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Name | Symbol | Market | Type |
---|---|---|---|
Red Trail Energy LLC (CE) | USOTC:REGX | OTCMarkets | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.80 | 0.00 | 01:00:00 |
x
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Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
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For the fiscal year ended September 30, 2012
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o
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
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For the transition period from __________ to ______________
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|
COMMISSION FILE NUMBER 000-52033
|
North Dakota
|
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76-0742311
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||
(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification No.)
|
||
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3682 Highway 8 South, P.O. Box 11, Richardton, ND 58652
|
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(Address of principal executive offices)
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||||
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(701) 974-3308
|
||||
(Registrant's telephone number, including area code)
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||||
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Securities registered pursuant to Section 12(b) of the Act: None.
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||||
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Securities registered pursuant to Section 12(g) of the Act: Class A Membership Units
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Large Accelerated Filer
o
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Accelerated Filer
o
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Non-Accelerated Filer
x
|
Smaller Reporting Company
o
|
|
Page Number
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|
|
|
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The reduction or elimination of the renewable fuels use requirement in the Federal Renewable Fuels Standard;
|
|
|
An unfavorable spread between the market price of our products and our feedstock costs;
|
|
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Fluctuations in the price and market for ethanol, distillers grains and corn oil;
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|
|
Availability and costs of our raw materials, particularly corn and coal;
|
|
|
Changes in or lack of availability of credit;
|
|
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Changes in the environmental regulations that apply to our plant operations and our ability to comply with such regulations;
|
|
|
Ethanol supply exceeding demand and corresponding ethanol price reductions impacting our ability to operate profitably and maintain a positive spread between the selling price of our products and our raw material costs;
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Our ability to generate and maintain sufficient liquidity to fund our operations, meet debt service requirements and necessary capital expenditures;
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Our ability to continue to meet our loan covenants;
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Limitations and restrictions contained in the instruments and agreements governing our indebtedness;
|
|
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Results of our hedging transactions and other risk management strategies;
|
|
|
Changes in or elimination of governmental laws, tariffs, trade or other controls or enforcement practices that currently benefit the ethanol industry including:
|
|
|
national, state or local energy policy - examples include legislation already passed such as the
California low-carbon fuel standard as well as potential legislation in the form of carbon cap and trade;
|
|
|
legislation mandating the use of ethanol or other oxygenate additives; or
|
|
|
environmental laws and regulations that apply to our plant operations and their enforcement.
|
|
|
Changes and advances in ethanol production technology; and
|
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Competition from alternative fuels and alternative fuel additives.
|
Product
|
|
Fiscal Year 2012
|
|
Transition Period 2011
|
|
Fiscal Year 2010
|
|||
Ethanol
|
|
79
|
%
|
|
84
|
%
|
|
84
|
%
|
Distillers Grains
|
|
20
|
%
|
|
16
|
%
|
|
16
|
%
|
Corn Oil
|
|
1
|
%
|
|
—
|
%
|
|
—
|
%
|
Company
|
|
Current Capacity
(MMgy)
|
|
Under Construction/Expansions (MMgy)
|
|
Percent of Total Industry Capacity
|
|||
Archer Daniels Midland
|
|
1,720
|
|
|
—
|
|
|
12
|
%
|
POET Biorefining
|
|
1,629
|
|
|
—
|
|
|
11
|
%
|
Valero Renewable Fuels
|
|
1,130
|
|
|
—
|
|
|
8
|
%
|
Green Plains Renewable Energy
|
|
730
|
|
|
—
|
|
|
5
|
%
|
Quarter
|
|
Low Price
|
|
High Price
|
|
Average Price
|
|
# of
Units Traded
|
|||||||
2011 1
st
|
|
$
|
0.50
|
|
|
$
|
0.50
|
|
|
$
|
0.50
|
|
|
10,000
|
|
2011 2
nd
|
|
$
|
0.62
|
|
|
$
|
0.65
|
|
|
$
|
0.65
|
|
|
74,000
|
|
2011 3
rd
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
2012 1
st
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
2012 2
nd
|
|
$
|
0.55
|
|
|
$
|
0.65
|
|
|
$
|
0.63
|
|
|
137,372
|
|
2012 3
rd
|
|
$
|
0.54
|
|
|
$
|
0.65
|
|
|
$
|
0.56
|
|
|
133,813
|
|
2012 4
th
|
|
$
|
0.50
|
|
|
$
|
0.58
|
|
|
$
|
0.52
|
|
|
210,000
|
|
Plan Category
|
|
Number of Units to be Issued Upon Exercise of Outstanding Options, Warrants and Rights
|
|
Weighted-average Exercise Price of Outstanding Options, Warrants and Rights
|
|
Number of Units Remaining Available for Future Issuance Under Equity Compensation Plans
|
||||
Equity Compensation Plans Approved by Members
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
Equity Compensation Plans Not Approved By Members
|
|
80,000
|
|
|
$
|
—
|
|
|
—
|
|
Total
|
|
80,000
|
|
|
$
|
—
|
|
|
—
|
|
Period
|
|
Total number of units purchased
|
|
Average price paid per unit
|
|
Total number of units purchased as part of publicly announced plans or programs
|
|
Maximum number of units that may yet be purchased under the plans or programs
|
|||||
July 2012
|
|
35,813
|
|
|
$
|
0.61
|
|
|
—
|
|
|
—
|
|
August 2012
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
September 2012
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
35,813
|
|
|
$
|
0.61
|
|
|
—
|
|
|
—
|
|
|
|
Fiscal Year Ended
|
|
Nine-Month Transition Period Ended
|
|
Fiscal Year Ended December 31
|
||||||||||||||
Statement of Operations Data:
|
|
September 30, 2012
|
|
September 30, 2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||
Revenues
|
|
$
|
131,458,769
|
|
|
$
|
112,290,222
|
|
|
$
|
109,895,184
|
|
|
$
|
93,836,661
|
|
|
$
|
131,903,514
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of Goods Sold
|
|
136,013,928
|
|
|
108,137,084
|
|
|
95,946,218
|
|
|
87,850,869
|
|
|
131,025,238
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross Profit (Loss)
|
|
(4,555,159
|
)
|
|
4,153,138
|
|
|
13,948,966
|
|
|
5,985,792
|
|
|
878,276
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
General and Administrative
|
|
2,224,351
|
|
|
1,972,679
|
|
|
3,116,212
|
|
|
2,812,891
|
|
|
2,857,091
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Income (Loss)
|
|
(6,779,510
|
)
|
|
2,180,459
|
|
|
10,832,754
|
|
|
3,172,901
|
|
|
(1,978,815
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Income (Expense)
|
|
2,081,535
|
|
|
1,671,836
|
|
|
(1,803,982
|
)
|
|
(2,812,241
|
)
|
|
(3,387,757
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Income (Loss)
