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Note 1. Consolidated Condensed Financial Statements References to the Company – References to “REX” or the “Company” in the consolidated condensed financial statements and in these notes to the consolidated condensed financial statements refer to REX American Resources Corporation, a Delaware corporation, and its majority and wholly owned subsidiaries. The consolidated condensed financial statements included in this report have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and include, in the opinion of management, all adjustments necessary to state fairly the information set forth therein. Any such adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Financial information as of January 31, 2022 included in these financial statements has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2022 (fiscal year 2021). It is suggested that these unaudited consolidated condensed financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2022. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year. Basis of Consolidation – The consolidated condensed financial statements in this report include the operating results and financial position of the Company. All intercompany balances and transactions have been eliminated. The Company consolidates the results of its wholly owned and majority owned subsidiaries. The Company includes the results of operations of One Earth Energy, LLC (“One Earth”) in its Consolidated Condensed Statements of Operations on a delayed basis of one month as One Earth has a fiscal year end of December 31. On November 18, 2021, the Company ceased operation of its refined coal business as tax credits could no longer be earned on its operations. Beginning in the third quarter of fiscal year 2021, the results of the operation of the refined coal business were recognized in discontinued operations. Stock Split – On June 21, 2022, the Board of Directors of the Company adopted resolutions declaring a three-for-one split of the Company’s Common Stock to be effectuated in the form of a 200% stock dividend, payable on August 5, 2022 to stockholders of record at the close of business on July 29, 2022. The stock split has been retroactively reflected in the accompanying consolidated financial statements. Nature of Operations – Beginning in the third quarter of fiscal year 2021, the Company now has one reportable segment, ethanol and by-products. Within the ethanol and by-products segment, the Company has equity investments in three ethanol limited liability companies, two of which are majorityownership interests. Prior period amounts have been reclassified to conform to the current segment reporting.

Note 2. Accounting Policies The interim consolidated condensed financial statements have been prepared in accordance with the accounting policies described in the notes to the consolidated financial statements included in the Company’s fiscal year 2021 Annual Report on Form 10-K. While management believes that the procedures followed in the preparation of interim financial information are reasonable, the accuracy of some estimated amounts is dependent upon facts that will exist or calculations that will be accomplished at fiscal year-end. Examples of such estimates include accrued liabilities, such as management bonuses, and the provision for income taxes. Any adjustments pursuant to such estimates during the quarter were of a normal recurring nature. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less. Revenue Recognition The Company recognizes sales of ethanol, distillers grains and non-food grade corn oil when obligations under the terms of the respective contracts with customers are satisfied; this occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. Cost of Sales Cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant repair and maintenance costs, plant management, certain compensation costs and general facility overhead charges. Selling, General and Administrative (“SG&A”) Expenses The Company includes non-production related costs such as professional fees, outbound freight charges, selling charges and certain payroll in SG&A expenses. Outbound freight charges were approximately $2,463,000 and $210,000 in the third quarter of fiscal years 2022 and 2021, respectively and approximately $5,363,000 and $7,366,000 in the first nine months of fiscal years 2022 and 2021, respectively. Financial Instruments Certain of the forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of Accounting Standards Codification (“ASC”) 815, “Derivatives and Hedging” (“ASC 815”) because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and salesof ethanol, distillers grains and non-food grade corn oil in quantities expected to be produced by the Company over a reasonable period of time in the normal course of business. The Company uses derivative financial instruments (exchange-traded futures contracts) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sales activities, there are situations in which these hedging activities can themselves result in losses. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting. Income Taxes The Company applies an effective tax rate to interim periods that is consistent with the Company’s estimated annual tax rate as adjusted for discrete items impacting the interim periods. The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid income taxes of approximately $2.2 million and $2.8 million and received no refunds during the nine months ended October 31, 2022 and 2021, respectively. As of October 31, 2022, and January 31, 2022, total unrecognized tax benefits were approximately $16,825,000 and $16,741,000, respectively. Accrued penalties and interest were approximately $50,000 and approximately $40,000 at October 31, 2022 and January 31, 2022, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $16.7 million. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. Inventories Inventories are carried at the lower of cost or net realizable value on a first-in, first-out basis. Inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities associated with producing ethanol and related by-products. Inventory is written down for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the market value of inventory is often dependent upon changes in commodity prices. The Company recorded approximately $0.4 million and $0.5 million of inventory write-downs in cost of sales at October 31, 2022 and January 31, 2022, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory and changes in commodity prices at a given point in time.The components of inventory are as follows as of the dates presented (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">October 31, 2022</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">January 31, 2022</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 5pt">Ethanol and other finished goods</td><td style="width: 5%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font-family: Times New Roman, Times, Serif; text-align: right">10,592</td><td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 5%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font-family: Times New Roman, Times, Serif; text-align: right">13,158</td><td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 5pt">Work in process</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">6,809</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">5,473</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; padding-left: 5pt">Grain and other raw materials</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: right">24,644</td><td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: right">23,594</td><td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 3px; padding-left: 5pt">Total</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: right">42,045</td><td style="padding-bottom: 3px; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: right">42,225</td><td style="padding-bottom: 3px; font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> Property and Equipment Property and equipment is recorded at cost or the fair value on the date of acquisition (for property and equipment acquired in a business combination). Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment. In accordance with ASC 360-10 “Impairment or Disposal of Long-Lived Assets”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable. The Company did not identify any indicators of impairment during the first nine months of fiscal year 2022 or 2021, thus there were no impairment charges in the first nine months of fiscal year 2022 or 2021. The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any. Investments The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company accounts for investments in a limited liability company in which it has a less than 20% ownership interest using the equity method of accounting when the factors discussed in ASC 323, “Investments-Equity Method and Joint Ventures” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. The Company accounts for its investment in Big River Resources, LLC (“Big River”) using the equity method of accounting and includes the results on a delayed basis of one month as Big River has a fiscal year end of December 31. The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include general economic and company-specific evaluations. If the Company determines that a decline in market value is other thanShort-term investments are considered held to maturity, and therefore are carried at amortized historical cost. Other Income As part of the Coronavirus Aid, Relief, and Economic Security Act, passed in 2020, $700 million in funds were made available to the U.S. Department of Agriculture to distribute to impacted producers of ethanol, biodiesel, and other renewable fuels under the Biofuel Producer Program. The U.S. Department of Agriculture (“USDA”) distributed funds to applicants in May 2022. Our consolidated plants received a total of approximately $7.8 million from this program, which was recorded within “Interest and other income, net” in the Consolidated Condensed Statements of Operations for the nine months ended October 31, 2022. Discontinued Operations On November 18, 2021, the Company ceased operation of its refined coal business as tax credits could no longer be earned on its operation. Beginning in the third quarter of fiscal year 2021, the results of the operation of the refined coal business have been recognized in discontinued operations. Prior period amounts have been reclassified to conform with discontinued operations reporting. Comprehensive Income The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income. Accounting Changes and Recently Issued Accounting Standards In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, which increases the transparency of government assistance received by businesses by expanding the disclosure requirements for annual reporting periods. The Company plans to provide necessary disclosures required related to government assistance received in the annual reporting for the year ending January 31, 2023, as required.The Company does not expect this accounting guidance to materially impact its consolidated financial statements.

