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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, 2020 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, 2020 (fiscal year 2019). 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, 2020. 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 four majority owned subsidiaries. The Company includes the results of operations of One Earth Energy, LLC (“One Earth”) in its Consolidated Condensed Statements of Operations on a delayed basis of one month as One Earth has a fiscal year end of December 31. Nature of Operations –The Company has two reportable segments: i) ethanol and by-products; and ii) refined coal. Within the ethanol and by-products segment, the Company has equity investments in three ethanol limited liability companies, two of which are majority ownership interests. Within the refined coal segment, the Company has a majority equity interest in one refined coal limited liability company.

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 2019 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 For ethanol and by-products segment sales, the Company recognizes sales of ethanol, distillers grains and non-food grade corn oil when obligations under the terms of the respective contracts with customers are satisfied; this occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. Net sales and revenue also includes net gains or losses from derivative financial instruments related to products sold. For refined coal segment sales, the Company recognizes sales of refined coal when obligations under the term of the contract with its customer are satisfied; this occurs when title and control of the product transfers to its customer, generally upon the coal leaving the refined coal plant. Refined coal sales are recorded net of the cost of coal as the Company purchases the coal feedstock from the customer to which the processed refined coal is sold. 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 management, certain compensations costs, general facility overhead charges and net gains or losses from derivative financial instruments related to commodities purchased. Selling, General and Administrative (“SG&A”) Expenses The Company includes non-production related costs such as professional fees, selling charges and certain payroll in SG&A expenses. Financial Instruments Certain of the forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of Accounting Standards Codification (“ASC”) 815, “Derivatives and Hedging” (“ASC 815”) because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and non-food grade corn oil 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 Companyseeks 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 determined that small changes in estimated “ordinary” income would result in significant changes in the estimated annual effective tax rate. Thus, the Company used a discrete effective tax rate method to calculate the provision or benefit for income taxes for the three and six months ended July 31, 2020 and 2019. 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 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 $0.3 million and received refunds of income taxes of approximately $0.3 million during the six months ended July 31, 2020. The Company paid no income taxes nor received refunds of income taxes during the six months ended July 31, 2019. As of July 31, 2020, and January 31, 2020, total unrecognized tax benefits were approximately $7,298,000 and $7,353,000, respectively. Accrued penalties and interest were approximately $19,000 and approximately $17,000 at July 31, 2020 and January 31, 2020, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $7.4 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 $0.3 million and approximately $1.3 million of inventory write-downs in cost of sales at July 31, 2020 and January 31, 2020, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory and changes in commodity prices at a given point in time. The components of inventory are as follows as of the datespresented (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="3" style="text-align: center">July 31, 2020</td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="3" style="text-align: center">January 31, 2020</td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 65%; text-align: left">Ethanol and other finished goods</td><td style="width: 3%"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">7,821</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10,864</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Work in process</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,774</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,258</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Grain and other raw materials</td><td style="padding-bottom: 1px"> </td> <td> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">18,788</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">21,512</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">30,383</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">35,634</td><td style="padding-bottom: 3px; 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 5 to 40 years for buildings and improvements, and 2 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 concluded that the impact of the COVID-19 pandemic and other factors are an indicator that impairment may exist related to certain of its long-lived assets. As a result, the Company performed an impairment analysis and determined that there was no impairment. Although it is not possible to reliably estimate the duration of the pandemic and its financial impact, a prolonged significant downturn in the economy could negatively impact the Company’s results of operations and significantly reduce its expectation for future sales, profits and cash flows. Such a reduction in expected future performance could result in the impairment of long-lived assets in subsequent events. There were no impairment charges in the first six months of fiscal years 2020 or 2019. The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any. Investments The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company accounts for investments in a limited liability company in which it has a less than 20% ownership interest using the equity method of accounting when the factors discussed in ASC 323, “Investments-Equity Method and Joint Ventures” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. The Company accounts for its investment in Big River Resources, LLC (“Big River”) using the equity method of accounting and includes the results on a delayed basis of one month as Big River has a fiscal year end of December 31.The Company periodically evaluates its investments for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include general economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated Condensed Statements of Operations and a new cost basis in the investment is established. Short-term investments are considered held to maturity, and, therefore are carried at amortized historical cost. 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 December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The Company will be required to adopt this update effective February 1, 2021. The Company has not determined the effect of this update on 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 For ethanol and by-products segment sales, the Company recognizes sales of ethanol, distillers grains and non-food grade corn oil when obligations under the terms of the respective contracts with customers are satisfied; this occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. Net sales and revenue also includes net gains or losses from derivative financial instruments related to products sold. For refined coal segment sales, the Company recognizes sales of refined coal when obligations under the term of the contract with its customer are satisfied; this occurs when title and control of the product transfers to its customer, generally upon the coal leaving the refined coal plant. Refined coal sales are recorded net of the cost of coal as the Company purchases the coal feedstock from the customer to which the processed refined coal is sold.

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 management, certain compensations costs, general facility overhead charges and net gains or losses from derivative financial instruments related to commodities purchased.

Selling, General and Administrative (“SG&A”) Expenses The Company includes non-production related costs such as professional fees, selling charges and certain payroll in SG&A expenses.

Financial Instruments Certain of the forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of Accounting Standards Codification (“ASC”) 815, “Derivatives and Hedging” (“ASC 815”) because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and non-food grade corn oil 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 Companyseeks 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 determined that small changes in estimated “ordinary” income would result in significant changes in the estimated annual effective tax rate. Thus, the Company used a discrete effective tax rate method to calculate the provision or benefit for income taxes for the three and six months ended July 31, 2020 and 2019. 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 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 $0.3 million and received refunds of income taxes of approximately $0.3 million during the six months ended July 31, 2020. The Company paid no income taxes nor received refunds of income taxes during the six months ended July 31, 2019. As of July 31, 2020, and January 31, 2020, total unrecognized tax benefits were approximately $7,298,000 and $7,353,000, respectively. Accrued penalties and interest were approximately $19,000 and approximately $17,000 at July 31, 2020 and January 31, 2020, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $7.4 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.

