0000930413-24-003270 | 10-Q | XBRL Viewer | REX American Resources Corp

Schedule of Other Assets [Table Text Block]

The components of other assets are as follows for the periods presented (amounts in thousands):

	October 31, 2024		January 31, 2024

Prepaid utility lease	$	15,600	$	-
Deferred taxes		-		7,837
Other		1,474		1,301
Total	$	17,074	$	9,138

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Oct. 31, 2024

Other Current 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, 2024		January 31, 2024

Accrued payroll and related items	$	8,315	$	9,457
Accrued utility charges		2,029		3,373
Accrued transportation related items		834		2,972
Accrued real estate taxes		1,344		1,742
Forward purchase contracts		1,061		802
Other		2,300		1,371
Total	$	15,883	$	19,717

Investments (Details) - Equity Method Investments - USD ($) $ in Thousands	Oct. 31, 2024	Jan. 31, 2024
Schedule of Equity Method Investments [Line Items]
Carrying Amount	$ 39,015	$ 34,936
Big River [Member]
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	10.30%

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

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Income Taxes (Tables)

3 Months Ended

Oct. 31, 2024

Income Tax Disclosure [Abstract]

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,
	2024		2023

Unrecognized tax benefits, beginning of period	$	18,965	$	19,088
Changes for prior years’ tax positions		21		9
Changes for current year tax positions		-		-
Unrecognized tax benefits, end of period	$	18,986	$	19,097

Commitments and Contingencies	3 Months Ended
Oct. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 13. 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 counsel’s 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 Financial Statements. There were no liabilities recorded at October 31, 2024 and January 31, 2024, as the Company did not believe that there was a probable and reasonably estimable loss associated with any legal contingencies. At October 31, 2024, One Earth and NuGen had combined forward purchase contracts for approximately 16.5 million bushels of corn, the principal raw material for their ethanol plants, and they have combined forward purchase contracts for approximately 1.1 million MmBtu (million British thermal unit) of natural gas. At October 31, 2024, One Earth and NuGen had combined sales commitments for approximately 53.5 million gallons of ethanol, approximately 102,900 tons of distillers grains and approximately 8.2 million pounds of distillers corn oil. At October 31, 2024, One Earth had signed non-cancelable contracts for capital projects with approximately $9.8 million remaining in future payments, of which $2.4 million is related to One Earth’s carbon sequestration project and $7.4 million relates to its ongoing plant expansion. At October 31, 2024, One Earth had a facilities rental agreement with a utility provider that has been executed and is scheduled to commence in early 2025. The remaining future payments are estimated to be approximately $4.7 million over an initial term of ten years. The facility will service both the One Earth Energy ethanol plant and the planned carbon sequestration compression facility.

Commitments and Contingencies

3 Months Ended

Oct. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note 13. 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 counsel’s 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 Financial Statements. There were no liabilities recorded at October 31, 2024 and January 31, 2024, as the Company did not believe that there was a probable and reasonably estimable loss associated with any legal contingencies.

At October 31, 2024, One Earth and NuGen had combined forward purchase contracts for approximately 16.5 million bushels of corn, the principal raw material for their ethanol plants, and they

have combined forward purchase contracts for approximately 1.1 million MmBtu (million British thermal unit) of natural gas.

At October 31, 2024, One Earth and NuGen had combined sales commitments for approximately 53.5 million gallons of ethanol, approximately 102,900 tons of distillers grains and approximately 8.2 million pounds of distillers corn oil.

At October 31, 2024, One Earth had signed non-cancelable contracts for capital projects with approximately $9.8 million remaining in future payments, of which $2.4 million is related to One Earth’s carbon sequestration project and $7.4 million relates to its ongoing plant expansion.

At October 31, 2024, One Earth had a facilities rental agreement with a utility provider that has been executed and is scheduled to commence in early 2025. The remaining future payments are estimated to be approximately $4.7 million over an initial term of ten years. The facility will service both the One Earth Energy ethanol plant and the planned carbon sequestration compression facility.

Accrued Expenses and Other Current Liabilities (Details) - Other Current Liabilities - USD ($) $ in Thousands	Oct. 31, 2024	Jan. 31, 2024
Other Current Liabilities Abstract
Accrued payroll and related items	$ 8,315	$ 9,457
Accrued utility charges	2,029	3,373
Accrued transportation related items	834	2,972
Accrued real estate taxes	1,344	1,742
Forward purchase contracts	1,061	802
Other	2,300	1,371
Total	$ 15,883	$ 19,717

Leases (Details) - Lease, Cost - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases (Details) - Lease, Cost - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Lease, Cost [Abstract]
Operating lease expense	$ 2,014	$ 1,499	$ 5,384	$ 4,691
Variable lease expense	134	(26)	129	277
Total lease expense	$ 2,148	$ 1,473	$ 5,513	$ 4,968

Net Sales and Revenue

3 Months Ended

Oct. 31, 2024

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 or truck 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 entered into 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,
	2024		2023		2024		2023
Ethanol	$	138,107	$	170,174	$	373,634	$	495,972
Dried distillers grains		25,032		34,983		77,564		106,632
Distillers corn oil		10,249		14,756		28,633		39,257
Modified distillers grains		1,159		1,159		3,479		3,814
Derivative financial instruments gains (losses)		300		-		737		(29)
Other		30		7		216		124
Total	$	174,877	$	221,079	$	484,263	$	645,770

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.

