0000930413-22-002013 | 10-Q | XBRL Viewer | REX American Resources Corp

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Oct. 31, 2022	Dec. 02, 2022
Document Information Line Items
Entity Registrant Name	REX AMERICAN RESOURCES CORPORATION
Trading Symbol	REX
Document Type	10-Q
Current Fiscal Year End Date	--01-31
Entity Common Stock, Shares Outstanding		17,390,469
Amendment Flag	false
Entity Central Index Key	0000744187
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Period End Date	Oct. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-09097
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	31-1095548
Entity Address, Address Line One	7720 Paragon Road
Entity Address, City or Town	Dayton
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45459
City Area Code	(937)
Local Phone Number	276-3931
Title of 12(b) Security	Common stock, $0.01 par value
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2022	Jan. 31, 2022
Current assets:
Cash and cash equivalents	$ 135,986	$ 229,846
Short-term investments	153,819	25,877
Restricted cash	1,308	2,222
Accounts receivable	22,675	25,821
Inventory	42,045	42,225
Refundable income taxes	6,611	6,677
Prepaid expenses and other	11,576	12,499
Total current assets	374,020	345,167
Property and equipment, net	131,235	137,554
Operating lease right-of-use assets	14,748	11,221
Deferred taxes and other assets	21,267	25,853
Equity method investment	33,769	30,566
Total assets	575,039	550,361
Current liabilities:
Accounts payable, trade (includes $1.6 million and $0.5 million with related parties at October 31, 2022 and January 31, 2022, respectively)	40,271	32,266
Current operating lease liabilities	4,902	4,600
Accrued expenses and other current liabilities	12,109	13,617
Total current liabilities	57,282	50,483
Long-term liabilities:
Deferred taxes	3,132	3,132
Long-term operating lease liabilities	9,883	6,390
Other long-term liabilities	2,997	2,794
Total long-term liabilities	16,012	12,316
REX shareholders’ equity:
Common stock	299	299
Paid-in capital	278
Retained earnings	632,665	611,607
Treasury stock	(193,770)	(181,114)
Total REX shareholders’ equity	439,472	430,792
Noncontrolling interests	62,273	56,770
Total equity	501,745	487,562
Total liabilities and equity	$ 575,039	$ 550,361

Consolidated Condensed Balance Sheets (Parentheticals) - USD ($) $ in Millions	Oct. 31, 2022	Jan. 31, 2022
Statement of Financial Position [Abstract]
Accounts payable, related parties	$ 1.6	$ 0.5

Consolidated Condensed Statement of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Income Statement [Abstract]
Net sales and revenue	$ 220,277	$ 203,066	$ 654,833	$ 562,786
Cost of sales (includes $35,155 and $22,928 with related parties for the quarters ended October 31, 2022 and 2021, respectively, and $101,240 and $60,311 with related parties for the nine months ended October 31, 2022 and 2021, respectively)	208,941	177,914	615,001	504,003
Gross profit	11,336	25,152	39,832	58,783
Selling, general and administrative expenses	(7,886)	(6,310)	(22,237)	(22,444)
Equity in income of unconsolidated affiliates	661	349	6,210	2,763
Interest and other income, net	1,983	35	10,338	117
Income before income taxes	6,094	19,226	34,143	39,219
Provision for income taxes	(1,196)	(4,338)	(7,374)	(8,329)
Net income from continuing operations	4,898	14,888	26,769	30,890
Net income attributable to noncontrolling interests (continuing operations)	(1,714)	(1,562)	(7,233)	(4,585)
Net income attributable to REX common shareholders (continuing operations)	3,184	13,326	19,536	26,305
Net income from discontinued operations, net of tax (includes expense of $39 with related parties for the quarter ended October 31, 2021 and $230 with related parties for the nine months ended October 31, 2021)		1,815		4,263
Net loss attributable to noncontrolling interests (discontinued operations)		137		370
Net income attributable to REX common shareholders (discontinued operations)		1,952		4,633
Net income attributable to REX common shareholders	$ 3,184	$ 15,278	$ 19,536	$ 30,938
Weighted average shares outstanding – basic and diluted (in Shares)	17,591	17,890	17,714	17,983
Basic and diluted net income per share from continuing operations attributable to REX common shareholders (in Dollars per share)	$ 0.18	$ 0.74	$ 1.1	$ 1.46
Basic and diluted net income per share from discontinued operations attributable to REX common shareholders (in Dollars per share)		0.11		0.26
Basic and diluted net income per share attributable to REX common shareholders (in Dollars per share)	$ 0.18	$ 0.85	$ 1.1	$ 1.72

Consolidated Condensed Statement of Operations (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Income Statement [Abstract]
Cost of sales, related parties	$ 35,155	$ 22,928	$ 101,240	$ 60,311
Net income from discontinued operations, net of tax, related parties		$ 39		$ 230

Consolidated Condensed Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Additional Paid-in Capital [Member]
Balance at Jan. 31, 2021	$ 437,183	$ 299	$ (174,535)	$ 559,019	$ 52,400
Balance (in Shares) at Jan. 31, 2021		29,853	11,877
Net (loss) income	35,153			30,938	4,215
Treasury stock acquired	(6,627)		$ (6,627)
Treasury stock acquired (in Shares)			252
Noncontrolling interests distribution and other	(1,515)				(1,515)
Capital contributions	280				280
Issuance of equity awards and stock based compensation expense	229		$ 40	189
Issuance of equity awards and stock based compensation expense (in Shares)			(37)
Balance at Oct. 31, 2021	464,703	$ 299	$ (181,122)	590,146	55,380
Balance (in Shares) at Oct. 31, 2021		29,853	12,092
Balance at Jul. 31, 2021	453,297	$ 299	$ (175,859)	574,832	54,025
Balance (in Shares) at Jul. 31, 2021		29,853	11,892
Net (loss) income	16,703			15,278	1,425
Treasury stock acquired	(5,271)		$ (5,271)
Treasury stock acquired (in Shares)			200
Noncontrolling interests distribution and other	(211)				(211)
Capital contributions	141				141
Issuance of equity awards and stock based compensation expense	44		$ 8	36
Balance at Oct. 31, 2021	464,703	$ 299	$ (181,122)	590,146	55,380
Balance (in Shares) at Oct. 31, 2021		29,853	12,092
Balance at Jan. 31, 2022	487,562	$ 299	$ (181,114)	611,607	56,770
Balance (in Shares) at Jan. 31, 2022		29,853	12,092
Net (loss) income	26,769			19,536	7,233
Treasury stock acquired	(13,012)		$ (13,012)
Treasury stock acquired (in Shares)			472
Noncontrolling interests distribution and other	(1,730)				(1,730)
Issuance of equity awards and stock based compensation expense	2,156		$ 356	1,522		$ 278
Issuance of equity awards and stock based compensation expense (in Shares)			(101)
Balance at Oct. 31, 2022	501,745	$ 299	$ (193,770)	632,665	62,273	278
Balance (in Shares) at Oct. 31, 2022		29,853	12,463
Balance at Jul. 31, 2022	503,440	$ 299	$ (186,996)	629,481	60,656
Balance (in Shares) at Jul. 31, 2022		29,853	12,213
Net (loss) income	4,898			3,184	1,714
Treasury stock acquired	(6,819)		$ (6,819)
Treasury stock acquired (in Shares)			250
Noncontrolling interests distribution and other	(97)				(97)
Issuance of equity awards and stock based compensation expense	323		$ 45			278
Balance at Oct. 31, 2022	$ 501,745	$ 299	$ (193,770)	$ 632,665	$ 62,273	$ 278
Balance (in Shares) at Oct. 31, 2022		29,853	12,463