300000

7298000

7353000

19000

17000

-7400000

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 $0.3 million and approximately $1.3 million of inventory write-downs in cost of sales at July 31, 2020 and January 31, 2020, respectively. Fluctuations in the write-down of inventory generally relate to the levels and composition of such inventory and changes in commodity prices at a given point in time. The components of inventory are as follows as of the datespresented (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="3" style="text-align: center">July 31, 2020</td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="3" style="text-align: center">January 31, 2020</td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 65%; text-align: left">Ethanol and other finished goods</td><td style="width: 3%"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">7,821</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10,864</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Work in process</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,774</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,258</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Grain and other raw materials</td><td style="padding-bottom: 1px"> </td> <td> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">18,788</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">21,512</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">30,383</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">35,634</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

300000

1300000

The components of inventory are as follows as of the datespresented (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="3" style="text-align: center">July 31, 2020</td><td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td> <td colspan="3" style="text-align: center">January 31, 2020</td><td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 65%; text-align: left">Ethanol and other finished goods</td><td style="width: 3%"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">7,821</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10,864</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Work in process</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,774</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,258</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">Grain and other raw materials</td><td style="padding-bottom: 1px"> </td> <td> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">18,788</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">21,512</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">30,383</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">35,634</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

7821000

10864000

3774000

3258000

18788000

21512000

30383000

35634000

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 5 to 40 years for buildings and improvements, and 2 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 concluded that the impact of the COVID-19 pandemic and other factors are an indicator that impairment may exist related to certain of its long-lived assets. As a result, the Company performed an impairment analysis and determined that there was no impairment. Although it is not possible to reliably estimate the duration of the pandemic and its financial impact, a prolonged significant downturn in the economy could negatively impact the Company’s results of operations and significantly reduce its expectation for future sales, profits and cash flows. Such a reduction in expected future performance could result in the impairment of long-lived assets in subsequent events. There were no impairment charges in the first six months of fiscal years 2020 or 2019. 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 than temporary, then a charge to earnings is recorded in the Consolidated Condensed Statements of Operations and a new cost basis in the investment is established. Short-term investments are considered held to maturity, and, therefore are carried at amortized historical cost.

0.20

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 December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The Company will be required to adopt this update effective February 1, 2021. The Company has not determined the effect of this update on 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 into sales contracts in which payment is due from a customer prior to transferring product to the customer. Thus, the Company does not record unearned revenue. See Note 14 for disaggregation of net sales and revenue by operating segment and by product.

Note 4. Leases At July 31, 2020, the Company has lease agreements, as lessee, for railcars. All of the leases are accounted for as operating leases. The lease agreements do not contain a specified implicit interest rate; therefore, the Company’s estimated incremental borrowing rate was used to determine the present value of future minimum lease payments. The exercise of any lease renewal is at the Company’s sole discretion. The lease term for all of the Company’s leases includes the noncancelable period of the lease and anyperiods 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: <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-weight: bold; text-align: center"> </td> <td colspan="9" style="text-align: center">Three Months Ended</td><td style="font-weight: bold; text-align: center"> </td> <td colspan="9" style="text-align: center">Six Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1px"> </td><td style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td> <td colspan="4" style="text-align: center; border-bottom: Black 1px solid">July 31, 2020</td><td style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td> <td colspan="4" style="text-align: center; border-bottom: Black 1px solid">July 31, 2019</td><td style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td> <td colspan="4" style="text-align: center; border-bottom: Black 1px solid">July 31, 2020</td><td style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td> <td colspan="4" style="text-align: center; border-bottom: Black 1px solid">July 31, 2019</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td><td> </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: 43%; text-align: left">Operating lease expense</td><td style="width: 4%"> </td> <td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 1%; text-align: right">1,548</td><td style="width: 4%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 1%; text-align: right">1,701</td><td style="width: 4%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 1%; text-align: right">3,234</td><td style="width: 4%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 1%; text-align: right">3,310</td><td style="width: 4%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Variable lease expense</td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">207</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">159</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">338</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">352</td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Total lease expense</td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,755</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,860</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">3,572</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">3,662</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table> The following table is a summary of future minimum rentals on such leases at July 31, 2020 (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 55%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; padding-bottom: 1px">Years Ended January 31,</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Minimum Rentals</td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 86%; text-align: left">Remainder of 2021</td><td style="width: 4%"> </td> <td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 4%; text-align: right">3,024</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2022</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,376</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2023</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,669</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2024</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,503</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> </td> <td style="text-align: left"> </td><td style="text-align: right">1,646</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="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">49</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Total</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,267</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> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,357</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> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">14,910</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> At July 31, 2020, the weighted average remaining lease term is 3.3 years and the weighted average discount rate is 5.27% for the above leases.The following table is a summary of future minimum rentals on such leases at January 31, 2020 (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 55%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; padding-bottom: 1px">Years Ended January 31,</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Minimum Rentals</td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </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: 86%; text-align: left">2021</td><td style="width: 4%"> </td> <td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 4%; text-align: right">5,668</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2022</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,958</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2023</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,251</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2024</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,085</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> </td> <td style="text-align: left"> </td><td style="text-align: right">1,228</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="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">29</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> </td> <td style="text-align: left"> </td><td style="text-align: right">17,219</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="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">1,596</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="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">15,623</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> At January 31, 2020, the weighted average remaining lease term was 3.5 years and the weighted average discount rate was 5.46% for the above leases.

