Company: SDSYA
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001163609-25-000017
Chunk: 11

Company: SOUTH DAKOTA SOYBEAN PROCESSORS LLC
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 11
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 single point in time when it satisfies its performance obligation by transferring control over a product to a customer. Control transfer typically occurs when goods are shipped from our facilities or at other predetermined control transfer points (for instance, destination terms). Shipping and handling costs related to contracts with customers for the sale of goods are accounted for as a fulfillment activity and are included in the cost of revenues. Accordingly, amounts billed to customers for such costs are included as a component of revenues.

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South Dakota Soybean Processors, LLCNotes to Condensed Consolidated Financial Statements

Contract liabilities relate to advance payments from customers for goods and services the Company has yet to provide. These customer prepayments totaled $6,458,366 and $10,524,222 as of March 31, 2025 and December 31, 2024, respectively. Of the $10,524,222 balance as of December 31, 2024, the Company recognized $4,558,128 as revenues for the three months ended March 31, 2025. Of the $737,503 customer prepayments as of December 31, 2023, the Company recognized $352,355 of contract liabilities as revenues during the three months ended March 31, 2024.The following table presents a disaggregation of revenue from contracts with customers for the three-month periods ended March 31, 2025 and 2024, by product type:20252024Soybean meal and hulls$68,255,432 $83,398,043 Soybean oil and oil byproducts49,657,877 64,862,861 Totals$117,913,309 $148,260,904 Recent accounting pronouncementsAny recent accounting pronouncements are not expected to have a material impact on our condensed financial statements.

Note 2 -           Inventories

The Company’s inventories consist of the following on March 31, 2025 and December 31, 2024: March 31,2025December 31,2024Finished goods$29,239,049 $27,477,041 Raw materials36,463,448 17,090,010 Supplies & other inventories556,035 511,625 Totals$66,258,532 $45,078,676 Finished goods and raw materials are valued at estimated market value, which approximates net realizable value. Supplies and other inventories are stated