☒ |
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
|
☐ |
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
|
California
|
87-0673375
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
1330 Lake Robbins Drive, Suite 250
The Woodlands, TX
|
77380
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Large accelerated filer ☐ | Accelerated filer ☐ | Non-accelerated filer ☐ |
Smaller reporting company ☒
|
Emerging growth company ☐
|
Title of each class
|
Trading Symbols(s)
|
Name of each exchange on which registered
|
Common Stock, no par value per share
|
RIBT
|
The Nasdaq Capital Market
|
PART I. FINANCIAL INFORMATION
|
Page
|
||
Item 1.
|
3
|
||
3
|
|||
4
|
|||
5
|
|||
6
|
|||
Item 2.
|
17
|
||
Item 3.
|
18
|
||
Item 4.
|
19
|
||
PART II. OTHER INFORMATION
|
|||
Item 1.
|
19
|
||
Item 1A.
|
19
|
||
Item 2.
|
19
|
||
Item 3.
|
20 | ||
Item 4.
|
20 | ||
Item 5.
|
20 | ||
Item 6.
|
20 | ||
21
|
Three Months Ended
|
||||||||
2019
|
2018
|
|||||||
Revenues
|
$
|
6,364
|
$
|
3,552
|
||||
Cost of goods sold
|
6,021
|
2,598
|
||||||
Gross profit
|
343
|
954
|
||||||
Selling, general and administrative expenses
|
3,341
|
2,853
|
||||||
Operating loss
|
(2,998
|
)
|
(1,899
|
)
|
||||
Other expense:
|
||||||||
Interest expense
|
(12
|
)
|
(1
|
)
|
||||
Other expense
|
(1
|
)
|
(13
|
)
|
||||
Total other expense
|
(13
|
)
|
(14
|
)
|
||||
Loss before income taxes
|
(3,011
|
)
|
(1,913
|
)
|
||||
Income tax benefit
|
-
|
-
|
||||||
Loss from continuing operations
|
(3,011
|
)
|
(1,913
|
)
|
||||
Loss from discontinued operations
|
(216
|
)
|
-
|
|||||
Net loss
|
$
|
(3,227
|
)
|
$
|
(1,913
|
)
|
||
Basic loss per common share:
|
||||||||
Continuing operations
|
$
|
(0.10
|
)
|
$
|
(0.11
|
)
|
||
Discontinued operations
|
(0.01
|
)
|
-
|
|||||
Basic loss per common share
|
$
|
(0.11
|
)
|
$
|
(0.11
|
)
|
||
Diluted loss per common share:
|
||||||||
Continuing operations
|
$
|
(0.10
|
)
|
$
|
(0.11
|
)
|
||
Discontinued operations
|
(0.01
|
)
|
-
|
|||||
Diluted loss per common share
|
$
|
(0.11
|
)
|
$
|
(0.11
|
)
|
||
Weighted average number of shares outstanding:
|
||||||||
Basic
|
29,347,318
|
17,083,442
|
||||||
Diluted
|
29,347,318
|
17,083,442
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
13,278
|
$
|
7,044
|
||||
Restricted cash
|
225
|
225
|
||||||
Accounts receivable, net of allowance for doubtful accounts of $14 and $14
|
3,931
|
2,529
|
||||||
Receivable from seller of Golden Ridge - working capital adjustment to purchase price
|
988
|
1,147
|
||||||
Inventories
|
||||||||
Finished goods
|
1,023
|
856
|
||||||
Packaging
|
73
|
102
|
||||||
Deposits and other current assets
|
943
|
610
|
||||||
Total current assets
|
20,461
|
12,513
|
||||||
Property and equipment, net
|
15,696
|
15,010
|
||||||
Operating lease right-of-use assets
|
2,968
|
-
|
||||||
Goodwill
|
3,178
|
3,178
|
||||||
Other long-term assets, net
|
41
|
16
|
||||||
Total assets
|
$
|
42,344
|
$
|
30,717
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
1,279
|
$
|
