Form 10-Q - Quarterly report [Sections 13 or 15(d)]

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

	For the quarterly period ended June 30, 2023

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

	For the transition period from __________ to __________

Commission File Number 001-36245

RiceBran Technologies

(Exact Name of Registrant as Specified in its Charter)

California

(State or other jurisdiction of

incorporation or organization)

87-0673375

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

25420 Kuykendahl Rd., Suite B300

Tomball, TX

(Address of Principal Executive Offices)

77375

(Zip Code)

(281) 675-2421

(Registrant’s telephone number, including area code)

None

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

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

Title of each class		Trading symbol		Name of each exchange on which registered
Common Stock, no par value per share		RIBT		The NASDAQ Capital Market

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

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

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

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

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

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

As of August 21, 2023, there were 6,607,776 shares of common stock outstanding.

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RiceBran Technologies

Index

Form 10-Q

PART I. FINANCIAL INFORMATION			Page
	Item 1.	Financial Statements (Unaudited)	3
		Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2023 and 2022	3
		Condensed Consolidated Balance Sheets as of June 30, 2023, and December 31, 2022	4
		Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022	5
		Notes to Unaudited Condensed Consolidated Financial Statements	6
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	19
	Item 4.	Controls and Procedures	19
PART II. OTHER INFORMATION
	Item 1.	Legal Proceedings	20
	Item 1A.	Risk Factors	20
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	20
	Item 3.	Defaults Upon Senior Securities	20
	Item 4.	Mine Safety Disclosures	20
	Item 5.	Other Information	20
	Item 6.	Exhibits	20
Signatures			22

Cautionary Note about Forward-Looking Statements

This quarterly report on Form 10-Q contains “forward-looking statements” concerning our operations, economic performance and financial condition. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue, liquidity or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services, products or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words “may,” “could,” “will,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate” or other similar words. The forward-looking statements contained herein reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Actual results may differ materially from those projected in such forward-looking statements due to a number of factors, risks and uncertainties, including the factors that may affect future results set forth in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2022. Forward-looking statements speak only as of the date on which they are made, and we disclaim any obligation to update any forward-looking statements as a result of developments occurring after the date of this quarterly report.

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

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

RiceBran Technologies

Condensed Consolidated Statements of Operations

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022

Revenues	$	6,269		$	6,581		$	12,113		$	12,572
Cost of goods sold		6,245			6,970			12,147			12,993
Gross profit (loss)		24			(389	)		(34	)		(421	)
Selling, general and administrative expenses		1,644			1,215			3,102			2,585
Loss from continuing operations before other income (expense)		(1,620	)		(1,604	)		(3,136	)		(3,006	)
Interest income		8			1			27			2
Interest expense		(174	)		(105	)		(353	)		(218	)
Change in fair value of derivative warrant liability		(11	)		(417	)		(39	)		(588	)
Other expense		(43	)		(38	)		(103	)		(72	)
Other income		9			1			265			5
Loss from continuing operations before income taxes		(1,831	)		(2,162	)		(3,339	)		(3,877	)
Income tax expense		(5	)		(12	)		(11	)		(12	)
Loss from continuing operations		(1,836	)		(2,174	)		(3,350	)		(3,889	)
Loss from discontinued operations		(8,495	)		(447	)		(9,009	)		(248	)
Net loss	$	(10,331	)	$	(2,621	)	$	(12,359	)	$	(4,137	)

Basic loss per common share:
Continuing operations	$	(0.27	)	$	(0.41	)	$	(0.50	)	$	(0.74	)
Discontinued operations		(1.27	)		(0.09	)		(1.36	)		(0.05	)
	$	(1.54	)	$	(0.50	)	$	(1.86	)	$	(0.79	)

Diluted loss per common share:
Continuing operations	$	(0.27	)	$	(0.41	)	$	(0.50	)	$	(0.74	)
Discontinued operations		(1.27	)		(0.09	)		(1.36	)		(0.05	)
	$	(1.54	)	$	(0.50	)	$	(1.86	)	$	(0.79	)

Weighted average number of shares outstanding:
Basic		6,722,938			5,286,164			6,645,886			5,269,672
Diluted		6,722,938			5,286,164			6,645,886			5,269,672

See Notes to Unaudited Condensed Consolidated Financial Statements

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RiceBran Technologies

Condensed Consolidated Balance Sheets

(Unaudited) (in thousands, except share amounts)

	June 30			December 31,
	2023			2022
ASSETS
Current assets:
Cash and cash equivalents	$	302		$	3,941
Accounts receivable, net of allowance for credit losses of $26 and $27		3,368			3,703
Inventories		466			465
Other current assets		667			735
Current assets held for sale		-			2,224
Total current assets		4,803			11,068
Property and equipment, net		6,213			6,020
Operating lease right-of-use assets		26			77
Intangible assets		323			380
Long-term assets held for sale		-			9,888
Total assets	$	11,365		$	27,433

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	1,441		$	1,232
Commodities payable		1,752			1,546
Accrued salary, wages and benefits		395			489
Accrued legal		1,245			595
Accrued expenses		708			500
Operating lease liabilities, current portion		36			107
Due under bank line of credit		-			1,832
Due under factoring agreement		2,092			3,150
Due under insurance premium finance agreements		360			185
Finance lease liabilities, current portion		141			113
Long-term debt, current portion		1,287			988
Current liabilities held for sale		-			540
Total current liabilities		9,457			11,277
Finance lease liabilities, less current portion		464			320
Long-term debt, less current portion		454			836
Derivative warrant liability		108			69
Long-term liabilities held for sale		-			2,022
Total liabilities		10,483			14,524
Commitments and contingencies
Shareholders' equity:
Preferred stock, 20,000,000 shares authorized:
Series G, convertible, 3,000 shares authorized, stated value $150,150 shares, issued and outstanding
Common stock, no par value, 15,000,000 shares authorized, 6,607,276 shares and 6,309,509 shares, issued and outstanding		328,883			328,551
Accumulated deficit		(328,076	)		(315,717	)
Total shareholders' equity		882			12,909
Total liabilities and shareholders' equity	$	11,365		$	27,433

See Notes to Unaudited Condensed Consolidated Financial Statements

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RiceBran Technologies

Condensed Consolidated Statements of Cash Flows

(Unaudited) (in thousands)

	Six Months Ended June 30,
	2023			2022
Cash flow from operating activities:
Net loss	$	(12,359	)	$	(4,137	)
Loss from discontinued operations		(9,009	)		(248	)
Loss from continuing operations		(3,350	)		(3,889	)
Adjustments to reconcile net loss to net cash used in operating activities of continuing operations
Depreciation		465			440
Amortization		57			81
Stock and share-based compensation		239			323
Change in fair value of derivative warrant liability		39			588
Other		(16	)		10
Changes in operating assets and liabilities:
Accounts receivable		337			(20	)
Inventories		(1	)		227
Accounts payable and accrued liabilities		611			454
Commodities payable		206			10
Other		68			(437	)
Net cash used in operating activities of continuing operations		(1,345	)		(2,213	)
Net cash provided by (used in) operating activities of discontinued operations		(211	)		475
Net cash used in operating activities		(1,556	)		(1,738	)
Cash flows from investing activities:
Purchases of property and equipment		(317	)		(132	)
Net cash used in investing activities of continuing operations		(317	)		(132	)
Net cash provided by (used in) investing activities of discontinued operations		1,679			(180	)
Net cash provided by (used in) investing activities		1,362			(312	)
Cash flows from financing activities:
Advances on factoring agreement		16,367			18,173
Payments on factoring agreement		(17,425	)		(18,387	)
Advances of bank line of credit		37			1,800
Payments of bank line of credit		(1,869	)		-
Advances on insurance premium finance agreements		450			794
Payments on insurance premium finance agreements		(275	)		(392	)
Proceeds from debt, net of issuance costs		2,494			-
Payments of debt and finance lease liabilities		(2,764	)		(626	)
Net cash provided by (used in) financing activities of continuing operations		(2,985	)		1,362
Net cash used in financing activities of discontinued operations		(460	)		(13	)
Net cash provided by (used in) financing activities		(3,445	)		1,349
Net change in cash and cash equivalents	$	(3,639	)	$	(701	)

Cash and cash equivalents, beginning of period	$	3,941		$	5,825
Cash and cash equivalents, end of period		302			5,124
Net change in cash and cash equivalents	$	(3,639	)	$	(701	)

Supplemental disclosures, continuing operations:
Cash paid for interest	$	347		$	205
Cash paid for income taxes	$	20		$	19

See Notes to Unaudited Condensed Consolidated Financial Statements

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RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 1. BASIS OF PRESENTATION

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

These interim financial statements should be read in conjunction with the consolidated audited financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2022, 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.

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

NOTE 2. LIQUIDITY AND MANAGEMENT’S PLANS

Our continuing operations include the results of operating our rice mill located in Wynne, Arkansas (Golden Ridge) and our barley and oats mill located in East Grand Forks, Minnesota (MGI). Until June 23, 2023, as discussed further in Note 3, our operations included the production of stabilized rice bran and processing of stabilized rice bran into stabilized rice bran derivatives at facilities located in West Sacramento, California, Mermentau, Louisiana, Lake Charles, Louisiana and Dillon, Montana (the SRB Business).

Our history of operating losses and negative operating cash flows from continuing operations raised substantial doubt about our ability to continue as a going concern before consideration of management’s plans, however after consideration of management’s plans and the factors below, we believe substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued has been alleviated. The factors that alleviated the substantial doubt are summarized below:

●

Improving Operating Cash Flows - Golden Ridge has been a significant source of operating losses for us since its acquisition in 2018, however it made its first positive quarterly contribution to operating cash flows in the fourth quarter of 2022 and operations continue to improve. MGI, which has been consistently profitable since its acquisition in 2019, saw a significant increase in sales and profit contribution in the fourth quarter of 2022 due to additional capacity coming online in the third quarter of 2022 after a major capital expansion, which has continued in 2023. The transition of Golden Ridge to positive operating cash flows and expansion in MGI’s contribution to operating cash flows, together with the steps we have taken to lower our run rate for selling, general administrative expenses, should provide us with a pathway to improved operating cash flows.

●

Access to Equity Funding - We could raise additional capital from offerings of equity, including common equity and equivalents. We successfully completed equity raises in both 2022 and 2021.

●

Ability to Leverage and/or Sell Real Property - We have been able to supplement liquidity by borrowing against our real property located in Wynne, Arkansas. We also own our facility in East Grand Forks, Minnesota. We could sell or mortgage these facilities to provide additional liquidity.

●

Strategic Review Process - In light of our challenges in achieving our operating and financial targets, we are continuing our strategic review of all the possible alternatives to generate improved returns to our shareholders.

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RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 3. DISCONTINUED OPERATIONS

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. On June 23, 2023, we completed the sale of our assets related to the SRB Business for $1.8 million in cash and the assumption of $1.7 million of real estate operating lease and other liabilities. The sale agreement contains customary representations, warranties and covenants.

We estimated the proceeds, net of expenses, at $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 for a loss on sale of $8.6 million. The estimated loss on sale includes no provision for income taxes as it is anticipated the tax benefit for the expected tax loss on disposition will not be realized based on our current U.S. valuation allowance position.

In consideration of a lender's 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 exclusively related to the SRB Business, from proceeds of the sale. In addition, we paid liabilities for accumulated paid time off to the employees of the SRB Business. The following table summarizes the initial distribution of proceeds (in thousands).

Purchase price	$	1,800
Estimated expenses accrued 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 estimated carrying amounts of the SRB Business as of June 23, 2023, the date of sale (in thousands).

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

We determined that the disposal met the criteria for presentation as discontinued operations in the second quarter of 2023. Accordingly, SRB Business results are presented as discontinued operations in our consolidated statements of operations and are excluded from continuing operations for all periods presented. In addition, the SRB Business assets and liabilities are classified as held for sale in our consolidated balance sheets for all periods presented.

The operations of the SRB Business are included in our results through the June 23, 2023, date of sale. The following two tables represent activity up to the date of the sale.

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RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

The following table summarizes the major line items included in loss from discontinued operations related to the SRB Business and divestiture (in thousands).

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Revenues	$	3,432		$	3,609		$	6,857		$	8,177
Cost of goods sold		(3,147	)		(3,697	)		(6,796	)		(7,731	)
Selling, general and administrative expenses		(184	)		(493	)		(457	)		(815	)
Gain on involuntary conversion		-			147			-			147
Interest expense		(11	)		(13	)		(28	)		(26	)
Loss from operations of discontinued operations		90			(447	)		(424	)		(248	)
Loss on sale		(8,585	)		-			(8,585	)		-
Loss from discontinued operations	$	(8,495	)	$	(447	)	$	(9,009	)	$	(248	)

Depreciation included in cost of goods sold	$	338		$	291		$	646		$	606
Capital expenditures	$	35		$	253		$	111		$	289

The following table summarizes the major line items included in cash flows from discontinued operations related to the SRB Business and divestiture (in thousands).

