RiceBran Technologies(NASDAQ:RIBT) 
RiceBran Technologies, together with its subsidiaries, operates as a specialty ingredient company. It focuses on producing, processing, and marketing of value-added processing and marketing of healthy, natural, and nutrient dense products derived from rice and other small grains, and by-products cre...
Website: http://www.ricebrantech.com
Founded: 1998
Full Time Employees: 121
Sector: Consumer Defensive
Industry: Packaged Foods
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At a glance:
Bull Thesis:
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Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2024-03-31 | 2023-12-31 | 2023-09-30 |
|---|---|---|---|
revenues | 2,116,000 | 5,679,000 | 4,857,000 |
cost of goods sold | 1,653,000 | 5,576,000 | 5,337,000 |
gross profit | 463,000 | ||
yoy | |||
qoq | |||
selling, general and administrative expenses | 1,658,000 | 1,592,000 | 1,250,000 |
income from continuing operations before other income | -1,195,000 | -3,031,000 | -1,730,000 |
interest expense | -245,000 | -196,000 | -123,000 |
interest income | -1,000 | -1,000 | |
change in fair value of derivative warrant liability | 55,000 | 53,000 | |
other income | -6,000 | 269,000 | 106,000 |
income from continuing operations before income taxes | -1,446,000 | -3,418,000 | -1,782,000 |
income taxes | |||
income from continuing operations | -1,446,000 | -3,419,000 | -1,782,000 |
income from discontinued operations | -412,000 | ||
net income | -1,858,000 | -3,419,000 | -1,782,000 |
yoy | |||
qoq | -45.66% | 91.86% | |
basic and diluted net income per common share: | |||
continuing operations | -150 | -450 | -260 |
discontinued operations | -40 | 50 | |
weighted-average number of shares outstanding: | |||
basic | 9,970,925,000 | 6,992,358,000 | 6,806,353,000 |
diluted | 9,970,925,000 | 6,992,358,000 | 6,806,353,000 |
gross loss | 103,000 | -480,000 | |
income tax expense | -1,000 | ||
basic and diluted loss per common share: |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2024-03-31 | 2023-12-31 | 2023-09-30 |
|---|---|---|---|
assets | |||
current assets: | |||
cash and cash equivalents | 448,000 | 1,139,000 | 466,000 |
accounts receivable | 1,500,000 | 2,824,000 | 2,620,000 |
inventories | 417,000 | 543,000 | 514,000 |
other current assets | 459,000 | 308,000 | 515,000 |
current assets held for sale | |||
total current assets | 2,824,000 | 4,814,000 | 4,115,000 |
property and equipment | 1,984,000 | 4,238,000 | 5,937,000 |
intangible assets | 246,000 | 270,000 | 295,000 |
long-term assets held for sale | |||
total assets | 5,054,000 | 9,322,000 | 10,347,000 |
liabilities and shareholders' deficit | |||
current liabilities: | |||
accounts payable | 877,000 | 1,549,000 | 1,414,000 |
commodities payable | 1,896,000 | 2,466,000 | 2,538,000 |
accrued salary, wages and benefits | 117,000 | 316,000 | 438,000 |
accrued legal | 2,134,000 | 1,985,000 | 1,545,000 |
accrued expenses | 408,000 | 434,000 | 590,000 |
due under factoring agreement | 559,000 | 1,866,000 | 1,910,000 |
due under insurance premium finance agreements | 47,000 | 75,000 | 195,000 |
finance lease liabilities, current portion | 123,000 | 132,000 | 136,000 |
current portion of long-term debt | 77,000 | ||
current liabilities held for sale | |||
total current liabilities | 6,188,000 | 8,960,000 | 10,039,000 |
finance lease liabilities, less current portion | 364,000 | 402,000 | 434,000 |
long-term debt | 3,184,000 | ||
long-term liabilities held for sale | |||
total liabilities | 9,736,000 | 12,322,000 | 11,131,000 |
commitments and contingencies | |||
shareholders' deficit: | |||
preferred stock, 20,000,000 shares authorized: series g, convertible, 3,000 shares authorized, stated value 150, 150 shares, issued and outstanding | 75,000 | 75,000 | 75,000 |
common stock | 330,328,000 | 330,202,000 | 328,999,000 |
