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Times New Roman, Times, Serif; margin: 0pt 99pt 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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, 2021 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, 2021 (fiscal year 2020). 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, 2021. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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 four 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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nature of Operations – The Company has two reportable segments: i) ethanol and by-products; and ii) refined coal. 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. Within the refined coal segment, the Company has a majority equity interest in one refined coal limited liability company.</p> 4 2 3 2 1 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 2. <i>Accounting Policies</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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 2020 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.</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Cash and Cash Equivalents</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><span style="font-weight: normal">Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue Recognition</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">For ethanol and by-products segment sales, 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. For refined coal segment sales, the Company recognizes sales of refined coal when obligations under the term of the contract with its customer are satisfied; this occurs when title and control of the product transfers to its customer, generally upon the coal leaving the refined coal plant. Refined coal sales are recorded net of the cost of coal as the Company purchases the coal feedstock from the customer to which the processed refined coal is sold.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"> </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Cost of Sales </p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant management, certain compensations costs and general facility overhead charges.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"> </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">Selling, General and Administrative (“SG&amp;A”) Expenses</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company includes non-production related costs such as professional fees, outbound freight charges, selling charges and certain payroll in SG&amp;A expenses. Outbound freight charges were approximately $5,596,000 and $1,323,000 in the first quarter of fiscal years 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"> </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Financial Instruments</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, “<i>Derivatives and Hedging</i>” (“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 quantities expected to be produced by the Company over a reasonable period of time in the normal course of business.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Income Taxes</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company determined that small changes in estimated “ordinary” income would result in significant changes in the estimated annual effective tax rate. Thus, the Company used a discrete effective tax rate method to calculate the provision or benefit for income taxes for the three months ended April 30, 2021 and 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 no income taxes nor received refunds of income taxes during the three months ended April 30, 2021. The Company paid income taxes of approximately $0.3 million and received refunds of income taxes of approximately $0.2 million during the three months ended April 30, 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">As of April 30, 2021, and January 31, 2021, total unrecognized tax benefits were approximately $8,518,000 and $8,380,000 respectively. Accrued penalties and interest were approximately $25,000 and approximately $20,000 at April 30, 2021 and January 31, 2021, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $8.3 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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Inventories</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 and refined coal. 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 $1.0 million of inventory write-downs in cost of sales at January 31, 2021. There were no inventory write-downs at April 30, 2021. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory and changes in commodity prices at a given point in time. The components of inventory are as follows as of the dates presented (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid"><b>April 30,</b><br/> <b>2021</b></td><td style="text-align: center">      </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid"><b>January 31,</b><br/> <b>2021</b></td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td> <td colspan="2" style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; text-align: left">Ethanol and other finished goods</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,102</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">18,346</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Work in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,213</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,374</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Grain and other raw materials</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">15,372</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">15,160</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">26,687</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">37,880</td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Property and Equipment</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 5 to 40 years for buildings and improvements, and 2 to 20 years for fixtures and equipment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In accordance with ASC 360-10 “<i>Impairment or Disposal of Long-Lived Assets</i>”, 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. During fiscal year 2020, the Company concluded that the impact of the coronavirus (” COVID- 19”) pandemic on the ethanol industry and the Company’s operating results was an indicator that impairment may exist related to certain of its long-lived assets. As a result, the Company performed a recoverability test and determined that there was no impairment for fiscal year 2020. There were no impairment charges in the first three months of fiscal year 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company did not identify any indicators of impairment during the first quarter of fiscal year 2021. There were no impairment charges in the first three months of fiscal year 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investments</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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, “<i>Investments-Equity Method and Joint Ventures</i>” 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.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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 Condensed Statements of Operations and a new cost basis in the investment is established.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Short-term investments are considered held to maturity, and therefore are carried at amortized historical cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Comprehensive Income</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Accounting Changes and Recently Issued Accounting Standards</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “<i>Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</i>”, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The Company adopted this update effective February 1, 2021. The adoption of this update did not impact the consolidated financial statements.</p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Cash and Cash Equivalents</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><span style="font-weight: normal">Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue Recognition</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">For ethanol and by-products segment sales, 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. For refined coal segment sales, the Company recognizes sales of refined coal when obligations under the term of the contract with its customer are satisfied; this occurs when title and control of the product transfers to its customer, generally upon the coal leaving the refined coal plant. Refined coal sales are recorded net of the cost of coal as the Company purchases the coal feedstock from the customer to which the processed refined coal is sold.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"> </p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Cost of Sales </p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant management, certain compensations costs and general facility overhead charges.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"> </p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">Selling, General and Administrative (“SG&amp;A”) Expenses</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company includes non-production related costs such as professional fees, outbound freight charges, selling charges and certain payroll in SG&amp;A expenses. Outbound freight charges were approximately $5,596,000 and $1,323,000 in the first quarter of fiscal years 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"> </p> 5596000 1323000 <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Financial Instruments</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, “<i>Derivatives and Hedging</i>” (“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 quantities expected to be produced by the Company over a reasonable period of time in the normal course of business.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Income Taxes</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company determined that small changes in estimated “ordinary” income would result in significant changes in the estimated annual effective tax rate. Thus, the Company used a discrete effective tax rate method to calculate the provision or benefit for income taxes for the three months ended April 30, 2021 and 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 no income taxes nor received refunds of income taxes during the three months ended April 30, 2021. The Company paid income taxes of approximately $0.3 million and received refunds of income taxes of approximately $0.2 million during the three months ended April 30, 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">As of April 30, 2021, and January 31, 2021, total unrecognized tax benefits were approximately $8,518,000 and $8,380,000 respectively. Accrued penalties and interest were approximately $25,000 and approximately $20,000 at April 30, 2021 and January 31, 2021, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $8.3 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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> 300000 200000 8518000 8380000 25000 20000 -8300000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Inventories</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 and refined coal. 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 $1.0 million of inventory write-downs in cost of sales at January 31, 2021. There were no inventory write-downs at April 30, 2021. