Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 01, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001063537 | |
Entity Registrant Name | RiceBran Technologies | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-36245 | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 87-0673375 | |
Entity Address, Address Line One | 25420 Kuykendahl Rd., Suite B300 | |
Entity Address, City or Town | Tomball | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77375 | |
City Area Code | 218 | |
Local Phone Number | 773-7564 | |
Title of 12(b) Security | Common Stock, no par value per share | |
Trading Symbol | RIBT | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,004,002 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 448 | $ 1,139 |
Accounts receivable, net of allowance for credit losses of $16 and $32 | 1,500 | 2,824 |
Inventories | 417 | 420 |
Other current assets | 459 | 216 |
Current assets held for sale | 0 | 215 |
Total current assets | 2,824 | 4,814 |
Property and equipment, net | 1,984 | 2,088 |
Intangible assets | 246 | 270 |
Long-term assets held for sale | 0 | 2,150 |
Total assets | 5,054 | 9,322 |
Current liabilities: | ||
Accounts payable | 877 | 1,709 |
Commodities payable | 1,896 | 2,465 |
Accrued salary, wages and benefits | 117 | 226 |
Accrued legal | 2,134 | 2,098 |
Accrued expenses | 408 | 252 |
Due under factoring agreement | 559 | 1,866 |
Due under insurance premium finance agreements | 47 | 75 |
Finance lease liabilities, current portion | 123 | 120 |
Current portion of long-term debt | 77 | 137 |
Current liabilities held for sale | 0 | 12 |
Total current liabilities | 6,188 | 8,960 |
Finance lease liabilities, less current portion | 364 | 396 |
Long-term debt, net of unamortized discount | 3,184 | 2,960 |
Long-term liabilities held for sale | 0 | 6 |
Total liabilities | 9,736 | 12,322 |
Commitments and contingencies | ||
Shareholders' deficit: | ||
Preferred stock, 20,000,000 shares authorized: Series G, convertible, 3,000 shares authorized, stated value $150, 150 shares, issued and outstanding | 75 | 75 |
Common stock, no par value, 15,000,000 shares authorized, 10,004,002 shares and 9,513,341 shares, issued and outstanding | 330,328 | 330,202 |
Accumulated deficit | (335,135) | (333,277) |
Total shareholders' deficit | (4,732) | (3,000) |
Total liabilities and shareholders' deficit | $ 5,054 | $ 9,322 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Allowance for credit losses | $ 16 | $ 32 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, issued (in shares) | 10,004,002 | 9,513,341 |
Common stock, outstanding (in shares) | 10,004,002 | 9,513,341 |
Series G Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 3,000 | 3,000 |
Preferred stock, stated value (in dollars per share) | $ 150 | $ 150 |
Preferred stock, shares issued (in shares) | 150 | 150 |
Preferred stock, shares outstanding (in shares) | 150 | 150 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 2,116 | $ 1,950 |
Cost of goods sold | 1,653 | 1,702 |
Gross profit | 463 | 248 |
Selling, general and administrative expenses | 1,658 | 1,415 |
Loss from continuing operations before other income (expenses) | (1,195) | (1,167) |
Interest expense | (245) | (179) |
Interest income | 0 | 19 |
Change in fair value of derivative warrant liability | 0 | (28) |
Other income | 0 | 256 |
Other expense | (6) | (60) |
Loss from continuing operations before income taxes | (1,446) | (1,159) |
Income taxes | 0 | (6) |
Loss from continuing operations | (1,446) | (1,165) |
Loss from discontinued operations | (412) | (863) |
Net loss | $ (1,858) | $ (2,028) |
Basic and diluted net loss per common share: | ||
Continuing operations (in dollars per share) | $ (0.15) | $ (0.18) |
Discontinued operations (in dollars per share) | (0.04) | (0.13) |
Earnings Per Share, Basic (in dollars per share) | $ (0.19) | $ (0.31) |
Weighted average number of shares outstanding: | ||
Basic (in shares) | 9,970,925 | 6,567,978 |
Diluted (in shares) | 9,970,925 | 6,567,978 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flow from operating activities: | ||
Net loss | $ (1,858) | $ (2,028) |
Loss from discontinued operations | (412) | (863) |
Loss from continuing operations | (1,446) | (1,165) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||
Depreciation | 138 | 50 |
Amortization | 24 | 29 |
Stock and share-based compensation | 126 | 324 |
Change in fair value of derivative warrant liability | 0 | 28 |
Other | 0 | (78) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,323 | 385 |
Inventories | 3 | (5) |
Accounts payable and accrued liabilities | (766) | 616 |
Commodities payable | (570) | 272 |
Other | (29) | 57 |
Net cash (used in) provided by operating activities of continuing operations | (1,197) | 513 |
Net cash used in operating activities of discontinued operations | (203) | (575) |
Net cash used in operating activities | (1,400) | (62) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (78) | (178) |
Net cash used in investing activities of continuing operations | (78) | (178) |
Net cash (used in) provided by investing activities of discontinued operations | 2,150 | (52) |
Net cash (used in) provided by investing activities | 2,072 | (230) |
Cash flows from financing activities: | ||
Advances on insurance premium finance agreements | 65 | 206 |
Payments on insurance premium finance agreements | (103) | (184) |
Proceeds from debt, net of issuance costs | 0 | 2,494 |
Payments of debt and finance lease liabilities | 0 | (2,440) |
Net cash used in financing activities of continuing operations | (1,345) | (237) |
Net cash used in financing activities of discontinued operations | (18) | 0 |
Net cash used in financing activities | (1,363) | (237) |
Net change in cash and cash equivalents | (691) | (529) |
Cash and cash equivalents, beginning of period | 1,139 | 3,941 |
Cash and cash equivalents, end of period | 448 | 3,412 |
Net change in cash and cash equivalents | (691) | (529) |
Supplemental disclosures: | ||
Cash paid for interest | 38 | 193 |
PIK interest | 224 | 0 |
Factoring Agreement [Member] | ||
