Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 25, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Registrant Name | RiceBran Technologies | ||
Entity Central Index Key | 0001063537 | ||
Trading Symbol | ribt | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 45,238,087 | ||
Entity Public Float | $ 23.4 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, no par value per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 5,263 | $ 8,444 |
Accounts receivable, net of allowance for doubtful accounts of $9 and $347 | 2,819 | 3,738 |
Inventories | 1,878 | 898 |
Other current assets | 1,380 | 691 |
Total current assets | 11,340 | 13,771 |
Property and equipment, net | 16,367 | 19,077 |
Operating lease right-of-use assets | 2,452 | 2,752 |
Goodwill | 3,915 | 3,915 |
Intangible assets | 722 | 950 |
Other long-term assets | 27 | |
Total assets | 34,796 | 40,492 |
Current liabilities: | ||
Accounts payable | 955 | 833 |
Commodities payable | 825 | 829 |
Accrued salary, wages and benefits | 601 | 877 |
Accrued expenses | 536 | 884 |
Customer prepayments | 12 | |
Operating lease liabilities, current portion | 344 | 309 |
Due under insurance premium finance agreements | 126 | 116 |
Due under factoring agreement | 1,785 | 1,823 |
Finance lease liabilities, current portion | 82 | 101 |
Long-term debt, current portion | 572 | 28 |
Total current liabilities | 5,826 | 5,812 |
Operating lease liabilities, less current portion | 2,330 | 2,674 |
Finance lease liabilities, less current portion | 113 | 190 |
Long-term debt, less current portion | 3,107 | 73 |
Total liabilities | 11,376 | 8,749 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, 20,000,000 shares authorized: Series G, convertible, 3,000 shares authorized, stated value $225, 225 shares, issued and outstanding | 112 | 112 |
Common stock, no par value, 150,000,000 shares authorized, 45,238,087 shares and 40,074,483 shares, issued and outstanding | 322,218 | 318,811 |
Accumulated deficit | (298,910) | (287,180) |
Total shareholders' equity | 23,420 | 31,743 |
Total liabilities and shareholders' equity | $ 34,796 | $ 40,492 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts receivable, allowance for doubtful accounts | $ 9 | $ 347 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 45,238,087 | 40,074,483 |
Common stock, shares outstanding (in shares) | 45,238,087 | 40,074,483 |
Series G Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 3,000 | 3,000 |
Preferred stock, stated value (in dollars per share) | $ 225 | $ 225 |
Preferred stock, shares issued (in shares) | 225 | 225 |
Preferred stock, shares outstanding (in shares) | 225 | 225 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 26,199 | $ 23,713 |
Cost of goods sold | 28,670 | 24,574 |
Gross loss | (2,471) | (861) |
Selling, general and administrative expenses | 7,971 | 13,700 |
Loss (gain) on disposition and involuntary conversion of property and equipment | 847 | (4) |
Operating loss | (11,289) | (14,557) |
Other income (expense): | ||
Interest expense | (318) | (96) |
Interest income | 20 | 50 |
Other income | 4 | 884 |
Other expense | (128) | (16) |
Total other income (expense) | (422) | 822 |
Loss before income taxes | (11,711) | (13,735) |
Income tax expense | (19) | |
Loss from continuing operations | (11,730) | (13,735) |
Loss from discontinued operations | (216) | |
Net loss | $ (11,730) | $ (13,951) |
Basic loss per common share: | ||
Continuing operations (in dollars per share) | $ (0.29) | $ (0.42) |
Discontinued operations (in dollars per share) | (0.01) | |
Basic loss per common share (in dollars per share) | (0.29) | (0.43) |
Diluted loss per common share: | ||
Continuing operations (in dollars per share) | (0.29) | (0.42) |
Discontinued operations (in dollars per share) | (0.01) | |
Diluted loss per common share (in dollars per share) | $ (0.29) | $ (0.43) |
Weighted average number of shares outstanding: | ||
Basic (in shares) | 41,131,782 | 32,359,316 |
Diluted (in shares) | 41,131,782 | 32,359,316 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net loss | $ (11,730) | $ (13,951) |
Derivative financial instruments designated as cash flow hedges: | ||
Losses arising during the period | (57) | |
Reclassification of losses realized to cost of goods sold | 57 | |
Net other comprehensive income | ||
Comprehensive loss | $ (11,730) | $ (13,951) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Retained Earnings [Member] | Total | ||
Balance (in shares) at Dec. 31, 2018 | 405 | 29,098,207 | ||||
Balance at Dec. 31, 2018 | $ 201 | $ 296,739 | $ (273,229) | $ 23,711 | ||
Sales of common stock and Prefunded Warrant, net of costs (in shares) | 9,831,668 | |||||
Sales of common stock and Prefunded Warrant, net of costs | $ 19,422 | 19,422 | ||||
Exercise of Prefunded Warrant (in shares) | 1,003,344 | |||||
Exercise of Prefunded Warrant | $ 10 | 10 | ||||
Common stock awards under equity incentive plans (in shares) | 289,349 | |||||
Common stock awards under equity incentive plans | $ 1,360 | $ 1,360 | ||||
Exercise of common stock options (in shares) | 165,812 | 165,812 | [1] | |||
Exercise of common stock options | $ 156 | $ 156 | ||||
Conversion of preferred stock into common stock (in shares) | (180) | 170,818 | ||||
Conversion of preferred stock into common stock | $ (89) | $ 89 | ||||
Exercise of common stock warrants (in shares) | 685,409 | |||||
Exercise of common stock warrants | $ 2,062 | 2,062 | ||||
Retirement of unvested shares (in shares) | (830,124) | |||||
Retirement of unvested shares | ||||||
Retirement of shares received in settlement with sellers of Golden Ridge (in shares) | (340,000) | |||||
Retirement of shares received in settlement with sellers of Golden Ridge | $ (1,027) | (1,027) | ||||
Net loss | (13,951) | (13,951) | ||||
Balance (in shares) at Dec. 31, 2019 | 225 | 40,074,483 | ||||
Balance at Dec. 31, 2019 | $ 112 | $ 318,811 | (287,180) | 31,743 | ||
Common stock awards under equity incentive plans (in shares) | 214,234 | |||||
Common stock awards under equity incentive plans | $ 1,041 | $ 1,041 | ||||
Exercise of common stock options (in shares) | [1] | |||||
Exercise of common stock warrants (in shares) | 67,577 | |||||
Exercise of common stock warrants | $ 12 | $ 12 | ||||
Net loss | (11,730) | (11,730) | ||||
Sales of common stock, net of costs (in shares) | 4,850,489 | |||||
Sales of common stock, net of costs | $ 2,318 | 2,318 | ||||
Common stock issued to vendors | $ 36 | 36 | ||||
Balance (in shares) at Dec. 31, 2020 | 225 | 45,238,087 | ||||
Balance at Dec. 31, 2020 | $ 112 | $ 322,218 | $ (298,910) | $ 23,420 | ||
[1] | In 2019, includes options for 31,955 shares of common stock at a weighted average exercise price of $1.16 per share for which we accelerated vesting upon termination of employment for an employee in June 2019. We expensed $0.1 million of incremental expense upon acceleration of vesting. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flow from operating activities: | ||
Net loss | $ (11,730,000) | $ (13,951,000) |
Loss from discontinued operations | 216,000 | |
Loss from continuing operations | (11,730,000) | (13,735,000) |
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities: | ||
Depreciation | 2,393,000 | 1,899,000 |
Amortization | 228,000 | 31,000 |
Stock and share-based compensation | 1,077,000 | 1,360,000 |
Loss (gain) on disposition and involuntary conversion of property and equipment | 847,000 | (4,000) |
Settlement with sellers of Golden Ridge | (849,000) | |
Provision for (recovery of) doubtful accounts | (82,000) | 472,000 |
Other | 93,000 | 17,000 |
Changes in operating assets and liabilities (net of acquisitions): | ||
Accounts receivable | 997,000 | (1,102,000) |
Inventories | (980,000) | 332,000 |
Accounts payable and accrued expenses | (709,000) | (327,000) |
Commodities payable | (4,000) | (1,340,000) |
Other | (76,000) | (235,000) |
Net cash used in operating activities | (7,946,000) | (13,481,000) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (1,184,000) | (4,219,000) |
Proceeds from insurance on involuntary conversion | 250,000 | |
Proceeds from sale of property and equipment | 15,000 | |
Acquisition of MGI | (3,777,000) | |
Net cash used in investing activities - continuing operations | (919,000) | (7,996,000) |
Net cash used in investing activities - discontinued operations | (475,000) | |
Cash flows from financing activities: | ||
Advances on factoring agreement | 27,450,000 | 5,134,000 |
Payments on factoring agreement | (27,583,000) | (3,325,000) |
Advances on insurance premium finance agreements | 743,000 | 643,000 |
Payments on insurance premium finance agreements | (733,000) | (612,000) |
Advances on long-term debt and finance lease liabilities, net of issuance costs | 3,762,000 | |
Payments of long-term debt and finance lease liabilities | (285,000) | (363,000) |
Proceeds from margin loan | 1,853,000 | |
Payments of margin loan | (1,853,000) | |
Proceeds from issuances of common stock and Prefunded Warrant, net of issuance costs | 2,318,000 | 19,422,000 |
Proceeds from common stock warrant exercises | 12,000 | 2,072,000 |
Proceeds from common stock option exercises | 156,000 | |
Net cash provided by financing activities | 5,684,000 | 23,127,000 |
Net change in cash and cash equivalents and restricted cash | (3,181,000) | 1,175,000 |
Cash and cash equivalents | 8,444,000 | 7,044,000 |
Restricted cash | 225,000 | |
Cash and cash equivalents and restricted cash, beginning of period | 8,444,000 | 7,269,000 |
Cash and cash equivalents | 5,263,000 | 8,444,000 |
Restricted cash | ||
Cash and cash equivalents and restricted cash, end of period | 5,263,000 | 8,444,000 |
Net change in cash and cash equivalents and restricted cash | (3,181,000) | 1,175,000 |
Supplemental disclosures: | ||
Cash paid for interest | 223,000 | 81,000 |
Cash paid for income taxes | $ 7,000 |
Note 1 - Liquidity and Manageme
Note 1 - Liquidity and Management's Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 1. AND MANAGEMENT'S PLAN The Company's multi-year history of operating losses and negative operating cash flows from continuing operations raised substantial doubt about the Company's ability to continue as a going concern before consideration of management's plans, however after consideration of management's plans and the factors below, the Company believes substantial doubt about the Company's ability to continue as a going concern within one 1 Significant Cash Reserves December 31, 2020, $5.3 2 Declining Operating Losses second 2020, ● Changes in senior leadership to bring increased transparency and greater accountability to performance achievement. ● Improvements in revenue trends and a reduction in gross losses due to stronger execution, which the Company expects to continue. ● A sustainable 40% ● Improvements in working capital due to rising account receivables and commodity payables balances. 3 Access to Equity Funding second 2020, $2.4 $1.00 February 17, 2021, $2.4 $3.6 $6 3. 4 Ability to Leverage and/or Sell Real-estate Assets three no |
Note 2 - Business and Summary o
Note 2 - Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | NOTE 2 . BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business We are a specialty ingredient company focused on the development, production, and marketing of products derived from traditional and ancient small grains. We create and produce products utilizing proprietary processes to deliver improved nutrition, ease of use, and extended shelf-life, while addressing consumer demand for all natural, non-GMO and organic products. We believe our products can become valuable alternatives to traditional food ingredients. Notably, we apply our proprietary technologies to convert raw rice bran into stabilized rice bran (SRB), and high value derivative products including: RiBalance, a rice bran nutritional package derived from SRB; RiSolubles, a nutritious, carbohydrate and lipid rich fraction of RiBalance; RiFiber, a fiber rich insoluble derivative of RiBalance and ProRyza, a rice bran protein-based product; and a variety of other valuable derivatives extracted from these core products. In granular form, SRB is a food additive used in products for human and animal consumption. We believe SRB has certain qualities that make it more attractive than additives based on the by-products of other agricultural commodities, such as corn, soybeans, wheat, and yeast. Our SRB products and SRB derivatives support the production of healthy, natural, hypoallergenic, gluten free, and non-genetically modified ingredients and supplements for use in meats, baked goods, cereals, coatings, health foods, and high-end animal nutrition. Our target customers are food and animal nutrition manufacturers, wholesalers and retailers, both domestically and internationally. We manufacture and distribute SRB from four two one No. 1 No. 2 Segment Reporting An operating segment is defined as a component of a business for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and evaluate performance. The “Segment Reporting” topic of the FASB ASC requires that public companies report certain information about operating segments. It also requires that public companies report certain information about their products and services, the geographic areas in which they operate, and their major customers. The Company has one one Recent Accounting Guidance Recent accounting standards not The following discusses the accounting standard(s) not In June 2016, ASU No. 2016 13 326 Measurement of Credit Losses on Financial Instruments 2023 January 1, 2023. not Recently adopted accounting standards In December 2019, ASU No. 2019 12 - Income Taxes (Topic 740 implifying the Accounting for Income Taxes January 1, 2020. no Summary of Significant Accounting Policies Basis o f Presentation and Principles of Consolidation Use of Estimates Reclassifications no Cash and Cash Equivalents three may not not Accounts Receivable and Allowance for Doubtful Accounts may not Inventories – Property and Equipment We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not Goodwill fourth not may first not not may Intangible A s sets, E xclusive of G oodwill may not may not not Leases We recognize right-of-use assets and lease liabilities based on the present value of the future