The components of lease expense, classified as SG&A expenses on the Consolidated Condensed Statement of Operations, are as follows:<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-weight: bold; text-align: center"> </td> <td colspan="9" style="text-align: center">Three Months Ended</td><td style="font-weight: bold; text-align: center"> </td> <td colspan="9" style="text-align: center">Six Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1px"> </td><td style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td> <td colspan="4" style="text-align: center; border-bottom: Black 1px solid">July 31, 2020</td><td style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td> <td colspan="4" style="text-align: center; border-bottom: Black 1px solid">July 31, 2019</td><td style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td> <td colspan="4" style="text-align: center; border-bottom: Black 1px solid">July 31, 2020</td><td style="font-weight: bold; text-align: center; padding-bottom: 1px"> </td> <td colspan="4" style="text-align: center; border-bottom: Black 1px solid">July 31, 2019</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td><td> </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: 43%; text-align: left">Operating lease expense</td><td style="width: 4%"> </td> <td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 1%; text-align: right">1,548</td><td style="width: 4%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 1%; text-align: right">1,701</td><td style="width: 4%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 1%; text-align: right">3,234</td><td style="width: 4%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 1%; text-align: right">3,310</td><td style="width: 4%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Variable lease expense</td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">207</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">159</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">338</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">352</td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Total lease expense</td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,755</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,860</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">3,572</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">3,662</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table>

1548000

1701000

3234000

3310000

207000

159000

338000

352000

1755000

1860000

3572000

3662000

The following table is a summary of future minimum rentals on such leases at July 31, 2020 (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 55%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; padding-bottom: 1px">Years Ended January 31,</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Minimum Rentals</td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 86%; text-align: left">Remainder of 2021</td><td style="width: 4%"> </td> <td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 4%; text-align: right">3,024</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2022</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,376</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2023</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,669</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2024</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,503</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> </td> <td style="text-align: left"> </td><td style="text-align: right">1,646</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="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">49</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Total</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,267</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> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,357</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> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">14,910</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 55%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; padding-bottom: 1px">Years Ended January 31,</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Minimum Rentals</td><td style="font-weight: bold; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </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: 86%; text-align: left">2021</td><td style="width: 4%"> </td> <td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 4%; text-align: right">5,668</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2022</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,958</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">2023</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,251</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2024</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,085</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> </td> <td style="text-align: left"> </td><td style="text-align: right">1,228</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="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">29</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> </td> <td style="text-align: left"> </td><td style="text-align: right">17,219</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="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">1,596</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="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">15,623</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

3024000

5376000

3669000

2503000

1646000

49000

16267000

1357000

14910000

P3Y3M18D

0.0527

5668000

4958000

3251000

2085000

1228000

29000

17219000

1596000

15623000

P3Y6M

0.0546

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 July 31, 2020 are summarized below (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: right; padding-bottom: 1px"> </td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Fair Value</td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </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: 51%; text-align: left">Investment in cooperative (1)</td><td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 3%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-0">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 3%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-1">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 3%; text-align: right">341</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">341</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Forward purchase contracts (2)</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-2">-</div></td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-3">-</div></td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</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 (2)</td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-4">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">416</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-5">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">416</td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">-</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">429</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">341</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">770</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </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">Forward purchase contracts (3)</td><td> </td> <td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-6">-</div></td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left">$</td><td style="text-align: right">558</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-7">-</div></td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left">$</td><td style="text-align: right">558</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Commodity futures (3)</td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-8">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">197</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-9">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">197</td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Total liabilities</td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">-</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">755</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">-</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">755</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table> Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2020 are summarized below (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: right; padding-bottom: 1px"> </td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td><td style="text-align: right; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Fair Value </td><td style="text-align: right; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </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: 51%; text-align: left">Investment in cooperative (1)</td><td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 3%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-10">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 3%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-11">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 3%; text-align: right">341</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">341</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Commodity futures (2)</td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-12">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">352</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-13">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">352</td><td style="text-align: left; padding-bottom: 1px"> </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="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">-</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">352</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">341</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">693</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Forward purchase contract liability (3)</td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-14">-</div></td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">230</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-15">-</div></td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">230</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table> (1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets.(2) The forward purchase contract asset and the commodity futures asset are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets.(3) The forward purchase contract liability and the commodity futures liability 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 July 31, 2020 or January 31, 2020.

Financial assets and liabilities measured at fair value on a recurring basis at July 31, 2020 are summarized below (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: right; padding-bottom: 1px"> </td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Fair Value</td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </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: 51%; text-align: left">Investment in cooperative (1)</td><td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 3%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-0">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 3%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-1">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 3%; text-align: right">341</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">341</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Forward purchase contracts (2)</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-2">-</div></td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-3">-</div></td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">13</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 (2)</td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-4">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">416</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-5">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">416</td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">-</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">429</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">341</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">770</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </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">Forward purchase contracts (3)</td><td> </td> <td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-6">-</div></td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left">$</td><td style="text-align: right">558</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-7">-</div></td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left">$</td><td style="text-align: right">558</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Commodity futures (3)</td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-8">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">197</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-9">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">197</td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Total liabilities</td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">-</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">755</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">-</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">755</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: right; padding-bottom: 1px"> </td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; text-align: right; padding-bottom: 1px"> </td><td style="text-align: right; padding-bottom: 1px"> </td> <td colspan="3" style="text-align: right; border-bottom: Black 1px solid">Fair Value </td><td style="text-align: right; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </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: 51%; text-align: left">Investment in cooperative (1)</td><td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 3%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-10">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 3%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-11">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 3%; text-align: right">341</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">341</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Commodity futures (2)</td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-12">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">352</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-13">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">352</td><td style="text-align: left; padding-bottom: 1px"> </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="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">-</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">352</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">341</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">693</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Forward purchase contract liability (3)</td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-14">-</div></td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">230</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double"><div style="-sec-ix-hidden: hidden-fact-15">-</div></td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">230</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table> (1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets.(2) The forward purchase contract asset and the commodity futures asset are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets.(3) The forward purchase contract liability and the commodity futures liability are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets.

