the cbot crush spread during fiscal year 2015 ranged from approximately $ 0.02 in february 2015 to approximately $ 0.37 in may 2015. income from continuing operations , net of tax was approximately $ 31.4 million in fiscal year 2015 compared to approximately $ 86.8 million in fiscal year 2014. we sold our interest in patriot holdings , llc ( “ patriot ” ) effective june 1 , 2015 for an after tax gain of approximately $ 6.6 million . the gain and resulting loss of income from patriot using the equity method of accounting affects comparability between years . the decrease in profitability primarily resulted from lower crush spreads ( compared to the prior year ) experienced in the ethanol industry for a majority of fiscal year 2015 as lower energy prices and over supply of ethanol reduced ethanol pricing during fiscal year 2015. we expect that future operating results , from our consolidated plants , will be based upon combined annual production of between 215 and 240 million gallons of ethanol , which assumes that our consolidated ethanol plants will operate at or above nameplate capacity . however , due to the inherent volatility of the crush spread , we can not predict the likelihood of future operating results being similar to the fiscal year 2015 results . we utilize derivative financial instruments , primarily exchange traded commodity future contracts , in conjunction with certain of our grain procurement activities . the crush spread in the first quarter of fiscal year 2016 has continued to be negatively impacted by lower energy pricing and over supply of ethanol . likewise , distillers grains pricing has also trailed the prior year which we believe is largely being impacted by lower corn prices and over supply . distillers grains pricing may also be negatively impacted by the chinese government initiating an anti-dumping and countervailing duty investigation in january 2016. the epa has reduced the rfs required volume from conventional biofuels for 2014 , 2015 and 2016 from its originally mandated levels of 14.4 billion , 15.0 billion and 15.0 billion gallons to 13.6 billion , 14.1 billion and 14.5 billion gallons , respectively . the uncertainty regarding the required rfs volumes for future years could negatively impact ethanol pricing . the u.s. ethanol industry produced approximately 14.8 billion 23 gallons of conventional biofuel in 2015. the u.s. exported approximately 844 million gallons in 2015. if the export market is not maintained or increased , ethanol pricing may be negatively impacted . we plan to seek and evaluate various investment opportunities including energy related , agricultural or other ventures we believe fit our investment criteria . we can make no assurances that we will be successful in our efforts to find such opportunities . through a wholly owned subsidiary rex i.p . , llc , we have entered into a joint venture with hytken to file and defend patents for technology relating to heavy oil and oil sands production methods , and to attempt to commercially exploit the technology to generate license fees , royalty income and development opportunities . the patented technology is an enhanced method of heavy oil recovery involving zero emissions downhole steam generation . we own 60 % and hytken owns 40 % of the entity named future energy , llc , an ohio limited liability company . future energy is managed by a board of three managers , two appointed by us and one by hytken . during fiscal year 2013 , we agreed to fund direct patent expenses relating to patent applications and defense , annual annuity fees and maintenance on a country by country basis , with the right to terminate funding and transfer related patent rights to hytken . we may also fund , through loans , all costs relating to new intellectual property , consultants , and future research and development , pilot field tests and equipment purchases for commercialization stage of the patents . to date , we have paid approximately $ 1.6 million for our ownership interest , patent and other expenses . results of the formation and year to date operations of future energy , llc were immaterial to the consolidated financial statements . in addition , at january 31 , 2016 , we had lease agreements for all or parts of three former retail properties and had one vacant former retail property . we are marketing the vacant property to lease or sell . ethanol investments in fiscal year 2006 , we entered the alternative energy industry by investing in several entities organized to construct and , subsequently operate , ethanol producing plants . we are invested in three entities as of january 31 , 2016 , utilizing equity investments . the following table is a summary of our ethanol investments at january 31 , 2016 ( gallons in millions ) : replace_table_token_4_th 24 results of operations comparison of fiscal years ended january 31 , 2016 and 2015 the following table summarizes selected data from our consolidated operations : replace_table_token_5_th net sales and revenue – net sales and revenue in fiscal year 2015 were approximately $ 436.5 million , a 23.7 % decrease from approximately $ 572.2 million in fiscal year 2014. the following table summarizes sales of our consolidated operations for each product and service group for the periods presented ( amounts in thousands ) : replace_table_token_6_th ethanol sales decreased from approximately $ 452.8 million in the prior year to approximately $ 333.2 million in the current year , primarily a result of a $ 0.56 decline in the price per gallon sold . management believes the decline in the selling price results primarily from the historically low crude oil prices experienced in fiscal year 2015 and an oversupply of ethanol . story_separator_special_tag noncontrolling interests of one earth and nugen were approximately $ ( 16.2 ) million and $ ( 0.4 ) million , respectively , during fiscal year 2014. noncontrolling interests of one earth and nugen were approximately $ ( 5.4 ) million and $ ( 0.2 ) million , respectively , during fiscal year 2013. the loss related to noncontrolling interests of future energy was approximately $ 0.2 million and $ 0.4 million during fiscal years 2014 and 2013 , respectively . net income or loss attributable to rex common shareholders – as a result of the foregoing , net income attributable to rex common shareholders was approximately $ 87.3 million for fiscal year 2014 compared to $ 35.1 million for fiscal year 2013. story_separator_special_tag purchased approximately 282,000 shares of our common stock for approximately $ 18.1 million in open market transactions . 31 at january 31 , 2015 , we had no debt outstanding as we paid off our debt during fiscal year 2014 and terminated the related agreements . based on our forecasts , which are primarily based on estimates of plant production , prices of ethanol , corn , distillers grains , non-food grade corn oil and natural gas as well as other assumptions management believes to be reasonable , management believes that cash flow from operating activities together with working capital will be sufficient to meet one earth 's and nugen 's respective liquidity needs . however , if a material adverse change in the financial position of one earth or nugen should occur , or if actual sales or expenses are substantially different than what has been forecasted , one earth 's and nugen 's liquidity , and ability to fund future operating and capital requirements could be negatively impacted . including equity method investees , approximately 9.5 % of our net assets are restricted pursuant to the terms of various loan agreements as of january 31 , 2016. excluding equity method investees , none of our net assets are restricted as of january 31 , 2016. off balance sheet arrangements none . tabular disclosure of contractual obligations in the ordinary course of business , we enter into agreements under which we are obligated to make legally enforceable future cash payments . these agreements include obligations related to purchasing inventory and leasing rail cars . the following table summarizes by category expected future cash outflows associated with contractual obligations in effect , at january 31 , 2016 ( amounts in thousands ) : replace_table_token_8_th ( a ) amounts represent primarily payments due for rail car usage and grain contracts at one earth and nugen . we are not able to determine the likely settlement period for uncertain tax positions , accordingly , approximately $ 1.0 million of uncertain tax positions and related interest and penalties have been excluded from the table above . we are not able to determine the likely settlement for forward basis corn purchase contracts which do not contain a determinable fixed price ; accordingly , payments for such contracts have been excluded from the table above . seasonality and quarterly fluctuations the impact of seasonal and quarterly fluctuations has not been material to our results of operations for the past three fiscal years . impact of inflation the impact of inflation has not been material to our results of operations for the past three fiscal years . 32 critical accounting policies we believe the application of the following accounting policies , which are important to our financial position and results of operations , require significant assumptions , judgments and estimates on the part of management . we base our assumptions , judgments , and estimates on historical experience , current trends and other factors that management believes to be relevant at the time our consolidated financial statements are prepared . on a regular basis , management reviews the accounting policies , assumptions , estimates and judgments to ensure that our financial statements are presented in accordance with generally accepted accounting principles ( gaap ) . however , because future events and their effects can not be determined with certainty , actual results could differ from our assumptions and estimates , and such differences could be material . further , if different assumptions , judgments and estimates had been used , the results could have been different and such differences could be material . for a summary of all of our accounting policies , including the accounting policies discussed below , see note 1 of the notes to the consolidated financial statements . management believes that the following accounting policies are the most critical to aid in fully understanding and evaluating our reported financial results , and they require management 's most difficult , subjective or complex judgments , resulting from the need to make estimates about the effect of matters that are inherently uncertain . revenue recognition – we recognize sales from ethanol , distillers grains and non-food grade corn oil when title transfers to customers , generally upon shipment from our plant or upon loading of the rail car used to transport the products . 