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory and changes in commodity prices at a given point in time. The components of inventory are as follows as of the dates presented (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid"><b>April 30,</b><br/> <b>2021</b></td><td style="text-align: center">      </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid"><b>January 31,</b><br/> <b>2021</b></td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td> <td colspan="2" style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; text-align: left">Ethanol and other finished goods</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,102</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">18,346</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Work in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,213</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,374</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Grain and other raw materials</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">15,372</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">15,160</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">26,687</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">37,880</td></tr> </table> 1000000.0 The components of inventory are as follows as of the dates presented (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid"><b>April 30,</b><br/> <b>2021</b></td><td style="text-align: center">      </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid"><b>January 31,</b><br/> <b>2021</b></td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td> <td colspan="2" style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; text-align: left">Ethanol and other finished goods</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,102</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">18,346</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Work in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,213</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,374</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Grain and other raw materials</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">15,372</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">15,160</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">26,687</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">37,880</td></tr> </table> 6102000 18346000 5213000 4374000 15372000 15160000 26687000 37880000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Property and Equipment</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 5 to 40 years for buildings and improvements, and 2 to 20 years for fixtures and equipment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In accordance with ASC 360-10 “<i>Impairment or Disposal of Long-Lived Assets</i>”, 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. During fiscal year 2020, the Company concluded that the impact of the coronavirus (” COVID- 19”) pandemic on the ethanol industry and the Company’s operating results was an indicator that impairment may exist related to certain of its long-lived assets. As a result, the Company performed a recoverability test and determined that there was no impairment for fiscal year 2020. There were no impairment charges in the first three months of fiscal year 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company did not identify any indicators of impairment during the first quarter of fiscal year 2021. There were no impairment charges in the first three months of fiscal year 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 36pt"> </p> 5 40 years 2 20 years <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investments</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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, “<i>Investments-Equity Method and Joint Ventures</i>” 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.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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 Condensed Statements of Operations and a new cost basis in the investment is established.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Short-term investments are considered held to maturity, and therefore are carried at amortized historical cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> 0.20 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Comprehensive Income</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Accounting Changes and Recently Issued Accounting Standards</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “<i>Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</i>”, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The Company adopted this update effective February 1, 2021. The adoption of this update did not impact the consolidated financial statements.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 3. <i>Net Sales and Revenue</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">See Note 14 for disaggregation of net sales and revenue by operating segment and by product.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 4. <i>Leases</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">At April 30, 2021, the Company has 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 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</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">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&amp;A expenses on the Consolidated Condensed Statement of Operations are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center"><b>Three Months</b><br/><b> Ended</b></td><td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center"><b>Three Months</b><br/><b> Ended</b></td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>April 30, 2021</b></td><td style="font-weight: bold; padding-bottom: 1px">    </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>April 30, 2020</b></td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td> <td colspan="2"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 69%; text-align: left">Operating lease expense</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,550</td><td style="width: 4%; text-align: left">       </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,686</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Variable lease expense</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">44</td><td style="padding-bottom: 1px; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">131</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Total lease expense</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,594</td><td style="padding-bottom: 3px; text-align: left"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,817</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The following table is a summary of future minimum rentals on such leases at April 30, 2021 (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 46%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1px solid">Years Ended January 31,</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: right"><b>Minimum</b><br/> <b>Rentals</b></td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 87%">Remainder of 2022</td><td style="width: 4%">      </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">3,881</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,690</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,524</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,648</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">2026 </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">49</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,792</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Less: present value discount</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">833</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Operating lease liabilities</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">10,959</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">At April 30, 2021, the weighted average remaining lease term is 2.8 years, and the weighted average discount rate is 5.24% for the above leases.<b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The following table is a summary of future minimum rentals on such leases at January 31, 2021 (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 46%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1px solid">Years Ended January 31,</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: right"><b>Minimum</b><br/> <b>Rentals</b></td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 87%; text-align: left">2022</td><td style="width: 4%">     </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">5,397</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,690</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,524</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,648</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">2026</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">49</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,308</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Less:  present value discount</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">994</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Operating lease liabilities</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">12,314</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">At January 31, 2021, the weighted average remaining lease term was 3.0 years, and the weighted average discount rate was 5.26% for the above leases.<b> </b></p> The components of lease expense, classified as SG&amp;A expenses on the Consolidated Condensed Statement of Operations are as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center"><b>Three Months</b><br/><b> Ended</b></td><td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center"><b>Three Months</b><br/><b> Ended</b></td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>April 30, 2021</b></td><td style="font-weight: bold; padding-bottom: 1px">    </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>April 30, 2020</b></td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td> <td colspan="2"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 69%; text-align: left">Operating lease expense</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,550</td><td style="width: 4%; text-align: left">       </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,686</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Variable lease expense</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">44</td><td style="padding-bottom: 1px; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">131</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Total lease expense</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,594</td><td style="padding-bottom: 3px; text-align: left"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,817</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> 1550000 1686000 44000 131000 1594000 1817000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The following table is a summary of future minimum rentals on such leases at April 30, 2021 (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 46%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1px solid">Years Ended January 31,</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: right"><b>Minimum</b><br/> <b>Rentals</b></td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 87%">Remainder of 2022</td><td style="width: 4%">      </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">3,881</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,690</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,524</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,648</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">2026 </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">49</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,792</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Less: present value discount</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">833</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Operating lease