Cash flows from financing activities: | ||
Proceeds from Long-Term Lines of Credit | 3,101 | 8,559 |
Payments on factoring agreement | (4,408) | (8,908) |
Line of Credit With Bank [Member] | ||
Cash flows from financing activities: | ||
Proceeds from Long-Term Lines of Credit | $ 0 | $ 36 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. 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 not 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 December 31, 2023, The results reported in these interim financial statements are not Certain reclassifications have been made to amounts reported for the prior period for discontinued operations to achieve consistent presentation with the current period. Such reclassifications had no 3 |
Note 2 - Going Concern and Mana
Note 2 - Going Concern and Management's Plan | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2. ’ S PLAN The Company has incurred losses and generated negative cash flows from operations since its inception. As of March 31, 2024, Our history of operating losses and negative operating cash flows from continuing operations raises substantial doubt about our ability to continue as a going concern within one December 2023, On December 1, 2023, Related to this financing, Funicular was also granted warrants to purchase up to 5.0 million shares of common stock of the Company. If Funicular exercised all its warrants, it would own 49.8% of the Company. The Company also exchanged existing warrants with other investors to purchase an aggregate 2.2 million shares of common stock of the Company for an aggregate of approximately 0.6 million shares of common stock of the Company and new warrants to purchase 1.2 million shares of common stock of the Company. With the proceeds of this financing, the Company repaid its $1.5 million mortgage note (see Note 9 On January 25, 2024, The Company also believes additional cash can be secured through other debt or structured equity financing, if necessary. However, there can be no not |
Note 3 - Discontinued Operation
Note 3 - Discontinued Operations | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 3. We continuously assess the composition of our portfolio to ensure it is aligned with our strategic objectives and positioned to maximize return to our shareholders. Golden Ridge Rice Mills, Inc. Business On January 25, 2024, not not January 25, 2024, As summarized in the following table (in thousands), the net carrying value of the GRR Business assets and liabilities assumed as of the date of sale were $2.2 million resulting in a loss on sale of $0.2 million. The estimated loss on sale includes no not Property and equipment $ 2,116 Prepaid expenses 76 Deposits 32 Inventories 30 Total assets 2,254 Capital lease liabilities 18 Total liabilities 18 Net assets sold $ 2,236 We determined that the disposal met the criteria for presentation as discontinued operations in the first 2024 . December 31, 2023. The following table summarizes the major line items included in loss from discontinued operations related to the GRR Business and divestiture (in thousands). March 31 2024 2023 Revenues $ 681 $ 3,894 Cost of goods sold (903 ) (4,200 ) Selling, general and administrative expenses (46 ) - Interest expense (12 ) - Other expenses (7 ) - Loss from operations of discontinued operations (287 ) (306 ) Loss on sale (172 ) - Loss from discontinued operations $ (459 ) $ (306 ) Depreciation included in cost of goods sold $ 49 $ 146 Capital expenditures $ - $ 52 The following table summarizes the major line items included in cash flows from discontinued operations related to the GRR Business and divestiture (in thousands). March 31 2024 2023 Net cash used in operating activities $ (203 ) $ (145 ) Net cash provided by (used in) investing activities 2,150 (28 ) Net cash used in financing activities (18 ) - Net cash provided by (used in) discontinued operations $ 1,929 $ (173 ) The following table summarizes the carrying amounts of major classes of GRR Business assets and liabilities classified as held for sale as of December 31, 2023 ( Property and equipment $ 2,150 Prepaid expenses 60 Deposits 32 Inventories 123 Total assets 2,365 Capital lease liabilities 18 Total liabilities 18 Net assets sold $ 2,347 Stabilized Rice Bran Business On June 23, 2023, The proceeds, net of expenses, of $1.4 million, and the net carrying value of the SRB Business assets and liabilities assumed as of the date of sale at $10.0 million resulted in our recognition of a loss on sale of $8.6 million. The loss on sale includes no not In consideration of the Lender’s (as defined below) consent to the sale and release of securities interests and liens on SRB Business assets, we paid a portion of the amount outstanding on our mortgage promissory note, not Purchase price $ 1,800 Expenses as of June 30, 2023 (375 ) Net proceeds $ 1,425 Repayment of mortgage promissory note $ 450 Payment of paid time off liabilities 215 $ 665 The following table summarizes the carrying amounts of the SRB Business as of June 23, 2023, Inventories $ 2,252 Other current assets 185 Property and equipment 7,710 Operating lease right of use assets 1,566 Total assets 11,713 Accrued expenses 9 Operating lease liabilities 1,668 Finance lease liabilities 12 Long-term debt 14 Total liabilities 1,703 Net assets sold $ 10,010 The buyer of the SRB Business did not not June 23, 2023, We determined that the disposal met the criteria for presentation as discontinued operations in the second 2023. three March 31, 2023. three March 31, 2023. two March 31, 2023. The following table summarizes the major line items included in loss from discontinued operations related to the SRB Business and divestiture (in thousands). March 31, 2023 Revenues $ 3,425 Cost of goods sold (3,649 ) Selling, general and administrative expenses (316 ) Interest expense (17 ) Loss from operations of discontinued operations (557 ) Gain (loss) on sale - Loss from discontinued operations $ (557 ) Depreciation included in cost of goods sold $ 318 Capital expenditures $ 47 The following table summarizes the major line items included in cash flows from discontinued operations related to the SRB Business and divestiture (in thousands). March 31 2024 2023 Net cash used in operating activities $ - $ (430 ) Net cash used in investing activities - (24 ) Net cash used in financing activities - - Net cash used in discontinued operations - (454 ) |