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Fair Value Disclosures [Text Block]

Accounting Policies (Details) - USD ($)	3 Months Ended		12 Months Ended
Accounting Policies (Details) - USD ($)	Oct. 31, 2024	Oct. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Accounting Policies (Details) [Line Items]
Income Taxes Paid	$ 5,500,000	$ 8,700,000
Unrecognized Tax Benefits	18,986,000	$ 19,097,000	$ 18,965,000	$ 19,088,000
Income Tax Examination, Penalties and Interest Accrued	91,600		70,000
Inventory Write-down			800,000
Provision For Income Taxes [Member]
Accounting Policies (Details) [Line Items]
Unrecognized Tax Benefits	$ 18,800,000
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%
Approximation [Member]
Accounting Policies (Details) [Line Items]
Unrecognized Tax Benefits	$ 18,900,000		$ 18,900,000
Minimum [Member] \| Building and Building Improvements [Member]
Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life	15 years
Minimum [Member] \| Fixtures And Equipment [Member]
Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Maximum [Member] \| Building and Building Improvements [Member]
Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Maximum [Member] \| Fixtures And Equipment [Member]
Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life	20 years

Fair Value

3 Months Ended

Oct. 31, 2024

Fair Value Disclosures [Abstract]

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, 2024 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Fair Value
Forward purchase contracts asset (1)	$	-	$	597	$	-	$	597
Commodity futures asset (2)		(76)		-		-		(76)
Total assets	$	(76)	$	597	$	-	$	521

Forward purchase contracts liability (3)	$	-	$	1,061	$	-	$	1,061

Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2024 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Fair Value
Forward purchase contracts asset (1)	$	-	$	579	$	-	$	579
Commodity futures (2)		(297)		-		-		(297)
Total assets	$	(297)	$	579	$	-	$	282

Forward purchase contracts liability (3)	$	-	$	802	$	-	$	802

(1)

The forward purchase contracts asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.

(2)

The commodity futures assets and liabilities are netted with cash collateral due from broker and included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.

(3)

The forward purchase contracts liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets.

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.

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Leases of Lessee Disclosure [Text Block]

Accounting Policies (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands	Oct. 31, 2024	Jan. 31, 2024
Schedule Of Inventory Current Abstract
Ethanol and other finished goods	$ 4,239	$ 9,102
Work in process	4,352	5,299
Corn and other raw materials	20,536	12,583
Total	$ 29,127	$ 26,984

Commitments and Contingencies (Details) lb in Millions, gal in Millions, bu in Millions, MMBTU in Millions, $ in Millions	Oct. 31, 2024 USD ($) MMBTU t lb bu gal
Commitments and Contingencies (Details) [Line Items]
Capital Projects Remaining Future Payments	$ 9.8
Capital Projects Remaining Future Payments Subset	2.4
Planned Project Expansion	7.4
Remaining future payments	$ 4.7
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	16.5
Quantity Of Natural Gas Under Sales Commitment (in Millions of British Thermal Units) \| MMBTU	1.1
Quantity Of Ethanol Under Sales Commitment (in US Gallons) \| gal	53.5
Quantity Of Distillers Grains Under Sales Commitment (in Metric Tons) \| t	102,900
Quantity Of Non Food Grade Corn Oil Under Sales Commitments (in Pounds) \| lb	8.2

Leases (Details)	Oct. 31, 2024	Jan. 31, 2024
Disclosure Text Block [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	3 years 9 months 18 days	3 years 4 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	6.57%	5.94%

Income Taxes (Details) - Schedule of Unrecognized Tax Benefits Roll Forward - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Schedule Of Unrecognized Tax Benefits Roll Forward Abstract
Unrecognized tax benefits, beginning of period	$ 18,965	$ 19,088
Changes for prior years’ tax positions	21	9
Changes for current year tax positions	0	0
Unrecognized tax benefits, end of period	$ 18,986	$ 19,097

Leases

3 Months Ended

Oct. 31, 2024

Disclosure Text Block [Abstract]

Note 4. Leases

At October 31, 2024, 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 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 Statement of Operations are as follows (amounts in thousands):

	Three Months Ended October 31,				Nine Months Ended October 31,
	2024		2023		2024		2023

Operating lease expense	$	2,014	$	1,499	$	5,384	$	4,691
Variable lease expense		134		(26)		129		277
Total lease expense	$	2,148	$	1,473	$	5,513	$	4,968

The following table is a summary of future minimum rentals on such leases at October 31, 2024 (amounts in thousands):

Years Ended January 31,	Minimum Rentals

Remainder of 2025	$	1,876
2026		6,789
2027		6,740
2028		5,497
2029		3,207
Thereafter		1,744
Total		25,853
Less: present value discount		3,235
Operating lease liabilities	$	22,618

At October 31, 2024, the weighted average remaining lease term is 3.8 years, and the weighted average discount rate is 6.57% for the outstanding leases. At January 31, 2024, the weighted average remaining lease term was 3.4 years, and the weighted average discount rate was 5.94% for the outstanding leases.

Accounting Policies (Tables)

3 Months Ended

Oct. 31, 2024

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, 2024		January 31, 2024

Ethanol and other finished goods	$	4,239	$	9,102
Work in process		4,352		5,299
Corn and other raw materials		20,536		12,583
Total	$	29,127	$	26,984

Employee Benefits (Details) - USD ($)	3 Months Ended		9 Months Ended
Employee Benefits (Details) - USD ($)	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Employee Benefits (Details) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares (in Shares)	20,046		20,046
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 643,000		$ 643,000
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares)	67,500
Restricted Stock or Unit Expense	$ 300,000	$ 300,000	800,000	$ 800,000
Restricted Stock [Member]
Employee Benefits (Details) [Line Items]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 200,000		$ 200,000
Stock Option Plans 2015 [Member] \| Share-Based Payment Arrangement, Option [Member]
Employee Benefits (Details) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in Shares)	1,650,000		1,650,000
Stock Option Plans 2015 [Member] \| Performance Shares [Member]
Employee Benefits (Details) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in Shares)	1,165,709		1,165,709

