Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 01, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001063537 | |
Entity Registrant Name | RiceBran Technologies | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36245 | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 87-0673375 | |
Entity Address, Address Line One | 25420 Kuykendahl Rd., Suite B300 | |
Entity Address, City or Town | Tomball | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77375 | |
City Area Code | 281 | |
Local Phone Number | 675-2421 | |
Title of 12(b) Security | Common Stock, no par value per share | |
Trading Symbol | RIBT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 52,310,304 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | $ 10,190 | $ 7,574 | $ 20,749 | $ 16,179 |
Cost of goods sold | 10,667 | 7,421 | 20,724 | 15,354 |
Gross profit (loss) | (477) | 153 | 25 | 825 |
Selling, general and administrative expenses | 1,708 | 1,933 | 3,400 | 3,674 |
Loss (gain) on involuntary conversion of property and equipment | (147) | (1) | (147) | 6 |
Operating loss | (2,038) | (1,779) | (3,228) | (2,855) |
Interest income | 1 | 0 | 2 | 1 |
Interest expense | (118) | (120) | (244) | (232) |
Change in fair value of derivative warrant liability | (417) | 0 | (588) | 0 |
Gain on extinguishment of PPP loan | 0 | 0 | 0 | 1,792 |
Other expense | (38) | (24) | (72) | (37) |
Other income | 1 | 0 | 5 | 0 |
Loss before income taxes | (2,609) | (1,923) | (4,125) | (1,331) |
Income tax expense | (12) | 0 | (12) | (1) |
Net loss | $ (2,621) | $ (1,923) | $ (4,137) | $ (1,332) |
Loss per common share: | ||||
Basic (in dollars per share) | $ (0.05) | $ (0.04) | $ (0.08) | $ (0.03) |
Diluted (in dollars per share) | $ (0.05) | $ (0.04) | $ (0.08) | $ (0.03) |
Weighted average number of shares outstanding: | ||||
Basic (in shares) | 52,861,638 | 45,864,385 | 52,696,717 | 45,749,785 |
Diluted (in shares) | 52,861,638 | 45,864,385 | 52,696,717 | 45,749,785 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 5,124 | $ 5,825 |
Accounts receivable, net of allowance for doubtful accounts of $136 and $18 | 4,038 | 4,136 |
Inventories | 2,312 | 2,444 |
Other current assets | 1,227 | 810 |
Total current assets | 12,701 | 13,215 |
Property and equipment, net | 14,815 | 15,444 |
Operating lease right-of-use assets | 1,956 | 2,127 |
Intangible assets | 446 | 527 |
Total assets | 29,918 | 31,313 |
Current liabilities: | ||
Accounts payable | 1,368 | 826 |
Commodities payable | 1,712 | 1,702 |
Accrued salary, wages and benefits | 743 | 787 |
Accrued expenses | 737 | 683 |
Operating lease liabilities, current portion | 407 | 382 |
Due under insurance premium finance agreements | 530 | 128 |
Finance lease liabilities, current portion | 86 | 86 |
Long-term debt, current portion | 1,251 | 1,183 |
Total current liabilities | 11,799 | 9,156 |
Operating lease liabilities, less current portion | 1,705 | 1,948 |
Finance lease liabilities, less current portion | 109 | 100 |
Long-term debt, less current portion | 708 | 1,356 |
Derivative warrant liability | 846 | 258 |
Total liabilities | 15,167 | 12,818 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, 20,000,000 shares authorized: Series G, convertible, 3,000 shares authorized, stated value $150, 150 shares, issued and outstanding | 75 | 75 |
Common stock, no par value, 150,000,000 shares authorized, 52,310,304 shares and 51,589,674 shares, issued and outstanding | 326,672 | 326,279 |
Accumulated deficit | (311,996) | (307,859) |
Total shareholders' equity | 14,751 | 18,495 |
Total liabilities and shareholders' equity | 29,918 | 31,313 |
Line of Credit With Bank [Member] | ||
Current liabilities: | ||
Due under line of credit | 1,800 | 0 |
Factoring Agreement [Member] | ||
Current liabilities: | ||
Due under line of credit | $ 3,165 | $ 3,379 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts receivable, allowance for doubtful accounts | $ 136 | $ 18 |
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) | 52,310,304 | 51,589,674 |
Common stock, shares outstanding (in shares) | 52,310,304 | 51,589,674 |
Series G Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 3,000 | 3,000 |
Preferred stock, stated value (in dollars per share) | $ 150 | $ 150 |
Preferred stock, shares issued (in shares) | 150 | 150 |
Preferred stock, shares outstanding (in shares) | 150 | 150 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flow from operating activities: | ||
Net loss | $ (4,137) | $ (1,332) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation | 1,046 | 1,219 |
Amortization | 81 | 102 |
Stock and share-based compensation | 393 | 548 |
Change in fair value derivative warrant liability | 588 | 0 |
Loss (gain) on involuntary conversion of property and equipment | (147) | 6 |
Gain on extinguishment of PPP loan | 0 | (1,792) |
Provision for bad debts | 118 | 0 |
Other | (32) | 15 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (20) | 262 |
Inventories | 132 | 42 |
Accounts payable and accrued expenses | 647 | 197 |
Commodities payable | 10 | 44 |
Other | (417) | (727) |
Net cash used in operating activities | (1,738) | (1,416) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (421) | (540) |
Proceeds from insurance on involuntary conversion | 109 | 263 |
Net cash used in investing activities | (312) | (277) |
Cash flows from financing activities: | ||
Advances on insurance premium finance agreements | 794 | 962 |
Payments on insurance premium finance agreements | (392) | (332) |
Payments on long-term debt and finance lease liabilities | (639) | (336) |
Proceeds from common stock warrant exercises | 0 | 171 |
Net cash provided by financing activities | 1,349 | 440 |
Net change in cash and cash equivalents | (701) | (1,253) |
Cash and cash equivalents, beginning of period | 5,825 | 5,263 |
Cash and cash equivalents, end of period | 5,124 | 4,010 |
Net change in cash and cash equivalents | (701) | (1,253) |
Supplemental disclosures: | ||
Cash paid for interest | 229 | 179 |
Cash paid for income taxes | 19 | 16 |
Factoring Agreement [Member] | ||
Cash flows from financing activities: | ||
Advances on line of credit | 18,173 | 15,660 |