Note 4 - Accounts Receivable an
Note 4 - Accounts Receivable and Revenues | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounts Receivable and Revenues [Text Block} | NOTE 4. 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% Customer A B C % of revenue, three months ended March 31, 2024 48 % 9 % 8 % % of revenue, three months ended March 31, 2023 32 % 17 % 8 % % of accounts receivable, as of March 31, 2024 32 % 22 % 8 % % of accounts receivable, as of December 31, 2023 26 % 13 % 10 % The following table presents disaggregated revenues (in thousands). Three Months Ended March 31, 2024 2023 Barley and Oats 1,950 1,617 Feed and Other 166 333 Revenues $ 2,116 $ 1,950 |
Note 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 5. The following table details the components of inventories (in thousands). March 31, December 31, 2024 2023 Finished goods $ 79 $ 90 Raw materials 322 302 Packaging 16 28 Inventories $ 417 $ 420 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6. The following table details the components of property and equipment (amounts in thousands). March 31, December 31, Estimated Useful Lives 2024 2023 (in years) Land $ 145 $ 145 Plant 947 947 20 - 40 or life of lease Computer and software 14 14 3 - 5 Machinery and equipment 2,079 2,079 5 - 15 Property and equipment, cost 3,185 3,185 Less accumulated depreciation 1,201 1,097 Property and equipment, net $ 1,984 $ 2,088 |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 7. Intangible assets consist of the following (in thousands). March 31, 2024 December 31, 2023 Estimated Useful Life Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Customer relationships 15 $ 930 $ 691 $ 239 $ 930 $ 668 $ 262 Trademarks 10 13 6 7 13 6 7 Non-compete agreement 5 22 22 - 22 21 1 Total intangible assets $ 965 $ 719 $ 246 $ 965 $ 695 $ 270 The customer relationship intangible is amortizing over the 15-year period of expected future economic benefit, in proportion to the discounted expected future cash flows used to estimate the value of the intangible at acquisition in 2019. As of March 31, 2024, 2024 (remaining 9 months) $ 61 2025 57 2026 41 2027 30 2028 21 Thereafter 36 Total amortization $ 246 |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | NOTE 8. The components of lease expense and cash flows from leases (in thousands) follow. Three Months Ended March 31, 2024 2023 Finance lease cost: Amortization of right-of use assets, included in cost of goods sold $ 41 $ 15 Interest on lease liabilities 12 18 Operating lease cost, included in selling, general and administrative expenses: Fixed lease cost - 129 Variable lease cost - 51 Short-term lease cost - 43 Total lease cost $ 53 $ 256 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 12 $ 18 Operating cash flows from operating leases $ - $ 129 Financing cash flows from finance leases $ - $ 36 As of March 31, 2024 2023, not March 31, 2024, March 31, 2023, three March 31, 2023, As of March 31, 2024, not March 31, 2024, Finance Leases Remaining leases terms (in years) 1.1 - 3.9 Weighted average remaining lease terms (in years) 3.5 Discount rates 3.5% - 11.6% Weighted average discount rate 9.6% Maturities of lease liabilities as of March 31, 2024, Finance Leases 2024 (remaining nine months) $ 123 2025 164 2026 163 2027 126 2028 3 Total lease payments 579 Amounts representing interest (92 ) Present value of lease obligations $ 487 |
Note 9 - Debt
Note 9 - Debt | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 9. We finance certain amounts owed for annual insurance premiums under financing agreements. As of March 31, 2024, September 1, 2024, Long-term debt consists of the following (in thousands). March 31, 2024 December 31, 2023 Mortgage promissory note - Dated December 1, 2023. Original principal $ 4.1 13.5 December 1, 2028 Accrued interest capitalized as of March 31, 2024 was $ 232,000 $ 3,150 $ 2,968 Equipment note - Dated May 2021. Original principal $ 46,000 June 2025 3.6 12 15 Equipment note - Dated June 2023. Original principal $ 144,000 August 2025 14.0 99 114 Total long-term debt, net $ 3,261 $ 3,097 The Funicular note On December 1, 2023, December 1, 2023. December 1, 2028. Arkansas mortgage promissory note In January 2023, January 2023 1ender’s January 2025, January January 2023 December 2023. December 31, 2023, January 2023 March 31, 2024, Factoring facility We borrow under a factoring agreement with a lender (the Lender), which provides a $7.0 million credit facility. We may two October 2024. no March 31, 2024, December 31, 2023, The Lender also advanced us $0.9 million effective September 30, 2022 ( December 31, 2022) January 2023. December 31, 2023, January 2023, Additional information related to our factoring obligation (exclusive of the Over-advance) follows. Three Months Ended March 31, 2024 2023 Average borrowings outstanding (in thousands) $ 802 $ 2,771 Fees paid, as a percentage of average oustanding borrowings 12.4 % 2.2 % Interest paid, as a percentage of average outstanding borrowings 2.3 % 2.2 % As of March 31, 2023, prime March 31, 2023). no April 2023. three March 31, 2023, Future principal maturities of long-term debt outstanding at March 31, 2024, 2024 (remaining nine months) $ 57 2025 54 2026 - 2027 - 2028 4,282 Principal maturities 4,393 Debt issuance costs (1,132 ) Total long term debt, net $ 3,261 |
Note 10 - Equity, Share-based C