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Income Statement [Abstract]
Net sales and revenue	$ 174,877	$ 221,079	$ 484,263	$ 645,770
Cost of sales (includes $22,739 and $32,723 with related parties for the three months ended October 31, 2024 and 2023, respectively, and $81,726 and $92,610 with related parties for the nine months ended October 31, 2024 and 2023, respectively.)	135,196	181,789	410,358	577,962
Gross profit	39,681	39,290	73,905	67,808
Selling, general and administrative expenses	(8,426)	(7,609)	(20,977)	(21,996)
Equity in income of unconsolidated affiliates	3,621	4,738	7,086	9,275
Interest and other income, net	4,629	4,863	14,950	10,935
Income before income taxes	39,505	41,282	74,964	66,022
Provision for income taxes	(9,402)	(9,640)	(17,581)	(15,396)
Net income	30,103	31,642	57,383	50,626
Net income attributable to noncontrolling interests	(5,603)	(5,566)	(10,314)	(10,259)
Net income attributable to REX common shareholders	$ 24,500	$ 26,076	$ 47,069	$ 40,367
Weighted average shares outstanding – basic (in Shares)	17,595	17,531	17,550	17,461
Basic net income per share attributable to REX common shareholders (in Dollars per share)	$ 1.39	$ 1.49	$ 2.68	$ 2.31
Weighted average shares outstanding – diluted (in Shares)	17,723	17,531	17,673	17,461
Diluted net income per share attributable to REX common shareholders (in Dollars per share)	$ 1.38	$ 1.49	$ 2.66	$ 2.31

Accounting Policies

3 Months Ended

Oct. 31, 2024

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

Note 2. Accounting Policies

The interim consolidated 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 2023 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 distillers 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, third-party 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, selling charges, operating lease expense, and certain payroll in SG&A expenses.

Financial Instruments

Certain of the forward corn and natural gas purchase contracts and ethanol, distillers grains and distillers 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 corn that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and distillers 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 and swaps) 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 $5.5 million and $8.7 million and received no refunds during the nine months ended October 31, 2024 and 2023, respectively.

As of October 31, 2024, and January 31, 2024, total unrecognized tax benefits were approximately $18.9 million. Accrued penalties and interest were approximately $91,600 and approximately $70,000 at October 31, 2024 and January 31, 2024, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $18.8 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

Inventories are carried at the lower of cost or net realizable value. Cost for all inventories is determined using the first-in, first-out method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonable predictable costs of completion, disposal, and transportation. Inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities related to producing ethanol and related by-products. Inventory is permanently written down in 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 did not record any inventory write-downs at October 31, 2024. The Company recorded approximately $0.8 million of inventory write-downs in cost of sales at January 31, 2024. 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, 2024		January 31, 2024

Ethanol and other finished goods	$	4,239	$	9,102
Work in process		4,352		5,299
Corn and other raw materials		20,536		12,583
Total	$	29,127	$	26,984

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 or record any impairment charges during the first nine months of fiscal years 2024 or 2023.

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 temporary, then a charge to earnings is recorded in the Consolidated Statements of Operations and a new cost basis in the investment is established.

Short-term investments, consisting of U.S. government obligations, are considered held to maturity, and therefore are carried at amortized historical cost.

Reclassifications

Certain immaterial amounts previously presented for prior periods have been reclassified to conform to the current presentation. The reclassification had no effect on net income, working capital, or members’ equity previously reported.

Recently Issued Accounting Standards

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updated (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management has evaluated the impact of this disclosure and is prepared to adopt the amendments when effective.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, to enhance the transparency and decision usefulness of income tax disclosures. This ASU is effective for all entities that are subject to Topic 740 for fiscal years beginning after December 15, 2024. Early adoption and retrospective application are permitted, but not required. The Company is currently evaluating the impact of this ASU.

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Oct. 31, 2024	Dec. 04, 2024
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		17,567,152
Amendment Flag	false
Entity Central Index Key	0000744187
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Period End Date	Oct. 31, 2024
Document Fiscal Year Focus	2024
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

Investments

3 Months Ended

Oct. 31, 2024

Investment [Text Block]

Note 10. Investments

Equity Method Investment in Big River

The following table summarizes the Company’s equity method investment at October 31, 2024 and January 31, 2024 (dollars in thousands):

		Carrying Amount
Entity	Ownership Percentage	October 31, 2024	January 31, 2024

Big River	10.3%	$39,015	$34,936

Undistributed earnings of the Company’s equity method investee totaled approximately $19.0 million and approximately $14.9 million at October 31, 2024 and January 31, 2024, respectively. The Company received dividends from its equity method investee of approximately $3.0 million and $5.5 million in the first nine months of fiscal year 2024 or 2023, respectively.

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,
	2024		2023		2024		2023

Net sales and revenue	$	272,481	$	351,390	$	808,844	$	1,128,012
Gross profit	$	46,996	$	52,869	$	88,110	$	107,395
Depreciation expense	$	3,433	$	6,470	$	16,639	$	19,629
Net income	$	44,900	$	53,112	$	84,127	$	104,930
Net income attributable to members	$	38,708	$	45,955	$	72,311	$	89,954

Short-term Investments

At October 31, 2024, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $66.8 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 5.1%. Unrecognized holding gains at October 31, 2024 were approximately $18,000.

At January 31, 2024, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $155.3 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 5.5%. Unrecognized holding losses at January 31, 2024 were approximately $94,000.