1,583
|
||||
Commodities payable
|
917
|
2,735
|
||||||
Accrued salary, wages and benefits
|
506
|
933
|
||||||
Accrued expenses
|
957
|
520
|
||||||
Unearned revenue
|
-
|
145
|
||||||
Payable to purchaser of HN - working capital adjustment to purchase price
|
475
|
259
|
||||||
Note payable to seller of Golden Ridge
|
358
|
609
|
||||||
Operating lease liabilities, current portion
|
289
|
-
|
||||||
Finance lease liabilities, current portion
|
45
|
45
|
||||||
Long term debt, current portion
|
20
|
32
|
||||||
Total current liabilities
|
4,846
|
6,861
|
||||||
Operating lease liabilities, less current portion
|
2,860
|
-
|
||||||
Finance lease liabilities, less current portion
|
75
|
86
|
||||||
Long term debt, less current portion
|
54
|
59
|
||||||
Total liabilities
|
7,835
|
7,006
|
||||||
Commitments and contingencies
|
||||||||
Shareholders’ Equity:
|
||||||||
Preferred stock, 20,000,000 shares authorized:
Series G, convertible, 3,000 shares authorized,
225 shares and 405 shares, issued and outstanding
|
112
|
201
|
||||||
Common stock, no par value, 50,000,000 shares authorized,
33,029,652 shares and 29,098,207 shares, issued and outstanding
|
310,853
|
296,739
|
||||||
Accumulated deficit
|
(276,456
|
)
|
(273,229
|
)
|
||||
Total shareholders’ equity
|
34,509
|
23,711
|
||||||
Total liabilities and shareholders’ equity
|
$
|
42,344
|
$
|
30,717
|
Three Months Ended
|
||||||||
2019
|
2018
|
|||||||
Cash flow from operating activities:
|
||||||||
Net loss
|
$
|
(3,227
|
)
|
$
|
(1,913
|
)
|
||
Loss from discontinued operations
|
216
|
-
|
||||||
Loss from continuing operations
|
(3,011
|
)
|
(1,913
|
)
|
||||
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities
|
||||||||
Depreciation and amortization
|
410
|
199
|
||||||
Stock and share-based compensation
|
392
|
320
|
||||||
Loss on disposal of property
|
1
|
88
|
||||||
Other
|
(49
|
)
|
4
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(1,244
|
)
|
(279
|
)
|
||||
Inventories
|
(149
|
)
|
(118
|
)
|
||||
Accounts payable and accrued expenses
|
(134
|
)
|
(639
|
)
|
||||
Commodities payable
|
(1,818
|
)
|
176
|
|||||
Other
|
(359
|
)
|
80
|
|||||
Net cash used in operating activities
|
(5,961
|
)
|
(2,082
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Purchases of property and equipment
|
(1,160
|
)
|
(745
|
)
|
||||
Net cash used in investing activities
|
(1,160
|
)
|
(745
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from issuance of common stock and pre-funded warrant, net of issuance costs
|
11,593
|
-
|
||||||
Proceeds from common stock warrant exercises
|
1,980
|
1,755
|
||||||
Proceeds from common stock option exercises
|
60
|
-
|
||||||
Payments of debt and finance lease liabilities
|
(278
|
)
|
(1
|
)
|
||||
Net cash provided by financing activities
|
13,355
|
1,754
|
||||||
Net change in cash and cash equivalents and restricted cash
|
$
|
6,234
|
$
|
(1,073
|
)
|
|||
Cash and cash equivalents and restricted cash, beginning of period
|
||||||||