Note 10 - Equity, Share-based Compensation and Warrants | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | NOTE 10. A summary of equity activity for the three March 31, 2024 2023, Shares Preferred Preferred Common Accumulated Series G Common Stock Stock Deficit Deficit Balance, December 31, 2023 150 9,513,341 $ 75 $ 330,202 $ (333,277 ) $ (3,000 ) Common stock awards under equity incentive plans - 383,394 - - - - Stock units issued to vendor - 106,667 - 126 - 126 Common stock issued to vendor - 600 - - - - Net loss - - - - (1,858 ) (1,858 ) Balance, March 31, 2024 150 10,004,002 $ 75 $ 330,328 $ (335,135 ) $ (4,732 ) Preferred Preferred Common Accumulated Series G Common Stock Stock Deficit Equity Balance, December 31, 2022 150 6,309,509 $ 75 $ 328,551 $ (315,717 ) $ 12,909 Common stock awards under equity incentive plans - 68,693 - 300 - 300 Stock units issued to vendor - 6,132 - 23 - 23 Common stock issued to vendor - 600 - 1 - 1 Net loss - - - - (2,028 ) (2,028 ) Balance, March 31, 2023 150 6,384,934 $ 75 $ 328,875 $ (317,745 ) $ 11,205 Summaries of nonvested and vested restricted stock unit activity follow. RSUs SUs Number of Units Unrecognized Compensation (in thousands) Average Grant Date Fair Value per share Weighted Average Expense Period (Years) Numer of Units Unrecognized Compensation (in thousands) Average Grant Date Fair Value per share Weighted Average Expense Period (Years) Nonvested at December 31, 2023 500 $ 1 $ 1.28 0.2 106,667 $ 126 $ 1.18 $ 1.8 Vested with service (500 ) - - (106,667 ) - - - Expensed - (1 ) - - - (126 ) - - Nonvested at March 31, 2024 - $ - $ - - - $ - $ - - Number of RSUs Vested at December 31, 2023 382,894 Issued at termination of service (382,894 ) Vested at March 31, 2024 - As of March 31, 2024, not 2014 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 11. Our tax expense for the three March 31, 2024 2023, no March 31, 2024, not not |
Note 12 - Loss Per Share (EPS)
Note 12 - Loss Per Share (EPS) | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 12. We calculate basic EPS under the two may not We calculate diluted EPS by dividing the net income attributable to the Company’s 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 restricted stock units that vest solely on the basis of a service condition using the treasury stock method. We calculate the dilutive effects of outstanding preferred stock using the if-converted method. Reconciliations of the numerators and denominators in the EPS computations follow. Three Months Ended March 31, 2024 2023 NUMERATOR (in thousands): Basic and diluted - net loss $ (1,446 ) $ (1,165 ) DENOMINATOR: Weighted average number of shares of shares of common stock outstanding 9,962,510 6,337,031 Weighted average number of shares of common stock underlying vested restricted stock units 8,415 230,947 Basic and diluted EPS - weighted average number of shares outstanding 9,970,925 6,567,978 No three March 31, 2024 2023, March 31, 2024, |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 13. Legal Matters From time to time, we are involved in litigation incidental to the conduct of our business. These matters may no In January 2023, 2012. three March 31, 2023, |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 3 - Discontinued Operati_2
Note 3 - Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Property and equipment $ 2,116 Prepaid expenses 76 Deposits 32 Inventories 30 Total assets 2,254 Capital lease liabilities 18 Total liabilities 18 Net assets sold $ 2,236 March 31 2024 2023 Revenues $ 681 $ 3,894 Cost of goods sold (903 ) (4,200 ) Selling, general and administrative expenses (46 ) - Interest expense (12 ) - Other expenses (7 ) - Loss from operations of discontinued operations (287 ) (306 ) Loss on sale (172 ) - Loss from discontinued operations $ (459 ) $ (306 ) Depreciation included in cost of goods sold $ 49 $ 146 Capital expenditures $ - $ 52 Property and equipment $ 2,150 Prepaid expenses 60 Deposits 32 Inventories 123 Total assets 2,365 Capital lease liabilities 18 Total liabilities 18 Net assets sold $ 2,347 Inventories $ 2,252 Other current assets 185 Property and equipment 7,710 Operating lease right of use assets 1,566 Total assets 11,713 Accrued expenses 9 Operating lease liabilities 1,668 Finance lease liabilities 12 Long-term debt 14 Total liabilities 1,703 Net assets sold $ 10,010 March 31, 2023 Revenues $ 3,425 Cost of goods sold (3,649 ) Selling, general and administrative expenses (316 ) Interest expense (17 ) Loss from operations of discontinued operations (557 ) Gain (loss) on sale - Loss from discontinued operations $ (557 ) Depreciation included in cost of goods sold $ 318 Capital expenditures $ 47 |
Discontinued Operations, Cash Flow Activity [Table Text Block] | March 31 2024 2023 Net cash used in operating activities $ (203 ) $ (145 ) Net cash provided by (used in) investing activities 2,150 (28 ) Net cash used in financing activities (18 ) - Net cash provided by (used in) discontinued operations $ 1,929 $ (173 ) March 31 2024 2023 Net cash used in operating activities $ - $ (430 ) Net cash used in investing activities - (24 ) Net cash used in financing activities - - Net cash used in discontinued operations - (454 ) |
Disposal Groups, Including Discontinued Operations, Purchase Price Allocation [Table Text Block] | Purchase price $ 1,800 Expenses as of June 30, 2023 (375 ) Net proceeds $ 1,425 Repayment of mortgage promissory note $ 450 Payment of paid time off liabilities 215 $ 665 |
Note 4 - Accounts Receivable _2
Note 4 - Accounts Receivable and Revenues (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Customer A B C % of revenue, three months ended March 31, 2024 48 % 9 % 8 % % of revenue, three months ended March 31, 2023 32 % 17 % 8 % % of accounts receivable, as of March 31, 2024 32 % 22 % 8 % % of accounts receivable, as of December 31, 2023 26 % 13 % 10 % |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2024 2023 Barley and Oats 1,950 1,617 Feed and Other 166 333 Revenues $ 2,116 $ 1,950 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2024 2023 Finished goods $ 79 $ 90 Raw materials 322 302 Packaging 16 28 Inventories $ 417 $ 420 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, Estimated Useful Lives 2024 2023 (in years) Land $ 145 $ 145 Plant 947 947 20 - 40 or life of lease Computer and software 14 14 3 - 5 Machinery and equipment 2,079 2,079 5 - 15 Property and equipment, cost 3,185 3,185 Less accumulated depreciation 1,201 1,097 Property and equipment, net $ 1,984 $ 2,088 