	Six Months Ended June 30,
	2023			2022

Net cash provided by (used in) operating activities	$	(211	)	$	475
Net cash provided by (used in) investing activities		1,679			(180	)
Net cash used in financing activities		(460	)		(13	)
Net cash provided to continuing operations		1,008			282

In the six months ended June 2023, net cash provided by investing activities in the table above is presented in our consolidated statements of cash flows in net cash provided by investing activities of discontinued operations and includes the $1.8 million net proceeds from the sale of the SRB Business. In the six months ended June 2023, net cash used in financing activities in the table above is presented in our consolidated statements of cash flows used in financing activities of discontinued operations and includes the $0.5 million repayment of our mortgage promissory note from the initial proceeds from the sale.

The following table summarizes the carrying amounts of major classes of SRB Business assets and liabilities classified as held for sale as of December 31, 2022 (in thousands).

Inventories	$	1,913
Other current assets		311
Property and equipment		8,187
Operating lease right of use assets		1,701
Total assets held for sale	$	12,112
Accrued expenses, including paid time off liabilities of employees of the SRB business	$	236
Operating lease liabilities		1,841
Finance lease liabilities		17
Long-term debt, including $450 of mortgage promissory note, not exclusively related to the SRB business		468
Total liabilities held for sale	$	2,562

NOTE 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Recent accounting standards not yet adopted

There are no accounting standard(s) not yet adopted that will, or are expected to, result in a significant change in practice or have a significant financial impact on our financial position, results of operations or cash flows.

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RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

Recently adopted accounting standards.

In June 2016, the Financial Accounting Standards Board issued guidance ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which changes the accounting for credit losses for certain instruments, including trade receivables, from an incurred loss method to a current expected loss method. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts. We adopted the guidance, and subsequent guidance related to the topic, effective January 1, 2023. Adoption of the standard had no significant impact on our results of operations, financial position, or cash flows as of January 1, 2023. Our provision for doubtful accounts, recoveries of doubtful accounts and accounts receivable charge-offs were immaterial in all periods presented.

NOTE 5. ACCOUNTS RECEIVABLE AND REVENUES

Revenues in the three and six months ended June 30, 2023 and 2022, include $0.1 million, or less, in unearned revenue as of the end of the prior year.

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

	Customer
	A			B			C			D
% of revenues, three months ended June 30, 2023		32	%		16	%		13	%		4	%
% of revenues, three months ended June 30, 2022		5	%		20	%		13	%		15	%

% of revenues, six months ended June 30, 2023		29	%		14	%		12	%		3	%
% of revenues, six months ended June 30, 2022		3	%		20	%		11	%		17	%

% of accounts receivable, as of June 30, 2023		25	%		6	%		-	%		-	%
% of accounts receivable, as of December 31, 2022		19	%		12	%		4	%		-	%

The following table presents disaggregated revenues (in thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

Rice products	$	4,258	$	3,767	$	8,091	$	7,175
Barley products		1,688		2,117		3,274		3,930
Other		323		697		748		1,467
Revenues	$	6,269	$	6,581	$	12,113	$	12,572

NOTE 6. INVENTORIES

The following table details the components of inventories (in thousands).

	June 30,		December 31,
	2023		2022
Finished goods	$	241	$	228
Raw materials		205		212
Packaging		20		25
Inventories	$	466	$	465

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RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 7. PROPERTY AND EQUIPMENT

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

	June 30,		December 31,
	2023		2022		Estimated Useful Lives
Land	$	493	$	493
Furniture and fixtures		71		71	7-10 years
Plant		3,440		3,440	20-40 years, or life of lease
Computer and software		382		382	3-5 years
Leasehold improvements		151		152	5-6 years
Machinery and equipment		6,417		5,758	5-15 years
Property and equipment, cost		10,954		10,296
Less accumulated depreciation		4,741		4,276
Property and equipment, net	$	6,213	$	6,020

Amounts payable for property and equipment included in accounts payable and accrued liabilities totaled $0.1 million at December 31, 2022. Assets which had not yet been placed in service, included in property and equipment, totaled $0.3 million at June 30, 2023, and $0.6 million at December 31, 2022.

NOTE 8. LEASES

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Finance lease cost:
Amortization of right-of-use assets, included in cost of goods sold	$	36	$	16	$	49	$	33
Interest on lease liabilities		9		2		26		4
Operating lease cost, included in selling, general and administrative expenses:
Fixed leases cost		26		26		53		53
Variable lease cost		20		20		41		46
Short-term lease cost		34		14		76		21
Total lease cost	$	125	$	78	$	245	$	157

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	9	$	2	$	26	$	4
Operating cash flows from operating leases	$	26	$	26	$	53	$	53
Financing cash flows from finance leases	$	45	$	21	$	78	$	38

As of June 30, 2023, variable lease payments do not depend on a rate or index. As of June 30, 2023, property and equipment, net, includes $0.7 million of finance lease right-of-use-assets, with an original cost of $0.9 million. As of December 31, 2022, property and equipment, net, includes $0.8 million of finance lease right-of-use-assets, with an original cost of $0.9 million. During the six months ended June 30, 2023, we financed the purchase of $0.2 million of property and equipment in noncash finance lease transactions. During the three and six months ended June 30, 2022, we financed the purchase of $0.1 million of property and equipment in noncash finance lease transactions.

As of June 30, 2023, we do not believe it is certain that we will exercise any renewal options. The remaining terms of our leases and the discount rates used in the calculation of our lease liabilities as of June 30, 2023, follows.

	Operating Leases			Finance Leases
Remaining leases terms (in years)		0.3			0.7-4.6
Weighted average remaining lease terms (in years)		0.3			4.1
Discount rates		6.3	%		2.8%-11.6	%
Weighted average discount rate		6.3	%		9.5	%

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RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

Maturities of lease liabilities as of June 30, 2023, follow (in thousands).

	Operating			Finance
	Leases			Leases
2023 (six months ended December 31, 2023)	$	37		$	114
2024		-			177
2025		-			167
2026		-			165
2027		-			126
Thereafter		-			4
Total lease payments		37			753
Amounts representing interest		(1	)		(148	)
Present value of lease obligations	$	36		$	605

NOTE 9. DEBT

We finance certain amounts owed for annual insurance premiums under financing agreements. As of June 30, 2023, amounts due under insurance premium financing agreements are due in monthly installments of principal and interest through March 2024, at an average annual interest rate of 7.4%.

We borrow under a factoring agreement with a lender (the Lender), which provides a $7.0 million credit facility. We may only borrow to the extent we have qualifying accounts receivable to use as collateral as defined in the agreement. The facility had an initial two-year term and automatically renews for successive annual periods until delivery of a proper termination notice. The facility term automatically extended to October 2023. We incur recurring fees under the agreement, including a funding fee of 0.5% above the prime rate, in no event to be less than 5.5%, on any advances, and a service fee on average net funds borrowed. The Lender has a security interest in our assets and the right to demand repayment of the advances at any time.

The Lender also advanced us $0.9 million effective September 30, 2022 (the Over-advance), pending restructuring of our mortgage promissory note with the Lender. The Over-advance accrued interest at an annual rate which was the greater of 7.0% above the Lender's prime rate (14.5% at December 31, 2022) and 10.3% until it was repaid in January 2023. As of December 31, 2022, the Over-advance was classified as long-term debt in our consolidated balance sheet as it was refinanced on a long-term basis in January 2023, as discussed below.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Average borrowings outstanding	$	3,019	$	3,131	$	2,895	$	2,977
Interest paid on borrowings		72		48		134		91
Fees paid on borrowings		44		27		105		63

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RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

During the six months ended June 30, 2023, we borrowed under a line of credit with a bank. The borrowing was secured by our cash on deposit with the bank and bore interest at prime. There were no stipulated repayment terms for the line as long as we maintained sufficient cash collateral. We repaid the amounts borrowed under the line of credit in full in April 2023. Our borrowings under the line of credit averaged less than $0.1 million during the three months ended June 30, 2023, and $0.9 million in the six months ended June 30, 2023. During the six months ended June 30, 2023, the average annual interest rate of on borrowings was 7.6%.

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

	June 30, 2023		December 31, 2022
Mortgage promissory note - Originally dated July 2020. As subsequently modified, interest accrues at an annual rate which is the greater of 7.0% above the Lender's prime rate (15.3% at June 30, 2023) and 10.3% and payable in monthly installments through September 2024. Face amount $2.5 million. Secured by certain real property in Arkansas. December 31, 2022, excludes $450 thousand allocated to discontinued operations.	$	1,578	$	1,761
Equipment note - Dated May 2021. Original principal $46 thousand. Due in monthly installments through June 2025. Interest accrues at the effective discount rate of 3.6% per year.		20		24
Equipment note - Dated June 2023. Original principal $144 thousand. Due in monthly installments through August 2025. Interest accrues at the effective discount rate of 14.0% per year.		143		-
Progress payment agreement - Dated August 2022. Original principal $37 thousand. Interest was payable monthly at the rate of 25.2% per year until obligation was transferred to a finance lease in February 2023.		-		39
Total long-term debt, net	$	1,741	$	1,824

In January 2023, we entered into agreements with the Lender to effect a modification of the terms of the mortgage promissory note. This modification involved us entering into a new mortgage promissory note in the principal amount of $2.5 million. We received $0.3 million in cash, and the Lender applied the remainder of the new principal to the $1.3 million then outstanding on the prior mortgage promissory note and the $0.9 million Over-advance. Under the terms of the January 2023 note, (i) interest accrues at the same rate as the prior note, an annual rate which is the greater of 7.0% above the Lender’s prime rate and 10.3%, and (ii) principal and interest were payable in equal monthly installments through January 2025, under the January note. We made a $450 thousand principal payment from the SRB Business sale proceeds in June 2023, and the note now matures in September 2024. Prior to the January 2023 modification, principal and interest were payable in equal monthly installments through December 2023. The note is secured by a mortgage on our real property in Arkansas. The current portion of long-term debt on the consolidated balance sheet as of December 31, 2022, reflects the terms of the January 2023 modification.

Future principal maturities of long-term debt outstanding as of June 30, 2023, follow (in thousands).

2023 (six months ended December 31, 2023)	$	626
2024		1,070
2025		54
Principal maturities		1,750
Debt issuance costs		(9	)
Total long-term debt, net	$	1,741

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RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 10. EQUITY, SHARE-BASED COMPENSATION AND WARRANTS

A summary of equity activity for the three and six months ended June 30, 2023 and 2022, follows (in thousands, except share amounts).

	Shares
	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
Common stock awards under equity incentive plans		-		221,742		-		(12	)		-			(12	)
Stock units issued to vendor		-		-		-		19			-			19
Common stock issued to vendor		-		600		-		1			-			1
Net loss		-		-		-		-			(10,331	)		(10,331	)
Balance, June 30, 2023		150		6,607,276	$	75	$	328,883		$	(328,076	)	$	882

	Shares
	Preferred				Preferred		Common		Accumulated
	Series G		Common		Stock		Stock		Deficit			Equity
Balance, December 31, 2021		150		5,158,967	$	75	$	326,279	$	(307,859	)	$	18,495
Common stock awards under equity incentive plans		-		22,475		-		241		-			241
Common stock issued to vendor		-		600		-		5		-			5
Net loss		-		-		-		-		(1,516	)		(1,516	)
Balance, March 31, 2022		150		5,182,042		75		326,525		(309,375	)		17,225
Common stock awards under equity incentive plans		-		48,388		-		146		-			146
Common stock issued to vendor		-		600		-		1		-			1
Net loss		-		-		-		-		(2,621	)		(2,621	)
Balance, June 30, 2022		150		5,231,030	$	75	$	326,672	$	(311,996	)	$	14,751

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

	Three Months Ended
	June 30, 2023			March 31, 2023
Stock options	$	-		$	27
Restricted stock units		(12	)		273
Compensation expense (expense reversal) related to common stock awards issued under equity incentive plans	$	(12	)	$	300

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

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RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

	RSUs										SUs
	Number of Units			Unrecognized Compensation (in thousands)			Average Grant Date Fair Value per share		Weighted Average Expense Period (Years)		Number of Units			Unrecognized Compensation (in thousands)			Average Grant Date Fair Value per share		Weighted Average Expense Period (Years)
Nonvested at December 31, 2022		366,818		$	1,024		$	2.79		2.8		160,000		$	201		$	1.26	$	3
Granted		76,088			70			0.93		-		6,132			5			0.75		-
Forfeited		(646	)		(3	)		5.15		0.6		-			-			-		-
Vested with service		(164,781	)		-			-		-		(6,132	)		-			-		-
Expense		-			(274	)		-		-		-			(24	)		-		-
Nonvested at March 31, 2023		277,479			817			2.95		2.6		160,000			182			1.14		2.5
Granted		60,196			60			1.00		-		-			-			-		-
Forfeited		(231,413	)		(881	)		3.81		1.3		-			-			-		-
Vested with service		(60,196	)		-			-		-		-			-			-		-
Vested upon involuntary termination		(16,750	)		-			-		-		-			-			-		-
Expense reversal (expense)		-			12			-		-		-			(19	)		-		-
Nonvested at June 30, 2023		29,316		$	8		$	0.29		0.1		160,000		$	163		$	1.02		2.2

	Number of RSUs
Vested at December 31, 2022		224,725
Vested with service		170,913
Issued at vesting		(74,825	)
Vested at March 31, 2023		320,813
Vested with service		60,196
Vested upon involuntary termination		16,750
Issued at vesting		(221,742	)
Vested at March 31, 2023		176,017

As of June 30, 2023, issuance of 202,333 shares of common stock subject to certain RSUs, 176,017 of which are vested, is deferred to the date the holder is no longer providing service to our company.

