Table of Contents


SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

         


FORM 10-Q

 

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

For the quarterly period ended September 30, 2022
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from__________ to __________

For the transition period fromto 

 

Commission File Number 001-36245

RiceBran Technologies

(Exact Name of Registrant as Specified in its Charter)

 

California

(State or other jurisdiction of

incorporation or organization)

87-0673375

(I.R.S. Employer Identification No.)

25420 Kuykendahl Rd., Suite B300

Tomball, TX

 (Address of Principal Executive Offices) 

77375

(Zip Code)

(281) 675-2421

(Registrant’s telephone number, including area code)

 

None

(Former name, former address and former fiscal year, if changed since last report

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading symbol

 

Name of each exchange on which registered

Common Stock, no par value per share

 

RIBT

 

The NASDAQ Capital Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒  No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒  No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company, or an emerging company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐Accelerated filer ☐Non-accelerated filer ☒Smaller reporting company ☒
   Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule l2b-2 of the Exchange Act).  Yes ☐  No ☒

 

As of August 11,November 3, 2022, there were 52,310,3046,242,077 shares of common stock outstanding.

 

 

   

 

RiceBran Technologies

RiceBran TechnologiesIndex

Index

Form 10-Q

 

PART I. FINANCIAL INFORMATIONPage

Item 1.

Financial Statements (Unaudited)

3

Condensed Consolidated Statements of Operations for the Three and SixNine Months Ended JuneSeptember 30, 2022 and 2021

3
 

Condensed Consolidated Balance Sheets as of JuneSeptember 30, 2022, and December 31, 2021

4
 

Condensed Consolidated Statements of Cash Flows for the SixNine Months Ended JuneSeptember 30, 2022 and 2021

5
 

Notes to Unaudited Condensed Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

1617

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

1718

Item 4.

Controls and Procedures

18

PART II. OTHER INFORMATION 

Item 1.

Legal Proceedings

1819

Item 1A.

Risk Factors

1819

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

1819

Item 3.

Defaults Upon Senior Securities

1819

Item 4.

Mine Safety Disclosures

1819

Item 5.

Other Information

1819

Item 6.

Exhibits

1920

Signatures2021

 

Cautionary Note about Forward-Looking Statements

 

This quarterly report on Form 10-Q contains “forward-looking statements.”statements” concerning our operations, economic performance and financial condition. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue, liquidity or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services, products or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words “may,” “could,” “will,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate” or other similar words. The forward-looking statements contained herein reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Actual results may differ materially from those projected in such forward-looking statements due to a number of factors, risks and uncertainties, including the factors that may affect future results set forth in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2021. WeForward-looking statements speak only as of the date on which they are made, and we disclaim any obligation to update any forward-looking statements as a result of developments occurring after the date of this quarterly report.

 

Unless the context requires otherwise, references to “we,” “us,” “our” and “the Company” refer to RiceBran Technologies and its consolidated subsidiaries.

 

 

2

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements.

RiceBran Technologies

Condensed Consolidated Statements of Operations

(Unaudited) (in thousands, except share and per share amounts)

 

 

Three Months Ended June 30,

  

Six Months Ended June 30,

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
 

2022

  

2021

  

2022

  

2021

  

2022

  

2021

  

2022

  

2021

 
  

Revenues

 $10,190  $7,574  $20,749  $16,179  $10,252  $6,909  $31,001  $23,088 

Cost of goods sold

  10,667   7,421   20,724   15,354   10,949   7,185   31,673   22,539 

Gross profit (loss)

 (477) 153  25  825  (697) (276) (672) 549 

Selling, general and administrative expenses

 1,708  1,933  3,400  3,674  1,765  1,802  5,165  5,476 

Loss (gain) on involuntary conversion of property and equipment

  (147)  (1)  (147)  6   -   (1)  (147)  5 

Operating loss

 (2,038) (1,779) (3,228) (2,855) (2,462) (2,077) (5,690) (4,932)

Interest income

 1  0  2  1  7  -  9  1 

Interest expense

 (118) (120) (244) (232) (152) (121) (396) (353)

Change in fair value of derivative warrant liability

 (417) 0  (588) 0  612  -  24  - 

Gain on extinguishment of PPP loan

 0  0  0  1,792  -  -  -  1,792 

Other expense

 (38) (24) (72) (37) (39) (18) (111) (55)

Other income

  1   0   5   0   -   3   5   3 

Loss before income taxes

 (2,609) (1,923) (4,125) (1,331) (2,034) (2,213) (6,159) (3,544)

Income tax expense

  (12)  0   (12)  (1)  (8)  -   (20)  (1)

Net loss

 $(2,621) $(1,923) $(4,137) $(1,332) $(2,042) $(2,213) $(6,179) $(3,545)
  

Loss per common share:

                

Basic

 $(0.05) $(0.04) $(0.08) $(0.03) $(0.38) $(0.47) $(1.17) $(0.77)

Diluted

 $(0.05) $(0.04) $(0.08) $(0.03) $(0.38) $(0.47) $(1.17) $(0.77)
  

Weighted average number of shares outstanding:

                

Basic

  52,861,638   45,864,385   52,696,717   45,749,785   5,332,308   4,745,684   5,290,780   4,631,880 

Diluted

  52,861,638   45,864,385   52,696,717   45,749,785   5,332,308   4,745,684   5,290,780   4,631,880 

 

See Notes to Unaudited Condensed Consolidated Financial StatementsStatement

 

3

 

RiceBran Technologies

Condensed Consolidated Balance Sheets

(Unaudited) (in thousands, except share amounts)

 

 

June 30,

 

December 31,

  

September 30,

 

December 31,

 
 

2022

 

2021

  

2022

 

2021

 

ASSETS

ASSETS

        

Current assets:

Current assets:

        

Cash and cash equivalents

Cash and cash equivalents

 $5,124  $5,825  $4,374  $5,825 

Accounts receivable, net of allowance for doubtful accounts of $136 and $18

 4,038  4,136 

Accounts receivable, net of allowance for doubtful accounts of $123 and $18

 4,995  4,136 

Inventories

Inventories

 2,312  2,444  2,687  2,444 

Other current assets

Other current assets

  1,227   810   1,148   810 
Total current assetsTotal current assets 12,701  13,215  13,204  13,215 

Property and equipment, net

Property and equipment, net

 14,815  15,444  14,629  15,444 

Operating lease right-of-use assets

Operating lease right-of-use assets

 1,956  2,127  1,868  2,127 

Intangible assets

Intangible assets

  446   527   411   527 
Total assetsTotal assets $29,918  $31,313  $30,112  $31,313 
  

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES AND SHAREHOLDERS' EQUITY

        

Current liabilities:

Current liabilities:

        

Accounts payable

Accounts payable

 $1,368  $826  $1,450  $826 

Commodities payable

Commodities payable

 1,712  1,702  1,960  1,702 

Accrued salary, wages and benefits

Accrued salary, wages and benefits

 743  787  908  787 

Accrued expenses

Accrued expenses

 737  683  941  683 

Operating lease liabilities, current portion

Operating lease liabilities, current portion

 407  382  417  382 

Due under bank line of credit

Due under bank line of credit

 1,800  0  1,846  - 

Due under factoring agreement

 3,165  3,379 

Due under factoring agreement, including the Over-advance

 4,926  3,379 

Due under insurance premium finance agreements

Due under insurance premium finance agreements

 530  128  429  128 

Finance lease liabilities, current portion

Finance lease liabilities, current portion

 86  86  130  86 

Long-term debt, current portion

Long-term debt, current portion

  1,251   1,183   1,333   1,183 
Total current liabilitiesTotal current liabilities 11,799  9,156  14,340  9,156 

Operating lease liabilities, less current portion

Operating lease liabilities, less current portion

 1,705  1,948  1,613  1,948 

Finance lease liabilities, less current portion

Finance lease liabilities, less current portion

 109  100  357  100 

Long-term debt, less current portion

Long-term debt, less current portion

 708  1,356  365  1,356 

Derivative warrant liability

Derivative warrant liability

  846   258   234   258 
Total liabilitiesTotal liabilities  15,167   12,818   16,909   12,818 

Commitments and contingencies

Commitments and contingencies

                    

Shareholders' equity:

Shareholders' equity:

        
Preferred stock, 20,000,000 shares authorized: Series G, convertible, 3,000 shares authorized, stated value $150, 150 shares, issued and outstandingPreferred stock, 20,000,000 shares authorized: Series G, convertible, 3,000 shares authorized, stated value $150, 150 shares, issued and outstanding 75  75  75  75 

Common stock, no par value, 150,000,000 shares authorized, 52,310,304 shares and 51,589,674 shares, issued and outstanding

