Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | RiceBran Technologies | |
Entity Central Index Key | 0001063537 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 33,029,652 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Consolidated Statements of Operations (Unaudited) [Abstract] | ||
Revenues | $ 6,364 | $ 3,552 |
Cost of goods sold | 6,021 | 2,598 |
Gross profit | 343 | 954 |
Selling, general and administrative expenses | 3,341 | 2,853 |
Operating loss | (2,998) | (1,899) |
Other expense: | ||
Interest expense | (12) | (1) |
Other expense | (1) | (13) |
Total other expense | (13) | (14) |
Loss before income taxes | (3,011) | (1,913) |
Income tax benefit | 0 | 0 |
Loss from continuing operations | (3,011) | (1,913) |
Loss from discontinued operations | (216) | 0 |
Net loss | $ (3,227) | $ (1,913) |
Basic loss per common share: | ||
Continuing operations (in dollars per share) | $ (0.10) | $ (0.11) |
Discontinued operations (in dollars per share) | (0.01) | 0 |
Basic loss per common share (in dollars per share) | (0.11) | (0.11) |
Diluted loss per common share: | ||
Continuing operations (in dollars per share) | (0.10) | (0.11) |
Discontinued operations (in dollars per share) | (0.01) | 0 |
Diluted loss per common share (in dollars per share) | $ (0.11) | $ (0.11) |
Weighted average number of shares outstanding: | ||
Basic (in shares) | 29,347,318 | 17,083,442 |
Diluted (in shares) | 29,347,318 | 17,083,442 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 13,278 | $ 7,044 |
Restricted cash | 225 | 225 |
Accounts receivable, net of allowance for doubtful accounts of $14 and $14 | 3,931 | 2,529 |
Receivable from seller of Golden Ridge - working capital adjustment to purchase price | 988 | 1,147 |
Inventories | ||
Inventories - Finished goods | 1,023 | 856 |
Inventories - Packaging | 73 | 102 |
Deposits and other current assets | 943 | 610 |
Total current assets | 20,461 | 12,513 |
Property and equipment, net | 15,696 | 15,010 |
Operating lease right-of-use assets | 2,968 | 0 |
Goodwill | 3,178 | 3,178 |
Other long-term assets, net | 41 | 16 |
Total assets | 42,344 | 30,717 |
Current liabilities: | ||
Accounts payable | 1,279 | 1,583 |
Commodities payable | 917 | 2,735 |
Accrued salary, wages and benefits | 506 | 933 |
Accrued expenses | 957 | 520 |
Unearned revenue | 0 | 145 |
Payable to purchaser of HN - working capital adjustment to purchase price | 475 | 259 |
Note payable to seller of Golden Ridge | 358 | 609 |
Operating lease liabilities, current portion | 289 | 0 |
Finance lease liabilities, current portion | 45 | 45 |
Long term debt, current portion | 20 | 32 |
Total current liabilities | 4,846 | 6,861 |
Operating lease liabilities, less current portion | 2,860 | 0 |
Finance lease liabilities, less current portion | 75 | 86 |
Long term debt, less current portion | 54 | 59 |
Total liabilities | 7,835 | 7,006 |
Commitments and contingencies | ||
Shareholders' Equity: | ||
Common stock, no par value, 50,000,000 shares authorized, 33,029,652 shares and 29,098,207 shares, issued and outstanding | 310,853 | 296,739 |
Accumulated deficit | (276,456) | (273,229) |
Total shareholders' equity | 34,509 | 23,711 |
Total liabilities and shareholders' equity | 42,344 | 30,717 |
Series G Convertible Preferred Stock [Member] | ||
Shareholders' Equity: | ||
Preferred stock, 20,000,000 shares authorized: Series G, convertible, 3,000 shares authorized, 225 shares and 405 shares, issued and outstanding | $ 112 | $ 201 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Accounts receivable, allowance for doubtful accounts | $ 14 | $ 14 |
Shareholders' Equity: | ||
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 33,029,652 | 29,098,207 |
Common stock, shares outstanding (in shares) | 33,029,652 | 29,098,207 |
Series G Convertible Preferred Stock [Member] | ||
Shareholders' Equity: | ||
Preferred stock, shares authorized (in shares) | 3,000 | 3,000 |
Convertible preferred stock, shares issued (in shares) | 225 | 405 |
Convertible preferred stock, shares outstanding (in shares) | 225 | 405 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flow from operating activities: | ||
Net loss | $ (3,227) | $ (1,913) |
Loss from discontinued operations | 216 | 0 |
Loss from continuing operations | (3,011) | (1,913) |
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities | ||
Depreciation and amortization | 410 | 199 |
Stock and share-based compensation | 392 | 320 |
Loss on disposal of property | 1 | 88 |
Other | (49) | 4 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,244) | (279) |
Inventories | (149) | (118) |
Accounts payable and accrued expenses | (134) | (639) |
Commodities payable | (1,818) | 176 |
Other | (359) | 80 |
Net cash used in operating activities | (5,961) | (2,082) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (1,160) | (745) |
Net cash used in investing activities | (1,160) | (745) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock and pre-funded warrant, net of issuance costs | 11,593 | 0 |
Proceeds from common stock warrant exercises | 1,980 | 1,755 |
Proceeds from common stock option exercises | 60 | 0 |
Payments of debt and finance lease liabilities | (278) | (1) |
Net cash provided by financing activities | 13,355 | 1,754 |
Net change in cash and cash equivalents and restricted cash | 6,234 | (1,073) |
Cash and cash equivalents and restricted cash, beginning of period | ||
Cash and cash equivalents | 7,044 | 6,203 |
Restricted cash | 225 | 775 |
Cash and cash equivalents and restricted cash, beginning of period | 7,269 | 6,978 |
Cash and cash equivalents and restricted cash, end of period | ||
Cash and cash equivalents | 13,278 | 5,130 |
Restricted cash | 225 | 775 |
Cash and cash equivalents and restricted cash, end of period | 13,503 | 5,905 |
Supplemental disclosures: | ||
Cash paid for interest | 12 | 1 |
Cash paid for income taxes | $ 0 | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2019 | |
BASIS OF PRESENTATION [Abstract] | |
BASIS OF PRESENTATION | 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 (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. 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, 2018, 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. |
BUSINESS
BUSINESS | 3 Months Ended |
Mar. 31, 2019 | |
BUSINESS [Abstract] | |
BUSINESS | NOTE 2. BUSINESS We are an ingredient company serving food, animal nutrition, and specialty markets focused on value-added processing and marketing of healthy, natural, and nutrient dense products derived from raw rice bran, an underutilized by-product of the rice milling industry. We apply our proprietary and patented technologies and intellectual properties to convert raw rice bran into numerous high value products including stabilized rice bran (SRB), RiBalance, a complete rice bran nutritional package derived from further processing of SRB; RiSolubles, a highly nutritious, carbohydrate and lipid rich fraction of RiBalance; RiFiber, a fiber rich insoluble derivative of RiBalance, and ProRyza, rice bran protein-based products, and a variety of other valuable derivatives extracted from these core products. Our target markets are natural food, food and animal nutrition manufacturers, wholesalers and retailers, both domestically and internationally. Beginning in November 2018, we are also a supplier of rice, specializing in grades U.S. No. 1 and No. 2 premium long and medium white rice. We manufacture and distribute SRB for food and animal nutrition customers, in various granulations along with Stage II products and derivatives. Stage II refers to the proprietary, patented processes run at our Dillon, Montana facility and includes products produced at that facility. Over the past decade, we have developed and optimized our proprietary processes to 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. We produce SRB in four locations: two leased raw rice bran stabilization facilities located within supplier-owned rice mills in Arbuckle and West Sacramento, California; one company-owned rice bran stabilization facility in Mermentau, Louisiana, and since November 2018, our first company-owned rice mill in Wynne, Arkansas. Arkansas is in the largest rice producing state in the United States. In April 2019, we purchased a grain processing facility in East Grand Forks, Minnesota |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Guidance Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (FASB) issued guidance which changes the accounting for leases, , Leases. On January 1, 2019, we adopted the guidance, and subsequent guidance related to the topic in ASU 2018-11, using the modified retrospective method. Upon completing our implementation assessment of the guidance, we concluded that no adjustment was required to our retained earnings as of January 1, 2019. We elected the package of practical expedients in transition for leases that commenced prior to January 