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2024 December 31, 2023 Estimated Useful Life Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Customer relationships 15 $ 930 $ 691 $ 239 $ 930 $ 668 $ 262 Trademarks 10 13 6 7 13 6 7 Non-compete agreement 5 22 22 - 22 21 1 Total intangible assets $ 965 $ 719 $ 246 $ 965 $ 695 $ 270 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2024 (remaining 9 months) $ 61 2025 57 2026 41 2027 30 2028 21 Thereafter 36 Total amortization $ 246 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2024 2023 Finance lease cost: Amortization of right-of use assets, included in cost of goods sold $ 41 $ 15 Interest on lease liabilities 12 18 Operating lease cost, included in selling, general and administrative expenses: Fixed lease cost - 129 Variable lease cost - 51 Short-term lease cost - 43 Total lease cost $ 53 $ 256 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 12 $ 18 Operating cash flows from operating leases $ - $ 129 Financing cash flows from finance leases $ - $ 36 |
Lessee, Operating and Finance Leases, Remaining Terms and Discount Rates [Table Text Block] | Finance Leases Remaining leases terms (in years) 1.1 - 3.9 Weighted average remaining lease terms (in years) 3.5 Discount rates 3.5% - 11.6% Weighted average discount rate 9.6% |
Lessee, Operating and Finance Lease Liability, Maturity [Table Text Block] | Finance Leases 2024 (remaining nine months) $ 123 2025 164 2026 163 2027 126 2028 3 Total lease payments 579 Amounts representing interest (92 ) Present value of lease obligations $ 487 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, 2024 December 31, 2023 Mortgage promissory note - Dated December 1, 2023. Original principal $ 4.1 13.5 December 1, 2028 Accrued interest capitalized as of March 31, 2024 was $ 232,000 $ 3,150 $ 2,968 Equipment note - Dated May 2021. Original principal $ 46,000 June 2025 3.6 12 15 Equipment note - Dated June 2023. Original principal $ 144,000 August 2025 14.0 99 114 Total long-term debt, net $ 3,261 $ 3,097 |
Schedule of Debt [Table Text Block] | Three Months Ended March 31, 2024 2023 Average borrowings outstanding (in thousands) $ 802 $ 2,771 Fees paid, as a percentage of average oustanding borrowings 12.4 % 2.2 % Interest paid, as a percentage of average outstanding borrowings 2.3 % 2.2 % |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2024 (remaining nine months) $ 57 2025 54 2026 - 2027 - 2028 4,282 Principal maturities 4,393 Debt issuance costs (1,132 ) Total long term debt, net $ 3,261 |
Note 10 - Equity, Share-based_2
Note 10 - Equity, Share-based Compensation and Warrants (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Shares Preferred Preferred Common Accumulated Series G Common Stock Stock Deficit Deficit Balance, December 31, 2023 150 9,513,341 $ 75 $ 330,202 $ (333,277 ) $ (3,000 ) Common stock awards under equity incentive plans - 383,394 - - - - Stock units issued to vendor - 106,667 - 126 - 126 Common stock issued to vendor - 600 - - - - Net loss - - - - (1,858 ) (1,858 ) Balance, March 31, 2024 150 10,004,002 $ 75 $ 330,328 $ (335,135 ) $ (4,732 ) Preferred Preferred Common Accumulated Series G Common Stock Stock Deficit Equity Balance, December 31, 2022 150 6,309,509 $ 75 $ 328,551 $ (315,717 ) $ 12,909 Common stock awards under equity incentive plans - 68,693 - 300 - 300 Stock units issued to vendor - 6,132 - 23 - 23 Common stock issued to vendor - 600 - 1 - 1 Net loss - - - - (2,028 ) (2,028 ) Balance, March 31, 2023 150 6,384,934 $ 75 $ 328,875 $ (317,745 ) $ 11,205 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | RSUs SUs Number of Units Unrecognized Compensation (in thousands) Average Grant Date Fair Value per share Weighted Average Expense Period (Years) Numer of Units Unrecognized Compensation (in thousands) Average Grant Date Fair Value per share Weighted Average Expense Period (Years) Nonvested at December 31, 2023 500 $ 1 $ 1.28 0.2 106,667 $ 126 $ 1.18 $ 1.8 Vested with service (500 ) - - (106,667 ) - - - Expensed - (1 ) - - - (126 ) - - Nonvested at March 31, 2024 - $ - $ - - - $ - $ - - Number of RSUs Vested at December 31, 2023 382,894 Issued at termination of service (382,894 ) Vested at March 31, 2024 - |
Note 12 - Loss Per Share (EPS)
Note 12 - Loss Per Share (EPS) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 NUMERATOR (in thousands): Basic and diluted - net loss $ (1,446 ) $ (1,165 ) DENOMINATOR: Weighted average number of shares of shares of common stock outstanding 9,962,510 6,337,031 Weighted average number of shares of common stock underlying vested restricted stock units 8,415 230,947 Basic and diluted EPS - weighted average number of shares outstanding 9,970,925 6,567,978 |
Note 2 - Going Concern and Ma_2
Note 2 - Going Concern and Management's Plan (Details Textual) - USD ($) $ in Thousands, shares in Millions | Jan. 25, 2024 | Dec. 01, 2023 | Mar. 31, 2024 | Dec. 31, 2023 |
Retained Earnings (Accumulated Deficit) | $ (335,135) | $ (333,277) | ||
Cash and Cash Equivalents, at Carrying Value | $ 448 | $ 1,139 | ||
Golden Ridge Rice Mills, LLC [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 2,200 | |||
Funicular [Member] | ||||
Payments for Mortgage Deposits | $ 1,500 | |||
Entity Owned by Cable Car Capital LLC [Member] | ||||
Stock Issued During Period, Value, New Issues | 400 | |||
Debt Instrument, Face Amount | $ 4,100 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 5 | |||
Ownership Percentage, If Warrants Exercised | 49.80% | |||
Stock Issued During Period, Shares, New Issues (in shares) | 0.6 | |||
Entity Owned by Cable Car Capital LLC [Member] | Existing Warrants [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2.2 | |||
Entity Owned by Cable Car Capital LLC [Member] | New Warrants [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1.2 |
Note 3 - Discontinued Operati_3
Note 3 - Discontinued Operations (Details Textual) - USD ($) | Jan. 25, 2024 | Jun. 23, 2023 | Dec. 31, 2023 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Golden Ridge Rice Mills, LLC [Member] | |||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 2,200,000 | ||
