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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/05/20 RiceBran Technologies 10-Q 9/30/20 66:6.1M Edgarfilings Ltd. |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 369K 2: EX-10.4 Material Contract HTML 39K 3: EX-31.1 Certification -- §302 - SOA'02 HTML 25K 4: EX-31.2 Certification -- §302 - SOA'02 HTML 25K 5: EX-32.1 Certification -- §906 - SOA'02 HTML 20K 12: R1 Document and Entity Information HTML 48K 13: R2 Condensed Consolidated Statements of Operations HTML 119K (Unaudited) 14: R3 Condensed Consolidated Statements of Comprehensive HTML 41K Loss (Unaudited) 15: R4 Condensed Consolidated Balance Sheets (Unaudited) HTML 116K 16: R5 Condensed Consolidated Balance Sheets (Unaudited) HTML 41K (Parenthetical) 17: R6 Condensed Consolidated Statements of Cash Flows HTML 130K (Unaudited) 18: R7 Basis of Presentation HTML 22K 19: R8 Business HTML 22K 20: R9 Summary of Significant Accounting Policies HTML 24K 21: R10 Acquisition HTML 26K 22: R11 Cash and Cash Equivalents HTML 21K 23: R12 Accounts Receivable and Revenues HTML 49K 24: R13 Inventories HTML 26K 25: R14 Leases HTML 63K 26: R15 Debt HTML 39K 27: R16 Equity, Share-Based Compensation and Warrants HTML 217K 28: R17 Involuntary Conversion of Assets HTML 21K 29: R18 Income Taxes HTML 24K 30: R19 Loss Per Share (Eps) HTML 41K 31: R20 Fair Value Measurements HTML 22K 32: R21 Commitments and Contingencies HTML 23K 33: R22 Related Party Transactions HTML 22K 34: R23 Transactions With Employees HTML 20K 35: R24 Failure to Comply With Nasdaq Listing Requirements HTML 21K 36: R25 Basis of Presentation (Policies) HTML 22K 37: R26 Summary of Significant Accounting Policies HTML 30K (Policies) 38: R27 Acquisition (Tables) HTML 28K 39: R28 Accounts Receivable and Revenues (Tables) HTML 51K 40: R29 Inventories (Tables) HTML 26K 41: R30 Leases (Tables) HTML 66K 42: R31 Debt (Tables) HTML 39K 43: R32 Equity, Share-Based Compensation and Warrants HTML 226K (Tables) 44: R33 Loss Per Share (Eps) (Tables) HTML 39K 45: R34 Business (Details) HTML 22K 46: R35 Acquisition (Details) HTML 29K 47: R36 Cash and Cash Equivalents (Details) HTML 23K 48: R37 Accounts Receivable and Revenues (Details) HTML 60K 49: R38 Inventories (Details) HTML 27K 50: R39 Leases (Details) HTML 122K 51: R40 Debt (Details) HTML 104K 52: R41 EQUITY, SHARE-BASED COMPENSATION AND WARRANTS, HTML 160K Summary of Equity Activity (Details) 53: R42 EQUITY, SHARE-BASED COMPENSATION AND WARRANTS, HTML 33K Sales Agreement (Details) 54: R43 EQUITY, SHARE-BASED COMPENSATION AND WARRANTS, HTML 54K Share-Based Compensation by Type of Award (Details) 55: R44 EQUITY, SHARE-BASED COMPENSATION AND WARRANTS, HTML 53K Stock Options (Details) 56: R45 EQUITY, SHARE-BASED COMPENSATION AND WARRANTS, HTML 122K Restricted Stock Units (Details) 57: R46 EQUITY, SHARE-BASED COMPENSATION AND WARRANTS, HTML 64K Warrants Activity (Details) 58: R47 Involuntary Conversion of Assets (Details) HTML 33K 59: R48 Loss Per Share (Eps) (Details) HTML 38K 60: R49 Fair Value Measurements (Details) HTML 21K 61: R50 Commitments and Contingencies (Details) HTML 23K 62: R51 Related Party Transactions (Details) HTML 39K 63: R52 Transactions With Employees (Details) HTML 24K 65: XML IDEA XML File -- Filing Summary XML 114K 64: EXCEL IDEA Workbook of Financial Reports XLSX 77K 6: EX-101.INS XBRL Instance -- ribt-20200930 XML 1.90M 8: EX-101.CAL XBRL Calculations -- ribt-20200930_cal XML 182K 9: EX-101.DEF XBRL Definitions -- ribt-20200930_def XML 674K 10: EX-101.LAB XBRL Labels -- ribt-20200930_lab XML 1.67M 11: EX-101.PRE XBRL Presentations -- ribt-20200930_pre XML 949K 7: EX-101.SCH XBRL Schema -- ribt-20200930 XSD 156K 66: ZIP XBRL Zipped Folder -- 0001140361-20-024695-xbrl Zip 187K
☒ |
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
California
|
87-0673375
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
1330 Lake Robbins Drive, Suite 250
|
||
(Address of Principal Executive Offices)
|
(Zip Code)
|
Title of each class
|
|
Trading symbol
|
|
Name of each exchange on which registered
|
Common Stock, no par value per share
|
|
RIBT
|
|
The NASDAQ Capital Market
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
Non-accelerated filer ☒
|
Smaller reporting company ☒
|
Emerging growth company ☐
|
PART I. FINANCIAL INFORMATION
|
Page
|
||
|
Item 1.