341000 341000 13000 13000

416000

429000

341000

770000

558000 558000

197000

755000

341000 341000

352000

341000

693000

230000 230000 0 0

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 style="text-align: right"> </td><td style="padding-bottom: 1px; text-align: right"> </td> <td colspan="2" style="padding-bottom: 1px; text-align: center">July 31, 2020</td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: right"> </td> <td colspan="3" style="padding-bottom: 1px; text-align: center">January 31, 2020</td><td style="padding-bottom: 1px; text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </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">Land and improvements</td><td style="width: 7%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">26,244</td><td style="width: 1%; text-align: left"> </td><td style="width: 7%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">21,957</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Buildings and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,643</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,643</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Machinery, equipment and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">301,411</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">300,972</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Construction in progress</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">608</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">193</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">351,906</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">346,765</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Less: accumulated depreciation</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(193,393)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(183,438)</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">$</td><td style="border-bottom: Black 3px double; text-align: right">158,513</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">163,327</td><td style="padding-bottom: 3px; 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 style="text-align: right"> </td><td style="padding-bottom: 1px; text-align: right"> </td> <td colspan="2" style="padding-bottom: 1px; text-align: center">July 31, 2020</td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: right"> </td> <td colspan="3" style="padding-bottom: 1px; text-align: center">January 31, 2020</td><td style="padding-bottom: 1px; text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </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">Land and improvements</td><td style="width: 7%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">26,244</td><td style="width: 1%; text-align: left"> </td><td style="width: 7%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">21,957</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Buildings and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,643</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,643</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Machinery, equipment and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">301,411</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">300,972</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Construction in progress</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">608</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">193</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">351,906</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">346,765</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Less: accumulated depreciation</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(193,393)</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(183,438)</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">$</td><td style="border-bottom: Black 3px double; text-align: right">158,513</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">163,327</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

26244000

21957000

23643000

301411000

300972000

608000

193000

351906000

346765000

193393000

183438000

158513000

163327000

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> </td> <td colspan="2" style="text-align: center">July 31, 2020</td><td> </td><td> </td> <td colspan="3" style="text-align: center">January 31, 2020</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </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">Accrued payroll and related items</td><td style="width: 7%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">410</td><td style="width: 1%; text-align: left"> </td><td style="width: 7%"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">1,152</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued utility charges</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,467</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,398</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Accrued transportation related items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,500</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,500</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">2,377</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,755</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">197</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Forward purchase contracts</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">558</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">230</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">27</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">68</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">759</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">661</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">$</td><td style="border-bottom: Black 3px double; text-align: right">7,295</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">7,764</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> </td> <td colspan="2" style="text-align: center">July 31, 2020</td><td> </td><td> </td> <td colspan="3" style="text-align: center">January 31, 2020</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </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">Accrued payroll and related items</td><td style="width: 7%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">410</td><td style="width: 1%; text-align: left"> </td><td style="width: 7%"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">1,152</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued utility charges</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,467</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,398</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Accrued transportation related items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,500</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,500</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">2,377</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,755</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">197</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Forward purchase contracts</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">558</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">230</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">27</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">68</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">759</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">661</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">$</td><td style="border-bottom: Black 3px double; text-align: right">7,295</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">7,764</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

410000

1152000

1467000

2398000

1500000

2377000

1755000

197000

558000 230000

27000

68000

759000

661000

7295000

7764000

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 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: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Asset Derivatives Fair Value</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Liability Derivatives Fair Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">July 31, 2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">January 31, 2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">July 31, 2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">January 31, 2020</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; text-align: justify">Commodity futures (1)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">416</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">352</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">197</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-16">-</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1px">Forward purchase contracts (2)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">13</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-17">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td><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">558</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">230</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">429</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">352</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">$</td><td style="border-bottom: Black 3px double; text-align: right">755</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">230</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> (1) Commodity futures assets are included in prepaid expenses and other current assets. These contracts are short/sell positions for approximately 4.5 million bushels of corn and approximately 5.5 million gallons of ethanol at July 31, 2020. These contracts are short/sell positions for approximately 3.7 million bushels of corn and long/buy positions for approximately 2.2 million bushels of corn at January 31, 2020. Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 2.8 million bushels of corn at July 31, 2020. (2) Forward purchase contracts assets are included in prepaid expenses and other current assets. These contracts are for purchases of approximately 1.3 million bushels of corn at July 31, 2020. Forward purchase contracts liabilities are included in accrued expenses and other current liabilities. These contracts are for purchases of approximately 1.9 million bushels of corn at July 31, 2020 and 1.6 million bushels of corn at January 31, 2020. As of July 31, 2020, and January 31, 2020, all the derivative financial instruments held by the Company were subject to enforceable master netting arrangements. The Company’s accounting policy is to offset positions and amounts owed or owing with the same counterparty. As of July 31, 2020, and January 31, 2020, the gross positions of the enforceable master netting agreements are not significantly different from the net positions presented in the table above. Depending on the amount of an unrealized loss on a derivative contract held by the Company, the counterparty may require collateral to secure the Company’s derivative contract position. The Company was required to maintain collateral in the amount of approximately $950,000 and approximately $1,113,000 to secure the Company’s derivative position at July 31, 2020 and January 31, 2020, respectively. See Note 5 which contains fair value information related to derivative financial instruments. (Losses) gains on the Company’s derivative financial instruments of approximately $(4,613,000) and approximately $537,000 for the second quarter of fiscal years 2020 and 2019, respectively, were included in cost of sales on the Consolidated Condensed Statements of Operations. (Losses) gains on the Company’s derivative financial instruments of approximately $(1,758,000) and approximately $1,230,000 for the first six months of fiscal years 2020 and 2019, respectively, were included in cost of sales on the Consolidated Condensed Statements of Operations. Losses on the Company’s derivative financial instruments of approximately $298,000 for the second quarter and first six months of fiscal year 2020 were included in net sales and revenue on the Consolidated Condensed Statements of Operations.