minimum lease payments over the lease term, beginning at the commencement date, for leases exceeding a year. Minimum lease payments include the fixed lease components of the lease and any variable rate payments that depend on an index, initially measured using the index at the lease commencement date. Lease terms may In determining our right-of-use assets and lease liabilities, we apply a discount rate to the minimum lease payments within each lease. When we cannot readily determine the discount rate implicit in a lease, we utilize our incremental borrowing rate, the rate of interest that we would incur to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. To estimate the incremental borrowing rate, we reference a market yield curve consistent with our assessment of our credit quality. We recognize operating lease expense related to the minimum lease payments on a straight-line basis over the lease term. For finance leases, we recognize amortization expense related to the minimum lease payments on a straight-line basis over the lease term while interest expense is recognized using the effective interest method. Expense related to variable lease payments that do not Revenue Recognition Revenue is measured as the amount of consideration we expect to receive in exchange for fulfilling product orders. Incidental items that are immaterial in the context of the contract are recognized as expense. Our contracts do not may Incremental costs of obtaining a revenue contract are capitalized and amortized on a straight-line basis over the expected customer relationship period if we expect to recover those costs. As a practical expedient, we expense costs to obtain a contract as incurred if the amortization period would have been a year or less. Typically, costs to incur revenue contracts are not Selling , General and Administrative Expenses Research and Development Share-Based Compensation For awards of nonvested stock to employees, share-based compensation is measured based on the fair value of the stock on the date of grant and the corresponding expense is recognized over the period during which an employee is required to provide service in exchange for the reward. Compensation expense related to service-based awards are recognized on a straight-line basis over the requisite service period for the entire award. For restricted stock units issued to employees with market conditions, share-based compensation is measured based on the fair value of the award on the date of grant using a binomial simulation model and expense is recognized over the derived service period determined by the simulation. The binomial simulation model requires us to estimate key assumptions such as stock volatility, risk-free interest rates and dividend yields based on both historical information and management's judgment regarding market factors and trends. Share-based compensation for awards to nonemployees is calculated as of the grant date, taking into consideration the probability of satisfaction of performance conditions, in a manner consistent with awards to employees. The expense associated with share-based awards for service is recognized over the term of service. In the event services are terminated early or we require no Derivative Financial Instruments May 2020, not not December 31, 2020, no Income Taxes Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards. A valuation allowance is established, when necessary, to reduce that deferred tax asset if it is more likely than not not may may may may no We recognize interest and penalties related to uncertain tax positions, if any, in selling, general and administrative expenses. Fair Value may may We assess the inputs used to measure fair value using a three ● Level 1 ● Level 2 ● Level 3 not |
Note 3 - Acquisitions
Note 3 - Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 3 . ACQUISITIONS MGI On April 4, 2019, $3.8 $0.3 June 2019. April 4, 2019. 2019, $0.1 The following table summarizes as of December 31, 2019, Cash $ 3,795 Working capital adjustment to purchase price (18 ) Total fair value of consideration transferred 3,777 Accounts receivable 591 Inventories 149 Deposits and other current assets 12 Property and equipment 1,560 Customer relationship 930 Other finite-lived intangible assets 35 Accounts payable (219 ) Finance lease liabilities (18 ) Net recognized amounts of identifiable assets acquired and liabilities assumed 3,040 Goodwill $ 737 The fair value of MGI's trade receivables at acquisition, equaled the gross amount of trade receivables. The fair value of the customer relationship intangible at acquisition was estimated using an income approach based on expected future cash flows. Goodwill primarily was attributed to intangible assets that do not $0.7 fifteen Our revenues for 2020 2019 $4.2 $1.9 2020 2019 $0.1 $0.3 December 31, 2019, January 1, 2019. 2019 Revenues (in thousands) $ 24,913 Loss from continuing operations (in thousands) $ (13,432 ) Loss per share - continuing operations $ (0.42 ) Weighted average number of common shares outstanding - basic and diluted 32,359,316 No not may January 1, 2019, Golden Ridge In November 2018, November 28, 2018. 2019 2019 Estimated at Acquisition and as of Final as of December 31, 2018 Adjustments December 31, 2019 1,666,667 shares of common stock, at fair value of $3.00 per share at closing $ 5,000 $ - $ 5,000 Golden Ridge financial liabilities paid for the seller 2,661 - 2,661 Cash 250 - 250 Note payable to seller 609 - 609 Working capital adjustment to purchase price (1,147 ) 584 (563 ) Total fair value of consideration transferred 7,373 584 7,957 Cash 409 (63 ) 346 Accounts receivable 1,587 87 1,674 Inventories 103 - 103 Property and equipment 5,092 - 5,092 Accounts payable (222 ) 110 (112 ) Commodities payable (2,559 ) 432 (2,127 ) Accrued liabilities (12 ) 12 - Lease liabilities (104 ) - (104 ) Equipment notes payable (99 ) 6 (93 ) Net recognized amounts of identifiable assets acquired and liabilities assumed 4,195 584 4,779 Goodwill $ 3,178 $ - $ 3,178 The 1,666,667 2018 380,952 may December 31, 2018, 380,952 July 2019, $0.6 2019 340,000 $1.0 November 28, 2018, $0.4 $0.8 2019, In 2019, December 31, 2018. 2019 not No |
Note 4 - Discontinued Operation
Note 4 - Discontinued Operations and Restricted Cash | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 4. In July 2017, $18.3 $8.2 $4.7 $8.2 2017 $0.3 $0.3 December 31, 2018. 2019, $0.3 $0.5 $0.5 July 2019. 2019, zero $0.2 2019. |
Note 5 - Cash and Cash Equivale
Note 5 - Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 5 . CASH AND CASH EQUIVALENTS As of December 31, 2020, $2.4 three We have cash on deposit in excess of federally insured limits at a bank. We do not |
Note 6 - Accounts Receivable an
Note 6 - Accounts Receivable and Revenues | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts Receivable and Revenues [Text Block} | NOTE 6. Amounts billed and due from our customers are classified as accounts receivables on our consolidated balance sheets and require payment on a short-term basis. Invoices are generally issued at the point control transfers and substantially all of our invoices are due within 30 120 30 2020 2019 $0.1 Our accounts receivable potentially subject us to significant concentrations of credit risk. Revenues and accounts receivable from significant customers (customers with revenue or accounts receivable in excess of 10% Customer A B C % of revenue, 2020 10 % 11 % 3 % % of revenue, 2019 11 % 16 % 2 % % of accounts receivable, as of December 31, 2020 17 % 1 % 10 % % of accounts receivable, as of December 31, 2019 10 % 31 % 10 % The following table presents revenues by geographic area shipped to (in thousands). 2020 2019 United States $ 24,790 $ 22,533 Other countries 1,409 1,180 Revenues $ 26,199 $ 23,713 In all periods presented, less than 10% 2020 2019 Food $ 18,114 $ 16,957 Animal nutrition 8,085 6,756 Revenues $ 26,199 $ 23,713 |
Note 7 - Inventories
Note 7 - Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 7 . INVENTORIES The following table details the components of inventories (in thousands). December 31 2020 2019 Finished goods $ 1,512 $ 698 Raw materials 236 90 Packaging 130 110 Inventories $ 1,878 $ 898 |
Note 8 - Property and Equipment
Note 8 - Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 8 . PROPERTY AND EQUIPMENT The following table details the components of property and equipment (amounts in thousands). December 31 2020 2019 Estimated Useful Lives (Years) Land $ 730 $ 730 Furniture and fixtures 276 476 5 - 10 Plant 9,377 9,667 20 - 40 years, or life of lease Computer and software 1,060 1,317 3 - 5 Leasehold improvements 1,880 2,019 4 - 15, or life of lease Machinery and equipment 16,402 16,864 5 - 15 Property and equipment, cost 29,725 31,073 Less accumulated depreciation 13,358 11,996 Property and equipment, net $ 16,367 $ 19,077 Amounts payable for property and equipment included in accounts payable totaled $0.3 December 31, 2020, $0.1 December 31, 2019. not $0.6 December 31, 2020, $1.5 December 31, 2019. |
Note 9 - Goodwill and Intangibl
Note 9 - Goodwill and Intangibles | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 9 . GOODWILL AND INTANGIBLES A summary of goodwill activity follows (in thousands). 2020 2019 Goodwill, January 1 $ 3,915 $ 3,178 MGI acquistion - 737 Goodwill, December 31 $ 3,915 $ 3,915 Intangible assets, excluding goodwill, consist of the following (in thousands). December 31, 2020 December 31, 2019 Estimated Useful Life Gross Accumulated Net Gross Accumulated Net Customer relationships 15 $ 930 $ 236 $ 694 $ 930 $ 20 $ 910 Trademarks 10 13 2 11 13 1 12 Non-compete agreement 5 22 8 14 22 3 19 Other 17 32 29 3 32 23 9 Total intangible assets $ 997 $ 275 $ 722 $ 997 $ 47 $ 950 The customer relationship intangible, acquired from MGI in 2019, 15 As of December 31, 2020, 12.7 2021 $ 196 2022 146 2023 110 2024 80 2025 58 Thereafter 132 Total amortization $ 722 |
Note 10 - Leases
Note 10 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | NOTE 10 . LEASES The components of lease expense and cash flows from leases (in thousands) follow. 2020 2019 Finance lease cost: Amortization of right-of use assets, included in cost of goods sold $ 62 $ 60 Interest on lease liabilities 14 14 Operating lease cost, included in selling, general and administrative expenses: Fixed leases cost 517 522 Variable lease cost 127 132 Short-term lease cost 9 21 Total lease cost $ 729 $ 749 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 14 $ 14 Operating cash flows from operating leases $ 517 $ 522 Financing cash flows from finance leases $ 101 $ 79 As of December 31, 2020, not December 31, 2020, $0.2 $0.4 2019, $0.2 As of December 31, 2020, not December 31, 2020, Operating Leases Finance Leases Remaining leases terms (in years) 2.8 - 12.2 0.1 - 3.5 Weighted average remaining lease terms (in years) 7.0 2.5 Discount rates 6.3% - 9.0% 4.3% - 7.3% Weighted average discount rate 7.7% 5.9% As of December 31, 2020, 2032. December 31, 2020, Operating Finance Leases Leases 2021 $ 536 $ 91 2022 548 68 2023 528 38 2024 429 11 2025 439 - Thereafter 1,029 - Total lease payments 3,509 208 Amounts representing interest (835 ) (13 ) Present value of lease obligations $ 2,674 $ 195 |
Note 11 - Debt
Note 11 - Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 11. In 2020 2019, December 31, 2020, March 2021, 4.7% 5.5% In October 2019, $7.0 may two $0.2 two 0.5% no 5.5%, Due under factoring agreement consists of the following (in thousands). December 31, 2020 2019 Borrowings outstanding $ 1,860 $ 1,989 Debt issuance costs, net (75 ) (166 ) Due under factoring agreement $ 1,785 $ 1,823 Additional information related to our factoring obligation follows. 2020 2019 Average borrowings outstanding (in thousands) $ 1,713 $ 272 Amortization of debt issuance costs (in thousands) $ 91 $ 15 Fees paid, as a percentage of average oustanding borrowings 7.3 % 10.2 % Interest paid, as a percentage of average outstanding borrowings 6.4 % 6.2 % Long-term debt consists of the following (in thousands). December 31, 2020 2019 Payroll Protection Program note - Dated April 2020. Interest accrues at an annual rate of 1.0%. Forgiven in January 2021. $ 1,792 $ - Mortgage promissory note - Dated September 2020. Interest accrues at an annual rate which is the greater of 11.0% above the lender's prime rate and 14.3%. Payable in monthly installments through June 2022. 1,817 - Net of $25 debt issuance costs issuance costs at December 31, 2020 Equipment notes - Initially recorded in November 2018, in the acquisition of Golden Ridge, at the present value of future payments using a discount rate of 4.8% per year, which we determined approximated the market rate for similar debt with similar maturities as of the date of acquisition. Payable in monthly installments. Expire at dates ranging through 2022. 37 62 Equipment note - Dated December 2019. Due in monthly installments through December 2024. Interest accrues at the effective discount rate of 9.3% per year. 33 39 Total long term debt, net $ 3,679 $ 101 In April 2020, $1.8 March 2020. December 31 2020, two January 2021. In July 2020, September 2020, $1.0 October 2020, $1.0 11.0% 14.3%. 1.0% June 2022. December 31, 2021, 14.3%. Future principal maturities of long-term debt outstanding at December 31, 2020, 2021 $ 597 2022 3,088 2023 9 2024 10 Principal maturities 3,704 Debt issuance costs (25 ) Total long term debt, net $ 3,679 We previously held a note payable to the seller of Golden Ridge, which bore interest at an annual rate of 6.8%. $0.3 January 2019. $0.4 November 2019. July 2019 3. During 2019, 5, $0.1 2019 5.5%. December 31, 2019, |
Note 12 - Equity, Share-based C