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

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

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

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

2463000 210000 5363000 7366000

Financial Instruments Certain of the forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of Accounting Standards Codification (“ASC”) 815, “Derivatives and Hedging” (“ASC 815”) because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and salesof ethanol, distillers grains and non-food grade corn oil in quantities expected to be produced by the Company over a reasonable period of time in the normal course of business. The Company uses derivative financial instruments (exchange-traded futures contracts) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sales activities, there are situations in which these hedging activities can themselves result in losses. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does

Income Taxes The Company applies an effective tax rate to interim periods that is consistent with the Company’s estimated annual tax rate as adjusted for discrete items impacting the interim periods. The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid income taxes of approximately $2.2 million and $2.8 million and received no refunds during the nine months ended October 31, 2022 and 2021, respectively. As of October 31, 2022, and January 31, 2022, total unrecognized tax benefits were approximately $16,825,000 and $16,741,000, respectively. Accrued penalties and interest were approximately $50,000 and approximately $40,000 at October 31, 2022 and January 31, 2022, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $16.7 million. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest.

2200000

2800000

16825000

16741000

50000

40000

16700000

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

400000

500000

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 style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">October 31, 2022</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">January 31, 2022</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5pt"> </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="width: 66%; font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 5pt">Ethanol and other finished goods</td><td style="width: 5%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font-family: Times New Roman, Times, Serif; text-align: right">10,592</td><td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 5%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font-family: Times New Roman, Times, Serif; text-align: right">13,158</td><td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 5pt">Work in process</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">6,809</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">5,473</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; padding-left: 5pt">Grain and other raw materials</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: right">24,644</td><td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font-family: Times New Roman, Times, Serif; text-align: right">23,594</td><td style="padding-bottom: 1px; font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 3px; padding-left: 5pt">Total</td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: right">42,045</td><td style="padding-bottom: 3px; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font-family: Times New Roman, Times, Serif; text-align: right">42,225</td><td style="padding-bottom: 3px; font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

10592000

13158000

6809000

5473000

24644000

23594000

42045000

42225000

Property and Equipment Property and equipment is recorded at cost or the fair value on the date of acquisition (for property and equipment acquired in a business combination). Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment. In accordance with ASC 360-10 “Impairment or Disposal of Long-Lived Assets”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable. The Company did not identify any indicators of impairment during the first nine months of fiscal year 2022 or 2021, thus there were no impairment charges in the first nine months of fiscal year 2022 or 2021. The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any.

40 years

20 years

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

0.20

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

7800000

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

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

Accounting Changes and Recently Issued Accounting Standards In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, which increases the transparency of government assistance received by businesses by expanding the disclosure requirements for annual reporting periods. The Company plans to provide necessary disclosures required related to government assistance received in the annual reporting for the year ending January 31, 2023, as required.The Company does not expect this accounting guidance to materially impact its consolidated financial statements.

Note 3. Net Sales and Revenue The Company recognizes sales of products when obligations under the terms of the respective contracts with customers are satisfied. This occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods. Sales, value added and other taxes the Company collects concurrent with revenue producing activities are excluded from net sales and revenue.The majority of the Company’s sales have payment terms ranging from 5 to 10 days after transfer of control. The Company has determined that sales contracts do not generally include a significant financing component. The Company has not historically, and does not intend to, enter sales contracts in which payment is due from a customer prior to transferring product to the customer. Thus, the Company does not record unearned revenue. The following tables shows disaggregated revenue by product (amounts in thousands): <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: center"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="6" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Three Months Ended October 31,</td><td> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="6" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Nine Months Ended October 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2021</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2021</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Sales of products, continuing operations: </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 48%; font-family: Times New Roman, Times, Serif; text-align: left">Ethanol</td><td style="width: 3%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 8%; font-family: Times New Roman, Times, Serif; text-align: right">165,135</td><td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 8%; font-family: Times New Roman, Times, Serif; text-align: right">161,598</td><td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 8%; font-family: Times New Roman, Times, Serif; text-align: right">502,404</td><td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 8%; font-family: Times New Roman, Times, Serif; text-align: right">441,657</td><td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Dried distillers grains</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">38,009</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">28,717</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">104,167</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">91,408</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Non-food grade corn oil</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">14,648</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">11,958</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">39,973</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">27,364</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Modified distillers grains</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">2,477</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">2,930</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">9,288</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">7,157</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Derivative financial instrument gains (losses)</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">8</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">(2,144)</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"/><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">(1,144)</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"/><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">(4,907)</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"/></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-family: Times New Roman, Times, Serif">Other</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">-</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">7</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">145</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">107</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-family: Times New Roman, Times, Serif">Total</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="font-family: Times New Roman, Times, Serif; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">220,277</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="font-family: Times New Roman, Times, Serif; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">203,066</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="font-family: Times New Roman, Times, Serif; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">654,833</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="font-family: Times New Roman, Times, Serif; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">562,786</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-family: Times New Roman, Times, Serif; 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><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="font-family: Times New Roman, Times, Serif; text-align: left">Sales of products, discontinued operations:</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><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="font-family: Times New Roman, Times, Serif">Refined coal1</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">$</td><td style="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-0">-</div></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">$</td><td style="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double">151</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">$</td><td style="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-1">-</div></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">$</td><td style="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double">377</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> 1 Refined coal sales were recorded net of the cost of coal as the Company purchased the coal feedstock from the customer to which the processed refined coal was sold.