Under the original terms of certain RSUs outstanding during the periods presented, the nonvested portion of an RSU is vested upon the without-cause involuntary termination of the holder’s service. Under the original terms of all RSUs outstanding during the periods presented, upon voluntary or with-cause termination of the holder’s service, the nonvested portion of an RSU is forfeited and any previously recognized compensation related to the nonvested portion of an RSU is reversed because our policy is to recognize forfeitures as they occur.

In July 2023, we issued an option for the purchase of up to 100,000 shares of our common stock at an exercise price of $1.05 per share. The option was immediately vested and had a grant date fair value of $73 thousand.

Preferred Stock and Tax Benefits Preservation Plan (Rights Agreement)

In July 2023, in connection with the Rights Agreement described below, we designated an eighth series of preferred stock, Series H Junior Participating Preferred Stock, no par value (Series H Preferred Shares). Series H Preferred shares will be entitled, if declared, to a preferential per share quarterly dividend payment equal to the greater of (i) $1.00 per share or (ii) an amount equal to 1,000 times the dividend declared per share of our common stock. Each share of Series H Preferred Stock entitles the holder to 1,000 votes on all matters submitted to a vote of our shareholders. In the event of any merger, consolidation or other transaction in which shares of common stock are converted or exchanged, each share of Series H Preferred Stock will be entitled to receive 1,000 times the amount received per one share of our common stock.

In July 2023, we entered into the Rights Agreement designed to reduce the likelihood that we will experience an “ownership change” under Section 382 of the Internal Revenue Code of 1986, as amended, by (i) discouraging any person or group of persons from becoming an “Acquiring Person”, which is defined in the Rights Agreement generally as a person or group of affiliated or associated persons that, at any time after the date of the Rights Agreement, has acquired, or obtained the right to acquire, beneficial ownership of 4.95% or more of the shares of our then-outstanding common stock and (ii) discouraging any existing shareholder currently beneficially holding 4.95% or more of the shares of our common stock from acquiring more shares of our common stock. In connection therewith, the Board declared a dividend of one preferred share purchase right (a Right) for each outstanding share of common stock to shareholders of record at the close of business on July 17, 2023. Each Right entitles the holder to purchase one one-thousandth of a share of our Series H Preferred Stock at a price of $6.00, subject to certain adjustments.

The Rights will separate and begin trading separately from our common stock generally (i) when a person or group of affiliated or associated persons has become an Acquiring Person or (ii) following the commencement, or announcement of an intention to commence, a tender offer or exchange offer the consummation of which would result in any person becoming an Acquiring Person. If issued, each Right, other than Rights beneficially owned by the Acquiring Person (which will thereupon become void) will become exercisable for common stock having a value equal to two times the exercise price of the Right. Prior to exercise, a Right does not give its holder any dividend, voting or liquidation rights. If not otherwise redeemed, exchanged or terminated, the Rights will expire in July 2026, or at such later date as may be established by the Board.

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RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 11. INCOME TAXES

Our tax expense for the three months and six months ended June 30, 2023 and 2022, differs from the tax expense computed by applying the U.S. statutory tax rate to loss from continuing operations before income taxes as no tax benefits were recorded for tax losses generated in the U.S. As of June 30, 2023, 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.

NOTE 12. LOSS PER SHARE (EPS)

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

We calculate diluted EPS by dividing our loss from continuing operations 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 for continuing operations follow.

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
NUMERATOR (in thousands):
Basic and diluted - loss from continuing operations	$	(1,836	)	$	(2,174	)	$	(3,350	)	$	(3,889	)

DENOMINATOR:
Weighted average number of shares of shares of common stock outstanding		6,438,331			5,208,264			6,387,961			5,187,493
Weighted average number of shares of common stock underlying vested RSUs and SUs		284,607			77,900			257,925			82,179
Basic and diluted EPS - weighted average number of shares outstanding		6,722,938			5,286,164			6,645,886			5,269,672

No effects of potentially dilutive securities outstanding were included in the calculation of diluted EPS for continuing operations for the three and six months ended June 30, 2023 and 2022, because to do so would be antidilutive because of our net loss from continuing operations. Potentially dilutive securities outstanding at June 30, 2023, included our outstanding convertible preferred stock, options, warrants, nonvested RSUs and nonvested SUs.

NOTE 13. FAIR VALUE MEASUREMENTS

The fair value of cash and cash equivalents, accounts receivable, accounts payable. commodities payable and short-term debt approximates their carrying value due to shorter maturities. As of June 30, 2023, the fair values of our operating lease liability, long-term debt and finance lease liabilities approximated their carrying values, based on current market rates for similar debt and leases with similar maturities (Level 3 measurements).

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

	Level 1		Level 2		Level 3		Total

Total liabilities at fair value as of June 30, 2023 - Derivative warrant liability	$	-	$	-	$	108	$	108
Total liabilities at fair value as of December 31, 2022 - Derivative warrant liability	$	-	$	-	$	69	$	69

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RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

The following tables summarize the changes in level 3 items measured at fair value on a recurring basis for the three and six months ended June 30, 2023, (in thousands):

	Fair Value as of Beginning of Period		Total Realized and Unrealized Gains (Losses)			Issuance of New Instruments		Net Transfers (Into) Out of Level 3		Fair Value, at End of Period		Change in Unrealized Gains (Losses) on Instruments Still Held
Three months ended June 30, 2023
Total Level 3 fair value - Derivative warrant liability	$	97	$	(11	)	$	-	$	-	$	108	$	(11	)
Six months ended June 30, 2023:
Total Level 3 fair value - Derivative warrant liability	$	69	$	(39	)	$	-	$	-	$	108	$	(39	)

Three months ended June 30, 2022
Total Level 3 fair value - Derivative warrant liability	$	429	$	(417	)	$	-	$	-	$	846	$	(417	)
Six months ended June 30, 2022:
Total Level 3 fair value - Derivative warrant liability	$	258	$	(588	)	$	-	$	-	$	846	$	(588	)

The derivative warrant liability relates to a warrant issued in September 2021 for the purchase of up to 230,769 shares of common stock (Warrant A), The current $2.72 per share exercise price of Warrant A is subject to adjustment in September 2023 to 110% of the 5-day volume weighted average price of our common stock if that price is less than $2.72 per share. We classify Warrant A in our consolidated balance sheets as derivative warrant liability because the holder may elect cash settlement of this warrant in the event of a change of control. We estimated the fair value of Warrant A as of June 30, 2023, and December 31, 2022, using the Black-Scholes value of a warrant with an exercise price of $2.72 per share. The changes in the estimated fair value of Warrant A are included in other income (loss) in our consolidated statements of operations. The assumptions used in valuing Warrant A follow.

	June 30, 2023			December 31, 2022
Assumed exercise price	$	2.72		$	2.72
Assumed volatility		91.1	%		92.2	%
Assumed risk free interest rate		3.8	%		4.3	%
Expected life of options (in years)		3.2			3.7
Expected dividends		-			-

The fair value of Warrant A approximates the cash settlement the holder could elect to be paid in the event of a change of control. At June 30, 2023, if we had estimated the fair value of Warrant A using our stock price as of June 30, 2023, the fair value of Warrant A would have been less than $0.1 million higher.

NOTE 14. COMMITMENTS AND CONTINGENCIES

Employment Contracts and Severance Payments

In the normal course of business, we periodically enter into 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.

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RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

Vesting of certain outstanding nonvested equity grants would accelerate following a change in control.

Legal Matters

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

In January 2023, we received $0.3 million in restitution payments from a former employee. The payments were ordered by a federal court in 2012. Other income in the six months ended June 30, 2023, includes a $0.3 million gain as a result of collecting the restitution payment.

NOTE 15. NASDAQ STOCK MARKET LLC (NASDAQ) NOTICES

On July 10, 2023, Nasdaq notified us that we are not in compliance with Nasdaq’s audit committee composition requirements which require that our Board’s audit committee be comprised of at least three independent directors, as defined in Nasdaq Listing Rule 5605(a)(2). Our audit committee is currently comprised of two independent directors and one vacancy. Pursuant to Nasdaq Listing Rule 5605(c)(4), we have until (i) the earlier of our next annual meeting of stockholders or June 12, 2024; or (ii) December 11, 2023, if the next annual meeting of stockholders is held before December 11, 2023. We intend to comply fully with Nasdaq’s audit committee composition requirements by or before the end of the cure period described above.

On June 13, 2023, Nasdaq notified us that we are not in compliance with Nasdaq’s minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2) which requires us to maintain a minimum bid price of $1.00 per share. To regain compliance with this listing rule, the closing bid price of our common stock has to be at least $1.00 per share for a period of Nasdaq’s discretion, of at least 10, but not to exceed 20, consecutive business days. We have until December 11, 2023, to regain compliance under Nasdaq’s Listing Rules. As of the date of this filing, we have not regained compliance with the minimum bid price requirement. We may be eligible for and obtain from Nasdaq an additional compliance period. We are committed to taking actions that would enable us to regain compliance, including, if necessary, completing a reverse split of our common stock to increase the per share price of our common stock.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

On June 23, 2023, we completed the sale of assets related to the production of stabilized rice bran and the processing of stabilized rice bran into stabilized rice bran derivatives at facilities located in West Sacramento, California, Mermentau, Louisiana, Lake Charles, Louisiana and Dillon, Montana (the SRB Business). The SRB Business’s results are presented as discontinued operations in our consolidated statements of operations and are excluded from continuing operations for all periods presented. See Note 3 in the Notes to Unaudited Condensed Consolidated Financial Statements for further discussion of our discontinued operations.

Our continuing operations include the results of operating our rice mill located in Wynne, Arkansas (Golden Ridge) and our barley and oats mill located in East Grand Forks, Minnesota (MGI).

Results of Continuing Operations – Three Months Ended June 30, 2023 and 2022

Revenues of $6.3 million in the second quarter of 2023 decreased $0.3 million, or 4.7%, from $6.6 million in the second quarter of 2022. A $0.4 million decrease in MGI milling revenues was offset by a $0.8 million increase in Golden Ridge milling revenues. MGI revenues declined due to lower commodity prices. Golden Ridge revenues increased mainly because of higher commodity prices.

Our second quarter 2023 gross profit of $24 thousand compares to a gross loss of $0.4 million in the second quarter of 2022. Both MGI’s and Golden Ridge’s gross profit (loss) improved between quarters. MGI’s gross profit improved due to the elimination of certain operating inefficiencies in 2022. Golden Ridge’s gross loss lowered because of increased volume.

Selling, general and administrative (SG&A) expenses of $1.6 million in the second quarter of 2023 increased $0.4 million from $1.2 million in the second quarter of 2022. The increase primarily relates to increased legal costs incurred in the second quarter of 2023 as we continue to explore strategic alternatives.

Loss from continuing operations before other income (expense) was $1.6 million in the second quarter of 2023, consistent with the second quarter of 2022, because the impact of improved gross margins was offset by increased SG&A expenses.

Other income (expense), net, decreased $0.3 million in the second quarter of 2023 compared to the second quarter of 2022. A $0.4 million reduction in the loss from the change in the fair value of our derivative warrant liability was offset by higher interest and other borrowing costs.

