x
|
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
|
|
|
|
For the quarterly period ended March 31, 2016.
|
|
|
|
OR
|
|
|
o
|
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
|
|
|
For the transition period from to .
|
|
|
|
COMMISSION FILE NUMBER 000-53036
|
Indiana
|
|
20-2327916
|
||
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
||
|
|
|
||
1554 N. County Road 600 E., Union City, IN 47390
|
||||
(Address of principal executive offices)
|
||||
|
||||
(765) 964-3137
|
||||
(Registrant's telephone number, including area code)
|
Large Accelerated Filer
o
|
Accelerated Filer
o
|
Non-Accelerated Filer
x
|
Smaller Reporting Company
o
|
|
Page Number
|
|
|
ASSETS
|
March 31, 2016
|
|
September 30, 2015
|
||||
|
(Unaudited)
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash
|
$
|
11,797,455
|
|
|
$
|
20,827,614
|
|
Restricted cash
|
—
|
|
|
1,211,476
|
|
||
Trade accounts receivable
|
11,979,577
|
|
|
11,962,357
|
|
||
Miscellaneous receivables
|
166,429
|
|
|
384,705
|
|
||
Inventories
|
20,154,500
|
|
|
13,754,452
|
|
||
Prepaid and other current assets
|
402,607
|
|
|
506,197
|
|
||
Commodity derivative instruments
|
1,509,550
|
|
|
—
|
|
||
Total current assets
|
46,010,118
|
|
|
48,646,801
|
|
||
|
|
|
|
||||
Property, plant, and equipment, net
|
108,134,932
|
|
|
107,998,425
|
|
||
|
|
|
|
||||
Other Assets
|
|
|
|
||||
Investment
|
938,251
|
|
|
823,494
|
|
||
Total other assets
|
938,251
|
|
|
823,494
|
|
||
|
|
|
|
||||
Total Assets
|
$
|
155,083,301
|
|
|
$
|
157,468,720
|
|
LIABILITIES AND MEMBERS' EQUITY
|
|
|
|
||||
|
|
|
|
||||
Current Liabilities
|
|
|
|
||||
Accounts payable
|
$
|
3,129,032
|
|
|
$
|
3,616,302
|
|
Accounts payable-corn
|
7,293,837
|
|
|
6,757,174
|
|
||
Accrued expenses
|
983,905
|
|
|
1,555,286
|
|
||
Commodity derivative instruments
|
206,577
|
|
|
68,479
|
|
||
Total current liabilities
|
11,613,351
|
|
|
11,997,241
|
|
||
|
|
|
|
||||
Long-Term Debt
|
11,382,200
|
|
|
4,865,236
|
|
||
|
|
|
|
||||
Commitments and Contingencies
|
|
|
|
||||
|
|
|
|
||||
Members’ Equity
|
|
|
|
||||
Members' contributions, net of cost of raising capital, 14,606 units authorized, issued and outstanding
|
70,912,213
|
|
|
70,912,213
|
|
||
Retained earnings
|
61,175,537
|
|
|
69,694,030
|
|
||
Total members' equity
|
132,087,750
|
|
|
140,606,243
|
|
||
|
|
|
|
||||
Total Liabilities and Members’ Equity
|
$
|
155,083,301
|
|
|
$
|
157,468,720
|
|
|
Three Months Ended
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Six Months Ended
|
||||||||
|
March 31, 2016
|
|
March 31, 2015
|
|
March 31, 2016
|
|
March 31, 2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenues
|
$
|
51,589,923
|
|
|
$
|
59,944,217
|
|
|
$
|
109,134,959
|
|
|
$
|
125,802,808
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of Goods Sold
|
48,600,758
|
|
|
54,593,946
|
|
|
102,994,832
|
|
|
99,135,806
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Gross Profit