|
3
|
|
|
3 |
||
|
4 |
||
5 |
|||
6 |
|||
7 |
|||
|
Item 2.
|
18
|
|
|
Item 3.
|
20
|
|
|
Item 4.
|
20
|
|
PART II. OTHER INFORMATION
|
|||
|
Item 1.
|
20
|
|
|
Item 1A.
|
20
|
|
|
Item 2.
|
21
|
|
|
Item 3.
|
21
|
|
|
Item 4.
|
21
|
|
|
Item 5.
|
21
|
|
|
Item 6.
|
21
|
|
22
|
Item 1. |
Financial Statements.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Revenues
|
$
|
5,160
|
$
|
5,300
|
$
|
19,393
|
$
|
17,883
|
||||||||
Cost of goods sold
|
5,955
|
5,659
|
21,817
|
18,143
|
||||||||||||
Gross loss
|
(795
|
)
|
(359
|
)
|
(2,424
|
)
|
(260
|
)
|
||||||||
Selling, general and administrative expenses
|
1,875
|
3,835
|
7,040
|
10,598
|
||||||||||||
Operating loss
|
(2,670
|
)
|
(4,194
|
)
|
(9,464
|
)
|
(10,858
|
)
|
||||||||
Other income (expense):
|
||||||||||||||||
Interest income
|
-
|
19
|
19
|
42
|
||||||||||||
Interest expense
|
(70
|
)
|
(9
|
)
|
(195
|
)
|
(40
|
)
|
||||||||
Other income
|
-
|
859
|
5
|
865
|
||||||||||||
Other expense
|
(26
|
)
|
(1
|
)
|
(113
|
)
|
(5
|
)
|
||||||||
Total other income (expense), net
|
(96
|
)
|
868
|
(284
|
)
|
862
|
||||||||||
Loss before income taxes
|
(2,766
|
)
|
(3,326
|
)
|
(9,748
|
)
|
(9,996
|
)
|
||||||||
Income tax expense
|
(8
|
)
|
-
|
(8
|
)
|
-
|
||||||||||
Loss from continuing operations
|
(2,774
|
)
|
(3,326
|
)
|
(9,756
|
)
|
(9,996
|
)
|
||||||||
Loss from discontinued operations
|
-
|
-
|
-
|
(216
|
)
|
|||||||||||
Net loss
|
$
|
(2,774
|
)
|
$
|
(3,326
|
)
|
$
|
(9,756
|
)
|
$
|
(10,212
|
)
|
||||
Basic loss per common share:
|
||||||||||||||||
Continuing operations
|
$
|
(0.07
|
)
|
$
|
(0.10
|
)
|
$
|
(0.24
|
)
|
$
|
(0.31
|
)
|
||||
Discontinued operations
|
-
|
-
|
-
|
(0.01
|
)
|
|||||||||||
Basic loss per common share
|
$
|
(0.07
|
)
|
$
|
(0.10
|
)
|
$
|
(0.24
|
)
|
$
|
(0.32
|
)
|
||||
Diluted loss per common share:
|
||||||||||||||||
Continuing operations
|
$
|
(0.07
|
)
|
$
|
(0.10
|
)
|
$
|
(0.24
|
)
|
$
|
(0.31
|
)
|
||||
Discontinued operations
|
-
|
-
|
-
|
(0.01
|
)
|
|||||||||||
Diluted loss per common share
|
$
|
(0.07 |
)
|
$
|
(0.10
|
)
|
$
|
(0.24
|
)
|
$
|
(0.32
|
)
|
||||
Weighted average number of shares outstanding:
|
||||||||||||||||
Basic
|
40,824,281
|
33,057,010
|
40,279,866
|
31,947,087
|
||||||||||||
Diluted
|
40,824,281
|
33,057,010
|
40,279,866
|
31,947,087
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Net loss
|
$
|
(2,774
|
)
|
$
|
(3,326
|
)
|
$
|
(9,756
|
)
|
$
|
(10,212
|
)
|
||||
Derivative financial instruments designated as cash flow hedges:
|
||||||||||||||||
Gains (losses) arising during the period
|
43
|
-
|
(57
|
)
|
-
|
|||||||||||
Reclassification of losses realized to cost of goods sold
|
5
|
-
|
57
|
-
|
||||||||||||
Net other comprehensive income
|
48
|
-
|
-
|
-
|
||||||||||||
Comprehensive loss
|
$
|
(2,726
|
)
|
$
|
(3,326
|
)
|
$
|
(9,756
|
)
|
$
|
(10,212
|
)
|
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
3,890
|
$
|
8,444
|
||||
Accounts receivable, net of allowance for doubtful accounts of $23 and $347
|
2,446
|
3,738
|
||||||
Inventories
|