 326,672  326,279 

Common stock, no par value, 15,000,000 shares authorized, 5,242,077 shares and 5,158,967 shares, issued and outstanding

 327,166  326,279 

Accumulated deficit

Accumulated deficit

  (311,996)  (307,859)  (314,038)  (307,859)
Total shareholders' equityTotal shareholders' equity  14,751   18,495   13,203   18,495 

Total liabilities and shareholders' equity

Total liabilities and shareholders' equity

 $29,918  $31,313  $30,112  $31,313 

 

See Notes to Unaudited Condensed Consolidated Financial Statements

 

4

 

RiceBran Technologies

Condensed Consolidated Statements of Cash Flows

(Unaudited) (in thousands)

 

 

Six Months Ended June 30,

  

Nine Months Ended September 30,

 
 

2022

  

2021

  

2022

  

2021

 

Cash flow from operating activities:

            

Net loss

 $(4,137) $(1,332) $(6,179) $(3,545)

Adjustments to reconcile net loss to net cash used in operating activities

      

Depreciation

 1,046  1,219  1,575  1,821 

Amortization

 81  102  116  150 

Stock and share-based compensation

 393  548  887  840 

Change in fair value derivative warrant liability

 588  0  (24) - 

Loss (gain) on involuntary conversion of property and equipment

 (147) 6  (147) 5 

Gain on extinguishment of PPP loan

 0  (1,792) -  (1,792)

Provision for bad debts

 118  0  105  13 

Other

 (32) 15  1  54 

Changes in operating assets and liabilities:

      

Accounts receivable

 (20) 262  (964) (18)

Inventories

 132  42  (243) (295)

Accounts payable and accrued expenses

 647  197  1,094  594 

Commodities payable

 10  44  258  619 

Other

  (417)  (727)  (338)  (431)

Net cash used in operating activities

  (1,738)  (1,416)  (3,859)  (1,985)

Cash flows from investing activities:

            

Purchases of property and equipment

 (421) (540) (411) (1,187)

Proceeds from insurance on involuntary conversion

  109   263   109   638 

Net cash used in investing activities

  (312)  (277)  (302)  (549)

Cash flows from financing activities:

            

Advances on factoring agreement

 18,173  15,660 

Advances on factoring agreement, including the Over-advance

 28,964  22,135 

Payments on factoring agreement

 (18,387) (15,685) (27,417) (21,970)

Advances on bank line of credit

 1,800  0  2,725  - 

Payments on bank line of credit

 (900) - 

Advances on insurance premium finance agreements

 794  962  928  962 

Payments on insurance premium finance agreements

 (392) (332) (627) (677)

Payments on long-term debt and finance lease liabilities

 (639) (336) (963) (534)

Proceeds from issuances of common stock and warrants, net of costs

 -  3,372 

Proceeds from common stock warrant exercises

  0   171   -   171 

Net cash provided by financing activities

  1,349   440   2,710   3,459 

Net change in cash and cash equivalents

 $(701) $(1,253) $(1,451) $925 
      

Cash and cash equivalents, beginning of period

 $5,825  $5,263  $5,825  $5,263 

Cash and cash equivalents, end of period

  5,124   4,010   4,374   6,188 

Net change in cash and cash equivalents

 $(701) $(1,253) $(1,451) $925 
      

Supplemental disclosures:

      

Cash paid for interest

 $229  $179  $354  $267 

Cash paid for income taxes

 $19  $16  $19  $15 

 

See Notes to Unaudited Condensed Consolidated Financial Statements

 

5

 

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

 

NOTE 1. BASIS OF PRESENTATION

 

In the opinion of management, the accompanying unaudited condensed consolidated financial statements (interim financial statements) of RiceBran Technologies and its subsidiaries were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and the rules and regulations of the Securities and Exchange Commission (the SEC) for reporting on Form 10-Q; therefore, they do not include all of the information and notes required by GAAP for complete financial statements. The interim financial statements contain all adjustments necessary to present fairly the interim results of operations, financial position and cash flows for the periods presented of a normal and recurring nature necessary to present fairly the interim results of operations, financial position and cash flows for the periods presented.

 

These interim financial statements should be read in conjunction with the consolidated audited financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2021, which included all disclosures required by generally accepted accounting principles.

 

The results reported in these interim financial statements are not necessarily indicative of the results to be expected for the full fiscal year, or any other future period, and have been prepared based on the realization of assets and the satisfaction of liabilities in the normal course of business. 

 

In August 2022, our board of directors approved a 1 for 10 reverse split of our common stock. Our common stock began trading on a post-split basis on August 26, 2022. All share and per share information has been retrospectively adjusted for all prior periods presented giving retroactive effect to the reverse stock split. Such adjustments include calculations of our weighted average number of shares outstanding and loss per share, as well as disclosures regarding our share-based compensation and warrants.

Certain reclassifications have been made to amounts reported for the prior periods to achieve consistent presentation with the current period. Such reclassifications had no impact on previously reported net loss or shareholders’ equity.

 

NOTE 2. BUSINESS

 

We are a specialty ingredient company focused on the development, production, and marketing of products derived from traditional and ancient small grains. We create and produce products utilizing proprietary processes to deliver improved nutrition, ease of use, and extended shelf-life, while addressing consumer demand for all natural, non-GMO and organic products. We believe our products can become valuable alternatives to traditional food ingredients.

 

Notably, we apply our proprietary technologies to convert raw rice bran into stabilized rice bran (SRB), and high value-added derivative products including: RiBalance, a rice bran nutritional package derived from SRB; RiSolubles, a nutritious, carbohydrate and lipid rich fraction of RiBalance; RiFiber, a fiber rich insoluble derivative of RiBalance and ProRyza, a rice bran protein-based product; and a variety of other valuable derivatives extracted from these core products.

 

In granular form, SRB is a food additive used in products for human and animal consumption. We believe SRB has certain qualities that make it more attractive than additives based on the by-products of other agricultural commodities, such as corn, soybeans, wheat, and yeast. Our SRB products and SRB derivatives support the production of healthy, natural, hypoallergenic, gluten free, and non-genetically modified ingredients and supplements for use in meats, baked goods, cereals, coatings, health foods, and high-end animal nutrition. Our target customers are food and animal nutrition manufacturers, wholesalers and retailers, both domestically and internationally.

 

We manufacture and distribute SRB from 4four locations: 2two facilities located within supplier-owned rice mills in Arbuckle and West Sacramento, California; 1one company-owned facility in Mermentau, Louisiana; and our own rice mill in Wynne, Arkansas. At our Dillon, Montana facility, we produce SRB-based products and derivatives through proprietary processes. Our rice mill in Wynne, Arkansas (Golden Ridge) supplies grades U.S. No. 1 and No. 2 premium long and medium white rice, and our grain processing facility in East Grand Forks, Minnesota (MGI) mills a variety of traditional, and ancient, small grains. Given the integrated nature of these facilities, we have 1one reporting unit and 1one operating segment, specialty ingredients.

 

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Recent accounting standards not yet adopted

 

The following discusses the accounting standard(s) not yet adopted that will, or are expected to, result in a significant change in practice and/or have a significant financial impact on our financial position, results of operations or cash flows.

 

6

 

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

 

In June 2016, the Financial Accounting Standards Board (FASB) issued guidance ASU No. 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which changes the accounting for credit losses for certain instruments, including trade receivables, from an incurred loss method to a current expected loss method. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts. The guidance, and subsequent guidance related to the topic, is effective for our annual and interim periods beginning in 2023 and we must be adoptedadopt the guidance on a modified retrospective approach through cumulative-effect adjustment to retained earnings as of January 1, 2023. Based on the nature of our current receivables and our credit loss history, we do not expect the adoption of the guidance to have a significant impact on our results of operations, financial position, or cash flows.

 

NOTE 4. CASH AND CASH EQUIVALENTS

 

As of JuneSeptember 30, 2022, we have $2.7 million of cash and cash equivalents invested in a money market fund with net assets invested in U.S. Dollar denominated money market securities of domestic and foreign issuers, U.S. Government securities and repurchase agreements. We consider all liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.

 

We have cash on deposit in excess of federally insured limits at a bank. We do not believe that maintaining substantially all such assets with the bank or investing in a liquid mutual fund represent material risks.

 

NOTE 5. ACCOUNTS RECEIVABLE AND REVENUES

 

Amounts billed and due from our customers are classified as accounts receivable on our consolidated balance sheets and require payment on a short-term basis. Invoices are generally issued at the point control transfers and substantially all of our invoices are due within 30 days or less, however certain customers have terms of up to 120 days. For substantially all of our contracts, control of the ordered product(s) transfers at our location. Periodically, we require payment prior to the point in time we recognize revenue. AmountsWe classify amounts received from customers prior to revenue recognition on a contract are contract liabilities, are classified as customer prepayments liability on our consolidated balance sheets and aresheets. We typically appliedapply customer prepayments to an invoice within 30 days of the prepayment. Revenues in the three and sixnine months ended JuneSeptember 30, 2022 and 2021, include $0.1 million, or less, in unearned revenue as of the end of the prior year.

