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Times, Serif; margin: 0pt 99pt 0pt 0"><b>Note 1. <i>Consolidated Condensed Financial Statements</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 99pt 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">References to the Company – References to “REX” or the “Company” in the consolidated condensed financial statements and in these notes to the consolidated condensed financial statements refer to REX American Resources Corporation, a Delaware corporation, and its majority and wholly owned subsidiaries.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The consolidated condensed financial statements included in this report have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and include, in the opinion of management, all adjustments necessary to state fairly the information set forth therein. Any such adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Financial information as of January 31, 2022 included in these financial statements has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2022 (fiscal year 2021). It is suggested that these unaudited consolidated condensed financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2022. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Basis of Consolidation – The consolidated condensed financial statements in this report include the operating results and financial position of the Company. All intercompany balances and transactions have been eliminated. The Company consolidates the results of its wholly owned and majority owned subsidiaries. The Company includes the results of operations of One Earth Energy, LLC (“One Earth”) in its Consolidated Condensed Statements of Operations on a delayed basis of one month as One Earth has a fiscal year end of December 31. On November 18, 2021, the Company ceased operation of its refined coal business as tax credits could no longer be earned on its operations. Beginning in the third quarter of fiscal year 2021, the results of the operation of the refined coal business were recognized in discontinued operations. Prior period amounts have been reclassified to conform with discontinued operations reporting.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nature of Operations – Beginning in the third quarter of fiscal year 2021, the Company now has one reportable segment, ethanol and by-products. Within the ethanol and by-products segment, the Company has equity investments in three ethanol limited liability companies, two of which are majority ownership interests. Prior period amounts have been reclassified to conform to the current segment reporting.</p> 1 3 2 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 2. <i>Accounting Policies</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The 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<span style="clear: both"><br/></span> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Company’s fiscal year 2021 Annual Report on Form 10-K. While management believes that the procedures followed in the preparation of interim financial information are reasonable, the accuracy of some estimated amounts is dependent upon facts that will exist or calculations that will be accomplished at fiscal year-end. Examples of such estimates include accrued liabilities, such as management bonuses, and the provision for income taxes. Any adjustments pursuant to such estimates during the quarter were of a normal recurring nature. Actual results could differ from those estimates.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Cash and Cash Equivalents</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue Recognition</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company recognizes sales of 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.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Cost of Sales</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant repair and maintenance costs, plant management, certain compensation costs and general facility overhead charges.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Selling, General and Administrative (“SG&amp;A”) Expenses</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company includes non-production related costs such as professional fees, outbound freight charges, selling charges and certain payroll in SG&amp;A expenses. Outbound freight charges were approximately $273,000 and $5,596,000 in the first quarter of fiscal years 2022 and 2021, respectively.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Financial Instruments</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain of the forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of Accounting Standards Codification (“ASC”) 815, “<i>Derivatives and Hedging</i>” (“ASC 815”) because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and non-food grade corn oil quantities expected to be produced by the Company over a reasonable period of time in the normal course of business.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company uses derivative financial instruments (exchange-traded futures contracts) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sales activities, there are situations in<span style="clear: both"><br/></span> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">which these hedging activities can themselves result in losses. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Income Taxes</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to the third quarter of fiscal year 2021, the Company determined that small changes in estimated “ordinary” income could result in significant changes in the estimated annual effective tax rate. Thus, the Company used a discrete effective tax rate method to calculate the provision or benefit for income taxes for the three months ended April 30, 2021. Beginning on November 18, 2021, we were unable to earn additional tax credits related to the refined coal facility, and therefore, ceased operation of that facility. As earning these credits is what had caused the significant changes in the estimated annual effective tax rate from small changes in estimated “ordinary” income and we have now classified the refined coal segment as discontinued operations, we have returned to using the annual effective tax rate method to calculate the provision or benefit for income taxes from continuing operations beginning in the three and nine month periods ended October 31, 2021.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid no income taxes and received no refunds of income taxes during the three months ended April 30, 2022 and 2021.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of April 30, 2022, and January 31, 2022, total unrecognized tax benefits were approximately $16,827,000 and $16,741,000, respectively. Accrued penalties and interest were approximately $42,000 and approximately $40,000 at April 30, 2022 and January 31, 2022, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $16.7 million. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Inventories</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Inventories are carried at the lower of cost or net realizable value on a first-in, first-out basis. Inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities associated with producing ethanol and related by-products. 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 $0.5 million of inventory write-downs in cost of sales at April 30, 2022 and January 31, 2022. 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.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The components of inventory are as follows as of the dates presented (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="font-weight: bold; padding-bottom: 0"> </td> <td colspan="3" style="text-align: center; padding-bottom: 0"><b>April 30,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold; padding-bottom: 0"> </td><td style="font-weight: bold; padding-bottom: 0"> </td> <td colspan="3" style="text-align: center; padding-bottom: 0"><b>January 31,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td colspan="2" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td colspan="2" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left; padding-bottom: 0; padding-left: 5.75pt">Ethanol and other finished goods</td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 4%; padding-bottom: 0">     </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 6%; text-align: right; padding-bottom: 0"> 22,241</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 4%; padding-bottom: 0">     </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 6%; text-align: right; padding-bottom: 0">13,158</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Work in process</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">6,846</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">5,473</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Grain and other raw materials</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">27,301</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">23,594</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 0; padding-left: 5.75pt">Total</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">56,388</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">42,225</td><td style="text-align: left; padding-bottom: 0"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Property and Equipment</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Property and equipment is recorded at cost or the fair value on the date of acquisition (for property and equipment acquired in a business combination). Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In accordance with ASC 360-10 “<i>Impairment or Disposal of Long-Lived Assets</i>”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable. The Company did not identify any indicators of impairment during the first three months of fiscal year 2022 or 2021, thus there were no impairment charges in the first three months of fiscal year 2022 or 2021.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investments</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company accounts for investments in a limited liability company in which it has a less than 20% ownership interest using the equity method of accounting when the factors discussed in ASC 323, “<i>Investments-Equity Method and Joint Ventures</i>” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. The Company accounts for its investment in Big River Resources, LLC (“Big River”) using the equity method of accounting and includes the results on a delayed basis of one month as Big River has a fiscal year end of December 31.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">temporary, then a charge to earnings is recorded in the Consolidated Condensed Statements of Operations and a new cost basis in the investment is established.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Short-term investments are considered held to maturity, and therefore are carried at amortized historical cost.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Discontinued Operations</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 18, 2021, the Company ceased operation of its refined coal business as tax credits could no longer be earned on its operation. Beginning in the third quarter of fiscal year 2021, the results of the operation of the refined coal business have been recognized in discontinued operations. Prior period amounts have been reclassified to conform with discontinued operations reporting.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Comprehensive Income</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Accounting Changes and Recently Issued Accounting Standards</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, which increases the transparency of government assistance received by businesses by expanding the disclosure requirements for annual reporting periods. The Company will be required to adopt this update for the fiscal year ending January 31, 2023. The Company will provide necessary disclosures required related to government assistance received in the annual reporting for the year ending January 31, 2023.</p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Cash and Cash Equivalents</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue Recognition</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company recognizes sales of 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.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Cost of Sales</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cost of sales includes depreciation, costs of raw materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant repair and maintenance costs, plant management, certain compensation costs and general facility overhead charges.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Selling, General and Administrative (“SG&amp;A”) Expenses</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company includes non-production related costs such as professional fees, outbound freight charges, selling charges and certain payroll in SG&amp;A expenses. Outbound freight charges were approximately $273,000 and $5,596,000 in the first quarter of fiscal years 2022 and 2021, respectively.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> 273000 5596000 <p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">Financial Instruments</p><p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain of the forward grain purchase and ethanol, distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales” scope exemption of Accounting Standards Codification (“ASC”) 815, “<i>Derivatives and Hedging</i>” (“ASC 815”) because these arrangements are for purchases of grain that will be delivered in quantities expected to be used by the Company and sales of ethanol, distillers grains and non-food grade corn oil quantities expected to be produced by the Company over a reasonable period of time in the normal course of business.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company uses derivative financial instruments (exchange-traded futures contracts) to manage a portion of the risk associated with changes in commodity prices, primarily related to corn. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sales activities, there are situations in<span style="clear: both"><br/></span> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">which these hedging activities can themselves result in losses. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Income Taxes</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to the third quarter of fiscal year 2021, the Company determined that small changes in estimated “ordinary” income could result in significant changes in the estimated annual effective tax rate. Thus, the Company used a discrete effective tax rate method to calculate the provision or benefit for income taxes for the three months ended April 30, 2021. Beginning on November 18, 2021, we were unable to earn additional tax credits related to the refined coal facility, and therefore, ceased operation of that facility. As earning these credits is what had caused the significant changes in the estimated annual effective tax rate from small changes in estimated “ordinary” income and we have now classified the refined coal segment as discontinued operations, we have returned to using the annual effective tax rate method to calculate the provision or benefit for income taxes from continuing operations beginning in the three and nine month periods ended October 31, 2021.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company provides for deferred tax liabilities and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company paid no income taxes and received no refunds of income taxes during the three months ended April 30, 2022 and 2021.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of April 30, 2022, and January 31, 2022, total unrecognized tax benefits were approximately $16,827,000 and $16,741,000, respectively. Accrued penalties and interest were approximately $42,000 and approximately $40,000 at April 30, 2022 and January 31, 2022, respectively. If the Company were to prevail on all unrecognized tax benefits recorded, the provision for income taxes would be reduced by approximately $16.7 million. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> 0 0 0 0 16827000 16741000 42000 40000 16700000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Inventories</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Inventories are carried at the lower of cost or net realizable value on a first-in, first-out basis. Inventory includes direct production costs and certain overhead costs such as depreciation, property taxes and utilities associated with producing ethanol and related by-products. 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 $0.5 million of inventory write-downs in cost of sales at April 30, 2022 and January 31, 2022. 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.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The components of inventory are as follows as of the dates presented (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="font-weight: bold; padding-bottom: 0"> </td> <td colspan="3" style="text-align: center; padding-bottom: 0"><b>April 30,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold; padding-bottom: 0"> </td><td style="font-weight: bold; padding-bottom: 0"> </td> <td colspan="3" style="text-align: center; padding-bottom: 0"><b>January 31,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td colspan="2" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td colspan="2" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left; padding-bottom: 0; padding-left: 5.75pt">Ethanol and other finished goods</td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 4%; padding-bottom: 0">     </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 6%; text-align: right; padding-bottom: 0"> 22,241</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 4%; padding-bottom: 0">     </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 6%; text-align: right; padding-bottom: 0">13,158</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Work in process</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">6,846</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">5,473</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Grain and other raw materials</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">27,301</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">23,594</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 0; padding-left: 5.75pt">Total</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">56,388</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">42,225</td><td style="text-align: left; padding-bottom: 0"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 500000 500000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The components of inventory are as follows as of the dates presented (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="font-weight: bold; padding-bottom: 0"> </td> <td colspan="3" style="text-align: center; padding-bottom: 0"><b>April 30,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold; padding-bottom: 0"> </td><td style="font-weight: bold; padding-bottom: 0"> </td> <td colspan="3" style="text-align: center; padding-bottom: 0"><b>January 31,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td colspan="2" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td colspan="2" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left; padding-bottom: 0; padding-left: 5.75pt">Ethanol and other finished goods</td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 4%; padding-bottom: 0">     </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 6%; text-align: right; padding-bottom: 0"> 22,241</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 4%; padding-bottom: 0">     </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 6%; text-align: right; padding-bottom: 0">13,158</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Work in process</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">6,846</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">5,473</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Grain and other raw materials</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">27,301</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">23,594</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 0; padding-left: 5.75pt">Total</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">56,388</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">42,225</td><td style="text-align: left; padding-bottom: 0"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 22241000 13158000 6846000 5473000 27301000 23594000 56388000 42225000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Property and Equipment</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Property and equipment is recorded at cost or the fair value on the date of acquisition (for property and equipment acquired in a business combination). Depreciation is computed using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for fixtures and equipment.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In accordance with ASC 360-10 “<i>Impairment or Disposal of Long-Lived Assets</i>”, the carrying value of long-lived assets is assessed for recoverability by management when changes in circumstances indicate that the carrying amount may not be recoverable. The Company did not identify any indicators of impairment during the first three months of fiscal year 2022 or 2021, thus there were no impairment charges in the first three months of fiscal year 2022 or 2021.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Company tests for recoverability of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s carrying amount exceeds its fair value, if any.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"> </p> 15 40 years 3 20 years <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investments</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable interests in which the Company is the primary beneficiary. The Company accounts for investments in a limited liability company in which it has a less than 20% ownership interest using the equity method of accounting when the factors discussed in ASC 323, “<i>Investments-Equity Method and Joint Ventures</i>” are met. The excess of the carrying value over the underlying equity in the net assets of equity method investees is allocated to specific assets and liabilities. Investments in businesses that the Company does not control but for which it has the ability to exercise significant influence over operating and financial matters are accounted for using the equity method. The Company accounts for its investment in Big River Resources, LLC (“Big River”) using the equity method of accounting and includes the results on a delayed basis of one month as Big River has a fiscal year end of December 31.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">temporary, then a charge to earnings is recorded in the Consolidated Condensed Statements of Operations and a new cost basis in the investment is established.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Short-term investments are considered held to maturity, and therefore are carried at amortized historical cost.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> 0.20 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Discontinued Operations</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 18, 2021, the Company ceased operation of its refined coal business as tax credits could no longer be earned on its operation. Beginning in the third quarter of fiscal year 2021, the results of the operation of the refined coal business have been recognized in discontinued operations. Prior period amounts have been reclassified to conform with discontinued operations reporting.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Comprehensive Income</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Accounting Changes and Recently Issued Accounting Standards</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, which increases the transparency of government assistance received by businesses by expanding the disclosure requirements for annual reporting periods. The Company will be required to adopt this update for the fiscal year ending January 31, 2023. The Company will provide necessary disclosures required related to government assistance received in the annual reporting for the year ending January 31, 2023.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 3. <i>Net Sales and Revenue</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company recognizes sales of products when obligations under the terms of the respective contracts with customers are satisfied. This occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car used to transport the products. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods. Sales, value added and other taxes the Company collects concurrent with revenue producing activities are excluded from net sales and revenue.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The majority of the Company’s sales have payment terms ranging from 5 to 10 days after transfer of control. The Company has determined that sales contracts do not generally include a significant financing component. The Company has not historically, and does not intend to, enter sales contracts in which payment is due from a customer prior to transferring product to the customer. Thus, the Company does not record unearned revenue.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following tables shows disaggregated revenue by product (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="font-weight: bold; padding-bottom: 0"> </td> <td colspan="6" style="font-weight: bold; text-align: center; padding-bottom: 0">Three Months Ended <br/> April 30,</td><td style="font-weight: bold; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="font-weight: bold; padding-bottom: 0"> </td> <td colspan="2" style="padding-bottom: 0; font-weight: bold; text-align: center"><span style="text-decoration:underline">2022</span></td><td style="padding-bottom: 0; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 0"> </td> <td colspan="2" style="padding-bottom: 0; font-weight: bold; text-align: center"><span style="text-decoration:underline">2021</span></td><td style="padding-bottom: 0; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 0; padding-left: 5.75pt">Sales of products, continuing operations</td><td style="padding-bottom: 0"> </td> <td colspan="2" style="text-align: center; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td colspan="2" style="text-align: center; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 76%; padding-bottom: 0; padding-left: 5.75pt">Ethanol</td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 1%; text-align: right; padding-bottom: 0">$</td><td style="width: 6%; text-align: right; padding-bottom: 0">146,462</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 5%; padding-bottom: 0"> </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 6%; text-align: right; padding-bottom: 0">126,069</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Dried distillers grains</td><td style="padding-bottom: 0"> </td> <td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">31,897</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">31,119</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Non-food grade corn oil</td><td style="padding-bottom: 0"> </td> <td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">11,102</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">5,594</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Modified distillers grains</td><td style="padding-bottom: 0"> </td> <td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">4,355</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">2,293</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Derivative financial instruments gains (losses)</td><td style="padding-bottom: 0"> </td> <td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">322</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">(1,126)</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 0; padding-left: 5.75pt">Other</td><td style="padding-bottom: 0"> </td> <td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">90</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">93</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 0; padding-left: 5.75pt">Total</td><td style="padding-bottom: 0"> </td> <td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">194,228</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">164,042</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: right; border-top: Black 1px double; padding-bottom: 3px"> </td><td style="text-align: right; border-top: Black 1px double; padding-bottom: 3px"> </td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px double; padding-bottom: 3px"> </td><td style="text-align: right; border-top: Black 1px double; padding-bottom: 3px"> </td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Sales of products, discontinued operations:</td><td style="padding-bottom: 0"> </td> <td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 0; padding-left: 5.75pt">Refined coal<sup>1</sup></td><td style="padding-bottom: 0"> </td> <td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0">-</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0">62</td><td style="text-align: left; padding-bottom: 0"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><sup>1 </sup>Refined coal sales were recorded net of the cost of coal as the Company purchased the coal feedstock from the customer to which the processed refined coal was sold.