|
2,989,165
|
|
|
5,350,271
|
|
|
6,140,127
|
|
|
26,667,002
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating Expenses
|
1,486,206
|
|
|
1,148,022
|
|
|
2,855,811
|
|
|
2,502,027
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating Income
|
1,502,959
|
|
|
4,202,249
|
|
|
3,284,316
|
|
|
24,164,975
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other Income (Expense)
|
|
|
|
|
|
|
|
||||||||
Interest income
|
250
|
|
|
—
|
|
|
250
|
|
|
—
|
|
||||
Interest expense
|
(84,475
|
)
|
|
—
|
|
|
(143,567
|
)
|
|
—
|
|
||||
Miscellaneous income
|
3,440
|
|
|
3,224
|
|
|
25,309
|
|
|
26,682
|
|
||||
Total
|
(80,785
|
)
|
|
3,224
|
|
|
(118,008
|
)
|
|
26,682
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net Income
|
$
|
1,422,174
|
|
|
$
|
4,205,473
|
|
|
$
|
3,166,308
|
|
|
$
|
24,191,657
|
|
|
|
|
|
|
|
|
|
||||||||
Weight Average Units Outstanding - basic and diluted
|
14,606
|
|
|
14,606
|
|
|
14,606
|
|
|
14,606
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net Income Per Unit - basic and diluted
|
$
|
97
|
|
|
$
|
288
|
|
|
$
|
217
|
|
|
$
|
1,656
|
|
|
|
|
|
|
|
|
|
||||||||
Distributions Per Unit
|
$
|
300
|
|
|
$
|
1,000
|
|
|
$
|
800
|
|
|
$
|
2,700
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Six Months Ended
|
||||
|
March 31, 2016
|
|
March 31, 2015
|
||||
|
|
|
|
||||
Cash Flows from Operating Activities
|
|
|
|
||||
Net income
|
$
|
3,166,308
|
|
|
$
|
24,191,657
|
|
Adjustments to reconcile net income to net cash provided by operations:
|
|
|
|
||||
Depreciation
|
4,566,053
|
|
|
4,457,912
|
|
||
Change in fair value of commodity derivative instruments
|
(2,965,860
|
)
|
|
(284,690
|
)
|
||
Gain on sale of equipment
|
—
|
|
|
(11,827
|
)
|
||
Non-cash dividend income
|
(114,757
|
)
|
|
(104,942
|
)
|
||
Change in operating assets and liabilities:
|
|
|
|
||||
Restricted cash
|
1,211,476
|
|
|
191,111
|
|
||
Trade accounts receivables
|
(17,220
|
)
|
|
8,090,478
|
|
||
Miscellaneous receivable
|
218,276
|
|
|
(89,551
|
)
|
||
Inventories
|
(6,400,048
|
)
|
|
(8,130,876
|
)
|
||
Prepaid and other current assets
|
103,590
|
|
|
(202,798
|
)
|
||
Commodity derivative instruments
|
1,594,408
|
|
|
(77,111
|
)
|
||
Accounts payable
|
(487,270
|
)
|
|
381,239
|
|
||
Accounts payable-corn
|
536,663
|
|
|
2,291,775
|
|
||
Accrued expenses
|
(537,023
|
)
|
|
(274,681
|
)
|
||
Net cash provided by operating activities
|
874,596
|
|
|
30,427,696
|
|
||
|
|
|
|
||||
Cash Flows from Investing Activities
|
|
|
|
||||
Capital expenditures
|
(4,736,918
|
)
|
|
(1,470,682
|
)
|
||
Proceeds from sale of equipment
|
—
|
|
|
35,000
|
|
||
Net cash used for investing activities
|
(4,736,918
|
)
|
|
(1,435,682
|
)
|
||
|
|
|
|
||||
Cash Flows from Financing Activities
|
|
|
|
||||
Distributions paid
|
(11,684,801
|
)
|
|
(39,436,202
|
)
|
||
Proceeds from long-term debt
|
6,516,964
|
|
|
—
|
|
||
Net cash used for financing activities