Payments on factoring agreement | (18,387) | (15,685) |
Line of Credit With Bank [Member] | ||
Cash flows from financing activities: | ||
Advances on line of credit | $ 1,800 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. In the opinion of management, the accompanying unaudited condensed consolidated financial statements (interim financial statements) of RiceBran Technologies and its subsidiaries were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and the rules and regulations of the Securities and Exchange Commission (the SEC) for reporting on Form 10 not These interim financial statements should be read in conjunction with the consolidated audited financial statements and notes thereto in our Annual Report on Form 10 December 31, 2021, The results reported in these interim financial statements are not |
Note 2 - Business
Note 2 - Business | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | NOTE 2. 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-added 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 locations: two facilities located within supplier-owned rice mills in Arbuckle and West Sacramento, California; one company-owned facility in Mermentau, Louisiana; and our own rice mill in Wynne, Arkansas. At our Dillon, Montana facility, we produce SRB-based products and derivatives through proprietary processes. Our rice mill in Wynne, Arkansas (Golden Ridge) supplies grades U.S. No. 1 No. 2 |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3. Recent accounting standards not The following discusses the accounting standard(s) not In June 2016, No. 2016 13 326 2023 January 1, 2023. not |
Note 4 - Cash and Cash Equivale
Note 4 - Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 4. As of June 30, 2022, three We have cash on deposit in excess of federally insured limits at a bank. We do not |
Note 5 - Accounts Receivable an
Note 5 - Accounts Receivable and Revenues | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Accounts Receivable and Revenues [Text Block} | NOTE 5. Amounts billed and due from our customers are classified as accounts receivable 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 three six June 30, 2022 2021, 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 revenues, three months ended June 30, 2022 13 % 10 % 1 % % of revenues, three months ended June 30, 2021 6 % 15 % 15 % % of revenues, six months ended June 30, 2022 12 % 10 % 3 % % of revenues, six months ended June 30, 2021 6 % 12 % 11 % % of accounts receivable, as of June 30, 2022 8 % 9 % 1 % % of accounts receivable, as of December 31, 2021 15 % 8 % 9 % The following table presents revenues by geographic area shipped to (in thousands). Three Months Ended June 30 Six Months Ended June 30 2022 2021 2022 2021 United States $ 9,912 $ 7,221 $ 20,158 $ 15,417 Other countries 278 353 591 762 Revenues $ 10,190 $ 7,574 $ 20,749 $ 16,179 RiceBran Technologies |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6. The following table details the components of property and equipment (amounts in thousands). June 30, December 31 2022 2021 Estimated Useful Lives Land $ 730 $ 730 Furniture and fixtures 259 265 5 - 10 years Plant 10,082 10,457 20 - 40 years, or life of lease Computer and software 450 452 3 - 5 years Leasehold improvements 1,838 1,828 4 - 15 years, or life of lease Machinery and equipment 15,266 15,115 5 - 15 years Property and equipment, cost 28,625 28,847 Less accumulated depreciation 13,810 13,403 Property and equipment, net $ 14,815 $ 15,444 Amounts payable for property and equipment included in accounts payable totaled $0.1 million at June 30, 2022, December 31, 2021. not June 30, 2022, December 31, 2021. |
Note 7 - Leases
Note 7 - Leases | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | NOTE 7. The components of lease expense and cash flows from leases (in thousands) follow. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Finance lease cost: Amortization of right-of use assets, included in cost of goods sold $ 19 $ 22 $ 39 $ 43 Interest on lease liabilities 3 3 5 6 Operating lease cost, included in selling, general and administrative expenses: Fixed leases cost 129 128 258 257 Variable lease cost 40 37 86 75 Short-term lease cost 14 - 21 - Total lease cost $ 205 $ 190 $ 409 $ 381 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 3 $ 3 $ 5 $ 6 Operating cash flows from operating leases $ 129 $ 128 $ 258 $ 257 Financing cash flows from finance leases $ 22 $ 24 $ 46 $ 50 As of June 30, 2022, not June 30, 2022, December 31, 2021, three six June 30, 2022, three six June 30, 2021, As of June 30, 2022, not June 30, 2022, Operating Finance Remaining leases terms (in years) 1.3 - 10.7 0.3 - 4.9 Weighted average remaining lease terms (in years) 5.8 3.0 Discount rates 6.3% - 9.0% 2.8% - 9.0% Weighted average discount rate 7.8% 5.9% Maturities of lease liabilities as of June 30, 2022, Operating Finance Leases Leases 2022 (six months ended December 31, 2022) $ 244 $ 74 2023 528 79 2024 429 38 2025 439 23 2026 451 20 Thereafter 578 5 Total lease payments 2,669 239 Amounts representing interest (557 ) (44 ) Present value of lease obligations $ 2,112 $ 195 |
Note 8 - Debt
Note 8 - Debt | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 8. We finance certain amounts owed for annual insurance premiums under financing agreements. As of June 30, 2022, March 2023, We borrow under a factoring agreement with a lender, which provides a $7.0 million credit facility. We may two October 2022. two October 2021. no Additional information related to our factoring obligation follows. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Average borrowings outstanding (in thousands) $ 3,131 $ 1,564 $ 2,977 $ 1,223 Amortization of debt issuance costs (in thousands) $ - $ 23 $ - $ 45 Interest paid, as a percentage of average outstanding borrowings 1.5 % 1.6 % 1.4 % 3.4 % Fees paid, as a percentage of average outstanding borrowings 0.9 % 1.5 % 1.2 % 2.9 % As of June 30, 2022, June 30, 2022). no three June 30, 2022, six June 30, 2022. Long-term debt consists of the following (in thousands). June 30, December 31, 2022 2021 Mortgage promissory note - Originally dated July 2020 and modified in December 2021. As modified, interest accrues at an annual rate which is the greater of 7.0% 10.3% 11.8% December 2023 17 $ 1,906 $ 2,469 Face amount $ 2.5 11.5% Equipment note - Dated May 2021. Original principal $ 46 June 2025 Interest accrues at the effective discount rate of 3.6% 28 33 Equipment note - Dated December 2019. Original principal $ 40 December 2024 Interest accrues at the effective discount rate of 9.3% 22 26 Equipment notes - Initially recorded in November 2018, in an acquisition, at the present value of future payments using a discount rate of 4.8% August 2022 3 11 Total long term debt, net $ 1,959 $ 2,539 Future principal maturities of long-term debt outstanding as of June 30, 2022, 2022 (six months ended December 31, 2022) $ 620 2023 1,332 2024 19 2025 5 Principal maturities 1,976 Debt issuance costs (17 ) Total long term debt, net $ 1,959 |