Disposal Group, Including Discontinued Operations, Consideration, Finance Lease Liability Assumed | 18,000 | ||
Disposal Group, Sale and Release of Interests and Liens, Fee | 86,000 | ||
Disposal Group, Including Discontinued Operation, Assets, Net | 2,236,000 | $ 2,347,000 | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (200,000) | ||
Discontinued Operations, Disposed of by Sale [Member] | Stabilized Rice Bran (SRB) [Member] | |||
Disposal Group, Including Discontinued Operation, Assets, Net | $ 10,010,000 | ||
Proceeds from Divestiture of Businesses | 1,800,000 | ||
Liabilities Assumed | 1,700,000 | ||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 1,400,000 | ||
Gain (Loss) on Disposition of Business | $ (8,600,000) |
Note 3 - Discontinued Operati_4
Note 3 - Discontinued Operations - Schedule of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Jan. 25, 2024 | Dec. 31, 2023 | Jun. 23, 2023 | |
Loss from discontinued operations | $ (412) | $ (863) | |||
Depreciation included in cost of goods sold | 138 | 50 | |||
Capital expenditures | 78 | 178 | |||
Golden Ridge Rice Mills, LLC [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||
Property and equipment | $ 2,116 | $ 2,150 | |||
Prepaid expenses | 76 | 60 | |||
Deposits | 32 | 32 | |||
Inventories | 30 | 123 | |||
Total assets | 2,254 | 2,365 | |||
Capital lease liabilities | 18 | 18 | |||
Disposal Group, Including Discontinued Operation, Assets, Net | $ 2,236 | $ 2,347 | |||
Revenues | 681 | 3,894 | |||
Cost of goods sold | (903) | (4,200) | |||
Selling, general and administrative expenses | (46) | 0 | |||
Interest expense | (12) | 0 | |||
Other expenses | (7) | 0 | |||
Loss from operations of discontinued operations | (287) | (306) | |||
Loss on sale | (172) | 0 | |||
Loss from discontinued operations | (459) | (306) | |||
Depreciation included in cost of goods sold | 49 | 146 | |||
Capital expenditures | 0 | $ 52 | |||
Stabilized Rice Bran (SRB) [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||
Property and equipment | $ 7,710 | ||||
Inventories | 2,252 | ||||
Total assets | 11,713 | ||||
Capital lease liabilities | 1,703 | ||||
Disposal Group, Including Discontinued Operation, Assets, Net | 10,010 | ||||
Revenues | 3,425 | ||||
Cost of goods sold | (3,649) | ||||
Selling, general and administrative expenses | (316) | ||||
Interest expense | (17) | ||||
Loss from operations of discontinued operations | (557) | ||||
Loss on sale | 0 | ||||
Loss from discontinued operations | (557) | ||||
Depreciation included in cost of goods sold | 318 | ||||
Capital expenditures | $ 47 | ||||
Other current assets | 185 | ||||
Operating lease right of use assets | 1,566 | ||||
Accrued expenses | 9 | ||||
Operating lease liabilities | 1,668 | ||||
Finance lease liabilities | 12 | ||||
Long-term debt | $ 14 |
Note 3 - Discontinued Operati_5
Note 3 - Discontinued Operations - Schedule of Cash Flow Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net cash used in operating activities | $ (203) | $ (575) |
Net cash provided by (used in) investing activities | 2,150 | (52) |
Net cash used in financing activities | (18) | 0 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Golden Ridge Rice Mills, LLC [Member] | ||
Net cash used in operating activities | (203) | (145) |
Net cash provided by (used in) investing activities | 2,150 | (28) |
Net cash used in financing activities | (18) | 0 |
Net cash provided by (used in) discontinued operations | 1,929 | (173) |
Discontinued Operations, Disposed of by Sale [Member] | Stabilized Rice Bran (SRB) [Member] | ||
Net cash used in operating activities | 0 | (430) |
Net cash provided by (used in) investing activities | 0 | (24) |
Net cash used in financing activities | 0 | 0 |
Net cash provided by (used in) discontinued operations | $ 0 | $ (454) |
Note 3 - Discontinued Operati_6
Note 3 - Discontinued Operations - Sale Price Allocation (Details) - Discontinued Operations, Disposed of by Sale [Member] - Stabilized Rice Bran (SRB) [Member] $ in Thousands | Jun. 30, 2023 USD ($) |
Purchase price | $ 1,800 |
Expenses as of June 30, 2023 | (375) |
Net proceeds | 1,425 |
Repayment of mortgage promissory note | 450 |
Payment of paid time off liabilities | 215 |
Payments for Liabilities | $ 665 |
Note 4 - Accounts Receivable _3
Note 4 - Accounts Receivable and Revenues - Revenues and Accounts Receivable from Significant Customers (Details) - Customer Concentration Risk [Member] | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue Benchmark [Member] | Customer A [Member] | ||
Concentration risk, percentage | 48% | 32% |
Revenue Benchmark [Member] | Customer B [Member] | ||
Concentration risk, percentage | 9% | 17% |
Revenue Benchmark [Member] | Customer C [Member] | ||
Concentration risk, percentage | 8% | 8% |
Accounts Receivable [Member] | Customer A [Member] | ||
Concentration risk, percentage | 32% | 26% |
Accounts Receivable [Member] | Customer B [Member] | ||
Concentration risk, percentage | 22% | 13% |
Accounts Receivable [Member] | Customer C [Member] | ||
Concentration risk, percentage | 8% | 10% |
Note 4 - Accounts Receivable _4
Note 4 - Accounts Receivable and Revenues - Revenues by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 2,116 | $ 1,950 |
Barley and Oats [Member] | ||
Revenues | 1,950 | 1,617 |
Feed and Other [Member] | ||
Revenues | $ 166 | $ 333 |
Note 5 - Inventories - Componen
Note 5 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finished goods | $ 79 | $ 90 |
Raw materials | 322 | 302 |
Packaging | 16 | 28 |
Inventories | $ 417 | $ 420 |
Note 6- Property and Equipment
Note 6- Property and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property, plant, and equipment gross | $ 3,185 | $ 3,185 |
Property, plant, and equipment accumulated depreciation | 1,201 | 1,097 |
Property and equipment, net | 1,984 | 2,088 |
Land [Member] | ||
Property, plant, and equipment gross | 145 | 145 |
Plant [Member] | ||
Property, plant, and equipment gross | $ 947 | 947 |
Plant [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 20 years | |