|
(5,167,837
|
)
|
|
(39,436,202
|
)
|
||
|
|
|
|
||||
Net Decrease in Cash
|
(9,030,159
|
)
|
|
(10,444,188
|
)
|
||
|
|
|
|
||||
Cash – Beginning of Period
|
20,827,614
|
|
|
27,731,976
|
|
||
|
|
|
|
||||
Cash – End of Period
|
$
|
11,797,455
|
|
|
$
|
17,287,788
|
|
|
Six Months Ended
|
|
Six Months Ended
|
||||
|
March 31, 2016
|
|
March 31, 2015
|
||||
|
|
|
|
||||
Supplemental Cash Flow Information
|
|
|
|
||||
Interest paid
|
$
|
115,067
|
|
|
$
|
—
|
|
|
|
|
|
||||
Supplemental Disclosure of Noncash Investing and Financing Activities
|
|
|
|
||||
Construction in process included in accrued expenses
|
$
|
795,642
|
|
|
$
|
410,292
|
|
|
March 31, 2016 (Unaudited)
|
|
September 30, 2015
|
||||
Raw materials
|
$
|
13,810,537
|
|
|
$
|
5,166,402
|
|
Work in progress
|
1,189,948
|
|
|
1,320,961
|
|
||
Finished goods
|
2,775,988
|
|
|
5,058,449
|
|
||
Spare parts
|
2,378,027
|
|
|
2,208,640
|
|
||
Total
|
$
|
20,154,500
|
|
|
$
|
13,754,452
|
|
|
|||||||||
Instrument
|
Balance Sheet Location
|
|
Assets
|
|
Liabilities
|
||||
|
|
|
|
|
|
||||
Ethanol derivative contracts
|
Commodity Derivative Instruments - Current
|
|
$
|
34,650
|
|
|
$
|
—
|
|
Corn derivative contracts
|
Commodity Derivative Instruments - Current
|
|
$
|
1,474,900
|
|
|
$
|
—
|
|
Natural gas derivative contracts
|
Commodity Derivative Instruments - Current
|
|
$
|
—
|
|
|
$
|
206,577
|
|
Instrument
|
Balance Sheet Location
|
|
Assets
|
|
Liabilities
|
||||
|
|
|
|
|
|
||||
Ethanol derivative contracts
|
Commodity Derivative Instruments - Current
|
|
$
|
—
|
|
|
$
|
58,338
|
|
Corn derivative contracts
|
Commodity Derivative Instruments - Current
|
|
$
|
—
|
|
|
$
|
10,141
|
|
Instrument
|
Statement of Operations Location
|
Amount
|
||
Corn Derivative Contracts
|
Cost of Goods Sold
|
$
|
3,006,696
|
|
Ethanol Derivative Contracts
|
Revenues
|
$
|
221,901
|
|
Natural Gas Derivative Contracts
|
Cost of Goods Sold
|
(262,737
|
)
|
|
Totals
|
|
$
|
2,965,860
|
|
Derivatives
|
Carrying Amount
|
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||
Corn Derivative Contracts
|
$
|
(10,141
|
)
|
$
|
(10,141
|
)
|
$
|
(10,141
|
)
|
—
|
|
—
|
|
Ethanol Derivative Contracts
|
$
|
(58,338
|
)
|
$
|
(58,338
|
)
|
$
|
(58,338
|
)
|
—
|
|
—
|
|
|
Total
|
||
April 1, 2016 to March 31, 2017
|
$
|
1,172,964
|
|
April 1, 2017 to March 31, 2018
|
1,172,964
|
|
|
April 1, 2018 to March 31, 2019
|
682,588
|
|
|
Total minimum lease commitments
|
$
|
3,028,516
|
|
•
|
Reduction or elimination of the Renewable Fuel Standard;
|
•
|
Changes in the availability and price of corn and natural gas;
|
•
|
Our inability to secure credit or obtain additional equity financing we may require in the future to continue our operations;
|
•
|
Decreases in the price we receive for our ethanol, distiller grains and corn oil;
|
•
|
Our ability to satisfy the financial covenants contained in our credit agreements with our senior lender;