1,665
|
898
|
||||||
Other current assets
|
1,619
|
691
|
||||||
Total current assets
|
9,620
|
13,771
|
||||||
Property and equipment, net
|
17,289
|
19,077
|
||||||
Operating lease right-of-use assets
|
2,527
|
2,752
|
||||||
Goodwill
|
3,915
|
3,915
|
||||||
Intangible assets
|
777
|
950
|
||||||
Other long-term assets
|
-
|
27
|
||||||
Total assets
|
$
|
34,128
|
$
|
40,492
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
845
|
$
|
833
|
||||
Commodities payable
|
554
|
829
|
||||||
Accrued salary, wages and benefits
|
879
|
877
|
||||||
Accrued expenses
|
439
|
884
|
||||||
Customer prepayments
|
-
|
12
|
||||||
Operating lease liabilities, current portion
|
334
|
309
|
||||||
Due under insurance premium finance agreements
|
327
|
116
|
||||||
Due under factoring agreement
|
1,814
|
1,823
|
||||||
Finance lease liabilities, current portion
|
89
|
101
|
||||||
Long-term debt, current portion
|
575
|
28
|
||||||
Total current liabilities
|
5,856
|
5,812
|
||||||
Operating lease liabilities, less current portion
|
2,403
|
2,674
|
||||||
Finance lease liabilities, less current portion
|
132
|
190
|
||||||
Long-term debt, less current portion
|
2,264
|
73
|
||||||
Total liabilities
|
10,655
|
8,749
|
||||||
Commitments and contingencies
|
||||||||
Shareholders' equity:
|
||||||||
Preferred stock, 20,000,000 shares authorized: Series G, convertible, 3,000 shares authorized, stated value $225,225 shares, issued and outstanding
|
112
|
112
|
||||||
Common stock, no par value, 150,000,000 shares authorized, 41,972,594 shares and 40,074,483 shares, issued and outstanding
|
320,297
|
318,811
|
||||||
Accumulated deficit
|
(296,936
|
)
|
(287,180
|
)
|
||||
Total shareholders' equity
|
23,473
|
31,743
|
||||||
Total liabilities and shareholders' equity
|
$
|
34,128
|
$
|
40,492
|
2020
|
2019
|
|||||||
Cash flow from operating activities:
|
||||||||
Net loss
|
$
|
(9,756
|
)
|
$
|
(10,212
|
)
|
||
Loss from discontinued operations
|
-
|
216
|
||||||
Loss from continuing operations
|
(9,756
|
)
|
(9,996
|
)
|
||||
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities
|
||||||||
Depreciation
|
1,804
|
1,332
|
||||||
Amortization
|
173
|
39
|
||||||
Stock and share-based compensation
|
817
|
925
|
||||||
Loss on disposition of property and equipment
|
305
|
-
|
||||||
Loss on involuntary conversion of assets
|
100
|
-
|
||||||
Settlement with sellers of Golden Ridge
|
-
|
(849
|
)
|
|||||
Other
|
(18
|
)
|
166
|
|||||
Changes in operating assets and liabilities, net of impact of acquisitions:
|
||||||||
Accounts receivable
|
1,360
|
(215
|
)
|
|||||
Inventories
|
(767
|
)
|
388
|
|||||
Accounts payable and accrued expenses
|
(651
|
)
|
(271
|
)
|
||||
Commodities payable
|
(275
|
)
|
(1,896
|
)
|
||||
Other
|
(320
|
)
|
(308
|
)
|
||||
Net cash used in operating activities
|
(7,228
|
)
|
(10,685
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Purchases of property and equipment
|
(1,060
|
)
|
(3,513
|
)
|
||||
Proceeds from insurance on involuntary converison
|
250
|
-
|
||||||
