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Click here for Updates after August 2008 |
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Audited Annual
Financial Statement
Quarterly Reviewed
Financial Statements
Public filing of
miscellaneous information updates
Amended Quarterly
Financial Statements |
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All information that
is available from NEDAK is posted in these
documents.
The financial
statements have comprehensive Notes and Management
Discussion.
Please refer to these
documents freely for answers to your questions. |
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August
2008 |
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Web update:
It has been
some time since this web page has been updated.
NEDAK management apologizes for this delay. The
first priority must be to protect our investor’s
interests and these recent three months have been
full of critical issues as we approach mechanical
completion and performance testing of the plant.
Plant Status:
Because of
the matters discussed below, construction completion
of our ethanol plant has been delayed. We now
expect that we will commence operations at the plant
in the fourth quarter of 2008.
Construction
Issues:
We have identified certain
deficiencies in the construction of our ethanol
plant which was expected to achieve mechanical
completion by July 15, 2008. After working with our
contractor, Delta-T Corporation (“Delta”) to
resolve those deficiencies, on August 4, 2008, we
and Delta executed a Second Letter of Commitment and
Intent (the “Second LOC”) which provides that
we and Delta will negotiate in good faith to amend
the Engineering,
Procurement and Construction Services Fixed Price
Contract (the “Contract”) dated August 9,
2006 with Delta to provide the following:
·
Declare
that the ethanol plant met Mechanical Completion as
of the date of the Second LOC, July 28, 2008.
·
Performance Testing must be completed and Name Plate
Production must be reached by sixty days after
Mechanical Completion.
·
The
incentive payment of $5,000,000 (which we agreed to
pay Delta in April, 2008) will be deferred, payable
by NEDAK 24 months after Performance Test
Acceptance, plus interest.
·
Ethanol
process Performance Testing will not include the
dryer/ regenerative thermal oxidizer (“RTO”).
The dryer will be tested for guaranteed performance
separately after it is completed.
·
Delta
will pay liquidated damages if the ethanol plant
does not meet its Name Plate Weekly Production
within sixty days of Mechanical Completion. Such
payments would be calculated at thirty cents per
gallon per week for each gallon that our weekly
production is less than 850,000 gallons (Name Plate)
per week.
·
The
first portion of construction retainage was paid to
Delta on Wednesday, August 6, 2008.
·
The
rest of the retainer will be paid in increments upon
completion of the following specified plant
components:
o
Delta
will engage an independent third-party engineer to
certify that all tanks are “safe and functional” and
that all tanks meet Nebraska Code requirements. Any
recommended changes by the engineer will be
completed by Delta at Delta’s expense.
o
Insulation.
o
The
dryer and performance demonstration.
o
The
installation of the liner and gravel in the ethanol
storage tank spill containment
o
Mechanical Completion punch-list completion.
·
Delta
will cause the tank constructor to provide a
ten-year warranty for the tanks, supported by a
$500,000 guaranty of the owner of the tank
constructor.
·
If any
government regulatory agency finds that any tank in
the petroleum product tank farm does not meet
Nebraska Code requirements, then such deficiency
will be covered by the warranty contained in the
Contract.