The following tables shows disaggregated revenue by product (amounts in thousands): <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: center"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="6" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Three Months Ended October 31,</td><td> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="6" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Nine Months Ended October 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2021</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2021</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Sales of products, continuing operations: </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 48%; font-family: Times New Roman, Times, Serif; text-align: left">Ethanol</td><td style="width: 3%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 8%; font-family: Times New Roman, Times, Serif; text-align: right">165,135</td><td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 8%; font-family: Times New Roman, Times, Serif; text-align: right">161,598</td><td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 8%; font-family: Times New Roman, Times, Serif; text-align: right">502,404</td><td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font-family: Times New Roman, Times, Serif"> </td> <td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 8%; font-family: Times New Roman, Times, Serif; text-align: right">441,657</td><td style="width: 1%; font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Dried distillers grains</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">38,009</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">28,717</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">104,167</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">91,408</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Non-food grade corn oil</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">14,648</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">11,958</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">39,973</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">27,364</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Modified distillers grains</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">2,477</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">2,930</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">9,288</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">7,157</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-family: Times New Roman, Times, Serif; text-align: left">Derivative financial instrument gains (losses)</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">8</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">(2,144)</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"/><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">(1,144)</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"/><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">(4,907)</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"/></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-family: Times New Roman, Times, Serif">Other</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">-</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">7</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">145</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif; text-align: right">107</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-family: Times New Roman, Times, Serif">Total</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="font-family: Times New Roman, Times, Serif; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">220,277</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="font-family: Times New Roman, Times, Serif; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">203,066</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="font-family: Times New Roman, Times, Serif; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">654,833</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="font-family: Times New Roman, Times, Serif; text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">562,786</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-family: Times New Roman, Times, Serif; 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><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="font-family: Times New Roman, Times, Serif; text-align: left">Sales of products, discontinued operations:</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><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="font-family: Times New Roman, Times, Serif">Refined coal1</td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">$</td><td style="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-0">-</div></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">$</td><td style="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double">151</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">$</td><td style="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-1">-</div></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td><td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">$</td><td style="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 3px double">377</td><td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

165135000

161598000

502404000

441657000

38009000

28717000

104167000

91408000

14648000

11958000

39973000

27364000

2477000

2930000

9288000

7157000

8000

-2144000

-1144000

-4907000

7000

145000

107000

220277000

203066000

654833000

562786000

151000

377000

Note 4. Leases At October 31, 2022, the Company had lease agreements, as lessee, for railcars. All of the leases are accounted for as operating leases. The lease agreements do not contain a specified implicit interest rate; therefore, the Company’s estimated incremental borrowing rate was used to determine the present value of future minimum lease payments. The exercise of any lease option renewal is at the Company’s sole discretion. The lease term for all of the Company’s leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. The components of lease expense, classified as SG&A expenses on the Consolidated Condensed Statement of Operations are as follows (amounts in thousands): <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: center; font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="text-align: center; font: 12pt Times New Roman, Times, Serif">Three Months Ended October 31, </td><td style="font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="text-align: center; font: 12pt Times New Roman, Times, Serif">Nine Months Ended October 31, </td><td style="font: 12pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif"> <td style="text-align: center; font: 12pt Times New Roman, Times, Serif"> </td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 12pt Times New Roman, Times, Serif; text-align: center">2022</td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 12pt Times New Roman, Times, Serif; text-align: center">2021</td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 12pt Times New Roman, Times, Serif; text-align: center">2022</td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 12pt Times New Roman, Times, Serif; text-align: center">2021</td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif"> <td style="font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: right; font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: right; font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: right; font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: right; font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font: 12pt Times New Roman, Times, Serif"> <td style="width: 48%; text-align: left; font: 12pt Times New Roman, Times, Serif">Operating lease expense</td><td style="width: 3%; font: 12pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 12pt Times New Roman, Times, Serif">$</td><td style="width: 8%; text-align: right; font: 12pt Times New Roman, Times, Serif">2,060</td><td style="width: 1%; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td><td style="width: 3%; font: 12pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 12pt Times New Roman, Times, Serif">$</td><td style="width: 8%; text-align: right; font: 12pt Times New Roman, Times, Serif">1,690</td><td style="width: 1%; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td><td style="width: 3%; font: 12pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 12pt Times New Roman, Times, Serif">$</td><td style="width: 8%; text-align: right; font: 12pt Times New Roman, Times, Serif">5,661</td><td style="width: 1%; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td><td style="width: 3%; font: 12pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 12pt Times New Roman, Times, Serif">$</td><td style="width: 8%; text-align: right; font: 12pt Times New Roman, Times, Serif">4,805</td><td style="width: 1%; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-bottom: 1px; font: 12pt Times New Roman, Times, Serif">Variable lease expense</td><td style="padding-bottom: 1px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: right">92</td><td style="padding-bottom: 1px; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: right">1,090</td><td style="padding-bottom: 1px; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: right">757</td><td style="padding-bottom: 1px; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: right">1,654</td><td style="padding-bottom: 1px; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font: 12pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif">Total lease expense</td><td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: right">2,152</td><td style="padding-bottom: 3px; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: right">2,780</td><td style="padding-bottom: 3px; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: right">6,418</td><td style="padding-bottom: 3px; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: right">6,459</td><td style="padding-bottom: 3px; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td></tr> </table>The following table is a summary of future minimum rentals on such leases at October 31, 2022 (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1px; text-align: left">Years Ended January 31,</td><td colspan="3" style="font-weight: bold; padding-bottom: 1px; text-align: right">Minimum Rentals</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </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: 86%; text-align: left">Remainder of 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: right">$</td><td style="width: 10%; text-align: right">1,392</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,563</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,114</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,942</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,877</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-align: left">Thereafter</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">1,474</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: left">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,362</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <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">1,577</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: 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">14,785</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> At October 31, 2022, the weighted average remaining lease term is 3.5 years, and the weighted average discount rate is 5.43% for the above leases. At January 31, 2022, the weighted average remaining lease term was 2.5 years, and the weighted average discount rate was 4.85% for the above leases.

