| 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 2022 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 distillers 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 $5,061,000 and $273,000 in the first quarter of fiscal years 2023 and 2022, respectively. Financial Instruments Certain of the forward corn purchase and ethanol,
distillers grains and distillers 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 The Company applies an effective tax rate to
interim periods that is consistent with the Company’s estimated annual tax rate as adjusted for discrete items impacting
the interim periods. 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 income taxes of approximately $4.5 million and received no refunds during the three months ended April 30, 2023. The
Company paid no income taxes and received no refunds of income taxes during the three months ended April 30, 2022. As of April 30, 2023, and January 31, 2023, total
unrecognized tax benefits were approximately $19,033,000. Accrued penalties and interest were approximately $51,000 and approximately
$55,000 at April 30, 2023 and January 31, 2023, respectively. If the Company were to prevail on all unrecognized tax benefits recorded,
the provision for income taxes would be reduced by approximately $18.9 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 no inventory write-downs in
cost of sales at April 30, 2023 and approximately $0.7 million of inventory write-downs in cost of sales at January 31, 2023. 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, 2023 January 31, 2023
Ethanol and other finished goods $ 4,519 $ 12,695
Work in process 8,551 10,194
Corn and other raw materials 28,229 25,855
Total $ 41,299 $ 48,744 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 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. Comprehensive Income The Company has no components of other comprehensive
income, and therefore, comprehensive income equals net income. |