1, 2019, and therefor did not We have no land easements. For all asset classes, we elected to (i) not recognize a right-of-use asset and lease liability for leases with a term of 12 months or less and (ii) not separate nonlease components from lease components and have accounted for combined lease and nonlease components as a single lease component disclosures required by the guidance are presented within the “Leases” policy disclosure below and In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . The guidance was issued to simplify the accounting for share-based transactions by expanding the scope of Topic 718 from only being applicable to share-based payments to employees to also include share-based payment transactions for acquiring goods and services from nonemployees. As a result, nonemployee share-based transactions will be measured by estimating the fair value of the equity instruments at the grant date, taking into consideration the probability of satisfying performance conditions. We adopted ASU 2018-07 on January 1, 2019. The guidance did not change the way we recognize expense for director awards. Adoption of the standard only impacted the recognition of expense, on a prospective basis, for one vendor’s awards which are subject to performance conditions. Adoption of the standard did not have a material impact on our financial statements for the three months ended March 31, 2019. Additional disclosures required by the guidance are presented within the “Share-Based Compensation” policy disclosure below Reclassifications Leases : We lease certain buildings, land and corporate office space under operating leases with monthly or annual rent payments. We lease certain machinery and equipment under finance leases with monthly rent payments. We determine if an arrangement is a lease at inception. Operating lease assets are presented as operating lease right-of-use assets and the related liabilities are presented as operating lease liabilities in our consolidated balance sheets. Finance lease assets are included in property and equipment, net, and the related liabilities are included as finance lease liabilities in our consolidated balance sheets. We recognize right-of-use assets and lease liabilities based on the present value of the future minimum lease payments over the lease term, beginning at the commencement date, for leases exceeding 12 months. Minimum lease payments include the fixed lease components of the lease and any variable rate payments that depend on an index, initially measured using the index at the lease commencement date. Lease terms may include options to renew when it is reasonably certain that we will exercise that option. We combined lease and nonlease components and account for them as a single lease component. Certain leases contain rent escalation clauses, rent holidays, capital improvement funding or other lease concessions. In determining our right-of-use assets and lease liabilities, we apply a discount rate to the minimum lease payments within each lease. When we cannot readily determine the discount rate implicit in a lease, we utilize our incremental borrowing rate, the rate of interest that we would incur to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. To estimate the incremental borrowing rate we reference a market yield curve consistent with our credit quality. We recognize operating lease expense related to the minimum lease payments on a straight-line basis over the lease term. For finance leases, we recognize amortization expense related to the minimum lease payments on a straight-line basis over the lease term while interest expense is recognized using the effective interest method. Expense related to variable lease payments that do not depend on a rate or index and short-term rentals, on leases with terms less than 12 months, are expensed as incurred. Share-Based Compensation : Share-based compensation expense for stock options granted to employees is calculated at the grant date using the Black-Scholes-Merton valuation model based on awards ultimately expected to vest and expensed on a straight-line basis over the service period of the grant. We recognize forfeitures as they occur. The Black-Scholes-Merton option pricing model requires us to estimate key assumptions such as expected life, volatility, risk-free interest rates and dividend yield to determine the fair value of share-based awards, based on both historical information and management’s judgment regarding market factors and trends. We will use alternative valuation models if grants have characteristics that cannot be reasonably estimated using the Black-Scholes-Merton model. For awards of nonvested stock, share-based compensation is measured based on the fair value of the award on the date of grant and the corresponding expense is recognized over the period during which an employee is required to provide service in exchange for the reward. Compensation expense related to service-based awards are recognized on a straight-line basis over the requisite service period for the entire award. For restricted stock units with market conditions, share-based compensation is measured based on the fair value of the award on the date of grant using a binomial simulation model and expense is recognized over the derived service period determined by the simulation. The binomial simulation model requires us to estimate key assumptions such as stock volatility, risk-free interest rates and dividend yield based on both historical information and management’s judgment regarding market factors and trends . Share-based compensation awards to non-employees is calculated as of the grant date, taking into consideration the probability of satisfaction of performance conditions, in a manner consistent with awards to employees. The expense associated with share-based awards for services are recognized over the term of service. In the event services are terminated early or we require no specific future performance, the entire amount is expensed. The expense associated with share-based awards made in exchange for goods is generally attributed to expense in the same manner as if the vendor had been paid in cash. |
ACQUISITIONS
ACQUISITIONS | 3 Months Ended |
Mar. 31, 2019 | |
ACQUISITIONS [Abstract] | |
ACQUISITIONS | NOTE 4. ACQUISITIONS Golden Ridge In November 2018, we acquired substantially all of the assets comprising the business of Golden Ridge Rice Mills, LLC, now conducting business as Golden Ridge Rice Mills, Inc. (Golden Ridge). The primary activity of the business is the operation of a rice mill in Wynne, Arkansas. We acquired the business as part of our strategy to vertically integrate in order to leverage our proprietary and patented The following table summarizes the purchase price allocation, the consideration transferred to acquire Golden Ridge, as well as the amounts of identified assets acquired and liabilities assumed based on the estimated fair value as of the November 28, 2018, acquisition date (in thousands, except share and per share amounts). 1,666,667 shares of common stock, at fair value of $3.00 per share at Closing $ 5,000 Golden Ridge financial liabilities paid for the seller 2,661 Cash 250 Note payable to seller 609 Working capital adjustment to purchase price, receivable from seller (1,147 ) Total fair value of consideration transferred 7,373 Cash 409 Accounts receivable 1,587 Inventories 103 Property and equipment 5,092 Accounts payable (222 ) Commodities payable (2,559 ) Accrued expenses (12 ) Equipment notes payable (203 ) Net recognized amounts of identifiable assets acquired and liabilities assumed 4,195 Goodwill $ 3,178 The 1,666,667 shares issued at closing include 380,952 shares that were deposited in an escrow account to be used to satisfy any indemnification obligations of the seller that may arise. As of March 31, 2019, and December 31, 2018, the 380,952 shares remained in escrow. The fair value of trade receivables at November 28, 2018 was $1.6 million which was $0.1 million less than the amount of gross trade receivables. The $3.2 million to goodwill is deductible for tax purposes over the next fifteen years. The purchase price is subject to adjustment if the estimated closing working capital with respect to the assets purchased and the liabilities assumed is different than the actual closing working capital, as defined in the purchase agreement. On a preliminary basis, we estimated a working capital adjustment of $1.1 million as of closing, which was reflected as a receivable from the seller of Golden Ridge as of December 31, 2018. In the three months ended March 31, 2019, we revised the estimated working capital adjustment to $1.0 million based on a change in the estimated accounts receivable acquired. We have not yet finalized the adjustment with the seller of Golden Ridge. The final adjustment may differ from the estimate. Our revenues for the three months ended March 31, 2019 include $2.7 million related to the acquired business. Our net income for the three months ended March 31, 2019 includes $0.4 million of net loss related to the acquired business. After making a reasonable effort, we were unable to determine the underlying information required to prepare pro forma information for the three months ended March 31, 2018, as if the acquisition had occurred January 1, 2018. MGI On April 4, 2019, we acquired substantially all of the assets comprising the business of MGI Grain Processing, LLC, a Minnesota limited liability company (MGI) for an aggregate purchase price of $3.8 million that was paid as follows: (i) $3.5 million was paid to MGI at closing; and (ii) $250,000 was deposited in an escrow account to be held for 60 days used to satisfy any indemnification obligations of MGI that may arise. MGI owns and operates a grain mill and processing facility in East Grand Forks, Minnesota. The purchase price is subject to adjustment if the estimated net working capital with respect to the assets purchased and the liabilities assumed falls outside of a specified range. . The acquisition will be accounted for as a business combination. The results of MGI’s operations will be included in our consolidated financial statements beginning April 4, 2019. |