The components of lease expense, classified as SG&A expenses on the Consolidated Condensed Statement of Operations are as follows (amounts in thousands):<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: center; font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="text-align: center; font: 12pt Times New Roman, Times, Serif">Three Months Ended October 31, </td><td style="font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="text-align: center; font: 12pt Times New Roman, Times, Serif">Nine Months Ended October 31, </td><td style="font: 12pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif"> <td style="text-align: center; font: 12pt Times New Roman, Times, Serif"> </td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 12pt Times New Roman, Times, Serif; text-align: center">2022</td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 12pt Times New Roman, Times, Serif; text-align: center">2021</td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 12pt Times New Roman, Times, Serif; text-align: center">2022</td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 12pt Times New Roman, Times, Serif; text-align: center">2021</td><td style="font: bold 12pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif"> <td style="font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: right; font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: right; font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: right; font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: right; font: 12pt Times New Roman, Times, Serif"> </td><td style="font: 12pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font: 12pt Times New Roman, Times, Serif"> <td style="width: 48%; text-align: left; font: 12pt Times New Roman, Times, Serif">Operating lease expense</td><td style="width: 3%; font: 12pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 12pt Times New Roman, Times, Serif">$</td><td style="width: 8%; text-align: right; font: 12pt Times New Roman, Times, Serif">2,060</td><td style="width: 1%; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td><td style="width: 3%; font: 12pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 12pt Times New Roman, Times, Serif">$</td><td style="width: 8%; text-align: right; font: 12pt Times New Roman, Times, Serif">1,690</td><td style="width: 1%; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td><td style="width: 3%; font: 12pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 12pt Times New Roman, Times, Serif">$</td><td style="width: 8%; text-align: right; font: 12pt Times New Roman, Times, Serif">5,661</td><td style="width: 1%; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td><td style="width: 3%; font: 12pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 12pt Times New Roman, Times, Serif">$</td><td style="width: 8%; text-align: right; font: 12pt Times New Roman, Times, Serif">4,805</td><td style="width: 1%; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-bottom: 1px; font: 12pt Times New Roman, Times, Serif">Variable lease expense</td><td style="padding-bottom: 1px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: right">92</td><td style="padding-bottom: 1px; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: right">1,090</td><td style="padding-bottom: 1px; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: right">757</td><td style="padding-bottom: 1px; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 1px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; text-align: right">1,654</td><td style="padding-bottom: 1px; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font: 12pt Times New Roman, Times, Serif"> <td style="text-align: left; padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif">Total lease expense</td><td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: right">2,152</td><td style="padding-bottom: 3px; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: right">2,780</td><td style="padding-bottom: 3px; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: right">6,418</td><td style="padding-bottom: 3px; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td><td style="padding-bottom: 3px; font: 12pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 3px double; font: 12pt Times New Roman, Times, Serif; text-align: right">6,459</td><td style="padding-bottom: 3px; text-align: left; font: 12pt Times New Roman, Times, Serif"> </td></tr> </table>

2060000

1690000

5661000

4805000

92000

1090000

757000

1654000

2152000

2780000

6418000

6459000

The following table is a summary of future minimum rentals on such leases at October 31, 2022 (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1px; text-align: left">Years Ended January 31,</td><td colspan="3" style="font-weight: bold; padding-bottom: 1px; text-align: right">Minimum Rentals</td><td style="padding-bottom: 1px; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </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: 86%; text-align: left">Remainder of 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: right">$</td><td style="width: 10%; text-align: right">1,392</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,563</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,114</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,942</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,877</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px; text-align: left">Thereafter</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">1,474</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: left">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,362</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <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">1,577</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: 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">14,785</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

1392000

5563000

4114000

1942000

1877000

1474000

16362000

1577000

14785000

P3Y6M

0.0543

P2Y6M

0.0485

Note 5. Fair Value The Company applies ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), which provides a framework for measuring fair value under accounting principles generally accepted in the United States of America. This accounting standard defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company determines the fair market values of its financial instruments based on the fair value hierarchy established by ASC 820 which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values which are provided below. The Company carries certain cash equivalents, investments and derivative instruments at fair value. The fair values of derivative assets and liabilities traded in the over-the-counter market are determined using quantitative models that require the use of multiple market inputs including interest rates, prices and indices to generate pricing and volatility factors, which are used to value the position. The predominance of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Estimation risk is greater for derivative asset and liability positions that are either option-based or have longer maturity dates where observable market inputs are less readily available or are unobservable, in which case interest rate, price or index scenarios are extrapolated in order to determine the fair value. The fair values of derivative assets and liabilities include adjustments for market liquidity, counterparty credit quality, the Company’s own credit standing and other specific factors, where appropriate.To ensure the prudent application of estimates and management judgment in determining the fair value of derivative assets and liabilities, investments and property and equipment, various processes and controls have been adopted, which include: (i) model validation that requires a review and approval for pricing, financial statement fair value determination and risk quantification; and (ii) periodic review and substantiation of profit and loss reporting for all derivative instruments. Financial assets and liabilities measured at fair value on a recurring basis at October 31, 2022 are summarized below (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold; padding-bottom: 1px; white-space: nowrap"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap">Level 1</td><td style="padding-bottom: 1px; font-weight: bold; white-space: nowrap; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; white-space: nowrap; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap">Level 2</td><td style="padding-bottom: 1px; font-weight: bold; white-space: nowrap; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; white-space: nowrap; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap">Level 3</td><td style="padding-bottom: 1px; font-weight: bold; white-space: nowrap; text-align: center"> </td><td style="padding-bottom: 1px; white-space: nowrap; text-align: center"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; white-space: nowrap">Fair Value</td><td style="padding-bottom: 1px; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 54%; text-align: left">Investment in cooperative (1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-2">-</div></td><td style="width: 3%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-3">-</div></td><td style="width: 3%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">354</td><td style="width: 3%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">354</td><td style="width: 1%; text-align: left"> </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-4">-</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">800</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-5">-</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">800</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: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">-</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">800</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">$</td><td style="border-bottom: Black 3px double; text-align: right">354</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,154</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right"> </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"> </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"> </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"> </td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Forward purchase contracts liability (3)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-6">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">30</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-7">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">30</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">Commodity futures liability (3)</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-8">-</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">285</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-9">-</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">285</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 liabilities</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">-</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">315</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">$</td><td style="border-bottom: Black 3px double; text-align: right">-</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">315</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2022 are summarized below (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold; padding-bottom: 1px; white-space: nowrap"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap">Level 1</td><td style="padding-bottom: 1px; font-weight: bold; white-space: nowrap; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; white-space: nowrap; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap">Level 2</td><td style="padding-bottom: 1px; font-weight: bold; white-space: nowrap; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; white-space: nowrap; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap">Level 3</td><td style="padding-bottom: 1px; font-weight: bold; white-space: nowrap; text-align: center"> </td><td style="padding-bottom: 1px; white-space: nowrap; text-align: center"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; white-space: nowrap">Fair Value</td><td style="padding-bottom: 1px; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 54%; text-align: left">Investment in cooperative (1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-10">-</div></td><td style="width: 3%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-11">-</div></td><td style="width: 3%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">354</td><td style="width: 3%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">354</td><td style="width: 1%; text-align: left"> </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-12">-</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">993</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-13">-</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">993</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: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">-</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">993</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">$</td><td style="border-bottom: Black 3px double; text-align: right">354</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,347</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right"> </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"> </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"> </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"> </td><td style="padding-bottom: 3px; text-align: left"> </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">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-14">-</div></td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">933</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">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-15">-</div></td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">933</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> (1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets.(2) The forward purchase contracts and commodity futures assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets.(3) The commodity futures and forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. The Company determined the fair value of the investment in cooperative by using a discounted cash flow analysis on the expected cash flows. Inputs used in the analysis include the face value of the allocated equity amount, the projected term for repayment based upon a historical trend and a risk adjusted discount rate based on the expected compensation participants would demand because of the uncertainty of the future cash flows. The inherent risk and uncertainty associated with unobservable inputs could have a significant effect on the actual fair value of the investment. There were no assets measured at fair value on a non-recurring basis at October 31, 2022 or January 31, 2022.