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: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Asset Derivatives Fair Value</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Liability Derivatives Fair Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">July 31, 2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">January 31, 2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">July 31, 2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">January 31, 2020</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; text-align: justify">Commodity futures (1)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">416</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">352</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">197</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-16">-</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1px">Forward purchase contracts (2)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">13</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-17">-</div></td><td style="padding-bottom: 1px; text-align: left"> </td><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">558</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">230</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 3px">Total</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">429</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">352</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">$</td><td style="border-bottom: Black 3px double; text-align: right">755</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">230</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

416000

352000

197000

13000

558000

230000

429000

352000

755000

230000

4500000 5500000 3700000 2200000 2800000 1300000 1900000 1600000

950000

1113000

-4613000

537000

-1758000

1230000

298000 298000

Note 9. Investments The following table summarizes the Company’s equity method investment at July 31, 2020 and January 31, 2020 (dollars 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 style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Carrying Amount</td></tr> <tr style="vertical-align: bottom"> <td style="width: 20%; font-weight: bold">Entity</td><td style="width: 5%; font-weight: bold"> </td> <td style="width: 25%; font-weight: bold; text-align: center">Ownership Percentage</td><td style="width: 5%; font-weight: bold"> </td> <td style="width: 20%; font-weight: bold; text-align: center">July 31, 2020</td><td style="width: 5%; font-weight: bold"> </td> <td style="width: 20%; font-weight: bold; text-align: center">January 31, 2020</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Big River</td><td> </td> <td style="text-align: center">10.3%</td><td> </td> <td style="text-align: center">$29,475</td><td> </td> <td style="text-align: center">$32,464</td></tr> </table> Undistributed earnings of the Company’s equity method investee totaled approximately $9.5 million and approximately $12.4 million at July 31, 2020 and January 31, 2020, respectively. The Company received dividends from its equity method investee of approximately $2.0 million in the first six months of fiscal year 2020. The company received no dividends from its equity method investee in the first six months of fiscal year 2019. 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%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended July 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2019</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2019</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><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: 48%; text-align: left">Net sales and revenue</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">130,126</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">193,731</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">327,758</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">377,800</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Gross profit (loss)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,565</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">7,026</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(2,378</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,595</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">(Loss) income from continuing operations</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,914</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,320</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(9,540</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,546</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net (loss) income</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,914</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,320</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(9,540</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,546</td><td style="text-align: left"> </td></tr> </table> At July 31, 2020, the Company owned certificates of deposit that had an amortized cost, or carrying value, of approximately $32,656,000. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 0.3%. Unrealized gains or losses were insignificant. At January 31, 2020, the Company owned certificates of deposit that had an amortized cost, or carrying value, of approximately $26,073,000. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 1.8%. Unrealized gains or losses were insignificant.

The following table summarizes the Company’s equity method investment at July 31, 2020 and January 31, 2020 (dollars 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 style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Carrying Amount</td></tr> <tr style="vertical-align: bottom"> <td style="width: 20%; font-weight: bold">Entity</td><td style="width: 5%; font-weight: bold"> </td> <td style="width: 25%; font-weight: bold; text-align: center">Ownership Percentage</td><td style="width: 5%; font-weight: bold"> </td> <td style="width: 20%; font-weight: bold; text-align: center">July 31, 2020</td><td style="width: 5%; font-weight: bold"> </td> <td style="width: 20%; font-weight: bold; text-align: center">January 31, 2020</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: right"> </td><td> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Big River</td><td> </td> <td style="text-align: center">10.3%</td><td> </td> <td style="text-align: center">$29,475</td><td> </td> <td style="text-align: center">$32,464</td></tr> </table>

0.103

29475000

32464000

9500000

12400000

2000000.0

Summarized financial information for the Company’s equity method investee is presented in the following table for the periods presented (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended July 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2019</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2019</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><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: 48%; text-align: left">Net sales and revenue</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">130,126</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">193,731</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">327,758</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">377,800</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Gross profit (loss)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,565</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">7,026</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(2,378</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,595</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">(Loss) income from continuing operations</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,914</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,320</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(9,540</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,546</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net (loss) income</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,914</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,320</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(9,540</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,546</td><td style="text-align: left"> </td></tr> </table>

130126000

193731000

327758000

377800000

3565000

7026000

-2378000

8595000

-4914000

2320000

-9540000

3546000

-4914000

2320000

-9540000

3546000

32656000

0.003

26073000

0.018

Note 10. Employee Benefits The Company maintains the REX 2015 Incentive Plan, approved by its shareholders, which reserves a total of 550,000 shares of common stock for issuance pursuant to its terms. The plan provides for the granting of shares of stock, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, and restricted stock unit awards to eligible employees, non-employee directors and consultants. Since plan inception, the Company has only granted restricted stock awards. The Company measures share-based compensation grants at fair value on the grant date, with noadjustments 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 July 31, 2020, 473,830 shares remain available for issuance under the Plan. As a component of their compensation, restricted stock has been granted to directors at the closing market price of REX common stock on the grant date. In addition, one third of executives’ incentive compensation is payable by an award of restricted stock based on the then closing market price of REX common stock on the grant date. The Company’s board of directors has determined that the grant date will be June 15th, or the next business day if June 15th is not a business day, for all grants of restricted stock. At July 31, 2020 and January 31, 2020, unrecognized compensation cost related to nonvested restricted stock was approximately $314,000 and $220,000, respectively. The following tables summarize non-vested restricted stock award activity for the periods presented: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 36pt; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="11" style="text-align: center">Six Months Ended July 31, 2020</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center; white-space: nowrap;">Non-Vested Shares</td><td> </td><td> </td> <td colspan="4" style="text-align: center">Weighted Average Grant Date Fair Value (000’s)</td><td> </td> <td colspan="3" style="text-align: center">Weighted Average Remaining Vesting Term (in years)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 43%">Non-Vested at January 31, 2020</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">28,576</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 4%"> </td> <td style="width: 5%; text-align: left">$</td><td style="width: 5%; text-align: right">2,193</td><td style="width: 4%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2</td><td style="width: 4%; 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">6,158</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">416</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> </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">15,029</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,211</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Non-Vested at July 31, 2020</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">19,705</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,398</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right">2</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </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> </td><td> </td> <td style="text-align: left"> </td><td colspan="10" style="text-align: center">Six Months Ended July 31, 2019</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </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> </td><td> </td> <td colspan="2" style="text-align: center; white-space: nowrap;">Non-Vested Shares</td><td style="text-align: left"> </td><td> </td> <td colspan="4" style="text-align: center">Weighted Average Grant Date Fair Value (000’s)</td><td> </td> <td colspan="3" style="text-align: center">Weighted Average Remaining Vesting Term (in years)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </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>Non-Vested at January 31, 2019</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,036</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,935</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2</td><td style="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">9,442</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">662</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> </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">18,902</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,404</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Non-Vested at July 31, 2019</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">28,576</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,193</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right">2</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> The above tables include 14,777 and 24,219 non-vested shares at July 31, 2020 and 2019, respectively, which are included in the number of weighted average shares outstanding used to determine basic and diluted earnings per share attributable to REX common shareholders. Such shares are treated, for accounting purposes, as being fully vested at the grant date as they were granted to recipients who were retirement eligible at the time of grant.