As a result of the above, our second quarter 2023 loss from continuing operations was $1.8 million, or $0.27 per share, compared to $2.2 million, or $0.41 per share, in the second quarter of 2022.

Results of Continuing Operations – Six Months Ended June 30, 2023 and 2022

Primarily due to the same commodity input pricing changes noted above for the three months ended June 30, 2023, revenues of $12.1 million in the first half of 2023 decreased $0.5 million, or 3.7%, from $12.6 million in the first half of 2022. This decrease included a $1.4 million decrease in MGI revenues, offset by a $0.9 million increase in Golden Ridge revenues.

Similarly, our gross loss of $34 thousand in the first half of 2023 improved from a gross loss of $0.4 million in the first half of 2022. MGI’s gross profit improved due to the elimination of certain operating inefficiencies in 2022. Golden Ridge’s gross loss lowered because of increased volume.

SG&A expenses of $3.1 million in the first half of 2023 increased $0.5 million compared to $2.6 million in the first half 2022. The increase primarily relates to increased legal costs incurred in the second quarter of 2023 as we continue to explore strategic alternatives.

Loss from continuing operations before other income (expense) was $3.1 million in the first half of 2023, compared to $3.0 million in the first half of 2022, because the impact of improved gross margins was more than offset by increased SG&A expenses.

Other income (expense), net, decreased $0.5 million from the first half of 2022 compared to the first half of 2023.The favorable impacts of a $0.3 million restitution payment from a former employee, which had been ordered by a federal court in 2012, and a $0.5 million reduction in the change in the fair value of our derivative warrant liability were offset by higher interest and other borrowing costs.

As a result of the above our loss from continuing operations in the first half of 2023 was $3.4 million, or $0.50 per share, compared to $3.9 million, or $0.74 per share, in the first half of 2022.

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Liquidity, Going Concern and Capital Resources

We had $0.3 million in cash and equivalents as of June 30, 2023, a decline of $0.6 million from December 31, 2022, after considering repayments of $3.0 million on our factoring, line of credit, long term debt and finance lease liabilities. In our continuing operations, during the first half of 2023, we used $1.3 million of cash to fund operations and $0.3 million to fund capital expenditures. This was offset by $1.0 million of net cash provided by the operation and disposition of our SRB Business in the first half of 2023.

The buyer of the SRB business did not acquire accounts receivable generated by the operation of the SRB Business assets and generally did not assume any accounts payable or accrued expenses related to the operation of the SRB Business through the June 23, 2023, date of sale. We continue to manage collections of those accounts receivable and payments of those liabilities.

Management believes that despite the multi-year history of operating losses and negative operating cash flows from continuing operations, there is no substantial doubt about our ability to continue as a going concern within one year after the date that these financial statements included in this Quarterly Report are issued. Factors alleviating this concern include the expected continuing improvement in profitability of our milling operations and our ability to procure additional capital if needed through a variety of sources, most notably through the disposition, or borrowing against, our owned facilities.

On March 30, 2020, we entered into a sales agreement with respect to an at-the-market (ATM) offering program, under which we may offer and sell shares of our common stock having an aggregate offering price of up to $6.0 million, which we currently have $2.8 million remaining. Under the terms of the securities purchase agreement related to a September 2021 offering, we are prohibited from entering into an agreement to effect any at-the-market issuance until September 13, 2023. Under the terms of the securities purchase agreement related to the October 2022 offerings, we are generally prohibited from entering into a variable rate transaction, as defined in the agreement, until October 20, 2023.

Critical Accounting Estimates

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

Recent Accounting Pronouncements

See Note 4 in the Notes to Unaudited Condensed Consolidated Financial Statements for further discussion.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are a smaller reporting company as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the Exchange Act) and are not required to provide the information otherwise required by this item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, that are designed to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required financial disclosures. As of June 30, 2023, there have been no significant changes to our critical accounting policies and related estimates previously disclosed in our 2022 Annual Report on Form 10-K.

Table of Contents

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

Changes in Internal Control over Financial Reporting

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

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

In addition to the other information set forth in this Quarterly Report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, which could materially affect our business, financial condition, liquidity or future results. The risks described in our Annual Report on Form 10-K and below are not the only risks facing our company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, liquidity or future results.

An “ownership change” could limit our ability to utilize our net operating loss (NOL) carryforwards and other tax attributes, which could result in increased future tax liability to us. We have entered into a rights agreement (Rights Agreement) to reduce the likelihood of an “ownership change” occurring in the future.

We have significant U.S. federal and state NOL carryforwards. Federal tax laws impose restrictions on the utilization of NOL carryforwards and other tax attributes in the event of an “ownership change” as defined by Section 382 of the Internal Revenue Code of 1986, as amended (Tax Code). A corporation generally will experience an “ownership change” if the percentage of the corporation’s stock owned by its “5-percent shareholders,” as defined in Section 382 of the Tax Code (Section 382), increases by more than 50 percentage points over their lowest ownership percentage within the “testing period” as defined in Section 382, which is generally a rolling three-year period. Under Section 382, if a corporation undergoes an “ownership change,” such corporation’s ability to use its pre-change NOL carryforwards and other pre-change tax attributes to offset its post-change income may be limited. Future changes in our stock ownership, which may be outside of our control, may trigger an “ownership change.” If an “ownership change” occurs in the future, utilization of our NOL carryforwards or other tax attributes may be limited, which could potentially result in increased future tax liability to us.

Accordingly, we have adopted the Rights Agreement. The Rights Agreement is designed to reduce the likelihood that we will experience an “ownership change” under Section 382 by discouraging any person or group of persons from acquiring beneficial ownership of 4.95% or more of the shares of our common stock then outstanding or from acquiring additional shares of our common stock. Although the Rights Agreement is intended to reduce the likelihood of an “ownership change” that could adversely affect the utilization of our NOL carryforwards and other tax attributes, we cannot provide assurance that these restrictions on transferability will prevent all transfers that could result in such an “ownership change.

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

During the quarter ended June 30, 2023, we issued the securities described below without registration under the Securities Act of 1933, as amended. The description below does not include issuances that we disclosed previously on Current Reports on Form 8-K. Unless otherwise indicated below, the securities were issued pursuant to the private placement exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended. All issuances below were made without any public solicitation, to a limited number of sophisticated persons and were acquired for investment purposes only.

On June 30, 2023, we issued 600 shares of common stock to a service provider, that is not a natural person, as compensation for service provided. The shares were valued at an aggregate of $444.

Item 3. Defaults upon Senior Securities

None

Item 4. Mine Safety Disclosures

None

Item 5. Other Information

None

Item 6. Exhibits

Table of Contents

The following exhibits are attached hereto and filed herewith:

Incorporated by Reference

Exhibit

Number

Exhibit Description

Form

File No.

Exhibit

Number

Filing/Effective

Date

Filed

Here-

with

10.1

Asset Purchase Agreement with Stabil Nutrition, LLC, dated as of June 23, 2023

8-K

001-36245

2.1

June 28, 2023

10.2

Letter Agreement with Continental Republic Capital, LLC d/b/a Republic Business Credit, dated as of June 23, 2023

8-K

001-36245

10.1

June 28, 2023

10.3

Consulting Services Agreement with CXO Partners dated as of April 6, 2023

S-1/A

001-36245

10.1

April 11, 2023

31.1

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

31.2

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

32.1

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

101.INS (1)

Inline XBRL Instance Document

101.SCH (1)

Inline XBRL Taxonomy Extension Schema Document

101.CAL (1)

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF (1)

Inline XBRL Taxonomy Extension Calculation Definition Linkbase Document

101.LAB (1)

Inline XBRL Taxonomy Extension Calculation Label Linkbase Document

101.PRE (1)

Inline XBRL Taxonomy Extension Calculation Presentation Linkbase Document

104

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

(1)

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

Table of Contents

SIGNATURES

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

Dated: August 21, 2023

	/s/ Eric Tompkins
	Eric Tompkins
	Director and Executive Chairman

	/s/ William J. Keneally
	William J. Keneally
	Interim Chief Financial Officer

Exhibit 31.1

Certification of Principal Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Eric Tompkins, certify that:

1)	I have reviewed this quarterly report on Form 10-Q of RiceBran Technologies;

2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report was prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5)	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s disclosure internal control over financial reporting.

Dated: August 21, 2023	/s/ Eric Tompkins

	Name:	Eric Tompkins
	Title:	Director and Executive Chairman (Principal Executive Officer)

Exhibit 31.2

Certification of Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, William Keneally, certify that:

1)	I have reviewed this quarterly report on Form 10-Q of RiceBran Technologies;

2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5)	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s disclosure internal control over financial reporting.

Dated: August 21, 2023	/s/ William J. Keneally

	Name:	William J. Keneally
	Title:	Interim Chief Financial Officer (Principal Financial Officer)

Exhibit 32.1

Certification of Principal Executive Officer and Principal Financial Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of RiceBran Technologies (the Company) for the period ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the Report), each of the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 21, 2023

	/s/ Eric Tompkins
	Eric Tompkins
	Director and Executive Chairman (Principal Executive Officer)

/s/ William J. Keneally

William J. Keneally

Interim Chief Financial Officer

(Principal Financial Officer)

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished in accordance with Securities and Exchange Commission Release No. 34-47551 and shall not be considered filed as part of the Form 10-Q or as a separate disclosure document.

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2023	Aug. 21, 2023
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	Q2
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	281
Local Phone Number	675-2421
Title of 12(b) Security	Common Stock, no par value per share
Trading Symbol	RIBT
Security Exchange Name	NASDAQ
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		6,607,776

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues	$ 6,269	$ 6,581	$ 12,113	$ 12,572
Cost of goods sold	6,245	6,970	12,147	12,993
Gross profit (loss)	24	(389)	(34)	(421)
Selling, general and administrative expenses	1,644	1,215	3,102	2,585
Loss from continuing operations before other income (expense)	(1,620)	(1,604)	(3,136)	(3,006)
Interest income	8	1	27	2
Interest expense	(174)	(105)	(353)	(218)
Change in fair value of derivative warrant liability	(11)	(417)	(39)	(588)
Other expense	(43)	(38)	(103)	(72)
Other income	9	1	265	5
Loss from continuing operations before income taxes	(1,831)	(2,162)	(3,339)	(3,877)
Income tax expense	(5)	(12)	(11)	(12)
Loss from continuing operations	(1,836)	(2,174)	(3,350)	(3,889)
Loss from discontinued operations	(8,495)	(447)	(9,009)	(248)
Net loss	$ (10,331)	$ (2,621)	$ (12,359)	$ (4,137)
Basic loss per common share:
Continuing operations (in dollars per share)	$ (0.27)	$ (0.41)	$ (0.50)	$ (0.74)
Discontinued operations (in dollars per share)	(1.27)	(0.09)	(1.36)	(0.05)
Earnings Per Share, Basic	(1.54)	(0.50)	(1.86)	(0.79)
Diluted loss per common share:
Continuing operations (in dollars per share)	(0.27)	(0.41)	(0.50)	(0.74)
Discontinued operations (in dollars per share)	(1.27)	(0.09)	(1.36)	(0.05)
Earnings Per Share, Diluted	$ (1.54)	$ (0.50)	$ (1.86)	$ (0.79)
Weighted average number of shares outstanding:
Basic (in shares)	6,722,938	5,286,164	6,645,886	5,269,672
Diluted (in shares)	6,722,938	5,286,164	6,645,886	5,269,672

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 302	$ 3,941
Accounts receivable, net of allowance for credit losses of $26 and $27	3,368	3,703
Inventories	466	465
Other current assets	667	735
Current assets held for sale	0	2,224
Total current assets	4,803	11,068
Property and equipment, net	6,213	6,020
Operating lease right-of-use assets	26	77
Intangible assets	323	380
Long-term assets held for sale	0	9,888
Total assets	11,365	27,433
Current liabilities:
Accounts payable	1,441	1,232
Commodities payable	1,752	1,546
Accrued salary, wages and benefits	395	489
Accrued legal	1,245	595
Accrued expenses	708	500
Operating lease liabilities, current portion	36	107
Due under line of credit	2,092	3,150
Due under insurance premium finance agreements	360	185
Finance lease liabilities, current portion	141	113
Long-term debt, current portion	1,287	988
Current liabilities held for sale	0	540
Total current liabilities	9,457	11,277
Finance lease liabilities, less current portion	464	320
Long-term debt, less current portion	454	836
Derivative warrant liability	108	69
Long-term liabilities held for sale	0	2,022
Total liabilities	10,483	14,524
Commitments and contingencies
Shareholders' equity:
Common stock, no par value, 15,000,000 shares authorized, 6,607,276 shares and 6,309,509 shares, issued and outstanding	328,883	328,551
Accumulated deficit	(328,076)	(315,717)
Total shareholders' equity	882	12,909
Total liabilities and shareholders' equity	11,365	27,433
Line of Credit With Bank [Member]
Current liabilities:
Due under line of credit	$ 0	$ 1,832