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 we are the primary beneficiary . the evaluation of consolidation under accounting standards codification ( “ asc 810 ” ) “ consolidation ” is complex and requires judgments to be made . we consolidate the results of two majority owned subsidiaries , one earth and nugen . the results of one earth are included on a delayed basis of one month . the company accounts for investments in limited liability companies in which it may have a less than 20 % ownership interest , using the equity method of accounting when the

liquidity and capital resources our primary sources of cash have been income from operations , a sale of one of our ethanol investments , and dividends from ethanol investments . our primary uses of cash have been capital expenditures at our ethanol plants , long term debt repayments and stock repurchases . outlook – our cash balance of approximately $ 135.8 million includes approximately $ 78.6 million held by one earth and nugen . during fiscal year 2014 , one earth and nugen paid off and terminated their debt agreements , and are no longer limited with respect to paying dividends . we expect that one earth and nugen will use a majority of their cash for working capital needs , general corporate purposes and dividend payments . we expect our equity method investee to limit the payment of dividends based upon working capital needs . we are investigating various uses of our excess cash . we have a stock buyback program , and given our current authorization level , can repurchase a total of 243,238 shares as of january 31 , 2016. we typically repurchase our common stock when our stock price is trading at prices we deem to be a discount to the underlying value of our net assets . we do not currently plan to build a new ethanol plant . another possible use of our cash is to expand the capacity of our existing consolidated plants by approximately 10-15 % as these plants have qualified as efficient ethanol producers through the epa pathway assessment . we also plan to seek and evaluate other various investment opportunities including energy related , agricultural or other ventures we believe fit our investment criteria . we do not have significant commitments for capital expenditures at january 31 , 2016. we expect capital expenditures to be in the range of approximately $ 6 million to $ 10 million in fiscal year 2016 and expect to fund such capital expenditures with available cash at our ethanol plant subsidiaries .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources our primary sources of cash have been income from operations , a sale of one of our ethanol investments , and dividends from ethanol investments . our primary uses of cash have been capital expenditures at our ethanol plants , long term debt repayments and stock repurchases . outlook – our cash balance of approximately $ 135.8 million includes approximately $ 78.6 million held by one earth and nugen . during fiscal year 2014 , one earth and nugen paid off and terminated their debt agreements , and are no longer limited with respect to paying dividends . we expect that one earth and nugen will use a majority of their cash for working capital needs , general corporate purposes and dividend payments . we expect our equity method investee to limit the payment of dividends based upon working capital needs . we are investigating various uses of our excess cash . we have a stock buyback program , and given our current authorization level , can repurchase a total of 243,238 shares as of january 31 , 2016. we typically repurchase our common stock when our stock price is trading at prices we deem to be a discount to the underlying value of our net assets . we do not currently plan to build a new ethanol plant . another possible use of our cash is to expand the capacity of our existing consolidated plants by approximately 10-15 % as these plants have qualified as efficient ethanol producers through the epa pathway assessment . we also plan to seek and evaluate other various investment opportunities including energy related , agricultural or other ventures we believe fit our investment criteria . we do not have significant commitments for capital expenditures at january 31 , 2016. we expect capital expenditures to be in the range of approximately $ 6 million to $ 10 million in fiscal year 2016 and expect to fund such capital expenditures with available cash at our ethanol plant subsidiaries .