Consolidated Condensed Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Treasury Stocks [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]
Balance at Jan. 31, 2023	$ 510,994	$ 299	$ (193,721)	$ 578	$ 640,826	$ 63,012
Balance (in Shares) at Jan. 31, 2023		29,853	12,463
Net income	50,626				40,367	10,259
Noncontrolling interests distribution and other	(716)					(716)
Issuance of equity awards and stock based compensation expense	4,644		$ 1,747	2,897
Issuance of equity awards and stock based compensation expense (in Shares)			(113)
Balance at Oct. 31, 2023	565,548	$ 299	$ (191,974)	3,475	681,193	72,555
Balance (in Shares) at Oct. 31, 2023		29,853	12,350
Balance at Jul. 31, 2023	533,549	$ 299	$ (192,037)	3,181	655,117	66,989
Balance (in Shares) at Jul. 31, 2023		29,853	12,350
Net income	31,642				26,076	5,566
Issuance of equity awards and stock based compensation expense	357		$ 63	294
Balance at Oct. 31, 2023	565,548	$ 299	$ (191,974)	3,475	681,193	72,555
Balance (in Shares) at Oct. 31, 2023		29,853	12,350
Balance at Jan. 31, 2024	587,597	$ 299	$ (191,911)	3,769	701,761	73,679
Balance (in Shares) at Jan. 31, 2024		29,853	12,350
Net income	57,383				47,069	10,314
Noncontrolling interests distribution and other	(1,884)					(1,884)
Issuance of equity awards and stock based compensation expense	3,504		$ 1,019	2,485
Issuance of equity awards and stock based compensation expense (in Shares)			(64)
Balance at Oct. 31, 2024	646,600	$ 299	$ (190,892)	6,254	748,830	82,109
Balance (in Shares) at Oct. 31, 2024		29,853	12,286
Balance at Jul. 31, 2024	616,186	$ 299	$ (190,957)	5,961	724,330	76,553
Balance (in Shares) at Jul. 31, 2024		29,853	12,286
Net income	30,103				24,500	5,603
Noncontrolling interests distribution and other	(47)					(47)
Issuance of equity awards and stock based compensation expense	358		$ 65	293
Balance at Oct. 31, 2024	$ 646,600	$ 299	$ (190,892)	$ 6,254	$ 748,830	$ 82,109
Balance (in Shares) at Oct. 31, 2024		29,853	12,286

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 equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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Cash and Cash Equivalents, Policy [Policy Text Block]

Accounting Policies, by Policy (Policies)

3 Months Ended

Oct. 31, 2024

Accounting Policies [Abstract]

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

Cost of Goods and Service [Policy Text Block]

Cost of Sales

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, selling charges, operating lease expense, and certain payroll in SG&A expenses.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Financial Instruments

Income Tax, Policy [Policy Text Block]

Income Taxes

Inventory, Policy [Policy Text Block]

Inventory

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

	October 31, 2024		January 31, 2024

Ethanol and other finished goods	$	4,239	$	9,102
Work in process		4,352		5,299
Corn and other raw materials		20,536		12,583
Total	$	29,127	$	26,984

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

Investment, Policy [Policy Text Block]

Investments

Short-term investments, consisting of U.S. government obligations, are considered held to maturity, and therefore are carried at amortized historical cost.

Reclassification, Comparability Adjustment [Policy Text Block]

Reclassifications

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Standards

Derivative Financial Instruments (Tables)

3 Months Ended

Oct. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

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 Balance Sheets in which the fair values are reflected (in thousands):

	Asset Derivatives Fair Value				Liability Derivatives Fair Value
	October 31, 2024		January 31, 2024		October 31, 2024		January 31, 2024

Forward purchase contracts (1)	$	597	$	579	$	1,061	$	802

Cash collateral balance (3)	$	1,209	$	2,152	$	-	$	-
Commodity futures (2)		(76)		(297)		-		-
Net position with broker	$	1,133	$	1,855	$	-	$	-

Total	$	1,730	$	2,434	$	1,061	$	802

(1)

Forward purchase contracts assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts are for purchases of approximately 11.8 million and 9.3 million bushels of corn at October 31, 2024 and January 31, 2024, respectively.

Forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts are for purchases of approximately 4.7 million and 8.2 million bushels of corn at October 31, 2024 and January 31, 2024, respectively.

(2)

Commodity futures assets and liabilities are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts included short/sell positions for approximately 7.0 million bushels of corn and 2.1 million gallons of ethanol at October 31, 2024. These contracts included short/sell positions and long/buy positions for approximately 255,000 and 6.9 million bushels of corn, respectively, at January 31, 2024. These contracts also included short/sell positions for approximately 210,000 gallons of ethanol at January 31, 2024.

(3)

As of October 31, 2024 and January 31, 2024, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements. The Company’s accounting policy is to offset position amounts owed or owing with the same counterparty. Depending on the amount of unrealized gains and losses on derivative contracts held by the Company, the counterparty may require collateral to secure the Company’s derivative contract positions. As of October 31, 2024 and January 31, 2024, the Company was required to maintain collateral with the counterparty in the amount of approximately $1.2 million and $2.2 million, respectively, recorded within “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Statement of Cash Flows [Abstract]
Net income including noncontrolling interests	$ 57,383	$ 50,626
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	12,433	13,371
Amortization of operating lease right-of-use assets	4,192	3,766
Income from equity method investments	(7,086)	(9,275)
Dividends received from equity method investments	3,007	5,513
Interest income from investments	(4,219)	(6,950)
Deferred income tax	11,934	10,048
Stock based compensation expense	2,980	5,146
Loss on disposal of property and equipment – net	45	205
Changes in assets and liabilities:
Accounts receivable	854	(4,976)
Inventories	(2,143)	11,229
Refundable income taxes	172	(1,486)
Other assets	(12,639)	(1,312)
Accounts payable, trade	(21,629)	(5,622)
Other liabilities	(6,178)	(4,819)
Net cash provided by operating activities	39,106	65,464
Cash flows from investing activities:
Capital expenditures	(55,428)	(22,359)
Purchase of short-term investments	(210,328)	(378,381)
Maturity of short-term investments	302,981	337,490
Proceeds from sale of real estate and property and equipment	210	10
Deposits	195	(27)
Net cash provided by (used in) investing activities	37,630	(63,267)
Cash flows from financing activities:
Payments to noncontrolling interests holders	(1,884)	(716)
Net cash used in financing activities	(1,884)	(716)
Net increase in cash and cash equivalents	74,852	1,481
Cash and cash equivalents, beginning of period	223,397	71,347
Cash and cash equivalents, end of period	298,249	72,828
Non cash investing activities – Accrued capital expenditures	3,275	722
Non cash investing activities – Capital additions transferred from prepaid expenses	188
Non cash financing activities – Stock awards accrued	1,648	1,467
Non cash financing activities – Stock awards issued	2,172	965
Right-of-use assets acquired and liabilities incurred upon lease execution	$ 13,734	$ 3,210