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following tables shows disaggregated revenue by product (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="font-weight: bold; padding-bottom: 0"> </td> <td colspan="6" style="font-weight: bold; text-align: center; padding-bottom: 0">Three Months Ended <br/> April 30,</td><td style="font-weight: bold; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="font-weight: bold; padding-bottom: 0"> </td> <td colspan="2" style="padding-bottom: 0; font-weight: bold; text-align: center"><span style="text-decoration:underline">2022</span></td><td style="padding-bottom: 0; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 0"> </td> <td colspan="2" style="padding-bottom: 0; font-weight: bold; text-align: center"><span style="text-decoration:underline">2021</span></td><td style="padding-bottom: 0; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 0; padding-left: 5.75pt">Sales of products, continuing operations</td><td style="padding-bottom: 0"> </td> <td colspan="2" style="text-align: center; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td colspan="2" style="text-align: center; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 76%; padding-bottom: 0; padding-left: 5.75pt">Ethanol</td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 1%; text-align: right; padding-bottom: 0">$</td><td style="width: 6%; text-align: right; padding-bottom: 0">146,462</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 5%; padding-bottom: 0"> </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 6%; text-align: right; padding-bottom: 0">126,069</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Dried distillers grains</td><td style="padding-bottom: 0"> </td> <td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">31,897</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">31,119</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Non-food grade corn oil</td><td style="padding-bottom: 0"> </td> <td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">11,102</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">5,594</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Modified distillers grains</td><td style="padding-bottom: 0"> </td> <td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">4,355</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">2,293</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Derivative financial instruments gains (losses)</td><td style="padding-bottom: 0"> </td> <td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">322</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">(1,126)</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 0; padding-left: 5.75pt">Other</td><td style="padding-bottom: 0"> </td> <td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">90</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">93</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 0; padding-left: 5.75pt">Total</td><td style="padding-bottom: 0"> </td> <td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">194,228</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">164,042</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: right; border-top: Black 1px double; padding-bottom: 3px"> </td><td style="text-align: right; border-top: Black 1px double; padding-bottom: 3px"> </td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px double; padding-bottom: 3px"> </td><td style="text-align: right; border-top: Black 1px double; padding-bottom: 3px"> </td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Sales of products, discontinued operations:</td><td style="padding-bottom: 0"> </td> <td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 0; padding-left: 5.75pt">Refined coal<sup>1</sup></td><td style="padding-bottom: 0"> </td> <td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0">-</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0">62</td><td style="text-align: left; padding-bottom: 0"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><sup>1 </sup>Refined coal sales were recorded net of the cost of coal as the Company purchased the coal feedstock from the customer to which the processed refined coal was sold.</p> 146462000 126069000 31897000 31119000 11102000 5594000 4355000 2293000 322000 -1126000 90000 93000 194228000 164042000 62000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 4. <i>Leases</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At April 30, 2022, the Company has lease agreements, as lessee, for railcars. All of the leases are accounted for as operating leases. The lease agreements do not contain a specified implicit interest rate; therefore, the Company’s estimated incremental borrowing rate was used to determine the present value of future minimum lease payments. The exercise of any lease renewal is at the Company’s sole discretion. The lease term for all of the Company’s leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. The components of lease expense, classified as SG&amp;A expenses on the Consolidated Condensed Statement of Operations are as follows (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 65%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"><b> </b></td><td style="padding-bottom: 0"><b> </b></td> <td colspan="8" style="text-align: center; padding-bottom: 0"><b>Three Months Ended<br/> April 30,</b></td><td style="padding-bottom: 0"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="font-weight: bold; padding-bottom: 0"> </td> <td style="padding-bottom: 0">    </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 0"><span style="text-decoration:underline">2022</span></td><td style="padding-bottom: 0; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 0"> </td> <td style="padding-bottom: 0">    </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 0"><span style="text-decoration:underline">2021</span></td><td style="padding-bottom: 0; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td colspan="2" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td colspan="2" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 79%; text-align: left; padding-bottom: 0; padding-left: 5.75pt">Operating lease expense</td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 1%; padding-bottom: 0"> </td> <td style="width: 1%; text-align: right; padding-bottom: 0">$</td><td style="width: 6%; text-align: right; padding-bottom: 0">1,610</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 1%; padding-bottom: 0"> </td> <td style="width: 1%; text-align: right; padding-bottom: 0">$</td><td style="width: 3%; text-align: right; padding-bottom: 0">1,550</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Variable lease expense</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">394</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">44</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Total lease expense</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">2,004</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">1,594</td><td style="text-align: left; padding-bottom: 0"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table is a summary of future minimum rentals on such leases at April 30, 2022 (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 40%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 0; text-align: left; padding-left: 5.75pt"><span style="text-decoration:underline">Years Ended January 31,</span></td><td style="font-weight: bold; padding-bottom: 0"> </td> <td colspan="3" style="font-weight: bold; text-align: right; padding-bottom: 0"><b>Minimum <br/> <span style="text-decoration:underline">Rentals</span></b></td><td style="padding-bottom: 0; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 86%; text-align: left; padding-bottom: 0; padding-left: 5.75pt">Remainder of 2023</td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 1%; text-align: left; padding-bottom: 0">    </td> <td style="width: 1%; padding-bottom: 0">$</td><td style="width: 8%; text-align: right; padding-bottom: 0">3,839</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">2024</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">4,636</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">2025</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">3,188</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">2026</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">1,015</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">2027</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">951</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Thereafter</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="border-bottom: Black 1px solid; padding-bottom: 0"> </td><td style="text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">510</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Total</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">14,139</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Less: present value discount</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">1,085</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Operating lease liabilities</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="border-bottom: Black 3px double; padding-bottom: 0; border-top: Black 1px solid">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">13,054</td><td style="text-align: left; padding-bottom: 0"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At April 30, 2022, the weighted average remaining lease term is 2.9 years, and the weighted average discount rate is 5.05% for the above leases.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table is a summary of future minimum rentals on such leases at January 31, 2022 (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 40%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 0; text-align: left; padding-left: 5.75pt"><span style="text-decoration:underline">Years Ended January 31,</span></td><td style="font-weight: bold; padding-bottom: 0"> </td> <td colspan="3" style="font-weight: bold; text-align: right; padding-bottom: 0"><b>Minimum <br/> <span style="text-decoration:underline">Rentals</span></b></td><td style="padding-bottom: 0; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 86%; text-align: left; padding-bottom: 0; padding-left: 5.75pt">2023</td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 1%; text-align: left; padding-bottom: 0">    </td> <td style="width: 1%; padding-bottom: 0">$</td><td style="width: 8%; text-align: right; padding-bottom: 0">5,015</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">2024</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">3,856</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">2025</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">2,408</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">2026</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">235</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">2027</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="border-bottom: Black 1px solid; padding-bottom: 0"> </td><td style="text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">171</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Total</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">11,685</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Less: present value discount</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">695</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Operating lease liabilities</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0">10,990</td><td style="text-align: left; padding-bottom: 0"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At January 31, 2022, the weighted average remaining lease term was 2.5 years, and the weighted average discount rate was 4.85% for the above leases.