2024, respectively.As of March 31, 2025 and December 31, 2024, respectively, the Company has approximately $14.9 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