Financial assets and liabilities measured at fair value on a recurring basis at October 31, 2022 are summarized below (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold; padding-bottom: 1px; white-space: nowrap"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap">Level 1</td><td style="padding-bottom: 1px; font-weight: bold; white-space: nowrap; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; white-space: nowrap; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap">Level 2</td><td style="padding-bottom: 1px; font-weight: bold; white-space: nowrap; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; white-space: nowrap; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap">Level 3</td><td style="padding-bottom: 1px; font-weight: bold; white-space: nowrap; text-align: center"> </td><td style="padding-bottom: 1px; white-space: nowrap; text-align: center"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; white-space: nowrap">Fair Value</td><td style="padding-bottom: 1px; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 54%; text-align: left">Investment in cooperative (1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-2">-</div></td><td style="width: 3%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-3">-</div></td><td style="width: 3%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">354</td><td style="width: 3%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">354</td><td style="width: 1%; text-align: left"> </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-4">-</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">800</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-5">-</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">800</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: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">-</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">800</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">$</td><td style="border-bottom: Black 3px double; text-align: right">354</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,154</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right"> </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"> </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"> </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"> </td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Forward purchase contracts liability (3)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-6">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">30</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-7">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">30</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">Commodity futures liability (3)</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-8">-</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">285</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-9">-</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">285</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 liabilities</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">-</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">315</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">$</td><td style="border-bottom: Black 3px double; text-align: right">-</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">315</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 style="white-space: nowrap"> </td><td style="font-weight: bold; padding-bottom: 1px; white-space: nowrap"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap">Level 1</td><td style="padding-bottom: 1px; font-weight: bold; white-space: nowrap; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; white-space: nowrap; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap">Level 2</td><td style="padding-bottom: 1px; font-weight: bold; white-space: nowrap; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1px; white-space: nowrap; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap">Level 3</td><td style="padding-bottom: 1px; font-weight: bold; white-space: nowrap; text-align: center"> </td><td style="padding-bottom: 1px; white-space: nowrap; text-align: center"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; white-space: nowrap">Fair Value</td><td style="padding-bottom: 1px; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 54%; text-align: left">Investment in cooperative (1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-10">-</div></td><td style="width: 3%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-11">-</div></td><td style="width: 3%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">354</td><td style="width: 3%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">354</td><td style="width: 1%; text-align: left"> </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-12">-</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">993</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-13">-</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">993</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: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">-</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">993</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">$</td><td style="border-bottom: Black 3px double; text-align: right">354</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,347</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right"> </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"> </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"> </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"> </td><td style="padding-bottom: 3px; text-align: left"> </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">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-14">-</div></td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">933</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">$</td><td style="border-bottom: Black 3px double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-15">-</div></td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">933</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> (1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets.(2) The forward purchase contracts and commodity futures assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets.(3) The commodity futures and forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets.

354000 354000 800000 800000

800000

354000

1154000

30000 30000

285000

315000

354000 354000 993000 993000

993000

354000

1347000

933000

Note 6. Property and Equipment The components of property and equipment are as follows 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 colspan="3" style="font-weight: bold; text-align: center">October 31, 2022</td><td style="font-weight: bold"> </td><td colspan="3" style="font-weight: bold">January 31, 2022 </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: 73%; text-align: left; padding-left: 5pt">Land and improvements</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">27,461</td><td style="width: 3%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">27,329</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 5pt">Buildings and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,707</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,617</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-left: 5pt">Machinery, equipment and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">298,822</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">296,243</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; padding-left: 5pt">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">5,201</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">1,515</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-left: 5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">355,191</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">348,704</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 5pt">Less: Accumulated depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(223,956)</td><td style="text-align: left"/><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(211,150)</td><td style="text-align: left"/></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 5pt">Total</td><td> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">131,235</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">137,554</td><td style="text-align: left"> </td></tr> </table>

The components of property and equipment are as follows 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 colspan="3" style="font-weight: bold; text-align: center">October 31, 2022</td><td style="font-weight: bold"> </td><td colspan="3" style="font-weight: bold">January 31, 2022 </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: 73%; text-align: left; padding-left: 5pt">Land and improvements</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">27,461</td><td style="width: 3%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">27,329</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 5pt">Buildings and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,707</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,617</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-left: 5pt">Machinery, equipment and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">298,822</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">296,243</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px; padding-left: 5pt">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">5,201</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">1,515</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-left: 5pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">355,191</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">348,704</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 5pt">Less: Accumulated depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(223,956)</td><td style="text-align: left"/><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(211,150)</td><td style="text-align: left"/></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 5pt">Total</td><td> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">131,235</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">137,554</td><td style="text-align: left"> </td></tr> </table>

27461000

27329000

23707000

23617000

298822000

296243000

5201000

1515000

355191000

348704000

223956000

211150000

131235000

137554000

Note 7. Accrued Expenses and Other Current Liabilities The components of accrued expenses and other current liabilities are as follows for the periods presented (amounts in thousands): <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 colspan="3" style="font-weight: bold; text-align: center">October 31, 2022</td><td style="font-weight: bold"> </td><td colspan="3" style="font-weight: bold; text-align: center">January 31, 2022 </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: 75%; text-align: left">Accrued payroll and related items</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,441</td><td style="width: 3%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">5,407</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">4,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,297</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">899</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">593</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">1,489</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,857</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">285</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">933</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Forward purchase contracts</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30</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">Accrued income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95</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">1,383</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">435</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">$</td><td style="border-bottom: Black 3px double; text-align: right">12,109</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">13,617</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

The components of accrued expenses and other current liabilities are as follows 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 colspan="3" style="font-weight: bold; text-align: center">October 31, 2022</td><td style="font-weight: bold"> </td><td colspan="3" style="font-weight: bold; text-align: center">January 31, 2022 </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: 75%; text-align: left">Accrued payroll and related items</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,441</td><td style="width: 3%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">5,407</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">4,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,297</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">899</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">593</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">1,489</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,857</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">285</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">933</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Forward purchase contracts</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30</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">Accrued income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95</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">1,383</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">435</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">$</td><td style="border-bottom: Black 3px double; text-align: right">12,109</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">13,617</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