Note 12 - Equity, Share-based Compensation, Warrants and Securities Offerings | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 1 2 . EQUITY, SHARE-BASED COMPENSATION , WARRANTS AND SECURITIES OFFERINGS In June 2020, 50,000,000 150,000,000. Preferred Stock Our board of directors, without further action or vote by holders of our common stock, has the right to establish the terms, preference, rights and restrictions and issue shares of preferred stock. We previously designated and issued six no seventh 225 December 31, 2020. The Series G preferred stock is non-voting and may 1 948.9915 $1,000, Securities Offerings On March 30, 2020, may $6.0 3. 2020, 4,850,489 $0.53 $0.2 In March 2019, 3,046,668 $3.00 1,003,344 $2.99 $0.01 19.99% June 2019. $11.6 $0.5 1,003,344 March 8, 2019, In December 2019, 6,785,000 $1.25 $7.8 $0.7 The proceeds from the 2020 2019 Equity Incentive Plan Our board of directors adopted our 2014 2014 August 2014, 2014 6,300,000 may may 10 December 31, 2020, 4,881,053 1,418,947 2014 Share-based compensation expenses related to employees and directors are included in selling, general and administrative expenses. Share-based compensation by type of award follows (in thousands). 2020 2019 Common stock, vested and nonvested at issuance $ 308 $ 721 Stock options 148 354 Restricted stock units 585 225 Compensation expense related to common stock awards issued under equity incentive plan $ 1,041 $ 1,300 Information regarding common stock issued under the equity incentive plan follows. 2020 2019 Shares Issued Weighted Average Value Per Share Weighted Average Vesting Period (Years) Shares Issued Weighted Average Value Per Share Weighted Average Vesting Period (Years) Directors 83,306 $ 0.53 - 219,401 $ 2.27 0.6 Employees 71,011 0.85 - 30,887 3.22 - Consultants 59,917 0.71 - 39,061 2.76 0.4 214,234 289,349 Nonvested Stock As of December 31, 2020, no 2019 Shares Granted Weighted Average Grant Date Fair Value Per Share Fair Value (1) Nonvested at January 1, 2019 193,965 $ 1.84 $ 582 Granted 150,274 2.88 432 Vested (227,711 ) 1.99 613 Nonvested at December 31, 2019 (2) 116,528 $ 2.88 $ 171 ( 1 Represents pre-tax fair value, based on our closing stock prices, which would have been received by the holders of the stock had all such holders sold their underlying shares on the date indicated, the dates of grant or the dates of vesting, as applicable. ( 2 The 116,528 December 31, 2019, $0.1 2020. We issued 950,000 February 2016. $2.80 830,124 August 2019. 2019, 20,640 $2.92 not Options Stock option activity follows. 2020 2019 Shares Under Options Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life (Years) Shares Under Options Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life (Years) Outstanding at January 1 996,009 $ 3.23 8.1 950,727 $ 3.06 8.5 Granted (1) 653,004 1.22 $ 0.73 10.0 385,883 3.01 $ 1.83 10.0 Cash exercised (2) - NA NA (165,812 ) 0.94 8.1 Forfeited (973,987 ) 2.56 8.1 (174,789 ) 3.98 8.4 Outstanding at December 31 675,026 $ 2.24 7.9 996,009 $ 3.23 8.1 ( 1 The options granted vest and become exercisable in annual or monthly installments ending three four ( 2 In 2019, 31,955 $1.16 June 2019. $0.1 Information related to outstanding and exercisable stock options as of December 31, 2020, Outstanding Exercisable Range of Exercise Prices Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) less than $1.00 78,000 $ 0.85 6.3 68,500 $ 0.85 6.3 $1.00 to $1.99 348,119 1.26 8.7 33,782 1.48 6.7 $2.00 to $2.99 126,750 2.77 8.3 47,687 2.82 7.9 $3.00 to $3.99 92,634 3.34 7.3 46,509 3.37 6.3 $4.00 to $4.99 23,104 4.43 3.7 23,094 4.43 3.7 $5.00 to $74.00 6,419 38.59 1.0 6,419 38.59 1.0 675,026 $ 2.24 7.9 225,991 $ 3.37 6.3 As of December 31, 2020, zero 2.6 $0.4 December 31, 2020, $0.4 2019. 2020 2019 Assumed volatility 60% - 69% 64% - 69% (62% weighted average) (67% weighted average) Assumed risk free interest rate 1.3% - 1.7% 1.8% - 2.7% (1.6% weighted average) (2.4% weighted average) Average expected life of options (in years) 5.9 - 7.0 6.1 - 6.3 (6.3 weighted average) (6.2 weighted average) Expected dividends - - Restricted Stock Units Restricted stock unit (RSU) activity with employees and directors follows. 2020 2019 RSU Shares Issued Unrecognized Stock Compensation (in thousands) Weighted Average Expense Period (Years) RSU Shares Issued Unrecognized Stock Compensation (in thousands) Weighted Average Expense Period (Years) Nonvested at January 1 1,148,062 $ 377 1. 4 1,215,000 $ 683 2.3 Granted (1) 1,261,803 828 0.9 213,062 145 2.4 Modified - - - - Before modification (2) (227,062 ) (22 ) - - After modification (3) 620,000 353 2.0 - - Vested (4) (386,403 ) - - - Cancelled (625,000 ) - - - Forfeited (5) (296,000 ) (221 ) (280,000 ) (226 ) Expensed - (585 ) - (225 ) Nonvested at December 31 1,495,400 $ 730 1.4 1,148,062 $ 377 1.4 ( 1 The shares of common stock subject to the RSUs granted in 2020 two 2020 not 2020, 2019 sixty-five fifth 2019 2019 Assumed volatility 4.3% - 44% (44% weighted average) Assumed risk free interest rate 1.4% - 2.3% (1.8% weighted average) Expected dividends - ( 2 In December 2020, 227,062 sixty-five 22,706 $5.00 68,119 $10.00 136,237 $15.00 one fifth October 2023 August 2024. ( 3 In December 2020, 620,000 50% December 2021 December 2022. two ( 4 Represents shares of common stock subject to RSUs which were vested when granted. ( 5 In 2020 2019, As of December 31, 2020, 836,803 386,403 no Warrants Warrant activity, excluding activity related to the Prefunded Warrant, for the years ended December 31, 2020 2019, 2020 2019 Shares Under Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Shares Under Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding at January 1 7,532,280 $ 1.32 1.9 10,252,714 $ 2.25 2.3 Cash exercised (12,948 ) 0.96 - (685,409 ) 3.01 0.3 Cashless exercised (1) (215,740 ) 0.96 - - NA NA Expired (657,676 ) 5.25 - (2,035,025 ) 5.25 - Outstanding at December 31 (2) 6,645,916 $ 0.98 1.1 7,532,280 $ 1.32 1.9 ( 1 We issued 54,629 ( 2 Under the terms of certain outstanding warrants, the holders may December 31, 2020, may 3,484,675 $0.96 25,000 $5.25 may no may As of December 31, 2020, December 31, 2020. Range of Exercise Prices Shares Under Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) $ 0.96 6,570,916 $ 0.96 1.1 $ 2.00 50,000 2.00 2.1 $ 5.25 25,000 5.25 0.1 6,645,916 $ 0.98 1.1 |
Note 13 - Involuntary Conversio
Note 13 - Involuntary Conversion of Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | Note 1 3 . INVOLUNTARY CONVERSION OF ASSETS In 2020, $0.9 $0.1 August 2020. September 2020. $0.1 September 2020, $0.3 $0.7 $0.1 December 31, 2020. not |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 1 4 . Income Taxes Deferred tax asset (liability) is comprised of the following (in thousands): December 31 2020 2019 Net operating loss carryforwards $ 11,473 $ 7,672 Stock options and warrants 576 420 Property 50 138 Intangible assets (9 ) 66 Capitalized expenses 85 54 Other 135 210 Operating right-of-use lease assets (652 ) (667 ) Operating right-of-use lease liabilities 763 794 Net deferred tax assets 12,421 8,687 Less: Valuation allowance (12,421 ) (8,687 ) Deferred tax asset (liability) $ - $ - We have determined it is more likely than not not The following table summarizes the change in the valuation allowance (in thousands): 2020 2019 Vaulation allowances, beginning of year $ 8,687 $ 5,398 Net operating loss 3,039 3,284 Expiration of net operating losses and limitations (20 ) (7 ) Adjustment to deferred taxes (51 ) 29 Impact of state tax rate change 746 26 Other adjusments 20 (43 ) Valuation allowance, end of year $ 12,421 $ 8,687 As of December 31, 2020, $43.2 December 31, 2017, not $9.9 2021 2037 $33.2 not $51.6 December 31, 2020 2021 2040. Our ability to utilize previously accumulated NOL carryforwards is subject to substantial annual limitations due to the changes in ownership provisions of the Internal Revenue Code (IRC) of 1986, 2019, 382 may $24.9 We are subject to taxation in the U.S. federal jurisdiction and various state and local jurisdictions. We record liabilities for income tax contingencies based on our best estimate of the underlying exposures. We are open for audit by the IRS for years after 2016 2015. Reconciliations between the amounts computed by applying the U.S. federal statutory tax rate to loss before income taxes, and income tax expense (benefit) follows (in thousands): 2020 2019 Income tax benefit at federal statutory rate $ (2,459 ) $ (2,928 ) Increase (decrease) resulting from: State tax benefit, net of federal tax effect (623 ) (437 ) Effect of change in state tax rate (746 ) (26 ) Change in valuation allowance 3,734 3,341 Expirations of net operating losses and application of IRC 382 limitation 20 7 Adjustments to deferreds 51 (29 ) Other 42 72 Income tax expense $ 19 $ - Based on an analysis of tax positions taken on income tax returns filed, we determined no December 31, 2020 2019. may CARES, among other things, includes provisions relating to Payroll Protection Program (PPP) loans, refundable payroll tax credits, deferment of employer social security payments, net operating loss carryback periods, alternative minimum tax credit refunds and modifications to the net interest deduction limitations. The Consolidated Appropriations Act (CAA), 2021, December 27, 2020, 2020. 11, not |
Note 15 - Income (Loss) Per Sha
Note 15 - Income (Loss) Per Share (EPS) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 1 5 . INCOME (Loss) per Share (EPS) Basic EPS is calculated under the two may not Diluted EPS is computed by dividing the net income attributable to RiceBran Technologies common shareholders by the weighted average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if the impact of assumed exercises and conversions is dilutive. The dilutive effects of outstanding options, warrants, nonvested shares of common stock and nonvested restricted stock units that vest solely on the basis of a service condition are calculated using the treasury stock method. The dilutive effects of the outstanding preferred stock are calculated using the if-converted method. Below are reconciliations of the numerators and denominators in the EPS computations. 2020 2019 NUMERATOR (in thousands): Basic and diluted - loss from continuing operations $ (11,730 ) $ (13,735 ) DENOMINATOR: Weighted average number of shares of shares of common stock outstanding 41,019,802 32,359,316 Weighted average number of shares of common stock underlying vested restricted stock units 111,980 - Basic EPS - weighted average number of shares outstanding 41,131,782 32,359,316 Effect of dilutive securities outstanding - - Diluted EPS - weighted average number of shares outstanding 41,131,782 32,359,316 No 2020 2019, 2020 2019 12, |
Note 16 - Fair Value Measuremen
Note 16 - Fair Value Measurement | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 1 6 . Fair Value Measurement Derivative financial instruments are carried at fair value, on a recurring basis, in accumulated OCI, and fair value is based on the quoted prices of the financial instruments (Level 1 no December 31, 2020 2019. December 31, 2020, $0.2 3 December 31, 2020, 3 |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 1 7 . Commitments and Contingencies Employment Contracts and Severance Payments In the normal course of business, we periodically enter into employment agreements which incorporate indemnification provisions. While the maximum amount to which we may No We have employment contracts with certain officers and key management that include provisions for potential severance payments in the event of without-cause terminations or terminations under certain circumstances after a change in control. In addition, vesting of outstanding nonvested equity grants would accelerate following a change in control. Legal Matters From time to time we are involved in litigation incidental to the conduct of our business. These matters may no 2020 2019, 2020. 2020, $0.8 |
Note 18 - Related Party Transac
Note 18 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 18 . Related Party Transactions Our director, Ari Gendason, is an employee and senior vice president and chief investment officer of Continental Grain Company (CGC). As of the date of this filing, CGC owns approximately 25.4% one March 2019, 666,667 $3.00 1,003,344 $2.99 $0.01 19.99% June 2019. |
Note 19 - Transactions with Emp
Note 19 - Transactions with Employees | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Employee Transactions Disclosure [Text Block] | NOTE 19 . TRANSACTIONS WITH EMPLOYEES During the three March 31, 2019, $1.4 December 31, 2020 2019, no |
Note 20 - Failure to Comply wit
Note 20 - Failure to Comply with NASDQ Listing Requirements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Failure to Comply with Nasdaq Listing Requirements Disclosure [Text Block] | NOTE 20 . FAILURE TO COMPLY WITH NASDAQ LISTING REQUIREMENTS On July 27, 2020, 5550 2 5550 2 $1.00. $1.00 10, not 20, July 26, 2021. February 17, 2021, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting An operating segment is defined as a component of a business for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and evaluate performance. The “Segment Reporting” topic of the FASB ASC requires that public companies report certain information about operating segments. It also requires that public companies report certain information about their products and services, the geographic areas in which they operate, and their major customers. The Company has one one |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Guidance Recent accounting standards not The following discusses the accounting standard(s) not In June 2016, ASU No. 2016 13 326 Measurement of Credit Losses on Financial Instruments 2023 January 1, 2023. not Recently adopted accounting standards In December 2019, ASU No. 2019 12 - Income Taxes (Topic 740 implifying the Accounting for Income Taxes January 1, 2020. no |
Consolidation, Policy [Policy Text Block] | Basis o f Presentation and Principles of Consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications no |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three may not not |
Accounts Receivable [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts may not |
Inventory, Policy [Policy Text Block] | Inventories – |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill fourth not may first not not may |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible A s sets, E xclusive of G oodwill may not may not not |