Proceeds from sale of property
|
15
|
-
|
||||||
Acquisition of MGI
|
-
|
(3,767
|
)
|
|||||
Net cash used in investing activities - continuing operations
|
(795
|
)
|
(7,280
|
)
|
||||
Net cash used in investing activities - discontinued operations
|
-
|
(475
|
)
|
|||||
Cash flows from financing activities:
|
||||||||
Payments on factoring agreement
|
(20,663
|
)
|
-
|
|||||
Advances on factoring agreement
|
20,584
|
-
|
||||||
Advances on insurance premium finance agreements
|
802
|
643
|
||||||
Payments on insurance premium finance agreements
|
(591
|
)
|
(415
|
)
|
||||
Advances on debt and finance lease liabilities
|
2,792
|
-
|
||||||
Payments on debt and finance lease liabilities
|
(124
|
)
|
(331
|
)
|
||||
Proceeds from issuances of common stock and prefunded warrant, net of issuance costs
|
657
|
11,593
|
||||||
Proceeds from common stock warrant exercises
|
12
|
1,990
|
||||||
Proceeds from common stock option exercises
|
-
|
156
|
||||||
Proceeds from margin loan
|
-
|
1,225
|
||||||
Net cash provided by financing activities
|
3,469
|
14,861
|
||||||
Net change in cash and cash equivalents and restricted cash
|
$
|
(4,554
|
)
|
$
|
(3,579
|
)
|
||
Cash and cash equivalents and restricted cash, beginning of period
|
||||||||
Cash and cash equivalents
|
$
|
8,444
|
$
|
7,044
|
||||
Restricted cash
|
-
|
225
|
||||||
Cash and cash equivalents and restricted cash, beginning of period
|
8,444
|
7,269
|
||||||
Cash and cash equivalents and restricted cash, end of period
|
||||||||
Cash and cash equivalents
|
3,890
|
3,690
|
||||||
Restricted cash
|
-
|
-
|
||||||
Cash and cash equivalents and restricted cash, end of period
|
3,890
|
3,690
|
||||||
Net change in cash and cash equivalents and restricted cash
|
$
|
(4,554
|
)
|
$
|
(3,579
|
)
|
||
Supplemental disclosures:
|
||||||||
Cash paid for interest
|
$
|
126
|
$
|
40
|
||||
Cash paid for income taxes
|
$
|
7
|
$
|
-
|
Three Months Ended
|
Nine Months Ended
|
|||||||
Revenues (in thousands)
|
$
|
5,300
|
$
|
19,083
|
||||
Loss from continuing operations (in thousands)
|
$
|
(3,326
|
)
|
$
|
(9,865
|
)
|
||
Loss per share - continuing operations
|
$
|
(0.10
|
)
|
$
|
(0.31
|
)
|
||
Weighted average number of common shares outstanding - basic and diluted
|
33,057,010
|
31,947,087
|
Customer
|
||||||||||||||||
A
|
B
|
C
|
D |
|
||||||||||||
% of revenues, three months ended September 30, 2020
|
6
|
%
|
12
|
%
|
11
|
%
|
4
|
%
|
||||||||
% of revenues, three months ended September 30, 2019
|
10
|
%
|
13
|
%
|
11
|
%
|
3
|
%
|
||||||||
% of revenues, nine months ended September 30, 2020
|
11
|
%
|
10
|
%
|
5
|
%
|
3
|
%
|
||||||||
% of revenues, nine months ended September 30, 2019
|
14
|
%
|
11
|
%
|
10
|
%
|
1
|
%
|
||||||||
% of accounts receivable, as of September 30, 2020
|
5
|
%
|
19
|
%
|
12
|
%
|
10
|
%
|
||||||||
% of accounts receivable, as of December 31, 2019
|
31
|
%
|
10
|
%
|
8
|
%
|
10
|
%
|
Three Months Ended September 30
|
Nine Months Ended September 30
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Food