 

Our accounts receivable potentially subject us to significant concentrations of credit risk. Revenues and accounts receivable from significant customers (customers with revenue or accounts receivable in excess of 10% of consolidated totals) are stated below as a percent of consolidated totals.

 

  

Customer

 
  

A

  

B

  

C

 

% of revenues, three months ended June 30, 2022

  13%  10%  1%

% of revenues, three months ended June 30, 2021

  6%  15%  15%
             

% of revenues, six months ended June 30, 2022

  12%  10%  3%

% of revenues, six months ended June 30, 2021

  6%  12%  11%
             

% of accounts receivable, as of June 30, 2022

  8%  9%  1%

% of accounts receivable, as of December 31, 2021

  15%  8%  9%

  

Customer

 
  

A

  

B

  

C

  

D

 

% of revenues, three months ended September 30, 2022

  15%  5%  11%  -%

% of revenues, three months ended September 30, 2021

  21%  7%  -%  9%
                 

% of revenues, nine months ended September 30, 2022

  13%  8%  5%  2%

% of revenues, nine months ended September 30, 2021

  10%  11%  1%  11%
                 

% of accounts receivable, as of September 30, 2022

  13%  7%  17%  -%

% of accounts receivable, as of December 31, 2021

  15%  8%  -%  9%

 

The following table presents revenues by geographic area shipped to (in thousands).

 

 

Three Months Ended June 30

  

Six Months Ended June 30

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
 

2022

  

2021

  

2022

  

2021

  

2022

  

2021

  

2022

  

2021

 

United States

 $9,912  $7,221  $20,158  $15,417  $9,876  $6,450  $30,034  $21,867 

Other countries

  278   353   591   762   376   459   967   1,221 

Revenues

 $10,190  $7,574  $20,749  $16,179  $10,252  $6,909  $31,001  $23,088 

 

7

 

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 6. PROPERTY AND EQUIPMENT

 

The following table details the components of property and equipment (amounts in thousands).

 

 

June 30,

 

December 31

      

September 30,

 

December 31

    
 

2022

  

2021

 

Estimated Useful Lives

  

2022

  

2021

  

Estimated Useful Lives

Land

 $730  $730      $730  $730     

Furniture and fixtures

 259  265 

5

-10 years  259  265  5-

10 years

Plant

 10,082  10,457 

20

-40 years, or life of lease  10,094  10,457  20-

40 years, or life of lease

Computer and software

 450  452 

3

-5 years  450  452  3-

5 years

Leasehold improvements

 1,838  1,828 

4

-15 years, or life of lease  1,838  1,828  4-

15 years, or life of lease

Machinery and equipment

  15,266   15,115 

5

-15 years   15,598   15,115  5-

15 years

Property and equipment, cost

 28,625  28,847      28,969  28,847     

Less accumulated depreciation

  13,810   13,403       14,340   13,403     

Property and equipment, net

 $14,815  $15,444      $14,629  $15,444     

 

Amounts payable for property and equipment included in accounts payable totaled $0.1 million at JuneSeptember 30, 2022, and $0.2 million at December 31, 2021. Assets which had not yet been placed in service, included in property and equipment, totaled $0.8$1.1 million at JuneSeptember 30, 2022, and $0.9 million at December 31, 2021.

 

NOTE 7. LEASES

 

The components of lease expense and cash flows from leases (in thousands) follow.

 

 

Three Months Ended June 30,

  

Six Months Ended June 30,

  

Three Months Ended September 30,

  

Nine Months Ended Setepmber 30,

 
 

2022

  

2021

  

2022

  

2021

  

2022

  

2021

  

2022

  

2021

 

Finance lease cost:

  

Amortization of right-of use assets, included in cost of goods sold

 $19  $22  $39  $43  $20  $24  $59  $67 

Interest on lease liabilities

 3  3  5  6  6  2  11  8 

Operating lease cost, included in selling, general and administrative expenses:

  

Fixed leases cost

 129  128  258  257  129  129  387  387 

Variable lease cost

 40  37  86  75  39  37  125  112 

Short-term lease cost

  14   0   21   0   41   21   62   60 

Total lease cost

 $205  $190  $409  $381  $235  $213  $644  $634 
  

Cash paid for amounts included in the measurement of lease liabilities:

  

Operating cash flows from finance leases

 $3  $3  $5  $6  $6  $2  $11  $8 

Operating cash flows from operating leases

 $129  $128  $258  $257  $129  $129  $387  $387 

Financing cash flows from finance leases

 $22  $24  $46  $50  $22  $23  $68  $73 

 

As of JuneSeptember 30, 2022, variable lease payments do not depend on a rate or index. As of JuneSeptember 30, 2022, and December 31, 2021, property and equipment, net, includes $0.3$0.6 million and $0.2 million of finance lease right-of-use-assets, with an original cost of $0.9 million as of September 30, 2022, and $0.5 million. million as of December 31, 2021. During the three months and sixnine months ended JuneSeptember 30, 2022, we financed the purchase of $0.1 million and $0.3 million of property and equipment in noncash finance lease transactions. During the three months and sixnine months ended JuneSeptember 30, 2021, we financed the purchase of less than $0.1 million of property and equipment in noncash finance lease transactions.

 

8

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

 

As of JuneSeptember 30, 2022, we do not believe it is certain that we will exercise any renewal options. The remaining terms of our leases and the discount rates used in the calculation of our lease liabilities as of JuneSeptember 30, 2022, follows.

 

 

Operating
Leases

  

Finance
Leases

  

Operating

Leases

  

Finance

Leases

 

Remaining leases terms (in years)

 1.3-10.7  0.3-4.9  1.0-10.4  0.4-5.0 

Weighted average remaining lease terms (in years)

   5.8    3.0   5.7    3.0  

Discount rates

 6.3%-9.0%  2.8%-9.0%  6.3%-9.0%  2.8%-10.4% 

Weighted average discount rate

   7.8%    5.9%   7.8%    8.1%  

 

Maturities of lease liabilities as of JuneSeptember 30, 2022, follows (in thousands).

 

  

Operating

  

Finance

 
  

Leases

  

Leases

 

2022 (six months ended December 31, 2022)

 $244  $74 

2023

  528   79 

2024

  429   38 

2025

  439   23 

2026

  451   20 

Thereafter

  578   5 

Total lease payments

  2,669   239 

Amounts representing interest

  (557)  (44)

Present value of lease obligations

 $2,112  $195 

  

Operating

  

Finance

 
  

Leases

  

Leases

 

2022 (three months ended December 31, 2022)

 $122  $52 

2023

  528   158 

2024

  429   117 

2025

  440   102 

2026

  450   100 

Thereafter

  578   60 

Total lease payments

  2,547   589 

Amounts representing interest

  (517)  (102)

Present value of lease obligations

 $2,030  $487 
 

NOTE 8. DEBT

 

We finance certain amounts owed for annual insurance premiums under financing agreements. As of JuneSeptember 30, 2022, amounts due under insurance premium financing agreements are due in monthly installments of principal and interest through March 2023, at interest rates of 3.5% to 3.9% per year.

 

We borrow under a factoring agreement with a lender (the Lender), which provides a $7.0 million credit facility. We may only borrow to the extent we have qualifying accounts receivable as defined in the agreement. The facility had an initial two-year term and automatically renews for successive annual periods unlessuntil delivery of a proper termination notice is given.notice. The facility term has automatically extended to October 2022.2023. We paid a $0.2 million facility fee upon inception of the agreement which amortized to interest expense on a straight-line basis over the two years ending in October 2021. We incur recurring fees under the agreement, including a funding fee of 0.5% above the prime rate, in no event to be less than 5.5%, on any advances and a service fee on average net funds borrowed. The lender has the right to demand repayment of the advances at any time. The lenderLender has a security interest in our personal property assets.

The Lender advanced us $0.9 million effective September 30, 2022 (the Over-advance), pending restructuring of our mortgage promissory note with the Lender. The Over-advance accrues interest at an annual rate which is the greater of 7.0% above the Lender's prime rate and 10.3% (13.3% at September 30, 2022). The Over-advance is due the earlier of the completion of the restructuring of the mortgage promissory note or December 29, 2022.

 

Additional information related to our factoring obligation (exclusive of the Over-advance) follows.