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Consolidated Condensed Statements of Cash Flows Unaudited - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Cash flows from operating activities:
Net income including noncontrolling interests	$ 26,769	$ 35,153
Net income from discontinued operations, net of tax		4,263
Net income from continuing operations	26,769	30,890
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	13,503	13,505
Amortization of operating lease right-of-use assets	4,105	4,128
Income from equity method investments	(6,210)	(2,763)
Dividends received from equity method investments	3,007	1,504
Interest income from investments	(1,098)	(36)
Deferred income tax	4,964	5,840
Stock based compensation expense	1,295	1,100
Gain on sale of property and equipment – net	(91)	(1)
Changes in assets and liabilities:
Accounts receivable	3,146	(20,313)
Inventories	180	7,673
Refundable income taxes	66	(332)
Other assets	649	1,912
Accounts payable, trade	7,990	10,916
Other liabilities	(4,281)	2,776
Net cash provided by operating activities from continuing operations	53,994	56,799
Net cash used in operating activities from discontinued operations		(6,368)
Net cash provided by operating activities	53,994	50,431
Cash flows from investing activities:
Capital expenditures	(7,182)	(4,245)
Purchase of short-term investments	(307,371)	(67,412)
Sale of short-term investments	180,527	82,022
Other		40
Net cash (used in) provided by investing activities	(134,026)	10,405
Cash flows from financing activities:
Treasury stock acquired	(13,012)	(6,627)
Payments to noncontrolling interests holders	(1,730)	(1,515)
Net cash used in financing activities from continuing operations	(14,742)	(8,142)
Net cash provided by financing activities from discontinued operations		280
Net cash used in financing activities	(14,742)	(7,862)
Net (decrease) increase in cash, cash equivalents and restricted cash	(94,774)	52,974
Cash, cash equivalents and restricted cash, beginning of period	232,068	146,158
Cash, cash equivalents and restricted cash, end of period	137,294	199,132
Non cash investing activities – Accrued capital expenditures	93	34
Non cash financing activities – Stock awards accrued	679	972
Non cash financing activities – Stock awards issued	1,539	100
Right-of-use assets acquired and liabilities incurred upon lease execution	7,632	3,267
Cash and cash equivalents	135,986	197,395
Restricted cash	1,308	1,737
Total cash, cash equivalents and restricted cash	$ 137,294	$ 199,132

Consolidated Condensed Financial Statements

9 Months Ended

Oct. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 1. Consolidated Condensed Financial Statements

References to the Company – References to “REX” or the “Company” in the consolidated condensed financial statements and in these notes to the consolidated condensed financial statements refer to REX American Resources Corporation, a Delaware corporation, and its majority and wholly owned subsidiaries.

The consolidated condensed financial statements included in this report have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and include, in the opinion of management, all adjustments necessary to state fairly the information set forth therein. Any such adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Financial information as of January 31, 2022 included in these financial statements has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2022 (fiscal year 2021). It is suggested that these unaudited consolidated condensed financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2022. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year.

Basis of Consolidation – The consolidated condensed financial statements in this report include the operating results and financial position of the Company. All intercompany balances and transactions have been eliminated. The Company consolidates the results of its wholly owned and majority owned subsidiaries. The Company includes the results of operations of One Earth Energy, LLC (“One Earth”) in its Consolidated Condensed Statements of Operations on a delayed basis of one month as One Earth has a fiscal year end of December 31. On November 18, 2021, the Company ceased operation of its refined coal business as tax credits could no longer be earned on its operations. Beginning in the third quarter of fiscal year 2021, the results of the operation of the refined coal business were recognized in discontinued operations.

Stock Split – On June 21, 2022, the Board of Directors of the Company adopted resolutions declaring a three-for-one split of the Company’s Common Stock to be effectuated in the form of a 200% stock dividend, payable on August 5, 2022 to stockholders of record at the close of business on July 29, 2022. The stock split has been retroactively reflected in the accompanying consolidated financial statements.

Nature of Operations – Beginning in the third quarter of fiscal year 2021, the Company now has one reportable segment, ethanol and by-products. Within the ethanol and by-products segment, the Company has equity investments in three ethanol limited liability companies, two of which are majority

ownership interests. Prior period amounts have been reclassified to conform to the current segment reporting.

Accounting Policies

9 Months Ended

Oct. 31, 2022

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

Note 2. Accounting Policies

The interim consolidated condensed financial statements have been prepared in accordance with the accounting policies described in the notes to the consolidated financial statements included in the Company’s fiscal year 2021 Annual Report on Form 10-K. While management believes that the procedures followed in the preparation of interim financial information are reasonable, the accuracy of some estimated amounts is dependent upon facts that will exist or calculations that will be accomplished at fiscal year-end. Examples of such estimates include accrued liabilities, such as management bonuses, and the provision for income taxes. Any adjustments pursuant to such estimates during the quarter were of a normal recurring nature. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less.

Revenue Recognition

The Company recognizes sales of ethanol, distillers grains and non-food grade corn oil when obligations under the terms of the respective contracts with customers are satisfied; this occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products.

Cost of Sales

Cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant repair and maintenance costs, plant management, certain compensation costs and general facility overhead charges.

Selling, General and Administrative (“SG&A”) Expenses

The Company includes non-production related costs such as professional fees, outbound freight charges, selling charges and certain payroll in SG&A expenses. Outbound freight charges were approximately $2,463,000 and $210,000 in the third quarter of fiscal years 2022 and 2021, respectively and approximately $5,363,000 and $7,366,000 in the first nine months of fiscal years 2022 and 2021, respectively.

Financial Instruments

Certain of the forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of Accounting Standards Codification (“ASC”) 815, “Derivatives and Hedging” (“ASC 815”) because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and sales

of ethanol, distillers grains and non-food grade corn oil in quantities expected to be produced by the Company over a reasonable period of time in the normal course of business.

The Company uses derivative financial instruments (exchange-traded futures contracts) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sales activities, there are situations in which these hedging activities can themselves result in losses. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting.

Income Taxes

The Company applies an effective tax rate to interim periods that is consistent with the Company’s estimated annual tax rate as adjusted for discrete items impacting the interim periods. The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid income taxes of approximately $2.2 million and $2.8 million and received no refunds during the nine months ended October 31, 2022 and 2021, respectively.

As of October 31, 2022, and January 31, 2022, total unrecognized tax benefits were approximately $16,825,000 and $16,741,000, respectively. Accrued penalties and interest were approximately $50,000 and approximately $40,000 at October 31, 2022 and January 31, 2022, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $16.7 million. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest.

Inventories

Inventories are carried at the lower of cost or net realizable value on a first-in, first-out basis. Inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities associated with producing ethanol and related by-products. Inventory is written down for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the market value of inventory is often dependent upon changes in commodity prices. The Company recorded approximately $0.4 million and $0.5 million of inventory write-downs in cost of sales at October 31, 2022 and January 31, 2022, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory and changes in commodity prices at a given point in time.

The components of inventory are as follows as of the dates presented (amounts in thousands):

	October 31, 2022		January 31, 2022

Ethanol and other finished goods	$	10,592	$	13,158
Work in process		6,809		5,473
Grain and other raw materials		24,644		23,594
Total	$	42,045	$	42,225

Property and Equipment

Property and equipment is recorded at cost or the fair value on the date of acquisition (for property and equipment acquired in a business combination). Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment.

In accordance with ASC 360-10 “Impairment or Disposal of Long-Lived Assets”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable. The Company did not identify any indicators of impairment during the first nine months of fiscal year 2022 or 2021, thus there were no impairment charges in the first nine months of fiscal year 2022 or 2021.

The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any.

Investments

The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company accounts for investments in a limited liability company in which it has a less than 20% ownership interest using the equity method of accounting when the factors discussed in ASC 323, “Investments-Equity Method and Joint Ventures” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. The Company accounts for its investment in Big River Resources, LLC (“Big River”) using the equity method of accounting and includes the results on a delayed basis of one month as Big River has a fiscal year end of December 31.

