Company: REX
Filing Date: 2025-06-04
Form Type: 10-Q
Source: 0000930413-25-001941
Chunk: 111

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-06-04
Form: 10-Q
Item: Part I, Item 2
Chunk 111
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.1 million primarily relates to the accrual
of the federal taxes currently payable for first quarter of 2024. While the Company has tax credits available to offset all amounts
owed, the Company is limited to using tax credits for only 75% of federal taxes owed. A decrease in the balance of accounts payable
used cash of approximately $12.7 million, which was primarily a result of the timing of inventory receipts and vendor payments.
A decrease in the balance of other liabilities used cash of approximately $6.2 million, which was primarily caused by a decrease
in accrued payroll of approximately $5.4 million following the payment of fiscal year 2023 bonuses.

At April 30, 2025, working capital was
approximately $356.2 million, compared to $385.4 million at January 31, 2025. The ratio of current assets to current liabilities
was 9.4 to 1 at April 30, 2025 and 8.6 to 1 at January 31, 2025.

Cash of approximately $1.8 million was
provided by investing activities for the first quarter of fiscal year 2025, compared to cash provided by investing activities
of approximately $11.9 million during the first quarter of fiscal year 2024. During the first quarter of fiscal year 2025, the
Company had capital expenditures of approximately $6.9 million, primarily for various capital projects at our consolidated ethanol
plants, including $5.1 million for expansion and CI scoring reduction projects at the One Earth facility and $0.7 million for
the carbon sequestration project. During the first quarter of fiscal year 2025, we purchased short-term U.S. Treasury Bills of
approximately $41.4 million, while U.S. Treasury Bills of approximately $50.0 million matured. The U.S Treasury Bills had maturities
of less than one year and we classified them as short-term investments. Depending on the investment options available, we may
elect to retain the funds, or a portion thereof, in cash, short-term investments or long-term investments.

Cash of approximately $11.9 million was
provided by investing activities for the first quarter of fiscal year 2024. During the first quarter of fiscal year 2024, we had
capital expenditures of approximately $24.8 million, primarily for various capital projects at our consolidated ethanol plants,
including $10.1

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million for expansion and CI scoring reduction