|
|
$
|
(4,697,975
|
)
|
|
$
|
3,852,295
|
|
|
$
|
9,028,772
|
|
|
$
|
360,660
|
|
|
$
|
(5,366,572
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted Average Units Outstanding - Basic
|
|
40,204,971
|
|
|
40,193,973
|
|
|
40,193,973
|
|
|
40,191,494
|
|
|
40,176,974
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted Average Units Outstanding - Diluted
|
|
40,217,471
|
|
|
40,213,973
|
|
|
40,193,973
|
|
|
40,191,494
|
|
|
40,176,974
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Income (Loss) Per Unit - Basic and Diluted
|
|
$
|
(0.12
|
)
|
|
$
|
0.10
|
|
|
$
|
0.22
|
|
|
$
|
0.01
|
|
|
$
|
(0.13
|
)
|
|
|
Fiscal Year Ended
|
|
Nine-Month Transition Period Ended
|
|
Fiscal Year Ended December 31
|
||||||||||||||
Balance Sheet Data:
|
|
September 30, 2012
|
|
September 30, 2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||
Current Assets
|
|
$
|
17,716,814
|
|
|
$
|
24,318,071
|
|
|
$
|
22,292,500
|
|
|
$
|
25,384,612
|
|
|
$
|
16,423,730
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Property and Equipment
|
|
55,372,225
|
|
|
63,363,997
|
|
|
66,544,644
|
|
|
71,415,582
|
|
|
78,010,042
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets
|
|
75,748,166
|
|
|
89,197,878
|
|
|
89,924,953
|
|
|
97,677,401
|
|
|
95,802,453
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Liabilities
|
|
12,184,043
|
|
|
42,060,094
|
|
|
20,451,155
|
|
|
18,634,421
|
|
|
61,968,448
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-Term Liabilities
|
|
21,527,164
|
|
|
361,353
|
|
|
26,569,662
|
|
|
45,167,616
|
|
|
275,000
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Members' Equity
|
|
42,036,959
|
|
|
46,776,431
|
|
|
42,904,136
|
|
|
33,875,364
|
|
|
33,559,005
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Book Value Per Unit
|
|
$
|
1.05
|
|
|
$
|
1.17
|
|
|
$
|
1.07
|
|
|
$
|
0.84
|
|
|
$
|
0.84
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends Declared Per Unit
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Fiscal Year Ended
September 30, 2012
|
|
Transition Period Ended September 30, 2011
|
|||||||||
|
|
|
|
|
|
|
|
|||||
Statement of Operations Data
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|||||
Revenues
|
$
|
131,458,769
|
|
|
100.00
|
|
|
$
|
112,290,222
|
|
|
100.00
|
Cost of Goods Sold
|
136,013,928
|
|
|
103.47
|
|
|
108,137,084
|
|
|
96.30
|
||
Gross Profit (Loss)
|
(4,555,159
|
)
|
|
(3.47
|
)
|
|
4,153,138
|
|
|
3.70
|
||
General and Administrative Expenses
|
2,224,351
|
|
|
1.69
|
|
|
1,972,679
|
|
|
1.76
|
||
Operating Income (Loss)
|
(6,779,510
|
)
|
|
(5.16
|
)
|
|
2,180,459
|
|
|
1.94
|
||
Other Income
|
2,081,535
|
|
|
1.58
|
|
|
1,671,836
|
|
|
1.49
|
||
Net Income (Loss)
|
$
|
(4,697,975
|
)
|
|
(3.58
|
)
|
|
$
|
3,852,295
|
|
|
3.43
|
|
|
Fiscal Year Ended
September 30, 2012
|
|
Transition Period Ended September 30, 2011
|
||||
Production:
|
|
|
|
|
||||
Ethanol sold (gallons)
|
|
47,340,485
|
|
|
37,327,103
|
|
||
Dried distillers grains sold (tons)
|
|
95,953
|
|
|
81,046
|
|
||
Modified distillers grains sold (tons)
|
|
71,729
|
|
40,329
|
|
|||
Corn oil sold (pounds)
|
|
2,180,690
|
|
|
—
|
|
||
Revenues:
|
|
|
|
|
||||
Ethanol average price/gallon (net of hedging)
|
|
$
|
2.18
|
|
|
$
|
2.52
|
|
Dried distillers grains price/ton
|
|
$
|
205.88
|
|
|
$
|
176.72
|
|
Modified distillers grains price/ton
|
|
$
|
99.82
|
|
|
$
|
91.46
|
|
Corn oil price/pound
|
|
$
|
0.33
|
|
|
$
|
—
|
|
Primary Input:
|
|
|
|
|
||||
Corn ground (bushels)
|
|
17,672,456
|
|
|
13,285,113
|
|
||
Costs of Primary Input:
|
|
|
|
|
||||
Corn avg price/bushel (net of hedging)
|
|
$
|
6.57
|
|
|
$
|
6.76
|
|
Other Costs (per gallon of ethanol sold):
|
|
|
|
|
||||
Chemical and additive costs
|
|
$
|
0.087
|
|
|
$
|
0.093
|
|
Denaturant cost
|
|
$
|
0.050
|
|
|
$
|
0.053
|
|
Electricity cost
|
|
$
|
0.051
|
|
|
$
|
0.047
|
|
Direct labor cost
|
|
$
|
0.048
|
|
|
$
|
0.048
|
|
|
Transition Period Ended September 30, 2011
|
|
Fiscal Year Ended
December 31, 2010
|
|||||||||
Statement of Operations Data
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|||||
Revenues
|
$
|
112,290,222
|
|
|
100.00
|
|
$
|
109,895,184
|
|
|
100.00
|
|
Cost of Goods Sold
|
108,137,084
|
|
|
96.30
|
|
95,946,218
|
|
|
87.31
|
|
||
Gross Profit
|
4,153,138
|
|
|
3.70
|
|
13,948,966
|
|
|
12.69
|
|
||
General and Administrative Expenses
|
1,972,679
|
|
|
1.76
|
|
3,116,212
|
|
|
2.84
|
|
||
Operating Income
|
2,180,459
|
|
|
1.94
|
|
10,832,754
|
|
|
9.86
|
|
||
Other Income (Expense)
|
1,671,836
|
|
|
1.49
|
|
(1,803,982
|
)
|
|
(1.64
|
)
|
||
Net Income
|
$
|
3,852,295
|
|
|
3.43
|
|
$
|
9,028,772
|
|
|
8.22
|
|
|
|
Nine Month Transition Period Ended
September 30, 2011
|
Fiscal Year Ended
December 31, 2010
|
||||
Production:
|
|
|
|
||||
Ethanol sold (gallons)
|
|
37,327,103
|
|
52,172,843
|
|
||
Dried distillers grains sold (tons)
|
|
81,046
|
|
133,620
|
|
||
Modified distillers grains sold (tons)
|
|
40,329
|
|
54,706
|
|
||
Revenues:
|
|
|
|
||||
Ethanol average price/gallon (net of hedging)
|
|
$
|
2.52
|
|
$
|
1.73
|
|
Dried distillers grains price/ton
|
|
$
|
176.72
|
|
$
|
107.63
|
|
Modified distillers grains price/ton
|
|
$
|
91.46
|
|
$
|
58.42
|
|
Primary Input:
|
|
|
|
||||
Corn ground (bushels)
|
|
13,285,113
|
|
18,956,725
|
|
||
Costs of Primary Input:
|
|
|
|
||||
Corn avg price/bushel (net of hedging)
|
|
$
|
6.76
|
|
$
|
3.81
|
|
Other Costs (per gallon of ethanol sold):
|
|
|
|
||||
Chemical and additive costs
|
|
$
|
0.093
|
|
$
|
0.083
|
|
Denaturant cost
|
|
$
|
0.053
|
|
$
|
0.044
|
|
Electricity cost
|
|
$
|
0.047
|
|
$
|
0.045
|
|
Direct Labor cost
|
|
$
|
0.048
|
|
$
|
0.039
|
|
|
|
2012
|
|
2011
|
||||
Net cash used in operating activities
|
|
$
|
(198,828
|
)
|
|
$
|
(835,836
|
)
|
Net cash used in investing activities
|
|
(3,233,449
|
)
|
|
(797,378
|
)
|
||
Net cash used in financing activities
|
|
(1,239,720
|
)
|
|
(3,497,355
|
)
|
||
Net decrease in cash
|
|
$
|
(4,671,997
|
)
|
|
$
|
(5,130,569
|
)
|
Cash and cash equivalents, end of period
|
|
$
|
1,000
|
|
|
$
|
4,672,997
|
|
|
|
Nine-Month Transition Period Ended September 30, 2011
|
|
December 31, 2010
|
||||
Net cash provided by (used in) operating activities
|
|
$
|
(835,836
|
)
|
|
$
|
13,086,271
|
|
Net cash used in investing activities
|
|
(797,378
|
)
|
|
(1,071,740
|
)
|
||
Net cash used for financing activities
|
|
(3,497,355
|
)
|
|
(15,425,056
|
)
|
||
Net decrease in cash
|
|
$
|
(5,130,569
|
)
|
|
$
|
(3,410,525
|
)
|
|
|
|
|
|
||||
Cash and cash equivalents, end of period
|
|
$
|
4,672,997
|
|
|
$
|
9,803,566
|
|
|
|
Outstanding Balance (Millions)
|
|
Interest Rate
|
|
Range of
Estimated
|
|
|
||||||||||
Term Note
|
|
September 30, 2012
|
|
September 30, 2011
|
|
September 30, 2012
|
|
September 30, 2011
|
|
Quarterly
Principal
Payment Amounts
|
|
Notes
|
||||||
Fixed Rate Note
|
|
$
|
—
|
|
|
$
|
18.3
|
|
|
—
|
|
|
6.00
|
%
|
|
$500,000
|
|
1, 2, 3
|
2007 Fixed Rate Note
|
|
—
|
|
|
6.8
|
|
|
—
|
|
|
6.00
|
%
|
|
Included above
|
|
1, 2, 3
|
||
Variable Rate Note
|
|
19.00
|
|
|
—
|
|
|
3.93
|
%
|
|
—
|
|
|
$500,000
|
|
2, 4
|
||
Long-Term Revolving Note
|
|
4.75
|
|
|
—
|
|
|
3.93
|
%
|
|
6.00
|
%
|
|
$125,000
|
|
1, 2, 3, 4
|
•
|
Providing FNBO with current and accurate financial statements;
|
•
|
Maintaining certain financial ratios including minimum working capital and fixed charge coverage ratio;
|
•
|
Maintaining adequate insurance;
|
•
|
Making, or allowing to be made, any significant change in our business or tax structure;
|
•
|
Limiting our ability to make distributions to members; and
|
•
|
Maintain a threshold of capital expenditures.