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 Suspicious Activity Report : the cbot crush spread during fiscal year 2015 ranged from approximately $ 0.02 in february 2015 to approximately $ 0.37 in may 2015. income from continuing operations , net of tax was approximately $ 31.4 million in fiscal year 2015 compared to approximately $ 86.8 million in fiscal year 2014. we sold our interest in patriot holdings , llc ( “ patriot ” ) effective june 1 , 2015 for an after tax gain of approximately $ 6.6 million . the gain and resulting loss of income from patriot using the equity method of accounting affects comparability between years . the decrease in profitability primarily resulted from lower crush spreads ( compared to the prior year ) experienced in the ethanol industry for a majority of fiscal year 2015 as lower energy prices and over supply of ethanol reduced ethanol pricing during fiscal year 2015. we expect that future operating results , from our consolidated plants , will be based upon combined annual production of between 215 and 240 million gallons of ethanol , which assumes that our consolidated ethanol plants will operate at or above nameplate capacity . however , due to the inherent volatility of the crush spread , we can not predict the likelihood of future operating results being similar to the fiscal year 2015 results . we utilize derivative financial instruments , primarily exchange traded commodity future contracts , in conjunction with certain of our grain procurement activities . the crush spread in the first quarter of fiscal year 2016 has continued to be negatively impacted by lower energy pricing and over supply of ethanol . likewise , distillers grains pricing has also trailed the prior year which we believe is largely being impacted by lower corn prices and over supply . distillers grains pricing may also be negatively impacted by the chinese government initiating an anti-dumping and countervailing duty investigation in january 2016. the epa has reduced the rfs required volume from conventional biofuels for 2014 , 2015 and 2016 from its originally mandated levels of 14.4 billion , 15.0 billion and 15.0 billion gallons to 13.6 billion , 14.1 billion and 14.5 billion gallons , respectively . the uncertainty regarding the required rfs volumes for future years could negatively impact ethanol pricing . the u.s. ethanol industry produced approximately 14.8 billion 23 gallons of conventional biofuel in 2015. the u.s. exported approximately 844 million gallons in 2015. if the export market is not maintained or increased , ethanol pricing may be negatively impacted . we plan to seek and evaluate various investment opportunities including energy related , agricultural or other ventures we believe fit our investment criteria . we can make no assurances that we will be successful in our efforts to find such opportunities . through a wholly owned subsidiary rex i.p . , llc , we have entered into a joint venture with hytken to file and defend patents for technology relating to heavy oil and oil sands production methods , and to attempt to commercially exploit the technology to generate license fees , royalty income and development opportunities . the patented technology is an enhanced method of heavy oil recovery involving zero emissions downhole steam generation . we own 60 % and hytken owns 40 % of the entity named future energy , llc , an ohio limited liability company . future energy is managed by a board of three managers , two appointed by us and one by hytken . during fiscal year 2013 , we agreed to fund direct patent expenses relating to patent applications and defense , annual annuity fees and maintenance on a country by country basis , with the right to terminate funding and transfer related patent rights to hytken . we may also fund , through loans , all costs relating to new intellectual property , consultants , and future research and development , pilot field tests and equipment purchases for commercialization stage of the patents . to date , we have paid approximately $ 1.6 million for our ownership interest , patent and other expenses . results of the formation and year to date operations of future energy , llc were immaterial to the consolidated financial statements . in addition , at january 31 , 2016 , we had lease agreements for all or parts of three former retail properties and had one vacant former retail property . we are marketing the vacant property to lease or sell . ethanol investments in fiscal year 2006 , we entered the alternative energy industry by investing in several entities organized to construct and , subsequently operate , ethanol producing plants . we are invested in three entities as of january 31 , 2016 , utilizing equity investments . the following table is a summary of our ethanol investments at january 31 , 2016 ( gallons in millions ) : replace_table_token_4_th 24 results of operations comparison of fiscal years ended january 31 , 2016 and 2015 the following table summarizes selected data from our consolidated operations : replace_table_token_5_th net sales and revenue – net sales and revenue in fiscal year 2015 were approximately $ 436.5 million , a 23.7 % decrease from approximately $ 572.2 million in fiscal year 2014. the following table summarizes sales of our consolidated operations for each product and service group for the periods presented ( amounts in thousands ) : replace_table_token_6_th ethanol sales decreased from approximately $ 452.8 million in the prior year to approximately $ 333.2 million in the current year , primarily a result of a $ 0.56 decline in the price per gallon sold . management believes the decline in the selling price results primarily from the historically low crude oil prices experienced in fiscal year 2015 and an