</p> The components of lease expense, classified as SG&amp;A expenses on the Consolidated Condensed Statement of Operations are as follows (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 65%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"><b> </b></td><td style="padding-bottom: 0"><b> </b></td> <td colspan="8" style="text-align: center; padding-bottom: 0"><b>Three Months Ended<br/> April 30,</b></td><td style="padding-bottom: 0"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="font-weight: bold; padding-bottom: 0"> </td> <td style="padding-bottom: 0">    </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 0"><span style="text-decoration:underline">2022</span></td><td style="padding-bottom: 0; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 0"> </td> <td style="padding-bottom: 0">    </td> <td colspan="2" style="font-weight: bold; text-align: center; padding-bottom: 0"><span style="text-decoration:underline">2021</span></td><td style="padding-bottom: 0; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td colspan="2" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td colspan="2" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 79%; text-align: left; padding-bottom: 0; padding-left: 5.75pt">Operating lease expense</td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 1%; padding-bottom: 0"> </td> <td style="width: 1%; text-align: right; padding-bottom: 0">$</td><td style="width: 6%; text-align: right; padding-bottom: 0">1,610</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 1%; padding-bottom: 0"> </td> <td style="width: 1%; text-align: right; padding-bottom: 0">$</td><td style="width: 3%; text-align: right; padding-bottom: 0">1,550</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Variable lease expense</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">394</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">44</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Total lease expense</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">2,004</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">1,594</td><td style="text-align: left; padding-bottom: 0"> </td></tr> </table> 1610000 1550000 394000 44000 2004000 1594000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table is a summary of future minimum rentals on such leases at April 30, 2022 (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 40%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 0; text-align: left; padding-left: 5.75pt"><span style="text-decoration:underline">Years Ended January 31,</span></td><td style="font-weight: bold; padding-bottom: 0"> </td> <td colspan="3" style="font-weight: bold; text-align: right; padding-bottom: 0"><b>Minimum <br/> <span style="text-decoration:underline">Rentals</span></b></td><td style="padding-bottom: 0; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 86%; text-align: left; padding-bottom: 0; padding-left: 5.75pt">Remainder of 2023</td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 1%; text-align: left; padding-bottom: 0">    </td> <td style="width: 1%; padding-bottom: 0">$</td><td style="width: 8%; text-align: right; padding-bottom: 0">3,839</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">2024</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">4,636</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">2025</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">3,188</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">2026</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">1,015</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">2027</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">951</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Thereafter</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="border-bottom: Black 1px solid; padding-bottom: 0"> </td><td style="text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">510</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Total</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">14,139</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Less: present value discount</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">1,085</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Operating lease liabilities</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="border-bottom: Black 3px double; padding-bottom: 0; border-top: Black 1px solid">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">13,054</td><td style="text-align: left; padding-bottom: 0"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 40%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 0; text-align: left; padding-left: 5.75pt"><span style="text-decoration:underline">Years Ended January 31,</span></td><td style="font-weight: bold; padding-bottom: 0"> </td> <td colspan="3" style="font-weight: bold; text-align: right; padding-bottom: 0"><b>Minimum <br/> <span style="text-decoration:underline">Rentals</span></b></td><td style="padding-bottom: 0; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 86%; text-align: left; padding-bottom: 0; padding-left: 5.75pt">2023</td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 1%; text-align: left; padding-bottom: 0">    </td> <td style="width: 1%; padding-bottom: 0">$</td><td style="width: 8%; text-align: right; padding-bottom: 0">5,015</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">2024</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">3,856</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">2025</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">2,408</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">2026</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">235</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">2027</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="border-bottom: Black 1px solid; padding-bottom: 0"> </td><td style="text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">171</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Total</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">11,685</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Less: present value discount</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="padding-bottom: 0; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid; padding-bottom: 0">695</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Operating lease liabilities</td><td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td> <td style="border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0">10,990</td><td style="text-align: left; padding-bottom: 0"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> 3839000 4636000 3188000 1015000 951000 510000 14139000 1085000 13054000 P2Y10M24D 0.0505 5015000 3856000 2408000 235000 171000 11685000 695000 10990000 P2Y6M 0.0485 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 5. <i>Fair Value</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company applies ASC 820, “<i>Fair Value Measurements and Disclosures”</i> (“ASC 820”), which provides a framework for measuring fair value under accounting principles generally accepted in the United States of America. This accounting standard defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company determines the fair market values of its financial instruments based on the fair value hierarchy established by ASC 820 which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values which are provided below. The Company carries certain cash equivalents, investments and derivative instruments at fair value.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The fair values of derivative assets and liabilities traded in the over-the-counter market are determined using quantitative models that require the use of multiple market inputs including interest rates, prices and indices to generate pricing and volatility factors, which are used to value the position. The predominance of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Estimation risk is greater for derivative asset and liability positions that are either option-based or have longer maturity dates where observable market inputs are less readily available or are unobservable, in which case interest rate, price or index scenarios are extrapolated in order to determine the fair value. The fair values of derivative assets and liabilities include adjustments for market liquidity, counterparty credit quality, the Company’s own credit standing and other specific factors, where appropriate.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To ensure the prudent application of estimates and management judgment in determining the fair value of derivative assets and liabilities, investments and property and equipment, various processes and controls have been adopted, which include: (i) model validation that requires a review and approval for pricing, financial statement fair value determination and risk quantification; and (ii) periodic review and substantiation of profit and loss reporting for all derivative instruments. Financial assets and liabilities measured at fair value on a recurring basis at April 30, 2022 are summarized below (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"><b> </b></td><td style="padding-bottom: 0"><b> </b></td> <td colspan="3" style="text-align: right; padding-bottom: 0"><b><span style="text-decoration:underline">Level 1</span></b></td><td style="padding-bottom: 0"><b> </b></td><td style="padding-bottom: 0"><b> </b></td> <td colspan="3" style="text-align: right; padding-bottom: 0"><b><span style="text-decoration:underline">Level 2</span></b></td><td style="padding-bottom: 0"><b> </b></td><td style="padding-bottom: 0"><b> </b></td> <td colspan="3" style="text-align: right; padding-bottom: 0"><b><span style="text-decoration:underline">Level 3</span></b></td><td style="padding-bottom: 0"><b> </b></td><td style="padding-bottom: 0"><b> </b></td> <td colspan="3" style="text-align: right; padding-bottom: 0"><b><span style="text-decoration:underline">Fair Value</span></b></td><td style="padding-bottom: 0"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 53%; text-align: left; padding-bottom: 0; padding-left: 5.75pt">Investment in cooperative (1)</td><td style="width: 2%; padding-bottom: 0"> </td> <td style="width: 3%; padding-bottom: 0">    </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 5%; text-align: right; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-0">-</div></td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 2%; padding-bottom: 0"> </td> <td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 2%; text-align: left; padding-bottom: 0">$</td><td style="width: 4%; text-align: right; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-1">-</div></td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 2%; padding-bottom: 0"> </td> <td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 2%; text-align: left; padding-bottom: 0">$</td><td style="width: 4%; text-align: right; padding-bottom: 0">354</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 2%; padding-bottom: 0"> </td> <td style="width: 3%; padding-bottom: 0">    </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 4%; text-align: right; padding-bottom: 0">354</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Forward purchase contracts (2)</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-2">-</div></td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">4,432</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-3">-</div></td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">4,432</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Total assets</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">-</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">4,432</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">354</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">4,786</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Commodity futures liability (3)</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-4">-</div></td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0">4,066</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-5">-</div></td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0">4,066</td><td style="text-align: left; padding-bottom: 0"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Financial assets and liabilities measured at fair value on a recurring basis at January 31, 2022 are summarized below (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"><b> </b></td><td style="padding-bottom: 0"><b> </b></td> <td colspan="3" style="text-align: right; padding-bottom: 0"><b><span style="text-decoration:underline">Level 1</span></b></td><td style="padding-bottom: 0"><b> </b></td><td style="padding-bottom: 0"><b> </b></td> <td colspan="3" style="text-align: right; padding-bottom: 0"><b><span style="text-decoration:underline">Level 2</span></b></td><td style="padding-bottom: 0"><b> </b></td><td style="padding-bottom: 0"><b> </b></td> <td colspan="3" style="text-align: right; padding-bottom: 0"><b><span style="text-decoration:underline">Level 3</span></b></td><td style="padding-bottom: 0"><b> </b></td><td style="padding-bottom: 0"><b> </b></td> <td colspan="3" style="text-align: right; padding-bottom: 0"><b><span style="text-decoration:underline">Fair Value</span></b></td><td style="padding-bottom: 0"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 53%; text-align: left; padding-bottom: 0; padding-left: 5.75pt">Investment in cooperative (1)</td><td style="width: 2%; padding-bottom: 0"> </td> <td style="width: 3%; padding-bottom: 0">    </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 5%; text-align: right; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-6">-</div></td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 2%; padding-bottom: 0"> </td> <td style="width: 3%; text-align: right; padding-bottom: 0"> </td> <td style="width: 2%; text-align: left; padding-bottom: 0">$</td><td style="width: 4%; text-align: right; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-7">-</div></td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 2%; padding-bottom: 0"> </td> <td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 2%; text-align: left; padding-bottom: 0">$</td><td style="width: 4%; text-align: right; padding-bottom: 0">354</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 2%; padding-bottom: 0"> </td> <td style="width: 3%; text-align: right; padding-bottom: 0">    </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 4%; text-align: right; padding-bottom: 0">354</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Forward purchase contracts (2)</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-8">-</div></td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">993</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-9">-</div></td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">993</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Total assets</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">-</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">993</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">354</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">1,347</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Commodity futures liability (3)</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-10">-</div></td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0">933</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-11">-</div></td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0">933</td><td style="text-align: left; padding-bottom: 0"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets.<span style="clear: both"><br/></span> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2) The forward purchase contracts and commodity futures assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(3) The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company determined the fair value of the investment in cooperative by using a discounted cash flow analysis on the expected cash flows. Inputs used in the analysis include the face value of the allocated equity amount, the projected term for repayment based upon a historical trend and a risk adjusted discount rate based on the expected compensation participants would demand because of the uncertainty of the future cash flows. The inherent risk and uncertainty associated with unobservable inputs could have a significant effect on the actual fair value of the investment.