DISCONTINUED OPERATIONS AND RES
DISCONTINUED OPERATIONS AND RESTRICTED CASH | 3 Months Ended |
Mar. 31, 2019 | |
DISCONTINUED OPERATIONS AND RESTRICTED CASH [Abstract] | |
DISCONTINUED OPERATIONS AND RESTRICTED CASH | NOTE 5. DISCONTINUED OPERATIONS AND RESTRICTED CASH In July 2017, we completed the sale of the assets of Healthy Natural (HN) for $18.3 million in cash and recognized a gain on sale of $8.2 million, net of $4.7 million tax. The selling price was subject to adjustment if the estimated closing working capital with respect to the assets sold and the liabilities assumed was different than the actual closing working capital for those assets and liabilities. The calculation of working capital was disputed. The $8.2 million net gain on sale recognized in 2017 was based on an estimated working capital adjustment of $0.3 million. During the three months ended March 31, 2019, the estimated working capital adjustment increased from $0.3 million to $0.5 million when we finalized the adjustment with the purchaser of HN. The adjustment to lower the gain on the sale of HN as a result of the change in the estimated working capital adjustment is recorded in discontinued operations in the three months ended March 31, 2019, net of zero tax benefit. Our consolidated balances sheets include a liability for settlement of the working capital adjustment of $0.5 million as of March 31, 2019, and $0.3 million as of December 31, 2018. Restricted cash on our consolidated balance sheets as of March 31, 2019 and December 31, 2018, relates to the $0.2 million balance in an escrow account established at the time of the sale for settlement of the working capital adjustment. We expect the amounts in escrow to be used by the purchaser of HN to cover a portion of the working capital adjustment. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 3 Months Ended |
Mar. 31, 2019 | |
CASH AND CASH EQUIVALENTS [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 6. CASH AND CASH EQUIVALENTS As of March 31, 2019, we have $5.0 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. |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 3 Months Ended |
Mar. 31, 2019 | |
CONCENTRATION OF RISK [Abstract] | |
CONCENTRATION OF RISK | NOTE 7. CONCENTRATION OF RISK Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of trade accounts receivable. We perform ongoing credit evaluations on the financial condition of our customers and generally do not require collateral. Revenues and accounts receivable from significant customers (customers with revenue or accounts receivable in excess of 10% of any consolidated totals) are stated below as a percent of consolidated totals. Customer A B C D % of Revenues, three months ended March 31, 2019 18 % 10 % 10 % 9 % % of Revenues, three months ended March 31, 2018 - % 20 % - % 11 % % of Accounts Receivable, as of March 31, 2019 20 % 11 % 14 % 9 % % of Accounts Receivable, as of December 31, 2018 16 % 13 % 14 % - % The following table presents revenues by geographic area shipped to in the three months ended March 31, 2019 and 2018 (in thousands). Three Months Ended March 31 2019 2018 United States $ 6,065 $ 3,167 Other countries 299 385 Revenues $ 6,364 $ 3,552 T Three Months Ended March 31 2019 2018 Food $ 4,747 $ 1,868 Animal nutrition 1,617 1,684 Revenues $ 6,364 $ 3,552 Purchases from certain significant vendors are stated below as a percent of total purchases for the three months ended March 31, 2019 and 2018 % of Total Purchases Three Months Ended March 31 2019 2018 Vendor 1 9 % 13 % Vendor 2 8 % 13 % Others 83 % 74 % Total 100 % 100 % We purchase raw materials from various vendors. Those purchases represent 69% and 53% of our cost of goods sold in the three months ended March 31, 2019 and 2018. |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2019 | |
DEBT [Abstract] | |
DEBT | NOTE 8. DEBT The note payable to the seller of Golden Ridge, bears interest at an annual rate of 6.8%. Interest is payable monthly. We paid $0.3 million of principal on the note in January 2019. The remaining principal is payable upon maturity of the note in November 2019. Long-term debt consists of equipment notes which expire in 2022. Obligations under the notes were initially recorded in November 2018 when we assumed the debt in connection with our acquisition of Golden Ridge. The debt was initially recorded at the present value of future payments, using a rate of 4.8%, which was determined to approximate market rates for similar debt with similar maturities as of the acquisition date. |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2019 | |
LEASES [Abstract] | |
LEASES | NOTE 9. LEASES The components of lease expense and cash flows from leases for the three months ended March 31, 2019 (amounts in thousands) follows. Finance lease cost: Amortization of right-of use assets, included in cost of goods sold $ 4 Interest on lease liabilities 2 Operating lease cost, included in selling, general and administrative expenses: Fixed leases cost 130 Variable lease cost 32 Short-term lease cost 9 Total lease cost $ 177 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 2 Operating cash flows from operating leases $ 177 Financing cash flows from finance leases $ 11 As of March 31, 2019, variable lease payments do not depend on a rate or index. As of March 31, 2019, property and equipment, net, includes $0.1 million of finance lease right-of-use-assets. As of March 31, 2019, 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 the fair value of our leases as of March 31, 2019, follows. Operating Leases Finance Leases Remaining leases terms (in years) 1.0-13.9 2.1-3.6 Weighted average remaining lease terms (in years) 8.4 2.7 Discount rates 4.9%-9.0 % 4.8%-5.2 % Weighted average discount rate 7.6 % 4.8 % Maturities of lease liabilities as of March 31, 2019, follows (in thousands). Operating Leases Finance Leases 2019 (nine months ended December 31, 2019) $ 341 $ 38 2020 525 51 2021 536 33 2022 548 5 2023 528 - Thereafter 1,897 - Total lease payments 4,375 127 Amounts representing interest (1,226 ) (7 ) Present value of lease obligations $ 3,149 $ 120 Future annual minimum operating lease payments and finance lease maturities as of December 31, 2018, prepared in accordance with the guidance in effect prior to adoption of ASU 2016-02, follow (in thousands). Operating Leases Finance Leases 2019 $ 519 $ 51 2020 525 51 2021 536 33 2022 548 5 2023 528 - Thereafter 1,897 - Total minimum lease payments $ 4,553 140 Amounts representing interest (9 ) Present value of minimum payments $ 131 |
EQUITY, SHARE-BASED COMPENSATIO
EQUITY, SHARE-BASED COMPENSATION AND WARRANTS | 3 Months Ended |
Mar. 31, 2019 | |
EQUITY, SHARE-BASED COMPENSATION AND WARRANTS [Abstract] | |