Cash and cash equivalents
|
$
|
7,044
|
$
|
6,203
|
||||
Restricted cash
|
225
|
775
|
||||||
Cash and cash equivalents and restricted cash, beginning of period
|
7,269
|
6,978
|
||||||
Cash and cash equivalents and restricted cash, end of period
|
||||||||
Cash and cash equivalents
|
13,278
|
5,130
|
||||||
Restricted cash
|
225
|
775
|
||||||
Cash and cash equivalents and restricted cash, end of period
|
13,503
|
5,905
|
||||||
Net change in cash and cash equivalents and restricted cash
|
$
|
6,234
|
$
|
(1,073
|
)
|
|||
Supplemental disclosures:
|
||||||||
Cash paid for interest
|
$
|
12
|
$
|
1
|
||||
Cash paid for income taxes
|
$
|
-
|
$
|
-
|
1,666,667 shares of common stock, at fair value of $3.00 per share at Closing
|
$
|
5,000
|
||
Golden Ridge financial liabilities paid for the seller
|
2,661
|
|||
Cash
|
250
|
|||
Note payable to seller
|
609
|
|||
Working capital adjustment to purchase price, receivable from seller
|
(1,147
|
)
|
||
Total fair value of consideration transferred
|
7,373
|
|||
|
||||
Cash
|
409
|
|||
Accounts receivable
|
1,587
|
|||
Inventories
|
103
|
|||
Property and equipment
|
5,092
|
|||
Accounts payable
|
(222
|
)
|
||
Commodities payable
|
(2,559
|
)
|
||
Accrued expenses
|
(12
|
)
|
||
Equipment notes payable
|
(203
|
)
|
||
Net recognized amounts of identifiable assets acquired and liabilities assumed
|
4,195
|
|||
Goodwill
|
$
|
3,178
|
|
|
Customer
|
||||||||||||||
A |
|
B |
|
C |
|
D |
|
|||||||||
% of Revenues, three months ended March 31, 2019
|
18
|
%
|
10
|
%
|
10
|
%
|
9
|
%
|
||||||||
% of Revenues, three months ended March 31, 2018
|
-
|
%
|
20
|
%
|
-
|
%
|
11
|
%
|
||||||||
% of Accounts Receivable, as of March 31, 2019
|
20
|
%
|
11
|
%
|
14
|
%
|
9
|
%
|
||||||||
% of Accounts Receivable, as of December 31, 2018
|
16
|
%
|
13
|
%
|
14
|
%
|
-
|
%
|
|
Three Months Ended March 31
|
|
||||||
2019
|
2018
|
|||||||
United States
|
$
|
6,065
|
$
|
3,167
|
||||
Other countries
|
299
|
385
|
||||||
Revenues
|
$
|
6,364
|
$
|
3,552
|
|
|
Three Months Ended March 31
|
|
|||||
2019
|
2018
|
|||||||
Food
|
$
|
4,747
|
$
|
1,868
|
||||
Animal nutrition
|
1,617
|
1,684
|
||||||
Revenues
|
$
|
6,364
|
$
|
3,552
|
|
|
% of Total Purchases
Three Months Ended March 31
|
|
|||||
2019
|
2018
|
|||||||
Vendor 1
|
9
|
%
|
13
|
%
|
||||
Vendor 2
|
8
|
%
|
13
|
%
|
||||
Others
|
83
|
%
|
74
|
%
|
||||
Total
|
100
|
%
|
100
|
%
|
Finance lease cost:
|
||||
Amortization of right-of use assets, included in cost of goods sold
|
$
|
4
|
||
Interest on lease liabilities
|
2
|
|||
Operating lease cost, included in selling, general and administrative expenses:
|
||||
Fixed leases cost
|
130
|
|||
Variable lease cost
|
32
|
|||
Short-term lease cost
|
9
|
|||
Total lease cost
|
$
|
177
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
||||
Operating cash flows from finance leases
|
$
|
2
|
||
Operating cash flows from operating leases
|
$
|
177
|
||
Financing cash flows from finance leases
|
$
|
11
|
Operating
Leases
|
Finance
Leases
|
