RiceBran Technologies(RIBT) - 2023 Q4 - Annual Report

Financial Performance - Revenues from continuing operations were $22.6 million in 2023, a decrease of $4.0 million, or 15.0%, compared to $26.6 million in 2022[100] - Loss from continuing operations in 2023 was $8.6 million, or $1.22 per share, compared to a loss of $6.7 million, or $1.21 per share in 2022[102] - Net loss in 2023 was $17.6 million, or $2.51 per share, compared to a net loss of $7.9 million, or $1.42 per share in 2022[103] - Selling general and administrative (SG&A) expenses increased by $0.5 million, or 9.3%, to $5.9 million in 2023[101] Cash Position - As of December 31, 2023, the company had an accumulated deficit of $333.3 million and cash and cash equivalents of $1.1 million[91] - The company used $2.2 million in operating cash during 2023, compared to $3.8 million in 2022[104] Financing Activities - On December 1, 2023, Funicular purchased $0.4 million of shares and lent the company $4.1 million[93] - The company believes additional cash can be secured through other debt or structured equity financing if necessary[96] Business Operations - The company sold Golden Ridge for $2.15 million on January 25, 2024, streamlining its business and eliminating unprofitable operations[95] - The company recorded a $1.5 million impairment charge in the fourth quarter related to the sale of Golden Ridge[102]