Note 9 - Equity, Share-based Co
Note 9 - Equity, Share-based Compensation and Warrants | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | NOTE 9. A summary of equity activity follows (in thousands, except share amounts). Shares Preferred Preferred Common Accumulated Series G Common Stock Stock Deficit Equity Balance, December 31, 2021 150 51,589,674 $ 75 $ 326,279 $ (307,859 ) $ 18,495 Common stock awards under equity incentive plans - 224,751 - 241 - 241 Common stock issued to vendor - 6,000 - 5 - 5 Net income - - - - (1,516 ) (1,516 ) Balance, March 31, 2022 150 51,820,425 75 326,525 (309,375 ) 17,225 Common stock awards under equity incentive plans - 483,879 - 146 - 146 Common stock issued to vendor - 6,000 - 1 - 1 Net loss - - - - (2,621 ) (2,621 ) Balance, June 30, 2022 150 52,310,304 $ 75 $ 326,672 $ (311,996 ) $ 14,751 Shares Preferred Preferred Common Accumulated Series G Common Stock Stock Deficit Equity Balance, December 31, 2020 225 45,238,087 $ 112 $ 322,218 $ (298,910 ) $ 23,420 Common stock awards under equity incentive plans - 29,943 - 250 - 250 Common stock issued to vendor - 6,000 - 3 - 3 Other - - - (3 ) - (3 ) Net income - - - - 591 591 Balance, March 31, 2021 225 45,274,030 112 322,468 (298,319 ) 24,261 Common stock awards under equity incentive plans - 29,643 - 290 - 290 Common stock issued to vendor - 6,000 - 5 - 5 Exercise of common stock warrants - 177,936 - 171 - 171 Other - - - 3 - 3 Net loss - - - - (1,923 ) (1,923 ) Balance, June 30, 2021 225 45,487,609 $ 112 $ 322,937 $ (300,242 ) $ 22,807 Share-based compensation by type of award follows (in thousands). Three Months Ended June 30, 2022 March 31, 2022 Stock options $ 21 $ 29 Restricted stock units 125 212 Compensation expense related to common stock awards issued under equity incentive plan $ 146 $ 241 In the three June 30, 2022, three March 31, 2022, In the three March 31, 2022, Summaries of nonvested and vested restricted stock unit (RSU) activity follow. Number of Unrecognized (in thousands) Weighted Nonvested at December 31, 2021 1,266,033 $ (658 ) 0.9 Granted 370,000 (153 ) 2.0 Forfeited (10,000 ) 7 0.7 Vested with Service (224,751 ) - 0.0 Expensed - 212 Nonvested at March 31, 2022 1,401,282 (592 ) 0.9 Impact of Modification: Before modification (114,680 ) 125 After modification 114,680 (60 ) Forfeited (94,535 ) 55 0.0 Vested with Service (344,040 ) - 0.0 Expensed - 125 Nonvested at June 30, 2022 962,707 $ (347 ) 0.9 Number of Vested at December 31, 2021 865,052 Vested with Service 224,751 Issued at Vesting (224,751 ) Vested at March 31, 2022 865,052 Vested with Service 344,040 Issued at Termination of Service (483,879 ) Vested at June 30, 2022 725,213 Each RSU represents a contingent right to receive one first three 2022 two June 30, 2022, no In April 2022, April 28, 2022, In the three June 30, 2022, the114,680 no three March 31, 2022, On July 14, 2022, 2014 2014 July 14, 2022, ● 2,781,498 RSUs, the issuance of which was subject to shareholder approval of the increase in the shares of common stock authorized for issuance under the 2014 forty-nine July 14, 2022, ● 657,895 RSUs to our directors which vest on July 14, 2023, one ● 190,024 RSUs to our directors which were immediately vested, in lieu of paying board fees in cash. As of the date of this filing, 2,645,122 shares of common stock remain available for issuance under the 2014 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10. Our tax expense for the three six June 30, 2022 2021, no June 30, 2022, not not |
Note 11 - Loss Per Share (EPS)
Note 11 - Loss Per Share (EPS) | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 11. We calculate basic EPS under the two may not We calculate diluted EPS 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. We calculate the dilutive effects of outstanding options, warrants, and nonvested RSUs that vest solely on the basis of a service condition are calculated using the treasury stock method. We calculate the dilutive effects of the outstanding preferred stock using the if-converted method. Reconciliations of the numerators and denominators in the EPS computations follow. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 NUMERATOR (in thousands): Numerator for basic and diluted EPS - net loss $ (2,621 ) $ (1,923 ) $ (4,137 ) $ (1,332 ) DENOMINATOR: Weighted average number of shares of shares of common stock outstanding 52,082,641 45,398,791 51,874,930 45,323,786 Weighted average number of shares of common stock underlying vested RSUs 778,997 465,594 821,787 425,999 Denominator for basic and diluted EPS - weighted average number of shares outstanding 52,861,638 45,864,385 52,696,717 45,749,785 No three six June 30, 2022 2021, three six June 30, 2022 2021, |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 12. The fair value of cash and cash equivalents, accounts and other receivables, accounts payable and commodities payable approximates their carrying value due to shorter maturities. As of June 30, 2022, 3 June 30, 2022, 3 The following tables summarize the fair values by input hierarchy of items measured at fair value on a recurring basis on our consolidated balance sheets (in thousands): Level 1 Level 2 Level 3 Total Total liabilities at fair value as of June 30, 2022 - Derivative