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There were no assets measured at fair value on a non-recurring basis at April 30, 2022 or January 31, 2022.</p> Financial assets and liabilities measured at fair value on a recurring basis at April 30, 2022 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="padding-bottom: 0; padding-left: 5.75pt"><b> </b></td><td style="padding-bottom: 0"><b> </b></td> <td colspan="3" style="text-align: right; padding-bottom: 0"><b><span style="text-decoration:underline">Level 1</span></b></td><td style="padding-bottom: 0"><b> </b></td><td style="padding-bottom: 0"><b> </b></td> <td colspan="3" style="text-align: right; padding-bottom: 0"><b><span style="text-decoration:underline">Level 2</span></b></td><td style="padding-bottom: 0"><b> </b></td><td style="padding-bottom: 0"><b> </b></td> <td colspan="3" style="text-align: right; padding-bottom: 0"><b><span style="text-decoration:underline">Level 3</span></b></td><td style="padding-bottom: 0"><b> </b></td><td style="padding-bottom: 0"><b> </b></td> <td colspan="3" style="text-align: right; padding-bottom: 0"><b><span style="text-decoration:underline">Fair Value</span></b></td><td style="padding-bottom: 0"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 53%; text-align: left; padding-bottom: 0; padding-left: 5.75pt">Investment in cooperative (1)</td><td style="width: 2%; padding-bottom: 0"> </td> <td style="width: 3%; padding-bottom: 0">    </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 5%; text-align: right; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-0">-</div></td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 2%; padding-bottom: 0"> </td> <td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 2%; text-align: left; padding-bottom: 0">$</td><td style="width: 4%; text-align: right; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-1">-</div></td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 2%; padding-bottom: 0"> </td> <td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 2%; text-align: left; padding-bottom: 0">$</td><td style="width: 4%; text-align: right; padding-bottom: 0">354</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 2%; padding-bottom: 0"> </td> <td style="width: 3%; padding-bottom: 0">    </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 4%; text-align: right; padding-bottom: 0">354</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Forward purchase contracts (2)</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-2">-</div></td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">4,432</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-3">-</div></td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">4,432</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Total assets</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">-</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">4,432</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">354</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">4,786</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Commodity futures liability (3)</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-4">-</div></td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0">4,066</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-5">-</div></td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0">4,066</td><td style="text-align: left; padding-bottom: 0"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"><b> </b></td><td style="padding-bottom: 0"><b> </b></td> <td colspan="3" style="text-align: right; padding-bottom: 0"><b><span style="text-decoration:underline">Level 1</span></b></td><td style="padding-bottom: 0"><b> </b></td><td style="padding-bottom: 0"><b> </b></td> <td colspan="3" style="text-align: right; padding-bottom: 0"><b><span style="text-decoration:underline">Level 2</span></b></td><td style="padding-bottom: 0"><b> </b></td><td style="padding-bottom: 0"><b> </b></td> <td colspan="3" style="text-align: right; padding-bottom: 0"><b><span style="text-decoration:underline">Level 3</span></b></td><td style="padding-bottom: 0"><b> </b></td><td style="padding-bottom: 0"><b> </b></td> <td colspan="3" style="text-align: right; padding-bottom: 0"><b><span style="text-decoration:underline">Fair Value</span></b></td><td style="padding-bottom: 0"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td colspan="3" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 53%; text-align: left; padding-bottom: 0; padding-left: 5.75pt">Investment in cooperative (1)</td><td style="width: 2%; padding-bottom: 0"> </td> <td style="width: 3%; padding-bottom: 0">    </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 5%; text-align: right; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-6">-</div></td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 2%; padding-bottom: 0"> </td> <td style="width: 3%; text-align: right; padding-bottom: 0"> </td> <td style="width: 2%; text-align: left; padding-bottom: 0">$</td><td style="width: 4%; text-align: right; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-7">-</div></td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 2%; padding-bottom: 0"> </td> <td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 2%; text-align: left; padding-bottom: 0">$</td><td style="width: 4%; text-align: right; padding-bottom: 0">354</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 2%; padding-bottom: 0"> </td> <td style="width: 3%; text-align: right; padding-bottom: 0">    </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 4%; text-align: right; padding-bottom: 0">354</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Forward purchase contracts (2)</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-8">-</div></td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">993</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-9">-</div></td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">993</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Total assets</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">-</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">993</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">354</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px double; border-bottom: Black 3px double; padding-bottom: 0">1,347</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0"> </td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Commodity futures liability (3)</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-10">-</div></td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0">933</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0"><div style="-sec-ix-hidden: hidden-fact-11">-</div></td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-bottom: Black 3px double; padding-bottom: 0">933</td><td style="text-align: left; padding-bottom: 0"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(1) The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets.<span style="clear: both"><br/></span> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2) The forward purchase contracts and commodity futures assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(3) The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> 354000 354000 4432000 4432000 4432000 354000 4786000 4066000 4066000 354000 354000 993000 993000 993000 354000 1347000 933000 933000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 6. <i>Property and Equipment</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The components of property and equipment are as follows for the periods presented (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 65%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.75pt"> </td><td style="font-weight: bold"> </td> <td colspan="3" style="text-align: center"><b>April 30,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold"> </td><td style="font-weight: bold">       </td> <td colspan="3" style="text-align: center"><b>January 31,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.75pt"> </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: 70%; text-align: left; padding-left: 5.75pt">Land and improvements</td><td style="width: 3%"> </td> <td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">27,329</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">27,329</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 5.75pt">Buildings and improvements</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,617</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,617</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 5.75pt">Machinery, equipment and fixtures</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">297,210</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">296,243</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 5.75pt">Construction in progress</td><td> </td> <td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">1,973</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">1,515</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 5.75pt"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">350,129</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">348,704</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 5.75pt">Less: Accumulated depreciation</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> (215,554)</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">(211,150)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 5.75pt">Total</td><td> </td> <td> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">134,575</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">137,554</td><td style="text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The components of property and equipment are as follows for the periods presented (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 65%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.75pt"> </td><td style="font-weight: bold"> </td> <td colspan="3" style="text-align: center"><b>April 30,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold"> </td><td style="font-weight: bold">       </td> <td colspan="3" style="text-align: center"><b>January 31,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.75pt"> </td><td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left; padding-left: 5.75pt">Land and improvements</td><td style="width: 3%"> </td> <td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">27,329</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">27,329</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 5.75pt">Buildings and improvements</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,617</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,617</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 5.75pt">Machinery, equipment and fixtures</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">297,210</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">296,243</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 5.75pt">Construction in progress</td><td> </td> <td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">1,973</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">1,515</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 5.75pt"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">350,129</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">348,704</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 5.75pt">Less: Accumulated depreciation</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right"> (215,554)</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">(211,150)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 5.75pt">Total</td><td> </td> <td> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">134,575</td><td style="text-align: left"> </td><td> </td> <td> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double">137,554</td><td style="text-align: left"> </td></tr> </table> 27329000 27329000 23617000 23617000 297210000 296243000 1973000 1515000 350129000 348704000 215554000 211150000 134575000 137554000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 7. <i>Accrued Expenses and Other Current Liabilities</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The components of accrued expenses and other current liabilities are as follows for the periods presented (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 65%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="font-weight: bold; padding-bottom: 0"> </td> <td colspan="3" style="text-align: center; padding-bottom: 0"><b>April 30,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold; padding-bottom: 0"> </td><td style="font-weight: bold; padding-bottom: 0">       </td> <td colspan="3" style="text-align: center; padding-bottom: 0"><b>January 31,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td colspan="2" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td colspan="2" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left; padding-bottom: 0; padding-left: 5.75pt">Accrued payroll and related items</td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 4%; padding-bottom: 0">     </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 6%; text-align: right; padding-bottom: 0">2,770</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 4%; padding-bottom: 0">     </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 6%; text-align: right; padding-bottom: 0">5,407</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Accrued utility charges</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">4,242</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">4,297</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Accrued transportation related items</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">973</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">593</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Accrued real estate taxes</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">2,031</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">1,857</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Commodity futures</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">4,066</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">933</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Accrued income taxes</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">108</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">95</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 