|||||||
Remaining leases terms (in years)
|
1.0-13.9
|
2.1-3.6
|
||||||
Weighted average remaining lease terms (in years)
|
8.4
|
2.7
|
||||||
Discount rates
|
4.9%-9.0
|
%
|
4.8%-5.2
|
%
|
||||
Weighted average discount rate
|
7.6
|
%
|
4.8
|
%
|
|
|
Operating
Leases
|
|
|
Finance
Leases
|
|
||
2019 (nine months ended December 31, 2019)
|
$
|
341
|
$
|
38
|
||||
2020
|
525
|
51
|
||||||
2021
|
536
|
33
|
||||||
2022
|
548
|
5
|
||||||
2023
|
528
|
-
|
||||||
Thereafter
|
1,897
|
-
|
||||||
Total lease payments
|
4,375
|
127
|
||||||
Amounts representing interest
|
(1,226
|
)
|
(7
|
)
|
||||
Present value of lease obligations
|
$
|
3,149
|
$
|
120
|
|
|
Operating
Leases
|
|
|
Finance
Leases
|
|
||
2019
|
$
|
519
|
$
|
51
|
||||
2020
|
525
|
51
|
||||||
2021
|
536
|
33
|
||||||
2022
|
548
|
5
|
||||||
2023
|
528
|
-
|
||||||
Thereafter
|
1,897
|
-
|
||||||
Total minimum lease payments
|
$
|
4,553
|
140
|
|||||
Amounts representing interest
|
(9
|
)
|
||||||
Present value of minimum payments
|
$
|
131
|
|
Shares
|
|||||||||||||||||||||||
Preferred
Series G
|
|
|
Common
|
|
|
Preferred
Stock
|
|
|
Common
Stock
|
|
|
Accumulated
Deficit
|
|
|
Equity
|
|
||||||||
Balance, December 31, 2018
|
405
|
29,098,207
|
$
|
201
|
$
|
296,739
|
$
|
(273,229
|
)
|
$
|
23,711
|
|||||||||||||
|
||||||||||||||||||||||||
Proceeds from sale of common stock and pre-funded
warrant, net
of costs
|
-
|
3,046,668
|
-
|
11,593
|
-
|
11,593
|
||||||||||||||||||
Common stock awards under equity incentive plans
|
-
|
36,881
|
-
|
364
|
-
|
364
|
||||||||||||||||||
Exercise of common stock warrants
|
-
|
600,000
|
-
|
1,980
|
-
|
1,980
|
||||||||||||||||||
Conversion of preferred stock into common stock
|
(180
|
)
|
170,818
|
(89
|
)
|
89
|
-
|
-
|
||||||||||||||||
Exercise of common stock options
|
-
|
77,078
|
-
|
60
|
-
|
60
|
||||||||||||||||||
Other
|
-
|
-
|
-
|
28
|
-
|
28
|
||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
(3,227
|
)
|
(3,227
|
)
|
||||||||||||||||
Balance, March 31, 2019
|
225
|
33,029,652
|
$
|
112
|
$
|
310,853
|
$
|
(276,456
|
)
|
$
|
34,509
|
|
Shares
|
|||||||||||||||||||||||
|
Preferred
Series G
|
|
|
Common
|
|
|
Preferred
Stock
|
|
|
Common
Stock
|
|
|
Accumulated
Deficit
|
|
|
Equity
|
|
|||||||
Balance, December 31, 2017
|
630
|
18,046,731
|
$
|
313
|
$
|
279,548
|
$
|
(265,128
|
)
|
$
|
14,733
|
|||||||||||||
Common stock awards under equity incentive plans
|
-
|
78,377
|
-
|
245
|
-
|
245
|
||||||||||||||||||
Exercise of common stock warrants
|
-
|
1,827,999
|
-
|
1,755
|
-
|
1,755
|
||||||||||||||||||
Other
|
-
|
-
|
-
|
75
|
-
|
75
|
||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
(1,913
|
)
|
(1,913
|
)
|
||||||||||||||||
Balance, March 31, 2018
|
630
|
19,953,107
|
$
|
313
|
$
|
281,623
|
$
|
(267,041
|
)
|
$
|
14,895
|
|
• |
30,887 shares of common stock to employees with a fair value at issuance of $3.22 per share.
|
|
• |
5,994 shares of common stock to a consultant with an average fair valuer at issuance of $3.48 per share.
