XML 29 R20.htm IDEA: XBRL DOCUMENT v3.23.2
Commitments and Contingencies
 6 Months Ended
Jul. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]

Note 13. Commitments and Contingencies

 

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 Financial Statements. The Company recorded a liability of $250,000 at July 31, 2023 and

January 31, 2023, as a probable and reasonably estimable loss associated with a legal contingency for a patent infringement case involving our refined coal facility which is no longer in operation.

 

At July 31, 2023, One Earth and NuGen had combined forward purchase contracts for approximately 16.3 million bushels of corn, the principal raw material for their ethanol plants, and they have combined forward purchase contracts for approximately 2.6 million MmBtu (million British thermal unit) of natural gas.

 

At July 31, 2023, One Earth and NuGen had combined sales commitments for approximately 41.3 million gallons of ethanol, approximately 88,000 tons of distillers grains and approximately 15.7 million pounds of distillers corn oil.

 

At July 31, 2023, One Earth had signed contracts in place for capital projects with approximately $28.5 million remaining in future payments.