Lessee, Leases [Policy Text Block] | Leases We recognize right-of-use assets and lease liabilities based on the present value of the future minimum lease payments over the lease term, beginning at the commencement date, for leases exceeding a year. Minimum lease payments include the fixed lease components of the lease and any variable rate payments that depend on an index, initially measured using the index at the lease commencement date. Lease terms may In determining our right-of-use assets and lease liabilities, we apply a discount rate to the minimum lease payments within each lease. When we cannot readily determine the discount rate implicit in a lease, we utilize our incremental borrowing rate, the rate of interest that we would incur to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. To estimate the incremental borrowing rate, we reference a market yield curve consistent with our assessment of our credit quality. We recognize operating lease expense related to the minimum lease payments on a straight-line basis over the lease term. For finance leases, we recognize amortization expense related to the minimum lease payments on a straight-line basis over the lease term while interest expense is recognized using the effective interest method. Expense related to variable lease payments that do not |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Revenue is measured as the amount of consideration we expect to receive in exchange for fulfilling product orders. Incidental items that are immaterial in the context of the contract are recognized as expense. Our contracts do not may Incremental costs of obtaining a revenue contract are capitalized and amortized on a straight-line basis over the expected customer relationship period if we expect to recover those costs. As a practical expedient, we expense costs to obtain a contract as incurred if the amortization period would have been a year or less. Typically, costs to incur revenue contracts are not |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling , General and Administrative Expenses |
Research, Development, and Computer Software, Policy [Policy Text Block] | Research and Development |
Share-based Payment Arrangement, Director [Policy Text Block] | Share-Based Compensation For awards of nonvested stock to employees, share-based compensation is measured based on the fair value of the stock on the date of grant and the corresponding expense is recognized over the period during which an employee is required to provide service in exchange for the reward. Compensation expense related to service-based awards are recognized on a straight-line basis over the requisite service period for the entire award. For restricted stock units issued to employees with market conditions, share-based compensation is measured based on the fair value of the award on the date of grant using a binomial simulation model and expense is recognized over the derived service period determined by the simulation. The binomial simulation model requires us to estimate key assumptions such as stock volatility, risk-free interest rates and dividend yields based on both historical information and management's judgment regarding market factors and trends. Share-based compensation for awards to nonemployees is calculated as of the grant date, taking into consideration the probability of satisfaction of performance conditions, in a manner consistent with awards to employees. The expense associated with share-based awards for service is recognized over the term of service. In the event services are terminated early or we require no |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments May 2020, not not December 31, 2020, no |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards. A valuation allowance is established, when necessary, to reduce that deferred tax asset if it is more likely than not not may may may may no We recognize interest and penalties related to uncertain tax positions, if any, in selling, general and administrative expenses. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value may may We assess the inputs used to measure fair value using a three ● Level 1 ● Level 2 ● Level 3 not |
Note 3 - Acquisitions (Tables)
Note 3 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 3,795 Working capital adjustment to purchase price (18 ) Total fair value of consideration transferred 3,777 Accounts receivable 591 Inventories 149 Deposits and other current assets 12 Property and equipment 1,560 Customer relationship 930 Other finite-lived intangible assets 35 Accounts payable (219 ) Finance lease liabilities (18 ) Net recognized amounts of identifiable assets acquired and liabilities assumed 3,040 Goodwill $ 737 Estimated at Acquisition and as of Final as of December 31, 2018 Adjustments December 31, 2019 1,666,667 shares of common stock, at fair value of $3.00 per share at closing $ 5,000 $ - $ 5,000 Golden Ridge financial liabilities paid for the seller 2,661 - 2,661 Cash 250 - 250 Note payable to seller 609 - 609 Working capital adjustment to purchase price (1,147 ) 584 (563 ) Total fair value of consideration transferred 7,373 584 7,957 Cash 409 (63 ) 346 Accounts receivable 1,587 87 1,674 Inventories 103 - 103 Property and equipment 5,092 - 5,092 Accounts payable (222 ) 110 (112 ) Commodities payable (2,559 ) 432 (2,127 ) Accrued liabilities (12 ) 12 - Lease liabilities (104 ) - (104 ) Equipment notes payable (99 ) 6 (93 ) Net recognized amounts of identifiable assets acquired and liabilities assumed 4,195 584 4,779 Goodwill $ 3,178 $ - $ 3,178 |
Business Acquisition, Pro Forma Information [Table Text Block] | 2019 Revenues (in thousands) $ 24,913 Loss from continuing operations (in thousands) $ (13,432 ) Loss per share - continuing operations $ (0.42 ) Weighted average number of common shares outstanding - basic and diluted 32,359,316 |
Note 6 - Accounts Receivable _2
Note 6 - Accounts Receivable and Revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Customer A B C % of revenue, 2020 10 % 11 % 3 % % of revenue, 2019 11 % 16 % 2 % % of accounts receivable, as of December 31, 2020 17 % 1 % 10 % % of accounts receivable, as of December 31, 2019 10 % 31 % 10 % |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | 2020 2019 United States $ 24,790 $ 22,533 Other countries 1,409 1,180 Revenues $ 26,199 $ 23,713 |
Disaggregation of Revenue [Table Text Block] | 2020 2019 Food $ 18,114 $ 16,957 Animal nutrition 8,085 6,756 Revenues $ 26,199 $ 23,713 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31 2020 2019 Finished goods $ 1,512 $ 698 Raw materials 236 90 Packaging 130 110 Inventories $ 1,878 $ 898 |
Note 8 - Property and Equipme_2
Note 8 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31 2020 2019 Estimated Useful Lives (Years) Land $ 730 $ 730 Furniture and fixtures 276 476 5 - 10 Plant 9,377 9,667 20 - 40 years, or life of lease Computer and software 1,060 1,317 3 - 5 Leasehold improvements 1,880 2,019 4 - 15, or life of lease Machinery and equipment 16,402 16,864 5 - 15 Property and equipment, cost 29,725 31,073 Less accumulated depreciation 13,358 11,996 Property and equipment, net $ 16,367 $ 19,077 |
Note 9 - Goodwill and Intangi_2
Note 9 - Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | 2020 2019 Goodwill, January 1 $ 3,915 $ 3,178 MGI acquistion - 737 Goodwill, December 31 $ 3,915 $ 3,915 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2020 December 31, 2019 Estimated Useful Life Gross Accumulated Net Gross Accumulated Net Customer relationships 15 $ 930 $ 236 $ 694 $ 930 $ 20 $ 910 Trademarks 10 13 2 11 13 1 12 Non-compete agreement 5 22 8 14 22 3 19 Other 17 32 29 3 32 23 9 Total intangible assets $ 997 $ 275 $ 722 $ 997 $ 47 $ 950 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2021 $ 196 2022 146 2023 110 2024 80 2025 58 Thereafter 132 Total amortization $ 722 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | 2020 2019 Finance lease cost: Amortization of right-of use assets, included in cost of goods sold $ 62 $ 60 Interest on lease liabilities 14 14 Operating lease cost, included in selling, general and administrative expenses: Fixed leases cost 517 522 Variable lease cost 127 132 Short-term lease cost 9 21 Total lease cost $ 729 $ 749 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 14 $ 14 Operating cash flows from operating leases $ 517 $ 522 Financing cash flows from finance leases $ 101 $ 79 |
Lessee, Operating and Finance Leases, Remaining Terms and Discount Rates [Table Text Block] | Operating Leases Finance Leases Remaining leases terms (in years) 2.8 - 12.2 0.1 - 3.5 Weighted average remaining lease terms (in years) 7.0 2.5 Discount rates 6.3% - 9.0% 4.3% - 7.3% Weighted average discount rate 7.7% 5.9% |
Lessee, Operating and Finance Lease Liability, Maturity [Table Text Block] | Operating Finance Leases Leases 2021 $ 536 $ 91 2022 548 68 2023 528 38 2024 429 11 2025 439 - Thereafter 1,029 - Total lease payments 3,509 208 Amounts representing interest (835 ) (13 ) Present value of lease obligations $ 2,674 $ 195 |
Note 11 - Debt (Tables)
Note 11 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2020 2019 Borrowings outstanding $ 1,860 $ 1,989 Debt issuance costs, net (75 ) (166 ) Due under factoring agreement $ 1,785 $ 1,823 2020 2019 Average borrowings outstanding (in thousands) $ 1,713 $ 272 Amortization of debt issuance costs (in thousands) $ 91 $ 15 Fees paid, as a percentage of average oustanding borrowings 7.3 % 10.2 % Interest paid, as a percentage of average outstanding borrowings 6.4 % 6.2 % |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2020 2019 Payroll Protection Program note - Dated April 2020. Interest accrues at an annual rate of 1.0%. Forgiven in January 2021. $ 1,792 $ - Mortgage promissory note - Dated September 2020. Interest accrues at an annual rate which is the greater of 11.0% above the lender's prime rate and 14.3%. Payable in monthly installments through June 2022. 1,817 - Net of $25 debt issuance costs issuance costs at December 31, 2020 Equipment notes - Initially recorded in November 2018, in the acquisition of Golden Ridge, at the present value of future payments using a discount rate of 4.8% per year, which we determined approximated the market rate for similar debt with similar maturities as of the date of acquisition. Payable in monthly installments. Expire at dates ranging through 2022. 37 62 Equipment note - Dated December 2019. Due in monthly installments through December 2024. Interest accrues at the effective discount rate of 9.3% per year. 33 39 Total long term debt, net $ 3,679 $ 101 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2021 $ 597 2022 3,088 2023 9 2024 10 Principal maturities 3,704 Debt issuance costs (25 ) Total long term debt, net $ 3,679 |
Note 12 - Equity, Share-based_2
Note 12 - Equity, Share-based Compensation, Warrants and Securities Offerings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | 2020 2019 Common stock, vested and nonvested at issuance $ 308 $ 721 Stock options 148 354 Restricted stock units 585 225 Compensation expense related to common stock awards issued under equity incentive plan $ 1,041 $ 1,300 |
Share-based Payment Arrangement, Activity [Table Text Block] | 2020 2019 Shares Issued Weighted Average Value Per Share Weighted Average Vesting Period (Years) Shares Issued Weighted Average Value Per Share Weighted Average Vesting Period (Years) Directors 83,306 $ 0.53 - 219,401 $ 2.27 0.6 Employees 71,011 0.85 - 30,887 3.22 - Consultants 59,917 0.71 - 39,061 2.76 0.4 214,234 289,349 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Shares Granted Weighted Average Grant Date Fair Value Per Share Fair Value (1) Nonvested at January 1, 2019 193,965 $ 1.84 $ 582 Granted 150,274 2.88 432 Vested (227,711 ) 1.99 613 Nonvested at December 31, 2019 (2) 116,528 $ 2.88 $ 171 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2020 2019 Shares Under Options Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life (Years) Shares Under Options Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life (Years) Outstanding at January 1 996,009 $ 3.23 8.1 950,727 $ 3.06 8.5 Granted (1) 653,004 1.22 $ 0.73 10.0 385,883 3.01 $ 1.83 10.0 Cash exercised (2) - NA NA (165,812 ) 0.94 8.1 Forfeited (973,987 ) 2.56 8.1 (174,789 ) 3.98 8.4 Outstanding at December 31 675,026 $ 2.24 7.9 996,009 $ 3.23 8.1 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Outstanding Exercisable Range of Exercise Prices Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) less than $1.00 78,000 $ 0.85 6.3 68,500 $ 0.85 6.3 $1.00 to $1.99 348,119 1.26 8.7 33,782 1.48 6.7 $2.00 to $2.99 126,750 2.77 8.3 47,687 2.82 7.9 $3.00 to $3.99 92,634 3.34 7.3 46,509 3.37 6.3 $4.00 to $4.99 23,104 4.43 3.7 23,094 4.43 3.7 $5.00 to $74.00 6,419 38.59 1.0 6,419 38.59 1.0 675,026 $ 2.24 7.9 225,991 $ 3.37 6.3 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2020 2019 Assumed volatility 60% - 69% 64% - 69% (62% weighted average) (67% weighted average) Assumed risk free interest rate 1.3% - 1.7% 1.8% - 2.7% (1.6% weighted average) (2.4% weighted average) Average expected life of options (in years) 5.9 - 7.0 6.1 - 6.3 (6.3 weighted average) (6.2 weighted average) Expected dividends - - |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | 2020 2019 RSU Shares Issued Unrecognized Stock Compensation (in thousands) Weighted Average Expense Period (Years) RSU Shares Issued Unrecognized Stock Compensation (in thousands) Weighted Average Expense Period (Years) Nonvested at January 1 1,148,062 $ 377 1. 4 1,215,000 $ 683 2.3 Granted (1) 1,261,803 828 0.9 213,062 145 2.4 Modified - - - - Before modification (2) (227,062 ) (22 ) - - After modification (3) 620,000 353 2.0 - - Vested (4) (386,403 ) - - - Cancelled (625,000 ) - - - Forfeited (5) (296,000 ) (221 ) (280,000 ) (226 ) Expensed - (585 ) - (225 ) Nonvested at December 31 1,495,400 $ 730 1.4 1,148,062 $ 377 1.4 |
Schedule of Share-based Payment Award, Restricted Stock Unit Valuation Assumptions [Table Text Block] | 2019 Assumed volatility 4.3% - 44% (44% weighted average) Assumed risk free interest rate 1.4% - 2.3% (1.8% weighted average) Expected dividends - |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | 2020 2019 Shares Under Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Shares Under Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding at January 1 7,532,280 $ 1.32 1.9 10,252,714 $ 2.25 2.3 Cash exercised (12,948 ) 0.96 - (685,409 ) 3.01 0.3 Cashless exercised (1) (215,740 ) 0.96 - - NA NA Expired (657,676 ) 5.25 - (2,035,025 ) 5.25 - Outstanding at December 31 (2) 6,645,916 $ 0.98 1.1 7,532,280 $ 1.32 1.9 |