550000

473830

314000

220000

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%; margin-left: 36pt; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="11" style="text-align: center">Six Months Ended July 31, 2020</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center; white-space: nowrap;">Non-Vested Shares</td><td> </td><td> </td> <td colspan="4" style="text-align: center">Weighted Average Grant Date Fair Value (000’s)</td><td> </td> <td colspan="3" style="text-align: center">Weighted Average Remaining Vesting Term (in years)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </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: 43%">Non-Vested at January 31, 2020</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">28,576</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 4%"> </td> <td style="width: 5%; text-align: left">$</td><td style="width: 5%; text-align: right">2,193</td><td style="width: 4%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2</td><td style="width: 4%; 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">6,158</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">416</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> </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">15,029</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,211</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Non-Vested at July 31, 2020</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">19,705</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,398</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right">2</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </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> </td><td> </td> <td style="text-align: left"> </td><td colspan="10" style="text-align: center">Six Months Ended July 31, 2019</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </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> </td><td> </td> <td colspan="2" style="text-align: center; white-space: nowrap;">Non-Vested Shares</td><td style="text-align: left"> </td><td> </td> <td colspan="4" style="text-align: center">Weighted Average Grant Date Fair Value (000’s)</td><td> </td> <td colspan="3" style="text-align: center">Weighted Average Remaining Vesting Term (in years)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </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>Non-Vested at January 31, 2019</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,036</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,935</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2</td><td style="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">9,442</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">662</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> </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">18,902</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">1,404</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Non-Vested at July 31, 2019</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">28,576</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">2,193</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px; text-align: right">2</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

28576000

2193000

P2Y

6158000

416000

15029000

1211000

19705000

1398000 P2Y

38036000

2935000

P2Y

9442000

662000

18902000

1404000

28576000

2193000 P2Y

14777

24219

Note 11. Income Taxes The Company determined that small changes in estimated “ordinary” income would result in significant changes in the estimated annual effective tax rate. Thus, the Company used a discrete effective tax rate method to calculate the provision or benefit for income taxes for the three and six months ended July 31, 2020 and 2019. The Company’s income tax benefit was approximately 66.6% and approximately 358.7% for the three months ended July 31, 2020 and 2019, respectively. The Company’s income tax benefit was approximately 47.2% and approximately 687.1% for the six months ended July 31, 2020 and 2019, respectively. The fluctuation in the rate results primarily from the production tax credits the Company expects to receive associated with its refined coal segment relative to consolidated pre-tax income or loss. Through its refined coal operation, the Company earns production tax credits pursuant to IRC Section 45. The credits can be used to reduce future income tax liabilities for up to 20 years. The Company’s income tax benefit for the first six months of fiscal year 2020 includes approximately $1.8 million related to the lengthening of a net operating loss carryback allowed by the recently passed CARES Act. The Company files a U.S. federal income tax return and various state income tax returns. In general, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ended January 31, 2014 and prior. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands): <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2019</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; text-align: left">Unrecognized tax benefits, beginning of period</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">7,370</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,232</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Changes for prior years’ tax positions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(53</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">102</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Changes for current year tax positions</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Unrecognized tax benefits, end of period</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">7,317</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">9,334</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

0.666

3.587

0.472

6.871

-1800000

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: 70%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2019</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; text-align: left">Unrecognized tax benefits, beginning of period</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">7,370</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,232</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">(53</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">102</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">-</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">$</td><td style="border-bottom: Black 3px double; text-align: right">7,317</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">9,334</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

7370000 9232000

-53000

102000

7317000 9334000

Note 12. Commitments and Contingencies The Company is involved in various legal actions arising in the normal course of business. After taking into consideration legal counsels’ evaluations of such actions, management is of the opinion that their outcome will not have a material adverse effect on the Company’s Consolidated Condensed Financial Statements. As of July 31, 2020, One Earth and NuGen have combined forward purchase contracts for approximately 6.8 million bushels of corn, the principal raw material for their ethanol plants, and they have combined forward purchase contracts for approximately 1,647,000 MmBtu (million british thermal units) of natural gas.As of July 31, 2020, One Earth and NuGen have combined sales commitments for approximately 21.8 million gallons of ethanol, approximately 32,000 tons of distillers grains and approximately 5.2 million pounds of non-food grade corn oil. As of July 31, 2020, the refined coal entity has various agreements (site license, operating agreements, etc.) containing payment terms based upon production of refined coal under which the Company is required to pay various fees. These fees totaled approximately $1.1 million and approximately $1.2 million in the second quarter of fiscal years 2020 and 2019, respectively. Such fees totaled approximately $1.4 million and approximately $2.8 million for the six months ended July 31, 2020 and 2019, respectively.

6800000 1647000 21800000 32000 5200000 1100000 1200000 1400000 2800000

Note 13. Related-Party Transactions During the second quarters of fiscal years 2020 and 2019, One Earth and NuGen purchased approximately $4.9 million and approximately $43.5 million, respectively, of corn (and other supplies) from minority equity investors and board members of those subsidiaries. Such purchases totaled approximately $17.2 million and approximately $90.2 million for the six months ended July 31, 2020 and 2019, respectively. The Company had amounts payable to related parties of approximately $0.6 million and approximately $0.7 million at July 31, 2020 and January 31, 2020, respectively. During the second quarters of fiscal years 2020 and 2019, the Company recognized commission expense of approximately $0.2 million and income of approximately $0.3 million, respectively, payable to the minority investor in the refined coal entity. During the first six months of fiscal years 2020 and 2019, the company recognized commission income of approximately $0.1 million and income of approximately $0.3 million, respectively. The commission income or expense is associated with the refined coal acquisition. The Company had accrued liabilities related to the commission income or expense of approximately $0.2 million and approximately $0.5 million at July 31, 2020 and January 31, 2020, respectively.