|
$
|
3,160
|
$
|
3,573
|
$
|
13,319
|
$
|
12,685
|
||||||||
Animal nutrition
|
2,000
|
1,727
|
6,074
|
5,198
|
||||||||||||
Revenues
|
$
|
5,160
|
$
|
5,300
|
$
|
19,393
|
$
|
17,883
|
Finished goods
|
$
|
1,363
|
$
|
698
|
||||
Raw materials
|
180
|
90
|
||||||
Packaging
|
122
|
110
|
||||||
Inventories
|
$
|
1,665
|
$
|
898
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2019
|
2020
|
2019
|
||||||||||||||
Finance lease cost:
|
||||||||||||||||
Amortization of right-of use assets, included in cost of goods sold
|
$
|
21
|
$
|
19
|
$
|
62
|
$
|
50
|
||||||||
Interest on lease liabilities
|
3
|
5
|
11
|
10
|
||||||||||||
Operating lease cost, included in selling, general and administrative expenses:
|
||||||||||||||||
Fixed leases cost
|
127
|
131
|
388
|
392
|
||||||||||||
Variable lease cost
|
41
|
35
|
89
|
99
|
||||||||||||
Short-term lease cost
|
-
|
13
|
3
|
29
|
||||||||||||
Total lease cost
|
$
|
192
|
$
|
203
|
$
|
553
|
$
|
580
|
||||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
||||||||||||||||
Operating cash flows from finance leases
|
$
|
3
|
$
|
5
|
$
|
11
|
$
|
10
|
||||||||
Operating cash flows from operating leases
|
$
|
127
|
$
|
131
|
$
|
388
|
$
|
392
|
||||||||
Financing cash flows from finance leases
|
$
|
29
|
$
|
23
|
$
|
75
|
$
|
54
|
Operating
Leases
|
Finance
Leases
|
|||||||
Remaining leases terms (in years)
|
3.1-12.4
|
0.3-3.8
|
||||||
Weighted average remaining lease terms (in years)
|
7.2
|
2.7
|
||||||
Discount rates
|
6.3%-9.0
|
%
|
4.3%-7.3
|
%
|
||||
Weighted average discount rate
|
7.6
|
%
|
5.9
|
%
|
Operating
Leases
|
Finance
Leases
|
|||||||
2020 (three months ended December 31, 2020)
|
$
|
116
|
$
|
28
|
||||
2021
|
536
|
91
|
||||||
2022
|
548
|
68
|
||||||
2023
|
528
|
38
|
||||||
2024
|
428
|
11
|
||||||
Thereafter
|
1,468
|
-
|
||||||
Total lease payments
|
3,624
|
236
|
||||||
Amounts representing interest
|
(887
|
)
|
(15
|
)
|
||||
Present value of lease obligations
|
$
|
2,737
|
$
|
221
|
Borrowings outstanding
|
$
|
1,912
|
$
|
1,989
|
||||
Debt issuance costs, net
|
(98
|
)
|
(166
|
)
|
||||
Due under factoring agreement
|
$
|
1,814
|
$
|
1,823
|
Payroll Protection Program note - Dated April 2020. Interest accrues at an annual rate of 1.0%.
|
||||||||
Due in monthly installments from November 2020 to April 2022, unless forgiven as described below.
|
$
|
1,792
|
$
|
-
|
||||
Mortgage promissory note - Dated September 2020. Interest accrues at an annual rate which is the greater of 11.0% above the lender's prime rate and 14.3%. Payable in
monthly installments through June 2022.
|
985
|
-
|
||||||
Debt issuance costs, net - Related to mortgage promissory note dated September 2020
|
(15
|
)
|
-
|
|||||
Equipment notes - Initially recorded in November 2018, in the acquisition of Golden Ridge, at the present value of future payments using a discount rate of 4.8% per
year, which we determined approximated the market rate for similar debt with similar maturities as of the date of acquisition. Payable in monthly installments.