EQUITY, SHARE-BASED COMPENSATION AND WARRANTS | NOT E 10. EQUITY, SHARE-BASED COMPENSATION AND WARRANTS A summary of equity activity for the three months ended March 31, 2019 and March 31, 2018, follows (in thousands, except share amounts). Shares Preferred Series G Common Preferred Stock Common Stock Accumulated Deficit Equity Balance, December 31, 2018 405 29,098,207 $ 201 $ 296,739 $ (273,229 ) $ 23,711 Proceeds from sale of common stock and pre-funded warrant, net of costs - 3,046,668 - 11,593 - 11,593 Common stock awards under equity incentive plans - 36,881 - 364 - 364 Exercise of common stock warrants - 600,000 - 1,980 - 1,980 Conversion of preferred stock into common stock (180 ) 170,818 (89 ) 89 - - Exercise of common stock options - 77,078 - 60 - 60 Other - - - 28 - 28 Net loss - - - - (3,227 ) (3,227 ) Balance, March 31, 2019 225 33,029,652 $ 112 $ 310,853 $ (276,456 ) $ 34,509 Shares Preferred Series G Common Preferred Stock Common Stock Accumulated Deficit Equity Balance, December 31, 2017 630 18,046,731 $ 313 $ 279,548 $ (265,128 ) $ 14,733 Common stock awards under equity incentive plans - 78,377 - 245 - 245 Exercise of common stock warrants - 1,827,999 - 1,755 - 1,755 Other - - - 75 - 75 Net loss - - - - (1,913 ) (1,913 ) Balance, March 31, 2018 630 19,953,107 $ 313 $ 281,623 $ (267,041 ) $ 14,895 On March 8, 2019, we issued and sold 3,046,668 shares of common stock for $3.00 per share and a pre-funded warrant exercisable into 1,003,344 shares of common stock for $2.99 per share, in a private placement. The warrant has an exercise price of $0.01 per share and is immediately exercisable, however the current holder must obtain approval from our shareholders to exercise the warrant to the extent such exercise would result in the shareholder owning in excess of 19.99% of our common shares outstanding. The warrant expires in March 2029. We determined the pre-funded warrant qualifies for equity accounting. The net proceeds from the offering of $11.6 million, after deducting commissions and other cash offering expenses of $0.5 million, are recorded in equity. We determined the exercise price of the warrant is nominal and, as such, have considered the 1,003,344 shares underlying the warrant to be outstanding effective March 8, 2019, for the purposes of calculating basic EPS. During the three months ended March 31, 2019, we also issued: • 30,887 shares of common stock to employees with a fair value at issuance of $3.22 per share. • 5,994 shares of common stock to a consultant with an average fair valuer at issuance of $3.48 per share. • 600,000 shares of common stock upon exercise of warrants at an exercise price of $3.30 per share. The exercised warrants had expiration dates in April 2019. • 170,818 shares of common stock upon conversion of 180 shares of Series G preferred stock. We reclassified the $0.1 million carrying value of the related preferred stock to common stock. • 77,078 shares of common stock upon exercise of options at a weighted average exercise price of $0.78 per share. • options to employees and a consultant for the purchase of up to 188,662 shares of common stock at an average exercise price of $3.25 per share and an average grant date fair value of $2.05 per share. The options vest and become exercisable in four equal annual installments beginning in January and February 2020. During the three months ended March 31, 2019, warrants for the issuance of up to 950,614 shares of common stock at an exercise price of $5.25 per share expired. During the three months ended March 31, 2019, a vendor earned and we expensed the value of 9,148 shares, previously issued and held in escrow. These shares were valued at $2.92 per share, the fair value of the shares on January 1, 2019, when we adopted ASU 2018-07. During the three months ended March 31, 2018, we issued: • 50,469 shares of common stock to employees with an average fair value at issuance of $1.38 per share. • 27,908 shares of common stock to a consultant with an average fair value at issuance of $1.42 per share. • 1,827,999 shares of common stock when warrant holders exercised warrants at an exercise price of $0.96 per share. • warrants for the purchase of up to 315,000 shares of common stock, at a weighted average exercise price of $4.73 per share and a weighted average term of 2.4 years. We recognized $0.1 million of expense for these issuances. • options to employees for the purchase of up to 278,873 shares of common stock at an exercise price of $1.42 and a grant date fair value of $0.97 per share. The options vest and become exercisable in four equal annual installments beginning in January 2019. During the three months ended March 31, 2018, a vendor earned and we expensed the value of 9,824 shares, previously issued and held in escrow. The shares were valued at the $1.57 per share fair value of the shares when earned, under the guidance for nonemployee awards in effect in 2018, prior to our adoption of ASU 2018-07. |
LOSS PER SHARE (EPS)
LOSS PER SHARE (EPS) | 3 Months Ended |
Mar. 31, 2019 | |
LOSS PER SHARE (EPS) [Abstract] | |
LOSS PER SHARE (EPS) | NOTE 11. LOSS PER SHARE (EPS) Basic EPS is calculated 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. Diluted EPS is computed by dividing the net income attributable to our 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. The dilutive effects of outstanding options, warrants, nonvested shares and restricted stock units that vest solely on the basis of a service condition are calculated using the treasury stock method. The dilutive effects of the outstanding preferred stock are calculated using the if-converted method. Below are reconciliations of the numerators and denominators in the EPS computations. Three Months Ended March 31 2019 2018 NUMERATOR (in thousands): Basic and diluted - loss from continuing operations $ (3,011 ) $ (1,913 ) DENOMINATOR (in thousands): Basic EPS - weighted average number of common shares outstanding 29,347,318 17,083,442 Effect of dilutive securities outstanding - - Diluted EPS - weighted average number of shares outstanding 29,347,318 17,083,442 Number of shares of common stock which could be purchased with weighted average outstanding securities not included in diluted EPS because effect would be antidilutive: Stock options 1,061,926 846,558 Warrants 10,020,616 21,959,539 Convertible preferred stock 259,075 597,865 Restricted stock units 1,215,000 650,167 Weighted average number of nonvested share of common stock not included in diluted EPS because effect would be antidilutive 1,044,709 1,275,452 The impacts of potentially dilutive securities outstanding at March 31, 2019 and 2018, were not included in the calculation of diluted EPS for the three months ended March 31, 2019 and 2018 because to do so would be anti-dilutive. Those securities listed in the table above which were anti-dilutive for March 31, 2019 and 2018, which remain outstanding, could potentially dilute EPS in the future. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2019 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE 12. INCOME TAXES Our tax expense for the three months ended March 31, 2019 and 2018, 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 March 31, 2019, 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. Based on our analysis of tax positions taken on income tax returns filed, we have determined no material liabilities related to uncertain income tax positions exist. Although we believe the amounts reflected in our tax returns substantially comply with applicable U.S. federal, state, and foreign tax regulations, the respective taxing authorities may take contrary positions based on their interpretation of the law. A tax position successfully challenged by a taxing authority could result in an adjustment to our provision or benefit for income taxes in the period in which a final determination is made. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2019 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 13. FAIR VALUE MEASUREMENTS The fair value of cash and cash equivalents, accounts and other receivables and accounts payable approximates their carrying value due to their shorter maturities. The fair values of our debt and finance lease liabilities approximates their carrying values, based on the current market rates for similar debt with similar maturities. The fair value of our operating lease liabilities is approximately $0.2 million higher than their carrying values, based on the current market rates for similar debt with similar maturities (Level 3). Fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Certain assets and liabilities are presented in the financial statements at fair value. Assets and liabilities measured at fair value on a recurring basis include derivative warrant and conversion liabilities. As of March 31, 2019 and December 31, 2018, no assets and liabilities are measured at fair value. Assets and liabilities measured at fair value on a non-recurring basis may include property. We assess the inputs used to measure fair value using a three-tier hierarchy based on the extent to which inputs used in measuring fair value are observable in the market: ● Level 1 – inputs include quoted prices for identical instruments and are the most observable. ● Level 2 – inputs include quoted prices for similar assets and observable inputs such as interest rates, currency exchange rates and yield curves. ● Level 3 – inputs are not observable in the market and include management’s judgments about the assumptions market participants would use in pricing the asset or liability. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2019 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 14. COMMITMENTS AND CONTINGENCIES 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. Defense costs are expensed as incurred and are included in professional fees. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2019 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 15. RELATED PARTY TRANSACTIONS In March 2019, we issued and sold to Continental Grain Company (CGC) 666,667 shares of common stock and a pre-funded warrant to purchase up to 1,003,344 shares of common stock for $2.99 per, share at an exercise price of $0.01 per share. Our director, Ari Gendason is a senior vice president and chief investment officer of CGC. As of the date of this filing, CGC owns approximately 19% of our outstanding common stock. We have a greed that in connection with each annual or special meeting of our shareholders at which members of our board of directors are to be elected, or any written consent of our shareholders pursuant to which members of the board of directors are to be elected, CGC shall have the right to designate one nominee to our board of directors. |