liabilities</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">10,959</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 46%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1px solid">Years Ended January 31,</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: right"><b>Minimum</b><br/> <b>Rentals</b></td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 87%; text-align: left">2022</td><td style="width: 4%">     </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">5,397</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,690</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,524</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,648</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">2026</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">49</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,308</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Less:  present value discount</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">994</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Operating lease liabilities</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">12,314</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 3881000 3690000 2524000 1648000 49000 11792000 833000 10959000 P2Y9M18D 0.0524 5397000 3690000 2524000 1648000 49000 13308000 994000 12314000 P3Y 0.0526 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 5. <i>Fair Value</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company applies ASC 820, “<i>Fair Value Measurements and Disclosures”</i> (“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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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 April 30, 2021 are summarized below (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"><b> </b></td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>Level 1</b></td> <td style="font-weight: bold; padding-bottom: 1px; text-align: center">     </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>Level 2</b></td> <td style="font-weight: bold; padding-bottom: 1px; text-align: center">     </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>Level 3</b></td> <td style="font-weight: bold; padding-bottom: 1px; text-align: center">     </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>Fair Value</b></td> </tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 52%; text-align: left">Investment in cooperative (1)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-2">-</div></td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-3">-</div></td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">354</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">354</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Forward purchase contracts (2)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-4">-</div></td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">4,480</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-5">-</div></td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">4,480</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">-</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">4,480</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">354</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">4,834</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Commodity futures liability (3)</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-6">-</div></td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,825</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-7">-</div></td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,825</td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2021 are summarized below (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"><b> </b></td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>Level 1</b></td> <td style="font-weight: bold; padding-bottom: 1px; text-align: center">     </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>Level 2</b></td> <td style="font-weight: bold; padding-bottom: 1px; text-align: center">     </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>Level 3</b></td> <td style="font-weight: bold; padding-bottom: 1px; text-align: center">     </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>Fair Value</b></td> </tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 52%; text-align: left">Investment in cooperative (1)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-8">-</div></td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-9">-</div></td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">354</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">354</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Forward purchase contracts asset (2)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-10">-</div></td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,144</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-11">-</div></td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,144</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">-</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,144</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">354</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,498</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Commodity futures liability (3)</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-12">-</div></td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,794</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-13">-</div></td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,794</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">(1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">(2) The forward purchase contracts asset is included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">(3) The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">There were no assets measured at fair value on a non-recurring basis at April 30, 2021 or January 31, 2021.</p> Financial assets and liabilities measured at fair value on a recurring basis at April 30, 2021 are summarized below (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"><b> </b></td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>Level 1</b></td> <td style="font-weight: bold; padding-bottom: 1px; text-align: center">     </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>Level 2</b></td> <td style="font-weight: bold; padding-bottom: 1px; text-align: center">     </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>Level 3</b></td> <td style="font-weight: bold; padding-bottom: 1px; text-align: center">     </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>Fair Value</b></td> </tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 52%; text-align: left">Investment in cooperative (1)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-2">-</div></td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-3">-</div></td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">354</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">354</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Forward purchase contracts (2)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-4">-</div></td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">4,480</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-5">-</div></td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">4,480</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">-</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">4,480</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">354</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">4,834</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Commodity futures liability (3)</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-6">-</div></td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,825</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-7">-</div></td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,825</td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"><b> </b></td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"><b> </b></td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>Level 1</b></td> <td style="font-weight: bold; padding-bottom: 1px; text-align: center">     </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>Level 2</b></td> <td style="font-weight: bold; padding-bottom: 1px; text-align: center">     </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>Level 3</b></td> <td style="font-weight: bold; padding-bottom: 1px; text-align: center">     </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center"><b>Fair Value</b></td> </tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 52%; text-align: left">Investment in cooperative (1)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-8">-</div></td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-9">-</div></td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">354</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">354</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Forward purchase contracts asset (2)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-10">-</div></td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,144</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-11">-</div></td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,144</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">-</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,144</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">354</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,498</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Commodity futures liability (3)</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-12">-</div></td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,794</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-13">-</div></td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,794</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">(1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">(2) The forward purchase contracts asset is included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">(3) The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> 354000 354000 4480000 4480000 4480000 354000 4834000 1825000 1825000 354000 354000 2144000 2144000 2144000 354000 2498000 1794000 1794000 0 0 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 6. <i>Property and Equipment</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The components of property and equipment are as follows for the periods presented (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>April 30,</b><br/> <b>2021</b></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>January 31,</b><br/> <b>2021</b></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 65%; text-align: left">Land and improvements</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">27,437</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">27,437</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Buildings and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,702</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,701</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Machinery, equipment and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">305,820</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">305,640</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Construction in progress</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">899</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">215</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">357,858</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">356,993</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Less:  accumulated depreciation</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(208,791)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(203,807)</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">149,067</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">153,186</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The