The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include general economic and company-specific evaluations. If the Company determines that a decline in market value is other than

Short-term investments are considered held to maturity, and therefore are carried at amortized historical cost.

Other Income

As part of the Coronavirus Aid, Relief, and Economic Security Act, passed in 2020, $700 million in funds were made available to the U.S. Department of Agriculture to distribute to impacted producers of ethanol, biodiesel, and other renewable fuels under the Biofuel Producer Program. The U.S. Department of Agriculture (“USDA”) distributed funds to applicants in May 2022. Our consolidated plants received a total of approximately $7.8 million from this program, which was recorded within “Interest and other income, net” in the Consolidated Condensed Statements of Operations for the nine months ended October 31, 2022.

Discontinued Operations

On November 18, 2021, the Company ceased operation of its refined coal business as tax credits could no longer be earned on its operation. Beginning in the third quarter of fiscal year 2021, the results of the operation of the refined coal business have been recognized in discontinued operations. Prior period amounts have been reclassified to conform with discontinued operations reporting.

Comprehensive Income

The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income.

Accounting Changes and Recently Issued Accounting Standards

In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, which increases the transparency of government assistance received by businesses by expanding the disclosure requirements for annual reporting periods. The Company plans to provide necessary disclosures required related to government assistance received in the annual reporting for the year ending January 31, 2023, as required.

The Company does not expect this accounting guidance to materially impact its consolidated financial statements.

Net Sales and Revenue

9 Months Ended

Oct. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Note 3. Net Sales and Revenue

The Company recognizes sales of products when obligations under the terms of the respective contracts with customers are satisfied. This occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods. Sales, value added and other taxes the Company collects concurrent with revenue producing activities are excluded from net sales and revenue.

The majority of the Company’s sales have payment terms ranging from 5 to 10 days after transfer of control. The Company has determined that sales contracts do not generally include a significant financing component. The Company has not historically, and does not intend to, enter sales contracts in which payment is due from a customer prior to transferring product to the customer. Thus, the Company does not record unearned revenue.

The following tables shows disaggregated revenue by product (amounts in thousands):

	Three Months Ended October 31,				Nine Months Ended October 31,
	2022		2021		2022		2021
Sales of products, continuing operations:
Ethanol	$	165,135	$	161,598	$	502,404	$	441,657
Dried distillers grains		38,009		28,717		104,167		91,408
Non-food grade corn oil		14,648		11,958		39,973		27,364
Modified distillers grains		2,477		2,930		9,288		7,157
Derivative financial instrument gains (losses)		8		(2,144)		(1,144)		(4,907)
Other		-		7		145		107
Total	$	220,277	$	203,066	$	654,833	$	562,786

Sales of products, discontinued operations:
Refined coal¹	$	-	$	151	$	-	$	377

¹Refined coal sales were recorded net of the cost of coal as the Company purchased the coal feedstock from the customer to which the processed refined coal was sold.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=49130388

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

9 Months Ended

Oct. 31, 2022

ASU 2016-02 Transition [Abstract]

Lessee, Operating Lease, Disclosure [Table Text Block]

Note 4. Leases

At October 31, 2022, the Company had lease agreements, as lessee, for railcars. All of the leases are accounted for as operating leases. The lease agreements do not contain a specified implicit interest rate; therefore, the Company’s estimated incremental borrowing rate was used to determine the present value of future minimum lease payments. The exercise of any lease option renewal is at the Company’s sole discretion. The lease term for all of the Company’s leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. The components of lease expense, classified as SG&A expenses on the Consolidated Condensed Statement of Operations are as follows (amounts in thousands):

	Three Months Ended October 31,				Nine Months Ended October 31,
	2022		2021		2022		2021

Operating lease expense	$	2,060	$	1,690	$	5,661	$	4,805
Variable lease expense		92		1,090		757		1,654
Total lease expense	$	2,152	$	2,780	$	6,418	$	6,459

The following table is a summary of future minimum rentals on such leases at October 31, 2022 (amounts in thousands):

Years Ended January 31,	Minimum Rentals

Remainder of 2023		$	1,392
2024			5,563
2025			4,114
2026			1,942
2027			1,877
Thereafter			1,474
Total			16,362
Less: present value discount			1,577
Operating lease liabilities		$	14,785

At October 31, 2022, the weighted average remaining lease term is 3.5 years, and the weighted average discount rate is 5.43% for the above leases. At January 31, 2022, the weighted average remaining lease term was 2.5 years, and the weighted average discount rate was 4.85% for the above leases.

Fair Value

9 Months Ended

Oct. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Note 5. Fair Value

The Company applies ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), which provides a framework for measuring fair value under accounting principles generally accepted in the United States of America. This accounting standard defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The Company determines the fair market values of its financial instruments based on the fair value hierarchy established by ASC 820 which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values which are provided below. The Company carries certain cash equivalents, investments and derivative instruments at fair value.

The fair values of derivative assets and liabilities traded in the over-the-counter market are determined using quantitative models that require the use of multiple market inputs including interest rates, prices and indices to generate pricing and volatility factors, which are used to value the position. The predominance of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Estimation risk is greater for derivative asset and liability positions that are either option-based or have longer maturity dates where observable market inputs are less readily available or are unobservable, in which case interest rate, price or index scenarios are extrapolated in order to determine the fair value. The fair values of derivative assets and liabilities include adjustments for market liquidity, counterparty credit quality, the Company’s own credit standing and other specific factors, where appropriate.

To ensure the prudent application of estimates and management judgment in determining the fair value of derivative assets and liabilities, investments and property and equipment, various processes and controls have been adopted, which include: (i) model validation that requires a review and approval for pricing, financial statement fair value determination and risk quantification; and (ii) periodic review and substantiation of profit and loss reporting for all derivative instruments. Financial assets and liabilities measured at fair value on a recurring basis at October 31, 2022 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Fair Value
Investment in cooperative (1)	$	-	$	-	$	354	$	354
Forward purchase contracts asset (2)		-		800		-		800
Total assets	$	-	$	800	$	354	$	1,154

Forward purchase contracts liability (3)	$	-	$	30	$	-	$	30
Commodity futures liability (3)		-		285		-		285
Total liabilities	$	-	$	315	$	-	$	315

Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2022 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Fair Value
Investment in cooperative (1)	$	-	$	-	$	354	$	354
Forward purchase contracts (2)		-		993		-		993
Total assets	$	-	$	993	$	354	$	1,347

Commodity futures liability (3)	$	-	$	933	$	-	$	933

(1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets.

(2) The forward purchase contracts and commodity futures assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets.

(3) The commodity futures and forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets.

The Company determined the fair value of the investment in cooperative by using a discounted cash flow analysis on the expected cash flows. Inputs used in the analysis include the face value of the allocated equity amount, the projected term for repayment based upon a historical trend and a risk adjusted discount rate based on the expected compensation participants would demand because of the uncertainty of the future cash flows. The inherent risk and uncertainty associated with unobservable inputs could have a significant effect on the actual fair value of the investment.