TRANSACTIONS WITH EMPLOYEES
TRANSACTIONS WITH EMPLOYEES | 3 Months Ended |
Mar. 31, 2019 | |
TRANSACTIONS WITH EMPLOYEES [Abstract] | |
TRANSACTIONS WITH EMPLOYEES | NOTE 16. TRANSACTIONS WITH EMPLOYEES Wayne Wilkison, our employee, and former owner of Golden Ridge, owns various farms and a freight company with which we conduct business. During the three months ended March 31, 2019, we paid $1.4 million to these entities. As of March 31, 2019 and December 31, 2018, $0.4 million and $1.9 million was included in commodities payable for amounts owed to these entities. The note payable to seller of Golden Ridge, described further in Note 4, is payable to Mr. Wilkison. The purchase price working capital adjustment, described further in Note 4 is receivable from Mr. Wilkison. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
BASIS OF PRESENTATION [Abstract] | |
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 (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. 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, 2018, 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. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Recent Accounting Guidance | Recent Accounting Guidance Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (FASB) issued guidance which changes the accounting for leases, , Leases. On January 1, 2019, we adopted the guidance, and subsequent guidance related to the topic in ASU 2018-11, using the modified retrospective method. Upon completing our implementation assessment of the guidance, we concluded that no adjustment was required to our retained earnings as of January 1, 2019. We elected the package of practical expedients in transition for leases that commenced prior to January 1, 2019, and therefor did not We have no land easements. For all asset classes, we elected to (i) not recognize a right-of-use asset and lease liability for leases with a term of 12 months or less and (ii) not separate nonlease components from lease components and have accounted for combined lease and nonlease components as a single lease component disclosures required by the guidance are presented within the “Leases” policy disclosure below and In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . The guidance was issued to simplify the accounting for share-based transactions by expanding the scope of Topic 718 from only being applicable to share-based payments to employees to also include share-based payment transactions for acquiring goods and services from nonemployees. As a result, nonemployee share-based transactions will be measured by estimating the fair value of the equity instruments at the grant date, taking into consideration the probability of satisfying performance conditions. We adopted ASU 2018-07 on January 1, 2019. The guidance did not change the way we recognize expense for director awards. Adoption of the standard only impacted the recognition of expense, on a prospective basis, for one vendor’s awards which are subject to performance conditions. Adoption of the standard did not have a material impact on our financial statements for the three months ended March 31, 2019. Additional disclosures required by the guidance are presented within the “Share-Based Compensation” policy disclosure below |
Reclassifications | Reclassifications |
Leases | Leases : We lease certain buildings, land and corporate office space under operating leases with monthly or annual rent payments. We lease certain machinery and equipment under finance leases with monthly rent payments. We determine if an arrangement is a lease at inception. Operating lease assets are presented as operating lease right-of-use assets and the related liabilities are presented as operating lease liabilities in our consolidated balance sheets. Finance lease assets are included in property and equipment, net, and the related liabilities are included as finance lease liabilities in our consolidated balance sheets. We recognize right-of-use assets and lease liabilities based on the present value of the future minimum lease payments over the lease term, beginning at the commencement date, for leases exceeding 12 months. Minimum lease payments include the fixed lease components of the lease and any variable rate payments that depend on an index, initially measured using the index at the lease commencement date. Lease terms may include options to renew when it is reasonably certain that we will exercise that option. We combined lease and nonlease components and account for them as a single lease component. Certain leases contain rent escalation clauses, rent holidays, capital improvement funding or other lease concessions. In determining our right-of-use assets and lease liabilities, we apply a discount rate to the minimum lease payments within each lease. When we cannot readily determine the discount rate implicit in a lease, we utilize our incremental borrowing rate, the rate of interest that we would incur to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. To estimate the incremental borrowing rate we reference a market yield curve consistent with our credit quality. We recognize operating lease expense related to the minimum lease payments on a straight-line basis over the lease term. For finance leases, we recognize amortization expense related to the minimum lease payments on a straight-line basis over the lease term while interest expense is recognized using the effective interest method. Expense related to variable lease payments that do not depend on a rate or index and short-term rentals, on leases with terms less than 12 months, are expensed as incurred. |
Share-Based Compensation | Share-Based Compensation : Share-based compensation expense for stock options granted to employees is calculated at the grant date using the Black-Scholes-Merton valuation model based on awards ultimately expected to vest and expensed on a straight-line basis over the service period of the grant. We recognize forfeitures as they occur. The Black-Scholes-Merton option pricing model requires us to estimate key assumptions such as expected life, volatility, risk-free interest rates and dividend yield to determine the fair value of share-based awards, based on both historical information and management’s judgment regarding market factors and trends. We will use alternative valuation models if grants have characteristics that cannot be reasonably estimated using the Black-Scholes-Merton model. For awards of nonvested stock, share-based compensation is measured based on the fair value of the award on the date of grant and the corresponding expense is recognized over the period during which an employee is required to provide service in exchange for the reward. Compensation expense related to service-based awards are recognized on a straight-line basis over the requisite service period for the entire award. For restricted stock units with market conditions, share-based compensation is measured based on the fair value of the award on the date of grant using a binomial simulation model and expense is recognized over the derived service period determined by the simulation. The binomial simulation model requires us to estimate key assumptions such as stock volatility, risk-free interest rates and dividend yield based on both historical information and management’s judgment regarding market factors and trends . Share-based compensation awards to non-employees is calculated as of the grant date, taking into consideration the probability of satisfaction of performance conditions, in a manner consistent with awards to employees. The expense associated with share-based awards for services are recognized over the term of service. In the event services are terminated early or we require no specific future performance, the entire amount is expensed. The expense associated with share-based awards made in exchange for goods is generally attributed to expense in the same manner as if the vendor had been paid in cash. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