warrant liability $ - $ - $ 846 $ 846 Total liabilities at fair value as of December 31, 2021 - Derivative warrant liability $ - $ - $ 258 $ 258 The following tables summarize the changes in level 3 three six Fair Value Total Realized Gains (Losses) Issuance of New Net Transfers (Into) Out Level 3 Fair Value, Change in Three months ended June 30, 2022 Total Level 3 fair value - Derivative warrant liability $ 429 $ (417 ) $ - $ - $ 846 $ (417 ) Six months ended June 30, 2022: Total Level 3 fair value - Derivative warrant liability $ 258 $ (588 ) $ - $ - $ 846 $ (588 ) The derivative warrant liability relates to a warrant issued in September 2021, September 2022, September 2023, 5 may June 30, 2022, December 31, 2021, June 30, 2022 December 31, 2021 Assumed volatility 82.9 % 69.5 % Assumed risk free interest rate 2.8 % 0.8 % Expected life of options (in years) 4.2 4.8 Expected dividends - - The fair value of Warrant A approximates the cash settlement the holder could elect to be paid in the event of a change in control. At June 30, 2022, |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 13. PPP Audit Contingency In April 2020, March 2020. January 2021. may January 2027, six may 2020 $2 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 |
Note 14 - Failure to Comply wit
Note 14 - Failure to Comply with NASDAQ Listing Requirements | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Failure to Comply with Nasdaq Listing Requirements Disclosure [Text Block] | NOTE 14. On September 15, 2021, 5550 2 5550 2 $1.00. $1.00 10, not 20, not 180 September 12, 2022. $1.00 July 14, 2022, twenty-five one one one five July 14, 2023, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting standards not The following discusses the accounting standard(s) not In June 2016, No. 2016 13 326 2023 January 1, 2023. not |
Note 5 - Accounts Receivable _2
Note 5 - Accounts Receivable and Revenues (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Customer A B C % of revenues, three months ended June 30, 2022 13 % 10 % 1 % % of revenues, three months ended June 30, 2021 6 % 15 % 15 % % of revenues, six months ended June 30, 2022 12 % 10 % 3 % % of revenues, six months ended June 30, 2021 6 % 12 % 11 % % of accounts receivable, as of June 30, 2022 8 % 9 % 1 % % of accounts receivable, as of December 31, 2021 15 % 8 % 9 % |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30 Six Months Ended June 30 2022 2021 2022 2021 United States $ 9,912 $ 7,221 $ 20,158 $ 15,417 Other countries 278 353 591 762 Revenues $ 10,190 $ 7,574 $ 20,749 $ 16,179 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, December 31 2022 2021 Estimated Useful Lives Land $ 730 $ 730 Furniture and fixtures 259 265 5 - 10 years Plant 10,082 10,457 20 - 40 years, or life of lease Computer and software 450 452 3 - 5 years Leasehold improvements 1,838 1,828 4 - 15 years, or life of lease Machinery and equipment 15,266 15,115 5 - 15 years Property and equipment, cost 28,625 28,847 Less accumulated depreciation 13,810 13,403 Property and equipment, net $ 14,815 $ 15,444 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Finance lease cost: Amortization of right-of use assets, included in cost of goods sold $ 19 $ 22 $ 39 $ 43 Interest on lease liabilities 3 3 5 6 Operating lease cost, included in selling, general and administrative expenses: Fixed leases cost 129 128 258 257 Variable lease cost 40 37 86 75 Short-term lease cost 14 - 21 - Total lease cost $ 205 $ 190 $ 409 $ 381 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 3 $ 3 $ 5 $ 6 Operating cash flows from operating leases $ 129 $ 128 $ 258 $ 257 Financing cash flows from finance leases $ 22 $ 24 $ 46 $ 50 |
Lessee, Operating and Finance Leases, Remaining Terms and Discount Rates [Table Text Block] | Operating Finance Remaining leases terms (in years) 1.3 - 10.7 0.3 - 4.9 Weighted average remaining lease terms (in years) 5.8 3.0 Discount rates 6.3% - 9.0% 2.8% - 9.0% Weighted average discount rate 7.8% 5.9% |
Lessee, Operating and Finance Lease Liability, Maturity [Table Text Block] | Operating Finance Leases Leases 2022 (six months ended December 31, 2022) $ 244 $ 74 2023 528 79 2024 429 38 2025 439 23 2026 451 20 Thereafter 578 5 Total lease payments 2,669 239 Amounts representing interest (557 ) (44 ) Present value of lease obligations $ 2,112 $ 195 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Average borrowings outstanding (in thousands) $ 3,131 $ 1,564 $ 2,977 $ 1,223 Amortization of debt issuance costs (in thousands) $ - $ 23 $ - $ 45 Interest paid, as a percentage of average outstanding borrowings 1.5 % 1.6 % 1.4 % 3.4 % Fees paid, as a percentage of average outstanding borrowings 0.9 % 1.5 % 1.2 % 2.9 % |
Schedule of Long-Term Debt Instruments [Table Text Block] | June 30, December 31, 2022 2021 Mortgage promissory note - Originally dated July 2020 and modified in December 2021. As modified, interest accrues at an annual rate which is the greater of 7.0% 10.3% 11.8% December 2023 17 $ 1,906 $ 2,469 Face amount $ 2.5 11.5% Equipment note - Dated May 2021. Original principal $ 46 June 2025 Interest accrues at the effective discount rate of 3.6% 28 33 Equipment note - Dated December 2019. Original principal $ 40 December 2024 Interest accrues at the effective discount rate of 9.3% 22 26 Equipment notes - Initially recorded in November 2018, in an acquisition, at the present value of future payments using a discount rate of 4.8% August 2022 3 11 Total long term debt, net $ 1,959 $ 2,539 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2022 (six months ended December 31, 2022) $ 620 2023 1,332 2024 19 2025 5 Principal maturities 1,976 Debt issuance costs (17 ) Total long term debt, net $ 1,959 |
Note 9 - Equity, Share-based _2