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts receivable, allowance for doubtful accounts	$ 26	$ 27
Preferred stock, 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)	6,607,276	6,309,509
Common stock, outstanding (in shares)	6,607,276	6,309,509
Series G Preferred Stock [Member]
Preferred stock, authorized (in shares)	3,000	3,000
Preferred stock, stated value (in dollars per share)	$ 150	$ 150
Preferred stock, issued (in shares)	150	150
Preferred stock, outstanding (in shares)	150	150

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flow from operating activities:
Net loss	$ (12,359)	$ (4,137)
Loss from discontinued operations	(9,009)	(248)
Loss from continuing operations	(3,350)	(3,889)
Adjustments to reconcile net loss to net cash used in operating activities of continuing operations
Depreciation	465	440
Amortization	57	81
Stock and share-based compensation	239	323
Change in fair value of derivative warrant liability	39	588
Other	(16)	10
Changes in operating assets and liabilities:
Accounts receivable	337	(20)
Inventories	(1)	227
Accounts payable and accrued liabilities	611	454
Commodities payable	206	10
Other	68	(437)
Net cash used in operating activities of continuing operations	(1,345)	(2,213)
Net cash provided by (used in) operating activities of discontinued operations	(211)	475
Net cash used in operating activities	(1,556)	(1,738)
Cash flows from investing activities:
Purchases of property and equipment	(317)	(132)
Net cash used in investing activities of continuing operations	(317)	(132)
Net cash provided by (used in) investing activities of discontinued operations	1,679	(180)
Net cash provided by (used in) investing activities	1,362	(312)
Cash flows from financing activities:
Advances on factoring agreement	16,367	18,173
Payments of bank line of credit	(1,869)	0
Advances on insurance premium finance agreements	450	794
Payments on insurance premium finance agreements	(275)	(392)
Proceeds from debt, net of issuance costs	2,494	0
Payments of debt and finance lease liabilities	(2,764)	(626)
Net cash provided by (used in) financing activities of continuing operations	(2,985)	1,362
Net cash used in financing activities of discontinued operations	(460)	(13)
Net cash provided by (used in) financing activities	(3,445)	1,349
Net change in cash and cash equivalents	(3,639)	(701)
Cash and cash equivalents, beginning of period	3,941	5,825
Cash and cash equivalents, end of period	302	5,124
Net change in cash and cash equivalents	(3,639)	(701)
Supplemental disclosures, continuing operations:
Cash paid for interest	347	205
Cash paid for income taxes	20	19
Factoring Agreement [Member]
Cash flows from financing activities:
Payments on factoring agreement	(17,425)	(18,387)
Line of Credit With Bank [Member]
Cash flows from financing activities:
Advances on factoring agreement	$ 37	$ 1,800

Note 1 - Basis of Presentation

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1. BASIS OF PRESENTATION

Note 2 - Liquidity and Management's Plans

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Nature of Operations [Text Block]

NOTE 2. LIQUIDITY AND MANAGEMENT’S PLANS

●

Access to Equity Funding - We could raise additional capital from offerings of equity, including common equity and equivalents. We successfully completed equity raises in both 2022 and 2021.

●

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

Note 3 - Discontinued Operations

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

NOTE 3. DISCONTINUED OPERATIONS

Purchase price	$	1,800
Estimated expenses accrued 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 estimated carrying amounts of the SRB Business as of June 23, 2023, the date of sale (in thousands).

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 operations of the SRB Business are included in our results through the June 23, 2023, date of sale. The following two tables represent activity up to the date of the sale.

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

The following table summarizes the major line items included in loss from discontinued operations related to the SRB Business and divestiture (in thousands).

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Revenues	$	3,432		$	3,609		$	6,857		$	8,177
Cost of goods sold		(3,147	)		(3,697	)		(6,796	)		(7,731	)
Selling, general and administrative expenses		(184	)		(493	)		(457	)		(815	)
Gain on involuntary conversion		-			147			-			147
Interest expense		(11	)		(13	)		(28	)		(26	)
Loss from operations of discontinued operations		90			(447	)		(424	)		(248	)
Loss on sale		(8,585	)		-			(8,585	)		-
Loss from discontinued operations	$	(8,495	)	$	(447	)	$	(9,009	)	$	(248	)

Depreciation included in cost of goods sold	$	338		$	291		$	646		$	606
Capital expenditures	$	35		$	253		$	111		$	289

The following table summarizes the major line items included in cash flows from discontinued operations related to the SRB Business and divestiture (in thousands).

	Six Months Ended June 30,
	2023			2022

Net cash provided by (used in) operating activities	$	(211	)	$	475
Net cash provided by (used in) investing activities		1,679			(180	)
Net cash used in financing activities		(460	)		(13	)
Net cash provided to continuing operations		1,008			282

The following table summarizes the carrying amounts of major classes of SRB Business assets and liabilities classified as held for sale as of December 31, 2022 (in thousands).

Inventories	$	1,913
Other current assets		311
Property and equipment		8,187
Operating lease right of use assets		1,701
Total assets held for sale	$	12,112
Accrued expenses, including paid time off liabilities of employees of the SRB business	$	236
Operating lease liabilities		1,841
Finance lease liabilities		17
Long-term debt, including $450 of mortgage promissory note, not exclusively related to the SRB business		468
Total liabilities held for sale	$	2,562

Note 4 - Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Significant Accounting Policies [Text Block]

NOTE 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Recent accounting standards not yet adopted

Recently adopted accounting standards.

Note 5 - Accounts Receivable and Revenues

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Accounts Receivable and Revenues [Text Block}

NOTE 5. ACCOUNTS RECEIVABLE AND REVENUES

Revenues in the three and six months ended June 30, 2023 and 2022, include $0.1 million, or less, in unearned revenue as of the end of the prior year.

	Customer
	A			B			C			D
% of revenues, three months ended June 30, 2023		32	%		16	%		13	%		4	%
% of revenues, three months ended June 30, 2022		5	%		20	%		13	%		15	%

% of revenues, six months ended June 30, 2023		29	%		14	%		12	%		3	%
% of revenues, six months ended June 30, 2022		3	%		20	%		11	%		17	%

% of accounts receivable, as of June 30, 2023		25	%		6	%		-	%		-	%
% of accounts receivable, as of December 31, 2022		19	%		12	%		4	%		-	%

The following table presents disaggregated revenues (in thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

Rice products	$	4,258	$	3,767	$	8,091	$	7,175
Barley products		1,688		2,117		3,274		3,930
Other		323		697		748		1,467
Revenues	$	6,269	$	6,581	$	12,113	$	12,572

Note 6 - Inventories

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE 6. INVENTORIES

The following table details the components of inventories (in thousands).

	June 30,		December 31,
	2023		2022
Finished goods	$	241	$	228
Raw materials		205		212
Packaging		20		25
Inventories	$	466	$	465

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

Note 7 - Property and Equipment

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE 7. PROPERTY AND EQUIPMENT

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

	June 30,		December 31,
	2023		2022		Estimated Useful Lives
Land	$	493	$	493
Furniture and fixtures		71		71	7-10 years
Plant		3,440		3,440	20-40 years, or life of lease
Computer and software		382		382	3-5 years
Leasehold improvements		151		152	5-6 years
Machinery and equipment		6,417		5,758	5-15 years
Property and equipment, cost		10,954		10,296
Less accumulated depreciation		4,741		4,276
Property and equipment, net	$	6,213	$	6,020

Note 8 - Leases

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Lessee, Operating and Finance Leases [Text Block]

NOTE 8. LEASES

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Finance lease cost:
Amortization of right-of-use assets, included in cost of goods sold	$	36	$	16	$	49	$	33
Interest on lease liabilities		9		2		26		4
Operating lease cost, included in selling, general and administrative expenses:
Fixed leases cost		26		26		53		53
Variable lease cost		20		20		41		46
Short-term lease cost		34		14		76		21
Total lease cost	$	125	$	78	$	245	$	157

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	9	$	2	$	26	$	4
Operating cash flows from operating leases	$	26	$	26	$	53	$	53
Financing cash flows from finance leases	$	45	$	21	$	78	$	38

	Operating Leases			Finance Leases
Remaining leases terms (in years)		0.3			0.7-4.6
Weighted average remaining lease terms (in years)		0.3			4.1
Discount rates		6.3	%		2.8%-11.6	%
Weighted average discount rate		6.3	%		9.5	%

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

Maturities of lease liabilities as of June 30, 2023, follow (in thousands).

	Operating			Finance
	Leases			Leases
2023 (six months ended December 31, 2023)	$	37		$	114
2024		-			177
2025		-			167
2026		-			165
2027		-			126
Thereafter		-			4
Total lease payments		37			753
Amounts representing interest		(1	)		(148	)
Present value of lease obligations	$	36		$	605

Note 9 - Debt

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 9. DEBT

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Average borrowings outstanding	$	3,019	$	3,131	$	2,895	$	2,977
Interest paid on borrowings		72		48		134		91
Fees paid on borrowings		44		27		105		63

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

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

	June 30, 2023		December 31, 2022
Mortgage promissory note - Originally dated July 2020. As subsequently modified, interest accrues at an annual rate which is the greater of 7.0% above the Lender's prime rate (15.3% at June 30, 2023) and 10.3% and payable in monthly installments through September 2024. Face amount $2.5 million. Secured by certain real property in Arkansas. December 31, 2022, excludes $450 thousand allocated to discontinued operations.	$	1,578	$	1,761
Equipment note - Dated May 2021. Original principal $46 thousand. Due in monthly installments through June 2025. Interest accrues at the effective discount rate of 3.6% per year.		20		24
Equipment note - Dated June 2023. Original principal $144 thousand. Due in monthly installments through August 2025. Interest accrues at the effective discount rate of 14.0% per year.		143		-
Progress payment agreement - Dated August 2022. Original principal $37 thousand. Interest was payable monthly at the rate of 25.2% per year until obligation was transferred to a finance lease in February 2023.		-		39
Total long-term debt, net	$	1,741	$	1,824

Future principal maturities of long-term debt outstanding as of June 30, 2023, follow (in thousands).

2023 (six months ended December 31, 2023)	$	626
2024		1,070
2025		54
Principal maturities		1,750
Debt issuance costs		(9	)
Total long-term debt, net	$	1,741

Note 10 - Equity, Share-based Compensation and Warrants

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Shareholders' Equity and Share-Based Payments [Text Block]

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 10. EQUITY, SHARE-BASED COMPENSATION AND WARRANTS

A summary of equity activity for the three and six months ended June 30, 2023 and 2022, follows (in thousands, except share amounts).

	Shares
	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
Common stock awards under equity incentive plans		-		221,742		-		(12	)		-			(12	)
Stock units issued to vendor		-		-		-		19			-			19
Common stock issued to vendor		-		600		-		1			-			1
Net loss		-		-		-		-			(10,331	)		(10,331	)
Balance, June 30, 2023		150		6,607,276	$	75	$	328,883		$	(328,076	)	$	882

	Shares
	Preferred				Preferred		Common		Accumulated
	Series G		Common		Stock		Stock		Deficit			Equity
Balance, December 31, 2021		150		5,158,967	$	75	$	326,279	$	(307,859	)	$	18,495
Common stock awards under equity incentive plans		-		22,475		-		241		-			241
Common stock issued to vendor		-		600		-		5		-			5
Net loss		-		-		-		-		(1,516	)		(1,516	)
Balance, March 31, 2022		150		5,182,042		75		326,525		(309,375	)		17,225
Common stock awards under equity incentive plans		-		48,388		-		146		-			146
Common stock issued to vendor		-		600		-		1		-			1
Net loss		-		-		-		-		(2,621	)		(2,621	)
Balance, June 30, 2022		150		5,231,030	$	75	$	326,672	$	(311,996	)	$	14,751

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

	Three Months Ended
	June 30, 2023			March 31, 2023
Stock options	$	-		$	27
Restricted stock units		(12	)		273
Compensation expense (expense reversal) related to common stock awards issued under equity incentive plans	$	(12	)	$	300

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

	RSUs										SUs
	Number of Units			Unrecognized Compensation (in thousands)			Average Grant Date Fair Value per share		Weighted Average Expense Period (Years)		Number of Units			Unrecognized Compensation (in thousands)			Average Grant Date Fair Value per share		Weighted Average Expense Period (Years)
Nonvested at December 31, 2022		366,818		$	1,024		$	2.79		2.8		160,000		$	201		$	1.26	$	3
Granted		76,088			70			0.93		-		6,132			5			0.75		-
Forfeited		(646	)		(3	)		5.15		0.6		-			-			-		-
Vested with service		(164,781	)		-			-		-		(6,132	)		-			-		-
Expense		-			(274	)		-		-		-			(24	)		-		-
Nonvested at March 31, 2023		277,479			817			2.95		2.6		160,000			182			1.14		2.5
Granted		60,196			60			1.00		-		-			-			-		-
Forfeited		(231,413	)		(881	)		3.81		1.3		-			-			-		-
Vested with service		(60,196	)		-			-		-		-			-			-		-
Vested upon involuntary termination		(16,750	)		-			-		-		-			-			-		-
Expense reversal (expense)		-			12			-		-		-			(19	)		-		-
Nonvested at June 30, 2023		29,316		$	8		$	0.29		0.1		160,000		$	163		$	1.02		2.2

	Number of RSUs
Vested at December 31, 2022		224,725
Vested with service		170,913
Issued at vesting		(74,825	)
Vested at March 31, 2023		320,813
Vested with service		60,196
Vested upon involuntary termination		16,750
Issued at vesting		(221,742	)
Vested at March 31, 2023		176,017

Preferred Stock and Tax Benefits Preservation Plan (Rights Agreement)

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

Note 11 - Income Taxes

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE 11. INCOME TAXES

Note 12 - Loss Per Share (EPS)

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 12. LOSS PER SHARE (EPS)

Reconciliations of the numerators and denominators in the EPS computations for continuing operations follow.