3441000

5407000

4500000

4297000

899000

593000

1489000

1857000

285000 933000 30000

82000

95000

1383000

435000

12109000

13617000

Note 8. Derivative Financial Instruments The Company is exposed to various market risks, including changes in commodity prices (raw materials and finished goods). To manage risks associated with the volatility of these natural business exposures, the Company enters into commodity agreements and forward purchase (corn and natural gas) and sale (ethanol, distillers grains and non-food grade corn oil) contracts. The Company does not purchase or sell derivative financial instruments for trading or speculative purposes. The Company does not purchase or sell derivative financial instruments for which a lack of marketplace quotations would require the use of fair value estimation techniques. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting. The following table provides information about the fair values of the Company’s derivative financial instruments (that are not accounted for under the “normal purchases and normal sales” scope exemption of ASC 815) and the line items on the Consolidated Condensed Balance Sheets in which the fair values are reflected (in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; font: 12pt Times New Roman, Times, Serif; margin-left: 18pt"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 13.5pt"> </td><td colspan="7" style="font-weight: bold; text-align: center">Asset Derivatives Fair Value</td><td style="text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Liability Derivatives Fair Value</td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 13.5pt"> </td><td colspan="3" style="font-weight: bold; text-align: center">October 31, 2022</td><td style="font-weight: bold; text-align: center"> </td><td colspan="3" style="font-weight: bold; text-align: center">January 31, 2022</td><td style="font-weight: bold; text-align: center"> </td><td colspan="3" style="font-weight: bold; text-align: center">October 31, 2022</td><td style="font-weight: bold; text-align: center"> </td><td colspan="3" style="font-weight: bold; text-align: center">January 31, 2022</td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 13.5pt"> </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: left">Commodity futures (1)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-16">-</div></td><td style="width: 3%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-17">-</div></td><td style="width: 3%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">285</td><td style="width: 3%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">933</td><td style="width: 1%; text-align: left"> </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">800</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">993</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">30</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-18">-</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="padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">800</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">993</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">$</td><td style="border-bottom: Black 3px double; text-align: right">315</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">933</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> (1) Commodity futures liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. These contracts included short/sell positions and long/buy positions for approximately 3.4 million bushels and 90,000 bushels, respectively at October 31, 2022. These contracts include short/sell positions for approximately 7.4 million bushels of corn at January 31, 2022. (2) Forward contract liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. These contracts were for purchases of approximately 5.3 million bushels of corn at October 31, 2022. Forward purchase contracts assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets. These contracts were for purchases of approximately 3.9 million bushels and 19.2 million bushels of corn at October 31, 2022 and January 31, 2022, respectively. As of October 31, 2022, and January 31, 2022, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements with the counterparty. The Company’s accounting policy is to offset positions and amounts owed or owing with the same counterparty. As of October 31, 2022, and January 31, 2022, the gross positions of the enforceable master netting agreements were not significantly different from the net positions presented in the table above. Depending on the amount of an unrealized loss on a derivative contract held by the Company, the counterparty may require collateral to secure the Company’s derivative contract position. The Company was required to maintain collateral in the amount of approximately $1,308,000 and approximately $2,222,000 to secure the Company’s derivative liability position at October 31, 2022 and January 31, 2022, respectively, which is recorded as “Restricted cash” on the accompanying Consolidated Condensed Balance Sheets. See Note 5 which contains fair value information related to derivative financial instruments. The Company recognized gains, which are included in “Net sales and revenue” in the accompanying Consolidated Condensed Statement of Operations, on derivative financial instruments of approximately $8,000 and losses of $2,144,000 for the third quarter of fiscal years 2022 and 2021, respectively. The Company recognized losses on derivative financial instruments of approximately $1,144,000 and $4,907,000 for the first nine months of fiscal years 2022 and 2021, respectively.The Company recognized gains, which are included in “Cost of sales” in the accompanying Consolidated Condensed Statement of Operations, on derivative financial instruments of approximately $9,000 and of $5,474,000 for the third quarter of fiscal years 2022 and 2021, respectively. The Company recognized losses on derivative financial instruments of approximately $12,920,000 and $2,562,000 for the first nine months of fiscal years 2022 and 2021, respectively.

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): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; font: 12pt Times New Roman, Times, Serif; margin-left: 18pt"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 13.5pt"> </td><td colspan="7" style="font-weight: bold; text-align: center">Asset Derivatives Fair Value</td><td style="text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Liability Derivatives Fair Value</td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 13.5pt"> </td><td colspan="3" style="font-weight: bold; text-align: center">October 31, 2022</td><td style="font-weight: bold; text-align: center"> </td><td colspan="3" style="font-weight: bold; text-align: center">January 31, 2022</td><td style="font-weight: bold; text-align: center"> </td><td colspan="3" style="font-weight: bold; text-align: center">October 31, 2022</td><td style="font-weight: bold; text-align: center"> </td><td colspan="3" style="font-weight: bold; text-align: center">January 31, 2022</td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 13.5pt"> </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: left">Commodity futures (1)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-16">-</div></td><td style="width: 3%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-17">-</div></td><td style="width: 3%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">285</td><td style="width: 3%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">933</td><td style="width: 1%; text-align: left"> </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">800</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">993</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">30</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-18">-</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="padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">800</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">993</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">$</td><td style="border-bottom: Black 3px double; text-align: right">315</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">933</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> (1) Commodity futures liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. These contracts included short/sell positions and long/buy positions for approximately 3.4 million bushels and 90,000 bushels, respectively at October 31, 2022. These contracts include short/sell positions for approximately 7.4 million bushels of corn at January 31, 2022. (2) Forward contract liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. These contracts were for purchases of approximately 5.3 million bushels of corn at October 31, 2022. Forward purchase contracts assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets. These contracts were for purchases of approximately 3.9 million bushels and 19.2 million bushels of corn at October 31, 2022 and January 31, 2022, respectively.