Plant [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 40 years | |
Computer and Software [Member] | ||
Property, plant, and equipment gross | $ 14 | 14 |
Computer and Software [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 3 years | |
Computer and Software [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 5 years | |
Machinery and Equipment [Member] | ||
Property, plant, and equipment gross | $ 2,079 | $ 2,079 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 15 years |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) | Mar. 31, 2024 | Apr. 04, 2019 |
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 8 years 7 months 6 days | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |
Customer Relationships [Member] | MGI Grain Processing, LLC [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years |
Note 7 - Intangible Assets - Sc
Note 7 - Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Intangible assets, gross | $ 965 | $ 965 |
Intangible assets, accumulated amortization | 719 | 695 |
Intangible assets, net | $ 246 | 270 |
Customer Relationships [Member] | ||
Intangible assets, useful life (Year) | 15 years | |
Intangible assets, gross | $ 930 | 930 |
Intangible assets, accumulated amortization | 691 | 668 |
Intangible assets, net | $ 239 | 262 |
Trademarks [Member] | ||
Intangible assets, useful life (Year) | 10 years | |
Intangible assets, gross | $ 13 | 13 |
Intangible assets, accumulated amortization | 6 | 6 |
Intangible assets, net | $ 7 | 7 |
Noncompete Agreements [Member] | ||
Intangible assets, useful life (Year) | 5 years | |
Intangible assets, gross | $ 22 | 22 |
Intangible assets, accumulated amortization | 22 | 21 |
Intangible assets, net | $ 0 | $ 1 |
Note 7 - Intangible Assets - Fu
Note 7 - Intangible Assets - Future Intangible Amortization (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
2024 (remaining 9 months) | $ 61 | |
2025 | 57 | |
2026 | 41 | |
2027 | 30 | |
2028 | 21 | |
Thereafter | 36 | |
Total amortization | $ 246 | $ 270 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | $ 0.5 | $ 0.6 |
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 0.6 | $ 1.1 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 0.2 |
Note 8 - Leases - Components of
Note 8 - Leases - Components of Lease Expense and Cash Flows from Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Amortization of right-of use assets, included in cost of goods sold | $ 41 | $ 15 |
Interest on lease liabilities | 12 | 18 |
Fixed lease cost | 0 | 129 |
Variable lease cost | 0 | 51 |
Short-term lease cost | 0 | 43 |
Total lease cost | 53 | 256 |
Operating cash flows from finance leases | 12 | 18 |
Operating cash flows from operating leases | 0 | 129 |
Financing cash flows from finance leases | $ 0 | $ 36 |
Note 8 - Leases - Remaining Ter
Note 8 - Leases - Remaining Terms and Discount Rates (Details) | Mar. 31, 2024 |
Weighted average remaining lease terms (in years), operating leases (Year) | 3 years 6 months |
Weighted average discount rate, operating leases | 9.60% |
Minimum [Member] | |
Remaining leases terms (in years), operating leases (Year) | 1 year 1 month 6 days |
Discount rates, operating leases | 3.50% |
Maximum [Member] | |
Remaining leases terms (in years), operating leases (Year) | 3 years 10 months 24 days |
Discount rates, operating leases | 11.60% |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2024 (remaining nine months) | $ 123 |
2025 | 164 |
2026 | 163 |
2027 | 126 |
2028 | 3 |
Total lease payments, operating leases | 579 |
Amounts representing interest, operating leases | (92) |
Present value of lease obligations, operating leases | $ 487 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) | 3 Months Ended | 10 Months Ended | 12 Months Ended | |||||
Jan. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Oct. 31, 2019 | Dec. 31, 2023 | Dec. 01, 2023 | Dec. 31, 2022 | |
Long-Term Debt, Gross | $ 4,393,000 | |||||||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Prime Rate [Member] | Prime Rate [Member] | ||||||
Mortgage Agreement, at Modification [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.30% | |||||||
Long-Term Debt, Gross | $ 2,500,000 | |||||||
Proceeds from Issuance of Long-Term Debt | $ 300,000 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 7% | |||||||
Mortgage Agreement [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.80% | 10.30% | 14.50% | |||||
Debt Instrument, Basis Spread on Variable Rate | 7% | |||||||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 1,800,000 | $ 1,900,000 | ||||||
Proceeds from Issuance of Debt | $ 900,000 | |||||||
Debt, Weighted Average Interest Rate | 7.70% | |||||||
Secured Promissory Note [Member] | Funicular [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 13.50% | |||||||
Debt Instrument, Face Amount | $ 4.1 | |||||||
Debt Instrument, Fee Amount | $ 50,000 | |||||||
Old Note Prior to Modification [Member] | Mortgage Agreement, at Modification [Member] | ||||||||
Long-Term Debt, Gross | $ 1,300,000 | |||||||
Over Advance Note [Member] | Mortgage Agreement, at Modification [Member] | ||||||||
Long-Term Debt, Gross | $ 900,000 | |||||||
Line of Credit [Member] | Factoring Agreement [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,000,000 | |||||||
Debt Instrument, Term (Year) | 2 years | |||||||
Line of Credit Facility, Funding Fee, Percentage Above Prime Rate | 0.50% | |||||||
Line of Credit Facility, Funding Fee, Minimum Percentage | 5.50% | |||||||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 600,000 | $ 1,900,000 | ||||||
Finance Agreements for Annual Insurance Premiums [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.95% | |||||||
Short-Term Debt | $ 47,000 |
Note 9 - Debt - Long-term Debt
Note 9 - Debt - Long-term Debt (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Total long term debt, net | $ 3,261,000 | $ 3,097,000 |
Mortgage Promissory Note, December 2023 [Member] | ||
Total long term debt, net | 3,150 | 2,968 |
Equipment Notes, May 2021 [Member] | ||
Total long term debt, net | 12 | 15 |
Equipment Notes June 2023 [Member] | ||
Total long term debt, net | $ 99 | $ 114 |