Related-Party Transactions

3 Months Ended

Oct. 31, 2024

Note 14. Related-Party Transactions

During the third quarters of fiscal years 2024 and 2023, One Earth and NuGen purchased approximately $22.7 million and $32.7 million, respectively, of corn (and other supplies) from minority equity investors and board members of those affiliates. Such purchases totaled approximately $81.7 million and $92.6 million for the nine months ended October 31, 2024 and 2023, respectively. The Company had amounts payable to related parties of approximately $1.2 million and $5.8 million at October, 31, 2024 and January 31, 2024, respectively.

During the nine months ended October 31, 2024, $1.5 million was paid to landowners who are minority equity investors of One Earth Energy, for land easements related to the carbon sequestration project. There were no amounts paid to related parties for land easements in the three-month period ended October 31, 2024.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Accrued Expenses and Other Current Liabilities

3 Months Ended

Oct. 31, 2024

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

Note 8. 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, 2024		January 31, 2024

Accrued payroll and related items	$	8,315	$	9,457
Accrued utility charges		2,029		3,373
Accrued transportation related items		834		2,972
Accrued real estate taxes		1,344		1,742
Forward purchase contracts		1,061		802
Other		2,300		1,371
Total	$	15,883	$	19,717

Investments (Tables)

3 Months Ended

Oct. 31, 2024

Equity Method Investments [Table Text Block]

The following table summarizes the Company’s equity method investment at October 31, 2024 and January 31, 2024 (dollars in thousands):

		Carrying Amount
Entity	Ownership Percentage	October 31, 2024	January 31, 2024

Big River	10.3%	$39,015	$34,936

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,
	2024		2023		2024		2023

Net sales and revenue	$	272,481	$	351,390	$	808,844	$	1,128,012
Gross profit	$	46,996	$	52,869	$	88,110	$	107,395
Depreciation expense	$	3,433	$	6,470	$	16,639	$	19,629
Net income	$	44,900	$	53,112	$	84,127	$	104,930
Net income attributable to members	$	38,708	$	45,955	$	72,311	$	89,954

Investments (Details) - Schedule Of Financial Information For Equity Method Investments - Big River [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Investments (Details) - Schedule Of Financial Information For Equity Method Investments [Line Items]
Net sales and revenue	$ 272,481	$ 351,390	$ 808,844	$ 1,128,012
Gross profit	46,996	52,869	88,110	107,395
Depreciation expense	3,433	6,470	16,639	19,629
Net income	44,900	53,112	84,127	104,930
Net income attributable to members	$ 38,708	$ 45,955	$ 72,311	$ 89,954

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions	Oct. 31, 2024	Jan. 31, 2024
Statement of Financial Position [Abstract]
Accounts payable - trade, related parties	$ 1.2	$ 5.8

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2024	Jan. 31, 2024
Current assets:
Cash and cash equivalents	$ 298,249	$ 223,397
Short-term investments	66,826	155,260
Accounts receivable	22,331	23,185
Inventory	29,127	26,984
Refundable income taxes	5,556	5,728
Prepaid expenses and other	14,408	17,549
Total current assets	436,497	452,103
Property and equipment, net	200,496	155,587
Operating lease right-of-use assets	22,580	13,038
Other assets	17,074	9,138
Equity method investment	39,015	34,936
Total assets	715,662	664,802
Current liabilities:
Accounts payable – trade (includes $1.2 million and $5.8 million with related parties at October 31, 2024 and January 31, 2024, respectively)	22,220	42,073
Current operating lease liabilities	5,857	4,469
Accrued expenses and other current liabilities	15,883	19,717
Total current liabilities	43,960	66,259
Long-term liabilities:
Deferred taxes	5,694	1,598
Long-term operating lease liabilities	16,761	8,378
Other long-term liabilities	2,647	970
Total long-term liabilities	25,102	10,946
REX shareholders’ equity:
Common stock	299	299
Paid-in capital	6,254	3,769
Retained earnings	748,830	701,761
Treasury stock	(190,892)	(191,911)
Total REX shareholders’ equity	564,491	513,918
Noncontrolling interests	82,109	73,679
Total equity	646,600	587,597
Total liabilities and equity	$ 715,662	$ 664,802

Employee Benefits

3 Months Ended

Oct. 31, 2024

Compensation and Employee Benefit Plans [Text Block]

Note 11. 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 2022, 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 non-cash 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, 2024, 1,165,709 shares remain available for issuance under the Plan, excluding the impact of the 67,500 restricted stock units that may vest between zero and 135,000 shares of stock depending on certain performance metrics being achieved.

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 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.

Based on retirement eligibility provisions, a portion of restricted stock grants are expensed at grant date, based on grant date fair value, thus considered vested for accounting purposes. At October 31, 2024, 20,046 shares were unvested for accounting purposes and unrecognized compensation cost related to these nonvested restricted stock awards was approximately $643,000, to be recognized over a weighted average vesting term of 2.1 years.

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

	Nine Months Ended October 31, 2024

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

Non-Vested at January 31, 2024		162,855	$	5,369		2
Granted		63,407		2,894
Forfeited		-		-
Vested		63,870		2,073

Non-Vested at October 31, 2024		162,392	$	6,190		2

	Nine Months Ended October 31, 2023

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

Non-Vested at January 31, 2023		81,264	$	2,320		2
Granted		113,726		3,945
Forfeited		-		-
Vested		32,135		896

Non-Vested at October 31, 2023		162,855	$	5,369		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.