0; padding-left: 5.75pt">Other</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">994</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">435</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 0; padding-left: 5.75pt">Total</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0"> 15,184</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">13,617</td><td style="text-align: left; padding-bottom: 0"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The components of accrued expenses and other current liabilities are as follows for the periods presented (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 65%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="font-weight: bold; padding-bottom: 0"> </td> <td colspan="3" style="text-align: center; padding-bottom: 0"><b>April 30,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold; padding-bottom: 0"> </td><td style="font-weight: bold; padding-bottom: 0">       </td> <td colspan="3" style="text-align: center; padding-bottom: 0"><b>January 31,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 0; padding-left: 5.75pt"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td colspan="2" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td colspan="2" style="text-align: right; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 70%; text-align: left; padding-bottom: 0; padding-left: 5.75pt">Accrued payroll and related items</td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 4%; padding-bottom: 0">     </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 6%; text-align: right; padding-bottom: 0">2,770</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td><td style="width: 3%; padding-bottom: 0"> </td> <td style="width: 4%; padding-bottom: 0">     </td> <td style="width: 1%; text-align: left; padding-bottom: 0">$</td><td style="width: 6%; text-align: right; padding-bottom: 0">5,407</td><td style="width: 1%; text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Accrued utility charges</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">4,242</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">4,297</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Accrued transportation related items</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">973</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">593</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Accrued real estate taxes</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">2,031</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">1,857</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Commodity futures</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">4,066</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">933</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 0; padding-left: 5.75pt">Accrued income taxes</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">108</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">95</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 0; padding-left: 5.75pt">Other</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">994</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; padding-bottom: 0"> </td><td style="text-align: right; padding-bottom: 0">435</td><td style="text-align: left; padding-bottom: 0"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 0; padding-left: 5.75pt">Total</td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0"> 15,184</td><td style="text-align: left; padding-bottom: 0"> </td><td style="padding-bottom: 0"> </td> <td style="padding-bottom: 0"> </td> <td style="text-align: left; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">$</td><td style="text-align: right; border-top: Black 1px solid; border-bottom: Black 3px double; padding-bottom: 0">13,617</td><td style="text-align: left; padding-bottom: 0"> </td></tr> </table> 2770000 5407000 4242000 4297000 973000 593000 2031000 1857000 4066000 933000 108000 95000 994000 435000 15184000 13617000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 8. <i>Derivative Financial Instruments </i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company is exposed to various market risks, including changes in commodity prices (raw materials and finished goods). To manage risks associated with the volatility of these natural business exposures, the Company enters into commodity agreements and forward purchase (corn and natural gas) and sale (ethanol, distillers grains and non-food grade corn oil) contracts. The Company does not purchase or sell derivative financial instruments for trading or speculative purposes. The Company does not purchase or sell derivative financial instruments for which a lack of marketplace quotations would require the use of fair value estimation techniques. The changes in fair value of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The following table provides information about the fair values of the Company’s derivative financial instruments (that are not accounted for under the “normal purchases and normal sales” scope exemption of ASC 815) and the line items on the Consolidated Condensed Balance Sheets in which the fair values are reflected (in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.75pt"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Asset Derivatives<br/> 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<br/> Fair Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-left: 5.75pt"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>April 30,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>January 31,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>April 30,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>January 31,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-left: 5.75pt"> </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: 40%; text-align: justify; padding-left: 5.75pt">Commodity futures (1)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-12">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-13">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,066</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">933</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1px; padding-left: 5.75pt">Forward purchase contracts (2)</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">4,432</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">993</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-14">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-15">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 3px; padding-left: 5.75pt">Total</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">4,432</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">$</td><td style="text-align: right; border-bottom: Black 3px double">993</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">4,066</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">933</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">(1) Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts include short/sell positions for approximately 11.8 million bushels and 7.4 million bushels of corn at April 30, 2022 and January 31, 2022, respectively. Commodity futures assets, had there been any at either April 30, 2022 or January 31, 2022, would be included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">(2) Forward purchase contracts assets are included in prepaid expenses and other current assets. These contracts are for purchases of approximately 20.3 million bushels and 19.2 million bushels of corn at April 30, 2022 and January 31, 2022, respectively. Forward contract liabilities, had there been any at either April 30, 2022 or January 31, 2022, would be included in “Accrued expenses and other current liabilities” on the accompanying Consolidate Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">As of April 30, 2022, and January 31, 2022, all of the derivative financial instruments held by the Company were subject to enforceable master netting arrangements with the counterparty. The Company’s accounting policy is to offset positions and amounts owed or owing with the same counterparty. As of April 30, 2022, and January 31, 2022, 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 $4,920,000 and approximately $2,222,000 to secure the Company’s</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">derivative liability position at April 30, 2022 and January 31, 2022, respectively, which is recorded as “Restricted cash” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">See Note 5 which contains fair value information related to derivative financial instruments.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company recognized gains (losses), which are included in “Net sales and revenue” in the accompanying Consolidated Condensed Statement of Operations, on derivative financial instruments of approximately $322,000 and $(1,126,000) for the first quarter of fiscal years 2022 and 2021, respectively.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company recognized losses, which are included in “ Cost of sales” in the accompanying Consolidated Condensed Statement of Operations, on derivative financial instruments of approximately $11,776,000 and approximately $1,894,000 for the first quarter of fiscal years 2022 and 2021, respectively.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The following table provides information about the fair values of the Company’s derivative financial instruments (that are not accounted for under the “normal purchases and normal sales” scope exemption of ASC 815) and the line items on the Consolidated Condensed Balance Sheets in which the fair values are reflected (in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.75pt"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Asset Derivatives<br/> 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<br/> Fair Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-left: 5.75pt"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>April 30,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>January 31,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>April 30,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><b>January 31,<br/> <span style="text-decoration:underline">2022</span></b></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-left: 5.75pt"> </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: 40%; text-align: justify; padding-left: 5.75pt">Commodity futures (1)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-12">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-13">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,066</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">933</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1px; padding-left: 5.75pt">Forward purchase contracts (2)</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">4,432</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">993</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-14">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid"><div style="-sec-ix-hidden: hidden-fact-15">-</div></td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 3px; padding-left: 5.75pt">Total</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">4,432</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">$</td><td style="text-align: right; border-bottom: Black 3px double">993</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">4,066</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">933</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">(1) Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts include short/sell positions for approximately 11.8 million bushels and 7.4 million bushels of corn at April 30, 2022 and January 31, 2022, respectively. Commodity futures assets, had there been any at either April 30, 2022 or January 31, 2022, would be included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">(2) Forward purchase contracts assets are included in prepaid expenses and other current assets. These contracts are for purchases of approximately 20.3 million bushels and 19.2 million bushels of corn at April 30, 2022 and January 31, 2022, respectively. Forward contract liabilities, had there been any at either April 30, 2022 or January 31, 2022, would be included in “Accrued expenses and other current liabilities” on the accompanying Consolidate Condensed Balance Sheets.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify"> </p> 4066000 933000 4432000 993000 4432000 993000 4066000 933000 11800000 7400000 20300000 19200000 4920000 2222000 322000 -1126000 11776000 1894000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 9. <i>Investments </i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt"><b>Equity Method Investment in Big River</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The following table summarizes the Company’s equity method investment at April 30, 2022 and January 31, 2022 (dollars in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Carrying Amount</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><span style="text-decoration:underline">Entity</span></td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold"><span style="text-decoration:underline">Ownership Percentage</span></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"><span style="text-decoration:underline">April 30, 2022</span></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"><span style="text-decoration:underline">January 31, 2022</span></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"> </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: 28%; text-align: left">Big River</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 19%; text-align: center">10.3%</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: 19%; text-align: right">$32,517</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: 19%; text-align: right">$30,566</td><td style="width: 1%; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Undistributed earnings of the Company’s equity method investee totaled approximately $12.5 million and approximately $10.5 million at April 30, 2022 and January 31, 2022, respectively. The Company did not receive any dividends from its equity method investee in the first quarter of fiscal year 2022 and 2021.