|
Contractual Obligations:
|
Total
|
|
Less than 1 Yr
|
|
1-3 Years
|
|
3-5 Years
|
|
More than 5 Yrs
|
||||||||||
Long-term debt obligations *
|
$
|
27,072,254
|
|
|
$
|
3,396,707
|
|
|
$
|
6,498,312
|
|
|
$
|
17,177,235
|
|
|
$
|
—
|
|
Corn Purchases **
|
25,851,888
|
|
|
25,851,888
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Water purchases
|
1,484,000
|
|
|
424,000
|
|
|
848,000
|
|
|
212,000
|
|
|
—
|
|
|||||
Operating lease obligations
|
464,741
|
|
|
290,730
|
|
|
174,011
|
|
|
—
|
|
|
—
|
|
|||||
Capital leases
|
89,483
|
|
|
87,247
|
|
|
2,236
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
54,962,366
|
|
|
$
|
30,050,572
|
|
|
$
|
7,522,559
|
|
|
$
|
17,389,235
|
|
|
$
|
—
|
|
ASSETS
|
|
September 30, 2012
|
|
September 30, 2011
|
||||
|
|
|
|
|
||||
Current Assets
|
|
|
|
|
||||
Cash and equivalents
|
|
$
|
1,000
|
|
|
$
|
4,672,997
|
|
Restricted cash
|
|
6,904
|
|
|
—
|
|
||
Accounts receivable, primarily related party
|
|
3,750,301
|
|
|
6,304,409
|
|
||
Other receivables
|
|
40,069
|
|
|
1,520,697
|
|
||
Commodities derivative instruments, at fair value
|
|
180,110
|
|
|
—
|
|
||
Inventory
|
|
13,650,907
|
|
|
11,659,863
|
|
||
Prepaid expenses
|
|
87,523
|
|
|
160,105
|
|
||
Total current assets
|
|
17,716,814
|
|
|
24,318,071
|
|
||
|
|
|
|
|
||||
Property, Plant and Equipment
|
|
|
|
|
||||
Land
|
|
833,131
|
|
|
351,280
|
|
||
Land improvements
|
|
4,127,372
|
|
|
3,984,703
|
|
||
Buildings
|
|
5,634,430
|
|
|
5,317,814
|
|
||
Plant and equipment
|
|
76,696,675
|
|
|
80,731,194
|
|
||
Construction in progress
|
|
25,885
|
|
|
649,325
|
|
||
|
|
87,317,493
|
|
|
91,034,316
|
|
||
Less accumulated depreciation
|
|
31,945,268
|
|
|
27,670,319
|
|
||
Net property, plant and equipment
|
|
55,372,225
|
|
|
63,363,997
|
|
||
|
|
|
|
|
||||
Other Assets
|
|
|
|
|
||||
Debt issuance costs, net of amortization
|
|
70,751
|
|
|
—
|
|
||
Investment in RPMG
|
|
605,000
|
|
|
605,000
|
|
||
Patronage equity
|
|
1,943,226
|
|
|
725,660
|
|
||
Deposits
|
|
40,150
|
|
|
185,150
|
|
||
Total other assets
|
|
2,659,127
|
|
|
1,515,810
|
|
||
|
|
|
|
|
||||
Total Assets
|
|
$
|
75,748,166
|
|
|
$
|
89,197,878
|
|
LIABILITIES AND MEMBERS' EQUITY
|
|
September 30, 2012
|
|
September 30, 2011
|
||||
|
|
|
|
|
||||
Current Liabilities
|
|
|
|
|
||||
Disbursements in excess of bank balances
|
|
$
|
1,728,931
|
|
|
$
|
—
|
|
Accounts payable
|
|
1,354,988
|
|
|
7,225,527
|
|
||
Accrued expenses
|
|
6,273,695
|
|
|
2,710,116
|
|
||
Commodities derivative instruments, at fair value
|
|
—
|
|
|
21,062
|
|
||
Accrued loss on firm purchase commitments
|
|
—
|
|
|
444,000
|
|
||
Short-term borrowings
|
|
242,000
|
|
|
—
|
|
||
Current maturities of long-term debt
|
|
2,584,429
|
|
|
30,831,502
|
|
||
Interest rate swaps, at fair value
|
|
—
|
|
|
827,887
|
|
||
Total current liabilities
|
|
12,184,043
|
|
|
42,060,094
|
|
||
|
|
|
|
|
||||
Long-Term Liabilities
|
|
|
|
|
||||
Notes payable
|
|
21,252,164
|
|
|
86,353
|
|
||
Contracts payable
|
|
275,000
|
|
|
275,000
|
|
||
Total long-term liabilities
|
|
21,527,164
|
|
|
361,353
|
|
||
|
|
|
|
|
||||
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
||||
Members’ Equity
|
|
42,036,959
|
|
|
46,776,431
|
|
||
|
|
|
|
|
||||
Total Liabilities and Members’ Equity
|
|
$
|
75,748,166
|
|
|
$
|
89,197,878
|
|
|
Twelve-Month
|
|
Nine Month
|
|
Twelve-Month
|
||||||
|
Period Ended
|
|
Transition Period Ended
|
|
Period Ended
|
||||||
|
September 30, 2012
|
|
September 30, 2011
|
|
December 31, 2010
|
||||||
|
|
|
|
|
|
||||||
Revenues, primarily related party
|
$
|
131,458,769
|
|
|
$
|
112,290,222
|
|
|
$
|
109,895,184
|
|
|
|
|
|
|
|
||||||
Cost of Goods Sold
|
|
|
|
|
|
||||||
Cost of goods sold
|
135,554,928
|
|
|
107,243,084
|
|
|
95,946,218
|
|
|||
Lower of cost or market inventory adjustment
|
327,000
|
|
|
450,000
|
|
|
—
|
|
|||
Loss on firm purchase commitments
|
132,000
|
|
|
444,000
|
|
|
—
|
|
|||
Total Cost of Goods Sold
|
136,013,928
|
|
|
108,137,084
|
|
|
95,946,218
|
|
|||
|
|
|
|
|
|
||||||
Gross Profit (Loss)
|
(4,555,159
|
)
|
|
4,153,138
|
|
|
13,948,966
|
|
|||
|
|
|
|
|
|
||||||
General and Administrative Expenses
|
2,224,351
|
|
|
1,972,679
|
|
|
3,116,212
|
|
|||
|
|
|
|
|
|
||||||
Operating Income (Loss)
|
(6,779,510
|
)
|
|
2,180,459
|
|
|
10,832,754
|
|
|||
|
|
|
|
|
|
||||||
Other Income (Expense)
|
|
|
|
|
|
||||||
Interest income
|
55,647
|
|
|
43,259
|
|
|
37,297
|
|
|||
Other income
|
2,960,920
|
|
|
3,225,574
|
|
|
1,358,731
|
|
|||
Interest expense
|
(935,032
|
)
|
|
(1,596,997
|
)
|
|
(3,200,010
|
)
|
|||
Total other income (expense), net
|
2,081,535
|
|
|
1,671,836
|
|
|
(1,803,982
|
)
|
|||
|
|
|
|
|
|
||||||
Net Income (Loss)
|
$
|
(4,697,975
|
)
|
|
$
|
3,852,295
|
|
|
$
|
9,028,772
|
|
|
|
|
|
|
|
||||||
Weighted Average Units Outstanding
|
|
|
|
|
|
||||||
Basic
|
40,204,971
|
|
|
40,193,973
|
|
|
40,193,973
|
|
|||
|
|
|
|
|
|
||||||
Diluted
|
40,217,471
|
|
|
40,213,973
|
|
|
40,193,973
|
|
|||
|
|
|
|
|
|
||||||
Net Income (Loss) Per Unit
|
|
|
|
|
|
||||||
Basic
|
$
|
(0.12
|
)
|
|
$
|
0.10
|
|
|
$
|
0.22
|
|
|
|
|
|
|
|
||||||
Diluted
|
$
|
(0.12
|
)
|
|
$
|
0.10
|
|
|
$
|
0.22
|
|
|
|
|
|
|
|
|
Class A Member Units
|
|
|
|
|
|
Treasury Units
|
|
|
||||||||||||||||
|
Units (a)
|
|
Amount
|
|