There were no assets measured at fair value on a non-recurring basis at October 31, 2022 or January 31, 2022.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property and Equipment

9 Months Ended

Oct. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Note 6. Property and Equipment

The components of property and equipment are as follows for the periods presented (amounts in thousands):

	October 31, 2022			January 31, 2022

Land and improvements		$	27,461		$	27,329
Buildings and improvements			23,707			23,617
Machinery, equipment and fixtures			298,822			296,243
Construction in progress			5,201			1,515
			355,191			348,704
Less: Accumulated depreciation			(223,956)			(211,150)
Total		$	131,235		$	137,554

Accrued Expenses and Other Current Liabilities

9 Months Ended

Oct. 31, 2022

Disclosure Text Block Supplement [Abstract]

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

Note 7. Accrued Expenses and Other Current Liabilities

The components of accrued expenses and other current liabilities are as follows for the periods presented (amounts in thousands):

	October 31, 2022			January 31, 2022

Accrued payroll and related items		$	3,441		$	5,407
Accrued utility charges			4,500			4,297
Accrued transportation related items			899			593
Accrued real estate taxes			1,489			1,857
Commodity futures			285			933
Forward purchase contracts			30			-
Accrued income taxes			82			95
Other			1,383			435
Total		$	12,109		$	13,617

Derivative Financial Instruments

9 Months Ended

Oct. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Note 8. Derivative Financial Instruments

The Company is exposed to various market risks, including changes in commodity prices (raw materials and finished goods). To manage risks associated with the volatility of these natural business exposures, the Company enters into commodity agreements and forward purchase (corn and natural gas) and sale (ethanol, distillers grains and non-food grade corn oil) contracts. The Company does not purchase or sell derivative financial instruments for trading or speculative purposes. The Company does not purchase or sell derivative financial instruments for which a lack of marketplace quotations would require the use of fair value estimation techniques. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting.

The following table provides information about the fair values of the Company’s derivative financial instruments (that are not accounted for under the “normal purchases and normal sales” scope exemption of ASC 815) and the line items on the Consolidated Condensed Balance Sheets in which the fair values are reflected (in thousands):

	Asset Derivatives Fair Value							Liability Derivatives Fair Value
	October 31, 2022			January 31, 2022			October 31, 2022			January 31, 2022

Commodity futures (1)		$	-		$	-		$	285		$	933
Forward purchase contracts (2)			800			993			30			-
Total		$	800		$	993		$	315		$	933

(1) Commodity futures liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. These contracts included short/sell positions and long/buy positions for approximately 3.4 million bushels and 90,000 bushels, respectively at October 31, 2022. These contracts include short/sell positions for approximately 7.4 million bushels of corn at January 31, 2022.

(2) Forward contract liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. These contracts were for purchases of approximately 5.3 million bushels of corn at October 31, 2022. Forward purchase contracts assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets. These contracts were for purchases of approximately 3.9 million bushels and 19.2 million bushels of corn at October 31, 2022 and January 31, 2022, respectively.

As of October 31, 2022, and January 31, 2022, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements with the counterparty. The Company’s accounting policy is to offset positions and amounts owed or owing with the same counterparty. As of October 31, 2022, and January 31, 2022, the gross positions of the enforceable master netting agreements were not significantly different from the net positions presented in the table above. Depending on the amount of an unrealized loss on a derivative contract held by the Company, the counterparty may require collateral to secure the Company’s derivative contract position. The Company was required to maintain collateral in the amount of approximately $1,308,000 and approximately $2,222,000 to secure the Company’s derivative liability position at October 31, 2022 and January 31, 2022, respectively, which is recorded as “Restricted cash” on the accompanying Consolidated Condensed Balance Sheets.

See Note 5 which contains fair value information related to derivative financial instruments.

The Company recognized gains, which are included in “Net sales and revenue” in the accompanying Consolidated Condensed Statement of Operations, on derivative financial instruments of approximately $8,000 and losses of $2,144,000 for the third quarter of fiscal years 2022 and 2021, respectively. The Company recognized losses on derivative financial instruments of approximately $1,144,000 and $4,907,000 for the first nine months of fiscal years 2022 and 2021, respectively.

The Company recognized gains, which are included in “Cost of sales” in the accompanying Consolidated Condensed Statement of Operations, on derivative financial instruments of approximately $9,000 and of $5,474,000 for the third quarter of fiscal years 2022 and 2021, respectively. The Company recognized losses on derivative financial instruments of approximately $12,920,000 and $2,562,000 for the first nine months of fiscal years 2022 and 2021, respectively.

Investments

9 Months Ended

Oct. 31, 2022

Disclosure Text Block Supplement [Abstract]

Investment [Text Block]

Note 9. Investments

Equity Method Investment in Big River

The following table summarizes the Company’s equity method investment at October 31, 2022 and January 31, 2022 (dollars in thousands):

		Carrying Amount
Entity	Ownership Percentage	October 31, 2022	January 31, 2022

Big River	10.3%	$33,769	$ 30,566

Undistributed earnings of the Company’s equity method investee totaled approximately $13.7 million and approximately $10.5 million at October 31, 2022 and January 31, 2022, respectively. The Company received dividends from its equity method investee of approximately $3.0 million and approximately $1.5 million in the first nine months of fiscal year 2022 and 2021.

Summarized financial information for the Company’s equity method investee is presented in the following table for the periods presented (amounts in thousands):

	Three Months Ended October 31,				Nine Months Ended October 31,
	2022		2021		2022		2021

Net sales and revenue	$	398,838	$	347,059	$	1,200,980	$	966,858
Gross profit	$	11,432	$	7,092	$	60,593	$	27,993
Income from continuing operations	$	6,415	$	3,390	$	60,230	$	26,802
Net income	$	6,415	$	3,390	$	60,230	$	26,802

Short-term Investments

At October 31, 2022, the Company owned United States Treasury Bills that had an amortized cost, or carrying value, of approximately $153.8 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 3.1%. Unrealized gains or losses were insignificant.

At January 31, 2022, the Company owned certificates of deposit that had an amortized cost, or carrying value, of approximately $25,877,000. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 0.1%. Unrealized gains or losses were insignificant.

Employee Benefits

9 Months Ended

Oct. 31, 2022

Disclosure Text Block Supplement [Abstract]

Compensation and Employee Benefit Plans [Text Block]

Note 10. Employee Benefits

The Company maintains the REX 2015 Incentive Plan, approved by its shareholders, which reserves a total of 1,650,000 shares of common stock for issuance pursuant to its terms. The plan provides for the granting of shares of stock, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, and restricted stock unit awards to eligible employees, non-employee directors and consultants. Until the current year, the Company had only granted restricted stock awards. In May 2022, the Company issued restricted stock units to certain officers of the Company which vest based on the Company’s Total Shareholder Return (TSR) compared to the TSRs of companies that comprise the Russell 2000 Index over a three-year performance period. The Company measures share-based compensation grants at fair value on the grant date, adjusted for estimated forfeitures. The Company records noncash compensation expense related to liability and equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. At October 31, 2022, 1,342,392 shares remain available for issuance under the Plan.

Restricted Stock Awards

As a component of their compensation, restricted stock has been granted to directors and certain employees at the closing market price of REX common stock on the grant date. In addition, one quarter (one third prior to 2022) of executives’ incentive compensation is payable by an award of restricted stock based on the then closing market price of REX common stock on the grant date. The Company’s board of directors has determined that the grant date will be June 15^th, or the next business day if June 15^th is not a business day, for all grants of restricted stock.

At October 31, 2022 and January 31, 2022, unrecognized compensation cost related to nonvested restricted stock awards was approximately $551,000 and $97,000 respectively. The following tables summarize non-vested restricted stock award activity for the periods presented:

	Nine Months Ended October 31, 2022

	Non-Vested Shares		Weighted Average Grant Date Fair Value (000’s)		Weighted Average Remaining Vesting Term (in years)

Non-Vested at January 31, 2022		30,167	$	773		1
Granted		70,689		2,032
Forfeited		-		-
Vested		18,403		451

Non-Vested at October 31, 2022		82,453	$	2,354		2

	Nine Months Ended October 31, 2021

	Non-Vested Shares		Weighted Average Grant Date Fair Value (000’s)		Weighted Average Remaining Vesting Term (in years)

Non-Vested at January 31, 2021		59,102	$	1,398		1
Granted		8,409		275
Forfeited		-		-
Vested		37,344		900

Non-Vested at October 31, 2021		30,167	$	773		2

Restricted Stock Units (RSUs)

In May 2022, the Company issued a total of 67,500 RSUs to certain officers. The number of RSUs eligible to vest will be determined based on how the Company’s TSR compares to the TSR of companies that comprise the Russell 2000 Index during the performance period ending December 31, 2024. The number of RSUs eligible to vest ranges from zero percent to two hundred percent, depending on actual performance during the performance period.