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
NUMERATOR (in thousands):
Basic and diluted - loss from continuing operations	$	(1,836	)	$	(2,174	)	$	(3,350	)	$	(3,889	)

DENOMINATOR:
Weighted average number of shares of shares of common stock outstanding		6,438,331			5,208,264			6,387,961			5,187,493
Weighted average number of shares of common stock underlying vested RSUs and SUs		284,607			77,900			257,925			82,179
Basic and diluted EPS - weighted average number of shares outstanding		6,722,938			5,286,164			6,645,886			5,269,672

Note 13 - Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE 13. FAIR VALUE MEASUREMENTS

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

	Level 1		Level 2		Level 3		Total

Total liabilities at fair value as of June 30, 2023 - Derivative warrant liability	$	-	$	-	$	108	$	108
Total liabilities at fair value as of December 31, 2022 - Derivative warrant liability	$	-	$	-	$	69	$	69

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

The following tables summarize the changes in level 3 items measured at fair value on a recurring basis for the three and six months ended June 30, 2023, (in thousands):

	Fair Value as of Beginning of Period		Total Realized and Unrealized Gains (Losses)			Issuance of New Instruments		Net Transfers (Into) Out of Level 3		Fair Value, at End of Period		Change in Unrealized Gains (Losses) on Instruments Still Held
Three months ended June 30, 2023
Total Level 3 fair value - Derivative warrant liability	$	97	$	(11	)	$	-	$	-	$	108	$	(11	)
Six months ended June 30, 2023:
Total Level 3 fair value - Derivative warrant liability	$	69	$	(39	)	$	-	$	-	$	108	$	(39	)

Three months ended June 30, 2022
Total Level 3 fair value - Derivative warrant liability	$	429	$	(417	)	$	-	$	-	$	846	$	(417	)
Six months ended June 30, 2022:
Total Level 3 fair value - Derivative warrant liability	$	258	$	(588	)	$	-	$	-	$	846	$	(588	)

	June 30, 2023			December 31, 2022
Assumed exercise price	$	2.72		$	2.72
Assumed volatility		91.1	%		92.2	%
Assumed risk free interest rate		3.8	%		4.3	%
Expected life of options (in years)		3.2			3.7
Expected dividends		-			-

Note 14 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE 14. COMMITMENTS AND CONTINGENCIES

Employment Contracts and Severance Payments

RiceBran Technologies

Notes to Unaudited Condensed Consolidated Financial Statements

Vesting of certain outstanding nonvested equity grants would accelerate following a change in control.

Legal Matters

Note 15 - NASDAQ Stock Market LLC (NASDAQ) Notices

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Failure to Comply with Nasdaq Listing Requirements Disclosure [Text Block]

NOTE 15. NASDAQ STOCK MARKET LLC (NASDAQ) NOTICES

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]

Recent accounting standards not yet adopted

Recently adopted accounting standards.

Note 3 - Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Disposal Groups, Including Discontinued Operations, Purchase Price Allocation [Table Text Block]

Purchase price	$	1,800
Estimated expenses accrued as of June 30, 2023		(375	)
Net proceeds	$	1,425

Repayment of mortgage promissory note	$	450
Payment of paid time off liabilities		215
	$	665

Disposal Groups, Including Discontinued Operations [Table Text Block]

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Revenues	$	3,432		$	3,609		$	6,857		$	8,177
Cost of goods sold		(3,147	)		(3,697	)		(6,796	)		(7,731	)
Selling, general and administrative expenses		(184	)		(493	)		(457	)		(815	)
Gain on involuntary conversion		-			147			-			147
Interest expense		(11	)		(13	)		(28	)		(26	)
Loss from operations of discontinued operations		90			(447	)		(424	)		(248	)
Loss on sale		(8,585	)		-			(8,585	)		-
Loss from discontinued operations	$	(8,495	)	$	(447	)	$	(9,009	)	$	(248	)

Depreciation included in cost of goods sold	$	338		$	291		$	646		$	606
Capital expenditures	$	35		$	253		$	111		$	289

Inventories	$	1,913
Other current assets		311
Property and equipment		8,187
Operating lease right of use assets		1,701
Total assets held for sale	$	12,112
Accrued expenses, including paid time off liabilities of employees of the SRB business	$	236
Operating lease liabilities		1,841
Finance lease liabilities		17
Long-term debt, including $450 of mortgage promissory note, not exclusively related to the SRB business		468
Total liabilities held for sale	$	2,562

Discontinued Operations, Cash Flow Activity [Table Text Block]

	Six Months Ended June 30,
	2023			2022

Net cash provided by (used in) operating activities	$	(211	)	$	475
Net cash provided by (used in) investing activities		1,679			(180	)
Net cash used in financing activities		(460	)		(13	)
Net cash provided to continuing operations		1,008			282

Note 5 - Accounts Receivable and Revenues (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

	Customer
	A			B			C			D
% of revenues, three months ended June 30, 2023		32	%		16	%		13	%		4	%
% of revenues, three months ended June 30, 2022		5	%		20	%		13	%		15	%

% of revenues, six months ended June 30, 2023		29	%		14	%		12	%		3	%
% of revenues, six months ended June 30, 2022		3	%		20	%		11	%		17	%

% of accounts receivable, as of June 30, 2023		25	%		6	%		-	%		-	%
% of accounts receivable, as of December 31, 2022		19	%		12	%		4	%		-	%

Disaggregation of Revenue [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

Rice products	$	4,258	$	3,767	$	8,091	$	7,175
Barley products		1,688		2,117		3,274		3,930
Other		323		697		748		1,467
Revenues	$	6,269	$	6,581	$	12,113	$	12,572

Note 6 - Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	June 30,		December 31,
	2023		2022
Finished goods	$	241	$	228
Raw materials		205		212
Packaging		20		25
Inventories	$	466	$	465

Note 7 - Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Property, Plant and Equipment [Table Text Block]

	June 30,		December 31,
	2023		2022		Estimated Useful Lives
Land	$	493	$	493
Furniture and fixtures		71		71	7-10 years
Plant		3,440		3,440	20-40 years, or life of lease
Computer and software		382		382	3-5 years
Leasehold improvements		151		152	5-6 years
Machinery and equipment		6,417		5,758	5-15 years
Property and equipment, cost		10,954		10,296
Less accumulated depreciation		4,741		4,276
Property and equipment, net	$	6,213	$	6,020

Note 8 - Leases (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Lease, Cost [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Finance lease cost:
Amortization of right-of-use assets, included in cost of goods sold	$	36	$	16	$	49	$	33
Interest on lease liabilities		9		2		26		4
Operating lease cost, included in selling, general and administrative expenses:
Fixed leases cost		26		26		53		53
Variable lease cost		20		20		41		46
Short-term lease cost		34		14		76		21
Total lease cost	$	125	$	78	$	245	$	157

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	9	$	2	$	26	$	4
Operating cash flows from operating leases	$	26	$	26	$	53	$	53
Financing cash flows from finance leases	$	45	$	21	$	78	$	38

Lessee, Operating and Finance Leases, Remaining Terms and Discount Rates [Table Text Block]

	Operating Leases			Finance Leases
Remaining leases terms (in years)		0.3			0.7-4.6
Weighted average remaining lease terms (in years)		0.3			4.1
Discount rates		6.3	%		2.8%-11.6	%
Weighted average discount rate		6.3	%		9.5	%

Lessee, Operating and Finance Lease Liability, Maturity [Table Text Block]

	Operating			Finance
	Leases			Leases
2023 (six months ended December 31, 2023)	$	37		$	114
2024		-			177
2025		-			167
2026		-			165
2027		-			126
Thereafter		-			4
Total lease payments		37			753
Amounts representing interest		(1	)		(148	)
Present value of lease obligations	$	36		$	605

Note 9 - Debt (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Schedule of Debt [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Average borrowings outstanding	$	3,019	$	3,131	$	2,895	$	2,977
Interest paid on borrowings		72		48		134		91
Fees paid on borrowings		44		27		105		63

Schedule of Long-Term Debt Instruments [Table Text Block]

	June 30, 2023		December 31, 2022
Mortgage promissory note - Originally dated July 2020. As subsequently modified, interest accrues at an annual rate which is the greater of 7.0% above the Lender's prime rate (15.3% at June 30, 2023) and 10.3% and payable in monthly installments through September 2024. Face amount $2.5 million. Secured by certain real property in Arkansas. December 31, 2022, excludes $450 thousand allocated to discontinued operations.	$	1,578	$	1,761
Equipment note - Dated May 2021. Original principal $46 thousand. Due in monthly installments through June 2025. Interest accrues at the effective discount rate of 3.6% per year.		20		24
Equipment note - Dated June 2023. Original principal $144 thousand. Due in monthly installments through August 2025. Interest accrues at the effective discount rate of 14.0% per year.		143		-
Progress payment agreement - Dated August 2022. Original principal $37 thousand. Interest was payable monthly at the rate of 25.2% per year until obligation was transferred to a finance lease in February 2023.		-		39
Total long-term debt, net	$	1,741	$	1,824

Schedule of Maturities of Long-Term Debt [Table Text Block]

2023 (six months ended December 31, 2023)	$	626
2024		1,070
2025		54
Principal maturities		1,750
Debt issuance costs		(9	)
Total long-term debt, net	$	1,741

Note 10 - Equity, Share-based Compensation and Warrants (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

	Shares
	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
Common stock awards under equity incentive plans		-		221,742		-		(12	)		-			(12	)
Stock units issued to vendor		-		-		-		19			-			19
Common stock issued to vendor		-		600		-		1			-			1
Net loss		-		-		-		-			(10,331	)		(10,331	)
Balance, June 30, 2023		150		6,607,276	$	75	$	328,883		$	(328,076	)	$	882

	Shares
	Preferred				Preferred		Common		Accumulated
	Series G		Common		Stock		Stock		Deficit			Equity
Balance, December 31, 2021		150		5,158,967	$	75	$	326,279	$	(307,859	)	$	18,495
Common stock awards under equity incentive plans		-		22,475		-		241		-			241
Common stock issued to vendor		-		600		-		5		-			5
Net loss		-		-		-		-		(1,516	)		(1,516	)
Balance, March 31, 2022		150		5,182,042		75		326,525		(309,375	)		17,225
Common stock awards under equity incentive plans		-		48,388		-		146		-			146
Common stock issued to vendor		-		600		-		1		-			1
Net loss		-		-		-		-		(2,621	)		(2,621	)
Balance, June 30, 2022		150		5,231,030	$	75	$	326,672	$	(311,996	)	$	14,751

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	Three Months Ended
	June 30, 2023			March 31, 2023
Stock options	$	-		$	27
Restricted stock units		(12	)		273
Compensation expense (expense reversal) related to common stock awards issued under equity incentive plans	$	(12	)	$	300