Additional Paid in Capital
|
|
Accumulated Deficit/Retained Earnings
|
|
Units
|
|
Amount
|
|
Total Member Equity
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance - December 31, 2009
|
40,193,973
|
|
|
$
|
37,810,408
|
|
|
$
|
56,825
|
|
|
$
|
(3,786,729
|
)
|
|
180,000
|
|
|
$
|
(205,140
|
)
|
|
$
|
33,875,364
|
|
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
9,028,772
|
|
|
—
|
|
|
—
|
|
|
9,028,772
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance - December 31, 2010
|
40,193,973
|
|
|
37,810,408
|
|
|
56,825
|
|
|
5,242,043
|
|
|
180,000
|
|
|
(205,140
|
)
|
|
42,904,136
|
|
|||||
Unit-based compensation
|
—
|
|
|
—
|
|
|
20,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,000
|
|
|||||
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
3,852,295
|
|
|
—
|
|
|
—
|
|
|
3,852,295
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance - September 30, 2011
|
40,193,973
|
|
|
37,810,408
|
|
|
76,825
|
|
|
9,094,338
|
|
|
180,000
|
|
|
(205,140
|
)
|
|
46,776,431
|
|
|||||
Unit-based compensation
|
20,000
|
|
|
—
|
|
|
(12,800
|
)
|
|
—
|
|
|
(20,000
|
)
|
|
22,800
|
|
|
10,000
|
|
|||||
Units repurchased
|
(35,813
|
)
|
|
—
|
|
|
(29,800
|
)
|
|
—
|
|
|
35,813
|
|
|
(21,697
|
)
|
|
(51,497
|
)
|
|||||
Net Income (Loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,697,975
|
)
|
|
—
|
|
|
—
|
|
|
(4,697,975
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance - September 30, 2012
|
40,178,160
|
|
|
$
|
37,810,408
|
|
|
$
|
34,225
|
|
|
$
|
4,396,363
|
|
|
195,813
|
|
|
$
|
(204,037
|
)
|
|
$
|
42,036,959
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(a) - Amounts shown represent member units outstanding.
|
|
Twelve-Month
|
|
Nine Month Transition
|
|
Twelve-Month
|
|||||
|
Period Ended
|
|
Period Ended
|
|
Period Ended
|
|||||
|
September 30, 2012
|
|
September 30, 2011
|
|
December 31, 2010
|
|||||
|
|
|
|
|
|
|||||
Cash Flows from Operating Activities
|
|
|
|
|
|
|||||
Net income (loss)
|
$
|
(4,697,975
|
)
|
|
$
|
3,852,295
|
|
|
9,028,772
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|||||
Depreciation and amortization
|
4,304,071
|
|
|
4,448,266
|
|
|
5,874,232
|
|
||
Loss on disposal of fixed assets
|
490
|
|
|
—
|
|
|
68,446
|
|
||
Change in fair value of derivative instruments
|
(201,173
|
)
|
|
102,825
|
|
|
(18,829
|
)
|
||
Equity-based compensation
|
10,000
|
|
|
20,000
|
|
|
—
|
|
||
Lower of cost or market inventory adjustment
|
327,000
|
|
|
450,000
|
|
|
—
|
|
||
Loss on firm purchase commitments
|
132,000
|
|
|
444,000
|
|
|
—
|
|
||
Noncash patronage equity
|
(1,217,566
|
)
|
|
(282,851
|
)
|
|
(250,602
|
)
|
||
Change in operating assets and liabilities:
|
|
|
|
|
|
|||||
Restricted cash - commodities derivatives account including settlements
|
(6,904
|
)
|
|
578,359
|
|
|
888,654
|
|
||
Accounts receivable
|
2,554,108
|
|
|
(1,806,308
|
)
|
|
(1,996,525
|
)
|
||
Other receivables
|
1,480,628
|
|
|
(1,386,498
|
)
|
|
—
|
|
||
Inventory
|
(2,450,044
|
)
|
|
(5,713,339
|
)
|
|
596,507
|
|
||
Prepaid expenses and deposits
|
72,582
|
|
|
(222,766
|
)
|
|
153,150
|
|
||
Accounts payable and accrued expenses
|
765,842
|
|
|
(388,220
|
)
|
|
105,089
|
|
||
Accrued purchase commitment losses
|
(444,000
|
)
|
|
—
|
|
|
—
|
|
||
Cash settlements on interest rate swap
|
(827,887
|
)
|
|
(931,599
|
)
|
|
(1,362,623
|
)
|
||
Net cash provided by (used in) operating activities
|
(198,828
|
)
|
|
(835,836
|
)
|
|
13,086,271
|
|
||
|
|
|
|
|
|
|||||
Cash Flows from Investing Activities
|
|
|
|
|
|
|||||
Proceeds from disposal of fixed assets
|
—
|
|
|
—
|
|
|
134,845
|
|
||
Capital expenditures
|
(3,233,449
|
)
|
|
(797,378
|
)
|
|
(1,206,585
|
)
|
||
Net cash used in investing activities
|
(3,233,449
|
)
|
|
(797,378
|
)
|
|
(1,071,740
|
)
|
||
|
|
|
|
|
|
|||||
Cash Flows from Financing Activities
|
|
|
|
|
|
|||||
Disbursements in excess of bank balances
|
1,728,931
|
|
|
—
|
|
|
—
|
|
||
Restricted cash
|
—
|
|
|
750,000
|
|
|
—
|
|
||
Unit repurchases
|
(51,497
|
)
|
|
—
|
|
|
—
|
|
||
Loan fees
|
(77,891
|
)
|
|
—
|
|
|
—
|
|
||
Net advances on revolving lines-of-credit
|
4,992,000
|
|
|
—
|
|
|
—
|
|
||
Debt repayments
|
(7,831,263
|
)
|
|
(4,247,355
|
)
|
|
(15,425,056
|
)
|
||
Net cash used in financing activities
|
(1,239,720
|
)
|
|
(3,497,355
|
)
|
|
(15,425,056
|
)
|
||
|
|
|
|
|
|
|||||
Net Increase (Decrease) in Cash and Equivalents
|
(4,671,997
|
)
|
|
(5,130,569
|
)
|
|
(3,410,525
|
)
|
||
Cash and Equivalents - Beginning of Period
|
4,672,997
|
|
|
9,803,566
|
|
|
13,214,091
|
|
||
Cash and Equivalents - End of Period
|
$
|
1,000
|
|
|
$
|
4,672,997
|
|
|
9,803,566
|
|
|
|
|
|
|
|
|||||
Supplemental Disclosure of Cash Flow Information
|
|
|
|
|
|
|||||
Interest paid net of swap settlements
|
$
|
1,493,420
|
|
|
$
|
1,410,604
|
|
|
2,739,854
|
|
Noncash Investing and Financing Activities
|
|
|
|
|
|
|||||
Assets acquired under capital lease
|
$
|
—
|
|
|
$
|
470,241
|
|
|
—
|
|
Capital expenditures in accounts payable
|
$
|
—
|
|
|
$
|
53,448
|
|
|
—
|
|
|
Minimum Years
|
Maximum Years
|
Land improvements
|
15
|
30
|
Buildings
|
10
|
40
|
Plant and equipment
|
7
|
40
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
||||
|
|
|
|
|
||||
Balance Sheet - as of September 30, 2012
|
|
Asset
|
|
Liability
|
||||