 

 

Three Months Ended June 30,

  

Six Months Ended June 30,

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
 

2022

  

2021

  

2022

  

2021

  

2022

  

2021

  

2022

  

2021

 

Average borrowings outstanding (in thousands)

 $3,131  $1,564  $2,977  $1,223  $3,150  $1,522  $3,036  $1,324 

Amortization of debt issuance costs (in thousands)

 $0  $23  $0  $45  $-  $23  $-  $68 

Interest paid, as a percentage of average outstanding borrowings

 1.5% 1.6% 1.4% 3.4% 1.6% 2.0% 1.4% 5.0%

Fees paid, as a percentage of average outstanding borrowings

 0.9% 1.5% 1.2% 2.9% 1.6% 1.6% 1.2% 5.0%

 

As of JuneSeptember 30, 2022, we had $1.8 million outstanding under a line of credit with a bank. The borrowing is secured by our cash on deposit with the bank and bears interest at prime (4.8%(6.3% at JuneSeptember 30, 2022). There are no stipulated repayment terms for the line as long as we maintain sufficient cash collateral. Our borrowings under the line of credit averaged $0.1$1.5 million in the three months ended JuneSeptember 30, 2022, and less than $0.1$0.5 million for the sixnine months ended JuneSeptember 30, 2022.

 

9

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

 

Long-term debt consists of the following (in thousands).

 

  

June 30,

  

December 31,

 
  

2022

  

2021

 

Mortgage promissory note - Originally dated July 2020 and modified in December 2021. As modified, interest accrues at an annual rate which is the greater of 7.0% above the lender's prime rate and 10.3% (11.8% at June 30, 2022) payable in monthly installments through December 2023. Net of $17 debt issuance costs at June 30, 2022.

 $1,906  $2,469 

Face amount $2.5 million. Interest accrued at the effective discount rate 11.5%. Secured by certain real property in Wynn, Arkansas.

        

Equipment note - Dated May 2021. Original principal $46. Due in monthly installments through June 2025.

        

Interest accrues at the effective discount rate of 3.6% per year.

  28   33 

Equipment note - Dated December 2019. Original principal $40. Due in monthly installments through December 2024.

        

Interest accrues at the effective discount rate of 9.3% per year.

  22   26 

Equipment notes - Initially recorded in November 2018, in an acquisition, at the present value of future payments using a discount rate of 4.8% per year. Due in monthly installments through August 2022.

  3   11 

Total long term debt, net

 $1,959  $2,539 
  

September 30,

  

December 31,

 
  

2022

  

2021

 

Mortgage promissory note - Originally dated July 2020 and modified in December 2021. As modified, interest accrues at an annual rate which is the greater of 7.0% above the Lender's prime rate and 10.3% (13.3% at September 30, 2022) payable in monthly installments through December 2023. Net of $11 debt issuance costs at September 30, 2022. Face amount $2.5 million. Secured by certain real property in Wynne, Arkansas.

 $1,614  $2,469 

Progress payment agreement - Dated August 2022. Original principal $37. Interest is payable monthly at the rate of 25.2% per year. Due in November 2022, unless a finance lease is executed with the lender before that date for the related equipment.

  37   - 

Equipment note - Dated May 2021. Original principal $46. Due in monthly installments through June 2025. Interest accrues at the effective discount rate of 3.6% per year.

  27   33 

Equipment note - Dated December 2019. Original principal $40. Due in monthly installments through December 2024. Interest accrues at the effective discount rate of 9.3% per year.

  20   26 
Equipment note - Initially recorded in November 2018, in an acquisition, at the present value of future payments using a discount rate of 4.8% per year. Due in monthly installments through August 2022.  -   11 

Total long-term debt, net

 $1,698  $2,539 

 

Future principal maturities of long-term debt outstanding as of JuneSeptember 30, 2022, follow (in thousands).

 

2022 (six months ended December 31, 2022)

 $620 

2023

  1,332 

2024

  19 

2025

  5 

Principal maturities

  1,976 

Debt issuance costs

  (17)

Total long term debt, net

 $1,959 

2022 (three months ended December 31, 2022)

 $347 

2023

  1,337 

2024

  19 

2025

  5 

Principal maturities

  1,708 

Debt issuance costs

  (10)

Total long-term debt, net

 $1,698 
 

NOTE 9. EQUITY, SHARE-BASED COMPENSATION AND WARRANTS

 

In August 2022, our board of directors approved a 1 for 10 reverse split of our common stock. Our common stock began trading on a post-split basis on August 26, 2022. All share and per share information has been retrospectively adjusted for all prior periods presented giving retroactive effect to the reverse stock split. Such adjustments include calculations of our weighted average number of shares outstanding and loss per share, as well as disclosures regarding our share-based compensation and warrants.

On July 14, 2022, shareholders approved a 600,000 share increase in the number of shares of common stock authorized for issuance under our Amended and Restated 2014 Equity Incentive Plan (the 2014 Plan). As of September 30, 2022, 228,201 shares of common stock remained available for issuance under the 2014 Plan.

10

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

A summary of equity activity follows (in thousands, except share amounts).

 

 

Shares

               

Shares

                
 

Preferred

     

Preferred

 

Common

 Accumulated      

Preferred

     

Preferred

 

Common

 

Accumulated

    
 

Series G

  

Common

  

Stock

  

Stock

  

Deficit

  

Equity

  

Series G

  

Common

  

Stock

  

Stock

  

Deficit

  

Equity

 

Balance, December 31, 2021

 150  51,589,674  $75  $326,279  $(307,859) $18,495  150  5,158,967  $75  $326,279  $(307,859) $18,495 

Common stock awards under equity incentive plans

 0  224,751  0  241  0  241  -  22,475  -  241  -  241 

Common stock issued to vendor

 0  6,000  0  5  0  5  -  600  -  5  -  5 

Net income

  -   -   0   0   (1,516)  (1,516)  -   -   -   -   (1,516)  (1,516)

Balance, March 31, 2022

 150  51,820,425  75  326,525  (309,375) 17,225  150  5,182,042  75  326,525  (309,375) 17,225 

Common stock awards under equity incentive plans

 0  483,879  0  146  0  146  -  48,388  -  146  -  146 

Common stock issued to vendor

 0  6,000  0  1  0  1  -  600  -  1  -  1 

Net loss

  -   -   0   0   (2,621)  (2,621)  -   -   -   -   (2,621)  (2,621)

Balance, June 30, 2022

  150   52,310,304  $75  $326,672  $(311,996) $14,751  150  5,231,030  75  326,672  (311,996) 14,751 

Common stock awards under equity incentive plans

 -    -  492  -  492 

Common stock issued to vendor

 -  600  -  2  -  2 

Other

 -  10,447  -  -  -  - 

Net loss

  -   -   -   -   (2,042)  (2,042)

Balance, September 30, 2022

  150   5,242,077  $75  $327,166  $(314,038) $13,203 

 

10

RiceBran Technologies
Notes to Unaudited Condensed Consolidated Financial Statements

 

Shares

         

 

     

Shares

                
 

Preferred

     

Preferred

 

Common

 Accumulated      

Preferred

     

Preferred

 

Common

 

Accumulated

    
 

Series G

  

Common

  

Stock

  

Stock

  

Deficit

  

Equity

  

Series G

  

Common

  

Stock

  

Stock

  

Deficit

  

Equity

 

Balance, December 31, 2020

 225  45,238,087  $112  $322,218  $(298,910) $23,420  225  4,523,809  $112  $322,218  $(298,910) $23,420 

Common stock awards under equity incentive plans

 0  29,943  0  250  0  250  -  2,994  -  250  -  250 

Common stock issued to vendor

 0  6,000  0  3  0  3  -  600  -  3  -  3 

Other

 -  -  0  (3) 0  (3) -  -  -  (3) -  (3)

Net income

  -   -   0   0   591   591   -   -   -   -   591   591 

Balance, March 31, 2021

 225  45,274,030  112  322,468  (298,319) 24,261  225  4,527,403  112  322,468  (298,319) 24,261 

Common stock awards under equity incentive plans

 0  29,643  0  290  0  290  -  2,964  -  290  -  290 

Common stock issued to vendor

 0  6,000  0  5  0  5  -  600  -  5  -  5 

Exercise of common stock warrants

 0  177,936  0  171  0  171  -  17,794  -  171  -  171 

Other

 -  -  0  3  0  3  -  -  -  3  -  3 

Net loss

  -   -   0   0   (1,923)  (1,923)  -   -   -   -   (1,923)  (1,923)

Balance, June 30, 2021

  225   45,487,609  $112  $322,937  $(300,242) $22,807  225  4,548,761  112  322,937  (300,242) 22,807 

Common stock awards under equity incentive plans

 -  38,978  -  287  -  287 

Common stock issued to vendor

 -  600  -  5  -  5 

Sale of common stock and common stock warrants, net of costs

 -  3,062,395  -  2,725  -  2,725 

Exercise of common stock warrant

 -  1,500,000  -  -  -  - 

Conversion of preferred stock into common stock

 (75) 71,174  (37) 37  -  - 

Net loss

  -   -   -   -   (2,213)  (2,213)

Balance, September 30, 2021

  150   9,221,908  $75  $325,991  $(302,455) $23,611 

 

Share-based compensation by type of award follows (in thousands).