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)		Number of Units			Unrecognized Compensation (in thousands)			Average Grant Date Fair Value per share		Weighted Average Expense Period (Years)
Nonvested at December 31, 2022		366,818		$	1,024		$	2.79		2.8		160,000		$	201		$	1.26	$	3
Granted		76,088			70			0.93		-		6,132			5			0.75		-
Forfeited		(646	)		(3	)		5.15		0.6		-			-			-		-
Vested with service		(164,781	)		-			-		-		(6,132	)		-			-		-
Expense		-			(274	)		-		-		-			(24	)		-		-
Nonvested at March 31, 2023		277,479			817			2.95		2.6		160,000			182			1.14		2.5
Granted		60,196			60			1.00		-		-			-			-		-
Forfeited		(231,413	)		(881	)		3.81		1.3		-			-			-		-
Vested with service		(60,196	)		-			-		-		-			-			-		-
Vested upon involuntary termination		(16,750	)		-			-		-		-			-			-		-
Expense reversal (expense)		-			12			-		-		-			(19	)		-		-
Nonvested at June 30, 2023		29,316		$	8		$	0.29		0.1		160,000		$	163		$	1.02		2.2

	Number of RSUs
Vested at December 31, 2022		224,725
Vested with service		170,913
Issued at vesting		(74,825	)
Vested at March 31, 2023		320,813
Vested with service		60,196
Vested upon involuntary termination		16,750
Issued at vesting		(221,742	)
Vested at March 31, 2023		176,017

Note 12 - Loss Per Share (EPS) (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
NUMERATOR (in thousands):
Basic and diluted - loss from continuing operations	$	(1,836	)	$	(2,174	)	$	(3,350	)	$	(3,889	)

DENOMINATOR:
Weighted average number of shares of shares of common stock outstanding		6,438,331			5,208,264			6,387,961			5,187,493
Weighted average number of shares of common stock underlying vested RSUs and SUs		284,607			77,900			257,925			82,179
Basic and diluted EPS - weighted average number of shares outstanding		6,722,938			5,286,164			6,645,886			5,269,672

Note 13 - Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

	Level 1		Level 2		Level 3		Total

Total liabilities at fair value as of June 30, 2023 - Derivative warrant liability	$	-	$	-	$	108	$	108
Total liabilities at fair value as of December 31, 2022 - Derivative warrant liability	$	-	$	-	$	69	$	69

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	Fair Value as of Beginning of Period		Total Realized and Unrealized Gains (Losses)			Issuance of New Instruments		Net Transfers (Into) Out of Level 3		Fair Value, at End of Period		Change in Unrealized Gains (Losses) on Instruments Still Held
Three months ended June 30, 2023
Total Level 3 fair value - Derivative warrant liability	$	97	$	(11	)	$	-	$	-	$	108	$	(11	)
Six months ended June 30, 2023:
Total Level 3 fair value - Derivative warrant liability	$	69	$	(39	)	$	-	$	-	$	108	$	(39	)

Three months ended June 30, 2022
Total Level 3 fair value - Derivative warrant liability	$	429	$	(417	)	$	-	$	-	$	846	$	(417	)
Six months ended June 30, 2022:
Total Level 3 fair value - Derivative warrant liability	$	258	$	(588	)	$	-	$	-	$	846	$	(588	)

Warrants, Valuation Assumption [Table Text Block]

	June 30, 2023			December 31, 2022
Assumed exercise price	$	2.72		$	2.72
Assumed volatility		91.1	%		92.2	%
Assumed risk free interest rate		3.8	%		4.3	%
Expected life of options (in years)		3.2			3.7
Expected dividends		-			-

Note 3 - Discontinued Operations (Details Textual) - Stabilized Rice Bran (SRB) [Member] - Discontinued Operations, Disposed of by Sale [Member] - USD ($) $ in Thousands		6 Months Ended
	Jun. 23, 2023	Jun. 30, 2023
Proceeds from Divestiture of Businesses	$ 1,800	$ 1,800
Liabilities Assumed	1,700
Proceeds from Divestiture of Businesses, Net of Cash Divested	1,400
Disposal Group, Including Discontinued Operation, Assets, Net	10,010
Gain (Loss) on Disposition of Business	$ (8,600)
Repayments of Notes Payable		$ 450

Note 3 - Discontinued Operations - Sale Price Allocation (Details) - Discontinued Operations, Disposed of by Sale [Member] - Stabilized Rice Bran (SRB) [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Purchase price	$ 1,800
Estimated expenses accrued 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 3 - Discontinued Operations - Schedule of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 23, 2023	Dec. 31, 2022
Loss from discontinued operations	$ (8,495)	$ (447)	$ (9,009)	$ (248)
Depreciation included in cost of goods sold			465	440
Capital expenditures			317	132
Stabilized Rice Bran (SRB) [Member] \| Discontinued Operations, Disposed of by Sale [Member]
Inventories					$ 2,252	$ 1,913
Other current assets					185	311
Property and equipment					7,710	8,187
Operating lease right of use assets					1,566	1,701
Total assets					11,713	12,112
Accrued expenses					9	236
Operating lease liabilities					1,668	1,841
Finance lease liabilities					12	17
Allocated to discontinued operations					14	468
Total liabilities					1,703	$ 2,562
Net assets sold					$ 10,010
Revenues	3,432	3,609	6,857	8,177
Cost of goods sold	(3,147)	(3,697)	(6,796)	(7,731)
Selling, general and administrative expenses	(184)	(493)	(457)	(815)
Gain on involuntary conversion	0	147	0	147
Interest expense	(11)	(13)	(28)	(26)
Loss from operations of discontinued operations	90	(447)	(424)	(248)
Loss on sale	(8,585)	0	(8,585)	0
Loss from discontinued operations	(8,495)	(447)	(9,009)	(248)
Depreciation included in cost of goods sold	338	291	646	606
Capital expenditures	$ 35	$ 253	$ 111	$ 289

Note 3 - Discontinued Operations - Schedule of Discontinued Operations (Details) (Parentheticals) $ in Thousands	Dec. 31, 2022 USD ($)
Discontinued Operations, Disposed of by Sale [Member] \| Stabilized Rice Bran (SRB) [Member]
Promissory note	$ 450

Note 3 - Discontinued Operations - Schedule of Cash Flow Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Net cash provided by (used in) operating activities	$ (211)	$ 475
Net cash provided by (used in) investing activities	1,679	(180)
Net cash used in financing activities	(460)	(13)
Stabilized Rice Bran (SRB) [Member] \| Discontinued Operations, Disposed of by Sale [Member]
Net cash provided by (used in) operating activities	(211)	475
Net cash provided by (used in) investing activities	1,679	(180)
Net cash used in financing activities	(460)	(13)
Net cash provided to continuing operations	$ 1,008	$ 282

Note 5 - Accounts Receivable and Revenues (Details Textual) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Contract with Customer, Liability, Total	$ 0.1	$ 0.1

Note 5 - Accounts Receivable and Revenues - Revenues and Accounts Receivable from Significant Customers (Details) - Customer Concentration Risk [Member]	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenue Benchmark [Member] \| Customer A [Member]
Concentration risk, percentage	32.00%	5.00%	29.00%	3.00%
Revenue Benchmark [Member] \| Customer B [Member]
Concentration risk, percentage	16.00%	20.00%	14.00%	20.00%
Revenue Benchmark [Member] \| Customer C [Member]
Concentration risk, percentage	13.00%	13.00%	12.00%	11.00%
Revenue Benchmark [Member] \| Customer D [Member]
Concentration risk, percentage	4.00%	15.00%	3.00%	17.00%
Accounts Receivable [Member] \| Customer A [Member]
Concentration risk, percentage			25.00%		19.00%
Accounts Receivable [Member] \| Customer B [Member]
Concentration risk, percentage			6.00%		12.00%
Accounts Receivable [Member] \| Customer C [Member]
Concentration risk, percentage			0.00%		4.00%
Accounts Receivable [Member] \| Customer D [Member]
Concentration risk, percentage			0.00%		0.00%

Note 5 - Accounts Receivable and Revenues - Revenues by Product Line (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues	$ 6,269	$ 6,581	$ 12,113	$ 12,572
Rice Products [Member]
Revenues	4,258	3,767	8,091	7,175
Barley Products [Member]
Revenues	1,688	2,117	3,274	3,930
Product and Service, Other [Member]
Revenues	$ 323	$ 697	$ 748	$ 1,467

Note 6 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finished goods	$ 241	$ 228
Raw materials	205	212
Packaging	20	25
Inventories	$ 466	$ 465

Note 7 - Property and Equipment (Details Textual) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Construction Payable, Current		$ 0.1
Construction in Progress, Gross	$ 0.3	$ 0.6

Note 7- Property and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, plant, and equipment gross	$ 10,954	$ 10,296
Property, plant, and equipment accumulated depreciation	4,741	4,276
Property and equipment, net	6,213	6,020
Land [Member]
Property, plant, and equipment gross	493	493
Furniture and Fixtures [Member]
Property, plant, and equipment gross	$ 71	71
Furniture and Fixtures [Member] \| Minimum [Member]
Estimated useful lives (Year)	7 years
Furniture and Fixtures [Member] \| Maximum [Member]
Estimated useful lives (Year)	10 years
Plant [Member]
Property, plant, and equipment gross	$ 3,440	3,440
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	$ 382	382
Computer and Software [Member] \| Minimum [Member]
Estimated useful lives (Year)	3 years
Computer and Software [Member] \| Maximum [Member]
Estimated useful lives (Year)	5 years
Leasehold Improvements [Member]
Property, plant, and equipment gross	$ 151	152
Leasehold Improvements [Member] \| Minimum [Member]
Estimated useful lives (Year)	5 years
Leasehold Improvements [Member] \| Maximum [Member]
Estimated useful lives (Year)	6 years
Machinery and Equipment [Member]
Property, plant, and equipment gross	$ 6,417	$ 5,758
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 8 - Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
Note 8 - Leases (Details Textual) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Finance Lease, Right-of-Use Asset, after Accumulated Amortization		$ 0.7	$ 0.8
Finance Lease, Right-of-Use Asset, before Accumulated Amortization		0.9	$ 0.9
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 0.1	$ 0.2

Note 8 - Leases - Components of Lease Expense and Cash Flows from Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Amortization of right-of-use assets, included in cost of goods sold	$ 36	$ 16	$ 49	$ 33
Interest on lease liabilities	9	2	26	4
Fixed leases cost	26	26	53	53
Variable lease cost	20	20	41	46
Short-term lease cost	34	14	76	21
Total lease cost	125	78	245	157
Operating cash flows from finance leases	9	2	26	4
Operating cash flows from operating leases	26	26	53	53
Financing cash flows from finance leases	$ 45	$ 21	$ 78	$ 38

Note 8 - Leases - Remaining Terms and Discount Rates (Details) - Minimum [Member]	Jun. 30, 2023
Remaining leases terms (in years), operating leases (Year)	3 months 18 days
Remaining leases terms (in years), finance leases (Year)	4 years 7 months 6 days
Discount rates, operating leases	6.30%
Discount rates, finance leases	11.60%

Note 8 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
2023 (nine months ended December 31, 2023), operating leases	$ 37
2023 (nine months ended December 31, 2023), finance leases	114
2024, operating leases	0
2024, finance leases	177
2025, operating leases	0
2025, finance leases	167
2026, operating leases	0
2026, finance leases	165
2027, operating leases	0
2027, finance leases	126
Thereafter, operating leases	0
Thereafter, finance leases	4
Total lease payments, operating leases	37
Total lease payments, finance leases	753
Amounts representing interest, operating leases	(1)
Amounts representing interest, finance leases	(148)
Present value of lease obligations, operating leases	36
Present value of lease obligations, finance leases	$ 605

Note 9 - Debt (Details Textual) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended	6 Months Ended	10 Months Ended	12 Months Ended
Note 9 - Debt (Details Textual) - USD ($) $ in Thousands	Jan. 31, 2023	Sep. 30, 2022	Jan. 31, 2023	Jun. 30, 2023	Jun. 30, 2023	Oct. 31, 2019	Dec. 31, 2022
Long-Term Debt, Gross				$ 1,750	$ 1,750
Factoring Agreement [Member] \| Line of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity						$ 7,000
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%
Mortgage Agreement [Member]
Debt Instrument, Interest Rate, Stated Percentage				7.00%	7.00%		7.00%
Proceeds from Issuance of Debt		$ 900
Long-Term Debt, Gross	$ 1,300		$ 1,300
Mortgage Agreement [Member] \| Prime Rate [Member]
Debt Instrument, Interest Rate, Stated Percentage	10.30%		10.30%				14.50%
Debt Instrument, Basis Spread on Variable Rate		7.00%			15.30%		10.30%
Line of Credit With Bank [Member]
Line of Credit Facility, Maximum Amount Outstanding During Period				$ 100	$ 900
Debt, Weighted Average Interest Rate				7.60%	7.60%
Mortgage Agreement, at Modification [Member]
Debt Instrument, Interest Rate, Stated Percentage	10.30%		10.30%
Long-Term Debt, Gross	$ 2,500		$ 2,500
Proceeds from Issuance of Long-Term Debt, Total			300
Debt Instrument, Principle Payment				$ 450	$ 450
Mortgage Agreement, at Modification [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	7.00%
Over Advance Note [Member]
Long-Term Debt, Gross	$ 900		$ 900
Finance Agreements for Annual Insurance Premiums [Member]
Debt Instrument, Interest Rate, Stated Percentage				7.40%	7.40%