Note 9 - Equity, Share-based Compensation and Warrants (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Shares Preferred Preferred Common Accumulated Series G Common Stock Stock Deficit Equity Balance, December 31, 2021 150 51,589,674 $ 75 $ 326,279 $ (307,859 ) $ 18,495 Common stock awards under equity incentive plans - 224,751 - 241 - 241 Common stock issued to vendor - 6,000 - 5 - 5 Net income - - - - (1,516 ) (1,516 ) Balance, March 31, 2022 150 51,820,425 75 326,525 (309,375 ) 17,225 Common stock awards under equity incentive plans - 483,879 - 146 - 146 Common stock issued to vendor - 6,000 - 1 - 1 Net loss - - - - (2,621 ) (2,621 ) Balance, June 30, 2022 150 52,310,304 $ 75 $ 326,672 $ (311,996 ) $ 14,751 Shares Preferred Preferred Common Accumulated Series G Common Stock Stock Deficit Equity Balance, December 31, 2020 225 45,238,087 $ 112 $ 322,218 $ (298,910 ) $ 23,420 Common stock awards under equity incentive plans - 29,943 - 250 - 250 Common stock issued to vendor - 6,000 - 3 - 3 Other - - - (3 ) - (3 ) Net income - - - - 591 591 Balance, March 31, 2021 225 45,274,030 112 322,468 (298,319 ) 24,261 Common stock awards under equity incentive plans - 29,643 - 290 - 290 Common stock issued to vendor - 6,000 - 5 - 5 Exercise of common stock warrants - 177,936 - 171 - 171 Other - - - 3 - 3 Net loss - - - - (1,923 ) (1,923 ) Balance, June 30, 2021 225 45,487,609 $ 112 $ 322,937 $ (300,242 ) $ 22,807 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended June 30, 2022 March 31, 2022 Stock options $ 21 $ 29 Restricted stock units 125 212 Compensation expense related to common stock awards issued under equity incentive plan $ 146 $ 241 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Number of Unrecognized (in thousands) Weighted Nonvested at December 31, 2021 1,266,033 $ (658 ) 0.9 Granted 370,000 (153 ) 2.0 Forfeited (10,000 ) 7 0.7 Vested with Service (224,751 ) - 0.0 Expensed - 212 Nonvested at March 31, 2022 1,401,282 (592 ) 0.9 Impact of Modification: Before modification (114,680 ) 125 After modification 114,680 (60 ) Forfeited (94,535 ) 55 0.0 Vested with Service (344,040 ) - 0.0 Expensed - 125 Nonvested at June 30, 2022 962,707 $ (347 ) 0.9 Number of Vested at December 31, 2021 865,052 Vested with Service 224,751 Issued at Vesting (224,751 ) Vested at March 31, 2022 865,052 Vested with Service 344,040 Issued at Termination of Service (483,879 ) Vested at June 30, 2022 725,213 |
Note 11 - Loss Per Share (EPS)
Note 11 - Loss Per Share (EPS) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 NUMERATOR (in thousands): Numerator for basic and diluted EPS - net loss $ (2,621 ) $ (1,923 ) $ (4,137 ) $ (1,332 ) DENOMINATOR: Weighted average number of shares of shares of common stock outstanding 52,082,641 45,398,791 51,874,930 45,323,786 Weighted average number of shares of common stock underlying vested RSUs 778,997 465,594 821,787 425,999 Denominator for basic and diluted EPS - weighted average number of shares outstanding 52,861,638 45,864,385 52,696,717 45,749,785 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total Total liabilities at fair value as of June 30, 2022 - Derivative warrant liability $ - $ - $ 846 $ 846 Total liabilities at fair value as of December 31, 2021 - Derivative warrant liability $ - $ - $ 258 $ 258 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Fair Value Total Realized Gains (Losses) Issuance of New Net Transfers (Into) Out Level 3 Fair Value, Change in Three months ended June 30, 2022 Total Level 3 fair value - Derivative warrant liability $ 429 $ (417 ) $ - $ - $ 846 $ (417 ) Six months ended June 30, 2022: Total Level 3 fair value - Derivative warrant liability $ 258 $ (588 ) $ - $ - $ 846 $ (588 ) |
Warrants, Valuation Assumption [Table Text Block] | June 30, 2022 December 31, 2021 Assumed volatility 82.9 % 69.5 % Assumed risk free interest rate 2.8 % 0.8 % Expected life of options (in years) 4.2 4.8 Expected dividends - - |
Note 2 - Business (Details Text
Note 2 - Business (Details Textual) | 6 Months Ended |
Jun. 30, 2022 | |
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 4 - Cash and Cash Equiva_2
Note 4 - Cash and Cash Equivalents (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents, at Carrying Value, Total | $ 5,124 | $ 5,825 |
Money Market Funds [Member] | ||
Cash and Cash Equivalents, at Carrying Value, Total | $ 2,700 |
Note 5 - Accounts Receivable _3
Note 5 - Accounts Receivable and Revenues (Details Textual) - USD ($) $ in Millions | Jun. 30, 2022 | Jun. 30, 2021 |
Contract with Customer, Liability, Total | $ 0.1 | $ 0.1 |
Note 5 - Accounts Receivable _4
Note 5 - Accounts Receivable and Revenues - Revenues and Accounts Receivable from Significant Customers (Details) - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Revenue Benchmark [Member] | Customer A [Member] | |||||
Concentration risk, percentage | 13% | 6% | 12% | 6% | |
Revenue Benchmark [Member] | Customer B [Member] | |||||
Concentration risk, percentage | 10% | 15% | 10% | 12% | |
Revenue Benchmark [Member] | Customer C [Member] | |||||
Concentration risk, percentage | 1% | 15% | 3% | 11% | |
Accounts Receivable [Member] | Customer A [Member] | |||||
Concentration risk, percentage | 8% | 15% | |||
Accounts Receivable [Member] | Customer B [Member] | |||||
Concentration risk, percentage | 9% | 8% | |||
Accounts Receivable [Member] | Customer C [Member] | |||||
Concentration risk, percentage | 1% | 9% |
Note 5 - Accounts Receivable _5
Note 5 - Accounts Receivable and Revenues - Revenues by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | $ 10,190 | $ 7,574 | $ 20,749 | $ 16,179 |
UNITED STATES | ||||
Revenues | 9,912 | 7,221 | 20,158 | 15,417 |
Other Countries [Member] | ||||
Revenues | $ 278 | $ 353 | $ 591 | $ 762 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment (Details Textual) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Construction Payable, Current | $ 0.1 | $ 0.2 |
Construction in Progress, Gross | $ 0.8 | $ 0.9 |
Note 6- Property and Equipment
Note 6- Property and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Property, plant, and equipment gross | $ 28,625 | $ 28,847 |
Property, plant, and equipment accumulated depreciation | 13,810 | 13,403 |
Property and equipment, net | 14,815 | 15,444 |
Land [Member] | ||
Property, plant, and equipment gross | 730 | 730 |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment gross | $ 259 | 265 |
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, plant, and equipment gross | $ 10,082 | 10,457 |
Plant [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 20 years | |