|
•
|
Our ability to profitably operate the ethanol plant and maintain a positive spread between the selling price of our products and our raw material costs;
|
•
|
Negative impacts that our hedging activities may have on our operations;
|
•
|
Ethanol and distiller grains supply exceeding demand and corresponding price reductions;
|
•
|
Our ability to generate free cash flow to invest in our business and service our debt;
|
•
|
Changes in the environmental regulations that apply to our plant operations;
|
•
|
Changes in our business strategy, capital improvements or development plans;
|
•
|
Changes in plant production capacity or technical difficulties in operating the plant;
|
•
|
Changes in general economic conditions or the occurrence of certain events causing an economic impact in the agriculture, oil or automobile industries;
|
•
|
Lack of transport, storage and blending infrastructure preventing our products from reaching high demand markets;
|
•
|
Changes in federal and/or state laws;
|
•
|
Changes and advances in ethanol production technology;
|
•
|
Competition from alternative fuel additives;
|
•
|
Changes in interest rates or the lack of credit availability;
|
•
|
Changes in legislation benefiting renewable fuels;
|
•
|
Our ability to retain key employees and maintain labor relations;
|
•
|
Volatile commodity and financial markets; and
|
•
|
Limitations and restrictions contained in the instruments and agreements governing our indebtedness.
|
Date Declared
|
|
Distribution Declared Per Unit
|
|
Total Distribution Amount
|
|
Month Distribution Paid
|
||||
February 9, 2016
|
|
$
|
300
|
|
|
$
|
4,381,800
|
|
|
February 2016
|
|
|
Total Renewable Fuel Volume Requirement
|
Portion of Volume Requirement That Can Be Met By Corn-based Ethanol
|
2014
|
Statutory
|
18.15
|
14.40
|
EPA Rule 11/30/2015
|
16.28
|
13.61
|
|
2015
|
Statutory
|
20.50
|
15.00
|
EPA Rule 11/30/2015
|
16.93
|
14.05
|
|
2016
|
Statutory
|
22.25
|
15.00
|
EPA Rule 11/30/15
|
18.11
|
14.50
|
|
2016
|
|
2015
|
|||||||||
Statement of Operations Data
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|||||
Revenue
|
$
|
51,589,923
|
|
|
100.00
|
|
|
$
|
59,944,217
|
|
|
100.00
|
Cost of Goods Sold
|
48,600,758
|
|
|
94.21
|
|
|
54,593,946
|
|
|
91.07
|
||
Gross Profit
|
2,989,165
|
|
|
5.79
|
|
|
5,350,271
|
|
|
8.93
|
||
Operating Expenses
|
1,486,206
|
|
|
2.88
|
|
|
1,148,022
|
|
|
1.92
|
||
Operating Income
|
1,502,959
|
|
|
2.91
|
|
|
4,202,249
|
|
|
7.01
|
||
Other Income (Expense), net
|
(80,785
|
)
|
|
(0.16
|
)
|
|
3,224
|
|
|
0.01
|
||
Net Income
|
$
|
1,422,174
|
|
|
2.75
|
|
|
$
|
4,205,473
|
|
|
7.02
|
|
Three Months Ended
March 31, 2016
|
|
Three Months Ended
March 31, 2015
|
||||||||
Revenue Source
|
Amount
|
% of Revenues
|
|
Amount
|
% of Revenues
|
||||||
Ethanol Sales
|
$
|
39,473,367
|
|
76.51
|
%
|
|
$
|
46,094,145
|
|
76.90
|
%
|
Distillers Grains Sales
|
9,822,215
|
|
19.04
|