Commodity derivative instruments, at fair value
|
|
$
|
180,110
|
|
|
$
|
—
|
|
Total derivatives not designated as hedging instruments for accounting purposes
|
|
$
|
180,110
|
|
|
$
|
—
|
|
|
|
|
|
|
||||
Balance Sheet - as of September 30, 2011
|
|
Asset
|
|
Liability
|
||||
Commodity derivative instruments, at fair value
|
|
$
|
—
|
|
|
$
|
21,062
|
|
Interest rate swaps, at fair value
|
|
—
|
|
|
827,887
|
|
||
Total derivatives not designated as hedging instruments for accounting purposes
|
|
$
|
—
|
|
|
$
|
848,949
|
|
Statement of Operations Income/(expense)
|
|
Location of gain (loss) in fair value recognized in income
|
|
Amount of gain (loss) recognized in income during the year ended September 30, 2012
|
|
Amount of gain (loss) recognized in income during the nine months ended September 30, 2011
|
|
Amount of gain (loss) recognized in income during the year ended December 31, 2010
|
||||||
Corn derivative instruments
|
|
Cost of Goods Sold
|
|
$
|
(481,703
|
)
|
|
$
|
(1,086,381
|
)
|
|
$
|
(1,826,268
|
)
|
Ethanol derivative instruments
|
|
Revenue
|
|
—
|
|
|
—
|
|
|
1,830,306
|
|
|||
Soybean oil derivative instruments
|
|
Revenue
|
|
28,476
|
|
|
—
|
|
|
—
|
|
|||
Interest rate swaps
|
|
Interest Expense
|
|
2,126
|
|
|
(53,562
|
)
|
|
(707,859
|
)
|
|||
Total
|
|
|
|
$
|
(451,101
|
)
|
|
$
|
(1,139,943
|
)
|
|
$
|
(703,821
|
)
|
As of
|
September 30, 2012
|
|
September 30, 2011
|
||||
Raw materials, including corn, chemicals and supplies
|
$
|
7,455,660
|
|
|
$
|
7,843,358
|
|
Work in process
|
1,231,096
|
|
|
1,276,576
|
|
||
Finished goods, including ethanol and distillers grains
|
3,704,046
|
|
|
1,480,899
|
|
||
Spare parts
|
1,260,105
|
|
|
1,059,030
|
|
||
Total inventory
|
$
|
13,650,907
|
|
|
$
|
11,659,863
|
|
|
|
For the year ended September 30, 2012
|
|
For the nine months ended September 30, 2011
|
|
For the year ended December 31, 2010
|
||||||
Loss on firm purchase commitments
|
|
$
|
132,000
|
|
|
$
|
444,000
|
|
|
$
|
—
|
|
Loss on lower of cost or market adjustment for inventory on hand
|
|
327,000
|
|
|
450,000
|
|
|
—
|
|
|||
Total loss on lower of cost or market adjustments
|
|
$
|
459,000
|
|
|
$
|
894,000
|
|
|
$
|
—
|
|
As of
|
|
September 30, 2012
|
|
September 30, 2011
|
||||
Long-term notes payable under loan agreement to bank
|
|
$
|
23,750,000
|
|
|
$
|
25,116,771
|
|
Subordinated notes payable
|
|
—
|
|
|
5,525,000
|
|
||
Capital lease obligations (Note 7)
|
|
86,593
|
|
|
276,084
|
|
||
Total Long-Term Debt
|
|
23,836,593
|
|
|
30,917,855
|
|
||
Less amounts due within one year
|
|
2,584,429
|
|
|
30,831,502
|
|
||
Total Long-Term Debt Less Amounts Due Within One Year
|
|
$
|
21,252,164
|
|
|
$
|
86,353
|
|
|
|
|
|
|
||||
Market value of interest rate swaps
|
|
$
|
—
|
|
|
$
|
827,887
|
|
Less amounts due within one year
|
|
—
|
|
|
827,887
|
|
||
Total Interest Rate Swaps Less Amounts Due Within One Year
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest Expense
|
|
For the year ended September 30, 2012
|
|
For the
nine months ended
September 30, 2011
|
|
For the year ended December 31, 2010
|
||||||
Interest expense on long-term debt
|
|
$
|
934,692
|
|
|
$
|
1,543,435
|
|
|
$
|
2,492,149
|
|
Change in fair value of interest rate swaps
|
|
(827,547
|
)
|
|
(878,037
|
)
|
|
(654,762
|
)
|
|||
Net settlements on interest rate swaps
|
|
$
|
827,887
|
|
|
$
|
931,599
|
|
|
$
|
1,362,623
|
|
Total interest expense
|
|
$
|
935,032
|
|
|
$
|
1,596,997
|
|
|
$
|
3,200,010
|
|
|
|
|
|
|
Fair Value Measurement Using
|
||||||||||||||
|
Carrying Amount as of September 30, 2012
|
|
Fair Value as of September 30, 2012
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodities derivative instruments
|
$
|
180,110
|
|
|
$
|
180,110
|
|
|
$
|
180,110
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
Fair Value Measurement Using
|
||||||||||||||
|
Carrying Amount as of September 30, 2011
|
|
Fair Value as of September 30, 2011
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodities derivative instruments
|
$
|
21,062
|
|
|
$
|
21,062
|
|
|
$
|
21,062
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest rate swaps
|
827,887
|
|
|
827,887
|
|
|
—
|
|
|
827,887
|
|
|
—
|
|
|||||
Total
|
$
|
848,949
|
|
|
$
|
848,949
|
|
|
$
|
21,062
|
|
|
$
|
827,887
|
|
|
$
|
—
|
|
As of
|
September 30, 2012
|
|
September 30, 2011
|
||||
Equipment
|
$
|
483,217
|
|
|
$
|
483,217
|
|
Less accumulated amortization
|
(26,460
|
)
|
|
(5,839
|
)
|
||
Net equipment under capital lease
|
$
|
456,757
|
|
|
$
|
477,378
|
|
|
Operating Leases
|
|
Capital Leases
|
||||
2013
|
$
|
290,730
|
|
|
$
|
87,247
|
|
2014
|
144,306
|
|
|
2,236
|
|
||
2015
|
29,705
|
|
|
—
|
|
||
2016
|
—
|
|
|
—
|
|
||
Thereafter
|
—
|
|
|
—
|
|
||
Total minimum lease commitments
|
$
|
464,741
|
|
|
89,483
|
|
|
Less amount representing interest
|
|
|
(2,890
|
)
|
|||
Present value of minimum lease commitments included in liabilities on the balance sheet
|
|
|
$
|
86,593
|
|
|
|
|
September 30, 2012
|
|
September 30, 2011
|
||||||
Balance Sheet
|
|
|
|
|
|
||||||
Accounts receivable
|
|
|
$
|
2,853,704
|
|
|
$
|
5,392,559
|
|
||
Accounts payable
|
|
|
839,059
|
|
|
757,460
|
|
||||
|
|
|
|
|
|
||||||
|
For the twelve months ended September 30, 2012
|
|
For the nine months ended September 30, 2011
|
|