components of property and equipment are as follows for the periods presented (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>April 30,</b><br/> <b>2021</b></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>January 31,</b><br/> <b>2021</b></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 65%; text-align: left">Land and improvements</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">27,437</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">27,437</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Buildings and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,702</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,701</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Machinery, equipment and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">305,820</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">305,640</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Construction in progress</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">899</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">215</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">357,858</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">356,993</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Less:  accumulated depreciation</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(208,791)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(203,807)</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">149,067</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">153,186</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 27437000 27437000 23702000 23701000 305820000 305640000 899000 215000 357858000 356993000 208791000 203807000 149067000 153186000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 7. <i>Accrued Expenses and Other Current Liabilities</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The components of accrued expenses and other current liabilities are as follows for the periods presented (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>April 30,</b><br/> <b>2021</b></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>January 31,</b><br/> <b>2021</b></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td/></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 65%; text-align: left">Accrued payroll and related items</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,391</td> <td style="width: 1%"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">690</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued utility charges</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,873</td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,515</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Accrued transportation related items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,560</td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,560</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued real estate taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,945</td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,778</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Commodity futures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,825</td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,794</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34</td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px">Other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">557</td> <td> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">563</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">9,185</td> <td> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">8,955</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The components of accrued expenses and other current liabilities are as follows for the periods presented (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>April 30,</b><br/> <b>2021</b></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>January 31,</b><br/> <b>2021</b></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td/></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 65%; text-align: left">Accrued payroll and related items</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,391</td> <td style="width: 1%"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">690</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued utility charges</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,873</td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,515</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Accrued transportation related items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,560</td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,560</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued real estate taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,945</td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,778</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Commodity futures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,825</td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,794</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34</td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px">Other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">557</td> <td> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">563</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">9,185</td> <td> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">8,955</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 1391000 690000 1873000 2515000 1560000 1560000 1945000 1778000 -1825000 -1794000 34000 55000 557000 563000 9185000 8955000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 8. <i>Derivative Financial Instruments</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Asset Derivatives</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Liability Derivatives</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Fair Value</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Fair Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>April 30,<span style="text-decoration:underline"> </span>2021</b></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>January 31,<span style="text-decoration:underline"> </span>2021</b></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>April 30,<span style="text-decoration:underline"> </span>2021</b></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>January 31, 2021</b></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; text-align: justify">Commodity futures (1)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-14">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-15">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,825</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,794</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1px">Forward purchase contracts (2)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">4,480</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,144</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-16">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-17">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">4,480</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,144</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,825</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,794</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify">(1) Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 2.6 million bushels of corn at April 30, 2021. These contracts are short/sell positions for approximately 6.9 million bushels of corn at January 31, 2021.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify">(2) Forward purchase contracts assets are included in prepaid expenses and other current assets. These contracts are for purchases of approximately 9.5 million bushels of corn at April 30, 2021 and 6.4 million bushels of corn at January 31, 2021.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> As of April 30, 2021, and January 31, 2021, 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 positions and amounts owed or owing with the same counterparty. As of April 30, 2021, and January 31, 2021, the gross positions of the enforceable master netting agreements are 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 $1,717,000 and approximately $1,657,000 to secure the Company’s derivative position at April 30, 2021 and January 31, 2021, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See Note 5 which contains fair value information related to derivative financial instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company recognized losses (included in net sales and revenue) on derivative financial instruments of approximately $1,126,000 for the first quarter of fiscal year 2021. There were no recognized gains or losses (included in net sales and revenue) on derivative financial instruments during the first quarter of fiscal year 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company recognized (losses) gains (included in cost of sales) on derivative financial instruments of approximately $(1,894,000) and approximately $3,144,000 for the first quarter of fiscal years 2021 and 2020, respectively.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Asset Derivatives</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Liability Derivatives</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Fair Value</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Fair Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>April 30,<span style="text-decoration:underline"> </span>2021</b></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>January 31,<span style="text-decoration:underline"> </span>2021</b></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>April 30,<span style="text-decoration:underline"> </span>2021</b></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>January 31, 2021</b></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; text-align: justify">Commodity futures (1)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-14">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-15">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,825</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,794</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1px">Forward purchase contracts (2)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">4,480</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">2,144</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-16">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-17">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">4,480</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,144</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,825</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,794</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify">(1) Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 2.6 million bushels of corn at April 30, 2021. These contracts are short/sell positions for approximately 6.9 million bushels of corn at January 31, 2021.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify">(2) Forward purchase contracts assets are included in prepaid expenses and other current assets. These contracts are for purchases of approximately 9.5 million bushels of corn at April 30, 2021 and 6.4 million bushels of corn at January 31, 2021.