|
|
11,620,651
|
|
19.39
|
|
||
Corn Oil Sales
|
1,896,130
|
|
3.68
|
|
|
1,991,799
|
|
3.32
|
|
||
Carbon Dioxide Sales
|
206,950
|
|
0.40
|
|
|
62,720
|
|
0.10
|
|
||
Other Revenue
|
191,261
|
|
0.37
|
|
|
174,902
|
|
0.29
|
|
||
Total Revenues
|
$
|
51,589,923
|
|
100.00
|
%
|
|
$
|
59,944,217
|
|
100.00
|
%
|
|
2016
|
|
2015
|
|||||||||
Statement of Operations Data
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|||||
Revenue
|
$
|
109,134,959
|
|
|
100.00
|
|
|
$
|
125,802,808
|
|
|
100.00
|
Cost of Goods Sold
|
102,994,832
|
|
|
94.37
|
|
|
99,135,806
|
|
|
78.80
|
||
Gross Profit
|
6,140,127
|
|
|
5.63
|
|
|
26,667,002
|
|
|
21.20
|
||
Operating Expenses
|
2,855,811
|
|
|
2.62
|
|
|
2,502,027
|
|
|
1.99
|
||
Operating Income
|
3,284,316
|
|
|
3.01
|
|
|
24,164,975
|
|
|
19.21
|
||
Other Income (Expense), net
|
(118,008
|
)
|
|
(0.11
|
)
|
|
26,682
|
|
|
0.02
|
||
Net Income
|
$
|
3,166,308
|
|
|
2.90
|
|
|
$
|
24,191,657
|
|
|
19.23
|
|
Six Months Ended
March 31, 2016
|
|
Six Months Ended
March 31, 2015
|
||||||||
Revenue Source
|
Amount
|
% of Revenues
|
|
Amount
|
% of Revenues
|
||||||
Ethanol Sales
|
$
|
85,412,493
|
|
78.25
|
%
|
|
$
|
96,674,641
|
|
76.85
|
%
|
Distillers Grains Sales
|
19,480,561
|
|
17.85
|
|
|
24,384,605
|
|
19.38
|
|
||
Corn Oil Sales
|
3,782,459
|
|
3.47
|
|
|
4,334,472
|
|
3.45
|
|
||
Carbon Dioxide Sales
|
268,185
|
|
0.25
|
|
|
151,705
|
|
0.12
|
|
||
Other Revenue
|
191,261
|
|
0.18
|
|
|
257,385
|
|
0.20
|
|
||
Total Revenues
|
$
|
109,134,959
|
|
100.00
|
%
|
|
$
|
125,802,808
|
|
100.00
|
%
|
|
March 31, 2016
(Unaudited)
|
|
September 30, 2015
|
||||
Current Assets
|
$
|
46,010,118
|
|
|
$
|
48,646,801
|
|
Current Liabilities
|
$
|
11,613,351
|
|
|
$
|
11,997,241
|
|
Long-Term Liabilities
|
11,382,200
|
|
|
$
|
4,865,236
|
|
|
Member's Equity
|
$
|
132,087,750
|
|
|
$
|
140,606,243
|
|
|
|
2016
|
|
2015
|
||||
Net cash provided by operating activities
|
|
$
|
874,596
|
|
|
$
|
30,427,696
|
|
Net cash used for investing activities
|
|
$
|
(4,736,918
|
)
|
|
$
|
(1,435,682
|
)
|
Net cash used for financing activities
|
|
$
|
(5,167,837
|
)
|
|
$
|
(39,436,202
|
)
|
Net decrease in cash
|
|
$
|
(9,030,159
|
)
|
|
$
|
(10,444,188
|
)
|
Cash, beginning of period
|
|
$
|
20,827,614
|
|
|
$
|
27,731,976
|
|
Cash, end of period
|
|
$
|
11,797,455
|
|
|
$
|
17,287,788
|
|
|
Three Months Ended
|
Three Months Ended
|
Six Months Ended
|
Six Months Ended
|
||||||||
|
March 31, 2016
|
March 31, 2015
|
March 31, 2016
|
March 31, 2015
|
||||||||
Corn Derivative Contracts
|
$
|
828,182
|
|
$
|
80,628
|
|
$
|
3,006,696
|
|
$
|
(38,694
|
)
|
Ethanol Derivative Contracts
|
301,107
|
|
1,787,794
|
|
221,901
|
|
233,409
|
|
||||
Natural Gas Derivative Contracts
|
(176,481
|
)
|
(94,009
|
)
|
(262,737
|
)
|
89,975
|
|
||||
Totals
|
$
|
952,808
|
|
$
|
1,774,413
|
|
$
|
2,965,860
|
|
$
|
284,690
|
|
|
Estimated Volume Requirements for the next 12 months (net of forward and futures contracts)