285000

933000

800000

993000

30000

800000

993000

315000

933000

3400000 90000000000 7400000 5300000 3900000 19200000

1308000

2222000

8000 2144000 1144000 4907000

9000

5474000

12920000

2562000

Note 9. Investments Equity Method Investment in Big River The following table summarizes the Company’s equity method investment at October 31, 2022 and January 31, 2022 (dollars in thousands): <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 12pt Times New Roman, Times, Serif; text-align: center">Carrying Amount</td></tr> <tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"> <td style="font: 12pt Times New Roman, Times, Serif; width: 20%">Entity</td> <td style="width: 10%; white-space: nowrap; font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center; width: 20%">Ownership Percentage</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center; width: 5%"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center; width: 20%">October 31, 2022</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center; width: 5%"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center; width: 20%">January 31, 2022</td></tr> <tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"> <td style="layout-grid-mode: line; font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"> <td style="font: 12pt Times New Roman, Times, Serif">Big River</td> <td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center">10.3%</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center">$33,769</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center">$ 30,566</td></tr> </table> Undistributed earnings of the Company’s equity method investee totaled approximately $13.7 million and approximately $10.5 million at October 31, 2022 and January 31, 2022, respectively. The Company received dividends from its equity method investee of approximately $3.0 million and approximately $1.5 million in the first nine months of fiscal year 2022 and 2021. Summarized financial information for the Company’s equity method investee is presented in the following table for the periods presented (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: right">Three Months Ended October 31, </td><td> </td><td> </td> <td colspan="6" style="text-align: right">Nine Months Ended October 31, </td><td> </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: right; padding-bottom: 1px">2022</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; padding-bottom: 1px">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; padding-bottom: 1px">2022</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; padding-bottom: 1px">2021</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><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: 52%; text-align: left">Net sales and revenue</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$ </td><td style="width: 7%; text-align: right">398,838</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: 7%; text-align: right">347,059</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: 7%; text-align: right">1,200,980</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: 7%; text-align: right">966,858</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Gross profit</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,432</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">7,092</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">60,593</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">27,993</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 from continuing operations</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,415</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">60,230</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">26,802</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net income</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,415</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">60,230</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">26,802</td><td style="text-align: left"> </td></tr> </table> Short-term Investments At October 31, 2022, the Company owned United States Treasury Bills that had an amortized cost, or carrying value, of approximately $153.8 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 3.1%. Unrealized gains or losses were insignificant. At January 31, 2022, the Company owned certificates of deposit that had an amortized cost, or carrying value, of approximately $25,877,000. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 0.1%. Unrealized gains or losses were insignificant.

The following table summarizes the Company’s equity method investment at October 31, 2022 and January 31, 2022 (dollars in thousands): <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="font: 12pt Times New Roman, Times, Serif; text-align: center">Carrying Amount</td></tr> <tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"> <td style="font: 12pt Times New Roman, Times, Serif; width: 20%">Entity</td> <td style="width: 10%; white-space: nowrap; font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center; width: 20%">Ownership Percentage</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center; width: 5%"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center; width: 20%">October 31, 2022</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center; width: 5%"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center; width: 20%">January 31, 2022</td></tr> <tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"> <td style="layout-grid-mode: line; font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="vertical-align: top; font: 12pt Times New Roman, Times, Serif"> <td style="font: 12pt Times New Roman, Times, Serif">Big River</td> <td style="font: 12pt Times New Roman, Times, Serif"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center">10.3%</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center">$33,769</td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 12pt Times New Roman, Times, Serif; text-align: center">$ 30,566</td></tr> </table>

0.103

33769000

30566000

13700000

10500000

1500000

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: 90%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: right">Three Months Ended October 31, </td><td> </td><td> </td> <td colspan="6" style="text-align: right">Nine Months Ended October 31, </td><td> </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: right; padding-bottom: 1px">2022</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; padding-bottom: 1px">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; padding-bottom: 1px">2022</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; padding-bottom: 1px">2021</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><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: 52%; text-align: left">Net sales and revenue</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$ </td><td style="width: 7%; text-align: right">398,838</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: 7%; text-align: right">347,059</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: 7%; text-align: right">1,200,980</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: 7%; text-align: right">966,858</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Gross profit</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,432</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">7,092</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">60,593</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">27,993</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 from continuing operations</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,415</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">60,230</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">26,802</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net income</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,415</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">60,230</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">26,802</td><td style="text-align: left"> </td></tr> </table>

398838000

347059000

1200980000

966858000

11432000

7092000

60593000

27993000

6415000

3390000

60230000

26802000

6415000

3390000

60230000

26802000

153800000

0.031

25877000

0.001

Note 10. Employee Benefits The Company maintains the REX 2015 Incentive Plan, approved by its shareholders, which reserves a total of 1,650,000 shares of common stock for issuance pursuant to its terms. The plan provides for the granting of shares of stock, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, and restricted stock unit awards to eligible employees, non-employee directors and consultants. Until the current year, the Company had only granted restricted stock awards. In May 2022, the Company issued restricted stock units to certain officers of the Company which vest based on the Company’s Total Shareholder Return (TSR) compared to the TSRs of companies that comprise the Russell 2000 Index over a three-year performance period. The Company measures share-based compensation grants at fair value on the grant date, adjusted for estimated forfeitures. The Company records noncash compensation expense related to liability and equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. At October 31, 2022, 1,342,392 shares remain available for issuance under the Plan. Restricted Stock Awards As a component of their compensation, restricted stock has been granted to directors and certain employees at the closing market price of REX common stock on the grant date. In addition, one quarter (one third prior to 2022) of executives’ incentive compensation is payable by an award of restricted stock based on the then closing market price of REX common stock on the grant date. The Company’s board of directors has determined that the grant date will be June 15th, or the next business day if June 15th is not a business day, for all grants of restricted stock. At October 31, 2022 and January 31, 2022, unrecognized compensation cost related to nonvested restricted stock awards was approximately $551,000 and $97,000 respectively. The following tables summarize non-vested restricted stock award activity for the periods presented: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="11" style="text-align: center">Nine Months Ended October 31, 2022</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="11" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td> <td colspan="2" style="text-align: center; white-space: nowrap;">Non-Vested Shares</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td> <td colspan="2" style="text-align: center; white-space: nowrap;">Weighted Average Grant Date Fair Value (000’s)</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td> <td colspan="3" style="text-align: center; white-space: nowrap;">Weighted Average Remaining Vesting Term (in years)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="11" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 48%">Non-Vested at January 31, 2022</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">30,167</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">773</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; 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">70,689</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,032</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">18,403</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">451</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 style="padding-bottom: 1px"> </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><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><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; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Non-Vested at October 31, 2022</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">82,453</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">$</td><td style="border-bottom: Black 3px double; text-align: right">2,354</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right">2</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="11" style="font-weight: bold; text-align: center">Nine Months Ended October 31, 2021</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; white-space: nowrap;">Non-Vested Shares</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted Average Grant Date Fair Value (000’s)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Weighted Average Remaining Vesting Term (in years)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="11" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 48%">Non-Vested at January 31, 2021</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">59,102</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,398</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; 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">8,409</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">275</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">37,344</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">900</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 style="padding-bottom: 1px"> </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><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><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; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Non-Vested at October 31, 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">30,167</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">773</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">2</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> Restricted Stock Units (RSUs) In May 2022, the Company issued a total of 67,500 RSUs to certain officers. The number of RSUs eligible to vest will be determined based on how the Company’s TSR compares to the TSR of companies that comprise the Russell 2000 Index during the performance period ending December 31, 2024. The number of RSUs eligible to vest ranges from zero percent to two hundred percent, depending on actual performance during the performance period. For the three and nine month period ended October 31, 2022, the Company recognized compensation cost of approximately $253,000 and $441,100, respectively, related to the RSUs.