Wind Damage:
On June 12,
2008, a severe wind burst damaged the RTO at the
plant. As of August 11, the damage has been
repaired, but the delays required by the repairs may
require that some of the first production of
Distiller’s grain will be sold as wet product with
discounted prices. |
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June
2008 |
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10th - Receive first shipment
of grain |
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9th -13th NEDAK employees
receive Delta-T classroom training |
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May
2008 |
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5th - NEDAK employees begin
classroom training |
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March
2008 |
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Main
Process Building: |
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Working on the walls and ceiling for the office, lab
and control room areas |
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Started the walls on the switch gear area up stairs |
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DDE: |
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Insulating the last columns in that area |
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Still installing siding on the building |
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Installing fire sprinker piping inside the building |
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Grain
Handling: |
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Pouring concrete for tower pads |
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Started erecting Towers and bridges for the
distiller grains to the dryer |
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O'Neill
Site: |
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The office area and electrical room are almost
complete |
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Installed the heaters for the building |
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Febuary
2008 |
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Main
Process Building: |
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Hanging steel for the centrifuge area and at the
office/switch gear area |
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Still running pipe thru-out the building |
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DDE: |
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Installing insulation on the columns |
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Installing fire sprinkler piping |
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Installing the siding and the roof |
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Balance
of Plant: |
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Working on installing the fire piping, pulling cable
thru-out the plant |
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O'Neill
Site: |
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Building is installed and started work inside for
the office |
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January
2008 |
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Main
Process Building: |
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Erecting steeling for the office/switch gear area
and the centrifuge area |
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Running cable tray, pulling cable, installing more
lighting |
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Installing more pipe rack, piping setting the last
pieces of equipment |
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Fermentation
Area: |
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Setting control racks and pulling wire |
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Dryer: |
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Installing more steel and getting ready to install
more of the Dryer |
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Balance
of Plant: |
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Working on fire piping, completing ethanol storage,
working on the cooling tower
and installing the skin on the Boiler |
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O'Neill
Site: |
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Installing piping, erecting the building and
installing the fence |
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The paving and the ethanol storage liner is complete |
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December
2007 |
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Main
Process Building: |
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Installing piping, valves and cable tray |
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Building sides and walls are complete |
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Set the CO2 Scrubber |
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Fermentation
Building: |
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Welding up pipe and supports |
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Installing cable tray |
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DDE: |
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Setting Columns, installing pipe and cable tray |
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Dryer
Area: |
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Installing dryer and dryer steel |
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Balance
of plant: |
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Welding up the ethanol storage tanks |
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Pouring wet distillers pad |
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O'Neill
Site: |
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Setting equipment, running pipe and electrical |
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Paving the roads |
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November
2007 |
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Grain Handling:
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Working on running cable tray and pulling wire |
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Installing
pipe rack steel and piping |
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Installing
skin on the building |
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Running cable tray lighting and pulling wire |
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Fermentation
Building: |
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Installing pipe, cable
tray, and conduit |
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DDE: |
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Set more equipment and
still hanging steel |
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Working on all the
electrical equipment in the switch gear building |
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Running more pipe rack
from main process to DDE and from DDE to ethanol
storage |
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Dryer/RTO
area: |
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RTO complete |
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Concrete complete |
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Installing steel and
dryer parts |
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Balance
of Plant: |
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Working
on Ethanol storage tanks |
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Site paving |
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Erected the fire water
tank and pump house |
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Started foundation on
Wet distillers pad |
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O'Neill Site: |
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Erected
the fire water tank |
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Start piping and electrical |
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Finishing up the rail |
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October 2007 |
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Grain Handling:
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Working on installing lighting and electrical |
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Main
Process Building: |
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Setting the Centrifuges |
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Installing pipe rack and pipe |
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Fermentation
Building: |
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Installing steel, pipe and set equipment |
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DDE: |
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Installing steel, running pipe and
set equipment |
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The cooling tower is set and working on pump bases |
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Dryer and RTO foundations complete, starting to set
the RTO equipment |
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Working on foundations for the fire water tank, pump
house & boiler building |
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O'Neill Site: |
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Rail road almost complete & ethanol
storage tank is complete |
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September 2007 |
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Grain Handling:
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Almost done, working on the electrical |