Schedule of Share-based Compensation Warrants by Exercise Price Range [Table Text Block ] | Range of Exercise Prices Shares Under Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) $ 0.96 6,570,916 $ 0.96 1.1 $ 2.00 50,000 2.00 2.1 $ 5.25 25,000 5.25 0.1 6,645,916 $ 0.98 1.1 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31 2020 2019 Net operating loss carryforwards $ 11,473 $ 7,672 Stock options and warrants 576 420 Property 50 138 Intangible assets (9 ) 66 Capitalized expenses 85 54 Other 135 210 Operating right-of-use lease assets (652 ) (667 ) Operating right-of-use lease liabilities 763 794 Net deferred tax assets 12,421 8,687 Less: Valuation allowance (12,421 ) (8,687 ) Deferred tax asset (liability) $ - $ - |
Summary of Valuation Allowance [Table Text Block] | 2020 2019 Vaulation allowances, beginning of year $ 8,687 $ 5,398 Net operating loss 3,039 3,284 Expiration of net operating losses and limitations (20 ) (7 ) Adjustment to deferred taxes (51 ) 29 Impact of state tax rate change 746 26 Other adjusments 20 (43 ) Valuation allowance, end of year $ 12,421 $ 8,687 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2020 2019 Income tax benefit at federal statutory rate $ (2,459 ) $ (2,928 ) Increase (decrease) resulting from: State tax benefit, net of federal tax effect (623 ) (437 ) Effect of change in state tax rate (746 ) (26 ) Change in valuation allowance 3,734 3,341 Expirations of net operating losses and application of IRC 382 limitation 20 7 Adjustments to deferreds 51 (29 ) Other 42 72 Income tax expense $ 19 $ - |
Note 15 - Income (Loss) Per S_2
Note 15 - Income (Loss) Per Share (EPS) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2020 2019 NUMERATOR (in thousands): Basic and diluted - loss from continuing operations $ (11,730 ) $ (13,735 ) DENOMINATOR: Weighted average number of shares of shares of common stock outstanding 41,019,802 32,359,316 Weighted average number of shares of common stock underlying vested restricted stock units 111,980 - Basic EPS - weighted average number of shares outstanding 41,131,782 32,359,316 Effect of dilutive securities outstanding - - Diluted EPS - weighted average number of shares outstanding 41,131,782 32,359,316 |
Note 1 - Liquidity and Manage_2
Note 1 - Liquidity and Management's Plan (Details Textual) - USD ($) | 6 Months Ended | |||
Dec. 31, 2020 | Mar. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 5,263,000 | $ 8,444,000 | $ 7,044,000 | |
At-the-market Offering Program [Member] | ||||
Proceeds from Issuance or Sale of Equity, Total | 2,400,000 | |||
Equity Offering, Remaining Offering Amount | 3,600,000 | |||
Equity Offering, Maximum Offering Amount | $ 6,000,000 | $ 6,000,000 | ||
Minimum [Member] | ||||
Percentage of Reduction in Selling, General and Administrative Expense | 40.00% |
Note 2 - Business and Summary_2
Note 2 - Business and Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Number of Reporting Units | 1 |
Number of Operating Segments | 1 |
Stabilized Rice Bran (SRB) [Member] | |
Number of Manufacturing and Distribution Locations | 4 |
Stabilized Rice Bran (SRB) [Member] | CALIFORNIA | |
Number of Manufacturing and Distribution Locations | 2 |
Stabilized Rice Bran (SRB) [Member] | LOUISIANA | |
Number of Manufacturing and Distribution Locations | 1 |
Note 3 - Acquisitions (Details
Note 3 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Apr. 04, 2019 | Jul. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Payments to Acquire Businesses, Gross | $ 3,777 | ||||||
Goodwill, Ending Balance | $ 3,178 | $ 3,915 | 3,915 | 3,915 | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 26,199 | 23,713 | |||||
Net Income (Loss) Attributable to Parent, Total | (11,730) | (13,951) | |||||
Retirement of Shares Received in Settlement with Sellers, Value | 1,027 | ||||||
Gain (Loss) Related to Noncash Settlement with Seller | 849 | ||||||
MGI Grain Processing, LLC [Member] | |||||||
Net Income (Loss) Attributable to Parent, Total | 100 | ||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (300) | ||||||
MGI Grain Processing, LLC [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 3,800 | 3,795 | |||||
Escrow Deposit | 300 | ||||||
Business Combination, Acquisition Related Costs | 100 | ||||||
Goodwill, Ending Balance | $ 700 | 737 | 737 | ||||
Business Combination, Goodwill, Deductible Period for Tax Purposes (Year) | 15 years | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 4,200 | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 1,900 | ||||||
Business Combination, Working Capital Adjustment | 18 | ||||||
Golden Ridge Rice Mills, LLC [Member] | |||||||
Payments to Acquire Businesses, Gross | 250 | 250 | |||||
Goodwill, Ending Balance | $ 3,178 | $ 3,178 | $ 3,178 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 1,666,667 | 1,666,667 | 1,666,667 | ||||
Business Acquisition, Equity Interests, Number of Shares Deposited in Escrow Account (in shares) | 380,952 | ||||||
Business Combination, Working Capital Adjustment | $ 1,147 | $ 600 | $ 563 | ||||
Retirement of Shares Received in Settlement with Sellers, Shares (in shares) | 340,000 | ||||||
Retirement of Shares Received in Settlement with Sellers, Value | $ 1,000 | ||||||
Gain (Loss) Related to Noncash Settlement with Seller | $ 800 | ||||||
Golden Ridge Rice Mills, LLC [Member] | Notes Payable, Other Payables [Member] | |||||||
Extinguishment of Debt, Amount | $ 400 |
Note 3 - Acquisitions - Identif
Note 3 - Acquisitions - Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Apr. 04, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash | $ 3,777 | |||||
Goodwill | $ 3,178 | $ 3,915 | $ 3,915 | 3,915 | ||
MGI Grain Processing, LLC [Member] | ||||||
Cash | $ 3,800 | 3,795 | ||||
Working capital adjustment to purchase price | (18) | |||||
Total fair value of consideration transferred | 3,777 | |||||
Accounts receivable | 591 | 591 | ||||
Inventories | 149 | 149 | ||||
Deposits and other current assets | 12 | 12 | ||||
Property and equipment | 1,560 | 1,560 | ||||
Accounts payable | 219 | 219 | ||||
Finance lease liabilities | (18) | (18) | ||||
Net recognized amounts of identifiable assets acquired and liabilities assumed | 3,040 | 3,040 | ||||
Goodwill | $ 700 | 737 | 737 | |||
Lease liabilities | 18 | 18 | ||||
MGI Grain Processing, LLC [Member] | Customer Relationships [Member] | ||||||
Finite-lived intangible assets | 930 | 930 | ||||
MGI Grain Processing, LLC [Member] | Other Intangible Assets [Member] | ||||||
Finite-lived intangible assets | 35 | 35 | ||||
Golden Ridge Rice Mills, LLC [Member] | ||||||
Cash | 250 | 250 | ||||
Working capital adjustment to purchase price | (1,147) | $ (600) | (563) | |||
Total fair value of consideration transferred | 7,373 | 7,957 | ||||
Accounts receivable | 1,587 | 1,674 | 1,674 | |||
Inventories | 103 | 103 | 103 | |||
Property and equipment | 5,092 | 5,092 | 5,092 | |||
Accounts payable | 222 | 112 | 112 | |||
Finance lease liabilities | (104) | (104) | (104) | |||
Net recognized amounts of identifiable assets acquired and liabilities assumed | 4,195 | 4,779 | 4,779 | |||
Goodwill | 3,178 | 3,178 | 3,178 | |||
1,666,667 shares of common stock, at fair value of $3.00 per share at closing | 5,000 | 5,000 | ||||
Golden Ridge financial liabilities paid for the seller | 2,661 | 2,661 | ||||
Note payable to seller | 609 | 609 | ||||
Cash | 409 | 346 | 346 | |||
Commodities payable | 2,559 | 2,127 | 2,127 | |||
Accrued liabilities | 12 | |||||
Lease liabilities | 104 | 104 | 104 | |||
Equipment notes payable | $ 99 | 93 | 93 | |||
Golden Ridge Rice Mills, LLC [Member] | Revision of Prior Period, Adjustment [Member] | ||||||
Cash | ||||||
Working capital adjustment to purchase price | 584 | |||||
Total fair value of consideration transferred | 584 | |||||
Accounts receivable | 87 | 87 | ||||
Inventories | ||||||
Property and equipment | ||||||
Accounts payable | (110) | (110) | ||||
Finance lease liabilities | ||||||
Net recognized amounts of identifiable assets acquired and liabilities assumed | 584 | 584 | ||||
Goodwill | ||||||
1,666,667 shares of common stock, at fair value of $3.00 per share at closing | ||||||
Golden Ridge financial liabilities paid for the seller | ||||||
Note payable to seller | ||||||
Cash | (63) | (63) | ||||
Commodities payable | (432) | (432) | ||||
Accrued liabilities | (12) | (12) | ||||
Lease liabilities | ||||||
Equipment notes payable | $ (6) | $ (6) |
Note 3 - Acquisitions - Ident_2
Note 3 - Acquisitions - Identified Assets Acquired and Liabilities Assumed (Details) (Parentheticals) - Golden Ridge Rice Mills, LLC [Member] - $ / shares | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Nov. 30, 2018 | Dec. 31, 2019 | |
Common stock, shares (in shares) | 1,666,667 | 1,666,667 | 1,666,667 |
Common stock, price per share (in dollars per share) | $ 3 | $ 3 |
Note 3 - Acquisitions - Unaudit
Note 3 - Acquisitions - Unaudited Pro Forma Information (Details) - MGI Grain Processing, LLC [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Revenues (in thousands) | $ 24,913 |
Loss from continuing operations (in thousands) | $ (13,432) |
Loss per share - continuing operations (in dollars per share) | $ / shares | $ (0.42) |
Weighted average number of common shares outstanding - basic and diluted (in shares) | shares | 32,359,316 |
Note 4 - Discontinued Operati_2
Note 4 - Discontinued Operations and Restricted Cash (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Escrow Deposit for Working Capital Adjustment [Member] | ||||
Restricted Cash and Cash Equivalents, Total | $ 200 | |||
Healthy Natural (HN) [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 18,300 | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | 8,200 | |||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 4,700 | 0 | ||
Working Capital Adjustment Liability | $ 300 | $ 500 | $ 300 | |
Payment of Working Capital Liability | $ 500 |
Note 5 - Cash and Cash Equiva_2
Note 5 - Cash and Cash Equivalents (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 5,263 | $ 8,444 | $ 7,044 |
Money Market Funds [Member] | |||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 2,400 |
Note 6 - Accounts Receivable _3
Note 6 - Accounts Receivable and Revenues (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Contract with Customer, Liability, Total | $ 0.1 | $ 0.1 |
Note 6 - Accounts Receivable _4
Note 6 - Accounts Receivable and Revenues - Revenues and Accounts Receivable from Significant Customers (Details) - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue Benchmark [Member] | Customer A [Member] | ||
Concentration risk, percentage | 10.00% | 11.00% |
Revenue Benchmark [Member] | Customer B [Member] | ||
Concentration risk, percentage | 11.00% | 16.00% |
Revenue Benchmark [Member] | Customer C [Member] | ||
Concentration risk, percentage | 3.00% | 2.00% |
Accounts Receivable [Member] | Customer A [Member] | ||
Concentration risk, percentage | 17.00% | 10.00% |
Accounts Receivable [Member] | Customer B [Member] | ||
Concentration risk, percentage | 1.00% | 31.00% |
Accounts Receivable [Member] | Customer C [Member] | ||
Concentration risk, percentage | 10.00% | 10.00% |
Note 6 - Accounts Receivable _5
Note 6 - Accounts Receivable and Revenues - Revenues by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 26,199 | $ 23,713 |
UNITED STATES | ||
Revenues | 24,790 | 22,533 |
Non-US [Member] | ||
Revenues | $ 1,409 | $ 1,180 |
Note 6 - Accounts Receivable _6
Note 6 - Accounts Receivable and Revenues - Revenues by Product Line (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 26,199 | $ 23,713 |
Food and Beverage [Member] | ||
Revenues | 18,114 | 16,957 |
Animal Nutrition [Member] | ||
Revenues | $ 8,085 | $ 6,756 |
Note 7 - Inventories - Componen
Note 7 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finished goods | $ 1,512 | $ 698 |
Raw materials | 236 | 90 |
Packaging | 130 | 110 |
Inventories | $ 1,878 | $ 898 |
Note 8 - Property and Equipme_3
Note 8 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment, Additions | $ 0.3 | $ 0.1 |
Construction in Progress, Gross | $ 0.6 | $ 1.5 |
Note 8 - Property and Equipme_4
Note 8 - Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property and equipment, cost | $ 29,725 | $ 31,073 |
Less accumulated depreciation | 13,358 | 11,996 |
Property and equipment, net | 16,367 | 19,077 |
Land [Member] | ||
Property and equipment, cost | 730 | 730 |
Furniture and Fixtures [Member] | ||
Property and equipment, cost | $ 276 | 476 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 5 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 10 years | |
Plant [Member] | ||
Property and equipment, cost | $ 9,377 | 9,667 |
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 and equipment, cost | $ 1,060 | 1,317 |
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 and equipment, cost | $ 1,880 | 2,019 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 4 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 15 years | |
Machinery and Equipment [Member] | ||
Property and equipment, cost | $ 16,402 | $ 16,864 |
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 9 - Goodwill and Intangi_3
Note 9 - Goodwill and Intangibles (Details Textual) | Apr. 04, 2019 | Dec. 31, 2020 |
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 12 years 255 days | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |
Customer Relationships [Member] | MGI Grain Processing, LLC [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years |
Note 9 - Goodwill and Intangi_4
Note 9 - Goodwill and Intangibles - Summary of Goodwill Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill, January 1 | $ 3,915 | $ 3,178 |
Goodwill, December 31 | 3,915 | 3,915 |
MGI Grain Processing, LLC [Member] | ||
Goodwill, January 1 | 737 | |
MGI acquistion | 737 | |
Goodwill, December 31 | $ 737 |
Note 9 - Goodwill and Intangi_5
Note 9 - Goodwill and Intangibles - Intangible Assets, Excluding Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible assets, gross | $ 997 | $ 997 |
Intangible assets, accumulated amortization | 275 | 47 |
Intangible assets, net | $ 722 | 950 |
Customer Relationships [Member] | ||
Intangible assets, useful life (Year) | 15 years | |
Intangible assets, gross | $ 930 | 930 |
Intangible assets, accumulated amortization | 236 | 20 |