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Summarized financial information for the Company’s equity method investee is presented in the following table for the periods presented (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended<br/> April 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="text-decoration:underline">2022</span></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="text-decoration:underline">2021</span></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; text-align: left">Net sales and revenue</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">351,746</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">256,416</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Gross profit</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">22,024</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,544</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Income from continuing operations</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">18,925</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,535</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net income</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">18,925</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,535</td><td style="text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt"><b>Short-term Investments</b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt; text-align: left">At April 30, 2022, the Company owned certificates of deposit and United States Treasury Bills that had an amortized cost, or carrying value, of approximately $167.3 million. The contractual maturity of</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">these investments was less than one year. The yield to maturity rate was approximately 0.7%. Unrealized gains or losses were insignificant.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">At January 31, 2022, the Company owned certificates of deposit that had an amortized cost, or carrying value, of approximately $25,877,000. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 0.1%. Unrealized gains or losses were insignificant.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The following table summarizes the Company’s equity method investment at April 30, 2022 and January 31, 2022 (dollars in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Carrying Amount</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><span style="text-decoration:underline">Entity</span></td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold"><span style="text-decoration:underline">Ownership Percentage</span></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"><span style="text-decoration:underline">April 30, 2022</span></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right"><span style="text-decoration:underline">January 31, 2022</span></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"> </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: 28%; text-align: left">Big River</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 19%; text-align: center">10.3%</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: 19%; text-align: right">$32,517</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: 19%; text-align: right">$30,566</td><td style="width: 1%; text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p> 0.103 32517000 30566000 12500000 10500000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Summarized financial information for the Company’s equity method investee is presented in the following table for the periods presented (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended<br/> April 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="text-decoration:underline">2022</span></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="text-decoration:underline">2021</span></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%; text-align: left">Net sales and revenue</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">351,746</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">256,416</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Gross profit</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">22,024</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,544</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left">Income from continuing operations</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">18,925</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,535</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net income</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">18,925</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,535</td><td style="text-align: left"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt"> </p> 351746000 256416000 22024000 1544000 18925000 5535000 18925000 5535000 167300000 0.007 25877000 0.001 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 10. <i>Employee Benefits</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The Company maintains the REX 2015 Incentive Plan, approved by its shareholders, which reserves a total of 550,000 shares of common stock for issuance pursuant to its terms. The plan provides for the granting of shares of stock, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, and restricted stock unit awards to eligible employees, non-employee directors and consultants. Since plan inception, the Company has only granted restricted stock awards. The Company measures share-based compensation grants at fair value on the grant date, adjusted for estimated forfeitures. The Company records noncash compensation expense related to liability and equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. At April 30, 2022, 471,027 shares remain available for issuance under the Plan. As a component of their compensation, restricted stock has been granted to directors at the closing market price of REX common stock on the grant date. In addition, one third of executives’ incentive compensation is payable by an award of restricted stock based on the then closing market price of REX common stock on the grant date. The Company’s board of directors has determined that the grant date will be June 15<sup>th</sup>, or the next business day if June 15<sup>th</sup> is not a business day, for all grants of restricted stock.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">At April 30, 2022 and January 31, 2022, unrecognized compensation cost related to nonvested restricted stock was approximately $190,000 and $97,000 respectively. The following tables summarize non-vested restricted stock award activity for the periods presented:</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="11" style="font-weight: bold; text-align: center">Three Months Ended April 30, 2022</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="11" style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; white-space: nowrap;"><b>Non-Vested<br/> <span style="text-decoration:underline">Shares</span></b></td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; white-space: nowrap;"><b>Weighted<br/> Average Grant<br/> Date Fair Value<br/> <span style="text-decoration:underline">(000’s)</span></b></td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; white-space: nowrap;"><b>Weighted<br/> Average Remaining<br/> Vesting Term<br/> <span style="text-decoration:underline">(in years)</span></b></td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 52%">Non-Vested at January 31, 2022</td><td style="width: 8%"> </td> <td style="width: 3%; text-align: left"> </td><td style="width: 2%; text-align: right">10,061</td><td style="width: 3%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 3%; text-align: left">$</td><td style="width: 2%; text-align: right">773</td><td style="width: 3%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 3%; text-align: left"> </td><td style="width: 2%; text-align: right">1</td><td style="width: 3%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Vested</td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Non-Vested at April 30, 2022</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; padding-bottom: 3px"> </td><td style="text-align: right; border-bottom: Black 3px double">10,061</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">773</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; padding-bottom: 3px"> </td><td style="text-align: right; padding-bottom: 3px">1</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="11" style="font-weight: bold; text-align: center">Three Months Ended April 30, 2021</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="11" style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; white-space: nowrap;"><b>Non-Vested<br/> <span style="text-decoration:underline">Shares</span></b></td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; white-space: nowrap;"><b>Weighted<br/> Average Grant<br/> Date Fair Value<br/> <span style="text-decoration:underline">(000’s)</span></b></td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; white-space: nowrap;"><b>Weighted<br/> Average Remaining<br/> Vesting Term<br/> <span style="text-decoration:underline">(in years)</span></b></td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 52%">Non-Vested at January 31, 2021</td><td style="width: 8%"> </td> <td style="width: 3%; text-align: left"> </td><td style="width: 2%; text-align: right">19,705</td><td style="width: 3%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 3%; text-align: left">$</td><td style="width: 2%; text-align: right">1,398</td><td style="width: 3%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 3%; text-align: left"> </td><td style="width: 2%; text-align: right">1</td><td style="width: 3%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Vested</td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Non-Vested at April 30, 2021</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; padding-bottom: 3px"> </td><td style="text-align: right; border-bottom: Black 3px double">19,705</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">1,398</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; padding-bottom: 3px"> </td><td style="text-align: right; padding-bottom: 3px">1</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The above tables include 5,714 and 14,777 non-vested shares at April 30, 2022 and 2021, respectively, which are included in the number of weighted average shares outstanding used to determine basic and diluted earnings per share attributable to REX common shareholders. Such shares are treated, for accounting purposes, as being fully vested at the grant date as they were granted to recipients who were retirement eligible at the time of grant.</p> 550000 471027 190000 97000 The following tables summarize non-vested restricted stock award activity for the periods presented:<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="11" style="font-weight: bold; text-align: center">Three Months Ended April 30, 2022</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="11" style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; white-space: nowrap;"><b>Non-Vested<br/> <span style="text-decoration:underline">Shares</span></b></td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; white-space: nowrap;"><b>Weighted<br/> Average Grant<br/> Date Fair Value<br/> <span style="text-decoration:underline">(000’s)</span></b></td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; white-space: nowrap;"><b>Weighted<br/> Average Remaining<br/> Vesting Term<br/> <span style="text-decoration:underline">(in years)</span></b></td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 52%">Non-Vested at January 31, 2022</td><td style="width: 8%"> </td> <td style="width: 3%; text-align: left"> </td><td style="width: 2%; text-align: right">10,061</td><td style="width: 3%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 3%; text-align: left">$</td><td style="width: 2%; text-align: right">773</td><td style="width: 3%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 3%; text-align: left"> </td><td style="width: 2%; text-align: right">1</td><td style="width: 3%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Vested</td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Non-Vested at April 30, 2022</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; padding-bottom: 3px"> </td><td style="text-align: right; border-bottom: Black 3px double">10,061</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">773</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; padding-bottom: 3px"> </td><td style="text-align: right; padding-bottom: 3px">1</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="11" style="font-weight: bold; text-align: center">Three Months Ended April 30, 2021</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="11" style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; white-space: nowrap;"><b>Non-Vested<br/> <span style="text-decoration:underline">Shares</span></b></td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; white-space: nowrap;"><b>Weighted<br/> Average Grant<br/> Date Fair Value<br/> <span style="text-decoration:underline">(000’s)</span></b></td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="3" style="font-weight: bold; text-align: center; white-space: nowrap;"><b>Weighted<br/> Average Remaining<br/> Vesting Term<br/> <span style="text-decoration:underline">(in years)</span></b></td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 52%">Non-Vested at January 31, 2021</td><td style="width: 8%"> </td> <td style="width: 3%; text-align: left"> </td><td style="width: 2%; text-align: right">19,705</td><td style="width: 3%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 3%; text-align: left">$</td><td style="width: 2%; text-align: right">1,398</td><td style="width: 3%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 3%; text-align: left"> </td><td style="width: 2%; text-align: right">1</td><td style="width: 3%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Vested</td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">-</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px; text-align: right"> </td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 3px">Non-Vested at April 30, 2021</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; padding-bottom: 3px"> </td><td style="text-align: right; border-bottom: Black 3px double">19,705</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">1,398</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; padding-bottom: 3px"> </td><td style="text-align: right; padding-bottom: 3px">1</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"> </p> 10061 773000 P1Y 10061 773000 P1Y 19705 1398000 P1Y 19705 1398000 P1Y 5714 14777 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 11<i>. Income Taxes </i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company’s income tax provision from continuing operations was approximately $1.8 million and approximately $2.2 million for the three months ended April 30, 2022 and 2021, respectively.