 

 

Three Months Ended

      

Three Months Ended

     
 

June 30, 2022

  

March 31, 2022

  

September 30, 2022

  

June 30, 2022

  

March 31, 2022

 

Stock options

 $21  $29  $28  $21  $29 

Restricted stock units

  125   212   464   125   212 

Compensation expense related to common stock awards issued under equity incentive plan

 $146  $241  $492  $146  $241 

11

 

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

Options

In the three months ended September 30, 2022, holders forfeited options for the purchase of up to 2,901 shares of common stock (average $19.30 per share exercise price, average 6.9 years remaining life). In the three months ended June 30, 2022, holders forfeited options for the purchase of up to 44,5474,455 shares of common stock (average $2.14$21.42 per share exercise price, average 6.8 years remaining life). In the three months ended March 31, 2022, holders forfeited options for the purchase of up to 9,703970 shares of common stock (average $1.85$18.48 per share exercise price, average 7.7 years remaining life).

 

In the three months ended March 31, 2022, warrants for the purchase of up to 6,142,980 shares of common stock ($0.96 per share exercise price) expired.Stock Units

 

We have outstanding (i) restricted stock units (RSUs) issued under the 2014 Plan to employees and directors and (ii) other stock units (SUs) issued to a service provider. Each RSU and SU represents a contingent right to receive one share of common stock. Summaries of nonvested and vested restricted stock unit (RSU)and activity follow.

 

  

Number of
RSUs

  

Unrecognized
Stock
Compensation

(in thousands)

  

Weighted
Average
Expense Period
(Years)

 

Nonvested at December 31, 2021

  1,266,033  $(658)  0.9 

Granted

  370,000   (153)  2.0 

Forfeited

  (10,000)  7   0.7 

Vested with Service

  (224,751)  -   0.0 

Expensed

  -   212     

Nonvested at March 31, 2022

  1,401,282   (592)  0.9 

Impact of Modification:

            

Before modification

  (114,680)  125     

After modification

  114,680   (60)    

Forfeited

  (94,535)  55   0.0 

Vested with Service

  (344,040)  -   0.0 

Expensed

  -   125     

Nonvested at June 30, 2022

  962,707  $(347)  0.9 

11

RiceBran Technologies
Notes to Unaudited Condensed Consolidated Financial Statements

  

Restricted Stock Units (Issued under 2014 Plan)

  

Stock Units Issued to Vendors

 
  

Number of

Units

  

Unrecognized

Stock

Compensation

(in thousands)

  

Weighted

Average

Expense Period

(Years)

  

Number of

Units

  

Unrecognized

Stock

Compensation

(in thousands)

  

Weighted

Average

Expense Period

(Years)

 

Nonvested at December 31, 2021

  126,603  $(658)  0.9   -  $-   - 

Granted

  37,000   (153)  2.0   -   -   - 

Forfeited

  (1,000)  7   0.7   -   -   - 

Vested with service

  (22,475)  -   -   -   -   - 

Expensed

  -   212   -   -   -   - 

Nonvested at March 31, 2022

  140,128   (592)  0.9   -   -   - 

Impact of Modification:

              -   -   - 

Before modification

  (11,468)  125   -   -   -   - 

After modification

  11,468   (60)  -   -   -   - 

Forfeited

  (9,454)  55   -   -   -   - 

Vested with Service

  (34,404)  -   -   -   -   - 

Expensed

  -   125   -   -   -   - 

Nonvested at June 30, 2022

  96,270   (347)  0.9   -   -   - 

Granted

  402,276   (1,458)  2.8   38,968   (65)  3.0 

Vested with Service

  (63,607)  -   -   -   -   - 

Expensed

  -   464   -   -   -   - 

Nonvested at September 30, 2022

  434,939  $(1,341)  2.5   38,968  $(65)  3.0 

 

  

Number of

RSUs

 

Vested at December 31, 2021

  865,05286,505 

Vested with Serviceservice

  224,75122,475 

Issued at Vestingvesting

  (224,75122,475)

Vested at March 31, 2022

  865,05286,505 

Vested with Serviceservice

  344,04034,404 

Issued at Terminationtermination of Serviceservice

  (483,87948,386)

Vested at June 30, 2022

  725,21372,523

Vested with service

63,607

Vested at September 30, 2022

136,130 

 

Each RSU represents a contingent right to receive one share of common stock. The RSUs granted in the firstthree months of 2022 vest within two years of the grant. As of JuneSeptember 30, 2022, issuance of 725,213136,130 shares of common stock subject to the vested RSUs is deferred to the date the holder is no longer providing service to our company.

 

In April 2022, we modified 114,680 RSUs held by resigning directors such that the awards vested on the date of their termination of service. Prior to the modification, the unvested RSUs would have been forfeited on the date of the resignations. As a result of the modifications, we adjusted cumulative expense on the RSUs to equal the fair value of the awards on the date of the April 28, 2022, modification ($0.52 per unit), in accordance with applicable accounting guidance.

In the three months ended JuneSeptember 30, 2022, we issued a total of 483,879 shares of common stock pursuant to the terms of vested RSUs, which included the114,680 modified RSUs discussed in the preceding paragraph. Issuance of the shares of common stock subject to these RSUs was deferred to the date the holder was no longer providing service to our company. Infollowing under the three2014 months ended March 31, 2022, we issued a total of 224,751 shares of common stock upon the vesting of RSUs.Plan:

 

On July 14, 2022, shareholders approved a 6,000,000 share increase in the number of shares of common stock authorized for issuance under our Amended and Restated 2014 Equity Incentive Plan (2014 Plan). On July 14, 2022, we granted RSUs with a total grant date fair value of $1.4 million ($0.38 per unit). The grants are listed below.

 

2,781,498278,151 RSUs, the issuance of which was subject to shareholder approval of the increase in the shares of common stock authorized for issuance under the 2014 Plan. The RSUs vest over an average of forty-nine months from the July 14, 2022, grant date.

 

657,89565,790 RSUs to our directors which vest on July 14, 2023, or one day prior to the next annual meeting of our shareholders.

 

190,02419,003 RSUs to our directors on July 14, 2022, which were immediately vested, in lieu of paying board fees in cash.cash for the quarter ended June 30, 2022.

12

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

30,279 RSUs to our directors on September 30, 2022, which were immediately vested, in lieu of paying board fees in cash for the quarter ended September 30, 2022.

9,053 RSUs to employees. The RSUs vest over an average of 8 months from the date of grant.

 

AsWe issued 38,968 SUs to a service provider in September 2022 and an additional 121,032 SUs in November 2022, which the service provider elected to purchase with a $0.2 million cash signing fee. The SUs vest in three annual installments ending in September 2025, and we are expensing the fair value of the SUs over three years. The service provider may also earn performance-based cash compensation beginning October 1, 2022, if certain performance criteria are met. The performance compensation will be paid quarterly in an amount of cash which may then be used to purchase, at the election of the service provider, a number of fully vested SUs equal to (a) the performance compensation, divided by (b) the volume weighted average closing price of our common stock over the 90 consecutive trading days ending on the last day of the applicable performance period. The aggregate number of SUs purchased by the service provider, including the initial 38,968 units and 121,032 units may not exceed 1,000,000.

In April 2022, we modified 11,468 RSUs held by resigning directors such that the awards vested on the date of this filing, 2,645,122their termination of service. Prior to the modification, the resigning directors would have forfeited the unvested RSUs on the date of the resignations. As a result of the modifications, we adjusted cumulative expense on the RSUs to equal the fair value of the awards on the date of the April 28, 2022, modification ($5.20 per unit), in accordance with applicable accounting guidance.

In the three months ended June 30, 2022, we issued a total of 48,386 shares of common stock remain availablepursuant to the terms of vested RSUs, which included the 11,468 modified RSUs discussed in the preceding paragraph. Issuance of the shares of common stock subject to these RSUs was deferred to the date the holder was no longer providing service to our company. In the three months ended March 31, 2022, we issued a total of 22,475 shares of common stock upon the vesting of RSUs.

Warrants

In the three months ended September 30, 2022, warrants for issuance underthe purchase of up to 25,000 shares of common stock ($9.60 per share exercise price) expired and as further discussed in Note 12, the exercise price of an outstanding liability warrant (Warrant A) for the purchase of up to 230,769 shares adjusted to $2.72 per share from $10.00 per share. In the 2014three Planmonths ended March 31, 2022, warrants for the purchase of up to 614,298 shares of common stock ($9.60 per share exercise price) expired.