Intangible assets, net | $ 694 | 910 |
Trademarks [Member] | ||
Intangible assets, useful life (Year) | 10 years | |
Intangible assets, gross | $ 13 | 13 |
Intangible assets, accumulated amortization | 2 | 1 |
Intangible assets, net | $ 11 | 12 |
Noncompete Agreements [Member] | ||
Intangible assets, useful life (Year) | 5 years | |
Intangible assets, gross | $ 22 | 22 |
Intangible assets, accumulated amortization | 8 | 3 |
Intangible assets, net | $ 14 | 19 |
Other Intangible Assets [Member] | ||
Intangible assets, useful life (Year) | 17 years | |
Intangible assets, gross | $ 32 | 32 |
Intangible assets, accumulated amortization | 29 | 23 |
Intangible assets, net | $ 3 | $ 9 |
Note 9 - Goodwill and Intangi_6
Note 9 - Goodwill and Intangibles - Future Intangible Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 196 | |
2022 | 146 | |
2023 | 110 | |
2024 | 80 | |
2025 | 58 | |
Thereafter | 132 | |
Total amortization | $ 722 | $ 950 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 0.2 | |
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | $ 0.4 | |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 0.2 |
Note 10 - Leases - Components o
Note 10 - Leases - Components of Lease Expense and Cash Flows from Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization of right-of use assets, included in cost of goods sold | $ 62 | $ 60 |
Interest on lease liabilities | 14 | 14 |
Fixed leases cost | 517 | 522 |
Variable lease cost | 127 | 132 |
Short-term lease cost | 9 | 21 |
Total lease cost | 729 | 749 |
Operating cash flows from finance leases | 14 | 14 |
Operating cash flows from operating leases | 517 | 522 |
Financing cash flows from finance leases | $ 101 | $ 79 |
Note 10 - Leases - Remaining Te
Note 10 - Leases - Remaining Terms and Discount Rates (Details) | Dec. 31, 2020 |
Weighted average remaining lease terms (in years), operating leases (Year) | 7 years |
Weighted average remaining lease terms (in years), finance leases (Year) | 2 years 182 days |
Weighted average discount rate, operating leases | 7.70% |
Weighted average discount rate, finance leases | 5.90% |
Minimum [Member] | |
Remaining leases terms (in years), operating leases (Year) | 2 years 292 days |
Remaining leases terms (in years), finance leases (Year) | 36 days |
Discount rates, operating leases | 6.30% |
Discount rates, finance leases | 4.30% |
Maximum [Member] | |
Remaining leases terms (in years), operating leases (Year) | 12 years 73 days |
Remaining leases terms (in years), finance leases (Year) | 3 years 182 days |
Discount rates, operating leases | 9.00% |
Discount rates, finance leases | 7.30% |
Note 10 - Leases - Maturities o
Note 10 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021, operating leases | $ 536 |
2021, finance leases | 91 |
2022, operating leases | 548 |
2022, finance leases | 68 |
2023, operating leases | 528 |
2023, finance leases | 38 |
2024, operating leases | 429 |
2024, finance leases | 11 |
2025, operating leases | 439 |
2025, finance leases | |
Thereafter, operating leases | 1,029 |
Thereafter, finance leases | |
Total lease payments, operating leases | 3,509 |
Total lease payments, finance leases | 208 |
Amounts representing interest, operating leases | (835) |
Amounts representing interest, finance leases | (13) |
Present value of lease obligations, operating leases | 2,674 |
Present value of lease obligations, finance leases | $ 195 |
Note 11 - Debt (Details Textual
Note 11 - Debt (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 10 Months Ended | 12 Months Ended | |||||
Oct. 31, 2020 | Sep. 30, 2020 | Jul. 31, 2020 | Jan. 31, 2019 | Oct. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2020 | |
Long-term Debt, Total | $ 3,679 | $ 101 | ||||||
Long-term Debt, Gross | 3,704 | |||||||
Notes Payable, Other Payables [Member] | Golden Ridge Rice Mills, LLC [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.80% | |||||||
Repayments of Debt | $ 300 | |||||||
Long-term Debt, Gross | $ 400 | |||||||
Factoring Agreement [Member] | Line of Credit [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,000 | |||||||
Debt Instrument, Term (Year) | 2 years | |||||||
Debt Instrument, Fee Amount | $ 200 | |||||||
Line of Credit Facility, Funding Fee, Percentage Above Prime Rate | 0.50% | |||||||
Line of Credit Facility, Funding Fee, Minimum Percentage | 5.50% | |||||||
Line of Credit Facility, Average Outstanding Amount | $ 1,713 | 272 | ||||||
Paycheck Protection Program CARES Act [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||||||
Long-term Debt, Total | $ 1,792 | $ 1,800 | ||||||
Mortgage Agreement [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 14.30% | 14.30% | ||||||
Long-term Debt, Total | $ 1,817 | |||||||
Proceeds from Issuance of Long-term Debt, Total | $ 1,000 | $ 1,000 | ||||||
Debt Instrument, Basis Spread on Variable Rate | 11.00% | |||||||
Debt Instrument, Facility Fee, Percentage of Each Advance | 1.00% | |||||||
Mortgage Agreement [Member] | Prime Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 11.00% | |||||||
Demand Loan [Member] | Secured Debt [Member] | ||||||||
Line of Credit Facility, Average Outstanding Amount | $ 100 | |||||||
Debt, Weighted Average Interest Rate | 5.50% | |||||||
Finance Agreements for Annual Insurance Premiums [Member] | Minimum [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | |||||||
Finance Agreements for Annual Insurance Premiums [Member] | Maximum [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% |
Note 11 - Debt - Due Under Fact
Note 11 - Debt - Due Under Factoring Agreement (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt issuance costs | $ (25) | |
Due under factoring agreement | 1,785 | $ 1,823 |
Factoring Agreement [Member] | Line of Credit [Member] | ||
Borrowings outstanding | 1,860 | 1,989 |
Debt issuance costs | (75) | (166) |
Due under factoring agreement | 1,785 | 1,823 |
Average borrowings outstanding (in thousands) | 1,713 | 272 |
Amortization of debt issuance costs (in thousands) | $ 91 | $ 15 |
Fees paid, as a percentage of average oustanding borrowings | 7.30% | 10.20% |
Interest paid, as a percentage of average outstanding borrowings | 6.40% | 6.20% |
Note 11 - Debt - Long-term Debt
Note 11 - Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Apr. 30, 2020 | Dec. 31, 2019 |
Total long term debt, net | $ 3,679 | $ 101 | |
Paycheck Protection Program CARES Act [Member] | |||
Total long term debt, net | 1,792 | $ 1,800 | |
Mortgage Agreement [Member] | |||
Total long term debt, net | 1,817 | ||
Equipment Notes, November 2018 [Member] | Notes Payable, Other Payables [Member] | |||
Total long term debt, net | 37 | 62 | |
Equipment Notes, December 2019 [Member] | Notes Payable, Other Payables [Member] | |||
Total long term debt, net | $ 33 | $ 39 |
Note 11 - Debt - Long-term De_2
Note 11 - Debt - Long-term Debt (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jul. 31, 2020 | |
Issuance costs | $ 25 | ||
Paycheck Protection Program CARES Act [Member] | |||
Interest rate | 1.00% | ||
Mortgage Agreement [Member] | |||
Interest rate | 14.30% | 14.30% | |
Interest rate, variable | 11.00% | ||
Maturity date | Jun. 30, 2022 | ||
Issuance costs | $ 25 | ||
Equipment Notes, November 2018 [Member] | Notes Payable, Other Payables [Member] | |||
Interest rate | 4.80% | 4.80% | |
Maturity date | Dec. 31, 2022 | Dec. 31, 2022 | |
Equipment Notes, December 2019 [Member] | Notes Payable, Other Payables [Member] | |||
Interest rate | 9.30% | 9.30% | |
Maturity date | Dec. 31, 2024 | Dec. 31, 2024 |
Note 11 - Debt - Future Princip
Note 11 - Debt - Future Principal Maturities of Long-term Debt Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 597 | |
2022 | 3,088 | |
2023 | 9 | |
2024 | 10 | |
Principal maturities | 3,704 | |
Debt issuance costs | (25) | |
Total long term debt, net | $ 3,679 | $ 101 |
Note 12 - Equity, Share-based_3
Note 12 - Equity, Share-based Compensation, Warrants and Securities Offerings (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2019 | Aug. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Feb. 29, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | Mar. 30, 2020 | Dec. 31, 2018 | Jun. 30, 2018 | ||||||
Common Stock, Shares Authorized (in shares) | 150,000,000 | 150,000,000 | 150,000,000 | 50,000,000 | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 6,785,000 | 3,046,668 | ||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1.25 | $ 3 | $ 1.25 | |||||||||||||
Payments of Stock Issuance Costs | $ 700,000 | $ 500,000 | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 25,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 5.25 | |||||||||||||||
Proceeds from Issuance of Common Stock and Pre Funded Warrant, Net | $ 11,600,000 | $ 2,318,000 | $ 19,422,000 | |||||||||||||
Proceeds from Issuance of Common Stock | $ 7,800,000 | |||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 4,881,053 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | [1] | 165,812 | ||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | [1] | $ 0.94 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years 219 days | |||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 400,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 400,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 7,532,280 | [2] | 6,645,916 | [2] | 7,532,280 | [2] | 10,252,714 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, NonOption Equity Instruments, Weighted Average Exercise Price (in dollars per share) | $ 3.01 | $ 0.96 | [3] | $ 3.01 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||||||||||||||
Common Stock [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,850,489 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 165,812 | |||||||||||||||
Share-based Payment Arrangement, Option [Member] | ||||||||||||||||
Share-based Payment Arrangement, Plan Modification, Incremental Cost | $ 100,000 | |||||||||||||||
Share-based Payment Arrangement, Option [Member] | Common Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 31,955 | |||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.16 | |||||||||||||||
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Options Exercisable Period (Year) | 3 years | |||||||||||||||
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Options Exercisable Period (Year) | 4 years | |||||||||||||||
Restricted Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 116,528 | [4] | 0 | 116,528 | [4] | 193,965 | ||||||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Nonvested, Total Fair Value | $ 171,000 | [4],[5] | $ 100,000 | $ 171,000 | [4],[5] | $ 582,000 | [5] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 227,711 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 1,148,062 | 1,495,400 | 1,148,062 | 1,215,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non Option Equity Instruments Impact of Warrant Modification, Prior To Modification (in shares) | [6] | 227,062 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Impact Of Warrant Modification After Modification (in shares) | [7] | 620,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Nonoption, Equity Instruments Impact Of Warrant Modification After Modification Vesting, Percentage | 50.00% | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | [8] | 386,403 | ||||||||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 68,119 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |||||||||||||||
Number of Trading Days (Day) | 65 days | 65 days | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award VestingP rice (in dollars per share) | $ 10 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non Option Equity Instruments Impact of Warrant Modification, Prior To Modification (in shares) | 22,706 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award VestingP rice (in dollars per share) | $ 5 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 136,237 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award VestingP rice (in dollars per share) | $ 15 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | Supplier [Member] | ||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 950,000 | |||||||||||||||
Fixed Price Per Share Held In Escrow by Supplier (in dollars per share) | $ 2.92 | $ 2.80 | $ 2.92 | |||||||||||||
Retirement of Unvested Shares During The Period (in shares) | 830,124 | |||||||||||||||
Shares Released From Escrow During Period | $ 20,640 | $ 20,640 | ||||||||||||||
Deferred Restricted Stock Units (RSUs) [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 836,803 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 386,403 | |||||||||||||||
Warrants [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 0.98 | |||||||||||||||
Stock Issued During Period, Cashless Exercise Of Warrants Shares (in shares) | 54,629 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 3,484,675 | |||||||||||||||
The 2014 Equity Incentive Plan [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 6,300,000 | |||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,418,947 | |||||||||||||||
The 2014 Equity Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||||||||||
Prefunded Warrants [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,003,344 | |||||||||||||||
Equity Offering, Price Per Warrant Issued (in dollars per share) | $ 2.99 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.01 | |||||||||||||||
Class of Warrant or Right, Maximum Percentage of Common Stock Outstanding Held Upon Exercise Without Approval | 19.99% | |||||||||||||||
At-the-market Offering Program [Member] | ||||||||||||||||
Equity Offering, Maximum Offering Amount | $ 6,000,000 | $ 6,000,000 | ||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,850,489 | |||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 0.53 | |||||||||||||||
Payments of Stock Issuance Costs | $ 200,000 | |||||||||||||||
Series A Through F Preferred Stock [Member] | ||||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | |||||||||||||||
Series G Preferred Stock [Member] | ||||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 225 | 225 | 225 | |||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion (in shares) | 948.9915 | |||||||||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 1,000 | |||||||||||||||