</p> 1825000 1794000 4480000 2144000 4480000 2144000 1825000 1794000 2600000 6900000 9500000 6400000 1717000 1657000 1126000 0 -1894000 3144000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 9. <i>Investments</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The following table summarizes the Company’s equity method investment at April 30, 2021 and January 31, 2021 (dollars in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line"> </td> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line"><b> </b></td> <td> </td> <td colspan="3" style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: center"><b>Carrying Amount</b></td></tr> <tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"> <td style="width: 14%; border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line"><b>Entity</b></td> <td style="width: 3%"> </td> <td style="width: 33%; border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line"><b>Ownership Percentage</b></td> <td style="width: 3%"> </td> <td style="width: 22%; border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: right"><b>April 30, 2021</b></td> <td style="width: 3%"> </td> <td style="width: 22%; border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: right"><b>January 31, 2021</b></td></tr> <tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line"> </td> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: center"> </td> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: right"> </td> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: right"> </td></tr> <tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line">Big River </td> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: center">10.3%</td> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: right">$30,026</td> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: right">$29,456</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Undistributed earnings of the Company’s equity method investee totaled approximately $10.0 million and approximately $9.4 million at April 30, 2021 and January 31, 2021, respectively. The Company did not receive any dividends from its equity method investee in the first quarter of fiscal year 2021 and received dividends of approximately $2.0 million in the first quarter of fiscal year 2020.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> Summarized financial information for the Company’s equity method investee is presented in the following table for the periods presented (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center"><b>Three Months Ended<br/>April 30,</b></td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid"><b>2021</b></td><td> </td> <td>      </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid"><b>2020</b></td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td> <td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 72%; text-align: left">Net sales and revenue</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">256,416</td><td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">197,632</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Gross profit (loss)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,544</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td><td style="text-align: right">(5,943)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Income (loss) from continuing operations</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,535</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,626)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net income (loss)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,535</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,626)</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">At April 30, 2021, the Company owned certificates of deposit that had an amortized cost, or carrying value, of approximately $35,864,000. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 0.2%. Unrealized gains or losses were insignificant.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">At January 31, 2021, the Company owned certificates of deposit that had an amortized cost, or carrying value, of approximately $36,194,000. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 0.2%. Unrealized gains or losses were insignificant.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The following table summarizes the Company’s equity method investment at April 30, 2021 and January 31, 2021 (dollars in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line"> </td> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line"><b> </b></td> <td> </td> <td colspan="3" style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: center"><b>Carrying Amount</b></td></tr> <tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"> <td style="width: 14%; border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line"><b>Entity</b></td> <td style="width: 3%"> </td> <td style="width: 33%; border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line"><b>Ownership Percentage</b></td> <td style="width: 3%"> </td> <td style="width: 22%; border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: right"><b>April 30, 2021</b></td> <td style="width: 3%"> </td> <td style="width: 22%; border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: right"><b>January 31, 2021</b></td></tr> <tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line"> </td> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: center"> </td> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: right"> </td> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: right"> </td></tr> <tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line">Big River </td> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: center">10.3%</td> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: right">$30,026</td> <td> </td> <td style="font: 12pt Times New Roman, Times, Serif; layout-grid-mode: line; text-align: right">$29,456</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> 0.103 30026000 29456000 10000000.0 9400000 2000000.0 Summarized financial information for the Company’s equity method investee is presented in the following table for the periods presented (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center"><b>Three Months Ended<br/>April 30,</b></td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid"><b>2021</b></td><td> </td> <td>      </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid"><b>2020</b></td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td> <td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 72%; text-align: left">Net sales and revenue</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">256,416</td><td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">197,632</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Gross profit (loss)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,544</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td><td style="text-align: right">(5,943)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Income (loss) from continuing operations</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,535</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,626)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net income (loss)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,535</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,626)</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> 256416000 197632000 1544000 -5943000 5535000 -4626000 5535000 -4626000 35864000 0.002 36194000 0.002 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 10. <i>Employee Benefits</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The Company maintains the REX 2015 Incentive Plan, approved by its shareholders, which reserves a total of 550,000 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. Since plan inception, the Company has only granted restricted stock awards. 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 April 30, 2021, 473,830 shares remain available for issuance under the Plan. As a component of their compensation, restricted stock has been granted to directors at the closing market price of REX common stock on the grant date. In addition, one third 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.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">At April 30, 2021 and January 31, 2021, unrecognized compensation cost related to nonvested restricted stock was approximately $189,000 and $272,000, respectively. The following tables summarize non-vested restricted stock award activity for the periods presented:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 12pt Times New Roman, Times, Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">Three Months Ended April 30, 2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average Grant</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average Remaining</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;">Non-Vested</td><td style="font-weight: bold; white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;">Date Fair Value</td><td style="font-weight: bold; white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;">Vesting Term</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">(000’s)</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">(in years)</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 47%">Non-Vested at January 31, 2021</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">19,705</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,398</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Vested</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Non-Vested at April 30, 2021</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">19,705</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,398</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right">1</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 12pt Times New Roman, Times, Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">Three Months Ended April 30, 2020</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average Grant</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average Remaining</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;">Non-Vested</td><td style="font-weight: bold; white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;">Date Fair Value</td><td style="font-weight: bold; white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;">Vesting Term</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">(000’s)</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">(in years)</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 47%">Non-Vested at January 31, 2020</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">28,576</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,193</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">2</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Vested</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Non-Vested at April 30, 2020</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">28,576</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,193</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right">1</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The above tables include 14,777 and 24,219 non-vested shares at April 30, 2021 and 2020, respectively, which are included in the number of weighted average shares outstanding used to determine basic and diluted earnings per share attributable to REX common shareholders. Such shares are treated, for accounting purposes, as being fully vested at the grant date as they were granted to recipients who were retirement eligible at the time of grant.