4900000

43500000

17200000

90200000

600000

700000

200000

300000

100000

300000

200000

500000

Note 14. Segment Reporting The Company has two reportable segments: i) ethanol and by-products; and ii) refined coal. The Company evaluates the performance of each reportable segment based on segment profit. The following tables summarize segment and other results and assets (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> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended July 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2019</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2019</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Net sales and revenue:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 48%; text-align: left">Ethanol and by-products</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">39,242</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">105,770</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">122,477</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">210,223</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Refined coal 1</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">85</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">98</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">100</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">220</td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total net sales and revenue</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">39,327</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">105,868</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">122,577</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">210,443</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table> 1 The Company records sales in the refined coal segment net of the cost of coal as the Company purchases the coal feedstock from the customer to which refined coal is sold.<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended July 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended July 31,</td><td style="font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2019</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2019</td><td style="font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Segment gross (loss) profit:</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="width: 52%; text-align: left">Ethanol and by-products</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">553</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">6,169</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">(7,670)</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">12,284</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Refined coal</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(1,884)</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(2,165)</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(2,991)</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(4,634)</td><td style="text-align: left; padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total gross (loss) profit</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">(1,331)</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">4,004</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">(10,661)</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">7,650</td><td style="text-align: left; padding-bottom: 3px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><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">(Loss) income before income taxes:</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="text-align: left">Ethanol and by-products</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3,259)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,111</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(15,610)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,313</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Refined coal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,118)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,028)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,965)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,703)</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Corporate and other</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(702)</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(352)</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(1,247)</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(712)</td><td style="text-align: left; padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Total (loss) income before income taxes</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">(6,079)</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">731</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">(19,822)</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">898</td><td style="text-align: left; padding-bottom: 3px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Benefit (provision) for income taxes:</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="text-align: left">Ethanol and by-products</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">893</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(619)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,054</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,105)</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Refined coal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,919</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,155</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,878</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,101</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Corporate and other</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">234</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">86</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">427</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">174</td><td style="text-align: left; padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total benefit for income taxes</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">4,046</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">2,622</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">9,359</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">6,170</td><td style="text-align: left; padding-bottom: 3px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Segment (loss) profit (net of noncontrolling interests):</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="text-align: left">Ethanol and by-products</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(2,178)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,305</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(9,611)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,014</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Refined coal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,216</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,048</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,602</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Corporate and other</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(468)</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(265)</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(820)</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(539)</td><td style="text-align: left; padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Net (loss) income attributable to REX common shareholders</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">(1,748)</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">2,256</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">(9,383)</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">5,077</td><td style="text-align: left; padding-bottom: 3px"> </td> </tr> </table> <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="width: 52%"> </td><td style="width: 3%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 7%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 3%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 7%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 3%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 7%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 3%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 7%"> </td><td style="text-align: left; width: 1%"> </td> </tr> <tr style="vertical-align: bottom; "> <td>Assets:</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">July 31, 2020</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">January 31, 2020</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </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="text-align: left">Ethanol and by-products</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">379,399</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">408,746</td><td style="text-align: left"> </td><td style="background-color: White"> </td> <td style="background-color: White; text-align: left"> </td><td style="background-color: White; text-align: right"> </td><td style="background-color: White; text-align: left"> </td><td style="background-color: White"> </td> <td style="background-color: White; text-align: left"> </td><td style="background-color: White; text-align: right"> </td><td style="background-color: White; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Refined coal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,868</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,101</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px; text-align: left">Corporate and other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">88,071</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">85,655</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; background-color: White"> </td> <td style="padding-bottom: 1px; background-color: White; text-align: left"> </td><td style="padding-bottom: 1px; background-color: White; text-align: right"> </td><td style="padding-bottom: 1px; background-color: White; text-align: left"> </td><td style="padding-bottom: 1px; background-color: White"> </td> <td style="padding-bottom: 1px; background-color: White; text-align: left"> </td><td style="padding-bottom: 1px; background-color: White; text-align: right"> </td><td style="padding-bottom: 1px; background-color: White; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px; text-align: left">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">472,338</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">500,502</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> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended July 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Sales of products, ethanol and by-products segment:</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2019</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2019</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 48%">Ethanol</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">32,524</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">83,219</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">93,121</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">160,837</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Dried distillers grains</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,480</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,887</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,398</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,561</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Non-food grade corn oil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,313</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,599</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,501</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,582</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Modified distillers grains</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">209</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,004</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">666</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,144</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Derivative financial instruments losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(298)</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">(298)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Other</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">14</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">61</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">89</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">99</td><td style="text-align: left; padding-bottom: 1px"> </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="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">39,242</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">105,770</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">122,477</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">210,223</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Sales of products, refined coal segment:</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="text-align: left; padding-bottom: 3px">Refined coal</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">85</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">98</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">100</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">220</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table>