[1] | In 2019, includes options for 31,955 shares of common stock at a weighted average exercise price of $1.16 per share for which we accelerated vesting upon termination of employment for an employee in June 2019. We expensed $0.1 million of incremental expense upon acceleration of vesting. | |||||||||||||||
[2] | Under the terms of certain outstanding warrants, the holders may elect to exercise the warrants under a cashless exercise feature. As of December 31, 2020, warrant holders may elect to exercise cashless warrants for 3,484,675 shares of common stock at an exercise price of $0.96 per share and 25,000 shares of common stock at an exercise price of $5.25 per share. If we register for resale the shares subject to warrants, the holders of some of the warrants may no longer have the right to elect a cashless exercise. If we fail to maintain a registration statement for the resale of shares under certain other warrants, the shares under those warrants may again become exercisable using a cashless exercise feature. | |||||||||||||||
[3] | We issued 54,629 shares of common stock upon the cashless exercise of the warrants. | |||||||||||||||
[4] | The 116,528 nonvested shares of common stock outstanding at December 31, 2019, had a fair value of $0.1 million when the shares vested in 2020. | |||||||||||||||
[5] | Represents pre-tax fair value, based on our closing stock prices, which would have been received by the holders of the stock had all such holders sold their underlying shares on the date indicated, the dates of grant or the dates of vesting, as applicable. | |||||||||||||||
[6] | In December 2020, we modified RSUs for a total of 227,062 shares of common stock. Prior to modification, the shares subject to the RSUs vested based upon a vesting price equal to the volume weighted average trading price of our common stock over sixty-five consecutive trading days. Subject to a minimum service period, as described in the next sentence, the RSU shares vested as to (i) 22,706 shares on the date the vesting price equals or exceeds $5.00 per share, (ii) 68,119 shares on the date the vesting price equals or exceeds $10.00 per share and (iii) 136,237 shares on the date the vesting price equals or exceeds $15.00 per share. Vesting on the RSU shares would have occurred the later of the one-year anniversary of the grant and the date the shares reach the vesting price indicated in the preceding sentence. The RSUs expire on the fifth anniversary of each grant at dates ranging from October 2023 to August 2024. | |||||||||||||||
[7] | In December 2020, after modification, shares subject to the modified RSUs referred to above totaled 620,000 and vest as to 50% of the shares in December 2021 and as to the remainder of the shares in December 2022. We are recognizing the total of (i) the remaining unrecognized compensation on the awards as of the modification date and (ii) the increase in fair value of the RSUs as a result of the modification, over the remaining two-year vesting period of the RSUs. | |||||||||||||||
[8] | Represents shares of common stock subject to RSUs which were vested when granted. |
Note 12 - Equity, Share-based_4
Note 12 - Equity, Share-based Compensation, Warrants and Securities Offerings - Share-based Compensation Expenses Related to Employees and Directors (Details) - The 2014 Equity Incentive Plan [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Compensation expense related to common stock awards issued under equity incentive plan | $ 1,041 | $ 1,300 |
Common Stock, Vested at Issuance and Nonvested at Issuance [Member] | ||
Compensation expense related to common stock awards issued under equity incentive plan | 308 | 721 |
Share-based Payment Arrangement, Option [Member] | ||
Compensation expense related to common stock awards issued under equity incentive plan | 148 | 354 |
Restricted Stock Units (RSUs) [Member] | ||
Compensation expense related to common stock awards issued under equity incentive plan | $ 585 | $ 225 |
Note 12 - Equity, Share-based_5
Note 12 - Equity, Share-based Compensation, Warrants and Securities Offerings - Information Regarding Common Stock Issued (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Shares issued (in shares) | 214,234 | 289,349 |
Weighted average vesting period (Year) | 2 years 219 days | |
Director [Member] | Common Stock [Member] | ||
Shares issued (in shares) | 83,306 | 219,401 |
Weighted average grant date fair value (in dollars per share) | $ 0.53 | $ 2.27 |
Weighted average vesting period (Year) | 219 days | |
Employees [Member] | Common Stock [Member] | ||
Shares issued (in shares) | 71,011 | 30,887 |
Weighted average grant date fair value (in dollars per share) | $ 0.85 | $ 3.22 |
Weighted average vesting period (Year) | ||
Consultants [Member] | Common Stock [Member] | ||
Shares issued (in shares) | 59,917 | 39,061 |
Weighted average grant date fair value (in dollars per share) | $ 0.71 | $ 2.76 |
Weighted average vesting period (Year) | 146 days |
Note 12 - Equity, Share-based_6
Note 12 - Equity, Share-based Compensation, Warrants and Securities Offerings - Summary of Nonvested Common Stock Activity (Details) - Restricted Stock [Member] - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | [2] | ||||
Nonvested, shares (in shares) | 116,528 | [1] | 193,965 | ||||
Nonvested, weighred average grant date fair value (in dollars per share) | $ 2.88 | [1] | $ 1.84 | ||||
Nonvested, fair value | $ 100,000 | $ 171,000 | [1],[2] | $ 582,000 | |||
Granted, shares (in shares) | 150,274 | ||||||
Granted, weighred average grant date fair value (in dollars per share) | $ 2.88 | ||||||
Granted, fair value | [2] | $ 432,000 | |||||
Vested, shares (in shares) | (227,711) | ||||||
Vested, weighred average grant date fair value (in dollars per share) | $ 1.99 | ||||||
Vested, fair value | [2] | $ 613,000 | |||||
Nonvested, shares (in shares) | 0 | 116,528 | [1] | ||||
Nonvested, weighred average grant date fair value (in dollars per share) | [1] | $ 2.88 | |||||
[1] | The 116,528 nonvested shares of common stock outstanding at December 31, 2019, had a fair value of $0.1 million when the shares vested in 2020. | ||||||
[2] | Represents pre-tax fair value, based on our closing stock prices, which would have been received by the holders of the stock had all such holders sold their underlying shares on the date indicated, the dates of grant or the dates of vesting, as applicable. |
Note 12 - Equity, Share-based_7
Note 12 - Equity, Share-based Compensation, Warrants and Securities Offerings - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Outstanding, shares under options (in shares) | 996,009 | 950,727 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 3.23 | $ 3.06 | ||
Outstanding, weighted average remaining contractual life (Year) | 7 years 328 days | 8 years 36 days | 8 years 182 days | |
Granted (1), shares under options (in shares) | [1] | 653,004 | 385,883 | |
Granted, weighted average exercise price (in dollars per share) | [1] | $ 1.22 | $ 3.01 | |
Granted, weighted average grant date fair value (in dollars per share) | [1] | $ 0.73 | $ 1.83 | |
Granted, weighted average remaining contractual life (Year) | [1] | 10 years | 10 years | |
Cash exercised (2), shares under options (in shares) | [2] | (165,812) | ||
Cash exercised, weighted average exercise price (in dollars per share) | [2] | $ 0.94 | ||
Cash exercised, weighted average remaining contractual life (Year) | [2] | 8 years 36 days | ||
Forfeited, shares under options (in shares) | (973,987) | (174,789) | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 2.56 | $ 3.98 | ||
Forfeited, weighted average remaining contractual life (Year) | 8 years 36 days | 8 years 146 days | ||
Outstanding, shares under options (in shares) | 675,026 | 996,009 | 950,727 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.24 | $ 3.23 | $ 3.06 | |
[1] | The options granted vest and become exercisable in annual or monthly installments ending three or four years from the date of grant. | |||
[2] | In 2019, includes options for 31,955 shares of common stock at a weighted average exercise price of $1.16 per share for which we accelerated vesting upon termination of employment for an employee in June 2019. We expensed $0.1 million of incremental expense upon acceleration of vesting. |
Note 12 - Equity, Share-based_8
Note 12 - Equity, Share-based Compensation, Warrants and Securities Offering - Information Related to Outstanding and Exercisable (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Shares underlying options, outstanding (in shares) | shares | 675,026 |
Weighted average exercise price, outstanding (in dollars per share) | $ 2.24 |
Weighted average remaining contractual life, exercisable (Year) | 7 years 328 days |
Shares underlying options, exercisable (in shares) | shares | 225,991 |
Weighted average exercise price, exercisable (in dollars per share) | $ 3.37 |
Weighted average remaining contractual life, exercisable (Year) | 6 years 109 days |
Exercise Price Range One [Member] | |
Exercise price range, upper range limit (in dollars per share) | $ 1 |
Shares underlying options, outstanding (in shares) | shares | 78,000 |
Weighted average exercise price, outstanding (in dollars per share) | $ 0.85 |
Weighted average remaining contractual life, exercisable (Year) | 6 years 109 days |
Shares underlying options, exercisable (in shares) | shares | 68,500 |
Weighted average exercise price, exercisable (in dollars per share) | $ 0.85 |
Weighted average remaining contractual life, exercisable (Year) | 6 years 109 days |
Exercise Price Range Two [Member] | |
Exercise price range, upper range limit (in dollars per share) | $ 1.99 |
Shares underlying options, outstanding (in shares) | shares | 348,119 |
Weighted average exercise price, outstanding (in dollars per share) | $ 1.26 |
Weighted average remaining contractual life, exercisable (Year) | 8 years 255 days |
Shares underlying options, exercisable (in shares) | shares | 33,782 |
Weighted average exercise price, exercisable (in dollars per share) | $ 1.48 |
Weighted average remaining contractual life, exercisable (Year) | 6 years 255 days |
Exercise price range, lower range limit (in dollars per share) | $ 1 |
Exercise Price Range Three [Member] | |
Exercise price range, upper range limit (in dollars per share) | $ 2.99 |
Shares underlying options, outstanding (in shares) | shares | 126,750 |
Weighted average exercise price, outstanding (in dollars per share) | $ 2.77 |
Weighted average remaining contractual life, exercisable (Year) | 8 years 109 days |
Shares underlying options, exercisable (in shares) | shares | 47,687 |
Weighted average exercise price, exercisable (in dollars per share) | $ 2.82 |
Weighted average remaining contractual life, exercisable (Year) | 7 years 328 days |
Exercise price range, lower range limit (in dollars per share) | $ 2 |
Exercise Price Range Four [Member] | |
Exercise price range, upper range limit (in dollars per share) | $ 3.99 |
Shares underlying options, outstanding (in shares) | shares | 92,634 |
Weighted average exercise price, outstanding (in dollars per share) | $ 3.34 |
Weighted average remaining contractual life, exercisable (Year) | 7 years 109 days |
Shares underlying options, exercisable (in shares) | shares | 46,509 |
Weighted average exercise price, exercisable (in dollars per share) | $ 3.37 |
Weighted average remaining contractual life, exercisable (Year) | 6 years 109 days |
Exercise price range, lower range limit (in dollars per share) | $ 3 |
Exercise Price Range Five [Member] | |
Exercise price range, upper range limit (in dollars per share) | $ 4.99 |
Shares underlying options, outstanding (in shares) | shares | 23,104 |
Weighted average exercise price, outstanding (in dollars per share) | $ 4.43 |
Weighted average remaining contractual life, exercisable (Year) | 3 years 255 days |
Shares underlying options, exercisable (in shares) | shares | 23,094 |
Weighted average exercise price, exercisable (in dollars per share) | $ 4.43 |
Weighted average remaining contractual life, exercisable (Year) | 3 years 255 days |
Exercise price range, lower range limit (in dollars per share) | $ 4 |
Exercise Price Range Six [Member] | |
Exercise price range, upper range limit (in dollars per share) | $ 74 |
Shares underlying options, outstanding (in shares) | shares | 6,419 |
Weighted average exercise price, outstanding (in dollars per share) | $ 38.59 |
Weighted average remaining contractual life, exercisable (Year) | 1 year |
Shares underlying options, exercisable (in shares) | shares | 6,419 |
Weighted average exercise price, exercisable (in dollars per share) | $ 38.59 |
Weighted average remaining contractual life, exercisable (Year) | 1 year |
Exercise price range, lower range limit (in dollars per share) | $ 5 |
Note 12 - Equity, Share-based_9
Note 12 - Equity, Share-based Compensation, Warrants and Securities Offerings - Assumptions Used in Valuing Stock Option Grants (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Assumed volatility, minimum | 60.00% | 64.00% |
Assumed volatility, maximum | 69.00% | 69.00% |
Assumed volatility, weighted average | 62.00% | 67.00% |
Assumed risk free interest rate, minimum | 1.30% | 1.80% |
Assumed risk free interest rate, maximum | 1.70% | 2.70% |
Expected dividends | ||
Weighted Average [Member] | ||
Assumed risk free interest rate | 1.60% | 2.40% |
Average expected life of options (in years) (Year) | 6 years 109 days | 6 years 73 days |
Minimum [Member] | ||
Average expected life of options (in years) (Year) | 5 years 328 days | 6 years 36 days |
Maximum [Member] | ||
Average expected life of options (in years) (Year) | 7 years | 6 years 109 days |
Note 12 - Equity, Share-base_10
Note 12 - Equity, Share-based Compensation, Warrants and Securities Offerings - Restricted Stock Unit Activity (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Nonvested, weighted average expense period (Year) | 1 year 36 days | [1] | 1 year 328 days | [1] | 2 years 109 days | |
Restricted Stock Units (RSUs) [Member] | ||||||
Nonvested, shares (in shares) | 1,148,062 | 1,215,000 | ||||
Nonvested, unrecognized stock compensation | $ 377 | $ 683 | ||||
Nonvested, weighted average expense period (Year) | 1 year 146 days | 1 year 146 days | 2 years 109 days | |||
