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COMMITMENTS | 12 Months Ended
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Jan. 31, 2025
Disclosure Text Block Supplement [Abstract] |
Commitments Disclosure [Text Block] |
11. | COMMITMENTS
At January 31, 2025, One Earth and NuGen had combined forward purchase contracts for approximately 24.4 million bushels of corn, the principal raw material for their ethanol plants and they had combined forward purchase contracts for approximately 0.8 million MmBtu of natural gas. At January 31, 2025, One Earth and NuGen had combined sales commitments for approximately 51.2 million gallons of ethanol, 88,000 tons of distillers grains and 12.0 million pounds of distillers corn oil. At January 31, 2025, One Earth had signed contracts in place for capital projects of approximately $9.6 million, primarily related to its carbon capture and sequestration project and plant expansion. At January 31, 2025, One Earth had a facilities rental agreement with a utility provider that has been executed and is scheduled to commence in early 2025. The remaining future payments are estimated to be approximately $4.7 million over an initial term of ten years. The facility will service both the One Earth Energy ethanol plant and the planned carbon sequestration compression facility. One Earth has entered into a 10-year agreement in 2009 with an unrelated party for the use of a portion of that party’s natural gas pipeline. A new 15-year agreement, with monthly payments of $29,250 was effective February 1, 2019. One Earth paid approximately $351,000 in fiscal years 2024, 2023, and 2022 pursuant to the agreement. One Earth and NuGen each have a contract with an unrelated party (“Distillers Grains Marketers”) for distillers grains marketing services. Under the terms of the contracts, the Distillers Grains Marketers will purchase all of One Earth’s and NuGen’s distillers grains production during the term of the contracts. The contracts call for One Earth and NuGen to pay a fee per ton of distillers grains sold for the Distillers Grains Marketers’ services. The terms of the agreements are for one year and renew automatically for additional one-year terms, unless either party sends notice to the other party of its intent to terminate the agreement at least 90 days prior to the expiration of the then current term of the agreement. One Earth and NuGen combined incurred fees of approximately $1,110,000, $1,199,000, and $1,159,000 in fiscal years 2024, 2023, and 2022, respectively, for these marketing services. Subsequent to the end of fiscal year 2024, management entered into an agreement at one of the consolidated ethanol subsidiaries to purchase equipment with delivery commencing in the second quarter of fiscal year 2025 for approximately $15.4 million.

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 440 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/440/tableOfContent + Details
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