For the three and nine month period ended October 31, 2022, the Company recognized compensation cost of approximately $253,000 and $441,100, respectively, related to the RSUs.

Income Taxes

9 Months Ended

Oct. 31, 2022

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Note 11. Income Taxes

The Company’s income tax provision from continuing operations was approximately $1.2 million and approximately $4.3 million for the three months ended October 31, 2022 and 2021, respectively. The Company’s income tax provision from continuing operations was approximately $7.4 million and approximately $8.3 million for the nine months ended October 31, 2022 and 2021, respectively.

The Company did not have any activity classified as discontinued operations in the current fiscal year and therefore, did not have an income tax provision or benefit from discontinued operations. The Company’s income tax benefit from discontinued operations was approximately $4.9 million and approximately $12.6 million for the three and nine months ended October 31, 2021, respectively. The benefit is derived from the level of tax credits generated from the refined coal business and the tax benefit of the loss from operations. Through its refined coal business, the Company earned production tax credits pursuant to IRC Section 45. The credits can be used to reduce future income tax liabilities for up to 20 years.

The Company assessed all available positive and negative evidence to determine whether it expects sufficient future taxable income will be generated to allow for the realization of existing federal deferred tax assets. The Company ceased operation of its refined coal business on November 18, 2021. There is

sufficient objectively verifiable income for management to conclude that it is more likely than not that the Company will utilize available federal deferred tax assets prior to their expiration.

The Company files a U.S. federal income tax return and various state income tax returns. In general, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ended January 31, 2014 and prior. The Company is currently undergoing a federal income tax examination for the years ended January 31, 2015 through January 31, 2020.

On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. It is reasonably possible that the amount of the unrecognized tax benefit with respect to certain unrecognized tax positions will increase or decrease during the next 12 months; however, the Company does not expect the change to have a material effect on results of operations or financial position. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands):

	Nine Months Ended October 31,
	2022		2021

Unrecognized tax benefits, beginning of period	$	16,781	$	8,400
Changes for prior years’ tax positions		94		15
Changes for current year tax positions		-		413
Unrecognized tax benefits, end of period	$	16,875	$	8,828

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitments and Contingencies

9 Months Ended

Oct. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note 12. Commitments and Contingencies

The Company may be involved in various legal actions arising in the normal course of business, from time to time. After taking into consideration legal counsels’ evaluations of any such action(s), management is of the opinion that their outcome will not have a material adverse effect on the Company’s Consolidated Condensed Financial Statements.

One Earth and NuGen have combined forward purchase contracts for approximately 9.2 million bushels of corn, the principal raw material for their ethanol plants, and they have combined forward purchase contracts for approximately 613,000 MmBtu (million British thermal unit) of natural gas.

One Earth and NuGen have combined sales commitments for approximately 46.1 million gallons of ethanol, approximately 88,000 tons of distillers grains and approximately 12.3 million pounds of non-food grade corn oil.

The refined coal entity had various agreements (site license, operating agreements, etc.) containing payment terms based upon production of refined coal under which the Company was required to pay various fees. As production ceased in November 2021, there were no fees paid in fiscal year 2022. These fees totaled approximately $2.0 million and approximately $5.1 million for the three and nine months ended October 31, 2021, respectively.

Related-Party Transactions

9 Months Ended

Oct. 31, 2022

Note 13. Related-Party Transactions

During the third quarters of fiscal years 2022 and 2021, One Earth and NuGen purchased approximately $35.2 million and approximately $22.9 million, respectively, of corn (and other supplies) from minority equity investors and board members of those subsidiaries. Such purchases totaled approximately $101.2 million and approximately $60.3 million for the nine months ended October 31, 2022 and 2021, respectively. The Company had amounts payable to related parties of approximately $1.6 and approximately $0.5 million at October 31, 2022 and January 31, 2022, respectively.

During the three and nine months ended October 31, 2021 the Company recognized commission expense of approximately $40,000 and $230,000, respectively, payable to the minority investor in the refined coal entity. The commission expense is associated with the refined coal business which is classified within discontinued operations.

Accounting Policies, by Policy (Policies)	9 Months Ended
Accounting Policies, by Policy (Policies)	Oct. 31, 2022
Accounting Policies [Abstract]
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less.
Revenue [Policy Text Block]	Revenue Recognition The Company recognizes sales of ethanol, distillers grains and non-food grade corn oil when obligations under the terms of the respective contracts with customers are satisfied; this occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products.
Cost of Goods and Service [Policy Text Block]	Cost of Sales Cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant repair and maintenance costs, plant management, certain compensation costs and general facility overhead charges.
Selling, General and Administrative Expenses, Policy [Policy Text Block]	Selling, General and Administrative (“SG&A”) Expenses The Company includes non-production related costs such as professional fees, outbound freight charges, selling charges and certain payroll in SG&A expenses. Outbound freight charges were approximately $2,463,000 and $210,000 in the third quarter of fiscal years 2022 and 2021, respectively and approximately $5,363,000 and $7,366,000 in the first nine months of fiscal years 2022 and 2021, respectively.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Financial Instruments Certain of the forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of Accounting Standards Codification (“ASC”) 815, “Derivatives and Hedging” (“ASC 815”) because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and non-food grade corn oil in quantities expected to be produced by the Company over a reasonable period of time in the normal course of business. The Company uses derivative financial instruments (exchange-traded futures contracts) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sales activities, there are situations in which these hedging activities can themselves result in losses. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does
Income Tax, Policy [Policy Text Block]	Income Taxes The Company applies an effective tax rate to interim periods that is consistent with the Company’s estimated annual tax rate as adjusted for discrete items impacting the interim periods. The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid income taxes of approximately $2.2 million and $2.8 million and received no refunds during the nine months ended October 31, 2022 and 2021, respectively. As of October 31, 2022, and January 31, 2022, total unrecognized tax benefits were approximately $16,825,000 and $16,741,000, respectively. Accrued penalties and interest were approximately $50,000 and approximately $40,000 at October 31, 2022 and January 31, 2022, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $16.7 million. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest.
Inventory, Policy [Policy Text Block]	Inventories Inventories are carried at the lower of cost or net realizable value on a first-in, first-out basis. Inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities associated with producing ethanol and related by-products. Inventory is written down for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the market value of inventory is often dependent upon changes in commodity prices. The Company recorded approximately $0.4 million and $0.5 million of inventory write-downs in cost of sales at October 31, 2022 and January 31, 2022, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory and changes in commodity prices at a given point in time.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment is recorded at cost or the fair value on the date of acquisition (for property and equipment acquired in a business combination). Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment. In accordance with ASC 360-10 “Impairment or Disposal of Long-Lived Assets”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable. The Company did not identify any indicators of impairment during the first nine months of fiscal year 2022 or 2021, thus there were no impairment charges in the first nine months of fiscal year 2022 or 2021. The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any.
Investment, Policy [Policy Text Block]	Investments The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company accounts for investments in a limited liability company in which it has a less than 20% ownership interest using the equity method of accounting when the factors discussed in ASC 323, “Investments-Equity Method and Joint Ventures” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. The Company accounts for its investment in Big River Resources, LLC (“Big River”) using the equity method of accounting and includes the results on a delayed basis of one month as Big River has a fiscal year end of December 31. The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include general economic and company-specific evaluations. If the Company determines that a decline in market value is other than Short-term investments are considered held to maturity, and therefore are carried at amortized historical cost.
Interest and Other Income [Text Block]	Other Income As part of the Coronavirus Aid, Relief, and Economic Security Act, passed in 2020, $700 million in funds were made available to the U.S. Department of Agriculture to distribute to impacted producers of ethanol, biodiesel, and other renewable fuels under the Biofuel Producer Program. The U.S. Department of Agriculture (“USDA”) distributed funds to applicants in May 2022. Our consolidated plants received a total of approximately $7.8 million from this program, which was recorded within “Interest and other income, net” in the Consolidated Condensed Statements of Operations for the nine months ended October 31, 2022.
Discontinued Operations, Policy [Policy Text Block]	Discontinued Operations On November 18, 2021, the Company ceased operation of its refined coal business as tax credits could no longer be earned on its operation. Beginning in the third quarter of fiscal year 2021, the results of the operation of the refined coal business have been recognized in discontinued operations. Prior period amounts have been reclassified to conform with discontinued operations reporting.
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income.
New Accounting Pronouncements, Policy [Policy Text Block]	Accounting Changes and Recently Issued Accounting Standards In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, which increases the transparency of government assistance received by businesses by expanding the disclosure requirements for annual reporting periods. The Company plans to provide necessary disclosures required related to government assistance received in the annual reporting for the year ending January 31, 2023, as required. The Company does not expect this accounting guidance to materially impact its consolidated financial statements.

