Company: REX
Filing Date: 2025-12-04
Form Type: 10-Q
Source: 0000930413-25-003566
Chunk: 62

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-12-04
Form: 10-Q
Item: Part I, Item 8
Chunk 62
---
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL
STATEMENTS
October 31, 2025

Note 1. Consolidated Financial Statements

References to the Company – References
to “REX” or the “Company” in the consolidated financial statements and in these notes to the consolidated
financial statements refer to REX American Resources Corporation, a Delaware corporation, and its majority and wholly owned subsidiaries.

The consolidated financial statements included
in this report have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange
Commission and include, in the opinion of management, all adjustments necessary to state fairly the information set forth therein.
Any such adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in financial
statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted
pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information
presented not misleading. Financial information as of January 31, 2025 included in these financial statements has been derived
from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended
January 31, 2025 (fiscal year 2024). These unaudited consolidated financial statements should be read in conjunction with the consolidated
financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 31,
2025. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year.

Basis of Consolidation – The
consolidated financial statements in this report include the operating results and financial position of the Company. All intercompany
balances and transactions have been eliminated. The Company consolidates the results of its wholly owned and majority owned subsidiaries.
The Company includes the results of operations of One Earth Energy, LLC in its Consolidated Statements of Operations on a delayed
basis of one month as One Earth has a fiscal year end of December 31.

Stock Split – On August 26,
2025, the Board of Directors of the Company adopted resolutions declaring a two-for-one split of the Company’s Common Stock
to be effectuated in the form of a 100% stock dividend, payable on September 15, 2025 to stockholders of record at the close of
business on September 8, 2025. The stock split has been retroactively reflected in