|
|
• |
600,000 shares of common stock upon exercise of warrants at an exercise price of $3.30 per share. The exercised warrants had expiration dates in April 2019.
|
|
• |
170,818 shares of common stock upon conversion of 180 shares of Series G preferred stock. We reclassified the $0.1 million carrying value of the related
preferred stock to common stock.
|
|
• |
77,078 shares of common stock upon exercise of options at a weighted average exercise price of $0.78 per share.
|
|
• |
options to employees and a consultant for the purchase of up to 188,662 shares of common stock at an average exercise price of $3.25 per share and an average
grant date fair value of $2.05 per share. The options vest and become exercisable in four equal annual installments beginning in January and February 2020.
|
|
• |
50,469 shares of common stock to employees with an average fair value at issuance of $1.38 per share.
|
|
• |
27,908 shares of common stock to a consultant with an average fair value at issuance of $1.42 per share.
|
|
• |
1,827,999 shares of common stock when warrant holders exercised warrants at an exercise price of $0.96 per share.
|
|
• |
warrants for the purchase of up to 315,000 shares of common stock, at a weighted average exercise price of $4.73 per share and a weighted average term of 2.4
years. We recognized $0.1 million of expense for these issuances.
|
|
• |
options to employees for the purchase of up to 278,873 shares of common stock at an exercise price of $1.42 and a grant date fair value of $0.97 per share. The
options vest and become exercisable in four equal annual installments beginning in January 2019.
|
|
Three Months Ended March 31
|
|
||||||
2019
|
2018
|
|||||||
NUMERATOR (in thousands):
|
||||||||
Basic and diluted - loss from continuing operations
|
$
|
(3,011
|
)
|
$
|
(1,913
|
)
|
||
DENOMINATOR (in thousands):
|
||||||||
Basic EPS - weighted average number of common shares outstanding
|
29,347,318
|
17,083,442
|
||||||
Effect of dilutive securities outstanding
|
-
|
-
|
||||||
Diluted EPS - weighted average number of shares outstanding
|
29,347,318
|
17,083,442
|
||||||
Number of shares of common stock which could be
purchased with weighted average outstanding securities
not included in diluted EPS because effect would be antidilutive:
|
||||||||
Stock options
|
1,061,926
|
846,558
|
||||||
Warrants
|
10,020,616
|
21,959,539
|
||||||
Convertible preferred stock
|
259,075
|
597,865
|
||||||
Restricted stock units
|
1,215,000
|
650,167
|
||||||
Weighted average number of nonvested share of common stock
not
included in diluted EPS because effect would be antidilutive
|
1,044,709
|
1,275,452
|
|
● |
Level 1 – inputs include quoted prices for identical instruments and are the most observable.
|
|
● |
Level 2 – inputs include quoted prices for similar assets and observable inputs such as interest rates, currency exchange rates and yield curves.
|
|
● |
Level 3 – inputs are not observable in the market and include management’s judgments about the assumptions market participants would use in pricing the asset or
liability.
|
|
|
Three Months Ended March 31
|
|
|
Change
|
|
||||||
2019
|
2018
|
%
|
||||||||||
(in thousands)
|
||||||||||||
Revenues
|
$
|
6,364
|
$
|
3,552
|
79.2
|
|||||||
Cost of goods sold
|
6,021
|
2,598
|
(131.8
|
)
|
||||||||
Gross profit
|
343
|
954
|
(64.0
|
)
|
||||||||
Gross profit %
|
5.4
|
%
|
26.9
|
%
|
||||||||
Selling, general and administrative expenses
|
3,341
|
2,853
|
(17.1
|
)
|
||||||||
Loss from operations
|
(2,998
|
)
|
(1,899
|
)
|
(57.9
|
)
|
||||||
Other expense
|
(13
|
)
|
(14
|
)
|
||||||||
Loss before income taxes
|
$
|
(3,011
|
)
|
$
|
(1,913
|
)
|
Three Months Ended March 31
|
||||||||
2019
|
2018
|
|||||||
Cash flow from operating activities:
|
||||||||
Loss from continuing operations
|
$
|
(3,011
|
)
|
$
|
(1,913
|
)
|
||
Adjustments to reconcile loss from continuing operations to net cash used
in operating activities:
|
||||||||
Depreciation and amortization
|
410
|
199
|
||||||
Stock and share-based compensation
|
392
|
320
|
||||||
Loss on disposal of property
|
1
|
88
|
||||||
Other
|
(49
|
)
|
4
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(1,244
|
)
|
(279
|
)
|
||||
Inventories
|
(149
|
)
|
(118
|
)
|
||||
Accounts payable and accrued expenses
|
(134
|
)
|
(639
|
)
|
||||
Commodities payable
|
(1,818
|
)
|
176
|
|||||
Other
|
(359
|
)
|
80
|
|||||
Net cash used in operating activities
|
$
|
(5,961
|
)
|
$
|
(2,082
|
)
|
Incorporated by Reference
|
||||||||||||
Exhibit
Number
|
Exhibit Description
|
Form
|
File No.
