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DISCONTINUED OPERATIONS
 12 Months Ended
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