Accounting Policies (Tables)

9 Months Ended

Oct. 31, 2022

Accounting Policies [Abstract]

Schedule of Inventory, Current [Table Text Block]

The components of inventory are as follows as of the dates presented (amounts in thousands):

	October 31, 2022		January 31, 2022

Ethanol and other finished goods	$	10,592	$	13,158
Work in process		6,809		5,473
Grain and other raw materials		24,644		23,594
Total	$	42,045	$	42,225

Net Sales and Revenue (Tables)

9 Months Ended

Oct. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The following tables shows disaggregated revenue by product (amounts in thousands):

	Three Months Ended October 31,				Nine Months Ended October 31,
	2022		2021		2022		2021
Sales of products, continuing operations:
Ethanol	$	165,135	$	161,598	$	502,404	$	441,657
Dried distillers grains		38,009		28,717		104,167		91,408
Non-food grade corn oil		14,648		11,958		39,973		27,364
Modified distillers grains		2,477		2,930		9,288		7,157
Derivative financial instrument gains (losses)		8		(2,144)		(1,144)		(4,907)
Other		-		7		145		107
Total	$	220,277	$	203,066	$	654,833	$	562,786

Sales of products, discontinued operations:
Refined coal¹	$	-	$	151	$	-	$	377

Leases (Tables)

9 Months Ended

Oct. 31, 2022

ASU 2016-02 Transition [Abstract]

Lease, Cost [Table Text Block]

The components of lease expense, classified as SG&A expenses on the Consolidated Condensed Statement of Operations are as follows (amounts in thousands):

	Three Months Ended October 31,				Nine Months Ended October 31,
	2022		2021		2022		2021

Operating lease expense	$	2,060	$	1,690	$	5,661	$	4,805
Variable lease expense		92		1,090		757		1,654
Total lease expense	$	2,152	$	2,780	$	6,418	$	6,459

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

The following table is a summary of future minimum rentals on such leases at October 31, 2022 (amounts in thousands):

Years Ended January 31,	Minimum Rentals

Remainder of 2023		$	1,392
2024			5,563
2025			4,114
2026			1,942
2027			1,877
Thereafter			1,474
Total			16,362
Less: present value discount			1,577
Operating lease liabilities		$	14,785

Fair Value (Tables)

9 Months Ended

Oct. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Financial assets and liabilities measured at fair value on a recurring basis at October 31, 2022 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Fair Value
Investment in cooperative (1)	$	-	$	-	$	354	$	354
Forward purchase contracts asset (2)		-		800		-		800
Total assets	$	-	$	800	$	354	$	1,154

Forward purchase contracts liability (3)	$	-	$	30	$	-	$	30
Commodity futures liability (3)		-		285		-		285
Total liabilities	$	-	$	315	$	-	$	315

	Level 1		Level 2		Level 3		Fair Value
Investment in cooperative (1)	$	-	$	-	$	354	$	354
Forward purchase contracts (2)		-		993		-		993
Total assets	$	-	$	993	$	354	$	1,347

Commodity futures liability (3)	$	-	$	933	$	-	$	933

(1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets.

(2) The forward purchase contracts and commodity futures assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets.

(3) The commodity futures and forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets.

Property and Equipment (Tables)

9 Months Ended

Oct. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

The components of property and equipment are as follows for the periods presented (amounts in thousands):

	October 31, 2022			January 31, 2022

Land and improvements		$	27,461		$	27,329
Buildings and improvements			23,707			23,617
Machinery, equipment and fixtures			298,822			296,243
Construction in progress			5,201			1,515
			355,191			348,704
Less: Accumulated depreciation			(223,956)			(211,150)
Total		$	131,235		$	137,554

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Oct. 31, 2022

Disclosure Text Block Supplement [Abstract]

Schedule of Accrued Liabilities [Table Text Block]

The components of accrued expenses and other current liabilities are as follows for the periods presented (amounts in thousands):

	October 31, 2022			January 31, 2022

Accrued payroll and related items		$	3,441		$	5,407
Accrued utility charges			4,500			4,297
Accrued transportation related items			899			593
Accrued real estate taxes			1,489			1,857
Commodity futures			285			933
Forward purchase contracts			30			-
Accrued income taxes			82			95
Other			1,383			435
Total		$	12,109		$	13,617

Derivative Financial Instruments (Tables)

9 Months Ended

Oct. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets at Fair Value [Table Text Block]

	Asset Derivatives Fair Value							Liability Derivatives Fair Value
	October 31, 2022			January 31, 2022			October 31, 2022			January 31, 2022

Commodity futures (1)		$	-		$	-		$	285		$	933
Forward purchase contracts (2)			800			993			30			-
Total		$	800		$	993		$	315		$	933

Investments (Tables)

9 Months Ended

Oct. 31, 2022

Disclosure Text Block Supplement [Abstract]

Equity Method Investments [Table Text Block]

The following table summarizes the Company’s equity method investment at October 31, 2022 and January 31, 2022 (dollars in thousands):

		Carrying Amount
Entity	Ownership Percentage	October 31, 2022	January 31, 2022

Big River	10.3%	$33,769	$ 30,566

Schedule of Financial Information for Equity Method Investments [Table Text Block]

Summarized financial information for the Company’s equity method investee is presented in the following table for the periods presented (amounts in thousands):

	Three Months Ended October 31,				Nine Months Ended October 31,
	2022		2021		2022		2021

Net sales and revenue	$	398,838	$	347,059	$	1,200,980	$	966,858
Gross profit	$	11,432	$	7,092	$	60,593	$	27,993
Income from continuing operations	$	6,415	$	3,390	$	60,230	$	26,802
Net income	$	6,415	$	3,390	$	60,230	$	26,802

Employee Benefits (Tables)

9 Months Ended

Oct. 31, 2022

Disclosure Text Block Supplement [Abstract]

Nonvested Restricted Stock Shares Activity [Table Text Block]

The following tables summarize non-vested restricted stock award activity for the periods presented:

	Nine Months Ended October 31, 2022

	Non-Vested Shares		Weighted Average Grant Date Fair Value (000’s)		Weighted Average Remaining Vesting Term (in years)

Non-Vested at January 31, 2022		30,167	$	773		1
Granted		70,689		2,032
Forfeited		-		-
Vested		18,403		451

Non-Vested at October 31, 2022		82,453	$	2,354		2

	Nine Months Ended October 31, 2021

	Non-Vested Shares		Weighted Average Grant Date Fair Value (000’s)		Weighted Average Remaining Vesting Term (in years)