For the twelve months ended December 31, 2010
|
||||||
Statement of Operations
|
|
|
|
|
|
||||||
Revenues
|
$
|
110,252,547
|
|
|
$
|
96,730,967
|
|
|
$
|
92,533,888
|
|
Cost of goods sold
|
2,432,609
|
|
|
2,057,245
|
|
|
3,317,920
|
|
|||
General and administrative
|
103,371
|
|
|
60,804
|
|
|
114,614
|
|
|||
|
|
|
|
|
|
||||||
Inventory Purchases
|
$
|
23,809,605
|
|
|
$
|
7,984,774
|
|
|
$
|
6,112,139
|
|
Year Ended September 30, 2012
|
First Quarter
|
Second Quarter
|
Third Quarter
|
Fourth Quarter
|
||||||||
Revenues
|
$
|
37,427,000
|
|
$
|
37,123,717
|
|
$
|
33,908,133
|
|
$
|
22,999,919
|
|
Gross profit (loss)
|
955,938
|
|
(405,303
|
)
|
(3,762,009
|
)
|
(1,343,785
|
)
|
||||
Operating income (loss)
|
280,631
|
|
(979,526
|
)
|
(4,266,893
|
)
|
(1,813,722
|
)
|
||||
Net income (loss)
|
1,620,750
|
|
(908,333
|
)
|
(4,291,284
|
)
|
(1,119,108
|
)
|
||||
Net income per unit-basic and diluted
|
0.04
|
|
(0.02
|
)
|
(0.11
|
)
|
(0.03
|
)
|
||||
|
|
|
|
|
||||||||
Nine-Month Transition Period Ended September 30, 2011
|
First Quarter
|
Second Quarter
|
Third Quarter
|
Fourth Quarter
|
||||||||
Revenues
|
$
|
31,953,093
|
|
$
|
35,142,332
|
|
$
|
45,194,797
|
|
N/A
|
||
Gross profit
|
998,644
|
|
277,220
|
|
2,877,274
|
|
N/A
|
|||||
Operating income (loss)
|
321,889
|
|
(340,688
|
)
|
2,199,258
|
|
N/A
|
|||||
Net income (loss)
|
(149,257
|
)
|
213,875
|
|
3,787,677
|
|
N/A
|
|||||
Net income per unit-basic and diluted
|
—
|
|
0.01
|
|
0.09
|
|
N/A
|
|||||
|
|
|
|
|
||||||||
Year ended December 31, 2010
|
First Quarter
|
Second Quarter
|
Third Quarter
|
Fourth Quarter
|
||||||||
Revenues
|
$
|
28,886,891
|
|
$
|
22,518,058
|
|
$
|
27,737,274
|
|
$
|
30,752,961
|
|
Gross profit
|
3,707,899
|
|
579,134
|
|
4,774,362
|
|
4,887,571
|
|
||||
Operating income (loss)
|
3,067,744
|
|
(7,038
|
)
|
3,976,025
|
|
3,796,023
|
|
||||
Net income (loss)
|
2,984,492
|
|
(773,587
|
)
|
3,534,146
|
|
3,283,721
|
|
||||
Net income (loss) per unit-basic and diluted
|
0.07
|
|
(0.02
|
)
|
0.08
|
|
0.08
|
|
(1)
|
Financial Statements
|
(2)
|
Financial Statement Schedules
|
(3)
|
Exhibits
|
Exhibit No.
|
Exhibit
|
|
Filed Herewith
|
|
Incorporated by Reference
|
3.1
|
Articles of Organization, as filed with the North Dakota Secretary of State on July 16, 2003.
|
|
|
|
Filed as Exhibit 3.1 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
|
3.2
|
Amended and Restated Operating Agreement of Red Trail Energy, LLC.
|
|
|
|
Filed as exhibit 3.1 to our Current Report on Form 8-K on August 6, 2008. (000-52033) and incorporated by reference herein.
|
4.1
|
Membership Unit Certificate Specimen.
|
|
|
|
Filed as Exhibit 4.1 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
|
4.2
|
Member Control Agreement of Red Trail Energy, LLC.
|
|
|
|
Filed as Exhibit 4.2 to our Annual Report on Form 10-K for the year ended December 31, 2006. (000-52033) and incorporated by reference herein.
|
10.1
|
The Burlington Northern and Santa Fe Railway Company Lease of Land for Construction/ Rehabilitation of Track made as of May 12, 2003 by and between The Burlington Northern and Santa Fe Railway Company and Red Trail Energy, LLC.
|
|
|
|
Filed as Exhibit 10.1 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
|
10.2
|
Management Agreement made and entered into as of December 17, 2003 by and between Red Trail Energy, LLC, and Greenway Consulting, LLC.
|
|
|
|
Filed as Exhibit 10.2 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
|
10.3
|
Development Services Agreement entered into as of December 17, 2003 by and between Red Trail Energy, LLC, and Greenway Consulting, LLC.
|
|
|
|
Filed as Exhibit 10.3 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
|
10.4
|
The Burlington Northern and Santa Fe Railway Company Real Estate Purchase and Sale Agreement with Red Trail Energy, LLC, dated January 14, 2004.
|
|
|
|
Filed as Exhibit 10.4 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
|
10.5
|
Warranty Deed made as of January 13, 2005 between Victor Tormaschy and Lucille Tormaschy, Husband and Wife, as Grantors, and Red Trail Energy, LLC, as Grantee.
|
|
|
|
Filed as Exhibit 10.8 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
|
10.6
|
Warranty Deed made as of July 11, 2005 between Neal C. Messer and Bonnie M. Messer, Husband and Wife, as Grantors, and Red Trail Energy, LLC, as Grantee.
|
|
|
|
Filed as Exhibit 10.9 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
|
10.7
|
Agreement for Electric Service made the dated August 18, 2005, by and between West Plains Electric Cooperative, Inc. and Red Trail Energy, LLC.
|
|
|
|
Filed as Exhibit 10.10 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
|
10.8
|
Lump Sum Design-Build Agreement between Red Trail Energy, LLC, and Fagen, Inc. dated August 29, 2005.
|
|
|
|
Filed as Exhibit 10.12 to the registrant's registration statement on Form 10-12G/A-3 (000-52033) and incorporated by reference herein.
|
10.9
|
Construction Loan Agreement dated as of the December 16, 2005 by and between Red Trail Energy, LLC, and First National Bank of Omaha.
|
|
|
|
Filed as Exhibit 10.14 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
|
10.10
|
Construction Note for $55,211,740.00 dated December 16, 2005, between Red Trail Energy, LLC, as Borrower, and First National Bank of Omaha, as Bank.
