Company: REX
Filing Date: 2025-06-04
Form Type: 10-Q
Source: 0000930413-25-001941
Chunk: 39

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-06-04
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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. 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

34

million for expansion and CI scoring reduction projects at the One Earth facility and $11.0 million for the carbon
sequestration project. During the first quarter of fiscal year 2024, we purchased U.S. Treasury Bills of approximately $85.0 million.
During the first quarter of fiscal year