1650000

1342392

551000

97000

The following tables summarize non-vested restricted stock award activity for the periods presented:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="11" style="text-align: center">Nine Months Ended October 31, 2022</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="11" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td> <td colspan="2" style="text-align: center; white-space: nowrap;">Non-Vested Shares</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td> <td colspan="2" style="text-align: center; white-space: nowrap;">Weighted Average Grant Date Fair Value (000’s)</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td> <td colspan="3" style="text-align: center; white-space: nowrap;">Weighted Average Remaining Vesting Term (in years)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="11" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 48%">Non-Vested at January 31, 2022</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">30,167</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">773</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; 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">70,689</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,032</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">18,403</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">451</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 style="padding-bottom: 1px"> </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><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><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; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Non-Vested at October 31, 2022</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">82,453</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">2,354</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">2</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="11" style="font-weight: bold; text-align: center">Nine Months Ended October 31, 2021</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: right"> </td><td> </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 Shares</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted Average Grant Date Fair Value (000’s)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Weighted Average Remaining Vesting Term (in years)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="11" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 48%">Non-Vested at January 31, 2021</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">59,102</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,398</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; 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">8,409</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">275</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">37,344</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">900</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 style="padding-bottom: 1px"> </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><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><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; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Non-Vested at October 31, 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">30,167</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">773</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">2</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

30167000

773000

P1Y

70689000

2032

18403000

451000

82453000

2354000 P2Y

59102000

1398000

P1Y

8409000

275

37344000

900000

30167000

773000 P2Y

67500

253000

441100

Note 11. Income Taxes The Company’s income tax provision from continuing operations was approximately $1.2 million and approximately $4.3 million for the three months ended October 31, 2022 and 2021, respectively. The Company’s income tax provision from continuing operations was approximately $7.4 million and approximately $8.3 million for the nine months ended October 31, 2022 and 2021, respectively. The Company did not have any activity classified as discontinued operations in the current fiscal year and therefore, did not have an income tax provision or benefit from discontinued operations. The Company’s income tax benefit from discontinued operations was approximately $4.9 million and approximately $12.6 million for the three and nine months ended October 31, 2021, respectively. The benefit is derived from the level of tax credits generated from the refined coal business and the tax benefit of the loss from operations. Through its refined coal business, the Company earned production tax credits pursuant to IRC Section 45. The credits can be used to reduce future income tax liabilities for up to 20 years. The Company assessed all available positive and negative evidence to determine whether it expects sufficient future taxable income will be generated to allow for the realization of existing federal deferred tax assets. The Company ceased operation of its refined coal business on November 18, 2021. There issufficient objectively verifiable income for management to conclude that it is more likely than not that the Company will utilize available federal deferred tax assets prior to their expiration. The Company files a U.S. federal income tax return and various state income tax returns. In general, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ended January 31, 2014 and prior. The Company is currently undergoing a federal income tax examination for the years ended January 31, 2015 through January 31, 2020. On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. It is reasonably possible that the amount of the unrecognized tax benefit with respect to certain unrecognized tax positions will increase or decrease during the next 12 months; however, the Company does not expect the change to have a material effect on results of operations or financial position. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands): <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 style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Nine Months Ended October 31,</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; padding-bottom: 1px">2022</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; padding-bottom: 1px">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </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; background-color: rgb(229,255,255)"> <td style="width: 62%; text-align: left">Unrecognized tax benefits, beginning of period</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">16,781</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,400</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Changes for prior years’ tax positions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">94</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Changes for current year tax positions</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">413</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Unrecognized tax benefits, end of period</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">16,875</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">8,828</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

1200000

4300000

7400000

8300000

4900000

12600000

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: 80%; 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">Nine Months Ended October 31,</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; padding-bottom: 1px">2022</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; padding-bottom: 1px">2021</td><td style="padding-bottom: 1px; font-weight: bold"> </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; background-color: rgb(229,255,255)"> <td style="width: 62%; text-align: left">Unrecognized tax benefits, beginning of period</td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">16,781</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,400</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">94</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15</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">-</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">413</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">$</td><td style="border-bottom: Black 3px double; text-align: right">16,875</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">8,828</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

16781000 8400000

94000

15000

413000

16875000 8828000

Note 12. Commitments and Contingencies The Company may be involved in various legal actions arising in the normal course of business, from time to time. After taking into consideration legal counsels’ evaluations of any such action(s), management is of the opinion that their outcome will not have a material adverse effect on the Company’s Consolidated Condensed Financial Statements. One Earth and NuGen have combined forward purchase contracts for approximately 9.2 million bushels of corn, the principal raw material for their ethanol plants, and they have combined forward purchase contracts for approximately 613,000 MmBtu (million British thermal unit) of natural gas. One Earth and NuGen have combined sales commitments for approximately 46.1 million gallons of ethanol, approximately 88,000 tons of distillers grains and approximately 12.3 million pounds of non-food grade corn oil. The refined coal entity had various agreements (site license, operating agreements, etc.) containing payment terms based upon production of refined coal under which the Company was required to pay various fees. As production ceased in November 2021, there were no fees paid in fiscal year 2022. These fees totaled approximately $2.0 million and approximately $5.1 million for the three and nine months ended October 31, 2021, respectively.

9200000 613000 46100000 88000 12300000 2000000 5100000

Note 13. Related-Party Transactions During the third quarters of fiscal years 2022 and 2021, One Earth and NuGen purchased approximately $35.2 million and approximately $22.9 million, respectively, of corn (and other supplies) from minority equity investors and board members of those subsidiaries. Such purchases totaled approximately $101.2 million and approximately $60.3 million for the nine months ended October 31, 2022 and 2021, respectively. The Company had amounts payable to related parties of approximately $1.6 and approximately $0.5 million at October 31, 2022 and January 31, 2022, respectively. During the three and nine months ended October 31, 2021 the Company recognized commission expense of approximately $40,000 and $230,000, respectively, payable to the minority investor in the refined coal entity. The commission expense is associated with the refined coal business which is classified within discontinued operations.

35200000

22900000

101200000

60300000

1600000

500000

40000

230000

false --01-31 Q3 2022 0000744187 Refined coal sales were recorded net of the cost of coal as the Company purchased the coal feedstock from the customer to which the processed refined coal was sold. The forward purchase contracts and commodity futures assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets. The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets. The commodity futures and forward purchase contracts liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. Forward contract liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. These contracts were for purchases of approximately 5.3 million bushels of corn at October 31, 2022. Forward purchase contracts assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets. These contracts were for purchases of approximately 3.9 million bushels and 19.2 million bushels of corn at October 31, 2022 and January 31, 2022, respectively. Commodity futures liabilities are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. These contracts included short/sell positions and long/buy positions for approximately 3.4 million bushels and 90,000 bushels, respectively at October 31, 2022. These contracts include short/sell positions for approximately 7.4 million bushels of corn at January 31, 2022.