Expire at dates ranging through 2022.
|
43
|
62
|
||||||
Equipment note - Dated December 2019. Due in monthly installments through December 2024.
|
||||||||
Interest accrues at the effective discount rate of 9.3% per year.
|
34
|
39
|
||||||
Total long term debt, net
|
$
|
2,839
|
$
|
101
|
Shares
|
|
Accumulated Other
|
||||||||||||||||||||||||||
Preferred
Series G
|
Common
|
Preferred
Stock
|
Common
Stock
|
Accumulated
Deficit
|
Comprehensive
Loss
|
Equity
|
||||||||||||||||||||||
Balance, December 31, 2019
|
225
|
40,074,483
|
$
|
112
|
$
|
318,811
|
$
|
(287,180
|
)
|
$
|
-
|
$
|
31,743
|
|||||||||||||||
Common stock awards under equity incentive plans
|
-
|
17,534
|
-
|
312
|
-
|
-
|
312
|
|||||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
(3,033
|
)
|
-
|
(3,033
|
)
|
|||||||||||||||||||
Balance, March 31, 2020
|
225
|
40,092,017
|
112
|
319,123
|
(290,213
|
)
|
-
|
29,022
|
||||||||||||||||||||
Common stock awards under equity incentive plans
|
-
|
16,500
|
-
|
316
|
-
|
-
|
316
|
|||||||||||||||||||||
Common stock issued to vendors
|
-
|
31,304
|
-
|
36
|
-
|
-
|
36
|
|||||||||||||||||||||
Exercise of common stock warrants
|
-
|
67,577
|
-
|
12
|
-
|
-
|
12
|
|||||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(48
|
)
|
(48
|
)
|
|||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
(3,949
|
)
|
-
|
(3,949
|
)
|
|||||||||||||||||||
Balance, June 30, 2020
|
225
|
40,207,398
|
112
|
319,487
|
(294,162
|
)
|
(48
|
)
|
25,389
|
|||||||||||||||||||
Common stock awards under equity incentive plans
|
-
|
129,404
|
-
|
153
|
-
|
-
|
153
|
|||||||||||||||||||||
Sale of common stock, net of costs
|
-
|
1,635,792
|
-
|
657
|
-
|
-
|
657
|
|||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
-
|
48
|
48
|
|||||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
(2,774
|
)
|
-
|
(2,774
|
)
|
|||||||||||||||||||
Balance, September 30, 2020
|
225
|
41,972,594
|
$
|
112
|
$
|
320,297
|
$
|
(296,936
|
)
|
$
|
-
|
$
|
23,473
|
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
|
|||||||||||||
Sale of common stock and Prefunded 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
|
|||||||||||||||||
Exercise of Prefunded Warrant
|
-
|
1,003,344
|
-
|
10
|
-
|
10
|
||||||||||||||||||
Common stock awards under equity incentive plans
|
-
|
134,984
|
-
|
219
|
-
|
219
|
||||||||||||||||||
Exercise of common stock options
|
-
|
78,734
|
-
|
87
|
-
|
87
|
||||||||||||||||||
Other
|
-
|
-
|
-
|
32
|
-
|
32
|
||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
(3,659
|
)
|
(3,659
|
)
|
||||||||||||||||
Balance, June 30, 2019
|
225
|
34,246,714
|
112
|
311,201
|
(280,115
|
)
|
31,198
|
|||||||||||||||||
Retirement of unvested shares
|
-
|
(830,124
|
)
|
-
|
-
|
-
|
-
|
|||||||||||||||||
Common stock awards under equity incentive plans
|
-
|
22,632
|
-
|
282
|
-
|
282
|
||||||||||||||||||
Exercise of common stock options
|
-
|
10,000
|
-
|
9
|
-
|
9
|
||||||||||||||||||
Retirement of shares received in settlement with the sellers of Golden Ridge
|
-
|
(340,000
|
)
|
-
|
(1,027
|
)
|
-
|
(1,027
|
)
|
|||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
(3,326
|
)
|
(3,326
|
)
|
||||||||||||||||
Balance, September 30, 2019
|
225
|
33,109,222
|
$
|
112
|
$
|
310,465
|
$
|
(283,441
|
)
|
$
|
27,136
|
Three Months Ended
|
||||||||||||
Common stock, vested and nonvested at issuance
|
$
|
78
|
$
|
95
|
$
|
105
|
||||||
Stock options
|
(86
|
)
|
99
|
85
|
||||||||
Restricted stock units
|
161
|
122
|
122
|
|||||||||
Compensation expense related to common stock awards issued under equity incentive plan
|
$ |
153
|
$ |
316
|
$ |
312
|
Shares
Under
Options
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Grant
Date Fair
Value
|
Weighted
Average
Remaining
Contractual
Life (Years)
|
|||||||||||||
Outstanding at December 31, 2019
|
996,009
|
$
|
3.23
|