Note 9 - Debt - Long-term Deb_2
Note 9 - Debt - Long-term Debt (Details) (Parentheticals) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Mortgage Promissory Note, December 2023 [Member] | ||
Debt Instrument, Face Amount | $ 4,100 | $ 4,100 |
Debt Instrument, Interest Rate, Stated Percentage | 13.50% | 13.50% |
Debt Instrument, Maturity Date | Dec. 01, 2028 | Dec. 01, 2028 |
Accrued interest | $ 232,000 | |
Equipment Notes, May 2021 [Member] | ||
Debt Instrument, Face Amount | $ 46,000 | $ 46,000 |
Debt Instrument, Maturity Date | Jun. 30, 2025 | Jun. 30, 2025 |
Interest rate, effective rate | 3.60% | 3.60% |
Equipment Notes June 2023 [Member] | ||
Debt Instrument, Face Amount | $ 144,000 | $ 144,000 |
Debt Instrument, Maturity Date | Aug. 31, 2025 | Aug. 31, 2025 |
Interest rate, effective rate | 14% | 14% |
Note 9 - Debt - Due Under Facto
Note 9 - Debt - Due Under Factoring Agreement (Details) - Line of Credit [Member] - Factoring Agreement [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Average borrowings outstanding (in thousands) | $ 802 | $ 2,771 |
Fees paid, as a percentage of average oustanding borrowings | 12.40% | 2.20% |
Interest paid, as a percentage of average outstanding borrowings | 2.30% | 2.20% |
Note 9 - Debt - Future Principa
Note 9 - Debt - Future Principal Maturities of Long-term Debt Outstanding (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
2024 (remaining nine months) | $ 57 | |
2025 | 54 | |
2026 | 0 | |
2027 | 0 | |
2028 | 4,282 | |
Principal maturities | 4,393 | |
Debt issuance costs | (1,132) | |
Total long term debt, net | $ 3,261 | $ 3,097 |
Note 10 - Equity, Share-based_3
Note 10 - Equity, Share-based Compensation and Warrants (Details Textual) shares in Thousands | Mar. 31, 2024 shares |
Restricted Stock Units (RSUs) [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number (in shares) | 0 |
Note 10 - Equity, Share-based_4
Note 10 - Equity, Share-based Compensation and Warrants - Stockholders Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance (in shares) | 9,513,341 | |
Balance | $ (3,000) | $ 12,909 |
Common stock awards under equity incentive plans | 0 | 300 |
Stock units issued to vendor | 0 | 1 |
Net loss | $ (1,858) | (2,028) |
Balance (in shares) | 10,004,002 | |
Balance | $ (4,732) | 11,205 |
Stock Units Issued (SUI) [Member] | ||
Stock units issued to vendor | 126 | 23 |
Preferred Stock [Member] | ||
Balance | 75 | 75 |
Common stock awards under equity incentive plans | 0 | 0 |
Stock units issued to vendor | 0 | 0 |
Net loss | 0 | 0 |
Balance | 75 | 75 |
Preferred Stock [Member] | Stock Units Issued (SUI) [Member] | ||
Stock units issued to vendor | $ 0 | $ 0 |
Preferred Stock [Member] | Series G Preferred Stock [Member] | ||
Balance (in shares) | 150 | 150 |
Common stock awards under equity incentive plans (in shares) | 0 | 0 |
Stock units issued to vendor (in shares) | 0 | 0 |
Balance (in shares) | 150 | 150 |
Preferred Stock [Member] | Series G Preferred Stock [Member] | Stock Units Issued (SUI) [Member] | ||
Stock units issued to vendor (in shares) | 0 | 0 |
Common Stock [Member] | ||
Balance (in shares) | 9,513,341 | 6,309,509 |
Balance | $ 330,202 | $ 328,551 |
Common stock awards under equity incentive plans (in shares) | 383,394 | 68,693 |
Common stock awards under equity incentive plans | $ 0 | $ 300 |
Stock units issued to vendor (in shares) | 600 | 600 |
Stock units issued to vendor | $ 0 | $ 1 |
Net loss | $ 0 | $ 0 |
Balance (in shares) | 10,004,002 | 6,384,934 |
Balance | $ 330,328 | $ 328,875 |
Common Stock [Member] | Stock Units Issued (SUI) [Member] | ||
Stock units issued to vendor (in shares) | 106,667 | 6,132 |
Stock units issued to vendor | $ 126 | $ 23 |
Retained Earnings [Member] | ||
Balance | (333,277) | (315,717) |
Stock units issued to vendor | 0 | 0 |
Net loss | (1,858) | (2,028) |
Balance | (335,135) | (317,745) |
Retained Earnings [Member] | Stock Units Issued (SUI) [Member] | ||
Stock units issued to vendor | $ 0 | $ 0 |
Note 10 - Equity, Share-based_5
Note 10 - Equity, Share-based Compensation and Warrants - Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Restricted Stock Units (RSUs) [Member] | ||
Nonvested, shares issued (in shares) | 500 | |
Nonvested, unrecognized stock compensation | $ 1 | |
Nonvested, average grant date fair value (in dollars per share) | $ 1.28 | |
Nonvested, weighted average expense period (Year) | 2 months 12 days | |
Vested with service (in shares) | (500) | |
Expensed | $ (1) | |
Nonvested, shares issued (in shares) | 0 | 500 |
Nonvested, unrecognized stock compensation | $ 0 | $ 1 |
Nonvested, average grant date fair value (in dollars per share) | $ 0 | $ 1.28 |
Vested, balance (in shares) | 382,894 | |
Issued at termination of service (in shares) | (382,894) | |
Vested, balance (in shares) | 0 | 382,894 |
Stock Units Issued (SUI) [Member] | ||
Nonvested, shares issued (in shares) | 106,667 | |
Nonvested, unrecognized stock compensation | $ 126 | |
Nonvested, average grant date fair value (in dollars per share) | $ 1.18 | |
Nonvested, weighted average expense period (Year) | 1 year 9 months 18 days | |
Vested with service (in shares) | (106,667) | |
Expensed | $ (126) | |
Nonvested, shares issued (in shares) | 0 | 106,667 |
Nonvested, unrecognized stock compensation | $ 0 | $ 126 |
Nonvested, average grant date fair value (in dollars per share) | $ 0 | $ 1.18 |
Note 12 - Loss Per Share (EPS_2
Note 12 - Loss Per Share (EPS) - EPS Computations (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic and diluted - net loss | $ (1,446) | $ (1,165) |
Weighted average number of shares of shares of common stock outstanding (in shares) | 9,962,510 | 6,337,031 |
Weighted average number of shares of common stock underlying vested restricted stock units (in shares) | 8,415 | 230,947 |
Basic and diluted EPS - weighted average number of shares outstanding (in shares) | 9,970,925 | 6,567,978 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Jan. 31, 2023 | Mar. 31, 2023 | |
Proceeds from Legal Settlements | $ 0.3 | |
Gain (Loss) from Litigation Settlement | $ 0.3 |