The following tables summarize segment and other results and assets (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> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended July 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2019</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2019</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Net sales and revenue:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 48%; text-align: left">Ethanol and by-products</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">39,242</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">105,770</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">122,477</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">210,223</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Refined coal 1</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">85</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">98</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">100</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">220</td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total net sales and revenue</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">39,327</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">105,868</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">122,577</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">210,443</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table> 1 The Company records sales in the refined coal segment net of the cost of coal as the Company purchases the coal feedstock from the customer to which refined coal is sold.<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended July 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended July 31,</td><td style="font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2019</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2019</td><td style="font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Segment gross (loss) profit:</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="width: 52%; text-align: left">Ethanol and by-products</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">553</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">6,169</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">(7,670)</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">12,284</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Refined coal</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(1,884)</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(2,165)</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(2,991)</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(4,634)</td><td style="text-align: left; padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total gross (loss) profit</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">(1,331)</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">4,004</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">(10,661)</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">7,650</td><td style="text-align: left; padding-bottom: 3px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><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">(Loss) income before income taxes:</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="text-align: left">Ethanol and by-products</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(3,259)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,111</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(15,610)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,313</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Refined coal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,118)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,028)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,965)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,703)</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Corporate and other</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(702)</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(352)</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(1,247)</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(712)</td><td style="text-align: left; padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Total (loss) income before income taxes</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">(6,079)</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">731</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">(19,822)</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">898</td><td style="text-align: left; padding-bottom: 3px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Benefit (provision) for income taxes:</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="text-align: left">Ethanol and by-products</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">893</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(619)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,054</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,105)</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Refined coal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,919</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,155</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,878</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,101</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Corporate and other</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">234</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">86</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">427</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">174</td><td style="text-align: left; padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Total benefit for income taxes</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">4,046</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">2,622</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">9,359</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">6,170</td><td style="text-align: left; padding-bottom: 3px"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Segment (loss) profit (net of noncontrolling interests):</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="text-align: left">Ethanol and by-products</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(2,178)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,305</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(9,611)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,014</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Refined coal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,216</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,048</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,602</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Corporate and other</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(468)</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(265)</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(820)</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(539)</td><td style="text-align: left; padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px">Net (loss) income attributable to REX common shareholders</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">(1,748)</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">2,256</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">(9,383)</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">5,077</td><td style="text-align: left; padding-bottom: 3px"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended July 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Six Months Ended July 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Sales of products, ethanol and by-products segment:</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2019</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2020</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">2019</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 48%">Ethanol</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">32,524</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">83,219</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">93,121</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">160,837</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Dried distillers grains</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,480</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,887</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,398</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,561</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Non-food grade corn oil</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,313</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,599</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,501</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,582</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Modified distillers grains</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">209</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,004</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">666</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,144</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Derivative financial instruments losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(298)</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">(298)</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Other</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">14</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">61</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">89</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">99</td><td style="text-align: left; padding-bottom: 1px"> </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="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">39,242</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">105,770</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">122,477</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">210,223</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Sales of products, refined coal segment:</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="text-align: left; padding-bottom: 3px">Refined coal</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">85</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">98</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">100</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">220</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table>

39242000

105770000

122477000

210223000

85000

98000

100000

220000

39327000

105868000

122577000

210443000

553000

6169000

-7670000

12284000

-1884000

-2165000

-2991000

-4634000

-1331000

4004000

-10661000

7650000

-3259000

3111000

-15610000

6313000

-2118000

-2028000

-2965000

-4703000

-702000

-352000

-1247000

-712000

-6079000

731000

-19822000

898000

893000

-619000

5054000

-1105000

2919000

3155000

3878000

7101000

234000

86000

427000

174000

4046000

2622000

9359000

6170000

-2178000

1305000

-9611000

3014000

898000

1216000

1048000

2602000

-468000

-265000

-820000

-539000

-1748000

2256000

-9383000

5077000

<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="width: 52%"> </td><td style="width: 3%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 7%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 3%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 7%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 3%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 7%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 3%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 7%"> </td><td style="text-align: left; width: 1%"> </td> </tr> <tr style="vertical-align: bottom; "> <td>Assets:</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">July 31, 2020</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">January 31, 2020</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </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="text-align: left">Ethanol and by-products</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">379,399</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">408,746</td><td style="text-align: left"> </td><td style="background-color: White"> </td> <td style="background-color: White; text-align: left"> </td><td style="background-color: White; text-align: right"> </td><td style="background-color: White; text-align: left"> </td><td style="background-color: White"> </td> <td style="background-color: White; text-align: left"> </td><td style="background-color: White; text-align: right"> </td><td style="background-color: White; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Refined coal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,868</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,101</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px; text-align: left">Corporate and other</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">88,071</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">85,655</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; background-color: White"> </td> <td style="padding-bottom: 1px; background-color: White; text-align: left"> </td><td style="padding-bottom: 1px; background-color: White; text-align: right"> </td><td style="padding-bottom: 1px; background-color: White; text-align: left"> </td><td style="padding-bottom: 1px; background-color: White"> </td> <td style="padding-bottom: 1px; background-color: White; text-align: left"> </td><td style="padding-bottom: 1px; background-color: White; text-align: right"> </td><td style="padding-bottom: 1px; background-color: White; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 3px; text-align: left">Total assets</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">472,338</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">500,502</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> </table>

379399000

408746000

4868000

6101000

88071000

85655000

472338000

500502000

32524000

83219000

93121000

160837000

5480000

15887000

24398000

34561000

1313000

4599000

4501000

9582000

209000

2004000

666000

5144000

-298000

14000

61000

89000

99000

39242000

105770000

122477000

210223000

85000

98000

100000

220000

false --01-31 Q2 2020 0000744187 false The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets. The forward purchase contract liability and the commodity futures liability are included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. The forward purchase contract asset and the commodity futures asset are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets. Forward purchase contracts assets are included in prepaid expenses and other current assets. These contracts are for purchases of approximately 1.3 million bushels of corn at July 31, 2020. Forward purchase contracts liabilities are included in accrued expenses and other current liabilities. These contracts are for purchases of approximately 1.9 million bushels of corn at July 31, 2020 and 1.6 million bushels of corn at January 31, 2020. Commodity futures assets are included in prepaid expenses and other current assets. These contracts are short/sell positions for approximately 4.5 million bushels of corn and approximately 5.5 million gallons of ethanol at July 31, 2020. These contracts are short/sell positions for approximately 3.7 million bushels of corn and long/buy positions for approximately 2.2 million bushels of corn at January 31, 2020. Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts are short/sell positions for approximately 2.8 million bushels of corn at July 31, 2020. The Company records sales in the refined coal segment net of the cost of coal as the Company purchases the coal feedstock from the customer to which refined coal is sold.