8.1
|
||||||||||||
Granted
|
653,004
|
1.22
|
$
|
0.73
|
10.0
|
|||||||||||
Forfeited
|
(125,173
|
)
|
4.74
|
7.2
|
||||||||||||
Outstanding at March 31, 2020
|
1,523,840
|
2.24
|
8.8
|
|||||||||||||
Forfeited
|
(77,357
|
)
|
4.28
|
7.2
|
||||||||||||
Outstanding at June 30, 2020
|
1,446,483
|
$
|
2.13
|
8.6
|
||||||||||||
Forfeited
|
(654,334
|
)
|
1.97
|
8.8
|
||||||||||||
Outstanding at September 30, 2020
|
792,149
|
$
|
2.27
|
8.1
|
RSU Shares
Issued to
Employees
and
Directors
|
Unrecognized
Stock
Compensation
(in thousands)
|
Weighted
Average
Expense
Period
(Years)
|
||||||||||
Nonvested at December 31, 2019
|
1,148,062
|
$
|
377
|
1.4
|
||||||||
Cancelled
|
(625,000
|
)
|
-
|
|||||||||
Forfeited (1)
|
(175,000
|
)
|
(142
|
)
|
||||||||
Expensed (2)
|
-
|
(122
|
)
|
|||||||||
Nonvested at March 31, 2020
|
348,062
|
113
|
1.2
|
|||||||||
Granted to directors (3)
|
477,018
|
426
|
||||||||||
Forfeited (1)
|
(30,000
|
)
|
(24
|
)
|
||||||||
Vested (4)
|
(115,904
|
)
|
-
|
|||||||||
Expensed
|
-
|
(122
|
)
|
|||||||||
Nonvested at June 30, 2020
|
679,176
|
393
|
0.8
|
|||||||||
Granted to directors (3)
|
189,284
|
87
|
||||||||||
Granted to consultant (3)
|
89,286
|
38
|
||||||||||
Forfeited (1)
|
(91,000
|
)
|
(55
|
)
|
||||||||
Vested (4)
|
(189,284
|
)
|
-
|
|||||||||
Expensed
|
-
|
(161
|
)
|
|||||||||
Nonvested at September 30, 2020 (5)(6)
|
677,462
|
302
|
0.5
|
(2)
|
We expensed $0.1 million related to recognition of the unrecognized compensation associated with the cancelled RSU shares in the three months ended March 31, 2020.
|
(6)
|
A total of 227,062 shares of common stock subject to the RSUs vest based upon a vesting price equal to the volume weighted average trading price of our common stock over sixty-five
consecutive trading days. Subject to a minimum service period, as described in the next sentence, the RSU shares vest as to (i) 22,706 shares on the date the vesting price equals or exceeds $5.00 per share, (ii) 68,119 shares on the
date the vesting price equals or exceeds $10.00 per share and (iii) 136,237 shares on the date the vesting price equals or exceeds $15.00 per share. Vesting on the RSU shares occurs the later of the one-year anniversary of the grant
and the date the shares reach the vesting price indicated in the preceding sentence. The RSUs expire on the fifth anniversary of each grant at dates ranging through August 2024.
|
Shares
Under
Warrants
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Life (Years)
|
||||||||||
Outstanding, Decembver 31, 2019
|
7,532,280
|
$
|
1.32
|
1.9
|
||||||||
Expired
|
(265,000
|
)
|
5.25
|
-
|
||||||||
Outstanding, March 31, 2020
|
7,267,280
|
1.18
|
1.7
|
|||||||||
Cash exercised
|
(12,948
|
)
|
0.96
|
-
|
||||||||
Cashless exercised (1)
|
(215,740
|
)
|
0.96
|
-
|
||||||||
Expired
|
(392,676
|
)
|
4.60
|
-
|
||||||||
Outstanding, June 30, 2020
|
6,645,916
|
$
|
0.98
|
1.7
|
||||||||
Outstanding, Septemeber 30, 2020 (2)
|
6,645,916
|
$
|
0.98
|
1.4
|
(1)
|
In the three months ended June 30, 2020, we issued 54,629 shares of common stock upon the cashless exercise of the warrants.
|
(2)
|
Under the terms of certain outstanding warrants, the holders may elect to exercise the warrants under a cashless exercise feature. As of September 30, 2020, warrant holders may elect to exercise cashless
warrants for 3,484,675 shares of common stock at an exercise price of $0.96 per share and 25,000 shares of common stock at an exercise price of $5.25 per share. If we register for resale the shares subject to warrants, the holders of
some of the warrants may no longer have the right to elect a cashless exercise. If we fail to maintain a registration statement for the resale of shares under certain other warrants, the shares under those warrants may again become
exercisable using a cashless exercise feature.
