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10-Q/A - FOR QUARTERLY PERIOD ENDED JUNE 30, 2011 - NEDAK ETHANOL, LLCform10qa_091411.htm
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v2.3.0.11
Members' Equity
6 Months Ended
Jun. 30, 2011
Members' Equity  
Members' Equity

6.  MEMBERS' EQUITY

 

As of June 30, 2011, there were 185.5 preferred membership units outstanding ("Preferred Units").  The Preferred Units entitle the holders thereof, among other things, to receive a preferred cumulative distribution of 10% ("Preferred Return") before holders of common membership units receive distributions.  Following the third anniversary of the issuance of the Preferred Units, the Company may redeem Preferred Units for the original purchase price plus any accrued but unpaid distributions.  The accumulated undeclared Preferred Return as of June 30, 2011 was $410,862, and the total liquidation preference of the Preferred Units as of June 30, 2011 was $2,265,365.  Losses are generally allocated to all unit holders based upon their respective percentage of units held, except that losses are not allocated to Preferred Units if the Preferred Return has not been achieved.

A reconciliation of net income applicable to common units used in the calculation of net income per common unit for the three and six months ended June 30, 2011 and 2010 is as follows:

 

Three Months Ended June 30,

Six Months Ended June 30,

2011

2010

2011

2010

Net loss

$    (2,280,640)

 $    (3,218,505)

 

 $    (2,032,680)

 $    (1,491,538)

Preferred Return on Preferred Units

             (46,235)

             (46,235)

 

             (91,963)

             (91,972)

Net loss applicable to Common Units

 $    (2,326,915)

 $    (3,264,740)

 

 $    (2,124,643)

 $    (1,583,510)

Weighted average Common Units Outstanding -

 

 

 

 

 

Basic and Diluted

 $             5,233

 $             5,233

 

 $             5,233

 $             5,233

Net loss per Common Unit - Basic and Diluted

 $         (444.66)

 $         (623.88)

 

 $         (406.01)

 $         (302.60)