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company did not have any activity classified as discontinued operations in the current fiscal year and therefore, did not have an income tax provision or benefit. The Company’s income tax benefit from discontinued operations was approximately $2.2 million for the three months ended April 30, 2021. The benefit is derived from the level of tax credits generated from the refined coal business and the tax benefit of the loss from operations. Through its refined coal business, the Company earned production tax credits pursuant to IRC Section 45. The credits can be used to reduce future income tax liabilities for up to 20 years.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company assessed all available positive and negative evidence to determine whether it expects sufficient future taxable income will be generated to allow for the realization of existing federal deferred tax assets. The Company ceased operation of its refined coal business on November 18, 2021. There is sufficient objectively verifiable income for management to conclude that it is more likely than not that the Company will utilize available federal deferred tax assets prior to their expiration.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company files a U.S. federal income tax return and various state income tax returns. In general, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ended January 31, 2014 and prior. The Company is currently undergoing a federal income tax examination for the years ended January 31, 2015 through January 31, 2020.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. It is reasonably possible that the amount of the unrecognized tax benefit with respect to certain unrecognized tax positions will increase or decrease during the next 12 months; however, the Company does not expect the change to have a material effect on results of operations or financial position. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center; white-space: nowrap;">Three Months Ended<br/> April 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="text-decoration:underline">2022</span></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="text-decoration:underline">2021</span></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: 63%; text-align: left">Unrecognized tax benefits, beginning of period</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">16,781</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,400</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Changes for prior years’ tax positions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Changes for current year tax positions</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">-</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">138</td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Unrecognized tax benefits, end of period</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">16,869</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">$</td><td style="text-align: right; border-bottom: Black 3px double">8,543</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table> 1.8 2.2 2200000 A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center; white-space: nowrap;">Three Months Ended<br/> April 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="text-decoration:underline">2022</span></td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="text-decoration:underline">2021</span></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 63%; text-align: left">Unrecognized tax benefits, beginning of period</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">16,781</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,400</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Changes for prior years’ tax positions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px">Changes for current year tax positions</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">-</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">138</td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 3px">Unrecognized tax benefits, end of period</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">16,869</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">8,543</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table> 16781000 8400000 88000 5000 138000 16869000 8543000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 12. <i>Discontinued Operations</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">On November 18, 2021, the Company ceased operation of its refined coal business as tax credits could no longer be earned on its operation. Beginning in the third quarter of fiscal year 2021, the results of the operation of the refined coal business have been recognized as discontinued operations. Below is a table reflecting certain items of the Consolidated Condensed Statement of Operations that were reclassified as discontinued operations for the periods indicated (amounts in thousands):</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="3" style="text-align: center; white-space: nowrap;"><b>Three Months <br/> Ended  April 30,</b></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="3" style="text-align: center"><b><span style="text-decoration:underline">2021</span></b></td><td style="font-weight: bold"> </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></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 76%; text-align: left">Net sales and revenue<sup>1</sup></td><td style="width: 9%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">62</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Cost of Sales</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">1,737</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">Gross loss</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,675)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Selling, general and administrative</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">(85)</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">Loss before income taxes</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,760)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Benefit for income taxes</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">2,195</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">Net income from discontinued operations, net of tax</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">435</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Net loss attributable to noncontrolling interests</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">80</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 income attributable to REX common shareholders</td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">515</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><sup>1 </sup>Refined coal sales were recorded net of the cost of coal as the Company purchased the coal feedstock from the customer to which the processed refined coal was sold.</p> Below is a table reflecting certain items of the Consolidated Condensed Statement of Operations that were reclassified as discontinued operations for the periods indicated (amounts in thousands):<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="3" style="text-align: center; white-space: nowrap;"><b>Three Months <br/> Ended  April 30,</b></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="3" style="text-align: center"><b><span style="text-decoration:underline">2021</span></b></td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td>            </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 76%; text-align: left">Net sales and revenue<sup>1</sup></td><td style="width: 9%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">62</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1px">Cost of Sales</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">1,737</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">Gross loss</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,675)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Selling, general and administrative</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">(85)</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">Loss before income taxes</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,760)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Benefit for income taxes</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">2,195</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">Net income from discontinued operations, net of tax</td><td> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">435</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1px">Net loss attributable to noncontrolling interests</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">80</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 income attributable to REX common shareholders</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">515</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> </table><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><sup>1 </sup>Refined coal sales were recorded net of the cost of coal as the Company purchased the coal feedstock from the customer to which the processed refined coal was sold.</p> 62000 1737000 -1675000 85000 -1760000 2195000 435000 -80000 515000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b>Note 13. <i>Commitments and Contingencies</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b><i> </i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The Company may be involved in various legal actions arising in the normal course of business, from time to time. After taking into consideration legal counsels’ evaluations of any such action(s), management is of the opinion that their outcome will not have a material adverse effect on the Company’s Consolidated Condensed Financial Statements.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">One Earth and NuGen have combined forward purchase contracts for approximately 20.3 million bushels of corn, the principal raw material for their ethanol plants, and they have combined forward purchase contracts for approximately 732,000 MmBtu (million British thermal unit) of natural gas.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">One Earth and NuGen have combined sales commitments for approximately 15.8 million gallons of ethanol, approximately 86,000 tons of distillers grains and approximately 14.5 million pounds of non-food grade corn oil.</p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The refined coal entity had various agreements (site license, operating agreements, etc.) containing payment terms based upon production of refined coal under which the Company was required to pay various fees. As production ceased in November 2021, there were no fees paid in fiscal year 2022. These fees totaled approximately $0.9 million in the first quarter of fiscal year 2021.</p> 20300000 732000 15800000 86000 14500000 900000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b>Note 14. <i>Related-Party Transactions</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b><i> </i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">During the first quarter of fiscal years 2022 and 2021, One Earth and NuGen purchased approximately $30.7 million and approximately $16.7 million, respectively, of corn (and other supplies) from minority equity investors and board members of those subsidiaries. The Company had amounts payable to related parties of approximately $0.5 million at April 30, 2022 and January 31, 2022.<span style="background-color: yellow"> </span></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"> </p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">During the first quarter of fiscal year 2021, the Company recognized commission expense of approximately $36,000, payable to the minority investor in the refined coal entity. The commission expense is associated with the refined coal business which is classified within discontinued operations.</p> 30700000 16700000 500000 500000 36000 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b>Note 15. <i>Subsequent Event</i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b><i> </i></b></p><p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">On May 23, 2022, the Company’s consolidated plants received $7.8 million as part of a COVID relief bill passed by Congress in December 2020. The bill specifically included biofuels producers as eligible for aid, and in June of 2021, USDA announced a $700.0 million Biofuel Producer Program to distribute these funds to impacted producers of ethanol, biodiesel and other renewable fuels. Applications were due in February 2022. The USDA communicated its approval and the amount awarded subsequent to April 30, 2022.</p> 7800000 700000000 false --01-31 Q1 2022 0000744187 The forward purchase contracts and commodity futures assets are included in “Prepaid expenses and other current assets” on the accompanying Consolidated Condensed Balance Sheets. The investment in cooperative is included in “Other assets” on the accompanying Consolidated Condensed Balance Sheets. The commodity futures liability is included in “Accrued expenses and other current liabilities” on the accompanying Consolidated Condensed Balance Sheets. Commodity futures liabilities are included in accrued expenses and other current liabilities. These contracts include short/sell positions for approximately 11.8 million bushels and 7.4 million bushels of corn at April 30, 2022 and January 31, 2022, respectively. Commodity futures assets, had there been any at either April 30, 2022 or January 31, 2022, would be 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 20.3 million bushels and 19.2 million bushels of corn at April 30, 2022 and January 31, 2022, respectively. Forward contract liabilities, had there been any at either April 30, 2022 or January 31, 2022, would be included in “Accrued expenses and other current liabilities” on the accompanying Consolidate Condensed Balance Sheets. Refined coal sales were recorded net of the cost of coal as the Company purchased the coal feedstock from the customer to which the processed refined coal was sold.