The Company recognized approximately $0.3 million in each of the three-month periods ended October 31, 2024 and 2023. The Company recognized $0.8 million in each of the nine-month periods ended October 31, 2024 and 2023. Unrecognized compensation cost related to the RSUs at October 31, 2024 was approximately $0.2 million, to be recognized over a weighted average vesting term of 2 months.

The Company determined there to be no dilutive impact on earnings per share for the first three quarters of fiscal year 2023. For the three- and nine-months periods ended October 31, 2024, we calculated the diluted weighted average shares as follows (amounts in thousands):

	Three Months Ended October 31, 2024		Nine Months Ended October 31, 2024
Weighted average shares – basic		17,595		17,550
Dilutive effect of RSUs		128		123
Weighted average shares – diluted		17,723		17,673

Employee Benefits (Details) - Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method - shares shares in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Schedule Of Earnings Per Share Diluted By Common Class Including Two Class Method Abstract
Weighted average shares – basic	17,595	17,531	17,550	17,461
Dilutive effect of RSUs	128		123
Weighted average shares – diluted	17,723	17,531	17,673	17,461

Property and Equipment (Tables)

3 Months Ended

Oct. 31, 2024

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, 2024		January 31, 2024

Land and improvements	$	34,112	$	32,403
Buildings and improvements		24,009		23,810
Machinery, equipment, and fixtures		317,733		307,326
Construction in progress		81,279		37,334
Total property and equipment		457,133		400,873
Less: Accumulated depreciation		(256,637)		(245,286)
Total	$	200,496	$	155,587

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

Oct. 31, 2024

Jan. 31, 2024

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

^[1]

$ 597

$ 579

^[2]

(76)

(297)

521

282

Fair Value, Inputs, Level 1 [Member]

^[3]

1,061

802

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

^[1]

^[2]

(76)

(297)

(76)

(297)

Fair Value, Inputs, Level 2 [Member]

^[3]

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

^[1]

597

579

^[2]

597

579

Fair Value, Inputs, Level 3 [Member]

^[3]

1,061

802

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

^[1]

^[2]

Lease, Cost [Table Text Block]

^[3]

$ 0

[1]	The forward purchase contracts asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.
[2]	The commodity futures assets and liabilities are netted with cash collateral due from broker and included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.
[3]	The forward purchase contracts liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets.

Leases (Tables)

3 Months Ended

Oct. 31, 2024

Disclosure Text Block [Abstract]

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

	Three Months Ended October 31,				Nine Months Ended October 31,
	2024		2023		2024		2023

Operating lease expense	$	2,014	$	1,499	$	5,384	$	4,691
Variable lease expense		134		(26)		129		277
Total lease expense	$	2,148	$	1,473	$	5,513	$	4,968

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, 2024 (amounts in thousands):

Years Ended January 31,	Minimum Rentals

Remainder of 2025	$	1,876
2026		6,789
2027		6,740
2028		5,497
2029		3,207
Thereafter		1,744
Total		25,853
Less: present value discount		3,235
Operating lease liabilities	$	22,618

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023	Jan. 31, 2024
Income Taxes (Details) [Line Items]
Income Tax Expense (Benefit)	$ 9,402	$ 9,640	$ 17,581	$ 15,396
Deferred Taxes [Member]
Income Taxes (Details) [Line Items]
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	16,400		16,400
Other Assets [Member]
Income Taxes (Details) [Line Items]
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued					$ 16,400
Other Liabilities [Member]
Income Taxes (Details) [Line Items]
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	600		600
Refundable Income Taxes [Member]
Income Taxes (Details) [Line Items]
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 2,000		$ 2,000

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

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Income Tax Disclosure [Text Block]

Income Taxes

3 Months Ended

Oct. 31, 2024

Income Tax Disclosure [Abstract]

Note 12. Income Taxes

The Company’s income tax provision was approximately $9.4 million and $9.6 million for the three months ended October 31, 2024 and 2023, respectively. The Company’s income tax provision was approximately $17.6 million and $15.4 million for the nine months ended October 31, 2024 and 2023, respectively.

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. 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, 2022 related to refined coal production tax credits pursuant to IRC Section 45 and research and experimentation credits pursuant to IRC Section 41 claimed during those years.

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,
	2024		2023

Unrecognized tax benefits, beginning of period	$	18,965	$	19,088
Changes for prior years’ tax positions		21		9
Changes for current year tax positions		-		-
Unrecognized tax benefits, end of period	$	18,986	$	19,097

At October 31, 2024 and January 31, 2024, approximately $16.4 million of the unrecognized tax benefits balance was recorded on the accompanying Consolidated Balance Sheets within “Deferred taxes” and “Other assets”, respectively, $0.6 million was recorded within “Other long-term liabilities”, and $2.0 million was recorded within “Refundable income taxes”.

The entire disclosure for income tax.

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Derivative Financial Instruments (Details) - Schedule of Derivative Assets at Fair Value [Line Items]

Derivative Financial Instruments (Details) - Schedule of Derivative Assets at Fair Value - USD ($)
$ in Thousands

Oct. 31, 2024

Jan. 31, 2024

$ 1,730

$ 2,434

Asset Derivatives Net Position With Broker

1,061

802

1,133

1,855

Liability Derivatives Net Position With Broker

Forward Contracts [Member]

Derivative Financial Instruments (Details) - Schedule of Derivative Assets at Fair Value [Line Items]

^[1]

597

579

Cash Collateral Balance [Member]

^[1]

1,061

802

Derivative Financial Instruments (Details) - Schedule of Derivative Assets at Fair Value [Line Items]

^[2]

1,209

2,152

Commodity Contract [Member]

^[2]

Derivative Financial Instruments (Details) - Schedule of Derivative Assets at Fair Value [Line Items]

^[3]

(76)

(297)

^[3]