</p> 550000 473830 189000 272000 The following tables summarize non-vested restricted stock award activity for the periods presented:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 12pt Times New Roman, Times, Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">Three Months Ended April 30, 2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average Grant</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average Remaining</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;">Non-Vested</td><td style="font-weight: bold; white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;">Date Fair Value</td><td style="font-weight: bold; white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;">Vesting Term</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">(000’s)</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">(in years)</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 47%">Non-Vested at January 31, 2021</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">19,705</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,398</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Vested</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Non-Vested at April 30, 2021</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">19,705</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,398</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right">1</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 12pt Times New Roman, Times, Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">Three Months Ended April 30, 2020</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average Grant</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average Remaining</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;">Non-Vested</td><td style="font-weight: bold; white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;">Date Fair Value</td><td style="font-weight: bold; white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;">Vesting Term</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Shares</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">(000’s)</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">(in years)</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 47%">Non-Vested at January 31, 2020</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">28,576</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,193</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">2</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Vested</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Non-Vested at April 30, 2020</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">28,576</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,193</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right">1</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"> </p> 19705000 1398000 P1Y 19705000 1398000 P1Y 28576000 2193000 P2Y 28576000 2193000 P1Y 14777 24219 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 11<i>. Income Taxes</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company determined that small changes in estimated “ordinary” income would result in significant changes in the estimated annual effective tax rate. Thus, the Company used a discrete effective tax rate method to calculate the provision or benefit for income taxes for the three months ended April 30, 2021 and 2020.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> The Company’s income tax provision was approximately 0.3% and a benefit of approximately 38.7% for the three months ended April 30, 2021 and 2020, respectively. The fluctuation in the rate results primarily from the production tax credits the Company expects to receive associated with its refined coal segment relative to consolidated pre-tax income or loss. Through its refined coal operation, the Company earns 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’s income tax benefit for the first quarter of fiscal year 2020 includes approximately $1.4 million related to the lengthening of a net operating loss carryback allowed by the CARES Act.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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. For the three year period ended April 30, 2021, the Company has a cumulative pre-tax book loss on a comprehensive basis, including the impact of an operation that has historically produced pre-tax book losses, but after tax net income. The Company expects that this entity will cease operations in fiscal year 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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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, 2016 and 2017.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended<br/> April 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 68%; text-align: left">Unrecognized tax benefits, beginning of period</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,400</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">7,370</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Changes for prior years’ tax positions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Changes for current year tax positions</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">138</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Unrecognized tax benefits, end of period</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">8,543</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">7,371</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 0.003 0.387 -1400000 A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended<br/> April 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 68%; text-align: left">Unrecognized tax benefits, beginning of period</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,400</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">7,370</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Changes for prior years’ tax positions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Changes for current year tax positions</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">138</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Unrecognized tax benefits, end of period</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">8,543</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">7,371</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 8400000 7370000 5000 1000 138000 8543000 7371000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 12. <i>Commitments and Contingencies</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> The Company is involved in various legal actions arising in the normal course of business. After taking into consideration legal counsels’ evaluations of such actions, management is of the opinion that their outcome will not have a material adverse effect on the Company’s Consolidated Condensed Financial Statements. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">One Earth and NuGen have combined forward purchase contracts for approximately 9.5 million bushels of corn, the principal raw material for their ethanol plants, and they have combined forward purchase contracts for approximately 666,000 MmBtu (million british thermal units) of natural gas.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> One Earth and NuGen have combined sales commitments for approximately 45.4 million gallons of ethanol, approximately 58,000 tons of distillers grains and approximately 14.4 million pounds of non-food grade corn oil.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The refined coal entity has various agreements (site license, operating agreements, etc.) containing payment terms based upon production of refined coal under which the Company is required to pay various fees. These fees totaled approximately $0.9 million and approximately $0.3 million in the first quarter of fiscal years 2021 and 2020, respectively.</p> 9500000 666000 45400000 58000 14400000 900000 300000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 13. <i>Related-Party Transactions</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">During the first quarter of fiscal years 2021 and 2020, One Earth and NuGen purchased approximately $16.7 million and approximately $12.3 million, respectively, of corn (and other supplies) from minority equity investors and board members of those subsidiaries. The Company had amounts payable to related parties of approximately $1.3 million and approximately $0.7 million at April 30, 2021 and January 31, 2021, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">During the first quarter of fiscal years 2021 and 2020, the Company recognized commission expense of approximately $36,000 and approximately $(297,000), respectively, payable to the minority investor in the refined coal entity. The commission expense is associated with the refined coal segment. The Company had accrued liabilities and accounts payable related to the commission expense of approximately $0.1 million at April 30, 2021 and January 31, 2021.</p> 16700000 12300000 1300000 700000 36000 -297000 100000 100000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 14. Segment Reporting</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company has two reportable segments: i) ethanol and by-products; and ii) refined coal. The Company evaluates the performance of each reportable segment based on net income attributable to REX common shareholders. Segment profitability measures are determined using the same accounting policies used in the preparations of the consolidated condensed financial statements. The following tables summarize segment and other results and assets (amounts in thousands):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">April 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Net sales and revenue:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 68%; text-align: left">Ethanol and by-products</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">164,042</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">83,235</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Refined coal ¹</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">62</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">15</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total net sales and revenue</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">164,104</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">83,250</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">¹The Company records sales in the refined coal segment net of the cost of coal as the Company purchases the coal feedstock from the customer to which refined coal is sold.</p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="font-size: 12pt"> </td><td style="font-weight: bold; font-size: 12pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; font-size: 12pt">Three Months Ended</td><td style="font-weight: bold; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="font-size: 12pt"> </td><td style="font-weight: bold; font-size: 12pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; font-size: 12pt">April 30,</td><td style="font-weight: bold; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="font-size: 12pt"> </td><td style="font-weight: bold; padding-bottom: 1px; font-size: 12pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 12pt">2021</td><td style="padding-bottom: 1px; font-weight: bold; font-size: 12pt"> </td><td style="font-weight: bold; padding-bottom: 1px; font-size: 12pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 12pt">2020</td><td style="padding-bottom: 1px; font-weight: bold; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; font-size: 12pt">Segment gross profit (loss):</td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="width: 70%; text-align: left; font-size: 12pt">Ethanol and by-products</td><td style="width: 3%; font-size: 12pt"> </td> <td style="width: 1%; text-align: left; font-size: 12pt">$</td><td style="width: 10%; text-align: right; font-size: 12pt">19,477</td><td style="width: 1%; text-align: left; font-size: 12pt"> </td><td style="width: 3%; font-size: 12pt"> </td> <td style="width: 1%; text-align: left; font-size: 12pt">$</td><td style="width: 10%; text-align: right; font-size: 12pt">(8,223)</td><td style="width: 1%; text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; padding-bottom: 1px; font-size: 12pt">Refined coal</td><td style="padding-bottom: 1px; font-size: 12pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 12pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 12pt">(1,675)</td><td style="padding-bottom: 1px; text-align: left; font-size: 12pt"> </td><td style="padding-bottom: 1px; font-size: 12pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 12pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 12pt">(1,107)</td><td style="padding-bottom: 1px; text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; padding-bottom: 3px; font-size: 12pt">Total gross profit (loss)</td><td style="padding-bottom: 3px; font-size: 12pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 12pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 12pt">17,802</td><td style="padding-bottom: 3px; text-align: left; font-size: 12pt"> </td><td style="padding-bottom: 3px; font-size: 12pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 12pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 12pt">(9,330)</td><td style="padding-bottom: 3px; text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; font-size: 12pt">Income (loss) before income taxes:</td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; font-size: 12pt">Ethanol and by-products</td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt">$</td><td style="text-align: right; font-size: 12pt">11,082</td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt">$</td><td style="text-align: right; font-size: 12pt">(12,351)</td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; font-size: 12pt">Refined coal</td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt">(1,795)</td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt">(847)</td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; padding-bottom: 1px; font-size: 12pt">Corporate and other</td><td style="padding-bottom: 1px; font-size: 12pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 12pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 12pt">(860)</td><td style="padding-bottom: 1px; text-align: left; font-size: 12pt"> </td><td style="padding-bottom: 1px; font-size: 12pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 12pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 12pt">(545)</td><td style="padding-bottom: 1px; text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; padding-bottom: 3px; font-size: 12pt">Total income (loss) before income taxes</td><td style="padding-bottom: 3px; font-size: 12pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 12pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 12pt">8,427</td><td style="padding-bottom: 3px; text-align: left; font-size: 12pt"> </td><td style="padding-bottom: 3px; font-size: 12pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 12pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 12pt">(13,743)</td><td style="padding-bottom: 3px; text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; font-size: 12pt">(Provision) benefit for income taxes:</td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; font-size: 12pt">Ethanol and by-products</td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt">$</td><td style="text-align: right; font-size: 12pt">(2,436)</td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt">$</td><td style="text-align: right; font-size: 12pt">4,161</td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; font-size: 12pt">Refined coal</td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt">2,195</td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt">959</td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; padding-bottom: 1px; font-size: 12pt">Corporate and other</td><td style="padding-bottom: 1px; font-size: 12pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 12pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 12pt">212</td><td style="padding-bottom: 1px; text-align: left; font-size: 12pt"> </td><td style="padding-bottom: 1px; font-size: 12pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 12pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 12pt">193</td><td style="padding-bottom: 1px; text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; padding-bottom: 3px; font-size: 12pt">Total (provision) benefit for income taxes</td><td style="padding-bottom: 3px; font-size: 12pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 12pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 12pt">(29)</td><td style="padding-bottom: 3px; text-align: left; font-size: 12pt"> </td><td style="padding-bottom: 3px; font-size: 12pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 12pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 12pt">5,313</td><td style="padding-bottom: 3px; text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; font-size: 12pt">Net income (loss) attributable to REX common shareholders:</td><td style="font-weight: bold; font-size: 12pt"> </td> <td style="font-weight: bold; text-align: left; font-size: 12pt"> </td><td style="font-weight: bold; text-align: right; font-size: 12pt"> </td><td style="font-weight: bold; text-align: left; font-size: 12pt"> </td><td style="font-weight: bold; font-size: 12pt"> </td> <td style="font-weight: bold; text-align: left; font-size: 12pt"> </td><td style="font-weight: bold; text-align: right; font-size: 12pt"> </td><td style="font-weight: bold; text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; font-size: 12pt">Ethanol and by-products</td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt">$</td><td style="text-align: right; font-size: 12pt">7,952</td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt">$</td><td style="text-align: right; font-size: 12pt">(7,433)</td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; font-size: 12pt">Refined coal</td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt">480</td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt">150</td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; padding-bottom: 1px; font-size: 12pt">Corporate and other</td><td style="padding-bottom: 1px; font-size: 12pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 12pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 12pt">(648)</td><td style="padding-bottom: 1px; text-align: left; font-size: 12pt"> </td><td style="padding-bottom: 1px; font-size: 12pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 12pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 12pt">(352)</td><td style="padding-bottom: 1px; text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; padding-bottom: 3px; font-size: 12pt">Net income (loss) attributable to REX common shareholders</td><td style="padding-bottom: 3px; font-size: 12pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 12pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 12pt">7,784</td><td style="padding-bottom: 3px; text-align: left; font-size: 12pt"> </td><td style="padding-bottom: 3px; font-size: 12pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 12pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 12pt">(7,635)</td><td style="padding-bottom: 3px; text-align: left; font-size: 12pt"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td>Assets:</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>April 30,<span style="text-decoration:underline"> </span>2021</b></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>January 31, 2021</b></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left">Ethanol and by-products</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">406,595</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">397,281</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Refined coal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,163</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,861</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Corporate and other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">77,382</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">79,203</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">486,140</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">479,345</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">April 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px">Sales of products, ethanol and by-products segment:</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%">Ethanol</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">126,069</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">60,597</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Dried distillers grains</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,119</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,918</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Non-food grade corn oil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,594</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,188</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Modified distillers grains</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,293</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">457</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Derivative financial instruments losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,126)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">93</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">75</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">164,042</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">83,235</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Sales of products, refined coal segment: <br/></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Refined coal</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">62</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">15</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 2 The following tables summarize segment and other results and assets (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">April 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Net sales and revenue:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 68%; text-align: left">Ethanol and by-products</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">164,042</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">83,235</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Refined coal ¹</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">62</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">15</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total net sales and revenue</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">164,104</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">83,250</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">¹The Company records sales in the refined coal segment net of the cost of coal as the Company purchases the coal feedstock from the customer to which refined coal is sold.