 

Subsequent Offering

In October 2022, we issued and sold 675,000 shares of our common stock for $1.50 per share and prefunded warrants (the Prefunded Warrants) exercisable into 325,000 shares of our common stock for $1.4999 per warrant, in a registered direct offering.  The Prefunded Warrants had an exercise price of $0.0001 per share and were exercised in full after the offering. In a concurrent private placement, we issued and sold warrants for the purchase up to 2,000,000 shares of our common stock at an exercise price of $1.60 per share, which are exercisable April 20, 2023, and expire October 20, 2025. The net proceeds from the offering totaled $1.2 million, after deducting placement agent fees and other cash offering expenses of $0.3 million. We determined the exercise price of the Prefunded Warrants was nominal and, as such, we will consider the shares underlying those warrants to be outstanding effective October 20, 2022, for the purposes of calculating basic EPS. We intend to use the net proceeds from the offering for general corporate purposes, which may include funding capital expenditures, working capital and repaying indebtedness. 

In addition, we issued warrants for the purchase of up to 63,000 shares of our common stock to the placement agent at an exercise price of $1.875 per share, which expire October 20, 2027.

 

NOTE 10. INCOME TAXES

 

Our tax expense for the three and sixnine months ended JuneSeptember 30, 2022 and 2021, differs from the tax expense computed by applying the U.S. statutory tax rate to net loss from continuing operations before income taxes as no tax benefits were recorded for tax losses generated in the U.S. As of JuneSeptember 30, 2022, we had deferred tax assets primarily related to U.S. federal and state tax loss carryforwards. We provided a full valuation allowance against our deferred tax assets as future realization of such assets is not more likely than not to occur.

 

13

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 11. LOSS PER SHARE (EPS)

 

We calculate basic EPS under the two-class method under which all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities based on their respective rights to receive dividends. Our outstanding convertible preferred stock are considered participating securities as the holders may participate in undistributed earnings with holders of common shares and are not obligated to share in our net losses.

 

We calculate diluted EPS by dividing the net income attributable to RiceBran Technologies common shareholders by the weighted average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if the impact of assumed exercises and conversions is dilutive. We calculate the dilutive effects of outstanding options, warrants, and nonvested RSUsstock units that vest solely on the basis of a service condition are calculated using the treasury stock method. We calculate the dilutive effects of the outstanding preferred stock using the if-converted method.

 

12

RiceBran Technologies
Notes to Unaudited Condensed Consolidated Financial Statements

Reconciliations of the numerators and denominators in the EPS computations follow.

 

 

Three Months Ended June 30,

  

Six Months Ended June 30,

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
 

2022

  

2021

  

2022

  

2021

  

2022

  

2021

  

2022

  

2021

 

NUMERATOR (in thousands):

  

Numerator for basic and diluted EPS - net loss

 $(2,621) $(1,923) $(4,137) $(1,332) $(2,042) $(2,213) $(6,179) $(3,545)
  

DENOMINATOR:

  

Weighted average number of shares of shares of common stock outstanding

 52,082,641  45,398,791  51,874,930  45,323,786  5,235,005  4,662,004  5,203,504  4,575,587 

Weighted average number of shares of common stock underlying vested RSUs

  778,997   465,594   821,787   425,999   97,303   83,680   87,276   56,293 

Denominator for basic and diluted EPS - weighted average number of shares outstanding

  52,861,638   45,864,385   52,696,717   45,749,785   5,332,308   4,745,684   5,290,780   4,631,880 

 

No effects of potentially dilutive securities outstanding were included in the calculation of diluted EPS for the three and sixnine months ended JuneSeptember 30, 2022 and 2021, because to do so would be antidilutive as a result of our net loss. Potentially dilutive securities outstanding during the three and sixnine months ended JuneSeptember 30, 2022 and 2021, included our outstanding convertible preferred stock, options, warrants and nonvested RSUs.

stock units.

 

NOTE 12. FAIR VALUE MEASUREMENTS

 

The fair value of cash and cash equivalents, accounts and other receivables, accounts payable and commodities payable approximates their carrying value due to shorter maturities. As of JuneSeptember 30, 2022, the fair values of our operating lease liabilities were approximately $0.4$0.5 million higherlower than their carrying values, based on current market rates for similar debt and leases with similar maturities (Level 3 measurements). As of JuneSeptember 30, 2022, the fair values of our debt and finance lease liabilities approximated their carrying values, based on current market rates for similar debt and leases with similar maturities (Level 3 measurements).

 

The following tables summarize the fair values by input hierarchy of items measured at fair value on a recurring basis on our consolidated balance sheets (in thousands):

 

 

Level 1

  

Level 2

  

Level 3

  

Total

  

Level 1

  

Level 2

  

Level 3

  

Total

 
          

Total liabilities at fair value as of June 30, 2022 - Derivative warrant liability

 $0  $0  $846  $846 

Total liabilities at fair value as of September 30, 2022 - Derivative warrant liability

 $-  $-  $234  $234 

Total liabilities at fair value as of December 31, 2021 - Derivative warrant liability

 $0  $0  $258  $258  $-  $-  $258  $258 

Total liabilities at fair value as of September 30, 2021 - Derivative warrant liability

 $-  $-  $647  $647 

 

14

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

The following tables summarize the changes in level 3 items measured at fair value on a recurring basis for the three and sixnine months ended JuneSeptember 30, 2022and 2021 (in thousands):

 

 

Fair Value
as of
Beginning of
Period

  

Total
Realized
and
Unrealized

Gains
(Losses)

  

Issuance of

New
Instruments

  

Net
Transfers
(Into) Out
of

Level 3

  

Fair Value,
at End of
Period

  

Change in
Unrealized
Gains
(Losses)on
Instruments
Still Held

  

Fair Value

as of

Beginning of

Period

  

Total
Realized

and

Unrealized
Gains
(Losses)

  

Issuance of

New

Instruments

  

Net
Transfers
(Into) Out

of
Level 3

  

Fair Value,

at End of

Period

  

Change in

Unrealized

Gains

(Losses) on Instruments

Still Held

 

Three months ended June 30, 2022

 

Three months ended September 30, 2022

             

Total Level 3 fair value - Derivative warrant liability

 $429  $(417) $0  $0  $846  $(417) $846  $612  $-  $-  $234  $612 

Six months ended June 30, 2022:

 

Nine months ended September 30, 2022:

             

Total Level 3 fair value - Derivative warrant liability

 $258  $(588) $0  $0  $846  $(588) $258  $24  $-  $-  $234  $24 
             

Three and nine months ended September 30, 2021

             

Total Level 3 fair value - Derivative warrant liability

 $-  $-  $647  $-  $647  $- 

 

13

RiceBran Technologies
Notes to Unaudited Condensed Consolidated Financial Statements

The derivative warrant liability relates to a warrant issued in September 2021, for the purchase of up to 2,307,693230,769 shares of common stock (Warrant A),. The initial $1.00current $2.72 per share exercise price of Warrant A is subject to adjustment in September 2022, and again in September 2023 ifto 110% of the 5-day volume weighted average price of our common stock, if that price is less than the then-currentthan $2.72 per share. The initial $10.00 per share exercise price.price of Warrant A is carriedadjusted in September 2022 to $2.72 per share. We classify Warrant A in our consolidated balance sheets as derivative warrant liability because the holder may elect cash settlement of this warrant in the event of a change of control. We estimated the fair value of Warrant A as of JuneSeptember 30, 2022, using the Black-Scholes value of a warrant with an exercise price of $2.72 per share. We estimated the fair value of Warrant A as of and December 31, 2021, using the Black-Scholes value of a warrant with an exercise price of $1.00$10.00 per share. The changes in the estimated fair value of Warrant A are included in other income (loss) in our consolidated statements of operations. The assumptions used in valuing Warrant follows.A follow.

 

 

June 30, 2022

  

December 31, 2021

  

September 30,

2022

  

December 31,

2021

 

Assumed volatility

 82.9% 69.5% 88.3% 69.5%

Assumed risk free interest rate

 2.8% 0.8% 3.2% 0.8%

Expected life of options (in years)

 4.2  4.8  4.0  4.8 

Expected dividends

 0  0  -  - 

 

The fair value of Warrant A approximates the cash settlement the holder could elect to be paid in the event of a change in control. At JuneSeptember 30, 2022, a $0.10an $0.18 (approximate 10%) increase in our stock price would have resulted in an approximate $0.2 million$32 thousand increase in the Black Scholes fair value of Warrant A.