oversupply of ethanol . story_separator_special_tag noncontrolling interests of one earth and nugen were approximately $ ( 16.2 ) million and $ ( 0.4 ) million , respectively , during fiscal year 2014. noncontrolling interests of one earth and nugen were approximately $ ( 5.4 ) million and $ ( 0.2 ) million , respectively , during fiscal year 2013. the loss related to noncontrolling interests of future energy was approximately $ 0.2 million and $ 0.4 million during fiscal years 2014 and 2013 , respectively . net income or loss attributable to rex common shareholders – as a result of the foregoing , net income attributable to rex common shareholders was approximately $ 87.3 million for fiscal year 2014 compared to $ 35.1 million for fiscal year 2013. story_separator_special_tag purchased approximately 282,000 shares of our common stock for approximately $ 18.1 million in open market transactions . 31 at january 31 , 2015 , we had no debt outstanding as we paid off our debt during fiscal year 2014 and terminated the related agreements . based on our forecasts , which are primarily based on estimates of plant production , prices of ethanol , corn , distillers grains , non-food grade corn oil and natural gas as well as other assumptions management believes to be reasonable , management believes that cash flow from operating activities together with working capital will be sufficient to meet one earth 's and nugen 's respective liquidity needs . however , if a material adverse change in the financial position of one earth or nugen should occur , or if actual sales or expenses are substantially different than what has been forecasted , one earth 's and nugen 's liquidity , and ability to fund future operating and capital requirements could be negatively impacted . including equity method investees , approximately 9.5 % of our net assets are restricted pursuant to the terms of various loan agreements as of january 31 , 2016. excluding equity method investees , none of our net assets are restricted as of january 31 , 2016. off balance sheet arrangements none . tabular disclosure of contractual obligations in the ordinary course of business , we enter into agreements under which we are obligated to make legally enforceable future cash payments . these agreements include obligations related to purchasing inventory and leasing rail cars . the following table summarizes by category expected future cash outflows associated with contractual obligations in effect , at january 31 , 2016 ( amounts in thousands ) : replace_table_token_8_th ( a ) amounts represent primarily payments due for rail car usage and grain contracts at one earth and nugen . we are not able to determine the likely settlement period for uncertain tax positions , accordingly , approximately $ 1.0 million of uncertain tax positions and related interest and penalties have been excluded from the table above . we are not able to determine the likely settlement for forward basis corn purchase contracts which do not contain a determinable fixed price ; accordingly , payments for such contracts have been excluded from the table above . seasonality and quarterly fluctuations the impact of seasonal and quarterly fluctuations has not been material to our results of operations for the past three fiscal years . impact of inflation the impact of inflation has not been material to our results of operations for the past three fiscal years . 32 critical accounting policies we believe the application of the following accounting policies , which are important to our financial position and results of operations , require significant assumptions , judgments and estimates on the part of management . we base our assumptions , judgments , and estimates on historical experience , current trends and other factors that management believes to be relevant at the time our consolidated financial statements are prepared . on a regular basis , management reviews the accounting policies , assumptions , estimates and judgments to ensure that our financial statements are presented in accordance with generally accepted accounting principles ( gaap ) . however , because future events and their effects can not be determined with certainty , actual results could differ from our assumptions and estimates , and such differences could be material . further , if different assumptions , judgments and estimates had been used , the results could have been different and such differences could be material . for a summary of all of our accounting policies , including the accounting policies discussed below , see note 1 of the notes to the consolidated financial statements . management believes that the following accounting policies are the most critical to aid in fully understanding and evaluating our reported financial results , and they require management 's most difficult , subjective or complex judgments , resulting from the need to make estimates about the effect of matters that are inherently uncertain . revenue recognition – we recognize sales from ethanol , distillers grains and non-food grade corn oil when title transfers to customers , generally upon shipment from our plant or upon loading of the rail car used to transport the products . 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 we are the primary beneficiary . the evaluation of consolidation under accounting standards codification ( “ asc 810 ” ) “ consolidation ” is complex and requires judgments to be made . we consolidate the results of two majority owned subsidiaries , one earth and nugen . the results of one earth are included on a delayed basis of one month . the company accounts for investments in limited liability companies in which it may have a less than 20 % ownership interest , using the equity method of accounting when the

