Company: REX
Filing Date: 2025-06-04
Form Type: 10-Q
Source: 0000930413-25-001941
Chunk: 22

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-06-04
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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31, 2025 

    Refundable income taxes 
    $2,002  
    $2,002 

    Deferred taxes 
     11,759  
     12,037 

    Long-term taxes payable 
     4,613  
     4,334 

    Other long-term liabilities 
     611  
     605 

    Unrecognized tax benefits, end of period 
    $18,985  
    $18,978 

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 counsel’s 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. There were no material liabilities recorded for legal actions at April 30, 2025 and January 31, 2025, as
the Company did not believe that there was a probable and reasonably estimable significant loss associated with any legal contingencies.

At April 30, 2025, One Earth and NuGen had
combined forward purchase contracts for approximately 17.6 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 (million British thermal unit) of
natural gas.

At April 30, 2025, One Earth and NuGen had
combined sales commitments for approximately 51.4 million gallons of ethanol, approximately 89,500 tons of distillers grains and
approximately 7.9 million pounds of distillers corn oil.

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

22

was effective February 1, 2019. One Earth paid approximately
$88,000 in both of the three month periods ended April 30, 2025 and 2024 pursuant to the agreement.

At April 30, 2025, One Earth had signed non-cancelable
contracts for capital projects with approximately $24.6 million remaining in future payments.

Note 14. Related-Party Transactions

During the first quarters of fiscal year
2025 and 2024, One