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DISCONTINUED OPERATIONS | 12 Months Ended
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Jan. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] |
14. | DISCONTINUED OPERATIONS
On November 18, 2021, the Company ceased operation of its refined coal business as tax credits could no longer be earned on its operation. Beginning in the third quarter of fiscal year 2021, the results of the operations 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 fiscal years 2021, 2020 and 2019 (amounts in thousands):
|  | 2021 |  |  | 2020 |  |  | 2019 |
Net sales and revenue1 |  | $ | 400 |  |  | $ | 182 |  |  | $ | 334 |
Cost of Sales |  |  | 8,602 |  |  |  | 5,854 |  |  |  | 8,251 |
Gross loss |  |  | (8,202 | ) |  |  | (5,672 | ) |  |  | (7,917 | )
Selling, general and administrative |  |  | 698 |  |  |  | 22 |  |  |  | (274 | )
Loss before income taxes |  |  | (8,900 | ) |  |  | (5,694 | ) |  |  | (7,643 | )
Benefit for income taxes |  |  | 13,295 |  |  |  | 6,554 |  |  |  | 10,828 |
Net income from discontinued operations, net of tax |  |  | 4,395 |  |  |  | 860 |  |  |  | 3,185 |
Net loss attributable to noncontrolling interests2 |  |  | 397 |  |  |  | 261 |  |  |  | 340 |
Net income attributable to REX common shareholders |  | $ | 4,792 |  |  | $ | 1,121 |  |  | $ | 3,525 |
1 Refined coal sales were recorded net of the cost of coal as the Company purchased the coal feedstock from the customer to which the processed refined coal was sold. 2 Net loss attributable to noncontrolling interest represents the minority investor’s share of the loss before income taxes as noncontrolling interests does not include any gain from the refined coal tax credits. As of January 31, 2022, there were no amounts on the balance sheet reclassified to discontinued operations. Below is a table reflecting certain items of the Consolidated Condensed Balance Sheets that were reclassified as discontinued operations as of January 31, 2021 (amounts in thousands):
|  | January 31, 2021 |
Assets: |  |  |  |
Current assets: |  |  |  |
Prepaid expenses and other |  | $ | 34 |
Inventory |  |  | 454 |
Total current assets |  |  | 488 |
Property and equipment, net |  |  | 2,325 |
Total Assets |  |  | 2,813 |
Liabilities: |  |  |  |
Current liabilities: |  |  |  |
Accounts payable, trade |  |  | 334 |
Accrued expenses and other current liabilities |  |  | 201 |
Total current liabilities |  |  | 535 |
Total liabilities |  |  | 535 |
Net assets included in discontinued operations |  | $ | 2,278 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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