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Filed as Exhibit 10.15 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
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10.11
|
International Swap Dealers Association, Inc. Master Agreement dated as of December 16, 2005, signed by First National Bank of Omaha and Red Trial Energy, LLC.
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Filed as Exhibit 10.18 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
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10.12
|
Security Agreement and Deposit Account Control Agreement made December 16, 2005, by and among First National Bank of Omaha, Red Trail Energy, LLC, and Bank of North Dakota.
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Filed as Exhibit 10.19 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
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10.13
|
Security Agreement given as of December 16, 2005, by Red Trail Energy, LLC, to First National Bank of Omaha.
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Filed as Exhibit 10.20 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
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10.14
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Control Agreement Regarding Security Interest in Investment Property, made as of December 16, 2005, by and between First National Bank of Omaha, Red Trail Energy, LLC, and First National Capital Markets, Inc.
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Filed as Exhibit 10.21 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
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10.15
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Loan Agreement between Greenway Consulting, LLC, and Red Trail Energy, LLC, dated February 26, 2006.
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Filed as Exhibit 10.22 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
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10.16
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Promissory Note for $1,525,000.00, dated February 28, 2006, given by Red Trail Energy, LLC, to Greenway Consulting, LLC.
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Filed as Exhibit 10.23 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
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10.17
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Loan Agreement between ICM Inc. and Red Trail Energy, LLC, dated February 28, 2006.
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Filed as Exhibit 10.24 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
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10.18
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Promissory Note for $3,000,000.00, dated February 28, 2006, given by Red Trail Energy, LLC, to ICM Inc.
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Filed as Exhibit 10.25 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
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10.19
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Loan Agreement between Fagen, Inc. and Red Trail Energy, LLC, dated February 28, 2006.
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Filed as Exhibit 10.26 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
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10.20
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Promissory Note for $1,000,000.00, dated February 28, 2006, given by Red Trail Energy, LLC, to Fagen, Inc.
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Filed as Exhibit 10.27 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
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10.21
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Southwest Pipeline Project Raw Water Service Contract, executed by Red Trail Energy, LLC, on March 8, 2006, by the Secretary of the North Dakota State Water Commission on March 31, 2006, and by the Chairman of the Southwest Water Authority on April 2, 2006.
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Filed as Exhibit 10.28 to the registrant's registration statement on Form 10-12G (000-52033) and incorporated by reference herein.
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10.22
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Contract dated April 26, 2006, by and between the North Dakota Industrial Commission and Red Trail Energy, LLC.
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Filed as Exhibit 10.29 to the registrant's second amended registration statement on Form 10-12G/A (000-52033) and incorporated by reference herein.
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10.23
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Subordination Agreement, dated May 16, 2006, among the State of North Dakota, by and through its Industrial Commission, First National Bank and Red Trail Energy, LLC.
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Filed as Exhibit 10.30 to the registrant's second amended registration statement on Form 10-12G/A (000-52033) and incorporated by reference herein.
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10.24
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Firm Gas Service Extension Agreement, dated June 7, 2006, by and between Montana-Dakota Utilities Co. and Red Trail Energy, LLC.
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Filed as Exhibit 10.31 to the registrant's second amended registration statement on Form 10-12G/A (000-52033) and incorporated by reference herein.
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10.25
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First Amendment to Construction Loan Agreement dated August 16, 2006 by and between Red Trail Energy, LLC and First National Bank of Omaha.
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Filed as Exhibit 10.32 to the registrant's Annual Report on Form 10-K for the year ended December 31, 2006. (000-52033) and incorporated by reference herein.
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10.26
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Security Agreement and Deposit Account Control Agreement effective August 16, 2006 by and among First National Bank of Omaha and Red Trail Energy, LLC.
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Filed as Exhibit 10.34 to our Annual Report on Form 10-K for the year ended December 31, 2006. (000-52033) and incorporated by reference herein.
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10.27
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Equity Grant Agreement dated September 8, 2006 by and between Red Trail Energy, LLC and Mickey Miller.
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Filed as Exhibit 10.35 to our Annual Report on Form 10-K for the year ended December 31, 2006. (000-52033) and incorporated by reference herein.
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10.28
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Option to Purchase 200,000 Class A Membership Units of Red Trail Energy, LLC by Red Trail Energy, LLC from North Dakota Development Fund and Stark County dated December 11, 2006.
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Filed as Exhibit 10.36 to our Annual Report on Form 10-K for the year ended December 31, 2006. (000-52033) and incorporated by reference herein.
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10.29
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Audit Committee Charter adopted April 9, 2007.
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Filed as Exhibit 10.37 to our Annual Report on Form 10-K for the year ended December 31, 2006. (000-52033) and incorporated by reference herein.
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10.30
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Senior Financial Officer Code of Conduct adopted March 28, 2007.
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Filed as Exhibit 10.38 to our Annual Report on Form 10-K for the year ended December 31, 2006. (000-52033) and incorporated by reference herein.
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10.31
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Long Term Revolving Note for $10,000,000, dated April 16, 2007 between Red Trail Energy, LLC, as Borrower, and First National Bank of Omaha, as Bank.
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Filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 (000-52033) and incorporated by reference herein.
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10.32
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Variable Rate Note for $17,065,870, dated April 16, 2007 between Red Trail Energy, LLC, as Borrower, and First National Bank of Omaha, as Bank.
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Filed as Exhibit 10.2 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 (000-52033).
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10.33
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Fixed Rate Note for $27,605,870, dated April 16, 2007 between Red Trail Energy, LLC, as Borrower, and First National Bank of Omaha, as Bank.
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Filed as Exhibit 10.3 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 (000-52033) and incorporated by reference herein.
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10.34
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$3,500,000 Revolving Promissory Note given by the Company to First National Bank of Omaha dated July 18, 2007.
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Filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 (000-52033) and incorporated by reference herein.
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10.35
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Second Amendment to Construction Loan Agreement by and between the Company and First National Bank of Omaha dated July 18, 2007.
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Filed as Exhibit 10.2 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 (000-52033) and incorporated by reference herein.
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10.36
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Third Amendment to Construction Loan Agreement by and between the Company and First National Bank of Omaha dated November 15, 2007.
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Filed as Exhibit 10.38 to our Annual Report on Form 10-K for the year ended December 31, 2007 (000-52033) and incorporated by reference herein.
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10.37
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Fourth Amendment to Construction Loan Agreement by and between the Company and First National Bank of Omaha dated December 11, 2007.
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Filed as Exhibit 10.39 to our Annual Report on Form 10-K for the year ended December 31, 2007 (000-52033) and incorporated by reference herein.
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10.38
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Interest Rate Swap Agreement by and between the Company and First National Bank of Omaha dated December 11, 2007.
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Filed as Exhibit 10.40 to our Annual Report on Form 10-K for the year ended December 31, 2007 (000-52033) and incorporated by reference herein.
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10.39
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Member Ethanol Fuel Marketing agreement by and between Red Trail Energy, LLC and RPMG, Inc dated January 1, 2008.
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Filed as Exhibit 10.41 to our Annual Report on Form 10-K for the year ended December 31, 2007 (000-52033) and incorporated by reference herein.
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10.40
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Contribution Agreement by and between Red Trail Energy, LLC and Renewable Products Marketing Group, LLC dated January 1, 2008.
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Filed as Exhibit 10.42 to our Annual Report on Form 10-K for the year ended December 31, 2007 (000-52033) and incorporated by reference herein.
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10.41
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Coal Sales Order by and between Red Trail Energy, LLC and Westmoreland Coal Sales Company dated December 5, 2007.
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Filed as Exhibit 10.43 to our Annual Report on Form 10-K for the year ended December 31, 2007 (000-52033) and incorporated by reference herein.
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10.42
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Distillers Grain Marketing Agreement by and between Red Trail Energy, LLC and CHS, Inc dated March 10, 2008.