ACQUISITIONS [Abstract] | |
Identified Assets Acquired and Liabilities Assumed Based on Estimated Fair Value | The following table summarizes the purchase price allocation, the consideration transferred to acquire Golden Ridge, as well as the amounts of identified assets acquired and liabilities assumed based on the estimated fair value as of the November 28, 2018, acquisition date (in thousands, except share and per share amounts). 1,666,667 shares of common stock, at fair value of $3.00 per share at Closing $ 5,000 Golden Ridge financial liabilities paid for the seller 2,661 Cash 250 Note payable to seller 609 Working capital adjustment to purchase price, receivable from seller (1,147 ) Total fair value of consideration transferred 7,373 Cash 409 Accounts receivable 1,587 Inventories 103 Property and equipment 5,092 Accounts payable (222 ) Commodities payable (2,559 ) Accrued expenses (12 ) Equipment notes payable (203 ) Net recognized amounts of identifiable assets acquired and liabilities assumed 4,195 Goodwill $ 3,178 |
CONCENTRATION OF RISK (Tables)
CONCENTRATION OF RISK (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Concentration of Credit Risk [Abstract] | |
Revenues by Geographic Area | The following table presents revenues by geographic area shipped to in the three months ended March 31, 2019 and 2018 (in thousands). Three Months Ended March 31 2019 2018 United States $ 6,065 $ 3,167 Other countries 299 385 Revenues $ 6,364 $ 3,552 |
Revenues by Product Line | T Three Months Ended March 31 2019 2018 Food $ 4,747 $ 1,868 Animal nutrition 1,617 1,684 Revenues $ 6,364 $ 3,552 |
Customer Concentration Risk [Member] | |
Concentration of Credit Risk [Abstract] | |
Concentrations of Risk | Revenues and accounts receivable from significant customers (customers with revenue or accounts receivable in excess of 10% of any consolidated totals) are stated below as a percent of consolidated totals. Customer A B C D % of Revenues, three months ended March 31, 2019 18 % 10 % 10 % 9 % % of Revenues, three months ended March 31, 2018 - % 20 % - % 11 % % of Accounts Receivable, as of March 31, 2019 20 % 11 % 14 % 9 % % of Accounts Receivable, as of December 31, 2018 16 % 13 % 14 % - % |
Vendor Concentration Risk [Member] | |
Concentration of Credit Risk [Abstract] | |
Concentrations of Risk | Purchases from certain significant vendors are stated below as a percent of total purchases for the three months ended March 31, 2019 and 2018 % of Total Purchases Three Months Ended March 31 2019 2018 Vendor 1 9 % 13 % Vendor 2 8 % 13 % Others 83 % 74 % Total 100 % 100 % |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
LEASES [Abstract] | |
Components of Lease Expense | The components of lease expense and cash flows from leases for the three months ended March 31, 2019 (amounts in thousands) follows. Finance lease cost: Amortization of right-of use assets, included in cost of goods sold $ 4 Interest on lease liabilities 2 Operating lease cost, included in selling, general and administrative expenses: Fixed leases cost 130 Variable lease cost 32 Short-term lease cost 9 Total lease cost $ 177 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 2 Operating cash flows from operating leases $ 177 Financing cash flows from finance leases $ 11 |
Remaining Lease Term and Discount Rate | Operating Leases Finance Leases Remaining leases terms (in years) 1.0-13.9 2.1-3.6 Weighted average remaining lease terms (in years) 8.4 2.7 Discount rates 4.9%-9.0 % 4.8%-5.2 % Weighted average discount rate 7.6 % 4.8 % |
Maturities of Lease Liabilities | Maturities of lease liabilities as of March 31, 2019, follows (in thousands). Operating Leases Finance Leases 2019 (nine months ended December 31, 2019) $ 341 $ 38 2020 525 51 2021 536 33 2022 548 5 2023 528 - Thereafter 1,897 - Total lease payments 4,375 127 Amounts representing interest (1,226 ) (7 ) Present value of lease obligations $ 3,149 $ 120 |
Future Annual Minimum Operating Lease Payments and Finance Lease Maturities | Future annual minimum operating lease payments and finance lease maturities as of December 31, 2018, prepared in accordance with the guidance in effect prior to adoption of ASU 2016-02, follow (in thousands). Operating Leases Finance Leases 2019 $ 519 $ 51 2020 525 51 2021 536 33 2022 548 5 2023 528 - Thereafter 1,897 - Total minimum lease payments $ 4,553 140 Amounts representing interest (9 ) Present value of minimum payments $ 131 |
EQUITY, SHARE-BASED COMPENSAT_2
EQUITY, SHARE-BASED COMPENSATION AND WARRANTS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
EQUITY, SHARE-BASED COMPENSATION AND WARRANTS [Abstract] | |
Equity Activity | A summary of equity activity for the three months ended March 31, 2019 and March 31, 2018, follows (in thousands, except share amounts). Shares Preferred Series G Common Preferred Stock Common Stock Accumulated Deficit Equity Balance, December 31, 2018 405 29,098,207 $ 201 $ 296,739 $ (273,229 ) $ 23,711 Proceeds from sale of common stock and pre-funded warrant, net of costs - 3,046,668 - 11,593 - 11,593 Common stock awards under equity incentive plans - 36,881 - 364 - 364 Exercise of common stock warrants - 600,000 - 1,980 - 1,980 Conversion of preferred stock into common stock (180 ) 170,818 (89 ) 89 - - Exercise of common stock options - 77,078 - 60 - 60 Other - - - 28 - 28 Net loss - - - - (3,227 ) (3,227 ) Balance, March 31, 2019 225 33,029,652 $ 112 $ 310,853 $ (276,456 ) $ 34,509 Shares Preferred Series G Common Preferred Stock Common Stock Accumulated Deficit Equity Balance, December 31, 2017 630 18,046,731 $ 313 $ 279,548 $ (265,128 ) $ 14,733 Common stock awards under equity incentive plans - 78,377 - 245 - 245 Exercise of common stock warrants - 1,827,999 - 1,755 - 1,755 Other - - - 75 - 75 Net loss - - - - (1,913 ) (1,913 ) Balance, March 31, 2018 630 19,953,107 $ 313 $ 281,623 $ (267,041 ) $ 14,895 |
LOSS PER SHARE (EPS) (Tables)
LOSS PER SHARE (EPS) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
LOSS PER SHARE (EPS) [Abstract] | |
Reconciliations of Numerators and Denominators in EPS Computations | Below are reconciliations of the numerators and denominators in the EPS computations. Three Months Ended March 31 2019 2018 NUMERATOR (in thousands): Basic and diluted - loss from continuing operations $ (3,011 ) $ (1,913 ) DENOMINATOR (in thousands): Basic EPS - weighted average number of common shares outstanding 29,347,318 17,083,442 Effect of dilutive securities outstanding - - Diluted EPS - weighted average number of shares outstanding 29,347,318 17,083,442 Number of shares of common stock which could be purchased with weighted average outstanding securities not included in diluted EPS because effect would be antidilutive: Stock options 1,061,926 846,558 Warrants 10,020,616 21,959,539 Convertible preferred stock 259,075 597,865 Restricted stock units 1,215,000 650,167 Weighted average number of nonvested share of common stock not included in diluted EPS because effect would be antidilutive 1,044,709 1,275,452 |
BUSINESS (Details)
BUSINESS (Details) | Mar. 31, 2019Location |
BUSINESS [Abstract] | |
Number of locations | 4 |
Number of locations in California | 2 |
Number of locations in Louisiana | 1 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Recently Adopted Accounting Standards [Abstract] | ||
Operating lease right-of-use assets | $ 2,968 | $ 0 |
Operating lease liabilities | $ 3,149 | |
ASU 2016-02 [Member] | ||
Recently Adopted Accounting Standards [Abstract] | ||
Operating lease right-of-use assets | 3,000 | |
Operating lease liabilities | $ 3,300 |
ACQUISITIONS, Golden Ridge (Det
ACQUISITIONS, Golden Ridge (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 28, 2018 | Mar. 31, 2019 | Dec. 31, 2018 |
Identified Assets Acquired and Liabilities Assumed [Abstract] | |||
Goodwill | $ 3,178 | $ 3,178 | |
Details of Acquisition [Abstract] | |||
Receivable from seller of Golden Ridge - working capital adjustment to purchase price | $ 988 | $ 1,147 | |
Golden Ridge Rice Mills [Member] | |||
Consideration Transferred [Abstract] | |||
1,666,667 shares of common stock, at fair value of $3.00 per share at Closing | $ 5,000 | ||
Golden Ridge financial liabilities paid for the seller | 2,661 | ||
Cash | 250 | ||
Note payable to seller | 609 | ||
Working capital adjustment to purchase price, receivable from seller | (1,147) | ||
Total fair value of consideration transferred | 7,373 | ||
Identified Assets Acquired and Liabilities Assumed [Abstract] | |||
Cash | 409 | ||
Accounts Receivable | 1,587 | ||
Inventories | 103 | ||
Property and equipment | 5,092 | ||
Accounts payable | (222) | ||
Commodities payable | (2,559) | ||
Accrued expenses | (12) | ||
Equipment notes payable | (203) | ||