 

NOTE 13. COMMITMENTS AND CONTINGENCIES

 

PPP Audit Contingency

 

In April 2020, we received $1.8 million on a Small Business Administration (SBA) Payroll Protection Program (PPP) loan as provided for in the Coronavirus Aid, Relief and Economic Security Act, (CARES), enacted into U.S. law in March 2020. Under certain conditions, the loan and accrued interest were forgivable, if we used the loan proceeds were used for maintaining workforce levels. TheWe used the loan proceeds were used for maintaining workforce levels and the SBA forgave the entire loan, and related accrued interest was forgiven, in its entirety in January 2021. The SBA may audit any PPP loan at its discretion through January 2027, six years after the date the SBA forgave the loan. The SBA may review any or all of the following when auditing a PPP loan: whether the borrower qualified for the PPP loan, whether the PPP loan amount was appropriately calculated and the proceeds used for allowable purposes, and whether the loan forgiveness amount was appropriately determined. WeThe SBA could be deemeddeem us ineligible for the PPP loan received in 2020 upon audit by the SBA. We believe the SBA’s stated intention is to focus its reviews on borrowers with loans greater than $2 million, thereby mitigating our future risk of an audit. The SBA continues to develop and issue new and updated guidance regarding required borrower certifications and requirements for forgiveness of loans made under the program.

15

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

 

Employment Contracts and Severance Payments

 

In the normal course of business, we periodically enter into employment agreements which incorporate indemnification provisions. While the maximum amount to which we may be exposed under such agreements cannot be reasonably estimated, we maintain insurance coverage, which we believe will effectively mitigate our obligations under these indemnification provisions. No amounts have been recorded in our financial statements with respect to any obligations under such agreements.

 

We have employment contracts with certain officers and key management that include provisions for potential severance payments in the event of without-cause terminations or terminations under certain circumstances after a change in control. In addition, vesting of outstanding nonvested equity grants would accelerate following a change in control.

 

Legal Matters

 

From time to time, we are involved in litigation incidental to the conduct of our business. These matters may relate to employment and labor claims, patent and intellectual property claims, claims of alleged non-compliance with contract provisions and claims related to alleged violations of laws and regulations. When applicable, we record accruals for contingencies when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. While the outcome of lawsuits and other proceedings against us cannot be predicted with certainty, in the opinion of management, individually or in the aggregate, no such lawsuits are expected to have a material effect on our financial position or results of operations. We expense defense as incurred. Defense costs, when incurred, are included in selling, general and administrative expense.

14

RiceBran Technologies
Notes to Unaudited Condensed Consolidated Financial Statements

 

NOTE 14. FAILURE TO COMPLY WITH NASDAQ LISTING REQUIREMENTS

 

On September 15, 2021, we received a notification letter from The Nasdaq Stock Market LLC (Nasdaq) indicating that we have failed to comply with the minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2). Nasdaq Listing Rule 5550(a)(2) requires that companies listed on the Nasdaq Capital Market maintain a minimum bid price of $1.00. To regain compliance with this listing rule, the closing bid price of our common stock hashad to be at least $1.00 for a period of Nasdaq’s discretion, of at least 10, but not to exceed 20, consecutive business days. As of the date of this filing,On September 12, 2022, Nasdaq notified us that we have nothad regained compliance with the minimum bid price requirement however, we were eligible for and obtained from Nasdaq an additional 180-day compliance period, which extends through September 12, 2022. We are committed to taking actions that would enable us to regain compliance, including, if necessary, completing a reverse split of our common stock to increase its share price above the $1.00 minimum bid price. On July 14, 2022, our shareholders approved amendments to our articles of incorporation that would effect a reverse stock split, pursuant to which either five, ten, fifteen, twenty, or twenty-five outstanding shares of our common stock would be combined into one share of such stock, and to authorize our board of directors, at its discretion, to select and file one such amendment which would effect the reverse stock split at one of these five reverse split ratios on or before July 14, 2023, if deemed appropriate.matter was closed.

 

1516

 
 

Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations

 

Results of Operations - Three Months Ended JuneSeptember 30, 2022, Compared to Three Months Ended JuneSeptember 30, 2021

 

Revenues of $10.2$10.3 million in the secondthird quarter of 2022 increased $2.6$3.3 million, or 34.5%48.3%, compared to the secondthird quarter of 2021. This year-over-year increase was due to higher core-SRB sales and strong growth from our MGI and Golden Ridge milling operations, offset in part by lower value-added SRB derivative product revenues due to continued production issues.operations.

 

Gross loss was $0.5$0.7 million in the secondthird quarter of 2022, a $0.6$0.4 million decreaseincrease in gross profitloss compared to the secondthird quarter of 2021. The declineincrease in gross profitloss was attributable to lower sales and significant cost overruns for our value-added SRB derivatives business and higher gross losses at our Golden Ridge milling operation versus a year ago, with profitsoffset in part by improved profitability from our core-SRB business flat with a year ago and lower losses from Golden Ridge offset by a decline in profitability at MGI due to efforts to work around capital improvements.milling operation.

 

Selling, general and administrative (SG&A) expenses were $1.7$1.8 million in the secondthird quarter of 2022 a 1.6% decline fromand the secondthird quarter of 2021 as reductions in corporate support headcount and outside professional services were offset in part by higher wage rates and higher contract employee expense, as well as a double-digit increase in insurance expenses.

We recognized a gain on the involuntary conversion of assets of $0.1 million in the second quarter of 2022, when we finalized our insurance claim for hurricane damage that occurred in August 2020 to our Lake Charles, Louisiana property.premiums.

 

Due to the declineincrease in gross profits,losses, operating losses were $2.0$2.5 million in the secondthird quarter of 2022, up from $1.8$2.1 million in the secondthird quarter of 2021. In Junethe third quarter of 2022, we recognized a $0.4$0.6 million chargegain for the change in the fair value of a warrant liability. As a result of higher operating losses andbeing offset by this charge,gain, net loss in the secondthird quarter of 2022 was $2.6$2.0 million, or $0.05$0.38 per share, compared to a net loss of $1.9$2.2 million, or $0.04$0.47 per share, in the secondthird quarter of 2021.

 

Results of Operations – SixNine Months Ended JuneSeptember 30, 2022, Compared to SixNine Months Ended JuneSeptember 30, 2021

 

Revenues of $20.7$31.0 million in the first halfnine months of 2022 increased $4.6$8.0 million, or 28.2%34.7%, compared to the first halfnine months of 2021. This year-over-year increase was due to higher core-SRB sales and strong growth from our MGI and Golden Ridge milling operations, offset in part by lower value-added SRB derivative product revenues due to production issues.issues in the second quarter of 2022.

 

The $0.8$1.2 million decrease in gross profit in the first halfnine months of 2022, compared to the first halfnine months of 2021, was primarily attributable to lower gross profits from our value-added SRB derivative products and a modest declineincrease in gross profits from our core-SRB business, offset by lower losses from Golden Ridge, andoffset in part by a modest increase in gross profits atfor our core-SRB business and MGI.

 

SG&A expenses were $3.4of $5.2 million in the first halfnine months of 2022 a 7.5% decline fromdecreased $0.3 million, or 5.7%, compared to the first halfnine months of 2021, as reductions in corporate support headcount and outside professional services were offset in part by higher wage rates and insurance expenses.premiums.

 

We recognized a gain on the involuntary conversion of assets of $0.1 million in the first halfnine months of 2022, when we finalized our insurance claim for hurricane damage that occurred in August 2020 to our Lake Charles, Louisiana property.

 

Operating losses were $3.2$5.7 million in the first halfnine months of 2022, up from $2.9$5.0 million in the first halfnine months of 2021, due to lower gross profits. In the first half of 2022, we recognized a $0.6 million charge for the change in the fair value of a warrant liability, and in January 2021, we recognized a $1.8 million gain on extinguishment of our Small Business Administration (SBA) Paycheck Protection Program (PPP) loan (see Note 13 of the Notes to Unaudited Condensed Consolidated Financial Statements for further discussion of the loan). As a result of higher operating losses, and these charges,lower SG&A, the impact of the gain on involuntary conversion of assets and the nonrecurring gain on the extinguishment of debt in the first halfnine months of 2021, net loss in the first halfnine months of 2022 was $4.1$6.2 million, or $0.08$1.17 per share, compared to a net loss of $1.3$3.5 million, or $0.03$0.38 per share, in the first halfnine months of 2021.

 

COVID-19 Assessment

The COVID-19 pandemic is a worldwide health crisis that is adversely affecting the business and financial markets of many countries, disrupting global supply chains, and creating volatility in the financial markets. The pandemic could adversely affect the demand for our products, and it poses the risk that we, or our customers, suppliers, and other business partners may be disrupted or prevented from conducting business for an uncertain period of time. The extent to which this would impact our financial results is unknown as it is dependent on future developments, which are highly uncertain and cannot be predicted. As such, it is difficult to estimate the exact magnitude of the COVID-19 pandemic on our business.