accumulated deficit | -335,135,000 | -333,277,000 | -329,858,000 |
total shareholders' deficit | -4,732,000 | ||
total liabilities and shareholders' deficit | 5,054,000 | ||
operating lease right-of-use assets | |||
liabilities and shareholders' (deficit) equity | |||
operating lease liabilities, current portion | |||
due under bank line of credit | |||
long-term debt, current portion | 137,000 | 1,273,000 | |
long-term debt, less current portion | 2,960,000 | 603,000 | |
derivative warrant liability | 55,000 | ||
shareholders' (deficit) equity: | |||
total shareholders' (deficit) equity | -3,000,000 | ||
total liabilities and shareholders' (deficit) equity | 9,322,000 | ||
liabilities and shareholders' equity | |||
shareholders' equity | |||
total shareholders' equity | -784,000 | ||
total liabilities and shareholders' equity | 10,347,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2024-03-31 | 2023-12-31 |
|---|---|---|
cash flow from operating activities: | ||
net income | -1,858,000 | -3,419,000 |
income from discontinued operations | -412,000 | 0 |
income from continuing operations | -1,446,000 | -3,419,000 |
adjustments to reconcile net income to net cash from operating activities | ||
depreciation | 138,000 | 235,000 |
amortization | 24,000 | 25,000 |
stock and share-based compensation | 126,000 | 48,000 |
change in fair value of derivative warrant liability | -55,000 | |
other | -29,000 | 207,000 |
changes in operating assets and liabilities: | ||
accounts receivable | 1,323,000 | -204,000 |
inventories | 3,000 | -29,000 |
accounts payable and accrued liabilities | -766,000 | |
commodities payable | -570,000 | -72,000 |
net cash from operating activities of continuing operations | -1,197,000 | -1,425,000 |
net cash from operating activities of discontinued operations | -203,000 | 0 |
net cash from operating activities | -1,400,000 | -1,425,000 |
capital expenditures | -78,000 | -78,000 |
free cash flows | -1,478,000 | -1,503,000 |
cash flows from investing activities: | ||
purchases of property and equipment | -78,000 | -78,000 |
net cash from investing activities of continuing operations | -78,000 | -78,000 |
net cash from investing activities of discontinued operations | 2,150,000 | 0 |
net cash from investing activities | 2,072,000 | -78,000 |
cash flows from financing activities: | ||
advances on factoring agreement | 3,101,000 | 4,555,000 |
payments on factoring agreement | -4,408,000 | -4,599,000 |
advances of bank line of credit | ||
advances on insurance premium finance agreements | 65,000 | |
payments on insurance premium finance agreements | -103,000 | |
proceeds from debt, net of issuance costs | ||
payments of debt and finance lease liabilities | ||
net cash from financing activities of continuing operations | -1,345,000 | 2,176,000 |
net cash from financing activities of discontinued operations | -18,000 | 0 |
net cash from financing activities | -1,363,000 | 2,176,000 |
net change in cash and cash equivalents | -691,000 | 673,000 |
cash and cash equivalents, beginning of period | 1,139,000 | 0 |
cash and cash equivalents, end of period | 448,000 | 673,000 |
supplemental disclosures: | ||
cash paid for interest | 38,000 | |
pik interest | 224,000 | |
adjustments to reconcile net income to net cash from operating activities: | ||
impairment of golden ridge assets | ||
accounts payable and accrued expenses | ||
advances on bank line of credit | 0 | |
payments on bank line of credit | 0 | |
advances on long-term debt and finance lease agreements | ||
payments of long-term debt and finance lease liabilities | ||
proceeds from issuances of common stock and warrants, net of cash issuance costs | ||
adjustments to reconcile net income to net cash from operating activities of continuing operations | ||
assets held for sale | ||
capitalized loan costs | ||
advances on debt and finance lease agreements |