|
Exhibit
Number
|
Filing/Effective
Date
|
Filed
Here-with
|
||||||
Form of Common Stock Purchase Agreement dated March 7, 2019
|
8-K
|
001-36245
|
10.1
|
March 13, 2019
|
||||||||
Pre-funded Warrant dated March 7, 2019
|
8-K
|
001-36245
|
10.2
|
March 13, 2019
|
||||||||
Form of Registration Rights Agreement dated March 7, 2019
|
8-K
|
001-36245
|
10.3
|
March 13, 2019
|
||||||||
Amendment to Registration Rights Agreement dated March 7, 2019
|
8-K
|
001-36245
|
10.4
|
March 13, 2019
|
||||||||
Asset Purchase Agreement with MGI Grain Processing, LLC
|
8-K
|
001-36245
|
10.1
|
April 5, 2019
|
||||||||
Certification by CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
X
|
|||||||||||
Certification by CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
X
|
|||||||||||
Certification by CEO and CFO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
X
|
|||||||||||
101.INS (1)
|
XBRL Instance Document
|
X
|
||||||||||
101.SCH (1)
|
XBRL Taxonomy Extension Schema Document
|
X
|
||||||||||
101.CAL (1)
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
X
|
||||||||||
101.DEF (1)
|
XBRL Taxonomy Extension Calculation Definition Linkbase Document
|
X
|
||||||||||
101.LAB (1)
|
XBRL Taxonomy Extension Calculation Label Linkbase Document
|
X
|
||||||||||
101.PRE (1)
|
XBRL Taxonomy Extension Calculation Presentation Linkbase Document
|
X
|
|
(1) |
XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections
11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
|
Dated: May 9, 2019
|
||
/s/ Brent R. Rystrom
|
||
Brent R. Rystrom
|
||
Director and Chief Executive Officer
|
/s/ Dennis A. Dykes
|
||
Dennis A. Dykes
|
||
Chief Financial Officer
|
1) |
I have reviewed this quarterly report on Form 10-Q of RiceBran Technologies;
|
2) |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3) |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4) |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report was prepared;
|
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
|
5) |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
|
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s disclosure internal
control over financial reporting.
|
Dated: May 9, 2019
|
/s/ Brent R. Rystrom
|
|
Name: Brent R. Rystrom
|
||
Title: Director and Chief Executive Officer
|
1) |
I have reviewed this quarterly report on Form 10-Q of RiceBran Technologies;
|
2) |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3) |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4) |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report was prepared;
|
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
|
5) |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
|
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s disclosure internal
control over financial reporting.
|
Dated: May 9, 2019
|
/s/ Dennis A. Dykes
|
|
Name: Dennis A. Dykes
|
||
Title: Chief Financial Officer
|
1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Company.
|
Dated: May 9, 2019
|
||
/s/ Brent R. Rystrom
|
||
Brent Rystrom
|
||
Director and Chief Executive Officer
|
/s/ Dennis A. Dykes
|
||
Dennis A. Dykes
|
||
Chief Financial Officer
|