</p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="font-size: 12pt"> </td><td style="font-weight: bold; font-size: 12pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; font-size: 12pt">Three Months Ended</td><td style="font-weight: bold; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="font-size: 12pt"> </td><td style="font-weight: bold; font-size: 12pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; font-size: 12pt">April 30,</td><td style="font-weight: bold; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="font-size: 12pt"> </td><td style="font-weight: bold; padding-bottom: 1px; font-size: 12pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 12pt">2021</td><td style="padding-bottom: 1px; font-weight: bold; font-size: 12pt"> </td><td style="font-weight: bold; padding-bottom: 1px; font-size: 12pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 12pt">2020</td><td style="padding-bottom: 1px; font-weight: bold; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; font-size: 12pt">Segment gross profit (loss):</td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="width: 70%; text-align: left; font-size: 12pt">Ethanol and by-products</td><td style="width: 3%; font-size: 12pt"> </td> <td style="width: 1%; text-align: left; font-size: 12pt">$</td><td style="width: 10%; text-align: right; font-size: 12pt">19,477</td><td style="width: 1%; text-align: left; font-size: 12pt"> </td><td style="width: 3%; font-size: 12pt"> </td> <td style="width: 1%; text-align: left; font-size: 12pt">$</td><td style="width: 10%; text-align: right; font-size: 12pt">(8,223)</td><td style="width: 1%; text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; padding-bottom: 1px; font-size: 12pt">Refined coal</td><td style="padding-bottom: 1px; font-size: 12pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 12pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 12pt">(1,675)</td><td style="padding-bottom: 1px; text-align: left; font-size: 12pt"> </td><td style="padding-bottom: 1px; font-size: 12pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 12pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 12pt">(1,107)</td><td style="padding-bottom: 1px; text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; padding-bottom: 3px; font-size: 12pt">Total gross profit (loss)</td><td style="padding-bottom: 3px; font-size: 12pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 12pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 12pt">17,802</td><td style="padding-bottom: 3px; text-align: left; font-size: 12pt"> </td><td style="padding-bottom: 3px; font-size: 12pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 12pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 12pt">(9,330)</td><td style="padding-bottom: 3px; text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; font-size: 12pt">Income (loss) before income taxes:</td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; font-size: 12pt">Ethanol and by-products</td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt">$</td><td style="text-align: right; font-size: 12pt">11,082</td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt">$</td><td style="text-align: right; font-size: 12pt">(12,351)</td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; font-size: 12pt">Refined coal</td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt">(1,795)</td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt">(847)</td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; padding-bottom: 1px; font-size: 12pt">Corporate and other</td><td style="padding-bottom: 1px; font-size: 12pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 12pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 12pt">(860)</td><td style="padding-bottom: 1px; text-align: left; font-size: 12pt"> </td><td style="padding-bottom: 1px; font-size: 12pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 12pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 12pt">(545)</td><td style="padding-bottom: 1px; text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; padding-bottom: 3px; font-size: 12pt">Total income (loss) before income taxes</td><td style="padding-bottom: 3px; font-size: 12pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 12pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 12pt">8,427</td><td style="padding-bottom: 3px; text-align: left; font-size: 12pt"> </td><td style="padding-bottom: 3px; font-size: 12pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 12pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 12pt">(13,743)</td><td style="padding-bottom: 3px; text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; font-size: 12pt">(Provision) benefit for income taxes:</td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; font-size: 12pt">Ethanol and by-products</td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt">$</td><td style="text-align: right; font-size: 12pt">(2,436)</td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt">$</td><td style="text-align: right; font-size: 12pt">4,161</td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; font-size: 12pt">Refined coal</td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt">2,195</td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt">959</td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; padding-bottom: 1px; font-size: 12pt">Corporate and other</td><td style="padding-bottom: 1px; font-size: 12pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 12pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 12pt">212</td><td style="padding-bottom: 1px; text-align: left; font-size: 12pt"> </td><td style="padding-bottom: 1px; font-size: 12pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 12pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 12pt">193</td><td style="padding-bottom: 1px; text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; padding-bottom: 3px; font-size: 12pt">Total (provision) benefit for income taxes</td><td style="padding-bottom: 3px; font-size: 12pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 12pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 12pt">(29)</td><td style="padding-bottom: 3px; text-align: left; font-size: 12pt"> </td><td style="padding-bottom: 3px; font-size: 12pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 12pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 12pt">5,313</td><td style="padding-bottom: 3px; text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt"> </td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; font-size: 12pt">Net income (loss) attributable to REX common shareholders:</td><td style="font-weight: bold; font-size: 12pt"> </td> <td style="font-weight: bold; text-align: left; font-size: 12pt"> </td><td style="font-weight: bold; text-align: right; font-size: 12pt"> </td><td style="font-weight: bold; text-align: left; font-size: 12pt"> </td><td style="font-weight: bold; font-size: 12pt"> </td> <td style="font-weight: bold; text-align: left; font-size: 12pt"> </td><td style="font-weight: bold; text-align: right; font-size: 12pt"> </td><td style="font-weight: bold; text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; font-size: 12pt">Ethanol and by-products</td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt">$</td><td style="text-align: right; font-size: 12pt">7,952</td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt">$</td><td style="text-align: right; font-size: 12pt">(7,433)</td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; font-size: 12pt">Refined coal</td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt">480</td><td style="text-align: left; font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td style="text-align: left; font-size: 12pt"> </td><td style="text-align: right; font-size: 12pt">150</td><td style="text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; font-size: 12pt"> <td style="text-align: left; padding-bottom: 1px; font-size: 12pt">Corporate and other</td><td style="padding-bottom: 1px; font-size: 12pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 12pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 12pt">(648)</td><td style="padding-bottom: 1px; text-align: left; font-size: 12pt"> </td><td style="padding-bottom: 1px; font-size: 12pt"> </td> <td style="border-bottom: Black 1px solid; text-align: left; font-size: 12pt"> </td><td style="border-bottom: Black 1px solid; text-align: right; font-size: 12pt">(352)</td><td style="padding-bottom: 1px; text-align: left; font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 12pt"> <td style="text-align: left; padding-bottom: 3px; font-size: 12pt">Net income (loss) attributable to REX common shareholders</td><td style="padding-bottom: 3px; font-size: 12pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 12pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 12pt">7,784</td><td style="padding-bottom: 3px; text-align: left; font-size: 12pt"> </td><td style="padding-bottom: 3px; font-size: 12pt"> </td> <td style="border-bottom: Black 3px double; text-align: left; font-size: 12pt">$</td><td style="border-bottom: Black 3px double; text-align: right; font-size: 12pt">(7,635)</td><td style="padding-bottom: 3px; text-align: left; font-size: 12pt"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">April 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px">Sales of products, ethanol and by-products segment:</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2020</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%">Ethanol</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">126,069</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">60,597</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Dried distillers grains</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,119</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,918</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Non-food grade corn oil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,594</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,188</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Modified distillers grains</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,293</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">457</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Derivative financial instruments losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,126)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">93</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">75</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">164,042</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">83,235</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Sales of products, refined coal segment: <br/></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Refined coal</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">62</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">15</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 164042000 83235000 62000 15000 164104000 83250000 19477000 -8223000 -1675000 -1107000 17802000 -9330000 11082000 -12351000 -1795000 -847000 -860000 -545000 8427000 -13743000 2436000 -4161000 -2195000 -959000 -212000 -193000 29000 -5313000 7952000 -7433000 480000 150000 -648000 -352000 7784000 -7635000 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td>Assets:</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>April 30,<span style="text-decoration:underline"> </span>2021</b></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><b>January 31, 2021</b></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left">Ethanol and by-products</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">406,595</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">397,281</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Refined coal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,163</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,861</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Corporate and other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">77,382</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">79,203</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">486,140</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">479,345</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 406595000 397281000 2163000 2861000 77382000 79203000 486140000 479345000 126069000 60597000 31119000 18918000 5594000 3188000 2293000 457000 -1126000 93000 75000 164042000 83235000 62000 15000 Yes Yes false --01-31 Q1 0000744187 The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets. The forward purchase contracts asset is included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets. Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 2.6 million bushels of corn at April 30, 2021. These contracts are short/sell positions for approximately 6.9 million bushels of corn at January 31, 2021. Forward purchase contracts assets are included in prepaid expenses and other current assets. These contracts are for purchases of approximately 9.5 million bushels of corn at April 30, 2021 and 6.4 million bushels of corn at January 31, 2021. The Company records sales in the refined coal segment net of the cost of coal as the Company purchases the coal feedstock from the customer to which refined coal is sold.