Plant [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 40 years | |
Computer and Software [Member] | ||
Property, plant, and equipment gross | $ 450 | 452 |
Computer and Software [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 3 years | |
Computer and Software [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 5 years | |
Leasehold Improvements [Member] | ||
Property, plant, and equipment gross | $ 1,838 | 1,828 |
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, plant, and equipment gross | $ 15,266 | $ 15,115 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 15 years |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | $ 0.5 | $ 0.5 | $ 0.5 | ||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 0.1 | $ 0.1 | 0.1 | $ 0.1 | |
Property and Equipment [Member] | |||||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 0.3 | $ 0.3 | $ 0.2 |
Note 7 - Leases - Components of
Note 7 - Leases - Components of Lease Expense and Cash Flows from Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Amortization of right-of use assets, included in cost of goods sold | $ 19 | $ 22 | $ 39 | $ 43 |
Interest on lease liabilities | 3 | 3 | 5 | 6 |
Fixed leases cost | 129 | 128 | 258 | 257 |
Variable lease cost | 40 | 37 | 86 | 75 |
Short-term lease cost | 14 | 0 | 21 | 0 |
Total lease cost | 205 | 190 | 409 | 381 |
Operating cash flows from finance leases | 3 | 3 | 5 | 6 |
Operating cash flows from operating leases | 129 | 128 | 258 | 257 |
Financing cash flows from finance leases | $ 22 | $ 24 | $ 46 | $ 50 |
Note 7 - Leases - Remaining Ter
Note 7 - Leases - Remaining Terms and Discount Rates (Details) | Jun. 30, 2022 |
Weighted average remaining lease terms (in years), operating leases (Year) | 5 years 9 months 18 days |
Weighted average remaining lease terms (in years), finance leases (Year) | 3 years |
Weighted average discount rate, operating leases | 7.80% |
Weighted average discount rate, finance leases | 5.90% |
Minimum [Member] | |
Remaining leases terms (in years), operating leases (Year) | 1 year 3 months 18 days |
Remaining leases terms (in years), finance leases (Year) | 3 months 18 days |
Discount rates, operating leases | 6.30% |
Discount rates, finance leases | 2.80% |
Maximum [Member] | |
Remaining leases terms (in years), operating leases (Year) | 10 years 8 months 12 days |
Remaining leases terms (in years), finance leases (Year) | 4 years 10 months 24 days |
Discount rates, operating leases | 9% |
Discount rates, finance leases | 9% |
Note 7 - Leases - Maturities of
Note 7 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
2022, operating leases | $ 244 |
2022, finance leases | 74 |
2023, operating leases | 528 |
2023, finance leases | 79 |
2024, operating leases | 429 |
2024, finance leases | 38 |
2025, operating leases | 439 |
2025, finance leases | 23 |
2026, operating leases | 451 |
2026, finance leases | 20 |
Thereafter, operating leases | 578 |
Thereafter, finance leases | 5 |
Total lease payments, operating leases | 2,669 |
Total lease payments, finance leases | 239 |
Amounts representing interest, operating leases | (557) |
Amounts representing interest, finance leases | (44) |
Present value of lease obligations, operating leases | 2,112 |
Present value of lease obligations, finance leases | $ 195 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 10 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Oct. 31, 2019 | |
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 | $ 3,131 | $ 1,564 | $ 2,977 | $ 1,223 | |
Line of Credit With Bank [Member] | |||||
Long-Term Line of Credit, Total | $ 1,800 | $ 1,800 | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.80% | 4.80% | |||
Line of Credit Facility, Average Outstanding Amount | $ 100 | ||||
Maximum [Member] | Line of Credit With Bank [Member] | |||||
Line of Credit Facility, Average Outstanding Amount | $ 100 | ||||
Finance Agreements for Annual Insurance Premiums [Member] | Minimum [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | |||
Finance Agreements for Annual Insurance Premiums [Member] | Maximum [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | 3.90% |
Note 8 - Debt - Due Under Facto
Note 8 - Debt - Due Under Factoring Agreement (Details) - Line of Credit [Member] - Factoring Agreement [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Average borrowings outstanding (in thousands) | $ 3,131 | $ 1,564 | $ 2,977 | $ 1,223 |
Amortization of debt issuance costs (in thousands) | $ 0 | $ 23 | $ 0 | $ 45 |
Interest paid, as a percentage of average outstanding borrowings | 1.50% | 1.60% | 1.40% | 3.40% |
Fees paid, as a percentage of average outstanding borrowings | 0.90% | 1.50% | 1.20% | 2.90% |
Note 8 - Debt - Long-term Debt
Note 8 - Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Total long term debt, net | $ 1,959 | $ 2,539 |
Total long term debt, net | 1,959 | 2,539 |
Mortgage Agreement [Member] | ||
Total long term debt, net | 1,906 | 2,469 |
Total long term debt, net | 1,906 | 2,469 |
Equipment Notes, May 2021 [Member] | Notes Payable, Other Payables [Member] | ||
Total long term debt, net | 28 | 33 |
Total long term debt, net | 28 | 33 |
Equipment Notes, December 2019 [Member] | Notes Payable, Other Payables [Member] | ||
Total long term debt, net | 22 | 26 |
Total long term debt, net | 22 | 26 |
Equipment Notes, November 2018 [Member] | Notes Payable, Other Payables [Member] | ||
Total long term debt, net | 3 | 11 |
Total long term debt, net | $ 3 | $ 11 |
Note 8 - Debt - Long-term Deb_2
Note 8 - Debt - Long-term Debt (Details) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Issuance costs | $ 17 | |
Mortgage Agreement [Member] | ||
Interest rate | 11.80% | 10.30% |
Interest rate, variable | 7% | 7% |
Issuance costs | $ 17 | $ 17 |
Original principal | $ 2,500 | $ 2,500 |
Maturity date | Dec. 31, 2023 | Dec. 31, 2023 |
Interest rate, effective rate | 11.50% | 11.50% |
Equipment Notes, May 2021 [Member] | Notes Payable, Other Payables [Member] | ||
Original principal | $ 46 | $ 46 |
Maturity date | Jun. 30, 2025 | Jun. 30, 2025 |
Interest rate, effective rate | 3.60% | 3.60% |
