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DISCONTINUED OPERATIONS
 12 Months Ended
Jan. 31, 2023
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. There were no amounts reclassified as discontinued operations in fiscal year 2022.

 

Below is a table reflecting certain items of the Consolidated Condensed Statement of Operations that were reclassified as discontinued operations for fiscal years 2021 and 2020 (amounts in thousands):

 

   2021   2020 
           
Net sales and revenue1  $400   $182 
Cost of Sales   8,602    5,854 
Gross loss   (8,202)    (5,672) 
Selling, general and administrative   698    22 
Loss before income taxes   (8,900)    (5,694) 
Benefit for income taxes   13,295    6,554 
Net income from discontinued operations, net of tax   4,395    860 
Net loss attributable to noncontrolling interests2   397    261 
Net income attributable to REX common shareholders  $4,792   $1,121 

 

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, 2023 and 2022, there were no amounts on the balance sheet reclassified to discontinued operations.