1617

 

We have not had, and we do not expect, any of our facilities to be closed subject to government-mandated closures, and we have informed our customers that we anticipate operating throughout the COVID-19 outbreak. Disruption in the supply chain of raw materials used to produce our products, as a result of the COVID-19 outbreak, has not caused us to close any of our facilities, and to date, our employees have been reporting to work, either remotely or in-person without any material change in attendance or productivity. However, we cannot ensure that the COVID-19 outbreak will not cause disruptions to our business in the future.

Liquidity, ,GoingGoing Concern and Capital Resources

 

We had $5.1$4.4 million in cash and equivalents as of JuneSeptember 30, 2022, a decrease of $0.7$1.5 million from $5.8 million on MarchDecember 31, 2022.2021. During the first halfnine months of 2022, we were able to offset higher operating losses and negative working capital management with increased borrowing.

 

Cash used in operating activities in the first sixnine months of 2022 was $1.7$3.9 million, up from $1.4$2.0 million in the first sixnine months of 2021, driven principally by higher net losses. Cash used in investing activities in the 2022 period consisted of $0.4 million in capital expenditures, primarily for the purchase and installation of capital equipment at our MGI facility offset by $0.1 million in insurance proceeds. Cash from financing activities in the 2022 period was $1.3$2.7 million, which included the $1.8 million borrowingnet borrowings on a line of credit offset in part by $0.2 million in net payments on debt and financing agreements and a $0.2$0.9 million reduction in borrowing underover-advance on our factoring facility.facility (see Note 8 of the Notes to Unaudited Condensed Consolidated Financial Statements for further discussion of the over-advance).

 

Management believes that despite the multi-year history of operating losses and negative operating cash flows from continuing operations, there is no substantial doubt about our ability to continue as a going concern within one year after the date that these financial statements included in this Quarterly Report are issued. Factors alleviating this concern include the reduction in historical operating losses beginning in 2021, $5.1$4.4 million in cash and cash equivalents as of JuneSeptember 30, 2022, and our ability to procure additional capital if needed through a variety of sources. Most notably, subsequent to the end of the third quarter of 2022, we were able to raise approximately $1.2 million, net of costs, through a direct placement of our common stock, and common stock equivalents, and in late September 2022, we received a $0.9 million over-advance on our factoring facility, pending a restructuring of our mortgage promissory note secured by our real property in Wynne, Arkansas.

 

On March 30, 2020, we entered into a sales agreement with respect to an at-the-market (ATM) offering program, under which we may offer and sell shares of our common stock having an aggregate offering price of up to $6.0 million, which we currently have $2.8 million remaining. Under the terms of the securities purchase agreement related to the September 2021 offering, we are prohibited from entering into an agreement to effect any at-the-market issuance until September 13, 2023.

 

Critical Accounting Estimates

 

Our discussion and analysis of our financial condition and results of operations are based upon unaudited condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses and disclosures on the date of the financial statements. On an ongoing basis, we evaluate the estimates, including, but not limited to, those related to revenue recognition, inventory valuation, and long-lived asset impairment. We use authoritative pronouncements, historical experience and other assumptions as the basis for making judgments. Actual results could differ from those estimates.

 

Recent Accounting Pronouncements

 

See Note 3 in the Notes to Unaudited Condensed Consolidated Financial Statements for further discussion.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

We are a smaller reporting company as defined in Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required by this item.

 

17

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, that are designed to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required financial disclosures. As of JuneSeptember 30, 2022, there have been no significant changes to our critical accounting policies and related estimates previously disclosed in our 2021 Annual Report on Form 10-K.

18

 

We evaluated, with the participation of our executive chairman, and chief financial officer, the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our executive chairman and chief financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.

 

Changes in Internal Control over Financial Reporting

 

During the most recently completed fiscal quarter, there have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

 

We are involved in or subject to, or may become involved in or subject to, routine litigation, claims, disputes, proceedings and investigations in the ordinary course of business. While the outcome of lawsuits and other proceedings against us cannot be predicted with certainty, in the opinion of management, individually or in the aggregate, no such lawsuits are expected to have a material effect on our financial position, results of operations or cash flows. We record accruals for contingencies when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated.

 

Item 1A. Risk Factors

 

In addition to the other information set forth in this Quarterly Report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021, which could materially affect our business, financial condition, liquidity or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, liquidity or future results.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

During the quarter ended JuneSeptember 30, 2022, we issued the securities described below without registration under the Securities Act. The description below does not include issuances that werewe disclosed previously on Current Reports on Form 8-K. Unless otherwise indicated below, the securities were issued pursuant to the private placement exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended. All issuancesamended (the Securities Act). We made the issuance below were made without any public solicitation, to a limited number of sophisticated persons and were acquired for investment purposes only.

 

During the quarter ended JuneOn September 30, 2022, we issued 6,000600 shares of common stock to a service provider, which is not a natural person, as compensation for service provided. The shares were valued at an aggregate of $2,100.

 

Item 3. Defaults upon Senior Securities

 

None

 

Item 4. Mine Safety Disclosures

 

None

 

Item 5. Other Information

 

NoneItem 3.02 Unregistered Sales of Equity Securities

On November 1, 2022, we amended the terms of our engagement of Gander Foods, LLC, a New Jersey limited liability company (the Operator), to perform services in connection with our rice milling operations and those of Golden Ridge Rice Mills, Inc., our wholly owned subsidiary. The engagement was described in our Current Report on Form 8-K filed on September 29, 2022 (the Original 8-K).

As amended, the Operator’s initial cash compensation of $200,000 (the Initial Compensation) will be used by the Operator to purchase an aggregate of 160,000 (rather than 38,968) unvested restricted stock units (SUs), each representing the contingent right to receive one share of our common stock. All other terms of the engagement remain the same and are unchanged, and the total amount of SUs that may be purchased by the Operator with the Initial Compensation or the Performance Compensation (as defined in the Original 8-K) may still not exceed 1,000,000.

The SUs are being offered and sold in a private placement to an eligible investor pursuant to Section 4(a)(2) of the Securities Act. The SUs and underlying shares of our common stock have not been registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration under or an applicable exemption from registration under the Securities Act and any applicable state securities laws.

 

1819

 

Item 6. Exhibits

 

The following exhibits are attached hereto and filed herewith:

 

Incorporated by Reference

Exhibit

Number

Exhibit Description

Form

File No.

Exhibit

Number

Filing/Effective

Date

Filed

Here-with

31.1

Certification by Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

X

31.2

Certification by Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

X

32.1

Certification by Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

X

101.INS (1)

Inline XBRL Instance Document

X

101.SCH (1)

Inline XBRL Taxonomy Extension Schema Document

X

101.CAL (1)

Inline XBRL Taxonomy Extension Calculation Linkbase Document

X

101.DEF (1)

Inline XBRL Taxonomy Extension Calculation Definition Linkbase Document

X

101.LAB (1)

Inline XBRL Taxonomy Extension Calculation Label Linkbase Document

X

101.PRE (1)

Inline XBRL Taxonomy Extension Calculation Presentation Linkbase Document

X

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

    

Incorporated by Reference

  

Exhibit

Number

 

Exhibit Description

 

Form

 

File No.

 

Exhibit

Number

 

Filing/Effective

Date

 

Filed

Here-with

3.1

 

Certificate of Amendment of Articles of Incorporation as field with the California Secretary of State effective August 25, 2022

 

8-K

 

001-36245

 

3.1

 

August 25, 2022

  

31.1

 

Certification by Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

         

X

31.2

 

Certification by Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

         

X

32.1

 

Certification by Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

         

X

101.INS (1)

 

Inline XBRL Instance Document

         

X

101.SCH (1)

 

Inline XBRL Taxonomy Extension Schema Document

         

X

101.CAL (1)

 

Inline XBRL Taxonomy Extension Calculation Linkbase Document

         

X

101.DEF (1)

 

Inline XBRL Taxonomy Extension Calculation Definition Linkbase Document

         

X

101.LAB (1)

 

Inline XBRL Taxonomy Extension Calculation Label Linkbase Document

         

X

101.PRE (1)

 

Inline XBRL Taxonomy Extension Calculation Presentation Linkbase Document

         

X

104

 

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

          

 

 

(1)

XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

1920

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Dated: August 11,November 3, 2022

RiceBran Technologies

   
 

/s/ Peter G. Bradley

 
 

Peter G. Bradley

 

Director and Executive Chairman

 

 

/s/ Todd T. Mitchell

 
 

Todd T. Mitchell

 

Chief Financial Officer and Chief Operating Officer

 

2021