Net recognized amounts of identifiable assets acquired and liabilities assumed | 4,195 | ||
Goodwill | $ 3,178 | ||
Number of shares issued in acquisition (in shares) | 1,666,667 | ||
Share price (in dollars per share) | $ 3 | ||
Details of Acquisition [Abstract] | |||
Number of shares deposited in escrow account (in shares) | 380,952 | 380,952 | |
Fair value of trade receivables | $ 1,600 | ||
Difference in gross trade receivables and fair value of trade receivables | $ 100 | ||
Goodwill deductible period for tax purposes | 15 years | ||
Receivable from seller of Golden Ridge - working capital adjustment to purchase price | $ 1,000 | $ 1,100 | |
Revenue of acquired business | 2,700 | ||
Net loss of acquired business | $ 400 |
ACQUISITIONS, MGI (Details)
ACQUISITIONS, MGI (Details) - Subsequent Events [Member] - MGI Grain Processing LLC [Member] | Apr. 04, 2019USD ($) |
Consideration Transferred [Abstract] | |
Aggregate purchase price | $ 3,800,000 |
Cash paid for acquisition | 3,500,000 |
Amount deposited in escrow account | $ 2,500,000 |
Period for deposit amount to be held in escrow | 60 days |
DISCONTINUED OPERATIONS AND R_2
DISCONTINUED OPERATIONS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Jul. 31, 2017 | |
Healthy Natural (HN) Discontinued Operations [Abstract] | |||||
Liability for settlement of the working capital adjustment | $ 475 | $ 259 | |||
Restricted cash | 225 | 225 | $ 775 | $ 775 | |
Healthy Natural [Member] | |||||
Healthy Natural (HN) Discontinued Operations [Abstract] | |||||
Sale of assets | $ 18,300 | ||||
Gain on sale of business | 8,200 | ||||
Estimated working capital adjustments | 500 | 300 | 300 | ||
Tax (expense) benefit from gain on sale of business | 0 | $ (4,700) | |||
Liability for settlement of the working capital adjustment | $ 475,000 | $ 259,000 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 13,278 | $ 7,044 | $ 5,130 | $ 6,203 |
Money Market Funds [Member] | ||||
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 5,000 |
CONCENTRATION OF RISK (Details)
CONCENTRATION OF RISK (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Concentration of Credit Risk [Abstract] | |||
Revenues | $ 6,364 | $ 3,552 | |
Reportable Geographic Segment [Member] | United States [Member] | |||
Concentration of Credit Risk [Abstract] | |||
Revenues | 6,065 | 3,167 | |
Reportable Geographic Segment [Member] | Other Countries [Member] | |||
Concentration of Credit Risk [Abstract] | |||
Revenues | 299 | 385 | |
Operating Segments [Member] | Food [Member] | |||
Concentration of Credit Risk [Abstract] | |||
Revenues | 4,747 | 1,868 | |
Operating Segments [Member] | Animal Nutrition [Member] | |||
Concentration of Credit Risk [Abstract] | |||
Revenues | $ 1,617 | $ 1,684 | |
Revenue [Member] | Customer A [Member] | Customer Concentration Risk [Member] | |||
Concentration of Credit Risk [Abstract] | |||
Concentration risk, percentage | 18.00% | 0.00% | |
Revenue [Member] | Customer B [Member] | Customer Concentration Risk [Member] | |||
Concentration of Credit Risk [Abstract] | |||
Concentration risk, percentage | 10.00% | 20.00% | |
Revenue [Member] | Customer C [Member] | Customer Concentration Risk [Member] | |||
Concentration of Credit Risk [Abstract] | |||
Concentration risk, percentage | 10.00% | 0.00% | |
Revenue [Member] | Customer D [Member] | Customer Concentration Risk [Member] | |||
Concentration of Credit Risk [Abstract] | |||
Concentration risk, percentage | 9.00% | 11.00% | |
Accounts Receivable [Member] | Customer A [Member] | Customer Concentration Risk [Member] | |||
Concentration of Credit Risk [Abstract] | |||
Concentration risk, percentage | 20.00% | 16.00% | |
Accounts Receivable [Member] | Customer B [Member] | Customer Concentration Risk [Member] | |||
Concentration of Credit Risk [Abstract] | |||
Concentration risk, percentage | 11.00% | 13.00% | |
Accounts Receivable [Member] | Customer C [Member] | Customer Concentration Risk [Member] | |||
Concentration of Credit Risk [Abstract] | |||
Concentration risk, percentage | 14.00% | 14.00% | |
Accounts Receivable [Member] | Customer D [Member] | Customer Concentration Risk [Member] | |||
Concentration of Credit Risk [Abstract] | |||
Concentration risk, percentage | 9.00% | 0.00% | |
Cost of Goods Sold [Member] | Vendor Concentration Risk [Member] | |||
Concentration of Credit Risk [Abstract] | |||
Concentration risk, percentage | 69.00% | 53.00% | |
Purchases [Member] | Vendor Concentration Risk [Member] | |||
Concentration of Credit Risk [Abstract] | |||
Concentration risk, percentage | 100.00% | 100.00% | |
Purchases [Member] | Vendor 1 [Member] | Vendor Concentration Risk [Member] | |||
Concentration of Credit Risk [Abstract] | |||
Concentration risk, percentage | 9.00% | 13.00% | |
Purchases [Member] | Vendor 2 [Member] | Vendor Concentration Risk [Member] | |||
Concentration of Credit Risk [Abstract] | |||
Concentration risk, percentage | 8.00% | 13.00% | |
Purchases [Member] | Others [Member] | Vendor Concentration Risk [Member] | |||
Concentration of Credit Risk [Abstract] | |||
Concentration risk, percentage | 83.00% | 74.00% |
DEBT (Details)
DEBT (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Jan. 31, 2019 | Mar. 31, 2019 | |
Note Payable to Seller [Member] | ||
Debt Instruments [Abstract] | ||
Long term debt interest rate | 6.80% | |
Repayment of note | $ 0.3 | |
Maturity date of note | Nov. 30, 2019 | |
Equipment Notes [Member] | ||
Debt Instruments [Abstract] | ||
Long term debt interest rate | 4.80% | |
Maturity date of note | Dec. 31, 2022 |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Finance lease cost [Abstract] | ||
Amortization of right-of use assets, included in cost of goods sold | $ 4 | |
Interest on lease liabilities | 2 | |
Operating lease cost, included in selling, general and administrative expenses [Abstract] | ||
Fixed leases cost | 130 | |
Variable lease cost | 32 | |
Short-term lease cost | 9 | |
Total lease cost | 177 | |
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||
Operating cash flows from finance leases | 2 | |
Operating cash flows from operating leases | 177 | |
Financing cash flows from finance leases | 11 | |
Finance lease right-of-use-assets | $ 100 | |
Operating Leases [Abstract] | ||
Weighted average remaining lease terms (in years) | 8 years 4 months 24 days | |
Weighted average discount rate | 7.60% | |
Finance Leases [Abstract] | ||
Weighted average remaining lease terms (in years) | 2 years 8 months 12 days | |
Weighted average discount rate | 4.80% | |
Maturities of Operating Lease Liabilities [Abstract] | ||
2019 (nine months ended December 31, 2019) | $ 341 | |
2020 | 525 | |
2021 | 536 | |
2022 | 548 | |
2023 | 528 | |
Thereafter | 1,897 | |
Total lease payments | 4,375 | |
Amounts representing interest | (1,226) | |
Present value of lease obligations | 3,149 | |
Maturities of Finance Lease Liabilities [Abstract] | ||
2019 (nine months ended December 31, 2019) | 38 | |
2020 | 51 | |
2021 | 33 | |
2022 | 5 | |
2023 | 0 | |
Thereafter | 0 | |
Total lease payments | 127 | |
Amounts representing interest | (7) | |
Present value of lease obligations | $ 120 | |
Future annual minimum operating lease payments [Abstract] | ||
2019 | $ 519 | |
2020 | 525 | |
2021 | 536 | |
2022 | 548 | |
2023 | 528 | |
Thereafter | 1,897 | |
Total minimum lease payments | 4,553 | |
Future annual minimum finance lease payments [Abstract] | ||
2019 | 51 | |
2020 | 51 | |
2021 | 33 | |
2022 | 5 | |
2023 | 0 | |
Thereafter | 0 | |
Total minimum lease payments | 140 | |
Amounts representing interest | (9) | |
Present value of minimum payments | $ 131 | |
Minimum [Member] | ||
Operating Leases [Abstract] | ||
Remaining leases terms (in years) | 1 year | |
Discount rate | 4.90% | |
Finance Leases [Abstract] | ||
Remaining leases terms (in years) | 2 years 1 month 6 days | |
Discount rate | 4.80% | |
Maximum [Member] | ||
Operating Leases [Abstract] | ||
Remaining leases terms (in years) | 13 years 10 months 24 days | |
Discount rate | 9.00% | |
Finance Leases [Abstract] | ||
Remaining leases terms (in years) | 3 years 7 months 6 days | |
Discount rate | 4.90% |
EQUITY, SHARE-BASED COMPENSAT_3
EQUITY, SHARE-BASED COMPENSATION AND WARRANTS, Summary of Equity Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance | $ 23,711 | $ 14,733 |
Balance (in shares) | 29,098,207 | |
Proceeds from sale of common stock and pre-funded warrant, net of costs | $ 11,593 | |
Common stock awards under equity incentive plans | 364 | 245 |
Exercise of common stock warrants | 1,980 | 1,755 |
Conversion of preferred stock into common stock | 0 | |
Exercise of common stock options | 60 | |
Other | 28 | 75 |
Net loss | (3,227) | (1,913) |
Balance | $ 34,509 | 14,895 |
Balance (in shares) | 33,029,652 | |
Preferred Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance | $ 201 | 313 |
Proceeds from sale of common stock and pre-funded warrant, net of costs | 0 | |
Common stock awards under equity incentive plans | 0 | 0 |