|
Unit of Measure
|
Hypothetical Adverse Change in Price as of
March 31, 2016
|
Approximate Adverse Change to Income
|
|||||
Natural Gas
|
1,589,000
|
|
MMBTU
|
10
|
%
|
|
$
|
375,000
|
|
Ethanol
|
120,000,000
|
|
Gallons
|
10
|
%
|
|
$
|
16,920,000
|
|
Corn
|
37,632,000
|
|
Bushels
|
10
|
%
|
|
$
|
14,150,000
|
|
DDGs
|
274,000
|
|
Tons
|
10
|
%
|
|
$
|
3,237,000
|
|
Corn Oil
|
29,162,000
|
|
Pounds
|
10
|
%
|
|
$
|
889,000
|
|
(a)
|
The following exhibits are filed as part of this report.
|
Exhibit No.
|
|
Exhibit
|
|
31.1
|
|
|
Certificate Pursuant to 17 CFR 240.13a-14(a)*
|
31.2
|
|
|
Certificate Pursuant to 17 CFR 240.13a-14(a)*
|
32.1
|
|
|
Certificate Pursuant to 18 U.S.C. Section 1350*
|
32.2
|
|
|
Certificate Pursuant to 18 U.S.C. Section 1350*
|
10.1
|
|
|
Sixth Amendment of First Amended and Restated Construction Loan Agreement with First National Bank of Omaha dated February 28, 2016.
|
10.2
|
|
|
Seventh Amendment of First Amended and Restated Construction Loan Agreement with First National Bank of Omaha dated May 6, 2016.
|
101
|
|
|
The following financial information from Cardinal Ethanol, LLC's Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) Balance Sheets as of March 31, 2016 and September 30, 2015, (ii) Condensed Statements of Operations and Comprehensive Income for the three and six months ended March 31, 2016 and 2015, (iii) Statements of Cash Flows for the three months ended March 31, 2016 and 2015, and (iv) the Notes to Condensed Financial Statements.**
|
|
|
|
CARDINAL ETHANOL, LLC
|
|
|
|
|
Date:
|
May 9, 2016
|
|
/s/ Jeff Painter
|
|
|
|
Jeff Painter
|
|
|
|
President and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
Date:
|
May 9, 2016
|
|
/s/ William Dartt
|
|
|
|
William Dartt
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Financial and Accounting Officer)
|
By:
|
/s/ Amos Alstrom
|
Title:
|
Vice President
|
By:
|
/s/ William Dartt
|
Title:
|
Chief Financial Officer
|
By:
|
/s/ Brad Brummand
|
Title:
|
Vice President
|
By:
|
/s/ William Dartt
|
Title:
|
Chief Financial Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Cardinal Ethanol, LLC;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
May 9, 2016
|
|
/s/ Jeff Painter
|
|
|
Jeff Painter, Chief Executive Officer
(President and Principal Executive Officer)
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Cardinal Ethanol, LLC;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
May 9, 2016
|
|
/s/ William Dartt
|
|
|
William Dartt, Chief Financial Officer
(Principal Financial Officer)
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ Jeff Painter
|
|
|
Jeff Painter, President and
|
|
|
Principal Executive Officer
|
|
|
|
|
|
Dated:
|
May 9, 2016
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
|
|
/s/ William Dartt
|
|
|
William Dartt, Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
Dated:
|
May 9, 2016
|