Non-Vested at January 31, 2021		59,102	$	1,398		1
Granted		8,409		275
Forfeited		-		-
Vested		37,344		900

Non-Vested at October 31, 2021		30,167	$	773		2

Income Taxes (Tables)

9 Months Ended

Oct. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands):

	Nine Months Ended October 31,
	2022		2021

Unrecognized tax benefits, beginning of period	$	16,781	$	8,400
Changes for prior years’ tax positions		94		15
Changes for current year tax positions		-		413
Unrecognized tax benefits, end of period	$	16,875	$	8,828

Consolidated Condensed Financial Statements (Details)	9 Months Ended
Consolidated Condensed Financial Statements (Details)	Oct. 31, 2022
Consolidated Condensed Financial Statements (Details) [Line Items]
Number of Operating Segments	1
Ethanol [Member]
Consolidated Condensed Financial Statements (Details) [Line Items]
Number of Operating Segments	3
Majority-Owned Subsidiary, Unconsolidated [Member] \| Ethanol [Member]
Consolidated Condensed Financial Statements (Details) [Line Items]
Number of Operating Segments	2

Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
Accounting Policies (Details) - USD ($)	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021	Jan. 31, 2022
Accounting Policies (Details) [Line Items]
Outbound Freight Charges	$ 2,463,000	$ 210,000	$ 5,363,000	$ 7,366,000
Income Taxes Paid			2,200,000	2,800,000
Proceeds from Income Tax Refunds			0	0
Unrecognized Tax Benefits		$ 16,825,000		$ 16,825,000	$ 16,741,000
Income Tax Examination, Penalties and Interest Accrued	50,000		50,000		40,000
Inventory Write-down			400,000		$ 500,000
Government Assistance, Amount			$ 7,800,000
Building and Building Improvements [Member] \| Minimum [Member]
Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Estimated Useful Lives			15
Building and Building Improvements [Member] \| Maximum [Member]
Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Estimated Useful Lives			40 years
Fixtures And Equipment [Member] \| Minimum [Member]
Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Estimated Useful Lives			3
Fixtures And Equipment [Member] \| Maximum [Member]
Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Estimated Useful Lives			20 years
Provision for Income Taxes [Member]
Accounting Policies (Details) [Line Items]
Unrecognized Tax Benefits	$ 16,700,000		$ 16,700,000
Cost of Sales [Member]
Accounting Policies (Details) [Line Items]
Maximum Percentage of Equity Ownership Interest Which May be Considered for Equity Method of Accounting			20.00%

Accounting Policies (Details) - Schedule of Components of Inventory - USD ($) $ in Thousands	Oct. 31, 2022	Jan. 31, 2022
Schedule Of Components Of Inventory Abstract
Ethanol and other finished goods	$ 10,592	$ 13,158
Work in process	6,809	5,473
Grain and other raw materials	24,644	23,594
Total	$ 42,045	$ 42,225

Net Sales and Revenue (Details) - Schedule of Disaggregated Revenue by Product - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Oct. 31, 2022

Oct. 31, 2021

Oct. 31, 2022

Oct. 31, 2021

Segment Reporting Information [Line Items]

Sales of products, continuing operations

$ 220,277

$ 203,066

$ 654,833

$ 562,786

Sales of products, discontinued operations

^[1]

151

377

Ethanol [Member]

Segment Reporting Information [Line Items]

Sales of products, continuing operations

165,135

161,598

502,404

441,657

Dried Distillers Grains [Member]

Segment Reporting Information [Line Items]

Sales of products, continuing operations

38,009

28,717

104,167

91,408

Non-Food Grade Corn Oil [Member]

Segment Reporting Information [Line Items]

Sales of products, continuing operations

14,648

11,958

39,973

27,364

Modified Distillers Grains [Member]

Segment Reporting Information [Line Items]

Sales of products, continuing operations

2,477

2,930

9,288

7,157

Derivative financial instruments losses [Member]

Segment Reporting Information [Line Items]

Sales of products, continuing operations

$ 8

(2,144)

(1,144)

(4,907)

Other[Member]

Segment Reporting Information [Line Items]

Sales of products, continuing operations

$ 7

$ 145

$ 107

[1]	Refined coal sales were recorded net of the cost of coal as the Company purchased the coal feedstock from the customer to which the processed refined coal was sold.

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
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-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.5-03(1))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Leases (Details)	Oct. 31, 2022	Jan. 31, 2022
ASU 2016-02 Transition [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	3 years 6 months	2 years 6 months
Operating Lease, Weighted Average Discount Rate, Percent	5.43%	4.85%

Leases (Details) - Schedule of Components of Lease Expense - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Schedule Of Components Of Lease Expense Abstract
Operating lease expense	$ 2,060	$ 1,690	$ 5,661	$ 4,805
Variable lease expense	92	1,090	757	1,654
Total lease expense	$ 2,152	$ 2,780	$ 6,418	$ 6,459

Leases (Details) - Schedule of Future Minimum Rental Payments for Operating Leases $ in Thousands	Oct. 31, 2022 USD ($)
Schedule Of Future Minimum Rental Payments For Operating Leases Abstract
Remainder of 2023	$ 1,392
2024	5,563
2025	4,114
2026	1,942
2027	1,877
Thereafter	1,474
Total	16,362
Less: present value discount	1,577
Operating lease liabilities	$ 14,785

Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($)
$ in Thousands

Oct. 31, 2022

Jan. 31, 2022

Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]

Investment in cooperative

^[1]

$ 354

Forward purchase contracts

^[2]

800

993

Total assets

1,154

1,347

Forward purchase contracts

^[3]

Commodity futures liability

^[3]

285

933

Total liabilities

315

Fair Value, Inputs, Level 1 [Member]

Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]

Investment in cooperative

^[1]

Forward purchase contracts

^[2]

Forward purchase contracts

^[3]

Commodity futures liability

^[3]

Fair Value, Inputs, Level 2 [Member]

Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]

Investment in cooperative

^[1]

Forward purchase contracts

^[2]

800

993

Total assets

800

993

Forward purchase contracts

^[3]

Commodity futures liability

^[3]

285

933

Total liabilities

315

Fair Value, Inputs, Level 3 [Member]

Fair Value (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]

Investment in cooperative

^[1]

354

Forward purchase contracts

^[2]

Total assets

354

Forward purchase contracts

^[3]

Commodity futures liability

^[3]

[1]	The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets.
[2]	The forward purchase contracts and commodity futures assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets.
[3]	The commodity futures and forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets.

Property and Equipment (Details) - Schedule of Property and Equipment - USD ($) $ in Thousands	Oct. 31, 2022	Jan. 31, 2022
Schedule Of Property And Equipment Abstract
Land and improvements	$ 27,461	$ 27,329
Buildings and improvements	23,707	23,617
Machinery, equipment and fixtures	298,822	296,243
Construction in progress	5,201	1,515
	355,191	348,704
Less: accumulated depreciation	(223,956)	(211,150)
Total	$ 131,235	$ 137,554

Accrued Expenses and Other Current Liabilities (Details) - Schedule of Accrued Expenses and Other Current Liabilities - USD ($)
$ in Thousands

Oct. 31, 2022

Jan. 31, 2022

Schedule Of Accrued Expenses And Other Current Liabilities Abstract

Accrued payroll and related items

$ 3,441

$ 5,407

Accrued utility charges

4,500

4,297

Accrued transportation related items

899

593

Accrued real estate taxes

1,489

1,857

Commodity futures

285

933

Forward purchase contracts

^[1]

Accrued income taxes

Other

1,383

435

Total

$ 12,109

$ 13,617

[1]	The commodity futures and forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets.