$ 0

[1]	Forward purchase contracts assets are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts are for purchases of approximately 11.8 million and 9.3 million bushels of corn at October 31, 2024 and January 31, 2024, respectively. Forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets. These contracts are for purchases of approximately 4.7 million and 8.2 million bushels of corn at October 31, 2024 and January 31, 2024, respectively.
[2]	As of October 31, 2024 and January 31, 2024, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements. The Company’s accounting policy is to offset position amounts owed or owing with the same counterparty. Depending on the amount of unrealized gains and losses on derivative contracts held by the Company, the counterparty may require collateral to secure the Company’s derivative contract positions. As of October 31, 2024 and January 31, 2024, the Company was required to maintain collateral with the counterparty in the amount of approximately $1.2 million and $2.2 million, respectively, recorded within “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. See Note 5 which contains fair value information related to derivative financial instruments.
[3]	Commodity futures assets and liabilities are included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets. These contracts included short/sell positions for approximately 7.0 million bushels of corn and 2.1 million gallons of ethanol at October 31, 2024. These contracts included short/sell positions and long/buy positions for approximately 255,000 and 6.9 million bushels of corn, respectively, at January 31, 2024. These contracts also included short/sell positions for approximately 210,000 gallons of ethanol at January 31, 2024.

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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

Fair Value (Tables)

3 Months Ended

Oct. 31, 2024

Fair Value Disclosures [Abstract]

Financial assets and liabilities measured at fair value on a recurring basis at October 31, 2024 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Fair Value
Forward purchase contracts asset (1)	$	-	$	597	$	-	$	597
Commodity futures asset (2)		(76)		-		-		(76)
Total assets	$	(76)	$	597	$	-	$	521

Forward purchase contracts liability (3)	$	-	$	1,061	$	-	$	1,061

Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2024 are summarized below (amounts in thousands):

	Level 1		Level 2		Level 3		Fair Value
Forward purchase contracts asset (1)	$	-	$	579	$	-	$	579
Commodity futures (2)		(297)		-		-		(297)
Total assets	$	(297)	$	579	$	-	$	282

Forward purchase contracts liability (3)	$	-	$	802	$	-	$	802

(1)

The forward purchase contracts asset is included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.

(2)

The commodity futures assets and liabilities are netted with cash collateral due from broker and included in “Prepaid expenses and other” on the accompanying Consolidated Balance Sheets.

(3)

The forward purchase contracts liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Balance Sheets.

Investments (Details) - USD ($)	9 Months Ended
Investments (Details) - USD ($)	Oct. 31, 2024	Oct. 31, 2023	Jan. 31, 2024
Disclosure Text Block Supplement [Abstract]
Retained Earnings, Undistributed Earnings from Equity Method Investees	$ 19,000,000		$ 14,900,000
Proceeds from Equity Method Investment, Distribution	3,000,000	$ 5,500,000
Short-Term Investments	$ 66,826,000		$ 155,260,000
Debt Securities, Held-to-Maturity, Weighted Average Yield, Maturity, Year One	5.10%		5.50%
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss	$ 18,000		$ 94,000

Employee Benefits (Tables)

3 Months Ended

Oct. 31, 2024

Nonvested Restricted Stock Shares Activity [Table Text Block]

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

	Nine Months Ended October 31, 2024

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

Non-Vested at January 31, 2024		162,855	$	5,369		2
Granted		63,407		2,894
Forfeited		-		-
Vested		63,870		2,073

Non-Vested at October 31, 2024		162,392	$	6,190		2

	Nine Months Ended October 31, 2023

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

Non-Vested at January 31, 2023		81,264	$	2,320		2
Granted		113,726		3,945
Forfeited		-		-
Vested		32,135		896

Non-Vested at October 31, 2023		162,855	$	5,369		2

Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block]

	Three Months Ended October 31, 2024		Nine Months Ended October 31, 2024
Weighted average shares – basic		17,595		17,550
Dilutive effect of RSUs		128		123
Weighted average shares – diluted		17,723		17,673

Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Income Statement [Abstract]
Cost of sales, related parties	$ 22,739	$ 32,723	$ 81,726	$ 92,610

Property and Equipment (Details) - Property, Plant and Equipment - USD ($) $ in Thousands	Oct. 31, 2024	Jan. 31, 2024
Property, Plant and Equipment [Abstract]
Land and improvements	$ 34,112	$ 32,403
Buildings and improvements	24,009	23,810
Machinery, equipment, and fixtures	317,733	307,326
Construction in progress	81,279	37,334
Total property and equipment	457,133	400,873
Less: Accumulated depreciation	(256,637)	(245,286)
Total	$ 200,496	$ 155,587

Leases (Details) - Schedule of Future Minimum Rental Payments for Operating Leases $ in Thousands	Oct. 31, 2024 USD ($)
Schedule Of Future Minimum Rental Payments For Operating Leases Abstract
Remainder of 2025	$ 1,876
2026	6,789
2027	6,740
2028	5,497
2029	3,207
Thereafter	1,744
Total	25,853
Less: present value discount	3,235
Operating lease liabilities	$ 22,618

Consolidated Financial Statements (Details)	3 Months Ended
Consolidated Financial Statements (Details)	Oct. 31, 2024
Consolidated Financial Statements (Details) [Line Items]
Number of Operating Segments	1
Ethanol [Member]
Consolidated Financial Statements (Details) [Line Items]
Number of Operating Segments	3
Ethanol [Member] \| Majority-Owned Subsidiary, Nonconsolidated [Member]
Consolidated Financial Statements (Details) [Line Items]
Number of Operating Segments	2