Granted, shares (in shares) | [2] | 1,261,803 | 213,062 | |||
Granted , unrecognized stock compensation | [2] | $ 828 | $ 145 | |||
Granted, weighted average expense period (Year) | [2] | 328 days | 2 years 146 days | |||
Before modification (2) (in shares) | [3] | (227,062) | ||||
Before modification, unrecognized stock compensation | [3] | $ (22) | ||||
After modification (3) (in shares) | [4] | 620,000 | ||||
After modification, unrecognized stock compensation | [4] | $ 353 | ||||
After modification, weighted average expense period (Year) | 2 years | |||||
Vested, shares (in shares) | [5] | (386,403) | ||||
Cancelled (in shares) | (625,000) | |||||
Forfeited (5) (in shares) | [6] | (296,000) | (280,000) | |||
Forfeited, unrecognized stock compensation | [6] | $ (221) | $ (226) | |||
Expensed, unrecognized stock compensation | $ (585) | $ (225) | ||||
Nonvested, shares (in shares) | 1,495,400 | 1,148,062 | 1,215,000 | |||
Nonvested, unrecognized stock compensation | $ 730 | $ 377 | $ 683 | |||
[1] | Under the terms of certain outstanding warrants, the holders may elect to exercise the warrants under a cashless exercise feature. As of December 31, 2020, warrant holders may elect to exercise cashless warrants for 3,484,675 shares of common stock at an exercise price of $0.96 per share and 25,000 shares of common stock at an exercise price of $5.25 per share. If we register for resale the shares subject to warrants, the holders of some of the warrants may no longer have the right to elect a cashless exercise. If we fail to maintain a registration statement for the resale of shares under certain other warrants, the shares under those warrants may again become exercisable using a cashless exercise feature. | |||||
[2] | The shares of common stock subject to the RSUs granted in 2020 were vested when granted or vest within two years of grant. The 2020 RSU grants were not subject to any market conditions and were valued using the market price of our common stock on the date of grant. Prior to being modified in 2020, the shares of common stock subject to the RSUs granted in 2019 vested based upon a vesting price equal to the volume weighted average trading price of our common stock over sixty-five consecutive trading days, subject to a minimum service period in certain grants, and expired on the fifth anniversary of each grant. The assumptions used in valuing the 2019 RSU grants, which contained market conditions, follow: 2019 Assumed volatility 4.3% - 44% (44% weighted average) Assumed risk free interest rate 1.4% - 2.3% (1.8% weighted average) Expected dividends - | |||||
[3] | In December 2020, we modified RSUs for a total of 227,062 shares of common stock. Prior to modification, the shares subject to the RSUs vested based upon a vesting price equal to the volume weighted average trading price of our common stock over sixty-five consecutive trading days. Subject to a minimum service period, as described in the next sentence, the RSU shares vested as to (i) 22,706 shares on the date the vesting price equals or exceeds $5.00 per share, (ii) 68,119 shares on the date the vesting price equals or exceeds $10.00 per share and (iii) 136,237 shares on the date the vesting price equals or exceeds $15.00 per share. Vesting on the RSU shares would have occurred the later of the one-year anniversary of the grant and the date the shares reach the vesting price indicated in the preceding sentence. The RSUs expire on the fifth anniversary of each grant at dates ranging from October 2023 to August 2024. | |||||
[4] | In December 2020, after modification, shares subject to the modified RSUs referred to above totaled 620,000 and vest as to 50% of the shares in December 2021 and as to the remainder of the shares in December 2022. We are recognizing the total of (i) the remaining unrecognized compensation on the awards as of the modification date and (ii) the increase in fair value of the RSUs as a result of the modification, over the remaining two-year vesting period of the RSUs. | |||||
[5] | Represents shares of common stock subject to RSUs which were vested when granted. | |||||
[6] | In 2020 and 2019, we reversed expense recognized in prior periods on forfeited RSU shares in the amounts indicated in the unrecognized stock compensation column. |
Note 12 - Equity, Share-base_11
Note 12 - Equity, Share-based Compensation, Warrants and Securities Offerings - Assumptions Used in Valuing RSU (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Assumed volatility, minimum | 60.00% | 64.00% |
Assumed volatility, maximum | 69.00% | 69.00% |
Assumed volatility, weighted average | 62.00% | 67.00% |
Assumed risk free interest rate, minimum | 1.30% | 1.80% |
Assumed risk free interest rate, maximum | 1.70% | 2.70% |
Weighted Average [Member] | ||
Assumed risk free interest rate | 1.60% | 2.40% |
Restricted Stock Units (RSUs) [Member] | ||
Assumed volatility, minimum | 4.30% | |
Assumed volatility, maximum | 44.00% | |
Assumed risk free interest rate, minimum | 1.40% | |
Assumed risk free interest rate, maximum | 2.30% | |
Expected dividends | ||
Restricted Stock Units (RSUs) [Member] | Weighted Average [Member] | ||
Assumed volatility, weighted average | 44.00% | |
Assumed risk free interest rate | 1.80% |
Note 12 - Equity, Share-base_12
Note 12 - Equity, Share-based Compensation, Warrants and Securities Offerings - Warrants Activity (Details) - $ / shares | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Outstanding, balance (in shares) | 7,532,280 | [1] | 10,252,714 | |||
Outstanding, weighted average exercise price (in dollars per share) | $ 1.32 | [1] | $ 2.25 | |||
Nonvested, weighted average expense period (Year) | 1 year 36 days | [1] | 1 year 328 days | [1] | 2 years 109 days | |
Cash exercised (in shares) | (12,948) | (685,409) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, NonOption Equity Instruments, Weighted Average Exercise Price (in dollars per share) | $ 0.96 | [2] | $ 3.01 | |||
Cash exercised, weighted average remaining contractual life (Year) | 109 days | |||||
Cashless exercised (1) (in shares) | [2] | (215,740) | ||||
Cashless exercised, weighted average exercise price (in dollars per share) | $ 0.96 | [2] | $ 3.01 | |||
Expired (in shares) | (657,676) | (2,035,025) | ||||
Expired, weighted average exercise price (in dollars per share) | $ 5.25 | $ 5.25 | ||||
Outstanding, balance (in shares) | 6,645,916 | [1] | 7,532,280 | [1] | 10,252,714 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 0.98 | [1] | $ 1.32 | [1] | $ 2.25 | |
[1] | Under the terms of certain outstanding warrants, the holders may elect to exercise the warrants under a cashless exercise feature. As of December 31, 2020, warrant holders may elect to exercise cashless warrants for 3,484,675 shares of common stock at an exercise price of $0.96 per share and 25,000 shares of common stock at an exercise price of $5.25 per share. If we register for resale the shares subject to warrants, the holders of some of the warrants may no longer have the right to elect a cashless exercise. If we fail to maintain a registration statement for the resale of shares under certain other warrants, the shares under those warrants may again become exercisable using a cashless exercise feature. | |||||
[2] | We issued 54,629 shares of common stock upon the cashless exercise of the warrants. |
Note 12 - Equity, Share-base_13
Note 12 - Equity, Share-based Compensation, Warrants and Securities Offerings - Exercisable and Outstanding (Details) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 | [1] | Dec. 31, 2018 | |
Shares under warrants (in shares) | 25,000 | ||||
0.96 (in dollars per share) | $ 0.98 | [1] | $ 1.32 | $ 2.25 | |
Warrants [Member] | |||||
Shares under warrants (in shares) | 0.98 | ||||
0.96 (in dollars per share) | $ 1.10 | ||||
Exercise Range One [Member] | Warrants [Member] | |||||
Shares under warrants (in shares) | 0.96 | ||||
0.96 (in dollars per share) | $ 1.10 | ||||
Exercise Price Range Two [Member] | Warrants [Member] | |||||
Shares under warrants (in shares) | 2 | ||||
0.96 (in dollars per share) | $ 2.10 | ||||
Exercise Price Range Three [Member] | Warrants [Member] | |||||
Shares under warrants (in shares) | 5.25 | ||||
0.96 (in dollars per share) | $ 0.10 | ||||
[1] | Under the terms of certain outstanding warrants, the holders may elect to exercise the warrants under a cashless exercise feature. As of December 31, 2020, warrant holders may elect to exercise cashless warrants for 3,484,675 shares of common stock at an exercise price of $0.96 per share and 25,000 shares of common stock at an exercise price of $5.25 per share. If we register for resale the shares subject to warrants, the holders of some of the warrants may no longer have the right to elect a cashless exercise. If we fail to maintain a registration statement for the resale of shares under certain other warrants, the shares under those warrants may again become exercisable using a cashless exercise feature. |
Note 13 - Involuntary Convers_2
Note 13 - Involuntary Conversion of Assets (Details Textual) $ in Millions | 1 Months Ended |
Sep. 30, 2020USD ($) | |
Unusual or Infrequent Item or Both Other Costs | $ 0.1 |
Charges Deductible Under Insurance Policy | 0.1 |
Unusual or Infrequent Item, or Both, Insurance Proceeds | 0.3 |
Insurance Settlement Accrued Receivable | 0.7 |
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds, Total | 0.1 |
Natural Disasters and Other Casualty Events [Member] | |
Unusual or Infrequent Item, or Both, Loss, Gross | $ 0.9 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Operating Loss Carryforwards, Decrease | $ 24.9 |
Domestic Tax Authority [Member] | |
Operating Loss Carryforwards, Total | 43.2 |
Operating Loss Carryforwards, Subject To Expiration | 9.9 |
Operating Loss Carryforwards Not Subject To Expiration | 33.2 |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards, Subject To Expiration | $ 51.6 |
Note 14 - Income Taxes - Deferr
Note 14 - Income Taxes - Deferred Tax Asset (Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Net operating loss carryforwards | $ 11,473 | $ 7,672 | |
Stock options and warrants | 576 | 420 | |
Property | 50 | 138 | |
Intangible assets | (9) | 66 | |
Capitalized expenses | 85 | 54 | |
Other | 135 | 210 | |
Operating right-of-use lease assets | (652) | (667) | |
Operating right-of-use lease liabilities | 763 | 794 | |
Net deferred tax assets | 12,421 | 8,687 | |
Less: Valuation allowance | (12,421) | (8,687) | $ (5,398) |
Deferred tax asset (liability) |
Note 14 - Income Taxes - Summar
Note 14 - Income Taxes - Summarizes the Changes in the Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Vaulation allowances, beginning of year | $ 8,687 | $ 5,398 |
Net operating loss | 3,039 | 3,284 |
Expiration of net operating losses and limitations | (20) | (7) |
Adjustment to deferred taxes | (51) | 29 |
Impact of state tax rate change | 746 | 26 |
Other adjusments | 20 | (43) |
Valuation allowance, end of year | $ 12,421 | $ 8,687 |
Note 14 - Income Taxes - Income
Note 14 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income tax benefit at federal statutory rate | $ (2,459) | $ (2,928) |
State tax benefit, net of federal tax effect | (623) | (437) |
Effect of change in state tax rate | (746) | (26) |
Change in valuation allowance | 3,734 | 3,341 |
Expirations of net operating losses and application of IRC 382 limitation | 20 | 7 |
Adjustments to deferreds | 51 | (29) |
Other | 42 | 72 |
Income tax expense | $ 19 |
Note 15 - Income (Loss) Per S_3
Note 15 - Income (Loss) Per Share (EPS) -EPS Compensations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Basic and diluted - loss from continuing operations | $ (11,730) | $ (13,735) |
Weighted average number of shares of shares of common stock outstanding (in shares) | 41,019,802 | 32,359,316 |
Weighted average number of shares of common stock underlying vested restricted stock units (in shares) | 111,980 | |
Basic (in shares) | 41,131,782 | 32,359,316 |
Effect of dilutive securities outstanding (in shares) | ||
Diluted (in shares) | 41,131,782 | 32,359,316 |
Note 16 - Fair Value Measurem_2
Note 16 - Fair Value Measurement (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative, Fair Value, Net, Total | $ 0 | $ 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Operating Lease, Fair Value In Excess Of Carrying Amount | $ 200 |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Contract Dispute [Member] | Cost of Sales [Member] | |
Litigation Settlement, Expense | $ 0.8 |
Note 18 - Related Party Trans_2
Note 18 - Related Party Transactions (Details Textual) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2019$ / sharesshares | Mar. 31, 2019$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Stock Issued During Period, Shares, New Issues (in shares) | 6,785,000 | 3,046,668 | |
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.25 | $ 3 | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 25,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 5.25 | ||
Common Stock [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 4,850,489 | ||
Continental Grain Company [Member] | |||
Related Party, Right to Designate to Board of Directors, Number of Nominees | 1 | ||
Stock Issued During Period, Shares, New Issues (in shares) | 666,667 | ||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 3 | ||
Continental Grain Company [Member] | Common Stock [Member] | |||
Equity Offering, Price Per Warrant Issued (in dollars per share) | $ / shares | $ 2.99 | ||
Continental Grain Company [Member] | Prefunded Warrant [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,003,344 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.01 | ||
Class of Warrant or Right, Issued During Period (in shares) | 1 | ||
RiceBran Technologies [Member] | Continental Grain Company [Member] | |||
Ownership Percentage | 25.40% | ||
Class of Warrant or Right, Maximum Percentage of Common Stock Outstanding Held Upon Exercise Without Approval | 19.99% |
Note 19 - Transactions with E_2
Note 19 - Transactions with Employees (Details Textual) - Entities Owned by Former Employee [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | |
Related Party Transaction, Amounts of Transaction | $ 1,400 | |
Due to Related Parties, Total | $ 0 | $ 0 |