Derivative Financial Instruments (Details) bu in Millions	3 Months Ended		9 Months Ended
Derivative Financial Instruments (Details) bu in Millions	Oct. 31, 2022 USD ($) bu	Oct. 31, 2021 USD ($)	Oct. 31, 2022 USD ($) bu	Oct. 31, 2021 USD ($)	Jan. 31, 2022 USD ($) bu
Derivative Financial Instruments (Details) [Line Items]
Debt Instrument, Collateral Amount \| $	$ 1,308,000		$ 1,308,000		$ 2,222,000
Gain (Loss) on Derivative Instruments, Net, Sales and Revenue \| $	8,000	$ 2,144,000	1,144,000	$ 4,907,000
Gain (Loss) on Derivative Instruments, Net, Pretax \| $	$ 9,000	$ 5,474,000	$ 12,920,000	$ 2,562,000
Liability [Member] \| Corn [Member]
Derivative Financial Instruments (Details) [Line Items]
Forward Purchase Contracts, Quantity (in US Bushels)	5.3		5.3
Assets [Member] \| Corn [Member]
Derivative Financial Instruments (Details) [Line Items]
Forward Purchase Contracts, Quantity (in US Bushels)	3.9		3.9		19.2
Short/Sell [Member] \| Liability [Member] \| Corn [Member]
Derivative Financial Instruments (Details) [Line Items]
Commodity Futures, Quantity (in US Bushels)	3.4		3.4		7.4
Long/Buy [Member] \| Liability [Member] \| Corn [Member]
Derivative Financial Instruments (Details) [Line Items]
Commodity Futures, Quantity (in US Bushels)	90,000.0		90,000.0

Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments - USD ($)
$ in Thousands

Oct. 31, 2022

Jan. 31, 2022

Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items]

Asset Derivatives, Fair Value

$ 800

$ 993

Liability Derivatives, Fair Value

315

933

Commodity Contract [Member]

Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items]

Asset Derivatives, Fair Value

^[1]

Liability Derivatives, Fair Value

^[1]

285

933

Forward Contracts [Member]

Derivative Financial Instruments (Details) - Schedule of Fair Values for Derivative Financial Instruments [Line Items]

Asset Derivatives, Fair Value

^[2]

800

993

Liability Derivatives, Fair Value

^[2]

$ 30

[1]

Commodity futures liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. These contracts included short/sell positions and long/buy positions for approximately 3.4 million bushels and 90,000 bushels, respectively at October 31, 2022. These contracts include short/sell positions for approximately 7.4 million bushels of corn at January 31, 2022.

[2]

Forward contract liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. These contracts were for purchases of approximately 5.3 million bushels of corn at October 31, 2022. Forward purchase contracts assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets. These contracts were for purchases of approximately 3.9 million bushels and 19.2 million bushels of corn at October 31, 2022 and January 31, 2022, respectively.

Investments (Details) - USD ($) $ in Thousands	9 Months Ended
Investments (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Oct. 31, 2021	Jan. 31, 2022
Disclosure Text Block Supplement [Abstract]
Retained Earnings, Undistributed Earnings from Equity Method Investees	$ 13,700		$ 10,500
Proceeds from Equity Method Investment, Distribution	3,007	$ 1,504
Short-Term Investments	$ 153,819		$ 25,877
Debt Securities, Held-to-Maturity, Weighted Average Yield, Maturity, Year One	3.10%		0.10%

Investments (Details) - Schedule of Equity Method Investments - USD ($) $ in Thousands	Oct. 31, 2022	Jan. 31, 2022
Schedule Of Equity Method Investments Abstract
Big River	10.30%
Big River	$ 33,769	$ 30,566

Investments (Details) - Schedule of Financial Information For Equity Method Investment - Big River [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Investments (Details) - Schedule of Financial Information For Equity Method Investment [Line Items]
Net sales and revenue	$ 398,838	$ 347,059	$ 1,200,980	$ 966,858
Gross profit	11,432	7,092	60,593	27,993
Income from continuing operations	6,415	3,390	60,230	26,802
Net income	$ 6,415	$ 3,390	$ 60,230	$ 26,802

- Definition

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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Employee Benefits (Details) - USD ($)	3 Months Ended	9 Months Ended
Employee Benefits (Details) - USD ($)	Oct. 31, 2022	Oct. 31, 2022	Jan. 31, 2022
Employee Benefits (Details) [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares)		67,500
Restricted Stock or Unit Expense	$ 253,000	$ 441,100
Rex Shareholders [Member]
Employee Benefits (Details) [Line Items]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 551,000	$ 551,000	$ 97,000
Share-Based Payment Arrangement, Option [Member] \| Stock Option Plans 2015 [Member]
Employee Benefits (Details) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in Shares)	1,650,000	1,650,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in Shares)	1,342,392	1,342,392

Employee Benefits (Details) - Schedule of Non-Vested Restricted Stock Award Activity - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Schedule Of Non Vested Restricted Stock Award Activity Abstract
Non-Vested Shares, Beginning of Period	30,167,000	59,102,000
Weighted Average Grant Date Fair Value, Beginning of Period (in Dollars)	$ 773	$ 1,398
Weighted Average Vesting Term, Beginning of Period	1 year	1 year
Non-Vested Shares, Granted	70,689,000	8,409,000
Weighted Average Grant Date Fair Value, Granted (in Dollars per share)	$ 2,032	$ 275
Non-Vested Shares, Vested	18,403,000	37,344,000
Weighted Average Grant Date Fair Value, Vested (in Dollars)	$ 451	$ 900
Non-Vested Shares, End of Period	82,453,000	30,167,000
Weighted Average Grant Date Fair Value, End of Period (in Dollars)	$ 2,354	$ 773
Weighted Average Vesting Term, End of Period	2 years	2 years

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 1,196	$ 4,338	$ 7,374	$ 8,329
Discontinued Operation, Tax Effect of Discontinued Operation		$ 4,900		$ 12,600

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References

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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes (Details) - Schedule of Unrecognized Tax Benefits Roll Forward - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Schedule Of Unrecognized Tax Benefits Roll Forward Abstract
Unrecognized tax benefits, beginning of period	$ 16,781	$ 8,400
Changes for prior years’ tax positions	94	15
Changes for current year tax positions		413
Unrecognized tax benefits, end of period	$ 16,875	$ 8,828

Commitments and Contingencies (Details) lb in Millions, gal in Millions, bu in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Oct. 31, 2021 USD ($)	Oct. 31, 2021 USD ($)	Oct. 31, 2022 MMBTU T lb bu gal
One Earth Energy And Nu Gen Energy [Member]
Commitments and Contingencies (Details) [Line Items]
Quantity of Bushels under Forward Purchase Contract (in US Bushels) \| bu			9.2
Quantity Of Natural Gas Under Sales Commitment (in Millions of British Thermal Units) \| MMBTU			613,000
Quantity of Ethanol under Sales Commitment (in US Gallons) \| gal			46.1
Quantity of Distillers Grains Under Sales Commitment (in US Tons) \| T			88,000
Quantity of Non-food Grade Corn Oil Under Sales Commitments (in Pounds) \| lb			12.3
Refined Coal [Member]
Commitments and Contingencies (Details) [Line Items]
Fees Incurred By Subsidiary \| $	$ 2.0	$ 5.1

Related-Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
Related-Party Transactions (Details) - USD ($)	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021	Jan. 31, 2022
Related-Party Transactions (Details) [Line Items]
Accounts Payable, Related Parties, Current	$ 1,600,000		$ 1,600,000		$ 500,000
One Earth Energy And Nu Gen Energy [Member]
Related-Party Transactions (Details) [Line Items]
Costs and Expenses, Related Party	$ 35,200,000	$ 22,900,000	$ 101,200,000	$ 60,300,000
Refined Coal [Member]
Related-Party Transactions (Details) [Line Items]
Payments for Commissions		$ 40,000		$ 230,000