Note 9 - Debt - Due Under Factoring Agreement (Details) - Line of Credit [Member] - Factoring Agreement [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Average borrowings outstanding	$ 3,019	$ 3,131	$ 2,895	$ 2,977
Interest paid on borrowings	72	48	134	91
Fees paid on borrowings	$ 44	$ 27	$ 105	$ 63

Note 9 - Debt - Long-term Debt (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Total long term debt, net	$ 1,741,000	$ 1,824,000
Total long term debt, net	1,741,000	1,824,000
Mortgage Agreement [Member]
Total long term debt, net	1,578	1,761
Total long term debt, net	1,578	1,761
Equipment Notes, May 2021 [Member] \| Notes Payable, Other Payables [Member]
Total long term debt, net	20	24
Total long term debt, net	20	24
Equipment Notes June 2023 [Member] \| Notes Payable, Other Payables [Member]
Total long term debt, net	143	0
Total long term debt, net	143	0
Progress Payment Agreement [Member]
Total long term debt, net	0	39,000
Total long term debt, net	$ 0	$ 39,000

Note 9 - Debt - Long-term Debt (Details) (Parentheticals) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jan. 31, 2023
Mortgage Agreement [Member]
Interest rate		7.00%	7.00%
Original principal		$ 2,500	$ 2,500
Maturity date		Sep. 30, 2024	Sep. 30, 2024
Allocated to discontinued operations			$ 450
Mortgage Agreement [Member] \| Prime Rate [Member]
Interest rate			14.50%	10.30%
Interest rate, variable	7.00%	15.30%	10.30%
Equipment Notes, May 2021 [Member] \| Notes Payable, Other Payables [Member]
Original principal		$ 46	$ 46
Maturity date		Jun. 30, 2025	Jun. 30, 2025
Interest rate, effective rate		3.60%	3.60%
Equipment Notes June 2023 [Member] \| Notes Payable, Other Payables [Member]
Original principal		$ 144	$ 144
Maturity date		Aug. 31, 2025	Aug. 31, 2025
Interest rate, effective rate		14.00%	14.00%
Progress Payment Agreement [Member]
Interest rate		25.20%	25.20%
Original principal		$ 37	$ 37

Note 9 - Debt - Future Principal Maturities of Long-term Debt Outstanding (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
2023 (six months ended December 31, 2023)	$ 626
2024	1,070
2025	54
Principal maturities	1,750
Debt issuance costs	(9)
Total long-term debt, net	$ 1,741	$ 1,824

Note 10 - Equity, Share-based Compensation and Warrants (Details Textual) - $ / shares	1 Months Ended
	Jul. 31, 2023	Jun. 30, 2023
Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures (in shares)	100,000
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	$ 1.05
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value (in dollars per share)	$ 73
Share Based Compensation, Maximum Percentage of Ownership	4.95%
Subsequent Event [Member] \| Preferred Share Purchase Right [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 6.00
Subsequent Event [Member] \| Series H Preferred Stock [Member]
Preferred Stock, No Par Value (in dollars per share)	0
Preferred Stock, Dividend Rate, Per-Dollar-Amount (in dollars per share)	$ 1.00
Subsequent Event [Member] \| Series H Preferred Stock [Member] \| Preferred Share Purchase Right [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	0.001
Deferred Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number (in shares)		202,333
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Number (in shares)		176,017

Note 10 - Equity, Share-based Compensation and Warrants - Stockholders Equity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Balance (in shares)		6,309,509			6,309,509
Balance	$ 11,205	$ 12,909	$ 17,225	$ 18,495	$ 12,909	$ 18,495
Common stock awards under equity incentive plans	(12)	300	146	241
Stock units issued to vendor	1	1	1	5
Net loss	$ (10,331)	(2,028)	(2,621)	(1,516)	$ (12,359)	(4,137)
Balance (in shares)	6,607,276				6,607,276
Balance	$ 882	11,205	14,751	17,225	$ 882	14,751
Stock Units Issued (SUI) [Member]
Stock units issued to vendor	19	23
Preferred Stock [Member]
Balance	75	75	75	75	75	75
Common stock awards under equity incentive plans	0	0	0	0
Stock units issued to vendor	0	0	0	0
Net loss	0	0	0	0
Balance	75	75	$ 75	$ 75	$ 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	150	150	150	150
Common stock awards under equity incentive plans (in shares)	0	0	0	0
Stock units issued to vendor (in shares)	0	0	0	0
Balance (in shares)	150	150	150	150	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)	6,384,934	6,309,509	5,182,042	5,158,967	6,309,509	5,158,967
Balance	$ 328,875	$ 328,551	$ 326,525	$ 326,279	$ 328,551	$ 326,279
Common stock awards under equity incentive plans (in shares)	221,742	68,693	48,388	22,475
Common stock awards under equity incentive plans	$ (12)	$ 300	$ 146	$ 241
Stock units issued to vendor (in shares)	600	600	600	600
Stock units issued to vendor	$ 1	$ 1	$ 1	$ 5
Net loss	$ 0	$ 0	$ 0	$ 0
Balance (in shares)	6,607,276	6,384,934	5,231,030	5,182,042	6,607,276	5,231,030
Balance	$ 328,883	$ 328,875	$ 326,672	$ 326,525	$ 328,883	$ 326,672
Common Stock [Member] \| Stock Units Issued (SUI) [Member]
Stock units issued to vendor (in shares)	0	6,132
Stock units issued to vendor	$ 19	$ 23
Retained Earnings [Member]
Balance	(317,745)	(315,717)	(309,375)	(307,859)	(315,717)	(307,859)
Common stock awards under equity incentive plans	0	0	0	0
Stock units issued to vendor	0	0	0	0
Net loss	(10,331)	(2,028)	(2,621)	(1,516)
Balance	(328,076)	(317,745)	$ (311,996)	$ (309,375)	$ (328,076)	$ (311,996)
Retained Earnings [Member] \| Stock Units Issued (SUI) [Member]
Stock units issued to vendor	$ 0	$ 0

Note 10 - Equity, Share-based Compensation and Warrants - Share-based Compensation Expenses Related to Employees and Directors (Details) - The 2014 Equity Incentive Plan [Member] - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Compensation expense (expense reversal) related to common stock awards issued under equity incentive plans	$ (12)	$ 300
Share-Based Payment Arrangement, Option [Member]
Compensation expense (expense reversal) related to common stock awards issued under equity incentive plans	0	27
Restricted Stock Units (RSUs) [Member]
Compensation expense (expense reversal) related to common stock awards issued under equity incentive plans	$ (12)	$ 273

Note 10 - Equity, Share-based Compensation and Warrants - Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Restricted Stock Units (RSUs) [Member]
Nonvested, shares issued (in shares)	277,479	366,818	366,818
Nonvested, unrecognized stock compensation		$ 1,024	$ 1,024	$ 817
Nonvested, average grant date fair value (in dollars per share)	$ 2.95	$ 2.79	$ 2.79
Nonvested, weighted average expense period (Year)	1 month 6 days	2 years 7 months 6 days		2 years 9 months 18 days
Granted, nonvested, shares issued (in shares)	60,196	76,088
Granted, unrecognized stock compensation	$ 60	$ 70	$ 60
Granted, average grant date fair value (in dollars per share)	$ 1.00	$ 0.93
Granted, unrecognized stock compensation	$ 60	$ 70	60
Forfeited, shares issued (in shares)	(231,413)	(646)
Forfeited, unrecognized stock compensation	$ (881)	$ (3)	(881)
Forfeited, average grant date fair value (in dollars per share)	$ 3.81	$ 5.15
Forfeited, weighted average expense period (Year)	1 year 3 months 18 days	7 months 6 days
Vested with service (in shares)	(60,196)	(164,781)
Expense reversal (expense)	$ 12		$ (274)
Vested upon involuntary termination (in shares)	(16,750)
Nonvested, shares issued (in shares)	29,316	277,479	29,316	366,818
Nonvested, unrecognized stock compensation	$ 8		$ 8	$ 1,024
Nonvested, average grant date fair value (in dollars per share)	$ 0.29	$ 2.95	$ 0.29	$ 2.79
Vested, balance (in shares)	320,813	224,725	224,725
Vested with service (in shares)	60,196	170,913
Issued at vesting (in shares)	(221,742)	(74,825)
Vested upon involuntary termination (in shares)	16,750
Vested, balance (in shares)	176,017	320,813	176,017	224,725
Stock Units Issued (SUI) [Member]
Nonvested, shares issued (in shares)	160,000	160,000	160,000
Nonvested, unrecognized stock compensation		$ 201	$ 201	$ 182
Nonvested, average grant date fair value (in dollars per share)	$ 1.14	$ 1.26	$ 1.26
Nonvested, weighted average expense period (Year)	2 years 2 months 12 days	2 years 6 months		3 years
Granted, nonvested, shares issued (in shares)	0	6,132
Granted, unrecognized stock compensation	$ 0	$ 5	$ 0
Granted, average grant date fair value (in dollars per share)	$ 0	$ 0.75
Granted, unrecognized stock compensation	$ 0	$ 5	0
Forfeited, shares issued (in shares)	0	0
Forfeited, unrecognized stock compensation	$ 0	$ 0	0
Forfeited, average grant date fair value (in dollars per share)	$ 0	$ 0
Vested with service (in shares)	0	(6,132)
Expense reversal (expense)	$ (19)		$ (24)
Vested upon involuntary termination (in shares)	0
Nonvested, shares issued (in shares)	160,000	160,000	160,000	160,000
Nonvested, unrecognized stock compensation	$ 163		$ 163	$ 201
Nonvested, average grant date fair value (in dollars per share)	$ 1.02	$ 1.14	$ 1.02	$ 1.26
Vested upon involuntary termination (in shares)	(0)

Note 12 - Loss Per Share (EPS) - EPS Computations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic and diluted - loss from continuing operations	$ (1,836)	$ (2,174)	$ (3,350)	$ (3,889)
Weighted average number of shares of shares of common stock outstanding (in shares)	6,438,331	5,208,264	6,387,961	5,187,493
Weighted average number of shares of common stock underlying vested RSUs and SUs (in shares)	284,607	77,900	257,925	82,179
Basic and diluted EPS - weighted average number of shares outstanding (in shares)	6,722,938	5,286,164	6,645,886	5,269,672

Note 13 - Fair Value Measurements (Details Textual) - Warrant A [Member] - Derivative Financial Instruments, Liabilities [Member] - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Sep. 13, 2021	Jun. 30, 2023	Sep. 30, 2022
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	230,769
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 2.72	$ 2.72
Class of Warrant or Right, Change in Exercise Price, Maximum Percentage of Five-day Volume Weighted Average Common Stock	110.00%
Measurement Input, Share Price [Member]
Fair Value Adjustment of Warrants		$ 0.1

Note 13 - Fair Value Measurements - Fair Value of Liabilities on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Derivative warrant liability	$ 108	$ 69
Fair Value, Inputs, Level 1 [Member]
Derivative warrant liability	0	0
Fair Value, Inputs, Level 2 [Member]
Derivative warrant liability	0	0
Fair Value, Inputs, Level 3 [Member]
Derivative warrant liability	$ 108	$ 69

Note 13 - Fair Value Measurements - Changes in Level 3 Items Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair value as of beginning of period	$ 97	$ 429	$ 69	$ 258
Total realized and unrealized gains (losses)	(11)	(417)	(39)	(588)
Issuance of new instruments	0	0	0	0
Net transfers (into) out of level 3	0	0	0	0
Fair value at end of period	108	846	108	846
Change in unrealized gains (losses) on instruments still held	$ (11)	$ (417)	$ (39)	$ (588)

Note 13 - Fair Value Measurements - Fair Value Assumption Measurement of Warrant A (Details)	Jun. 30, 2023	Dec. 31, 2022
Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input	2.72	2.72
Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	0.911	0.922
Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0.038	0.043
Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input	3.2	3.7
Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0	0