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Main
Process Building: |
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Pouring pump pad and centrifuge foundations |
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Fermentation
Building: |
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Installing steel and piping |
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DDE: |
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Installing steel and pump bases |
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O'Neill Site: |
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Ethanol tank installation is complete |
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Still running track thru town |
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Installing road crossing thru town |
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August 2007 |
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Grain Handling:
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Installing dust handling equipment |
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Still working on the milling tower |
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Started installing electrical |
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Main
Process Building |
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Started erecting steel on the building |
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Started pouring the floor |
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Working
on the processing tank farm |
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Setting
steel in the DDE area |
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Installed
both truck scales |
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O'Neill Site: |
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Working on the ethanol storage tank |
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Laying train track
in town |
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Drill water well for the site |
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July 2007 |
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Grain Handling:
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Reclaim Tower Complete |
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Spouting & Gates are Installed |
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Bulk Scale / Scalper / Mill Surge Bin Installed |
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Stairs, Catwalk, and Ladders are mostly complete |
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Footing
for the Main Process Building complete |
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Chemical
tanks are set, tank farm is being erected, and the
fermentation tanks have lids on |
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Excavating for the Dryer, Switch gear building, cool
tower and the ethanol storage area |
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Started
erecting the storage tank at the trans load site |
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June 2007 |
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Grain Handling:
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Silo Bridge Installation |
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Hammermill Installation |
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Working on the Milling Tower |
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Still Excavating for the
Main Process Building and Pouring Concrete in the
DDE Area |
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NPPD
working on the Sub-Station |
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Started Excavating
O'Neil Train Loading Site |
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Working
On the Fermentation Tanks, Beerwell, Liquefaction
Tank, and the tanks in the tank
farm area |
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May 2007 |
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Grain Handling:
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Installing equipment on the milling tower, hammer
mils, surge bin |
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Installing dust collection equipment |
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Installing steel, elevators and conveyers |
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Excavating for the main process building and the DDE
building |
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Underground piping about 85% complete |
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Still working on Fermentation tanks and beer well |
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Excavating and pouring tank farm foundations |
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NPPD started work on the switch yard |
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Started dirt work on the railroad at O'Neill |
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April 2007 |
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Grain Handling:
Both grain bins finished |
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Installing conveyor in receiving pit |
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Installed walkway and distribution conveyer in DDGS
building |
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Installed truck receiving building |
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Installed milling tower steel |
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Excavating and pouring footers in Main Process
Building |
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Excavating and pouring foundation for North Boiler |
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Excavating and pouring foundation for DDE Building |
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Installing sewer, gas, fire hydrants, and water
piping |
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Erecting Fermentation Tanks 1,2, & 3, and Beer well |
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March 2007 |
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The Administration
Building is 75% Complete |
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The DDGS Building is
65% Complete |
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The Truck Unloading
Pits are 90% Complete |
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The Fermentation
Foundations are 70% Complete |
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Fermentation Tanks are
Started |
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The Grain Bin
Foundations are Complete |
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Underground Utilities
are still underway |
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February 2007 |
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The
Administration Building is 60% Complete |
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Maintenance
Building is erected and we're installing electrical
and gas heat in shop area |
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Foundations are
poured for DDGS Building, truck receiving pits,
grain bins, fermentation
building,
fermentation tanks, and beer well. |
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We're in the
process of erecting the DDG Building |
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Work on the
underground utilities has started. |
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SEPTEMBER 28, 2006 |
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AUGUST 31, 2006 |
Delta T announces
they will be the General Contractor |
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AUGUST 14, 2006 |
Capital drive
exceeds $40,000,000
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AUGUST 9, 2006 |
EPC Contract signed
at Delta-T in Williamsburg, VA.
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AUGUST 7, 2006 |
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JULY 2006 |
Capital Drive
Meetings.
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JULY 2006 |
Ground Breaking.
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JUNE 15, 2006 |
Effective with
Securities and Exchange Commission.
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DECEMBER 2005 |
Registration of membership units filed with SEC on Dec. 15, 2005. Offering expected in Spring 2006.
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NOVEMBER 2005 |
Delta T Phase 2 Contract signed
Road design in process with Nebraska Department of Roads and Gilmore and Associates
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JUNE 2005 |
Business Plan Completed |
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APRIL 2005 |
Agreement entered into with Cline, Williams, Wright, Johnson,
and Oldfather LLP to complete the offering. |
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Contract signed with HDR for permitting |
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MARCH 2005 |
Project Development contract signed with Delta T |
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JANUARY 2005 |
Formed Alliance with Delta T |
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DECEMBER 2004 |
Consulting contract signed with Durante & Associates |
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MARCH 2004 |
Pre-feasibility study performed by Durante and Associates
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Formed Alliance with Durante and Associates
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DECEMBER 5 2003 |
Nedak Ethanol is organized as an LLC |
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JUNE 2003 |
First organizational meeting |