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11. Agreements | 12 Months Ended
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Dec. 31, 2018
Agreements |
Agreements | Working Capital Arrangement. Pursuant to a Corn Procurement and Working Capital Agreement with J.D. Heiskell, the Company agreed to procure whole yellow corn and grain sorghum, primarily from J.D. Heiskell. The Company has the ability to obtain grain from other sources subject to certain conditions; however, in the past all the Company’s grain purchases have been from J.D. Heiskell. Title and risk of loss of the corn pass to the Company when the corn is deposited into the Keyes Plant weigh bin. The term of the Corn Procurement and Working Capital Agreement expires on December 31, 2019 and the term can be automatically renewed for additional one-year terms. J.D. Heiskell further agrees to sell all ethanol the Company produces to Kinergy or other marketing purchasers designated by the Company and all WDG the Company produces to A.L. Gilbert. The Company markets and sells DCO to A.L. Gilbert and other third parties. The Company’s relationships with J.D. Heiskell, Kinergy, and A.L. Gilbert are well established and the Company believes that the relationships are beneficial to all parties involved in utilizing the distribution logistics, reaching out to widespread customer base, managing inventory, and building working capital relationships. Revenue is recognized upon delivery of ethanol to J. D. Heiskell as revenue recognition criteria have been met and any performance required of the Company subsequent to the sale to J.D. Heiskell is inconsequential. These agreements are ordinary purchase and sale agency agreements for the Keyes Plant. The J.D. Heiskell sales activity associated with the Purchasing Agreement, Corn Procurement and Working Capital Agreements during the years ended December 31, 2018 and 2017 were as follows:
|  | As of and for the year ended December 31, |
|  | 2018 |  |  | 2017 |
Ethanol sales |  | $ | 113,855 |  |  | $ | 106,419 |
Wet distiller's grains sales |  |  | 32,362 |  |  |  | 26,422 |
Corn oil sales |  |  | 3,393 |  |  |  | 3,707 |
Corn purchases |  |  | 112,687 |  |  |  | 101,768 |
Accounts receivable |  |  | 433 |  |  |  | 1,171 |
Accounts payable |  |  | 1,882 |  |  |  | 2,449 |
Ethanol and Wet Distillers Grains Marketing Arrangement. The Company entered into an Ethanol Marketing Agreement with Kinergy Marketing and a Wet Distillers Grains Marketing Agreement with A.L. Gilbert. Under the terms of the agreements, subject to certain conditions, the Ethanol Marketing Agreement matures on August 31, 2019 and with A.L Gilbert on December 31, 2019 with automatic one-year renewals thereafter. For the years ended December 31, 2018 and 2017, the Company expensed marketing costs of $2.6 million and $2.5 million, respectively, under the terms of both ethanol and wet distillers’ grains agreements.

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