| Significant Accounting Policies [Text Block] | Note 2. Accounting Policies The interim consolidated condensed financial statements
have been prepared in accordance with the accounting policies described in the notes to the consolidated financial statements included
in the Company’s fiscal year 2021 Annual Report on Form 10-K. While management
believes that the procedures followed in the preparation of interim financial information are reasonable, the accuracy of some
estimated amounts is dependent upon facts that will exist or calculations that will be accomplished at fiscal year-end. Examples
of such estimates include accrued liabilities, such as management bonuses, and the provision for income taxes. Any adjustments
pursuant to such estimates during the quarter were of a normal recurring nature. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents includes bank deposits
as well as short-term, highly liquid investments with original maturities of three months or less. Revenue Recognition The Company recognizes sales of ethanol, distillers
grains and non-food grade corn oil when obligations under the terms of the respective contracts with customers are satisfied; this
occurs with the transfer of control of products, generally upon shipment from the ethanol plant or upon loading of the rail car
used to transport the products. Cost of Sales Cost of sales includes depreciation, costs of raw
materials, inbound freight charges, purchasing and receiving costs, inspection costs, other distribution expenses, warehousing
costs, plant repair and maintenance costs, plant management, certain compensation costs and general facility overhead charges. Selling, General and Administrative (“SG&A”)
Expenses The Company includes non-production related costs
such as professional fees, outbound freight charges, selling charges and certain payroll in SG&A expenses. Outbound freight
charges were approximately $273,000 and $5,596,000 in the first quarter of fiscal years 2022 and 2021, respectively. Financial Instruments Certain of the forward grain purchase and ethanol,
distillers grains and non-food grade corn oil sale contracts are accounted for under the “normal purchases and normal sales”
scope exemption of Accounting Standards Codification (“ASC”) 815, “ Derivatives and Hedging The Company uses derivative financial instruments
(exchange-traded futures contracts) to manage a portion of the risk associated with changes in commodity prices, primarily related
to corn. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks
to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may
take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities
to purchase and sales activities, there are situations in which these hedging activities can themselves result in losses. The
Company does not hold or issue derivative financial instruments for trading or speculative purposes. The changes in fair value
of these derivative financial instruments are recognized in current period earnings as the Company does not use hedge accounting. Income Taxes Prior to the third quarter of fiscal year 2021,
the Company determined that small changes in estimated “ordinary” income could result in significant changes in the
estimated annual effective tax rate. Thus, the Company used a discrete effective tax rate method to calculate the provision or
benefit for income taxes for the three months ended April 30, 2021. Beginning on November 18, 2021, we were unable to earn additional
tax credits related to the refined coal facility, and therefore, ceased operation of that facility. As earning these credits is
what had caused the significant changes in the estimated annual effective tax rate from small changes in estimated “ordinary”
income and we have now classified the refined coal segment as discontinued operations, we have returned to using the annual effective
tax rate method to calculate the provision or benefit for income taxes from continuing operations beginning in the three and nine
month periods ended October 31, 2021. The Company provides for deferred tax liabilities
and assets for the future tax consequences attributable to differences between the financial statement carrying amounts of existing
assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. The Company provides for
a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some
or all of the deferred tax assets will not be realized. The Company paid no income taxes and received no refunds of income taxes
during the three months ended April 30, 2022 and 2021. As of April 30, 2022, and January 31, 2022, total
unrecognized tax benefits were approximately $16,827,000 and $16,741,000, respectively. Accrued penalties and interest were approximately
$42,000 and approximately $40,000 at April 30, 2022 and January 31, 2022, respectively. If the Company were to prevail on all unrecognized
tax benefits recorded, the provision for income taxes would be reduced by approximately $16.7 million. In addition, the impact
of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits
are recorded within income tax expense. On a quarterly basis, the Company accrues for the effects of open uncertain tax positions
and the related potential penalties and interest. Inventories Inventories are carried at the lower of cost or
net realizable value on a first-in, first-out basis. Inventory includes direct production costs and certain overhead costs such
as depreciation, property taxes and utilities associated with producing ethanol and related by-products. Inventory is written down
for instances when cost exceeds estimated net realizable value; such write-downs are based primarily upon commodity prices as the
market value of inventory is often dependent upon changes in commodity prices. The Company recorded approximately $0.5 million
of inventory write-downs in cost of sales at April 30, 2022 and January 31, 2022. Fluctuations in the write-down of inventory generally
relate to the levels and composition of such inventory and changes in commodity prices at a given point in time. The components of inventory are as follows as of
the dates presented (amounts in thousands):
April 30, 2022 January 31, 2022
Ethanol and other finished goods $ 22,241 $ 13,158
Work in process 6,846 5,473
Grain and other raw materials 27,301 23,594
Total $ 56,388 $ 42,225 Property and Equipment Property and equipment is recorded at cost or the
fair value on the date of acquisition (for property and equipment acquired in a business combination). Depreciation is computed
using the straight-line method. Estimated useful lives are 15 to 40 years for buildings and improvements, and 3 to 20 years for
fixtures and equipment. In accordance with ASC 360-10 “ Impairment
or Disposal of Long-Lived Assets The Company tests for recoverability
of an asset group by comparing its carrying amount to its estimated undiscounted future cash flows. If the carrying amount exceeds
its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the asset group’s
carrying amount exceeds its fair value, if any. Investments The method of accounting applied to long-term investments,
whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant
or suggest evidence of control or influence over the operations of the investee and also includes the identification of any variable
interests in which the Company is the primary beneficiary. The Company accounts for investments in a limited liability company
in which it has a less than 20% ownership interest using the equity method of accounting when the factors discussed in ASC 323,
“ Investments-Equity Method and Joint Ventures The Company periodically evaluates its investments
for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include general
economic and company-specific evaluations. If the Company determines that a decline in market value is other than temporary, then a charge to earnings is recorded in the Consolidated
Condensed Statements of Operations and a new cost basis in the investment is established. Short-term investments are considered held to maturity,
and therefore are carried at amortized historical cost. 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 operation of the refined coal business have been recognized in discontinued operations. Prior period
amounts have been reclassified to conform with discontinued operations reporting. Comprehensive Income The Company has no components of other comprehensive
income, and therefore, comprehensive income equals net income. Accounting Changes and Recently Issued Accounting Standards In November 2021, the FASB issued ASU 2021-10, “Government
Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, which increases the transparency of
government assistance received by businesses by expanding the disclosure requirements for annual reporting periods. The Company
will be required to adopt this update for the fiscal year ending January 31, 2023. The Company will provide necessary disclosures
required related to government assistance received in the annual reporting for the year ending January 31, 2023. |