Exercise of common stock warrants | 0 | 0 |
Conversion of preferred stock into common stock | (89) | |
Exercise of common stock options | 0 | |
Other | 0 | 0 |
Net loss | 0 | 0 |
Balance | $ 112 | $ 313 |
Preferred Stock [Member] | Series G Preferred Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance (in shares) | 405 | 630 |
Proceeds from sale of common stock and pre-funded warrant, net of costs (in shares) | 0 | |
Common stock awards under equity incentive plans (in shares) | 0 | 0 |
Exercise of common stock warrants (in shares) | 0 | 0 |
Conversion of preferred stock into common stock (in shares) | (180) | |
Exercise of common stock options (in shares) | 0 | |
Other (in shares) | 0 | 0 |
Balance (in shares) | 225 | 630 |
Common Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance | $ 296,739 | $ 279,548 |
Balance (in shares) | 29,098,207 | 18,046,731 |
Proceeds from sale of common stock and pre-funded warrant, net of costs | $ 11,593 | |
Common stock awards under equity incentive plans | 364 | $ 245 |
Exercise of common stock warrants | 1,980 | 1,755 |
Conversion of preferred stock into common stock | 89 | |
Exercise of common stock options | 60 | |
Other | 28 | 75 |
Net loss | $ 0 | $ 0 |
Proceeds from sale of common stock and pre-funded warrant, net of costs (in shares) | 3,046,668 | |
Common stock awards under equity incentive plans (in shares) | 36,881 | 78,377 |
Exercise of common stock warrants (in shares) | 600,000 | 1,827,999 |
Conversion of preferred stock into common stock (in shares) | 170,818 | |
Exercise of common stock options (in shares) | 77,078 | |
Other (in shares) | 0 | 0 |
Balance | $ 310,853 | $ 281,623 |
Balance (in shares) | 33,029,652 | 19,953,107 |
Accumulated Deficit [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance | $ (273,229) | $ (265,128) |
Proceeds from sale of common stock and pre-funded warrant, net of costs | 0 | |
Common stock awards under equity incentive plans | 0 | 0 |
Exercise of common stock warrants | 0 | 0 |
Conversion of preferred stock into common stock | 0 | |
Exercise of common stock options | 0 | |
Other | 0 | 0 |
Net loss | (3,227) | (1,913) |
Balance | $ (276,456) | $ (267,041) |
EQUITY, SHARE-BASED COMPENSAT_4
EQUITY, SHARE-BASED COMPENSATION AND WARRANTS (Details) $ / shares in Units, $ in Thousands | Mar. 08, 2019USD ($)$ / sharesshares | Mar. 31, 2019USD ($)Installment$ / sharesshares | Mar. 31, 2018USD ($)Installment$ / sharesshares |
Transactions with Holders [Abstract] | |||
Stock price (in dollars per share) | $ 3 | $ 2.92 | $ 1.57 |
Shares callable by pre-funded warrant (in shares) | shares | 1,003,344 | ||
Warrants to purchase shares of common stock price per share (in dollars per share) | $ 2.99 | ||
Exercise price per warrant (in dollars per share) | $ 0.01 | $ 3.30 | $ 0.96 |
Commissions and other cash offering expenses | $ | $ 500 | ||
Conversion of preferred stock into common stock | $ | $ 0 | ||
Shares issued to vendor (in shares) | shares | 9,148 | 9,824 | |
Minimum [Member] | |||
Transactions with Holders [Abstract] | |||
Ownership percentage | 19.99% | ||
Stock Options [Member] | |||
Transactions with Holders [Abstract] | |||
Stock price (in dollars per share) | $ 0.78 | ||
Stock Options [Member] | Consultant [Member] | |||
Transactions with Holders [Abstract] | |||
Exercise price of stock options (in dollars per share) | 3.25 | ||
Weighted average grant date fair value of stock options (in dollars per share) | $ 2.05 | ||
Number of equal annual installments | Installment | 4 | ||
Stock Options [Member] | Consultant [Member] | Maximum [Member] | |||
Transactions with Holders [Abstract] | |||
Options granted (in shares) | shares | 188,662 | ||
Stock Options [Member] | Employee [Member] | |||
Transactions with Holders [Abstract] | |||
Exercise price of stock options (in dollars per share) | $ 3.25 | ||
Weighted average grant date fair value of stock options (in dollars per share) | $ 2.05 | ||
Number of equal annual installments | Installment | 4 | ||
Stock Options [Member] | Employee [Member] | Maximum [Member] | |||
Transactions with Holders [Abstract] | |||
Options granted (in shares) | shares | 188,662 | ||
Warrants [Member] | |||
Transactions with Holders [Abstract] | |||
Expired (in dollars per share) | $ 5.25 | ||
Issued (in dollars per share) | $ 4.73 | ||
Weighted average term | 2 years 4 months 24 days | ||
Expense recognized for the issuances | $ | $ 100 | ||
Warrants [Member] | Maximum [Member] | |||
Transactions with Holders [Abstract] | |||
Expired (in shares) | shares | 950,614 | ||
Issued (in shares) | shares | 315,000 | ||
Common Stock [Member] | |||
Transactions with Holders [Abstract] | |||
Conversion of preferred stock into common stock | $ | $ 89 | ||
Common Stock [Member] | Consultant [Member] | |||
Transactions with Holders [Abstract] | |||
Stock price (in dollars per share) | $ 3.48 | $ 1.42 | |
Common stock issued for services (in shares) | shares | 5,994 | 27,908 | |
Common Stock [Member] | Employee [Member] | |||
Transactions with Holders [Abstract] | |||
Stock price (in dollars per share) | $ 3.22 | $ 1.38 | |
Common stock issued for services (in shares) | shares | 30,887 | 50,469 | |
Exercise price of stock options (in dollars per share) | $ 1.42 | ||
Weighted average grant date fair value of stock options (in dollars per share) | $ 0.97 | ||
Number of equal annual installments | Installment | 4 | ||
Common Stock [Member] | Employee [Member] | Maximum [Member] | |||
Transactions with Holders [Abstract] | |||
Options granted (in shares) | shares | 278,873 |
LOSS PER SHARE (EPS) (Details)
LOSS PER SHARE (EPS) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
NUMERATOR [Abstract] | ||
Basic and diluted - loss from continuing operations | $ (3,011) | $ (1,913) |
DENOMINATOR [Abstract] | ||
Basic EPS - weighted average number of common shares outstanding (in shares) | 29,347,318 | 17,083,442 |
Effect of dilutive securities outstanding (in shares) | 0 | 0 |
Diluted EPS - weighted average number of shares outstanding (in shares) | 29,347,318 | 17,083,442 |
Stock Options [Member] | ||
Antidilutive Securities [Abstract] | ||
Number of shares of common stock which could be purchased with weighted average outstanding securities not included in diluted EPS because effect would be antidilutive (in shares) | 1,061,926 | 846,558 |
Warrants [Member] | ||
Antidilutive Securities [Abstract] | ||
Number of shares of common stock which could be purchased with weighted average outstanding securities not included in diluted EPS because effect would be antidilutive (in shares) | 10,020,616 | 21,959,539 |
Convertible Preferred Stock [Member] | ||
Antidilutive Securities [Abstract] | ||
Number of shares of common stock which could be purchased with weighted average outstanding securities not included in diluted EPS because effect would be antidilutive (in shares) | 259,075 | 597,865 |
Restricted Stock Units [Member] | ||
Antidilutive Securities [Abstract] | ||
Number of shares of common stock which could be purchased with weighted average outstanding securities not included in diluted EPS because effect would be antidilutive (in shares) | 1,215,000 | 650,167 |
Nonvested Shares of Common Stock [Member] | ||
Antidilutive Securities [Abstract] | ||
Number of shares of common stock which could be purchased with weighted average outstanding securities not included in diluted EPS because effect would be antidilutive (in shares) | 1,044,709 | 1,275,452 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Financial Liabilities Fair Value Disclosure | 0 | $ 0 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Difference between fair value and carrying value | $ 0.2 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2019$ / sharesshares | Mar. 31, 2019Nominee$ / sharesshares | Mar. 08, 2019$ / sharesshares | Mar. 31, 2018$ / shares | |
Related Party Transaction Information [Abstract] | ||||
Shares callable by pre-funded warrant (in shares) | shares | 1,003,344 | |||
Exercise price per warrant (in dollars per share) | $ / shares | $ 3.30 | $ 3.30 | $ 0.01 | $ 0.96 |
Ari Gendason [Member] | Continental Grain Company [Member] | ||||
Related Party Transaction Information [Abstract] | ||||
Sale of common stock (in shares) | shares | 666,667 | |||
Shares callable by pre-funded warrant (in shares) | shares | 1,003,344 | 1,003,344 | ||
Share price (in dollars per share) | $ / shares | $ 2.99 | $ 2.99 | ||
Exercise price per warrant (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Ownership interest percentage | 19.00% | 19.00% | ||
Number of nominee for the Board of Directors related party can designate | Nominee | 1 |
TRANSACTIONS WITH EMPLOYEES (De
TRANSACTIONS WITH EMPLOYEES (Details) - Wayne Wilkison [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Employee Transaction [Abstract] | ||
Amount paid to related parties | $ 1.4 | |
Commodities payable | $ 0.4 | $ 1.9 |