Equipment Notes, December 2019 [Member] | Notes Payable, Other Payables [Member] | ||
Original principal | $ 40 | $ 40 |
Maturity date | Dec. 31, 2024 | Dec. 31, 2024 |
Interest rate, effective rate | 9.30% | 9.30% |
Equipment Notes, November 2018 [Member] | Notes Payable, Other Payables [Member] | ||
Interest rate | 4.80% | 4.80% |
Maturity date | Aug. 31, 2022 | Aug. 31, 2022 |
Note 8 - Debt - Future Principa
Note 8 - Debt - Future Principal Maturities of Long-term Debt Outstanding (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
2022 (six months ended December 31, 2022) | $ 620 | |
2023 | 1,332 | |
2024 | 19 | |
2025 | 5 | |
Principal maturities | 1,976 | |
Debt issuance costs | (17) | |
Long-Term Debt, Total | $ 1,959 | $ 2,539 |
Note 9 - Equity, Share-based _3
Note 9 - Equity, Share-based Compensation and Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jul. 14, 2022 | Apr. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Aug. 04, 2022 | Apr. 28, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures and Expirations in Period, Total (in shares) | 44,547 | 9,703 | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price (in dollars per share) | $ 2.14 | $ 1.85 | ||||||
Share-based Compensation Arrangement By Share-based Payment Award Options Forfeitures and Expirations, Weighted Average Remaining Contractual Term (Year) | 6 years 9 months 18 days | 7 years 8 months 12 days | ||||||
The 2014 Equity Incentive Plan [Member] | Subsequent Event [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 6,000,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 2,645,122 | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 962,707 | 1,401,282 | 962,707 | 1,266,033 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non Option Equity Instruments Impact of Warrant Modification, Prior To Modification (in shares) | 114,680 | 114,680 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Fair Value (in dollars per share) | $ 0.52 | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 483,879 | 224,751 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 370,000 | |||||||
Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | Director [Member] | Vesting on July 14, 2023 [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 657,895 | |||||||
Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | Director [Member] | Immediately Vested [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 190,024 | |||||||
Restricted Stock Units (RSUs) [Member] | The 2014 Equity Incentive Plan [Member] | Subsequent Event [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 49 months | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value | $ 1.4 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0.38 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 2,781,498 | |||||||
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) | 725,213 | 725,213 | ||||||
Modified RSUs [Member] | ||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 114,680 | |||||||
The Warrant [Member] | ||||||||
Class of Warrant or Right, Warrants Expired During Period (in shares) | 6,142,980 | |||||||
Class of Warrant or Right, Expired, Exercise Price (in dollars per share) | $ 0.96 |
Note 9 - Equity, Share-based _4
Note 9 - Equity, Share-based Compensation and Warrants - Stockholders Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Balance (in shares) | 51,589,674 | 51,589,674 | ||||
Balance | $ 17,225 | $ 18,495 | $ 24,261 | $ 23,420 | $ 18,495 | $ 23,420 |
Common stock awards under equity incentive plans | 146 | 241 | 290 | 250 | ||
Common stock issued to vendor | 1 | 5 | 5 | 3 | ||
Net income (loss) | (2,621) | (1,516) | (1,923) | 591 | (4,137) | (1,332) |
Net income (loss) | $ (2,621) | (1,516) | (1,923) | 591 | $ (4,137) | (1,332) |
Balance (in shares) | 52,310,304 | 52,310,304 | ||||
Balance | $ 14,751 | 17,225 | 22,807 | 24,261 | $ 14,751 | 22,807 |
Other | 3 | (3) | ||||
Exercise of common stock warrants | 171 | |||||
Preferred Stock [Member] | ||||||
Balance | 75 | 75 | 112 | 112 | 75 | 112 |
Common stock awards under equity incentive plans | 0 | 0 | 0 | 0 | ||
Common stock issued to vendor | 0 | 0 | 0 | 0 | ||
Net income (loss) | 0 | 0 | 0 | 0 | ||
Net income (loss) | 0 | 0 | 0 | 0 | ||
Balance | $ 75 | $ 75 | 112 | 112 | $ 75 | $ 112 |
Other | 0 | $ 0 | ||||
Exercise of common stock warrants | $ 0 | |||||
Preferred Stock [Member] | Series G Preferred Stock [Member] | ||||||
Balance (in shares) | 150 | 150 | 225 | 225 | 150 | 225 |
Common stock awards under equity incentive plans (in shares) | 0 | 0 | 0 | 0 | ||
Common stock issued to vendor (in shares) | 0 | 0 | 0 | 0 | ||
Balance (in shares) | 150 | 150 | 225 | 225 | 150 | 225 |
Exercise of common stock warrants (in shares) | 0 | |||||
Common Stock [Member] | ||||||
Balance (in shares) | 51,820,425 | 51,589,674 | 45,274,030 | 45,238,087 | 51,589,674 | 45,238,087 |
Balance | $ 326,525 | $ 326,279 | $ 322,468 | $ 322,218 | $ 326,279 | $ 322,218 |
Common stock awards under equity incentive plans (in shares) | 483,879 | 224,751 | 29,643 | 29,943 | ||
Common stock awards under equity incentive plans | $ 146 | $ 241 | $ 290 | $ 250 | ||
Common stock issued to vendor (in shares) | 6,000 | 6,000 | 6,000 | 6,000 | ||
Common stock issued to vendor | $ 1 | $ 5 | $ 5 | $ 3 | ||
Net income (loss) | 0 | 0 | 0 | 0 | ||
Net income (loss) | $ 0 | $ 0 | $ 0 | $ 0 | ||
Balance (in shares) | 52,310,304 | 51,820,425 | 45,487,609 | 45,274,030 | 52,310,304 | 45,487,609 |
Balance | $ 326,672 | $ 326,525 | $ 322,937 | $ 322,468 | $ 326,672 | $ 322,937 |
Other | $ 3 | (3) | ||||
Exercise of common stock warrants (in shares) | 177,936 | |||||
Exercise of common stock warrants | $ 171 | |||||
Retained Earnings [Member] | ||||||
Balance | (309,375) | (307,859) | (298,319) | (298,910) | (307,859) | (298,910) |
Common stock awards under equity incentive plans | 0 | 0 | 0 | 0 | ||
Common stock issued to vendor | 0 | 0 | 0 | 0 | ||
Net income (loss) | (2,621) | (1,516) | (1,923) | 591 | ||
Net income (loss) | (2,621) | (1,516) | (1,923) | 591 | ||
Balance | $ (311,996) | $ (309,375) | (300,242) | (298,319) | $ (311,996) | $ (300,242) |
Other | 0 | $ 0 | ||||