Derivative Financial Instruments (Details)	3 Months Ended		9 Months Ended
Derivative Financial Instruments (Details)	Oct. 31, 2024 USD ($) bu	Oct. 31, 2023 USD ($)	Oct. 31, 2024 USD ($) bu	Oct. 31, 2023 USD ($)	Jan. 31, 2024 USD ($) bu gal
Derivative Financial Instruments (Details) [Line Items]
Prepaid Expense and Other Assets \| $	$ 1,200,000		$ 1,200,000		$ 2,200,000
Assets [Member] \| Corn [Member]
Derivative Financial Instruments (Details) [Line Items]
Forward Purchase Contracts Quantity \| bu	11,800,000		11,800,000		9,300,000
Liabilities, Total [Member]
Derivative Financial Instruments (Details) [Line Items]
Forward Purchase Contracts Quantity \| bu	4,700,000		4,700,000		8,200,000
Liabilities, Total [Member] \| Corn [Member] \| Short [Member]
Derivative Financial Instruments (Details) [Line Items]
Commodity Futures Quantity \| bu	7,000,000		7,000,000		255,000
Liabilities, Total [Member] \| Corn [Member] \| Long [Member]
Derivative Financial Instruments (Details) [Line Items]
Commodity Futures Quantity \| bu	2,100,000		2,100,000		6,900,000
Liabilities, Total [Member] \| Ethanol [Member] \| Short [Member]
Derivative Financial Instruments (Details) [Line Items]
Commodity Futures Quantity \| gal					210,000
Gain (Loss) on Sale of Derivatives \| $	$ 0.3		$ 700,000
Corn [Member]
Derivative Financial Instruments (Details) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax \| $	$ 3.8	$ 10,600,000
Derivative, Gain (Loss) on Derivative, Net \| $			$ (2.4)	$ 15,700,000

Employee Benefits (Details) - Nonvested Restricted Stock Shares Activity - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Nonvested Restricted Stock Shares Activity Abstract
Non-Vested Shares	162,855	81,264
Weighted Average Grant Date Fair Value	$ 5,369	$ 2,320
Weighted Average Vesting Term	2 years	2 years
Non-Vested Shares, Granted	63,407	113,726
Weighted Average Grant Date Fair Value, Granted	$ 2,894	$ 3,945
Non-Vested Shares, Forfeited	0	0
Weighted Average Grant Date Fair Value, Forfeited	$ 0	$ 0
Non-Vested Shares, Vested	63,870	32,135
Weighted Average Grant Date Fair Value, Vested	$ 2,073	$ 896
Non-Vested Shares	162,392	162,855
Weighted Average Grant Date Fair Value	$ 6,190	$ 5,369
Weighted Average Vesting Term	2 years	2 years

Property and Equipment

3 Months Ended

Oct. 31, 2024

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, 2024		January 31, 2024

Land and improvements	$	34,112	$	32,403
Buildings and improvements		24,009		23,810
Machinery, equipment, and fixtures		317,733		307,326
Construction in progress		81,279		37,334
Total property and equipment		457,133		400,873
Less: Accumulated depreciation		(256,637)		(245,286)
Total	$	200,496	$	155,587

Derivative Financial Instruments

3 Months Ended

Oct. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Note 9. 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 (exchange-traded futures contracts and swaps) and forward purchase (corn and natural gas) and sale (ethanol, distillers grains and distillers 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.

	Asset Derivatives Fair Value				Liability Derivatives Fair Value
	October 31, 2024		January 31, 2024		October 31, 2024		January 31, 2024

Forward purchase contracts (1)	$	597	$	579	$	1,061	$	802

Cash collateral balance (3)	$	1,209	$	2,152	$	-	$	-
Commodity futures (2)		(76)		(297)		-		-
Net position with broker	$	1,133	$	1,855	$	-	$	-

Total	$	1,730	$	2,434	$	1,061	$	802

(1)

(2)

(3)

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

The Company recognized gains, which are included in “Cost of sales” in the accompanying Consolidated Statement of Operations, on derivative financial instruments related to corn purchase contracts of approximately $3.8 million and of $10.6 million for the third quarter of fiscal years 2024 and 2023, respectively. The Company recognized (losses) and gains on derivative financial instruments related to corn purchase contracts of approximately $(2.4) million and $15.7 million for the first nine months of fiscal years 2024 and 2023, respectively.

The Company recognized gains, which are recorded in “Net sales and revenue” in the accompanying Consolidated Statement of Operations, on derivative financial instruments related to ethanol sales contracts of approximately $0.3 million and $0.7 million for the three- and nine-month periods ended October 31, 2024, respectively. Gains or losses on derivative financial instruments related to ethanol sales contracts were insignificant for the same periods in 2023.

Other Assets

3 Months Ended

Oct. 31, 2024

Other Assets Disclosure [Text Block]

Note 7. Other Assets

The components of other assets are as follows for the periods presented (amounts in thousands):

	October 31, 2024		January 31, 2024

Prepaid utility lease	$	15,600	$	-
Deferred taxes		-		7,837
Other		1,474		1,301
Total	$	17,074	$	9,138

Net Sales and Revenue (Details) - Schedule of Segment Reporting Information, by Segment - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Segment Reporting Information [Line Items]
Sales of products, continuing operations	$ 174,877	$ 221,079	$ 484,263	$ 645,770
Ethanol [Member]
Segment Reporting Information [Line Items]
Sales of products, continuing operations	138,107	170,174	373,634	495,972
Dried Distillers Grains [Member]
Segment Reporting Information [Line Items]
Sales of products, continuing operations	25,032	34,983	77,564	106,632
Distillers Corn Oil [Member]
Segment Reporting Information [Line Items]
Sales of products, continuing operations	10,249	14,756	28,633	39,257
Modified Distillers Grains [Member]
Segment Reporting Information [Line Items]
Sales of products, continuing operations	1,159	1,159	3,479	3,814
Derivative Financial Instruments [Member]
Segment Reporting Information [Line Items]
Sales of products, continuing operations	300		737	(29)
Other [Member]
Segment Reporting Information [Line Items]
Sales of products, continuing operations	$ 30	$ 7	$ 216	$ 124