|
Three Months Ended September 30
|
Nine Months Ended September 30
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
NUMERATOR (in thousands):
|
||||||||||||||||
Basic and diluted - loss from continuing operations
|
$
|
(2,774
|
)
|
$
|
(3,326
|
)
|
$
|
(9,756
|
)
|
$
|
(9,996
|
)
|
||||
DENOMINATOR:
|
||||||||||||||||
Weighted average number of shares of shares of common stock outstanding
|
40,691,824
|
33,057,010
|
40,232,289
|
31,947,087
|
||||||||||||
Weighted average number of shares of common stock underlying vested restricted stock units
|
132,457
|
-
|
47,577
|
-
|
||||||||||||
Basic EPS - weighted average number of shares outstanding
|
40,824,281
|
33,057,010
|
40,279,866
|
31,947,087
|
||||||||||||
Effect of dilutive securities outstanding
|
-
|
-
|
-
|
-
|
||||||||||||
Diluted EPS - weighted average number of shares outstanding
|
40,824,281
|
33,057,010
|
40,279,866
|
31,947,087
|
Item 2. |
Item 3. |
Item 4. |
Controls and Procedures
|
PART II. |
OTHER INFORMATION
|
Item 1. |
Legal Proceedings
|
Item 1A. |
Risk Factors
|
Item 2. |
Item 3. |
Item 4. |
Mine Safety Disclosures
|
Item 5. |
Other Information
|
Item 6. |
Exhibits
|
|
|
|
|
|
|
|||||||
Exhibit
Number
|
|
Exhibit Description
|
|
Form
|
|
File No.
|
|
Exhibit
Number
|
|
Filing/Effective
Date
|
|
Filed
Here-with
|
Certificate of Amendment of Articles of Incorporation filed with the Secretary of State of California on June 18, 2020
|
10-Q
|
3.1
|
||||||||||
Mortgage Agreement and Amendment for Purchase and Sale with Republic Business Credit, LLC
|
8-K
|
10.1
|
||||||||||
10.4 (2)
|
Severance Agreement with Brent R. Rystrom
|
X
|
||||||||||
|
Certification by CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
X
|
||||||||
|
Certification by CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
X
|
||||||||
|
Certification by CEO and CFO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
X
|
||||||||
101.INS (1)
|
|
XBRL Instance Document
|
|
|
X
|
|||||||
101.SCH (1)
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
X
|
|||||||
101.CAL (1)
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
X
|
|||||||
101.DEF (1)
|
|
XBRL Taxonomy Extension Calculation Definition Linkbase Document
|
|
|
X
|
|||||||
101.LAB (1)
|
|
XBRL Taxonomy Extension Calculation Label Linkbase Document
|
|
|
X
|
|||||||
101.PRE (1)
|
|
XBRL Taxonomy Extension Calculation Presentation Linkbase Document
|
|
|
X
|
(1)
|
XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as
amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
|
Dated: November 5, 2020
|
|
|
|
|
|
|
/s/ Peter G. Bradley
|
|
|
||
|
Executive Chairman
|
|
/s/ Todd T. Mitchell
|
|
|
||
|
Chief Financial Officer
|
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
1/1/23 | ||||
1/25/21 | ||||
12/31/20 | 10-K, 4 | |||
Filed on: | 11/5/20 | 8-K | ||
11/2/20 | ||||
For Period end: | 9/30/20 | 4, 4/A | ||
8/12/20 | 10-Q, 8-K | |||
7/27/20 | 8-K | |||
7/17/20 | 8-K | |||
6/30/20 | 10-Q | |||
6/18/20 | ||||
3/31/20 | 10-Q, 4, 4/A | |||
3/30/20 | 4, 424B5, 8-K | |||
1/1/20 | ||||
12/31/19 | 10-K, 10-K/A | |||
9/30/19 | 10-Q | |||
6/30/19 | 10-Q | |||
4/4/19 | ||||
3/31/19 | 10-Q | |||
1/1/19 | ||||
12/31/18 | 10-K, NT 10-K | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/25/21 RiceBran Technologies 10-K 12/31/20 104:9M RDG Filings/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/12/20 RiceBran Technologies 10-Q 6/30/20 68:5.5M Broadridge Fin’l So… Inc 7/17/20 RiceBran Technologies 8-K:1,2,8,9 7/10/20 4:2.3M Broadridge Fin’l So… Inc |