Exercise of common stock warrants | $ 0 |
Note 9 - Equity, Share-based _5
Note 9 - Equity, Share-based Compensation and Warrants - Share-based Compensation Expenses Related to Employees and Directors (Details) - The 2014 Equity Incentive Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Compensation expense related to common stock awards issued under equity incentive plans | $ 146 | $ 241 |
Share-Based Payment Arrangement, Option [Member] | ||
Compensation expense related to common stock awards issued under equity incentive plans | 21 | 29 |
Restricted Stock Units (RSUs) [Member] | ||
Compensation expense related to common stock awards issued under equity incentive plans | $ 125 | $ 212 |
Note 9 - Equity, Share-based _6
Note 9 - Equity, Share-based Compensation and Warrants - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Nonvested, shares issued (in shares) | 1,401,282 | 1,401,282 | 1,266,033 | |
Nonvested, unrecognized stock compensation | $ (592) | $ (592) | $ (658) | |
Nonvested (Year) | 10 months 24 days | 10 months 24 days | 10 months 24 days | |
Granted, nonvested, shares issued (in shares) | 370,000 | |||
Granted, unrecognized stock compensation | $ (153) | |||
Granted (Year) | 2 years | |||
Forfeited, shares issued (in shares) | (94,535) | (10,000) | ||
Forfeited, unrecognized stock compensation | $ 55 | $ 7 | ||
Forfeited (Year) | 0 years | 8 months 12 days | ||
Vested with Service, shares issued (in shares) | (344,040) | (224,751) | ||
Vested with Service (Year) | 0 years | 0 years | ||
Expensed, unrecognized stock compensation | $ 125 | $ 212 | ||
Before modification, shares issued (in shares) | (114,680) | (114,680) | ||
Before modification, unrecognized stock compensation | $ 125 | |||
After modification, shares issued (in shares) | 114,680 | |||
After modification, unrecognized stock compensation | $ (60) | |||
Forfeited (Year) | 0 years | 8 months 12 days | ||
Nonvested, shares issued (in shares) | 962,707 | 1,401,282 | 1,266,033 | |
Nonvested, unrecognized stock compensation | $ (347) | $ (592) | $ (658) | |
Vested at December 31, 2021 (in shares) | 865,052 | 865,052 | 865,052 | |
Vested with Service (in shares) | 344,040 | 224,751 | ||
Issued at Vesting (in shares) | (224,751) | |||
Issued at Termination of Service (in shares) | (483,879) | |||
Vested at March 31, 2022 (in shares) | 725,213 | 865,052 | 865,052 |
Note 11 - Loss Per Share (EPS_2
Note 11 - Loss Per Share (EPS) - EPS Compensations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income (loss) | $ (2,621) | $ (1,516) | $ (1,923) | $ 591 | $ (4,137) | $ (1,332) |
Weighted average number of shares of shares of common stock outstanding (in shares) | 52,082,641 | 45,398,791 | 51,874,930 | 45,323,786 | ||
Weighted average number of shares of common stock underlying vested RSUs (in shares) | 778,997 | 465,594 | 821,787 | 425,999 | ||
Denominator for basic and diluted EPS - weighted average number of shares outstanding (in shares) | 52,861,638 | 45,864,385 | 52,696,717 | 45,749,785 |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements (Details Textual) $ / shares in Units, $ in Millions | 4 Months Ended | 6 Months Ended | ||
Sep. 13, 2021 $ / shares shares | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 USD ($) | Dec. 31, 2021 | |
Warrant A [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 2,307,693 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1 | |||
Class of Warrant or Right, Change in Exercise Price, Maximum Percentage of Five-day Volume Weighted Average Common Stock | 110% | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Operating Lease, Fair Value In Excess Of Carrying Amount | $ | $ 0.4 | $ 0.4 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Exercise Price [Member] | ||||
Warrants and Rights Outstanding, Measurement Input | 1 | 1 | 1 | |
Warrant, Exercise Price, Increase (in dollars per share) | $ / shares | $ 0.10 | |||
Fair Value Adjustment of Warrants | $ | $ 0.2 |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurement - Fair Value of Liabilities on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Total liabilities at fair value as of June 30, 2022 - Derivative warrant liability | $ 846 | |
Total liabilities at fair value as of December 31, 2021 - Derivative warrant liability | $ 258 | |
Fair Value, Inputs, Level 1 [Member] | ||
Total liabilities at fair value as of June 30, 2022 - Derivative warrant liability | 0 | |
Total liabilities at fair value as of December 31, 2021 - Derivative warrant liability | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Total liabilities at fair value as of June 30, 2022 - Derivative warrant liability | 0 | |
Total liabilities at fair value as of December 31, 2021 - Derivative warrant liability | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Total liabilities at fair value as of June 30, 2022 - Derivative warrant liability | $ 846 | |
Total liabilities at fair value as of December 31, 2021 - Derivative warrant liability | $ 258 |
Note 12 - Fair Value Measurem_5
Note 12 - Fair Value Measurement - Changes in Level 3 Items Measured at Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Fair value, balance | $ 429 | $ 258 |
Total realized and unrealized gains (losses | (417) | (588) |
Issuance of new instruments | 0 | 0 |
Net transfers (into) out of level 3 | 0 | 0 |
Fair value, balance | 846 | 846 |
Change in unrealized gains (losses) on instruments still held | $ (417) | $ (588) |
Note 12 - Fair Value Measurem_6
Note 12 - Fair Value Measurement - Fair Value Assumption Measurement of Warrant A (Details) | Jun. 30, 2022 | Dec. 31, 2021 |
Measurement Input, Price Volatility [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 82.9 | 69.5 |
Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0.028 | 0.008 |
Measurement Input, Expected Term [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 4.2 | 4.8 |
Measurement Input, Expected Dividend Rate [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0 | 0 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Apr. 30, 2020 |
Long-Term Debt, Total | $ 1,959 | $ 2,539 | |
Paycheck Protection Program CARES Act [Member] | |||
Long-Term Debt, Total | $ 1,800 |