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Filed as Exhibit 10.44 to our Annual Report on Form 10-K for the year ended December 31, 2007 (000-52033) and incorporated by reference herein.
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10.43
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Assignment and Assumption Agreement dated April 1, 2008, by and between Commodity Specialist Company and Red Trail Energy, LLC.
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Filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 (000-52033) and incorporated by reference herein.
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10.44
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$3,500,000 Revolving Promissory Note given by the Company to First National Bank of Omaha dated July 19, 2008.
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Filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 (000-52033) and incorporated by reference herein.
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10.45
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Fifth Amendment to Construction Loan Agreement by and between the Company and First National Bank of Omaha dated July 19, 2008.
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Filed as Exhibit 10.2 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 (000-52033) and incorporated by reference herein.
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10.46
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Employment Agreement dated August 8, 2008 by and between Red Trail Energy, LLC and Mark Klimpel.
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Filed as exhibit 99.1 to our Current Report on Form 8-K filed with the SEC on August 13, 2008 (000-52033) and incorporated by reference herein.
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10.47
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Amended and Restated Member Control Agreement of Red Trail Energy, LLC.
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Filed as exhibit 4.2 to our Current Report on Form 8-K filed with the SEC on June 1, 2009 (000-52033) and incorporated by reference herein.
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10.48
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Sixth Amendment to Construction Loan Agreement by and between the Company and First National Bank of Omaha effective date April 16, 2009.
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Filed as Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on June 2, 2009 (000-52033) and incorporated by reference herein.
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10.49
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Coal Sales Order by and between Red Trail Energy, LLC and Westmoreland Coal Sales Company dated November 5, 2009.
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Filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2009 (000-52033) and incorporated by reference herein.
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10.50
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Amended and Restated Management Agreement made and entered into as of September 10, 2009 by and between Red Trail Energy, LLC, and Greenway Consulting, LLC.
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Filed as Exhibit 10.2 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2009 (000-52033) and incorporated by reference herein.
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10.51
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Seventh Amendment to Construction Loan Agreement by and between the Company and First National Bank of Omaha dated March 1, 2010.
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Filed as Exhibit 10.51 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2009 (000-52033) and incorporated by reference herein.
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10.52
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Employment Agreement between Red Trail Energy, LLC and Gerald Bachmeier dated July 8, 2010.
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Filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 (000-52033) and incorporated by reference herein.
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10.53
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Mediated Settlement Agreement between Red Trail Energy, LLC, Fagen, Inc. and Fagen Engineering, LLC, and ICM, Inc. dated November 8, 2010. +
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Filed as Exhibit 99.1 to our Current Report on Form 8-K filed with the SEC on December 20, 2010 (000-52033) and incorporated by reference herein.
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10.54
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Eight Amendment to Construction Loan Agreement between First National Bank of Omaha and Red Trail Energy, LLC dated November 15, 2010.
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Filed as Exhibit 10.54 to our Current Report on Form 10-K for the fiscal year ended December 31, 2010 (000-52033) and incorporated by reference herein.
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10.55
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Revolving Promissory Note between First National Bank of Omaha and Red Trail Energy, LLC dated November 15, 2010.
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Filed as Exhibit 10.55 to our Current Report on Form 10-K for the fiscal year ended December 31, 2010 (000-52033) and incorporated by reference herein.
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10.56
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Letter Agreement between Greenway Consulting, LLC and Red Trail Energy, LLC dated January 13, 2011.
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Filed as Exhibit 10.56 to our Current Report on Form 10-K for the fiscal year ended December 31, 2010 (000-52033) and incorporated by reference herein.
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10.57
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Ninth Amendment to Construction Loan Agreement dated June 1, 2011 by and between Red Trail Energy, LLC and First National Bank of Omaha.
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Filed as Exhibit 99.1 to our Current Report on Form 8-K dated June 1, 2011 (000-52033) and incorporated by reference herein.
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10.58
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First Amended and Restated Revolving Promissory Note dated June 1, 2011 by and between Red Trail Energy, LLC and First National Bank of Omaha.
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Filed as Exhibit 99.2 to our Current Report on Form 8-K dated June 1, 2011 (000-52033) and incorporated by reference herein.
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10.59
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Equity Grant Agreement between Kent Anderson and Red Trail Energy, LLC dated July 1, 2011.
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Filed as Exhibit 10.1 to our Current Report on Form 10-Q for the quarter ended June 30, 2011 (000-52033) and incorporated by reference herein.
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10.60
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Corn Oil Separation System Agreement between Solution Recovery Services, LLC and Red Trail Energy, LLC dated October 6, 2011. +
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Filed as Exhibit 10.60 to our Current Report on Form 10-K for the transition period ended September 30, 2011 (000-52033) and incorporated by reference herein.
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10.61
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First Amended and Restated Construction Loan Agreement between First National Bank of Omaha and Red Trail Energy, LLC dated April 16, 2012.
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Filed as Exhibit 10.1 to our Current Report on Form 10-Q for the quarter ended March 31, 2012 (000-52033) and incorporated by reference herein.
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10.62
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Amended and Restated Ethanol Marketing Agreement between RPMG, Inc. and Red Trail Energy, LLC dated August 27, 2012. +
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X
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10.63
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Member Corn Oil Marketing Agreement between RPMG, Inc. and Red Trail Energy, LLC dated March 21, 2012. +
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X
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10.64
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First Amendment of First Amended and Restated Construction Loan Agreement between First National Bank of Omaha and Red Trail Energy, LLC dated October 31, 2012.
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X
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31.1
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Certificate Pursuant to 17 CFR 240.13a-14(a)
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X
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31.2
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Certificate Pursuant to 17 CFR 240.13a-14(a)
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X
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32.1
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Certificate Pursuant to 18 U.S.C. Section 1350
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X
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32.2
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Certificate Pursuant to 18 U.S.C. Section 1350
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X
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101
|
The following financial information from Red Trail Energy, LLC's Annual Report on Form 10-K for the fiscal year ended September 30, 2012, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Balance Sheets as of September 30, 2012 and 2011, (ii) Statements of Operations for the fiscal year ended September 30, 2012, transition period ended September 30, 2011 and fiscal year ended December 31, 2010, (iii) Statement of Changes in Members' Equity; (iv) Statements of Cash Flows for the fiscal year ended September 30, 2012, transition period ended September 30, 2011 and fiscal year ended December 31, 2010, and (v) the Notes to Financial Statements.**
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RED TRAIL ENERGY, LLC
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Date:
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December 21, 2012
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/s/ Gerald Bachmeier
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Gerald Bachmeier
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President and Chief Executive Officer
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(Principal Executive Officer)
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Date:
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December 21, 2012
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/s/ Kent Anderson
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Kent Anderson
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Chief Financial Officer
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(Principal Financial and Accounting Officer)
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Date:
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December 21, 2012
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/s/ Gerald Bachmeier
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Gerald Bachmeier, Chief Executive Officer and President
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(Principal Executive Officer)
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Date:
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December 21, 2012
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/s/ Kent Anderson
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Kent Anderson, Chief Financial Officer and Treasurer
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(Principal Financial Officer)
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Date:
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December 21, 2012
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/s/ Sid Mauch
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Sid Mauch, Chairman and Governor
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Date:
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December 21, 2012
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/s/ Tim Meuchel
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Tim Meuchel, Vice Chairman and Governor
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Date:
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December 21, 2012
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/s/ Ambrose Hoff
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Ambrose Hoff, Secretary and Governor
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Date:
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December 21, 2012
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/s/ Ron Aberle
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Ron Aberle, Governor
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Date:
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December 21, 2012
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/s/ Mike Appert
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Mike Appert, Governor
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Date:
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December 21, 2012
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/s/ Frank Kirschenheiter
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Frank Kirschenheiter, Governor
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Date:
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December 21, 2012
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/s/ William A. Price
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William A. Price, Governor
|
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