PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Jan. 31, 2022

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

NOTE 8 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following at January 31, 2022 and 2021:

	2022		2021
Land and improvements	$	863	$	863
Building and improvements		5,763		5,868
Furniture, machinery and equipment		18,924		19,132
Trucks, trailers and other vehicles		5,895		5,315
Project development costs (Note 3)		—		7,545
		31,445		38,723
Less - accumulated depreciation		20,985		18,362
Property, plant and equipment, net	$	10,460	$	20,361

As disclosed in Note 3, the Company determined that the carrying value of project development costs incurred by the Company’s consolidated variable interest entity in preparation for building a new gas-fired power plant became impaired during Fiscal 2022. Accordingly, an impairment loss related to this asset in the amount of $7.9 million was recorded during the period.

Depreciation for property, plant and equipment was $3.4 million, $3.7 million and $3.5 million for Fiscal 2022, Fiscal 2021 and Fiscal 2020, respectively, which amounts were charged substantially to selling, general and administrative expenses in each year. The costs of maintenance and repairs were $2.1 million, $1.9 million and $3.4 million for Fiscal 2022, Fiscal 2021 and Fiscal 2020, respectively, which amounts were charged substantially to selling, general and administrative expenses each year as well.